TCRLA_Public/110302.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, March 2, 2011, Vol. 12, No. 43

                            Headlines



A R G E N T I N A


ALTO PALERMO: Fitch Upgrades Issuer Default Rating to 'BB-'
BARMIT SA: Creditors' Proofs of Debt Due April 1
BASE COMUNICACIONES: Creditors' Proofs of Debt Due June 3
FEPETROL SA: Creditors' Proofs of Debt Due June 1
GRAFICA Y COPIADO: Creditors' Proofs of Debt Due May 2

INVERSIONES Y REPRESENTACIONES: Fitch Lifts Issuer Rating to 'BB-'
SULLAIR ARGENTINA: Moody's Affirms 'B2' Corporate Family Rating


B R A Z I L

ARAB BANKING: Fitch Retains 'BB+' Long-Term Issuer Default Rating
FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook


C A Y M A N   I S L A N D S

CALEDONIAN REINSURANCE: Creditors' Proofs of Debt Due March 29
CAUSEWAY AUSTRALASIAN: Creditors' Proofs of Debt Due March 30
EDGEN MURRAY: Creditors' Proofs of Debt Due March 22
EMERGENT CAPITAL: Court Enters Wind-Up Order
ENERCO INTERNATIONAL: Creditors' Proofs of Debt Due March 15

FAIRFIELD EFM: Creditors' Proofs of Debt Due March 31
GS PEP TECH: Creditors' Proofs of Debt Due March 30
HALCYON STRUCTURED: Creditors' Proofs of Debt Due March 30
ICM OPPORTUNITY: Creditors' Proofs of Debt Due March 30
MASTER TREND: Creditors' Proofs of Debt Due March 30

PUSHKIN FUND: Creditors' Proofs of Debt Due March 28
RAB EMERGING: Creditors' Proofs of Debt Due March 21
RAB EMERGING: Creditors' Proofs of Debt Due March 21
REACHCAPITAL INTERNATIONAL: Creditors' Proofs of Debt Due March 30
SENEX INVESTMENTS: Creditors' Proofs of Debt Due March 28

SIAM CROSS-STRAIT: Creditors' Proofs of Debt Due March 30
TANMIYAT SUKUK: Creditors' Proofs of Debt Due April 4
VARA GLOBAL: Creditors' Proofs of Debt Due March 28
VARA GLOBAL: Creditors' Proofs of Debt Due March 28
VESTIN INC: Creditors' Proofs of Debt Due March 15

WESTHARBOR EVENT: Creditors' Proofs of Debt Due March 21


M E X I C O

FINCOMUN SERVICIOS: S&P Keeps 'BB-/B' Rating; Gives Stable Outlook
INVERSIONES ALSACIA: Fitch Assigns 'BB' Rating with Stable Outlook


P U E R T O   R I C O

A+HC HOLDING: Case Summary & 20 Largest Unsecured Creditors
R&G FINANCIAL: Exclusive Plan Filing Period Extended to April 30


T R I N I D A D  &  T O B A G O

CL FIN'L: CARICOM to Set Up BAICO/CLICO Policyholders Support Fund


                            - - - - -


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A R G E N T I N A
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ALTO PALERMO: Fitch Upgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------
Fitch Ratings has upgraded Alto Palermo S.A.'s ratings:

  -- Local currency Issuer Default Rating to 'BB-' from
     'B+';

  -- US$120 million senior unsecured notes due in 2017 to 'B+/RR3'
     from 'B/RR4';

  -- US$50 million argentine peso-linked notes due in 2012 to
     'B+/RR3' from 'B/RR4';

  -- National scale ratings to 'AA+(arg)' from 'AA-(arg)'.

In addition, Fitch has affirmed APSA's foreign currency IDR at 'B'
and APSA's Equity Rating at Category 1.

The Rating Outlook is Stable.

The 'RR3' recovery rating reflects good recovery prospects in the
event of default.

The upgrade of APSA's local currency IDR to 'BB-' reflects the
company's strong performance and the sale of 80% of its consumer
finance business, Tarshop.  This business had high working capital
requirements and had been a drain on the company's cash flow.  In
Fitch's opinion, the sale of Tarshop should lower cash flow
volatility and will reduce the company's financial risk during an
economic downturn.

APSA's 'BB-' LC IDR is supported by the company's strong business
position in the Argentine shopping center industry.  While debt at
APSA is low in relation to cash flow, Fitch has linked the credit
quality of APSA with its more highly leveraged parent company,
Inversiones y Representaciones S.A. APSA's credit quality is also
constrained at 'BB-' due to its aggressive growth strategy and the
high degree of risk associated with operating in the real estate
industry, as well as in Argentina.  APSA's foreign currency IDR
continues to be constrained at 'B' by the 'B' Country Ceiling
assigned to Argentina by Fitch.

APSA has a strong business position in the Argentine shopping
center industry, operating 11 shopping centers with a gross
leasable space of 286,286 square meters.  The high quality and
strategic location of APSA's shopping centers result in sales per
square meter that exceed the market average.  The quality of
APSA's malls has resulted in operating margins in excess of 70% of
rent income, occupancy rates of more than 97%, and improving
leasing conditions.  APSA's revenues are partially hedged against
consumer inflation, as the company receives a percentage of the
sales made by tenants of its malls.

APSA's high operating margins are due to leases that result in the
tenants paying direct expenses and a percentage of the common
expenses.  The company's results are closely correlated with the
performance of the economy, which has proven to be quite volatile.
APSA has a high degree of concentration in the near term for its
lease agreements, with approximately 35% of lease contracts
expiring before the end of 2011.  While this ratio is high for the
industry, APSA's strong market position somewhat mitigates this
risk.

APSA's leverage is low and its interest coverage is adequate.  For
the latest 12 months ended Dec. 31, 2010, the company's total
debt-to-EBITDA ratio was 1.4 times, while its EBITDA-to-interest
ratio was 6.3x.  As of Dec. 31, 2010, APSA had US$185 million of
total debt, excluding US$47 million of convertible notes that are
expected to fully convert at maturity given the current stock
price.  Only 24% of the company's debt is short-term.  The company
had only US$32.6 million of cash and marketable securities as of
Dec. 31, 2010.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, and size of the asset base.
APSA's portfolio of assets is strong, with an undepreciated book
capital as of Dec. 31, 2010 of US$635 million.  These assets are
mostly unencumbered, as secured debt represents less than 5% of
total debt load.  The company's leverage measured by total debt as
a percentage of undepreciated book capital was 29% at the end of
December 2010.  This percentage would be even lower at market
values.  The large pool of unencumbered assets at APSA provides
financial flexibility and results in above average recovery
prospects in the event of default.

For the LTM ended Dec. 31, 2010, APSA had US$229 million of sales
and US$135 million of EBITDA, an improvement from US$204 million
and US$114 million during the fiscal year ended June 30, 2010.
The improvement was due to the positive performance of the
company's shopping centers, which posted a 31% growth in revenues
during the first six months of the fiscal year 2011.

APSA is 95% owned by IRSA.  On a consolidated basis, IRSA had
US$348 million of sales and generated US$181 million of EBITDA
during 2010.  IRSA had US$620 million of consolidated debt and
US$94 million of consolidated cash.  Excluding the debt at APSA,
the main debt obligations of IRSA are a US$150 million note
maturing in 2017 and a US$150 million note maturing in 2020.  The
IRSA notes and APSA's US$120 million note maturing in 2017 do not
have cross guarantees.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that APSA will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
about 1.5x.  Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 5x.  APSA's management is
intent on maintaining a conservative financial structure.

Any significant increase in APSA's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action.  APSA's FC IDR could be affected by an upgrade or
downgrade of the Argentine Country Ceiling of 'B'.


BARMIT SA: Creditors' Proofs of Debt Due April 1
------------------------------------------------
Luis Plizzo, the court-appointed trustee for Barmit SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until April 1, 2011.

Mr. Plizzo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk No.
47, 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:

          Luis Plizzo
          Avenida Belgrano 1185
          Argentina


BASE COMUNICACIONES: Creditors' Proofs of Debt Due June 3
---------------------------------------------------------
Valentina Maria Denda, the court-appointed trustee for Base
Comunicaciones SA's bankruptcy proceedings will be verifying
creditors' proofs of claim until June 3, 2011.

Ms. Denda will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 18
in Buenos Aires, with the assistance of Clerk No. 35, 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:

          Valentina Maria Denda
          Avenida Belgrano 845
          Argentina


FEPETROL SA: Creditors' Proofs of Debt Due June 1
-------------------------------------------------
Alfredo Oscar Legnazzi, the court-appointed trustee for Fepetrol
SA's bankruptcy proceedings will be verifying creditors' proofs of
claim until June 1, 2011.

Mr. Legnazzi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:

          Alfredo Oscar Legnazzi
          Cerrito 1136
          Argentina


GRAFICA Y COPIADO: Creditors' Proofs of Debt Due May 2
------------------------------------------------------
Claudio Jorge Haimovici, the court-appointed trustee for Grafica y
Copiado SRL's bankruptcy proceedings will be verifying creditors'
proofs of claim until May 2, 2011.

Ms. Haimovici 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.

The Trustee can be reached at:

          Claudio Jorge Haimovici
          Maipu 267
          Argentina


INVERSIONES Y REPRESENTACIONES: Fitch Lifts Issuer Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded these ratings of Inversiones y
Representaciones S.A.:

  -- Local Currency Issuer Default Rating to 'BB-' from 'B+';

  -- US$150 million senior unsecured notes due in 2017 to 'B+/RR3'
     from 'B/RR4';

  -- US$150 million senior unsecured notes due in 2020 to 'B+/RR3'
     from 'B/RR4';

  -- National scale ratings to 'AA+(arg)' from' AA-(arg)'.

Concurrently with these rating actions, Fitch has affirmed IRSA's
Foreign Currency IDR at 'B' and its national scale Equity Rating
at Category 1.

The Rating Outlook is Stable.  The 'RR3' Recovery Rating reflects
good recovery prospects in the event of default.

The upgrade of IRSA's local currency IDR to 'BB-' reflects the
company's strong performance and positive operating trends.  It
also takes into consideration steps taken by the company during
the past year to increase the focus of its business and diminish
cash flow volatility.  The most important step was the sale by
IRSA's 95% owned subsidiary, Alto Palermo, of 80% of its stake in
the consumer credit card company (Tarshop) to Banco Hipotecario.
This subsidiary of APSA had high working capital requirements and
had generated operating losses.  IRSA also took the strategic step
of increasing its stake in APSA to 95% from 65%, when it paid
Parque Arauco US$126 million for its 29.55% stake in APSA.

IRSA's 'BB-' local currency IDR continues to be supported by the
company's strong market positions in premium office buildings and
APSA's leading position in shopping malls.  The 'BB-' rating
reflects a moderate level of debt, as well as manageable liquidity
due to unencumbered assets and land that could be sold.  The
rating is constrained at 'BB-' by the above average risks
associated with real estate development in Argentina.  IRSA's
foreign currency IDR continues to be constrained at the level of
'B' due to the 'B' Country Ceiling assigned to Argentina by Fitch.

IRSA is the leader in the development and management of office
buildings in Buenos Aires.  This division accounted for about 11%
of the company's consolidated EBITDA during 2010.  The company has
a leading position in the shopping center segment of the real
estate market within the city of Buenos Aires City and the Great
Buenos Aires area through its subsidiary APSA.  The shopping
centers segment accounted for about 73% of IRSA's consolidated
EBITDA during the latest 12 months ended Dec. 31, 2010.  The
balance of IRSA's EBITDA is derived from three premium hotels, as
well as its residential property development division.

IRSA maintains adequate leverage and interest coverage.  On a
consolidated basis, IRSA had US$348 million of sales and generated
US$181 million of EBITDA during 2010.  These figures compare with
US$620 million of debt, resulting in a total debt-to-EBITDA ratio
of 3.4 times and an EBITDA-to-interest expense ratio of 4.2x.
APSA accounted for US$135 million of IRSA's consolidated EBITDA
and only US$185 million of its debt.  IRSA's main debt obligations
are US$150 million notes maturing in 2017 and 2020; APSA has also
issued a US$120 million note maturing in 2017.  These notes do not
have cross guarantees.

IRSA had US$181 million of consolidated short-term debt
obligations as of Dec. 31, 2010, of which US$52 million are
associated with debt at APSA.  These figures compare with US$94
million of cash and marketable securities.  Approximately US$33
million of the company's cash is at APSA.  The company is expected
to meet its upcoming debt obligations with a mix of cash from
operations and the rollover of existing debt.  Importantly, both
IRSA and APSA own key parcels of land in strategic areas of Buenos
Aires, which could be sold to improve the company's liquidity, or
used for new developments.  The book value of this undeveloped
land exceeds US$100 million.

For the real estate industry, the emphasis of Fitch's methodology
is on portfolio quality and diversity, and size of the asset base.
IRSA portfolio of assets is strong with US$1 billion of
undepreciated book capital as of Dec. 31, 2010.  These assets are
mostly unencumbered, as secured debt represents less than 5% of
total debt load.  IRSA' large pool of unencumbered assets provides
financial flexibility and above average recovery prospects in a
stress case scenario.  The company's leverage measured by total
debt as a percentage of undepreciated book capital was 60% at the
end of December 2010.  This percentage would be even lower at
market values.

Despite lower leverage at APSA, the local currency IDRs of APSA
and IRSA are linked at 'BB-'.  This linkage reflects factors that
align the credit quality of the company such as the same
management team, a centralized treasury, operational ties and the
lack of restrictions upon the movement of money between the
companies.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that IRSA will
manage its balance sheet to a targeted ratio of total debt-to-
EBITDA of less than 3.5x.  The company's cash flow from operations
is expected to become more stable and predictable as a result of
recent actions taken by the company.

Any significant increase in IRSA's targeted leverage ratio would
weaken credit quality and could result in a negative rating
action.  IRSA's foreign currency IDR could be affected by an
upgrade or downgrade of the Argentine Country Ceiling of 'B'.


SULLAIR ARGENTINA: Moody's Affirms 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's has affirmed Sullair's B2 local currency corporate family
rating and A2.ar Argentine national scale rating.  At the same
time, Moody's has assigned ratings of B2/A2.ar to Sullair's Ar$60
million loan from Banco de la Nacion Argentina (not rated).  All
of these ratings are local currency ratings, and the outlook on
all the ratings is stable.

                        Ratings Rationale

The B2 local currency corporate family rating and A2.ar Argentine
national scale rating are supported by Sullair's solid franchise
and long track record in the equipment rental market in Argentina,
as well as by its growing business in Brazil.  Sullair's long-
established commercial relationship with its main suppliers also
supports the company's business model and ratings.  Finally, the
ratings take into account the fact that Sullair's credit metrics
are much stronger than those of other B rated companies in the
equipment rental industry.

The ratings are constrained mainly by Sullair's fragile liquidity
position, which results from its high exposure to short-term debt
and little cash on its balance sheet.  Other constraining factors
include the company's small scale, limited geographic
diversification, and exposure to Argentine credit risk.  While
Sullair's core business continues to be equipment rental and
distribution, power generation accounts for 27% of total revenues.
Power generation revenues rely mainly on contracts (Energia
Distribuida) with ENARSA, an arm of the Argentine government;
Sullair is therefore exposed to Argentine government (rated
B3/Stable) credit risk.

Sullair's B2 local currency corporate family rating reflects its
global default and loss expectation, while the A2.ar national
scale rating reflects its credit quality in relation to that of
domestic peers.

Issuers or issues rated A2.ar present above-average
creditworthiness relative to other domestic issuers.

Moody's national scale ratings are intended as comparative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
risks.  National scale ratings differ from Moody's global scale
ratings in that they are not comparable with the full universe of
Moody's-rated entities, but only with the national scale ratings
of other rated debt issues and issuers in the same country.

                             Liquidity

Historically Sullair has had a high proportion of short-term debt
and little cash on its balance sheet.  As the same time, like most
Argentine companies, it does not maintain committed credit
facilities.  Although in recent years Sullair has entered into
bank loans that have final maturities beyond a year (24--30
months), the relatively short-term amortization profile of its
debt does not enhance its liquidity profile.

Sullair also relies on financing from suppliers, which is less
volatile than bank financing and helps offset its weak liquidity
position.  Strong internal cash generation is also an important
offsetting factor.  Moody's note, however that Sullair's
combination of little cash on hand and short term debt
concentration results in an elevated level of financial risk.

The stable outlook assumes that Sullair will continue to develop
its business model while maintaining strong credit metrics for its
rating category.  It also reflects Moody's expectation that the
company will maintain access to supplier financing and
successfully renew or refinance its short-term bank debt.
Finally, the stable outlook takes into account Moody's expectation
that Sullair will maintain its prudent financial policy with
respect to dividends.

Given Sullair's tight liquidity profile, a rating upgrade is
unlikely in the short term.  Nevertheless, Sullair's current
ratings or outlook could be revised upward if there were a
substantial improvement in the company's liquidity profile,
together with an increase in its revenue base, while maintaining
diversification and manageable exposure to Argentine government
credit risk.  Quantitatively, an upgrade would require that the
ratio of cash to short-term debt be maintained above 50% (10% as
of September, 2010), adjusted total debt to EBITDA at less than
1.5 times (1.9x as of September, 2010), and interest coverage
(EBIT/Interest) above 3.0 times (2.4x as of September).

The ratings or outlook could come under downward pressure if the
recovery in the regional economy unexpectedly ends and Sullair is
unable to quickly reduce its operations, investments, and
leverage.  A downgrade could also result from increased exposure
to Argentine government credit risk through the company's power
generation business or from a lack of timely payments on its
existing contracts in this business.

Quantitatively, Sullair's rating could come under downward
pressure if its debt to EBITDA ratio moves above 3.0 times, if its
EBIT to interest expense drops below 1.5 times, or if its exposure
to Argentine government risk rises above 30% of total revenues.

Headquartered in Buenos Aires, Argentina Sullair Argentina S.A. is
an equipment rental and power generation company with operations
in Argentina and Brazil.  With 2010 annual revenues of
approximately USD 270 million, Sullair is estimated to be one of
the larger fleets in the region, with almost 4,000 equipment units
operating in the region.


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


ARAB BANKING: Fitch Retains 'BB+' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Following the downgrade of Arab Banking Corporation's Issuer
Default Ratings to 'BBB-' from 'BBB', and the placement of these
ratings on Negative Watch on Feb.23 2011, Fitch Ratings highlights
that this rating action should not affect the ratings of ABC's
Brazilian subsidiary Banco ABC Brasil, whose ratings are:

  -- Long-term foreign and local currency IDR 'BB+'; Outlook
     Stable;

  -- Short-term foreign and local currency IDR 'B';

  -- Individual rating 'C/D';

  -- Support rating '3';

  -- Long-term national rating 'AA-(bra)', Outlook Stable;

  -- Short-term national rating 'F1+(bra)'.

The foreign and local currency IDRs and national ratings are
driven by the Individual rating of ABCBr.  The Individual rating
reflects the bank's good credit controls, strong asset quality,
experienced management, all in the context of its strategy which
is focused on the extension of credit and services to large- and
medium-sized companies with strong credit profiles.  The ratings
also consider ABCBr's modest size and limited revenue
diversification resulting from its relative concentration of
funding sources.  Recently released fourth-quarter 2010 earnings
results show continued good performance, strong asset quality and
a Basle index of 16% which is composed mainly of Tier I capital.
Funding diversification remains adequate and comes primarily from
domestic sources.

Fitch acknowledges that the rating action on ABC might affect
ABCBr's funding costs in the short term, but as ABCBr's ratings
are based primarily on its individual performance, and not on the
support from ABC, no ratings actions for the Brazilian subsidiary
should occur at this point in time.  On the other hand, given the
narrow difference of the ratings of ABC and ABCBr, and based on
the Negative Watch assigned to ABC in conjunction with the rating
actions taken, Fitch highlights that there is a strong probability
of rating actions on ABCBr in case this Negative Watch translates
into another rating action for ABC.

The Support rating reflects the moderate probability of support
from of its major shareholding parent, ABC.  The outcome of the
Negative Watch assigned to ABC's IDRs might lead to rating actions
on this Support rating, depending on the capacity and propensity
of ABC to provide support towards ABCBr under the still uncertain
conditions of its parent company, and its majority shareholder,
the Government of Libya.

Fitch will continue to monitor the situation in Libya, and ABC and
ABCBr closely.

ABCBr was established in 1989 and is currently 58% controlled by
ABC through Marsau Uruguay Holdings.  Of the remaining shares, 34%
are traded in the market and the remainder is held by the bank's
management and employees.


FIBRIA CELULOSE: S&P Affirms 'BB' Ratings; Gives Positive Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
global scale ratings on Brazil-based pulp producer Fibria Celulose
S.A.  The outlook is positive.

"S&P believes Fibria will continue benefiting from strong cash
flows due to favorable market pulp prices, allowing credit metrics
to improve in the intermediate term," said Standard & Poor's
credit analyst Luisa Vilhena.  The sale of its 50% stake of
Conpacel and KSR improves Fibria's liquidity position and, in
turn, net debt ratios.

Nevertheless, Fibria's credit metrics remain somewhat aggressive
and the company plans significant capacity expansion investments
at its Lagoas II project, which will demand long-term financing in
2013 and 2014 that might limit the company's ability to reduce
total debt, under S&P's base case, with conservative price
assumptions.

Fibria's business profile is satisfactory, given the company's
very competitive cost position, world-class operations and
economies of scale, and strong market position in the eucalyptus
pulp market.  As such, S&P expects Fibria to consistently report
stronger and more stable profitability and cash flows than those
of global peers.  Although pulp prices have stabilized in second
half of 2010, fundamentals for Fibria's main markets are still
favorable, in particular because of strong demand in Asia, still-
low global inventories, and limited supply expansion from
competitors.  This bodes well for firm prices, but S&P
conservatively assume lower prices than current and a declining
price trend in S&P's base case, which has a significant effect on
its cash flow projections.

S&P views Fibria's financial profile as significant.  While still
aggressive, Fibria has significantly reduced financial leverage in
2010 thanks to much stronger cash flows and some debt reduction,
as an improvement in adjusted total debt to EBITDA and funds from
operations to total debt show--4.8x and 18.5%, respectively, in
2010 (compared with 8.8x and 8.7% in 2009).  Fibria is also
reducing exposure to short-term debt.  Under its conservative
price assumptions, S&P project total adjusted debt to EBITDA at
about 4x-4.5x in 2011, primarily because of debt amortization.  As
Fibria starts investing more heavily in Tres Lagoas II in the
following years, gross debt reduction would be somewhat limited
under S&P's base case.  However, S&P expects the company to
continue reducing interest costs and improving debt profile as it
moves on with its liability management strategy.

Fibria's liquidity is adequate.  The company reported cash
reserves of Brazilian reais (BRL)2.1 billion and short-term debt
maturities of BRL2.1 billion in December 2010.  Short-term
exposure is still high because of obligations owed to previous
shareholders of Aracruz (with the last installment in July 2011),
but S&P expects the company to keep extending debt tenors.  S&P
also assume that the company will finance a significant portion of
its capacity expansion investments with long-term credit.
Although covenant headroom may tighten in S&P's base case as a
result of capital expenditure financing, S&P doesn't expect Fibria
to breach covenants in the intermediate term.

The positive outlook reflects S&P's expectation that Fibria will
continue improving its credit profile, with reduced exposure to
short-term debt and refinancing risks.  S&P may raise the ratings
if Fibria keeps paying down debt as projected, with total adjusted
debt to EBITDA reaching 4x and trending toward 3.5x in the medium
term, if it sustains sound liquidity (leading to net debt to
EBITDA below 3x), and FFO to total debt remains about 25%.  S&P
could lower the ratings if market pulp prices weaken
significantly, so that Fibria's cash flows diminish, liquidity
weakens, and credit ratios diverge substantially from S&P's
expectations.


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C A Y M A N   I S L A N D S
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CALEDONIAN REINSURANCE: Creditors' Proofs of Debt Due March 29
--------------------------------------------------------------
The creditors of Caledonian Reinsurance SPC are required to file
their proofs of debt by March 29, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 10,
2011.

The company's liquidator is:

          Bernard McGrath
          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


CAUSEWAY AUSTRALASIAN: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------------
The creditors of Causeway Australasian Private Debt Opportunities
(Cayman) Fund are required to file their proofs of debt by
March 30, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on February 14,
2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


EDGEN MURRAY: Creditors' Proofs of Debt Due March 22
----------------------------------------------------
The creditors of Edgen Murray Cayman Corporation are required to
file their proofs of debt by March 22, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 7, 2011.

The company's liquidator is:

          David Kemp
          c/o Alan G. de Saram
          Telephone: 949-4544
          Facsimile: 949-8460
          Charles Adams Ritchie & Duckworth
          Zephyr House, 122 Mary Street
          P.O. Box 709, Grand Cayman, KY1-1107
          Cayman Islands


EMERGENT CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
On February 7, 2011, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of Emergent Capital
Limited.

The company's liquidators are:

          Mr. Robin Lee McMahon
          Mr. Roy Bailey
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman KY1-1106
          Cayman Islands


ENERCO INTERNATIONAL: Creditors' Proofs of Debt Due March 15
------------------------------------------------------------
The creditors of Enerco International Inc. are required to file
their proofs of debt by March 15, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 15,
2011.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, Bermudiana Road
          Hamilton HM 11, Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


FAIRFIELD EFM: Creditors' Proofs of Debt Due March 31
-----------------------------------------------------
The creditors of Fairfield EFM, Ltd. are required to file their
proofs of debt by March 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 7, 2011.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258, Grand Cayman KY1-1104
          Cayman Islands


GS PEP TECH: Creditors' Proofs of Debt Due March 30
---------------------------------------------------
The creditors of GS Pep Tech Offshore EZC Holdings, Inc. are
required to file their proofs of debt by March 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 1, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


HALCYON STRUCTURED: Creditors' Proofs of Debt Due March 30
----------------------------------------------------------
The creditors of Halcyon Structured Asset Management Long
Secured/Short Unsecured CLO 2007 Ltd. are required to file their
proofs of debt by March 30, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 9, 2011.

The company's liquidator is:

          Walkers SPV Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


ICM OPPORTUNITY: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------
The creditors of ICM Opportunity Fund Ltd. are required to file
their proofs of debt by March 30, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 8, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


MASTER TREND: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
The creditors of Master Trend Capital Management (Cayman) Limited
are required to file their proofs of debt by March 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 7, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


PUSHKIN FUND: Creditors' Proofs of Debt Due March 28
----------------------------------------------------
The creditors of Pushkin Fund SPC are required to file their
proofs of debt by March 28, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 11,
2011.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


RAB EMERGING: Creditors' Proofs of Debt Due March 21
----------------------------------------------------
The creditors of Rab Emerging Markets Opportunities Fund Limited
are required to file their proofs of debt by March 21, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on February 9, 2011.

The company's liquidator is:

          Avalon Management Limited
          c/o GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


RAB EMERGING: Creditors' Proofs of Debt Due March 21
----------------------------------------------------
The creditors of Rab Emerging Markets Opportunities (Master) Fund
Limited are required to file their proofs of debt by March 21,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on February 9, 2011.

The company's liquidator is:

          Avalon Management Limited
          c/o GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


REACHCAPITAL INTERNATIONAL: Creditors' Proofs of Debt Due March 30
------------------------------------------------------------------
The creditors of Reachcapital International Fund I, Ltd. are
required to file their proofs of debt by March 30, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 8, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


SENEX INVESTMENTS: Creditors' Proofs of Debt Due March 28
---------------------------------------------------------
The creditors of Senex Investments Limited are required to file
their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 9, 2011.

The company's liquidator is:

          Ying Hing Chiu
          Telephone: (852) 2980 1988
          Facsimile: (852) 2882 6700
          Level 28, Three Pacific Place
          1 Queen's Road East
          Hong Kong


SIAM CROSS-STRAIT: Creditors' Proofs of Debt Due March 30
---------------------------------------------------------
The creditors of Siam Cross-Strait Investment Fund are required to
file their proofs of debt by March 30, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 2, 2011.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005
          Cayman Islands


TANMIYAT SUKUK: Creditors' Proofs of Debt Due April 4
-----------------------------------------------------
The creditors of Tanmiyat Sukuk Company are required to file their
proofs of debt by April 4, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 3, 2011.

The company's liquidator is:

          Ohad Corporate Services Limited
          c/o Stefan Cnoops
          Telephone: + 973 17 213 199
          Facsimile: + 973 17 213 198
          e-mail: stefan.cnoops@ohad.com
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


VARA GLOBAL: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Vara Global Macro Fund, Ltd are required to file
their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 11,
2011.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


VARA GLOBAL: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
The creditors of Vara Global Macro Master Fund Ltd are required to
file their proofs of debt by March 28, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on January 31, 2011.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


VESTIN INC: Creditors' Proofs of Debt Due March 15
--------------------------------------------------
The creditors of Vestin Inc. are required to file their proofs of
debt by March 15, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on February 15,
2011.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, Bermudiana Road
          Hamilton HM 11, Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


WESTHARBOR EVENT: Creditors' Proofs of Debt Due March 21
--------------------------------------------------------
The creditors of Westharbor Event Driven MAC 64 Ltd. are required
to file their proofs of debt by March 21, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on February 11,
2011.

The company's liquidator is:

          Beverly Mathias
          c/o Citco Trustees (Cayman) Limited
          P.O. Box 31106, Grand Cayman KY1-1205
          Cayman Islands


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


FINCOMUN SERVICIOS: S&P Keeps 'BB-/B' Rating; Gives Stable Outlook
------------------------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'BB-
/B' global scale and 'mxBBB+/mxA-2' national scale ratings on
FinComun Servicios Financieros Comunitarios S.A. de C.V.  The
outlook is stable.

"The concentration of FinComun's loan portfolio in only a few
Mexican states, leaving FinComun's portfolio and profitability
levels vulnerable to unexpected events, constrains S&P's ratings,"
said Standard & Poor's credit analyst Elena Enciso.  The ratings
also reflect the higher debt levels in the company's target market
and the stiff competition the company faces.  The firm's proactive
and experienced management, adequate funding base, and good
capital and profitability levels counterbalance the negative
factors.

Based on adequate credit risk management practices and extensive
experience, FinComun achieved positive results from the
restructured loans implemented in 2008 and 2009 derived from
unexpected events as the impact of the H1N1 Virus.  At the end of
2010, the nonperforming asset ratio, including restructured loans,
fell to 9.9% from 19% at the end of 2009.  Additionally, S&P has
seen a clear downward trend in the number of restructured loans
given FinComun's more stringent policy for the renegotiation of
troubled loans.

Although the NPA ratio has fallen, it compares unfavorably with
that of other microfinance institutions in Latin America.
Although S&P believes that microfinance has an adequate risk
management capacity, S&P recognize the credit portfolio's
vulnerability to unexpected events such as epidemics or natural
disasters, and the concentration in a few states could generate
volatility in NPAs and make losses hard to predict.

In 2010, internal decisions hampered profitability, although it
improved.  During that year, microfinance management decided to
slow the portfolio growth and focus on strengthening its
origination and collection processes.  At the same time, the
company decided to reserve nonperforming loans in 100%, as it is
more conservative than the applicable regulatory requirements in
Mexico.  A rise in rates charged on loans and an improvement in
asset quality produced slightly better results in the microfinance
report than in previous years.  In 2011, changes in the fruition
process may improve portfolio quality, so that profitability will
continue its upward trend.

FinComun has a stable customer base, which provides good sources
of financing for their operations.  In 2010, the deposits
received-loans ratio showed was a high 79%.  Liquidity is not a
concern given the short-term nature of its loan portfolio (eight
months on average) and the stability of its deposit base.
FinComun reported good levels of capital, and the capital
injections reflect the support of its shareholders.  The adjusted
total capital-to-assets ratio stood at 17.28% as of December 2010.
S&P believes that growth prospects could lower capital levels of
the company, but S&P does not expect it to fall significantly.

The FinComun management team has proactively managed its credit
risk, implementing control systems and processes that allow them
to pinpoint the problems of a particular product and act
accordingly.  It has helped them take prompt corrective measures
to strengthen the quality of its portfolio.

The stable outlook is based on S&P's expectation that the
management team will continue to proactively manage credit risk.
S&P also believe FinComun will continue to report positive net
income for 2011 and maintain adequate levels of capitalization.
Because of the vulnerability of the portfolio, S&P does not expect
nonperforming portfolio levels to drop significantly and therefore
do not expect to raise the rating in the medium term.  S&P expects
the portfolio to increase in 2011 and that profitability will
exceed current levels to support the capital and the expected
growth.  In the absence of these factors, S&P could lower the
ratings.


INVERSIONES ALSACIA: Fitch Assigns 'BB' Rating with Stable Outlook
------------------------------------------------------------------
Fitch Ratings has assigned Inversiones Alsacia's US$464 million
senior secured bonds a 'BB' rating with a Stable Outlook.  The
bonds were issued in accordance with Rule 144A of the Securities
Act in the U.S. and pursuant to Regulation S outside the U.S. For
issuing this final rating, Fitch has been provided with final
legal documents that confirm the validity and accuracy of the
information previously received and employed in the analytical
process.

The bonds are secured by a first lien interest of total revenues
and contract rights, as well as all assets owned by Inversiones
Alsacia, S.A. and Express de Santiago Uno, S.A. - excluding the
Huachuraba bus terminal.  Both companies are bus concessionaires
of the Transantiago System, which provides mass urban bus/metro
transportation services to the city of Santiago in Chile.

The transaction consists of the acquisition of shares of Express,
not currently owned by GPS Group (Alsacia's owner), and the
refinancing of all the existing debt of both Alsacia and Express.
In the past, GPS Group owned 47% of Express and was willing to
acquire the remaining 53% of the shares with part of the proceeds
from the bond offering The greater portion of the proceeds is to
prepay outstanding loans (including fees and penalties) of both
companies.

Express is a guarantor and co-obligor of Alsacia's issuance.
Aggregate cash flows are controlled by an onshore administrative
trust and an offshore collateral trust created by Banco Santander
Chile and The Bank of New York Mellon, respectively.  The onshore
trust is the recipient of all revenues, and in charge of making
payments according to a semi-annual budget.  Since actual
disbursements may deviate up to 10% from budgeted amounts, such
deviation was contained in Fitch stress scenarios.

The acquisition is to be completed almost simultaneously with the
bond's issuance.  Upon completion, both concessionaires will
become an affiliated group of entities under the control of GPS
Group.  The two companies, Alsacia and Express, intend to have a
common executive management team; in addition, Alsacia may enter
into a contract to manage Express' business.  With the
acquisition, the two aim to become the largest Transantiago bus
operator in Santiago, and to obtain cost savings derived from
synergies.

Since it began operations, the Transantiago System has had revenue
shortfalls.  Hence, in 2009 the National Subsidy for Public
Passengers Transport Law was enacted, establishing an annual
subsidy with two components.  One component is permanent for a
fixed amount of up to CLP$115 billion, but is insufficient to
fully cover the annual deficit; while the other one is temporary
for an additional amount of CLP$393 billion, and valid until 2014.
Fitch believes that although termination of the temporary subsidy
is a credit concern, the system is a top priority project for the
Government, so continuity of both subsidies is likely to occur.

Bus concessionaires are compensated by the level of service
offered in relation to an operating plan negotiated with
Transantiago for each month.  Revenues respond to changes in the
number of traveled kilometers, passenger demand variation, key
drivers of operational costs (inflation, exchange rate, fuel,
labor, etc.), and the passenger capacity of the fleet.  Therefore,
the contractual revenue formula protects operators' financial
margins, and reduces the fluctuation of profitability.

Revenues are not tied to passengers' paid fee, but to service
availability.  Concession agreements limit demand risk and
eliminate the effect of passenger tariff fluctuations; thus,
revenues are largely dependent on the timeliness, frequency and
quality of the services provided by the concessionaires.

The bonds are issued with a 7.5-year tenor at 8.0% interest rate,
maturing in August 2018, two months before both concessions'
expiration date.  Interest and principal payments are semi-annual
due in February and August, and follow a predefined amortizing
schedule.  Foreign exchange risk is mitigated by a CLP/US$
participating swap contracted with an affiliate Bank of America
Merrill Lynch with a prefixed protection range.

There is a reserve fund for overhaul expenses equivalent to six
months worth of expenses, and a US$8 million initial cash
contribution set up to strengthen liquidity in the first payment
dates.  A contingency reserve account also supports debt service
payments, funded with US$22 million in upfront cash and maintained
with an amount equivalent to six months of debt service.  This
reserve fund, in turn, is partially funded with a US$12.5 million
bank loan from Banco Internacional.  Principal amortization of
this loan is subordinate to the bond, but interest payments are
senior to debt service.  However, interest payments of this bank
loan are not material for the bond's cash flows.

Distributions and additional senior debt are possible provided
specific covenants are met, such as a minimum backward- and
forward-looking coverage ratios, at levels that are consistent
with Fitch's applicable criteria.

Key Rating Drivers:

Rating sustainability will mainly depend on Alsacia's ability to
maintain its operational efficiency while thoroughly sharing its
know-how with Express, in order to transform Express into a more
efficient concessionaire.  Currently, Express' operation is larger
than Alsacia's, whose fleet represents about 56% of Express'.
Finally, the rating might be affected by the level of synergies
expected to be realized by the technical (not formal) merger.

Credit Summary:

Although demand levels were practically stable in 2009 and 2010,
with around 330 million passengers, the past year closed with
gross revenues of over CLP$162 billion (approximately US$335
million).  Revenues increased by 12.8% versus 2009, for the two
concessionaires jointly.  The increased revenue combined with
expense reduction efforts resulted in stronger operating profit
margins.

Looking forward, Fitch created different scenarios to calculate
future cash flows.  Such scenarios include stresses to specific
variables such as: passenger demand, service fulfillment ratio
level, inflation rate, achievement of expected synergies, diesel
price, expenses, and exchange rate.  The structure showed certain
sensitivity to negative performance from variables that depend on
management operations (expenses control, service fulfillment
index, and synergy achievement, in that order).  In addition, the
structure demonstrated resilience to significant changes in
variables entailed in the concession's revenue indexation.

Key Credit Strengths:

  -- The system is strategic for Santiago, since it offers an
     essential service to the city.

  -- It has the support of a strong legal framework in a country
     rated 'A+', with a Stable Outlook by Fitch, with experience
     in public service concessions, specifically in the
     transportation sector.

  -- There is no refinancing risk.

  -- Concessionaires hold a combined market share of over 40% of
     Transantiago's main-line bus operations.

  -- Limited, yet strong track record of service performance, as
     reflected in the historical operating statistics.

  -- Sponsor has experience in operating bus rapid transit systems
     in other Latin American countries.

  -- Limited exposure to demand risk.

  -- Predictable cash flows with an indexed availability payment
     structure, with about 40% of fixed revenues.

  -- There will be a cross-currency swap with a highly rated
     institution in order to reduce exchange rate risk.

  -- The debt structure has tight covenants for equity
     distributions and additional debt; protecting the rated bonds
     from potential deterioration in expected coverage levels.

  -- Fixed interest rate will be paid, eliminating rate volatility
     risk.

  -- The US$8 million liquidity fund created in order to
     strengthen cash flows during the initial years of debt
     amortization.

Key Credit Concerns:

  -- The temporary portion of the government subsidy expires in
     2014, thus subject to political risk that subsidy may be
     reduced from current levels.

  -- Although synergies are likely to occur with the acquisition
     of EXPRESS, several operational risks may arise.  As such,
     some synergies may occur at lower than expected levels, or
     may be subject to delays or not occur at all.  This is
     particularly a risk considering the acquirer company's
     operation is smaller than those of the acquired enterprise.

  -- Labor union ability to hamper activities and operations.

  -- New competition from metro expansion, potentially affecting
     concessionaires' level of service in 2011.

  -- Although concession renovation is likely to occur in 2018, a
     two-month tail of cash flow is available to repay debt before
     handover of project.


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


A+HC HOLDING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: A+HC Holding, Inc.
          aka Farmacias El Amal
        P.O. Box 29166
        San Juan, PR 00927

Bankruptcy Case No.: 11-01428

Chapter 11 Petition Date: February 24, 2011

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A. CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Estimated Assets: US$10,000,001 to US$50,000,000

Estimated Debts: US$10,000,001 to US$50,000,000

A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb11-01428.pdf

The petition was signed by Mohammad Yassin, president.


R&G FINANCIAL: Exclusive Plan Filing Period Extended to April 30
-----------------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
R&G Financial Corporation's motion seeking to extend the exclusive
period that the Company can file a Chapter 11 Plan and solicit
acceptances thereof through and including April 30, 2011, and
June 30, 2011, respectively.

San Juan, Puerto Rico-based R&G Financial Corporation filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. D. P.R.
Case No. 10-04124).  Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, assists the Company in its restructuring effort.
The Company disclosed US$40,213,356 in assets and US$420,687,694
in debts.


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


CL FIN'L: CARICOM to Set Up BAICO/CLICO Policyholders Support Fund
------------------------------------------------------------------
Carribbean360.com reports that Caribbean Community (CARICOM) Heads
of Government have agreed to the immediate establishment of a US$2
million Health Insurance Support Fund for British American
Insurance Company/Colonial Life Insurance Company (BAICO/CLICO)
policyholders.  CL Financial Limited is the parent company of
BAICO and CLICO.

The decision came during the leaders' 22nd Inter-sessional meeting
where they received a report from a Regional Technical Committee
(RTC) on the resolution of the BAICO/CLICO financial difficulties
in the Eastern Caribbean Currency Union (ECCU), according to
Carribbean360.com.  The report relates that money for the Fund
will be sourced from the Petroleum Fund established by Trinidad
and Tobago.

Carribbean360.com notes that the leaders further agreed that the
RTC would continue their work on a proposal for an investment
trust fund.  The Committee is expected to engage with the
international financial institutions to assist in arriving at
appropriate recommendations, the report says.

Carribbean360.com, citing a statement issued, notes that
governments of the ECCU said there had been several complications
since the Health Insurance Support Fund was announced in July
2010, mainly from critical third party stakeholders failing to
provide the ECCU governments with timely and accurate information
about matters impacting the Fund.

However, it said most of those issues had been resolved and
significant progress had been made towards launching the Fund, the
report adds.

                     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 TCR-LA 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 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


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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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