TCRLA_Public/101007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, October 7, 2010, Vol. 11, No. 198

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Asks Judge to Dismiss Criminal Charges


A R G E N T I N A

DECORACIONES SIGLO: Creditors' Proofs of Debt Due on November 3
GUJI SA: Creditors' Proofs of Debt Due on November 26
LA CABANA: Asks for Opening of Preventive Contest


B E R M U D A

MGSIS CLASS: Creditors' Proofs of Debt Due on October 15
MGSIS CLASS: Members' Final Meeting Set for November 5
STRATEGIES POOLING: Creditors' Proofs of Debt Due on October 15
STRATEGIES POOLING: Members' Final Meeting Set for November 5


B R A Z I L

MINERVA OVERSEAS: Completes Exchange Offer & Consent Solicitation


C A Y M A N  I S L A N D S

A & B CREDIT: Creditors' Proofs of Debt Due on October 27
ADIC GLOBAL: Shareholder to Receive Wind-Up Report on October 19
BBVA & PARTNERS: Creditors' Proofs of Debt Due on September 30
C.B.G. FUND: Members' Final Meeting Set for November 4
CAPITAL SERVICE: Creditors' Proofs of Debt Due on October 27

CONTEXT/TQA: Shareholders' Final Meeting Set for October 29
FERRO ALLOYS: Commences Liquidation Proceedings
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 27
HENDERSON MAC: Creditors' Proofs of Debt Due on October 27
JETS CO: Creditors' Proofs of Debt Due on October 27

MURCIE LAGO: Creditors' Proofs of Debt Due on October 27
NEMESIS PARTNERS: Shareholders' Final Meeting Set for October 29
OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28
PROSERVE INSURANCE: Creditors' Proofs of Debt Due on October 27
QUANTITATIVE FUND: Creditors' Proofs of Debt Due on October 13

RUSSIAN GROWTH: Shareholders' Final Meeting Set for October 29
TANGARA JAPAN: Creditors' Proofs of Debt Due on October 27
TANGARA U.S.: Creditors' Proofs of Debt Due on October 27
TANGARA US: Creditors' Proofs of Debt Due on October 27
TANGARA US: Creditors' Proofs of Debt Due on October 27


J A M A I C A

SUGAR COMPANY OF JAMAICA: Owes JM286 Million in NIS Contributions


T R I N I D A D  &  T O B A G O

CL FIN'L: State Bodies Object to Clico Bank's Wind-Up Application


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: Owner Asks Judge to Dismiss Criminal Charges
------------------------------------------------------------
Robert Allen Stanford's lawyers asked U.S. District Judge David
Hittner to dismiss all criminal charges filed against their
client, arguing in a court filing that the Texas financier's
constitutional rights have been violated, Reuters reports.

According to the report, the 98-page filing in U.S. District Court
also asked the court to suppress evidence uncovered by Ralph
Janvey, the court-appointed receiver, in the U.S. Securities and
Exchange Commission's civil fraud case filed in Dallas.

"This motion addresses an extraordinary, if not unprecedented,
example of a citizen's constitutional rights being profoundly
violated by the government through its utilization of a civil
process that at its essence constituted punishment without a
trial, a violation of the Fourth and Fifth Amendments," Mr.
Stanford's lawyer, Robert Bennett, said in the filing, the report
notes.  "Mr. Stanford was literally left with only the suit he was
wearing at the time of the SEC take-over on February 17, 2009: the
government even seized his underwear," the filing said, Reuters
relates.

Mr. Stanford, the report discloses, also asked Judge Hittner, who
is overseeing the criminal case, for an evidentiary hearing into
the matter.

Meanwhile, in a separate filing, Mr. Bennett asked for a change of
venue, arguing that a Houston jury would be prejudiced by the
media coverage of Stanford's case and there are strong feeling of
victimization in the community, the report says.  "It would be
virtually impossible for [Mr.] Stanford to receiver a fair trial
in Houston, Texas," Bennett wrote, Reuters adds.

                  About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi- billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009, before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


DECORACIONES SIGLO: Creditors' Proofs of Debt Due on November 3
---------------------------------------------------------------
Horacio Jose Eugenio Camiri, the court-appointed trustee for
Decoraciones Siglo XXI SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until November 3, 2010.

Mr. Camiri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, 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.

The Trustee can be reached at:

         Horacio Jose Eugenio Camiri
         Lavalle 1206
         Argentina


GUJI SA: Creditors' Proofs of Debt Due on November 26
-----------------------------------------------------
Anibal Esteva, the court-appointed trustee for Guji SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 26, 2010.

Mr. Esteva will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, 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.

The Trustee can be reached at:

         Anibal Esteva
         Bulnes 779
         Argentina


LA CABANA: Asks for Opening of Preventive Contest
-------------------------------------------------
La Cabana de Buenos Aires SA asked for the opening of preventive
contest by cessation of payments.


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


MGSIS CLASS: Creditors' Proofs of Debt Due on October 15
--------------------------------------------------------
The creditors of MGSIS Class K1 IP 220 Trading Ltd are required to
file their proofs of debt by October 15, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 24, 2010.

The company's liquidator is:

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


MGSIS CLASS: Members' Final Meeting Set for November 5
------------------------------------------------------
The members of MGSIS Class K1 IP 220 Trading Ltd will hold their
final meeting, on November 5, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 24, 2010.

The company's liquidator is:

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


STRATEGIES POOLING: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------------
The creditors of Strategies Pooling Limited are required to file
their proofs of debt by October 15, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2010.

The company's liquidator is:

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


STRATEGIES POOLING: Members' Final Meeting Set for November 5
-------------------------------------------------------------
The members of Strategies Pooling Limited will hold their final
meeting, on November 5, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on September 29, 2010.

The company's liquidator is:

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


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


MINERVA OVERSEAS: Completes Exchange Offer & Consent Solicitation
-----------------------------------------------------------------
Minerva Overseas II Ltd., a wholly-owned subsidiary of Minerva
S.A., has successfully completed its previously announced private
exchange offer for any and all of the outstanding 9.50% Notes due
2017 issued by Minerva Overseas Ltd. for its newly issued 10.875%
Notes due 2019 and the related solicitation of consents to certain
previously announced proposed amendments to the indenture
governing the old notes.  Eligible holders of U.S.$125,517,000 in
aggregate principal amount of old notes, representing 78.74% of
the outstanding old notes, had validly tendered and not withdrawn
their old notes and delivered the related consents at or prior to
11:59 p.m., New York City time, on October 1, 2010.  Minerva II
also announced that it has accepted for exchange all the old notes
that were validly tendered at or prior to the expiration date.
Minerva II previously announced that it had received the requisite
consents to execute a supplemental indenture to the old notes
indenture containing the super majority consent modifications,
which eliminate certain provisions, including substantially all of
the restrictive covenants and certain events of default, and
provide for an issuer substitution provision under the old notes
indenture as described in the confidential offering circular,
dated September 2, 2010.  Such supplemental indenture has been
executed and is now effective.

The exchange offer and consent solicitation was solicited only
from holders of old notes who properly completed, executed and
delivered to the information agent an eligibility letter, whereby
such holder represented to Minerva II that it is one of the
following (i) a "qualified institutional buyer", (ii) an
institutional "accredited investors" or (iii) a non-"U.S. Person".
Holders who satisfied this requirement are referred to as
"eligible holders."

The new notes have not been and will not be registered under the
Securities Act, or any state securities laws, may not be offered
or sold in the United States absent registration or an applicable
exemption from registration requirements, and will therefore be
subject to substantial restrictions on transfer.

                      About Minerva Overseas

Minerva Overseas II Ltd., a wholly-owned subsidiary of Minerva
S.A.  Minerva S.A. produces and sells beef, leather and live
cattle in Brazil, and is one of the country's three largest
exporters in the sector in terms of gross sales revenue, exporting
to around 80 countries.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 21, 2010, Standard & Poor's Ratings Services said that it
assigned its 'B-' rating to the forthcoming US$250 million senior
unsecured notes due 2020 to be issued by Minerva Overseas II Ltd.,
a wholly owned subsidiary of Brazil-based beef company Minerva
S.A.  The notes will be unconditionally and irrevocably guaranteed
by Minerva.


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


A & B CREDIT: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of A & B Credit Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Phil Mackey
         Babcock and Brown Sydney
         The Chifley Tower, Level 23
         No. 2 Chifley Square Sydney
         Sydney NSW 2000
         Australia


ADIC GLOBAL: Shareholder to Receive Wind-Up Report on October 19
----------------------------------------------------------------
The shareholder of Adic Global Equity Hedge Fund will receive, on
October 19, 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:

         K.D. Blake
         c/o Robert Arthur
         Telephone: 345-815-2637
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


BBVA & PARTNERS: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------------
The creditors of Bbva & Partners Euro Equity Arbitrage Ltd. are
required to file their proofs of debt by September 30, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 16, 2010.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


C.B.G. FUND: Members' Final Meeting Set for November 4
------------------------------------------------------
The members of C.B.G. Fund will hold their final meeting, on
November 4, 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:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


CAPITAL SERVICE: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Capital Service Holding Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


CONTEXT/TQA: Shareholders' Final Meeting Set for October 29
-----------------------------------------------------------
The shareholders of Context/TQA Convertible Fund, Ltd. will hold
their final meeting, on October 29, 2010, at 9:00 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


FERRO ALLOYS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on August 24, 2010, the
shareholder of Ferro Alloys Trading Inc. resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Jose Alberto De Camargo
         Rua Frederic Chopin, 283-Apt. 12
         Jardim Paulistano, Sao Paulo
         SP 01454-030
         c/o Lisa Jones
         Telephone: 1 412 221 7008
         e-mail: jones@referencemetals.com


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Frontpoint Offshore Eurasia Opportunity Fund,
Ltd. are required to file their proofs of debt by October 27,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on September 13,
2010.

The company's liquidator is:

         Jess Shakespeare
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall Grand Cayman KY1-1102
         Cayman Islands


HENDERSON MAC: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Henderson Mac 87 Ltd are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 3,
2010.

The company's liquidator is:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106, Grand Cayman KY1-1205
         Cayman Islands


JETS CO: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------
The creditors of Jets Co. Limited are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 10, 2010.

The company's liquidators are:

         David Preston
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY-1102
         Cayman Islands


MURCIE LAGO: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Murcie Lago International 2005-1 Limited are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 9,
2010.

The company's liquidator is:

         Victor Murray
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NEMESIS PARTNERS: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Nemesis Partners International Ltd. will hold
their final meeting, on October 29, 2010, at 8:45 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


OSPRAIE (CAYMAN): Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------------
The creditors of Ospraie (Cayman) GP III Ltd are required to file
their proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 16,
2010.

The company's liquidator is:


         David A.K. Walker
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


PROSERVE INSURANCE: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------------
The creditors of Proserve Insurance Ltd. are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 1,
2010.

The company's liquidator is:

         Atlas Insurance Management (Cayman) Limited
         c/o Lesley Thompson
         Telephone: (345) 945 5556
         Whitehall House, 3rd Floor
         238 North Church Street
         George Town Grand Cayman KY1-1107
         Cayman Islands


QUANTITATIVE FUND: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------------
The creditors of Quantitative Fund, Ltd. are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 7,
2010.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         c/o Christine Fletcher
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647;

              - or -

         Mourant Ozannes Cayman
         c/o Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre 42 North Church Street
         P.O. Box 1348, George Town Grand Cayman KY1-1108
         Cayman Islands


RUSSIAN GROWTH: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Russian Growth Fund will hold their final
meeting, on October 29, 2010, at 8:30 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


TANGARA JAPAN: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Tangara Japan Leasing Limited are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Phil Mackey
         Babcock and Brown Sydney
         The Chifley Tower, Level 23
         No. 2 Chifley Square Sydney
         Sydney NSW 2000
         Australia


TANGARA U.S.: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Tangara U.S. Leasing Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Phil Mackey
         Babcock and Brown Sydney
         The Chifley Tower, Level 23
         No. 2 Chifley Square Sydney
         Sydney NSW 2000
         Australia


TANGARA US: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------
The creditors of Tangara US 2 Leasing Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Phil Mackey
         Babcock and Brown Sydney
         The Chifley Tower, Level 23
         No. 2 Chifley Square Sydney
         Sydney NSW 2000
         Australia


TANGARA US: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------
The creditors of Tangara US 6 Leasing Limited are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Phil Mackey
         Babcock and Brown Sydney
         The Chifley Tower, Level 23
         No. 2 Chifley Square Sydney
         Sydney NSW 2000
         Australia


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


SUGAR COMPANY OF JAMAICA: Owes JM286 Million in NIS Contributions
-----------------------------------------------------------------
Former workers of the Sugar Company of Jamaica Holdings Limited
stand to lose out on National Insurance Scheme benefits if the
company does not pay over millions of dollars in contributions to
the Ministry of Labour and Social Security, RadioJamaica reports.
The report relates that at October 5, 2010's sitting of
Parliament's Public Accounts Committee, it was revealed that the
SCJ owes $286 million in outstanding contributions.

According to RadioJamaica, Alvin McIntosh, Permanent Secretary in
the Ministry of Labour and Social Security, said that with the SCJ
owing almost all of the JM$304 million that is owed to the NIS,
the company is its biggest debtor.  The report relates Mr.
McIntosh said that the ministry has been in discussions with the
SCJ since late last month, however; no agreement was reached for
the monies to be paid.  Another meeting has been set for today,
October 7.

Meanwhile, RadioJamaica notes, SCJ Chairman Aubyn Hill said that
former sugar workers will receive their NIS benefits.  The report
relates Mr. Hill said that the SCJ has been in discussions with
all other agencies it owes and arrangements have been made to pay
over contributions.  "The workers will not lose a penny of their
money and anybody who raises that is not telling the truth.
Arrangements have been made already with the National Housing
Trust, the PAYE (Pay As You Earn), and so on and the NIS is one of
the last meeting we have to have (but) in our last budget,
everything is there," RadioJamaica quoted Mr. Hill as saying.

Mr. Hill, the report discloses, is also disputing the JM$286
million which the Ministry of Labour and Social Security said the
SCJ owes in NIS contributions.  RadioJamaica relates that while
admitting that SCJ Holdings Limited, the company responsible for
the divestment and sale of Government's sugar assets to Eridania
Suisse, does owe the NIS, Mr. Hill insisted that the figure is
more in the region of JM$40 million.

Mr. Hill suspects that liabilities from the previous company, SCJ
Legacy Holdings, which have now been taken over by the Government
and the Ministry of Finance, were mixed in with those of SCJ
Holdings Limited, the report adds.

                            About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


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


CL FIN'L: State Bodies Object to Clico Bank's Wind-Up Application
-----------------------------------------------------------------
Trinidad and Tobago Guardian reports that even as the government
tries to devise an amicable solution to deal with the Colonial
Life Insurance Company (Trinidad) Limited (CLICO) insolvency and
the losses to shareholders, lawyers representing the Clico
Investment Bank (CIB) are moving full speed ahead with an
application to wind up the company.  CLICO and CIB are
subsidiaries of CL Financial Limited.

However, according to Trinidad and Tobago Guardian, before they
can do so, state bodies National Gas Company and National
Insurance Board have objected to the winding-up, which is likely
to cost them a combined total of TT$1.8 million in investment
losses.

The report notes that Justice Ronnie Boodoosingh, who is hearing
the winding-up application, told lawyers it was "premature" for
him to rule on preliminary points made to the court.  Trinidad and
Tobago Guardian relates that lawyers for NGC -- Dr. Claude Denbow,
SC, Dharmendra Punwassee and Donna Denbow -- had submitted that,
among other things, CIB did not have the authority to make an
application for the company to be wound up.  Rather, the report
notes, Mr. Denbow contended, it was a matter for the Central Bank,
which had since assumed control of the cash-strapped financial
institution over one year ago.

Clico Investment Bank, Trinidad and Tobago Guardian reports, had
applied to the High Court to be officially wounded up under
Section 44(d) of the Central Bank Act.  The report relates that
Mr. Denbow submitted it was up to the Central Bank to petition to
the court for the winding-up under the Financial Institutions Act.

Trinidad and Tobago Guardian relates that depending on the
classification of the funds put into CIB, if the application to
have the company wound up is granted, NGC and NIB would find
themselves on the lower end of the list of creditors.  They would
stand to lose a combined total of TT$1.8 million, the report
discloses.

Trinidad and Tobago Guardian notes that Attorney Neil Bisnath
filed an application for a stay on behalf of the CIB on April 16.

Judge Boodoosingh, the report discloses, said he would instead be
considering the application for a stay to the proceedings brought
by NGC.  Trinidad and Tobago Guardian relates that Judge
Boodoosingh ordered that submissions be made on November 8 for the
application for the stay and ordered that submissions from both
sides on the winding up petition be submitted by November 30.
Responses were to these were ordered to be made by December 30,
the report adds.

                         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.


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


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

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Level Professional Development Program
       Weil, Gotshal & Manges LLP, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
    17th Annual Distressed Investing Conference
       The Helmsley Park Lane Hotel, New York City
          Contact: 1-903-595-3800;
                   http://www.renaissanceamerican.com/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Caribbean Insolvency Symposium
       Westin Casuarina Resort & Spa, Grand Cayman Island
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Hyatt Regency Century Plaza, Los Angeles, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       Duberstein U.S. Courthouse, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - Florida
       Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    SUCL/ Alexander L. Paskay Seminar on
    Bankruptcy Law and Practice
       Marriott Tampa Waterside, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Byrne Judicial Clerkship Institute
       Pepperdine University School of Law, Malibu, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       JW Marriott, Chicago, IL
          Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - New York City
       Association of the Bar of the City of New York,
       New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       Hilton New York, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Canadian-American Cross-Border Insolvency Symposium
       Fairmont Royal York, Toronto, Ont.
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Sanctuary at Kiawah Island, Kiawah Island, S.C.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       Dublin, Ireland
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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

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

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

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                  * * * End of Transmission * * *