TCRLA_Public/110815.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 15, 2011, Vol. 12, No. 160

                            Headlines



A R G E N T I N A

GE COMPANIA: Moody's Upgrades Local Currency Rating to 'Ba3'
TELEFONICA DE ARGENTINA: S&P Withdraws 'B' Foreign Currency CCR


B E R M U D A

AMERICAN CONSTANTINE: Creditors' Meeting Set for August 15
TRANSACTION NETWORK: Creditors' Proofs of Debt Due August 22
TRANSACTION NETWORK: Sole Member to Hear Wind-Up Report on Sept. 5


C A Y M A N   I S L A N D S

ALIMENTOS PACIFICO: Creditors' Proofs of Debt Due October 3
ARGENTINA CEREALES: Creditors' Proofs of Debt Due September 12
DALTEL SA: Creditors' Proofs of Debt Due October 5
DISTRIBUIDORA L'EQUIPE: Creditors' Proofs of Debt Due September 9
DROGUERIA BISOL: Creditors' Proofs of Debt Due September 16

MOROCCO SA: Creditors' Proofs of Debt Due September 12
NETCONDENSING SA: Creditors' Proofs of Debt Due October 5
PLANAMED SA: Applies for Bankruptcy Protection
REB SRL: Creditors' Proofs of Debt Due September 8


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Lascelles deMercado Rejects Black Sand's Bid


T U R K S  &  C A I C O S

OLINT CORP: Former Boss Gets 30 Years Jail Sentence
* TRINIDAD & TOBAGO: National Strike Action Will Hurt Economy


X X X X X X X X

* BOND PRICING: For the Week August 8, to August 12, 2011




                            - - - - -


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


GE COMPANIA: Moody's Upgrades Local Currency Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B2 the global
local currency deposit rating of Cordial Compania Financiera S.A.
At the same time, the national scale rating was upgraded to Aa2.ar
from A1.ar.

All the ratings have stable outlook.

These ratings were upgraded:

- Global local currency deposit rating to Ba3 from B2, with stable
  outlook

- National Scale local currency deposit rating to Aa2.ar from
  A1.ar

Ratings Rationale

The rating action is driven by the recent approval by the
Argentine Central Bank of the acquisition by Banco Supervielle
S.A. and Grupo Supervielle of 100% of Cordial Compania Financiera
S.A. (formerly GE Compania Financiera S.A.) from GE Capital
Corporation and GE International Holdings Corporation.  The name
is still in process of registration.

In January 2011, Moody's assigned first-time ratings to the
Company, however no parental support from GE neither from Banco
Supervielle were incorporated into the ratings at that time
because the purchase was still pending approval from the local
regulators.

The rating action captures Moody's assessment of a high
probability that Banco Supervielle (currently rated Ba3) would
provide support to its new subsidiary in a situation of stress.
Moody's Ba3 bank deposit rating for Cordial, therefore,
incorporates such potential parental support to its B2 baseline
credit assessment, thus results in two notches of uplift.

Cordial is now 95% owned by Banco Supervielle, with the remaining
5% held by Grupo Supervielle.  As part of the Supervielle group,
Moody's expects Cordial to benefit from improved funding
conditions, and from product and operational synergies that can be
achieved in its target market segments, which complements those
catered by Banco Supervielle.  Moody's notes that Cordial Compania
Financiera has a strategic alliance with Wal-Mart in Argentina as
the exclusive supplier of financial services within the retail
stores.

Headquartered in San Isidro, Argentina, Cordial Compania
Financiera S.A had ARS666 million in assets and ARS125 million in
shareholders' equity, as of March 2011.


TELEFONICA DE ARGENTINA: S&P Withdraws 'B' Foreign Currency CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' foreign
currency corporate credit rating on Argentina-based Telefonica de
Argentina S.A. (TASA) at the company's request.  On Aug. 1, 2011,
the company cancelled all of its capital markets obligations.

TASA, one of two incumbent telephone companies in Argentina, was
formed in 1990 after the privatization of state
telecommunications.  It currently holds about 50%, or 4.6 million,
of about 9.4 million lines in service in Argentina, and provides
basic telecom services for local, national, and international
long-distance, and broadband Internet throughout the country.
Spanish telecom operator, Telefonica S.A. (A-/Negative/A-2),
directly and indirectly owns 100% of TASA's shares.


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


AMERICAN CONSTANTINE: Creditors' Meeting Set for August 15
----------------------------------------------------------
The contributories and creditors of American Constantine Insurance
Company Limited will hold their first meetings on August 15, 2011,
at 11:30 a.m. and 12:00 noon respectively.

The meeting will be held at Commercial Court #2 in the Government
Administration Building, 30 Parliament St. in Hamilton HM12,
Bermuda.


TRANSACTION NETWORK: Creditors' Proofs of Debt Due August 22
------------------------------------------------------------
The creditors of Transaction Network Services, Ltd., are required
to file their proofs of debt by August 22, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2011.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


TRANSACTION NETWORK: Sole Member to Hear Wind-Up Report on Sept. 5
------------------------------------------------------------------
The sole member of Transaction Network Services, Ltd. will receive
on September 5, 2011, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 3, 2011.

The company's liquidator is:

         Ernest Morrison
         Cox Hallett Wilkinson
         Bermuda


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


ALIMENTOS PACIFICO: Creditors' Proofs of Debt Due October 3
-----------------------------------------------------------
Nancy Edith Gonzalez, the court-appointed trustee for Alimentos
Pacifico SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 3, 2011.

Ms. Gonzalez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Nancy Edith Gonzalez
         Lavalle 1290
         Argentina


ARGENTINA CEREALES: Creditors' Proofs of Debt Due September 12
--------------------------------------------------------------
Roberto Alfredo Mazzarella, the court-appointed trustee for
Argentina Cereales SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 12, 2011.

Mr. Mazzarella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Roberto Alfredo Mazzarella
         Ortega y Gasset 1827
         Argentina


DALTEL SA: Creditors' Proofs of Debt Due October 5
--------------------------------------------------
Juan Carlos De La Piedra, the court-appointed trustee for Daltel
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 5, 2011.

Mr. de la Piedra will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, 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:

         Juan Carlos De La Piedra
         Avenida Juan B. Justo 5096
         Argentina


DISTRIBUIDORA L'EQUIPE: Creditors' Proofs of Debt Due September 9
-----------------------------------------------------------------
Laura V. Alonso, the court-appointed trustee for Distribuidora
L'Equipe SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until September 9, 2011.

Ms. Alonso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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:

         Laura V. Alonso
         Aranguren 2344
         Argentina


DROGUERIA BISOL: Creditors' Proofs of Debt Due September 16
-----------------------------------------------------------
Alejandra Viviana Paz, the court-appointed trustee for Drogueria
Bisol SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until September 16, 2011.

Ms. Paz 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:

         Alejandra Viviana Paz
         Lavalle 1646
         Argentina


MOROCCO SA: Creditors' Proofs of Debt Due September 12
------------------------------------------------------
Pedro Alfredo Valle, the court-appointed trustee for Morocco SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 12, 2011.

Mr. Valle will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 2 in
Buenos Aires, with the assistance of Clerk No. 3, 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:

         Pedro Alfredo Valle
         Avenida de Mayo 1260
         Argentina


NETCONDENSING SA: Creditors' Proofs of Debt Due October 5
---------------------------------------------------------
Isaac Jozpe, the court-appointed trustee for Netcondensing SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 5, 2011.

Mr. Jozpe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

         Isaac Jozpe
         Uriburu 1054
         Argentina


PLANAMED SA: Applies for Bankruptcy Protection
----------------------------------------------
Planamed SA applied for bankruptcy protection.

The company defaulted on its payments last June 10.


REB SRL: Creditors' Proofs of Debt Due September 8
--------------------------------------------------
Elena Beatriz Tancredi, the court-appointed trustee for Reb SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 8, 2011.

Ms. Tancredi 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. 42, 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:

         Elena Beatriz Tancredi
         Tucuman 1545
         Argentina


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


CL FINANCIAL: Lascelles deMercado Rejects Black Sand's Bid
----------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that
Lascelles deMercado & Company Limited has rejected a takeover bid
by St. Lucia-based Black Sand Acquisition Limited.  Lascelles
deMercado is controlled by CL Spirits, a subsidiary of CL
Financial Limited.

Lascelles deMercado Secretary Jane George said that the Board of
Directors viewed Black Sand's offer as an "unsolicited and
unfunded...opportunistic attempt by former director William
McConnell to persuade CL Financial's noteholders to foreclose on
the [Lascelles deMercado] shares held by them as collateral and
sell [the shares] to Black Sand for less than half the price paid
for them by the CL Financial group," according to T&T Newsday.

The report notes that Ms. George urged shareholders not to tender
any shares until they have received and considered Lascelles
Directors' Circular "in short order".   T&T Newsday relates that
the Lascelles deMercado's board has asked Jamaica's Financial
Services Commission (FSC) and the Jamaica Stock Exchange (JSE) for
an extension of the deadline for submission of the Directors'
Circular because of the complexity of the Jamaican conglomerate's
operations.

Ms. George said that Lascelles deMercado's skepticism about the
offer lay partly on Black Sand's incompliance with the JSE rules
and the Securities (Take-Overs and Mergers) Regulations, T&T
Newsday notes.

The report discloses that the Lascelles deMercado's main concerns
are:

   -- insufficient details on Black Sand's equity structure,
      including who would own the Lascelles deMercado upon
      takeover;

   -- lack of evidence that Black Sands would be able to source
      US$270 million to complete the purchase of Lascelles
      deMercado's ordinary shares; and

   -- the uncertain future of the Lascelles deMercado's businesses
      and employees' jobs if Black Sand were to buy the Jamaican
      conglomerate.

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.  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.


=========================
T U R K S  &  C A I C O S
=========================


OLINT CORP: Former Boss Gets 30 Years Jail Sentence
---------------------------------------------------
Caribbean360.com reports that former Olint Corporation Limited
boss David Smith was sentenced to 30 years in a U.S. federal jail
for defrauding thousands of investors through a Ponzi scheme.

Before serving the sentence Mr. Smith will be returned to the
Turks and Caicos Islands to serve a six-and-a-half-year sentence
that was imposed in September 2010 after he pleaded guilty to
fraud and conspiracy charges, stemming from the same Olint scheme,
according to Caribbean360.com.  The report relates that American
authorities will seek his extradition after he completes the jail
time in the Caribbean island.

Caribbean360.com notes that U.S. District Judge Mary Scriven has
ordered that Mr. Smith's federal sentence run concurrently with
his sentence in the TCI, which means he will spend just under 24
years in the U.S. jail.

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2010, RadioJamaica said United States authorities sought
to extradite Mr. Smith from Turks and Caicos Islands for his
involvement in financial fraud cases.  The Jamaica Gleaner said
that Mr. Smith was indicted on 23 charges in the United States.
The report related that the indictment handed down in the U.S.
District Court for the Middle District of Florida, Orlando
Division, charged Mr. Smith with four counts of wire fraud, one
count of conspiracy to commit money laundering and 18 counts of
money laundering to conceal specified unlawful activity.
Caribbean News Now related that Mr. Smith defrauded more than
US$200 million from thousands of investors in Jamaica, the Turks
and Caicos Islands and Florida.

                         About Olint Corp

Olint Corporation Limited was an investment club owned by David
Smith.


* TRINIDAD & TOBAGO: National Strike Action Will Hurt Economy
-------------------------------------------------------------
Abby Brathwaite at Trinidad Express reports that ANSA McAL Group
of Companies Chairman A Norman Sabga warned about the impact any
national strike action could have on the economy.

"A national strike will not do the economy any good and it may
hurt the very people who are intending to strike more than help
them," Trinidad Express quoted Mr. Sabga as saying.  "The Minister
of Finance is saying that the country really cannot afford it and
I think people need to understand as well it's not just about take
home pay, it is about the level of performance and there are other
benefits that are being offered as well that need to be
articulated a lot better," he added.

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2011, Trinidad Express said 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.


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


* BOND PRICING: For the Week August 8, to August 12, 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.


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