TCRLA_Public/110124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, January 24, 2011, Vol. 12, No. 16

                            Headlines



C A Y M A N   I S L A N D S

4C INVESTMENT: Shareholder to Receive Wind-Up Report on Feb. 18
ACP NOMINEES: Shareholders Receive Wind-Up Report
AENEAS EVOLUTION: Shareholders Receive Wind-Up Report
APOLLO INC: Shareholders' Final Meeting Set for February 4
APPLETON UNIVERSAL: Shareholders' Final Meeting Set for January 24

AS RESIDENTIAL: Shareholders Receive Wind-Up Report
BRIGADIER CAPITAL: Shareholders Receive Wind-Up Report
C.I. SPANDRAGON: Members Receive Wind-Up Report
COMMONFUND INDEX: Shareholders Receive Wind-Up Report
COMMONFUND INDEX: Shareholders Receive Wind-Up Report

COOPER CO: Shareholders Receive Wind-Up Report
CREDIT ASIA: Shareholders Receive Wind-Up Report
CREDIT ASIA: Shareholders Receive Wind-Up Report
CRESTSTREET CAPITAL: Shareholders Receive Wind-Up Report
DIAPASON L/S: Shareholders Receive Wind-Up Report

EDELNOR INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 24
ENDEAVOUR CORPORATION: Shareholders Receive Wind-Up Report
ENVISION MASTER: Shareholders Receive Wind-Up Report
FUND BASKET: Members Receive Wind-Up Report
HORTI LIMITED: Members Receive Wind-Up Report

INVESTCORP MENA: Shareholders' Final Meeting Set for January 25
LIONGATE DISTRESSED: Shareholders Receive Wind-Up Report
LIONGATE MULTI-STRATEGY: Shareholders Receive Wind-Up Report
LLAMA INC: Shareholders' Final Meeting Set for February 4
LUGANO HOLDING: Shareholders Receive Wind-Up Report

PENINSULA INC: Shareholders' Final Meeting Set for February 4
REDCLIFFE MANAGEMENT: Shareholders Receive Wind-Up Report
SANS SOUCI: Members Receive Wind-Up Report
SCIVEST GLOBAL: Shareholders Receive Wind-Up Report
WEST LAKE: Shareholders Receive Wind-Up Report


M E X I C O

VITRO SAB: Provides Information on Restructuring Process


P U E R T O   R I C O

POPULAR INC: Investors File Suit Against Top Executives


T R I N I D A D   &   T O B A G O

CL FIN'L: CLICO Sends 200 Workers on Temporary Leave
PETROTRIN: Workers on Strike Unless Managerial Changes Are Made


X X X X X X X X

* BOND PRICING: For the Week January 17, to January 21, 2011




                            - - - - -


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


4C INVESTMENT: Shareholder to Receive Wind-Up Report on Feb. 18
---------------------------------------------------------------
The shareholder of 4C Investment Manager Limited will receive on
February 18, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ACP NOMINEES: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of ACP Nominees (CI) Limited received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AENEAS EVOLUTION: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Aeneas Evolution Fund, Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


APOLLO INC: Shareholders' Final Meeting Set for February 4
----------------------------------------------------------
The shareholders of Apollo Inc. Ltd. will hold their final meeting
on February 4, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


APPLETON UNIVERSAL: Shareholders' Final Meeting Set for January 24
------------------------------------------------------------------
The shareholders of Appleton Universal Fund Limited will receive
on January 24, 2011, at 10:00 a.m., 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


AS RESIDENTIAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of AS Residential One Holdings Inc. received on
January 21, 2011, 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


BRIGADIER CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Brigadier Capital Master Fund Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


C.I. SPANDRAGON: Members Receive Wind-Up Report
-----------------------------------------------
The members of C.I. Spandragon Ltd. received on January 7, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Cayman Islands


COMMONFUND INDEX: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Commonfund Index Plus Company, SPC received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COMMONFUND INDEX: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Commonfund Index Plus Absolute Return Fund
Limited received on January 21, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COOPER CO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Cooper Co. received on January 21, 2011, 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


CREDIT ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Credit Asia Capital (Cayman Sub) Ltd. received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CREDIT ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Credit Asia Capital Offshore Fund Ltd.
received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CRESTSTREET CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Creststreet Capital (Cayman) Inc. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DIAPASON L/S: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Diapason L/S Agriculture Commodity Fund
received on January 21, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EDELNOR INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 24
----------------------------------------------------------------
The members of Edelnor International, Inc. will receive on
January 24, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Anderson Square, 5th Floor
         Shedden Road, PO Box 866, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 7555


ENDEAVOUR CORPORATION: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Endeavour Corporation received on January 21,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ENVISION MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Envision Master Fund Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FUND BASKET: Members Receive Wind-Up Report
-------------------------------------------
The members of Fund Basket Master Fund (S-1) Limited received on
January 10, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HORTI LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Horti Limited received on January 12, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


INVESTCORP MENA: Shareholders' Final Meeting Set for January 25
---------------------------------------------------------------
The shareholders of Investcorp Mena Investments Limited will hold
their final meeting on January 25, 2011, 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:

         Westport Services Ltd.
         c/o Bonnie Willkom
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


LIONGATE DISTRESSED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Liongate Distressed Opportunity Fund received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LIONGATE MULTI-STRATEGY: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Liongate Multi-Strategy Feeder Fund received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


LLAMA INC: Shareholders' Final Meeting Set for February 4
---------------------------------------------------------
The shareholders of Llama Inc. Ltd. will hold their final meeting
on February 4, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


LUGANO HOLDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lugano Holding Company Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PENINSULA INC: Shareholders' Final Meeting Set for February 4
-------------------------------------------------------------
The shareholders of Peninsula Inc. Ltd. will hold their final
meeting on February 4, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paget-Brown Trust Company Ltd.
         c/o Vashti Ramgeet
         Telephone: (345)-949-5122
         Facsimile: (345)-949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands


REDCLIFFE MANAGEMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Redcliffe Management Company Limited received
on January 12, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

Christopher D. Johnson is the company's liquidator.


SANS SOUCI: Members Receive Wind-Up Report
------------------------------------------
The members of Sans Souci Holdings Limited received on
December 31, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town, Grand Cayman
         Cayman Islands


SCIVEST GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Scivest Global Net Short Equity Fund received
on January 21, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


WEST LAKE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of West Lake Holding Company Ltd. received on
January 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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



VITRO SAB: Provides Information on Restructuring Process
--------------------------------------------------------
TO ALL VITRO NOTEHOLDERS

Reference is made to VITRO, S.A.B. DE C.V.'s press release on
January 18, 2011 addressed to the public providing information
with respect to its restructuring process.  We believe it is
important to provide the following details and clarifications:

a) Contrary to Vitro's statement that it sought an agreement with
   all of its creditors, despite being directly informed that the
   Ad Hoc Group of Vitro Noteholders, which collectively own more
   than US$735 million of Vitro's US$1.2 billion of outstanding
   Senior Notes, opposes the Company's plan, Vitro has refused to
   even meet with the Ad Hoc Group of Vitro Noteholders, much less
   attempt to reach agreement with its members.  The Senior Notes
   have been in payment default for nearly two years and more than
   US$300 million in aggregate past-due interest is owed by Vitro.

b) Contrary to Vitro's allegation that its plan is opposed only by
   a small  "minority" of noteholders, the plan has in fact been
   rejected (and is opposed) by  the Ad Hoc Group of Vitro
   Noteholders, which collectively own more than 60% of
   outstanding Senior Notes and approximately 50% of Vitro's total
   third-party unsecured debt.

c) Contrary to the allegations of Vitro regarding the reasons its
   plan has been rejected, the Ad Hoc Group of Vitro Noteholders
   has unanimously rejected Vitro's proposal, because the offer
   represents an unacceptably poor economic return to Noteholders
   that is inconsistent with the Company's financial capabilities,
   it improperly leaves the current shareholders unimpaired, and
   has been crafted solely between Vitro and certain affiliated
   parties in a direct attempt to transfer value away from third-
   party creditors.

d) In an attempt to overcome the fact that its consent
   solicitation has received support from only 10% of Vitro's
   third-party creditors that were solicited, Vitro is relying on
   the support of (i) an affiliated party who has been induced to
   accept the consent solicitation with patently preferential
   transfers and other special consideration and (ii) US$1.9
   billion of purported intercompany claims controlled by direct
   and indirect subsidiaries of Vitro and which may have recently
   been manufactured to cram down the offer on non-consenting
   third- party creditors.

e) Contrary to the allegations of Vitro regarding improper
   participation in Vitro's concurso proceeding, the Ad Hoc Group
   of Vitro Noteholders and its members have not participated in
   Vitro's pre-pack concurso in any form or fashion.  The
   dismissal of the pre-pack concurso is only attributable to the
   procedural and substantive decisions made by the Company for an
   improper purpose.  Specifically, the Mexican Court has
   referenced that the Company cannot use the US$1.9 billion of
   intercompany claims to declare its pre-pack concurso effective
   and that the holders of intercompany claims are not creditors
   within the meaning of the concurso law.  Also, Vitro failed to
   disclose that the Noteholders have commenced involuntary
   concurso cases against Vitro and certain of its subsidiaries
   which have not been dismissed and remain pending before the
   Mexican Court.

f) Contrary to the allegations of Vitro that the efforts of the Ad
   Hoc Group of Vitro Noteholders put Vitro's business and
   employees at risk, any jeopardy to Vitro's business or
   employees has been caused solely by Vitro's shareholders'
   efforts to improperly retain their full ownership and control
   of the Company without providing a full recovery to creditors.
   The Ad Hoc Group of Vitro Noteholders cannot be faulted for
   merely trying to protect their rights as creditors.

h) The Ad Hoc Group of Vitro Noteholders remains open to a
   negotiated settlement, so long as the consideration is
   consistent with the economic capabilities of Vitro and treats
   creditors according to their respective rankings and
   priorities.

Sincerely Yours,

Jaime R. Guerra Gonzalez, Esq.
Jesus Angel Guerra Mendez, Esq.


Care of

     John Cunningham, Esq.
     Richard Kebrdle, Esq.
     WHITE & CASE LLP
     Telephone: (305) 995-5252
                (305) 995-5276
     Email: JCunningham@whitecase.com
            RKebrdle@whitecase.com

          - and -

     Brian Cullen, Esq.
     Mark Catania, Esq.
     CHANIN CAPITAL PARTNERS LLC
     Telephone: (310) 445-4010
                (310) 445-4010
     Email: BCullen@chanin.com
            MCatania@chanin.com

                           About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of
MXN23,991 million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Secs. 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


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


POPULAR INC: Investors File Suit Against Top Executives
-------------------------------------------------------
Jose L. Carmona at Caribbean Business reports that a new civil
lawsuit has been filed against Popular Inc. President and Chief
Executive Officer Richard Carrion and Chief Financial Officer
Jorge Junquera on behalf of a group of 60 plaintiffs with
investments in Popular stock.  The report relates that the suit
disclosed by the Quetglas Law Office asserts that the bank
violated federal Securities Exchange Act laws.

"Popular is and has always been committed to complying with the
laws and regulations applicable to its business, including those
governing securities laws and regulations.  Our policy, however,
is not to specifically comment on pending litigation," Teruca
Rullan, Popular Inc. senior vice president for corporate
communications, told Caribbean Business in an interview.

According to the report, attorney Eric Quetglas indicated that his
law firm may amend the complaint to add hundreds of additional
clients with large investments in Popular Inc.'s stock who want to
join the complaint outside the class-action initially filed with
regard to this litigation.  Although class actions are a useful
vehicle to obtain compensation for large groups of people where
each has a relatively small claim that would not otherwise be
claimed individually, Mr. Quetglas said such a mechanism is not
always the best for the handling of large individual claims that
warrant individual attention, the report relates.

As a result, Caribbean Business notes, Mr. Quetglas said his
office filed the new action to obtain individual monetary
compensation for clients that invested large sums of money in
common and preferred Popular stock and who have sustained
substantial losses as a result of the loss of value of the stock
and the preferred stocks conversion to devalued common stock.

Caribbean Business discloses that the new action was also filed in
response to what Mr. Quetglas described as a "very favorable
opinion and order" issued by the U.S. District Court in favor of
the Popular investors in the related class-action suit.

Plaintiffs argue that Popular Inc. purposely deceived and
defrauded its investors through inaccurate financial statements in
order to artificially inflate its earnings and liquidity, the
report adds.

                        About Popular Inc.

Popular, Inc. is a bank holding company that provides commercial
banking services through branches in Puerto Rico, the British
Virgin Islands, the Dominican Republic, and the United States
mainland.  The company also provides mortgage and consumer
finance, lease financing, investment banking and broker/dealer
activities, retail financial services, and automated tellers.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2011, the company continues to carry Standard and
Poor's "B" long-term issuer credit ratings and "C" short-term
credit ratings.


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


CL FIN'L: CLICO Sends 200 Workers on Temporary Leave
----------------------------------------------------
Carol-Ann Tudor at NationNews.com reports that more than 200
plantation workers have been sent on temporary leave, as Colonial
Life Insurance Company (Trinidad) Limited (CLICO) Holdings
continues to face serious money challenges.  The report relates
that CLICO Holdings has confirmed the latest cuts that directly
affect the sugar sector.

CLICO president Terrence Thornhill, in a telephone interview, told
the Weekend Nation that the leave, which started on January 17,
was part of cost-cutting measures, but he noted that the workers
would be re-engaged in time for the February start of the 2011
sugar crop, according to NationNews.com.

The report says the layoffs affect several plantations, including
Wakefield, Lemon Arbor, Todds, Bowmanston, Clifton Hall and
Hothersal, which, according to the report, are ranked amongst some
of the island's best sugar lands.

An unnamed senior government official noted that it had been tough
going for all sugar plantations, NatioNews.com discloses.  The
report relates that the official said that while the government
was not opposed to extending temporary support to ensure the on-
time start of this year's sugar harvest, it could only guarantee
assistance for state-controlled entities.

The Freundel Stuart administration is expected to go to Parliament
shortly to seek approval for a TT$150 million guarantee to assist
Government-run sugar and other agriculture sector entities over
the next three years, the report notes.

                           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.


PETROTRIN: Workers on Strike Unless Managerial Changes Are Made
---------------------------------------------------------------
Sue-Ann Wayow at Trinidad Express reports that Petroleum Company
of Trinidad and Tobago workers in the Exploration and Production
(E&P) department are refusing to work until some managers are
changed.

Leroy Connel, president of the Oilfields Workers Trade Union
(OWTU) Fyzabad/Palo Seco branch said the problems of the workers'
have been neglected for too long, according to Trinidad Express.
"We have been trying to get their attention for more than three
years.  We have held several meetings and we (had) dialogue
without any results," the report quotes Mr. Connel as saying.

Mr. Connel, according to the report, said a meeting was supposed
to be held on January 20, 2011, with the managers of E&P.  "The
meeting was scheduled for 10:00 a.m.  Our general manager was a
bit late and he arrived at five minutes past ten.  But right
before he reached all the Petrotrin management left without saying
anything to us," Mr. Connel said, the report notes.  "We think
that is gross disrespect and we refuse to work until they have
changed these managers because they have failed us miserably," he
added.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas have
been leased out to small private producers who are able to make a
profit on wells that are unprofitable for Petrotrin, given it
higher labor costs.  The company operates a refinery at Pointe-
Pierre, just north of San Fernando in south Trinidad.  Most crude
petroleum produced in Trinidad is exported without being refined.
The refinery depends on imported crude (mostly from Venezuela),
which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of Petrotrin
submitted their resignation letters.  According to the report,
Malcom Jones resigned as chairman of Petrotrin and from the State
boards.  The report related board members Lawford Dupres, who
chaired the National Petroleum board, attorney Kerwin Garcia and
Andrew McIntosh had also resigned.  Prime Minister Kamla Persad-
Bissessar, the report noted, said that Cabinet had ordered a
forensic audit of Petrotrin as there were "grounds for suspicion
of misconduct" at Petrotrin similar to what may have transpired at
special-purpose State enterprise UDeCOTT.  The report said that
the company was experiencing serious financial difficulties
resulting in high cost overruns of its refinery upgrade.   The
situation was exacerbated by a US$12 billion lawsuit by World GTL
Inc. against Petrotrin, the report added.


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


* BOND PRICING: For the Week January 17, to January 21, 2011
------------------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS         5.83    12/31/2033     ARS              187.5
ARGENT-PAR          1.18    12/31/2038     ARS                 71
ARGENT-DIS          4.33    12/31/2033     JPY                 42
ARGENT- PAR&GDP     0.45    12/31/2038     JPY                  8
BANCO MACRO SA      10.75   6/7/2012       USD           71.85852
BODEN 2014          2       9/30/2014      ARS                152
BOGAR 2018          2       2/4/2018       ARS                164

CAYMAN ISLAND
-------------

BANCO BPI (CI)           4.15   11/14/2035     EUR         48.873
BANIF FIN LTD            3      12/31/2019     EUR         65.625
BCP FINANCE BANK         5.01   3/31/2024      EUR         52.752
BCP FINANCE BANK         5.31   12/10/2023     EUR         55.337
BCP FINANCE CO           4.239                 EUR         49.5352
BCP FINANCE CO           5.543                 EUR         50.6797
BES FINANCE LTD          5.58                  EUR         50.0477
BES FINANCE LTD          4.5                   EUR         55.268
DUBAI HLDNG COMM         6       2/1/2017      GBP         73.0407
EFG ORA FUNDING          1.7    10/29/2014     EUR         63.590
ESFG INTERNATION         5.75                  EUR         53.6
IMCOPA INTL CAYM        10.37   12/16/2014     USD         38
PUBMASTER FIN            6.96   6/30/2028      GBP         47.533
PUBMASTER FIN            8.44   6/30/2025      GBP         55.052
PUBMASTER FIN            5.943  12/30/2024     GBP         75.08
PUNCH TAVERNS            4.767   6/30/2033     GBP         77.45

CHILE
-----

AGUAS NUEVAS              3.4   5/15/2012      CLP          0.5465
CGE DISTRIBUCION          3.25  12/1/2012      CLP         38.739
ESVAL S.A.                3.8    7/15/2012     CLP         50.271
MASISA                    4.25   10/15/2012    CLP         38.831

PUERTO RICO
-----------

PUERTO RICO CONS          6.2   5/1/2017       USD              47
PUERTO RICO CONS          6.5   4/1/2016       USD              50

VENEZUELA
---------

PETROLEOS DE VEN          5.5    4/12/2037     USD          45.848
PETROLEOS DE VEN          5.37   4/12/2027     USD          46.903
PETROLEOS DE VEN          5.12  10/28/2016     USD          53.250
PETROLEOS DE VEN          5.25   4/12/2017     USD          56.369
PETROLEOS DE VEN          5     10/28/2015     USD          56.301
PETROLEOS DE VEN          4.9   10/28/2014     USD          61.806
PETROLEOS DE VEN          8.5   11/2/2017      USD          66.838
VENEZUELA                 7      3/31/2038     USD          56.313
VENEZUELA                 7      3/31/2038     USD          58
VENEZUELA                 6      12/9/2020     USD          59
VENEZUELA                 7.65   4/21/2025     USD          62.5
VENEZUELA                 8.25   10/13/2024    USD          65.5
VENEZUELA                 7      12/1/2018     USD          67.5
VENEZUELA                 7.75   10/13/2019    USD          69
VENEZUELA                 9.25    5/7/2028     USD          69
VENEZUELA                 9       5/7/2023     USD          69.5
VENEZUELA                 5.75    2/26/2016    USD          72
VENEZUELA                 9.25    9/15/2027    USD          70.851
VENEZUELA                 9.25    9/15/2027    USD          75
VENZOD - 189000           9.375   1/13/2034    USD          70


                            ***********


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. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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 * * *