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

              Friday, July 15, 2011, Vol. 12, No. 139

                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Assigns 'Ba2' Local-Currency Debt Rating


B E R M U D A

FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4
GRANDE HOLDINGS: Appoints Yu and Sutton as Provisional Liquidators
GREAT ALLIANCE: Appoints Hartley as Liquidator
ITG JAPAN: Placed Under Voluntary Wind-Up
POWER OPERATIONS: Creditors' Proofs of Debt Due July 20

POWER OPERATIONS: Members' Final Meeting Set for August 10
UNION PACIFIC: Appoints Morrison and Thresh as Liquidators


B R A Z I L

BANCO PANAMERICANO: Moody's Lowers Financial Strength Rating to E+
BANCO BONSUCESSO: Fitch Affirms Long-Term Currency IDRs at 'B+'
BANCO REGIONAL: Fitch Assigns Long-Term Currency IDR of 'BB-'
GOL LINHAS: Fitch Says BWL Buyout Neutral to Credit Quality


C A Y M A N   I S L A N D S

AMERICAN PEGASUS: Court Enters Wind-Up Order
ATTUNGA METALS: Creditors' Proofs of Debt Due August 5
CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5
CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5
CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5

CREDIT SUISSE: Creditors' Proofs of Debt Due August 5
ELLERSTON MASTER: Creditors' Proofs of Debt Due August 5
ELLERSTON OFFSHORE: Creditors' Proofs of Debt Due August 5
HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
JADE CBO: Creditors' Proofs of Debt Due August 5

NORTHGATE HOLDINGS: Creditors' Proofs of Debt Due August 5
REFICO FINANCE: Creditors' Proofs of Debt Due August 5
REPUBLIC LOAN: Creditors' Proofs of Debt Due August 5
TR PREFERRED: Creditors' Proofs of Debt Due August 5
WYSER-PRATTE EUROVALUE: Creditors' Proofs of Debt Due August 5


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Gets 2 Loans Worth US$78.3MM for Wind Projects


J A M A I C A

AIR JAMAICA: CAL Blames Flight Delay on Fleet Reorganization


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Creditors Launch Court Actions Against Clico Firms
* TRINIDAD & TOBAGO: Chamber Worried Over Tobago Economy


                            - - - - -


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


GPAT COMPANIA: Moody's Assigns 'Ba2' Local-Currency Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
debt rating to the expected third issuance of GPAT Compania
Financiera (GPAT) up to the amount of AR$100 million under the
program of AR$400 million. The outlook for the rating is stable.

At the same time, Moody's Latin America assigned Aa1.ar national
scale local currency debt rating to GPAT's debt rating to the
expected third issuance.

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

  Third Issuance of a maximum amount of AR$100 million:

  Ba2 Global Local Currency Debt Rating, with stable outlook

  Aa1.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from GPAT's Ba2 global local currency deposit
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported AR$478.2 million of total assets and AR$
198.06 million of shareholders' equity as of March 31, 2011.


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B E R M U D A
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FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4
---------------------------------------------------------
The creditors of Founding Partners Global Fund Inc & Founding
Partners Global Fund Ltd are required to file their proofs of debt
by August 4, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ian Stokoe
         c/o Elizabeth Osborne
         Telephone: (345) 914 8686
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


GRANDE HOLDINGS: Appoints Yu and Sutton as Provisional Liquidators
------------------------------------------------------------------
The Supreme Court Bermuda appointed Fok Hei Yu and Roderick John
Sutton as provisional liquidators of Grande Holdings Limited.

The Liquidators can be reached at:

         Fok Hei Yu
         Roderick John Sutton
         FTI Consulting (Hong Kong) Ltd.
         The Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


GREAT ALLIANCE: Appoints Hartley as Liquidator
----------------------------------------------
On July 4, 2011, Richard Hartley was appointed as liquidator of
Great Alliance Insurance Limited.

The company's liquidator is:

         Richard Hartley
         Victoria Place, 31 Victoria Street
         Ground Floor, Hamilton HM 10
         Bermuda


ITG JAPAN: Placed Under Voluntary Wind-Up
-----------------------------------------
On July 4, 2011, the member of ITG Japan Ltd. passed a resolution
that winds up the operations of ITG Japan Ltd.

The company's liquidators are:

         Garth A. Calow
         Nigel J.S. Chatterjee
         PricewaterhouseCoopers
         Dorchester House, 7 Church Street
         Hamilton
         Bermuda


POWER OPERATIONS: Creditors' Proofs of Debt Due July 20
-------------------------------------------------------
The creditors of Power Operations and Maintenance Ltd. are
required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


POWER OPERATIONS: Members' Final Meeting Set for August 10
----------------------------------------------------------
The members of Power Operations and Maintenance Ltd. will hold
their final meeting on August 10, 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 July 1, 2011.

The company's liquidator is:

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


UNION PACIFIC: Appoints Morrison and Thresh as Liquidators
----------------------------------------------------------
On June 23, 2011, Michael Morrison and Charles Thresh were
appointed as liquidators of Union Pacific Reinsurance & General
Co. Ltd.


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


BANCO PANAMERICANO: Moody's Lowers Financial Strength Rating to E+
------------------------------------------------------------------
Moody's Investors Service confirmed the long-term supported global
local currency deposit rating of Banco Panamericano S.A
(Panamericano) at Ba2, concluding the review for downgrade
initiated on November 10, 2010.  Moody's also confirmed
Panamericano's long-term foreign currency deposit and senior
unsecured debt ratings at Ba2, as well as the bank's foreign
currency subordinated debt rating of Ba3.  The long-term national
scale deposit rating in Brazil was also confirmed at A1.br.  The
Not Prime short-term global local and foreign currency deposit
ratings, as well as short-term foreign currency debt ratings
remained unchanged, same as the BR-1 short-term national scale
deposit rating in Brazil.

At the same time, Moody's lowered Panamericano's standalone bank
financial strength rating to E+ from D, mapping to a B1 baseline
credit assessment, in light of the important challenges faced by
its shareholders Banco BTG Pactual and Caixa Econ“mica Federal to
reposition the bank's franchise.

The outlook on all ratings is stable.

The conclusion of the review follows the regulatory approval for
change in ownership control effective June 13, 2011.

This rating assigned to Banco Panamericano was downgraded:

Bank Financial Strength rating: to E+ from D, with stable outlook

These ratings were confirmed:

Long-term global local currency deposit rating: Ba2, with stable
outlook

Long-term foreign currency deposit rating: Ba2, with stable
outlook

Long-term foreign currency senior unsecured debt rating: (P)Ba2,
with stable outlook

Long-term foreign currency subordinated debt rating: Ba3, with
stable outlook

Long-term Brazilian national scale deposit rating: A1.br, with
stable outlook

Short-term Brazilian national scale deposit rating: BR-1

The following ratings remained unchanged:

Short-term global local currency deposit rating: Not Prime

Short-term foreign currency deposit rating: Not Prime

Short-term foreign currency debt rating: Not Prime

Rating Rationale

Downgrade of Standalone Rating

The downgrade of Panamericano's BFSR to E+ incorporates the
transition and execution risks inherent in the current
restructuring phase of its operations, and the challenges its new
management team faces in rebuilding the bank's balance sheet and
franchise, and thus, its earnings generation capacity.  The rating
also reflects the limited track record and potential volatility on
Panamericano's financial performance, on its asset quality and
recurrent profitability in particular, in light of still high
delinquency ratios on the bank's legacy loan portfolio, as well as
still expensive funding sources.

In that regard, Moody's acknowledges the efforts to restructure
the credit, risk management, and control functions at the bank,
and to redefine its business platforms to focus on low risk loan
products.  Management is also focused on rationalizing costs while
improving systems and processes, which combined should ultimately
enhance Panamericano's credit origination quality, its operating
efficiency, and financial margins. Over the past few months, the
bank has received additional capital of R$4.3 billion that
rebalanced its capital position, leading to a BIS ratio of 13.5%
in March 2011. Moreover, Panamericano has restored its level of
cash liquidity following the R$3.5 billion loan sale to the
Brazilian Depository Insurance Fund (FGC) in the Q1.

Moody's notes that the bank's access to funding and liquidity from
Caixa, and its potential for product distribution through Caixa's
broad branch network and customer base are important
considerations for the future performance of the bank.  The
potential synergies that can be obtained will be specially
relevant for the recovery and sustainability of its operation, and
to differentiate Panamericano's franchise from its peers.

The rating outlook, however, could come under negative pressure if
the restructuring of Panamericano's franchise and revamping of its
risk management infrastructure is not as timely as expected, which
could negatively affect the bank's competitiveness and market
position.  Moreover, signs of weakening credit standards and
capitalization could also lead to changes in outlook and or to the
rating.

Confirmation of Deposit and Debt Ratings

In confirming the Ba2 global local currency deposit rating,
Moody's noted that the rating incorporates its assessment of the
probability of support that could be provided by Panamericano's
controlling shareholders, Banco BTG Pactual S.A. (BTG Pactual,
rated Baa3) and Caixa Economica Federal (Caixa, rated A3).
Therefore, Panamericano's stand-alone baseline credit assessment
(BCA) of B1, which is derived from the E+ BFSR, benefits from two
notches of uplift, which reflects Moody's view of the commitment
of its new shareholders.

The last rating action on Banco Panamericano was on 10 November
2010, when Moody's placed on review for possible downgrade all the
rating assigned to Banco Panamericano S.A.  The conclusion of the
review was subject to the release of 3Q10 numbers and the final
approval of change in ownership control after the announcement of
the acquisition by Banco BTG Pactual at the end of January 2011.

The principal methodologies used in rating Banco Panamericano,
Banco BTG Pactual and Caixa Economica Federal 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.

Banco Panamericano S.A. is headquartered in Sao Paulo, Brazil and
had total unconsolidated assets of R$11,678 million (US$7,179
million) and equity of R$1,577 million (US$969 million) as of
March 31, 2011.


BANCO BONSUCESSO: Fitch Affirms Long-Term Currency IDRs at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed all Banco Bonsucesso S.A.'s
(Bonsucesso) ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) at 'B+'; Outlook Stable;

   -- Short-term foreign and local currency IDRs at 'B';

   -- Individual rating at 'D';

   -- Support rating at '5';

   -- Support rating floor at 'No Floor';

   -- Long-term national rating at 'BBB+(bra)'; Outlook Stable;

   -- Short-term national rating at 'F2(bra)'.

The affirmation of the IDRs and national ratings of Bonsucesso
reflects the bank's continued strong expertise in the competitive
payroll and deductible loans segment, with good systems and
controls, and satisfactory asset quality, factors which also drive
its individual rating.  The latter also portrays its relatively
modest size compared with its peers, the high leveraging and the
fact that it is a niche bank, with typical concentrations and more
susceptible to economic volatility.

Fitch notes with concern the bank's first quarter figures, given
the high increase of provisioning expenses in the period and
higher pressure on its margins, mainly on funding cost. In case
there is not a reversal in this situation, Fitch may revise the
bank's Outlook to Negative or downgrade its ratings.  Bonsucesso
has studied strategic partnerships to improve its capitalization,
which, if realized, would benefit the development of the bank's
operations and its competitiveness.

As a result of the recent macroprudential changes implemented by
the Brazilian Central Bank in December 2010, requiring greater
capital weighting for payroll and deductible loans over 36 months,
coupled with the scarcity of funding for small and medium-sized
banks, mainly in loan assignments, in light of the event involving
Banco Panamericano S.A. (Panamericano) in November 2010 and the
April 2011 intervention in Banco Morada S.A. (Morada), Bonsucesso
has become more cautious in its origination of traditional payroll
and deductible loans.  The bank has reduced its production goal to
BRL160 million per month (previously BRL190 million per month) and
is focused on more profitable agreements, with better spreads and
lower origination costs.  Furthermore, it has increased its middle
market portfolio, seeking to reduce its dependence on payroll and
deductible loans, a strategy that Fitch considers positive,
although it should only be effective over the long term.

Bonsucesso funding structure remains a challenge, as many other
mid-sized banks in Brazil, its significant reliance on credit
assignments and time deposits (especially DPGE), limits its
flexibility in times of stress; despite the former, deposit
concentration on large fund providers have improved since 2009.
By the same token, and even when its capital base remains aligned
to the average of similarly rated entities, lower expected
profitability compared to historic trends and the expected growth
of its balance sheet demands close attention.  Bonsucesso Fitch
Core Capital to total weighted assets remains around 12%; although
its internal capital generation capacity has decreased.  A recent
subordinated debt issuance enhanced its regulatory capital base
(considered Tier II capital by the regulator) its not included in
this ratio, although, the agency recognizes its benefits in terms
of additional source of funding and good maturity profile.

With the end of anticipated revenues from credit assignments with
recourse projected for 2012, the new accounting rules for credit
assignments should significantly reduce Bonsucesso's earnings in
the first year of implementation.  However, Fitch observes that
the bank is taking steps to reduce the effect of the new rules,
such as increasing sales without recourse and greater retention of
loans on its balance sheet, and should remain profitable.

Controlled by the Pentagna Guimaraes family Bonsucesso's origin
goes back to the creation of the Bonsucesso Financeira in 1992,
which was transformed into a universal bank in 1997.  The bank
operates in the payroll deductible loans for public employees and
retirees of the INSS. On a smaller scale, it also operates in
credit for small and medium enterprises.


BANCO REGIONAL: Fitch Assigns Long-Term Currency IDR of 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned international scale ratings to Banco
Banco Regional de Desenvolvimento do Extremo Sul (BRDE):

   -- Long-term Foreign Currency Issuer Default Rating (IDR)
      'BB-';

   -- Long-term Local Currency IDR 'BB-';

   -- Short-term Foreign Currency IDR 'B';

   -- Short-term Local Currency IDR 'B';

   -- Individual Rating 'D'

   -- Support Rating Floor 'no floor'.

At the same time, Fitch has affirmed BRDE's existing ratings:

   -- National Long-term Rating at 'A-(bra)';

   -- National Short-term Rating at 'F2(bra)';

   -- Support Rating at '5'.

The Rating Outlook on the long-term IDRs and National Rating is
Stable.

BRDE's IDRs and National Ratings are driven by its Individual
Rating, which reflects its importance as a development bank in
Brazil's southern region, accounting for some 15% of the
disbursements of the Banco Nacional de Desenvolvimento Economico e
Social (BNDES) -- the Brazilian national development bank -- in
the region, as well as its adequate liquidity and leveraging
ratios.  It also considers its low diversification of funding
sources, high credit concentration and, as with other government
banks, potential problems of political influence, given that it is
controlled by the states of Rio Grande do Sul (RS), Santa Catarina
(SC) and Parana (PR).

Improvement in BRDE's performance, together with greater
diversification of funding, while maintaining adequate asset
quality, would benefit its ratings.  On the other hand, they could
be negatively affected by a strong deterioration in credit quality
or corporate ownership changes.

Credit, in part, is focused on agricultural or agro-industrial
financing (about 50% at 1Q11), strongly influenced by climatic
factors.  These risks, however, are mitigated by federal
government support for the sector through specific programs for
securitization, extension of maturities, concession of bonuses
and/or partial debt equalization, which end up significantly
benefiting its asset quality ratios.  Restructurings and
refinancing of agricultural programs represented some 22% of the
total portfolio at 1Q11, the bank's historical level.  At 1Q11,
BRDE's portfolio was distributed among the controlling states: 28%
in RS; 30% in SC; and 42% in PR.

BRDE finances its activities with low cost official transfers
(basically BNDES) that match maturities and rates with assets. It
has sought alternatives to expand its funding through new sources,
although according to Fitch its funding will continue to be
concentrated on government transfers.  Historically, the bank has
maintained high capitalization levels and good capital quality,
comprised entirely of Tier 1, but declining since 2008, due to the
lower profitability.

BRDE's results were negatively affected in 2009 and 2010 by the
increase in loan loss reserves and some extraordinary tax-related
expenses, reducing profitability below the historical average
(about 10%).  Fitch believes that profitability will return to
historical levels during 2011, as occurred in the first quarter,
provided there are no new extraordinary expenses and deterioration
in credit quality.

BRDE is a government development bank, being one of the main
development agents in the Southern Region. It was created in 1961
by the states of RS, SC and PR.


GOL LINHAS: Fitch Says BWL Buyout Neutral to Credit Quality
-----------------------------------------------------------
Fitch Ratings views GOL Linhas Aereas Inteligentes S.A.'s (GOL)
recent announcement that the company has executed a memorandum of
understanding, through its fully owned subsidiary VRG Linhas
Aereas S.A. (VRG), to acquire 100% of the outstanding shares of
Brazilian Webjet Linhas Aereas S.A. (WebJet) as neutral to GOL's
credit quality.  The transaction is subject to the approval from
the Brazilian regulatory authorities ANAC and CADE.
Fitch currently rates GOL:

   -- Foreign currency and local currency Issuer Default Ratings
      (IDRs) 'BB-';

   -- US$200 million perpetual bonds 'BB-';

   -- US$200 million of senior notes due 2017 'BB-';

   -- US$300 million of senior notes due 2020 'BB-';

   -- National scale rating 'A-(bra)'.

The Rating Outlook is Stable.

From a credit perspective, the transaction is not expected to
materially change GOL's financial leverage and liquidity position
over the near term.  The acquisition price is BRL96 million, to be
adjusted after due diligence is complete during the next 30 to 60
days.  The level of new debt that this transaction would bring
under GOL's adjusted debt is expected to be around BRL472.2
million.

Strategically, the proposed transaction reflects GOL's consistent
business strategy to consolidate and diversify its operations in
the Brazilian domestic market.  With the proposed transaction, GOL
will increase its slots in Brazil's airports: Guarulhos (Sao
Paulo), Santos Dumont (Rio de Janeiro), Galeo (Rio de Janeiro),
and Confins (Belo Horizonte) from 77, 49, 71, and 52 slots to 97,
65, 79, and 69, respectively.  During the first five months of
2011 (January -- May) GOL and WebJet reached market shares,
measured by revenue per kilometers (RPKs), of 37.53% and 5.40%
respectively. The transaction is expected to generate BRL100
million in synergies over a period of two years.

GOL's cash generation, as measured by EBITDAR was BRL1.427 billion
during the last 12 months (LTM) period ended March 2011,
respectively.  GOL's EBITDAR margin has consistently been over 20%
during the last two years.  The company had approximately BRL7.3
billion in total adjusted debt at the end of March 2011.  This
debt consists primarily of BRL3.6 billion of on-balance-sheet
debt, most of which is secured, and an estimated BRL3.7 billion of
off-balance-sheet debt associated with lease obligations.  The
company's leverage, as measured by net debt/EBITDAR, was 3.9 times
(x) at the end of March 2011.

Based on WebJet's public financial figures for fiscal 2010,
Webjet's cash generation, as measured by EBITDAR and EBITDAR
margin were BRL96.3 million and 12.6% during fiscal 2010.  WebJet
had approximately BRL472.2 million in total adjusted debt at the
end of December 2010.  This debt consists primarily of BRL199.5
million of on-balance-sheet debt and an estimated BRL272.7 million
of off-balance-sheet debt associated with lease obligations
(fiscal 2010 annual rentals estimated at BRL38.9 million).  The
company's net leverage, as measured by adjusted net debt/EBITDAR
and, was 4.3x at the end of December 2010.

On a pro forma basis considering most recent financials available
for GOL (March 2011) and WebJet (December 2010), the combined
company's annual EBITDAR would be around BRL1.523 billion, with an
estimated EBITDAR margin around 20%, net leverage would be around
3.9x, and liquidity, measured by cash and marketable
securities/revenue ratio, would be approximately 22%.


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C A Y M A N   I S L A N D S
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AMERICAN PEGASUS: Court Enters Wind-Up Order
--------------------------------------------
On June 20, 2011, the Grand Court of Cayman Islands entered an
order that winds up the operations of American Pegasus SPC.

The company' liquidator is:

         Stuart Sybersma
         c/o Andrew Childe
         Deloitte & Touche
         P.O. Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258
         e-mail: anchilde@deloitte.com


ATTUNGA METALS: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Attunga Metals Trading (Offshore) Fund are
required to file their proofs of debt by August 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 16, 2011.

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


CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Climate Change Capital Global Environmental
Opportunities Fund Limited are required to file their proofs of
debt by August 5, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 13, 2011.

The company's liquidator is:

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


CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Climate Change Capital Global Environmental
Opportunities Limited are required to file their proofs of debt by
August 5, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 13, 2011.

The company's liquidator is:

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


CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Climate Change Capital Global Environmental
Opportunities Master Fund Limited are required to file their
proofs of debt by August 5, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 16, 2011.

The company's liquidator is:

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


CREDIT SUISSE: Creditors' Proofs of Debt Due August 5
-----------------------------------------------------
The creditors of Credit Suisse Quest US Market Neutral Fund, Ltd.
are required to file their proofs of debt by August 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 16, 2011.

The company's liquidator is:

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


ELLERSTON MASTER: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------
The creditors of Ellerston Master Fund (Offshore) are required to
file their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2011.

The company's liquidator is:

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


ELLERSTON OFFSHORE: Creditors' Proofs of Debt Due August 5
----------------------------------------------------------
The creditors of Ellerston Offshore Fund (Offshore) are required
to file their proofs of debt by August 5, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2011.

The company's liquidator is:

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


HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4
----------------------------------------------------------------
The creditors of Highbridge Statistically Enhanced Equity
Portfolio-Japan, Ltd. are required to file their proofs of debt by
August 4, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 20, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone:  (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


JADE CBO: Creditors' Proofs of Debt Due August 5
------------------------------------------------
The creditors of Jade CBO, Limited are required to file their
proofs of debt by August 5, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 21, 2011.

The company's liquidator is:

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


NORTHGATE HOLDINGS: Creditors' Proofs of Debt Due August 5
----------------------------------------------------------
The creditors of Northgate Holdings Ltd. are required to file
their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 20, 2011.

The company's liquidator is:

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


REFICO FINANCE: Creditors' Proofs of Debt Due August 5
------------------------------------------------------
The creditors of Refico Finance Inc are required to file their
proofs of debt by August 5, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 16, 2011.

The company's liquidator is:

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


REPUBLIC LOAN: Creditors' Proofs of Debt Due August 5
-----------------------------------------------------
The creditors of Republic Loan Funding Ltd are required to file
their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2011.

The company's liquidator is:

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


TR PREFERRED: Creditors' Proofs of Debt Due August 5
----------------------------------------------------
The creditors of TR Preferred Capital Limited are required to file
their proofs of debt by August 5, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2011.

The company's liquidator is:

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


WYSER-PRATTE EUROVALUE: Creditors' Proofs of Debt Due August 5
--------------------------------------------------------------
The creditors of Wyser-Pratte Eurovalue (Cayman), Inc. are
required to file their proofs of debt by August 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 24, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone:  (345) 814 6847
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


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


* DOMINICAN REP: Gets 2 Loans Worth US$78.3MM for Wind Projects
---------------------------------------------------------------
The Inter-American Development Bank approved two loans for a total
of US$78.3 million to support the construction of two wind farms
in the Dominican Republic.  The projects, part of the country's
new investment in electric powerproduction, will add a total of
80.6 megawatts to the existing electricity production capacity,
estimated at 3000 megawatts.

The new wind farms, which are being developed by private
companies, reflect the growing confidence in the Dominican energy
sector.  Progress in the sector's operating management, the new
leadership of the Corporacion Dominicana de Empresas Electricas
Estatales (CDEEE) and the development of a strategic plan
represent determining factors for the sector's future development
of the sector and plans to expand sources of energy production.

These wind farms, among the first to be constructed in the
Dominican Republic, will help the country diversify its energy
matrix, which currently depends almost exclusively on fossil fuels
such as oil and natural gas for electricity production.  The
projects will take advantage of incentives created by a recent law
to develop electricity production from nontraditional, renewable
sources.

A US$50.7 million loan will support the Parques Eolicos del Caribe
(PECASA) project, under development by a business consortium made
up of Gamesa, Grupo Delta Intur, Aquiles Mateo and Miguel Angel
Muniz, to install 25 Gamesa G90 turbines with a capacity of 2
megawatts each in the locality of Guanillo, in the southern
province of Monte Cristi.  The total cost of this project is
estimated at US$127 million.

Another US$27.6 million loan to Grupo Eolico Dominicano, a company
controlled by the Spanish group Inveravante,will help finance the
installation of 17 Vestas V90 turbines, with a capacity of 1.8
megawatts each, in the locality of Bani, in the Peravia province,
to the west of Santo Domingo.  The total cost of this project will
be on the order of US$68.9 million.

In both cases, 138-kilovolt transmission lines will be constructed
to connect the wind farms to the national electric grid, and civil
engineering works will be constructed, including access roads,
substations and control stations, and foundations and platforms
for the turbines.

The wind farms will sell the power produced to the CDEEE based on
20-year power purchase agreements.

These projects will increase the production of clean energy in the
Dominican Republic and reduce its vulnerability to oil price
fluctuations.  In addition, the wind farms will allow the country
to reduce its greenhouse gas emissions by an average amount of
144.000 tons of carbon dioxide per year. Both wind farms may
qualify for obtaining certified reductions of carbon dioxide
emissions.

Similarly, the projects will foster the transfer of technology and
specialized knowledge during both their construction and operating
phases.

Both loans were granted for a 15-year term with interest rates
subject to market conditions.

The IDB will continue to contribute its support for modernization
and sustainable development in the Dominican electricity sector,
providing financing and technical assistance in various areas,
including distribution and tele-metering.


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


AIR JAMAICA: CAL Blames Flight Delay on Fleet Reorganization
------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is blaming a
delay in the reorganization of its fleet of aircraft for the
latest round of problems being experienced by passengers in
Jamaica.

Caribbean Airlines passengers in Jamaica were continuing to face
flight delays, according to RJR News.  The report says that it
followed a similar delay on July 1 when the Trinidadian air
carrier and Air Jamaica began sharing a single code.

RJR News notes that Laura Asbjornsen, the Head of Corporate
Communications at Caribbean Airlines, explained that the entity
was still awaiting the arrival of two of its new planes.  The
report relates that Ms. Asbjornsen said there had been a setback
due to the unrest in Yemen.

"With our transition from the airbus to the Boeing aircraft, two
of the aircraft that were supposed to come in July were
unavoidably delayed because of the unrest in Yemen and that
severely delayed our transition.  The aircraft have since come out
of Yemen and now they are in Ireland, so now we're waiting on the
papers and some other regulatory issues before we can be inducted
them into the fleet," Ms. Asbjornsen said, according to the
report.

Ms. Asbjornsen said that the new aircraft should be fully
operational by the middle of next month but in the interim, other
planes have been leased to fill the gap, RJR News says.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16% stake
in the merged operation, with CAL owning 84%.  According to a TCR-
LA report on June 29, 2009, RadioJamaica News said the Jamaican
government indicated it will name a buyer for cash-strapped Air
Jamaica.  RadioJamaica related the airline has been hemorrhaging
over US$150 million per annum and the government has had to foot
the massive bill.  In addition, RadioJamaica said, Air Jamaica
currently has over US$600 million in loans outstanding.

As of Aug. 18, 2010, the airline continues to carry Moody's "B3"
long-term corporate family, and senior unsecured debt ratings.


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


CL FINANCIAL: Creditors Launch Court Actions Against Clico Firms
----------------------------------------------------------------
Trinidad & Tobago's Newsday reports that creditors in the U.S. and
Bahamas have launched a series of court actions against firms tied
to former CL Financial chairman Lawrence Duprey, in order to
recover almost half a billion worth in assets in relation to
Mr. Duprey's Florida deals, according to Bahamas court documents.

Newsday says the documents, which relate to the liquidation of
Clico Enterprises Limited, a subsidiary company tied to CL
Financial, disclose that, in one instance, a US bank has filed a
foreclosure action against Mr. Duprey and a business partner in
relation to a loan debt of TT$113 million stemming from a stalled
Florida real-estate project.

The Bahamian court documents obtained by Sunday Newsday also
disclose:

   -- moves on the part of Bahamian liquidator Craig Gomez
      to seek TT$365million from CLF in relation to an
      inter-group loan;

   -- a US tax bill of TT$10 million in relation to an
      equestrian real estate venture by another CLF-tied
      firm; and

   -- an outstanding TT$12.6 million debt owed in the Bahamas
      stemming from an out-of-court settlement Mr. Duprey once
      made when a lawsuit was brought against him in relation
      to another Florida real estate deal.

Newsday relates that the developments in relation to the Florida
ventures were briefly alluded to last week by attorneys for
Mr. Duprey at the Sir Anthony Colman Commission of Inquiry into
Clico/HCU.  According to Newsday, the Fifth Report of the Official
Liquidator of Clico Enterprises Limited, which was prepared for
use by the Supreme Court of the Bahamas, gives some details of
Mr. Gomez attempts to dispose of assets to satisfy claims.  Clico
Enterprises Limited, according to Mr. Gomez, operated as a holding
company for Clico (Bahamas) Limited's non-insurance assets held
internationally, Newsday notes.

The liquidator report, according to Newsday, discloses that one
Florida venture done by the Duprey firm DYL Merrick Park
Development, may have been funded through the Bahamas and is
currently subject to court proceedings brought by the US Century
Bank.

"I was advised that US Century Bank has filed a foreclosure action
against Mr. (John) Yanopoulos and Mr. (Lawrence) Duprey,
guarantors on the property, for a loan amount outstanding in the
amount of US$17,893,519.57 (TT$113million), plus other costs,"
Newsday quotes Mr. Gomez as saying in the report dated March 31,
but made public on June 28, 2011.

"The liquidation team is currently reviewing subpoenaed documents
received from United States counsel to determine the origin of
funds used to purchase this investment."

According to Newsday, the TT$775 million DYL Merrick Park
Development got dates back to 2008 and involved a nine-storey
"mixed-use" building featuring 60 luxury apartments, car parks and
retail space at 4,601 Le Jeune Road, in Coral Cables, Florida. But
it was objected to by 300 residents who signed a petition, citing
traffic and high-rise obstruction as well as other infrastructural
challenges.  Mr. Duprey is listed as DYL Merrick Park
Development's chairman, and Mr. Yanopoulos as DYL Merrick CEO.
The project later reportedly stalled, Newsday discloses.

In relation to an inter-group promissory note dated Dec. 31, 2001,
between Clico Enterprises and Clico (Bahamas) and Clico TT,
Mr. Gomez noted that CL Financial acted as guarantor for the
promissory note, Newsday relates.

"I have requested general counsel to actively pursue the
enforceability of CL Financial's US$58 million (TT$365million)
guarantee for funds to Clico Enterprises by Clico (Bahamas),"
Mr. Gomez revealed, Newsday adds.

Clico Enterprises is owned by Clico (Bahamas), which is owned by
Clico Holdings (Barbados) Limited, itself owned by Trinidad's CL
Financial.
                       About CLICO (Bahamas)

CLICO (Bahamas) Limited, also known as British Fidelity Insurance
Company, Limited, is a Bahamian company that was involved in life
and health insurance, pensions and annuities.

CLICO has insolvency proceedings pending before the Commercial
Division of the Supreme Court of the Bahamas.  The proceedings
were commenced February 2009.  Craig A. Gomez, at Fowler White
Burnett, P.A., was appointed by the Bahamian court as liquidator
of CLICO.

Mr. Gomez filed a Chapter 15 bankruptcy petition for CLICO on
April 28, 2009 (Bankr. S.D. Fla. Case No. 09-17829), to seek the
U.S.'s recognition of the insolvency proceedings in the Bahamas as
the "foreign main proceeding."  Judge A. Jay Cristol presides over
the case.  Ronald G Neiwirth, Esq., represents Mr. Gomez.
Mr. Gomez estimated both assets and debts of between US$100
million and US$500 million for CLICO.

                         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.


* TRINIDAD & TOBAGO: Chamber Worried Over Tobago Economy
--------------------------------------------------------
Trinidad & Tobago Newsday reports that Trinidad & Tobago Chamber
of Industry and Commerce raised concerns over the "depressed and
stagnating" economy in Tobago and it's potentially devastating
impact on the business community on the island.

The Chamber said it raised these matters with members of its
Tobago division as well as key decision-makers in the Central
Government and the Tobago House of Assembly, according to T&T
Newsday.

The report notes that the Chamber said it took part in a meeting
that was convened by Finance Minister Winston Dookeran, in which
Tobago's economic situation was discussed.  T&T Newsday relates
that the Finance Minister proposed several recommendations for the
way forward entailing "first short-term steps for Government's
action to revitalize the economy in Tobago."

These include:

   -- improved land license administrative procedures for
      designated and non-designated areas,

   -- fast-tracking of approval of development projects by locals,
      based on the premise of the project beginning within 12
      months,

   -- establishment of a Central Tenders Board (CTB) drop-off
      point in Tobago;

   -- fast-tracking of VAT (Value Added Tax) refunds and payments
      due from other Government agencies; and consideration of the
      debt restructuring plan for businesses in Tobago as proposed
      by the Chamber, which will include discussions with BATT.

The Chamber said it will continue to meet with all relevant
stakeholders with the aim of developing a proposed medium-term
plan, T&T Newsday adds.

                            ***********


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, 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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