TCRLA_Public/130701.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

           Monday, July 1, 2013, Vol. 14, No. 128


                            Headlines



A R G E N T I N A

CUEME CONSTRUCIONES: Creditors' Proofs of Debt Due July 1
LOWE ARGENTINA: Creditors' Proofs of Debt Due July 29
SIA SALUD: Creditors' Proofs of Debt Due July 31
VMC CUERO: Creditors' Proofs of Debt Due Today
WELDING ARGENTINA: Creditors' Proofs of Debt Due Aug. 6


B R A Z I L

BANCO REGIONAL: S&P Assigns 'BB-' ICR; Outlook Stable
CAMARGO CORREA: Fitch Upgrades Issuer Default Rating to 'BB'
MRS LOGISTICA: S&P Affirms 'BB+' Global Scale Rating


C A Y M A N  I S L A N D S

BLUE FIN: Shareholder to Receive Wind-Up Report on July 8
CLYDESDALE CLO: Shareholder to Receive Wind-Up Report on July 8
DEKANIA CDO: A.M. Best Affirms 'c' Debt Rating of Class C-1 Notes
GLOBECAT LIMITED: Shareholder to Receive Wind-Up Report on July 8
KEY FUND: Shareholder to Receive Wind-Up Report on July 16

KLEROS PREFERRED III: Member to Receive Wind-Up Report on July 19
KLEROS PREFERRED IV: Member to Receive Wind-Up Report on July 19
LB FUND: Shareholders to Receive Wind-Up Report on July 10
LONE CEDAR II: Member to Receive Wind-Up Report on July 26
MARIAN CAPITAL: Members Receive Wind-Up Report


C H I L E

MASISA SA: Fitch Affirms 'BB' Issuer Default Ratings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy Will Grow 2% This year, 1Q was 0.3%


J A M A I C A

DIGICEL GROUP: Loses Bid to Enter Burmese Telecoms Market
* JAMAICA: Commercial Banks Cut Loans to Government


P U E R T O   R I C O

PUERTO DEL REY: First Amended Joint Plan Declared Effective


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Chairman Looks To Expert Support


X X X X X X X X

* BOND PRICING: For the Week From June 24 to 28, 2013


                            - - - - -


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A R G E N T I N A
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CUEME CONSTRUCIONES: Creditors' Proofs of Debt Due July 1
---------------------------------------------------------
Mario Suez, the court-appointed trustee for Cueme Construciones
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until July 1, 2013.

Mr. Suez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, 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.

Mr. Suez 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:

          Mario Suez
          Rodriguez Pena 454
          Buenos Aires, Argentina


LOWE ARGENTINA: Creditors' Proofs of Debt Due July 29
-----------------------------------------------------
Alfredo Luis Palacio, the court-appointed trustee for Lowe
Argentina SACIFI de Cinematografia y Television's bankruptcy
proceeding, will be verifying creditors' proofs of claim until
July 29, 2013.

Mr. Palacio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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.

Mr. Palacio 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:

          Alfredo Luis Palacio
          Montevideo 368
          Buenos Aires, Argentina


SIA SALUD: Creditors' Proofs of Debt Due July 31
------------------------------------------------
Ana Beatriz Bavo, the court-appointed trustee for Sia Salud SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 31, 2013.

Ms. Bavo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, 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. Bavo 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:

          Ana Beatriz Bavo
          25 De Mayo 596
          Buenos Aires, Argentina


VMC CUERO: Creditors' Proofs of Debt Due Today
----------------------------------------------
Estudio Ariel Kiperman & Fabian Gasst, the court-appointed trustee
for VMC Cuero Argentino SA's bankruptcy proceeding, will be
verifying creditors' proofs of claim until today, July 1, 2013.

The Trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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.

The Trustee 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:

          Estudio Ariel Kiperman & Fabian Gasst
          Suipacha 570
          Buenos Aires, Argentina


WELDING ARGENTINA: Creditors' Proofs of Debt Due Aug. 6
-------------------------------------------------------
Alfredo Oscar Legnazzi, the court-appointed trustee for Welding
Argentina SA's bankruptcy proceeding, will be verifying creditors'
proofs of claim until Aug. 6, 2013.

Mr. Legnazzi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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.

The Trustee 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:

          Alfredo Oscar Legnazzi
          Cerrito 1136
          Buenos Aires, Argentina


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


BANCO REGIONAL: S&P Assigns 'BB-' ICR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issuer credit rating on Banco Regional S.A.E.C.A.  The outlook is
stable.

The ratings on Banco Regional reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity.  The 'BB-' issuer credit rating is at the
same level as the bank's 'bb-' stand-alone credit profile (SACP),
because Banco Regional does not receive external (group or
government) support. Rabobank Financial Institutions Development
B.V. owns 40% of the bank and local shareholders own the
remainder.


CAMARGO CORREA: Fitch Upgrades Issuer Default Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Brazilian conglomerate
Camargo Correa S.A. (Camargo) and its subsidiaries as follows:
Camargo:

-- Foreign currency Issuer Default Rating (IDR) to 'BB' from
   'BB-';
-- Local currency IDR to 'BB' from 'BB-';
-- National scale rating to 'AA-(bra)' from 'A+(bra)';
-- BRL1 billion debentures 2nd issuance (due 2014) to
   'AA-(bra)' from 'A+(bra)'.

CCSA Finance Limited:
-- Foreign currency IDR to 'BB' from 'BB-';
-- Local currency IDR to 'BB' from 'BB-';
-- US$250 million senior unsecured bonds due 2016 to 'BB'
   from 'BB-'.

Fitch has also affirmed Camargo's National short-term credit
rating at 'F1(bra)'.

The Rating Outlook is Stable

The upgrade reflects Camargo's better than expected capital
structure, adequate liquidity, and business diversification post
execution of the Cimpor acquisition. The Stable Outlook
incorporates the view that Camargo's credit profile will remain
stable in the medium term. It considers the expectation that
Camargo will manage its consolidated net leverage in the range of
4.0x to 4.5x during the short-to-medium term, while maintaining
adequate liquidity. Also factored into the Stable Outlook is an
expectation that the dividends the company receives from
investments in its cement, energy concession (CPFL) and toll road
concession (CCR) businesses will remain stable during the next 24
months.

Camargo's credit ratings reflect the company's diversified
portfolio of operations, solid market position in the industries
in which it participates, the medium-term outlook and different
degrees of cyclicality related to its core businesses, and
adequate liquidity. Camargo's credit ratings also incorporate the
structural subordination of the parent company debt to the debt at
its operating companies; the company relies on dividends and
interest and principal payments from operating subsidiaries to
service its debt. The ratings also factor in the company's growth
strategy which includes inorganic growth as an important
component, as well as its the good track record in executing
acquisitions while keeping its capital structure and liquidity
relatively stable over the medium term.

KEY RATING DRIVERS

Business Diversification & Stable Dividend Flow:

Camargo's ratings incorporate its broad business diversification
and an expectation of continued stable dividend flow from its main
business segments. The company's business diversification is
reflected in the composition of its 2012 consolidated EBITDA of
BRL4.3 billion with the cement, energy, transportation,
engineering & construction, and footwear segments representing
43%, 22%, 12%, 12%, and 9%, respectively. The ratings consider the
diversification and credit quality of Camargo's dividend flow,
with approximately 75% of the company's dividend receipts expected
to come from its cement, toll road concession (CCR); and energy
concession businesses (CPFL). During 2012, Camargo received
dividends of BRL784 million; this dividend flow is expected to
remain similar in 2013.

Better than Expected Leverage Post-Cimpor Acquisition:

On a pro forma basis post-acquisition, the company's consolidated
net leverage as of Dec. 31, 2012 was 4.3x, which is lower than
Fitch's previous expectations. Camargo had BRL24.8 billion of
consolidated debt and BRL6.2 billion of cash and marketable
securities at the end of 2012. On a stand-alone basis, Camargo's
net leverage in terms of received dividends relative to parent
company net debt was 4.2x. The company had BRL3.7 billion of net
debt at the holding company as of Dec. 31, 2012 and received
BRL784 million of dividends during the year. Fitch expects
Camargo's consolidated and on a stand-alone basis net leverage to
remain stable during 2013.

Adequate Liquidity and Debt Service Coverage:

Camargo maintains adequate liquidity with BRL6.2 billion of
consolidated cash and marketable securities as of Dec. 31, 2012.
The companies directly controlled by Camargo face debt
amortizations of BRL2.6 billion during 2013, which is comfortably
covered by BRL5.2 billion of cash at these subsidiaries; most of
this cash is held within the company's cement division. On a
stand-alone basis, Camargo faces debt amortizations of BRL451
million and BRL575 million during 2013 and 2014, which will be
covered by the company's received dividends levels, which are
expected to remain stable at around BRL800 million per year.
Camargo's liquidity is further supported by the company's access
to credit, as well as by its capacity to execute non-core assets
sales if required.

Cement Business Performance Key Credit Factor:

The cement division accounted for 30% of Camargo's consolidated
revenues and 42% of its EBITDA. Net leverage within this business
unit was 4.2x. In Brazil, which is the fourth-largest global
cement market, Camargo is the second-largest cement producer with
a market share of 20%. Fitch views Camargo's market position in
Brazilian cement as solid and sustainable in the medium term due
to its scale of operations, with approximately 27 million tons in
annual sales, regional diversification within the country, and
strong brand recognition. Brazil accounts for 55% of the EBITDA of
the company's cement division. Other important regions for the
company are Africa, South America (Ex-Brazil), and other markets
representing 18%, 17%, and 10% of the cement division EBITDA,
respectively. The company maintains 39 cement production units
globally with an estimated annual installed production capacity of
38 million tons. Camargo is well positioned to capture growth in
the Brazilian market as a result of its expansion of capacity by
5.3 million tons between 2013 and 2016.

RATING SENSITIVITIES

Camargo's ratings could be affected positively by significant
improvement in its cash flow generation, net leverage and
liquidity metrics.

Fitch would view a combination of the following as negative to
credit quality: the company's lack of capacity or willingness to
maintain its net financial leverage in line with those levels
incorporated in the ratings; adverse macroeconomic trends leading
to weaker credit metrics; debt-funded acquisitions; and/or a
change in the company's received dividends from those levels
incorporated in the ratings.


MRS LOGISTICA: S&P Affirms 'BB+' Global Scale Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on MRS
Logistica S.A. (MRS)  S&P also affirmed its 'brAA+' national scale
ratings on its fourth and fifth debenture issues.  The rating
affirmation follows S&P's ordinary annual review.  The outlook is
stable.

The ratings on MRS reflect its "satisfactory" business risk
profile and "significant" financial risk profile.  "The company's
business risk profile reflects a favorable tariff model and
contract terms with its captive clients, take-or-pay clauses even
under an adverse market conditions for its clients, and its
strategic importance to its shareholders, which are also the
company's main clients and mitigate exposure risk to the volatile
iron ore seaborne trade," said Standard & Poor's credit analyst
Marcus Fernandes.  These factors result in resilient cash flow and
strong profitability.  MRS' financial risk profile is
"significant," despite its strong cash generation; the company has
to spend heavily to continue expanding its capacity and
efficiency, which it partly funds through new debt issuances.

MRS' business risk profile is "satisfactory."  Although S&P
expects market conditions for iron ore exports to remain
challenging due to the uncertain global scenario during 2013, S&P
projects MRS' volumes will remain fairly stable.  The company
regularly improves operations through adequate asset maintenance
and equipment upgrades.  This is reflected in the company's strong
operating ratio (costs and expenses, including depreciation and
amortization, as a percentage of revenues) of 67.4% in 2012,
resulting in increased operating efficiency and higher
profitability compared to its peers.  The recent regulatory
changes and reduction in the tariff ceiling in 2012 will have
little impact on the company's operations since MRS already
complies with the new regulation and its tariffs remain below the
existing caps.


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


BLUE FIN: Shareholder to Receive Wind-Up Report on July 8
---------------------------------------------------------
The shareholder of Blue Fin Limited will receive on July 8, 2013,
at 10:30 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Samit Ghosh
          Simon Owiti
          c/o Adam Fox
          Telephone:  949-7755
          Facsimile:  949-7634


CLYDESDALE CLO: Shareholder to Receive Wind-Up Report on July 8
---------------------------------------------------------------
The shareholder of Clydesdale CLO 2003 Limited will receive on
July 8, 2013, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Samit Ghosh
          Simon Owiti
          c/o Adam Fox
          Telephone:  949-7755
          Facsimile:  949-7634


DEKANIA CDO: A.M. Best Affirms 'c' Debt Rating of Class C-1 Notes
-----------------------------------------------------------------
A.M. Best Co. has affirmed the debt ratings on multi-tranche
collateralized debt obligation (CDO) co-issued by two bankruptcy
remote special purpose vehicles: Dekania CDO I, Ltd. and Dekania
CDO I, Inc. (collectively known as Dekania I and issuers). Both
companies are domiciled in Grand Cayman, Cayman Islands. The
outlook for all ratings is stable. (See below for a detailed
listing of the ratings.)

The principal balance of the rated notes are collateralized by a
pool of trust preferred securities, surplus notes and secondary
market securities (collectively, the capital securities),
primarily issued by small to medium-sized insurance companies. The
capital securities are pledged as security to the notes. Interest
paid by the issuers of the capital securities are the primary
source of funds to pay operating expenses of the issuers and
interest on the notes. Repayment of the note principal is
primarily funded from the redemption of the capital securities.

These rating actions primarily reflect: (1) the current issuer
credit ratings (ICR) of the remaining issuers of the capital
securities; (2) a stress of up to 250% on the assumed marginal
default rates of insurers (derived from Best's Idealized Default
Rates of Insurers); (3) the amount of capital securities
considered to be in distress; (4) recoveries of 0% after defaults
of the capital securities; and (5) qualitative factors such as the
effect of interest rate spikes; subordination level associated
with each rated tranche; the adjacency of very high investment
grade ratings to very low non-investment grade ratings in the
transaction's capital structure and the possibility that
additional redemptions of highly rated entities will leave lower
rated companies in the collateral pool. The ratings could be
upgraded or downgraded and/or the outlook revised if there are
material changes in the ICR of the remaining insurance carriers
and/or an increase in the number of defaulted capital securities.

The following debt ratings have been affirmed:

Dekania CDO I-
-- "aaa" on $120.00 million Class A-1 First Priority Senior
Secured Floating Rate Notes, Due 2034
-- "aaa" on $69.00 million Class A-2 Second Priority Senior
Secured Floating Rate Notes, Due 2034
-- "a-" on $40.00 million Class B Third Priority Senior Secured
Floating Rate Notes, Due 2034
-- "c" on $6.00 million Class C-1 Fourth Priority Senior Secured
Fixed/Floating Rate Notes, Due 2034
-- "c" on $30.00 million Class C-2 Fourth Priority Senior Secured
Fixed/Floating Rate Notes, Due 2034
-- "c" on $16.30 million Class D Mezzanine Secured Floating Rate
Notes, Due 2034

These are structured finance ratings.


GLOBECAT LIMITED: Shareholder to Receive Wind-Up Report on July 8
-----------------------------------------------------------------
The shareholder of Globecat Limited will receive on July 8, 2013,
at 10:30 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Samit Ghosh
          Simon Owiti
          c/o Adam Fox
          Telephone:  949-7755
          Facsimile:  949-7634


KEY FUND: Shareholder to Receive Wind-Up Report on July 16
----------------------------------------------------------
The shareholder of Key Fund Ltd. will receive on July 16, 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:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


KLEROS PREFERRED III: Member to Receive Wind-Up Report on July 19
-----------------------------------------------------------------
The member of Kleros Preferred Funding III, Ltd. will receive on
July 19, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KLEROS PREFERRED IV: Member to Receive Wind-Up Report on July 19
----------------------------------------------------------------
The member of Kleros Preferred Funding IV, Ltd. will receive on
July 19, 2013, at 9:45 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


LB FUND: Shareholders to Receive Wind-Up Report on July 10
----------------------------------------------------------
The shareholders of The LB Fund Ltd will receive on July 10, 2013,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


LONE CEDAR II: Member to Receive Wind-Up Report on July 26
----------------------------------------------------------
The member of Lone Cedar II, Ltd. will receive on July 26, 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


MARIAN CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Marian Capital received on May 8, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

Philippe De Patoul is the company's liquidator.


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C H I L E
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MASISA SA: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Masisa S.A.'s ratings as follows:

-- Foreign and local currency Issuer Default Ratings (IDRs) at
   'BB';

-- National scale rating of Bond Line No. 355, No. 356, No. 439,
   No. 440,No. 560, No. 724 and No. 725 at 'A-(cl)';

-- Short-term rating at 'F1(cl)';

-- Long term national scale rating at 'A- (cl)'.

The Rating Outlook is Stable.

Fitch has also downgraded Masisa's equity rating to 'Primera Clase
Nivel 3' from 'Primera Clase Nivel 2'

KEY RATING DRIVERS

Masisa's ratings reflect its sound business position within Latin
America as a leading producer of wood boards with 3.4 million of
cubic meters installed capacity. The company's operations are
concentrated in Chile, Brazil, Argentina, Venezuela, and Mexico.
Masisa has Placentro retail stores and commercial offices in Peru,
Colombia and Ecuador, and exports to countries outside the region
such as the United States. The ratings further incorporate
Masisa's ownership of 224,000 hectares of plantations in South
America, which along with its forestry land, had an accounting
value of USD967 million as of March 31, 2013.

The ratings are constrained by the company's large exposure to
Venezuela and Argentina. Combined these markets represented 53% of
Masisa's consolidated LTM EBITDA as of March 31, 2013. Challenges
in these markets include non-stable currencies, political
interference as well as foreign currency transference
restrictions. Masisa's net leverage is moderate with a net
debt/EBITDA of 3.4 times (x) as of Mar. 31, 2013, in line with the
average of last five years.

Fitch has downgraded Masisa's equity rating given its moderate
stock liquidity, as it has a market presence of 85% and USD86.5thd
average traded volume during the last year. Since the beginning of
2013, Masisa has not been part of the IPSA (Indice de Precios
Selectivo de Acciones).

EBITDA GROWTH DESPITE CLOSURE OF MONTENEGRO MDP PLANT

Masisa's EBITDA reached USD241 million during the LTM ended March
31, 2013, an increase from USD224 million as of Dec. 31, 2012,
while its EBITDA margins improved to 17.6% from 16.6%. Latin
American markets continue to show favorable dynamics, with volume
growth in nearly all markets, with the exception of Argentina. In
response to improved market conditions, Masisa has implemented a
pricing increase. The company has also benefited from a turnaround
in the U.S. housing market, which has increased its demand for MDF
moldings. These improvements helped the company offset the loss of
EBITDA due to a fire at its Montenegro MDP plant in Brazil. The
main challenges faced by Masisa are increased competition in the
MDP segment in Chile and MDF segment in Brazil. During 2012 panels
sales increased 4.7% due to a 14.24% increase in average prices,
which more than offset a 1.2% decline in volumes. Sales of other
products, including MDF moldings, sawn wood, energy and doors
increased 20.2%.

INCREASE IN NET DEBT

As of March 31, 2013 Masisa had USD991 million of consolidated
debt and USD164 million of cash and marketable securities,
resulting in USD827 million net debt. This figure compares with
USD724 million as of Dec. 31, 2012. Masisa's higher net debt
position is primarily due to bridge loans taken to finance the
acquisition of Rexcel MDP assets in Mexico, among other
investments, and the appreciation of the Chilean peso against the
dollar. Masisa maintains a 100% hedge of local currency
fluctuation against the U.S. dollar. As of March 2013, USD700
million, or 70% of Masisa's consolidated debt is long term. This
debt consists of USD439 million of bonds, USD241 million of bank
debt and USD19 million of financing leases.

MANAGEABLE LIQUIDITY PROFILE

Masisa should meet short-term debt obligations with a combination
of cash, debt refinancing and capital increases. As of March 31,
2013, Masisa had USD291 million of short-term debt. Masisa's Board
of Directors approved a USD100 million capital increase. During
the second half of 2013, Masisa is expected to go to the
international markets to place a USD300 million bond for debt
refinancing. To bolster liquidity the company is also considering
selling non-strategic forestry assets.

SIGNIFICANT CAPEX PROGRAM

Masisa's capex program has been oriented toward strengthening its
Mexican operations due to the strong growth potential of the
market, as per-capita consumption of boards is low and the housing
deficit is high. Between 2013 and 2015, Masisa plans to invest
USD600 million. Key investments include the acquisition of Rexcel
and Arclin's assets, new coating capacity in Chile and Brazil, and
potentially additional organic growth in Mexico. Financing should
be with a USD100 million capital increase, USD300 million of cash
from operations (Ex-Venezuela), and USD200 million of proceeds
from the divestiture of non-strategic forestry assets. Masisa's
financial strategy is to maintain its capital structure and not to
increase leverage due to higher capex.

STABLE PERFORMANCE EXPECTED FOR REMAINDER OF 2013

During 2013, Masisa's EBITDA should range between USD230 million
and USD240 million and net leverage should be around 3.5x. Chile
and Brazil should represent about 45% of EBITDA. The key drivers
of EBITDA improvement vis-a-vis 2012 should be a better product
mix and favorable demand conditions in Brazil, Mexico and Chile.
Competitive pressure will remain high in Brazil and Chile, which
will limit price increases. In Argentina, sales should decline due
to weak macroeconomic conditions. Volumes should rise in
Venezuela, but sales revenues should decline due to the
devaluation of the currency during February. Better conditions in
the U.S. should facilitate higher export volumes.

RATING SENSITIVITIES

Negative rating actions could occur if debt levels increase,
operating cash flow weakens, or the political environment in
Argentina or Venezuela deteriorates further. Absent significant
debt reduction, positive rating actions are not likely in the
short term due to Masisa's reliance upon Venezuela and Argentina
for around 50% of its EBITDA.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Economy Will Grow 2% This year, 1Q was 0.3%
-----------------------------------------------------------------
Dominican Today reports that the International Monetary Fund's
(IMF) technical team which visited the country this week as part
of the post-monitoring program reiterated that the Dominican
economy will grow 2% this year.

"A gradual recovery of the real GDP growth is expected for the
rest of 2013 at an annual rate of 2 percent and reach 3.6 percent
in 2014," said a statement the from the IMF team led by Przemek
Gajdeczka, according to Dominican Today.

The report notes that the recent increase in international
reserves, the preliminary agreement to modify taxes on gold
exports and lower fiscal deficits, have reduced short-term
vulnerability.

"Significant risks that may arise in the global environment, such
as external shocks that could hurt trade and the number of
tourists, gold exports could fall, or the recent capital flows
could be reversed," the statement added, the report relays.

Dominican Today notes that the statement by the IMF delegation
adds that first quarter growth was 0.3%, after rising nearly 4
percent in each of the four quarters in 2012, on taxes and weak
private sector confidence.


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


DIGICEL GROUP: Loses Bid to Enter Burmese Telecoms Market
---------------------------------------------------------
RJR News reports that Digicel Group Limited has lost out on its
bid to enter the Burmese telecoms market.  The report relates that
the company was part of a consortium bidding for one of two mobile
licenses that were auctioned by the country.

The licenses were awarded to Norway's Telenor and the Qatari firm
Ooredoo, according to RJR News.  The report notes that the move
opens up one of the world's last untapped mobile phone markets.

It is estimated that just nine per cent of Burma's 60 million
people has mobile phones, the report relates.

Digicel Group said it is disappointed, but remains committed to
explore commercial opportunities in Burma, and will be evaluating
these on an ongoing basis, the report says.

Digicel Group had joined with YSH Finance Limited, a joint venture
between First Myanmar Investment Company, and Yoma Strategic
Holdings, Quantum Strategic Partners to bid for one of two mobile
licenses up for grabs, RJR News notes.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


* JAMAICA: Commercial Banks Cut Loans to Government
---------------------------------------------------
RJR News reports that commercial banks have cut loans to the
government, partly as lending risks increase, and as the
government itself cuts back on loans.

Bank of Jamaica (BoJ) data show loans to the government fell 10
per cent in the year to the end of March, according to RJR News.

RJR News discloses that with the decline, loans to the government
from commercial banks amounted to J$22 billion dollars at the end
of March, compared to more than J$25 billion dollars last year.


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


PUERTO DEL REY: First Amended Joint Plan Declared Effective
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
confirmed the First Amended Joint Chapter 11 Plan proposed by
Puerto Del Rey, Inc., Firstbank Puerto Rico, and purchaser PBF-TEP
Acquisitions, Inc.

In minutes of proceedings held on May 30, 2013, the Court
concluded that, among other things:

   1. there is no pending contested issue regarding creditor
      United Surety & Indemnity Company, and other parties-in-
      interest;

   2. there are no objections that the plan be deemed to provide
      adequate information; and

   3. the Debtor's request to determine that a separate disclosure
      statement is not necessary, is granted.

The Court stated that the Plan is effective as of May 30.

In this relation, the Court ordered that upon the confirmation
order, the clerk will change the caption of the case to read: In
re Marina OldCo. (formerly In re Puerto Del Rey, Inc. aka Marina
Puerto del Rey).

Charles A. Curprill, P.S.C. Law Offices represents the Debtor.
Reichard & Escalera, and Hollad & Knifht LLP are co-counsel for
FirstBank of Puerto Rico.  Fernandez, Collins, Cuyar & Pla, and
O'Melveny & Myers LLP are co-counsel for PBF-TEP Acquisitions,
Inc.

                              The Plan

The Plan filed on May 23, 2013, contemplates and is predicated
upon the entry of an order approving (i) the sale of substantially
all of the Debtor's assets, and other transactions, pursuant to
which the purchaser will fund the Plan, and (ii) in conjunction
therewith, the Cacimar Agreement, which encompasses global
settlement of issues by and among the purchaser, the Additional
Disclosure Entities, FirstBank and the PdR Group Members related
to the purchased assets.  For avoidance of doubt, no act or action
by any party from and after the Effective Date will impair or
otherwise modify, alter, or undermine in any respect the validity
of the sale or the Definitive Documentation.

Under the Plan, the holders of claims in Class 1 (Priority Non-Tax
Claims), Class 3 (BPPR Secured Claim) and Class 4 (General
Unsecured Claims) are not impaired as that term is defined in
Section 1124 of the Bankruptcy Code; and are presumed to have
accepted the Plan.

Holders of Claims in Class 2 (FirstBank Secured Claim) and
Class 6 (Equity Interests) are impaired.  However, FirstBank has
agreed to accept, on the Effective Date, direct cash payment
from the Purchaser in the amount of $40,750,000 (comprised of
$2,000,000 from JPMorgan Chase Bank, N.A. deposited by the
purchaser in escrow with JPMorgan pursuant to a separate
agreement, and $38,750,000 from the purchaser, in full and final
satisfaction of the FirstBank Secured Claim, and FirstBank is
deemed to have accepted the Plan pursuant to such settlement.

Holders of Claims in Class 5 (Intercompany Claims and Insider
Claims) will not receive or retain any property on account of the
claims

A copy of the Plan is available for free at
http://bankrupt.com/misc/PUERTO_plan_1amended.pdf

                       About Puerto del Rey

Puerto del Rey, Inc., a/k/a Marina Puerto Del Rey, filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
12-10295) on Dec. 28, 2012, in Old San Juan, Puerto Rico, owing
$43 million to secured lender First Bank Puerto Rico Inc.  The
22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and
dry storage for 600 boats.  Bankruptcy was designed to forestall
creditors from attaching assets.  In its amended schedules, the
Debtor disclosed $99.9 million in assets and $44.6 million in
liabilities as of the Petition Date.

The Charles A. Cuprill, PSC Law Offices, in San Juan, Puerto Rico,
represents the Debtor as counsel.


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


CARIBBEAN AIRLINES: Chairman Looks To Expert Support
----------------------------------------------------
RJR News reports that Phillip Marshall, Caribbean Airlines' new
chairman, has turned to former BWIA bosses for help as he and the
interim board try to sort out deficiencies and other burning
issues at the entity.

Trinidad's Newsday newspaper said Mr. Marshall has sought help
from two former Chief Executives of the defunct BWIA - Ian
Bertrand and Conrad Aleong as well as a former vice-president,
Michael Dolsingh, according to RJR News.

RJR News, citing sources, discloses that Mr. Marshall called on
these experts to facilitate several workshops for the benefit of
the new board, as well as members of the executive management
team.

Mr. Dolsingh was asked to accompany Trinidad's Trade Minister
Vasant Bharath during his visit to Jamaica for talks with
Transport Minister Dr. Omar Davies on the challenges facing CAL in
the Air Jamaica operations, the report 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.


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


* BOND PRICING: For the Week From June 24 to 28, 2013
-----------------------------------------------------

Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

ARGENTINA
---------

Argentine International Bond   7.82   12/31/2033    EUR      58.15
Argentine International Bond   7.82   12/31/2033    EUR      57.65
Venezuela International Bond   7       3/31/2038    USD      71.25
Cia Energetica de Sao Paulo    9.75    1/15/2015    BRL      72.5
Petroleos de Venezuela SA      5.5     4/12/2037    USD      60.5
Gol Finance                    8.75                 USD      76.5
Argentine International Bond   8.28   12/31/2033    USD      56
Renhe Commercial Holdings
Co Ltd                         11.75   5/18/2015    USD      66
Renhe Commercial Holdings
Co Ltd                         13      3/10/2016    USD      60
Provincia de Buenos
Aires/Argentina                10.87   1/26/2021    USD      69.92
EDENOR                          9.75   10/25/2022   USD      52
Banco Bonsucesso SA             9.25   11/3/2020    USD      73
Emerald Plantation
Holdings Ltd                    6       1/30/2020   USD      67.5
Bank Austria Creditanstalt
Finance Cayman Ltd              1.61                EUR      49.88
Capex SA                       10       3/10/2018   USD      74
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
CLISA                           9.5    12/15/2016   USD      61.5
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.33
Banco Macro SA                  9.75   12/18/2036   USD      72.7
BES Finance Ltd                 5.58                         69.67
Bank Austria Creditanstalt
Finance Cayman Ltd 2            1.83                EUR      48
Provincia de Buenos
Aires/Argentina                 9.62    4/18/2028   USD      63.28
Argentine International Bond    8.28   12/31/2033   USD      62.13
Sifco SA                       11.5     6/6/2016    USD      57.68
Transer S.                      8.87   12/15/2016   USD      52.5
Renhe Commercial
Holdings Co Ltd                13       3/10/2016   USD      61.13

JinkoSolar Holding
Co Ltd                          4       5/15/2016   USD      58.62
ESFG International Ltd          5.753               EUR      57.48
Provincia de Mendoza
Argentina                       5.5     9/4/2018    USD      74.28
BCP Finance Co Ltd              4.2                 EUR      45.17
Transer S.A                     9.75   8/15/2021    USD      48
Argentine International
Bond                            8.28  12/31/2033    USD      58.13
BCP Finance Co Ltd              5.54                EUR      45
Edenor                         10.5    10/9/2017    USD      51.25
Argentine International
Bond                            1.18   12/31/2038   ARS      45.72
BES Finance Ltd                 3.03                EUR      74.25
MetroGas SA                     8.87   12/31/2018   USD      68.63
Argentina Bocon                        23/15/2014   ARS      38.45
Edenor                          9.75   10/25/2022   USD      49.13
Argentine International
Bond                            7.82   12/31/2033   EUR      45
Transer S.A                     9.75    8/15/2021   USD      46
Banco Finantia
International Ltd               2.45    7/26/2017   EUR      44.05
BES Finance Ltd                 4.5                 EUR      61.5
Punch Taverns Finance
B Ltd                           6.9     6/30/2028   GBP      62.13
Argentine International Bond    4.3    12/31/2033   JPY      36
Bolivarian Republic
of Venezuela                    7       3/31/2038   USD      69.19
Provincia de Buenos
Aires/Argentina                10.8     1/26/2021   USD      70.25
Argentine International Bond    4.3    12/31/2033   JPY      36.5
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
Argentine International Bond    8.28   12/31/2033   USD      58.13
Renhe Commercial
Holdings Co Ltd                11.75    5/18/2015   USD      66.38
Puerto Rico Conservation        6.5     4/1/2016    USD      67.61
Capex SA                       10       3/10/2018   USD      71.75
Argentine International
Bond                            9      11/29/2018   USD      74
City of Buenos
Aires Argentina                 3.98    3/15/2018   USD      68.75
Caixa Geral De
Depositos Finance               1.01                EUR      35.45
Banco Macro SA                  9.75   12/18/2036   USD      71
Gol Finance                     8.75                USD      73.13
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.5
ERB Hellas Cayman
Islands Ltd                     9        3/8/2019   EUR      26.38
MetroGas SA                     8.87    12/31/2018  USD      71.25
Argentine International Bond    8.28    12/31/2033  USD      57.75
Banif Finance Ltd               1.58                EUR      44
Argentine International Bond    0.45    12/31/2038  JPY       8
Banco BPI SA/Cayman Islands     4.15    11/14/2035  EUR      53.5
Provincia de Buenos
Aires/Argentina                 9.62     4/18/2028  USD      63.25
Almendral Telecomunicaciones
SA                              3.51     2/15/2014  CLP      44.24
Banco Bonsucesso SA             9.25    11/3/2020   USD      70.75
Banco Macro SA                  9.75    12/18/2036  USD      71
Provincia del Chaco             4       11/4/2023   USD      54
BCP Finance Bank Ltd            5.0     13/31/2024  EUR      72.63
Formosa Province of Argentina   5        2/27/2022  USD      61.63
CAM Global Finance              6.08    12/22/2030  EUR      69.63
Cia Sud Americana
de Vapores SA                   6.4     10/1/2022   CLP      69.99
Aguas Andinas SA                4.15    12/1/2026   CLP      72.27
Provincia del Chaco             4       12/4/2026   USD      25.88
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP      66.57
Cia Cervecerias Unidas SA       4       12/1/2024   CLP      58.32
Provincia de Mendoza Argentina  5.5      9/4/2018   USD      74.13
Petroleos de Venezuela SA       5.37     4/12/2027  USD      64.15
Quinenco SA                     3.5      7/21/2013  CLP      12.87
Metro S.A.                      5.5      7/15/2027  CLP       3.0


                            ***********


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 * * *