TCRLA_Public/110811.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

            Thursday, August 11, 2011, Vol. 12, No. 158

                            Headlines



C A Y M A N   I S L A N D S

ATHOS FUNDING: Shareholders Receive Wind-Up Report
LEAFS CMBS I: Shareholders' Final Meeting Set for August 23
NGFD-ALTERNATIVE: Shareholders' Final Meeting Set for August 23
NGFD-EMERGING: Shareholders' Final Meeting Set for August 23
NGFD-HY BOND: Shareholders' Final Meeting Set for August 23

NGFD-HY EQUITY: Shareholders' Final Meeting Set for August 23
NGFD-INCOME EQUITY: Shareholders' Final Meeting Set for August 23
NGFD-INVESTMENT: Shareholders' Final Meeting Set for August 23
SELIGMAN FINANCIAL: Shareholders' Final Meeting Set for August 24
SELIGMAN FUND: Shareholders' Final Meeting Set for August 24

SELIGMAN GLOBAL: Shareholders' Final Meeting Set for August 24
SELIGMAN MASTER: Shareholders' Final Meeting Set for August 24
SELIGMAN INVESTMENT: Shareholders' Final Meeting Set for August 24
TIKEHAU CREDIT: Shareholders' Final Meeting Set for August 31
TIKEHAU MASTER: Shareholders' Final Meeting Set for August 31


J A M A I C A

CLARENDON ALUMINA: Government to Decide on Sale of Firm's Shares
* JAMAICA: First Quarter Aid Flow Drops 76% to JM$663 Million


M E X I C O

VITRO SAB: Noteholders Want Recognition Petition Dismissed


T R I N I D A D  &  T O B A G O

CL FINANCIAL: To Lay Out New Payment Plan to Bondholders Today


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


ATHOS FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Athos Funding Ltd received on August 9, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LEAFS CMBS I: Shareholders' Final Meeting Set for August 23
-----------------------------------------------------------
The shareholders of Leafs CMBS I Ltd. will hold their final
meeting on August 23, 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:

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


NGFD-ALTERNATIVE: Shareholders' Final Meeting Set for August 23
---------------------------------------------------------------
The shareholders of NGFD-Alternative Trading Ltd. will hold their
final meeting on August 23, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NGFD-EMERGING: Shareholders' Final Meeting Set for August 23
------------------------------------------------------------
The shareholders of NGFD-Emerging Bond Trading Ltd. will hold
their final meeting on August 23, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NGFD-HY BOND: Shareholders' Final Meeting Set for August 23
-----------------------------------------------------------
The shareholders of NGFD-HY Bond Trading Ltd. will hold their
final meeting on August 23, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NGFD-HY EQUITY: Shareholders' Final Meeting Set for August 23
-------------------------------------------------------------
The shareholders of NGFD-HY Equity Trading Ltd. will hold their
final meeting on August 23, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NGFD-INCOME EQUITY: Shareholders' Final Meeting Set for August 23
-----------------------------------------------------------------
The shareholders of NGFD-Income Equity Trading Ltd. will hold
their final meeting on August 23, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NGFD-INVESTMENT: Shareholders' Final Meeting Set for August 23
--------------------------------------------------------------
The shareholders of NGFD-Investment Grade Bond Trading Ltd. will
hold their final meeting on August 23, 2011, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SELIGMAN FINANCIAL: Shareholders' Final Meeting Set for August 24
-----------------------------------------------------------------
The shareholders of Seligman Financial Spectrum Master Fund will
hold their final meeting on August 24, 2011, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SELIGMAN FUND: Shareholders' Final Meeting Set for August 24
------------------------------------------------------------
The shareholders of Seligman Financial Spectrum Fund will hold
their final meeting on August 24, 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:

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


SELIGMAN GLOBAL: Shareholders' Final Meeting Set for August 24
--------------------------------------------------------------
The shareholders of Seligman Global Tech Spectrum (Master) Fund
will hold their final meeting on August 24, 2011, at 9:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SELIGMAN MASTER: Shareholders' Final Meeting Set for August 24
--------------------------------------------------------------
The shareholders of Seligman Investment Opportunities Master Fund
will hold their final meeting on August 24, 2011, at 9:40 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SELIGMAN INVESTMENT: Shareholders' Final Meeting Set for August 24
------------------------------------------------------------------
The shareholders of Seligman Investment Opportunities Fund will
hold their final meeting on August 24, 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:

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


TIKEHAU CREDIT: Shareholders' Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Tikehau Credit Opportunities Fund will hold
their final meeting on August 31, 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:

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


TIKEHAU MASTER: Shareholders' Final Meeting Set for August 31
-------------------------------------------------------------
The shareholders of Tikehau Credit Opportunities Master Fund will
hold their final meeting on August 31, 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:

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


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


CLARENDON ALUMINA: Government to Decide on Sale of Firm's Shares
----------------------------------------------------------------
RJR News reports that Jamaica Minister of Finance Audley Shaw said
a decision will be made on the sale of the government's stake in
Clarendon Alumina Production (CAP) before the end of August.

The delayed divestment is one of the factors contributing to the
International Monetary Fund (IMF) pushing back its quarterly
review of Jamaica, according to RJR News.

"We have before us, offers for the purchase of our shareholding in
Clarendon Alumina Production and a decision should be made by the
end of August," RJR News quoted Mr. Shaw as saying.

Last year, the report recalls, the government agreed with the IMF
to divest its stake in Jamaica Railway Corporation (Jamalco),
which is owned through CAP.  However, RJR News relates that the
deadline to complete the transaction by March 31, 2011, was
missed.

Headquartered in Kingston Jamaica, Clarendon Alumina Production
(CAP) is 100% owned by the Government of Jamaica.  CAP holds a 45%
interest, as a co-tenant in common, in the assets of Jamalco, a
joint venture with Alcoa Minerals of Jamaica, a Delaware, USA
limited liability company. AMJ is owned by Alcoa World Alumina LLC
and Alcoa Caribbean Alumina Holdings, LLC.  These two companies
are indirectly wholly owned 60% by Alcoa, Inc., and 40% by Alumina
Ltd.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 28, 2010,
Moody's Investors Service changed the ratings outlook of Clarendon
Alumina Production to stable.  The rating on CAP's $200 million of
8.5% senior unsecured notes due 2021 remains Caa1.


* JAMAICA: First Quarter Aid Flow Drops 76% to JM$663 Million
-------------------------------------------------------------
Jamaica Gleaner reports that foreign aid to Jamaica has slowed
down amid uncertainty about the International Monetary Fund
agreement and the secretive discussions on the country's
performance on the last two tests.

A newly released financial data from the Ministry of Finance
revealed that Jamaica was expecting aid flows of JM$2.8 billion in
the first fiscal quarter ending June, but got only JM$663 million,
a JM$2.1 billion or 76% shortfall, according to Jamaica Gleaner.
The report relates that the European Union has already
acknowledged that it has cut off distributions pledged to Jamaica,
pending more certainty on the IMF talks.

Jamaica Gleaner notes that Jamaica was also JM$2.4 billion off-
target on tax collections, forcing a re-engineering of its
spending plans in the quarter.  Jamaica Finance Minister Audley
Shaw issued spending warrants valued at JM$79.5 billion, but this
was JM$9.6 billion less than budgeted, the report relays.

Jamaica Gleaner says a third of the savings, JM$3.1 billion, was
from lower-than-projected domestic debt-servicing charges, while
JM$5.6 billion was due to retrenched capital and recurrent
programs.  The report notes that total revenue and grants for the
period amounted to JM$73.6 billion -- JM$64.4 billion in the form
of taxes.

Jamaica Gleaner discloses that the dramatic cuts were more than
sufficient to keep Mr. Shaw well within his first-quarter deficit
mark.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, in its annual report on Jamaica's sovereign
ratings, Moody's Investors Service said its Jamaica's B3 foreign-
and local-currency government bond ratings and stable outlook
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.


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


VITRO SAB: Noteholders Want Recognition Petition Dismissed
----------------------------------------------------------
Members of the Ad Hoc Group of Vitro Noteholders ask the U.S.
Bankruptcy Court for the Northern District of Texas to dismiss the
case purportedly commenced by the filing of the recognition
petition by Alejandro Francisco Sanchez-Mujica and Javier
Arechavleta Santos.

The Adhoc Group serves as holders of or managers of entities that
hold beneficial interests in three series of notes issued by
Vitro, S.A.B. de CV and guaranteed by Vitro Packaging de Mexico
S.A. de CV, and parties-in-interest in the Debtors' cases.

According to the Noteholders, VPM's recognition petition must be
denied as a matter of law because VPM's center of main interest is
not in Mexico, the petitioners are not eligible under the Mexican
law to be its foreign representatives and because VPM is not
currently party to a foreign proceeding within the meaning of
Section 101(23) of the Bankruptcy Code.

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).

Vitro defaulted on its debt in 2009 and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                      Chapter 11 Proceedings

A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange.  Together, they held US$75 million, or approximately
6% of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.  The
U.S. subsidiaries subsequently sold their businesses to an
affiliate of Sun Capital Partners Inc. for US$55 million.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.


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


CL FINANCIAL: To Lay Out New Payment Plan to Bondholders Today
--------------------------------------------------------------
Jamaica Gleaner reports that Jamaica Central Securities Depository
(JCSD) said CL Financial Limited will today, August 11, offer its
latest payment plan to bondholders, including the Black Sand
investment titans, regarding a US$240-million bond in default.

The parties were expected to finalize payment last month following
the initial 2009 default of the bond, used mainly to finance CL
Financial's 2008 acquisition of Lascelles deMercado & Company.
The report relates that Black Sand Acquisition Inc. is seeking to
acquire Lascelles deMercado in lieu of payment, amid other reasons
outlined by the investors.

The bond was issued through CL Financial's subsidiary CL Spirits,
according to Jamaica Gleaner.  Another tranche was issued in
Trinidad, bringing the total to US$342 million, the report
relates.

Jamaica Gleaner notes that JCSD is the trustee for the note
holders and the banks that have lent money to CL Financial in this
deal.  The report relays JCSD General Manager Robin Levy explained
that the bond's principal has been in default but its interest
payments have always been met by the CL Financial.

Jamaica Gleaner discloses that Mr. Levy said the CL Sprits bond
should have matured Jan. 2010, but CL Financial bought time
following a series of negotiations with stakeholders.  The report
relates that the amount still owed to bondholders was not
ascertained.

CL Spirits was the vehicle chiefly used by CL Financial to acquire
Lascelles deMercado, as well as raise debt to help finance the
US$9.25-per share deal that closed in July 2008, Jamaica Gleaner
recalls.

CL Financial's Jamaican-owned assets include Lascelles deMercado
and, up to last week, a 38% stake, or 554 million shares, in
Jamaica Money Market Brokers held by subsidiaries Colonial Life
Insurance Company (Trinidad) Limited (CLICO) and CLICO Investment
Bank, Jamaica Gleaner says.

Last month, Jamaica Gleaner discloses, Lascelles deMercado made a
JM$3-billion dividend payment to shareholders.  CL Financial,
which holds 87% Lascelles stock, mainly via CL Spirit, earned
JM$2.5 billion from the dividends, or about 12% of the total value
of the bond in default, the report notes.

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 Mercado's ordinary shares, all its 6%
preference shares and its 15% preference shares.  Lascelles de
Mercado'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 Mercado 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 Mercado, 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.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            ***********


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 * * *