TCRLA_Public/100819.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, August 19, 2010, Vol. 11, No. 163

                            Headlines



B A R B A D O S

AIC BARBADOS: CEO to Redeem US$19 Million Bonds


B E R M U D A

LONE STAR: Creditors' Proofs of Debt Due on August 20
LONE STAR: Members' Final Meeting Set for September 8
LSF6 IRISH: Creditors' Proofs of Debt Due on August 20
LSF6 IRISH: Members' Final Meeting Set for September 10
LSF6 LUX: Creditors' Proofs of Debt Due on August 20

LSF6 LUX: Members' Final Meeting Set for September 8
NORSK INVESTMENTS: Creditors' Proofs of Debt Due on August 20
NORSK INVESTMENTS: Members' Final Meeting Set for September 10
OZ DELTA: Creditors' Proofs of Debt Due on August 20
OZ DELTA: Members' Final Meeting Set for September 17

OZ EVEREST: Creditors' Proofs of Debt Due on August 20
OZ EVEREST: Members' Final Meeting Set for September 8
OZ GAMMA: Creditors' Proofs of Debt Due on August 20
OZ GAMMA: Members' Final Meeting Set for September 10
PRIMEX (BERMUDA): Creditors' Proofs of Debt Due on September 1

PRIMEX (BERMUDA): Members' Final Meeting Set for September 14


C A Y M A N  I S L A N D S

AGAM SPV: Creditors' Proofs of Debt Due on September 16
ANCHORAGE SHORT: Creditors' Proofs of Debt Due on September 16
CAP 17: Creditors' Proofs of Debt Due on September 16
CHILDREN'S INVESTMENT: Creditors' Proofs of Debt Due on Sept. 16
CLARIUM CAPITAL: Creditors' Proofs of Debt Due on September 16

CP BIDCO: Creditors' Proofs of Debt Due on September 16
CP HOLDCO1: Creditors' Proofs of Debt Due on September 16
CP HOLDCO2: Creditors' Proofs of Debt Due on September 16
CP HOLDCO3: Creditors' Proofs of Debt Due on September 16
CP HOLDCO4: Creditors' Proofs of Debt Due on September 16

CP HOLDCO5: Creditors' Proofs of Debt Due on September 16
FINSBURY ASSET: Creditors' Proofs of Debt Due on September 16
HERACLES FUND: Creditors' Proofs of Debt Due on September 6
HORSEMAN EMERGING: Creditors' Proofs of Debt Due on Sept. 16
IFIT VOLTA: Creditors' Proofs of Debt Due on September 30

KBC FP: Creditors' Proofs of Debt Due on September 16
KENMAR GLOBAL: Creditors' Proofs of Debt Due on September 16
ONSLOW GLOBAL: Creditors' Proofs of Debt Due on September 16
PACIFIC INSURANCE: Placed Under Voluntary Wind-Up
SANDAKAN INVESTMENTS: Commences Wind-Up Proceedings


J A M A I C A

NROCC: Development Bank of Jamaica to Restructure Firm's Debt
* JAMAICA: Banks Bad Debt Jumps Another JM$1-Billion in June Qtr.


M E X I C O

CEMEX SAB: Fitch Affirms Issuer Default Rating at 'B'


T R I N I D A D  &  T O B A G O

MOTOR & GENERAL: Suspended for 45 More Days Amid Funding Woes
TRINIDAD CEMENT: Secures Forgiveness From Creditors


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


===============
B A R B A D O S
===============


AIC BARBADOS: CEO to Redeem US$19 Million Bonds
-----------------------------------------------
AIC Barbados Limited intends to redeem another US$19 million owed
to bondholders but is not disclosing the source of the cash for
the payment, Jamaica Gleaner reports.  The report relates that the
final US$60 million should be redeemed within another 16 months.

According to the report, the 20% principal payment will be made on
the same date as the next interest payment, on September 11, three
months ahead of the revised schedule agreed last year after AIC
went into technical default on some of the bonds.  Interest will
be paid at 13.25%.  The report relates that under the new
schedule, 30% was paid out last December; another 20% was to have
been paid on December 11, 2010 but will now be paid next month;
and the final, 50% by December 11, 2011.

AIC Barbados, the report says, will incur no penalty for the early
redemption of the second installment, having given more than the
required seven days' notice to trustee PanCaribbean.  PanCaribbean
advised bondholders of the payment by circular issued August 10,
the report relates.

Donovan Perkins, chief executive officer of Pan Caribbean
Financial Services, said that the upcoming redemption would amount
to US$19.27 million, narrowing the outstanding debt from US$79.42
million at August 1 to US$60.15 million, the report adds.

                        About AIC Barbados

AIC Barbados Limited, which is valued at more than US$1 billion,
comprises several Caribbean holdings including Jamaica's largest
deposit taking institution the National Commercial Bank.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2009, RadioJamica said AIC Barbados asked its creditors
for another extension to make payments on maturing instruments as
divestment of the sale of assets in its portfolio is taking longer
than expected.  The Jamaica Gleaner related Mr. Lee-Chin is
selling his Pan Caribbean fibre optic cable business, Columbus
Communications, to pay off the debt.  According to Jamaica
Gleaner, Mr. Chin failed to come up with the US$155 million
(J$13.8 billion) that AIC Barbados owes bond holders.  The Gleaner
related that based on an internal document, about US$108 million
of the debt is owed to Jamaican investors, of which US$47 million
is due this year.  Mr. Lee Chin, The Gleaner said, was already
granted one extension to June 11, 2009, to repay the bonds,
however, he asked investors again to extend the wait to November.


=============
B E R M U D A
=============


LONE STAR: Creditors' Proofs of Debt Due on August 20
-----------------------------------------------------
The creditors of Lone Star Investment Holdings, Ltd. are required
to file their proofs of debt by August 20, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LONE STAR: Members' Final Meeting Set for September 8
-----------------------------------------------------
The members of Lone Star Investment Holdings, Ltd. will hold their
final meeting, on September 8, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF6 IRISH: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------
The creditors of LSF6 Irish Holdings, Ltd. are required to file
their proofs of debt by August 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF6 IRISH: Members' Final Meeting Set for September 10
-------------------------------------------------------
The members of LSF6 Irish Holdings, Ltd. will hold their final
meeting, on September 10, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF6 LUX: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------
The creditors of LSF6 Lux Holdings, Ltd. are required to file
their proofs of debt by August 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


LSF6 LUX: Members' Final Meeting Set for September 8
----------------------------------------------------
The members of LSF6 Lux Holdings, Ltd. will hold their final
meeting, on September 8, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


NORSK INVESTMENTS: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------------
The creditors of Norsk Investments Ltd. are required to file their
proofs of debt by August 20, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


NORSK INVESTMENTS: Members' Final Meeting Set for September 10
--------------------------------------------------------------
The members of Norsk Investments Ltd. will hold their final
meeting, on September 10, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ DELTA: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------
The creditors of OZ Delta Leasing Ltd. are required to file their
proofs of debt by August 20, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ DELTA: Members' Final Meeting Set for September 17
-----------------------------------------------------
The members of Oz Delta Leasing Ltd. will hold their final
meeting, on September 17, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ EVEREST: Creditors' Proofs of Debt Due on August 20
------------------------------------------------------
The creditors of Oz Everest Leasing Ltd. are required to file
their proofs of debt by August 20, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ EVEREST: Members' Final Meeting Set for September 8
------------------------------------------------------
The members of Oz Everest Leasing Ltd. will hold their final
meeting, on September 8, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 2, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ GAMMA: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------
The creditors of Oz Gamma Leasing Ltd. are required to file their
proofs of debt by August 20, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


OZ GAMMA: Members' Final Meeting Set for September 10
-----------------------------------------------------
The members of Oz Gamma Leasing Ltd. will hold their final
meeting, on September 10, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 3, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton
         Bermuda


PRIMEX (BERMUDA): Creditors' Proofs of Debt Due on September 1
--------------------------------------------------------------
The creditors of Primex (Bermuda) Ltd. are required to file their
proofs of debt by September 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2010.

Nicholas J. Hoskins is the company's liquidator.


PRIMEX (BERMUDA): Members' Final Meeting Set for September 14
-------------------------------------------------------------
The members of Primex (Bermuda) Ltd. will hold their final
meeting, on September 14, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 5, 2010.

Nicholas J. Hoskins is the company's liquidator.


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


AGAM SPV: Creditors' Proofs of Debt Due on September 16
-------------------------------------------------------
The creditors of Agam SPV Four Limited (Cayman) are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2010.

The company's liquidator is:

         Christopher P. Meyering
         Charles Lee
         Telephone: +44 (0)1534 700 864
         Facsimile: +44 (0)1534 700 800
         Walkers, Walker House 28 - 34 Hill Street
         St Helier Channel Islands, JE4 8PN
         Sciens Hedge Fund Management LLC
         667 Madison Avenue New York
         NY 10065 USA


ANCHORAGE SHORT: Creditors' Proofs of Debt Due on September 16
--------------------------------------------------------------
The creditors of Anchorage Short Credit Offshore Fund II, Ltd. are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CAP 17: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------
The creditors of CAP 17 SPC, Ltd. are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CHILDREN'S INVESTMENT: Creditors' Proofs of Debt Due on Sept. 16
----------------------------------------------------------------
The creditors of The Children's Investment Segregated Fund are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2010.

The company's liquidator is:

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


CLARIUM CAPITAL: Creditors' Proofs of Debt Due on September 16
--------------------------------------------------------------
The creditors of Clarium Capital (Cayman) Ltd. are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Richard Finlay
         Tania Dons
         Telephone: (345) 814-7766
         Facsimile: (345) 945-3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


CP BIDCO: Creditors' Proofs of Debt Due on September 16
-------------------------------------------------------
The creditors of CP Bidco Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CP HOLDCO1: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of CP HOLDCO1 Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CP HOLDCO2: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of CP HOLDCO2 Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CP HOLDCO3: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of CP HOLDCO3 Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CP HOLDCO4: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of CP HOLDCO4 Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


CP HOLDCO5: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of CP HOLDCO5 Limited are required to file their
proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


FINSBURY ASSET: Creditors' Proofs of Debt Due on September 16
-------------------------------------------------------------
The creditors of Finsbury Asset Funding Limited are required to
file their proofs of debt by September 16, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 2, 2010.

The company's liquidator is:

         Darren Riley
         Ellen J. Christian
         Telephone: 345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road George Town, Grand Cayman
         Cayman Islands


HERACLES FUND: Creditors' Proofs of Debt Due on September 6
-----------------------------------------------------------
The creditors of Heracles Fund are required to file their proofs
of debt by September 6, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 30, 2010.

The company's liquidator is:

         Admiral Administration Ltd.
         Admiral Financial Center
         90 Fort Street, PO Box 32021 Grand Cayman KY1-1208
         Cayman Islands


HORSEMAN EMERGING: Creditors' Proofs of Debt Due on Sept. 16
------------------------------------------------------------
The creditors of Horseman Emerging Market Opportunities Fund
Limited are required to file their proofs of debt by September 16,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2010.

The company's liquidator is:

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


IFIT VOLTA: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------
The creditors of Ifit Volta Fund are required to file their proofs
of debt by September 30, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 31, 2010.

The company's liquidator is:

         Philip Mosely
         PO Box 1569, George Town
         Grand Cayman KY1-1110
         Cayman Islands
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         e-mail: general@caymanmanagement.ky


KBC FP: Creditors' Proofs of Debt Due on September 16
-----------------------------------------------------
The creditors of KBC FP International VI Ltd. are required to file
their proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 9, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


KENMAR GLOBAL: Creditors' Proofs of Debt Due on September 16
------------------------------------------------------------
The creditors of Kenmar Global Opportunities Fund SPC Limited are
required to file their proofs of debt by September 16, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


ONSLOW GLOBAL: Creditors' Proofs of Debt Due on September 16
------------------------------------------------------------
The creditors of Onslow Global Fund, Ltd. are required to file
their proofs of debt by September 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9005
         Cayman Islands


PACIFIC INSURANCE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On April 23, 2009, the sole member of Trans Pacific Insurance
Corporation resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

         Brian Raymond Silivia
         c/o Mark Goodman Turner & Roulstone
         Attorneys-At-Law
         Strathvale House, 3rd Floor
         George Town
         P.O. Box 2636, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 345-943-5555
         Facsimile: 345-943-9999


SANDAKAN INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
On July 21, 2010, the sole shareholder of Sandakan Investments
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 943-2237
         Facsimile: (345) 949-6096
         P.O. Box 1110, Grand Cayman KY1-1102
         Cayman Islands


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


NROCC: Development Bank of Jamaica to Restructure Firm's Debt
-------------------------------------------------------------
The Jamaican Cabinet has approved measures that will allow the
Development Bank of Jamaica to restructure debt owed by the
National Road Operating and Constructing Company, which is
involved in building Highway 2000, RadioJamaica reports.

According to the report, citing a statement from the Office of the
Prime Minister, the measures include the purchase of Highway 2000
bonds issued by Venezuala's financial institution BANDES.  The
report relates that the new long-term Government of Jamaica bonds
in local and international financial markets will then be issued.

The statement, the report notes, said that the approval is a
variation on an earlier Cabinet decision to purchase the BANDES
bonds.

The National Road Operating and Construction Company is a wholly
owned Government Company formed under the Companies Act, and has
responsibility for ensuring the implementation of Highway 2000.


* JAMAICA: Banks Bad Debt Jumps Another JM$1-Billion in June Qtr.
-----------------------------------------------------------------
Non-performing loans at Jamaican commercial banks jumped by
another billion dollars during June 2010 quarter, while loans to
the private sector continued to decline, Jamaica Observer reports.

According to the Observer, in its quarterly monetary policy report
for the three months ending June 30, 2010, the Bank of Jamaica
said that the quality of the private sector loan portfolio,
measured by the ratio of NPLs -- loans that have been unserviced
for more than three months -- to total private sector loans was
6.4% at end-June 2010 from the ratio of 6.0% at end-March 2010 and
4.2% at end-June 2009.  The Observer relates that calculations
showed that the nominal figure increased from JM$13 billion at
end-March 2010 to JM$14 billion at end-June 2010, or by 7.7%.

"There was also an increase in the ratio of past due loans (three
months and over) to total loans to 5.6 per cent at end-June 2010
from 5.1 per cent at end-March 2010 and 3.6 per cent at end-June
2009," Bank of Jamaica's report said, the Observer notes.   The
Observer says that the ratio measures the quality of loan
portfolios at banks are still below the central bank's benchmark
of 10%, by the rise in bad debt comes at a time when size of loan
portfolios continue to decline.

"There was a reduction of JM$656.6 million, or 0.3%, in loans and
advances during the review quarter, from a decline of 0.1% in the
June 2009 quarter," said the BOJ's report, the Observer notes.
"This was also the fifth consecutive quarter of contraction," the
report added, the Observer says.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 18, 2010, Moody's Investors Service disclosed that it
considers Jamaica's debt exchange proposal for domestic creditors
as an event of default.  As reflected in the nation's current
sovereign ratings of Caa1, with a negative outlook, on both
domestic and foreign currency debt, Moody's had anticipated that
Jamaica's long-standing commitment to honor its obligations in
full and on schedule might finally break this year.  According to
the TCRLA on January 18, 2010, Fitch Ratings downgraded Jamaica's
long-term local currency rating to 'C' from 'CCC'.  In addition,
Fitch has affirmed Jamaica's long-term and short-term foreign
currency ratings at 'CCC' and 'C' respectively, and affirmed the
Country Ceiling at 'B-'.  Jamaica's sovereign ratings Outlook
remains Negative.


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


CEMEX SAB: Fitch Affirms Issuer Default Rating at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed the IDR's of CEMEX, S.A.B. de C.V. and
its subsidiary, Cemex Espana S.A. at 'B'.  In conjunction with
this rating action, Fitch has affirmed the company's long-term
national scale rating at 'BB-(mex)' and its short-term national
scale rating at 'B(mex)'.  The Rating Outlooks for CEMEX and CEMEX
Espana have been revised to Positive from Stable.

The change in the Rating Outlooks to Positive is a result of an
improvement in the company's credit profile due to multiple
transactions initiated by CEMEX since signing a Financing
Agreement with creditors on Aug. 14, 2009.  These efforts have
lowered CEMEX's net debt to US$17.2 billion as of June 30, 2010,
from US$21.2 billion as of June 30, 2009.  They have given the
company a manageable short-term liquidity position with US$752
million of cash and marketable securities as of June 30, 2010
versus debt maturities of US$485 million during the second half of
2010 and US$382 million during 2011.  They also have improved its
prospects for refinancing the US$1.3 billion and US$2.4 billion of
debt that fall due in 2012 and 2013, respectively.

CEMEX's leverage relative to cash flow is projected to remain high
through the end of 2011 despite the drop in net debt due to the
extreme downturn in many of the company's key markets.  Cost
reductions implemented by the company should result in a gradually
deleveraging and could lead to a potential ratings upgrade, as
could the sale of non-core assets or an equity issuance.

During 2010, Fitch projects an EBITDA of US$2.550 billion for
CEMEX.  This figure is then expected to grow to US$2.950 million
during 2011.  These EBITDA figures compare with US$2.678 billion
during 2009 and US$4.367 billion during 2008.  The drop in EBITDA
during 2010 is due to weaker prices in the U.S. and declining
demand in Mexico and Spain.

CEMEX should end 2010 with approximately US$17.9 billion of total
debt and US$17.2 billion of net debt.  As a result, the company's
projected total debt-to-EBITDA ratio should be approximately 7.0
times during 2010, while its net debt-to-EBITDA ratio should be
about 6.8x.  These credit protection measures reflect the trough
conditions for many of the company's markets, especially the U.S.

Fitch expects CEMEX to seek and obtain an amendment to its
Aug. 14, 2009 Financing Agreement if necessary within the next
couple of months to alleviate potential covenant pressure.
According to the Financing Agreement, the financial covenant for
the maximum funded debt to EBITDA ratio declines from 7.75x as of
June 30, 2010, to 6.75x as of Dec. 31, 2010, to 5.75x as of
June 30, 2011 and to 5.25x as of Dec. 31, 2012.  Excluded from the
definition of debt for this calculation is US$614 million of
convertible subordinated notes issued by the company during March
2010.  Fitch's projections indicate the company could exceed the
covenant at the end of 2010 (6.78x projected by Fitch).

CEMEX's credit ratings continue to reflect the company's strong
business position in several markets and its ability to generate
free cash flow despite the sharp contraction in the demand for
cement.  The company's operating and free cash flow should
increase sharply once underlying business conditions in the United
States improve as a result of CEMEX's operating leverage.  A
rebound that would be substantial enough to accelerate debt
reduction and lead to a multiple-notch upgrade is not expected to
occur until at least 2012.  Further constraining the scope for
future upgrades is the need for CEMEX to accelerate capital
expenditures once its cash flow rebounds.  The level of
reinvestment has been extremely low during 2009 and 2010 due to
cash flow constraints and restrictions imposed by covenants.

The transactions completed by CEMEX in the past year include the
issuance of US$1.9 billion of equity (September 2009); the sale of
assets in Australia for US$1.7 billion (October 2009); the
exchange of US$320 million of Certificados Bursatiles for
mandatory convertible notes; the issuance of approximately US$2.2
billion of U.S. dollars and EURO notes (December 2009-January
2010); the issuance of US$614 million of subordinated convertible
notes (March 2010); and the exchange of US$1.660 billion of
perpetual bonds for US$1.223 billion of fixed notes (May 2010).


Fitch has affirmed these ratings:

CEMEX S.A.B. de C.V.

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Senior secured debt obligations at 'B+/RR3';

  -- Long-term national scale rating at 'BB-(mex)';

  -- Short-term national scale rating at 'B(mex)';

  -- MXN10 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B(mex)';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)'.

Cemex Espana S.A.

  -- IDR at 'B';
  -- Senior unsecured debt obligations at 'B+/RR3'.

CEMEX Materials Corporation

  -- US$150 million senior unsecured notes due 2025 at 'B+/RR3'.


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


MOTOR & GENERAL: Suspended for 45 More Days Amid Funding Woes
-------------------------------------------------------------
Curtis Rampersad at the Trinidad Express reports that central bank
directors have ordered that St. Clair-based Motor and General
Insurance Company's operations remain suspended for 45 days.  The
report relates that the order started on August 14, 2010, and
follows an initial suspension of the company's business for 60
days on June 15, 2010, by Inspector of Financial Institutions at
the Central Bank, Carl Hiralal.

According to the report, Mr. Hiralal said that the suspension was
put in place to protect policyholders as the company was
struggling to maintain the required quantity of money in its
statutory fund.  All new business has been suspended but existing
insurance policies remain in force, he added.

The report notes the Central Bank, citing a published statement,
said that the Motor and General's offices will remain closed
"until further advised".  "During this extended period of
suspension the Inspector of Financial Institutions is directed to
take charge of all the books, records and other documents (of the
company) and to take such means to prevent the continuation in
business during the extended period of suspension and to preserve
the assets," the report quoted the Central Bank as saying.

Brian Hackett of PricewaterhouseCoopers was engaged by the Central
Bank in June to assist in the process.

The central bank, the report notes, said that during the
suspension period Motor and General cannot write any insurance
business, including new and renewal business, cannot advertise or
market its company or solicit business.

The company said it has more than 31,000 policyholders.


TRINIDAD CEMENT: Secures Forgiveness From Creditors
---------------------------------------------------
Lavern Clarke at Jamaica Gleaner reports that Trinidad Cement
Limited has overshot by more than US$10 million agreed limits on
its short term borrowings, but has secured the forgiveness of its
creditors in anticipation of the cement maker getting back on
track with its financing plan by next month.  The report relates
that the company's debt plan had called for the issue of a long-
term bond valued at US$20 million (TT$127 million), which TCL said
was delayed to secure the approval of lenders.

According to the report, the bond is to be marketed to
institutional investors, Alan Nobie, company secretary and manager
of Investor Relations and Corporate Communications for TCL group,
told Wednesday Business.  The report notes that at half-year,
June 30, 2010, TCL said its net short term borrowings -- debt less
cash -- stood at TT$51.6 million while total debt was US$260
million, the same position it was at December 2009.

However, "due to the delay in the issue of a new US$20 million
bond, which is part of the funding plan for the year", the report
quoted the company as saying in a market disclosures.  Short term
borrowings that previous loan agreements have restricted to US$45
million are now 22.7% or US$10.2 million (TT$64.8 million) over
the limit, it added.

"Waivers were received from lenders after the balance sheet date
allowing the higher borrowings until the new bond is issued, now
expected by September 30," said the cement maker's chairman Andy
Bhajan and group chief executive officer Dr Rollin Bertrand in a
joint statement to shareholders, the report notes.  "In accordance
with IAS 1, long-term debt should have been reclassified as short
term as at June 30, 2010.  In view of the waivers received this
was not followed," the report relates.

The terms of the bond are still being worked on, but it will have
a life of three to seven years for different tranches, marketed to
institutional investors, and be placed largely inside Trinidad,
Nobie said.

Citibank Trinidad and Tobago Limited is the arranger of the issue.

The report says that Trinidad Cement's current level of
indebtedness is directly linked to its backing of the US$177
million expansion and modernization project by its 74% owned
Jamaican subsidiary Caribbean Cement Company Limited.  The report
relates that both companies are struggling with falling sales and
huge debts: TCL's total liabilities now amount to TT$2.4 billion;
while Carib Cement's hit J$5.7 billion -- a figure contained by
the conversion of J$1.33 billion of debt to parent TCL into
preference shares.

Meanwhile, the report says that TCL took on an additional US$105
million of debt to cover the Caribbean Cement project as well as
upgrades and improvements at its own base at Claxton Bay in
Trinidad.  The report relates that the company's debt and other
financing charges at half-year were 77% of operating profit, which
itself was under pressure because of dampened sales in the period.

Like its Jamaican subsidiary, TCL remains in a negative cash
position, which in its case has close to quadrupled in six months
from TT$21 million at yearend December 2009 to TT$77 million at
June 2010, the report adds.

Trinidad Cement Limited -- http://www.tcl.co.tt/Default.aspx/--
was incorporated in Trinidad in 1951 and commenced production in
1954.  Its primary activity is the manufacture of Ordinary
Portland Cement, as well as Class G High Sulphate Resistant (HSR)
Oilwell Cement.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          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

                            ***********


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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  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$625 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 Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *