TCRLA_Public/110209.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, February 9, 2011, Vol. 12, No. 28

                            Headlines



A R G E N T I N A

BAUGRUPPE SRL: Creditors' Proofs of Debt Due April 8
COLINAS DEL SUR: Creditors' Proofs of Debt Due March 18
EDITORIAL E IMPRESORA: Creditors' Proofs of Debt Due May 5
RECIMAD SA: Creditors' Proofs of Debt Due April 20


B R A Z I L

BANCO PANAMERICANO: Shareholders Pledge to Inject BRL14BB to Firm
COMPANHIA DE SANEAMENTO: Moody's Affirms 'Ba3' Rating on Bonds


C A Y M A N   I S L A N D S

AJO MARKET-NEUTRAL: Shareholders Receive Wind-Up Report
AXIS-JJM INC: Shareholders Receive Wind-Up Report
BRIDGE CAPITAL: Members Receive Wind-Up Report
COMPANIA MEXICANA: Shareholders Receive Wind-Up Report
FREMANTLE LTD: Shareholder Receives Wind-Up Report

GCOF SPV: Shareholder Receives Wind-Up Report
GCOF SPV: Shareholder Receives Wind-Up Report
GCP II: Shareholder Receives Wind-Up Report
GCP II: Shareholder Receives Wind-Up Report
HADDINGTON INVESTMENTS: Shareholders Receive Wind-Up Report

JPMORGAN ALPHA: Shareholders Receive Wind-Up Report
LADY KATHRYN: Shareholder Receives Wind-Up Report
LEAF OFFSHORE: Shareholder Receives Wind-Up Report
LEHMAN BROTHERS: Shareholders Receive Wind-Up Report
LONGVIEW OPPORTUNITIES: Members Receive Wind-Up Report

MAESTROS LIMITED: Member Receives Wind-Up Report
MANHATTAN SYSTEMATIC: Shareholders Receive Wind-Up Report
MC GP: Shareholders Receive Wind-Up Report
MICROCHIP HOLDINGS: Shareholders Receive Wind-Up Report
NADYMOND INVESTMENTS: Members Receive Wind-Up Report

NORTH ENTERPRISES: Shareholder Receives Wind-Up Report
PIMCO EQUITYSELECT: Shareholders Receive Wind-Up Report
PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report
PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report
SAIL ADVISORS: Shareholders Receive Wind-Up Report

SEALY MATTRESS: Shareholder to Receive Wind-Up Report on Feb. 11
SHELTER COVE: Shareholders Receive Wind-Up Report
THAMES RIVER: Members to Receive Wind-Up Report on February 22
TOPAZ LIMITED: Shareholders Receive Wind-Up Report
VITA CAPITAL: Shareholder Receives Wind-Up Report


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Mess Awaits Court Appointment of Judicial Manager



                            - - - - -


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


BAUGRUPPE SRL: Creditors' Proofs of Debt Due April 8
----------------------------------------------------
Susana Vacchelli, the court-appointed trustee for Baugruppe SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 8, 2011.

Ms. Vacchelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk No.
45, 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 November 22, 2011.

The Trustee can be reached at:

         Susana Vacchelli
         Florida 336


COLINAS DEL SUR: Creditors' Proofs of Debt Due March 18
-------------------------------------------------------
Hilda Rosa Fernandez, the court-appointed trustee for Colinas del
Sur SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 18, 2011.

Ms. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Hilda Rosa Fernandez
         Avenida Corrientes 676
         Argentina


EDITORIAL E IMPRESORA: Creditors' Proofs of Debt Due May 5
----------------------------------------------------------
Jose Luis Carriquiry, the court-appointed trustee for Editorial e
Impresora Alloni SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until May 5, 2011.

Mr. Carriquiry 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.

The Trustee can be reached at:

         Jose Luis Carriquiry
         Loyola 660
         Argentina


RECIMAD SA: Creditors' Proofs of Debt Due April 20
--------------------------------------------------
Estudio Vidal, the court-appointed trustee for Recimad SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until April 20, 2011.

Mr. Vidal will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 43, 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 February 2, 2012.

The Trustee can be reached at:

         Estudio Vidal
         Donato y Asociados
         Juncal 1396
         Argentina


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


BANCO PANAMERICANO: Shareholders Pledge to Inject BRL14BB to Firm
-----------------------------------------------------------------
Inae Riveras and Guillermo Parra-Bernal at Reuters report that
newspapers have revealed Banco PanAmericano's main shareholders
pledged to inject BRL14 billion (US$8.4 billion) into the troubled
lender after losses related to accounting fraud were 65% bigger
than initially estimated.

Total losses rose to BRL4.3 billion from the BRL2.5 billion
previously estimated by regulators, O Estado de S.Paulo and Folha
de S.Paulo reported, according to Reuters.  A one-time BRL500
million charge was discovered after securities firm BTG Pactual
took over Banco PanAmericano, Estado said, Reuters relates.

Reuters notes that BTG Pactual agreed to pay BRL450 million for a
37.6% stake in PanAmericano.  Under terms of the agreement, the
report relates, BTG and Caixa Economica Federal, the state-run
lender that owns 36.6% in PanAmericano, will buy out minority
shareholders.  Both controlling shareholders pledged to keep
funding PanAmericano's working capital needs through the purchase
of loans and bonds it issues to finance its operations, Folha
reported, citing executives from BTG Pactual and Caixa, Reuters
says.

The steps underscore the difficulties that PanAmericano has faced
since November, when central bank auditors found accounting
irregularities and demanded an outright capitalization of the
bank, Reuters recalls.

The report notes that former controlling shareholder Silvio
Santos, who sold his stake to BTG, had to borrow BRL2.5 billion
from the deposit insurance fund FGC to bolster PanAmericano's
capital base.

The cost of borrowing has risen for PanAmericano since the losses
were disclosed, the newspapers said, Reuters says.  The aid
pledged by BTG and Caixa will allow the consumer lender to fund
new credit in a competitive environment, Folha said, the report
adds.

                       About Banco Panamericano

Bank offers loans, personal credit, investments, credit cards, and
lease financing.  Banco Panamericano operates throughout Brazil.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 12, 2010, Bloomberg News said that Banco PanAmericano SA
could have been liquidated or subjected to a central bank
intervention to sell its assets if its controller had not tapped
BRL2.5 billion from Brazil's deposit insurance fund to rescue the
bank.  According to the report, Mr. Ferreira said that talks to
rescue PanAmericano started Oct. 11 and were conducted by
Brazilian media mogul Silvio Santos, who controls the bank.

As of July 27, 2010, the company continues to carry Moody's "Ba2"
long-term rating, foreign currency long-term debt rating, and
long-term bank deposits ratings.


COMPANHIA DE SANEAMENTO: Moody's Affirms 'Ba3' Rating on Bonds
--------------------------------------------------------------
Moody's America Latina affirmed the Ba3 local currency rating on
the global scale and A3.br on the Brazilian National Scale rating
for the existing BRL100 million unsecured debentures due 2012
issued by Companhia de Saneamento do Parana - Sanepar and changed
the outlook to stable from negative.

                         Ratings Rationale

Sanepar's Ba3 rating largely reflects its monopoly rights to
operate water and sewage services in an attractive concession area
as well as its strong credit metrics for the rating category,
which have been historically characterized by relatively low
leverage and strong operating margins.  A track record of
political interference by the state government constrains the
rating, as does the lack of a well established regulatory
framework for water utilities in Brazil and the increasing
business risk resulting from the tariff freeze initiated in 2005.
Uncertainties about the designation of certain advances from the
major shareholder totaling BRL866 million further constrain the
rating.

The change to stable outlook reflects Moody's decreasing concern
over the potential impact of the existing BRL866 million in
liabilities on the company's cash flow and liquidity position in
the near term.  On January 4, 2011, Sanepar's shareholders
replaced six members of its Board of Directors and announced nine
new executive officers, including Mr. Fernando Ghignone as the new
CEO appointed by the new state governor and Mr. Dirceu Wichnieski
as the new CFO suggested by the minority shareholder, Domino
Holdings S.A.  These changes in Sanepar's management team made
after a new administration took office in the State of Parana
contributed to lessen Moody's apprehension.  Going forward,
Moody's expect the new state government to be more supportive of
Sanepar's operations and more willing to mitigate some of the key
challenges mentioned above, including the ongoing tariff freeze
and the ongoing dispute with the minority shareholders.  Moody's
also expect to see positive steps towards improvement in the
quality of corporate governance and board oversight.

Until 2007, the company had posted a stable capital structure that
featured relatively low leverage and a healthy debt maturity
profile that were very strong for its rating category.  At the end
of 2008, however, Sanepar's debt profile deteriorated sharply
after the board of directors decided to convert into debt around
BRL775 million of advances that were originally intended for
future increases in capital.  In Moody's opinion, this decision
was a response by the major shareholder, the State of Parana,
which was not allowed to convert these resources into capital as a
result of a long judicial dispute with the minority shareholder,
the Domino, regarding a shareholders' agreement to control Sanepar
that dates back to 2003.  As a result, the leverage ratio measured
by Debt to Capitalization reached 51.6% on September 30, 2010
compared to 35.4% on December 31, 2007, while the FFO to Net Debt
ratio decreased to 14.9% from around 24.8%.  Nevertheless,
Sanepar's current credit metrics remain well positioned for its
Ba3 rating category.

The tariff freeze in place since 2005 remains a concern as it
impairs the company's ability to generate adequate cash flow in
face of a relatively sizeable capital expansion program and an
expected scenario of rising inflation.  The EBITDA margin has
consistently decreased over the last five years as a result of the
tariff freeze.  Previous management had focused on improving
operating efficiency, which has partly offset the unchanged
tariffs and allowed the EBITDA margin to stabilized at around 40%.
New management has stated its intention is to reduce operating
expenses by 15%.  Moody's projections indicate that Sanepar should
still post adequate operating margins in 2010, but going forward
the margin trend will largely depend on whether the state
government grants some tariff relief.  An additional risk is the
reduced cushion in one of the financial covenants embedded in the
outstanding debentures that requires a minimum EBTIDA margin at
35%.

Moody's has not received updated cash flow projections from
Sanepar as the new management team is currently reviewing the
budget plan for 2011-2013.  Approval of a revised plan is expected
in March.  Moody's preliminary projections indicate that Sanepar
will remain committed through a large investment program to
maintaining high coverage of water services, to reducing current
water losses and to expanding its current installed sewage
capacity.  At the end of 2010, the company announced a BRL1.7
billion investment program in public services from 2011 through
2013 that includes investments to expand the coverage of sewage
services from 62% to 70% of the population in its concession area
by 2014.  Historically, the execution of Sanepar's investment
programs have been subject to the availability of adequate funding
which has usually translated into effective cash outlays below the
budget plan.  Moody's will continue to assess further changes to
Sanepar's financial strategy and will comment as appropriate.

While the company's stable rating outlook factors in the continued
execution of its expansion plan, Moody's expects that management
will manage its capital structure prudently and finance its
capital expenditures and dividends in a manner that keeps the
company's credit metrics compatible with the Ba3 rating category.
The stable outlook is also predicated on Moody's expectation of a
constructive solution over the designation of the existing BRL866
million in advances for future increase in capital, which is key
to maintaining the company's adequate debt maturity profile and
liquidity position.

Moody's could upgrade the ratings if financial performance
improves such that there is a sustainable ratio of FFO to Net Debt
in excess of 20% and interest coverage above 3.5x, which will
depend materially on increased visibility with regard to future
tariffs and capital expenditures.  Strong evidence of increased
support from the state government could also positively affect the
ratings.

The ratings could be downgraded if financial performance
deteriorates such that FFO to Net Debt falls below 10% and
interest coverage declines to less than 2.5x for an extended
period or if the company's liquidity position deteriorates as a
result of inadequate funding for its capital expenditure program
or an inability to materially reduce its operating expenses.  The
ratings could also be negatively affected by a downward revision
of the assumed level of support of the state government.

The last rating action on Sanepar was in July 23, 2009 when
Moody's confirmed all ratings but changed the outlook to negative.

The State of Parana holds 60% of Sanepar's voting shares and 52.5%
of its total capital.  Consequently, Sanepar is considered a
Government-Related Issuer in accordance with Moody's rating
methodology entitled "The Application of Joint Default Analysis to
Government-Related Issuers".  Moody's methodology for GRIs
incorporates the company's stand-alone credit risk profile or
Baseline Credit Assessment as well as the likelihood that a
government would provide extraordinary support for the company's
debt obligations.  The Ba3 rating of Sanepar results from the
application of joint-default analysis of the company's BCA and the
State of Parana, Moody's view of high dependence (the likelihood
that both entities would default at the same time), and a moderate
probability of extraordinary support from the controlling
shareholder.  The BCA of a GRI may be expressed on a 1-21 scale,
corresponding to the 21 ratings ranging from Aaa to C. Sanepar's
ratings incorporate a BCA of 13 (mapping to Ba3) along with an
estimated moderate level of support and high dependence from the
State.

Headquartered in Curitiba, Brazil, Companhia de Saneamento do
Parana - Sanepar provides water treatment and distribution to 9.0
million consumers, and sewage service to 5.4 million consumers in
344 municipalities in the state of Parana and one municipality in
the state of Santa Catarina.  In the last twelve months ending
September 30, 2010, Sanepar reported net earnings of BRL142
million (US$80 million) on BRL1,461 million (US$821 million) in
net revenues.


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


AJO MARKET-NEUTRAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Ajo Market-Neutral Fund received on
January 27, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AXIS-JJM INC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of AXIS-JJM Inc. received on January 25, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Christopher P. Meyering
         Sciens Hedge Fund Management LLC
         667 Madison Avenue
         New York, NY 10065 USA


BRIDGE CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Bridge Capital Limited received on January 25,
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


COMPANIA MEXICANA: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Compania Mexicana De Leasing Internacional
received on January 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Societe Generale S.A.
         29 Boulevard Haussmann
         75009 Paris


FREMANTLE LTD: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Fremantle Ltd. received on January 22, 2011,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


GCOF SPV: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of GCOF SPV I received on January 26, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


GCOF SPV: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of GCOF SPV II received on January 26, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


GCP II: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of GCP II SPV I received on January 26, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


GCP II: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of GCP II SPV II received on January 26, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


HADDINGTON INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Haddington Investments Limited received on
January 28, 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


JPMORGAN ALPHA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of JPMorgan Alpha Strategy, Ltd. received on
January 28, 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


LADY KATHRYN: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Lady Kathryn IV Limited received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Leo A. Vecellio, Jr.
         P.O. Box 15065
         West Palm Beach, Florida 33416
         U.S.A.
         Telephone: 1-561-793-2102
         Facsimile: 1-561-798-3778


LEAF OFFSHORE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The sole shareholder of Leaf Offshore Investment Fund, Ltd.
received on January 26, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Martina de Lima
         Telephone: (345) 815-1790
         Facsimile: (345) 949-9877


LEHMAN BROTHERS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lehman Brothers Asia Multistrategy Fund, Ltd.
received on January 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LONGVIEW OPPORTUNITIES: Members Receive Wind-Up Report
------------------------------------------------------
The members of Longview Opportunities Master Fund received on
January 25, 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


MAESTROS LIMITED: Member Receives Wind-Up Report
------------------------------------------------
The sole member of Maestros Limited received on November 29, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Annie Chapman
         c/o 69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 949-8062


MANHATTAN SYSTEMATIC: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Manhattan Systematic Fund received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Fidutec Ltd.
         Teachers Cooperative Savings Bldg.
         Mesolongiou Street, Flat 34
         Limassol 3032
         Cyprus


MC GP: Shareholders Receive Wind-Up Report
------------------------------------------
The shareholders of MC GP Ltd received on January 26, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


MICROCHIP HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Microchip Holdings LDC received on January 26,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NADYMOND INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Nadymond Investments Limited received on
January 25, 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


NORTH ENTERPRISES: Shareholder Receives Wind-Up Report
------------------------------------------------------
The sole shareholder of North Enterprises Ltd. received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael Ovitz
         1234 Benedict Canyon Drive
         Beverly Hills, California  90210
         U.S.A.
         Telephone: 310-272-8888
         Facsimile: 310-300-2424


PIMCO EQUITYSELECT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Pimco Equityselect Long/Short Offshore Fund
Ltd. received on January 28, 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


PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pimco Liquidity Premium Offshore Fund Ltd.
received on January 28, 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


PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Pimco Liquidity Premium Master Fund Ltd.
received on January 28, 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


SAIL ADVISORS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Sail Advisors Trustee Limited received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Yan-Yan Li
         Cheung Kong Centre, 57th Floor
         2 Queen's Road Central
         Hong Kong
         Telephone: 852 2826 9605
         Facsimile: 852 2810 1572


SEALY MATTRESS: Shareholder to Receive Wind-Up Report on Feb. 11
----------------------------------------------------------------
The sole shareholder of Sealy Mattress Company of Puerto Rico will
receive on February 11, 2011, 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
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


SHELTER COVE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Shelter Cove Capital Holdings received on
January 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Chi Foon Tsang
         Room 921-925, 9th Floor
         Sun Hung Kai Centre
         30 Harbour Road, Wan Chai
         Hong Kong
         Telephone: +852 2233 7466
         Facsimile: +852 2233 7401


THAMES RIVER: Members to Receive Wind-Up Report on February 22
--------------------------------------------------------------
The members of Thames River Equity Focus Fund will receive on
February 22, 2011, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258, Grand Cayman KY1-1104
         Cayman Islands


TOPAZ LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Topaz Limited received on January 28, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Fidutec Ltd.
         Teachers Cooperative Savings Bldg.
         Mesolongiou Street, Flat 34
         Limassol 3032
         Cyprus


VITA CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Vita Capital II Limited received on January 22,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Connan Hill
         Bronwynne R. Arch
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


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


CL FIN'L: CLICO Mess Awaits Court Appointment of Judicial Manager
-----------------------------------------------------------------
Tony Best at NationNews.com reports that Minister of Finance Chris
Sinckler said the task of cleaning up the "mess" at Colonial Life
Insurance Company (Trinidad) Limited (CLICO) must await the
appointment of a judicial manager by the court.

Mr. Sinckler said that the Freundel Stuart administration would
remain stymied when it comes to what it can say and do about CLICO
until there is court action, according to NationNews.com.  But
once that happens, government will seek to ease people's fears
about the CLICO debacle and explain what's being done to protect
hundreds of millions of dollars in investments in Barbados, he
added.

NationNews.com discloses that during a visit to New York, Mr.
Sinckler told the DAILY NATION that having decided to place CLICO
under judicial management, Cabinet must await the appointment of a
manager before he, as minister, can outline government's plans.
That appointment is to be made in a few weeks.

Meanwhile, NationNews.com notes, Mr. Sinckler said that reports
that people were withdrawing money from CLICO were "absolutely not
true."  "They are trying to service what they already have and
preparing themselves to deal with the judicial manager when that
person is officially appointed by the court," he added.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company 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. 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.



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