TCRLA_Public/100922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Wednesday, September 22, 2010, Vol. 11, No. 186

                            Headlines



A R G E N T I N A

JUBESA SRL: Creditors' Proofs of Debt Due on November 15
PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19
TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due on November 1
TLC TRANSPORTES: Creditors' Proofs of Debt Due on November 4


B A R B A D O S

ARAWAK CEMENT: To Cut 50% of Workforce


B R A Z I L

BANCO BMG: S&P Puts 'BB-/B' Rating on CreditWatch Positive
BANCO INDUSTRIAL: S&P Puts 'BB-/B' Rating on CreditWatch Positive


C A Y M A N  I S L A N D S

ALLIANZ HEDGE: Shareholder to Hear Wind-Up Report on Oct. 15
ALPHA LOW: Shareholders' Final Meeting Set for October 14
ALPHA SELECT: Shareholders' Final Meeting Set for October 14
BOUGAINVILLE LIMITED: Members' Final Meeting Set for October 14
CENTAURO FUND: Members' Final Meeting Set for November 5

FRANCIS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 18
GARMARIN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 15
GOLDENTREE LOAN: Shareholders' Final Meeting Set for October 15
HALCORE FUNDING: Shareholders' Final Meeting Set for October 13
HAZELTINE LIMITED: Shareholders' Final Meeting Set for Oct. 13

NEKO, LTD: Shareholders' Final Meeting Set for October 15
QED PARTNERS: Shareholder to Hear Wind-Up Report on October 11
RMB INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 20
RMB LEVERAGED: Members' Final Meeting Set for October 20
SANDOVAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13

TEEFF LIMITED: Shareholders' Final Meeting Set for October 15
TIRANE LTD: Shareholder to Hear Wind-Up Report on October 15
UBS AIS: Shareholders' Final Meeting Set for October 15
WATERBAY (CAYMAN): Members' Final Meeting Set for October 25
WATERVILLE (CAYMAN): Members' Final Meeting Set for October 25


J A M A I C A

CARIB CEMENT: May Cut Jobs to Keep Business Operational


M E X I C O

HIPOTECARIA SU: Moody's Cuts HSCCB 08 Series A to Caa2.mx
HSCCB 06: Moody's Reviews Ratings on Series A Certificates
INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Depositors Form Groups to Meet on Government Offer




                         - - - - -


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


JUBESA SRL: Creditors' Proofs of Debt Due on November 15
--------------------------------------------------------
The court-appointed trustee for Jubesa S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 15, 2010.

The trustee will present the validated claims in court as
individual reports on February 11, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 1, 2011.


PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19
-------------------------------------------------------------
The court-appointed trustee for Pontemar Viajes S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 19, 2010.

The trustee will present the validated claims in court as
individual reports on February 1, 2011.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 15, 2011.


TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due on November 1
---------------------------------------------------------------
The court-appointed trustee for Tejeduria Oriental S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 1, 2010.

The trustee will present the validated claims in court as
individual reports on December 14, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 28, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 16, 2011.


TLC TRANSPORTES: Creditors' Proofs of Debt Due on November 4
------------------------------------------------------------
The court-appointed trustee for T.L.C. Transportes S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until November 4, 2010.


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


ARAWAK CEMENT: To Cut 50% of Workforce
--------------------------------------
Arawak Cement, the sister company of Caribbean Cement Company
Limited, will shed half of its workforce or about 133 of 250 jobs,
RadioJamaica reports, citing Dr. Rollin Bertrand, Chief Executive
Officer of the Trinidad Cement Limited Group.  Arawak Cement is
majority-owned by the TCL Group.

According to the report, Dr. Bertrand said that a contracting
construction sector in Barbados and the decision of its CARICOM
markets to waive the Common External Tariff on extra-regional
cement were the main reasons behind the planned layoffs.

Arawak Cement is a cement manufacturer based in Barbados.


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


BANCO BMG: S&P Puts 'BB-/B' Rating on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'BB-/B' counterparty credit and 'brA-'
Brazil National Scale credit rating, on Banco BMG S.A. on
CreditWatch with positive implications.

"The CreditWatch placement indicates that S&P believes there is
potential for an upgrade in the short term," said Standard &
Poor's credit analyst Ricardo Brito.  The bank continues to post
stronger-than-expected origination, which confirms the efficiency
of its lending process and, to some extent, the resilience of its
business plan through business cycles.  The cost adjustments made
in 2008 also helped improve the bank's performance and efficiency
ratios, leading to higher profits in the past 12 months.

S&P expects to resolve the CreditWatch in the short term as soon
as S&P gather additional information on the bank's prospective
performance.


BANCO INDUSTRIAL: S&P Puts 'BB-/B' Rating on CreditWatch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'BB-/B' counterparty credit and 'brA-'
Brazil National Scale rating, on Banco Industrial e Comercial S.A.
on CreditWatch with positive implications.

"The CreditWatch placement indicates that S&P believes there is
potential for an upgrade in the short term," said Standard &
Poor's credit analyst Ricardo Brito.  The bank continues to post
strong core earnings in different business cycles despite the
increased competition in the country.  This is because of its
conservative and efficient management.  Its core earnings-to-
average adjusted assets ratio was a high 2.75% in June 2010 and
2.76% in June 2009.

S&P expects to resolve the CreditWatch as soon as S&P gather
additional information on the bank's prospective performance.


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


ALLIANZ HEDGE: Shareholder to Hear Wind-Up Report on Oct. 15
--------------------------------------------------------------
The sole shareholder of Allianz Hedge Fund Partners (Cayman) LLC
will receive, on October 15, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman


ALPHA LOW: Shareholders' Final Meeting Set for October 14
---------------------------------------------------------
The shareholders of Alpha Low Volatility will hold their final
meeting, on October 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's liquidator is:

         Banque Privee Edmond de Rothschild Europe
         20 Boulevard Emmanuel Servais
         Luxembourg L-2535


ALPHA SELECT: Shareholders' Final Meeting Set for October 14
------------------------------------------------------------
The shareholders of Alpha Select will hold their final meeting, on
October 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's liquidator is:

         Banque Privee Edmond de Rothschild Europe
         20 Boulevard Emmanuel Servais
         Luxembourg L-2535


BOUGAINVILLE LIMITED: Members' Final Meeting Set for October 14
---------------------------------------------------------------
The members of Bougainville Limited will hold their final meeting,
on October 14, 2010, to receive 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


CENTAURO FUND: Members' Final Meeting Set for November 5
--------------------------------------------------------
The members of Centauro Fund Limited will hold their final
meeting, on November 5, 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
         Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FRANCIS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 18
------------------------------------------------------------------
The shareholders of Francis International will hold their final
meeting, on October 18, 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:

         Jeanette Duggan
         P.O. Box 30007, West Bay Road
         Grand Cayman KY1-1201
         Cayman Islands
         Telephone: +1 (345) 949 2648
         Facsimile: +1 (345) 949 8613


GARMARIN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 15
--------------------------------------------------------------
The sole shareholder of Garmarin Investments Ltd will receive, on
October 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman


GOLDENTREE LOAN: Shareholders' Final Meeting Set for October 15
---------------------------------------------------------------
The shareholders of Goldentree Loan Opportunities II, Limited will
hold their final meeting, on October 15, 2010, at 9:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HALCORE FUNDING: Shareholders' Final Meeting Set for October 13
---------------------------------------------------------------
The shareholders of Halcore Funding Limited will hold their final
meeting on October 13, 2010, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Yaser A. Juma'a
         Dar Al-Awadi Towers 27th to 30th Floors
         Ahmad Al-Jaber Street Sharq
         PO Box 28808 Safat 13149
         Kuwait


HAZELTINE LIMITED: Shareholders' Final Meeting Set for Oct. 13
--------------------------------------------------------------
The shareholders of Hazeltine Limited will hold their final
meeting, on October 13, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Cayman Islands


NEKO, LTD: Shareholders' Final Meeting Set for October 15
---------------------------------------------------------
The shareholders of Neko, Ltd. will hold their final meeting on
October 15, 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


QED PARTNERS: Shareholder to Hear Wind-Up Report on October 11
--------------------------------------------------------------
The sole shareholder of QED Partners Limited will receive, on
October 11, 2010, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gordon I. Macrae
         c/o Tammy Fu Zolfo Cooper
         P.O. Box 1102
         Building 3 Cayman Financial Centre, 4th Floor
         Dr. Roy's Drive Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 946-0081
         Facsimile: (345) 946-0082


RMB INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 20
--------------------------------------------------------------
The shareholders of RMB International Master Company (1) Limited
will hold their final meeting, on October 20, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RMB LEVERAGED: Members' Final Meeting Set for October 20
--------------------------------------------------------
The members of RMB Leveraged (Cayman) Limited will hold their
final meeting, on October 20, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SANDOVAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13
-----------------------------------------------------------------
The shareholders of Sandoval Investments Limited will hold their
final meeting, on October 13, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Cayman Islands


TEEFF LIMITED: Shareholders' Final Meeting Set for October 15
-------------------------------------------------------------
The shareholders of Teeff Limited will hold their final meeting on
October 15, 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


TIRANE LTD: Shareholder to Hear Wind-Up Report on October 15
------------------------------------------------------------
The sole shareholder of Tirane Ltd will receive, on October 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman


UBS AIS: Shareholders' Final Meeting Set for October 15
-------------------------------------------------------
The shareholders of UBS AIS Strategy Fund-Event Driven Limited
will hold their final meeting, on October 15, 2010, at 11:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897, Windward 1
         Regatta Office Park, Grand Cayman KY1-1103
         Cayman Islands


WATERBAY (CAYMAN): Members' Final Meeting Set for October 25
------------------------------------------------------------
The members of Waterbay (Cayman) Limited will hold their final
meeting, on October 25, 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:

         Ogier Employee Benefit Services Limited
         Ogier House, The Esplanade St Helier
         Jersey


WATERVILLE (CAYMAN): Members' Final Meeting Set for October 25
--------------------------------------------------------------
The members of Waterville (Cayman) Limited will hold their final
meeting, on October 25, 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:

         Ogier Employee Benefit Services Limited
         Ogier House, The Esplanade St Helier
         Jersey


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


CARIB CEMENT: May Cut Jobs to Keep Business Operational
-------------------------------------------------------
Caribbean Cement Company Limited said it is considering job cuts
to help keep the business operational, RadioJamaica reports.

Faced with problems of a slow down in the construction sector, and
dumped cement putting a strain on its market share, Caribbean
Cement says it may have to cut staff to just to remain a viable
entity, RadioJamaica relates.

According to the report, Company Managing Director Anthony Haynes
said that the downsizing is being explored in an effort to reduce
costs in line with contracting revenues.  "We need to look at all
options at this point but we have been in discussions with the
unions in regards to this and unfortunately, manpower
rationalization is always one option we have to look at.  No
decision has been made one way or the other but we have to
consider all options at this point," the report quoted Mr. Haynes
as saying.

The report notes that Caribbean Cement Company lost JM$213 million
in the first half of this year.

However, the report relates, Mr. Haynes said that he cannot give a
figure on how much money the company needs to save going forward.
"It's difficult to put a dollar value to it like that but more
than 20% of our market has been eroded by the presence of these
dumped cement.  We carry fixed costs, so we can't absorb those
fixed costs with the 20% carry that (and) labor is our second
largest fixed costs, so we have to look at it," the report quoted
Mr. Haynes as saying.

Caribbean Cement Company Limited manufactures and sells Portland
cement.


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


HIPOTECARIA SU: Moody's Cuts HSCCB 08 Series A to Caa2.mx
---------------------------------------------------------
Moody's de Mexico has downgraded Hipotecaria Su Casita, S.A. de
C.V. Sociedad Financiera de Objeto Multiple E.N.R.'s HSCCB 08
Senior Certificates (Trust #536).  The certificates are secured
primarily by the securitization trust's credit rights in
construction loans originated by Hipotecaria Su Casita, S.A. de
C.V.  Sociedad Financiera de Objeto Multiple E.N.R. and granted to
developers for the financing of construction of residential
housing in Mexico, and any cash or permitted investments held as
part of the trust.

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: The Bank of New York Mellon, S.A., acting solely as
trustee.

  -- HSCCB 08 Series A Certificates: downgraded to Caa2.mx (sf)
     from Ba2.mx (sf) (Mexican National Scale) and to Caa2 (sf)
     from B2 (sf) (Global Scale, Local Currency).

The last rating action occurred on June 25, 2010 when the
certificates' ratings were downgraded to Ba2.mx (sf) from Baa3.mx
(sf) and to B2 (sf) from B1 (sf).

                        Ratings Rationale

The rating action is primarily based on Moody's recent downgrade
of Hipotecaria Su Casita's ratings, the revolving nature of the
transaction and its weak performance to date.

Under Moody's rating approach (updated in August 2009), and absent
certain structural protections detailed in Moody's rating
methodology, Moody's considers the rating of revolving
construction loan securitizations to be highly linked to the
rating of the originator and servicer of the assets.  This is due
to the revolving nature of the transactions and the intensive
servicing efforts associated with construction loans.

On September 13, 2010, Moody's downgraded Su Casita's global scale
local currency issuer rating to Caa2 from B2 (national scale
issuer rating downgraded to Caa2.mx from Baa3.mx), and placed
these ratings on review for further possible downgrade.  These
rating actions follow the announcement on September 10th that
negotiations with BBVA Bancomer to purchase a portion of Su
Casita's loan portfolio had ceased due to an inability to reach
agreement on valuation.  Su Casita's current liquidity position is
weak, as the company has sufficient funds available to cover
existing debt only through the middle of 1Q 2011, at which time
the company would suffer a liquidity shortfall.

The transaction has a slow pace of homes sales, pool amortization
and construction across certain projects.  As a result, many of
the loans included in the transaction are likely to require
extensions to their original maturity date, which increases the
risk that the loans may not fully amortize by the transaction's
final maturity date.  In addition, the transaction has a high
concentration of loans outside the low-income housing sector,
which may contribute to a slower pace of home sales as compared to
the low-income housing sector that benefits from more readily
available mortgage financing.

Moody's notes that the transaction's legal final maturity is in
March 2014, and that the revolving period ends 18 months prior to
the maturity date, at which point the certificates begin to
amortize.  Any additional loans added during the remaining
revolving period may also need extensions to their maturity dates,
given the current slowdown in sales and construction completion
rates.  As of August 2010, the senior certificates' had gross
credit enhancement of 22% in the form of overcollateralization and
cash holdings to protect against extension and default risk.

According to Su Casita, on August 17, 2010, investors approved a
proposal to end the transaction's revolving period.  Su Casita
expects that the relevant modifications to the trust agreement in
order to end the revolving period will be completed in the near
term.  However, these modifications have not yet been formalized
as of this date.

Regarding the variability of the certificate ratings, Moody's
notes that any further downgrades to Su Casita's issuer ratings
would not, in and of themselves, necessarily result in a further
downgrade of the certificates in order to link their ratings to Su
Casita's issuer ratings.  Instead, Moody's monitoring will focus
on the expected recoveries on the certificates and on the
underlying construction loan portfolio, whose composition may
change through time given the revolving nature of the transaction.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which the pace of residential home
sales in certain markets have slowed down considerably.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings and public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


HSCCB 06: Moody's Reviews Ratings on Series A Certificates
----------------------------------------------------------
Moody's de Mexico has placed on review for possible downgrade the
ratings of the HSCCB 06 Series A certificates (Trust #356).  The
certificates are secured primarily by the securitization trust's
credit rights in construction loans originated by Hipotecaria Su
Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R.
(Su Casita) and granted to developers for the financing of
construction of residential housing in Mexico, and any cash or
permitted investments held as part of the trust.

The complete rating action is:

Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto Multiple E.N.R.

Issuer: Banco J.P. Morgan S.A., Institucion de Banca Multiple,
J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely
as trustee.

  -- HSCCB 06 Series A Certificates: ratings of Baa1.mx (sf)
     (Mexican National Scale) and B1 (sf) (Global Scale, Local
     Currency) placed on review for possible downgrade.  The last
     rating action occurred on January 5, 2010, when the
     certificates were downgraded to Baa1.mx (sf) from Aaa.mx (sf)
     and to B1 (sf) from Baa1 (sf).

                        Ratings Rationale

The rating action reflects heightened concerns with respect to: i)
Su Casita's stability as servicer of this transaction following
Moody's recent downgrades of the company's issuer ratings, and ii)
future collateral performance given that an increased risk of a
servicer disruption may result in weakening of collections
activities, leading to increased delinquencies, lower recoveries,
and ultimately higher losses on the securitized pool.

On September 13, 2010, Moody's downgraded Su Casita's global scale
local currency issuer rating to Caa2 from B2 (national scale
issuer rating downgraded to Caa2.mx from Baa3.mx), and placed
these ratings on review for further possible downgrade.  These
rating actions follow the announcement on September 10th that
negotiations with BBVA Bancomer to purchase a portion of Su
Casita's loan portfolio had ceased due to an inability to reach
agreement on valuation.  Su Casita's current liquidity position is
weak, as the company has sufficient funds available to cover
existing debt only through the middle of 1Q 2011, at which time
the company would suffer a liquidity shortfall.

Moody's is concerned about Su Casita's stability as servicer as a
result of the recent downgrade of the company's issuer ratings.
During economic downturns a servicer?s financial strength becomes
even more important in connection with the performance of the
portfolio under management.  There is a risk that a company with a
weakened financial strength may have a limited ability to devote
sufficient resources to sustain its servicing capabilities in a
difficult economic environment.  This in turn, may adversely
impact loan performance.

Moody's ongoing review will focus on the performance of the
transaction and the risk of a potential servicing disruption that
may result in performance deterioration.  Moody's will also focus
on Su Casita's ability to repay its short-term obligations, in
light of the company's limited access to external sources of
capital.  In addition, Moody's will also closely monitor the
company's capital structure as well any additional support it may
receive from Sociedad Hipotecaria Federal.

The primary source of assumption uncertainty is Su Casita's
ultimate strategic direction and solvency, and the extent of any
potential servicing disruptions.


INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million
-----------------------------------------------------------------
International Textile Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $7.5 million on $165.4 million
of revenue for the three months ended June 30, 2010, compared with
a net loss of $126.5 million on $202.1 million of revenue for the
same period of 2009.

The Company's balance sheet as of June 30, 2010, showed
$443.7 million in total assets, $525.6 million in total
liabilities, and a stockholders' deficit of $81.9 million.

The Company has a significant amount of debt outstanding, with
maturities on a material portion thereof in March and June 2011.
At June 30, 2010, there was $42.8 million outstanding under the
Company Bank Credit Agreement, $7.1 million outstanding under the
Term Loan Agreement and $48.6 million in senior subordinated notes
held by various third parties.

The Company's ability to pay its substantial debt is dependent
upon, among other things, its ability to refinance its existing
debt that matures at various times during 2011, restructure or
obtain replacement financing for, or obtain modifications or
amendments to, any debt instruments of which the Company is not in
covenant compliance, of which there can be no assurances.

The Company had a working capital deficit of $75.1 million and an
accumulated deficit of $428.4 million, as of June 30, 2010.

A full-text copy of the Form 10-Q is available for free at:

                  http://researcharchives.com/t/s?6b59

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.


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T R I N I D A D  &  T O B A G O
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CL FIN'L: CLICO Depositors Form Groups to Meet on Government Offer
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Dissatisfied with the government's decision on Colonial Life
Insurance Company (Trinidad) Limited (CLICO) depositors, groups
are being formed to represent policyholders, Trinidad & Tobago
Guardian Online reports.

CLICO is a unit of CL Financial Limited.

According to the report, two such groups proposing to represent
policyholders are the United Clico Policyholders (UCP) and the
Clico EFPA Policyholders Group.

The report relates that the People's Partnership Government
decided to override the commitment given by the former
administration and has proposed a TT$75,000 initial payment to
Clico depositors and 20 bond coupons (one for each year) at zero
interest.

The report notes that the UCP wrote to Prime Minister Kamla
Persad-Bissessar addressing their urgent concerns.  The report
relates that the UCP wants government's assurance that insurance
policyholders would not be treated as those who invested in Clico
products.  "The UCP is urgently requesting the immediate release
of a complete list of which Clico policies will be honoured via
the statuory fund and which Clico products are subject to 20-year
zero-interest bonds.  We feel that this information would
immediately clarify matters to us," stated the letter, which was
signed by secretary Angeli Gajadhar, the reports says.  The group,
being represented by minority shareholders rights advocate, Peter
Permell, is concerned for annuity policyholders of Clico, Trinidad
& Tobago Guardian Online relates.

"As a consequence, over 14,000 EFPA policyholders and their
several dependants, whose investments total approximately $12
billion, will be negatively impacted by this decision," the EFPA
Policyholders Group said in a statement obtained by the news
agency.  "The group is comprised of persons from all walks of
life, inclusive but not limited to, retirees, pensioners,
retrenched employees, etc. We have also put together a team of
highly competent professionals with experience and expertise in
business, finance, insurance, information technology and law who
will represent the group," the EFPA statement added.

                         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.


                            ***********

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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