TCRLA_Public/110808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, August 8, 2011, Vol. 12, No. 155

                            Headlines




A R G E N T I N A

DLF SRL: Creditors' Proofs of Debt Due September 5
EDICIONES LEAR: Creditors' Proofs of Debt Due October 5
LIRTEX SA: Creditors' Proofs of Debt Due September 26
NEWCLEAN SRL: Creditors' Proofs of Debt Due September 5
PLASTICA SUR: Applied for Bankruptcy Protection

QUINTA FUNDACION: Creditors' Proofs of Debt Due September 1
RENT TRACK: Creditors' Proofs of Debt Due September 26
REXCEL SA: Creditors' Proofs of Debt Due September 28
RIO CUARTO: Moody's Assigns 'B1' Local Currency Ratings
RT CONSTRUCCIONES: Creditors' Proofs of Debt Due September 8

TEXTIL IRIGOYEN: Creditors' Proofs of Debt Due September 1
TSG SOLUTION: Creditors' Proofs of Debt Due September 1


B R A Z I L

GOL LINHAS: Moody's Lowers Corporate Family Rating to 'B1'


H A I T I

* HAITI: IDB OKs US$11MM Grant for Business Development Services


J A M A I C A

JAMAICA RAILWAY: Needs JM$400MM to Resume Island Wide Rail Service


M E X I C O

CFG HOLDINGS: S&P Gives 'B-' LT Counterparty Credit Rating


P U E R T O   R I C O

NATIONAL GROUP: Judge Orders Firm to Go Into Receivership


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles Bid Could Have Been Higher, Blacksand Says
* TRINIDAD & TOBAGO: Unions to Continue Demonstrations


X X X X X X X X

* BOND PRICING: For the Week August 1, to August 5, 2011




                            - - - - -


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


DLF SRL: Creditors' Proofs of Debt Due September 5
--------------------------------------------------
Enrique Jose Battellini, the court-appointed trustee for DLF SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 5, 2011.

Mr. Battellini will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Enrique Jose Battellini
          Lavalle 1718
          Argentina


EDICIONES LEAR: Creditors' Proofs of Debt Due October 5
-------------------------------------------------------
Silvia Isabel Gonzalez Meana, the court-appointed trustee for
Ediciones Lear SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 5, 2011.

Ms. Meana will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

          Silvia Isabel Gonzalez Meana
          Condarco1319
          Argentina


LIRTEX SA: Creditors' Proofs of Debt Due September 26
-----------------------------------------------------
Carlos Alberto Menendez, the court-appointed trustee for Lirtex
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 26, 2011.

Mr. Menendez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Carlos Alberto Menendez
          Neuquen 2936
          Argentina


NEWCLEAN SRL: Creditors' Proofs of Debt Due September 5
-------------------------------------------------------
Miguel Adolfo Kupchik, the court-appointed trustee for Newclean
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 5, 2011.

Mr. Kupchik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Miguel Adolfo Kupchik
          San Luis 3067
          Argentina


PLASTICA SUR: Applied for Bankruptcy Protection
-----------------------------------------------
Plastica Sur SA applied for bankruptcy protection.

The company has defaulted on its payments last July 15.


QUINTA FUNDACION: Creditors' Proofs of Debt Due September 1
-----------------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for Quinta
Fundacion del Puerto SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until September 1, 2011.

Ms. Eidelstein will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Griselda Isabel Eidelstein
          Lambare 1140
          Argentina


RENT TRACK: Creditors' Proofs of Debt Due September 26
------------------------------------------------------
Ana Maria Bluverman, the court-appointed trustee for Rent Track
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 26, 2011.

Ms. Bluverman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Bluverman
          Parana 774
          Argentina


REXCEL SA: Creditors' Proofs of Debt Due September 28
-----------------------------------------------------
Estudio Kullahian, Diaz & Asociados, the court-appointed trustee
for Rexcel SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 28, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 2, 2012.

The Trustee can be reached at:

          Estudio Kullahian Diaz & Asociados
          Uruguay 750


RIO CUARTO: Moody's Assigns 'B1' Local Currency Ratings
-------------------------------------------------------
Moody's Latin America has assigned local currency ratings of B1
(Global Scale) and Aa3.ar (Argentina National Scale) to the
Municipality of Rio Cuarto's AR$12 million Short-Term Treasury
Notes.  The assigned ratings are in line with the municipality's
issuer ratings, which Moody's has affirmed at the same time.

The notes, which will be sold under a Dutch auction scheme, are
going to be issued in three offers of AR$2 million, AR$4 million
and AR$6 million, with a maturity of 60, 90 and 120 days,
respectively.  The issuance will be guaranteed by the pledge of
the rights and flows of the Contributions on Commerce, Industry
and Services Companies.  According to local regulation, it is
mandatory that the maturity of these notes cannot exceed the
fiscal year in which they are issued.

Ratings Rationale

The assigned ratings reflect Moody's view that the willingness and
capacity of the Municipality of Rio Cuarto to honor these short-
term treasury notes is in line with the municipality's long-term
credit quality as captured in the B1/Aa3.ar issuer ratings. The
amount to be issued represents a low 4% of Rio Cuarto's 2010 total
revenue and 3% of total revenues expected for 2011.

According to local regulation the purpose of the issuance of ST
Treasury Notes is to cover seasonal cash shortfalls.  In this
particular transaction, the objective of the municipality is to
get funding for extraordinary one-time capital expenditures: the
municipality intends to use the proceeds to buy 1,100 plots of
land, which will then be sold as part of a social program for
middle-class people.  "Moody's expects the municipality should
have adequate resources to repay the notes when they come due as a
consequence of the strong coverage provided by the pledged
amounts.  As a result, the current issuance does not create a
meaningful refinancing risk for the municipality or have a
significant impact on its credit quality", according to Moody's
analyst Patricio Esnaola.  "We note that if the municipality
incurred additional short-term debt in the future, it could place
negative pressure on the municipality's issuer ratings", added the
analyst.

The ratings are constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by very high GDP volatility, and a very low ranking
on the World Bank's Government Effectiveness Index, indicating a
high level of systemic risk, offset by a GDP per capita that is
high for a developing country.

"This operating environment is characterized by an institutional
framework under which regional and local governments carry
significant responsibility for public services while nearly all
rely heavily on federal transfers under the country's tax sharing
regime, which results in a low level of fiscal flexibility", said
Esnaola.


RT CONSTRUCCIONES: Creditors' Proofs of Debt Due September 8
------------------------------------------------------------
Ana Maria Bluverman, the court-appointed trustee for RT
Construcciones SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 8, 2011.

Ms. Bluverman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ana Maria Bluverman
          Parana 774
          Argentina


TEXTIL IRIGOYEN: Creditors' Proofs of Debt Due September 1
----------------------------------------------------------
Carlos Alberto Perez, the court-appointed trustee for Textil
Irigoyen SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 1, 2011.

Mr. Perez will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 23
in Buenos Aires, with the assistance of Clerk No. 46, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Carlos Alberto Perez
          Montevideo 765
          Argentina


TSG SOLUTION: Creditors' Proofs of Debt Due September 1
-------------------------------------------------------
Susana Mabel Costa, the court-appointed trustee for TSG Solution
Argentina SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 1, 2011.

Ms. Costa will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19
in Buenos Aires, with the assistance of Clerk No. 38, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Susana Mabel Costa
          Alicia Moreau de Justo 2030
          Argentina


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


GOL LINHAS: Moody's Lowers Corporate Family Rating to 'B1'
----------------------------------------------------------
Moody's Investors Service has lowered to B1 from Ba3 the corporate
family rating ("CFR") and senior unsecured ratings for Gol Linhas
Aereas Inteligentes S.A. ("GOL") and Gol Finance. Moody's America
Latina Ltda. lowered VRG Linhas Aereas S.A.'s BRL 500 million
senior unsecured notes to B1 from Ba3 and the national scale
rating to Baa2.br from A3.br.  The outlook is now stable.

Ratings downgraded are:

Issuer: Gol Linhas Aereas Inteligentes S.A.

- Corporate Family Rating: B1/Stable from Ba3/Negative

Issuer: Gol Finance

- 7.5% US$225 million senior unsecured notes due 2017: B1/Stable
  from Ba3/Negative

- 8.75% US$200 million senior unsecured perpetual notes:
  B1/Stable from Ba3/Negative

Issuer: VRG Linhas Aereas S.A

- BRL 500 million senior unsecured notes: B1/Baa2.br/Stable from
  Ba3/A3.br/Negative

Ratings Rationale

The downgrade to B1 reflects Moody's view that the longer than
expected pressure on yields, combined with an unexpected increase
in a number of operating costs will result in a significant
erosion of GOL's earnings and cash flow as reflected in the
company's recent downward adjustment in guidance.  As a result,
financial metrics, including coverage and leverage measurements,
will deteriorate to levels that are no longer commensurate with
the Ba rating category.  Leverage is also expected to increase
over the near-to-medium term from the strategically beneficial
pending acquisition of low cost carrier Webjet.  Additionally,
while GOL's liquidity remains strong following the recent BRL 500
million debt offering, expected weakening of earnings and cash
flow will make it challenging for the company to maintain its
target of keeping cash on hand equal to 25% of LTM revenues.  This
cash buffer, in Moody's opinion, is a critical ratings driver
given the air travel industry's inherent vulnerability to sudden
external shocks.

The B1 rating reflects the favorable macro economic conditions in
Brazil which continue to enhance the upward social mobility of the
country and the attractiveness of air travel, the company's
position as the second largest domestic carrier with strong market
positions at all of the country's important airports, and a cost
structure which benefits from a modern all B-737-700 and -800 NG
fleet and the company's historically strong cost discipline.  On
the other hand, the rating also takes into consideration the
ongoing pressure on system wide yields which have been on a
decline since 2004 as new entrants such as Azul and Webjet have
grown share using aggressive pricing and the associated decline on
GOL's market share.  The rating also considers that GOL's low fare
business model makes it difficult to absorb the negative impact of
higher fuel prices, and the volatile nature of the industry.

On July 28, 2011, GOL revised downwards for the second time this
year its operating margin guidance for fiscal 2011 reflecting its
expectation for continued downwards pressure on yields and an
increase in certain operating costs.  For the full year, GOL now
expects operating margins of between 1.0% and 4.0%, down from the
prior already downward revised guidance of 6.5% -10.0%.  During
the first half of 2011, system wide domestic demand has increased
in the mid teens, roughly keeping pace with new capacity being
added. Demand, while benefitting from continued strong macro-
economic fundamentals in Brasil and which has brought air travel
within the reach of more people, was also boosted by aggressive
pricing behavior from rapidly growing new entrants such as Webjet
and Azul.  Contrary to earlier expectations GOL now does not
expect yields to recover in real terms for the remainder of the
year. Combined with its focus on operating margins rather than
share growth, this has actually led to GOL seeing its market share
decline to 37.5% from 40.8% during the first half of 2011.  GOL
also has experienced upwards pressure on its cost structure.  In
addition to continued stubborn high oil prices and wide crack
spreads, the company reported rising labor costs, higher
government imposed taxes, costs related to discontinued charters
for its remaining fleet of B767 aircraft and costs related the
termination of certain contracts which it expects in the future to
results in cost savings.

Under the leadership of GOL's new financial management team which
joined the company after the acquisition of VARIG, the company
strengthened its financial flexibility through a combination of
issuing new equity, lengthening the company's debt maturity
profile and adopting a number of sound financial principles.
These principles include for example raising the minimum cash on
hand to 25% of LTM revenues, targeting lease adjusted leverage of
4.5 times (using a 5 times multiple for lease adjustment), hedging
35-40% of its fuel expenses over the next twelve months and
targeting an EBIT margin of 15%. Given the inherent volatility of
the airline sector, Moody's views maintenance of these principles
as a critical driver for GOL's ratings.

Following the last operating margin revision combined with the
pro-forma impact of the pending Webjet acquisition, Moody's still
expect GOL to maintain a manageable debt maturity profile with BRL
260 million coming due over 2011-2013 period.  However, Moody's
believes that maintaining cash balances equal to 25% of LTM
revenues (BRL 1.8 billion in March 2011) could likely require the
company to tap the capital markets again.

The stable outlook is based on three basic fundamentals. First,
from an industry perspective, Moody's expects yields to stabilize
towards the end of the year as demand for air travel increases
given seasonal dynamics.  Additionally, Moody's would view the
pending merger between TAM and LAN, when approved, to be
supportive for the industry from a competitive perspective.
Second, as more signs materialize around the world of a more
challenging macro economic outlook, Moody's believes that upwards
pressure on oil prices will be modest over the near term unless
there were to be a major decline in the value of the U.S. dollar.
Third, Moody's expects GOL to step up its initiatives to find
additional cost optimization opportunities that at least offset
the recent expansion of operating costs, and renew the favorable
cost structure that has been a long time hallmark of the company's
competitive differentiation.

While it is unlikely that ratings or ratings outlook would
experience upward pressure over the near-to medium-term, upward
pressure is possible if GOL is able to:

i) meaningfully reduce its lease adjusted leverage to below 5.0x
on a gross basis (5.38x in the LTM ended in March 2011), ii)
generate adjusted retained cash flow to net debt of between 20%
and 25% (17.0% in the LTM ended in March 2011), iii) maintain EBIT
to interest coverage of about 2.0x (1.6x in the LTM ended in March
2011), and iv) further strengthen its liquidity and financial
flexibility.

On the other hand, downward pressure on GOL's ratings could occur
if:

i) GOL is unable to maintain minimum unencumbered cash of at least
BRL 1 billion, ii) it is unlikely to bring down its leverage to
below 7.0 times within 12 months, iii) it is unable to reverse the
current trend of increasing operating costs; iv) fuel prices
remain persistently high, v) the Brazilian real weakens
materially, vi) there is further deterioration in the competitive
environment, vii) its financial flexibility were to materially
deteriorate.

A departure from the company's current low-cost business model
would also be viewed as a negative development and could
potentially result in a ratings downgrade.

Moody's last rating action on Gol Finance, Gol Linheas Aereas
Inteligentes S.A. and VRG Linhas Aereas S.A was on July 13, 2011,
when Moody's revised the ratings outlook to negative from stable
and assigned a Ba3 global scale and A3.br national scale ratings
to the company's new BRL 500 million senior unsecured debentures
of VRG Linhas Aereas S.A., Gol's wholly-owned subsidiary.

Gol Linhas Aereas Inteligentes S.A., the second-largest Brazilian
carrier by market share, as provided by ANAC, operates as a low-
cost carrier.  It provides passenger airline service to all
Brazil's major cities and a number of destinations across South
America.


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H A I T I
=========


* HAITI: IDB OKs US$11MM Grant for Business Development Services
----------------------------------------------------------------
An US$11 million grant from the Inter-American Development Bank to
Haiti will support a program to provide business development and
training services to micro, small and medium-size enterprises
(MSMEs) to expand their access to credit, strengthen their
management, and boost their productivity.

By some estimates there are some 10,000 small and medium-sized
businesses with more than 10 and fewer than 100 employees in
Haiti.  Microenterprises, which employ fewer than 10 workers,
number about 375,000.

Small enterprises typically face obstacles to obtain loans in
Haiti, where the financial system has focused on the opposite ends
of the potential client range: corporate borrowers with formal
financial records, and informal entrepreneurs who rely on short-
term microcredit.

The project will help MSMEs obtain professional assistance to
gather and organize their financial information, as well as to
prepare proper business plans to present to local financial
institutions in their efforts to gain access to credit for
expansion and improvement investment projects.

In addition, the project will offer small businesses access to
training to improve management and worker skills and other
services to increase their productivity once they have obtained
credit.

Training and advisory services will also be available for eligible
local financial institutions to improve credit officers' ability
to analyze business plans and expand the range of financial
products for MSMEs.

The project will be carried out by the Haitian Central Bank's
Industrial Development Fund, which is also running a US$35 million
partial credit guarantee program for restructuring loans to
companies hit by last year's earthquake.

The business development and training services project dovetails
with other initiatives backed by the IDB and other donors to
promote private sector investment and employment in Haiti.

With US$65 million in financial support from Spain, the IDB's
Inter-American Investment Corporation has established the Social
Investment Fund, which will work with local financial institutions
to expand lending to Haitian SMEs.

The IDB and other donors are also preparing projects to provide
quasi-equity to SMEs and to promote their participation in value
chains with larger businesses, particularly in manufacturing and
agriculture.

The IDB is Haiti's leading multilateral donor.  Since the
earthquake it has approved more than US$350 million in new grants
and disbursed more than US$255 million to support recovery and
long-term investments in sectors such as energy, agriculture,
water and sanitation, transport and education.


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


JAMAICA RAILWAY: Needs JM$400MM to Resume Island Wide Rail Service
------------------------------------------------------------------
RJR News reports that Jamaica Railway Corporation is projected to
need close to JM$400 million in order to fully resume its
passenger railway service in Jamaica.

Mike Henry, minister of Transport and Works, is admitting that
there are major challenges in coming up with the required funds,
according to RJR News.  The report relates that Mr. Henry said the
matter will be discussed at a meeting with the company's
management this week.

"I'm still trying to access US$380 million for the restoration of
the railway out of the US$500 million that the previous government
should have used to implement the railway coming out of the sale
of the cement shares.  The railway shouldn't really be having
these struggles, but I'm trying to work through the system to
ensure that we access those funds and begin to move, to answer the
public's cry of what should never have been handled the way it
was, in terms of the railway being closed," RJR News quoted Mr.
Henry as saying.

                 About Jamaica Railway Corporation

The Jamaica Railway Corporation was established under the Jamaica
Railway Corporation Act.  The corporation is established to
control the expenditure of the corporation whether on revenue or
capital account; to ensure that the annual revenues of the
corporation are sufficient to meet all charges properly chargeable
to revenue; and to direct and control any expansion or extension
of the railway and the construction of any new railway.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 20, 2010, RadioJamica said that the Transport Minister has
confirmed the resignation of Harold Brady, as Chairman of the
Board of the Jamaica Railway Corporation.  The report related that
Mr. Brady's departure comes more than two months before the
October 31 expiration of the life of the Board of the JRC.
According to RadioJamiaca, Mr. Brady's resignation caused some
concern among government officials, as his departure brought an
abrupt halt to the Transport Ministry's plans to divest the
"failing" JRC as quickly as possible.  The report recounts that
the Railway Corporation ceased operations several years ago and is
now on the list of entities to be merged and retained by the
Transport Ministry.


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


CFG HOLDINGS: S&P Gives 'B-' LT Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
counterparty credit rating to CFG Holdings Ltd. and Subsidiaries
(CFGLTD).  The outlook is stable.

"Our rating on CFGLTD is limited by highly concentrated funding
sources, expected high refinancing risk given the company's future
dependence on market debt, and a relatively high maturity gap.  In
addition, the company shows modest profitability levels, despite
its focus on consumer lending.  CFGLTD's adequate asset quality
and capitalization ratios and a satisfactory market position
support the ratings," S&P related.

CFGLTD is a holding company that mainly offers consumer loans to
the low-income segment through its Island Finance subsidiaries in
Aruba, Bonaire, Curacao, Saint Maarten, and Trinidad & Tobago; and
Financiera el Sol in Panama.  "In our opinion, the company has
good brand recognition in these countries and adequate market
position as measured by portfolio (from 2% of consumer loans in
Trinidad & Tobago and Panama to 10%-15% of the consumer portfolio
in Aruba, Bonaire, Curacao, and Saint Maarten).  In the next three
years the company plans to begin operating in Puerto Rico and
Barbados.  In our opinion, incursion into these markets will be
gradual and conservative," S&P said.

The company's funding sources are highly concentrated.  Currently
the company funds all its operations with a single commercial bank
credit line that it plans mostly to substitute with one long-term
market-debt issue.

After this operation S&P expects the company's funding to come
from two sources: 83.3% from the market issue and 16.7% from the
commercial bank line.

"In our opinion, although CFGLTD's funding structure will be
slightly more diversified, it will remain highly concentrated
compared to most of its peers'.  In addition, refinancing risk
will be higher, as it is more difficult to renegotiate or
refinance debt with the market than with a bank under stressful
scenarios.  In our opinion, in the event of a market disruption
and an adverse liquidity scenario, in which the company would not
be able to refinance its debt upon maturity, CFGLTD would have
significant problems raising enough liquidity to pay for its
market debt," S&P related.

"The stable outlook incorporates our expectation that CFGLTD will
maintain a concentrated funding base and that profitability ratios
will improve gradually, which will be reflected in increasing
capitalization ratios.  We also expect the company to maintain
adequate asset-quality ratios and NPA coverage.  We could upgrade
CFGLTD upon a major diversification of its funding sources and
improved asset-and-liability management that leads to a manageable
maturity gap in its balance.  Conversely, increasing NPA ratios
and falling profitability and capitalization levels could pressure
the ratings. Portfolio growth above our expectations or an
aggressive entrance into new markets could also result in a
negative rating action," S&P added.


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


NATIONAL GROUP: Judge Orders Firm to Go Into Receivership
---------------------------------------------------------
A.M. Best reports that a Florida judge ordered National Group
Insurance Co. into receivership saying it is a prospective hazard
to its policyholders, creditors or the public.  The report relates
that Florida Department of Financial Services has taken over
operations of the National Group.

The Second Judicial Circuit Court ordered the Company into
receivership for purposes of rehabilitation, according to the
report.  The report relates that the Department of Financial
Services will continue to process and pay claims, and, while the
company stopped writing new and renewal business on June 24,
current existing policies remain in force.

Under the court order, A.M. Best notes, the department takes
possession of all property and assets, including securities and
certificates of deposit, of the insurer; authorizes payment of
expenses, collects debts and commences legal proceedings, if
necessary.  A.M. Best relates that the court order requires
officers, directors and employees of National Group to fully
cooperate with the department, which is authorized to conduct an
investigation to "uncover and make fully available to the Court
the true state of Respondent's financial affairs."

Regulators in Puerto Rico in May issued an order of rehabilitation
for National Insurance Co., the parent of National Group, and as
part of the rehabilitation process, members of the board of
directors, the chief executive officer and the chief operating
officer resigned their positions, BestWire News reported, A.M.
Best relates.

National Group Insurance Co. is a commercial multiperil and
automobile liability writer focusing on small- to medium-size
commercial accounts.  The company currently has approximately
10,500 policyholders.


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


CL FIN'L: Lascelles Bid Could Have Been Higher, Blacksand Says
--------------------------------------------------------------
RJR News reports BlackSand said its US$371 million takeover for
Lascelles de Mercardo, could have been higher, had it not been for
heavy cash withdrawal from the company.

Lascelles de Mercardo recently paid out US$35 million in dividend
to shareholders, which was seen as "milking" the company to
support its beleaguered parent owner, CL Financial Limited Group,
according to RJR News.

The report notes BlackSand through its broker, Pan Caribbean
Financial Services, said that had that dividend not been paid, the
value of the company would have been 9% higher.

RJR News relates that BlackSand said its offer price of US$3.86
reflects the reduction in the value of Lascelles de Mercardo.
BlackSand said it will formally submit the Takeover Bid Circular
to the Jamaica Stock Exchange on August 5, for shareholders to
consider.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Trinidad Express said that Black Sand plans to
acquire 90% of Lascelles de Mercardo's ordinary shares, all its 6%
preference shares and its 15% preference shares.  Lascelles de
Mercardo's shares are traded on the Jamaican Stock Exchange.  In a
statement from Jamaica-based Pan Caribbean Financial Services Ltd,
the principal broker of the bid, Black Sand said Lascelles
shareholders US$3.86 each for ordinary shares and US$0.29 for its
6% preference shares and US$0.23 for its 15% preference shares,
according to Trinidad Express.  TCRLA noted that RJR News said
Lascelles de Mercardo former boss William McConnell will lead
Black Sand in the takeover.  RJR News related that Black Sand said
it's seeking to take over the company because it believes the
future of the company is in serious jeopardy.  CL Spirits
defaulted on US$342 million of notes issued in Trinidad and Tobago
and Jamaica that are secured by a pledge of CL Financial's shares
in Lascelles de Mercardo, Black Sand said in a statement obtained
by Trinidad Express.

                        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: Unions to Continue Demonstrations
------------------------------------------------------
Camille Bethel at Trinidad Express reports that Trinidad & Tobago
trade unions and their membership are expected to continue with
their demonstration action, leading up to a planned national
shutdown.

Following the failed meeting with Prime Minister Kamla Persad-
Bissessar after she refused to negotiate on the removal of a 5%
wage cap the unions declared industrial action with the threat of
a national shutdown, according to Trinidad Express.

The report notes that Oilfields Workers' Trade Union (OWTU)
President General Ancel Roget said that the union would visit
communities, Community-based Environmental Protection and
Enhancement Program (CEPEP) workers, the maxi-taxi associations as
well as contractors, at the Pointe-a-Pierre refinery to drum up
support for the workers.

Trinidad Express discloses that hundreds of workers representing
13 of the 18 unions demonstrated outside the San Fernando General
Hospital, City Hall, and Petrotrin on July 29.  The report relates
that officials at the various work places said the demonstration
had no effect on operations last week but workers represented by
OWTU said they would protest every day outside their workplace
until better terms and conditions of work are negotiated.

The report notes that Mr. Roget said the Prime Minister was
attempting to allay fears by saying the strike action was limited.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week August 1, to August 5, 2011
--------------------------------------------------------


Issuer              Coupon     Maturity     Currency       Price
------              ------     --------     --------        ----


ARGENTINA
---------

ARGENT- DIS           5.83     12/31/2033     ARS             161
ARGENT- PAR            1.18     12/31/2038     ARS              59
ARGENT- DIS           7.82     12/31/2033     EUR            71.5
ARGENT- DIS           7.82     12/31/2033     EUR              70
ARGENT- DIS           4.33     12/31/2033     JPY              42
ARGENT- PAR&GDP       0.45     12/31/2038     JPY               8
BANCO MACRO SA       10.75      6/7/2012      USD            70.5
BODEN 2014             2        9/30/2014     ARS            34.3
BOGAR 2018             2         2/4/2018     ARS           33.25
PRO12                  2         1/3/2016     ARS           116.1


CAYMAN ISLAND
-------------

BCP FINANCE CO         5.543                   EUR           41.82
BCP FINANCE CO         4.239                   EUR           41.42
BES FINANCE LTD        5.58                    EUR           40.66
BES FINANCE LTD        4.5                     EUR           42.61
CHINA MED TECH         4        8/15/2013      USD           69.75
EFG ORA FUNDING        1.7     10/29/2014      EUR           53.67
ESFG INTERNATION       5.75                    EUR            41.7

IMCOPA INTL CAYM      10.38    12/19/2014      USD           36.15
PUBMASTER FIN          6.96     6/30/2028      GBP           55.51
PUBMASTER FIN          8.44     6/30/2025      GBP           58.16
REG DIV FUNDING        5.25     1/25/2036      USD            56.5
REG DIV FUNDING        5.25     1/25/2036      USD            56.5
SOLARFUN POWER H       3.5      1/15/2018      USD           70.97

CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP           0.841
CGE DISTRIBUCION        3.25    12/1/2012      CLP           29.66
ESVAL S.A.              3.8     7/15/2012      CLP           24.83
LA POLAR SA             3.8     10/10/2017     CLP            50.2
MASISA                  4.25    10/15/2012     CLP              29
QUINENCO SA             3.5      7/21/2013     CLP           24.73


PUERTO RICO
-----------

PUERTO RICO CONS         6.2    5/1/2017       USD           53.16
PUERTO RICO CONS         6.5    4/1/2016       USD           68.16


VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD           49.26
PETROLEOS DE VEN         5.3    4/12/2027      USD           52.01
PETROLEOS DE VEN         5.1   10/28/2016      USD            64.2
PETROLEOS DE VEN         5.2    4/12/2017      USD           64.83
PETROLEOS DE VEN         5     10/28/2015      USD           69.12
VENEZUELA                7      3/31/2038      USD            58.5
VENEZUELA                7      3/31/2038      USD           59.36
VENEZUELA                6      12/9/2020      USD           62.65
VENEZUELA                7.65   4/21/2025      USD            63.9
VENEZUELA                8.2   10/13/2024      USD              67
VENEZUELA                9.25   5/7/2028       USD              70
VENEZUELA                9      5/7/2023       USD            71.6
VENEZUELA                7     12/1/2018       USD            70.5
VENEZUELA                7.7   10/13/2019      USD           71.85
VENEZUELA                9.25   9/15/2027      USD           74.82
VENZOD - 189000          9.3    1/13/2034      USD           71.25


                            ***********


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.


                   * * * End of Transmission * * *