TCRLA_Public/130627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Thursday, June 27, 2013, Vol. 14, No. 126


                            Headlines



A R G E N T I N A

EMPSUR SA: Files for Reorganization Proceedings
EXAL SA: Files for Reorganization Proceedings
FIDEICOMISO FINANCIERO II: Moody's Rates Four Debt Securities
GASTRONOMIA DEL SOL: Creditors' Proofs of Debt Due July 17
HOWELLY SA: Proofs of Claim Verification Deadline on July 2

MENA Y CIA: Proofs of Claim Verification Deadline on June 28


B A R B A D O S

* BARBADOS: IMF and World Bank to Review Financial Services Sector


B R A Z I L

OSX BRASIL SA: Surges as Batista Injects Cash Through Put Option
VIVER INCORPORADORA: Moody's Cuts CFR to Caa1 on Weak Liquidity


C A Y M A N  I S L A N D S

ADVANCED MULTI: Members' Final Meeting Set for July 23
ANTHRACITE BALANCED: Shareholder to Hear Wind-Up Report on July 9
CALEDONIA ASIA: Shareholder to Receive Wind-Up Report on July 19
CALEDONIA MASTER: Shareholder to Receive Wind-Up Report on July 19
CLAREVILLE VENTURES: Shareholder to Hear Wind-Up Report on July 9

CORNUCOPIA ALPHA: Members' Final Meeting Set for July 11
JF THREE: Shareholder to Receive Wind-Up Report on July 19
ROSEN OFFSHORE: Shareholders to Receive Wind-Up Report on July 18
SHELF DRILLING: S&P Revises Outlook to Positive & Affirms 'B' CCR
TAMRIND REEF: Shareholders to Receive Wind-Up Report on July 19

TECHNISSIMO LTD: Shareholders to Receive Wind-Up Report on Aug. 7


C H I L E

SWINGPLANE VENTURES: Loses Rights in Algarobbo Property in Chile


M E X I C O

SAGICOR FINANCE: S&P Corrects Rating on Debt by Lowering to 'BB-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


EMPSUR SA: Files for Reorganization Proceedings
-----------------------------------------------
Empsur SA has requested for reorganization approval after failing
to pay its liabilities since April 1.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance 13 in Buenos Aires.  Clerk No. 26 assists the court in
this case.


EXAL SA: Files for Reorganization Proceedings
---------------------------------------------
Exal SA has requested for reorganization approval after failing to
pay its liabilities since Sept. 28, 2012.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending in the National Commercial Court of First
Instance 9 in Buenos Aires.  Clerk No. 18 assists the court in
this case.


FIDEICOMISO FINANCIERO II: Moody's Rates Four Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Colservice Serie II, to be
issued by Equity Trust Company (Argentina) S.A. - acting solely in
its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.

- ARS 40,021,804 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero Colservice Serie II", rated A2.ar (sf)
(Argentine National Scale) and B2 (sf) (Global Scale, Local
Currency)

- ARS 482,190 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Colservice Serie II", rated B2.ar (sf)
(Argentine National Scale) and Caa2 (sf) (Global Scale, Local
Currency)

- ARS 3,254,786 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Colservice Serie II", rated Ca.ar (sf)
(Argentine National Scale) and Ca (sf) (Global Scale, Local
Currency)

- ARS 4,460,262 in Certificates of "Fideicomiso Financiero
Colservice Serie II", rated C.ar (sf) (Argentine National Scale)
and C (sf) (Global Scale, Local Currency)

This is the second transaction rated by Moody's backed by
receivables originated by Colservice.

Ratings Rationale:

The ratings are based mainly on the following factors:

- The available credit enhancement in the transaction, as an
initial subordination of 33.54% for the Class A, 32.74%% for the
Class B, 27.33% for Class C and 19.93% for the Certificates
(calculated over the nominal amounts of loans assigned to the
trust).

- The value of the collateral, represented by receivables related
to 267 closed-end savings plans (granted with exogenous funds)
with a current weighted average LTV of approximately 36.86%.

- The ability of Equity Trust Company (Argentina) S.A. to act as
trustee

- The first-priority security interest on the Mercedes-Benz buses.

- The ability of Colservice to act as primary servicer in the
transaction

- The availability of several reserve funds.

Colservice S.A. de Ahorro para Fines Determinados ("Colservice"),
acting as seller, will assign to Fideicomiso Financiero Colservice
II fixed installments related to 267 closed-end saving plans
(granted with exogenous funds) (planes de ahorro cerrados) ("the
receivables") to finance the purchase of new or used Mercedes Benz
buses.

The receivables are denominated in Argentine pesos, and will be
purchased by the trust at a discount rate of 26%, for the amount
of ARS 48.219.042.

The closed-end saving plans -granted with exogenous funds- were
extended by Colservice to small and medium sized companies, large
companies and self-employed individuals in the transportation and
tourism industries. The receivables are backed by a first-priority
security interest on the vehicles.

Overall credit enhancement is comprised of subordination 33.54%
for the Class A, 32.74%% for the Class B, 27.33% for Class C and
19.93% for the Certificates. In addition, the transaction benefits
from various reserve funds.

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

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

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the pool with a 12% mean
and a 70% coefficient of variation. Also, Moody's assumed a
lognormal distribution for prepayments with a 5% mean and a 70%
coefficient of variation. These assumptions are derived from the
historical performance to similar portfolios originated by
Colservice. Moody's did not give credit for recoveries after a
loan defaults. Finally, the default of Colservice acting as a
servicer was modeled; in the scenarios where the servicer
defaults, Moody's assumed that the defaults on the pool would
increase by 20 percentage points.

The model results showed 5.14% expected loss for Class A, 19.91%
expected loss for Class B, 57.38% for Class C, and 85.65% for the
Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario (that is, if Moody's assumes a mean default
rate of 18%), the ratings of the Class A would be downgraded to
Caa1 (sf). The ratings for Class B and Class C would be downgraded
to Caa3 (sf) and C (sf) respectively. However, the residual class
would remain unchanged.

Moody's notes that the pool is highly concentrated in the
transportation and tourism industry in Argentina. A negative
economic environment affecting these sectors may impact a large
number of securitized receivables. The pool has also a high
concentration by borrower, as the 267 receivables included in the
transaction correspond to 75 borrowers. The top 10 borrowers
represent 30.20% of the original pool balance. This is mitigated
by: i) the fact that the vehicles backing the securitized
receivables are, in general, a key component of the borrower's
working capital, which is expected to have a lower probability of
the default in comparison with other company obligations, ii) the
low average loan CLTV of 36.86%, iii) the historical performance
of similar pools and the initial subordination which will increase
over time due to a turbo-sequential payment structure. Moody's
stressed the pool's default rate significantly above the
historical observed default rates of similar portfolios. These
concentrations result in potential increased volatility for the
ratings.

Colservice is a company of the Colcar Group and was constituted in
2006 to originate closed-end saving plans for the purchase of
Mercedes-Benz buses. Colcar Merbus S.A. ("Colcar") is the largest
Mercedes-Benz dealer in Argentina. Colcar is also the largest
seller of chassis of buses used for public transportation in
Argentina. The company is divided in six business lines: buses,
commercial vehicles, cars, equipment, services and spare parts.
Moody's believes that Colservice's origination and servicing
practices are adequate. Colservice is regulated by the Inspeccion
General de Justicia in Argentina and received periodic audits of
procedures from Mercedes-Benz.

Finally, Moody's also evaluated the servicing arrangements in the
transaction. The designed backup servicer at closing is Multiconex
S.A., a late payment collection company that provides service to
several banks and consumer finance companies in the Argentine
market. Multiconex will perform some servicing functions for this
transaction: it will contact borrowers on a monthly basis to
inform the amounts due and the payment dates. It will also
instruct borrowers to make payments directly into the trust
account.

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

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


GASTRONOMIA DEL SOL: Creditors' Proofs of Debt Due July 17
----------------------------------------------------------
Franco Brindisi, the court-appointed trustee for Gastronomia del
Sol SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 17, 2013.

Mr. Brindisi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Gastronomia's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Mr. Brindisi is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

The Trustee can be reached at:

          Franco Brindisi
          Peru 367


HOWELLY SA: Proofs of Claim Verification Deadline on July 2
-----------------------------------------------------------
Cristina A. Mattioni, the court-appointed trustee for Howelly SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 2, 2013.

Ms. Mattioni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Howelly SA's accounting
and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Ms. Mattioni is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.

The Trustee can be reached at:

          Cristina A. Mattioni
          Uruguay 385


MENA Y CIA: Proofs of Claim Verification Deadline on June 28
------------------------------------------------------------
Rosa Isabel Santos, the court-appointed trustee for Mena y Cia.
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 28, 2013.

Ms. Santos will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court.

La Nacion didn't state the submission dates for the reports.

Ms. Santos is also in charge of administering the company's assets
under court supervision and will take part in their disposal to
the extent established by law.

Creditors will vote to ratify the completed settlement plan during
the assembly on April 17, 2014.

The Trustee can be reached at:

          Rosa Isabel Santos
          Darwin 599


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


* BARBADOS: IMF and World Bank to Review Financial Services Sector
------------------------------------------------------------------
Caribbean360.com reports that the World Bank and the International
Monetary Fund are to conduct a comprehensive study of Barbados'
financial services sector.

A statement from the Central Bank of Barbados said the two
Washington-based financial institutions will conduct the financial
sector assessment program (FSAP) between July 1 and 17, according
to Caribbean360.com.

Caribbean360.com notes that this is the third such assessment of
the island's financial services sector; the other two evaluations
were completed in 2002 and 2008.

"On both occasions, the local financial services sector was deemed
to be well regulated and generally compliant with the
international standards established by the Basel Committee on
Banking Supervision (BCBS) and the International Association of
Insurance Supervisors (IAIS)," the Central Bank said, the report
relays.

Caribbean360.com relates that CCB Director of Bank Supervision,
Marlene Bayne, explained that the Bank and the Financial Services
Commission (FSC) have been jointly preparing for the review since
the start of 2012.  Ms.Bayne, the report relates, said the
preparatory work for the FSAP included a self-assessment of
Barbados' compliance with the international standards for banking,
insurance and credit unions.

Caribbean360.com discloses that the CCB said that the FSAP, "which
can be likened to a Central Bank's examination of a commercial
bank, is a comprehensive and in-depth analysis of a country's
financial sector".


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


OSX BRASIL SA: Surges as Batista Injects Cash Through Put Option
----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that OSX Brasil SA
(OSXB3), rose the most in a month after billionaire Eike Batista
and other shareholders paid almost 30 times the market price to
buy stock in the crude shipper as it struggles for cash.

According to Bloomberg News, OSX, which plunged 87 percent this
year through yesterday, jumped 16 percent to BRL1.58 in Sao Paulo,
the steepest gain since May 21.  Brazil's benchmark Ibovespa rose
0.6 percent.

Batista, who gave OSX the right to sell him as much as $1 billion
of its stock at BRL40.14 apiece through March 2014, bought BRL183
million ($83 million) along with other subscribing shareholders
yesterday, the Rio de Janeiro-based company said after markets
closed, notes the report.

Shareholders have another five days to subscribe to the BRL240
million tranche of the put option, after which Batista will buy
any remaining stock offered, according to terms of the sale, says
Bloomberg News.

The report says OSX, the worst performer among Latin American
companies worth at least $100 million this year, is cutting costs
and refinancing debt after Batista's oil producer OGX Petroleo &
Gas Participacoes SA, its main client, missed output targets.

The company declined to disclose the amount bought by Batista
yesterday or to name the other shareholders that subscribed to the
offering in an e-mailed response to questions. OSX had already
raised $620 million in other sales related to Batista's put
option, notes Bloomberg News.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.


VIVER INCORPORADORA: Moody's Cuts CFR to Caa1 on Weak Liquidity
---------------------------------------------------------------
Moody's America Latina has downgraded Viver Incorporadora e
Construtora S.A.'s corporate family rating to Caa1 from B3 on the
global scale and to Caa1.br from B1.br on the Brazilian national
scale. Moody's also downgraded Viver's BRL300 million senior
secured debentures due in 2016 (First Issuance) to Caa1/Caa1.br
from B3/B1.br. The outlook for all ratings remains negative.

Ratings downgraded:

Viver Incorporadora e Construtora S.A. (Viver)

- Corporate Family Rating: to Caa1 from B3 (global scale); to
Caa1.br from B1.br (national scale);

- BRL300 million 5-year senior secured debentures (First
Issuance): to Caa1 from B3 (global scale); to Caa1.br from B1.br
(national scale);

- Outlook: negative

Ratings Rationale:

The downgrade of Viver's ratings to Caa1 was prompted by the
company's weak liquidity profile driven by increasing execution
risks given the limited funding availability for project
completion and further working capital pressures from high volumes
of contract cancelations. Viver's leverage ratio as measured by
gross debt to total capitalization reached of 71.8% in the first
quarter of 2013, up from 64% a year earlier.

The company reported just BRL50 million in unrestricted cash
availability and marketable securities and BRL281 million in
receivables from finished units in March 31, 2013, which appears
insufficient to cover all of its BRL609 million effective short
term debt maturities, of which 67% comprise collateralized
liabilities and project related loans that will be repaid once
these projects are delivered and 33% refer to corporate debt due
over the next 12 months. Additionally, Viver had to report BRL316
million long-term debt as short-term liabilities because of
violation of certain financial covenants since waiver negotiations
have not been finalized.

The negative outlook on the ratings reflects the uncertainty over
the company's overall debt restructuring plan, which relies
primarily on the successful completion of the planned BRL315
million sale of the "Lagoa dos Ingleses" complex. Once Viver's
completes this sale, they will be able to reduce its corporate
debt outstanding debt by approximately 50% (equivalent to 15% of
its total consolidated debt). Nevertheless, Moody's believes that
additional debt restructurings may be necessary for Viver to
attain a more manageable debt level, which could be achieved only
through further asset divestitures and/or new equity increases.

In order to find a more permanent solution to its liquidity
challenges and capital structure, Viver is exploring various
alternatives including additional asset divestures. Moody's sees a
high risk in the execution of the asset monetization strategy as
announced by the management, given the current less favorable
macro-economic scenario and the low availability of unencumbered
assets.

Outlook stabilization would require material liquidity improvement
and leverage reduction, which could be triggered by the successful
completion of the planned asset sales and/or a substantial equity
increase. A ratings upgrade would require evidence of sustainable
positive operating cash flow generation and consistent improvement
in credit metrics, such as gross debt capitalization ratio reduced
to below 60% and interest coverage increased to above 2.0 times.

Further downward pressure on the ratings could occur if Moody's
perceives further deterioration in Viver's liquidity profile or
lower availability of construction loans to complete its existing
pipeline of projects. A downgrade could also be triggered if the
company were to face significant deterioration in the quality of
its receivables, especially in a more adverse macro-economic
scenario, or if the company engages in a distressed debt exchange
that could be perceived as a voluntary out-of-court restructuring.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

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.

Headquartered in Sao Paulo, Brazil, Viver is an integrated
homebuilder historically focused on high-rise construction for the
middle and mid-high income families primarily in the Sao Paulo
state. The company is also involved in real estate developments
for commercial, tourism and the low income residential segments.
In the last twelve months ended March 31, 2013, Viver reported net
revenues of BRL212 million (USD106 million) and net losses of
BRL482 million (USD241 million).


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


ADVANCED MULTI: Members' Final Meeting Set for July 23
------------------------------------------------------
The members of Advanced Multi Management will hold their final
meeting on July 23, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Advanced Multi Management Advisory Corporation
         Telephone: +3 (315) 305 2809 / 03


ANTHRACITE BALANCED: Shareholder to Hear Wind-Up Report on July 9
-----------------------------------------------------------------
The shareholder of Anthracite Balanced Company (JR-20) Limited
will receive on July 9, 2013, at 12:00 noon, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Simon Conway
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


CALEDONIA ASIA: Shareholder to Receive Wind-Up Report on July 19
----------------------------------------------------------------
The shareholder of Caledonia Asia Fund will receive on July 19,
2013, at 8:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CALEDONIA MASTER: Shareholder to Receive Wind-Up Report on July 19
----------------------------------------------------------------
The shareholder of Caledonia Asia Master Fund will receive on
July 19, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CLAREVILLE VENTURES: Shareholder to Hear Wind-Up Report on July 9
-----------------------------------------------------------------
The shareholder of Clareville Ventures, Ltd. will receive on
July 9, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


CORNUCOPIA ALPHA: Members' Final Meeting Set for July 11
--------------------------------------------------------
The members of Cornucopia Alpha Fund Limited will hold their final
meeting on July 11, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JF THREE: Shareholder to Receive Wind-Up Report on July 19
----------------------------------------------------------
The shareholder of JF Three Holdings Corp. II will receive on
July 19, 2013, at 9:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ROSEN OFFSHORE: Shareholders to Receive Wind-Up Report on July 18
-----------------------------------------------------------------
The shareholders of Rosen Offshore Limited will receive on
July 18, 2013, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SHELF DRILLING: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Cayman Island-based oilfield services company Shelf
Drilling Holdings Ltd. to positive from stable.

At the same time, S&P affirmed its 'B' long-term corporate credit
rating on Shelf Drilling.

The positive outlook reflects S&P's view that Shelf Drilling is
building up a good track record of solid operating performance on
the back of a better-than-anticipated performance in the first
quarter of 2013.

This has led S&P to revise upward some of its base-case
assumptions.  In particular, S&P now forecasts pro forma Standard
& Poor's-adjusted EBITDA to be more than $300 million in 2013 and
2014.  S&P notes positively that pro forma EBITDA in the first
quarter of 2013 was $120 million, fuelled by robust marketed
utilization of 97%.  S&P also assumes the average day rate to
gradually improve throughout 2013; it was $107,000 on a weighted-
average basis in the first quarter of 2013.

"Our current assessment of Shelf Drilling's business risk profile
as "vulnerable" is based on the company's lack of audited
financial information, limited established operating business
track record as a stand-alone entity, and its participation in the
competitive, fragmented, and capital-intensive oil and gas service
industry.  The "jack-up" segment in which it operates has
historically been even more volatile than the oil and gas industry
overall," S&P said.

In addition, the company's fleet of 38 rigs is relatively old,
with an average time in service of 31 years, and has limited
diversification by depth.

However, these constraints are partly mitigated by Shelf
Drilling's sizable backlog of contracts ($1.7 billion at the end
of the first quarter of 2013), its sound market position as the
No. 3 jack-up driller in the world, its geographic
diversification, and its management's significant industry
experience.

Due to the improved performance seen in the first quarter of 2013,
S&P now anticipates stronger credit metrics than before.  These
include funds from operations to debt of between 20% and 30% and
debt to EBITDA of between 2x and 3x in 2013 and 2014,
respectively.  (Under S&P's criteria, it treats preferred equity
as debt-like in calculating these ratios).  Although the above
ratios are robust for the current ratings, S&P also takes into
consideration the volatility of Shelf Drilling's cash flows, its
view of its aggressive financial policies, and its private equity
ownership, which together caps S&P's assessment of Shelf
Drilling's financial risk profile at "aggressive."

S&P also anticipates that free operating cash flow (FOCF) will be
negative in 2013, due to high working capital outflows to settle
the working capital balance with Transocean post the acquisition,
as well as large capital expenditures totalling $230 million (of
which some will be covered by lump sum cash mobilization fees).
In 2014, S&P forecasts that FOCF will be positive.

S&P considers it positive that Shelf Drilling will not have any
financial maintenance covenants under its senior term loan.

The issue rating on the first-lien $75 million term loan facility
is 'B+'.  The recovery rating on the term loan is '2', indicating
S&P's expectation of substantial recovery (70%-90%) in the event
of a payment default.

The issue rating on the $475 million senior secured notes is 'B'.
The recovery rating on the senior secured notes is '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event of
a payment default.

The recovery rating on the term loan is primarily supported by
first-lien security on at least 27 of the total 38 rigs and by
pledges on the equity of five restricted subsidiaries owning five
of the company's remaining 11 rigs.

The recovery rating on the senior secured notes is supported by
second-lien ranking on the same security package.  However, the
recovery rating on the term loan and senior secured notes is
constrained by substantial jurisdictional risk because the rigs
are located in the waters of several different jurisdictions
throughout Africa, Asia, and the Middle East.

The senior secured notes' documentation includes restrictions on
additional indebtedness subject to a 3.25x total net leverage
ratio and a 2.0x fixed-charge coverage ratio.  Pro forma for the
transaction, the net leverage ratio is 2.0x, which would allow for
some additional borrowing under the documentation.  The
documentation also includes covenants that restrict dividend
payments such that they cannot exceed an income basket of 50% of
consolidated net income.  Income starts to accumulate from the
first quarter after the issuance of bonds.

In assigning recovery ratings, S&P simulates a hypothetical
default scenario.  S&P considers that the key risk Shelf Drilling
faces is its ability to secure contracts on the rigs as existing
contracts expire.  Furthermore, S&P believes the company has
exposure to volatility in market rates as contracts come up for
renewal, and has limited flexibility to reduce underlying
operating costs without taking rigs out of operation.  S&P also
assumes relatively high maintenance capex.  S&P assumes these
pressures would depress Shelf Drilling's utilization and day
rates, revenues and profitability, and lead to a hypothetical
payment default in 2014.

S&P believes that Shelf Drilling would remain a going concern in
the event of a default because of its good market position in the
jack-up drilling rigs business; its distinct operating activities;
and the contract-based nature of its drilling activities, which
provides short- to medium-term earnings visibility.

The positive outlook on Shelf Drilling reflects S&P's view that
Shelf Drilling is developing a good track record of solid
operational performance.  On a pro forma basis, S&P views a
sustainable adjusted ratio of FFO to debt (including preferred
equity) of 12%-20% as commensurate with the current ratings, but
S&P anticipates that this ratio will be higher in 2013 and 2014.
S&P will review the positive outlook at some point over the next
12 months.

"We could raise the ratings by one notch, if and when Shelf
Drilling has built up a good operating track record.  This could
follow continued high utilization and day rates (on the back of
favorable oil price and industry conditions), the backlog
increasing toward two years' worth of revenue, and continued
strong profitability.  Raising the ratings would also depend on us
being able to obtain audited financial information on the company,
its owners pursuing supportive financial policies, and liquidity
remaining at least "adequate."  We would also consider Shelf
Drilling achieving FFO to debt of between 20% and 30% to be a
supporting factor," S&P added.

S&P could revise the outlook back to stable if it sees FFO to debt
falling to between 12% and 20%, or if day rates, utilization
levels, the backlog amount, or profitability are lower than its
revised base-case assumptions.  More aggressive financial policies
would also put pressure on the ratings.


TAMRIND REEF: Shareholders to Receive Wind-Up Report on July 19
---------------------------------------------------------------
The shareholders of Tamrind Reef Enterprises Ltd. will receive on
July 19, 2013, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Universal Directors Limited
          Providence House, East Wing
          East Hill Street, Nassau
          Bahamas


TECHNISSIMO LTD: Shareholders to Receive Wind-Up Report on Aug. 7
-----------------------------------------------------------------
The shareholders of Technissimo Ltd. will receive on Aug. 7, 2013,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


=========
C H I L E
=========


SWINGPLANE VENTURES: Loses Rights in Algarobbo Property in Chile
----------------------------------------------------------------
Swingplane Ventures, Inc. on June 24 provided an update on certain
corporate matters.

The Company has, in its recent Form 8-K filed with the Securities
and Exchange Commission, reported the loss of any rights and
interest in the Algarobbo property in Chile.

The Company was unable to reach an agreement with the Optionors of
the property that it could fulfill and therefore the funds that
were placed in trust to pay the property taxes were returned to
the Company by its Chilean legal counsel and the extension of
default to July 1, 2013 granted by the Optionors lapsed due to the
requirement for the Company paying approximately $55,000 for the
2013 taxes by June 15, 2013.

"I want to express my regret to all the stockholders that we could
not reach an agreement that we could fulfill on the Algarobbo.  We
have advised the property owners that we remain interested if we
could come to terms that might be able to be met in regard to a
funding schedule and we remain hopeful that the Optionors might
reconsider and allow us to present another offer.  However, at
this time the Company has defaulted and has no further rights or
interest in the project," Carlos De la Torre, Swingplane President
and Director, said.

"Due to the loss of the project, the Company has taken down its
website for revision and expects to have the website back up by
the end of the month.

"Management is hoping to have technical data on a potential
acquisition of a gold project in Mexico this week, which will be
reviewed by a consulting geologist and hopefully will lead to a
property visit and an agreement to put the project back into
production.  The acquisition will only be undertaken if the
Company is confident that it can meet the terms of any negotiated
agreement.  The project to be reviewed has defined reserves and so
if the Company can reach an agreement, funding should be easier to
attract."

Further updates will be provided as information becomes available.

Based in Santiago, Chile, Swingplane Ventures, Inc. --
http://www.swingplaneventuresinc.com-- is an exploration stage
company that engages in the exploration and production of mineral
properties in Chile.  The company primarily explores for copper.
It holds interests in the Algarrobo property that consists of 32
tenures covering a total area of 6,161 hectares located to the
north of Santiago, in the III Region, Chanaral province, Chile.


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


SAGICOR FINANCE: S&P Corrects Rating on Debt by Lowering to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on Sagicor
Finance Ltd.'s senior unsecured debt by lowering it to 'BB-' from
'BB'.  The rating remains on CreditWatch negative.

Under S&P's current hybrid criteria, subordinated notes from
companies with speculative-grade issuer credit ratings (ICRs) are
rated two notches below the ICR for subordination, but S&P's
rating on the notes was only one notch below its ICR on Sagicor
Life Inc. (guarantor of Sagicor Finance's debt).  The rating
action corrects this error.  The notes rank subordinate to Sagicor
Life's policy obligations.

RATINGS LIST

Sagicor Finance Ltd.               To               From
  Senior unsecured debt rating     BB-/Watch Neg    BB/Watch Neg


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/
                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *