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

          Wednesday, September 8, 2010, Vol. 11, No. 177

                            Headlines



A R G E N T I N A

GENERALI ARGENTINA: Moody's Affirms 'B1' Global Insurance Rating
CAJA DE SEGUROS: Moody's Affirms 'Ba3' Insurance Strength Ratings


B E R M U D A

BAICO: Court-Appointed Receiver to Provide Wind-Up Update Soon
ENVIRONMENTAL ENERGY: Creditors' Proofs of Debt Due on Sept. 27
MAN-IP 220: Creditors' Proofs of Debt Due on September 17
MAN-IP 220: Members to Receive Wind-Up Report on October 15
OPAL STRATEGIC: Creditors' Proofs of Debt Due on September 17

OPAL STRATEGIC: Members to Receive Wind-Up Report on October 15
PROPERTY AND: Creditors' Proofs of Debt Due on September 17
PROPERTY AND: Member to Receive Wind-Up Report on October 15
PROTOSTAR LTD: Scheme Creditors' Meetings Set For Sept. 29


B R A Z I L

CODELCO: Seeks to Retire Up to 15% of Workforce
* BRAZIL: Liquidations Up 18.9% in August


C A Y M A N  I S L A N D S

ALTERNATIVE FUNDS: Shareholders' Final Meeting Set for Sept. 20
ANTIMONY LTD: Shareholders' Final Meeting Set for October 4
APAX CAYMAN: Shareholders' Final Meeting Set for October 8
APAX CAYMAN: Shareholders' Final Meeting Set for October 8
APAX CAYMAN: Shareholders' Final Meeting Set for October 8

BLUE RIVER: Shareholders' Final Meeting Set for October 1
BROOKLINE AVENUE: Shareholders' Final Meeting Set for October 1
BRUNSWICK RUSSIA: Shareholder to Receive Wind-Up Report on Oct. 11
CASHEW LIMITED: Shareholders' Final Meeting Set for October 4
CITIVENTURE 96: Shareholders' Final Meeting Set for September 22

IBS PENSION: Shareholders' Final Meeting Set for October 1
NATIONAL HOLDINGS: Shareholders' Final Meeting Set for Sept. 30
NEO OVERSEAS: Shareholder to Receive Wind-Up Report on Sept. 22
PALLADIUM LTD: Shareholders' Final Meeting Set for October 4
PALMARIA LIMITED: Members Receive Wind-Up Report

PENSO SELECT: Shareholders' Final Meeting Set for September 30
PEQUOT ASIA: Shareholders' Final Meeting Set for October 1
PERDIGAO EXPORT: Shareholders' Final Meeting Set for October 1
TESSERA INVESTMENT: Shareholders' Final Meeting Set for October 18
WALNUT LIMITED: Shareholders' Final Meeting Set for October 4


E C U A D O R

Q2 GOLD: Intends to Wind Up its Affairs


J A M A I C A

* JAMAICA: Bank of Jamaica's Data Shows More Loans Going Under


M E X I C O

MEXICANA AIRLINES: Banco Mercantil Opposes Ch. 15 Petition
MEXICANA AIRLINES: City of Los Angeles Wants Protection
* Alvarez & Marsal Opens New Office In Mexico


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Taps Cadwalader Wickersham as Lead Counsel
CARIBBEAN PETROLEUM: Taps Richards Layton as Bankruptcy Co-Counsel
CARIBBEAN PETROLEUM: Meeting of Creditors Set for September 16


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Liquidator Fights US$1.45 Million Lien
HINDU CREDIT UNION: Government Should Pay Over-60 HCU Depositors




                         - - - - -


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


GENERALI ARGENTINA: Moody's Affirms 'B1' Global Insurance Rating
----------------------------------------------------------------
Moody's Latin America affirmed Generali Argentina Compania de
Seguros S.A.'s B1 global local-currency and Aa3.ar Argentine
national scale insurance financial strength ratings.  The outlook
for the ratings remains stable.

According to the rating agency, Generali Argentina's ratings
primarily reflect the company's adequate product risk and
diversification, and its affiliation with its ultimate parent,
Assicurazioni Generali, as it benefits from implicit support and
oversight of the local operation, as well as from the explicit
support provided by risk transfer reinsurance arrangements with
affiliates.  Moody's analyst Diego Nemirovsky added that
"Assicurazioni Generali has recently shown its commitment with
this subsidiary through a US$5 million capital contribution, which
helped to strengthen its capital position".  Among other
considerations, the rating agency mentioned that the company's
focus on commercial and corporate lines places it among the top 10
insurers in the specialized fire and allied perils line, holding
over 3% market share (based on gross premiums) in that segment.

Offsetting these positive factors, however, is Generali
Argentina's weak capital position (gross underwriting leverage
increased to 22x as of June 30, 2010 before the recent capital
contribution, although that ratio would be about 9x after that
capital injection).  "The company's high GUL is mainly explained
by its rapid business growth over the last few years, along with
the company's high reinsurance utilization, as well as its weak
profitability and constrained internal capital generation", said
Nemirovsky .  Commenting on other constraints to Generali
Argentina's credit profile, Moody's mentioned its significant
investment risk --which is common to most Argentine insurers--,
relatively weak market position, and volatile profitability.

Generali Argentina is a growing insurance company that distributes
general insurance and life products to middle-corporate and retail
customers in Argentina.  The company is wholly owned by
Assicurazioni Generali (rated Aa3 for IFS).

Based in Buenos Aires, Argentina, Generali Argentina reported a
net profit of ARS$0.7 million during the fiscal year ended June 30
2010, total assets of ARS$121.3 million, and underwriting losses
of ARS$6.4 million.  As of that date, the company reported gross
premiums of ARS$181 million and shareholders' equity of ARS$16.2
million.


CAJA DE SEGUROS: Moody's Affirms 'Ba3' Insurance Strength Ratings
-----------------------------------------------------------------
Moody's Latin America affirmed Caja de Seguros S.A.'s Ba3 global
local-currency and Aa2.ar Argentine national scale insurance
financial strength ratings.  The outlook for the ratings were
changed to negative from stable.

According to the rating agency, the change in the ratings outlook
to negative for Caja de Seguros primarily reflects the
deteriorating trends in its financial fundamentals, particularly
in its capitalization.  The company's gross underwriting leverage
has been increasing steadily over the last few years, along with a
declining trend in its regulatory capital position, and weak and
volatile profitability.  Moody's analyst Diego Nemirovsky added
that "Caja de Seguros' capital and profitability have not kept
pace with its business growth, thereby deteriorating its overall
capital position, with a continuing trend likely to result in a
ratings downgrade".  The rating agency went on to say that --
similar to most insurers in Argentina -- Caja de Seguros' credit
profile is constrained by its poor quality investment portfolio
and by Argentina's weak operating environment.

The recent deterioration in the company's financial profile,
however, is tempered to some extent by its strong market position
and brand recognition in the country.  The company also benefits
from being part of the "Caja Group" in Argentina, which has
operations in general insurance, annuities, and workers
compensation, contributing to broaden the company's product and
earnings diversification.  Nemirovsky added that "Caja de Seguros'
affiliation with Assicurazioni Generali, rated Aa3 for IFS, is
also a positive credit consideration, as the company benefits both
from its majority-owner's implicit support and oversight of the
local operation".

Among factors that could lead to a downgrade of Caja de Seguros'
ratings, Moody's indicated these: 1) continued impairment in the
company's capitalization levels, (i.e.: further increase in GUL,
or failure to comply with minimum regulatory capital
requirements); 2) sustained weak profitability; and 3) a decrease
in strategic commitment from its main shareholder, Assicurazioni
Generali.  On the other hand, the outlook could be changed back to
stable from negative should Caja de Seguros's gross underwriting
leverage fall to 8x shareholders' equity or less, its shareholders
contribute a meaningful amount of capital of at least US$35
million ,and its profitability metrics improve significantly.

Caja de Seguros is a major Argentine insurer that distributes
property and casualty and life insurance coverage to individuals
and to small and medium-size enterprises, mainly through its own
network of nationwide branches.  The company is majority owned by
Assicurazioni Generali (about 70% ownership interest), with Los W
-- a holding controlled by a local Argentine family -- owning
about 20% of the shares, and the remaining 10% being held by the
company's employees.

Based in Buenos Aires, Argentina, Caja de Seguros reported a net
profit of ARS$20.7 million during the fiscal year ended June 30,
2010, total assets of ARS$2.0 billion, and underwriting losses of
ARS$90.9 million.  As of that date, the company reported gross
premiums of ARS$2.3 billion and shareholders' equity of ARS$362
million.


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


BAICO: Court-Appointed Receiver to Provide Wind-Up Update Soon
--------------------------------------------------------------
British American Insurance Company (BAICO) Bermuda court-appointed
receiver Stephen Lowe is set to make an announcement on the
company's wind up as early as next week, Jonathan Kent at The
Royal Gazette reports.  Mr. Lowe was appointed to oversee the
liquidation of the Bermuda branch of BAICO, a unit of CL Financial
Limited.

According to the report, during the past year, liquidators have
made efforts to find another life insurer to take on the BAICO
policies.  The report relates that if such a transfer took place,
policyholders would likely have to take a discount on the benefits
their policies were supposed to provide.

However, the report notes, KPMG Advisory Ltd., agents of the
Official Receiver, said that if no other insurer were found to
take on the policies, policyholders would suffer an even greater
loss of value on their policies.

The Gazette says that Argus Group Holdings Ltd. took on BAICO's
approximately 500 health insurance clients in a deal announced a
year ago.  However, the report notes, the prospects for life
policyholders have remained uncertain.

Policyholders, the report says, were advised to continue paying
their premiums, even after the BAICO's Bermuda branch went into
receivership, to keep their policies active.  They were promised
that any premium paid after July 29 last year would be repaid in
full, if a workable solution could not be found, the report
relates.

                           About BAICO

British American Insurance Company is a Bahamian company, which is
owned by Trinidad-based parent CL Financial.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 7, 2009, The Royal Gazette said KPMG Advisory will proceed
with the liquidation of BAICO's Bermuda branch following the
Bermuda Monetary Authority's statement that it had started winding
up proceedings against the company in the Supreme Court.
According to the Gazette, BMA's move was aimed to protect its
customers in light of "the continuing severe financial
difficulties" faced by BAICO and its parent, CL Financial Group.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


ENVIRONMENTAL ENERGY: Creditors' Proofs of Debt Due on Sept. 27
---------------------------------------------------------------
The creditors of Environmental Energy Corporation Ltd. are
required to file their proofs of debt by September 27, 2010, to be
included in the company's dividend distribution.

Mike Morrison and Charles Thresh are the company's liquidators.


MAN-IP 220: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------
The creditors of Man-IP 220 (Series C) Limited are required to
file their proofs of debt by September 17, 2010, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


MAN-IP 220: Members to Receive Wind-Up Report on October 15
-----------------------------------------------------------
The members of Man-IP 220 (Series C) Limited will receive, on
October 15, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House
         5 Park Road, Hamilton HM O9
         Bermuda


OPAL STRATEGIC: Creditors' Proofs of Debt Due on September 17
-------------------------------------------------------------
The creditors of Opal Strategic Residential Property Fund Limited
are required to file their proofs of debt by September 17, 2010,
to be included in the company's dividend distribution.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


OPAL STRATEGIC: Members to Receive Wind-Up Report on October 15
---------------------------------------------------------------
The members of Opal Strategic Residential Property Fund Limited
will receive, on October 15, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


PROPERTY AND: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------
The creditors of Property and Casualty Insurance, Limited are
required to file their proofs of debt by September 17, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


PROPERTY AND: Member to Receive Wind-Up Report on October 15
------------------------------------------------------------
The member of Property and Casualty Insurance, Limited will
receive, on October 15, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         Church Street, Hamilton
         Bermuda


PROTOSTAR LTD: Scheme Creditors' Meetings Set For Sept. 29
----------------------------------------------------------
The Supreme Court of Bermuda has directed that meetings of all
Scheme Creditors affected by the Schemes of Arrangement proposed
by ProtoStar Ltd., ProtoStar I Ltd., ProtoStar II Ltd., and
ProtoStar Development Ltd. be held at 10:00 a.m. on Sept. 29,
2010, at Appleby's offices in Hamilton, Bermuda.

As reported in the Troubled Copany Reporter on Sept. 6, 2010, the
Honorable Mary F. Walrath authorized ProtoStar Ltd. and its
debtor-affiliates to distribute a disclosure statement explaining
its Fifth Amended Chapter 11 Plan and solicit acceptances of that
plan from creditors.  Judge Walrath will convene a hearing at 9:30
a.m. on Oct. 6, 2010, to consider whether that plan should be
confirmed.

As reported in the Troubled Company Reporter on Aug. 30, 2010,
ProtoStar's plan reserves US$10.65 million for unsecured creditors
who were initially thought to be out of the money.  Additionally,
the Official Committee of Unsecured Creditors has sued BlackRock
Financial Management Inc., West Face Capital Inc., Farallon
Partners LLC, and Octavian Advisors LP to invalidate their
purported liens on the ProtoStar I satellite.  The Committee says
the lenders filed notices of their security interests in the wrong
place.

                      About ProtoStar Ltd.

Hamilton, Bermuda-based ProtoStar Ltd. is a satellite operator
formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband Internet access across the
Asia-Pacific region.

The Company and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Case No. 09-12659) on July 29, 2009.  The Debtor
selected Milbank, Tweed, Hadley & McCloy LLP as lead counsel;
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Appleby as
Bermuda counsel; UBS Securities LLC as financial advisor and
investment banker and Kurtzman Carson Consultants LLC as claims
and noticing agent.  Lawyers at Lowenstein Sandler PC and
Greenberg Traurig LLP represent the Official Committee of
Unsecured Creditors.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. serves as liquidator of the Bermuda Group.

In their Chapter 11 petitions, the Debtors each estimated their
assets and debts at US$100 million and US$500 million.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 and liabilities totalling US$528,000,000.


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B R A Z I L
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CODELCO: Seeks to Retire Up to 15% of Workforce
-----------------------------------------------
Corporacion Nacional del Cobre (Codelco) will offer up to 15% of
its workforce retirement in a bid to shed as many as 3,000 jobs by
the year-end to boost efficiency, Simon Gardner at Reuters
reports, citing Company Chief Executive Officer Diego Hernandez.

According to the report, Codelco is restructuring its staff and
management to help increase productivity and enable it to better
compete with leaner private sector rivals.  The report relates
that while seen unlikely for now, any labor action could hurt
supply of the red metal.

"We have a special situation compared to our mining competition,"
Mr. Hernandez told newspaper La Tercera, saying the average age of
the company's staff was 48, the report notes.  Mr. Hernandez added
that 21% of the workforce is either on sick leave or chronically
ill.

The report notes that despite using state help to increase waning
output, while other miners cut production during the global
economic downturn, Codelco is challenged with cutting costs.  The
report relates that some of Codelco's workers are already past
retirement age, and Mr. Hernandez wants to implement generational
change in the workforce.

Mr. Hernandez, the report discloses, said that the restructuring
needed to be done in the next three to four months.  The report
relates Mr. Hernandez has reorganized the company's mining
divisions and scrapped two vice-presidencies in a bid to boost
efficiency.

Reuters says that the company's Federation of Copper Workers
stopped short of threatening protests following the management
restructuring, but called on its 15,000 members to be on a "state
of alert for any calls from our organization to defend our
rights."

Unions have also threatened to take action if President Sebastian
Pinera moves on campaign pledges to sell part of the company, the
report adds.

                          About Codelco

Corporacion Nacional del Cobre -- Codelco -- explores, develops,
mines and processes copper in Chile.  The principal product of the
company is Grade A copper cathodes.  The company, which is owned
by Chilean government, exports most of its production to companies
in Europe and Asia.


* BRAZIL: Liquidations Up 18.9% in August
-----------------------------------------
The number of liquidated companies in Brazil has increased by
18.9% in August from July, iStockAnalyst reports, citing credit
consulting company Serasa Experian.  The report relates Serasa's
Bankruptcy Indicator said that 63 companies were liquidated last
month, including 55 small-sized ones, five medium-sized ones and
three large ones.

According to the report, the Indicator shows that the number of
companies that filed for bankruptcy also increased in August,
reaching 186, up 5.1% from July.  Out of those, 119 companies were
small-sized, 46 were medium-sized and 21 were large, the report
relates.

The report says that Serasa Experian attributed the increase in
the liquidations and bankruptcy requests to the deceleration of
Brazil's economic activity in the second quarter of 2010.  Serasa
Experian, the report relates, said that the increase in Brazil's
annual basic interest rate, which jumped from 8.75% to 10.75% in
the period, also contributed to the liquidations rise.

iStockAnalyst discloses that compared with the same period last
year, liquidations were down 4.5% in August, while filings for
bankruptcy were down 11.4%.  The report relates that was due to
the effects of the international financial crisis which affected
the Brazilian economy in 2009.

The liquidations and bankruptcies are expected to rise and fall in
the next few months, Serasa said, reflecting Brazil's economic
performance, the report adds.

                          *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


ALTERNATIVE FUNDS: Shareholders' Final Meeting Set for Sept. 20
---------------------------------------------------------------
The shareholders of Alternative Funds SPC will hold their final
meeting, on September 20, 2010, 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:

         Stuart Sybersma
         c/o Jennifer Chailler
         Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


ANTIMONY LTD: Shareholders' Final Meeting Set for October 4
-----------------------------------------------------------
The shareholders of Antimony Ltd will hold their final meeting, on
October 4, 2010, at 11:00 a.m., to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


APAX CAYMAN: Shareholders' Final Meeting Set for October 8
----------------------------------------------------------
The shareholders of Apax Cayman Two Limited will hold their final
meeting, on October 8, 2010, 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:

         David A.K. Walker
         c/o Sarah Moxam
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


APAX CAYMAN: Shareholders' Final Meeting Set for October 8
----------------------------------------------------------
The shareholders of Apax Cayman Three Limited will hold their
final meeting, on October 8, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Sarah Moxam
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


APAX CAYMAN: Shareholders' Final Meeting Set for October 8
----------------------------------------------------------
The shareholders of Apax Cayman Six Limited will hold their final
meeting, on October 8, 2010, 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:

         David A.K. Walker
         c/o Sarah Moxam
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


BLUE RIVER: Shareholders' Final Meeting Set for October 1
---------------------------------------------------------
The shareholders of Blue River Muni Repackaged Investment
Opportunity (Cayman) Limited will hold their final meeting, on
October 1, 2010, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104
         Cayman Islands


BROOKLINE AVENUE: Shareholders' Final Meeting Set for October 1
---------------------------------------------------------------
The shareholders of Brookline Avenue Offshore GP will hold their
final meeting, on October 1, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


BRUNSWICK RUSSIA: Shareholder to Receive Wind-Up Report on Oct. 11
------------------------------------------------------------------
The sole shareholder of Brunswick Russia Equity Fund Limited will
receive, on October 11, 2010, 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 Jennifer Parsons
         Telephone: (345) 815-1820
         Facsimile: (345) 949-9877


CASHEW LIMITED: Shareholders' Final Meeting Set for October 4
-------------------------------------------------------------
The shareholders of Cashew Limited will hold their final meeting,
on October 4, 2010, at 10:30 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


CITIVENTURE 96: Shareholders' Final Meeting Set for September 22
----------------------------------------------------------------
The shareholders of Citiventure 96 Private Participations Limited
will hold their final meeting, on September 22, 2010, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Cititrust (Bahamas) Limited
         Schell Stubbs Vice President
         c/o Maples and Calder
         Attorneys-at-law
         PO Box 309, Ugland House Grand Cayman KY1-1104
         Cayman Islands


IBS PENSION: Shareholders' Final Meeting Set for October 1
----------------------------------------------------------
The shareholders of IBS Pension II Company will hold their final
meeting, on October 1, 2010, at 11:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


NATIONAL HOLDINGS: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of National Holdings (Cayman) Limited will hold
their final meeting, on September 30, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Guernsey Global Trust Limited
         St Peter's House, Le Bordage
         St Peter Port Guernsey, GY1 6AX


NEO OVERSEAS: Shareholder to Receive Wind-Up Report on Sept. 22
---------------------------------------------------------------
The sole shareholder of Neo Overseas Fund SPC will receive, on
September 22, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Bunn
         Telephone: (345) 815 1848
         Facsimile: (345) 949 9877


PALLADIUM LTD: Shareholders' Final Meeting Set for October 4
------------------------------------------------------------
The shareholders of Palladium Ltd will hold their final meeting,
on October 4, 2010, at 11:30 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


PALMARIA LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Palmaria Limited will receive, on August 30, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


PENSO SELECT: Shareholders' Final Meeting Set for September 30
--------------------------------------------------------------
The shareholders of Penso Select Opportunities Master Fund, Ltd.
will hold their final meeting, on September 30, 2010, at
5:00 p.m., to receive the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Abraham Pfeiffer
         Daniel Priestley
         Telephone: (345) 946 1577
         Facsimile: (345) 947 0826
         c/o PA Corporate Services Limited
         PO Box 30310, Grand Cayman KY1-1102
         Cayman Islands


PEQUOT ASIA: Shareholders' Final Meeting Set for October 1
----------------------------------------------------------
The shareholders of Pequot Asia General Partner, Ltd. will hold
their final meeting, on October 1, 2010, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


PERDIGAO EXPORT: Shareholders' Final Meeting Set for October 1
--------------------------------------------------------------
The shareholders of Perdigao Export Ltd. will hold their final
meeting, on October 1, 2010, 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:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


TESSERA INVESTMENT: Shareholders' Final Meeting Set for October 18
------------------------------------------------------------------
The shareholders of Tessera Investment Ltd. will hold their final
meeting, on October 18, 2010, 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:

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


WALNUT LIMITED: Shareholders' Final Meeting Set for October 4
-------------------------------------------------------------
The shareholders of Walnut Limited will hold their final meeting,
on October 4, 2010, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Probitas Limited
         Equitas Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350, Grand Cayman KY1-1108
         Cayman Islands


=============
E C U A D O R
=============


Q2 GOLD: Intends to Wind Up its Affairs
---------------------------------------
Q2 Gold Resources Inc., which has filed its unaudited interim
financial statements for the three-month period ended June 30,
2010 on SEDAR, disclosed its intention to cease reporting and to
wind up its affairs.

Q2 Gold was originally created in 2007, when Corriente Resources
Inc. completed a spin-off of its Piedra Liza and Caya 36 gold
exploration concessions in Ecuador to the Company in an
arrangement transaction that closed on June 15, 2007.  Corriente
was at that time focused on the development of the Corriente
Copper Belt, and saw potential for the separate development of the
Piedra Liza and Caya 36 concessions, which are proximate to the
Fruta del Norte gold deposit and the Nambija gold skarns, as part
of a larger gold play.  The Company's primary strategy was to gain
market momentum from potential news anticipated from the
development work that was expected to be carried out by
Aurelian/Kinross on the Fruta del Norte deposit in 2008 and 2009,
and on that basis to raise sufficient equity financing to support
an exploration program.  That strategy was interrupted by the
imposition by the government of Ecuador in April 2008 of a
suspension of all mining-related activities in Ecuador, followed
later that year by the global recession.

As part of the spin-off transaction and to assist Q2 Gold with its
business objectives, Corriente originally agreed to lend Q2 Gold
up to US$750,000, including accrued interest, in instalments under
a convertible loan facility secured against all of the assets of
the Company. By amendments dated September 25, 2008 and
December 3, 2009, the maximum amount of the loan was increased to
US$1,500,000 and the maturity date extended to December 31, 2010.
At any time prior to maturity, Corriente can require the Company
to convert the outstanding balance, including accrued interest,
into common shares of Q2 Gold at a conversion price of US$0.10 per
share. As at June 1, 2010, the Company reached the maximum
facility amount of US$1,500,000; accordingly, monthly interest
payments since that date are required to be made by the Company
from cash on hand.

If the total amount of the loan were converted to shares today,
Corriente would own approximately 38% of the Company's outstanding
shares.

The combination of the above-noted events and their timing, the
extremely early-stage nature of the Company's concessions, the
country risks inherent in Ecuador and the significance of the
convertible loan held by Corriente has made obtaining any new
third-party financing for the Company a virtual impossibility.

On May 31, 2010, Corriente was acquired pursuant to a take-over
bid by a joint venture of two Chinese state-owned companies. To
that date, the Company's directors and officers were those of
Corriente, except that Q2 Gold had one additional director who was
independent of both Q2 Gold and Corriente.  Concurrent with the
take-over, all of the directors of Corriente resigned and the
employment of all of the officers of Corriente was terminated.
Effective June 1, 2010, all of the Company's directors and
officers were independent of Corriente.

Q2 Gold's board and management have pursued all reasonable
avenues, including the potential for additional interim financing
by Corriente, new equity financing, a sale or joint venture of the
properties, or a write-down of the Corriente debt, in an effort to
improve the Company's financial situation.  None of those
discussions has led to a solution to our ongoing capital
requirements, and given the circumstances, the board of directors
has concluded that the Company has no realistic prospects for
financing.


With realization by Corriente on its security in the next few
months apparently inevitable, the Company's board is of the view
that it would be pointless to continue to pay monthly interest
payments due on the convertible loan or to incur additional
expenses for rent, administrative services, and the calling and
holding of an annual meeting this fall.  The decision was taken
not to pay the monthly interest payment that was due on August 31,
with the result that the Company is now in default under the loan.

The board is also of the view that there is nothing to be gained
for the Company or its shareholders or creditors from a formal
winding-up process, and that it would not be prudent to incur
needless expense in that regard.  The Company has paid its trade
creditors in full and has no liabilities other than the debt to
Corriente. It assumes that Corriente will take steps to enforce
its security over all of the company's remaining assets, being its
interest in the Piedra Liza and Caya 36 concessions and its cash
on hand.

Accordingly, the Company intends to stop filing continuous
disclosure documents and annual reports with the securities and
corporate regulators, as a result of which, in due course, the
shares of the Company will be made subject to a cease-trade order
and the Company struck from the British Columbia Register of
Companies ("BC Register").

At the close of the Arrangement, the adjusted cost base ("ACB")
attributed to the shares of the Company that were distributed to
Corriente's shareholders was $C0.0039 per share. The Company
expects that once the Company has been struck from the BC
Register, its shares will have no value.  Shareholders should
consult their financial or tax advisors.

On July 28, 2010, the Company received the resignation of Richard
Clark as a director.  The officers of the Company and all of its
remaining directors have resigned from the Company, effective at
the close of business today.


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


* JAMAICA: Bank of Jamaica's Data Shows More Loans Going Under
--------------------------------------------------------------
The Bank of Jamaica released data showing the extent to which
loans are souring as incomes fall in the weakened economy,
RadioJamaica reports.  The report relates that several loans taken
out in better economic times are now souring on the books of
financial institutions.

According to the report, financial institutions reporting to the
BoJ said that at the end of June, they had JM$20 billion of loans
on their books which had not been paid for at least three months.
The report relates that this has forced the finance houses to
classify those loans as "non-performing".

The report notes that the JM$20 billion of non-performing loans
banks were carrying on their books at the end of June, is a 40%
jump from the levels they were a year earlier.

Every loan from mortgages to private loans, even commercial loans,
were affected as businesses went under in a tough economy and
consumers, who lost jobs or suffered pay cuts, were no longer able
to service their loan obligations, the report says.

RadioJamaica notes that the reality has been forcing the financial
institutions which made the loans in the first place to be finding
increasing sums to help offset the effects of delinquent
borrowers.

At the end of June, the report adds, a total of JM$14 billion was
set aside as provisions for loan losses.

                         *     *     *

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
===========


MEXICANA AIRLINES: Banco Mercantil Opposes Ch. 15 Petition
----------------------------------------------------------
Banco Mercantil del Norte S.A. and several other creditors are
seeking to block U.S. Bankruptcy Court approval of a motion by
Mexicana Airlines for recognition of its insolvency case as
foreign main proceeding.

In court papers, Banco Mercantil has complained over a recent
ruling handed down by the Mexican court which the bank perceives
is contradictory to the August 18 order issued by U.S. Bankruptcy
Judge Martin Glenn which exempts the bank from the preliminary
injunction.

The Mexican Court, which oversees the insolvency case of Mexicana
Airlines, issued an ex parte order enjoining Banco Mercantil from
enforcing its rights on two bank accounts where Mexicana
Airlines' cash collateral is held.  The ex parte order came just
two days after Judge Glenn issued his August 18 order which
exempts the bank from the injunction.

Mexicana Airlines' new owners reportedly threatened to file
criminal cases against Banco Mercantil in Mexico.

Counsel for Banco Mercantil, Paul Hessler, Esq., at Linklaters
LLP, in New York, -- paul.hessler@linklaters.com -- says Mexicana
Airlines has been playing what he calls an "elaborate
jurisdictional shell game" in which the company seeks a ruling in
one jurisdiction only to later seek to overturn the very same
ruling through its actions in another.

"The result is a form of jurisdictional arbitrage by which
Mexicana is gaming the system by seeking to obtain this
[Bankruptcy Court's] recognition of its Mexican bankruptcy
proceeding while avoiding the express requirements of the
Bankruptcy Code," Mr. Hessler says in court papers.

Banco Mercantil says it will oppose the recognition of Mexicana
Airlines' insolvency case unless the Bankruptcy Court issues an
order that gives the bank the same protection granted to
creditors secured by cash collateral under U.S. bankruptcy laws,
and prohibits Mexicana Airlines from taking any actions that
would undermine the protections granted to creditors.

The bank submitted declarations with the Bankruptcy Court in
support of its objections.

Mexicana Airlines, otherwise known as Compania Mexicana de
Aviacion S.A. de C.V., owes Banco Mercantil as much as
US$123.6 million under an April 17, 2008 credit agreement.  The
company's obligations under the agreement are secured by the bank
accounts pledged in favor of Inter National Bank, the collateral
agent.

The motion for recognition also drew flak from RBS Aerospace
Limited, The Greater Orlando Aviation Authority, The Port
Authority of New York and New Jersey, and a consortium of
airports and airport authorities represented by New York-based
Edwards Angell Palmer & Dodge LLP.

RBS says it does not oppose the recognition of the insolvency
case but it objects to the proposed order on the motion to the
extent it would give "extraterritorial effect" to the
preventative measures laid out in the order previously issued by
the Mexican court.

The preventive measures included a stay of the enforcement of
letters of credit securing the payment obligations of Mexicana
Airlines under two aircraftlease agreements.  RBS is "owner
participant" in connection with those agreements.

Meanwhile, The Greater Orlando Aviation Authority, The Port
Authority of New York and New Jersey, and the consortium of
airports and airport authorities have renewed their call for
"adequate protection."  They demand Mexicana Airlines to pay its
outstanding obligations; maintain insurance policies; remit the
passenger facility charges; protect the trust fund status of the
PFCs, among other things.

Other creditors and leasing companies that also filed formal
objections are GE Capital Aviation Services Limited, EAST Trust-
Sub 12, Wells Fargo Bank Northwest N.A., Marco Aircraft Leasing
Limited, and AeroTurbine Inc.  They ask the Bankruptcy Court to
exempt them from the injunction that may be granted in its order
granting recognition of Mexicana Airlines' insolvency case.

The Bankruptcy Court will hold a hearing on September 8, 2010, at
11:00 a.m., to consider the motion.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


MEXICANA AIRLINES: City of Los Angeles Wants Protection
-------------------------------------------------------
The City of Los Angeles asked U.S. Bankruptcy Judge Martin Glenn
to grant the city the same protection that would be granted to
airports providing services to Mexicana Airlines in case the
bankruptcy judge amends his preliminary injunction order.

The city, which operates the Los Angeles International Airport,
made the request in light of the ongoing talks between Mexicana
Airlines and a consortium of airports and airport authorities
regarding terms that would provide adequate assurance of payment
for the company's postpetition obligations.  Judge Glenn would
amend the preliminary injunction order if Mexicana Airlines and
the group agreed on those terms.

The preliminary injunction order, which bars creditors from
taking legal actions against Mexicana Airlines, did not extend
the "service provider protections" to airports.  Judge Glenn,
however, determined that the consortium is not "sufficiently
protected," and directed Mexicana Airlines and the group to
negotiate.

                     About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


* Alvarez & Marsal Opens New Office In Mexico
---------------------------------------------
Alvarez & Marsal has expanded its presence in Latin America with
the opening of a Mexico office.  Arturo D'Acosta Ruiz, chairman of
the Mexican Stock Exchange's New Listing Committee, has joined the
firm as a managing director and head of Alvarez & Marsal Mexico.

The addition of a Mexico office represents Alvarez & Marsal's
third Latin American office, having successfully established a
strong presence in Brazil and Colombia in connection with several
major engagements with companies in the textile, real estate and
airline industries, including the high-profile restructuring of
Varig, Brazil's national airline.  The firm now has more than 50
Latin American-based professionals focusing on restructuring,
performance improvement and private equity services.

"As the second largest economy in Latin America, the opening of a
Mexico office represents a significant step in the firm's Latin
American strategy," said Tony Alvarez II, co-CEO of Alvarez &
Marsal. "The firm has long recognized the potential of the region
and is committed to continuing to build its presence both in
Mexico and throughout Latin America."

"Mexico is becoming an increasingly important hub for regional and
international business," said Mr. D'Acosta.  "My experience and
leadership in Mexico coupled with A&M's existing Latin American
footprint will provide a powerful combination for our clients in
Mexico as well as companies looking to do business in the region."

With more than 25 years of experience, Mr. D'Acosta's expertise
includes debt placement and restructuring, operational and
performance improvement, corporate governance, strategic planning,
raising private and public equity and mergers and acquisitions. In
addition to his role at A&M, he currently serves as chairman of
the Mexican Stock Exchange's New Listing Committee and as an
independent board member and chairman of the Auditing &
Compensations Committee for NASOFT (North American Software), a
leading IT company in Mexico.

Previously, Mr. D'Acosta was a senior partner with D'Acosta &
Asociados S. de R.L. de C.V., a financial advisory firm, where he
designed and successfully implemented a debt restructuring plan
for a family-owned aluminum manufacturing company, managed a debt
restructuring process for a construction company encountering a
strong sales decline in the Mexican market and designed and
implemented a business plan for a leading food company.  Earlier
in his career, he served as CFO for Grupo Industrial Saltillo, a
holding company with operations in construction products and
automotive products, and as CFO of DESC, S.A.B. de C.V., a Mexican
holding company with operations in the petrochemical, real estate,
auto-parts and food industries.

Mr. D'Acosta received a bachelor's degree in business
administration from Escuela Bancaria y Comercial (EBC) in Mexico
City and a master's degree in business administration from
Instituto Tecnológico Autónomo de México (ITAM).  He is fluent in
Spanish and English.

                    About Alvarez & Marsal


Since 1983, Alvarez & Marsal -- http://www.alvarezandmarsal.com/
-- has set the standard for working with organizations to solve
complex problems, boost operating performance and maximize value
for stakeholders.  A leading independent global professional
services firm, A&M draws on its deep operational and turnaround
heritage to help companies across the industry spectrum improve
operating and financial performance, and to navigate business,
litigation and tax matters with speed, responsiveness and
unmatched quality.

Whether serving as business advisers or in interim management
roles during periods of change or transition, A&M stands for
leadership, problem-solving and value creation.  A&M clients range
from multinational to middle-market companies around the world
that are both publicly held and privately owned. W ith a bias
toward action, implementation and results, Alvarez & Marsal
professionals serve large and mid-cap private equity firms,
company management and boards and other stakeholders aiming to
drive sustainable results up and down the balance sheet.

A founder of the modern day restructuring industry, Alvarez &
Marsal has been honored numerous times by the Turnaround
Management Association and has been recognized as one of the Best
Firms to Work For by Consulting magazine.


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


CARIBBEAN PETROLEUM: Taps Cadwalader Wickersham as Lead Counsel
---------------------------------------------------------------
Caribbean Petroleum Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission
to employ Cadwalader, Wickersham & Taft LLP as lead bankruptcy
counsel.

CWT will, among other things:

   -- advise the Debtors concerning actions they might take to
      collect and recover property for the benefit of their
      estates;

   -- advise and assist the Debtors in connection with the
      contemplated sale of all or substantially all of their
      assets;

   -- advise the Debtors concerning executory contracts and
      unexpired lease assumptions, assignments, and rejections.

The Debtors relate that the services of CWT will complement and
not duplicate the services rendered by Richards, Layton & Finger,
P.A., as co-bankruptcy counsel; McConnell Valdes LLC as special
corporate counsel; and Kurtzman Carson Consultants LLC, as
noticing, claims, and balloting agent.

CWT received a US$250,000 retainer for its professional services.
As of the Petition Date, CWT has fully applied the retainer and
received US$668,809 additional compensation from the Debtors.

The hourly rates of the CWT personnel are:


     Partners                 US$650 - $995
     Attorneys                  $335 - $995
     Legal Assistants           $170 - $265

To the best of the Debtors' knowledge, CWT is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

               About Caribbean Petroleum Corporation

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.

Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations.  The Debtor
estimated its assets at US$100 million to US$500 million and its
debts at US$500 million to US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., serves
as co-counsel to the Debtors.  The Debtors' financial advisor is
FTI Consulting Inc.  The Debtors' chief restructuring officer is
Kevin Lavin of FTI Consulting Inc.


CARIBBEAN PETROLEUM: Taps Richards Layton as Bankruptcy Co-Counsel
------------------------------------------------------------------
Caribbean Petroleum Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission
to employ Richards, Layton & Finger, P.A. as co-counsel.

RL&F will, among other things:

   -- take all necessary actions to protect and preserve the
      estates of the Debtors, including the prosecution of actions
      on the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of disputes in which
      the Debtors are involved, and the preparation of objections
      to claims filed against the Debtors' estates;

   -- advise the Debtors of their rights, powers, and duties as
      Debtors-in-possession; and

   -- prepare on behalf of the Debtors, all necessary motions,
      applications, answers, orders, reports, and other papers in
      connection with the administration of the Debtors' estates
      and serve the papers on creditors.

The Debtors relate that the services of RL&F will complement and
not duplicate the services rendered by Cadwalader, Wickersham &
Taft LLP as lead bankruptcy counsel; and McConnell Valdes LLC as
special corporate counsel.

Mark D. Colllins, tells the Court that the Debtors do not owe RL&F
any amount for services rendered or expenses incurred prior to the
commencement date.  RL&F received a US$50,000 retainer as
compensation for professional services rendered and reimbursement
of expenses incurred.

The Debtors propose that the remainder of the retainer be treated
as an evergreen retainer.

To the best of the Debtors' knowledge, RL&F is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                     About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.

Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations.  The Debtor
estimated assets at US$100 million to US$500 million and debts at
US$500 million to US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

The Debtors' lead counsel is Cadwalader, Wickersham & Taft LLP.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.


CARIBBEAN PETROLEUM: Meeting of Creditors Set for September 16
--------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will convene a meeting of creditors in Caribbean Petroleum Corp.,
et al.'s Chapter 11 cases on September 16, 2010, at 10:00 a.m.,
Eastern Daylight Time.  The meeting will be held at J. Caleb Boggs
Federal Building, 844 King Street, 2nd Floor, Room 2112,
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.

Cribbean Petroleum filed for Chapter 11 protection (Bankr. D. Del.
Case No. 10-12553) on August 12, 2010, nearly 10 months after a
massive explosion at its major Puerto Rican fuel storage depot
virtually shut down the company's operations.  The Debtor
estimated assets at US$100 million to US$500 million and debts at
US$500 million to US$1 billion as of the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., serves
as counsel to the Debtors.  The Debtors' co-counsel is Cadwalader,
Wickersham & Taft LLP.  The Debtors' financial advisor is FTI
Consulting Inc.  The Debtors' chief restructuring officer is Kevin
Lavin of FTI Consulting Inc.


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


CL FIN'L: CLICO Liquidator Fights US$1.45 Million Lien
------------------------------------------------------
CLICO (Bahamas) Craig A. 'Tony' Gomez has initiated legal action
to prevent US-based Brennan Financial from obtaining a
'preferential' US$1.445 million payment against Florida-based real
estate development company Wellington Preserve, which accounts for
63% of CLICO, Neil Hartnell at Tribune Business reports.

Wellington Preserve owes US$78 million of which US$73 million are
due to CLICO (Bahamas) and its CLICO Enterprises affiliate.

According to the report, Mr. Gomez and his US attorneys are likely
to have moved because if Brennan Financial enforced its judgment
lien over Wellington Preserve, any payout would further reduce the
recovery pool available to CLICO (Bahamas) policyholders and
creditors, who have now been waiting more than 18 months for a
resolution to their plight.

Brennan Financial, the report notes, obtained its judgment on
January 27, 2010, entering this into the public records the
following day.

The report notes given that the judgment was handed down within 90
days of Mr. Gomez placing Wellington Preserve into Chapter 11
bankruptcy protection, in a bid to safeguard CLICO (Bahamas) main
asset from its creditors, the liquidator's attorneys are arguing
that it is tantamount to Brennan Financial getting a preference-
payment in full of its claim, rather than being made to stand in
line with other creditors and receiving a percentage of every
US$1.  Therefore, the report relates, Mr. Gomez and his attorneys
are asking the U.S. Bankruptcy Court for the Southern District of
Florida to determine that Brennan Financial's judgment lien is
avoidable under Chapter 11 laws, and therefore can be cancelled.

Meanwhile, the report notes, the complaint that was filed on
September 2, 2010, also sheds further light on the actions of CL
Financial Head Lawrence Duprey.  The report relates that Brennan
Finacial, at the request of Mr. Duprey and his Dalco Properties
entity, was alleged to have negotiated the purchase of property
that formed the 545-acre Wellington Preserve in 2004.  However,
the report says, prior to closing the deal, Mr. Duprey formed
Wellington Preserve and took title to the acquired real estate in
that company's name, thus allegedly denying Brennan Financial its
sales commission.

As a result, it sued Mr. Duprey and Dalco Properties to recover
the unpaid sales commission in the Broward County 17th Judicial
Circuit Court, the report discloses.

The report relates that the matter was settled, but the deal saw
Dalco and Mr. Duprey "released from responsibility in the action",
with Wellington Preserve (by extension, CLICO (Bahamas) and CLICO
Enterprises) substituted as the entity obliged to pay Brennan
Financial what was owed.

"Wellington made the first two payments of the settlement pursuant
to the terms of a confidential settlement agreement, but its
parent company, CLICO Enterprises, was unable to fund the third,
due to its insolvency and that of its affiliate, CLICO (Bahamas),"
Mr. Gomez's lawsuit alleged, the report says.

"Wellington owes total debts of approximately US$78 million.  At
all relevant times, Wellington was insolvent in that the total
value of its assets in less than the amount of its debts.  The
judgment lien would enable Brennan to receive more than it would
have received had it not recorded its judgment, and Wellington
filed for relief under Chapter 7 of the bankruptcy code; ie,
payment in full rather than Brennan's pro rata dividend as an
unsecured creditor," it added, the report relates.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


HINDU CREDIT UNION: Government Should Pay Over-60 HCU Depositors
----------------------------------------------------------------
The government should pay Hindu Credit Union depositors, who are
60 years and older because many of them are sick and need their
money, Trinidad Express reports, citing HCU Credit Union Members
Group.

Several HCU members have died since the credit union went into
receivership more than two years ago and many more are ill and are
experiencing financial hardship, the members group said in a
statement obtained by the news agency.

According to the report, Union Members Group President Deosaran
Bisnath, said that the People's Partnership Government should
provide money to pay HCU depositors who are 60 and older as an
immediate measure.  The report relates the group said that the
government should also inject $700 million over the next two years
to return deposits and investments to HCU members.  "In return,
the government will take complete ownership of HCU assets,
estimated at TT$450 million, all of which are already in the hands
of the liquidator since July 2008," the members group added.

The HCU once had more than 100,000 members.

                       About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


                            ***********

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.


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