TCRLA_Public/130703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, July 3, 2013, Vol. 14, No. 129


                            Headlines



A R G E N T I N A

ASEGE SA: Proofs of Claim Verification Deadline on Aug. 8
CONSTRUBAR SA: Proofs of Claim Verification Deadline on Aug. 2
DAMOR SA: Proofs of Claim Verification Deadline on Aug. 12
DIJAY SA: Files Reorganization Proceedings
FUSHIVA INSTRUMENTAL: Files Reorganization Proceedings

GROUP VILE: Proofs of Claim Verification Deadline on Aug. 9
HELANT SRL: Proofs of Claim Verification Deadline on Aug. 16
TORRESI REMOLQUES: Proofs of Claim Verification Deadline on Aug. 8
UDANT SEGURITY: Files Reorganization Proceedings
VISION GASTRONOMICA: Creditors' Proofs of Debt Due Aug. 22

* ARGENTINA: Seeks Supreme Court Review of NML Case Ruling


B R A Z I L

HYPERMARCAS SA: S&P Affirms 'BB-' Rating; Outlook Stable
OGX PETROLEO & GAS: Failures Spur Restructuring Speculation
RODOPA INDUSTRIA: S&P Raises CCR to 'B'; Outlook Stable


P U E R T O   R I C O

JVMW PROPERTIES: Inks Stipulation with Lender on Cash Coll. Use


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Gets New Acting Chief Executive Officer


                            - - - - -


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


ASEGE SA: Proofs of Claim Verification Deadline on Aug. 8
---------------------------------------------------------
Isaac Jozpe, the court-appointed trustee for Asege SA Asesora de
Seguridad de Empresas's reorganization proceeding, will be
verifying creditors' proofs of claim until Aug. 8, 2013.

Mr. Jozpe 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. 33, 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 Asege's accounting and
banking records will be submitted in court.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 8, 2014.

The Trustee can be reached at:

          Isaac Jozpe
          Uriburu 1054
          Buenos Aires, Argentina


CONSTRUBAR SA: Proofs of Claim Verification Deadline on Aug. 2
--------------------------------------------------------------
Nancy E. Negro, the court-appointed trustee for Construbar SA's
reorganization proceeding, will be verifying creditors' proofs of
claim until Aug. 2, 2013.

Ms. Negro will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 24
in Buenos Aires, with the assistance of Clerk No. 47, 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 Construbar's accounting
and banking records will be submitted in court.

The Trustee can be reached at:

          Nancy E. Negro
          Dellepiane 4294
          Buenos Aires, Argentina


DAMOR SA: Proofs of Claim Verification Deadline on Aug. 12
----------------------------------------------------------
Daniel Enrique Macaedo, the court-appointed trustee for Damor SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 12, 2013.

Mr. Macaedo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 Damor SA's accounting
and banking records will be submitted in court.

The Trustee can be reached at:

          Daniel Enrique Macaedo
          Enrique Finochietto 480
          Buenos Aires, Argentina


DIJAY SA: Files Reorganization Proceedings
------------------------------------------
Dijay SA has requested for reorganization approval after failing
to pay its liabilities.

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 No. 24 in Buenos Aires.  Clerk No. 47 assists the court
in this case.


FUSHIVA INSTRUMENTAL: Files Reorganization Proceedings
------------------------------------------------------
Fushiva Instrumental SRL has requested for reorganization approval
after failing to pay its liabilities since May 13.

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 No. 15 in Buenos Aires.  Clerk No. 29 assists the court
in this case.


GROUP VILE: Proofs of Claim Verification Deadline on Aug. 9
-----------------------------------------------------------
Ines Etelvina Clos, the court-appointed trustee for Group Vile
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until Aug. 9, 2013.

Ms. Clos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 23
in Buenos Aires, with the assistance of Clerk No. 45, 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 Group Vile's accounting
and banking records will be submitted in court.

The Trustee can be reached at:

          Ines Etelvina Clos
          Lavalle 1718
          Buenos Aires, Argentina


HELANT SRL: Proofs of Claim Verification Deadline on Aug. 16
------------------------------------------------------------
Luis Alberto Brenner, the court-appointed trustee for Helant SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until Aug. 16, 2013.

Mr. Brenner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Helant SRL's accounting
and banking records will be submitted in court.

The Trustee can be reached at:

          Luis Alberto Brenner
          Av. Corrientes 1820
          Buenos Aires, Argentina


TORRESI REMOLQUES: Proofs of Claim Verification Deadline on Aug. 8
------------------------------------------------------------------
Estudio Cervantes y Asociados, the court-appointed trustee for
Torresi Remolques SA's reorganization proceeding, will be
verifying creditors' proofs of claim until Aug. 8, 2013.

The Trustee 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 Torresi's accounting
and banking records will be submitted in court.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 9, 2014.

The Trustee can be reached at:

          Estudio Cervantes y Asociados
          Av. Luis Maria Campos 1001
          Buenos Aires, Argentina


UDANT SEGURITY: Files Reorganization Proceedings
------------------------------------------------
Udant Segurity SA has requested for reorganization approval after
failing to pay its liabilities since December 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 No. 16 in Buenos Aires.  Clerk No. 32 assists the court
in this case.


VISION GASTRONOMICA: Creditors' Proofs of Debt Due Aug. 22
----------------------------------------------------------
Esteban Marcelo Modern, the court-appointed trustee for Vision
Gastronomica SRL's bankruptcy proceeding, will be verifying
creditors' proofs of claim until Aug. 22, 2013.

Mr. Modern will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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 Vision Gastronomica's
accounting and banking records will be submitted in court.

The Trustee can be reached at:

          Esteban Marcelo Modern
          Lavalle 1772
          Buenos Aires, Argentina


* ARGENTINA: Seeks Supreme Court Review of NML Case Ruling
----------------------------------------------------------
Bruce A. Wolfson, Of Counsel at Bingham McCutchen LLP, writes that
on Monday evening, June 24, 2013, Argentina filed a writ of
certiorari with the United States Supreme Court seeking review of
an order entered by the Second Circuit Court of Appeals on
Oct. 26, 2012 in NML v. Argentina.

Mr. Wolfson says that this step does not come as a great surprise.

Although many observers predicted no petition would be filed until
the Second Circuit decides the pending appeal, it appears that
Argentina filed now to preserve its rights with respect to those
issues decided by the Court on Oct. 26, 2012, notes Mr. Wolfson.

Rehearing on the October 26 order was denied on March 26th.

If the 90-day period for filing a writ of certiorari began then
rather than upon final resolution of all appeals, the filing
deadline was June 24, Mr. Wolfson relates.

In its petition, Mr. Wolfson discloses, Argentina presents only
two legal questions for Supreme Court review:

   A. Whether the Second Circuit's ruling restricts Argentina's
      use of its own property outside the United States in
      violation of the Foreign Sovereign Immunities Act and prior
      circuit court rulings, and

   B. Whether the Second Circuit's ruling upholding the Southern
      District's injunction ordering ratable payment of
      Argentina's contractual debt obligations to its holdout and
      exchange bondholders exceeds the Court's equitable powers by
      granting injunctive relief where monetary damages could
      provide an adequate remedy.

Mr. Wolfson relays that although these are the only questions
formally presented for review, Argentina's brief devotes most of
its attention to the equal payment (pari passu) clauses, the risk
of ancillary ("me too") litigation by other holdouts, and the
adverse impact of a ruling against Argentina on both United States
foreign policy and future sovereign debt restructurings.  These
issues were all argued extensively in the prior proceedings,
decided by the Southern District, and affirmed by the Second
Circuit in its October 26th order, Mr. Wolfson says.

Briefs in support of or opposition to the certiorari petition are
due 30 days after the petition is recorded on the Supreme Court
docket (probably July 25).

A 60-day extension of the filing deadline is available to parties
opposing the petition.

Mr. Wolfson notes that briefing will take almost to start of the
new Supreme Court term the first Monday in October.

"As we have previously noted, we think the odds of a petition for
certiorari being granted are long.  The wildcard remains the
political pressure on the Supreme Court to weigh in.  However,
even if the Supreme Court does want to hear this case, we expect
that it will wait until after the Second Circuit decides the
pending appeal so it can address all issues at once, especially
since the briefing schedule for Argentina's petition probably will
take us past the Second Circuit's final ruling in any case," Mr.
Wolfson said.

Bruce Wolfson is a member of Bingham McCutchen LLP's Corporate
Practice Group. For more than 30 years, he has been involved with
financing and restructuring emerging-market debt.

Mr. Wolfson can be reached at:

         Bruce Wolfson
         Bingham McCutchen LLP
         Of Counsel
         Tel: +1-212-705-7647
         E-mail: bruce.wolfson@bingham.com

The firm's public relation editor can be reached at:

         Matthew E. Bashalany
         Bingham McCutchen LLP
         Tel: 617-951-8346
         Fax: 617-951-8736
         E-mail: matthew.bashalany@bingham.com



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


HYPERMARCAS SA: S&P Affirms 'BB-' Rating; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
ratings on Hypermarcas S.A.  At the same time, S&P raised the
national scale rating to 'brA' from 'brA-'.  The outlook is
stable.

The ratings on Hypermarcas reflect S&P's assessment of the
company's "fair" business risk profile, "aggressive" financial
risk profile and "strong" liquidity.  Following a period of weak
credit metrics for its rating category due to higher debt to
finance acquisitions and operating disruptions, the company has
been improving its cash-flow generation and using excess cash to
reduce debt in the past few quarters, as expected.  S&P believes
Hypermarcas will continue improving its credit metrics amid higher
operating efficiencies and gradual debt reduction.  The higher
national scale rating reflects S&P's view that the company has
improved its operating efficiency and capital structure amid
sufficient liquidity to cover maturities until 2015.


OGX PETROLEO & GAS: Failures Spur Restructuring Speculation
-----------------------------------------------------------
Rodrigo Orihuela and Peter Millard at Bloomberg News report that
OGX Petroleo & Gas Participacoes SA's warning of a shutdown at its
only producing crude oil wells is intensifying speculation that
billionaire Eike Batista's flagship company will have to
restructure debt.

OGX shares fell 29 percent in Sao Paulo on June 1, erasing about
$300 million of market value, while its bonds due 2018 dropped to
a record low 19 cents on the dollar, according to Bloomberg News.

The Rio de Janeiro-based producer said in a regulatory filing that
it's considering halting output at the Tubarao Azul field after a
technical review and scrapped three other offshore projects,
Bloomberg News relates.

Bloomberg News notes that Mr. Batista is scaling back projects and
selling assets after net debt at his EBX Group Co. holding company
almost doubled the combined market value of its units.  OGX shares
have slumped 90 percent in the past year after missed targets and
production delays while Batista's estimated fortune has shrunk by
about $30 billion, Bloomberg News discloses.

Bloomberg News says that OGX told its shipbuilding sister company
OSX Brasil SA that it will pay the lease on one platform being
built in Singapore until it's sold or relocated and canceled
orders for two other platforms and three drill ships.

                            Debt Levels

As a result, OGX will pay $449 million compensation to OSX, or 39
percent of the oil's producer's cash at the end of the first
quarter, according to data compiled by Bloomberg.

Bloomberg News relays that OGX's total debt reached BRL7.99
billion in the first quarter from zero two years earlier, the data
show.

Bloomberg News notes that OGX is scheduled to make a $44 million
interest payment on its 2022 dollar bonds on Oct. 1 and a $109
million payment on the 2018 bonds Dec. 1.

Bloomberg News says that OGX's $2.56 billion of 2018 bonds tumbled
13 cents on the dollar June 1. OSX dollar bonds due 2015, which
are backed by the OSX-3 platform, slid 3 cents to 85 cents.

                         Biggest Creditors

Bloomberg News discloses that among Batista's biggest creditors is
Sao Paulo-based Itau Unibanco Holding SA, with about BRL5.5
billion ($2.5 billion) in loans outstanding, two people with
direct knowledge of the matter said in March.  Mr. Batista
borrowed about BRL4.8 billion from Banco Bradesco SA and BRL1.6
billion from Grupo BTG Pactual, excluding a $1 billion credit line
BTG provided that same month, the people said, Bloomberg News
notes.

Bloomberg News relays that Brazil's development bank BNDES
contracted BRL9.1 billion in loans to Batista companies from 2005
through 2012, BNDES said April 15.  The state bank also holds a
10.3 percent stake in MPX Energia SA (MPXE3), 11.8 percent in the
CCX Carvao da Colombia SA coal unit and a 33 percent in closely-
held technology provider SIX, according to the statement.

Bloomberg News says that the oil unit has the chance of exercising
a $1 billion put option awarded by controlling stakeholder Batista
to fund its investment program.  The option, which expires
April 30, is still a viable funding option, OGX's press office
said in an e-mailed response to questions by Bloomberg. OGX hasn't
filed for bankruptcy protection, the company said.

                          Hammerhead Field

Bloomberg News discloses that OGX is also considering asking
Brazil's oil regulator to suspend the license to develop the
Tubarao Tigre, Tubarao Gato and Tubarao Areia offshore fields,
where the OSX-2 platform was to be deployed, according to
yesterday's filing. Development of the Tubarao Martelo field will
continue.  "At this time, there doesn't exist any type of
technology available to make investments in this field financially
viable with the aim of increasing its production," OGX said in
reference to Tubarao Azul, Bloomberg News notes.

Bloomberg News notes that OGX's statement also triggered a share
selloff among Batista's logistics unit LLX Logistica SA and iron-
ore producer MMX Mineracao (MMXM3) & Metalicos SA, wiping $538
million from the six publicly traded companies' combined market
value.

Mr. Batista's net worth slumped $250 million to $4.4 billion,
according to the Bloomberg Billionaires Index.

Mr. Batista's fortune has declined the most since the index
started in March 2012, Bloomberg News adds.

                         About OGX

OGX Petroleo e Gas SA is focused on oil and natural gas
exploration and production and is conducting the largest private-
sector exploratory campaign in Brazil.  OGX has a diversified,
high-potential portfolio, comprised of 26 exploratory blocks in
the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba
Basins in Brazil, and 5 exploratory blocks in Colombia, in the
Lower Magdalena Valley and the Cesar-Rancheria basins.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, Fitch Ratings has downgraded OGX Petroleo e Gas
Participacoes S.A.'s (OGX) foreign and local currency Issuer
Default Rating (IDR) to 'CCC' from 'B-' and its long-term national
scale rating to 'CCC(bra)' from 'BB+(bra)'.  Fitch has also
downgraded the rating of OGX's USD2.6 billion and USD1.1 billion
notes to 'CCC/RR4' from 'B-/RR4'. OGX's wholly owned subsidiary,
OGX AUSTRIA GMBH, is the issuer of both notes.  These notes are
unconditionally and irrevocably guaranteed by OGX, OGX Petroleo e
Gas Ltda. and OGX Campos Petroleo e Gas S.A.


RODOPA INDUSTRIA: S&P Raises CCR to 'B'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit and issue level ratings on Rodopa Industria e
Comercio Ltda. (Rodopa) to 'B' from 'B-' and its national scale
ratings to 'brBB+' from 'brBB'.  The outlook is stable.

"The upgrade reflects our view that Rodopa has been able to
implement its growth strategy with adequate funding, while it has
increased cash flows amid the favorable cattle cycle in Brazil.
We expect the company to maintain its liquidity, which we now view
as "less than adequate," and an improved capital structure with
long-term loans as it continues to expand.  We already expected
somewhat weaker credit metrics due to aggressive capital
expenditures and the private placement of notes issued in October
2012 to fund Rodopa's leveraged buyout, when the management
acquired the control of the company.  However, we believe the
company will generate stronger EBITDA following the ramp-up of
production of the newly acquired plants, maintaining a debt to
EBITDA consistently lower than 4.5x," S&P said.


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


JVMW PROPERTIES: Inks Stipulation with Lender on Cash Coll. Use
---------------------------------------------------------------
JVMW Properties Management Corp. and pre-bankruptcy lender Banco
Popular de Puerto Rico negotiated a stipulation for the relief
from stay and use of cash collateral.

As of the Petition Date, the amounts claimed under the BPPR Loans
total $26.82 million, as secured by the real estate collateral and
the cash collateral.

BPPR initially refused to consent to the use of the cash
collateral.  Now, after engaging in discussions, the parties agree
that:

   - The Debor will have until Sept. 19, 2013, to reach and file
     in the Court a joint agreement with BPPR regarding the
     repayment of its obligations to BPPR.

   - If the Debtor has not reached an agreement with BPPR and has
     failed to file the Joint Agreement by Sept. 19, the automatic
     stay will be lifted, without any further notice or hearing,
     automatically on Sept. 20, 2013 in favor of BPPR. BPPR will
     be allowed to complete any and all foreclosure and collection
     proceedings against the Debtor and its collateral.

   - If the Joint Agreement is filed by Sept. 19, 2013, then the
     Debtor will have a period of 90 days from such filing to
     consummate the transactions contemplated in the Joint
     Agreement and make the payments agreed to therein to BPPR.
     The second 90-day period, if the Joint Agreement is timely
     filed, expires no later than Dec. 19, 2013.

   - If the Joint Agreement is filed by Sept. 19, but the Closing
     does not occur on or before Dec. 19, 2013, then the automatic
     stay will be lifted, without any further notice or hearing,
     automatically on Dec. 20, 2013, in favor of BPPR.  BPPR will
     be allowed to continue and complete any and all foreclosure
     and collection proceedings against the Debtor and its
     collateral.

The parties have also agreed on the following as to adequate
protection.  BPPR will be entitled, and the Debtor will cooperate
with BPPR in such efforts, including filing a joint motion in the
State Court case to such effect, to withdraw any and all sums
consigned in the State Court case to such effect, to withdraw any
and all sums consigned in the State Court Case and apply such sums
to the corresponding obligations, with the limited exception of
$36,000 (the Carve-Out).  The Carve-Out Amount will be disbursed
to the Debtor and and BPPR consents that the Debtor will use the
Carve-Out in the bankruptcy case solely for the purpose of paying
two maintenance dues for the Mont Blanc property and the insurance
policy for the same.  No other use is authorized with such funds.

Furthermore, the parties agree that during the First 90 Day Period
the Debtor will be authorized to use the cash collateral, which
includes all of the Debtor's income and revenues, solely for the
expenses detailed on a prepared budget, provided that the Debtor
will pay to BPPR as additional adequate protection the amount of
$20,000 per month, on the 15th day of each month.

Wigberto Lugo Mender, Esq. -- trustee@lugomender.com -- serves as
counsel to the Debtor.

Luis C. Marini-Biaggi, Esq. -- luis.marini@oneillborges.com -- and
Nayuan Zouairabani, Esq. -- nayuan.zouairabani@oneillborges.com --
of O'Neill & Borges, LLC, serve as counsel to Banco Popular de
Puerto Rico.

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


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


CARIBBEAN AIRLINES: Gets New Acting Chief Executive Officer
-----------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has a new acting
Chief Executive Officer.

The air carrier's vice president of operations, Captain Jagmohan
Singh, has been appointed to oversee the day-to-day operations
following the sudden resignation of acting Chief Executive Officer
Robert Corbie last June 28, according to RJR News.

The report relates that this was confirmed by CAL's communications
manager, Clint Williams.

Mr. Corbie released a statement to CAL staff members, indicating
that he tendered his resignation and the Board accepted it with
immediate effect, RJR News notes.

Mr. Corbie said the decision to leave Caribbean Airlines did not
come easily.

Mr. Corbie, acted as chief executive following the departure of
former Chief Executive Officer Captain Ian Brunton in November
2010, the report recalls.

In the meantime, the report says that the regional controversy
over Trinidad's fuel subsidy to Caribbean Airlines is expected to
be placed on the agenda of the 34th Caricom leaders' summit in
Port-of-Spain.  The report relates that the leaders will likely
look into complaints by LIAT shareholders, including St Vincent,
on the fuel subsidy.

The issue was not worked out at the recent Transport Ministers'
meeting, the report notes.

RJR News adds that some states say the subsidy to CAL is anti-
competitive and may be in violation of Caricom's multilateral air
services agreement and the revised Treaty of Chaguaramas.

                     About Caribbean Airlines

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

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

                         *     *     *

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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