TCRLA_Public/110720.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

              Wednesday, July 20, 2011, Vol. 12, No. 142

                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Gets US$4.1MM Grant From European Commission


A R G E N T I N A

METROGAS SA: Plans to Swap Up to US$250 Million in Debt


B E R M U D A

ZEBRA EQUITY MASTER: Creditors' Proofs of Debt Due August 3
ZEBRA EQUITY MASTER: Members' Final Meeting Set for August 17
ZEBRA EQUITY NEUTRAL: Creditors' Proofs of Debt Due August 3
ZEBRA EQUITY NEUTRAL: Members' Final Meeting Set for August 17


B R A Z I L

USINA VISTA: S&P Assigns 'B-' Global Scale Rating; Outlook Stable


C A Y M A N   I S L A N D S

AALL STAR: Shareholders' Final Meeting Set for August 16
ALLIANCEBERSTEIN GLOBAL: Shareholders' Meeting Set for August 12
BDI GLOBAL: Shareholders' Final Meeting Set for August 19
BDI MASTER: Shareholders' Final Meeting Set for August 19
BT CAYMAN: Shareholders' Final Meeting Set for August 19

CAPSELLA INVESTMENTS: Shareholders' Final Meeting Set for August 5
CDG COMPANY: Shareholders' Final Meeting Set for August 19
IAM SELECT: Shareholder to Receive Wind-Up Report on August 5
ICE CAPS: Shareholders' Final Meeting Set for August 19
KINGDOM 5-KR-197: Shareholders' Final Meeting Set for August 8

LIFE SETTLEMENTS: Members' Final Meeting Set for August 2
M&G MANAGED: Shareholders' Final Meeting Set for August 19
MARINA PARTNERS: Shareholders' Final Meeting Set for July 27
MEGA BUSINESS: Shareholders' Final Meeting Set for July 27
TIVOLI FINANCE: Shareholders' Final Meeting Set for August 19


M E X I C O

METROFINANCIERA: Moody's Cuts LC Rating on 08U Certificate to Caa1


P U E R T O   R I C O

GP WEST: U.S. Court Okays Retention of Bufete Roberto as Attorneys
GP WEST: Has Deal for Cash Collateral Access Until Nov. 30


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Touchstone Exploration Acquires Primera Group


                            - - - - -


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


* ANTIGUA & BARBUDA: Gets US$4.1MM Grant From European Commission
-----------------------------------------------------------------
Caribbean360.com reports that the European Commission has approved
a grant of US$4.1 million to further initiatives aimed at
strengthening revenue administration and public financial
management in Antigua and Barbuda.

The grant will largely be used to continue the technical
assistance and capacity building which are integral to both areas
of reform, according to Caribbean360.com.

The country, Caribbean360.com notes, will have to meet specific
timelines and reporting requirements for the continuation of the
initiatives, when the funding becomes available at the end of
August.

During the week under review, the report says, senior officials of
the Ministry of Finance participated in a video conference with
the European Commission's Barbados Office.  Also involved in the
exchange were the Caribbean Regional Technical Assistance Centre,
the Office of Technical Management at the International Monetary
Fund, and the IMF's Fiscal Affairs Department, Caribbean360.com
relates.


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


METROGAS SA: Plans to Swap Up to US$250 Million in Debt
-------------------------------------------------------
Bloomberg News reports that MetroGas SA plans to swap as much as
US$250 million in existing debt for new dollar-denominated bonds
as it seeks to emerge from bankruptcy protection.

The 14-year bonds will have a coupon of 4%, Financial Director
Eduardo Villegas Conte told Bloomberg in a telephone interview.

The company has about US$225 million worth in bonds due in 2014
and about ARS$102 million (US$24.8 million) in additional
outstanding debt, Mr. Conte said, according to Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2010, The Financial Times related that Argentina Planning
Ministry said the government will take over administration of
MetroGas SA after the company said it could not meet US$20 million
in debts.  According to Dow Jones Newswires, MetroGas SA filed for
bankruptcy protection in an Argentine court after it been plagued
with debt problems, citing "an urgent need" to for the government
to increase the rates it charges to customers.  MetroGas SA
described the bankruptcy filing as similar to a Chapter 11 filing
in the U.S.  Meanwhile, Dow Jones Newswires related that the
government rejects MetroGas SA' claim that frozen tariffs have
caused its financial problems.  The company's debt has nothing to
do with investments and its problems date back to the country's
default in 2001, the government added, the report related.

                         About MetroGas SA

MetroGas SA is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS$780 million.
MetroGas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A2 Stable) and YPF (45.3; Ba1, Sta.).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Moody's assigned Caa3 global scale ratings and
Caa3.ar national scales ratings to MetroGas S.A. up to US$600
million MTM Program.  The outlook for all the ratings is negative.


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


ZEBRA EQUITY MASTER: Creditors' Proofs of Debt Due August 3
-----------------------------------------------------------
The creditors of Zebra Equity Market Neutral Master Fund, Ltd. are
required to file their proofs of debt by August 3, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


ZEBRA EQUITY MASTER: Members' Final Meeting Set for August 17
-------------------------------------------------------------
The members of Zebra Equity Market Neutral Master Fund, Ltd. will
hold their final meeting on August 17, 2011, at 10:00 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 14, 2011.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


ZEBRA EQUITY NEUTRAL: Creditors' Proofs of Debt Due August 3
------------------------------------------------------------
The creditors of Zebra Equity Market Neutral Fund, Ltd. are
required to file their proofs of debt by August 3, 2011, to be
included in the company's dividend distribution.

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

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


ZEBRA EQUITY NEUTRAL: Members' Final Meeting Set for August 17
--------------------------------------------------------------
The members of Zebra Equity Market Neutral Fund, Ltd. will hold
their final meeting on August 17, 2011, at 10:00 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 14, 2011.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


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


USINA VISTA: S&P Assigns 'B-' Global Scale Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' global scale
and 'brBB' Brazilian national scale corporate credit ratings to
Brazil-based sugar and ethanol producer Usina Vista Alegre Ltda.
(UVA; legally named Agro Industrial Vista Alegre Ltda.).

"At the same time, we assigned our 'B-' rating to the forthcoming
senior unsecured notes to be issued by UVA Overseas Ltd. I.  The
senior notes are to be unconditionally guaranteed by UVA and its
sister company, Agricola Almeida Ltda. (AAL; not rated).  UVA
Overseas is a wholly owned subsidiary of the guarantors," S&P
related.

The outlook is stable.

"The ratings on UVA reflect its limited size and low product
diversification in the highly volatile agricultural sugar and
ethanol business," said Standard & Poor's credit analyst Alexandre
Menezes.  "The company's high financial leverage resulting from
investments in production expansion, biomass energy cogeneration,
and a sugarcane greenfield project through an affiliated company
is also a significant risk, and it has sizable short-term debt
maturities."

"Liquidity is weak, in our opinion, considering the company's need
to roll over short-term debt and even assuming, as we do in our
baseline projections, that it is successful in issuing long-term
notes," S&P said.

These risks are partially mitigated by UVA's competitive logistics
cost, given its privileged location very close to domestic end
markets and export ports; additional cash generation from a new
biomass cogeneration energy plant; and positive trends for the
sugar and ethanol industry in the intermediate term.

Favorable supply-demand market fundamentals point toward firm
prices in the next two crops--2011/2012 and 2013/2014.

The rating on UVA Overseas' senior notes is the same as the
corporate credit rating.  This reflects the low debt and
unencumbered assets of AAL, one of the guarantors, which mitigates
the noteholders' subordination to senior secured creditors of UVA,
especially the Brazilian development bank, Banco Nacional de
Desenvolvimento Economico e Social (BNDES; foreign currency:
BBB-/Positive/--; local currency: BBB+/Stable/--).

"The stable outlook reflects our expectations that UVA will
improve its credit metrics based on the positive price scenario
for sugar and ethanol in the intermediate term, but remain exposed
to weak liquidity in the next few years," S&P related.


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


AALL STAR: Shareholders' Final Meeting Set for August 16
--------------------------------------------------------
The shareholders of AALL Star Financial Group Ltd. will hold their
final meeting on August 16, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road
         P.O. Box 1166 Grand Cayman, KY1-1102
         Cayman Islands


ALLIANCEBERSTEIN GLOBAL: Shareholders' Meeting Set for August 12
----------------------------------------------------------------
The shareholders of Allianceberstein Global Opportunities
(Sterling Managed) Hedge Fund Ltd. will hold their final meeting
on August 12, 2011, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Sutlic
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102
         Cayman Islands


BDI GLOBAL: Shareholders' Final Meeting Set for August 19
---------------------------------------------------------
The shareholders of BDI Global Feeder Fund Ltd. will hold their
final meeting on August 19, 2011, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


BDI MASTER: Shareholders' Final Meeting Set for August 19
---------------------------------------------------------
The shareholders of BDI Master Fund Ltd. will hold their final
meeting on August 19, 2011, to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         David Dyer
         Alan Corkish
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


BT CAYMAN: Shareholders' Final Meeting Set for August 19
--------------------------------------------------------
The shareholders of BT Cayman Income No.1 will hold their final
meeting on August 19, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CAPSELLA INVESTMENTS: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------------
The shareholders of Capsella Investments Limited will hold their
final meeting on August 5, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         c/o FCM LTD.
         Telephone: 345-946-5125
         Facsimile: 345-946-5126
         P.O. Box 1982 Grand Cayman KY-1104
         Cayman Islands


CDG COMPANY: Shareholders' Final Meeting Set for August 19
----------------------------------------------------------
The shareholders of CDG Company Limited will hold their final
meeting on August 19, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


IAM SELECT: Shareholder to Receive Wind-Up Report on August 5
-------------------------------------------------------------
The sole shareholder of IAM Select Strategies Liquidation Vehicle
will receive on August 5, 2011, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Corinne Bateman
         Telephone: 345-815-2606 / 345-949-4800
         Facsimile: 345-949-7164
         e-mail: corinnebateman@kpmg.ky
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


ICE CAPS: Shareholders' Final Meeting Set for August 19
-------------------------------------------------------
The shareholders of Ice Caps Limited will hold their final meeting
on August 19, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


KINGDOM 5-KR-197: Shareholders' Final Meeting Set for August 8
--------------------------------------------------------------
The shareholders of Kingdom 5-KR-197, Ltd. will hold their final
meeting on August 8, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud
         c/o Kingdom Holding Company
         Kingdom Center-Floor 66
         P.O. Box 1 Riyadh 11321
         Saudi Arabia
         Telephone: +966 1 211 1111 (ext. 1211)
         e-mail: alwaleed@kingdom.net


LIFE SETTLEMENTS: Members' Final Meeting Set for August 2
---------------------------------------------------------
The members of Life Settlements I Limited will hold their final
meeting on August 2, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


M&G MANAGED: Shareholders' Final Meeting Set for August 19
----------------------------------------------------------
The shareholders of M&G Managed CSO Limited will hold their final
meeting on August 19, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


MARINA PARTNERS: Shareholders' Final Meeting Set for July 27
------------------------------------------------------------
The shareholders of Marina Partners will hold their final meeting
on July 27, 2011, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MEGA BUSINESS: Shareholders' Final Meeting Set for July 27
----------------------------------------------------------
The shareholders of Mega Business Fund (Taiwan) II Limited will
hold their final meeting on July 27, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Krysten Lumsden
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TIVOLI FINANCE: Shareholders' Final Meeting Set for August 19
-------------------------------------------------------------
The shareholders of Tivoli Finance Limited will hold their final
meeting on August 19, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


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


METROFINANCIERA: Moody's Cuts LC Rating on 08U Certificate to Caa1
------------------------------------------------------------------
Moody's de Mexico has downgraded two certificates from two Mexican
RMBS issued by Metrofinanciera, S.A.P.I. de C.V., Sociedad
Financiera de Objeto Multiple, Entidad No Regulada.  The
underlying collateral consists of first-lien, fixed-rate mortgage
loans denominated in UDIS and granted primarily to low-income
borrowers in Mexico.

Originator and Servicer: Metrofinanciera S.A.P.I. de C.V.,
Sociedad Financiera de Objeto Multiple, Entidad No Regulada.

Issuer: Bank of America (Mexico), S.A., Institucion de Banca
Multiple, Grupo Financiero Bank of America, S.A., only in its
capacity as trustee.

  -- MTROCB 07U Class A Certificates, ratings downgraded to
     Baa3.mx (sf) from A2.mx (sf) (National Scale Rating) and to
     B2 (sf) from Ba2 (sf) (Global Scale, Local Currency).

  -- MTROCB 08U Class A Certificates, ratings downgraded to
     Caa1.mx (sf) from A2.mx (sf) (National Scale Rating) and to
     Caa1 (sf) from Ba2 (sf) (Global Scale, Local Currency).

Ratings Rationale

The downgrades were based in part on the weak performance of the
underlying pools and Moody's updated projection of lifetime
cumulative gross defaults and expected losses on the pools.  The
downgrades also reflect a correction to the calculation of excess
spread to reflect all securitization trust expenses.

As of May 31, 2011, delinquencies greater than 90 days, including
accumulated real estate owned (REO), as a percent of the original
pool balance were:

  -- MTROCB 07U: 24.0% after 48 months since closing, versus 18.2%
     as of 12 months ago and 8.4% as of 24 months ago.

  -- MTROCB 08U: 21.9% after 41 months since closing, versus 15.1%
     as of 12 months ago and 5.8% as of 24 months ago.

The transactions have relatively high pool factors (current pool
balance including REOs as a percent of original pool balance), as
follows: MTROCB 07U: 75% and MTROCB 08U: 81%.  Given the
transactions' weak performance trends to date and their high pool
factors, Moody's expects significantly higher lifetime cumulative
gross defaults as a percent of the original pools as compared to
the level of defaults observed to date.

Moody's projected lifetime cumulative gross defaults are:

  -- MTROCB 07U: 37% of original pool balance, or 49% of current
     balance.

  -- MTROCB 08U: 39% of original pool balance, or 48% of current
     balance.

Moody's then applied a severity of loss assumption of 47% in both
transactions (which considers the availability of mortgage
insurance) to determine the pool expected losses, which are:

  -- MTROCB 07U: 23% of current pool balance.

  -- MTROCB 08U: 22% of current pool balance.

Moody's then calculated the estimated lifetime available credit
enhancement by certificate and compared it to the pool expected
loss.  The lifetime available credit enhancement considers
overcollateralization and remaining excess spread, and is:

  -- MTROCB 07U: 23% of current pool balance.

  -- MTROCB 08U: 16% of current pool balance.

In estimating the lifetime available credit enhancement for this
rating action, Moody's has also adjusted its projection of
remaining excess spread.  When projecting remaining excess spread,
Moody's uses the historical excess spread -- that is, the average
annualized excess spread observed over the last six months -- as a
proxy for future levels of excess spread (although subject to a
haircut to consider that further defaults will likely erode
current levels of excess spread).  In a previous rating action on
these certificates announced on February 2, 2011, Moody's
inadvertently excluded certain expenses when calculating the
historical excess spread.  This has been corrected, and today's
rating action reflects the adjusted calculation.

Regarding the variability of the ratings, if Moody's were to
assume these cumulative gross defaults as a percent of the current
pool balance, the certificates would likely experience a one-notch
downgrade in the global scale:

  -- MTROCB 07U, 61% (instead of 49%).

  -- MTROCB 08U, 68% (instead of 48%).

The primary sources of assumption uncertainty are related to the
macroeconomic environment, the timing of recovery of the Mexican
economy and labor market and the severity of loss assumption given
the limited market data related to historical recoveries for REOs.

The principal methodology used in this rating was "Moody's
Approach to Monitoring Residential Mortgage-Backed Securitizations
in Mexico" published in August 2009.  Other methodologies and
factors that may have been considered can also be found on Moody's
website.

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 to 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.


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P U E R T O   R I C O
=====================


GP WEST: U.S. Court Okays Retention of Bufete Roberto as Attorneys
------------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico authorized GP West, Inc., to
employ Bufete Roberto Corretjer Piquer as its bankruptcy lawyers.

As reported in the Troubled Company Reporter on July 5, 2011, the
Debtor said that it is not sufficiently familiar with the law to
be able to plan and conduct the Chapter 11 proceedings without
competent legal counsel.

The Debtor has provided BRCP a US$50,000 retainer, against which
the law firm will bill on the basis of US$175 per hour, plus
expenses, for work performed or to be performed by Roberto
Corretjer Piquer, Eduardo J. Corretjer Reyes, and any associates
and US$75 for paralegals.

BRCP served as pre-bankruptcy outside general counsel for GP West,
its affiliate Swiss Chalet Inc., GP West's shareholder, Camape
S.E., and GP West's director, Pedro Feliciano Benitez.

Eduardo J. Corretjer Reyes, Esq., an associate at BRCP, assured
the Court that his firm is a "disinterested person" as the term is
defined under 11 U.S.C. Sec. 101(14).

                           About GP West

GP West, Inc., based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-04954) on June 9, 2011.
CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial
consultant.  In its schedules, the Debtor disclosed US$13,384,251
in assets and US$132,825,590 in debts.  The petition was signed by
Jose Teixidor Mendez, president.


GP WEST: Has Deal for Cash Collateral Access Until Nov. 30
----------------------------------------------------------
GP West, Inc., asks the U.S. Bankruptcy Court for the District of
Puerto Rico to approve a stipulation with CPG/GS PR NPL LLC, as
purchaser and successor-in-interest of certain assets of First
Bank Puerto Rico including, among others, credit facilities
pursuant to the loans of approximately US$10 million made by FBPR
to Debtor.

The Debtor requires the use of cash collateral to satisfy
operating expenses pending the approval and consummation of the
sale of certain assets and other approved expenses until Nov. 30,
2011.

As of June 9, 2011, the outstanding principal balance claimed by
CPG/GS under the loan agreements was approximately US$8,272,539
(pending reconciliation) plus accrued and unpaid interest.  To
secure certain of Debtor's obligations to FBPR, on Dec. 19, 2007,
the Debtor subscribed certain Deed of Mortgage, deed number 105 of
Michele Rachid Pineiro, granting FBPR, the right to receive the
proceeds and rents generated by Debtor's non-residential real
property.

The stipulation provides for these terms:

   1. CPG/GS consents to the Debtor's limited use of certain of
      CPG/GS's cash collateral to satisfy certain operating
      expenses.

   2. The Debtor is not authorized to use cash collateral for any
      expenditure other than the permitted expenditures, nor
      beyond the stipulation end date, with a variance of 10% of
      the budgeted amounts, in the aggregate.

   3. The monthly payments to CPG/GS, from the cash, receivables
      collections, and other revenues received by Debtor during
      the previous month from Debtor's operations, in excess of
      its operating costs.  Therefore, the monthly payments to be
      made by Debtor to CPG/GS as adequate protection will be (i)
      an initial payment of US$85,000 on Aug. 1; and thereafter
      (ii) any cash on hand in the accounts of the Debtor in
      excess of US$12,000 as of the last day of each month.  The
      payments will be applied to the principal balance of CPG/GS
      secured claim.

   4. The Debtor also grants CPG/GS a replacement lien and a
      postpetition security interest on all of the assets and
      collateral acquired by Debtor after the Petition Date, as
      entered into prepetition, to the same extent and priority,
      and on the same types of property, as CPG/GS's liens and
      security interests in the prepetition Collateral and a
      superpriority administrative claim status.

   5. As additional adequate protection:

      -- The Debtor agrees that upon the consummation of any sale
         of its current real property or future real property
         acquired with the proceeds of the sale of it current real
         property, all of the net proceeds of such sale will be
         paid immediately and indefeasibly to CPG/GS for CPG/GS'
         benefit at the closing of the  sale(s) in an amount
         equivalent to the outstanding balance of the loans, plus
         any postpetition interest and charges that may have
         accrued to the extent permitted by the Bankruptcy Code,
         after deducting all and any sales related costs
         previously approved by CPG/GS;

      -- The Debtor will grant CPG/GS access to monitor its
         debtor-in-possession accounts and the payments and
         deposits made therein or therefrom;

      -- The postpetition collateral under the replacement liens
         and the prepetition collateral will all serve as cross-
         collateral for the loans and any and all other amounts
         disbursed by CPG/GS to the Debtor under the financing
         agreements.

CPG/GS is represented by:

         David P. Freedman, Esq.
         Hermann D. Bauer, Esq.
         O'NEILL & BORGES
         American International Plaza
         250 Munoz Rivera Avenue, Suite 800
         San Juan, Puerto Rico 00918-1813
         Tel: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: David.Freedman@oneillborges.com
                 Hermann.bauer@oneillborges.com

                           About GP West

GP West, Inc., based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D. P.R. Case No. 11-04954) on June 9, 2011.
CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial
consultant.  In its schedules, the Debtor disclosed US$13,384,251
in assets and US$132,825,590 in debts.  The petition was signed by
Jose Teixidor Mendez, president.

No trustee or examiner has been appointed in this Chapter 11 case,
and no official committee of creditors or otherwise has been
appointed or designated.


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


CL FINANCIAL: Touchstone Exploration Acquires Primera Group
-----------------------------------------------------------
Touchstone Exploration Inc., through its indirect wholly owned
subsidiary, Territorial Services Limited, concluded negotiations
and has entered into a definitive share purchase agreement with
respect to the previously announced acquisition of all of the
issued and outstanding shares of Primera Oil & Gas Ltd., Primera
Oilfield Management Services Ltd., and Primera East Brighton Ltd.
from CL Financial Ltd.

The Primera Group consists of equity interests in three privately
owned Trinidad-based companies engaged in the exploration for and
development and production of oil and gas reserves in Trinidad and
Tobago.  The underlying assets associated with the Primera Group
consists of 16 oil and gas properties comprising 7 on-shore
producing oil and gas properties, 1 on-shore exploration property,
1 offshore exploration property and 7 undeveloped properties.  All
of the properties are located within the Southern Sedimentary and
Columbus Basins of Trinidad and Tobago which have a long
production history.  Touchstone will also acquire technical
support, equipment and equipment rentals as well as various
administrative and management services with respect to the
exploration, development and production of crude oil and natural
gas resources in the Trinidad & Tobago region.

The total purchase price, net of liabilities assumed, is
US$50,700,000.  A deposit of US$1,000,000.00 has been paid into
escrow concurrent with the execution of the share purchase
agreement, and the balance of US$4,070,000.00 will be paid within
seven days of the execution of the share purchase agreement.

The cash consideration payable will be paid by the Company from
proceeds from the recently completed debenture unit offering and
subscription receipt offering.  An aggregate of US$23.3 million of
the purchase price will be financed by way of vendor take-back
notes due two years from closing bearing coupon interest at a rate
of 8% per annum and secured exclusively against the Primera Group
assets to be acquired.  Certain assets of the Primera Group are
subject to contractual rights of first refusal or non-binding
post-completion arrangements for sale, the proceeds from which
will be used to firstly pay-down the vender take-back notes, and
any amount in excess of the vendor take back notes will be paid to
the benefit of the vendor.

The parties are seeking to close the Primera Acquisition prior to
August 15.  However, completion of the transactions described
above remains subject to a number of conditions, including but not
limited to Trinidad regulatory consents and the filing and
acceptance of all required documentation from the TSX Venture
Exchange.  There can be no assurance that the proposed
transactions will be completed as proposed or at all.  Investors
are referred to the specific risks and uncertainties applicable to
the oil and gas industry generally, and Touchstone's operations in
Trinidad and its securities specifically, as set out in
Touchstone's Annual Information Form and the most recent
management discussion and analysis, which may be viewed with other
Touchstone disclosure documents through the Internet on the
Canadian System for Electronic Document Analysis and Retrieval
(SEDAR) at http://www.sedar.com/

                         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.


                            ***********


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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