TCRLA_Public/110912.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, September 12, 2011, Vol. 12, No. 180

                            Headlines



A R G E N T I N A

FINANCIERO SUPERVIELLE: Moody's Rates ARS4.8MM Certs. at 'Ca.ar'
METROGAS S.A.: Posts ARS17.7MM Net Loss in 6 Months Ended June 30


B E L I Z E

* BELIZE: IDB Approves US$10-Mil. Loan for Drainage & Road Repair


B E R M U D A

AHLI MAN: Placed Under Voluntary Wind-Up
AHLI MAN: Member to Receive Wind-Up Report on September 26
AIP GLOBAL: Creditors' Proofs of Debt Due September 21
AIP GLOBAL: Members' Final Meeting Set for September 28
CONOCOPHILLIPS: Creditors' Proofs of Debt Due September 16

CONOCOPHILLIPS: Members' Final Meeting Set for Oct. 7
ERMITAGE NORTH: Creditors' Proofs of Debt Due September 14
ERMITAGE NORTH: Members' Final Meeting Set for October 4
IRC RE: Creditors & Contributories to Hold Meeting on Sept. 20
SCAF 1: Creditors' Proofs of Debt Due September 16


C A Y M A N   I S L A N D S

CUPID I CAPITAL: Shareholders' Final Meeting Set for September 16
DRAX ELECTRIC: Shareholders Receive Wind-Up Report
MEADOWBANK INVESTMENTS: Shareholders' Meeting Set for Sept. 16
PICO INVESTMENTS: Shareholders' Final Meeting Set for Sept. 28
PYRENEES MASTER: Members' Final Meeting Set for Sept. 12

PYRENEES GLOBAL: Members' Final Meeting Set for Sept. 12
ROBINSON INTERNATIONAL: Shareholders' Meeting Set for Sept. 16
UNITED LATIN: Shareholders' Final Meeting Set for September 16
WOODSIDE HOLDINGS: Shareholders' Final Meeting Set for Sept. 28
YH FUNDING: Shareholders' Final Meeting Set for September 16


J A M A I C A

* JAMAICA: World Bank Approves US$100 Million Loan


M E X I C O

* TONALA MUNICIPALITY: Moody's Raises Issuer Rating to 'B3'


P U E R T O   R I C O

R&G FINANCIAL: Disclosure Statement Hearing Continued to Sept. 26


T R I N I D A D  &  T O B A G O

CL FIN'L: Bondholders Wait Word On Primera Group Sale Proceeds


X X X X X X X X

* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2011


                            - - - - -


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A R G E N T I N A
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FINANCIERO SUPERVIELLE: Moody's Rates ARS4.8MM Certs. at 'Ca.ar'
----------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos Banex
50 issued by Deustche Bank S.A., acting solely in its capacity as
Issuer and Trustee.

-- ARS30,000,000 in Class A Fixed Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos Banex 50", rated
    Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
    Scale, Local Currency)

-- ARS75,600,000 in Floating Rate Debt Securities of
"Fideicomiso
    Financiero Supervielle Creditos Banex 50", rated Aaa.ar (sf)
    (Argentine National Scale) and Ba1 (sf) (Global Scale, Local
    Currency)

-- ARS9,600,000 in Class C Fixed Rate Debt Securities of
    "Fideicomiso Financiero Supervielle Creditos Banex 50", rated
    A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global
    Scale, Local Currency)

-- ARS4,800,000 in Certificates of "Fideicomiso Financiero
    Supervielle Creditos Banex 50", rated Ca.ar (sf) (Argentine
    National Scale) and Ca (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 23,007 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS120,001,525.19.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security-Administracion Nacional de la Seguridad
Social).  The pool is also constituted by loans granted to
government employees of the Province of San Luis.  Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 13.50%.  The Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread of 407 bp.  The Floating Rate
Debt Securities' interest rate will never be higher than 23% or
lower than 13%.  The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.

Overall credit enhancement is comprised of subordination: 75% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market.  These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.  Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%.  Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%.  These assumptions are
derived from the historical performance to date of the Banex's
pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 9.52%
expected loss for Class C Fixed Rate Debt Securities and 46.28%
for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 6%
from the base case scenario for the pool (i.e., most likely
scenario of 16%, a minimum of 11% and a maximum of 26%), the
ratings of the Classes A and Floating Rate securities would be
unchanged. The ratings for Class C Fixed Rate debt securities and
Certificates would be downgraded to Ca (sf) and C (sf)
respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction.  If Banco Supervielle is removed
as servicer, Deustche Bank S.A. will be appointed as the back-up
servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


METROGAS S.A.: Posts ARS17.7MM Net Loss in 6 Months Ended June 30
-----------------------------------------------------------------
MetroGAS S.A. filed its unaudited consolidated interim financial
statements as of June 30, 2011, reporting a net loss of
ARS17.7 million on ARS544.4 million of sales for the six months
ended June 30, 2011, compared with a net loss of ARS38.4 million
on ARS519.0 million of sales for the same period of 2010.

The Company's balance sheet at June 30, 2011, showed total assets
of ARS2.541 billion, total liabilities of ARS1.732 billion,
minority interest of ARS621,000, and shareholders' equity of
ARS808.2 million.

        Reorganization Proposal to All Unsecured Creditors

On July 12, 2011, the Company presented before the Court a
Reorganization Proposal to all unsecured creditors with proved
and admissible claims.  The offer consists of the payment of the
unsecured claims, either proved or admissible, by means of the
delivery, in exchange for and payment of such credits, of
negotiable obligations payable in 14 years, in American Dollars,
for forty five per cent (45%), measured in American Dollars, of
the unsecured claims verified or declared admissible (the
"Negotiable Obligations").

The Negotiable Obligations will be amortized 1% per year from
year 3 to, and including, year 13, and the remaining balance
(89%) will be amortized at the maturity of the Negotiable
Obligations, in the year 14.  The Negotiable Obligations will
accrue interest at an annual fixed rate of 4% and will be issued
in two series under substantially the same terms and conditions.
Both will be offered in public bids.  One of the series will be
offered in exchange to those creditors with unsecured claims who
hold existing negotiable obligations with public offer, and the
other series will be offered to the other unsecured creditors who
are not bondholders.

                       Going Concern Doubt

As reported in the TCR on May 3, 2011, Price Waterhouse & Co.
S.R.L., in Buenos Aires, Argentina, expressed substantial doubt
about MetroGas S.A.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted of uncertainties related to the suspension of the original
regime for tariff adjustments and the Company's petition for
voluntary reorganization in an Argentine Court on June 17, 2010.

A copy of the Company's unaudited consolidated interim financial
statements for the six months ended June 30, 2011, is available
at: http://is.gd/tHZ1nC

                          About MetroGas

Buenos Aires, Argentina-based MetroGAS S.A., which listed its
American Depositary Shares on the New York Stock Exchange and
Buenos Aires Stock Exchange in November 1994, is Argentina's
largest natural gas distribution company in terms of number of
customers and volume of gas deliveries, according to the 2010
annual report of ENARGAS, an agency of the Argentine Government,
which has broad authority over the gas distribution and
transportation industries, including their tariffs.  The Company
has approximately 2.2 million customers in its service area (the
city of Buenos Aires and southern and eastern greater
metropolitan Buenos Aires).  The Company is one of nine natural
gas distribution companies formed in connection with the
privatization of Gas del Estado.

The suspension of the original regime for tariff adjustments and
the inability to generate sufficient cash flows to pay its
financial debt obligations led the Company to file a petition for
a voluntary reorganization proceeding (concurso preventivo) in an
Argentine court on June 17, 2010.


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B E L I Z E
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* BELIZE: IDB Approves US$10-Mil. Loan for Drainage & Road Repair
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$10
million loan to rehabilitate and improve drainage and road
infrastructure in Belize City.  Additional funding is to be
provided by the Government of Belize.

The five-year program will help rehabilitate and maintain 3,300
meters of canals, increasing their drainage capacity and reducing
the frequency and duration of floods.  Interventions will also
include construction of side drains and resurfacing of streets
affected by recent flooding, covering a total of 22,700 square
meters of road surface.

The total cost of the program will be US$10.75 million, including
US$750,000 in counterpart funds provided by the Government of
Belize.  The IDB loan has an amortization period of 25 years,
with a 5-year grace period, at a LIBOR-based interest rate.


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B E R M U D A
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AHLI MAN: Placed Under Voluntary Wind-Up
----------------------------------------
On May 14, 2011, the member of Ahli Man AP Strategic Trading
Limited passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
September 7, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


AHLI MAN: Member to Receive Wind-Up Report on September 26
----------------------------------------------------------
The member of Ahli Man AP Strategic Trading Limited will receive
on September 26, 2011, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9
         Bermuda


AIP GLOBAL: Creditors' Proofs of Debt Due September 21
------------------------------------------------------
The creditors of AIP Global Diversified Ltd. are required to file
their proofs of debt by September 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 23, 2011.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


AIP GLOBAL: Members' Final Meeting Set for September 28
-------------------------------------------------------
The members of AIP Global Diversified Ltd. will hold their final
meeting on September 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 23, 2011.

The company's liquidator is:

         Nicholas Hoskins
         Victoria Place, 31 Victoria Street
         Hamilton HM 10
         Bermuda


CONOCOPHILLIPS: Creditors' Proofs of Debt Due September 16
----------------------------------------------------------
The creditors of ConocoPhillips (Sakakemang) Ltd. are required to
file their proofs of debt by September 16, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2011.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


CONOCOPHILLIPS: Members' Final Meeting Set for Oct. 7
-----------------------------------------------------
The members of ConocoPhillips (Sakakemang) Ltd. will hold their
final meeting on October 7, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


ERMITAGE NORTH: Creditors' Proofs of Debt Due September 14
----------------------------------------------------------
The creditors of Ermitage North American Absolute Fund 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 wind-up proceedings on August 25, 2011.

The company's liquidator is:

         David Morrissey
         1st Floor, 47 Esplanade
         St. Helier, Jersey JE1 9 LB
         Channel Islands


ERMITAGE NORTH: Members' Final Meeting Set for October 4
--------------------------------------------------------
The members of Ermitage North American Absolute Fund Limited will
hold their final meeting on October 4, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on August 25, 2011.

The company's liquidator is:

         David Morrissey
         1st Floor, 47 Esplanade
         St. Helier, Jersey JE1 9 LB
         Channel Islands


IRC RE: Creditors & Contributories to Hold Meeting on Sept. 20
--------------------------------------------------------------
The contributories and creditors of IRC RE Limited will hold
their first meetings on September 20, 2011, at 3:00 p.m. and 3:30
p.m. respectively.

Mike Morrison and Charles Thresh are the company's provisional
liquidators.


SCAF 1: Creditors' Proofs of Debt Due September 16
--------------------------------------------------
The creditors of SCAF 1 Ltd. are required to file their proofs of
debt by September 16, 2011, to be included in the company's
dividend distribution.

The company intends to declare dividend on September 30, 2011.

The company's liquidator is:

         Nigel Chatterjee
         c/o Pricewater-houseCoopers
         P.O. Box 1171 Hamilton
         HM EX
         Bermuda


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C A Y M A N   I S L A N D S
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CUPID I CAPITAL: Shareholders' Final Meeting Set for September 16
-----------------------------------------------------------------
The shareholders of Cupid I Capital, Ltd. will hold their final
meeting on September 16, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


DRAX ELECTRIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
On September 5, 2011, the shareholders of Drax Electric Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Philip John Hudson
         c/o Jodi Jones
         Telephone: (345) 949 7000
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


MEADOWBANK INVESTMENTS: Shareholders' Meeting Set for Sept. 16
--------------------------------------------------------------
The shareholders of Meadowbank Investments Limited will hold
their final meeting on September 16, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PICO INVESTMENTS: Shareholders' Final Meeting Set for Sept. 28
--------------------------------------------------------------
The shareholders of Pico Investments Ltd. will hold their final
meeting on September 28, 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:

         M. Erik Monsen
         The Crighton Building, Suite 201
         256 Crewe Road
         Grand Cayman, KY1-1102
         Cayman Islands


PYRENEES MASTER: Members' Final Meeting Set for Sept. 12
--------------------------------------------------------
The members of Pyrenees Global Value Master Fund, Ltd. will hold
their final meeting on September 12, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PYRENEES GLOBAL: Members' Final Meeting Set for Sept. 12
--------------------------------------------------------
The members of Pyrenees Global Value Offshore Fund, Ltd. will
hold their final meeting on September 12, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ROBINSON INTERNATIONAL: Shareholders' Meeting Set for Sept. 16
--------------------------------------------------------------
The shareholders of Robinson International Parent Limited will
hold their final meeting on September 16, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


UNITED LATIN: Shareholders' Final Meeting Set for September 16
--------------------------------------------------------------
The shareholders of United Latin America Ventures Inc. will hold
their final meeting on September 16, 2011, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WOODSIDE HOLDINGS: Shareholders' Final Meeting Set for Sept. 28
---------------------------------------------------------------
The shareholders of Woodside Holdings Ltd. will hold their final
meeting on September 28, 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:

         M. Erik Monsen
         The Crighton Building, Suite 201
         256 Crewe Road
         Grand Cayman, KY1-1102
         Cayman Islands


YH FUNDING: Shareholders' Final Meeting Set for September 16
------------------------------------------------------------
The shareholders of YH Funding Corporation will hold their final
meeting on September 16, 2011, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


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J A M A I C A
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* JAMAICA: World Bank Approves US$100 Million Loan
--------------------------------------------------
RJR News reports that the World Bank has approved a US$100
million loan for Jamaica.

The loan will be for a period of 18 and 1/2 years including a
9 1/2 year grace period, according to RJR News.  The report
relates that the World Bank did not say at what interest rate the
loan was made.

The government, however, said it intends to use the money to
carry out three functions, RJR News discloses.

The report says that the first is to help finance the enhancement
of fiscal and debt sustainability.  RJR News relates that in
addition to that, the money will be used to increase the
efficiency of financial management and the budget process and
also to reduce distortions and enhancing the efficiency of the
tax system.  This loan now means a total of US$400 million has
been lent to Jamaica by the World Bank since January 2009, the
report recounts.


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M E X I C O
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* TONALA MUNICIPALITY: Moody's Raises Issuer Rating to 'B3'
-----------------------------------------------------------
Moody's de Mexico upgraded the Municipality of Tonala's issuer
ratings to B3 (Global Scale, Local Currency) and B3.mx (Mexico
National Scale) from Caa2 (Global Scale, Local Currency) and
Caa2.mx (Mexico National Scale).  The outlook remains negative.
Moody's also upgraded debt ratings assigned to Tonala's MXN 550
million enhanced loan (original face value) from Interacciones to
B1/Baa3.mx from B3/B2.mx.  In addition, Moody's upgraded debt
ratings of a MXN 250 million enhanced loan (original face value)
from HSBC to B3/B3.mx from Caa2/Caa2.mx.

Ratings Rationale

The upgrade of the issuer rating reflects the recent elimination
of a rating trigger embedded in Tonala's loan contract with HSBC,
which made this loan immediately due and payable in full.  The
assigned ratings are consistent with Tonala's recent financial
deterioration, as evidenced by large cash financing requirements
and gross operating deficits, and expectations that, as a result,
already very high debt levels will continue to increase.  The
outlook remains negative reflecting the low likelihood that
fiscal imbalances will be redressed by recently implemented cost
reduction measures.

During the last two years, the municipality of Tonala has
recorded large gross operating deficits and cash financing
requirements as a consequence of operating expenditure pressures
stemming from personnel costs, general services and interest
payments, coupled with stagnant capital revenues.  While the
municipality has implemented initiatives to control growth in
operating expenditures, which could help it move towards a more
balanced position in the long term, Moody's expects financial
pressure will persist over the short term.

In 2010, net direct and indirect debt levels increased to 113.5%
of total revenues, the highest debt levels among Mexican
municipalities rated by Moody's, while the median for B rated
Mexican municipalities stood at 49.5% in 2010.

The upgrade of the HSBC loan debt ratings to B3/B3.mx (same as
the issuer ratings) reflects the upgrade of Tonala's issuer
ratings resulting from the elimination of the rating trigger that
made the loan due and payable in full immediately, and the lack
of meaningful credit enhancements provided by the structure.

The HSBC loan presents the following structural weaknesses, as a
result of which the loan ratings do not receive any uplift from
the issuer rating:

   * Low debt service coverage ratios (below 1.0x DSC) provided
by
     pledged revenues according to Moody's financial projections;

   * Cash flows pledged to the trust are expected to be
     insufficient to replenish reserve funds in the medium term.

The upgrade of the debt ratings assigned to the MXN550 million
loan from Interacciones reflects the upgrade of Tonala's issuer
ratings.  Moody's recognizes that the loan enhancements provide
some uplift from the issuer ratings, and that the upgrade of the
issuer rating of the Municipality of Tonala to B3/B3.mx from
Caa2/Caa2.mx needs to be incorporated in the ratings assigned to
this enhanced loan.

While Moody's does not expect immediate upward pressure on the
ratings, as reflected by the assigned negative outlook, the
issuer ratings could face upward pressure if the municipality is
able to reduce the growth rate of operating expenditures, leading
to sustained gross operating surpluses and a reduction in the
current high debt levels and future borrowing needs.

In contrast, further financial deterioration that leads to
increased borrowing needs could exert downward pressure on the
issuer ratings.

The ratings assigned to the enhanced loans could face upward or
downward rating pressure if actual debt service coverages are
materially better or worse than Moody's projections.  Given the
links between the loans and the credit quality of the obligor, a
downgrade of the Municipality of Tonala's issuer ratings could
also exert downward pressure on debt ratings for the loans.
Conversely, an upgrade of Tonala's issuer ratings could result in
an upgrade of the ratings on the loan.  In addition, Moody's
notes that there have been problems with the timely reporting of
information related to the performance of the loans in the past.
While this appear to have been rectified, if this problem
reoccurs, it could result in the withdrawal of the loan ratings.

The principal methodologies used in this rating were Regional and
Local Governments Outside the US published in May 2008, The
Application of Joint Default Analysis to Regional and Local
Governments published in December 2008, and Enhanced Municipal
and State Loans in Mexico published in January 2011.


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


R&G FINANCIAL: Disclosure Statement Hearing Continued to Sept. 26
-----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has continued until Sept. 26,
2011, at 10:00 a.m., the hearing to consider adequacy of the
Disclosure Statement explaining R&G Financial Corp.'s Chapter 11
Plan.

The Disclosure Statement hearing was previously scheduled for
Aug. 16.

The Debtor filed its Chapter 11 Plan of Liquidation and its
corresponding Disclosure Statement on May 31, 2011.

In an attempt to consensually resolve all potential comments and
objections to the Disclosure Statement, the Debtor reached an
agreement with several interested parties to extend the deadline
to submit objections to the Disclosure Statement beyond the
Aug. 2 deadline set by the Court.

The Debtor relates that despite its best effort to resolve the
issues, it will not be able to resolve all potential Plan and
Disclosure Statement comments.

The Debtor notes that the continuation of the Disclosure
Statement hearing will be necessary and appropriate because the
Debtor needed to make additional modifications to the Plan and
Disclosure Statement in order to ensure that these documents
address the comments and concerns that it has received from
interested parties and comply with the requirements necessary to
solicit acceptances of its Plan.

As reported in the Troubled Company Reporter on June 16, 2011,
pursuant to the Plan, liquidating RGFC will continue in operation
in order to monetize the remaining assets, continue litigation
with the FDIC and potentially pursue litigation against other
parties, and make distributions under the Plan.  The Plan
Administrator will be appointed on the Effective Date of the Plan
and will be responsible for implementing the Plan, subject to the
oversight of the Plan Committee.

The Plan designates 7 classes of claims and interests:

Class         Claim              Status         Voting Rights
----- -------------------------  ---------- ---------------------
1    RGFC Secured Claims         Unimpaired No(deemed to accept)
2    Non-FDIC Priority Claims    Unimpaired No(deemed to accept)
3    FDIC Priority Claims        Impaired   Yes
4    RGFC Gen. Unsecured Claims  Impaired   Yes
5    Subordinated Notes Claims   Impaired   Yes
6    RGFC Preferred Stock Claims Impaired   No(deemed to reject)
7    RGFC Common Stock Interests Impaired   No(deemed to reject)

Absent a successful resolution of the FDIC Priority Claims, no
distributions will be made to holders of Allowed Claims in any
RGFC Classes, other than Class 1 and Class 2.

Each holder of an Allowed Class 3 Claim will receive all Net Free
Cash as it is available until such Allowed Claim is paid in full.
The FDIC filed a Proof of Claim in the Chapter 11 case in an
unliquidated amount, but in excess of US$3.4 million, based on an
alleged capital maintenance commitment made to a Federal
depository institutions regulatory agency, but does not include
documentation or evidence to substantiate the existence of its
alleged capital maintenance claim..  The Debtor believes that
ultimately, an FDIC Priority Claim will not be Allowed in any
amount.

Each Allowed General Unsecured Claim under Class 4, estimated to
range between US$10.9 million and US$15.4 million, will receive a
Pro Rata distribution of the Residual Net Free Cash.  The
Projected Recovery under the Plan is 0.30%-2.3%.

Each Allowed Subordinated Notes Claims under Class 5, estimated
at approximately US$385 million, will receive a Pro Rata
distribution of the Residual Net Free Cash.  Projected Recovery
under the Plan is 0.30%-2.3%.

RGFC Preferred Stock Interests under Class 6, and RGFC Common
Stock Interests under Class 7, are deemed canceled.

A copy of the disclosure statement is available at:

           http://bankrupt.com/misc/r&gfinancial.DS.pdf

In a separate order, the Court extended until Oct. 31 the
Debtor's exclusive periods to solicit acceptances for the
proposed Chapter 11 Plan.

                           Amended Plan

BankruptcyData.com reports that R&G Financial filed with the U.S.
Bankruptcy Court a First Amended Chapter 11 Plan of Liquidation
and related Disclosure Statement.

According to the Disclosure Statement, "On the Effective Date,
all of the Debtor's assets shall be transferred to, and vest in,
Liquidating RGFC. The Plan provides for the appointment of
Clifford Zucker, CPA as the Plan Administrator and Wilmington
Trust Company as the Plan Consultant to oversee the activities of
Liquidating RGFC . . . In accordance with the Plan, on the
Effective Date, the persons then acting as directors, officers,
representatives and/or contract managers of the Debtor shall be
released and discharged from all further authority, duties,
responsibilities and obligations relating to and arising from the
Debtor or the Chapter II Case.  Nothing contained in the Plan
shall release the Debtor's officers and directors from claims for
actions taken before the Effective Date, including, but not
limited to, any claims or actions that may be investigated by
Wilmington Trust pursuant to the Derivative Standing Order, other
than as provided in Article IX of the Plan."

                        About R&G Financial

San Juan, Puerto Rico-based R&G Financial Corporation was the
direct parent of R-G Premier Bank of Puerto Rico, a state-
chartered nonmember bank, through which RGFC primarily conducted
its business.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 10-04124) on May 14, 2010.
Brent R. McIlwain, Esq., Robert W. Jones, Esq., Esq., at Patton
Boggs LLP, in Dallas; and Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, in Hato Rey, P.R., serve as the Debtor's
bankruptcy counsel.  The Debtor disclosed US$40,213,356 in assets
and US$420,687,694 in debts as of the Petition Date.


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

CL FIN'L: Bondholders Wait Word On Primera Group Sale Proceeds
--------------------------------------------------------------
The Gleaner reports that Jamaica Central Securities Depository
(JCSD) Trustee Services is awaiting notification on whether the
sale of a subsidiary within the CL Financial Group Limited would
result in the payment of local bondholders.

"We have no way of knowing conclusively if this will play a part
in the redemption of the notes," The Gleaner quoted Robin Levy,
general manager at JCSD Trustee Services, as saying.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2011, Guardian Media said that CL Financial has
completed the sale of all the issued and outstanding shares of
the Primera Group to Canadian junior energy firm, Touchstone
Exploration Inc., through its indirect wholly owned subsidiary,
Territorial Services Limited.  Touchstone Exploration acquired
all of the issued and outstanding shares of Primera Oil & Gas
Ltd., Primera Oilfield Management Services Ltd., and Primera East
Brighton Ltd. from CL Financial.  The Primera Group consists of
equity interests in three privately owned Trinidad-based
companies engaged in the exploration for and development and
production of oil and gas reserves in Trinidad and Tobago.

The Gleaner notes that CL Financial is in default on a
US$240 million bond used to finance its acquisition of Lascelles
deMercado and Company Limited.  Last month, the report recalls,
Jamaican bondholders offered CL Financial an extended deadline to
mid-September to determine a payment schedule for a US$240-
million bond in default.

                        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
===============


* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2011
-----------------------------------------------------

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

ARGENTINA
---------

ARGENT-$DIS           8.28     12/31/2033    USD         73.73
ARGENT-PAR            1.18     12/31/2038    ARS         53.67
ARGENT- DIS           7.82     12/31/2033    EUR            66
ARGENT- DIS           7.82     12/31/2033    EUR         67.75
ARGENT- DIS           4.33     12/31/2033    JPY            42
ARGENT- PAR&GDP       0.45     12/31/2038    JPY          8
BODEN 2014            2         9/30/2014    ARS            33
BOGAR 2018            2          2/4/2018    ARS          30.8


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

BANCO BPI (CI)         4.15   11/14/2035       EUR        31.4
BCP FINANCE BANK       5.01    3/31/2024       EUR        74.5
BCP FINANCE CO         5.54                    EUR        36.18
BCP FINANCE CO         4.23                    EUR        36.41
BES FINANCE LTD        5.58                    EUR        36.43
BES FINANCE LTD        4.5                     EUR        40.08
BES FINANCE LTD        5.77     2/7/2035       EUR        46.13
CHAODA MOD AGRI        3.7      9/1/2015       USD        76
CHINA FORESTRY         10.25   11/17/2015      USD        80
CHINA FORESTRY         10.25   11/17/2015      USD        74
CHINA MED TECH          6.25   12/15/2016      USD        64.45
CHINA MED TECH          4       8/15/2013      USD        69.5
CHINA SUNERGY           4.75    6/15/2013      USD        53
EFG ORA FUNDING         1.7    10/29/2014      EUR        50.43
ESFG INTERNATION        5.75                   EUR        38
IMCOPA INTL CAYM        5      12/19/2014      USD        33
JINKOSOLAR HOLD         4       5/15/2016      USD        69.34
SOLARFUN POWER H        3.5     1/15/2018      USD        69.75
SOLARFUN POWER H        3.5     1/15/2018      USD        69.67
SUNTECH POWER           3       3/15/2013      USD        66.66
SUNTECH POWER           3       3/15/2013      USD        68

CHILE
-----

AGUAS NUEVAS            3.4     5/15/2012      CLP         1.154
CGE DISTRIBUCION        3.25   12/1/2012       CLP         29.73
ESVAL S.A.              3.8     7/15/2012      CLP         24.87
LA POLAR SA             3.8    10/10/2017      CLP         51.34
MASISA                  4.25   10/15/2012      CLP         29.77
QUINENCO SA             3.5     7/21/2013      CLP         24.73


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

PUERTO RICO CONS         6.2     5/1/2017      USD         59.56
PUERTO RICO CONS         6.5     4/1/2016      USD         60.73

VENEZUELA
---------

PETROLEOS DE VEN         5.5    4/12/2037      USD         45.17
PETROLEOS DE VEN         5.37   4/12/2027      USD         48.36
PETROLEOS DE VEN         5.25   4/12/2017      USD         59.79
PETROLEOS DE VEN         5.12  10/28/2016      USD         60.74
PETROLEOS DE VEN         5     10/28/2015      USD         65.18
PETROLEOS DE VEN         8.5    11/2/2017      USD         71.11
PETROLEOS DE VEN         8.5    11/2/2017      USD         71.41
PETROLEOS DE VEN         4.9   10/28/2014      USD         73.49
VENEZUELA                7      3/31/2038      USD         55.88
VENEZUELA                7       3/31/2038     USD         55.75
VENEZUELA                6       12/9/2020     USD         59
VENEZUELA                7.65    4/21/2025     USD         60.25
VENEZUELA                8.25   10/13/2024     USD         64.25
VENEZUELA                9.25     5/7/2028     USD         67
VENEZUELA                7.75   10/13/2019     USD         68
VENEZUELA                9        5/7/2023     USD         68
VENEZUELA                7       12/1/2018     USD         70
VENEZUELA                9.25    9/15/2027     USD         69.35
VENEZUELA                9.25    9/15/2027     USD         67.50
VENZOD - 189000          9.37    1/13/2034     USD


                            ***********


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 * * *