TCRLA_Public/130524.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 24, 2013, Vol. 14, No. 102


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Chandelier for Sale to Aid Ponzi Scheme Victims


B R A Z I L

MARFRIG: Planned Asset Sale Prompts Moody's Downgrade Review
SOCIEDAD DE INVERSIONES: S&P Affirms 'BB-' Rating; Outlook Stable


C A Y M A N  I S L A N D S

ALPHADYNE GLOBAL: Creditors' Proofs of Debt Due June 6
CB GROUP: Creditors' Proofs of Debt Due June 7
MACHILL INVESTMENTS: Creditors' Proofs of Debt Due June 7
MARINER FUND: Creditors' Proofs of Debt Due May 31
NATIONAL AUSTRALIA: Creditors' Proofs of Debt Due June 7

NATIONAL AUSTRALIA HOLDINGS: Creditors' Proofs of Debt Due June 7
P.F.A. (UK): Creditors' Proofs of Debt Due June 7
PACIFIC LINKS HAWAII: Creditors' Proofs of Debt Due June 3
PACIFIC LINKS NEVADA: Creditors' Proofs of Debt Due June 3
PACIFIC LINKS WEST VIRGINIA: Creditors' Proofs of Debt Due June 3

PALM BEACH: Creditors' Proofs of Debt Due May 31
TRILOGY SPECIAL: Shareholders' Final Meeting Set for May 31
TRILOGY SPECIAL MASTER: Shareholders' Final Meeting Set for May 31
YOUNG STREET: Creditors' Proofs of Debt Due June 7


J A M A I C A

* JAMAICA: Mining Sector Earnings Drop 7% in Jan-March Period


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Former Pilot Joins Airline Board


                            - - - - -


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


STANFORD INT'L: Chandelier for Sale to Aid Ponzi Scheme Victims
---------------------------------------------------------------
The Associated Press reports that a chandelier by glass artist
Dale Chihuly that once belonged to Stanford International Bank
Limited owner Robert Allen Stanford is to be sold at auction to
raise money to help compensate victims of his Ponzi scheme.

The 7-foot tall, 6-foot wide chandelier of cascading blue glass
will be sold by Dallas-based Heritage Auctions, according to The
Associated Press.  The report relates that it is estimated to
fetch more than $60,000.

The report notes that the chandelier is being offered through the
federal court-appointed receivership overseeing the sale of assets
previously owned by Stanford.  The receivership also is auctioning
a 42-foot-long sculpture by Terence Main called "Terrestrial
Tale," the report discloses.  It's expected to sell for more than
$20,000.

Mr. Stanford's assets have been sold at several auctions over the
last few years, the report adds.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


===========
B R A Z I L
===========


MARFRIG: Planned Asset Sale Prompts Moody's Downgrade Review
------------------------------------------------------------
Moody's has placed under review for possible downgrade the long-
term ratings for Marfrig, as a consequence of the deterioration in
the company's credit metrics, followed by the recent announcement
of initiatives to generate working capital savings and reduce debt
during 2013.

The following ratings have been place under review for possible
downgrade:

Issuer: Marfrig Alimentos S.A.

- Corporate Family Rating: B2 (global scale)

Issuer: Marfrig Overseas Limited and guaranteed by Marfrig:

- $375 million 9.625% senior unsecured guaranteed notes due 2016:
B2 (foreign currency)

- $500 million 9.500% senior unsecured guaranteed notes due 2020:
B2 (foreign currency)

Issuer: Marfrig Holdings (Europe) B.V. and guaranteed by Marfrig:

- $750 million 8.375% senior unsecured guaranteed notes due 2018:
B2 (foreign currency)

- $600 million 9.875% senior unsecured guaranteed notes due 2017:
B2 (foreign currency)

Ratings Rationale:

The review process was triggered by the further deterioration in
Marfrig's liquidity and covenant cushion, in conjunction with
management's announcement of an assets' sale plan or other
financial operation with similar effects to reduce debt of about
BRL 2 billion.

Marfrig generated BRL 1.1 billion in adjusted negative free cash
flow over the last two quarters, which consumed the totality of
the proceeds from the equity follow-on from December 2012.
Moreover, the debt amortization schedule is relatively tight, with
BRL 3.3 billion in maturities due in 2014 and 2015, and the
upcoming payment of about BRL 180 million in BNDES interest in
July could imply an additional reduction in cash and equivalents.
The possibility of a covenant breach in its non-convertible
debentures in the 2Q13 is high in the absence of asset sales,
although the company would probably be able to negotiate a
consent, since the debt is concentrated within few creditors,
including some of its relationship banks.

Moody's analysis also considers that, despite the elevated cash
position, at BRL 3.2 billion as of March, it currently represents
a coverage of only 87% of short term debt. In addition, Moody's
highlights that a large proportion of such cash balance (BRL 1.2
billion) is restricted though linked to short and long-term export
related debt obligation.

Accordingly, the review will take into consideration the timing
and size of a potential assets' sale, as well as the possible
reduction in EBITDA, and consequent impact on credit metrics and
liquidity. It will also factor in the announced initiatives that
could result in working capital savings of approximately BRL 243
million during the year and the expected improvements in Seara's
performance following the integration of Brasil Foods' assets and
the further reduction in grain prices over the year.

Moody's expects to conclude the review process by the time the
execution of Marfrig's deleverage plan and its respective impact
on credit metrics become more evident. A downgrade would be
triggered by further deterioration on the company's credit metrics
or liquidity position over the next few months.

The principal methodology used in rating Marfrig was the Global
Food - Protein and Agriculture Industry Methodology published in
September 2009

Marfrig, headquartered in Sao Paulo, Brazil, is among the largest
protein companies globally, with reported net consolidated
revenues of BRL 25.1 billion ($ 12.6 billion) in the 12 months
ended in March, 2013. With two main divisions, which are Seara
Foods and Marfrig Beef, the company currently has 108 beef,
poultry, pork and lamb processing plants. The company processes,
packages and delivers fresh, chilled and processed beef, chicken,
pork and lamb products to customers in Brazil and abroad, with
approximately 35% of global sales derived from international
markets.


SOCIEDAD DE INVERSIONES: S&P Affirms 'BB-' Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
Sociedad de Inversiones Pampa Calichera S.A. (Pampa).  The outlook
remains stable.

Since mid-April 2013, Pampa has been divesting class B shares of
its subsidiary, chemical company Sociedad Quimica y Minera de
Chile S.A. (SQM; BBB/Stable/--).  As a result, as of the date of
this report, Pampa's direct stake in SQM decreased to about 24.07%
from 25%.

The rating affirmation follows S&P's expectation that Pampa will
use most of the proceeds from that sale of shares to prepay its
parent's, Sociedad de Inversiones Oro Blanco S.A., $100 million
bond due 2014 lend the remainder to its sister company, Potasios
de Chile S.A.  In S&P's view, the impact of the transaction on
Pampa's annual cash flows would be neutral, as the reduction in
dividends it receives from SQM (due to a lower stake) would be
compensated by lower net financial expenses associated with a
lower debt level.  In addition, following the early prepayment of
the 2014 bond and some other refinancing activities, Pampa and Oro
Blanco now face a manageable debt maturity profile with no
significant principal maturities until 2017.


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


ALPHADYNE GLOBAL: Creditors' Proofs of Debt Due June 6
------------------------------------------------------
The creditors of Alphadyne Global Rates Fund, 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 17, 2013.

The company's liquidator is:

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


CB GROUP: Creditors' Proofs of Debt Due June 7
----------------------------------------------
The creditors of CB Group Investments Limited are required to file
their proofs of debt by June 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


MACHILL INVESTMENTS: Creditors' Proofs of Debt Due June 7
---------------------------------------------------------
The creditors of Machill Investments Limited are required to file
their proofs of debt by June 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


MARINER FUND: Creditors' Proofs of Debt Due May 31
--------------------------------------------------
The creditors of The Mariner Fund Limited are required to file
their proofs of debt by May 31, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2013.

The company's liquidator is:

          Fund Fiduciary Partners Limited
          c/o Chris Rowland
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman; or
          10 Market Street, #769 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854
          e-mail: chris.rowland@fundfiduciaries.com


NATIONAL AUSTRALIA: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------
The creditors of National Australia Group Europe Asset Investments
Limited are required to file their proofs of debt by June 7, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


NATIONAL AUSTRALIA HOLDINGS: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------------------
The creditors of National Australia Group Europe Asset Holdings
Limited are required to file their proofs of debt by June 7, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


P.F.A. (UK): Creditors' Proofs of Debt Due June 7
-------------------------------------------------
The creditors of P.F.A. (UK) Limited are required to file their
proofs of debt by June 7, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


PACIFIC LINKS HAWAII: Creditors' Proofs of Debt Due June 3
----------------------------------------------------------
The creditors of Pacific Links Company Hawaii 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 19, 2013.

The company's liquidator is:

          Wardour Management Services Limited
          c/o Rich Yehling
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


PACIFIC LINKS NEVADA: Creditors' Proofs of Debt Due June 3
----------------------------------------------------------
The creditors of Pacific Links Company Nevada 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 19, 2013.

The company's liquidator is:

          Wardour Management Services Limited
          c/o Rich Yehling
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


PACIFIC LINKS WEST VIRGINIA: Creditors' Proofs of Debt Due June 3
-----------------------------------------------------------------
The creditors of Pacific Links Company West Virginia 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 19, 2013.

The company's liquidator is:

          Wardour Management Services Limited
          c/o Rich Yehling
          Telephone: (345) 945 3301
          Facsimile: (345) 945 3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


PALM BEACH: Creditors' Proofs of Debt Due May 31
------------------------------------------------
The creditors of Palm Beach Multi-Strategy Offshore Ltd are
required to file their proofs of debt by May 31, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 5, 2013.

The company's liquidator is:

          Michael Pearson
          Fund Fiduciary Partners Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          10 Market Street, #769 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854
          e-mail: michael.pearson@fundfiduciaries.com



TRILOGY SPECIAL: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------------
The shareholders of Trilogy Special Situations International, Ltd.
will hold their final meeting on May 31, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


TRILOGY SPECIAL MASTER: Shareholders' Final Meeting Set for May 31
------------------------------------------------------------------
The shareholders of Trilogy Special Situations Master Fund, Ltd.
will hold their final meeting on May 31, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


YOUNG STREET: Creditors' Proofs of Debt Due June 7
--------------------------------------------------
The creditors of Young Street Limited are required to file their
proofs of debt by June 7, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 16, 2013.

The company's liquidator is:

          Blair Carnegie Nimmo
          KPMG LLP
          Saltire Court, 20 Castle Terrace
          Edinburgh EH11 2EG
          United Kingdom
          c/o Catherine Ridge
          Telephone: +44 (013) 1527 6880
          Facsimile: +44 (013) 1527 666

          KPMG
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          FAO: Lea Kuflik
          Telephone: (345) 949 4800
          Facsimile: (345) 949 7164


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


* JAMAICA: Mining Sector Earnings Drop 7% in Jan-March Period
-------------------------------------------------------------
RJR News reports that the Planning Institute of Jamaica said
earnings in the mining sector fell by 7% between January and March
due mostly to a decline in bauxite output.

Bauxite output was cut by 1.3% in the quarter, according to RJR
News.

RJR News relates that the fallout stemmed from slower purchases as
global growth in industrial activities fell especially in the
Eurozone.

RJR News notes that despite the decline in the three months,
bauxite output climbed by 1% in April.


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


CARIBBEAN AIRLINES: Former Pilot Joins Airline Board
----------------------------------------------------
Carla Bridglal at Trinidad Express reports that Retired BWIA West
Indies Airways pilot Captain Azad Niamat will be the newest member
of the Caribbean Airlines Limited board of directors, Finance
Minister Larry Howai said.

Mr. Howai told reporters at the opening ceremony for the TSL Tech
Expo at the Hyatt Regency (Trinidad), Port of Spain that he asked
Mr. Niamat to join the board, and he agreed, according to Trinidad
Express.  The report relates that Mr. Howai is now in the process
of organizing his instruments of appointment.

Mr. Niamat steps in for Courtney McNish, a former BWIA vice
president for human resources, whose name was initially announced
by Mr. Howai as a director at CAL, the report discloses.

Other members of the interim CAL board are chairman Philip
Marshall, Vishnu Dhanpaul, Indira Ramkissoon, Patricia Kong-Ting
and Jamaican director Denis Lalor, the report adds.

                  About Caribbean Airlines

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

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

                         *     *     *

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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