TCRLA_Public/110516.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, May 16, 2011, Vol. 12, No. 95

                            Headlines


B A H A M A S

ULTRAPETROL (BAHAMAS): Moody's Lowers Corp. Family Rating to 'B3'


C A Y M A N   I S L A N D S

ADONIA IAM: Shareholders' Final Meeting Set for July 13
FREEDOM IAM: Shareholders' Final Meeting Set for July 13
FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1
FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1
GRANFONDO HOLDING: Shareholders' Final Meeting Set for June 2

JLT RISK: Shareholders' Final Meeting Set for June 1
JOE-M LTD: Shareholders' Final Meeting Set for May 31
LEONARDO-D LTD: Shareholders' Final Meeting Set for May 31
MANUEL-E LTD: Shareholders' Final Meeting Set for May 31
NAUPAKA LTD: Shareholders' Final Meeting Set for June 2

PACIFIC COMMODITY: Shareholders' Final Meeting Set for June 1
RALPH-S LTD: Shareholders' Final Meeting Set for May 31
SIEBELS HARD: Shareholders' Final Meeting Set for May 31
SIEBELS HARD: Shareholders' Final Meeting Set for May 31
START III: Shareholders' Final Meeting Set for June 1

TIDEN CORE: Shareholders' Final Meeting Set for May 27
TIDEN CORE: Shareholders' Final Meeting Set for May 27
VAN BIEMA: Shareholders' Final Meeting Set for May 31
WISTERIA ASSET: Shareholders' Final Meeting Set for May 27
ZIRUNDIUM LIMITED: Shareholders' Final Meeting Set for May 30


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Deputies Approve US$666.6-Mil. Bond on Debt


J A M A I C A

* JAMAICA: More Challenging Times Ahead, Study Shows


P U E R T O   R I C O

CARIBBEAN PETROLEUM: Delaware Court Approves Chapter 11 Plan
MIRAMAR REAL ESTATE: Section 341(a) Meeting Continues Today
PANADERIA Y REPOSTERIA: Case Summary & Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Exits Strategy Coming
TT POSTAL: Postal Union Bats for Temporary Relief Workers


X X X X X X X X

* BOND PRICING: For the Week May 9, to May 13, 2011


                            - - - - -


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Moody's Lowers Corp. Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service lowered Ultrapetrol (Bahamas) Limited's
corporate family rating and US$180 million 2014 senior secured
notes ratings to B3 from B2.  The ratings outlook was changed to
stable from negative.

These ratings were downgraded:

   -- Ultrapetrol (Bahamas) Limited Corporate family rating to B3
      from B2;

   -- US$180 million 9% First Preferred Ship Mortgage Notes due
      2014 to B3 from B2

Ratings Rationale

The ratings downgrade was prompted by Ultrapetrol's elevated
financial leverage with debt-to-EBITDA, on a Moody's adjusted
basis of over 8.0 times and EBIT-to-interest of under 1.0 times at
March 31, 2011. Moody's notes that during 2009 through part of
2010, a drought in the Hidrovia region combined with low charter
rates in the offshore and ocean segments led to weaker than
expected operating performance. The B3 corporate family rating
considers that leverage is expected to remain elevated over the
intermediate term as the company has publicly stated that it plans
to use debt to partially finance its capital expenditure plans
needed to support the positive momentum in its river and offshore
supply businesses. Although Moody's acknowledges that
Ultrapetrol's business platforms appear well positioned for
meaningful positive trends in operating results, credit metrics
are expected to remain in line with a B3 rating level due to the
debt anticipated to be required to support such growth. The
expected upward trend in cash generation is expected to be used
primarily to finance growth capital expenditures before any
meaningful debt reduction. Constraints to the ratings include
ongoing operational risks related to unpredictable weather
conditions, highly cyclical industry the company participates in,
the company's limited revenue scale, possibility of increase in
running costs due to countries in which the company operates in
and degree of customer concentration.

The stable outlook reflects Moody's view that there are currently
a number of factors that support the stability of the rating due
to expectation of positive operating performance in the
intermediate term and an adequate liquidity profile. Among these
factors is the expected growth in volume in the river business due
to increased demand for soybeans and other agricultural and
mineral products produced in the Hidrovia region of South America
where the company generated 87% of its revenue in 2010. The
company benefits from possessing the largest fleet in the Hidrovia
river system with more than two times the capacity of its nearest
competitor in the region. In the offshore segment, Ultrapetrol's
PSV vessels are expected to contribute to continued EBITDA growth
resulting from long-term charters with the Brazilian oil company
Petrobras. Lastly, the company's management has been in place
through peaks and troughs in the economic cycle and appears to
have made prudent strategic decisions in each of its three
business segments to position the company in the growth areas over
the intermediate term while selling vessels in unprofitable
business lines.

There is little upward pressure on the ratings over the
intermediate term due to the continued need to support expected
EBITDA growth via growth-related capital expenditure plans. A
rating upgrade would likely be accompanied by an expectation of
sustained debt / EBITDA below 5.0x and EBIT / interest approaching
2.0x, combined with a good liquidity profile.

Negative rating momentum would develop if the company's liquidity
profile were to deteriorate, debt/EBITDA were to be sustained over
6.5 times and EBIT/interest were to be sustained under 1.0 times.

The principal methodology used in rating Ultrapetrol was the
Global Shipping Industry Methodology, published December 2009.

Ultrapetrol (Bahamas) Limited, Bahamian corporation headquartered
in Nassau, Bahamas, is a diverse international marine
transportation company. The company operates in three segments:
River, Offshore Supply, and Ocean. Last twelve months ended
March 31, 2011 revenues were $234.5 million.


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


ADONIA IAM: Shareholders' Final Meeting Set for July 13
-------------------------------------------------------
The shareholders of Adonia Iam Limited will hold their final
meeting on July 13, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FREEDOM IAM: Shareholders' Final Meeting Set for July 13
--------------------------------------------------------
The shareholders of Freedom Iam Limited will hold their final
meeting on July 13, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1
----------------------------------------------------------
The shareholders of Fridson Credit Strategies GP, Ltd. will hold
their final meeting on June 1, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1
----------------------------------------------------------
The shareholders of Fridson Credit Strategies Fund, Ltd. will hold
their final meeting on June 1, 2011, at 9:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


GRANFONDO HOLDING: Shareholders' Final Meeting Set for June 2
-------------------------------------------------------------
The shareholders of Granfondo Holding Ltd. will hold their final
meeting on June 2, 2011, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


JLT RISK: Shareholders' Final Meeting Set for June 1
----------------------------------------------------
The shareholders of JLT Risk Solutions (Cayman) Limited will hold
their final meeting on June 1, 2011, at 9:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


JOE-M LTD: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------
The shareholders of Joe-M Ltd. will hold their final meeting on
May 31, 2011, at 10:20 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


LEONARDO-D LTD: Shareholders' Final Meeting Set for May 31
----------------------------------------------------------
The shareholders of Leonardo-D Ltd. will hold their final meeting
on May 31, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


MANUEL-E LTD: Shareholders' Final Meeting Set for May 31
--------------------------------------------------------
The shareholders of Manuel-E Ltd. will hold their final meeting on
May 31, 2011, at 10:10 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


NAUPAKA LTD: Shareholders' Final Meeting Set for June 2
-------------------------------------------------------
The shareholders of Naupaka Ltd. will hold their final meeting on
June 2, 2011, at 9:10 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


PACIFIC COMMODITY: Shareholders' Final Meeting Set for June 1
-------------------------------------------------------------
The shareholders of Pacific Commodity Fund, Ltd. will hold their
final meeting on June 1, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


RALPH-S LTD: Shareholders' Final Meeting Set for May 31
-------------------------------------------------------
The shareholders of Ralph-S Ltd. will hold their final meeting on
May 31, 2011, at 9:50 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SIEBELS HARD: Shareholders' Final Meeting Set for May 31
--------------------------------------------------------
The shareholders of The Siebels Hard Asset Monthly Liquidity Fund
(Cayman), Ltd. will hold their final meeting on May 31, 2011, at
9:40 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


SIEBELS HARD: Shareholders' Final Meeting Set for May 31
--------------------------------------------------------
The shareholders of The Siebels Hard Asset Monthly Liquidity Fund,
Ltd. will hold their final meeting on May 31, 2011, at 9:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


START III: Shareholders' Final Meeting Set for June 1
-----------------------------------------------------
The shareholders of Start III CLO Limited will hold their final
meeting on June 1, 2011, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Victor Murray
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


TIDEN CORE: Shareholders' Final Meeting Set for May 27
------------------------------------------------------
The shareholders of Tiden Core Fund Limited will hold their final
meeting on May 27, 2011, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TIDEN CORE: Shareholders' Final Meeting Set for May 27
------------------------------------------------------
The shareholders of Tiden Core Master Fund Limited will hold their
final meeting on May 27, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VAN BIEMA: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------
The shareholders of Van Biema Global Value Fund, Ltd. will hold
their final meeting on May 31, 2011, at 9:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Marc Randall
         c/o Maples Liquidation Services (Cayman) Limited
         P.O. Box 1093, Boundary Hall
         Grand Cayman KY1-1102
         Cayman Islands


WISTERIA ASSET: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of Wisteria Asset Holdings will hold their final
meeting on May 27, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ZIRUNDIUM LIMITED: Shareholders' Final Meeting Set for May 30
-------------------------------------------------------------
The shareholders of Zirundium Limited will hold their final
meeting on May 30, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Deputies Approve US$666.6-Mil. Bond on Debt
-----------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies authorized
the Treasury Ministry to issue a RD$25.2 billion (US$666.6
million) bond on the Dominican Republic's debt, to partially pay a
pending balance owed by the government since December 31, 2005.

The legislation, which President Leonel Fernandez is expected to
sign into Law, stated that the bonds will be auctioned off locally
by the Public Credit Agency, according to the bill's regulation,
according to Dominican Today.

The Dominican Today discloses that the initiative also stipulates
that government agencies, non-financial and social security
institutions won't be able to formalize any public credit
transactions such as to issue and place titles, bonds or other
financial obligations, which aren't established in provisions of
the General State Budget Law or in other specific laws.

The financing that is sought must be under more favorable
conditions of cost, in short-, medium- and long-term, in
accordance with a prudent risk level and within a context of
sustainability. The interest payments on the RD$25.2 billion
cannot surpass 15% annually, the report notes.

                          *     *     *

As of May 14, 2011, the Dominican Republic continues to carry
Moody's "B2" Country Ceiling long-term bank and currency ratings.
The country also continues to carry Standard and Poor's "B"
currency long term and short term ratings.


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


* JAMAICA: More Challenging Times Ahead, Study Shows
----------------------------------------------------
RJR News reports that findings of a study conducted by a United
States-based agency have revealed that more challenging times are
on the horizon for Jamaica as far as its debts are concerned.

This is despite the much touted Jamaica Debt Exchange Program
(JDX) and the country's standby facility with the International
Monetary Fund (IMF), according to RJR News.

RJR News notes that the study by the Washington-based Centre for
Economic and Policy Research has concluded that the JDX has done
little to resolve the country's debt problems or place its public
finances on sustainable footing.  RJR News relates that while the
JDX succeeded in lowering interest rates on the government's
domestic debt, the researchers said Jamaica's debt burden
nevertheless remains large with nearly half of the amount owed
coming due within one to five years.

The U.S. researchers say this leaves Jamaica vulnerable to
potential difficulties at the time of refinancing, threatening to
erase the fiscal gains made by the JDX, RJR News notes.

At the same time, RJR News says, they say Jamaica's agreement with
the IMF, which involves public spending cuts, could lead to low
growth, exacerbating the public debt burden.

RJR News discloses that in the absence of plans to tackle
Jamaica's debt problems with a broader concern for growth and
employment, they expressed concern that the economy will likely
continue to stagnate.

                       *     *     *

As of May 14, 2011, Jamaica continues to carry Standard and Poor's
"B-" currency long-term debt ratings and "C" currency short term
debt ratings.


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


CARIBBEAN PETROLEUM: Delaware Court Approves Chapter 11 Plan
------------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that a bankruptcy judge
in Delaware signed off on Caribbean Petroleum Corp.'s Chapter 11
plan Monday, resolving a complex set of environmental and creditor
disputes arising from a catastrophic 2009 fuel depot explosion
that crippled the company's operations.

As reported in the Troubled Company Reporter on April 1, 2011,
under the liquidation plan, FirstBank, owed US$12.2 million, will
recover 94% of its allowed claim, and Banco Popular De Puerto
Rico, owed US$146.8 million, will get 19%.1 of its allowed claim.
Holders of unsecured claims, owed between $150 million and
US$3.7 billion, will recover between 19.3% and 0.78%.

On the Plan's effective date, the Debtors will cause the
liquidation trust assets to be transferred to the liquidation
trust and, the liquidation trust will assume all obligations of
the Debtors under the Plan.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq.. at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Del., serve as local counsel.  The
Debtors' financial advisor is FTI Consulting Inc.  The Debtors'
chief restructuring officer is Kevin Lavin of FTI Consulting Inc.
Kurtzman Carson Consultants LLC serves as the noticing, claims and
balloting agent.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

This is Caribbean Petroleum's second stint in Chapter 11.


MIRAMAR REAL ESTATE: Section 341(a) Meeting Continues Today
-----------------------------------------------------------
The U.S. Trustee for Region 21 will continue a meeting of Miramar
Real Estate Management Inc.'s creditors on May 16, 2011, at
10:30 a.m.  The meeting will be held at 341 Meeting Room, Ochoa
Building, 500 Tanca Street, First Floor, San Juan, Puerto Rico.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

San Juan, Puerto Rico-based Miramar Real Estate Management Inc.
filed for Chapter 11 bankruptcy protection on March 2, 2011
(Bankr. D. P.R. Case No. 11-01786).  Fausto D. Godreau Zayas,
Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the
Debtor's bankruptcy counsel.  The Debtor estimated its assets and
debts at US$100 million to US$500 million.


PANADERIA Y REPOSTERIA: Case Summary & Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Panaderia y Reposteria Ponciana Inc.
        aka Ponciana Bakery
        P.O. Box 9045
        Ponce, PR 00732

Bankruptcy Case No.: 11-03924

Chapter 11 Petition Date: May 9, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Modesto Bigas Mendez, Esq.
                  BIGAS & BIGAS
                  P.O. Box 7462
                  Ponce, PR 00732
                  Tel: (787) 844-1444
                  E-mail: modesto@coqui.net

Scheduled Assets: US$1,573,479

Scheduled Debts: US$1,386,045

A list of the Company's 14 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-03924.pdf

The petition was signed by Vanessa Bobet Lagares, president.


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


CL FINANCIAL: CLICO Exits Strategy Coming
-----------------------------------------
Jamaica Observer reports that almost a year after it inherited an
agreement to repay thousands of Colonial Life Insurance Company
(Trinidad) Limited (CLICO) policyholders more than TT$1 billion
invested in CL Financial Group Limited, the People's Partnership
government is now close to a decision about ending its commitment.

CLICO is a subsidiary of CL Financial Group Limited.

Jamaica Observer notes that sources said CLICO and CL Financial
have described a new proposal as an "exit strategy" from the
commitment to pay back policyholders entered into by the former
PNM government.  The report relates that the proposal was
presented to the government and a Cabinet note has been forwarded,
which outlines a framework for the Kamla Persad-Bissessar
administration for a "re-organization" of the government's
involvement in the CLICO collapse and repayment plan to
policyholders.

Jamaica Observer says that the plan involves a "number of steps"
to ultimately take government out of its intervention in CLICO and
was designed to "bring closure to the financial mess" it inherited
after CLICO collapsed at the end of 2008 with TT$23 billion in
liabilities.

More than TT$7 billion has been injected into the company to shore
it up and keep creditors and policyholders at bay, the report
adds.

                      About CL Financial

CL Financial Group 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
with CL Financial's collapse and the consequent systemic crisis.


TT POSTAL: Postal Union Bats for Temporary Relief Workers
---------------------------------------------------------
Reshma Baal at Trinidad and Tobago Newsday reports that the Postal
Worker's Union is calling on the TT Postal Service (TTPost) to
ensure that the most senior temporary relief workers (TROs) be
given the first opportunity to fill vacancies which may arise
during the company's restructuring process.

Reginald Crichlow, general secretary of the union, said those less
senior employees should be given severance packages, according to
T&T Newsday.  "If the workers are taken back they should be given
severance packages.  The company must provide justified reasons
why they were sent home, and then plan to re-hire them. This does
not make any sense," T&T Newsday quoted Mr. Crichlow as saying.

Anthony Moore, chairman of the board of TTPost, said some of the
195 TROs would be reabsorbed into the corporation's restructuring
process, T&T Newsday says.  The decision to lay off the workers
was taken so the company could become more viable and less
dependent on the Government's assistance, Mr. Moore added.

T&T Newsday notes that Mr. Crichlow said the union was not pleased
with the company's decision.


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


* BOND PRICING: For the Week May 9, to May 13, 2011
---------------------------------------------------

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


ARGENTINA
---------

ARGENT-PAR            1.18    12/31/2038     ARS            61.49
ARGENT-DIS            7.82    12/31/2033     EUR            73
ARGENT-DIS            7.82    12/31/2033     EUR            72.75
ARGENT-DIS            4.33    12/31/2033     JPY            42
ARGENT-PAR&GDP        0.45    12/31/2038     JPY             8
ARGNT-BOCON PR13      2        3/15/2024     ARS           110.04
BODEN 2014            2        9/30/2014     ARS            32.5
BOGAR 2018            2        2/4/2018      ARS            31.85
PRO12                 2        1/3/2016      ARS           118.14


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

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
BCP FINANCE BANK      5.01     3/31/2024     EUR            47.206
BCP FINANCE BANK      5.31    12/10/2023     EUR            49.744
BCP FINANCE CO        5.54                   EUR            65.956
BCP FINANCE CO        4.23                   EUR            65.65
BES FINANCE LTD       5.77     2/7/2035      EUR            57.101
BES FINANCE LTD       5.58                   EUR            64.864
BES FINANCE LTD       4.5                    EUR            66.012
BES FINANCE LTD       6.62                   EUR            73.009
EFG ORA FUNDING       1.7     10/29/2014     EUR            62.834
ESFG INTERNATION      5.75                   EUR            58.322
IMCOPA INTL CAYM     10.37    12/19/2014     USD            36.5

CHILE
-----

BANCO BPI (CI)        4.15    11/14/2035     EUR            39.099
AGUAS NUEVAS          3.4     5/15/2012      CLP             0.13
CGE DISTRIBUCION      3.25    12/1/2012      CLP            40.042
ESVAL S.A.            3.8     7/15/2012      CLP            37.677
MASISA                4.25    10/15/2012     CLP            29.682
QUINENCO SA           3.5     7/21/2013      CLP            38.182


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

PUERTO RICO CONS      6.2     5/1/2017       USD            53.531
PUERTO RICO CONS      6.5     4/1/2016       USD            63.375


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD            46.082
PETROLEOS DE VEN      5.375   4/12/2027      USD            47.81
PETROLEOS DE VEN      5.25    4/12/2017      USD            60.148
PETROLEOS DE VEN      5.125  10/28/2016      USD            61.709
PETROLEOS DE VEN      5      10/28/2015      USD            65.873
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.244
PETROLEOS DE VEN      8.5    11/2/2017       USD            71.055
PETROLEOS DE VEN      4.9    10/28/2014      USD            73.904
VENEZUELA             7       3/31/2038      USD            56.146
VENEZUELA             7       3/31/2038      USD            57.1
VENEZUELA             6       12/9/2020      USD            60
VENEZUELA             7.65     4/21/2025     USD            61.625
VENEZUELA             8.25    10/13/2024     USD            64.125
VENEZUELA             9.25     5/7/2028      USD            68
VENEZUELA             9        5/7/2023      USD            69
VENEZUELA             7.75    10/13/2019     USD            69.625
VENEZUELA             7       12/1/2018      USD            70.625
VENEZUELA             9.25     9/15/2027     USD            71.737
VENEZUELA             9.25     9/15/2027     USD            72.42
VENZOD - 189000       9.375    1/13/2034     USD            68.75


                            ***********


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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