TCRLA_Public/101014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, October 14, 2010, Vol. 11, No. 203

                            Headlines



A R G E N T I N A

CIRESTETIC SA: Creditors' Proofs of Debt Due November 19
ENGION SA: Creditors' Proofs of Debt Due November 11
LASER INDUSTRIAS: Creditors' Proofs of Debt Due November 15
MARAVI TECHNOLOGIES: Creditors' Proofs of Debt Due November 10
PEPI SA: Creditors' Proofs of Debt Due December 9


B E R M U D A

CENTRAL EUROPEAN: S&P Affirms Corporate Credit Rating at 'B'
CET21 SPOL: Moody's Assigns 'Ba3' Rating to EUR170 Million Notes


C A Y M A N  I S L A N D S

ANFIELD LIMITED: Shareholders' Final Meeting Set for October 29
BT DEVONPORT: Shareholders' Final Meeting Set for October 29
BURNDEN LIMITED: Shareholders' Final Meeting Set for October 29
CASOP CHINA: Shareholder to Receive Wind-Up Report on November 3
CRG PARTNERS: Shareholders' Final Meeting Set for October 29

CROSSGUN LIMITED: Shareholders' Final Meeting Set for October 29
ELLAND LIMITED: Shareholders' Final Meeting Set for October 29
EWOOD LIMITED: Shareholders' Final Meeting Set for October 29
FOUNTAIN CORPORATION: Shareholders' Final Meeting Set for Oct. 29
GOODISON LIMITED: Shareholders' Final Meeting Set for October 29

HIGHBURY LIMITED: Shareholders' Final Meeting Set for October 29
METCALF & EDDY: Shareholder to Receive Wind-Up Report on Nov. 3
MOOSE LIMITED: Shareholders' Final Meeting Set for October 29
NEWSMITH OPPORTUNITIES: Shareholders' Final Meeting Set for Nov. 2
SANTONA LIMITED: Shareholders' Final Meeting Set for October 27

THOR FINANCE: Shareholders' Final Meeting Set for October 29
THOR LEASING: Shareholders' Final Meeting Set for October 29
VALEO INVESTMENT: Shareholders' Final Meeting Set for November 2
VEGA ASSET: Shareholders' Final Meeting Set for November 10
VEGA SELECT: Shareholders' Final Meeting Set for November 10


J A M A I C A

* JAMAICA: Balance of Payments Deficit Widens


M E X I C O

ELEMENTIA SA: Moody's Assigns 'Ba3' Rating to Senior Notes


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Group and Government to Hold Third Meeting Friday


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Former Head May Exit Prison a Millionaire


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


CIRESTETIC SA: Creditors' Proofs of Debt Due November 19
--------------------------------------------------------
Fabiana Perez, the court-appointed trustee for Cirestetic SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 19, 2010.

Ms. Perez 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:

         Fabiana Perez
         Carlos Pellegrini 1079
         Argentina


ENGION SA: Creditors' Proofs of Debt Due November 11
----------------------------------------------------
Stella Maris Diaz, the court-appointed trustee for Engion SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 11, 2010.

Ms. Diaz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 17, 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:

         Stella Maris Diaz
         Colombres 1070
         Argentina


LASER INDUSTRIAS: Creditors' Proofs of Debt Due November 15
-----------------------------------------------------------
Maria del Pilar Diaz Gonzalez, the court-appointed trustee for
Laser Industrias Integradas SRL's bankruptcy proceedings will be
verifying creditors' proofs of claim until November 15, 2010.

Ms. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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.


MARAVI TECHNOLOGIES: Creditors' Proofs of Debt Due November 10
--------------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Maravi
Technologies Argentina SA's reorganization proceedings will be
verifying creditors' proofs of claim until November 10, 2010.

Ms. Palermo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 22, 2011.

The Trustee can be reached at:

         Maria Ines Palermo
         Florida 336


PEPI SA: Creditors' Proofs of Debt Due December 9
-------------------------------------------------
Leonor Veiga, the court-appointed trustee for Pepi SA's
reorganization proceedings will be verifying creditors' proofs of
claim until December 9, 2010.

Ms. Veiga will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 15
in Buenos Aires, with the assistance of Clerk No. 29, 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:

         Leonor Veiga
         Bartolome Mitre 1711
         Argentina


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


CENTRAL EUROPEAN: S&P Affirms Corporate Credit Rating at 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its long-
term corporate credit rating on Bermuda-registered emerging
markets TV broadcaster Central European Media Enterprises Ltd. at
'B'.  The outlook is stable.

At the same time, S&P assigned a 'B' issue rating to the EUR170
million senior secured notes due 2017 issued by CME's subsidiary
CET 21 spol.s.r.o.  The issue rating is in line with, and is
capped by, the CCR on CME.

In addition, S&P lowered to 'B-' from 'B' the issue rating on
CME's $475 million senior secured convertible notes due 2013,
EUR440 million notes due 2016, and EUR150 million notes due 2014.

"The affirmation follows CME's launch of a EUR170 million senior
secured notes issue at CET 21, CME's main subsidiary that owns the
most profitable Czech and Slovak Republic operations," said
Standard & Poor's credit analyst Patrizia D'Amico.

CME will use EUR115 million of the EUR170 million to refinance its
Czech koruna 2.8 billion (approximately US$160.7 million) facility
in the Czech Republic.  CME is also close to finalizing a CZK1.5
billion revolving credit facility at CET 21.  S&P understands that
CME is planning to use the remaining proceeds of the senior
secured notes (EUR49 million), together with approximately CZK750
million (approximately US$43 million) from the RCF, and some cash
on the balance sheet, to repurchase up to US$200 million of
existing debt.  In S&P's view, the proposed refinancing boosts the
group's maturity profile, leaving CME with no debt due until 2013
and improving the debt maturity profile thereafter.

"Given that the new senior secured notes and the RCF will be
located at CET 21, the amount of structural priority liabilities
relative to total assets has increased above S&P's 30% threshold,
triggering the one-notch downgrade of the existing notes at CME,"
said Ms. D'Amico.

In S&P's opinion, CME's liquidity will remain adequate over the
next few quarters, supported mainly by large cash balances and an
improved debt maturity profile following the refinancing.  This is
despite S&P's view that free cash flow in 2010 will be
significantly negative.  However, in S&P's view, CME's negative
free cash flow is likely to decrease progressively over the next
few quarters, owing to slow improvements in advertising markets,
CME's exit from the heavily loss-making Ukrainian operations, and
the integration of the free cash flow-generating Bulgarian TV
group bTV, which started showing a positive operating trend in the
second quarter of 2010.  S&P therefore anticipates, under its
scenario of a gradual recovery in CME's advertising markets in
2011, that the company may generate or approach positive free cash
flow in 2011.  S&P also anticipates that CME will continue to
sustain or improve both its audience and its advertising market
shares in the foreseeable future.  The outlook does not factor in
any material debt-funded acquisition.

Downward rating pressure could stem from significant operating
underperformance and/or a materially larger deterioration in CME's
liquidity than S&P anticipates over the next few quarters,
including higher-than-anticipated negative free cash flows in 2010
and 2011.  A return to a more aggressive financial policy, such as
a significant debt-funded acquisition resulting in reduced
liquidity and significantly higher leverage than S&P anticipates,
would also weigh negatively on the ratings.

A positive rating action could result from a material improvement
in advertising spending in the company's key markets that
translates into strong EBITDA margin growth, significantly
improved prospects for free cash flow generation, and faster
deleveraging than S&P anticipates.


CET21 SPOL: Moody's Assigns 'Ba3' Rating to EUR170 Million Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3 rating to the
EUR170 million senior secured notes due 2017 to be issued by CET21
spol. s r.o.  CET21 is a wholly owned subsidiary of Central
European Media Enterprises Ltd, with operations in the Czech
Republic and Slovakia.  Moody's has also affirmed CME's B2
corporate family rating, with a negative outlook.

Together with the new notes, CET21 intends to enter into a CZK1.5
billion (EUR60 million) revolving credit facility.  CET 21 intends
to use proceeds from the new notes to repay its CZK2.8 billion
secured facility, as well as about EUR49 million of a shareholder
loan from CME (which in turn will use the proceeds to reduce
parent indebtedness).

                        Ratings Rationale

The (P)Ba3 rating for the new 2017 notes reflects their relatively
strong position within CME's capital structure.  The amount of the
new notes is relatively limited compared with CME's group debt of
over US$1.2 billion.  The new notes and revolver will benefit from
the same security and guarantees as CME's existing notes; and from
security over CET21's shares and substantially all of its assets.

Moody's notes that although the 2017 notes will be secured on the
assets of CET21, the refinancing does not ring fence CET21 credit
risk from the rest of the CME group.  The terms of the new notes
and the revolver are not expected to restrict cashflow from CET21
being applied to service existing debt at the parent company.
Hence the ratings uplift for the notes from the B2 CFR arises from
the additional security provided to those noteholders (essentially
over the assets of CET21).

At the same time, Moody's notes that the CME group will continue
to have limited flexibility to incur new debt.  Under the existing
parent indentures, the incurrence coverage ratio for CME remains
below 2x; and the bond issuance and drawings under CET21's new
revolving credit facilities will substantially exhaust capacity
under the basket carve-out.  The incurrence test of 2.25x CET21's
OIBDA under the new 2017 notes further limits the ability to incur
additional secured debt at CET21.

CME's negative outlook reflects ongoing pressures in the group's
TV advertising markets and delayed recovery prospects, with
limited visibility.  The (P)Ba3 rating on the new 2017 notes
incorporates this weak positioning of CME's position within the B2
rating category.  Conversely, a stabilization of CME's credit
profile could result in a degree of positive pressure on the
rating of new bond.

Moody's issues provisional instrument ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only.  Upon a
conclusive review of the final documentation, Moody's will
Endeavour to assign a definitive rating to the notes.  A
definitive rating may differ from a provisional rating.

The CET Group is an entertainment and media company that operates
broadcasting, content and new media businesses in the Czech
Republic and in Slovakia.  The CET Group's main television
channels include TV NOVA (Czech Republic) and TV MARKIZA (Slovak
Republic), which are market leaders based on their all-day and
prime-time audience shares since 1994 and 1996, respectively.
During the year ending 31 December 2009, TV NOVA and TV MARKIZA
had prime-time audience shares of 47% and 33%, respectively.  Over
the same period, the CET Group generated net revenues of US$378
million and OIBDA of US$142 million; and in the six months ending
30 June 2010, the company generated net revenues of US$170 million
and OIBDA of US$53 million.

CME, a Bermuda-incorporated company, is the indirect parent
company of CET Group, of which it owns 100%.  CME is a vertically
integrated media company with networks and content production
units in six Central and Eastern European countries.  Launched in
1994, CME now operates 21 channels.  For the year ending 31
December 2009, after adjusting for the sale of Ukraine, CME
generated net revenues of US$682 million and OIBDA of US$115
million.

                     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 assigning a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

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.


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


ANFIELD LIMITED: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Anfield Limited 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:

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


BT DEVONPORT: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------
The shareholders of BT Devonport Limited 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:

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


BURNDEN LIMITED: Shareholders' Final Meeting Set for October 29
---------------------------------------------------------------
The shareholders of Burnden Limited 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:

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


CASOP CHINA: Shareholder to Receive Wind-Up Report on November 3
----------------------------------------------------------------
The sole shareholder of Casop China Environmental Investments Ltd.
will receive, on November 3, 2010, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         c/o Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


CRG PARTNERS: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------
The shareholders of CRG Partners, LDC 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:

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


CROSSGUN LIMITED: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Crossgun Limited 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:

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


ELLAND LIMITED: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Elland Limited 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:

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


EWOOD LIMITED: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Ewood Limited 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:

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


FOUNTAIN CORPORATION: Shareholders' Final Meeting Set for Oct. 29
-----------------------------------------------------------------
The shareholders of Fountain Corporation 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:

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


GOODISON LIMITED: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Goodison Limited 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:

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


HIGHBURY LIMITED: Shareholders' Final Meeting Set for October 29
----------------------------------------------------------------
The shareholders of Highbury Limited 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:

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


METCALF & EDDY: Shareholder to Receive Wind-Up Report on Nov. 3
---------------------------------------------------------------
The sole shareholder of Metcalf & Eddy International, Limited will
receive, on November 3, 2010, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         c/o Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


MOOSE LIMITED: Shareholders' Final Meeting Set for October 29
-------------------------------------------------------------
The shareholders of Moose Limited 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:

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


NEWSMITH OPPORTUNITIES: Shareholders' Final Meeting Set for Nov. 2
------------------------------------------------------------------
The shareholders of Newsmith Opportunities Hedge Investments I
Limited will hold their final meeting, on November 2, 2010, at
9:50 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


SANTONA LIMITED: Shareholders' Final Meeting Set for October 27
---------------------------------------------------------------
The shareholders of Santona 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
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107
         Cayman Islands


THOR FINANCE: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------
The shareholders of Thor Finance Limited 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:

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


THOR LEASING: Shareholders' Final Meeting Set for October 29
------------------------------------------------------------
The shareholders of Thor Leasing Limited 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:

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


VALEO INVESTMENT: Shareholders' Final Meeting Set for November 2
----------------------------------------------------------------
The shareholders of Valeo Investment Grade CDO III Ltd. will hold
their final meeting, on November 2, 2010, at 9:40 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VEGA ASSET: Shareholders' Final Meeting Set for November 10
-----------------------------------------------------------
The shareholders of Vega Asset Management Limited will hold their
final meeting, on November 10, 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:

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


VEGA SELECT: Shareholders' Final Meeting Set for November 10
------------------------------------------------------------
The shareholders of Vega Select Liquidity Fund Limited will hold
their final meeting, on November 10, 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:

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


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


* JAMAICA: Balance of Payments Deficit Widens
---------------------------------------------
Provisional data from the Bank of Jamaica indicate that the
current account deficit of the country's Balance of Payments has
widened by US$51.4 million, RadioJamaica reports.  The
deterioration occurred in May.

According to the report, the BoJ said that this largely stemmed
from a widening in the merchandise account.  The report relates
that in particular there were declines of US$22 million and
US$21.4 million in sugar and non-traditional exports.

In addition, RadioJamaica notes, there was an expansion of US$61.6
million or 73% in spending on fuel imports, the impact of which
was partly offset by declines in non-fuel imports such as
machinery & transportation and chemicals.  The growth in the value
of fuel imports reflected an increase in both price and volume,
the report says.

RadioJamaica adds that with regard to financing, net official
capital inflows were insufficient to finance net private capital
outflows and the current account deficit.

                           *     *     *

According to the Troubled Company Reporter-Latin America on
January 18, 2010, Fitch Ratings downgraded Jamaica's long-term
local currency rating to 'C' from 'CCC'.  In addition, Fitch has
affirmed Jamaica's long-term and short-term foreign currency
ratings at 'CCC' and 'C' respectively, and affirmed the Country
Ceiling at 'B-'.  Jamaica's sovereign ratings Outlook remains
Negative.


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


ELEMENTIA SA: Moody's Assigns 'Ba3' Rating to Senior Notes
----------------------------------------------------------
Moody's de Mexico has assigned provisional (P)Ba3 rating and A3.mx
ratings to Elementia, S.A.'s proposed MXN3 billion in senior
unsecured certificados burs tiles (local notes, ELEM 10) due 2015.
At the same time, Moody's assigned a provisional (P)Ba3 Corporate
Family Rating to Elementia.  The rating outlook is stable.
Moody's has assigned the ratings on a provisional basis pending
the successful issuance of the proposed notes.

Elementia is a major manufacturer of semi-finished copper and
aluminum products and various types of fiber cement and concrete
products, with revenues of MXN12.6 billion (US$975 million) for
the 12 months ended June 30, 2010.  The company mainly operates in
Mexico but is also present in seven Central and South American
countries and exports products to various other markets, most
importantly the U.S.  Elementia is controlled by Grupo Empresarial
Kaluz (not rated) and Kaluz's owners, the Del Valle family, which
together hold a 51% equity interest.  Shareholders also include
Grupo Carso (not rated) with a 46% interest, which Carso obtained
when it sold the copper and aluminum products business of its
Nacobre unit to Elementia in June 2009.

Moody's expects Elementia to use the net proceeds from the local
notes issuance to refinance around half of the debt outstanding
under its existing US$450 million 5-year term loan.

Assignments:

Issuer: Elementia S.A.

  -- Senior unsecured certificados burs tiles (local notes) due
     2015, (P)Ba3 and A3.mx

  -- Corporate Family Rating, (P)Ba3

  -- Outlook, stable

                        Ratings Rationale

Elementia's (P)Ba3 ratings reflect the company's solid market
positions for manufactured fiber cement, copper and aluminum
products in Mexico and its various Central and South American
markets.  They also take into account its modest financial
leverage, its solid profit margins, and the expectation of fairly
stable earnings generation based on cost-plus pricing mechanisms
in the metals division, which helps mitigate volatile metal input
costs.  Moody's also notes the company's seasoned senior
management team and the financial strength and reputation of its
two principal shareholders, Carso and Kaluz.

The ratings are constrained by Elementia's limited operating scale
and business diversification relative to its rated peers, the
company's exposures to cyclical industrial and construction end
markets, and its sizeable investment plan over the next two to
three years that will improve vertical integration in fiber cement
but also pressure free cash flow.  The company also faces
increasing amortization requirements under its term loan, has
limited cushion under its maximum leverage covenant, and is
exposed to base metal cycles, which from time to time can cause
working capital swings and squeeze liquidity.

The ratings also factor in the company's short track record in its
current business configuration (as it only acquired its metals
operation in June 2009) and its exposure to chrysotile, a form of
asbestos, in its fiber cement segment.

The proposed local notes are rated at the same level as the (P)Ba3
Corporate Family Rating because of the expected preponderance of
the senior unsecured debt class in Elementia's debt structure post
issuance.  The notes will be guaranteed by operating subsidiaries
accounting for over 85% of consolidated assets and EBITDA, will
benefit from cross-default provisions and contain financial
covenants similar to those of the company's term loan.  However,
the notes lack other protective provisions such as, for example,
negative pledge, asset sales or change of control clauses.

The last rating action for Elementia was on May 13, 2010, when
Moody's withdrew the company's provisional corporate family and
debt ratings after it canceled a proposed global notes issuance.

The stable rating outlook reflects Moody's expectation that
Elementia will successfully conclude the proposed local notes
issuance, grow earnings in line Moody's expectations over the near
to medium term (as it implements various efficiency and commercial
initiatives), and maintain adequate liquidity as it carries out
its upcoming investment program.

Elementia, S.A., headquartered in Mexico City, Mexico, is a major
manufacturer of semi-finished copper and aluminum products and
various types of fiber cement products.  For the 12 months ended
June 30, 2010, the company generated MXN12.6 billion (US$975
million) of revenues.

                      Regulatory Disclosures

Information sources used to prepare the credit rating is/are
these: parties involved in the ratings, parties not involved in
the ratings, public information.

Moody's de Mexico 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.


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


CL FIN'L: CLICO Group and Government to Hold Third Meeting Friday
-----------------------------------------------------------------
The Colonial Life Insurance Company (Trinidad) Limited
Policyholders Group will hold a third meeting with a Cabinet sub-
committee on the issue of the Government's Clico bailout package
on Friday, Newsday reports, citing deputy chairman of the Group
Peter Permell.

According to the report, in a media release, Mr. Permell also said
the group has proposed a new financing mechanism, which could
allow the Government to honour Clico's liabilities to
policyholders while, at the same time, protecting taxpayers.

"We proposed a very technically sound but creative financing
mechanism which would satisfy the guarantees made to policyholders
by both the Government and the Central Bank on January 30, 2009
without increasing the country's annual budget deficit, the Debt
to GDP ratio, the current TTD liquidity overhang and/or placing
any additional pressure on the US dollar exchange rate,? Newsday
quoted Mr. Permell as saying.

The report notes that the Group met on October 12, 2010, with
Acting Finance Minister Vasant Bharath and a team which includes
Legal Affairs Minister Prakash Ramadhar, Education Minister Dr.
Tim Gopeesingh and Energy Minister Dr. Carolyn Seepersad-Bachan.

The policyholders also asked the Government to resume the payment
of interest on policies on all "non-traditional? or EFPA policies
based on prevailing market rates, the report adds.

                      About CL Financial

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

                           *     *     *

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

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


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Former Head May Exit Prison a Millionaire
-----------------------------------------------------
Olint Corporation Limited former head David Smith may exit prison
a millionaire, reasoned legal minds at the launch of Risky
Business, Jamaica Observer reports.

"There is always that possibility but if they manage to recover
enough of the criminal proceeds then he may not be able to live
like the millionaire that he thinks he was," responded law
lecturer Shazeeda Ali to a query during the book launch of Risky
Business, the report notes. "Because his years in jail will just
be a little holiday unless they can deprive him of the criminal
assets," he added.

According to the report, Christine Chambers, former director of
Financial Investigation Division, reasoned that Mr. Smith may have
gotten a harsher sentence in Jamaica than in Turks and Caicos.
The report relates Ms. Chambers said that the reason is that
Jamaica enacted stronger legislation than the British law to which
the territory is governed.  "Turks and Caicos is a British
territory and our (Jamaica's) Proceeds of Crime Act is built off
of the British one but over the six years before our law was
passed we had the benefit of their experience.  So I would say to
that extent our law is probably stronger," said Ms. Chambers in
response to a query, the report notes.

Jamaica Observer relates Mr. Ali cautioned, however, that Jamaica
would likely falter in its capacity to trace the Olint assets:
"This is where enforcement comes in and that is where our lack of
resources becomes a major issue because no matter how strong the
laws are for the prosecutor if you don't have the infrastructure
to enforce it, then it is pointless".

The Observer discloses Mr. Smith last month was sentenced to 6.5
years in prison after he pleaded guilty to two counts of
conspiracy to money laundering and two counts of conspiracy to the
fraud in the Turks and Caicos Islands.  Oliver Smith, lawyer for
the head of Olint, told the Observer that his client's decision to
plead guilty was driven by his wife's exposure.  According to the
lawyer, David Smith's guilty plea means that the three charges
against his wife Tracy have been dropped and her right to travel
has been reinstated, the report says.

In September, Godfrey McAllister, chairman of the Association of
Concerned OLINT Members (ACOM), stated that he hopes to recover
money from the defunct outfit and believes that the prosecution in
the case was a weak one which settled on a plea bargain with David
Smith because it had no valid evidence against the defendant, the
report adds.

                         About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2010, RadioJamaica said United States authorities seek
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                           ***********

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

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

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

                           ***********


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

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

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

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

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

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


                  * * * End of Transmission * * *