TCRLA_Public/110627.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 27, 2011, Vol. 12, No. 125

                            Headlines



A R G E N T I N A

BANCO SANTANDER: Fitch Affirms D Individual Rating
PSA FINANCE: Moody's Assigns Ba2 Local Currency Senior Debt Rating


C A Y M A N   I S L A N D S

CORNWALL HOLDINGS: Creditors' Proofs of Debt Due July 11
MSGI CHINA I: Creditors' Proofs of Debt Due July 11
MSGI CHINA III: Creditors' Proofs of Debt Due July 11
MSGI CHINA V: Creditors' Proofs of Debt Due July 11
MSGI CHINA IX: Creditors' Proofs of Debt Due July 11

MSGI CHINA X: Creditors' Proofs of Debt Due July 11
MSGI CHINA XI: Creditors' Proofs of Debt Due July 11
MSGI CHINA XII: Creditors' Proofs of Debt Due July 11
MSGI CHINA XIII: Creditors' Proofs of Debt Due July 11
MSGI CHINA XIV: Creditors' Proofs of Debt Due July 11

MSGI CHINA XV: Creditors' Proofs of Debt Due July 11
MSGI CHINA XVI: Creditors' Proofs of Debt Due July 11
MSGI CHINA XXI: Creditors' Proofs of Debt Due July 11
MSGI CHINA XXIII: Creditors' Proofs of Debt Due July 11
SOTER 2007-CRN3: Creditors' Proofs of Debt Due July 30


J A M A I C A

* JAMAICA: Country's Trade Deficit Up US$150 Million++


M E X I C O

BANCO MULTIVA: Moody's Affirms E+ Financial Strength Rating
CEMEX SAB: S&P Rates $650 Million Senior Secured Notes 'B'
HIPOTECARIA SU CASITA: Moody's Affirms and Withdraws C Ratings
SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Policyholders Group Not Buying Gov't Actions


X X X X X X X X

* BOND PRICING: For the Week June 13, to June 17, 2011




                            - - - - -


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


BANCO SANTANDER: Fitch Affirms D Individual Rating
--------------------------------------------------
Fitch Ratings affirms Banco Santander Rio S.A.'s (Santander Rio)
ratings:

   -- Individual rating at 'D';

   -- Support rating at '5';

   -- Long-term national rating at 'AA+(arg)';

   -- Short-term national ratings at 'A1+(arg)';

   -- National rating of its ARS250 million senior unsecured notes
      at 'AA+(arg)'.

The Rating Outlook is Stable.

Santander Rio's individual and national ratings reflect its sound
franchise in Argentina, its strong profitability and its healthy
asset quality ratios. They also take into account ownership by
Spain's Banco Santander (Santander, rated 'AA') as well as the
potentially volatile environment in Argentina.

After the slowdown seen in 2009, in 2010 the Argentine economy
resumed its growing trend seen since 2003. This has benefitted the
operating environment for banks, with rising deposits and lending
and steadily improving asset quality. Santander Rio's
profitability is strong, based on growing interests and fees, as
well as high results from its securities portfolio, which
compensated for rising costs due to the high inflation level in
Argentina. Fitch expects its performance to remain strong, based
on its sound revenue generation capacity and the expected increase
in loan demand, although it could be affected by market volatility
or a higher inflation.

Santander Rio's asset quality is sound and has improved in the
past two years. Non-performing loans were 1.06% of the total at
March 31, 2011, and loan loss reserve coverage was 167.85%. Fitch
expects Santander Rio's asset quality ratios to remain healthy in
line with the good outlook for the economy in 2011 and as loan
demand is expected to be strong.

Santander Rio's liquidity remains ample and its funding was
comprised primarily of deposits. Its capital base is adequate and
has been supported by its improving profitability.

Santander Rio is 99.3% owned by Santander. It is a universal bank,
offering a wide range of financial services through its 290
branches. It was Argentina's largest private sector bank by loans
and deposits at Dec. 31, 2010.


PSA FINANCE: Moody's Assigns Ba2 Local Currency Senior Debt Rating
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local currency
senior debt rating to PSA Finance Argentina Compania Financiera's
third bond issuance for an amount up to AR$75 million, which will
be due in 24 months, as well as to the fourth issuance for an
amount of AR$25 million, which will be due in 9 months. At the
same time, on the National Scale, Moody's assigned Aa2.ar local
currency debt rating to both issuances.

The outlook on all ratings is stable.

The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:

Ar$75 million senior unsecured debt issuance:

Ba2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ar$25 million senior unsecured debt issuance:

Ba2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

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."

PSA Finance Argentina Compania Financiera S.A. is headquartered in
Buenos Aires, Argentina, with assets of Ar$908.1 million, and
equity of Ar$144.1 million as of March 2011.


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


CORNWALL HOLDINGS: Creditors' Proofs of Debt Due July 11
--------------------------------------------------------
The creditors of Cornwall Holdings 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 liquidation proceedings on June 3, 2011.

The company's liquidator is:

         Ho Ka Kin
         Telephone: (852) 2485 5218
         Facsimile: (852) 2401 0549
         Charles Adams Ritchie & Duckworth
         Zephyr House
         122 Mary Street
         P.O. Box 709, Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA I: Creditors' Proofs of Debt Due July 11
---------------------------------------------------
The creditors of MSGI China I 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA III: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of MSGI China III 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA V: Creditors' Proofs of Debt Due July 11
---------------------------------------------------
The creditors of MSGI China V 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA IX: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
The creditors of MSGI China IX 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA X: Creditors' Proofs of Debt Due July 11
---------------------------------------------------
The creditors of MSGI China X 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XI: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
The creditors of MSGI China XI 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XII: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of MSGI China XII 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XIII: Creditors' Proofs of Debt Due July 11
------------------------------------------------------
The creditors of MSGI China XIII 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XIV: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of MSGI China XIV 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XV: Creditors' Proofs of Debt Due July 11
----------------------------------------------------
The creditors of MSGI China XV 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XVI: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of MSGI China XVI 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XXI: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
The creditors of MSGI China XXI 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


MSGI CHINA XXIII: Creditors' Proofs of Debt Due July 11
-------------------------------------------------------
The creditors of MSGI China XXIII 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 liquidation proceedings on June 1, 2011.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949.4544
         Facsimile: (345) 949.8460
         Charles Adams Ritchie & Duckworth
         P.O. Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


SOTER 2007-CRN3: Creditors' Proofs of Debt Due July 30
------------------------------------------------------
The creditors of Soter 2007-CRN3, Ltd. are required to file their
proofs of debt by July 30, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 6, 2011.

The company's liquidator is:

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


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


* JAMAICA: Country's Trade Deficit Up US$150 Million++
------------------------------------------------------
RJR News reports that new data show Jamaica's trade deficit has
increased by more than US$150 million.

The Statistical Institute of Jamaica (STATIN) reports that the gap
between imports and exports during the first two months of the
year was US$660 million up from US$493 million last year,
according to RJR News.

The report notes that between January and February, US$893 million
was spent on importing goods into the country.  RJR News relates
that this was a US$163 million or 22% increase when compared to
last year.

On the other hand, earnings from exports amounted to US$233
million which was a US$3.3 million or 1% decline from 2010, RJR
News adds.

                       *     *     *

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


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


BANCO MULTIVA: Moody's Affirms E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Banco Multiva, S.A. (Multiva)'s
E+ bank financial strength rating (BFSR). At the same time Moody's
affirmed all other existing ratings for Multiva, including the
global local currency (GLC) and foreign currency deposit ratings
of B2/Not Prime and the Mexican National Scale ratings of Baa3.mx
and MX-3. All these ratings have stable outlooks.

The B2/NP local currency and Baa3.mx/MX-3 issuer ratings of Casa
de Bolsa Multiva, S.A. remain unchanged.

These ratings were affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposits, long term: B2

Global Local Currency Deposits, short term: Not Prime

Foreign Currency deposits, long term: B2

Foreign Currency deposits, short term: Not Prime

Mexican National Scale, long term: Baa3.mx

Mexican National Scale, short term: MX-3

Ratings Rationale

According to Moody's, Multiva's ratings incorporate the bank's
small scale and still-developing banking franchise, which are
reflected in its modest earnings generation and high operating
costs, characteristics of a new banking operation. Additional
capital contributions from the bank's shareholders have added up
to Mx$701 million since 2009 to date, and suggest their commitment
to the bank.

Moody's acknowledges Multiva's developments in its initial stage
of operations, as it has been able to draw positive synergies from
its relationships with the various entities that form its
controlling economic group. In particular, we note the access the
bank has had to new customers via payroll accounts. Moreover, the
synergies with customers of its brokerage house has provided for
an important increase in checking accounts. As for the loan book,
Multiva has taken advantage on guaranteed lending with support
from official entities.

Nevertheless, Multiva has yet to consolidate its financial
performance as it achieves breakeven and demonstrates ability to
generate recurrent quality earnings, while sustaining adequate
asset quality and capitalization levels.

Moody's also notes that Multiva's loan book contains large single
exposures and notable, yet decreasing, balances of loans to
related parties, which have been important to support the bank's
initial expansion. Moody's expects Multiva to grow independently
from the business relationships derived from its economic
conglomerate or related parties, and views developments in this
front as critical for any future rating actions.

Moody's assigns a long-term global local currency (GLC) deposit
rating of B2 to Banco Multiva. Because of the bank's marginal
relevance to the country's national payment system -- its market
share is less than 0.5% of the system's deposits -- Moody's
assesses no probability of systemic support in case of a stress
situation to the bank's deposit ratings. Therefore, the bank's GLC
rating is consistent with its B2 unsupported baseline credit
assessment.

The last rating action on Multiva was taken on 22 July 2008 when
Moody's assigned first-time Baa3.mx rating to Banco Multiva.

The principal methodologies used in rating Multiva 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. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Banco Multiva is headquartered in Mexico City. As of March 2010,
the bank reported Mx$12.4 billion in assets.


CEMEX SAB: S&P Rates $650 Million Senior Secured Notes 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior secured
debt rating, and recovery rating of '3', to the issuance of up to
$650 million in long-term notes due 2019 proposed by Cemex S.A.B
de C.V.

"At the same time, we affirmed our 'B' global scale and 'mxBB+'
national scale long-term corporate credit and senior debt ratings
on Cemex," S&P said.

The recovery rating of '3' indicates our expectation of meaningful
(50% to 70%) recovery in the event of a payment default.

The outlook is stable.

"Our ratings on Cemex and its key subsidiaries--Cemex Inc.
(B/Stable/--), Cemex Mexico S.A. de C.V. (global scale: B/Stable/-
-; national scale: mxBB+/Stable/mxB), and Cemex Espana S.A.
(B/Stable/--)--reflect the group's highly leveraged financial risk
profile," S&P related.

"We see the group's financial risk profile as constrained by high
debt and a less-than-adequate liquidity position," said Standard &
Poor's credit analyst Laura Martinez. "The ratings also reflect
the relatively high concentration of its cash flow generation in a
few key operating markets despite geographic diversification."

"These factors are partially mitigated by a satisfactory business
risk profile based on the group's leading position in the global
cement, concrete, aggregates, and ready-mix businesses; proved
operating turnaround experience; and operating efficiency," S&P
noted.

"We have equalized the ratings on Cemex Mexico, Cemex Inc., and
Cemex Espana because of the strategic importance of each of these
subsidiaries to the group," S&P related.


HIPOTECARIA SU CASITA: Moody's Affirms and Withdraws C Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed and concurrently withdraws
Hipotecaria Su Casita, S.A. de C.V.'s (Su Casita) senior unsecured
debt rating at C, global scale local currency issuer rating at C
and long-term corporate family rating at C.

Moody's de Mexico affirmed and concurrently withdraws Su Casita's
national scale issuer rating at C.mx

These ratings were affirmed and withdrawn:

Hipotecaria Su Casita, S.A. De C.V.

-- national scale issuer rating at C.mx issued by Moody's de
   Mexico;

-- global scale local currency issuer rating at C issued by
   Moody's Investors Service;

-- corporate family rating at C issued by Moody's Investors
   Service and;

-- senior notes at C issued by Moody's Investors Service.

Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

These rating actions follow the announcement on June 23rd, that Su
Casita will proceed with its distressed exchange of approximately
94.9% its US$138 bonds for US$59 million and an 11.6% equity
interest in the company. The C ratings reflect the potential for
above-average loss severity on Su Casita's senior unsecured debt.

The last rating action with respect to Su Casita was on October
19, 2010, when Moody's Investors Service downgraded Su Casita's
senior unsecured debt rating to C from Ca, global scale local
currency issuer rating to C from Ca and long-term corporate family
rating to C from Ca. Moody's de Mexico downgraded the national
scale issuer rating to C.mx from Ca.mx.

Su Casita's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk. These attributes
were compared against other issuers both within and outside of Su
Casita's core industry and the company's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Su Casita, based in Mexico City, Mexico, started operations in
1994 as a non-bank financial institution/Sofol Mortgage Company.
Su Casita's main activity consists of extending mortgage loans
financed by monies from SHF to low income individuals -- an
important role in the low-income housing market, as there is no
rental market in Mexico. As of March 31, 2011, the company
reported total assets of approximately $11.5 billion Mexican
pesos, and -$0.2 billion Mexican pesos in equity.

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."


SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010
-----------------------------------------------------------
Satelites Mexicanos, S.A. DE C.V., filed with the U.S. Securities
and Exchange Commission its Annual Report on Form 20-F reporting a
net loss of US$13.88 million on US$128.76 million of revenue for
the year ended Dec. 31, 2010, compared with a net loss of
US$19.74 million on US$125.03 million of revenue during the prior
year.

The Company's balance sheet at Dec. 31, 2010, showed US$438.95
million in total assets, US$524.99 million in total liabilities
and a US$86.03 million total shareholders' deficit.

Galaz, Yamazaki, Ruiz Urquiza, S. C., in Mexico City, Mexico,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
Satmex's working capital deficiency, recurring net losses,
shareholders' deficit, inability to generate sufficient cash flow
to meet its short-term obligations and sustain its operations
raise substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/1sH9V5

                         About Satmex SAB

Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories.  Satmex also
provides Latin American television programming in the United
States.

One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites.  Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex.  A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA.  Construction of Satmex 8 is expected to be
completed by July 2012.  Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.

Satmex first filed for bankruptcy in August 2006 in New York and
exited four months later with a plan to repay creditors owed about
US$743 million with new debt and equity.

Satmex, with affiliates Alterna' TV International Corporation and
Alterna' TV Corporation, again filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011.
The Debtors disclosed US$441.6 million in total assets and
US$531.6 million in total debts as of March 23, 2011.  In its
schedules, Satmex disclosed US$393,427,253 in total assets
and US$457,699,978 in total debts on a stand-alone basis.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel in the present Chapter 11 case.
Lazard Freres & Co. LLC is the Debtors' investment banker.  Ernst
& Young LLP is the Debtors' financial advisor.

Jefferies & Company, Inc., is the financial advisor to supporting
second lien noteholders.  Ropes & Gray LLP is the U.S. counsel to
supporting second lien noteholders.  Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.

Dechert LLP is the U.S. counsel to supporting holders of first
priority notes.  Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.

Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors.  Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.

Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government.  Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government.  Detente Group
is the financial advisor for SCT for Mexico Government.

Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.

As reported in the TCR on June 1, 2011, Satmex disclosed that on
May 26, 2011, it officially concluded its reorganization efforts
and emerged from its U.S. bankruptcy case.  As previously
announced, Satmex, together with its subsidiaries, Alterna' TV
Corporation and Alterna' TV International Corporation, filed a
prepackaged plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code on April 6, 2011.  The Plan was confirmed by the
U.S. Bankruptcy Court in the District of Delaware on May 11, 2011,
and became effective on May 26, 2011.


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


CL FINANCIAL: CLICO Policyholders Group Not Buying Gov't Actions
----------------------------------------------------------------
Trinidad Express reports that the Clico Policyholders Group is in
the view that the proposed reintroduction of the Central Bank
(Amendment) Bill could devalue people's confidence in the Prime
Minister and her Cabinet.  The group, according to the report,
also said they are not "buying the Government's spin that it is
necessary to manage the CLICO crisis."

The CPG said this was a "very serious and most dangerous
development not just for policyholders but for all citizens of
Trinidad and Tobago," according to Trinidad Express.  "At first
blush even the average man on the street would realize that the
clear purpose and intent of the legislation is for the People's
Partnership Government to use its built-in special majority to
once again try to prevent policyholders access to the courts,"
Trinidad Express quoted the CPG as saying.

Trinidad Express notes that the CPG said even with matters already
before the court it gives the Central Bank powers to stay those
proceeding or the enforcement of any order or judgment arising
there.

The group cited last year's Parliamentary records where the Prime
Minister said the Government would not use its "special majority
in Parliament to deprive citizens of their right of access to the
courts," the report says.

The CPG also noted that if the Government proceeded with the Bill,
it could reflect negatively on the credibility of the Government.
"It would mean that the word of the Honourable Prime Minister Mrs.
Kamla Persad-Bissessar would have little or no value going
forward," the CPG added.

"The CPG and the thousands of policyholders we represent are
therefore prepared to wait until we hear from the Honorable Prime
Minister before we determine our next steps as we are persuaded
that once again in her wisdom the Prime Minister will do the right
thing and withdraw this proposed draconian and unconstitutional
piece of legislation," the group said, Trinidad Express adds.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2011, Trinidad Express said 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.

                      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 13, to June 17, 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 * * *