TCRLA_Public/130816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, August 16, 2013, Vol. 14, No. 162


                            Headlines



B O L I V I A

* BOLIVIA: Plans Second Bond Sale After Century-Long Absence


B R A Z I L

OGX PETROLEO: Hires Blackstone as Restructuring Adviser


C A Y M A N  I S L A N D S

125 NORTH: Shareholders' Final Meeting Set for Sept. 24
125 NORTH EQUITY: Shareholders' Final Meeting Set for Sept. 24
125 NORTH FINANCE: Shareholders' Final Meeting Set for Sept. 24
125 NORTH HOLDINGS: Shareholders' Meeting Set for Sept. 24
125 NORTH INVESTMENTS: Shareholders' Meeting Set for Sept. 24

125 NORTH LIMITED: Shareholders' Meeting Set for Sept. 24
CALIFORD INVESTMENTS: Creditors' Proofs of Debt Due Aug. 15
CHOLIM CORPORATION: Members' Final Meeting Set for Sept. 4
CITY PLACE: Shareholders' Final Meeting Set for Sept. 24
CITY PLACE EQUITY: Shareholders' Final Meeting Set for Sept. 24

CITY PLACE HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
CONSOLIDA: Shareholders' Final Meeting Set for Aug. 19
HANSEN LIMITED: Creditors' Proofs of Debt Due Aug. 30
ICONS LTD: A.M. Best Downgrades Debt Ratings to 'bb'
KARSCH CAPITAL: Creditors' Proofs of Debt Due Sept. 2

MSK TRADING: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: July Prices Climb 0.62%, Led by Foods
* DOMINICAN REP: Free Zones Pace 17% Jump in Exports This Year


E L   S A L V A D O R

TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' Issuer Default Ratings


G U Y A N A

CARIBBEAN AIRLINES: Responds to Crash Lawsuit Filed in Guyana


M E X I C O

BANCO DEL BAJIO: Fitch Affirms Short-Term IDR at 'B'
BANCO INTERACCIONES: Fitch Affirms ST Currency IDRs at 'B'
GRUPO SENDA: S&P Revises Outlook to Stable & Affirms 'B' CCR
INKIA ENERGY: S&P Assigns 'BB' CCR & Rates $300MM Sr. Notes 'BB'


P U E R T O   R I C O

EMPRESAS OMAJEDE: Has Until Oct. 10 to File Plan & Disclosure
SUNSET MARINE: Tracker Marine Rift to Be Heard in Missouri Court


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Share Price Near Doubles


                            - - - - -


=============
B O L I V I A
=============


* BOLIVIA: Plans Second Bond Sale After Century-Long Absence
------------------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Bolivia, Latin
America's poorest country, is said to be planning its second sale
of overseas bonds in a year after almost a century of avoiding
international capital markets.

The nation is seeking to sell $500 million of 10-year bonds to
yield about 6.25 percent, according to a person familiar with the
matter who asked not to be identified because he isn't authorized
to speak publicly, according to Bloomberg News.

Bloomberg News says that the proposed rate is 0.73 percentage
point above the 5.52 percent yield on the country's existing bonds
due 2022.

The $500 million of bonds Bolivia sold in October were the first
it had sold internationally since the 1920s, Bloomberg News notes.

The extra yield, or spread, investors demand to hold the debt
instead of U.S. Treasuries has narrowed 0.18 percentage point
since they were first sold to 2.96 percentage points, according to
data compiled by Bloomberg.

"Seems like it's priced to sell. . . . The last bond they did was
the first time they had had tradeable debt in eons so maybe the
scarcity value will force it to trade tighter," Bloomberg quoted
Wilbur Matthews, who oversees $100 million of emerging-market debt
as chief executive officer of San Antonio-based Vaquero Global
Investment LP, as saying.

Bolivia hired Bank of America Corp. and HSBC Holdings Plc to
manage the new sale, according to the person, says Bloomberg.

The Andean country is rated Ba3, three steps below investment
grade, by Moody's Investors Service and at the equivalent levels
by Standard & Poor's and Fitch Ratings.


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


OGX PETROLEO: Hires Blackstone as Restructuring Adviser
-------------------------------------------------------
Luciana Magalhaes and Emily Glazer at Daily Bankruptcy Review
report that Brazilian oil firm OGX Petroleo e Gas Participacoes
SA, controlled by billionaire businessman Eike Batista, has hired
restructuring bankers at U.S.-based Blackstone Group LP to provide
financial advice, another step that might take the troubled
company closer to a debt restructuring.

Based in Rio de Janeiro, Brazil, OGX is an independent exploration
and production company with operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


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


125 NORTH: Shareholders' Final Meeting Set for Sept. 24
-------------------------------------------------------
The shareholders of 125 North Limited will hold their final
meeting on Sept. 24, 2013, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


125 NORTH EQUITY: Shareholders' Final Meeting Set for Sept. 24
--------------------------------------------------------------
The shareholders of 125 North Equity Limited will hold their final
meeting on Sept. 24, 2013, at 1:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


125 NORTH FINANCE: Shareholders' Final Meeting Set for Sept. 24
---------------------------------------------------------------
The shareholders of 125 North Finance Limited will hold their
final meeting on Sept. 24, 2013, at 2:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


125 NORTH HOLDINGS: Shareholders' Meeting Set for Sept. 24
----------------------------------------------------------
The shareholders of 125 North Holdings Limited will hold their
final meeting on Sept. 24, 2013, at 1:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


125 NORTH INVESTMENTS: Shareholders' Meeting Set for Sept. 24
-------------------------------------------------------------
The shareholders of 125 North Equity Investments Limited will hold
their final meeting on Sept. 24, 2013, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


125 NORTH LIMITED: Shareholders' Meeting Set for Sept. 24
---------------------------------------------------------
The shareholders of 125 North Investments Limited will hold their
final meeting on Sept. 24, 2013, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CALIFORD INVESTMENTS: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Califord Investments Ltd. were required to file
their proofs of debt last Aug. 15, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 13, 2013.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CHOLIM CORPORATION: Members' Final Meeting Set for Sept. 4
----------------------------------------------------------
The members of Cholim Corporation will hold their final meeting on
Sept. 4, 2013, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman
          Cayman Islands KY1-1102


CITY PLACE: Shareholders' Final Meeting Set for Sept. 24
--------------------------------------------------------
The shareholders of City Place Holdings Limited will hold their
final meeting on Sept. 24, 2013, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CITY PLACE EQUITY: Shareholders' Final Meeting Set for Sept. 24
---------------------------------------------------------------
The shareholders of City Place Equity Investments Limited will
hold their final meeting on Sept. 24, 2013, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CITY PLACE HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------------------
The shareholders of City Place Equity Holdings Limited will hold
their final meeting on Sept. 24, 2013, at 11:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CONSOLIDA: Shareholders' Final Meeting Set for Aug. 19
------------------------------------------------------
The shareholders of Consolida will hold their final meeting on
Aug. 19, 2013, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Z. Chiba
          Suite 1508, Alexandra House
          18 Chater House
          Central
          Hong Kong


HANSEN LIMITED: Creditors' Proofs of Debt Due Aug. 30
-----------------------------------------------------
The creditors of Hansen Limited are required to file their proofs
of debt by Aug. 30, 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:

          Fides Limited
          c/o Ian Goddard and Natalee McLean
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


ICONS LTD: A.M. Best Downgrades Debt Ratings to 'bb'
----------------------------------------------------
A.M. Best Co. has downgraded the debt ratings on three tranches
and affirmed the debt ratings on three additional tranches on a
multi-tranche collateralized debt obligation (CDO) co-issued by
two bankruptcy remote special purpose vehicles: ICONS, Ltd.
(Cayman Islands) and ICONS CDO Corp. (Delaware) (collectively
known as ICONS and issuers).  The outlook for all ratings is
stable.  (See below for a detailed listing of the debt 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 principal for the
notes 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 and the number of terminated 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 debt ratings could be upgraded or downgraded and/or the
outlook revised if there are material changes in the ICRs of the
remaining insurance carriers, an increase in the number of
defaulted capital securities or significant termination of the
number of existing capital securities.

The following debt ratings have been downgraded:

ICONS, Ltd. and ICONS CDO Corp-

-- to "bb" from "bbb-" on $8 million Class C-1 Deferrable
Mezzanine Notes Due 2034

-- to "bb" from "bbb-" on $20 million Class C-2 Deferrable
Mezzanine Notes Due 2034

-- to "bb" from "bbb-" on $6 million Class C-3 Deferrable
Mezzanine Notes Due 2034

The following debt ratings have been affirmed:
ICONS, Ltd. and ICONS CDO Corp-

-- "aaa" on $172 million Class A Senior Notes Due 2034
-- "aa" on $40 million Class B Senior Notes Due 2034
-- "b+" on $20 million Class D Deferrable Mezzanine Notes Due 2034

These are structured finance ratings.


KARSCH CAPITAL: Creditors' Proofs of Debt Due Sept. 2
-----------------------------------------------------
The creditors of Karsch Capital Management Dedicated Investor Fund
Offshore, Ltd. are required to file their proofs of debt by
Sept. 2, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 16, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MSK TRADING: Commences Liquidation Proceedings
----------------------------------------------
On July 18, 2013, the shareholder of MSK Trading Holding, Inc
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:

          Stephen Nelson
          Telephone: (345) 949 4544
          Facsimile: (345) 949 8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709
          122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


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

* DOMINICAN REPUBLIC: July Prices Climb 0.62%, Led by Foods
-----------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank on
August 13 said July prices climbed 0.62% compared with June, as
measured by the Consumer Price Index (CPI).

It said cumulative inflation for the first seven months (January
to July) was 2.39%, and 5.67% for the last 12 months (July 2012 to
July 2013), headed by higher prices on foods, non-alcoholic
beverages and transport, according to Dominican Today.

"Inflation for 2013 should be within the scope of the inflation
target, which is within the 5% + of - 1% range," the Central Bank
said, the report relates.


* DOMINICAN REP: Free Zones Pace 17% Jump in Exports This Year
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Exports and
Investment Center (CEI-RD) director Jean Alain Rodriguez revealed
a 17% jump in exports thus far this year, noting that they're
"going well."

According to Dominican Today, Mr. Rodriguez said shipments of
flowers, fresh fruit and vegetables and medical devices to the
United States have increased, as part of president Danilo Medina's
policies of promoting exports.  "Tenaciously, President Medina is
visiting different towns all weekends and provides funding,
according to Dominican Today.

All this to increase domestic production."

The report relates that Mr. Rodriguez said the country's export
production has jumped 7% (to US$5 billion) from the industrial
free zones in the first half, and 30% from the national sectors
(to US$4.8 billion), for a total of US$9.8 billion.

Mr. Rodriguez also revealed that the country currently exports
3,152 product lines to 170 countries, the report notes.


=====================
E L   S A L V A D O R
=====================


TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the local and foreign currency Issuer
Default Ratings (IDRs) of Telemovil El Salvador, S.A. (Telemovil)
and Telemovil Finance Co. Ltd (TF), including USD450 million
senior notes due 2017 issued by TF and guaranteed by Telemovil at
'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS:

Telemovil's ratings reflect its diversified service offering and
platforms, leading positions in mobile and pay television services
in El Salvador, strong brand recognition, extensive network
coverage, adequate financial profile and positive pre-dividend
free cash flow. The company's credit quality is tempered by a
strong competitive environment in the mobile business and weak
economic conditions in El Salvador which continues to pressure
operating results. The ratings also incorporate limited geographic
diversification and the dependence of the economy on remittances.

The ratings incorporate the relationship with parent company
Millicom International Cellular S.A. (MIC) rated 'BB+' by Fitch,
which fully owns Telemovil and TF. These companies benefit from
synergies related to the larger scale of the parent and expertise
of management but also consider the payment of dividends,
royalties and technical fees and MIC's financial position. MIC
subsidiaries are traditionally funded at the subsidiary level;
however, in the past there has been some tangible support from the
parent to the subsidiaries. Telemovil's ratings reflect Fitch's
view of certain implicit support from the parent to subsidiaries
if necessary.

MIC's ratings take into account the company's geographically
diversified portfolio of telecommunication assets, leading market
positions in most of its markets, value added services
orientation, expectation of moderate leverage, good liquidity and
pre-dividend free cash flow generation. The ratings are tempered
by exposure to markets with low sovereign ratings and low GDP per
capita, pricing pressures, debt allocation between subsidiaries
and the holding company, shareholder returns policy and recent M&A
activity.

Voice Prices Affecting Mobile Operations:

Weak economy and strong competitive environment continues to
pressure mobile ARPU, however this trend seems to be stabilizing.
Telemovil's mobile strategy is centered on growing mobile data
revenue, including mobile financial services, to mitigate voice
declines. Strong competition has resulted in voice price declines
that resulted in lower voice revenues that in turn have not been
fully compensated by increases in other services. A lower pace of
mobile subscriber additions than competitors has resulted in a 4%
decline in market share over the last two year to 40% however it
appears that it is stabilizing over the past three quarters by
segmenting offerings and distribution channel diversification.

Home and business segments have had positive results; however, the
mobile operation is still the largest contributor to revenues and
cash flow with close to 70%, respectively. These segments strategy
and investments should focus on increasing fixed broadband
penetration by offering bundle services and to increase Pay-TV
penetration by offering CATV and DTH services. Millicom Cable home
segment continue to increase RGUs, mainly driven by fixed
broadband services, with stable ARPU and disconnections.

Fitch believes the offering of bundles with multiple services by
Telemovil should improve customer loyalty. However, currently
Millicom Cable customers quadruple play bundles are very limited,
and customers with double and triple play bundles still offer
penetration growth opportunities. Millicom Cable is the leading
CATV provider in El Salvador with approximately 339.2 thousand
revenue generating units (RGUs) as of March 31, 2013. Millicom
Cable network has close to 80% of bidirectional capability.

Stable Capex:

Capex to revenue ratio is expected by Fitch to be close to 13%
over the next few years. Investments will primary be done to
improve data services by increasing 3G coverage and capacity and
fixed broadband speeds. Over the next few years, Fitch expects
capex related to pay television should increase but the capex to
revenue ratio should remain stable. Pre-dividend free cash flow is
expected to remain stable, excess cash is likely to be paid as
dividends. Given the financial position of the parent Fitch
believes that payments to MIC, in the form of dividends or
royalties and technical fees, can be reduced or delayed if needed
providing flexibility to Telemovil.

Better Liquidity and Higher Gross Leverage:

Higher cash balances, due to the payment of a related party loan,
offsets increase gross leverage due to stable debt levels and a
decline in cash flow generation due to operating pressures. For
the 12 months ended March 31, 2013, total debt to EBITDA increased
to 2.9 times (x) from 2.5x for 12 month period ended March 31,
2012. However, net debt to EBITDA ratio improved to 1.6x from 2.1x
for these same period, respectively. Going forward, Fitch expects
that mobile operations should continue stabilizing resulting in
stable credit metrics. Excess cash flow from operations after
capital expenditures is expected to be used for dividend payments.

As of March 31, 2013, total debt was composed of the US$450
million senior notes maturing in 2017 issued by TF and had cash
balances of US$203 million. The ratings continue to incorporate
that approximately US$100 million of the funds collected from the
related party loan should remain in cash at Telemovil, further
supporting liquidity that can be used to pay debt in the future.
The 2017 notes become callable starting Oct. 1, 2014.

RATING SENSITIVITIES:

Negative factors to credit quality include total debt to EBITDA
remaining above 2.5x in conjunction with a poor liquidity position
or higher leverage due to competitive issues, cash flow
deterioration, a change in financial targets of management or a
deteriorating financial profile of the parent (MIC). Positive
factors to credit quality include Telemovil making firm progress
in reducing and maintaining a leverage level of total debt to
EBITDA in the range 1.0x-1.5x increased geographical and/or
service diversification or explicit support from its parent MIC.


===========
G U Y A N A
===========


CARIBBEAN AIRLINES: Responds to Crash Lawsuit Filed in Guyana
-------------------------------------------------------------
Trinidad & Tobago Newsday reports that Caribbean Airlines Limited
filed in the Guyana High Court its response to lawsuits filed by
eight passengers claiming injuries, losses, and damages from the
airlines' flight 523 which crash-landed in Guyana on July 30,
2011.

According to the report, the attorney representing the passengers
Sase Gunraj told Newsday that with the appearance of CAL's
attorney, his clients will now file statements of claim in the
High Court.

The report relates that the passengers, six from Guyana and two
from the United States, are each claiming damages in excess of G$1
million (TT$34,000) "arising out of the negligent operation" of
Flight BW 523.

CAL Chairman Phillip Marshall told T&T Newsday that CAL has been
dealing with compensation since the incident and following proper
procedures.

Apart from those who have filed lawsuits, Mr. Marshall said CAL
has dealt privately with other passengers who brought other
matters of concern to the local carrier, the report notes.

T&T Newsday says that CAL is also awaiting the release of the
findings of the investigations of the crash. There was no fatality
aboard the aircraft in which there were over 160 persons including
flight crew and passengers.

One passenger, Noel Elliot of Washington DC lost a leg and CAL has
fitted him with a prosthetic leg, T&T Newsday adds.

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.


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


BANCO DEL BAJIO: Fitch Affirms Short-Term IDR at 'B'
----------------------------------------------------
Fitch Ratings has affirmed Banco del Bajio, S.A.'s (Bajio)
viability rating at 'bb+' and its Long- and Short-term Issuer
Default Ratings (IDRs) at 'BB+' and 'B', respectively. The
national scale ratings were affirmed at 'A+(mex)' and 'F1(mex)'.
The Rating Outlook on the long-term international and/or national
scale issuer ratings of Bajio remains Stable.

KEY RATING DRIVERS

Bajio's viability rating was affirmed at 'bb+' and its Long- and
Short-term IDRs at 'BB+' and 'B', respectively. The latter
considers Bajio's solid franchise in its core region (mainly
western region of central Mexico), its resilient net interest
margin; and the bank's stable funding profile as it has proven
stable over the past few years, relying primary on customer
deposits (mostly term deposits). The ratings are also driven by
its contained and stable asset quality metrics, in view of the
recent deteriorated sector of home builders, in which Bajio has a
relatively low exposure; the bank's liquidity profile, challenged
by important asset-liability mismatches, and a moderate loss
absorption capacity; even though its core capital stands at
comfortable levels, its cushion of loan reserves is relatively
tight.

Bajio's national scale Long-and-Short-term ratings were also
affirmed at 'A+(mex)' and 'F1(mex)', respectively; and are driven
by the bank's financial strength. Bajio's support rating and
support rating floor were affirmed at '5' and 'NF', reflecting
that, although possible, external support cannot be relied upon;
given the low systemic importance of the bank.

RATING SENSITIVITIES

Bajio's viability rating and IDRs could be upgraded over the
medium term if the bank achieves the consolidation of its grown
asset base, a recovery of its profitability and costs to previous
averages; as an operating ROA above 1.5% and loan impairment
charges around 30% of pre-impairment operating profit; with proven
stability, as well as a significant improvement in its assets and
liabilities maturities mismatches. Otherwise, Bajio's ratings
could be pressured downwards if there is a further deterioration
of the bank's already challenged liquidity (higher asset liability
mismatches), and/or a sustained Fitch core capital ratio below
13%.

A potential upgrade of Bajio's support rating and support rating
floor is limited, since external support cannot be relied upon,
although it's possible.

Bajio's National scale Long-and-Short-term ratings will likely
mirror any change in its VR, as this is expected to maintain the
same relativity to its credit rating.

Fitch affirms the following:

Bajio:
-- Long-term foreign and local currency IDRs at 'BB+';
-- Short-term foreign and local currency IDRs at 'B';
-- Viability rating at 'bb+';
-- Support rating at '5';
-- Support rating floor at 'NF';
-- National-scale long-term rating at 'A+(mex)';
-- National-scale short-term rating at 'F1(mex)'.


BANCO INTERACCIONES: Fitch Affirms ST Currency IDRs at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed its ratings for Banco Interacciones,
S.A. (Interacciones) and its affiliate securities firm,
Interacciones Casa de Bolsa, S.A. de C.V. (ICB) as follows:
Interacciones:

-- Long-term foreign and local currency IDRs at 'BB';
-- Short-term foreign and local currency IDRs at 'B';
-- Viability rating at 'bb';
-- Support rating at '5';
-- Support rating floor at 'NF';
-- National-scale long-term rating at 'A(mex)';
-- National-scale short-term rating at 'F1(mex)';
-- National-scale long-term rating for local senior unsecured debt
   issues at 'A(mex)';
-- National-scale long-term rating for local subordinated debt
   issues at 'BBB(mex)'.

ICB:
-- National-scale long-term rating at 'A(mex)';
-- National-scale short-term rating at 'F1(mex)'.

The Rating Outlook on the long-term international and/or national
scale issuer ratings of both entities remains Stable.

KEY RATING DRIVERS

Interacciones' viability rating and IDRs reflect the company's
solid franchise in its main business, becoming a specialized
entity and an important player on public-sector financing;
favorable and stable financial performance, as the bank has been
able to sustain good profitability metrics; low impairment ratios
and ample cushion of loan reserves; and adequate loss absorption
capacity through a Fitch Core Capital ratio standing at
comfortable levels.

The bank's ratings are limited by loan portfolio concentrations
(by borrower and sector) that expose it to event risk and by the
deteriorated creditworthiness of some of its main borrowers.
Nevertheless, most of its total loan portfolio is secured by
direct or indirect government guarantees. The ratings consider
Interacciones' challenging liquidity and funding profile, as the
restructurings of some of its largest exposures increased
significantly its asset and liability mismatches in recent years;
and its concentrated customer deposits base.

Interacciones' national scale long- and short-term ratings are
driven by the bank's financial strength. The support rating and
support rating floor reflect that, although possible, external
support cannot be relied upon; given the low systemic importance
of the bank.

Fitch affirmed the bank's hybrid local securities at 'BBB(mex)',
which is three notches below Interacciones' long-term national
scale rating. This was driven by Fitch's approach to rating
subordinated securities, which incorporates its non-performance
risk (two notches) and recognition of loss severity (one notch).

ICB is a subsidiary of Grupo Financiero Interacciones (GFI), whose
credit quality is linked to Interacciones (the group's primary
subsidiary). The ratings of ICB reflect the parent's legal
obligation to support its subsidiaries as well as its core role to
the overall group's business.

RATING SENSITIVITIES

Interacciones' viability rating and IDRs could benefit over the
medium term from a significant decrease in its borrower
concentrations, as well as in its assets and liabilities
maturities mismatches. Fitch considers these changes unlikely at
present, as reduced concentration levels or material improvements
in the bank's borrower credit quality is not expected in the near
term. However, sustained improvements on the bank's funding and
liquidity profile could result in a positive rating action over
the medium term. A downgrade is also possible if further negative
credit events emerge among the bank's major borrowers with
consequent material effects to its overall financial profile and
asset quality. Also, pressures on the bank's capitalization levels
(FCC and/or tangible equity ratios below 10% and 5%, respectively)
could also pressure the ratings.

A potential upgrade of Interacciones' support rating and support
rating floor is limited, since external support cannot be relied
upon, although it's possible.

The subordinated debt national scale ratings will likely mirror
any change in Interacciones' VR, as these are expected to maintain
the same relativity to the bank's credit rating.
A potential upgrade or downgrade of ICB's ratings will be driven
by any potential changes on Interacciones' ratings, or changes in
the legal framework that could alter the propensity of GFI to
provide support, scenario that seems unlikely at present.


GRUPO SENDA: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Grupo
Senda Autotransporte S.A. de C.V. (Senda) to stable from positive.
At the same time, S&P affirmed its 'B' global scale corporate
credit and long-term issue ratings.  The recovery rating of '3' on
Senda's senior secured notes remains unchanged.  S&P also affirmed
its 'mxBBB-/mxA-3' national scale corporate credit ratings and its
'mxA-3' short-term local note rating.

The outlook revision reflects that Senda's operating performance
has not improved as expected due to lower demand in its federal
transportation segment and higher diesel prices.  As a result, S&P
do not expect Senda's liquidity or key financial ratios to improve
as previously expected.

S&P's ratings on Senda reflects its assessment of the company's
"aggressive" financial risk profile based on its sizable
outstanding debt relative to its cash flow generation, "less than
adequate" liquidity, additional debt to finance capex, and
exposure to exchange rate volatility.  The ratings also reflect
S&P's assessment of its "weak" business risk profile, which
reflects the company's small size relative to its peers, the
competitive Mexican bus transportation market, and the industry's
slow growth.  "The positive rating factors are Senda's strong
market position in Mexico's northeastern and central regions,
significant market share in the southeastern U.S., below-industry
average fleet age of about seven years, and improving revenue
diversification as the company has expanded its personnel
transportation segment," said Standard & Poor's credit analyst
Bernardo Gonzalez.


INKIA ENERGY: S&P Assigns 'BB' CCR & Rates $300MM Sr. Notes 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Inkia Energy Ltd.  S&P is also assigning its 'BB'
rating to the company's $300 million senior unsecured notes due
2021.  The outlook is stable.

S&P's ratings on Inkia reflect its "fair" business risk profile
and "aggressive" financial risk profile, as S&P's criteria defines
these terms.  This assessment reflects the company's reliance on
dividends from its operating subsidiaries to service its debt, an
aggressive investment plan leading to significant consolidated
debt, and the higher risks associated with operating some
Caribbean and Bolivian assets that expose the company to greater
economic volatility.  The offsetting factors are its leading
position in the Peruvian market, a relatively stable and
predictable revenue base due to its subsidiaries' long-term power
purchase agreements (PPAs) with creditworthy counterparties, and
rising electricity demand amid Latin America's solid economic
growth prospects.  In S&P's view, the company's liquidity is
"adequate" and its management is "fair."

"Inkia is a non-operating Latin American power generation assets
holding company.  Therefore, in our view, its profitability, cash
flow generation and repayment capacity are driven by the dividends
received from its operating subsidiaries," said Standard & Poor's
credit analyst Candela Macchi.  Although the structure
(opco/holdco) has an intrinsic structural subordination since all
obligations at the operating company level are senior to Inkia's
debt, S&P rates Inkia's notes the same as the corporate credit
rating on the company because its financial analysis focuses on
the residual cash-flows that the operating entities will upstream
after serving their own obligations.

As of June 30, 2013, the consolidated generation capacity of
Inkia's assets was 3,238 megawatt hours (MWh) mainly concentrated
in the Peruvian market where the company generates almost 75% of
its EBITDA.  Inkia is a wholly owned subsidiary of Israel Corp.
Ltd. (IC; not rated) a diversified Israel-based holding company.
S&P's rating does not incorporate any notch of support from IC,
although it has positively factored IC's past capital
contributions into its analysis on Inkia's financial flexibility.


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


EMPRESAS OMAJEDE: Has Until Oct. 10 to File Plan & Disclosure
-------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has extended, at the behest of
Empresas Omajede, Inc., the deadline for the Debtor to file its
plan and disclosure statement until Oct. 10, 2013.

As reported by the Troubled Company Reporter on July 12, 2013, the
Court previously granted the Debtor an extension until July 10 to
file its plan and disclosure statement.

Patricia I. Varela, Esq., at Charles A. Cuprill, PSC, the counsel
for the Debtor, says that the Debtor has undertaken extensive work
for the completion of its Plan and Disclosure, yet the Debtor
needs 90 additional days to conduct a reevaluation and assessment
of the value of its realty, which is necessary for the preparation
of the Plan and Disclosure.

                   About Empresas Omajede Inc.

Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Charles Alfred Cuprill, Esq., and Patricia I. Varela, Esq., at
Charles A. Cuprill, PSC, serve as counsel.  Nelson E. Galarza
serves as financial advisor.

The Debtor disclosed $16,718,614 in assets and $4,935,883 in
liabilities in its schedules.  The Debtor is a Single Asset Real
Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets
located at La Ectronica Building, 1608 Bori St., in San Juan,
Puerto Rico.


SUNSET MARINE: Tracker Marine Rift to Be Heard in Missouri Court
----------------------------------------------------------------
Puerto Rico Bankruptcy Judge Mildred Caban Flores granted the
request filed by defendants Tracker Marine, LLC, Bass Pro Group
and Mako Marine International, LLC, f/k/a Mako Marine
International, Inc., to dismiss the action SUNSET MARINE OF PUERTO
RICO, INC., Plaintiff, v. TRACKER MARINE, LLC & MAKO MARINE
INTERNATIONAL, LLC, f/k/a MAKO MARINE INTERNATIONAL, INC., BASS
PRO GROUP, Defendants, Adv. Proc. No. 12-00411 (Bankr. D. P.R.),
on the basis of a forum selection clause requiring the dispute to
be heard in Missouri or in the alternative Tracker's request for
abstention, thereby dismissing the adversary action without
prejudice, pursuant to Fed. R. Bankr. P. 7012(b)(6) or 28 U.S.C.
Sec. 1334(c)(1), respectively.  The Puerto Rico Court modifies the
automatic stay to allow the U.S. District Court for the Western
District of Missouri action to continue to final, firm and
unappealable judgment. Tracker is barred by the automatic stay to
execute any judgment obtained against the debtor Sunset Marine;
however, Tracker may pursue the judgment, if any, in the
bankruptcy court.

The parties have been engaged in multiple lawsuits in the past two
years.

A copy of the Puerto Rico Court's July 24, 2013 Opinion and Order
is available at http://is.gd/JS1UKefrom Leagle.com.

Guaynabo, Puerto Rico-based Sunset Marine of Puerto Rico, Inc.,
dba Sunset Marine Charters, filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 12-09083) on Nov. 14, 2012.  Juan Manuel
Suarez Cobo, Esq., at Legal Partners PSC, serves as the Debtor's
counsel.  The Debtor estimated $1 million to $10 million in both
assets and debts.  A list of the eight unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb12-09083.pdf The petition was signed
by Juan Carlos Nieto Rodriguez, president.


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


CARIBBEAN CEMENT: Share Price Near Doubles
------------------------------------------
Jamaica Observer reports that Caribbean Cement Company Limited's
share price jumped 95 per cent over the past week.

The stock gain follows the manufacturer's announcement two
Friday's ago that it had returned to profitability after three
years of losses, according to Jamaica Observer.

On Feb. 14, 2013, the stock, which closed at JM$1.85 on the
Jamaica Stock Exchange (JSE), also ended higher than it opened for
the sixth consecutive day since August 5, when the price opened at
95 cents, Jamaica Observer notes.

However, the report relates that volumes of Carib shares traded on
each of the last five days remained well below the 471,000 shares
to cross the floor of the exchange on the first day after the
profit announcement, while the highest bid remaining at the end of
Feb. 14, 2013's trading was JM$1.69.

On the other hand, the company's market capitalization of JM$1.57
billion (based on Feb. 14, 2013's close price) is still well below
the cement manufacturer's new capital base, the report says.

Carib Cement now has JM$4.5 billion in equity, compared with
negative JM$794 million a year earlier, the report discloses.

Jamaica Observer relays that the stronger capital base reflected
an issue of US$37 million in preference shares and a US$38 million
"capital contribution" from the company's parent, Trinidad Cement
Limited (TCL), which was more akin to debt forgiveness, according
to Anthony Haynes, Carib's general manager.

"We don't have to service [the TCL] debt anymore and especially
the foreign exchange losses associated with it," Mr. Haynes told
the Business Observer, adding that intra-company debt now stands
at some US$7 million, down nearly 80 per cent, Jamaica Observer
notes.

The report relays that the debt forgiveness triggered other
savings, which resulted in profit for the group, the financials
indicated.  More specifically, accrued withholding tax of JM$591
million was no longer payable by the company and reversed, the
report discloses.  The company indicated that if the reversal was
excluded from most recent financial results, the net loss for the
three months ending June 30 would have been JM$232 million, the
report relates.

Instead, the report notes, Caribbean Cement posted net profit of
JM$359.5 million, compared to an over half-a-billion dollar loss a
year earlier.  The cement manufacturer also benefited from a 25
per cent year on year increase in sales to JM$3 billion during the
three-month period, the report discloses.

Losses over the previous three years saw Caribbean Cement rack up
accumulated loss of JM$8 billion, while the company's share price
fell from JM$3.60 in mid-2009 -- most of the decline happened in
2012, when it fell from JM$3 a share at the beginning of the year
to JM$1 at year end, the report adds.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


                            ***********


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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