TCRLA_Public/110623.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

              Thursday, June 23, 2011, Vol. 12, No. 123

                            Headlines



B E R M U D A

ARA ASIA: Creditors' Proofs of Debt Due July 1
ARA ASIA: Members' Final Meeting Set for July 21
ARA FUND: Creditors' Proofs of Debt Due July 1
ARA FUND: Members' Final Meeting Set for July 21
ATLANTIC MANAGEMENT: Creditors' Proofs of Debt Due July 27

ATLANTIC MANAGEMENT: Member to Receive Wind-Up Report on August 8
ATLANTIS MANAGEMENT: Creditors' Proofs of Debt Due July 27
ATLANTIS MANAGEMENT: Member to Receive Wind-Up Report on August 8
MAN PERFORMANCE: Creditors' Proofs of Debt Due July 1
MAN PERFORMANCE: Member to Receive Wind-Up Report on August 5


B R A Z I L

CONSTRUTORA NORBERTO: S&P Raises Global Scale Rating to 'BB+'


C A Y M A N   I S L A N D S

CUMULUS FAHRENHEIT: Creditors' Proofs of Debt Due July 20
ECM MAC: Creditors' Proofs of Debt Due July 11
EMROSE OFFSHORE: Creditors' Proofs of Debt Due July 20
ENERGY AND CLIMATE: Creditors' Proofs of Debt Due July 20
GEMINI LONG/SHORT: Creditors' Proofs of Debt Due July 11

INSPECTION HOLDINGS: Creditors' Proofs of Debt Due July 29
NORTH SEA: Creditors' Proofs of Debt Due July 11
NORTH SEA: Creditors' Proofs of Debt Due July 11
PELOTON ABS: Creditors to Hold Meeting on June 28
PINPOINT ASSET: Creditors' Proofs of Debt Due July 18

PINPOINT CAPITAL: Creditors' Proofs of Debt Due July 18
STERLING CAPITAL: Creditors' Proofs of Debt Due July 20
TTL EQUIPMENT: Creditors' Proofs of Debt Due July 18
TTL HOLDINGS: Creditors' Proofs of Debt Due July 18
TWIN REGENCY: Creditors' Proofs of Debt Due July 11


M E X I C O

GRUPO FAMSA: S&P Affirms 'B' Corporate Credit Rating
* COACALCO MUNICIPALITY: Moody's Revises B1/Baa2.mx Outlook


T R I N I D A D  &  T O B A G O

CL FIN'L: New Bill Could Stop CLICO Holders From Recovering Funds
TCL GROUP: Close to Inking Debt Restructuring Deal with Creditors


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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B E R M U D A
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ARA ASIA: Creditors' Proofs of Debt Due July 1
----------------------------------------------
The creditors of ARA Asia Silver Real Estate I Limited are
required to file their proofs of debt by July 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

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


ARA ASIA: Members' Final Meeting Set for July 21
------------------------------------------------
The members of ARA Asia Silver Real Estate I Limited will hold
their final meeting on July 21, 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 June 14, 2011.

The company's liquidator is:

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


ARA FUND: Creditors' Proofs of Debt Due July 1
----------------------------------------------
The creditors of ARA Fund Management (Silver) Limited are required
to file their proofs of debt by July 1, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

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


ARA FUND: Members' Final Meeting Set for July 21
------------------------------------------------
The members of ARA Fund Management (Silver) Limited will hold
their final meeting on July 21, 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 June 14, 2011.

The company's liquidator is:

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


ATLANTIC MANAGEMENT: Creditors' Proofs of Debt Due July 27
----------------------------------------------------------
The creditors of Atlantic Management Services Limited are required
to file their proofs of debt by July 27, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Michelle Wolfe
         c/o Meritus Trust Company Limited
         Bermuda


ATLANTIC MANAGEMENT: Member to Receive Wind-Up Report on August 8
-----------------------------------------------------------------
The member of Atlantic Management Services Limited will receive on
August 8, 2011, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Michelle Wolfe
         c/o Meritus Trust Company Limited
         Bermuda


ATLANTIS MANAGEMENT: Creditors' Proofs of Debt Due July 27
----------------------------------------------------------
The creditors of Atlantis Management Services Limited are required
to file their proofs of debt by July 27, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Michelle Wolfe
         c/o Meritus Trust Company Limited
         Bermuda


ATLANTIS MANAGEMENT: Member to Receive Wind-Up Report on August 8
-----------------------------------------------------------------
The member of Atlantis Management Services Limited will receive on
August 8, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Michelle Wolfe
         c/o Meritus Trust Company Limited
         Bermuda


MAN PERFORMANCE: Creditors' Proofs of Debt Due July 1
-----------------------------------------------------
The creditors of Man Performance Bond 8 Years Euro Trading Ltd are
required to file their proofs of debt by July 1, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 16, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


MAN PERFORMANCE: Member to Receive Wind-Up Report on August 5
-------------------------------------------------------------
The member of Man Performance Bond 8 Years Euro Trading Ltd will
receive on August 5, 2011, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 16, 2011.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


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B R A Z I L
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CONSTRUTORA NORBERTO: S&P Raises Global Scale Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Rating Services raised its global scale ratings
on leading Brazilian engineering and construction (E&C) company
Construtora Norberto Odebrecht S.A. (CNO) to 'BB+' from 'BB' and
its national scale rating to 'brAA+' from 'brAA-'. "At the same
time, and because we believe that cash flows at CNO are available
to the holding company, we raised the national scale rating on
Odebrecht S.A. (ODB) to 'brAA+' from 'brAA-'. The outlook on both
ratings is stable," S&P said.

"The upgrades reflect our expectation that the combined leverage
of CNO and OBD will decrease as the Odebrecht Group (Odebrecht)
will no longer need to support its new business ventures," said
Standard & Poor's credit analyst Alexandre Menezes. "During 2010,
the group was able to attract strategic investors to most of its
other businesses, raising an aggregate of $2.9 billion of new
equity that should suffice to fund each new business' individual
growth plans. Most of them are also starting to generate cash
flows to support their own operations from 2011 on. The only other
equity contribution to subsidiaries we take into account is $700
million to Odebrecht's energy and infrastructure business
(Odebrecht Participacoes e Investimentos-OPI), which the company
already programmed and which should not affect the group's cash
flows and liquidity overall," S&P related.

"We have always considered that CNO's strong free operating cash
flow (FOCF) would support the growth of Odebrecht. Until recently,
its support showed in debt at the parent level that CNO
guaranteed, cash flows from CNO that the company used to finance
equity commitments, and guarantees that CNO extended to the
group's new projects and start-up companies. As these companies
have matured and the group has managed to attract equity partners
to each of these businesses, increasing their individual financial
flexibility and posting separate corporate governance, we now
assume Odebrecht will not provide further financial support to its
new businesses, except for the investment in OPI. Therefore, we
base our analysis now on the combined financials of CNO, the
holding company ODB (including off-balance debt that ODB
guarantees), and ODB's offshore subsidiary Odebrecht Finance Ltd.
(CNO also guaranteed its debt). These adjustments add $3.0 billion
of debt to CNO's own. We assume no cash flows from new businesses,
but we take account dividends from Braskem S.A. (BBB-/Stable/--)
of about $70 million as an additional cash flow source for
Odebrecht in our base case scenario," S&P stated.

"The stable outlook reflects our expectation that Odebrecht will
manage to improve its credit metrics with the amortization of
debts extended to its new businesses, and maintain strong
liquidity and low refinancing risks. We could raise the rating if
credit metrics improve to adjusted total debt to EBITDA of less
than 2.0x and FFO to debt of more than 40%, possibly with the
Odebrecht using cash flows from its new businesses to pay down its
debt. We could lower the rating if Odebrecht contributes with
substantial cash or provides material financial support to its new
business subsidiaries," according to S&P.


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C A Y M A N   I S L A N D S
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CUMULUS FAHRENHEIT: Creditors' Proofs of Debt Due July 20
---------------------------------------------------------
The creditors of Cumulus Fahrenheit Master Fund are required to
file their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 12, 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 KY1-9002/9005
         Cayman Islands


ECM MAC: Creditors' Proofs of Debt Due July 11
----------------------------------------------
The creditors of ECM Mac 94 Ltd. are required to file their proofs
of debt by July 11, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 1, 2011.

The company's liquidator is:

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


EMROSE OFFSHORE: Creditors' Proofs of Debt Due July 20
------------------------------------------------------
The creditors of Emrose Offshore Fund are required to file their
proofs of debt by July 20, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 2, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


ENERGY AND CLIMATE: Creditors' Proofs of Debt Due July 20
---------------------------------------------------------
The creditors of Energy and Climate Advisors are required to file
their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002/9005
         Cayman Islands


GEMINI LONG/SHORT: Creditors' Proofs of Debt Due July 11
--------------------------------------------------------
The creditors of Gemini Long/Short Gold Master Fund Ltd. are
required to file their proofs of debt by July 11, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 3, 2011.

The company's liquidator is:

         Gemini Futures, LLC
         c/o Daniel L. Ascani
         Telephone: 1-561-578-6675
         c/o Gemini Futures, LLC
         11780 US Highway One, Suite 202
         North Palm Beach FL 33408
         U.S.A.


INSPECTION HOLDINGS: Creditors' Proofs of Debt Due July 29
----------------------------------------------------------
The creditors of Inspection Holdings I Limited are required to
file their proofs of debt by July 29, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 2, 2011.

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


NORTH SEA: Creditors' Proofs of Debt Due July 11
------------------------------------------------
The creditors of North Sea Transportation Limited are required to
file their proofs of debt by July 11, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NORTH SEA: Creditors' Proofs of Debt Due July 11
------------------------------------------------
The creditors of North Sea T.K.B. Holdings Ltd. are required to
file their proofs of debt by July 11, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2011.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


PELOTON ABS: Creditors to Hold Meeting on June 28
-------------------------------------------------
The creditors of Peloton ABS Master Fund will hold their annual
meeting on June 28, 2011, at 10:30 a.m.

The company's liquidator is:

         Gordon I. Macrae
         c/o Tammy Fu
         Zolfo Cooper, 4th Floor, Bermuda House
         P.O. Box 1102, Dr. Roy's Drive
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 814 4006
         Facsimile: (345) 946-0082
         e-mail: tammy.fu@zolfocooper.ky


PINPOINT ASSET: Creditors' Proofs of Debt Due July 18
-----------------------------------------------------
The creditors of Pinpoint Asset Management Company Ltd. are
required to file their proofs of debt by July 18, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Wang Qiang
         Two International Finance Centre, Level 33
         8 Finance Street, Central
         Hong Kong
         Telephone: +852 25235990
         Facsimile: +852 25235993


PINPOINT CAPITAL: Creditors' Proofs of Debt Due July 18
-------------------------------------------------------
The creditors of Pinpoint Capital Management Limited are required
to file their proofs of debt by July 18, 2011, to be included in
the company's dividend distribution.

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

The company's liquidator is:

         Wang Qiang
         Two International Finance Centre, Level 33
         8 Finance Street, Central
         Hong Kong
         Telephone: +852 25235990
         Facsimile: +852 25235993


STERLING CAPITAL: Creditors' Proofs of Debt Due July 20
-------------------------------------------------------
The creditors of Sterling Capital Holdings SPC are required to
file their proofs of debt by July 20, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 26, 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 KY1-9002/9005
         Cayman Islands


TTL EQUIPMENT: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
The creditors of TTL Equipment Management Holdings GP Ltd. are
required to file their proofs of debt by July 18, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2011.

The company's liquidators are:

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


TTL HOLDINGS: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
The creditors of TTL Holdings GP Ltd. are required to file their
proofs of debt by July 18, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 26, 2011.

The company's liquidators are:

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


TWIN REGENCY: Creditors' Proofs of Debt Due July 11
---------------------------------------------------
The creditors of Twin Regency Limited are required to file their
proofs of debt by July 11, 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:

         Lion International Management Limited
         P.O. Box 71, Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point, Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


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GRUPO FAMSA: S&P Affirms 'B' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Grupo Famsa S.A.B. de C.V. (GFamsa) and its 'B'
senior unsecured debt rating on the company's $200 million fixed-
rate notes.

"At the same time, we affirmed our recovery rating on the notes at
'3'. The recovery rating of '3' indicates our expectation of
meaningful (50% to 70%) recovery in the event of a payment
default," S&P said.

The outlook is stable.

"The rating on GFamsa is limited by the company's weak business
profile based on its small position in Mexico as its main market,"
said Standard & Poor's credit analyst Monica Ponce. "We also
considered the risks posed by the high competition in the
industry, the company's dependence on bank deposits to fund its
growth, and its highly leveraged financial risk profile resulting
from negative free operating cash flow."

However, the rating also incorporates the company's opportunities
to gain market position in the Mexican retail industry as a result
of a large informal market with no access to credit, the company's
operating efficiencies, and its increase in geographic and client
diversification within the country.

GFamsa is one of the leading specialty retailers for the middle-
and lower-middle income segments of the population in the
northeast and central regions of Mexico. As of March 31, 2011, its
retail division included 355 stores in Mexico and 49 stores in
five U.S. states. GFamsa offers consumer electronics, major
appliances, household furniture, and clothes.

In 2006, GFamsa opened a bank division, Banco Ahorro Famsa S.A.,
Institucion de Banca Multiple, (BAF; B/Stable/--), which provides
its clients with alternative sources of financing such as personal
and commercial loans. By 2012 GFamsa will manage its credit sales
division through the BAF credit card. As of March 31, 2011, the
bank had opened 283 branches, mostly within GFamsa's stores.


* COACALCO MUNICIPALITY: Moody's Revises B1/Baa2.mx Outlook
-----------------------------------------------------------
Moody's de Mexico revised the outlook of the Municipality of
Coacalco's Baa2.mx (Mexico National Scale) and B1 (Global Scale,
local currency) issuer ratings to negative from stable.

Ratings Rationale

The placement of the ratings on negative outlook reflects the
recent weakening of financial results as evidenced by: a) an
increase of cash financing requirements due to an increase in
operating and capital expenditures, b) a significant increase in
debt levels and c) a tight liquidity.

A significant increase in operating expenditures in 2010 (34.6%
with respect to 2009), led to the recording of a gross operating
deficit of -1.9% of operating revenues after two consecutive years
of positive results. Moody's acknowledges that operating
expenditures are more difficult to reduce than capital
expenditures and accordingly, expects that poor operating
performance will likely prevail in the following years.

In conjunction with the operating performance, a sizable increase
of capital expenditures in 2010 of 60.6% with respect to 2009
resulted in a cash financing requirement of -14.0% of total
revenues. Moody's expects capital expenditures will remain in
similar levels in 2011 and 2012. As a result, Moody's expects the
Municipality's cash financing requirements to remain significant
over the short-to-medium term. Depending on how these are
financed, this could exert pressure on the Municipality's debt
and/or liquidity levels.

As a result of the operating and capital spending pressures, net
direct and indirect debt to total revenues ratio increased
considerably to 66.5% in 2010 from 22.3% in 2009. This mainly
reflects a long term loan of MXN 250 millions backed by federal
participation transfers obtained from Interacciones. Roughly MXN
100 millions were used to repay a short term loan and a liability
with the State's pension system. From the remaining proceeds, MXN
85 millions were used in 2010 for capital expenditures and the
remaining MXN 65 millions will be spent in 2011 in capital
projects too. Moody's does not expect that Coacalco will contract
significant additional debt in 2011, however if the cash financing
requirements prevail it is likely that debt levels will increase
by 2012.

Liquidity has been historically an important challenge for
Coacalco. While it improved in 2010, it still remains at a low
level of -12.6% (current assets minus current liabilities as a
percentage of total expenditures). If Coacalco opts to finance a
portion of its cash financing requirements through working
capital, this could lead to further deterioration of this
indicator.

In addition, the weak financial performance of Coacalco's water
company --SAPASAC- constitutes a credit challenge for the
municipality. In 2010, Coacalco transferred roughly MXN 15 million
to its water company.

A failure to realign revenues and expenditures resulting in
further deterioration in the municipality's liquidity, and/or
significant increases in direct or indirect debt obligations,
could very likely lead to a downgrade on the ratings.

Given the negative outlook, Moody's does not expect upward
pressure on the ratings in the near term. However, if Coacalco
experiences a structural realignment in revenue and expenditure,
leading to a reduction in financing requirements and the
stabilization of debt levels and liquidity, this could likely lead
to a revision on the outlook back to stable.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008, and The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008.

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
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CL FIN'L: New Bill Could Stop CLICO Holders From Recovering Funds
-----------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that government has
confirmed that it is considering reintroducing legislation to
Parliament that could prevent CLICO policyholders from recovering
funds from the institution without the approval of the Central
Bank.

If the bill is passed the Bank's clearance will be required even
if a court decides policyholders are entitled to the money,
according to Trinidad Express.

Leader of Government Business Dr. Roodal Moonilal told the news
agency that the Central Bank (Amendment) Bill, 2011 was currently
engaging the attention of the government.

Trinidad Express notes that Dr. Moonilal said the draft
legislation, which gives the Central Bank the authority to
determine when the creditors of a financial institution should be
paid, became necessary because of the actions of the previous
administration.

Trinidad Express discloses that copies of a document purporting to
be the draft bill showed what seems to be a bill which states that
"no creditor, shareholder, depositor, policyholder or any other
person shall have remedy against the institutions in respect of
any claim ... until the Bank publishes a notification to lift the
stay under this paragraph, which publication shall be made as soon
as: (1) the circumstances no longer pose a serious threat to
stability of the financial system; or (2) any appropriate steps to
prepare for the lifting of the stay of proceedings have been taken
by the Bank".

Dr. Moonilal said the bill was brought to Cabinet a couple weeks
ago and it was decided then that the Opposition should be given an
opportunity to review and comment on the document, Trinidad
Express notes.

                      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.


TCL GROUP: Close to Inking Debt Restructuring Deal with Creditors
-----------------------------------------------------------------
RJR News reports that TCL Group is close to reaching a deal with
its creditors for the restructuring of its debts.  The report
relates that TCL Group has issued a notice to shareholders
advising them of developments with negotiations.

The company said that after careful review of its business plans
and projected cash flows it submitted proposals for the re-
profiling of its debts to lenders, according to RJR News.

RJR News notes that there have been several rounds of discussions
between advisors on the proposals.  TCL Group said there have been
a number of counterproposals and the parties are drawing close to
an agreement, RJR News says.

It said a deal should be in place by the third quarter of this
year, RJR News adds.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2011, RJR News said the TCL Group has hired FTI
Consulting Canada to assist it with its debt restructuring
exercise.  The report related that FTI Consulting Canada has been
appointed as the Independent Advisor to TCL's Creditor Committee.
TCL Group said the debt restructuring is intended to improve the
Group's long term prospects and provide for full repayment of its
debts, RJR News noted.

Headquartered in Trinidad and Tobago, TCL Group is Caribbean
Cement's parent company.


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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/






                            ***********

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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