TCRLA_Public/130621.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, June 21, 2013, Vol. 14, No. 122


                            Headlines



A R G E N T I N A

HIDROELECTRICA PIEDRA: S&P Affirms 'B-' Rating; Outlook Negative
QBE SEGUROS: Moody's Affirms Global Currency Rating at Ba3


B R A Z I L

ROTA DAS BANDEIRAS: Moody's Affirms Ba1 Issuer Ratings


C A Y M A N  I S L A N D S

ADVANCED MULTI: Creditors' Proofs of Debt Due July 18
ALTERNATIVEEDGE SHORT-TERM: Creditors' Proofs of Debt Due July 10
ALTERNATIVEEDGE SHORT-TERM: Shareholders' Meeting Set for July 12
CALEDONIA ASIA: Creditors' Proofs of Debt Due July 18
CALEDONIA ASIA MASTER: Creditors' Proofs of Debt Due July 18

CALIBRE FUND: Placed Under Voluntary Wind-Up
CORNUCOPIA ALPHA: Creditors' Proofs of Debt Due July 11
DRAGON BRIGHT: Incurs $908K Net Loss in 2012
FAIRFIELD ARGENIS: Shareholders' Final Meeting Set for July 12
GEOSPHERE DIRECTIONAL: Creditors' Proofs of Debt Due July 16

GEOSPHERE MASTER: Creditors' Proofs of Debt Due July 16
JF THREE: Creditors' Proofs of Debt Due July 17
JT FUND: Commences Liquidation Proceedings
PAKPOLEE COMMERCIAL: Creditors' Proofs of Debt Due July 9
PARVUS EUROPEAN: Creditors' Proofs of Debt Due July 9

ROSEN OFFSHORE: Creditors' Proofs of Debt Due July 18
TECHNISSIMO LTD: Creditors' Proofs of Debt Due Aug. 7


J A M A I C A

JAMAICA AIR: Shuts Down Airline Operations


M E X I C O

MAXCOM TELECOMUNICACIONES: S&P Lowers Corp. Credit Rating to 'D'


P U E R T O   R I C O

JVMW PROPERTIES: Secured Creditor Wants Collateral Use Prohibited
MJS LAS CROABAS: FDIC-R Has Green Light to Foreclose
SABANA DEL PALMAR: FDIC-R Has Green Light to Foreclose


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Joint Working Group to be Reconvened


                            - - - - -

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


HIDROELECTRICA PIEDRA: S&P Affirms 'B-' Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Argentina-based hydroelectric power generator Hidroelectrica
Piedra del Aguila S.A. (HPDA).  The outlook remains negative.

"The 'B-' ratings on HPDA reflect the high political and
regulatory risk the company faces in Argentina, its exposure to
potentially poor hydrology in the country's southwest, and high
currency mismatch risk--with revenues mostly denominated in
Argentine pesos and dollar-denominated debt," said Standard &
Poor's credit analyst Andrea Zombory.  HPDA's solid competitive
position as a low-cost generator, its manageable debt maturity
schedule and sizable cash reserves partially offset these negative
factors.  Standard & Poor's Ratings Services assesses HPDA's
business risk profile as "vulnerable" and its financial risk
profile as "aggressive," as our criteria define these terms.

The high political and regulatory risk in Argentina is reflected
in low electricity prices and in the challenges that many power
generators face to collect a high percentage of their sales in the
spot market.  Also, on March 26, 2013, Argentina's secretary of
energy issued Resolution 95/2013, introducing changes in the
remuneration for electricity that power generators provide.  Prior
to this date, power generators sold electricity under contracts
with large users and in the spot market.  They collected payments
in full under their large user contracts but collected only a
small portion of sales in the spot market.  The new resolution
does not allow power generators to sell power directly to large
users but rather to sell all their output to the wholesale
electricity market administrator (CAMMESA).  Although S&P do not
expect the HPDA's revenues to decline significantly under the
resolution, it will closely monitor collections, as potential
delays could significantly weaken its cash flow.


QBE SEGUROS: Moody's Affirms Global Currency Rating at Ba3
----------------------------------------------------------
Moody's Latin America affirmed the Ba3 global local currency and
the Aa2.ar Argentina national scale insurance financial strength
(IFS) ratings of QBE Seguros La Buenos Aires (QBE-La Buenos
Aires). The rating outlook remains negative. QBE-La Buenos Aires -
- owned by Australian-based QBE Insurance Group Limited (QBE;
QBE.AX, senior debt Baa1/negative outlook) -- is a leading
property and casualty (P&C) insurer in Argentina, with an overall
market share of 7%.

Ratings Rationale:

According to Moody's, the ratings affirmation primarily reflects
the company's improved capitalization under new ownership by QBE.
Prior concerns about deteriorating capital adequacy under its
former owner, HSBC, driven partly by dividends taken out of the
company, had led to a negative outlook in November of 2011.
However, QBE has made significant capital contributions to the
company over the past year, resulting in improvement in the
company's gross underwriting leverage and high-risk assets-to-
equity metrics. The rating agency said the continuing negative
outlook for the company is now driven by the negative outlook of
the Argentine sovereign bond and bank deposit ratings given the
credit linkages between financial institutions and sovereign risk.

Alejandro Pavlov, VP Senior Analyst and lead analyst for QBE-La
Buenos Aires at Moody's explained, "Although QBE-La Buenos Aires
is reporting some losses in this current fiscal year, our concerns
about the company's capitalization and exposure to risky assets
are mitigated given QBE's capital support."

QBE-La Buenos Aires' Ba3 IFS rating benefits from two notches of
uplift from its stand-alone credit profile due to the company's
ownership by, and support from QBE. In Moody's view, the company
will continue to benefit from its strong strategic fit as part of
QBE, a group whose operations are focused on general insurance
worldwide, and who in recent years has increased its commitment to
the Latin American and Argentine insurance markets.

Moody's noted that given QBE-La Buenos Aires's negative outlook, a
rating upgrade is unlikely, but the following factors could lead
the outlook to move back to stable from negative: Argentine
sovereign rating outlook returning to stable from negative, or
explicit parental support (e.g. through significant ongoing risk-
transfer intercompany reinsurance or a guarantee or keep-well
agreement). Conversely, one or more of the following could
contribute to a possible rating downgrade: downgrade of
Argentina's government bond rating and/or deterioration in
Argentine's operating environment; a reduction in market presence
(e.g. to below 4% of the general insurance market); a sustained
deterioration in overall profitability with returns on capital
consistently below 5%; gross underwriting leverage consistently
above 12x; and/or operating losses leading to a decline in capital
of 15% or more over a one-year period.

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

Headquartered in Buenos Aires, Argentina, QBE-Seguros La Buenos
Aires reported a net loss of ARS8.4 million for the third quarter
of 2012/13 fiscal year ended March 31, 2013. Its assets totaled
ARS 2.5 billion, with company's shareholder's equity of about ARS
520 million as of March 31, 2013.

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.


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


ROTA DAS BANDEIRAS: Moody's Affirms Ba1 Issuer Ratings
------------------------------------------------------
Moody's America Latina affirmed Rota das Bandeiras' issuer ratings
of Ba1 on the global scale and Aa2.br on the Brazilian national
scale, and the Ba1 and Aa2.br ratings assigned to its BRL1.34
billion senior secured debentures due in 2024. The outlook is
stable for all ratings.

Ratings Rationale:

The Ba1/Aa2.br ratings reflect the essential role that the Rota
das Bandeiras' road complex fills in one of the most densely
populated and economically critical regions of the country. The
ratings also reflect the relatively stable regulatory environment
for toll roads operating in the State of Sao Paulo and the
manageable level of construction risk. In addition, the financing
and legal structures provide the debenture holder baseline
protections which include a 1.2x minimum debt service coverage
ratio, restrictions on dividend distribution and leverage
increases, as well as reserve fund requirements. The inherently
start-up nature of this recently awarded concession constrains the
rating since evidence of actual operating performance is still
limited. The significant investment requirements in the near term
could potentially negatively pressure the rating or constrain
credit metrics.

Rota das Bandeiras reported traffic volumes of 85.9 million car
equivalent vehicles in 2012, which was 8.5% higher than in 2011,
but still 6% lower than Moody's initial base case from 2010. The
1Q 2013 traffic volumes were up 4.4% from the same period in 2012
with 21.5 million car equivalent vehicles, These results were
pretty much in line with Moody's latest revised expectations.
Financial performance is expected to continue to be strong in 2013
with traffic volumes estimated to grow by 4.3%, somewhat above the
Brazilian GDP expectation of 3.5% forecasted by Moody's Analytics.

The increasing cash needs are largely mitigated by the Rota das
Bandeiras' current adequate liquidity position, illustrated by the
BRL234 million cash outstanding on March 31, 2013, and
approximately BRL150 million of cash flows from operations as of
FYE 2012. Equity injections from the shareholder in the amount of
BRL557 million over the 2009-2011 period and lower investment cash
outlays contributed to the current strong liquidity profile.
Moody's believes that this position is sustainable since the
existing covenants largely restrict dividend distribution while
DSCR<1.3x. Although this ratio at March 31, 2013, was 1.33x
Moody's does not anticipate the company paying any dividends over
the medium term. Additionally, the concession has a BRL921 million
long-term loan commitment approved by the BNDES to support its BRL
745 million capital expenditure plan over the 2013-2017 period, of
which just BRL395.5 million had been disbursed by 3/31/2013.

The debentures benefit from a 6-month reserve requirement for debt
service and a 3-month reserve requirement for operations and
maintenance costs; however, these initially cash-funded reserves
were replaced by a bank letter of credit in 2013 with HSBC Bank
Brasil, S.A. (Baa2, stable), and are renewed every semester. The
letter of credit does not contain any material adverse clauses,
but the shorter term nature is viewed less favorably. Management
is currently in negotiations for the renewal of the letter of
credit for the next six months starting July 2013.

Albeit lower than initially forecast, the credit metrics remain
strong for the Ba1 rating category. For the 12 months ended
3/31/2013, the Cash Interest Coverage ratio was 2.4x, debt service
coverage ratio was 1.5x and funds from operations (FFO) to debt
was 11.5%. Residual cash flow to capex was 1.2x, as previously
anticipated as a result of the delays encountered in the execution
of the original investment plan.

Management has provided an updated set of projections, where
traffic is expected to grow from 85.9 million equivalent vehicles
in 2012 to 104,9 million equivalent vehicles by 2017, which
equates to annual average growth of 4.4% which appears reasonable.
The major risks to the financial projections are traffic volume
and tariff adjustments falling below this expectation because of
further material delays in carrying out the planned capital
expenditures.

The credit metrics in 2012 were somewhat lower than in 2011 for
FFO to debt and cash interest as a result of increases in
outstanding debt and greater cash interest. The amortization
schedule of the BRL1.34 billion debentures was structured with a
grace period of 30-36 months and principal payments gradually
increasing over time towards maturity in order to better match
debt service with the expected ramp-up in cash flows of the
concession. The first amortization payment occurred in January
2013.

Although cash flows are expected to grow going forward, 2013 and
2014 credit metrics are expected to remain at or slightly below
FYE 2012 levels as a result of higher debt service, and ongoing
capital expenditures. In particular, the Retained Cash Flow (RCF)
to Capex ratio should decline to 1.1x in 2014 as a result of the
increased capital expenditures and higher levels of debt service.
Debt Service coverage should remain around 1.3x, nearing the
minimum required 1.2x debt service coverage ratio. As of
3/31/2013, net debt to EBITDA was 4.15x. Moody's revised
projections indicate a Cash Interest Coverage ratio in the 2.2-
2.1x range over the next 12-18 months, while funds from operations
(FFO) to debt will decline to around 9% as a result of increased
borrowings.

Moody's expects that the strong financial support of Rota das
Bandeiras' shareholders and the regulatory framework in the state
of Sao Paulo will remain unchanged, planned investments will occur
as scheduled over the 2013-2014 period, and tariff adjustments
will continue to be implemented as well.

The rating or the outlook could be upgraded should operating
performance improve significantly and credit metrics are in line
or above projections so that the FFO to debt ratio remains above
15% and the cash interest coverage ratio stays above 3.0x on a
sustainable basis.

The rating or the outlook could be downgraded if the company fails
to comply with the financial covenants including the renewal of
the bank letter of credit covering the required reserves for debt
service and operational requirements or operational performance
falls below expectation, generating weaker credit metrics such
that the FFO to debt ratio falls below 10% and the cash interest
coverage ratio remains below 2.0x for an extended period. Further
delays in executing the capital expenditure plans which would
result in penalties or negative impacts in overall financial
metrics could exert negative pressure.

Concessionaria Rota das Bandeiras S.A. ("CRB" or "Rota das
Bandeiras") holds a 30-year concession to operate the toll road
services of the Dom Pedro I corridor, a 298-kilometer road in the
state of Sao Paulo. The concession was granted by the Agencia
Reguladora de Servicos Publicos Delegados de Transporte do Estado
de Sao Paulo (ARTESP). Rota das Bandeiras reported net revenues of
BRL436 million ($213 million) excluding non-cash construction
revenues and EBITDA of BRL345 million ($169 million) for fiscal
year 2012.

Rota das Bandeiras is an indirect subsidiary of Odebrecht S.A.
(Odebrecht; unrated), the family-owned investment holding company
for one of the largest non-financial Brazilian conglomerates.
Odebrecht's engineering and construction subsidiary, Construtora
Norberto Odebrecht (CNO; Baa3; outlook stable), represents over
one third of consolidated revenues with 53% represented by its
petrochemical subsidiary Braskem, and 13% by other subsidiaries
mostly engaged in the infrastructure and energy sectors.

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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


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


ADVANCED MULTI: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------
The creditors of Advanced Multi Management are required to file
their proofs of debt by July 18, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2013.

The company's liquidator is:

          Advanced Multi Management Advisory Corporation
          Telephone: (345) 949 7555
          c/o H&J Corporate Services (Cayman) Ltd.
          Anderson Square, 5th Floor, Shedden Road
          P.O. Box 866 Grand Cayman KY1-1103
          Cayman Islands


ALTERNATIVEEDGE SHORT-TERM: Creditors' Proofs of Debt Due July 10
-----------------------------------------------------------------
The creditors of Alternativeedge Short-Term Traders Index Tracker
Fund Ltd are required to file their proofs of debt by July 10,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 28, 2013.

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


ALTERNATIVEEDGE SHORT-TERM: Shareholders' Meeting Set for July 12
-----------------------------------------------------------------
The shareholders of Alternativeedge Short-Term Traders Index
Tracker Fund Ltd will hold their final meeting on July 12, 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


CALEDONIA ASIA: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------
The creditors of Caledonia Asia Fund are required to file their
proofs of debt by July 18, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 27, 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/Kim Charaman
          Telephone: (345) 943 3100


CALEDONIA ASIA MASTER: Creditors' Proofs of Debt Due July 18
------------------------------------------------------------
The creditors of Caledonia Asia Master Fund are required to file
their proofs of debt by July 18, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 27, 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/Kim Charaman
          Telephone: (345) 943 3100


CALIBRE FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
On May 23, 2013, the Grand Court of Cayman Islands entered an
order to wind up the operations of Calibre Fund, SPC.

The company's liquidators are:

          Robin Lee McMahon
          Keiran Hutchison
          Ernst & Young Ltd.
          62  Forum Lane, Camana Bay
          PO Box 510 Grand Cayman KY1-1106
          Cayman Islands


CORNUCOPIA ALPHA: Creditors' Proofs of Debt Due July 11
-------------------------------------------------------
The creditors of Cornucopia Alpha Fund Limited are required to
file their proofs of debt by July 11, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 31, 2013.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          PO Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DRAGON BRIGHT: Incurs $908K Net Loss in 2012
--------------------------------------------
Dragon Bright Mintai Botanical Technology (Cayman) Limited filed
on June 17, 2013, its annual report on Form 20-F for the fiscal
year ended Dec. 31, 2012.

Albert Wong & Co., in Hong Kong, noted that the Group reported a
total comprehensive loss of approximately $0.9 million for the
year ended Dec. 31, 2012, and had accumulated losses attributable
to owners of the Company of approximately $2.3 million at Dec. 31,
2012.  "In addition, the Group has a limited operating history and
generated revenue US$14,982 in 2012.  These conditions raise
substantial doubt about the Group's ability to continue as a going
concern."

The Company reported a net loss of $907,804 on $14.092 of revenue
in 2012, compared to a net loss of $1.9 million on $47 of revenue
in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $2.6 million
in total assets, $1.6 million in total liabilities, and equity of
$1.0 million.

Dragon Bright Mintai Botanical Technology (Cayman) Limited is a
holding company established on Feb. 17, 2011, as an exempted
company incorporated with limited liability under the laws of the
Cayman Islands.  The Company is in the initial stages of
developing a business in the forest seedling industry.  Its main
business is the mass propagation and sale of bamboo-willow
seedlings and its secondary business is the sale of bamboo-willows
as wood pulp generated from our trial bamboo-willow tree
plantation business.


FAIRFIELD ARGENIS: Shareholders' Final Meeting Set for July 12
--------------------------------------------------------------
The shareholders of Fairfield Argenis Healthcare Fund Ltd. will
hold their final meeting on July 12, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on May 28, 2013.

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


GEOSPHERE DIRECTIONAL: Creditors' Proofs of Debt Due July 16
------------------------------------------------------------
The creditors of Geosphere Directional Fund Ltd. are required to
file their proofs of debt by July 16, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2013.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GEOSPHERE MASTER: Creditors' Proofs of Debt Due July 16
-------------------------------------------------------
The creditors of Geosphere Directional Master Fund Ltd. are
required to file their proofs of debt by July 16, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 29, 2013.

The company's liquidators are:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


JF THREE: Creditors' Proofs of Debt Due July 17
-----------------------------------------------
The creditors of JF Three Holdings Corp. II are required to file
their proofs of debt by July 17, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 31, 2013.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


JT FUND: Commences Liquidation Proceedings
------------------------------------------
On May 28, 2013, the shareholders of JT Fund Management Limited
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Tse Sum Chi Joyce
          Hoi Ching Mansion, Flat 6, 13th Floor
          5 Hoi Ching Street, Sai Wan Ho
          Hong Kong


PAKPOLEE COMMERCIAL: Creditors' Proofs of Debt Due July 9
---------------------------------------------------------
The creditors of Pakpolee Commercial Investments Limited are
required to file their proofs of debt by July 9, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 30, 2013.

The company's liquidator is:

          Chan Mei Lan
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road, Central
          Hong Kong
          c/o Samuel Wan
          Telephone: +852 (2140) 2306/ +852 2522 6022
          Facsimile: +852 (2869) 7357/ +852 2869 7357


PARVUS EUROPEAN: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------
The creditors of Parvus European Plus Master Fund are required to
file their proofs of debt by July 9, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 30, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


ROSEN OFFSHORE: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------
The creditors of Rosen Offshore Limited are required to file their
proofs of debt by July 18, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 3, 2013.

The company's liquidators are:

          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


TECHNISSIMO LTD: Creditors' Proofs of Debt Due Aug. 7
-----------------------------------------------------
The creditors of Technissimo Ltd. are required to file their
proofs of debt by Aug. 7, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 31, 2013.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman, KY1-1104
          Cayman Islands


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


JAMAICA AIR: Shuts Down Airline Operations
------------------------------------------
Julian Richardson at Jamaica Observer reports that Jamaica Air
Shuttle has closed its airline operations, after failing to bring
investors on board to purchase its grounded planes.

The carrier in February disclosed that it was temporarily
suspending operations after an overseas-based partner and owner of
the aircraft pulled out of the business, according to Jamaica
Observer.  At the time, the report relates, the company had
planned to put together a consortium of investors to purchase the
two 12-seater Beech 99 aircraft they were forced to ground, and
resume business.  However, that did not materialize, Christopher
Read, the airline's managing director told the Business Observer.

"It was a particularly difficult period to be reaching out to
investors," the report quoted Mr. Read as saying.

"Right after our temporary closure was the International Monetary
Fund (IMF) debacle and then the National Debt Exchange (NDX)
sucked another whole set of liquidity out of the country," said
Mr. Read, noting that a number of persons the company had lined up
as investors were significantly impacted by the debt exchange."

"People had virtually committed, but found that they were $300
million poorer," Mr. Read said, the report relates.

The report discloses that Jamaica Air Shuttle, which offered
domestic and regional flights, employed around 35 persons,
including flight crews and ground handlers.  The staff members
were all made redundant.

The company was negatively impacted by difficult market conditions
and a confluence of shocks -- including the first debt exchange,
the general election and the Tivoli incursion -- that caused it to
miss some of its early targets, the report relays.

The report notes that Mr. Read, however, remains confident about
the viability of the sector in Jamaica, saying that it is integral
to economic recovery.


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


MAXCOM TELECOMUNICACIONES: S&P Lowers Corp. Credit Rating to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Maxcom Telecommunications S.A.B. de C.V. (Maxcom)
to 'D' from 'CC'.  At the same time, S&P lowered its issue rating
on Maxcom's outstanding $200 million senior secured notes due 2014
to 'D' from 'CC'.  The recovery rating on this debt instrument
remains unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

"The downgrade reflects the company's failure to pay the coupon
payment on its $200 million senior secured notes by the scheduled
June 15, 2013 due date, and our expectation that it will not pay
within the next five business days, which we view as a default
under our timeliness of payments criteria, even though, under the
guidelines of the indenture of the senior secured notes, the
company has a 30-day grace period in which it can make payment,"
said Standard & Poor's credit analyst Marcela Duenas.


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


JVMW PROPERTIES: Secured Creditor Wants Collateral Use Prohibited
-----------------------------------------------------------------
Banco Popular de Puerto Rico asked the U.S. Bankruptcy Court for
the District of Puerto Rico to prohibit JVMW Properties Management
Corp. from using the cash collateral securing its prepetition
indebtedness.

According to BPPR, it should not be forced, through the non-
consented use of its cash collateral, to place its property and
collateral at substantial risk by essentially 'financing' a
bankruptcy proceeding that appears to have minimum, if any,
probability of reorganization and where the likelihood of BPPR
recovering on the used cash collateral is remote.

BPPR told the Bankruptcy Court that the Debtor has not requested
an order authorizing the use of cash collateral, yet, upon
information sufficient to form a belief, the Debtor has used,
without any authorization, the cash collateral of BPPR after the
Petition Date.

BPPR also filed a separate motion asking the Bankruptcy Court to
lift the automatic stay and allow BPPR to continue and conclude a
foreclosure process commenced prior to the Petition Date.

In response to BPPR's motion, the Debtor argued that the motions,
under which BPPR claims to be entitled to all proceeds derived
from the Debtor's real property, will be denied upon the
misleading allegations, which clearly lack specificity in defining
the particular properties and rent proceeds over which cash
collateral protections are to be afforded.  The Debtor further
argued that BPPR is not entitled to all postpetition rent proceeds
from the Debtor's properties.

Mont Blanc's Condominium Council of Owners joined in the Debtor's
response.  Mont Blanc agreed with the Debtor's statement that
failure to pay the operating expenses will cause extreme hardship
and actual and impending irreparable losses and damages that will
preclude the Debtor's reorganization under Chapter 11.

Responding to the Debtor and Mont Blanc, BPPR maintained that it
holds a valid security interest over the cash collateral generated
by its real estate collateral.  That security interest, according
to BPPR, extends to rents and cash collateral generated
postpetition as provided by Section 552(b)(2) of the Bankruptcy
Code which explicitly sets forth the requirements to have a valid
security interest over cash collateral that is, as in this case,
composed of rents.

A hearing on BPPR's motions was set for June 19, 2013.

Luis C. Marini-Biaggi, Esq., and Nayuan Zouairabani, Esq., at
O'Neill & Borges LLC, in San Juan, Puerto Rico, serves as counsel
for BPPR.  Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC,
in Guaynabo, Puerto Rico, represents the Debtor.  Luis R. Vivas
Ugartemendia, Esq., in Guaynabo, Puerto Rico, serves as counsel
for Mont Blanc.

JVMW Properties Management Corp filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 13-02532) on April 1, 2013.  The petition
was signed by Julio Blanco D'Arcy, as president.  The Debtor
scheduled assets of $15,694,947 and liabilities of $25,782,161.


MJS LAS CROABAS: FDIC-R Has Green Light to Foreclose
----------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte in Puerto Rico granted the
Federal Deposit Insurance Corporation, as receiver for Westernbank
Puerto Rico, relief from the automatic stay in the Chapter 11 case
of MJS Las Croabas Properties, Inc., to permit FDIC-R to enforce
its loan documents against the Debtor including, without
limitation, a foreclosure of the Debtor's property in a district
action.  Judge Lamoutte said FDIC-R has proven there is no equity
in the Property and the Debtor has failed to prove that it can
successfully reorganize in a reasonable amount of time.  A copy of
the Court's May 29, 2013 Opinion and Order is available at
http://is.gd/BpNHHqfrom Leagle.com.

In a separate order also on May 29, Judge Lamoutte denied the
Debtor's Motion for Turnover of Property and granted FDIC-R's
motion to excuse turnover, pursuant to 11 U.S.C. section
543(d)(1).  FDIC-R argued that "the interests of creditors . . .
would be better served by permitting a custodian to continue in
possession, custody, or control" of the Debtor's Property.  A
copy of the Court's May 29 Opinion and Order is available at
http://is.gd/pG2OWsfrom Leagle.com.

The Debtor financed the construction and development of The Ocean
Club at Seven Seas entirely with financing obtained from
Westernbank with the loans that constitute the outstanding debt
that is the subject of FDIC-R's proof of claims.

On April 30, 2010, the Puerto Rico Commissioner of Financial
Institutions closed Westernbank and FDIC-R was appointed receiver
of Westernbank.  On March 15, 2012, FDIC-R filed a Complaint in
the U.S. District Court for the District of Puerto Rico seeking to
enforce its loan documents against the Debtor including, without
limitation, a foreclosure of the Property.  On April 30, 2012,
FDIC-R won appointment of a receiver for the Debtor's Property.

When the Debtor filed for Chapter 11, it owed FDIC-R a total of
roughly $20,478,704.36 for the loan granted to MJS Las Croabas,
Inc.  The Mortgage Deeds securing the MJS Loan and reflecting
FDIC-R's first priority liens in the Property are perfected.

In addition, the Debtor provided a Guarantee of the amounts owed
by a related debtor, Sabana del Palmar, Inc., Case No. 12-6177
ESL, U.S. Bankruptcy Court for the Middle District of Puerto Rico
to FDIC-R, and the debt owed pursuant to the guarantee was
approximately $40,709,406 as of the Petition Date.

FDIC-R holds approximately 79% of the unsecured claims in this
case.

MJS Las Croabas Properties, Inc., is a real estate company formed
in 2004 for the purpose of purchasing real property and
constructing residential units for marketing and resale to third
parties in a development located in Fajardo, Puerto Rico known as
The Ocean Club at Seven Seas.  The Property is worth $7,150,000
and consisted of 66 remaining unsold units plus two undeveloped
adjacent lots.  Of the remaining 66 Units, 7 had been approved by
the Court for sale but none of the sales had closed.

MJS Las Croabas Properties is a corporation wholly owned by
Gulfcoast Irrevocable Trust XIII.  It has no employees.

Michael Scarfia, Sr., is the sole officer of MJS Las Croabas
Properties and the sole trustee and beneficiary of Trust XIII. Mr.
Scarfia is an experienced real estate developer.

MJS Las Croabas Properties, Inc., filed for Chapter 11 protection
(Bankr. D.P.R. Case No. 12-05710) on July 19, 2012.


SABANA DEL PALMAR: FDIC-R Has Green Light to Foreclose
------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte granted the Federal Deposit
Insurance Corporation, as receiver for Westernbank Puerto Rico,
relief from the automatic stay in the Chapter 11 case of Sabana
Del Palmar, Inc., allowing FDIC-R to enforce its loan documents
against the Debtor including, without limitation, a foreclosure of
the Debtor's property.  Judge Lamoutte said FDIC-R has proven
there is no equity in the Debtor's Property and the Debtor has
failed to prove that it can successfully reorganize in a
reasonable amount of time.  A copy of the Court's May 29, 2013
Opinion and Order is available at http://is.gd/mZWuFjfrom
Leagle.com.

In a separate ruling also on May 29, Judge Lamoutte denied Sabana
del Palmar's Motion for Turnover of Property, and granted FDIC-R's
motion to excuse turnover.  A copy of the Court's May 29, 2013
Opinion and Order is available at http://is.gd/Efx3hQfrom
Leagle.com.

FDIC-R's expert established that the Property is currently valued
at $9,920,000 for purposes of the Motion for Relief.  The Debtor
financed the construction and development of the Property with
financing obtained from Westernbank with the loans that constitute
the outstanding debt that is the subject of FDIC-R's proof of
claims.  On April 30, 2010, the Puerto Rico Commissioner of
Financial Institutions closed Westernbank and the FDIC-R was
appointed receiver of Westernbank.

On March 15, 2012, the FDIC-R filed a Complaint in the U.S.
District Court for the District of Puerto Rico seeking to enforce
its loan documents against the Debtor including, without
limitation, a foreclosure of the Property.  On July 3, 2012, at
the behest of FDIC-R, the District Court appointed a receiver over
the Debtor's Property.

When it filed for bankruptcy, the Debtor owed FDIC-R $32,070,760
on a loan secured by, inter alia, a first priority mortgage lien
on the Property -- First Loan -- and an additional $8,698,961 on a
loan secured by an additional lien in, inter alia, the Property --
Second Loan.  The balance owed takes into consideration roughly
$27,000,000 paid by the debtor towards the construction loan.
FDIC-R is a first-priority secured creditor and that its liens in
the Property are perfected.

The Debtor submitted a sketch of a plan of reorganization wherein
Debtor proposes to sell the unsold units of the Property over a
three-year period.  The Debtor's Sketch of Plan involves managing
the Property and apportioning a percentage of the proceeds of the
sales of the units of the Property to unsecured creditors.
Further, the Sketch of Plan is contingent on the Debtor obtaining
post-petition financing and giving super-priority status to the
proposed lender.

                      About Sabana Del Palmar

Sabana Del Palmar, Inc., is a real estate company formed in 1996
for the purpose of purchasing real property and constructing 150
residential units for marketing and resale to third parties in a
development located in Bayamon, Puerto Rico, known as Mirabella
Village & Club.  The Property consists of the 69 remaining unsold
units (150 were constructed, and 81 were subsequently sold). Of
the remaining 69 units, 19 have been approved by the Court for
sale.  However, the sales had not closed.

Sabana Del Palmar is a corporation wholly-owned by Gulfcoast
Irrevocable Trust IV.  It has no employees.

Michael Scarfia, Sr., is the sole officer of Sabana Del Palmar and
the sole trustee and beneficiary of Trust IV.  Mr. Scarfia is an
experienced real estate developer.

Sabana Del Palmar, dba Mirabella Village & Club, filed for
Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 12-06177) on
Aug. 5, 2012.  Carmen D. Conde Torres, Esq., at C.Conde & Assoc.,
serves as the Debtor's counsel.  In its petition, the Debtor
scheduled assets of US$262,415 and liabilities of US$49,594,964.
A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-06177.pdf The petition was signed
by Mr. Scarfia as president.


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


CARIBBEAN AIRLINES: Joint Working Group to be Reconvened
--------------------------------------------------------
RJR News reports that arising from a high level meeting to discuss
the future of the Air Jamaica Limited brand under the control of
Caribbean Airlines Limited it has been decided that the Joint
Working Group be reconvened.  It will comprise Jamaican and
Trinidadian officials, according to RJR News.

Dr. Omar Davies, Minister of Transport and Works, said the team
will look into issues concerning the Air Jamaica brand including
marketing and airlift, RJR News notes.

Caribbean Airlines Limited -- 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 said 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.


                   * * * End of Transmission * * *