TCRLA_Public/110805.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

             Friday, August 5, 2011, Vol. 12, No. 154

                            Headlines



A N T I G U A  &  B A B U D A

STANFORD INT'L: Liquidators Apply to Use US$20MM Frozen Assets


B R A Z I L

EVEN CONSTRUTORA: Fitch Upgrades LT Issuer Default Ratings to BB-
RIO GRANDE: Moody's Withdraws 'Ba1' Corporate Family Rating


C A Y M A N   I S L A N D S

ASIAN ENTERPRISE: Members' Final Meeting Set for August 8
ATYARTHA GLOBAL: Shareholders' Final Meeting Set for August 19
AUDA EUROPEAN: Shareholder to Hear Wind-Up Report on August 18
CHEYNE LATAM: Shareholders' Final Meeting Set for August 19
ENTRUST CAPITAL: Shareholders' Final Meeting Set for August 19

FEATHER CAYMAN: Shareholders' Final Meeting Set for August 19
HQ TRUST CHELSEA: Shareholder to Hear Wind-Up Report on August 18
JF FEEDER: Shareholders' Final Meeting Set for August 19
JF HOLDINGS: Shareholders' Final Meeting Set for August 19
LONGSHORE CDO: Shareholders' Final Meeting Set for August 19

SCOTTEX LIMITED: Members Receive Wind-Up Report
SHANNON LIMITED: Members Receive Wind-Up Report
TELECOM EQUITY: Shareholders' Final Meeting Set for August 19
TEMPO FUND: Shareholders' Final Meeting Set for August 19
WELTON GLOBAL: Members' Final Meeting Set for August 8


J A M A I C A

JAMAICA ETHANOL: Ceases Plant Operation, Cuts 31 Jobs


M E X I C O

* JIUTEPEC MUNICIPALITY: Moody's Downgrades Issuer Ratings to 'B1'


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Trade Unions' Wage Demands Threaten Economy




                            - - - - -


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


STANFORD INT'L: Liquidators Apply to Use US$20MM Frozen Assets
--------------------------------------------------------------
Jane Croft at The Financial Times reports that Grant Thornton,
liquidators of Antigua-based Stanford International Bank Limited,
made an application to London's Central Criminal Court for US$20
million to be released from an estimated US$100 million of assets
frozen in the United Kingdom so they can help recover other assets
for victims of the owner Robert Allen Stanford's alleged Ponzi
scheme.

The court heard that the liquidators would make use of the funds
for lawsuits and to help manage and market property assets in the
West Indies, according to The Financial Times.

The report notes that the liquidators' application was opposed by
lawyers for the United Kingdom Serious Fraud Office (SFO) on
behalf of the U.S. Department of Justice (DOJ) that said the money
should ultimately be repatriated to the U.S.  The Financial Times
recalls that the assets, mostly invested in hedge funds, were
frozen after an earlier Court of Appeal ruling.

The Financial Times notes that Andrew Bodnar, acting for the
liquidators, told the court that they wanted permission to draw
down US$5 million initially and then potentially further sums up
to a maximum of US$20 million.  The liquidators were newly
appointed and had put forward a new action plan that had been
approved by the creditors' committee, he added.

The court heard the liquidators were also looking at the
alternative of finance from a hedge fund to cover the legal claim
and were facing an imminent decision on whether to sign up to this
alternative, the report relates.

               About Stanford International Bank

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

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

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

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

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


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B R A Z I L
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EVEN CONSTRUTORA: Fitch Upgrades LT Issuer Default Ratings to BB-
-----------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Even Construtora e
Incorporadora S.A. (Even):

   -- Long-term national scale to 'A(bra)' from 'A-(bra)';

   -- Long-term foreign currency Issuer Default Rating (IDR) to
      'BB-' from 'B+';

   -- Long-term local currency IDR to 'BB-' from 'B+';

   -- BRL100 million second debenture issuance, due 2012, to
      'A(bra)' from 'A-(bra)';

   -- BRL75 million third debenture issuance, due 2013, to
      'A(bra)' from 'A-(bra)';

   -- BRL250 million fifth debenture issuance, due 2016, to
      'A(bra)' from 'A-(bra)'.

The Outlook for the corporate ratings is Stable.

The upgrades reflect Even's consistent operational results and
conservatively managed liquidity position, which has allowed it to
grow with limited risk.  Further factored into the rating upgrades
are the company's low leverage and manageable debt amortization
schedule.  The ratings also take into consideration Even's
position as the seventh largest Brazilian homebuilder, with a
concentration of operations in Sao Paulo.

The ratings are constrained by an expectation that cash flow from
operations should remain negative due to rapid growth and landbank
acquisitions, as well as a high level of competition amongst
homebuilders.  Like other homebuilders it is vulnerable to
cyclical downturns in an industry, which is highly correlated to
the local economy and to the availability of credit.

Strong Liquidity:

Even has a strong liquidity position, which should support its
growth plans.  As of March 31, 2011, the company had BRL657
million of cash and marketable securities and BRL1.4 billion of
total debt, of which BRL620 million was classified as short-term.
Even's liquidity position is comfortable since 84% of its short-
term debt is related to financing from the Housing Financial
System (SFH).  This debt is guaranteed by specific receivables
from units sold and under construction, and is paid upon the
delivery of the units and the transfer of the receivables to SFH
banks.  Even's liquidity position is equally manageable for 2012,
when the company will have BRL409 million of debt maturing, of
which approximately BRL220 million is related to SFH financing.
The company's financial strategy to preserve liquidity is positive
and should allow Even to manage expected project launches of BRL2
billion in 2011 and BRL2.5 billion in 2012.

Capital Structure Has Improved:

Even's debt profile improved since the end of 2008 due to a higher
participation of SFH credit lines as a percentage of total debt.
As of March 31, 2011, Even had 57% of total debt represented by
SFH financings, compared to 26% in 2008.  The company's strategy
is to focus on project launches with unit prices of up to
BRL500,000 which makes them eligible for SFH financing.  This debt
structure is positive, as principal payments of SFH lines are
liquidated with the delivery of receivables of ready units to the
banks.  During the latest twelve months (LTM) ended March 2011,
Even's total debt/adjusted EBITDA ratio declined to 3.3 times (x)
from 4.1x in 2009, while its net debt/adjusted EBITDA ratio
reduced to 1.8x from 2.8x. Leverage is not expected to
significantly increase in the next couple of years.

Consistent Operating Results:

Even has reported consistent growth.  From 2007 to the LTM ended
March 31, 2011, net revenues grew 4.7 times to BRL2.0 billion,
while adjusted EBITDA increased 5.6 times to BRL421 million.
Adjusted EBITDA margins also improved to 20.8% from 17.6% during
this time period.  Even launched projects that had BRL1.5 billion
of potential sales value (PSV) during 2010.  This represents an
increase from BRL927 million during 2009.  The growth of the
company's sales was above the market average.  During 2010, Even's
pre-sales/supply ratio was more than 27% and it increased to 33%
during the first quarter of 2011.  Nevertheless, the company's
inventory is high.  As of March 31, 2011, the company had 14% of
its concluded units in inventory. This should decline as the
inventory is spread across 25 projects.

Growth of Project Launches and Landbank Acquisition May Pressure
Cash Flow:

Cash flow from operations should remain pressured by an increase
in project launches and landbank acquisition.  During the LTM
ended March 31, 2011, Even's generated BRL446 million of funds
from operations (FFO).  Cash flow from operations (CFFO) was
negative BRL244 million, however, as working capital needs
increased by BRL690 million.  These numbers compare with an FFO of
BRL161 million and a negative CFFO of BRL328 million during 2009.
Fitch expects CFFO to remain negative in 2011.

As of March 31, 2011, Even had a landbank with a PSV of BRL4.6
billion.  This covers about two years of project launches and
represents a sharp increased from a landbank with a PSV of RL3.3
billion at the end of March 2010.  The company's strategy is to
have a quick landbank turnover and to continue to make new
investments in land to support continued business growth.

Potential Rating or Outlook Drivers:

Even's ratings could be negatively affected by an unstable
macroeconomic environment, which would impact the homebuilding
sector's fundamentals and pressure the company's liquidity.  The
ratings could also be negatively affected by the combination of an
increase in leverage, lower sales, declining operational margins,
and a reduction in liquidity.  Positive rating actions could be
driven by a consistent improvement in the company's cash flow from
operations and a movement to positive free cash flow.  A higher
participation of SFH loans in the company's debt profile, as well
as lower leverage, would also be viewed positively.


RIO GRANDE: Moody's Withdraws 'Ba1' Corporate Family Rating
-----------------------------------------------------------
Moody's America Latina Ltda (Moody's) has withdrawn Rio Grande
Energia S.A.'s Ba1 and Aa2.br corporate family ratings for its own
business reasons.

Moody's last rating action on Rio Grande Energia S.A. (RGE) was on
July 31, 2009 when Moody's confirmed its Ba1 local currency
corporate family rating and Aa2.br Brazilian national scale
corporate family rating.  At the same time, Moody's confirmed the
Ba1 local currency and Aa2.br Brazil national scale ratings for
RGE's senior unsecured debentures due April 2011.  The outlook for
all ratings was stable. The rating action concluded the review for
possible upgrade initiated on January 30, 2009.

This rating was withdrawn:

- Corporate family ratings: Ba1/Aa2.br

Ratings Rationale

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

Headquartered in the city of Caxias do Sul, Brazil, Rio Grande
Energia S.A. (RGE) is a fully regulated electricity distribution
company with net revenues of BRL1,950 million (approx. US$1,129
million), which excludes the construction revenues, and net profit
of BRL 242 million (approx. US$140 million) reported in the last
twelve months ended March 31, 2011.  RGE operates a 30 year
concession (2027) to distribute energy in 262 municipalities to
approximately 1.3 million consumers in the northern and
northeastern of Rio Grande do Sul state in southern Brazil.  RGE
is a full subsidiary of CPFL Energia S.A. (CPFL), a holding
company with interests in the distribution, generation and
commercialization of electricity in Brazil.  CPFL posted
consolidated net sales of BRL11,060 million (US$6,404 million),
which excludes the construction revenues, and net profit of
BRL 1,538 million (US$890 million) in the last twelve months ended
March 31, 2011.


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


ASIAN ENTERPRISE: Members' Final Meeting Set for August 8
---------------------------------------------------------
The members of Asian Enterprise MAC 57 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:

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


ATYARTHA GLOBAL: Shareholders' Final Meeting Set for August 19
--------------------------------------------------------------
The shareholders of Atyartha Global Opportunities Fund will hold
their final meeting on August 19, 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:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


AUDA EUROPEAN: Shareholder to Hear Wind-Up Report on August 18
--------------------------------------------------------------
The sole shareholder of Auda European Opportunities, Ltd. will
receive on August 18, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


CHEYNE LATAM: Shareholders' Final Meeting Set for August 19
-----------------------------------------------------------
The shareholders of Cheyne Latam General Partner Inc. will hold
their final meeting on August 19, 2011, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ENTRUST CAPITAL: Shareholders' Final Meeting Set for August 19
--------------------------------------------------------------
The shareholders of Entrust Capital Market Neutral Master Fund,
Ltd. will hold their final meeting on August 19, 2011, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


FEATHER CAYMAN: Shareholders' Final Meeting Set for August 19
-------------------------------------------------------------
The shareholders of Feather Cayman Limited will hold their final
meeting on August 19, 2011, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HQ TRUST CHELSEA: Shareholder to Hear Wind-Up Report on August 18
-----------------------------------------------------------------
The sole shareholder of HQ Trust Chelsea Ltd. will receive on
August 18, 2011, at 10:05 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877


JF FEEDER: Shareholders' Final Meeting Set for August 19
--------------------------------------------------------
The shareholders of JF Feeder Ltd. will hold their final meeting
on August 19, 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:

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


JF HOLDINGS: Shareholders' Final Meeting Set for August 19
----------------------------------------------------------
The shareholders of JF Holdings Ltd. will hold their final meeting
on August 19, 2011, at 9:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LONGSHORE CDO: Shareholders' Final Meeting Set for August 19
------------------------------------------------------------
The shareholders of Longshore CDO Funding 2006-1, Ltd. will hold
their final meeting on August 19, 2011, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SCOTTEX LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Scottex Limited received on August 3, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


SHANNON LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Shannon Limited received on July 29, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170, George Town Grand Cayman
         Cayman Islands


TELECOM EQUITY: Shareholders' Final Meeting Set for August 19
-------------------------------------------------------------
The shareholders of Telecom Equity Holdings - I, Ltd. will hold
their final meeting on August 19, 2011, at 8:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TEMPO FUND: Shareholders' Final Meeting Set for August 19
---------------------------------------------------------
The shareholders of Tempo Fund Limited will hold their final
meeting on August 19, 2011, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WELTON GLOBAL: Members' Final Meeting Set for August 8
------------------------------------------------------
The members of Welton Global Directional Cayman Fund Limited 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:

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


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


JAMAICA ETHANOL: Ceases Plant Operation, Cuts 31 Jobs
-----------------------------------------------------
Julian Richardson at Jamaica Observer reports that Jamaica Ethanol
Processing has shut down its ethanol plant and terminated 31 jobs
after 26 years in the business.

The move was completed last week after three consecutive years of
rising input costs helped to sever margins and drive the company
out of an ethanol market, according to Jamaica Observer.

"The Caribbean Basin Initiative (CBI) ethanol business has been in
distress for the last three years, initiated by the volatility of
the commodities market and essentially an upside down trading set-
up where the primary input-hydrous ethanol feedstock-cost is
higher than the product that we sell," Jamaica Ethanol Processing
Managing Director Erwin Jones told the news agency in an
interview.

Jamaica Observer notes that Jamaica Ethanol imported hydrous
ethanol from Brazil and processed it into anhydrous ethanol.  But
prices of the raw material have surged to record levels due to
numerous supply issues, including competition from the automobiles
sector which uses hydrous ethanol in its flex-fuel vehicles; high
sugar prices which have diverted lots of sugar cane processing to
raw sugar; and bad weather, according to the report.

"Prices have gone up substantially in Brazil," Jamaica Observer
quoted Mr. Jones as saying.  "So what the (Brazilian) government
has done in the case of shortages there due to high demand, is to
adjust back the blend ratio (ethanol-gasoline)," he added.

What's more is that due to the US financial constraints, Jones
said the industry is bracing for a fallout in the CBI, which
allows CBI members-including Jamaica-to supply up to 7% of U.S.
ethanol on a duty-free basis.

"The trading arrangement with the U.S. seems to have run into a
problem in the face of the budget deficit issues in the US," said
Mr. Jones, adding "I think we are about to see the end of the
blenders' credit funds, which helps to provide a price support for
ethanol, and the import tariff, the report relates.

"It's a double whammy -- we are losing our political support for
the trading arrangement and the commodity market conspired to
undermine our margin opportunity," Mr. Jones argued, Jamaica
Observer relays.

Mr. Jones, the report discloses, said that his company will
continue to supply sugar but that segment of the business, does
not employ a significant amount of persons.

"We supply a significant part of refined sugar to industrial
users, so we will have some continuing operations, but the ethanol
business is done for all intense and purposes," Mr. Jones added.


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


* JIUTEPEC MUNICIPALITY: Moody's Downgrades Issuer Ratings to 'B1'
------------------------------------------------------------------
Moody's de Mexico downgraded the Municipality of Jiutepec's issuer
ratings to B1 (Global Scale, local currency) and Baa1.mx (Mexico
National Scale) from Ba2 and A2.mx, respectively.  The outlook on
the ratings is stable.

Ratings Rationale

The downgrades reflect a significant financial deterioration as
reflected by the: a) deterioration of operating performance driven
by rapid growth of operating expenditures which, b) in conjunction
with capital spending pressures resulted in a significant cash
financing deficit in 2010, c) leading to a rapid and sizable
increase in debt levels and d) the tightening of its already weak
liquidity.

Jiutepec's operating margins deteriorated significantly to -15.3%
of Operating Revenues in 2010 from a solid 21.6% in 2006 due to
the misalignment of operating expenditure growth (20.1% per year
over this period) and operating revenue growth (9.1%).  Together
with poor operating performance, capital spending pressures led to
the fall of cash financing requirements: after registering
balanced results each year between 2005-2009 (2.1% of Total
Revenues, on average), Jiutepec registered a sizable cash
financing deficit of -23.0% in 2010.

As a consequence, debt levels increased rapidly in 2010 reaching
64% of Operating Revenues from 19.8% in 2006.  Roughly 90% of its
total debt is comprised by a MXN 200 million loan contracted with
Bancomer in October 2010, where Jiutepec pledged 36% of its
participations to a trust.  Most of these proceeds will be used to
finance capital projects and a small portion (roughly MXN 23
million) was used to repay an outstanding loan.

If Jiutepec continues to register sizable cash financing
requirements that result in further increases in borrowing needs
and a tighter liquidity position, issuer ratings could experience
further downward pressure.

If Jiutepec reduces cash financing requirements that lead to the
reduction on debt indicators and strengthening of liquidity, this
could exert upward pressure on the ratings.


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


* TRINIDAD & TOBAGO: Trade Unions' Wage Demands Threaten Economy
----------------------------------------------------------------
Jensen LaVende at Trinidad Express reports that an advertisement
published in local newspapers entitled, "In a National Strike, Who
stands to Lose?" stated that if the Trinidad & Tobago government
adheres to the demands of the trade union leaders without the
benefit of prudent management then the entire country could be
placed at risk as the gains made in the economy could be lost.

"In good faith, we must put aside our own individual interest and
put the economic welfare of our nation first, not in the streets
but at the table of reconciliation and compromise," the
advertisement added, according to Trinidad Express.  The report
relates that the advertisement further stated despite a positive
economic growth for the year thus far, the Government has been
searching "for the right equilibrium to maintain the stability of
the country's finances and at the same time redirect expenditure
to reignite growth".

Trinidad Express says that the advertisement noted that the
negotiations between the unions and the government had been done
with the hope of arriving at the best possible compensation
package; adding that the 5% wage ceiling, which Prime Minister
Kamla Persad-Bissessar denied instituting, when taken with medical
and pension benefits as a as retroactive COLA (cost of living
allowance) would increase the workers' salaries.

"It is somewhat ironic that these debates have turned into a five
per cent debate...This is not sufficient justification to magnify
and isolate the issue of five per cent to be a rallying call to
shut down the country," advertisement continued.

On Labour Day (June 19), president general of the Oilfields
Workers' Trade Union (OWTU) Ancel Roget, along with other labour
heads, said the Government may see a general shutdown of the
country if their demands were not adhered to, including the
removal of the five per cent wage cap.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2011, Trinidad Express said that protest action planned
by trade unionists and labor leaders will go on despite attempts
by Planning Minister Bhoendradatt Tewarie to discuss the matter.
Mr. Tewarie attempted to reach out to the unions on several
occasions to get union leaders to begin discussions on the seven
key areas of concerns raised by the unions, according to Trinidad
Express.

The report discloses that the issues include:

   -- the removal of the five per cent wage cap and settlement of
      outstanding negotiations;

   -- the disbandment and removal of the inter-ministerial
      committee; and

   -- the placement of labor legislation high on government's
      agenda in time for the new parliamentary term, as well as
      the start of constitutional reform and immediate
      implementation of a labour market survey for the Trinidad
      and Tobago Unified Teachers Association (TTUTA)
      negotiations.

A separate TCRLA report on July 12, 2011, citing Trinidad Express,
related that the business associations are calling on both the
Trinidad and Tobago government and the country's trade unions to
think about the very fragile state of the economy, even as the
trade unions get ready to make good on their promise to shut down
the country.


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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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