TCRLA_Public/101013.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, October 13, 2010, Vol. 11, No. 202

                            Headlines


A R G E N T I N A

BANCO SANTANDER: Moody's Assigns 'Ba1' Global LC Debt Rating
BANCO DEL CHUBUT: Moody's Assigns 'D-' Financial Strength Rating
BANCO SAENZ: Moody's Gives Positive Outlook on 'B2' Rating


B E R M U D A

BLUMONT MAN: Creditors' Proofs of Debt Due October 22
BLUMONT MAN: Members' Final Meeting Set for November 19
BLUMONT MAN: Creditors' Proofs of Debt Due October 22
BLUMONT MAN: Members' Final Meeting Set for November 19
ESG RE: Appoints Morrison and Thresh as Liquidators

GECAS BERMUDA: Member to Receive Wind-Up Report on November 26
GECC ECA: Creditors' Proofs of Debt Due October 22
GECC ECA: Member to Receive Wind-Up Report on November 26
PUTNAM GREEN: Creditors' Proofs of Debt Due October 22
SCAF I: Creditors' and Contributories' Meeting Set for November 4

SEA EAGLE: Creditors' Proofs of Debt Due October 22
SEA EAGLE: Members' Final Meeting Set for November 12


B R A Z I L

CONSTRUTORA NORBERTO: Fitch Lifts Issuer Default Rating From 'BB+'
FIBRIA CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings


C A Y M A N  I S L A N D S

51 LIF: Shareholders' Final Meeting Set for October 27
ALICANTE HOLDINGS: Shareholders' Final Meeting Set for October 27
APPLEBY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
BROADSWORD LIMITED: Shareholders' Final Meeting Set for Oct. 27
CARBET SECURITIES: Shareholders' Final Meeting Set for Oct. 27

COURINE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
DENALI CAPITAL: Shareholders' Final Meeting Set for October 29
FIGARO INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
HALLSTEAD INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
INCA LIMITED: Shareholders' Final Meeting Set for October 27

MAGNOLIA LIMITED: Shareholders' Final Meeting Set for Oct. 27
MARBELLA LIMITED: Shareholders' Final Meeting Set for October 27
NATASCHA CORPORATION: Shareholders' Final Meeting Set for Oct. 27
PICCADILY LIMITED: Shareholders' Final Meeting Set for Oct. 27
PICO FUND: Shareholder Receives Wind-Up Report

RADWA INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
RWC STRATEGIC: Shareholders' Final Meeting Set for October 29
SHEHEREZADE LIMITED: Shareholders' Final Meeting Set for Oct. 27
WARREN INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
WOMACK LIMITED: Shareholders' Final Meeting Set for October 27


C H I L E

* CHILE: Receives US$2.6MM Grant From IDB-Global Environment Fund


M E X I C O

HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'Ca'
HIPOTECARIA SU: S&P Puts 'BB' Note Rating on CreditWatch Negative
HIPOTECARIA SU: Fitch Puts Ratings on 18 Classes of Bonds


T R I N I D A D  &  T O B A G O

CL FIN'L: Government to Consider Clico Payout Plan




                         - - - - -


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


BANCO SANTANDER: Moody's Assigns 'Ba1' Global LC Debt Rating
------------------------------------------------------------
Moody's Latin America assigned Aaa.ar and Aa3.ar national scale
local and foreign currency debt ratings to Banco Santander Rio's
senior debt program in the amount of US$500 million.  In addition,
a national scale local currency debt rating of Aaa.ar was assigned
to the expected first issuance of the program, amounting Ar$250
million.

At the same time, Moody's Investors Service assigned Ba1 and B2
global local and foreign currency debt ratings to the program, as
well as a Ba1 global local-currency debt rating to the expected
first issuance.  The outlook for all ratings is stable.  The
program allows for multicurrency debt issuances and is governed by
Argentinean law.

These ratings were assigned to Banco Santander Rio S.A.:

US$500 million (or its equivalent in other currencies) senior debt
program:

  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- B2 Global Foreign Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating
  -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating

First Issuance of AR$250 million:

  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating

                        Ratings Rationale

Moody's noted that seniority was taken into consideration in the
assignment of the debt ratings.

Banco Santander Rio S.A. is headquartered in Buenos Aires, with
assets of Ar$29.6 billion and loans of Ar$17.1 billion as of
June 30, 2010.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's 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.


BANCO DEL CHUBUT: Moody's Assigns 'D-' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Banco del
Chubut S.A., including a bank financial strength rating of D-
(minus); long- and short-term global local-currency deposit
ratings of Ba3 and Not Prime, respectively; and long- and short-
term foreign-currency deposit ratings of Caa1 and Not Prime, the
latter constrained by Moody's foreign currency country ceiling for
deposits in Argentina.  Moody's Latin America also assigned a
Aa2.ar local currency deposit rating and a Ba1.ar foreign currency
deposit rating to Banco Chubut on the Argentine national scale.

The ratings have a stable outlook.

These new ratings were assigned to Banco del Chubut:

* Bank Financial Strength: D-, with stable outlook

* Long- and short-term global local-currency deposits: Ba3 and Not
  Prime, with stable outlook

* Long- and short-term foreign currency deposits: Caa1 and Not --
  Prime, with stable outlook

* Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar

* Long -Term National Scale Foreign Currency Deposit Rating:
  Ba1.ar

                        Ratings Rationale

Moody's noted that the D- BFSR and Ba3 baseline credit assessment
reflect Banco Chubut's relatively stable financial performance,
which derives from its role as financial and payroll agent of the
Province of Chubut (not rated by Moody's), its owner, as well as
its specialization in originating and managing a portfolio of
payroll-deductible loans.  The bank's profitability also benefits
from recurring fees received from the Province, as well as access
to payroll account relationships that offer significant cross-
selling opportunities.

Banco Chubut's role as financial agent for the Province of Chubut
also provides access to low cost funding, with over 50% of its
deposits emanating from the Province.  These funds are placed by
and large in relatively liquid LEBACS, issued by the Central Bank
of Argentina.  While competition in the Argentine banking system
is increasing, Banco Chubut is well positioned to defend its
strong loan and deposits market shares of 39% and 26%,
respectively, in its province.

Moody's highlighted as key risk factors to watch the bank's
limited funding diversification due to its dependence on public
sector deposits, and its dependence on the financial performance
of the Province.

The bank's Ba3 global local-currency deposit rating is largely
based on the D- BFSR and Ba3 BCA, while considering both a high
probability of support from the Province and a low probability of
systemic support, due to the bank's relatively small though key
franchise in its target market.  Neither of these support factors,
however, provide uplift to the bank's ratings.

Banco de Chubut S.A. began operations in 1959 and is 90% owned by
the Province of Chubut.  The Province guarantees all of the bank's
liabilities.  Its franchise is oriented towards middle-income
individuals, mainly public sector employees, as well as to small
and medium sized companies.  As of June 30, 2010, the bank
reported Ar$2,888.6 million of assets, Ar$323.8 million of equity,
and has 24 branches.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service 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.


BANCO SAENZ: Moody's Gives Positive Outlook on 'B2' Rating
----------------------------------------------------------
Moody's Investors Service changed the outlook on Banco Saenz
S.A.'s B2 global local currency deposits and debt ratings to
positive from stable.  At the same time, Moody's Latin America
upgraded the bank's Argentine national scale rating for local
currency deposits and debt to Aa3.ar, from A1.ar, and affirmed the
national scale rating for foreign currency deposits at Ba1.ar,
with stable outlooks.

Moody's also assigned a B2 local currency debt rating with
positive outlook to Saenz's new debt program totaling Ar$100
million as well as to the expected first issuance of Ar$50
million.  A rating of B2 stable was assigned to the program for
foreign currency issuances, as this rating is constrained by the
Argentine foreign currency country ceiling for bonds and notes
that also carries a stable outlook.  Moody's Latin America
assigned a Aa3.ar national scale rating to both the program and
the first takedown.

These ratings of Banco Saenz were affected:

  -- Global local currency deposit rating: B2, outlook positive
     from stable

  -- National scale rating for local currency deposits: upgraded
     to Aa3.ar, from A1.ar

  -- Global local currency debt rating: B2, outlook positive, from
     stable

  -- National scale rating for local currency debt: upgraded to
     Aa3.ar, from A1.ar

These debt ratings were assigned to the new Ar$100 million senior
debt program and AR$50 million takedown:

  -- Global foreign currency debt rating: B2, stable outlook
  -- National scale rating for local currency debt: Aa3.ar
  -- Global local currency debt rating: B2, positive outlook
  -- National scale rating for local currency debt: Aa3.ar

                        Ratings Rationale

The rating actions and outlook changes on Banco Saenz's ratings
reflect a similar action taken by Moody's corporate group on the
ratings of Fravega, a sister company of Banco Saenz and the source
of the majority of the bank's loan business and earnings.  Fravega
is rated B2, with a positive outlook, and Aa3.ar on the Argentine
National Scale.

Moody's said that the bank's financial fundamentals have been
improving as a result of solid growth in the SME portfolio which
is contributing to a stronger earnings performance.  Saenz's
problem loans have also been declining and its capital levels
appear sufficiently ample to withstand higher loan losses, per
Moody's stress tests.

Banco Saenz is headquartered in Buenos Aires and as of June 30,
2010, reported Ar$598.82 million in assets and Ar$374.52 million
in deposits.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service 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.


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


BLUMONT MAN: Creditors' Proofs of Debt Due October 22
-----------------------------------------------------
The creditors of BluMont Man Multi-Strategy Series A Ltd are
required to file their proofs of debt by October 22, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

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


BLUMONT MAN: Members' Final Meeting Set for November 19
-------------------------------------------------------
The members of BluMont Man Multi-Strategy Series A Ltd will hold
their final meeting, on November 19, 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 October 6, 2010.

The company's liquidator is:

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


BLUMONT MAN: Creditors' Proofs of Debt Due October 22
-----------------------------------------------------
The creditors of BluMont Man Multi-Strategy Series 3 Ltd are
required to file their proofs of debt by October 22, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

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


BLUMONT MAN: Members' Final Meeting Set for November 19
-------------------------------------------------------
The members of BluMont Man Multi-Strategy Series 3 Ltd will hold
their final meeting, on November 19, 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 October 6, 2010.

The company's liquidator is:

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


ESG RE: Appoints Morrison and Thresh as Liquidators
---------------------------------------------------
On September 17, 2010, Michael Morrison and Charles Thresh were
appointed as joint provisional liquidators of ESG RE Limited.

The Liquidators can be reached at:

         Michael Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House
         4 Par-la-Ville, Hamilton HM 08
         Bermuda


GECAS BERMUDA: Member to Receive Wind-Up Report on November 26
--------------------------------------------------------------
The member of GECAS Bermuda EX-IM Limited will receive, on
November 26, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Pat Keating
         c/o Aviation House
         Shannon, County Clare
         Ireland


GECC ECA: Creditors' Proofs of Debt Due October 22
--------------------------------------------------
The creditors of GECC ECA Aircraft Leasing Limited are required to
file their proofs of debt by October 22, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

         Pat Keating
         c/o Aviation House
         Shannon, County Clare
         Ireland


GECC ECA: Member to Receive Wind-Up Report on November 26
---------------------------------------------------------
The member of GECC ECA Aircraft Leasing Limited will receive, on
November 26, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

         Pat Keating
         c/o Aviation House
         Shannon, County Clare
         Ireland


PUTNAM GREEN: Creditors' Proofs of Debt Due October 22
------------------------------------------------------
The creditors of GECAS Bermuda EX-IM Limited are required to file
their proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 6, 2010.

The company's liquidator is:

         Pat Keating
         c/o Aviation House
         Shannon, County Clare
         Ireland


SCAF I: Creditors' and Contributories' Meeting Set for November 4
-----------------------------------------------------------------
The creditors and contributories of SCAF I Ltd. will hold their
first meetings on November 4, 2010, at 10:30 a.m., and 11:00 a.m.,
respectively, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

Nigel Chatterjee is the company's liquidator.


SEA EAGLE: Creditors' Proofs of Debt Due October 22
---------------------------------------------------
The creditors of Sea Eagle (Bermuda) Ltd. are required to file
their proofs of debt by October 22, 2010, to be included in the
company's dividend distribution.

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

Robin J Mayor is the company's liquidator.


SEA EAGLE: Members' Final Meeting Set for November 12
-----------------------------------------------------
The members of Sea Eagle (Bermuda) Ltd. will hold their final
meeting, on November 12, 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 October 5, 2010.

Robin J Mayor is the company's liquidator.


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


CONSTRUTORA NORBERTO: Fitch Lifts Issuer Default Rating From 'BB+'
------------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Ratings and
outstanding debt ratings of Construtora Norberto Odebrecht S.A.
and related issuances:

Construtora Norberto Odebretch S.A.

  -- Long-term foreign currency IDR to 'BBB-' from 'BB+';
  -- Local currency IDR to 'BBB-' from 'BB+';
  -- Long-term National Scale rating to 'AA+(bra)' from 'AA(bra)'.

Odebrecht Finance Ltd

  -- US$400 million senior guaranteed notes due Oct. 18, 2017, to
     'BBB-' from 'BB+';

  -- US$200 million senior guaranteed notes due April 9, 2014, to
     'BBB-' from 'BB+';

  -- US$500 million senior guaranteed notes due April 21, 2020, to
     'BBB-' from 'BB+'; and

  -- US$500 million perpetual notes, to 'BBB-' from 'BB+'.

In conjunction with these upgrades, Fitch has assigned a 'BBB-'
foreign currency IDR to Odebrecht Finance Ltd.

The Rating Outlooks for CNO and Odebrecht Finance Ltd. are Stable.

CNO's investment grade ratings reflect its conservative financial
profile and leading position in the engineering and construction
sector in Latin America.  The ratings of CNO have been upgraded
due to the growth of its cash flow and backlog of projects.  The
ratings build in an expectation that the company will continue to
maintain a conservative capital structure as it develops these
projects.  The upgrades also consider the decreased financial
exposure of CNO to other businesses of Odebrecht Group, as it has
made a strategic decision to not provide new guarantees of sister
companies.  Fitch's forecast of projected growth in Brazil during
2010 of 7% and during 2011 of 4.5% bodes well for the company and
has also been factored into the upgrades.

The 'BBB-' foreign currency IDR of Odebrecht Finance Limited has
been directly linked to that of its parent company CNO through
Fitch's parent and subsidiary methodology.  The debt issued by OFL
has been unconditionally joint and severally guaranteed by CNO.

             Leading Position in the Engineering and
               Construction Sector in Latin America

CNO is a leading engineering and construction company in Latin
America and is part of Odebrecht Group, one of the 10 largest
Brazilian private groups.  The company's backlog has been solid
and resilient to the global economic crisis, growing to US$21.5
billion as of June 30, 2010 from US$7 billion in 2006.
Approximately 50% of the backlog is allocated in investment grade
countries, with Brazil accounting for 44% of the company's
backlog.

CNO has expertise in diverse industries such as hydroelectric
power plants, railways, tunnels, metro lines, energy transmission
lines, highways, among others.  CNO's excellent track record is
viewed as sustainable by Fitch and the company should continue to
benefit from the potential growth of infrastructure projects in
Brazil and abroad.

                         Robust Liquidity

CNO has historically maintained a strong liquidity position due to
its conservative financial strategy.  As of June 30, 2010, CNO had
BRL2.5 billion of cash and marketable securities and BRL4.3
billion of total adjusted debt, including BRL2 billion of off
balance sheet debt guarantees.  The company's liquidity is
strengthened by an un-utilized US$500 million standby credit
facility that matures in 2013.  CNO's comfortable liquidity
position and cash flow generation capacity is high relative to the
only BRL659 million of short-term debt and BRL715 million maturing
from July 2011 to December 2012.

             Leverage Should Reduce in the Short Term

CNO has demonstrated its ability to preserve low leverage.  For
the last 12 months ended June 30, 2010, leverage, as measured by
total adjusted debt-to-EBITDA, was 2.2 times, while net leverage
was 0.9x.  This low level of leverage is appropriate for highly
cyclical and volatile industries such as heavy construction.
These ratios compare to 1.5x and 0.5x, respectively, in 2008.  The
increase in total leverage was mostly due to the additional debt
of related companies of the group guaranteed by CNO.  Fitch
expects leverage to reduce to below 2.0x by the end of 2010 and to
1.7x in 2011, as CNO's strategy is to reduce debt levels and
guarantees for related companies' debt.

Resilient Backlog and Increased Operations in Brazil to Sustain
                         Revenues Growth

CNO's net revenues increased to BRL16.4 billion for the LTM ended
June 30, 2010 from BRL8.6 billion in 2007, while its EBITDA
expanded to BRL1.9 billion from BRL877 million during this time
period.  The outlook for the Brazilian economy is favorable and
should support CNO's revenue growth in the next five years.  Key
infrastructure projects include those related to the growth of the
oil sector, the World Cup (2014) and the Olympic Games (2016).

Brazil's share of CNO's total backlog of US$21.5 billion has grown
to 44% as of June 30, 2010 from 21% in 2007.  The remaining
backlog include projects located in Venezuela 22%, Angola 9%, Peru
5%; Argentina 4%; Colombia 3%; Panama 3%; Cuba 2%; Dominican
Republic 2%; Libya 2%; United States 2%; Portugal 1%; and
Mozambique 1%.  CNO's exposure and concentration to more volatile
emerging market countries have been partially mitigated by its
expertise and positive track record of operating in these markets,
as well as the strategy of requesting advanced payments from
customers.  The company expects the projects in Brazil to reach
50% of the backlog by December 2010.

               Potential Ratings and Outlook Drivers

The ratings and Outlook of CNO and OFL could be negatively
affected by a substantial reduction of backlog and/or the
cancellation of key projects.  A weaker liquidity position or
higher leverage could also result in a negative rating action.
CNO and OFL's ratings could be positively affected by the growth
of their business in investment grade countries.


FIBRIA CELULOSE: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB' foreign and local currency
Issuer Default Ratings of Fibria Celulose S.A.  Fitch has also
affirmed Fibria's 'A+ (bra)' national scale rating, as well as the
debt listed at the end of the press release.

In conjunction with these affirmations, Fitch has assigned a 'BB'
foreign currency IDR to Fibria Overseas Finance Ltd.  Fibria
Overseas is the issuer of the company's 2019 and 2020 senior
notes, which are guaranteed by Fibria.  Fibria Overseas is a
wholly owned subsidiary of Fibria and is incorporated in the
Cayman Islands as an exempted limited liability company.

The Rating Outlook for Fibria and Fibria Overseas is Stable.

The credit ratings of Fibria reflect the company's excellent
business position, the favorable dynamics for bleached eucalyptus
kraft market pulp, and the company's ownership of more than 1
million hectares of land in Brazil.  The ratings are constrained
at 'BB' and 'A+ (bra)' by Fibria's high leverage.  The 'BB' IDR of
Fibria Overseas has been directly linked to that of its parent
company Fibria through Fitch's parent and subsidiary methodology.

Fibria is the world's leading producer of market pulp with 5.4
million tons of BEKP capacity, nearly double the size of the
second largest producer in the industry.  The company has a global
market share of approximately 11% within market pulp and 32%
within the fastest growth segment of the market, BEKP.  Fibria's
sales volumes are more stable than most companies within the
industry, as more than 50% of its sales are directed toward the
tissue paper market.

Fibria owns approximately 1 million hectares of land in Brazil,
upon which it developed nearly 585,000 hectares of eucalyptus
plantations.  These assets had an accounting value of
approximately BRL6 billion as of June 30, 2010.  The nearly ideal
conditions for growing trees in Brazil make these plantations
extremely efficient by global standards and give the company a
sustainable advantage in terms of cost of fiber and transportation
costs between forest and mills.

The company augments its advantage in fiber cost with large,
modern pulp mills.  As a result of its efficient mills and low-
cost pulp wood, Fibria is one of the lowest cost producers of pulp
in the world.  The company uses its size and cost position to
remain a price leader within the industry.  Fibria's leading
position within the industry is viewed to be sustainable through
the medium to long term due to large investments in forestry
during the past five years by its predecessor companies, VCP and
Aracruz.  These investments are likely to result in the
construction of more than 5 million tons of addition pulp capacity
by Fibria during the next 10 to 15 years.

As of June 30, 2010, Fibria had BRL13.2 billion (US$7.4 billion)
of total debt and BRL2.3 billion (US$1.3 billion) of cash and
marketable securities.  Approximately BRL4.1 billion of the
company's debt is denominated in Brazilian reais.  Almost all of
the BRL9.1 billion of foreign currency denominated debt is in U.S.
dollars.  Fibria faces debt amortizations of BRL2.1 billion during
the next 12 months.  The company should be able to repay these
obligations with a mix of debt, cash, and marketable securities
and cash flow from operations.  Fibria has strong capital markets
access and has wide access to the bank market.  During the past 12
months the company has raised US$1.750 billion in the capital
markets and has entered into US$1.175 billion of export prepayment
facilities, US$535 million of export facilities, and US$600
million of syndicated loans.

Fitch projects that Fibria will generate about BRL 2.9 billion
(US$1.650 billion) of EBITDA and BRL2.1 billion (US$1.175 billion)
of funds from operations during 2010.  These figures are
substantial improvements over BRL1.5 billion (US$736 million) of
EBITDA and BRL 1.1 billion (US$539 million) of FFO during 2009.
The improvement in cash flow is due almost exclusively to the
sharp rise in pulp prices, which is due to strong demand for pulp
in China, the recovery of demand in Europe, as well as supply
limitations caused by strikes and the Chilean earthquake.

Fitch expects Fibria's net debt to fall to about US$5.8 billion at
the end of 2010 from US$6.2 billion at the end of 2009.  This
would result in a net debt-to-EBITDA ratio of 3.6 times and an FFO
net leverage ratio of about 3.5x.  These leverage ratios continue
to be relatively weak for the rating category, given the extremely
high pulp prices.

Fibria is expected to continue to deleverage.  The pace of
deleveraging, absent the sale of its paper assets, will be
somewhat constrained by significant capital expenditures related
to the construction of the Horizonte II mill, which is expected to
be start operations in 2014.  Positively, the outlook for pulp
prices during 2011 and 2012 is favorable in historical terms due
to limited capacity additions and the construction of numerous
paper mills in China.  For 2011, Fitch projects EBITDA of more
than US$1.7 billion for Fibria.

Continued elevated pulp prices or the sale of the company's paper
assets would accelerate the company's debt reduction plan and
could lead to ratings upgrades or a Rating Outlook of Positive.
Factors that could lead to consideration of a Negative Outlook or
downgrade include a change of management's strategy with regard to
debt reduction.  Depressed pulp prices could also delay debt
reduction and could lead to a negative rating action.

The issuance ratings being affirmed by Fitch at 'BB' are:

  -- Fibria Overseas Finance Ltd, 7.5%, senior notes due May 4,
     2020 that are unconditionally and irrevocably guaranteed by
     Fibria Celulose S.A.

  -- Fibria Overseas Finance Ltd, 9.25%, senior notes due October
     30,2019 that are unconditionally and irrevocably guaranteed
     by Fibria Celulose S.A.


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


51 LIF: Shareholders' Final Meeting Set for October 27
------------------------------------------------------
The shareholders of 51 L.I.F. Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


ALICANTE HOLDINGS: Shareholders' Final Meeting Set for October 27
-----------------------------------------------------------------
The shareholders of Alicante Holdings Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


APPLEBY INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
----------------------------------------------------------------
The shareholders of Appleby Investments Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


BROADSWORD LIMITED: Shareholders' Final Meeting Set for Oct. 27
---------------------------------------------------------------
The shareholders of Broadsword Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


CARBET SECURITIES: Shareholders' Final Meeting Set for Oct. 27
--------------------------------------------------------------
The shareholders of Carbet Securities Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


COURINE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
----------------------------------------------------------------
The shareholders of Courine Investments Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


DENALI CAPITAL: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Denali Capital CLO VIII, Ltd. will hold their
final meeting, on October 29, 2010, at 2:45 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


FIGARO INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
---------------------------------------------------------------
The shareholders of Figaro Investments Ltd will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


HALLSTEAD INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
------------------------------------------------------------------
The shareholders of Hallstead Investments Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


INCA LIMITED: Shareholders' Final Meeting Set for October 27
------------------------------------------------------------
The shareholders of Inca Limited will hold their final meeting, on
October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


MAGNOLIA LIMITED: Shareholders' Final Meeting Set for Oct. 27
-------------------------------------------------------------
The shareholders of Magnolia Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


MARBELLA LIMITED: Shareholders' Final Meeting Set for October 27
----------------------------------------------------------------
The shareholders of Marbella Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


NATASCHA CORPORATION: Shareholders' Final Meeting Set for Oct. 27
-----------------------------------------------------------------
The shareholders of Natascha Corporation will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


PICCADILY LIMITED: Shareholders' Final Meeting Set for Oct. 27
--------------------------------------------------------------
The shareholders of Piccadily Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


PICO FUND: Shareholder Receives Wind-Up Report
----------------------------------------------
The sole shareholder of Pico Fund Limited received, on
September 27, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Wilton McDonald
         Telephone: (345) 325-4040


RADWA INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
--------------------------------------------------------------
The shareholders of Radwa Investments Ltd will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


RWC STRATEGIC: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of RWC Strategic Opportunities Fund Inc. will
hold their final meeting, on October 29, 2010, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


SHEHEREZADE LIMITED: Shareholders' Final Meeting Set for Oct. 27
----------------------------------------------------------------
The shareholders of Sheherezade Limited will hold their final
meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


WARREN INVESTMENTS: Shareholders' Final Meeting Set for Oct. 27
---------------------------------------------------------------
The shareholders of Warren Investments Limited will hold their
final meeting, on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


WOMACK LIMITED: Shareholders' Final Meeting Set for October 27
--------------------------------------------------------------
The shareholders of Womack Limited will hold their final meeting,
on October 27, 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
         PO Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


=========
C H I L E
=========


* CHILE: Receives US$2.6MM Grant From IDB-Global Environment Fund
-----------------------------------------------------------------
Small and medium-sized enterprises and energy efficiency service
firms in Chile could see up to US$92 million in energy savings and
related revenues over the coming decade thanks to a government
program that will be supported by the Inter-American Development
Bank.

The program will help to connect companies that wish to lower
their energy costs with specialized consulting firms that can
advise them on how to do so, and with a government fund that will
finance the purchase of new machinery and other equipment that can
lower energy consumption.

A US$2.6 million grant from IDB-Global Environment Fund will be
used by the recently established Chilean Energy Efficiency Agency
to provide training to energy efficiency consulting firms and
energy auditors and create a clearinghouse of EE information
targeted to the needs of specific industries.  These energy
auditors and consulting firms will subsequently assist small and
medium-sized enterprises that wish to access government credit for
EE investments.

The Chilean Government's Production Development Corporation
(CORFO, for its acronym in Spanish) offers up to US$1 million in
loans for EE investments by commercial and industrial companies.

However, many SMEs lack to the expertise to analyze their energy
use and determine what technologies can help them to reduce energy
costs.  The goal of IDB-GEF program is to remove remaining these
obstacles and encourage more companies to take advantage of
CORFO's loans.

"Chile has been a pioneer in providing financial support for EE to
its industrial and commercial sectors," said Christiaan Gischler,
the IDB project team leader.  "This program will help to
accelerate the growth the local market for EE services and
equipment, it will finance demonstration projects that will show
the savings that EE can generate for specific industries."
Gischler explained that if all the EE investments that are
anticipated to result from the program are carried out, Chile will
save an estimated 200 GWh (Gigawatt hours), or the equivalent of a
15% reduction in the electricity bill of 1500 of the country's
SMEs.  In this case, Chile would also avoid emitting an estimated
2.9 million tons of CO2 over the next 10 years.


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


HIPOTECARIA SU: Moody's Downgrades Senior Debt Rating to 'Ca'
-------------------------------------------------------------
Moody's Investors Service downgraded Hipotecaria Su Casita, S.A.
de C.V.'s senior unsecured debt rating to Ca from Caa2, global
scale local currency issuer rating to Ca from Caa2 (national scale
issuer rating to Ca.mx from Caa2.mx) and long-term corporate
family rating to Ca from Caa2.  The ratings remain on review for
possible further downgrade.

These ratings were downgraded and left on review for possible
downgrade:

Hipotecaria Su Casita, S.A. De C.V.

  -- national scale issuer rating to Ca.mx from Caa2.mx;
  -- global scale local currency issuer rating to Ca from Caa2;
  -- corporate family rating to Ca from Caa2;
  -- senior notes to Ca from Caa2

                        Ratings Rationale

This rating action follows the announcement on October 4th, that
Su Casita announced had presented a restructuring plan for all its
debt to its debt-holders.  Holders of MXN6.75 billion in long-term
notes denominated in pesos and dollars would receive MXN1.5
billion in new five-year debt guaranteed by non-operating assets,
paying annual interest of interbank rate TIIE plus 250 basis
points, MXN550 million in new three-year instruments guaranteed by
non-operating assets, and MXN500 million in 10-year subordinated
convertible bonds with rates of 3%-8% representing 10% of the
restructured company's capital upon conversion- -as well as
capital equal to 19.98% of the restructured company.  In Moody's
view, this transaction is a distressed exchange which is defined
as an offer by issuer to creditors of a new or restructured debt,
or a new package of securities, cash or assets, that amount to a
diminished financial obligation relative to the original
obligation with the effect of allowing the issuer to avoid a
bankruptcy or payment default.  According to Moody's, a distressed
exchange is a form of default.  Moody's includes distressed
exchanges in its definition of default in order to capture credit
events whereby issuers effectively fail to meet their debt service
obligations, but yet do not actually file for bankruptcy or miss
an interest or principal payment.

In its review Moody's will monitor Su Casita's ability to repay
its short-term obligations, in light of the company's limited
access to external sources of capital.  Moody's will also closely
monitor the sofome's ultimate strategic direction and capital
structure as well as the overall recovery for bondholders once the
restructuring plan is consummated.

Su Casita's current liquidity position is weak, as the sofome has
sufficient funds available to cover existing debt through the
middle of 1Q 2011, at which time the company would suffer a
liquidity shortfall.  Should the company not adequately address
its liquidity constraints, or the contemplated debt restructuring
plan result in higher loss severity for bondholders than the loss
reflected in the Ca rating, the ratings will be downgraded to C.

The last rating action with respect to Su Casita was on September
13, 2010, when Moody's downgraded Su Casita's senior unsecured
debt rating to Caa2 from B2, global scale local currency issuer
rating to Caa2 from B2 (national scale issuer rating to Caa2.mx
from Baa3.mx) and long-term corporate family rating to Caa2 from
B2.  The ratings were placed on review for possible further
downgrade.

Su Casita's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Su Casita's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Su Casita, based in Mexico City, Mexico, started operations in
1994 as a non-bank financial institution/sofol Mortgage Company.
Su Casita's main activity consists of extending mortgage loans
financed by monies from SHF to low income individuals -- an
important role in the low-income housing market, as there is no
rental market in Mexico.  As of June 30, 2010, the company
reported total assets of approximately $37.9 billion Mexican
pesos, and $2.6 billion Mexican pesos in equity.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's 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.


HIPOTECARIA SU: S&P Puts 'BB' Note Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB (sf)' global
scale rating and its 'mxA (sf)' Mexican national scale (CaVal)
rating on the MxP137 million mezzanine notes due May 2012 issued
by Hipotecaria Su Casita Construction Loan Trust, a Mexican asset-
backed securities transaction backed by construction loans, on
CreditWatch with negative implications.

The CreditWatch placements follow Su Casita's Sept. 29, 2010,
announcement that it proposed a debt restructuring intending to
reschedule certain programmed debt payments and that it will
pursue an integral restructuring of all its liabilities.

Standard & Poor's placed its construction loan and residential
mortgage servicer rankings on Su Casita on CreditWatch negative on
Oct. 5, 2010, because of the financial distress the company is
facing, as well as the fact that the unsure stability may
ultimately have an impact on the company's servicing operations.

Standard & Poor's has observed that this sort of financial
distress may have a direct effect on a company's servicing
capabilities.  Given the important role that servicers perform on
construction loan transactions, the distress may consequently have
a negative impact on Su Casita's construction loan
securitizations.

Standard & Poor's will conduct a full review of the performance of
the underlying portfolios to assess the impact of Su Casita's
financial stress and debt restructuring.  S&P expects to resolve
the negative CreditWatch placements in the next few months.


HIPOTECARIA SU: Fitch Puts Ratings on 18 Classes of Bonds
---------------------------------------------------------
Fitch Ratings has placed the ratings of 18 bonds backed by
mortgages originated and serviced by Hipotecaria Su Casita, S.A.
de C.V., S.F.O.M, E.N.R. on Rating Watch Negative.  The ratings of
three more bonds were maintained on Rating Watch Negative.

These rating actions follow the downgrade to the Corporate Rating
to 'C(mex)'; Rating Watch Negative from 'B-(mex)' on Oct. 5, 2010
and the downgrade in the Servicer Rating to 'AAFC4(mex)' from
'AAFC3-(mex)' on Sept. 22, 2010.

The current financial situation of the company could negatively
impact the RMBS transactions due to the weakening of its servicing
capabilities, which in turn could result in less collections and
recoveries of defaulted loans.

Furthermore, bondholders' meetings have been called in order to
discuss the addition of a master servicer in the transactions (the
master servicer figure has already been approved in several
transactions) as well as to discuss the possibility of making a
primary servicer substitution for some transactions.  The
inclusion of a master servicer, although it would stress the flows
through the trust, could potentially benefit transactions, as
information would be more transparent and trustworthy and it would
also provide stability in a primary servicer substitution event.
A potential change in primary servicer may affect the structures,
since borrowers may not be familiar with new collection procedures
of the new administrator; however, collection practices may be
improved in the long run.  It is worth mentioning that the
substitution of a primary servicer could also mean additional
financial costs for the trusts.

Fitch has placed these National long-term ratings on Rating Watch
Negative:

  -- BRHSCCB05U 'AAA(mex)' ;
  -- BRHSCCB06 'AAA(mex);
  -- BRHSCCB06U 'A+(mex)';
  -- BRHSCCB062U 'BBB-(mex)';
  -- BRHSCCB062 'AAA(mex)';
  -- BRHSCCB063 'A(mex)';
  -- BRHSCCB063U 'A+(mex)';
  -- BRHSCCB064U 'BBB-(mex)';
  -- BRHCCB07 'AAA(mex)';
  -- BRHCCB072 'AAA(mex)';
  -- BRHCCB073 'A(mex)';
  -- BRHCCB073U 'B(mex)';
  -- BRHSCCB07 'AAA(mex)';
  -- BRHSCCB072 'A(mex)';
  -- BRHCCB08U 'AA-(mex)'.
  -- BRHCCB082U 'A-(mex)';

These are maintained on Rating Watch Negative:

  -- BRHCCB083U 'BB+(mex)';
  -- BRHCCB084U 'A+(mex)';
  -- BRHCCB085U 'A+(mex)'.

Fitch also places these on Rating Watch Negative

Su Casita Mortgage Class A

  -- Long-term rating and unenhanced long-term rating 'BB+sf'
  -- Unenhanced national long-term rating 'AA-(mex)'.

Su Casita Mortgage Class B

  -- National long-term rating 'A-(mex)'.

Fitch will continue to monitor these transactions on a monthly
basis.  This surveillance includes, but is not limited to, these
variables: delinquency levels, prepayments, foreclosed loans,
recoveries, enhancement levels, and number of loans in each trust.
The analysis process necessary to determine the ratings consist
of: re-estimating default assumptions and loss severity for
current pools and cash flow model to determine the maximum level
of defaults each tranche can withstand in any given rating
scenario.


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


CL FIN'L: Government to Consider Clico Payout Plan
--------------------------------------------------
Asha Javeed at Trinidad and Tobago Guardian reports that acting
Minister of Finance Vasant Bharath assured representatives of the
Clico Policyholders Group that the government has agreed to
reconsider its CLICO Payout Plan if a suitable alternative can be
found.  "We will try now to see what sort of proposals,
alternative proposals which could possibly be put to the committee
which we can then take back to Cabinet," the report quoted Mr.
Bharath as saying.  "We clearly understand that not all knowledge
resides with the Ministry of Finance nor with the Cabinet of
Trinidad and Tobago," he added.

According to Trinidad and Tobago Guardian, Mr. Bharath said he
committed his government team of Legal Affairs Minister Prakash
Ramadhar, Education Minister Dr. Tim Gopeesingh, Energy Minister
Carolyn Seepersad-Bachan and Minister of Tobago Affairs Vernella
Alleyne-Toppin to listen to the views of the policyholders.  The
report notes that the Clico Policyholders Group included financial
consultant Peter Permell, the Credit Union League's Brian Moore,
chartered accountant Dick Hobday, businessman Prem Beharry, Clico
agent Emmanuel Lawrence and Percy Farrell, who initiated legal
action against the Central Bank on the Clico issue last week.

                        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.


                  * * * End of Transmission * * *