TCRLA_Public/101011.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

            Monday, October 11, 2010, Vol. 11, No. 200

                            Headlines



A R G E N T I N A

ALUMNOR SA: Creditors' Proofs of Debt Due November 19
AUTOPISTAS DEL SOL: Closes Debt Swap With Creditors
BRICKSTORE SA: Creditors' Proofs of Debt Due November 22
COLUCO SA: Creditors' Proofs of Debt Due December 14
GARANTIA DE VALORES: Moody's Puts 'B2' Insurance Strength Rating

J & M CONSULTORES: Creditors' Proofs of Debt Due December 21
RAGUSA SA: Creditors' Proofs of Debt Due October 29


B E R M U D A

PROTOSTAR INC: Judge Approves Liquidation Plan


C A Y M A N  I S L A N D S

#1 JAPAN: Shareholders' Final Meeting Set for October 29
CADIZ SHIPPING: Shareholders' Final Meeting Set for October 29
CUBE PRIVATE: Shareholders' Final Meeting Set for October 29
DRAGON'S ARM: Shareholder to Hear Wind-Up Report on October 25
GREEN WAY: Shareholders' Final Meeting Set for November 1

HUA NAN: Members' Final Meeting Set for October 18
LERIDA SHIPPING: Shareholders' Final Meeting Set for October 29
LUMEN MASTER: Shareholders' Final Meeting Set for October 22
LUMEN GLOBAL: Shareholders' Final Meeting Set for October 22
MALAGA SHIPPING: Shareholders' Final Meeting Set for October 29

MEDINA SHIPPING: Shareholders' Final Meeting Set for October 29
NIPPON SAISEI: Shareholders' Final Meeting Set for October 29
PEQUOT EMERGING: Shareholders' Final Meeting Set for October 29
PEQUOT PORTABLE: Shareholders' Final Meeting Set for October 29
SEGOVIA SHIPPING: Shareholders' Final Meeting Set for October 29

SIDONIA SHIPPING: Shareholders' Final Meeting Set for October 29
SPIRIT ASIA: Shareholder to Hear Wind-Up Report on October 27
UCM GLOBAL: Shareholders' Final Meeting Set for October 22
UNION NATIONAL: Shareholders' Final Meeting Set for December 10
WILLOWSIDE INVESTMENTS: Shareholders' Meeting Set for Nov. 26


C O S T A  R I C A

STANDARD FRUIT: Closes Costa Rico Plant on Dollar Drop


J A M A I C A

DYOLL INSURANCE: Trial Date Set for September 2011
NATIONAL COMMERCIAL BANK: Rejects Claims of JDX Service Fee Hikes


M E X I C O

IXE BANCO: Fitch Affirms Issuer Default Rating at 'BB'


P U E R T O  R I C O

HOSPITAL DAMAS: Taps Charles A. Cuprill as Bankruptcy Counsel


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Reveals Members of Company's Board


X X X X X X X X

* BOND PRICING: For the Week October 4 to October 8, 2010




                         - - - - -


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A R G E N T I N A
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ALUMNOR SA: Creditors' Proofs of Debt Due November 19
-----------------------------------------------------
Gustavo Fiszman en Emilio Mitre, the court-appointed trustee for
Alumnor SA'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.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:

         Gustavo Fiszman en Emilio Mitre 435
         Argentina


AUTOPISTAS DEL SOL: Closes Debt Swap With Creditors
---------------------------------------------------
Autopistas del Sol SA has closed its drawn out debt restructuring
offer after creditors holding 95.7% of the company's debt accepted
the deal, Dow Jones' DBR Small Cap reports.

Autopistas del Sol S.A. operates and maintains motorways in
Argentina.  The company runs part of the Pan-American highway as
toll concession.

                           *     *     *

The Company carries Standard and Poor's "D" long-term foreign
issuer credit rating.  The Company also continues to carry S&P's
"D" national long-term issuer credit rating.


BRICKSTORE SA: Creditors' Proofs of Debt Due November 22
--------------------------------------------------------
Hugo Angarolla, the court-appointed trustee for Brickstore SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 22, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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:

         Hugo Angarolla
         Olazabal 260
         Argentina


COLUCO SA: Creditors' Proofs of Debt Due December 14
----------------------------------------------------
Mariela Bellani en Marcelo T. de Alvear, the court-appointed
trustee for Coluco SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 14, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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.


GARANTIA DE VALORES: Moody's Puts 'B2' Insurance Strength Rating
----------------------------------------------------------------
Moody's Latin America has assigned a B2 global local currency
insurance financial strength rating and a A1.ar IFS rating on
Argentina's national scale to financial guarantor Garantia de
Valores SGR.  The ratings outlook is stable.

                        Ratings Rationale

Garantia de Valores is 50% owned by Caja de Valores S.A., the main
privately-owned depositary and custody agent of stocks and
securities in Argentina, with the remainder distributed among more
than 600 small and midsized enterprises, whose financial
obligations Garantia de Valores guarantees.  Garantia de Valores
focuses on facilitating these enterprises' access to funding.
Guarantees outstanding are mainly listed checks issued by SMEs and
traded on the Buenos Aires Stock Exchange, as well as
securitizations and bank loans.

According to Moody's, Garantia de Valores's ratings primarily
reflect the strong implied support from its main parent Caja de
Valores S.A., its adequate presence in the market (estimated
market share of 4% based on outstanding guarantees), and the
company's low operating leverage (the ratio of outstanding
guarantees to investments at around 1.2 times).

"Despite its strengths, Garantia de Valores faces some
challenges," says Senior Analyst Alejandro Pavlov.  "These include
it's still high concentration in the agricultural sector, the weak
credit quality of its investments -- which due to regulatory
limitations are mostly non-investment grade term deposits in local
banks -- and Argentina's elevated sovereign and operating credit
risk profile."

Factors that could contribute to a rating upgrade for Garantia de
Valores include: 1) a sustained low delinquency rate on its
guarantees outstanding, 2) a more diversified business
composition, with at least two economic sectors representing 25%
or more of its total outstanding guarantees, 3) a sustained
improvement in asset quality, and 4) improvement in the operating
environment and/or an upgrade of Argentina's sovereign bond
rating.

Factors that could place downward pressure on the rating include:
1) weaker investment quality, 2) a prolonged increase in operating
leverage, 3) a sustained increase in delinquencies, 4) reduced
sector diversification, and 5) a deterioration in the operating
environment and/or a downgrade of Argentina's sovereign bond
rating.

Based in Buenos Aires, Garantia de Valores for the first half of
fiscal year 2010, ended June 30, reported total assets of AR$69
million, and a net profit of only thousands of AR$3.6 compared
with thousands of AR$49.6 for the same period of 2009.
Shareholders' equity declined slightly and totaled AR$63 million,
compared with AR$65 million at year-end 2009.  Total outstanding
guarantees totaled AR$73 million at June 30, 2010.

NOTE: Moody's national scale ratings rank an entity's credit risk
in comparison with that of other firms in the same country.  Such
ratings are designed for use at the local (national) level, and
are not globally comparable.  For Argentine companies, national
scale ratings carry the identifier ".ar".  Moody's global local
currency ratings indicate credit risk on a globally comparable
basis.  Taken together, the national scale and global local
currency ratings provide a more comprehensive opinion of a
company's credit risk.  Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
pay senior policyholder claims and obligations in a timely manner.

                     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 assigning 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.


J & M CONSULTORES: Creditors' Proofs of Debt Due December 21
------------------------------------------------------------
Graciela Cristina Perez, the court-appointed trustee for J & M
Consultores SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 21, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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:

         Graciela Cristina Perez
         Arengreen 678
         Argentina


RAGUSA SA: Creditors' Proofs of Debt Due October 29
---------------------------------------------------
Jorge David Jalfi, the court-appointed trustee for Ragusa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 29, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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:

         Jorge David Jalfi
         Sarmiento 1452
         Argentina


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B E R M U D A
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PROTOSTAR INC: Judge Approves Liquidation Plan
----------------------------------------------
Bankruptcy Law360 reports that Judge Mary F. Walrath of the U.S.
Bankruptcy Court for the District of Delaware approved ProtoStar
Inc.'s Chapter 11 liquidation plan Wednesday, clearing the way for
the defunct satellite operator to pay off creditors with US$400
million in proceeds from the sale of its satellites.

ProtoStar has reached an agreement with the Official Committee of
Unsecured Creditors on the terms of the Chapter 11 plan.  A
creditor, Kiskadee Communications (Bermuda) Ltd., objected to
ProtoStar's creditor-repayment plan.

The Plan, according to Dow Jones' DRB Small Cap, is based on a
settlement agreement between ProtoStar's secured lenders and a
committee that represents unsecured creditors in the company's
bankruptcy case.  Under the settlement agreement, the secured
lenders -- which were initially slated to receive all of the
proceeds from the sale of ProtoStar's two satellites -- have
agreed to let unsecured creditors have some of the proceeds.
Specifically, unsecured creditors will receive their share of
US$10.2 million.  In exchange, the unsecured creditors committee
agreed to drop its legal challenge of the secured lenders' liens.

                      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 totaling US$528,000,000.


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


#1 JAPAN: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------
The shareholders of #1 Japan Regeneration Fund Co., Ltd. will hold
their final meeting, on October 29, 2010, at 12:45 p.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


CADIZ SHIPPING: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Cadiz Shipping Corporation will hold their
final meeting, on October 29, 2010, at 1:00 p.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


CUBE PRIVATE: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------
The shareholders of Cube Private Equity will hold their final
meeting, on October 29, 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


DRAGON'S ARM: Shareholder to Hear Wind-Up Report on October 25
--------------------------------------------------------------
The shareholder of Dragon's Arm Company will receive, on
October 25, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Preston
         Beverly Bernard
         c/o Isabel Mason
         Telephone: 949-7755
         Facsimile: 949-7634


GREEN WAY: Shareholders' Final Meeting Set for November 1
---------------------------------------------------------
The shareholders of Green Way Managed Account Euro, Ltd. will hold
their final meeting, on November 1, 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:

         Richard Finlay
         Telephone: (345) 945 3901
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


HUA NAN: Members' Final Meeting Set for October 18
--------------------------------------------------
The members of Hua Nan International Limited will hold their final
meeting, on October 18, 2010, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Chen, Wei-Kuo
         c/o Michelle R. Bodden-Moxam
         Telephone: 945-6145
         Facsimile: 945-6146
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion
         Commercial Centre Oleander Way
         802 West Bay Road
         P.O. Box 32052, Grand Cayman KY1-1208
         Cayman Islands


LERIDA SHIPPING: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Lerida Shipping Corporation will hold their
final meeting, on October 29, 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:

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


LUMEN MASTER: Shareholders' Final Meeting Set for October 22
------------------------------------------------------------
The shareholders of Lumen Master Global Value Fund, Ltd. will hold
their final meeting, on October 22, 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:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


LUMEN GLOBAL: Shareholders' Final Meeting Set for October 22
------------------------------------------------------------
The shareholders of Lumen Global Value Fund, Ltd. will hold their
final meeting, on October 22, 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:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


MALAGA SHIPPING: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Malaga Shipping Corporation will hold their
final meeting, on October 29, 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


MEDINA SHIPPING: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Medina Shipping Corporation will hold their
final meeting, on October 29, 2010, at 11:15 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


NIPPON SAISEI: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Nippon Saisei Real Estate Investments Ltd.
will hold their final meeting, on October 29, 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 SPV Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


PEQUOT EMERGING: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Pequot Emerging Managers Offshore Fund, Ltd.
will hold their final meeting, on October 29, 2010, at 1:15 p.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


PEQUOT PORTABLE: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Pequot Portable Alpha Master Fund, Ltd. will
hold their final meeting, on October 29, 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:

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


SEGOVIA SHIPPING: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Segovia Shipping Corporation will hold their
final meeting, on October 29, 2010, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SIDONIA SHIPPING: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Sidonia Shipping Corporation will hold their
final meeting, on October 29, 2010, at 11:45 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


SPIRIT ASIA: Shareholder to Hear Wind-Up Report on October 27
-------------------------------------------------------------
The shareholder of Spirit Asia Management Ltd. will receive, on
October 27, 2010, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michelle Richie
         Telephone: (345) 815 1755
         Facsimile: (345) 949-9877


UCM GLOBAL: Shareholders' Final Meeting Set for October 22
----------------------------------------------------------
The shareholders of UCM Global Funding Ltd. will hold their final
meeting, on October 22, 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:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943 8800
         Facsimile: (345) 943 8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


UNION NATIONAL: Shareholders' Final Meeting Set for December 10
---------------------------------------------------------------
The shareholders of Union National Investment Management Ltd. will
hold their final meeting, on December 10, 2010, at 10:00 a.m., to
receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Directorsplus Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         DirectorsPlus Limited
         Grand Pavilion Commercial Centre, 1st Floor
         802 West Bay Road
         P.O. Box 31855, Grand Cayman, KY1-1207
         Cayman Islands


WILLOWSIDE INVESTMENTS: Shareholders' Meeting Set for Nov. 26
-------------------------------------------------------------
The shareholders of Willowside Investments Limited will hold their
final meeting, on November 26, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Lisa Clarke
         c/o Jane Fleming or Lisa Clarke
         Telephone: (345) 945-2187 / (345) 945-2197
         PO Box 30464, Grand Cayman KY1-1202
         Cayman Islands


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STANDARD FRUIT: Closes Costa Rico Plant on Dollar Drop
------------------------------------------------------
The Standard Fruit Company is shutting down its container yard in
Limon, due to the drop in the dollar exchange, Inside Costa Rica
reports.  The report relates Juan Carlos Rojas, vice-president of
Standard fruit, explained that more operations in Costa Rica could
also be closed.

According to the report, in Filadefia, Guanacaste Del Monte will
close its melon processing plant putting out work some 1,500
workers.  The report relates that the closure is being blamed on
low production for the 2010-2011 season in the Guancaste canton of
Carrillo and the drop in the dollar.

Luis Gomez, spokesperson for Del Monte, said that other plant
closures may be in the works, the report notes.

Inside Costa Rica says that both companies are blaming the "very
high" cost of operations caused by the drop in the dollar and the
shrinking of international fruit markets.  The report relates Mr.
Rojas added that problems at Costa Rica's ports make operations
non-sustainable in Costa Rica, in addition to this year's drop of
40% in banana prices in Europe over 2009.

Standard Fruit, the report adds, assured that the company will
meet all its legal obligations and will pay all severance and
benefits to the laid off workers.

                       About Standard Fruit

The Standard Fruit Company is the Costa Rican subsidiary of the
multinational Dole.  Standard Fruit employees some 7,000 in Costa
Rica of which 380 work at the Limon container yard that is used to
export banana, pineapple and melon.



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DYOLL INSURANCE: Trial Date Set for September 2011
--------------------------------------------------
A trial date of September 2011 has now been set for the case that
the joint liquidators of Dyoll Insurance Company brought against
former reinsurer Aon Benfield Canada, formerly Aon Re Canada,
claiming negligence in its advice as reinsurance broker,
allegations which Aon denied, Jamaica Gleaner reports.

According to the report, early this year, Dyoll Insurance served
Aon Benfield Canada with a lawsuit claiming damages of US$19.86
million, the matter being brought before the Jamaican Supreme
Court in April 2010.

But, the report notes, in accordance with civil court procedures,
the matter was referred to mediation.  No compromise could have
been arrived at between the parties and a decision was made to
proceed to a court trial, the report says.  "Both parties met to
try and arrive at a settlement, but none was reached.  Aon made an
offer that was too low and they just could not find a suitable
settlement that both were comfortable with," Jamaica Gleaner
quoted Debra Dodd, the representative agent for the Jamaican
liquidator, as saying.

The report notes Mr. Dodd said that Aon Benfield made an offer of
US$1 million, revising it to US$2.5 million, a figure much too low
for the joint liquidators to agree to.

"A trial date is set for September 2011, having gone to case
management with certain disclosures now to be made leading up to
the trial date," Mr. Dodd explained, Jamaica Gleaner relates.

The mediation proceedings took place on August 31, following which
case management was done on September 22.  "The process of
discovery is now ongoing, where both parties will now have to
disclose documents which they intend to rely on to the other
party," the report quoted Debbie-Ann Gordon, attorney-at-law
representing the joint liquidators, as saying.  "While each orders
have separate deadlines to be submitted, all orders will have to
be received by April 2011," she added.

The report recalls that Dyoll Insurance collapsed in late 2004
when it was swamped with claims after Hurricane Ivan devastated
properties and crops for which it could not pay.  The report
relates that Dyoll wrote insurance coverage for clients in Jamaica
and Cayman, with liquidators being appointed in both territories
after the company went bankrupt.

The Gleaner discloses that John Lee, the Jamaican liquidator in
the case, had previously asserted in an interview that the cause
of the collapse was that the reinsurance bought by Dyoll was
inadequate.  Aon Benfield Canada acted as the company's
reinsurance broker, at the time advising the type of reinsurance
to be purchased by Dyoll, but the company has denied the charges,
the report relates.

In addition to this case, Dyoll also has a case against its parent
company, Dyoll Group of Companies, the report adds.  A ruling is
still pending.

                        About Dyoll Group

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, to establish the true
position of the Company, address the matter of settlement to its
claimants and ensure that its policies will remain in force after
a high level of insurance claims were leveled on the company as a
result of the hurricane Ivan.

Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the winding
up of an insurance company, should be applied first to settle the
claims of local policyholders.


NATIONAL COMMERCIAL BANK: Rejects Claims of JDX Service Fee Hikes
----------------------------------------------------------------
National Commercial Bank Jamaica Limited has rejected claims that
it hiked its service fees to counteract the effects of the Jamaica
Debt Exchange, RadioJamaica reports.  The report relates that the
bank was responding to the findings of a Consumer Affairs
Commission survey of bank charges.

According to the report, the results showed that in recent months
local banks had dramatically increased the fees they charge their
customers.  In once instance, the report says, the survey showed
that at NCB, persons are charged JM$200 to withdraw money from
their accounts, a 122% increase when compared to the corresponding
period last year.

However, RadioJamaica notes, Senior Assistant General Manager at
NCB Sheree Martin says contrary to popular belief the bank did not
adjust its fees to compensate for the loss in interest income
under the JDX.  Ms. Martin, the report relates, explained that
although NCB reviewed its fee structure in February, this has had
little effect on the bank's bottom line.

RadioJamaica discloses Ms. Martin explained that NCB's service
charges are normally adjusted to cover some of the bank's
operational expenses.  The bank has been advising customers on
ways to avoid paying service fees, she added.

                            About NCB

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


IXE BANCO: Fitch Affirms Issuer Default Rating at 'BB'
------------------------------------------------------
Fitch Ratings has affirmed Ixe Banco's long-term foreign and local
currency Issuer Default Rating at 'BB' and Individual rating at
'C/D'.  Fitch has also assigned an expected rating of 'B+' to
Ixe's planned issue of hybrid securities.  The Rating Outlook is
Stable.  A full list of rating actions follows at the end of this
release.

The affirmation of Ixe's Individual rating at 'C/D' and long-term
Issuer Default Rating at 'BB' reflect Fitch's view that Ixe has
adequately faced the tough recent operating environment by
maintaining good asset quality, sound capital levels and ample
liquidity despite continued growth in overall business volumes,
which are the major drivers of the bank's ratings.  Slightly
improving economic conditions and somewhat better prospects for an
eventual recovery of its weak core profitability were also
factored in.  In turn, the ratings also consider Ixe's relatively
limited loss absorption capacity, high borrower and risk
concentrations, as well as the challenges associated to relatively
rapid loan growth and business diversification.

The Stable Outlook reflects Fitch's opinion that Ixe's ratings
will likely remain unchanged over the next 12-24 months, absent
any extraordinary event.  However, over the medium term, Ixe's
ratings could be upgraded if it enhances its core profitability
and risk diversification, while maintaining sound liquidity,
capital and asset quality.  In turn, failure to contain net losses
at minimal levels could affect its ratings, as well as material
deterioration in its loss absorption capacity and/or asset
quality.

Given its focus on corporate lending and wealthier segments of
individuals, Ixe has maintained better-than-peers asset quality
metrics, although it has some borrower concentrations and material
exposure to event risk and related-party lending.  Since 2007, the
bank's operating performance has been weak, underpinned by an
initially aggressive expansion of its branch network and modest
interest margins.  In the future, the confluence of slower loan
growth and a gradually improving environment should provide some
relief to core earnings, but Fitch expects that core profitability
will remain low, but positive in the near future.  Liquidity is
sound and the funding base is stable, diversified and recurring.
Internal capital generation remains weak, but new capital and
hybrid securities have prevented deterioration of capital ratios,
which remain adequate.  Core capital is somewhat limited.

Fitch expects to assign a 'B+' rating to an upcoming issue of up
to US$120 million of 10-year junior subordinated securities.  The
expected rating on the issue reflects that this will be ranked
junior to senior unsecured and non-junior subordinated debtors.
These securities will likely be considered as Class D hybrids
(75%-equity credit under Fitch's capital assessment approach), but
it should be noted that hybrids can only account for 30% of
Fitch's definition of eligible capital, and there is little space
at present for additional hybrids to account for as eligible
capital, since there is already an outstanding hybrid issue for
US$$120 million placed in 2007.  The rating and the equity class
of the upcoming issue will be made final upon receipt of
conclusive documents confirming the characteristics of the
securities already received.  Also, it should be noted that Fitch
is currently reviewing its criteria to determine the equity credit
granted to hybrids, which could potentially result in a change in
the equity class of Ixe's hybrid issues.

Fitch has affirmed Ixe's ratings:

  -- Long-term foreign and local currency IDRs at 'BB';

  -- Short-term foreign and local currency ratings at 'B';

  -- Individual rating at 'C/D';

  -- Support rating at '5';

  -- Support rating floor at 'NF';

  -- US$120 million junior subordinated perpetual securities at
     'B+';

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

  -- Short-term national-scale rating at 'F1(mex)'.

Fitch has assigned an expected rating to Ixe's upcoming issuance:

  -- US$120 million 10-year junior subordinated securities 'B+'.

The Rating Outlook is Stable.


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


HOSPITAL DAMAS: Taps Charles A. Cuprill as Bankruptcy Counsel
-------------------------------------------------------------
Hospital Damas, Inc., asks for authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Charles
A. Cuprill, P.S.C., Law Offices, as bankruptcy counsel.

Charles A. cuprill will represent the Debtor in its restructuring
effort.

The Firm will be paid based on the hourly rates of its personnel:

     Charles A. Cuprill-Hernandez           US$350
     Associate                                $200
     Paralegals                                $75

Charles A. Cuprill-Hernandez, Esq., the principal of the Firm,
assures the Court that the Firm is a "disinterested person," as
that term is defined in section 101(14) of the Bankruptcy Code, as
modified by section 1107(b) of the Bankruptcy Code.

Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter
11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R.
Case No. 10-08844).  According to its schedules, the Debtor
disclosed US$24,017,166 in total assets and US$21,267,263 in total
liabilities.


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


CL FIN'L: CLICO Reveals Members of Company's Board
--------------------------------------------------
Asha Javeed at Trinidad and Tobago Guardian reports that of
Colonial Life Insurance Company (Trinidad) Limited has revealed
the members of the company's board to its staff and key
stakeholders.  CLICO is a subsidiary of CL Financial Limited.

The board members are:

   -- Denyse Mehta,
   -- Jagdeesh Siewrattan,
   -- Krishna Boodhai,
   -- Carolyn John,
   -- Steve Bideshi, and
   -- Gerald Yetming.

According to the report, the Clico board met last week to embark
on turnaround plan for the insurance company even as the
government defends its budget's payout plan to Clico
policyholders.  The report relates that the government has
proposed to make a TT$75,000 initial payment to Clico
policyholders and 20 bond coupons (one for each year) at zero
interest.  But this plan has generated widespread condemnation
among Clico policyholders, including the credit unions, the report
says.

The report adds that representatives of Clico policyholders will
meet with a government team to discuss their concerns.

                        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
===============


* BOND PRICING: For the Week October 4 to October 8, 2010
---------------------------------------------------------

Issuer              Coupon   Maturity   Currency          Price
------              ------   --------   --------          -----


ARGENTINA

ARGENT- DIS            5.83   12/31/2033    ARS             155.6
ARGENT-$DIS            8.28   12/31/2033    USD                60
ARGENT-PAR             1.18   12/31/2038    ARS              56.6
ARGENT-?DIS            7.82   12/31/2033    EUR              69.5
ARGENT-?DIS            7.82   12/31/2033    EUR                71
ARGENT-ĚDIS            4.33   12/31/2033    JPY                42
ARGENT-ĚPAR&GDP        0.45   12/31/2038    JPY                 8
BANCO MACRO SA        10.75   6/7/2012      USD         71.030045
BOGAR 2018                2   2/4/2018      ARS              36.9
MENDOZA PROVINCE        5.5   9/4/2018      USD         84.999627


BRAZIL

CESP                   9.75   1/15/2015     BRL         73.757582


CAYMAN ISLAND


BANCO BPI (CI)         4.15   11/14/2035    EUR            68.148
BANIF FIN LTD             3   12/31/2019    EUR            59.375
BCP FINANCE CO        4.239                 EUR         69.391666
BCP FINANCE CO        5.543                 EUR           72.8125
BES FINANCE LTD        5.58                 EUR         70.846264
BES FINANCE LTD       6.984   2/7/2035      EUR         64.499228
DUBAI HLDNG COMM          6   2/1/2017      GBP            69.703
EFG ORA FUNDING         1.7   10/29/2014    EUR           66.1121
ESFG INTERNATION      5.753                 EUR         72.685715
FERTINITRO FIN         8.29   4/1/2020      USD                65
INDEPENDENCIA IN         15   3/31/2015     USD                53
PUBMASTER FIN         6.962   6/30/2028     GBP           71.2185
SHINSEI FIN CAYM      6.418                 USD           67.0374
SHINSEI FINANCE        7.16                 USD         67.289422
SHINSEI FINANCE        7.16                 USD         66.716667


  COLOMBIA

AGUAS NUEVAS            3.4   5/15/2012     CLP            1.3562


   PUERTO RICO

PUERTO RICO CONS        6.5   4/1/2016      USD                51


VENEZUELA

PETROLEOS DE VEN        4.9   10/28/2014    USD         62.511554
PETROLEOS DE VEN        4.9   10/28/2014    USD          62.64717
PETROLEOS DE VEN          5   10/28/2015    USD         58.051708
PETROLEOS DE VEN      5.125   10/28/2016    USD         54.459592
PETROLEOS DE VEN       5.25   4/12/2017     USD         57.816449
PETROLEOS DE VEN      5.375   4/12/2027     USD         47.795615
PETROLEOS DE VEN        5.5   4/12/2037     USD         45.826051
VENEZUELA              5.75   2/26/2016     USD              67.5
VENEZUELA                 6   12/9/2020     USD             56.35
VENEZUELA                 7   3/31/2038     USD             54.25
VENEZUELA                 7   3/31/2038     USD            53.348
VENEZUELA                 7   12/1/2018     USD                63
VENEZUELA              7.65   4/21/2025     USD                59
VENEZUELA              7.75   10/13/2019    USD             65.25
VENEZUELA              8.25   10/13/2024    USD              62.9
VENEZUELA                 9   5/7/2023      USD             65.75
VENEZUELA              9.25   9/15/2027     USD            70.662
VENEZUELA              9.25   5/7/2028      USD              65.5
VENEZUELA              9.25   9/15/2027     USD             70.75
VENZOD - 189000       9.375   1/13/2034     USD


                            ***********

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 * * *