TCRLA_Public/110902.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, September 2, 2011, Vol. 12, No. 174

                            Headlines


A R G E N T I N A

CENTRAL DE MONITOREO: Creditors' Proofs of Debt Due October 12
PLAYZONE SRL: Creditors' Proofs of Debt Due October 3
TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due October 14


B E R M U D A

DIGICEL GROUP: Government OKs Claro Merger But With Conditions


B R A Z I L

DIAGNOSTICOS DA AMERICA: Fitch Upgrades IDR Rating to 'BB+'
EDITORA ABRIL: Moody's Withdraws 'Ba3' Corporate Family Rating


C A Y M A N   I S L A N D S

BAY HARBOUR: Creditors' Proofs of Debt Due September 9
KME CAYMAN: Creditors' Proofs of Debt Due September 14
MARINILLA INVESTMENTS: Creditors' Proofs of Debt Due September 5
MEADOWBANK INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14
MSR ASIA: Creditors' Proofs of Debt Due September 5

PYRENEES GLOBAL: Creditors' Proofs of Debt Due September 5
ROBINSON INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 14
TERMINUS 1 LIMITED: Commences Liquidation Proceedings
TROPHY HUNTER: Creditors' Proofs of Debt Due September 9
YORK ENHANCED: Commences Liquidation Proceedings


M E X I C O

TUBO DE PASTEJE: Court Confirms Chapter 11 Plan


P U E R T O   R I C O

REITTER CORP: Term Loan Tranche Maturity Date Expires


T R I N I D A D  &  T O B A G O

CL FIN'L: Deloitte to Face Challenges in Recovering CLICO Assets


V E N E Z U E L A

* VENEZUELA: To Get US$100MM IDB Loan for Water & Sanitation


                            - - - - -


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


CENTRAL DE MONITOREO: Creditors' Proofs of Debt Due October 12
--------------------------------------------------------------
Juan Carlos Toledo, the court-appointed trustee for Central de
Monitoreo SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 12, 2011.

Mr. Toledo 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. 45, 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 Toledo
         Paraguay 729


PLAYZONE SRL: Creditors' Proofs of Debt Due October 3
-----------------------------------------------------
Aldo Ruben Maggiolo, the court-appointed trustee for Playzone
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 3, 2011.

Mr. Maggiolo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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:

         Aldo Ruben Maggiolo
         Jufre 250
         Argentina


TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due October 14
------------------------------------------------------------
Carlos A. Perez, the court-appointed trustee for Tejeduria
Oriental SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 14, 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.
45, 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 A. Perez
         Montevideo 765
         Argentina


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B E R M U D A
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DIGICEL GROUP: Government OKs Claro Merger But With Conditions
--------------------------------------------------------------
Steven Jackson at The Gleaner reports that the Jamaican
government has approved Digicel Group's acquisition of Claro
Jamaica.

Prime Minister Bruce Golding however said that the approval is on
the proviso that Digicel Group continues to operate two separate
networks, in what is meant to be a check on the market leader's
dominance, according to The Gleaner.

The Gleaner notes that Digicel Group wanted to integrate the
operations into a single network, but Prime Minister Golding
rejected that plan.

"Digicel Group will therefore be required to maintain a separate
network and complete a separate build-out of 90% penetration of
the island as required under the original Claro licenses . . . .
Fulfillment of these obligations will be vigorously monitored and
enforced," Prime Minister Golding said in a prepared speech
delivered in Parliament, The Gleaner notes.

"I have approved the acquisition of Claro Jamaica by Digicel
Group and the assignment of relevant licenses without any
modification to the licenses and the obligations contained
therein.  This means that Digicel Group will be required to
fulfill all of the obligations contained in the Claro Jamaica
licenses with regard to the type of facility and specified
service that must be provided, its interconnection obligations,
license limitations and network expansion obligations," Prime
Minister Golding added, The Gleaner relays.

However, the Claro name, which belongs to America Movil, will
disappear from Jamaica if the transaction goes through, The
Gleaner says.

Under the transaction, The Gleaner discloses, Denis O'Brien's
Digicel Group is selling his Honduras and El Salvador assets to
Carlos Slim's America Movil, and buying its Claro Jamaica
business.

Concurrently, Prime Minister Golding said that Digicel Group
agreed as part of negotiations to reduce calling rates across
networks by JM$3 and JM$2 for peak and off-peak periods,
respectively, The Gleaner adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2011, RJR News said Claro dealers are contemplating
legal action after complaining that they have been left in the
dark on the status of the proposed Claro/Digicel Group merger,
which was initially expected to be completed by the end of June.
The dealers are upset that there has been no formal response to a
request sent to Daryl Vaz, the Minister responsible for
Information, seeking a meeting to discuss their concerns about
the merger, according to RJR News.  The report related that Claro
dealers claimed they were racking up debts as they had received
little or no goods from the company to sell and were uncertain
about how they would be affected if the merger with Digicel Group
went through.

                        About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage,
superior customer care, a wide variety of products and services
and state-of-the-art handsets.  By offering innovative wireless
services and community support, Digicel Group has become a
leading brand across its 31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts &
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname,
Trinidad & Tobago and Turks & Caicos.  The Caribbean company also
has coverage in St. Martin and St. Barts.  Digicel Pacific
comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of Jan. 14, 2010, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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B R A Z I L
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DIAGNOSTICOS DA AMERICA: Fitch Upgrades IDR Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the following ratings of Diagnosticos
da America S.A. (DASA):

  -- Foreign and Local currency Issuer Default Rating (IDR) to
     'BB+' from 'BB';

  -- Outstanding unsecured notes due 2018 to 'BB+' from 'BB';

  -- National Scale rating to 'AA (bra)' from 'A+ (bra)'; and

  -- Local debentures issuance due to 2016 to 'AA (bra)' from 'A+
     (bra)'.

In conjunction with these upgrades, Fitch has assigned a foreign
currency IDR of 'BB+' to DASA Finance Corporation.  The corporate
Rating Outlook is Stable.

The upgrades reflect DASA's stronger business and financial
profile which is due to an improvement in its cash flow
generation as a result of gains of scale and synergies from past
acquisitions.  The company's 2011 merger with MD1 Diagnosticos
S.A. (MD1) should further strengthen DASA's business and
competitive position in the industry due to its important market
presence and expertise in its imaging services portfolio, which
historically has higher profitability compared to clinical
analysis tests.  This merger, which was approved in January and
which valued MD1 at BRL1.1 billion, was financed through a share
exchange (26.3% of DASA's capital) and the payment of BRL88
million to the minority shareholders of some of MD1's
subsidiaries. Fitch expects that the company will maintain its
conservative capital structure going forward, while maintaining
an adequate liquidity position.

DASA's credit ratings are supported by the company's leading
position in the Brazilian medical diagnostics industry and a
strong and diversified portfolio of services.  The ratings also
take into consideration the company's conservative financial
strategy, historically using a mix of debt and equity to fund
growth.  Further factored into DASA's ratings are its presence in
many segments of the diagnostic healthcare market and the
diversification with its exposure to multiple counterparties.
Considerations that limit DASA's ratings are the rapid
consolidation of the diagnostic industry, competitive pressures,
the need to manage reputational risks, and the potential for
counterparty payment risk to increase during an economic crisis.

Strong Business Position

As the leading provider of diagnostic services in Brazil, DASA is
able to provide an array of services not offered by its
competitors. DASA is the largest company in a fragmented industry
with an estimated 11% market share.  Its size, recognized
reputation, multibrand portfolio and broad geographic
diversification are competitive advantages.  Besides the
outpatient and impatient services, which represent around 80% of
the company's revenues, DASA also operates the lab-to-lab
services (12% of its revenues) and offers services to Public
Entities (i.e. governments).

DASA's mix of services is distributed between clinical analysis
and imaging tests (60%/40%).  The company's strategy is to
increase its share of imaging services because of their higher
profitability; nevertheless, the greater market opportunities are
still related to the clinical analysis testing, which should
continue to support the current mix level going forward.

Challenges to Integrate MD1 and Increasing Competition

DASA's main challenge is associated with the integration of MD1,
which is still pending regulatory approvals.  On July 26, 2011,
the Attorney General's Office of the Administrative Council for
Economic Defense (Pro-CADE) released a legal opinion regarding
the DASA and MD1 merger.  According to this legal opinion, Pro-
CADE requires a provisional remedy so that the company will
maintain separate managements of the two companies until a final
decision is made.  The conclusion of the process of integrating
MD1 is crucial for DASA in its effort to achieve a full range of
synergies.  An unfavorable decision by CADE could limit future
synergies and improvements in profitability, but independent of
CADE's outcome, DASA is already operating with strong
fundamentals and continues to capture synergies from other recent
acquisitions.  The major benefits of the merger will likely be
greater bargaining power with suppliers, synergies related to
improving logistics costs and understanding MD1's expertise in
managing the imaging services, which are already on course to be
captured.

Increasing Operating Cash Flow; Free Cash Flow Recovery Is
Expected

DASA generated BRL384 million of EBITDA and BRL274 million of
funds from operations (FFO) during 2010. The EBITDA margin of
26.7% during 2010 was an increase of 3.9% over 2009 due to cost
structure improvements, synergy gains and the lower pace of
acquisitions.  On a pro forma basis, including MD1, consolidated
EBITDA during 2010 was BRL504 million and BRL524 million for the
last 12 months (LTM) ended in June 2011.  Pro forma EBITDA
margins were 25,8% and 25,5% in 2010 and in June 2011,
respectively, a slightly deterioration reflecting non-recurring
integration expenses.

DASA's cash flow generation during the LTM ended in June, 2011
was negatively affected by higher interest payments due to the
company's strategy to repurchase its U.S. dollar-denominated debt
(bonds) and substitute for local debentures issuance.  Fitch
expects DASA to recover its free cash flow (FCF) generation going
forward in 2012, which should enable the company to fund its
capex plan from internal resources. Capital expenditures should
go toward to the opening of new patient service centers (PSC),
and renewal and expansion of imaging equipment and technological
systems.  Fitch expects capex of around BRL150 million in 2011.

Improving Financial Profile

DASA's leverage is low for the rating category. In June 2011, per
Fitch calculations on a pro forma basis, DASA's total debt/EBITDA
ratio was 2.1 times (x), while its net debt/EBITDA ratio was
1.5x.  DASA has a good track record of maintaining an adequate
capital structure, demonstrated by its four-year (2007-2010)
average net debt/EBITDA ratio of 1.9x. Fitch expects the
company's 2012 total debt/EBITDA ratio to be approximately 1.5x.
The stronger FCF generation and lower leverage going forward
should give DASA's ratings headroom for small-sized acquisitions
or potential shareholder-friendly measures.  As of June 30, 2011,
DASA's total consolidated debt was BRL1.1 billion, which
primarily consists of BRL715 million of local debentures, BRL124
million of bank loans and BRL82 million of leasing obligations.
On a positive note, DASA has reduced its exposure to USD debt
with the repurchase of 87% of its 2018 unsecured bond issuance
(USD250 million).

Liquidity is satisfactory. As of June 30, 2011, DASA had BRL274
million of cash and marketable securities and BRL207 million as
short-term debt.  The company's cash-to-short-term debt ratio was
1.3x and its cash plus CFFO (cash flow from operations) to short-
term debt ratio was 1.1x for the period.  The company faces low
debt amortizations levels in 2012 (june to December period) and
2013 (around BRL50 million).  Greater debt amortization pressures
should come from 2014 on, when it should start to amortize its
debentures issuance (BRL700 million). Nevertheless, the company
cash flow generation should be sufficient to support these
payments.

Favorable Outlook for the Brazilian Healthcare Industry

DASA's business model is expected to continue to benefit from the
long-term positive fundamentals of the under-penetrated Brazilian
healthcare market.  The improved socio-economic environment
during the last few years has increased Brazilian per capita GDP
levels and has lowered unemployment.  These factors have enabled
many people to switch from public healthcare to private
healthcare. Increased penetration of private health plans rose
from 19.1% in 2005 to 23.9% in 2010.  For 2011 and 2012, Fitch
expects an increase in GDP of 4.0% and 4.5%, respectively.  The
availability of a larger number of diagnostic tests, as well as
an aging population, should also support the increase of sector
demand over the next few years.

Key Rating Drivers

Ratings downgrades would most likely be driven by large debt-
financed acquisitions that move the company's capital structure
away from historical levels, change in management's strategy with
regard to the conservative capital structure, and a deterioration
in the company's reputation and leading market position.  Ratings
upgrades could occur with some combination of the following
factors: a greater than expected improvement in cash flow
generation, maintenance of strong liquidity position, and
successful consolidation of the medical diagnostic industry by
DASA without leveraging its balance sheet.


EDITORA ABRIL: Moody's Withdraws 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Editora Abril S.A.'s Ba3
and A2.br corporate family ratings for its own business reasons.

These ratings were withdrawn:

  -- Corporate family ratings: Ba3/A2.br

Ratings Rationale

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

Editora Abril S.A., based in Sao Paulo, Brazil, is a privately
held company that operates the largest periodic magazine
publisher in Brazil, with net revenues of BRL 2.1 billion
(approx.  US$1.3 billion) in the last twelve months ended in June
2011.  Abril edits, publishes, prints and distributes a wide
selection of annual guides, technical and consumer magazines,
including "Veja".


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


BAY HARBOUR: Creditors' Proofs of Debt Due September 9
------------------------------------------------------
The creditors of Bay Harbour Partners, Ltd. are required to file
their proofs of debt by September 9, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


KME CAYMAN: Creditors' Proofs of Debt Due September 14
------------------------------------------------------
The creditors of KME Cayman Finance Ltd. are required to file
their proofs of debt by September 14, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


MARINILLA INVESTMENTS: Creditors' Proofs of Debt Due September 5
----------------------------------------------------------------
The creditors of Marinilla Investments Limited are required to
file their proofs of debt by September 5, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2011.

The company's liquidator is:

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


MEADOWBANK INVESTMENTS: Creditors' Proofs of Debt Due Sept. 14
--------------------------------------------------------------
The creditors of Meadowbank Investments Limited are required to
file their proofs of debt by September 14, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 1, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


MSR ASIA: Creditors' Proofs of Debt Due September 5
---------------------------------------------------
The creditors of MSR Asia Acquisitions XV, Inc., are required to
file their proofs of debt by September 5, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 3, 2011.

The company's liquidator is:

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


PYRENEES GLOBAL: Creditors' Proofs of Debt Due September 5
----------------------------------------------------------
The creditors of Pyrenees Global Value Master Fund, Ltd., are
required to file their proofs of debt by September 5, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

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


ROBINSON INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 14
--------------------------------------------------------------
The creditors of Robinson International Parent Limited are
required to file their proofs of debt by September 14, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 31, 2011.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Jennifer Chailler
         Telephone: (345) 814 6847
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands


TERMINUS 1 LIMITED: Commences Liquidation Proceedings
-----------------------------------------------------
On August 1, 2011, a written resolution was passed that
voluntarily liquidates the business of Terminus 1 Limited.

The company's liquidators are:

         S.L.C. Whicker
         K. Beighton
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1-345-815-2601 / +1-345-949-4800
         Facsimile: +1-345-949-7164 / +1-345-949-7164


TROPHY HUNTER: Creditors' Proofs of Debt Due September 9
--------------------------------------------------------
The creditors of Trophy Hunter Partners, Ltd., are required to
file their proofs of debt by September 9, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2011.

The company's liquidator is:

         Ogier
         c/o Jonathan McLean
         Telephone: (345) 815 1805
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


YORK ENHANCED: Commences Liquidation Proceedings
------------------------------------------------
On August 1, 2011, the directors of York Enhanced Strategies
Feeder Fund (Cayman) Ltd. passed a resolution that liquidates the
company's business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         John J. Fosina
         c/o Maples and Calder
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


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M E X I C O
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TUBO DE PASTEJE: Court Confirms Chapter 11 Plan
-----------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware confirmed the plan of reorganization of Tubo
de Pasteje, S.A., de C.V., on August 25, 2011, after determining
that it complies with the confirmation requirements laid out
under Section 1129(a) of the Bankruptcy Code.

The Plan provides for restructuring transactions contemplating:

   (a) the cancellation of the Old 2016 Notes and the ESBDS I
       Loan and the Series B Eligible Debt; and

   (b) the issuance of new debt securities, which New Series A
       Notes will be guaranteed by Tubo and secured by the
       capital stock of CLH to the holders of the Old 2016 Notes
       and the ESBDS I Loan and new debt securities, which will
       be on substantially the same terms as the New Series A
       Notes but will not be secured by any assets of the
       Reorganized Debtors, to holders of the Copper Debt and
       holders of the Commercial Paper who elect to accept the
       New Series B Notes in exchange for their Series B Eligible
       Debt.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2011, Michael Bathon at Bloomberg News says holders of
US$200 million in 11.5% notes will get the new Series A notes in
the same amount plus interest, which will be secured by the stock
of Tubo's U.S. unit, Cambridge-Lee Holdings Inc.  Lenders that
extended about US$803,000 of credit will share in the Series A
notes.  Holders of more than US$145 million in so-called "copper
debt notes" and holders of US$24.5 million of commercial paper
will get unsecured Series B notes in exchange for their claims.
The company will reinstate about US$39.8 million in debt owed on
a Bank of America Corp. loan, as well as about US$62.3 million
owed on a General Electric Capital Corp. loan.

A full-text copy of the Confirmation Order is available for free
at http://ResearchArchives.com/t/s?76c5

                      About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


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


REITTER CORP: Term Loan Tranche Maturity Date Expires
-----------------------------------------------------
The termination date of certain tranches of term loans from Banco
Popular de Puerto Rico to Reitter Corporation expired yesterday,
Sept. 1, 2011, unless otherwise extended by the court or parties.

The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico previously approved a stipulation
between the parties extending until Sept. 1, 2011, the
termination date of certain tranches of term loans.

Banco Popular has a secured claim for US$10,182,258.

The Debtor's proposed Chapter 11 plan provides that Banco Popular
will be paid in full at a 25-year amortization rate accruing a
per annum interest rate of 5% with a balloon payment of the
outstanding balance on April 30, 2014.  The bank will retain
unaltered its first mortgage on Reitter's realty and its lien
over almost all of Reitter's assets.

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor
disclosed US$20,440,765 in total assets and $17,250,033 in total
debts.  Alexis Fuentes-Hernandez, Esq., in San Juan, P.R.,
represents the Debtor as counsel.


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


CL FIN'L: Deloitte to Face Challenges in Recovering CLICO Assets
----------------------------------------------------------------
Natasha Beckles at NationNews.com reports that the Judicial
Manager of CLICO International Life Insurance Ltd., Deloitte
Consulting Ltd. represented by Oliver Jordan and Patrick Toppin,
may be challenged in valuing and recovering that company's assets
as some supporting documentation is missing.  CLICO is a
subsidiary of CL Financial Limited.

Deloitte Consulting provided by the company as at April 13, 2011,
showed that assets totaled $802 million, according to
NationNews.com.  The report relates that this consisted primarily
of amounts due from related companies and investments in
subsidiaries and associated companies.

NationNews.com notes that Deloitte's Interim Report to the High
Court of Barbados revealed that it had so far only been able to
access and review documentation to support $446 million of the
reported assets.

"The judicial manager noted that the ultimate solvency of the
company is dependent on the realization of its assets,
particularly amounts due from related companies which themselves
are in financial distress. . . .  Many of the underlying assets
of the related companies have already been pledged towards
statutory trusts that company is required to set up in various
jurisdictions in which it operates and which appear to be
currently underfunded," Deloitte's report stated, NationNews.com
relays.

The NationNews.com discloses that Deloitte Consulting noted the
total liabilities reported by the company as of April 13, 2011,
were stated as $768.4 million and included reserves of $695.1
million for policyholders' funds.

However, NationNews.com notes that an updated actuarial report as
of December 31, 2010, was received on May 15, 2011, and this
recommended that reserves of the company be $828 million.

Deloitte Consulting commissioned an independent review of the
company's actuarial report, the results of which indicated some
concerns about the assumptions and approach adopted by the
company's previous actuary, the report says.

NationNews.com relates that Deloitte Consulting then decided to
do further investigation to determine whether other adjustments
were required in the amount of reserves for policyholder
liabilities.

Deloitte Consulting said the company's Executive Flexible Premium
Annuity (EFPA) policies represented approximately 60% of the
actuarial reserves at Dec. 31, 2010, NationNews.com notes.

The EFPA balance at April 4, 2011, was $507.5 million
representing 1542 individual policies and 267 corporate policies,
NationNews.com relates.

On July 28, 2011, Deloitte Consulting submitted its final report
to the High Court setting out its findings and recommendations,
NationNews.com adds.

                        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.


=================
V E N E Z U E L A
=================


* VENEZUELA: To Get US$100MM IDB Loan for Water & Sanitation
------------------------------------------------------------
Venezuela will improve or expand access to water and sanitation
services to 11,000 households in up to 68 rural communities and
small towns with a US$100 million loan approved by the Inter-
American Development Bank (IDB).

The program will prioritize low-income populations in rural
communities and towns with fewer than 5,000 inhabitants, and will
provide training and technical assistance to enable community
organizations to sustainably manage and maintain the services.

The total cost of the program will be US$125 million, including
US$25 million in counterpart funds provided by the Bolivarian
Republic of Venezuela.

The project will be executed by Hidroven C.A. (Hidrologica de
Venezuela), a unit within the Ministerio del Poder Popular para
el Ambiente.  The IDB loan has an amortization period of 25
years, with a 4-year grace period and an interest rate based on
LIBOR.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Fitch Ratings has assigned a long-term foreign
currency rating of 'B+' to the Bolivarian Republic of Venezuela
US$4200 million Global bond (11.95% coupon) maturing in 2031.


                            ***********


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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