TCRLA_Public/130731.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 31, 2013, Vol. 14, No. 150


                            Headlines



B R A Z I L

DANICA TERMOINDUSTRIAL: Moody's Assigns First-Time Caa1 CFR


C A Y M A N  I S L A N D S

COOLSAND HOLDINGS: Commences Liquidation Proceedings
EBANK CAPITAL: Members' Final Meeting Set for Aug. 20
EMERSON CAPITAL: Commences Liquidation Proceedings
FLETCHER INCOME: Creditors to Hold Meeting on Aug. 20
INVESTCORP OFFSHORE: Creditors' Proofs of Debt Due Oct. 14

INVESTCORP ONSHORE: Creditors' Proofs of Debt Due Oct. 14
JADE VI: Creditors' Proofs of Debt Due Aug. 19
KOREA FIRST: Creditors' Proofs of Debt Due Aug. 29
LIM ASIA: Commences Liquidation Proceedings
MEDLEY CREDIT: Creditors' Proofs of Debt Due Aug. 30

MSR ASIA: Creditors' Proofs of Debt Due Aug. 19
NEW MEDIA: Creditors' Proofs of Debt Due Aug. 19
ORPHEUS CAPITAL: Creditors' Proofs of Debt Due Aug. 19
TOKAI TOKYO: Members' Final Meeting Set for Aug. 20
TOKAI TOKYO MASTER: Members' Final Meeting Set for Aug. 20


C O L O M B I A

ISAGEN SA: Colombian Government Seeks at Least $2.4 Bil. for Stake


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Private Sector Loans Jump to Nearly US$414.6MM


M E X I C O

MILLICOM INT'L: Moody's Changes Outlook on Rating to Negative


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Board to Present Operational Report to Minister




                            - - - - -


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


DANICA TERMOINDUSTRIAL: Moody's Assigns First-Time Caa1 CFR
-----------------------------------------------------------
Moody's America Latina assigned first-time Corporate Family
Ratings of Caa1 on the global scale and B2.br on the Brazilian
national scale to Danica Termoindustrial Brasil Ltda., a leading
provider of insulating thermal panels in Brazil. At the same time,
Moody's assigned Caa1/ B2.br ratings to the company's proposed 5-
year BRL70 million senior secured debentures. The outlook for all
ratings is stable.

Proceeds from these debentures will be used to refinance Danica's
existing debt maturities. The rating of the notes and the stable
outlook assume that the final transaction documents will not be
materially different from draft legal documentation reviewed by
Moody's to date and assume that these agreements are legally
valid, binding and enforceable.

Ratings Rationale:

Danica's Caa1 Corporate Family Rating reflects its leveraged
capital structure as evidenced by a debt to EBITDA ratio of 6.7x
in 2012, adjusted according to Moody's standard adjustments.
Balance sheet debt is expected to remain high in 2013, as a result
of cost pressures and lukewarm economic growth in Brazil, which
limits the company's ability to significantly adjust prices for
its end consumers. Danica is a mid-size company, with
approximately BRL400 million in gross revenues per year and a
leadership position in its niche market. However, compared to
other rated peers in the global building materials industry,
Danica is a relatively small company based on revenues with
limited bargaining power with both suppliers and clients, making
it difficult to generate significant levels of earnings and free
cash flow to relatively high debt service requirements.
Furthermore, the evolving corporate governance and uncertainties
regarding the shareholder's long term business strategy are credit
constraints.

Providing some offset to Danica's elevated debt level is the
company's sound business profile characterized by a long track
record of operation in Latin America, diversified pool of
customers and strong market share position. Additionally, Danica
relies on firm orders that should guarantee at least 50% of the
expected revenues over the next 12 months. Despite some recent
slowdown, the civil construction sector still presents good growth
opportunities for Danica given the increasing penetration of
insulating thermal panels on residential and industrial projects
supported by the product environmental appeal with energy savings
and faster construction methods.

Nevertheless, Moody's recognizes Danica's currently weak operating
margins as a key credit challenge given the company's exposure to
volatile raw material prices and hence the need to fully adjust
product pricing on a timely basis. Going forward, Moody's
anticipates some margin expansion as the building material sectors
improve in 2014. Better operational efficiencies with recently
implemented modern manufacturing processes, and improved working
capital management should also translate into higher levels of
free cash flows over the next two or three years, which are
anticipated to be used for debt reduction.

Despite the prospects of some deterioration in 2013, Moody's
projects debt-to-EBITDA will improve to approximately 5.0 times
over the two years and interest coverage defined as EBIT-to-
interest expense could approach 1.5 times by end-2014 (all ratios
incorporate Moody's standard accounting adjustments).

The Caa1/B2.br ratings assigned to the proposed BRL70 million
senior secured debentures due 2018 are at the same level of the
corporate family rating, given that the majority of the company's
debt (around 70% as of 12/31/2012) is also secured by real assets
or future receivables pledged as collateral.

The stable rating outlook reflects Moody's view that Danica's
credit metrics will improve as it continues to leverage its market
position to distribute and fabricate insulation products for civil
construction and industrial uses. The stable outlook also includes
Moody's expectations that Danica will significantly improve its
liquidity profile with the issuance of the proposed debentures as
planned.

Moody's does not expect positive rating actions in Danica's
ratings over the near term primarily due to the company's elevated
debt leverage. However, if the company were to reduce debt using
free cash flow such that debt-to-EBITDA falls below 3.5 times and
interest coverage -- defined as EBIT-to-interest expense -- is
sustained above 2.0 times, the ratings may be considered for an
upgrade (all ratios include including Moody's standard
adjustments). A better liquidity profile demonstrated by higher
availability of cash balances to contend with future economic
uncertainties would also support upward ratings movement.

Negative rating actions could occur if Danica's operating
performance falls below Moody's expectations or if debt-to-EBITDA
is sustained above 7.0x and the EBIT-to-interest ratio remains
below 1.0x for a prolonged period. Change of control, business
acquisitions, significant dividends, or deterioration in the
company's liquidity could pressure the ratings as well.

The principal methodology used in this rating was the Global
Building Materials Industry Methodology published in July 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.

Danica Termoindustrial Brasil Ltda is subsidiary of Danica
Corporation A/S, a private company owned by the Per Bake Nevermann
family. Despite its Danish origin, the group operates primarily in
Latin America, with Brazil representing around 85% of the group's
consolidated revenues. Headquartered in Joinville, SC, Danica
manufactures and distributes of insulation and related products to
the industrial, residential, commercial, and marine end-markets.
In 2012, Danica Brasil reported BRL310 million ($159 million) in
net revenues and BRL18 million ($9.2 million) in EBITDA.


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


COOLSAND HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On July 10, 2013, the shareholders of Coolsand Holdings Co., Ltd
passed a resolution that voluntarily liquidates the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Avenue
          PO Box 31229 Grand Cayman KY1 1205
          Cayman Islands


EBANK CAPITAL: Members' Final Meeting Set for Aug. 20
-----------------------------------------------------
The members of Ebank Capital Management (Cayman) Ltd. will hold
their final meeting on Aug. 20, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


EMERSON CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On June 25, 2013, the shareholder of Emerson Capital Offshore
Fund, Ltd passed a resolution that voluntarily liquidates the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          PO Box 11820 Grand Cayman KY1-1009
          Cayman Islands


FLETCHER INCOME: Creditors to Hold Meeting on Aug. 20
-----------------------------------------------------
The creditors of Fletcher Income Arbitrage Fund Ltd will hold
their annual meeting on Aug. 20, 2013, at 11:00 a.m.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Louise Kitching
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 9077


INVESTCORP OFFSHORE: Creditors' Proofs of Debt Due Oct. 14
----------------------------------------------------------
The creditors of Investcorp Special Opportunities Offshore Fund
Limited are required to file their proofs of debt by Oct. 14,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2013.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP ONSHORE: Creditors' Proofs of Debt Due Oct. 14
---------------------------------------------------------
The creditors of Investcorp Special Opportunities Onshore Fund
Limited are required to file their proofs of debt by Oct. 14,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2013.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


JADE VI: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------
The creditors of Jade VI, Inc. are required to file their proofs
of debt by Aug. 19, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 5, 2013.

The company's liquidator is:

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


KOREA FIRST: Creditors' Proofs of Debt Due Aug. 29
--------------------------------------------------
The creditors of Korea First Mortgage No.5 Limited are required to
file their proofs of debt by Aug. 29, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2013.

The company's liquidator is:

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


LIM ASIA: Commences Liquidation Proceedings
-------------------------------------------
On July 8, 2013, the shareholder of Lim Asia Alternative Real
Estate Fund SPC passed a resolution that voluntarily liquidates
the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Oscar Wan
          LIM Advisors Limited
          Ruttonjee House, 19th Floor, 11 Duddell Street
          Central, Hong Kong


MEDLEY CREDIT: Creditors' Proofs of Debt Due Aug. 30
----------------------------------------------------
The creditors of Medley Credit Strategies, Ltd. are required to
file their proofs of debt by Aug. 30, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2013.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          PO Box 30116
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


MSR ASIA: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------
The creditors of MSR Asia Acquisitions VI, Inc. are required to
file their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2013.

The company's liquidator is:

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


NEW MEDIA: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------
The creditors of New Media Corporation are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 3, 2013.

The company's liquidator is:

          Leung, Derek Wai Choi
          Suites 3301-03, 33rd Floor
          Tower 2, Nina Tower, 8 Yeung Uk
          Road, Tsuen Wan, New Territories
          Hong Kong
          Telephone: (852) 2594 0600
          Facsimile: (852) 2519 3954


ORPHEUS CAPITAL: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------------
The creditors of Orpheus Capital Limited are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2013.

The company's liquidator is:

          Jeffrey Hodkin
          Harbour Centre, 2nd Floor
          North Church Street
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 2849
          Facsimile: (345) 949 5409


TOKAI TOKYO: Members' Final Meeting Set for Aug. 20
---------------------------------------------------
The members of Tokai Tokyo Asia Renaissance Fund Limited will hold
their final meeting on Aug. 20, 2013, at 9:05 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


TOKAI TOKYO MASTER: Members' Final Meeting Set for Aug. 20
----------------------------------------------------------
The members of Tokai Tokyo Asia Renaissance Master Fund Limited
will hold their final meeting on Aug. 20, 2013, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


===============
C O L O M B I A
===============


ISAGEN SA: Colombian Government Seeks at Least $2.4 Bil. for Stake
------------------------------------------------------------------
Oscar Medina at Bloomberg News reports that Colombia's government
will auction its majority stake in electricity company Isagen SA
to raise money for infrastructure projects, Finance Minister
Mauricio Cardenas said.

Colombia in the auction to be held in one month will offer shares
at 2,850 pesos each, which would value the government's stake at
4.5 trillion pesos ($2.4 billion), Finance Minister Cardenas told
reporters in Bogota, according to Bloomberg News.  The government
wants to raise 5 trillion pesos or more for its 57.66% stake in
the Medellin-based company, Finance Minister Cardenas said,
Bloomberg News relates.

Bloomberg News notes that after the first auction, which will last
60 days and will be open to a restricted group of bidders
including company employees, the government will hold a second
round of bidding where it expects to achieve a higher price,
Finance Minister Cardenas said.  Finance Minister Cardenas didn't
say when the second stage will be held.

"Naturally, we hope that in the second round when we turn to the
market, there'll be competition that increases the final price
above this base of 4.5 trillion pesos," Bloomberg News quoted
Finance Minister Cardenas as saying.

Bloomberg News relates that the government won't spend any of the
proceeds from the sale before August 2014, Finance Minister
Cardenas said.

Bloomberg News adds that the government isn't considering a sale
of any part of its stake in oil company Ecopetrol SA (ECOPETL),
Finance Minister Cardenas said.


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


* DOMINICAN REP: Private Sector Loans Jump to Nearly US$414.6MM
---------------------------------------------------------------
Dominican Today reports that the Dominican Republic Central Bank
on July 25 said interest rates fell around 200 base points from
April to June, and private sector loans jumped to nearly RD$17.0
billion (US$414.6 million).

It revealed an accelerated expansion of private sector loan, from
an annual growth rate of 3.5% in December 2012, to more than 11%
at the end of June, "without generating distortions to
macroeconomic stability," according to Dominican Today.

The report relates that the Central Bank said the inter-annual
inflation target at the end of June reached 4.80%, below the
monetary program's 5.0 percent goal.


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


MILLICOM INT'L: Moody's Changes Outlook on Rating to Negative
-------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Millicom International Cellular S.A. and changed the outlook to
negative from stable. The change in outlook was based on higher
leverage pro forma for the announced combination of Colombia
Movil's and UNE's operations in Colombia, which could take time to
improve given current challenging operating environment across
Millicom's geographies.

The following debt instruments were affected:

- $ 510 million in senior global notes due 5/20/2020: Ba2, outlook
changed to negative from stable

- SKr 1750 million floating rate Swedish notes due 10/30/17: Ba2,
outlook changed to negative from stable

- SKr 250 million floating rate Swedish notes due 10/30/17: Ba2,
outlook changed to negative from stable

Ratings Rationale:

On July 22, 2013, Millicom announced that it has reached an
agreement with Empresas Publicas de Medellin ("EPM", Baa3 stable)
to combine their respective mobile, TV, broadband and telephony
businesses in Colombia; closing is expected for the first quarter
of 2014. The transaction will require Millicom to raise additional
debt to fund the combination of Colombia Movil (brand name Tigo)
with UNE EPM Telecomunicaciones S.A.

Moody's expects that, pro forma for the announced transaction,
Millicom's adjusted gross debt leverage will be close to 3 times
at year end 2013, which negatively compares with one of Moody's
target rating downgrade triggers for the company, that is 2.5
times adjusted gross debt to EBITDA. However, the ratings
affirmation was based on Moody's expectation that, by the end of
2014, Milicom's adjusted gross leverage should decline as it
incorporates the EBITDA from UNE.

The Ba1 corporate family rating on Millicom reflects (i) the
group's overall strong credit metrics for its rating category;
(ii) solid markets shares in its most important geographies; and
(iii) the continuing progress made by the group towards achieving
a better balance of profits and cash flow generated between the
various regions.

Moody's believes that the announced transaction is accretive given
i) a favorable regulatory environment for competitive telcos in
Colombia; ii) the stable operating environment in the country and
the recent sovereign rating outlook change to Baa3 positive from
Baa3 stable; and iii) the fact that Millicom has been operating in
Colombia since 2006, which provides comfort that target operating
and financial results should be achieved without major surprises.

However, the negative rating outlook is based on the risk that
consolidated EBITDA margin will remain under pressure given
widespread adverse regulatory environments across Millicom's
geographies, which has been placing pressure on profitability.
Despite Millicom's commitment to rapidly return to a leverage
ratio close to 1 time net debt to EBITDA, deleveraging may turn
out more difficult and lengthy than anticipated in light of
current operating conditions.

Pro forma for the proposed transaction and related additional debt
to be raised in the next quarters, Millicom's liquidity is
adequate. Moody's anticipates that, during the next six quarters
ending in December 31, 2014, the company should be able to use
cash on hand of $ 914 million as of June 30, 2013, projected
EBITDA and about $ 1 billion in new debt to pay for the proposed
combination of UNE ($ 1.2 billion), fund capex and also fulfill
cash obligations such as interest payments, working capital and
taxes. In Moody's liquidity analysis, it assumed that, in 2014,
Millicom will refrain from paying dividends materially higher than
what was paid so far in 2013, that is, $ 264 million.

Downward pressure on the ratings could develop as a result of, pro
forma for the announced transaction, (i) adjusted leverage not
declining to close to 2.5x during 2014; (ii) higher-than-
anticipated shareholder remuneration, or (iii) a material debt-
funded acquisition. Any visible increase in risk in any of the
countries in which Millicom operates or in the group's liquidity
profile could also exert negative pressure on the rating.

Positive pressure on the rating could develop if (i) the group's
sustainably maintains its adjusted gross debt leverage below 2x;
(ii) its free cash flow/debt ratio remains around 10%; and (iii)
the group retains an adequate liquidity position, both
consolidated and at the holding company level. An upgrade would
also require (i) the group to maintain its strong market
positions; (ii) an appropriate balance of risk across the
countries in which Millicom operates, with a good level of
geographical diversification of cash flows; and (iii) a continued
track record with regard to the group's financial policy.

EPM currently controls 99.9% of the shares of UNE. At the end of
June 2013, UNE, combined with its affiliates EDATEL and ETP, was
one of the leading providers of fixed broadband, telephony and pay
TV services in Colombia, with close to 1.3 million fixed broadband
customers, 1.1 million pay TV customers and 1.6 million fixed
telephony users. UNE's fixed network covers in excess of 2.6
million homes with HFC, predominantly in the cities of Medellin,
Pereira, Manizales and several other municipalities in the
department of Antioquia, out of 13 million households countrywide.
The company, with its affiliates, provided at end of June 2013
services to a total of 2.3 million households.

Colombia Movil is the third largest mobile company in Colombia,
with over six million customers. The company is currently 50% plus
1 share owned by Millicom, 25% owned by UNE and 25% owned by ETB.
After combining its operations with those of UNE, Colombia Movil
will be 50% plus 1 share owned by EPM and 50% less one share owned
by Millicom.

Millicom is a global telecommunications investor with cellular
operations and licenses in 13 countries in Latin America and
Africa. Millicom operates in El Salvador, Guatemala and Honduras
in Central America; in Bolivia, Colombia and Paraguay in South
America; in Chad, the Democratic Republic of Congo, Ghana,
Mauritius, Rwanda, Senegal and Tanzania in Africa. Millicom also
operates cable businesses in six countries in Central and South
America. During the last twelve months ended in June 30, 2013, its
revenues reached $4, 969 million.

The principal methodology used in this rating was the Global
Telecommunications Industry Methodology published in December
2010.


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


CARIBBEAN AIR: Board to Present Operational Report to Minister
--------------------------------------------------------------
RJR News reports that the board of Caribbean Airlines Limited said
it is on schedule to present its operational report to Trinidad's
Minister of Finance within its three-month time frame.

Airline Chairman Phillip Marshall said that the board had been
undergoing several sessions on critical issues affecting the
airline industry to help take the cash-strapped carrier to a
profitable position.

The report notes that Mr. Marshall and the new interim board were
appointed in mid-May after the previous board headed by Rabindra
Moonan was fired.  The report relates that Mr. Marshall, and his
fellow directors have been charged with coming up with a corporate
policy framework intended to turn CAL into a profitable entity,
after racking up US$700 million in losses.

                     About Caribbean Airlines

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.

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


                            ***********


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 * * *