TCRLA_Public/110620.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 20, 2011, Vol. 12, No. 120

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: U.S. Regulators Approve Compensation to Investors


A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'B' Counterparty Credit Rating
BANCO SAENZ: Moody's Assigns B2 Local Currency Debt Rating
BIFE FREE: Creditors' Proofs of Debt Due August 29
COMPANIA FINACIERA: Moody's Assigns 'Ba3' LC Debt Rating
FIDEOS FUCCINO: Creditors' Proofs of Debt Due July 11

IBA GROUP: Creditors' Proofs of Debt Due August 8
LA SEGUNDA: Moody's Affirms B2 Global Local Currency Rating
ROYAL & SUN: Moody's Upgrades IFS Ratings to 'B1' from 'B2'
VITRUVIUS SRL: Creditors' Proofs of Debt Due July 5


B R A Z I L

BANIF-BANCO INT: Moody's Reviews Ratings for Possible Downgrade


C A Y M A N   I S L A N D S

CGI WHITEHALL: Shareholders' Final Meeting Set for July 7
HANNOVER LIMITED: Shareholders' Final Meeting Set for July 8
MARMON GRAND: Shareholders' Final Meeting Set for July 8
ML BEECH: Shareholders' Final Meeting Set for July 8
ML CHESTNUT: Shareholders' Final Meeting Set for July 8

ML LARCH: Shareholders' Final Meeting Set for July 8
ML PINE: Shareholders' Final Meeting Set for July 8
NEWLAND LANE: Shareholders' Final Meeting Set for June 30
NORTHAM LANE: Shareholders' Final Meeting Set for June 30
REDFERN LIMITED: Shareholders' Final Meeting Set for July 6

REX FUNDING: Shareholders' Final Meeting Set for July 8
SAINT GEORGE: Sole Shareholder to Hear Wind-Up Report on June 29
TURBO XII: Shareholders' Final Meeting Set for July 8
TURBO XII-A: Shareholders' Final Meeting Set for July 8
WEST MAC: Members' Final Meeting Set for June 29


J A M A I C A

CASH PLUS: Liquidator Expresses Concern Over New Judge


T R I N I D A D  &  T O B A G O

CL FINANCIAL: TTTI Calls on Government to Continue CLICO Probe


X X X X X X X X

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




                            - - - - -


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


STANFORD INT'L: U.S. Regulators Approve Compensation to Investors
-----------------------------------------------------------------
Caribbean360.com reports that after two years of fighting various
entities to recoup the money they lost in Robert Allen Stanford's
alleged US$8 billion fraud, some of the investors have scored a
major victory with U.S. regulators agreeing that they should be
compensated by a fund backed by the brokerage industry.

The U.S. Securities and Exchange Commission said some investors
are entitled to get money back from the Securities Investor
Protection Corporation, which handles claims for investors if
their brokerage firm fails, according to Caribbean360.com.  The
report relates that those who bought certificates of deposit (CDs)
from the Antigua-based Stanford International Bank (SIBL), through
Stanford's U.S. brokerage arm Stanford Group Company (SGC), will
be the ones to benefit.

Caribbean360.com notes that in an analysis provided to the SIPC,
the SEC explains that, on the specific facts of the case, the
investors with brokerage accounts at SGC who purchased the CDs
through the broker-dealer qualify for protected "customer" status
under the Act.

The report says the SEC has therefore asked the SIPC to initiate a
court proceeding under the Securities Investor Protection Act of
1970 (SIPA) to liquidate the brokerage.

The SEC's announcement comes nearly two years after the SIPC said
it did not think the victims were eligible to file claims.  The
Commission has been criticized for taking so long to reach a
decision, Caribbean360.com notes.  The report relates that in
reaching its determination, the SEC cited the conclusions in the
report of the court appointed-receiver for SGC, who noted that the
many companies controlled and directly or indirectly owned by
Mr. Stanford "were operated in a highly interconnected fashion,
with a core objective of selling" the CDs.

Among other things, Caribbean360.com says the receiver also noted
that "corporate separateness was not respected within the Stanford
empire . . . Money was transferred from entity to entity as
needed, irrespective of legitimate business need.  Ultimately, all
of the fund transfers supported the Ponzi scheme in one way or
another, or benefitted Allen Stanford personally."

The Commission further determined that, in light of all of the
facts and circumstances in this case, the customers' claims should
be based on their net investment in the fraudulent CDs used to
carry out the Ponzi scheme, Caribbean360.com adds.

                   About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June 2009
before the U.S. District Court in Houston, Texas.  Mr. Stanford
pleaded not guilty to 21 charges of multi-billion dollar fraud,
money-laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for his
arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


BANCO PATAGONIA: S&P Affirms 'B' Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' counterparty
credit rating on Banco Patagonia S.A.  The outlook remains stable.

"Our ratings on Banco Patagonia primarily reflect the risk
inherent in operating in Argentina, and the ratings on the
Republic of Argentina (B/Stable/B) constrain the ratings on the
bank. The bank is challenged to increase its still-low market
share in the Argentine financial system," S&P said.

"However, the bank's good financial performance, with healthy
asset quality, above-average profitability, and good liquidity,
somewhat mitigate these weaknesses," said Standard & Poor's credit
analyst Sebastian Liutvinas.

Banco Patagonia provides financing mainly to individuals and small
and midsize companies with a focus in the interior of the country.
As of March 31, 2011, it had total assets of Argentine pesos (ARP)
15.5 billion ($3.8 billion at ARP4.0520 to $1), which represent a
market share of 2.8% and 5.1% among total and privately owned
banks.

The bank is exposed to the risks inherent to the Argentine
economy, in which high inflation and economic volatility have made
it difficult to plan beyond the short term. During the past 12
months ended March 31, 2011, loans to the private sector increased
by a high 77.0%, reaching ARP7.7 billion. The ratio of
nonperforming loans (NPLs) to total loans continued to improve to
very low 1.1% compared with 2.4% as of March 31, 2010. "We expect
Banco Patagonia to expand total loans by 30% to 35% in 2011, to
continue focusing its growth in individuals, small, and midsize
companies, and to increase its small market share in large
corporations. We also expect Banco Patagonia to continue enjoying
healthy asset quality in 2011-2012 with NPLs at less than 2.5%,"
S&P said.

On April 12, 2011, Banco do Brasil S.A. (BBB-/Positive/A-3) took
over Banco Patagonia through acquiring 51% of Banco Patagonia's
common stock, which will probably increase as a result of the
mandatory acquisition public offering that is subject to the
Argentine Securities Commission (CNV) authorization. "In our
opinion, the transaction leverages Banco Patagonia's business
diversity by allowing it to benefit from Banco do Brasil's
extensive client network operating in Argentina and could add some
additional financial flexibility," S&P said.

The stable outlook on Banco Patagonia reflects that of the outlook
on the sovereign. "We expect the bank to maintain its health asset
quality, above-average profitability, good liquidity, and moderate
capitalization. We could lower the ratings on Banco Patagonia if
we lower the sovereign rating or if the bank's credit standing
significantly weakens. In addition, the rating on the sovereign
limits rating upside for the bank," S&P added.


BANCO SAENZ: Moody's Assigns B2 Local Currency Debt Rating
----------------------------------------------------------
Moody's Investors Service assigned a B2 long term global local
currency debt rating to the expected second and third issuances of
Banco Saenz, up to the amount of AR$ 50 million and AR$ 20 million
respectively, to be issued in under the already rated program of
AR$ 100 million. The outlook for the rating is positive.

At the same time, Moody's Latin America assigned Aa3.ar national
scale local currency debt rating to Saenz's debt rating to the
expected second and third issuances.

These ratings were assigned to Banco Saenz S.A.:

Second Issuance of AR$ 50 million:

Global Local Currency debt rating: B2, positive outlook

National Scale rating for local currency debt: Aa3.ar

Third Issuance of AR$ 20 million:

Global Local Currency debt rating: B2, positive outlook

National Scale rating for local currency debt: Aa3.ar

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Saenz's B2 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

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."

Banco Saenz is headquartered in Buenos Aires, Argentina, and had
assets of AR$ 0.7 billion (US$ 0.16 billion) and deposits for AR$
0.4 billion (US$ 0.12 billion) as of March 2011.


BIFE FREE: Creditors' Proofs of Debt Due August 29
--------------------------------------------------
Estudio Carelli-Martino, the court-appointed trustee for Bife Free
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 29, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 170 in Buenos Aires, with the assistance of Clerk
No. 33, 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:

         Estudio Carelli-Martino
         Lavalle 1118
         Argentina


COMPANIA FINACIERA: Moody's Assigns 'Ba3' LC Debt Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 long term global local
currency debt rating to the expected fourth issuance of Compania
Financiera Argentina up to the amount of AR$ 120 million to be
issued in two tranches under the program of US$ 250 million. The
outlook for the rating is positive.

At the same time, Moody's Latin America assigned Aa2.ar national
scale local currency debt rating to CFA's debt rating to the
expected fourth issuance.

These ratings were assigned to Compania Financiera Argentina S.A.:

Fourth Issuance of a maximum amount of AR$ 120 million:

AR$ 30 million senior unsecured debt issuance, first tranche:

Ba3 Global Local Currency Debt Rating, with positive outlook

Aa2.ar Argentina National Scale Local Currency Debt Rating

AR$ 50 million senior unsecured debt issuance, second tranche:

Ba3 Global Local Currency Debt Rating, with positive outlook

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from CFA's Ba3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

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."

Compania Financiera Argentina is headquartered in Buenos Aires,
Argentina, and had assets of AR$ 2 billion (US$ 0.5 billion) and
deposits for AR$ 0.4 billion (US$ 0.1 billion) as of March 2011.


FIDEOS FUCCINO: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
Fabiana Edith Meilich, the court-appointed trustee for Fideos
Fuccino SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Jul 11, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, 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:

         Fabiana Edith Meilich
         Avenida Cordoba 679
         Argentina


IBA GROUP: Creditors' Proofs of Debt Due August 8
-------------------------------------------------
Mauricio Mudric, the court-appointed trustee for Iba Group SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until August 8, 2011.

The trustee 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. 7, 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:

         Mauricio Mudric
         Tucuman 893
         Argentina


LA SEGUNDA: Moody's Affirms B2 Global Local Currency Rating
-----------------------------------------------------------
Moody's Latin America affirmed the global local currency (GLC) and
Argentine national scale insurance financial strength (IFS)
ratings of the following Argentine insurance groups with
significant workers' compensation companies, and changed their
outlook to stable from negative:

- La Segunda Cooperativa de Seguros, La Segunda ART, and La
  Segunda Personas: B2 GLC IFS ratings affirmed with stable
  outlook; A1.ar national scale IFS ratings affirmed with outlook
  changed to stable from negative;

- Sancor Cooperativa de Seguros and Prevencion ART: B2 GLC IFS
  ratings affirmed with stable outlook; A1.ar national scale IFS
  ratings affirmed with outlook changed to stable from negative;

- San Cristobal Mutual de Seguros: B2 GLC IFS affirmed and outlook
  changed to stable from negative; A2.ar national scale IFS rating
  affirmed and outlook changed to stable from negative.

Ratings Rationale

Moody's explained that the rating affirmation and outlook change
to stable from negative on the companies' national scale ratings
(and GLC rating outlook change for San Cristobal) reflects that
their credit profiles have not been significantly impacted by the
Argentine government's decree in November 2009 mandating increased
benefit levels for employees covered by workers' compensation
insurers. The rating agency commented that the workers'
compensation companies of La Segunda, Sancor, and San Cristobal
reacted to the decree by raising premiums significantly, thereby
shifting most of the incremental claim costs to policyholders.
This action, together with solid financial returns over the past
18 months, has enabled the workers' compensation insurers to
sustain their overall profitability and capital adequacy, and to
not cause financial strain on their parent companies and
affiliates.

La Segunda Cooperativa, La Segunda Art, La Segunda Personas

Moody's noted that that the La Segunda group has maintained
stability in its financial and business profile during the last
two years, in particular regarding its capitalization levels,
size, and business composition. La Segunda ART not only increased
its premium rates but also reduced its exposure to unprofitable
workers' compensation contracts, therefore improving its
profitability after several years of losses.

Although La Segunda made significant capital contributions to its
workers' compensation subsidiary over the past few years, the
consolidated group has sustained profitability and capital
adequacy consistent with historical levels before the regulatory
change.

Sancor Cooperativa, Prevencion Art

Moody's noted that although combined ratios of both Sancor and
Prevencion have increased since the date of the decree, both
companies remain profitable given positive investment returns. The
rating agency went on to say that from a group perspective,
although Sancor's and Prevencion's operating leverage remains
higher than that of its peer Argentine insurance groups, it's
leverage is only slightly higher than prior to the decree and
lower than its all time peak leverage level. Moreover, the
company's credit profile compares favorably to other B2-rated
insurers in terms of business diversification, underwriting
results, and market presence.

San Cristobal Mutual De Seguros

Moody's explained San Cristobal has maintained its financial and
business profile during the last two years--in particular, its
profitability, capitalization and market presence.

In terms of San Cristobal's exposure to the workers compensation
business through its subsidiary Asociart ART (unrated by Moody's),
there is no evidence of a negative impact on San Cristobal's
capitalization. In fact, unlike many of the other workers'
compensation insurers which needed to be recapitalized, Asociart
ART did not receive any capital injections from San Cristobal, and
actually paid dividends to its parent company since the date of
the decree.

Based in Rosario, Argentina, La Segunda Cooperativa reported total
assets of almost AR$1.7 billion, shareholders' equity of AR$440
million, and net profit of AR$49 million, for the third quarter of
2010/11, ended March 31st 2011. Also based in Rosario, La Segunda
ART reported net income of AR$4 million, total assets of almost
AR$607 million, and total shareholders' equity of AR$152 million
for the third quarter of 2011. Finally, La Segunda Personas,
headquartered in Rosario as well, reported total assets of AR$101
million, shareholders equity of AR$26 million, and net income of
AR$6 million as of March 31, 2011.

Based in Sunchales, Argentina, Sancor Cooperativa de Seguros
reported total assets of AR$1.8 billion, shareholders' equity of
AR$631 million, and net profit of AR$87 million, for the third
quarter of 2010/11 fiscal year, ended March 31st 2011. Also
headquartered in Sunchales and as of that date, Prevencion ART
reported net income of AR$67 million, total assets of AR$1.6
billion, and total shareholders' equity of AR$271 million.

Based in Rosario, Argentina, San Cristobal Mutual, reported total
assets of AR$1.9 billion, shareholders' equity of AR$614 million,
and net profit of AR$143 million, for the third quarter of
2010/11, ended March 31st 2011.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations. For more information, visit
Moody's website at www.moodys.com/insurance.

NOTE: 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 ".ar" for Argentina. 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.


ROYAL & SUN: Moody's Upgrades IFS Ratings to 'B1' from 'B2'
-----------------------------------------------------------
Moody's Latin America upgraded to B1 from B2 the global-local
currency insurance financial strength (IFS) rating of Royal & Sun
Alliance Seguros (Argentina) and to Aa3.ar from A1.ar the
company's IFS rating on Argentina's national scale. The outlook of
the company is stable.

RSA Argentina is the general insurance subsidiary of the RSA Group
and benefits from its affiliation with this large, international
insurer.

Ratings Rationale

The upgrade of RSA Argentina's ratings mainly reflects the
company's improved intrinsic financial profile in terms of
profitability, while sustaining its capitalization and general
business profile. RSA Argentina has restored its profitability in
the last two years, including underwriting and investments gains,
in contrast with the losses seen from 2006 to 2009. As a result,
the company has not required capital injections from its parent in
the past two years, and additional capital needs are not currently
anticipated.

The upgrade also reflects Moody's expectation that RSA Argentina
will deliver good levels of profitability in the coming years.
Further, its diversified distribution channels represented by
direct sales, insurance agents and international brokers coupled
with its good-brand recognition are other intrinsic credit
strengths.

Moody's also added that the B1 global local currency IFS rating is
one notch above RSA Argentina's standalone credit profile and this
uplift is based primarily on the strong support provided by its
parent in the form of reinsurance and capital contributions, as
well as RSA Group's underwriting experience and control over local
operations. Among RSA Argentina's main risks and challenges are
its concentration in lower-grade investments (which in common with
peers due partly to local restrictions on investing in foreign
assets), the future evolution of its gross leverage, and the weak
Argentine operating environment.

Based in Buenos Aires, RSA Argentina reported total assets of
AR$621 million and a net profit of AR$13.2 million for its fiscal
third quarter ended March 31, 2011. Shareholders' equity totaled
almost AR$115 million at that time.

NOTE: 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 ".ar" for Argentina. 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.


VITRUVIUS SRL: Creditors' Proofs of Debt Due July 5
---------------------------------------------------
Estudio Ledesma y Asociados, the court-appointed trustee for
Vitruvius SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until July 5, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 30, 2012.

The Trustee can be reached at:

         Estudio Ledesma y Asociados
         Avenida Cordoba 1351
         Argentina


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


BANIF-BANCO INT: Moody's Reviews Ratings for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of BES Investimento do Brasil S.A. (BESI
Brasil), Banif - Banco Internacional do Funchal (Brasil), S.A.
(Banif Brasil) and Banif Banco de Investimento (Brasil) S.A.
(Banif Investimento). The rating actions follow the review for
downgrade of the standalone credit assessments (Bank Financial
Strength Ratings, or BFSR) of Banco Espírito Santo S.A. and of
Banif - Banco Internacional do Funchal, SA's (Banif Portugal) -
for further details, please refer to the press release dated
June 9, 2011 "Moody's places Portuguese banks' standalone ratings
on review for downgrade".

These ratings were placed on review for downgrade:

BES Investimento do Brasil S.A.:

Bank financial strength rating: D+

Long-term global local-currency deposit rating: Ba1

Long-term foreign-currency deposit rating: Ba1

Long-term foreign-currency senior unsecured debt rating: Ba1

Long-term Brazilian national scale deposit rating: Aa2.br

Banif - Banco Internacional do Funchal (Brasil) S.A.:

Bank financial strength rating: E+

Long-term global local-currency deposit rating: B1

Long-term foreign-currency deposit rating: B1

Long-term Brazilian national scale deposit rating: Baa1.br

Banif Banco de Investimento (Brasil) S.A.:

Bank financial strength rating: E+

Long-term global local-currency deposit rating: B1

Long-term foreign-currency deposit rating: B1

Long-term Brazilian national scale deposit rating: Baa1.br

Rating Rationale

According to Moody's, the review for downgrade will assess the
implications of a potential downgrade of Banco Espírito Santo's
and Banif Portugal's standalone credit assessment to their
subsidiaries in Brazil, particularly in respect to their funding
dynamics and to the performance of recurring earnings. Moody's
will also observe the possibility of a decline in business volume
and revenues generation given the existing synergies between the
operations of the parents and their subsidiaries.

Moody's last rating action on BESI Brasil was on April 8, 2011,
when Moody's downgraded the global local-currency deposit ratings
and foreign-currency senior unsecured debt ratings of BESI Brasil
to Ba1 and Not Prime, from Baa2 and P-3. Moody's also downgraded
the foreign-currency deposit ratings to Ba1 and Not Prime from
Baa3 and P-3; and the long-term Brazilian national scale deposit
rating to Aa2.br from Aaa.br. The bank financial strength rating
(BFSR) of D+ and the short-term Brazilian national scale rating of
BR-1 were both confirmed.

Moody's last rating action on both Banif Brasil and Banif
Investimento took place on November 3, 2010, when Moody's
downgraded the bank financial strength ratings of both banks to E+
from D-, their long-term global local-currency and foreign-
currency deposit ratings to B1 from Ba3, and their Brazilian
national scale deposit ratings to Baa1.br and BR-2 from A2.br and
BR-1. The short-term global local-currency and foreign-currency
deposit ratings of Not Prime were not affected by the rating
action.

The principal methodologies used in these banks were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.

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
".br" for Brazil. 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."

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil. In March 2011, the bank had total assets of approximately
R$7.4 billion (US$4.7 billion) and equity of R$480 million (US$304
million).

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil. As of December 2010, the bank
had total assets of approximately R$2.0 billion (US$1.2 billion)
and equity of R$177 million (US$106 million).

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil. As of December 2010, the bank had total assets of
approximately R$855 million (US$515 million) and equity of R$112
million (US$67 million).


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


CGI WHITEHALL: Shareholders' Final Meeting Set for July 7
---------------------------------------------------------
The shareholders of CGI Whitehall Universal Portfolio Fund,
Limited will hold their final meeting on July 7, 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 House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108
         Cayman Islands


HANNOVER LIMITED: Shareholders' Final Meeting Set for July 8
------------------------------------------------------------
The shareholders of Hannover Limited will hold their final meeting
on July 8, 2011, at 9:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MARMON GRAND: Shareholders' Final Meeting Set for July 8
--------------------------------------------------------
The shareholders of Marmon Grand Cayman Incorporated will hold
their final meeting on July 8, 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 Corporate Services Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


ML BEECH: Shareholders' Final Meeting Set for July 8
----------------------------------------------------
The shareholders of ML Beech (Cayman) will hold their final
meeting on July 8, 2011, at 9:45 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ML CHESTNUT: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------
The shareholders of ML Chestnut (Cayman) will hold their final
meeting on July 8, 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:

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


ML LARCH: Shareholders' Final Meeting Set for July 8
----------------------------------------------------
The shareholders of ML Larch (Cayman) will hold their final
meeting on July 8, 2011, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ML PINE: Shareholders' Final Meeting Set for July 8
---------------------------------------------------
The shareholders of ML Pine (Cayman) will hold their final meeting
on July 8, 2011, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEWLAND LANE: Shareholders' Final Meeting Set for June 30
---------------------------------------------------------
The shareholders of Newland Lane Limited will hold their final
meeting on June 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:

         Hugh Dickson
         c/o Prudence Pryce
         10 Market Street #765, Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7210
         Facsimile: (345) 949 7120


NORTHAM LANE: Shareholders' Final Meeting Set for June 30
---------------------------------------------------------
The shareholders of Northam Lane Limited will hold their final
meeting on June 30, 2011, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         10 Market Street #765, Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: (345) 769 7210
         Facsimile: (345) 949 7120


REDFERN LIMITED: Shareholders' Final Meeting Set for July 6
-----------------------------------------------------------
The shareholders of Redfern Limited will hold their final meeting
on July 6, 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:

         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


REX FUNDING: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------
The shareholders of Rex Funding Three Limited will hold their
final meeting on July 8, 2011, at 11:30 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


SAINT GEORGE: Sole Shareholder to Hear Wind-Up Report on June 29
----------------------------------------------------------------
The sole shareholder of Saint George SPC will receive on June 29,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         K. D. Blake
         c/o David Thacker
         Telephone: +1 345-815-2631
         Facsimile: +1 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


TURBO XII: Shareholders' Final Meeting Set for July 8
-----------------------------------------------------
The shareholders of Turbo XII Cayman Holdings Limited will hold
their final meeting on July 8, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TURBO XII-A: Shareholders' Final Meeting Set for July 8
-------------------------------------------------------
The shareholders of Turbo XII-A Cayman Holdings Limited will hold
their final meeting on July 8, 2011, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WEST MAC: Members' Final Meeting Set for June 29
------------------------------------------------
The members of West Mac Limited will hold their final meeting on
June 29, 2011, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


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


CASH PLUS: Liquidator Expresses Concern Over New Judge
------------------------------------------------------
RJR News reports that Hugh Wildman, the trustee in bankruptcy and
liquidator of Cash Plus, is expressing concern about the change in
the presiding adjudicator in the matter between his office and
PriceWaterhouseCoopers.

Mr. Wildman went to challenge the appointment of
PriceWaterhouseCoopers' forensic accountant, Kevin Bandoian, but
was surprised that Justice Roy Anderson was replaced by a new
judge, according to RJR News.  The report relates that Mr. Wildman
protested expressing concern over what he says is a conflict of
interest.

RJR News notes that Mr. Wildman asked that the new Justice to
excuse himself however the request was rejected.

The case continues with Mr. Wildman expected to argue for reduce
payments to PriceWaterhouseCoopers.

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill.  The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling JM$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant, Kevin Bandoian, was appointed
as joint receiver-manager for Cash Plus.


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


CL FINANCIAL: TTTI Calls on Government to Continue CLICO Probe
--------------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Transparency
Institute (TTTI) is calling on the Trinidad and Tobago government
to do all that is necessary to allow the Commission of Enquiry
(COE) to continue to investigate the failure of the CL Financial
Limited Group and has recommended that Attorney General Anand
Ramlogan ensure that nothing hinders the process.

In response to concerns raised in an Express article published on
June 11, regarding the enquiry, TTTI Chairman Richard Joseph said
that the COE should not be jeopardized by the timing or outcomes
of civil or other proceedings regarding insurance company Colonial
Life Insurance Company (Trinidad) Limited (CLICO) and CL
Financial, according to Trinidad Express.

The report notes that in view of the reported loss and injury
caused by alleged transgressions and failure of governance, the
recently reported legal developments raise more questions about
management responsibilities, regulatory compliance, audit
processes and board oversight.

Trinidad Express says that TTTI strongly recommended that the
Attorney General carefully re-examine the terms of reference of
the (enquiry) to advise the Government on any steps necessary to
preserve the functioning of the Commission and to further
facilitate its work.

Mr. Joseph said the enquiry must be fully empowered to properly
carry out its functions and complete its work in the time frame
originally indicated by Mr. Ramlogan, Trinidad Express discloses.
Transparency and accountability were needed in matters that had
implications for the public purse because they were issues of
national importance if the current culture of corruption is to
change, he added.

                    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.


===============
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- DIS          5.83     12/31/2033       ARS           162.5
ARGENT-PAR           1.18     12/31/2038       ARS            56.8
ARGENT-DIS           7.82     12/31/2033       EUR            70
ARGENT-DIS           7.82     12/31/2033       EUR            71.2
ARGENT-DIS           4.33     12/31/2033       JPY            42
ARGENT-PAR&GDP       0.45     12/31/2038       JPY             8
BODEN 2014           2         9/30/2014       ARS            32.5
BOGAR 2018           2          2/4/2018       ARS            30.6
PRO12                2          1/3/2016       ARS           117.7


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

BANCO BPI (CI)        4.15    11/14/2035     EUR              39.0
BANCO BPI (CI)        4.15    11/14/2035     EUR              35.4
BCP FINANCE BANK      5.01     3/31/2024     EUR              42.9
BCP FINANCE BANK      5.31     12/10/2023    EUR              45.3
BCP FINANCE CO        4.23                   EUR              55.5
BCP FINANCE CO        5.54                   EUR              54.3
BES FINANCE LTD       5.77      2/7/2035     EUR              52.8
BES FINANCE LTD       5.58                   EUR              55
BES FINANCE LTD       4.5                    EUR              57.5
BES FINANCE LTD       6.62                   EUR              63
CHAODA MOD AGRI       3.7       9/1/2015     USD              72.9
CHINA MED TECH        4        8/15/2013     USD              72.9
EFG ORA FUNDING       1.7     10/29/2014     EUR              51.2
ESFG INTERNATION      5.75                   EUR              54.8
IMCOPA INTL CAYM     10.37    12/19/2014     USD              36.1
PUBMASTER FIN         6.96     6/30/2028     GBP              54.7
SOLARFUN POWER H      3.5      1/15/2018     USD              67.9


CHILE
-----

AGUAS NUEVAS          3.4      5/15/2012     CLP               0.4
CGE DISTRIBUCION      3.25     12/1/2012     CLP              29.2
ESVAL S.A.            3.8      7/15/2012     CLP              37.8
LA POLAR SA           3.8     10/10/2017     CLP              72.3
MASISA                4.25    10/15/2012     CLP              29.5
QUINENCO SA           3.5      7/21/2013     CLP              38.2

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

PUERTO RICO CONS      6.2     5/1/2017       USD              53.2
PUERTO RICO CONS      6.5     4/1/2016       USD              59.5


VENEZUELA
---------

PETROLEOS DE VEN      5.5     4/12/2037      USD              46.1
PETROLEOS DE VEN      5.375   4/12/2027      USD              47.3
PETROLEOS DE VEN      5.25    4/12/2017      USD              59.3
PETROLEOS DE VEN      5.125  10/28/2016      USD              61.9
PETROLEOS DE VEN      5      10/28/2015      USD              65.2
PETROLEOS DE VEN      8.5    11/2/2017       USD              69.3
PETROLEOS DE VEN      8.5    11/2/2017       USD              60.0
PETROLEOS DE VEN      4.9    10/28/2014      USD              73.1
VENEZUELA             7       3/31/2038      USD              53.7
VENEZUELA             7       3/31/2038      USD              54.3
VENEZUELA             6       12/9/2020      USD              58
VENEZUELA             7.65     4/21/2025     USD              59.5
VENEZUELA             8.25    10/13/2024     USD              62.3
VENEZUELA             9.25     5/7/2028      USD              65.5
VENEZUELA             9        5/7/2023      USD              65.5
VENEZUELA             7.75    10/13/2019     USD              66.2
VENEZUELA             7       12/1/2018      USD              67.2
VENEZUELA             9.25     9/15/2027     USD              68.2
VENEZUELA             9.25     9/15/2027     USD              79.3
VENEZUELA             5.75     2/26/2016     USD              73.8
VENZOD - 189000       9.375    1/13/2034     USD              65.7


                            ***********


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 * * *