TCRLA_Public/130919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, September 19, 2013, Vol. 14, No. 186


                            Headlines



B O L I V I A

* BOLIVIA: To Get US$35MM IDB Loan to Improve Traffic Conditions


B R A Z I L

CENTRAIS ELETRICAS: S&P Affirms 'SD' Rating
COMPANHIA DE ENERGIA: S&P Affirms 'SD' Rating
ENERGISA SA: S&P Revises Outlook to Negative & Affirms 'BB' Rating
SIFCO SA: Fitch Affirms 'B-' Issuer Default Rating
* EIKE BATISTA: Lashes Out at People He Blames for His Losses


C A Y M A N  I S L A N D S

ALPINE PRAX: Shareholders' Final Meeting Set for Oct. 1
ARES ADMINISTRATION: Shareholders' Final Meeting Set for Oct. 18
BERKSHIRE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 11
CHEYNE ABS: Shareholders' Final Meeting Set for Oct. 10
CHEYNE ABS GENERAL: Shareholders' Final Meeting Set for Oct. 11

COASTAL CAPITAL: Shareholders' Final Meeting Set for Oct. 10
EIDER LTD: Shareholders' Final Meeting Set for Oct. 1
HENDERSON CREDIT: Shareholder to Receive Wind-Up Report on Oct. 1
HENDERSON MASTER: Shareholder to Receive Wind-Up Report on Oct. 1
MERCANTILE INVESTMENTS: Shareholders' Meeting Set for Oct. 14

OECHSLE NIPPON: Shareholder to Receive Wind-Up Report on Oct. 1
PACIFIC CENTURY: Shareholders' Final Meeting Set for Oct. 15
RAB OCTANE: Shareholders' Final Meeting Set for Oct. 3
RAB OCTANE (MASTER): Shareholders' Final Meeting Set for Oct. 3
SMARAGD: Members' Final Meeting Set for Oct. 7


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: To Get US$146MM IDB Loan for Health Services


J A M A I C A

UC RUSAL: Head Says Outlook for Aluminum Has Stabilized


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Larry Howai Gets Restructuring Report


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


* BOLIVIA: To Get US$35MM IDB Loan to Improve Traffic Conditions
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved financing for
US$35 million to Bolivia for improvements on the highway linking
the cities of La Paz and El Alto that will reduce travel time,
costs, and accidents.

The project includes rehabilitation of the highway, reconstruction
of its drainage system, renovations of its electrical and lighting
system, construction of bus stops, and improved signage, among
other measures.

The highway improvements are expected to result in a 10 percent
increase in airport users and annual savings of US$298 million in
vehicle operation.

The highway was built 30 years ago and is known by its initials in
Spanish as ALPEA (Highway La Paz - El Alto).  Located in the
province Murillo in the department of La Paz, it is the main route
to El Alto International Airport.

But although it is classified as an expressway, the highway
functions as an urban avenue with formal and informal bus stops.
Pedestrians do not always use its few overpasses.  The number of
accidents on the highway increased from 18 in 2009 to 36 in 2010,
with injuries increasing from 15 to 102 over the same period.  The
highway has seen an annual average of five fatal accidents over
the past five years.

The IDB financing consists of US$28 million for 30 years, with a
6-year grace period and a fixed interest rate, and US$7 million
for 40 years, with a 4-decade grace period and a fixed interest
rate.


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


CENTRAIS ELETRICAS: S&P Affirms 'SD' Rating
-------------------------------------------
Standard & Poor's Ratings Services affirmed its 'SD' rating on
Centrais Eletricas Matogrossenses S.A. (Cemat).

The 'SD' rating on Cemat reflects the suspension of its debt
payments to Eletrobras-Centrais Eletricas Brasileiras S.A.
(Eletrobras; foreign currency: BBB/Negative/--) until the
regulatory intervention is terminated.  As of June 30, 2013, Cemat
owed R$324.7 million to Eletrobras.  In addition, in 2012, the
company closed some amendments in its debentures, including tenor
and amortization profile that are typical of a distress offer, and
also has a standstill agreement with Inter-American Development
Bank (AAA/Stable/--).

The company, a subsidiary of Rede Energia S.A. (not rated), has
the exclusive rights to distribute electricity in the state of
Mato Grosso, in the midwestern region of Brazil.  Along with
Companhia de Energia Eletrica do Estado do Tocantins (SD/--/--)
and six other distribution companies from Rede group, Cemat has
been under intervention from the Brazilian regulatory body, ANEEL,
since Aug. 31, 2012.  "ANEEL seized Rede's eight units following
the enactment of the Law 12,767/2012, which empowers the regulator
to temporarily intervene at electric utilities operating under
concession agreements to maintain the essential public services,"
said Standard & Poor's credit analyst Julyana Yokota.  The
intervention was extended for additional two years in August 2013,
but it may be terminated early if the regulator approves a
recovery plan for the operational companies.


COMPANHIA DE ENERGIA: S&P Affirms 'SD' Rating
---------------------------------------------
Standard & Poor's Ratings Services affirmed its 'SD' rating on
Companhia de Energia Eletrica do Estado do Tocantins (Celtins).

"The 'SD' rating on Celtins reflects the company's standstill
agreement with its creditors, and the debt with Eletrobras that
was suspended in January 2013 until the regulatory intervention is
terminated," said Standard & Poor's credit analyst Julyana Yokota.

The company, a subsidiary of Rede Energia S.A. (not rated), has
the exclusive rights to distribute electricity in the state of
Tocantins, in the northern region of Brazil. Along with Centrais
Eletricas Matogrossenses S.A. (SD/--/--) and six other
distribution companies from Rede group, Celtins has been under
intervention from the Brazilian regulatory body, ANEEL, since
Aug. 31, 2012.  ANEEL seized the Rede group's eight units
following the enactment of the Law 12,767/2012, which empowers the
regulator to temporarily intervene at electric utilities operating
under concession agreements to maintain the essential public
services.  The intervention was extended for additional two years
in August 2013, but it may be terminated early if the regulator
approves a recovery plan for the operational companies.


ENERGISA SA: S&P Revises Outlook to Negative & Affirms 'BB' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Energisa
S.A. and its subsidiaries, Energisa Paraiba-Distribuidora de
Energia S.A. (Energisa Paraiba) and Energisa Sergipe-Distribuidora
de Energia S.A. (Energisa Sergipe) to negative from stable.  At
the same time, S&P affirmed its 'BB' global scale and 'brAA-'
national scale ratings on the companies.

The ratings on Energisa reflect its "aggressive" financial risk
profile, "satisfactory" business risk profile, and "adequate"
liquidity.  The ratings on the subsidiaries are the same as on
holding company, because S&P analyzes the Energisa group on a
consolidated basis, as it believes that the group adopts an
integrated financial strategy and that Energisa is very active in
managing the operations of each of its subsidiaries.

The "aggressive" financial risk profile is primarily based on
S&P's views that Energisa will mostly debt-finance the acquisition
of Rede Energia S.A. (not rated) in the next six months, which
will deteriorate Energisa's financial ratios in fiscal 2014.

In July 2013, the Rede Energia creditors approved Energisa's
buyout and debt restructuring offer, which the bankruptcy court
approved on Sept. 9, 2013.  The finalization of the acquisition
and debt restructuring of Rede Energia is still subject to
conditions, including the approval of the electricity regulator
and the antitrust regulator.  S&P expects this to occur in January
or February 2014.


SIFCO SA: Fitch Affirms 'B-' Issuer Default Rating
--------------------------------------------------
Fitch Ratings has taken the following rating actions on Sifco
S.A.:

-- Local and Foreign Currency Issuer Default Rating (IDR)
   affirmed at 'B-';

-- USD75 million senior unsecured notes due 2016 affirmed at
   'B-/RR4'.

In conjunction with these rating actions, Fitch has downgraded
Sifco's National Scale rating to 'BB(bra)' from 'BB+(bra).

The Rating Outlook is Stable.

Sifco's credit ratings reflect the company's weak liquidity, high
financial leverage, and business risk in the cyclical automotive
business. Sifco is one of the main suppliers of front axles for
trucks and buses in Latin America, with a market share of 98%. The
ratings also incorporate the company's volatile operational
margins, limited product and customer diversification, and the
important commercial relationship with Dana Corporation. The
company's ratings are constrained by industry cyclicality.

The downgrade in the National Scale rating reflects Sifco's
operational performance which has been below expectations
previously incorporated in the ratings.

The Stable Outlook incorporates Fitch's expectations that Sifco's
operational performance will benefit from the industry's rebound
during 2013. The Outlook also reflects the view that it will have
the capacity to better balance its cash flow from operations and
the execution of its capital expenditure (capex), thus reducing
the pressure for incremental debt and/or further weakening of its
cash position. The Stable Outlook also reflects Fitch's
expectations that Sifco will be able to continue rolling over its
short-term debt.

Rating drivers:

Low Liquidity
The company's liquidity position remains weak, as it relies on
Sifco's capacity to keep refinancing its short-term debt. The
company capacity to refinance this debt, moderate capex levels,
and to improve free cash flow (FCF) generation will be key factors
during the next 12-month period ended in June 2014. The company
ended June 2013 with cash of BRL126 million (BRL154 million as of
Dec. 31, 2012), and debt payments due during the next 12 months
ended in June 2014 of BRL303 million. In recent years management
has consistently been able to roll over its short-term debt while
short term proportion of total debt has remained historically
stable at around 40% of the company's total debt. During the past
few years, the company was not able to complete a major debt
refinancing and improve its debt payment schedule.

High Leverage
The ratings incorporate the company's current high leverage.
Sifco's gross leverage, measured by total debt divided by EBITDA,
and net leverage ratios, were 8.7x and 7.3x, respectively, for the
latest 12 months (LTM) ended June 30, 2013. Total debt has
remained relatively stable for the last 18 months ended June 2013,
totaling BRL758 million. This debt includes BRL261 million of tax
refinancing, one of the company's main source of funds in the
recent years.

Limited revenue growth and neutral FCF are expected during 2013.

The ratings incorporate expectations that the company will see
limited revenue growth during 2013, with total 2013 revenues
around BRL850 million. EBITDA margin is expected around 8.5% while
FCF is expected to be neutral during 2013.

Preliminary 2013 results indicate a domestic market rebound, as
sales in this market rose around 10% in the first eight months,
compared to the same period of 2012. However, 2013 revenues are
expected to be flat, driven by Sifco's export market, as its main
U.S. customer, Caterpillar, has slowed down its purchase orders
and now expects a market recovery toward the second quarter of
2014. The company revenues, EBITDA and EBITDA margins were BRL857
million, BRL76 million, and 8.9% during LTM June 2013.

During LTM June 2013, the company's FCF was negative BRL66 million
resulting in a negative FCF margin of 8%. FCF calculation for the
period considers BRL 11 million in cash flow from operations
(CFFO) minus BRL76 million in capital expenditures. FCF is
expected to be negative during 2013 in the low single digits,
which considers some improvement in the company's 2013 CFFO,
driven by a more favorable domestic environment and a more
moderate 2013 capex level when compared with the prior year 2012.

Key Rating Drivers

The ratings are expected to be driven by the development, during
the next few quarters, of Sifco's liquidity and gross adjusted
leverage resulting from the company's capacity to balance its CFFO
with capex levels.

Further deterioration on company's liquidity and leverage driven
by significant negative FCF levels could lead to a negative rating
action. Improvement in the company's liquidity and debt payment
schedule as a result of the completion of a major refinancing
coupled with consistent operational performance improvement could
lead to a positive rating action.


* EIKE BATISTA: Lashes Out at People He Blames for His Losses
-------------------------------------------------------------
John Lyons and Luciana Magalhaes writing for Daily Bankruptcy
Review report that Brazilian entrepreneur Eike Batista, on the
wrong end of one of the biggest wealth collapses in history, is
lashing out at people he blames for his undoing.

As reported in the Troubled Company Reporter-Latin America on
September 12, 2013, Bloomberg News said investors are turning away
from Mr. Batista's commodities startups after a series of missed
operational and financial targets.  The entrepreneur created OSX
Brasil SA to supply vessels to sister company OGX Petroleo & Gas
Participacoes SA.

The Wall Street Journal also reported that Mr. Batista has taken
steps to sell assets of his industrial conglomerate as he seeks
cash to keep his heavily indebted companies solvent.  The report
said Mr. Batista has lost the confidence of investors as his
companies struggled to meet revenue forecasts after raising more
than US$6 billion in share offerings and about US$11 billion in
debt during the past seven years, when liquidity was abundant and
the offerings were pitched as a way to ride Brazil's economic
emergence. The report added that creditors were already
disappointed that Mr. Batista has balked at fulfilling a 2012
commitment to provide an extra $1 billion in capital should it be
needed at OGX.


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


ALPINE PRAX: Shareholders' Final Meeting Set for Oct. 1
-------------------------------------------------------
The shareholders of Alpine Prax Real Estate I, Ltd will hold their
final meeting on Oct. 1, 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:

          John Sullivan
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


ARES ADMINISTRATION: Shareholders' Final Meeting Set for Oct. 18
----------------------------------------------------------------
The shareholders of Ares Administration LDC will hold their final
meeting on Oct. 18, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ares Management, L.P.
          P.O. Box 694, George Town Grand Cayman
          Cayman Islands
          c/o Nathalie Tolentino
          Telephone: +1 (310) 921 7254


BERKSHIRE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 11
------------------------------------------------------------------
The shareholders of Berkshire Investments Ltd. will hold their
final meeting on Oct. 11, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Telephone: (345) 946 5125
          Facsimile: (345) 946 5126
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands


CHEYNE ABS: Shareholders' Final Meeting Set for Oct. 10
-------------------------------------------------------
The shareholders of Cheyne ABS Opportunities Fund Inc. will hold
their final meeting on Oct. 10, 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:

          Mourant Ozannes Cayman Directors Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CHEYNE ABS GENERAL: Shareholders' Final Meeting Set for Oct. 11
---------------------------------------------------------------
The shareholders of Cheyne ABS Opportunities General Partner Inc.
will hold their final meeting on Oct. 11, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Directors Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


COASTAL CAPITAL: Shareholders' Final Meeting Set for Oct. 10
------------------------------------------------------------
The shareholders of Coastal Capital SPV Limited will hold their
final meeting on Oct. 10, 2013, at 12:00 noon to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gordon Mckie
          40 Berkeley Square
          London W1J 5AL
          United Kingdom
          Telephone: +4 (420) 7451 4297


EIDER LTD: Shareholders' Final Meeting Set for Oct. 1
-----------------------------------------------------
The shareholders of Eider Ltd will hold their final meeting on
Oct. 1, 2013, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler


HENDERSON CREDIT: Shareholder to Receive Wind-Up Report on Oct. 1
-----------------------------------------------------------------
The shareholder of Henderson Credit Long Short Fund Limited will
receive on Oct. 1, 2013, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler


HENDERSON MASTER: Shareholder to Receive Wind-Up Report on Oct. 1
-----------------------------------------------------------------
The shareholder of Henderson Credit Long Short Master Fund Limited
will receive on Oct. 1, 2013, at 9:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler


MERCANTILE INVESTMENTS: Shareholders' Meeting Set for Oct. 14
-------------------------------------------------------------
The shareholders of Mercantile Investments Limited will hold their
meeting on Oct. 14, 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:

           Matthew Wright
           c/o Omar Grant
           Telephone: (345) 949 7576
           Facsimile: (345) 949 8295
           P.O. Box 897 Windward 1
           Regatta Office Park
           Grand Cayman KY1-1103
           Cayman Island


OECHSLE NIPPON: Shareholder to Receive Wind-Up Report on Oct. 1
----------------------------------------------------------------
The shareholder of Oechsle Nippon Offshore Fund, Ltd will receive
on Oct. 1, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Ridhiima Kapoor
          Telephone: (345) 815 1875
          Facsimile: (345) 949 9877


PACIFIC CENTURY: Shareholders' Final Meeting Set for Oct. 15
------------------------------------------------------------
The shareholders of Pacific Century Global Investment Corporation
will hold their final meeting on Oct. 15, 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:

           Matthew Wright
           c/o Omar Grant
           Telephone: (345) 949 7576
           Facsimile: (345) 949 8295
           P.O. Box 897 Windward 1
           Regatta Office Park
           Grand Cayman KY1-1103
           Cayman Island


RAB OCTANE: Shareholders' Final Meeting Set for Oct. 3
------------------------------------------------------
The shareholders of RAB Octane Fund Limited will hold their final
meeting on Oct. 3, 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:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


RAB OCTANE (MASTER): Shareholders' Final Meeting Set for Oct. 3
---------------------------------------------------------------
The shareholders of RAB Octane (Master) Fund Limited will hold
their final meeting on Oct. 3, 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:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SMARAGD: Members' Final Meeting Set for Oct. 7
----------------------------------------------
The members of SMARAGD will hold their final meeting on Oct. 7,
2013, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* DOMINICAN REP: To Get US$146MM IDB Loan for Health Services
-------------------------------------------------------------
The Dominican Republic's Ministry of Public Health and Social
Assistance will receive a loan for US$146 million from the Inter-
American Development Bank (IDB) to fund a program to strengthen
health services management.

The program will expand five of the country's nine regional health
services, which serve 45.6 percent of the Dominican population.
The nearly 1.5 million beneficiaries represent 45.9 percent of the
country's people living in extreme or moderate poverty.

The program will finance the expansion of maternal and child
centers of excellence in six hospitals where more than a third of
the country's births take place.  The ministry will also be
strengthened to expand results-based financing in the National
Health Insurance system through the development of monitoring and
evaluation tools for decision-making.

Other program activities are to update licensing standards and
guidelines for health facilities, create a unit for the analysis
of performance monitoring and evaluation within the health
ministry, and design and implement national standards for health
care information systems.

It is expected that the project will result in a 30 percent
reduction in maternal and infant mortality in hospitals with
centers of maternal and child centers of excellence, and a 60
percent increase in the number of children between 15 and 24
months with full immunization.

The IDB loan is for a term of 18 years, a grace period of 11.5
years, and an interest rate based on LIBOR.


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


UC RUSAL: Head Says Outlook for Aluminum Has Stabilized
-------------------------------------------------------
RJR News reports that there's a glimmer of hope for Jamaica's
struggling mining sector.  The head of the world biggest aluminum
company, UC Rusal, Oleg Deripaska, said the outlook for aluminum
has stabilised, with consumption improving, according to RJR News.

UC Rusal has a stake in the Alpart and Kirkvine refineries in
Jamaica.

The report notes that Mr. Deripaska has predicted more stable
economic growth around the world over the next five to 10 years,
and consequently an increase in the aluminum market.

The report relates that aluminum prices hit four-year lows earlier
this year.  It came amid fears that new rules about storing the
metal in a warehouse could flood the market with supplies, the
report relays.

UC Rusal last month reported a steeper-than-expected loss for the
second quarter and said it may postpone the start of production at
its smelter in Siberia to 2014, the report adds.


                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal said its financial losses
for 2012 were bigger than initially reported.  The company has
revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.

TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden.  It said it will
agree to new loan conditions by the end of 2012 before its
covenant holiday expires, according to RJR News.


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


CARIBBEAN AIRLINES: Larry Howai Gets Restructuring Report
---------------------------------------------------------
Carla Bridglal at Trinidad Express reports that Finance Minister
Larry Howai received the Caribbean Airlines Limited restructuring
report from interim Chairman Phillip Marshall.

In his 2014 national budget, Mr. Howai said he would receive a
report from the board of CAL on a restructuring and management
plan for the airline Sept. 16, according to Trinidad Express.

The report relays that the restructuring report is also supposed
to have taken into consideration another of Mr. Howai's budget
proposals -- the removal of the airline's fuel subsidy.

Trinidad Express notes that Mr. Howai said his technocrats at the
ministry will also review the restructuring report.  Mr. Howai
will subsequently meet again with the board to further discuss the
report, after which he will brief the media, in about two weeks
after the budget debates, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

                           *     *     *

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.


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


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

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

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

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


                            ***********


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

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

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


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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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