TCRLA_Public/110613.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, June 13, 2011, Vol. 12, No. 115

                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Completes Negotiations With Creditors


B E R M U D A

MERCK SHARP: Creditors' Proofs of Debt Due June 15
MERCK SHARP: Members' Final Meeting Set for July 5


C A Y M A N   I S L A N D S

AKIKO CAYMAN: Creditors' Proofs of Debt Due June 27
HANNOVER LIMITED: Creditors' Proofs of Debt Due July 6
KINGSWAY FUND: Creditors' Proofs of Debt Due July 7
LUCKY FORTUNE: Creditors' Proofs of Debt Due July 6
ML ANDROMEDA: Creditors' Proofs of Debt Due July 6

ML BEECH: Creditors' Proofs of Debt Due July 6
ML CHESTNUT: Creditors' Proofs of Debt Due July 6
ML LARCH: Creditors' Proofs of Debt Due July 6
ML PINE: Creditors' Proofs of Debt Due July 6
MOONSTAR HOLDINGS: Creditors' Proofs of Debt Due July 6

MSREF VI: Creditors' Proofs of Debt Due June 27
NOVEMBERSKY MD 11-98: Creditors' Proofs of Debt Due June 30
REDFERN LIMITED: Creditors' Proofs of Debt Due July 6
RETNUH LIMITED: Creditors' Proofs of Debt Due July 6
THAMES RIVER: Creditors' Proofs of Debt Due July 7


J A M A I C A

CENTURY NATIONAL: "Machiavellian Actions" Led to Bank Failure


M E X I C O

AXTEL SAB DE CV: Fitch Lowers Issuer Default Ratings to 'B+'
NAYARIT STATE: Moody's Downgrades Issuer Rating to Ba2


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Former Chairman Faces Probe for Criminal Charges
FNCU VENTURE: Informs SEC of its Inability to Submit Fin'l Results


X X X X X X X X

* BOND PRICING: For the Week June 6, to June 10, 2011




                            - - - - -


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


* ANTIGUA & BARBUDA: Completes Negotiations With Creditors
----------------------------------------------------------
Caribbean360.com reports that Antigua and Barbuda has concluded
negotiations with the last of the Paris Club Creditors, with an
agreement reached with Japan.  The report relates that government
will repay US$32.5 million owed to that Asian country over 15
years, with a three-year moratorium.

"That means repayment will start in 2014 and run till 2024," said
a government statement obtained by the news agency.  "The Japanese
have agreed to an interest rate of 3.1%," the statement added.

The original loan of US$29.75 million dollars was contracted in
1987 at an interest rate of 8%, according to Caribeban360.com.

Since getting approval from the International Monetary Fund (IMF)
for a US$128 million Stand-By Arrangement in June last year, the
United Progressive Party government has been in negotiations with
members of the Paris Club to reschedule a huge chunk of its
foreign debt, some of which was accumulated during previous
Antigua Labour Party administrations, Caribbean360.com discloses.

The Paris Club is an informal group of financial officials from 19
of some of the world's biggest economies, which provides financial
services such as debt restructuring, debt relief, and debt
cancellation to indebted countries and their creditors.


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


MERCK SHARP: Creditors' Proofs of Debt Due June 15
--------------------------------------------------
The creditors of Merck Sharp & Dohme (Puerto Rico) Ltd. are
required to file their proofs of debt by June 15, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


MERCK SHARP: Members' Final Meeting Set for July 5
--------------------------------------------------
The members of Merck Sharp & Dohme (Puerto Rico) Ltd. will hold
their final meeting on July 5, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on May 30, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


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


AKIKO CAYMAN: Creditors' Proofs of Debt Due June 27
---------------------------------------------------
The creditors of Akiko Cayman Asset Management are required to
file their proofs of debt by June 27, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 20, 2011.

The company's liquidator is:

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


HANNOVER LIMITED: Creditors' Proofs of Debt Due July 6
------------------------------------------------------
The creditors of Hannover Limited are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 19, 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


KINGSWAY FUND: Creditors' Proofs of Debt Due July 7
---------------------------------------------------
The creditors of Kingsway Fund Limited are required to file their
proofs of debt by July 7, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 11, 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


LUCKY FORTUNE: Creditors' Proofs of Debt Due July 6
---------------------------------------------------
The creditors of Lucky Fortune Limited are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 23, 2011.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands


ML ANDROMEDA: Creditors' Proofs of Debt Due July 6
--------------------------------------------------
The creditors of ML Andromeda (Cayman) are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 23, 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


ML BEECH: Creditors' Proofs of Debt Due July 6
----------------------------------------------
The creditors of ML Beech (Cayman) are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 23, 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


ML CHESTNUT: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
The creditors of ML Chestnut (Cayman) are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 23, 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


ML LARCH: Creditors' Proofs of Debt Due July 6
----------------------------------------------
The creditors of ML Larch (Cayman) are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 23, 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


ML PINE: Creditors' Proofs of Debt Due July 6
---------------------------------------------
The creditors of ML Pine (Cayman) are required to file their
proofs of debt by July 6, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 23, 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


MOONSTAR HOLDINGS: Creditors' Proofs of Debt Due July 6
-------------------------------------------------------
The creditors of Moonstar Holdings Limited are required to file
their proofs of debt by July 6, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 23, 2011.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707, Grand Cayman KY1-1107
         Cayman Islands


MSREF VI: Creditors' Proofs of Debt Due June 27
-----------------------------------------------
The creditors of MSREF VI Investments (China) II Limited are
required to file their proofs of debt by June 27, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 23, 2011.

The company's liquidator is:

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


NOVEMBERSKY MD 11-98: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------------
The creditors of Novembersky MD 11-98 Limited are required to file
their proofs of debt by June 30, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 13, 2011.

The company's liquidators are:

         David Preston
         Beverly Bernard
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Nicola Eccleston
         Telephone: 949-7755
         Facsimile: 949-7634


REDFERN LIMITED: Creditors' Proofs of Debt Due July 6
-----------------------------------------------------
The creditors of Redfern Limited are required to file their proofs
of debt by July 6, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 24, 2011.

The company's liquidator is:

         Darren Riley
         c/o Ellen J. Christian
         Telephone:  345 945 9208
         Facsimile: 345 945 9210
         c/o BNP Paribas Bank & Trust Cayman Limited
         Royal Bank House, 3rd Floor
         Shedden Road, George Town
         Grand Cayman
         Cayman Islands


RETNUH LIMITED: Creditors' Proofs of Debt Due July 6
----------------------------------------------------
The creditors of Retnuh Limited are required to file their proofs
of debt by July 6, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 13, 2011.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694, Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


THAMES RIVER: Creditors' Proofs of Debt Due July 7
--------------------------------------------------
The creditors of Thames River Kingsway Fund Limited are required
to file their proofs of debt by July 7, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 11, 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


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


CENTURY NATIONAL: "Machiavellian Actions" Led to Bank Failure
-------------------------------------------------------------
RJR News reports that Donovan Crawford, the former Chief Executive
Officer of the collapsed Century National Bank, said there was a
conspiracy against him which led to his eventual exile.

"Century [National Bank] was deliberately and ruthlessly destroyed
by Machiavellian actions of the minister plotting without the
reprimand of the Government of which he was a part," RJR News
quoted Mr. Crawford as saying.

By a Mareva injunction obtained in the Supreme Court in 1996, the
assets of Mr. Crawford and by extension, Century National Bank and
its subsidiaries, were frozen and taken over by Dr. Omar Davies,
the former Minister of Finance, according to RJR News.

"The dignity to which I have been subjected continues to roll on
and while my family and myself live extremely marginalized lives,
political predators in Jamaica feast lavishly on the products of
the blood, sweat and tears of my entire family," Mr. Crawford told
the told the Commission of Enquiry looking into the operations of
Financial Sector Adjustment Company (FINSAC).

However, RJR News relates that Mr. Crawford claims his troubles
began when the bank bought U.S. dollars from the U.S. Embassy.

"The first financial body blow to Century came before Dr. Davies
was (the) Minister of Finance and the P J Patterson-led Government
interpreted a business decision by Century to purchase US dollars
from the American Embassy to be politically motivated," Mr.
Crawford further told the Commission, the report notes.
Thereafter, high profile and frequent audits of the bank's
accounts were carried out by the Bank of Jamaica, which led to
depositors losing confidence and withdrawing their money, he
added.

RJR News recalls that Mr. Crawford was eventually sued
successfully by the Government after it allegedly found that he
had authorized substantial unsecured loans to companies in which
he had an interest.


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


AXTEL SAB DE CV: Fitch Lowers Issuer Default Ratings to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded Axtel, S.A.B. de C.V. (Axtel)
ratings:

   -- Local currency Issuer Default Ratings (IDR) to 'B+' from
      'BB-';

   -- Foreign currency IDR to 'B+' from 'BB-';

   -- US$490 million Senior Notes due 2019 to 'B+/RR4' from 'BB-';

   -- Long Term National Scale rating to 'BBB(mex)' from 'A-
      (mex)'.

The Rating Outlook is Revised to Stable from Negative.

The rating actions are a result of Axtel's increasing leverage
over the past three years, operating performance that has been
below Fitch's expectations and continued negative free cash flow
(FCF). Fitch believes that over the next few years, Axtel's
leverage-measured as total debt to EBITDA-should remain close to
3.0 times(x) with FCF being negative or minimal as the company
reinvests most of its cash flow from operations. This leverage
expectation is higher than previous years' expectation that
leverage will remain close to 2.0x over the long term.

Fitch notes that operating performance, while having declined
below expectations, appears to have stabilized. Axtel's ratings
incorporate a tough competitive environment, small scale, limited
service diversity, geographical diversification within Mexico and
moderate regulatory risk. In addition the ratings are supported by
a moderate financial profile and adequate liquidity. 'RR4' rated
securities have characteristics consistent with securities
historically recovering 31%-50% of current principal and related
interest, which is average recovery prospects given default.

Axtel's strategy is shifting towards serving higher value
customers by offering differentiated services to both residential
and corporate customers, although competition remains challenging.
As part of this effort the company is deploying fiber-to-the-home
(FTTH) that allows it to have an attractive offering to high-end
broadband users. Axtel plans to add approximately 180 thousand
broadband accesses during the year that should mitigate the loss
in revenue and cash flow related to the exit of Nextel (estimated
5% of revenues) and pressure on ARPU.

Axtel's competitive position is constrained by a limited service
offering. The company has made efforts towards diversifying its
services; however this has been limited to improving the service
with other technologies. With different operators deploying FTTH,
Fitch views that operators offering broadband services are facing
strong competition, where bundles with the better mix of services
and value should prevail. This situation can result in more
capital expenditures and not necessarily an increase in revenues
or cash flows, thus affecting free cash flow.

Recent regulatory rulings, such as the reduction of fixed to
mobile interconnection rates, should help Axtel to improve its
cost structure. Fitch views that any major regulatory change
should be neutral to positive for Axtel. However, Axtel has a
disagreement regarding mobile interconnection rates with Telcel
that can result in a liability to Axtel for MXN1,548 million and
another one with Telmex for MXN1,212 million regarding
international long distance settlement rates. While Axtel expects
to win these two disagreements, a negative outcome resulting in
Axtel to disburse these amounts would negatively affect its credit
quality.

Manageable Liquidity and Debt Maturity Profile:

Debt maturities over the next three years are manageable however,
refinancing risk remains as the 2017 and 2019 senior notes
approach maturity. As of March 31, 2011 the company's cash
balances of MXN859 million and unused committed credit facilities
of MXN155 million, compare adequately to next three years debt
maturities of MXN925 million and last 12 months funds flow from
operations(FFO) of approximately MXN2,214 million.

Total debt is composed of MXN3,291 million (US$275 million) in
senior notes due 2017, MXN5,864 million (US$490 million) in senior
notes due 2019 and MXN934 million (US$78 million) in other loans
and capital leases. Axtel has swapped to MXN the debt service of
its 2017 and existing 2019 senior notes to a fix rate in MXN,
however the principal amount remains exposed to the USD, adding
currency risk.

Leverage is expected to remain stable and FCF to be minimal in the
medium term. For the 12 months ended Mar. 31, 2011 total debt to
EBITDA, adjusted debt to EBITDAR and FFO adjusted leverage were at
3.0 times (x), 3.5x and 3.7x; respectively. With annual capital
expenditures expected to range between US$180 and US$200 million
over the next few years, FCF is expected to be minimal with
moderate increases in cash flow from operations mainly as a result
of growing data revenues. Fitch views that any potential reduction
in leverage will come from growing EBITDA or FFO as debt is
expected to remain relatively stable.


NAYARIT STATE: Moody's Downgrades Issuer Rating to Ba2
------------------------------------------------------
Moody's de Mexico downgraded the State of Nayarit's issuer ratings
to Ba2 (Global Scale, local currency) and A2.mx (Mexico National
Scale) from Ba1 and A1.mx, respectively. The outlook on the issuer
ratings remains negative. Moody's also downgraded the debt ratings
assigned to Nayarit's syndicated MXN 1.25 billion enhanced loan
(original face value) and MXN 300 million enhanced loan (original
face value) from Banorte to Ba2/A2.mx and Baa3/Aa3.mx
respectively. In addition, Moody's assigned ratings of Baa3/Aa3.mx
to two enhanced loans of MXN 200 million, one from Banorte and the
other one from BBVA-Bancomer.

Ratings Rationale

The downgrades reflect a greater than expected deterioration in
Nayarit's financial and debt indicators in 2010. Specifically, the
state registered 1) a sizable consolidated deficit, 2) cash
financing requirements for the fifth consecutive year, 3) a
continued increase in its high debt levels and expected increase
for 2011 to roughly 24% of total revenues, and 4) a very tight
liquidity position. These concerns are partially offset by
Nayarit's growing economy and trend of increasing, albeit still
low own-source revenues, which should enhance its financial
flexibility in the medium-term. The ratings assigned to the two
MXN 200 million enhanced loans reflect credit enhancements
consistent with two notches of uplift from the issuer rating.

On March 2011, Moody's revised the outlook to negative from stable
due to the deterioration of financial, debt and liquidity
indicators but recognizing that the trend could be corrected in
the near to medium term. However, the downgrade recognizes that
the financial performance by year end 2010 was weaker than
expected, as reflected by:

a) The 2010 cash financing deficit of -10.9% to total revenues was
   larger than the expected level of -6.3%. This was driven by
   higher than expected operating expenditures, which are in
   general more difficult to reduce than capital expenditures. As
   a result, Moody's expects these deficits to be more persistent
   than previously.

b) Net direct and indirect debt to total revenues ratio of 12.5%
   in 2010 was lower than the projected 16%. However, this was due
   to the state's reliance on financing from its suppliers, which
   has already been refinanced with debt. In fact, Moody's
   expectations for 2011 debt levels are even higher than they
   were previously, and will roughly reach 24%, a level higher
   than Ba peers. This reflects an additional MXN 2 billion in
   debt already been approved by State's Congress, MXN 300 million
   more than previously considered.

c) Liquidity used to be a strength for Nayarit but in 2009 it
   turned negative (net working capital of -4.4% of total
   expenses). While it appeared to have improved somewhat by the
   end of 2010 to -3.8%, this was lower than the expected level of
   -1.8%. Moreover, the ratio is significantly distorted since the
   approved loans for 2011 of MXN 1.7 billion were registered as
   current assets. Adjusting for this, the liquidity ratio would
   be approximately -14%, a very low level.

The negative outlook reflects Moody's expectation regarding the
challenges that the State faces to improve the financial
performance in the short to medium term.

All the loans benefit from a strong trust structure based on an
irrevocable notification to the federal treasury regarding the
transfer of rights and flows of participation revenues to the
trust. The MXN 300 million loan and the two MXN 200 million loans
all have similar terms and conditions including reserves equal to
2.5-3 months of debt service and are all expected to exhibit solid
debt service coverage levels. For the three loans, minimum
coverages are projected to range from 2.0x-3.2x in Moody's base
case and 1.7x-3.6x in Moody's stress case, which in all cases is
consistent with two notches of uplift from the issuer rating
according to Moody's methodology for enhanced loan ratings.
Moody's notes that the Bancomer loan has the lowest coverages of
the three and as a result would likely be downgraded sooner than
the rest if coverages fall short of Moody's expectations.

While the MXN 1.25 billion loan is projected to have similar
coverages, it has a lower rating because it has cross default
clauses that permit the lenders to declare an early amortization
if the borrower defaults on any of its other obligations coupled
with the fact that there are multiple lenders participating in the
loan, which could expose any individual lender to the decision of
other lenders to trigger the cross default clause.

The two MXN 200 million loans are paid through the same trust as
the MXN 300 million Banorte loan (BBVA Bancomer 47201-9). Both
loans are general obligations of the State of Nayarit. The state
has also pledged the flows and rights of 3% of its federal
participation transfers to the BBVA Bancomer loan and 3.4% to the
MXN 200 million Banorte loan. The loans are denominated in Mexican
pesos with maturity of 20 years and the Bancomer loan will pay an
interest rate composed of the 28-day Mexican Interbank Interest
Rate (TIIE) plus a spread of 165 basis points, with a grace period
for principal payments of 24 months, while the Banorte loan will
have a spread of 175 bps and a 12 month grace period.

Although Moody's does not expect upward pressure on the ratings in
the near term, if Nayarit experiences a structural realignment in
revenue and expenditure, leading to a reduction in annual
borrowing requirements and a significant improvement of the
state's tight liquidity position, the outlook could be revised to
stable.

If Nayarit fails to realign revenues and expenditures that will
result in further deterioration in the state's liquidity position,
and/or significant increases in direct or indirect debt
obligations, there could be further downward pressure on the
ratings.

The ratings assigned to the enhanced loans could face upward or
downward rating pressure if actual debt service coverages
materially better or worse than Moody's projections. Given the
links between the loans and the credit quality of the obligor, a
downgrade of the Nayarit's issuer ratings could also exert
downward pressure on debt ratings for the loans. Conversely, an
upgrade of Nayarit's issuer ratings could result in an upgrade of
the ratings on the loans.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008and Enhanced
Municipal and State Loans in Mexico published in January 2011.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."


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


CL FINANCIAL: Former Chairman Faces Probe for Criminal Charges
--------------------------------------------------------------
RJR News reports that Roger Gaspard, Trinidad & Tobago director of
public prosecution, said he is probing all files from the probe of
the Colonial Life Insurance Company (Trinidad) Limited (CLICO),
which has led the country's Central Bank to sue the company's
former Chairman, Lawrence Duprey.  CLICO is a subsidiary of CL
Financial Limited.

Mr. Gaspard said the action is to determine if Mr. Duprey and
other former employees of CLICO should face criminal charges for
the collapse of the insurance company, according to RJR News.

The report relates that Anand Ramlogan, attorney general of
Trinidad and Tobago, said he would leave no stones unturned to
ensure justice for thousands of CLICO policyholders, who were
affected by the collapse of the company.

Meanwhile, RJR News relates that Tobago Central Bank has already
hired a fraud expert to look into the case.  RJR News notes that
they said they will try to determine if Mr. Duprey acted in the
best interest on the company or themselves in conducting certain
transactions.

As reported in the Troubled Company Reporter-Latin America on
June 10, 2011, Jamaica Observer said that the Central Bank of
Trinidad and Tobago (CBTT) and CLICO have filed civil proceedings
against Mr. Duprey.  CBTT said in a statement obtained by the news
agency that the civil proceedings have been filed against Mr.
Duprey, former director Andre Monteil as well as CL Financial,
Dalco Capital Management Limited and Stone Street Capital Limited
arising from the failure of CLICO.  "The claims include
allegations of mismanagement of CLICO and misapplication and
misappropriation of its income and assets to the detriment of its
policyholders and mutual fund investors.  CBTT and CLICO are
seeking damages, equitable compensation and declarations related
to certain agreements and property of CLICO, Jamaica Observer
quoted CBTT as saying.

                        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.


FNCU VENTURE: Informs SEC of its Inability to Submit Fin'l Results
------------------------------------------------------------------
Trinidad & Tobago Newsday reports that the Board of Directors of
FNCU Venture Capital Company Limited (FNCU) said it has written to
the Trinidad and Tobago Securities and Exchange Commission (the
SEC) as well as the Trinidad and Tobago Stock Exchange Limited,
explaining its failure to submit Audited Financial Statements for
the financial year ended December 31, 2010.

FNCU said at the last annual meeting held on July 2, 2010 the
shareholders voted and made substantial changes to the Board of
Directors, according to Newsday.

Subsequently, Newsday says, the contract of FCL Financial Limited,
the fund manager which expired on November 1, 2010 was not renewed
by the Board.  Newsday relates that FNCU said the financial
records and all other records are still in the fund manager's
possession.

The Board said it is making every effort to obtain their immediate
release in order to fulfill the obligations to the regulatory
authorities and shareholders, Newsday adds.


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


* BOND PRICING: For the Week June 6, to June 10, 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.


                   * * * End of Transmission * * *