TCRLA_Public/110915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, September 15, 2011, Vol. 12, No. 183

                            Headlines





A R G E N T I N A

EZEVIAL SA: Creditors' Proofs of Debt Due Sept. 27
FRIGO CANUELAS: Creditors' Proofs of Debt Due November 18
HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
INDUSTRIAS BADAR: Creditors' Proofs of Debt Due October 31
LDF SA: Creditors' Proofs of Debt Due October 13

RYLC SA: Creditors' Proofs of Debt Due October 13
TALLERES DE ENCUADERNACION: Creditors' Proofs of Debt Due Nov. 1


C A Y M A N   I S L A N D S

ACA CLO: Shareholders' Final Meeting Set for Sept. 22
ADVENT ACCESS: Shareholders' Final Meeting Set for Sept. 22
ANTHRACITE BALANCED: Members Receive Wind-Up Report
ANWELL INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22
APOLLONIAN INVESTMENTS: Shareholders' Meeting Set for Sept. 22

ASIAN DRAGON: Shareholders' Final Meeting Set for Sept. 22
BUCKINGHAM PARTNERS: Shareholders' Final Meeting Set for Sept. 16
ELIXIR PIONEER: Shareholder Receives Wind-Up Report
ELIXIR PIONEER: Shareholder Receives Wind-Up Report
EMF DIVERSIFIED: Shareholders' Final Meeting Set for Sept. 16

FVP KAIROS: Shareholders' Final Meeting Set for Sept. 22
KPC HOLDINGS: Shareholders' Final Meeting Set for Sept. 21
LONG SHORT: Shareholders' Final Meeting Set for Sept. 16
ONESEVEN OFFSHORE: Members Receive Wind-Up Report
QUADRANGLE OFFSHORE: Shareholders' Final Meeting Set for Sept. 22

TRIUMPH ASSETS: Shareholders' Final Meeting Set for Sept. 22


M E X I C O

UCECSA: Moody's Withdraws 'Caa3' LT Currency Deposit Ratings


T R I N I D A D  &  T O B A G O

CL FIN'L: Parliament Debates on CLICO Payment Issues
CL FIN'L: Percy Farrell to Represent Policyholders


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                             - - - - -


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


EZEVIAL SA: Creditors' Proofs of Debt Due Sept. 27
--------------------------------------------------
Carmen Beatriz Santa Maria, the court-appointed trustee for
Ezevial SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Sept. 27, 2011.

Ms. Maria will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk No.
34, 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:

         Carmen Beatriz Santa Maria
         Avenida Corrientes 1557
         Argentina


FRIGO CANUELAS: Creditors' Proofs of Debt Due November 18
---------------------------------------------------------
Armando Luis Molinari, the court-appointed trustee for Frigo
Canuelas SA's reorganization proceedings, will be verifying
creditors' proofs of claim until November 18, 2011.

Mr. Molinari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 23, 2012.

The Trustee can be reached at:

         Armando Luis Molinari
         Rodriguez Pena 110
         Argentina


HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating
-----------------------------------------------------------------
Moody's Latin America affirmed the Ba3 global local-currency and
the Aa2.ar Argentina national scale insurance financial strength
(IFS) ratings of both HSBC-La Buenos Aires Seguros and HSBC-New
York Life Seguros de Vida.  The outlook for the ratings is
stable.

HSBC-La Buenos Aires is a leading property and casualty insurer
in Argentina and is wholly owned by the HSBC Group.  HSBC-NYL
Vida provides life insurance, and the third insurer of the group
is the annuity company HSBC-New York Life Seguros de Retiro (not
rated). The ownership of these last two insurers is currently
jointly by the HSBC Group (60% stake) and New York Life Insurance
Company (40% stake), but HSBC announced last month an agreement
to purchase New York life's interest in both companies later this
year.

All three entities are highly integrated with HSBC Bank Argentina
S.A., an important domestic bank owned by the HSBC Group.  The
strong integration among the three insurance companies, as well
as with the bank, is evident from the number of senior
management, board members, and retail and corporate customers
they share. It is also evident in HSBC's overarching
bancassurance distribution strategy.

Ratings Rationale

HSBC-La Buenos Aires

Moody's affirmation of the ratings on HSBC-La Buenos Aires
reflects the insurer's solid intrinsic business and financial
profiles, as well as the importance of the ownership of and
implied support from HSBC, says senior analyst Alejandro Pavlov.
With a market share of 7% (based on gross premiums written as of
June 30, 2011), HSBC-La Buenos Aires is one of the leading
players in Argentina's P&C market.  It has strong market shares
in motor vehicle (6.4%), fire (5.4%), and homeowner's (5%)
insurance and its distribution channel diversification is another
key credit strength.

Moody's went on to say that HSBC-La Buenos Aires's product risk
and business diversification is adequate and its overall
profitability is improving.  Its five-year average return on
capital was 30% (period ended June 30, 2011), and it has also
generated underwriting profits with a combined ratio of 98.4% on
average over the last five years.

However, these credit strengths are significantly counterbalanced
by the deterioration in the insurer's overall capitalization and
by its relatively poor asset quality.  With regard to capital
adequacy, HSBC-La Buenos Aires's gross underwriting leverage grew
to 14.6x at fiscal year-ended June 30, 2011, from 12.4x at the
prior year-end, and its local regulatory surplus declined to 21%,
from 51% over the past fiscal year.  The company's relatively
weak asset quality is seen by the speculative grade average
quality of its investment portfolio -- given the speculative
grade rating of Argentine sovereign bonds, shares of local mutual
funds invested in sovereign bonds, and bank deposits -- and by
the increase in the ratio of high risk assets to equity from 280%
to 339% for the fiscal year ended June 30, 2011, largely due to
the reduction in shareholders equity because of dividend payments
to the parent company.

HSBC-NYL Vida

Moody's affirmation of the ratings on HSBC-NYL Vida reflects the
company's key intrinsic credit strengths, particularly the
control and diversification of its distribution systems, and its
continued profitability and adequate capitalization.  HSBC-NYL
Vida employs diverse types of distribution channels, the most
important being its career agents, and also includes the branches
of HSBC-La Buenos Aires and HSBC Bank Argentina, as well as local
independent agents.

Moody's notes that HSBC-NYL Vida's consistent profitability is
evident in its five-year average return on capital of 33%, which
has been fueled by high-yield investments.  The ratio of
shareholders' equity to total assets has been above 20% for the
last four fiscal years, and the company reported a regulatory
solvency surplus of 208% -- a higher level than that of many
peers.

However, HSBC-NYL Vida's credit strengths are tempered by
concerns about its persistently high exposure to below-
investment-grade assets, which constitute more than 60% of its
total investments, and by its high concentration of premiums and
reserves in a single business line, the individual life segment,
which constituted 55% of the company's net premiums written for
2011 fiscal year but more than 90% of its policyholder reserves.

Moody's ratings on HSBC-La Buenos Aires and HSBC-NYL Vida both
receive one notch of uplift from the companies' stand-alone
credit profiles, because of the implied support from HSBC Group
due to their strong integration with the bank; their contribution
to the combined earnings of the group in Argentina; and the
growing importance of the insurance and pension business in the
group's overall activities in Latin America.  HSBC's recent
agreement to purchase New York Life's stake in HSBC-NYL Vida and
HSBC-NYL Retiro and become the 100% owner of the three insurers
demonstrates a strong interest in the local insurance industry.
The transaction will help to eliminate potential conflicts and
facilitate strategic prioritization and decision making at the
companies, as well as presenting an opportunity to reduce
operating expenses and improve efficiencies through its larger
scale of operations and better integration.  In addition, there
are potential revenue synergies in terms of greater leveraging of
distribution channels (bancassurance is key for the group given
its large network of bank branches in the country) and cross-
selling multiple products to customers.

Nevertheless, the significant systemic, country-specific risk for
Argentina is a negative influence on the ratings of both
companies.

Based in Buenos Aires, during the 2010/11 fiscal year, ended
June 30, 2011, La Buenos Aires reported a net profit of almost
AR$85 million, a 37% increase relative to last fiscal year.  The
company reported gross premiums written of more than
AR$1.7 billion, up 35% compared to the AR$1.3 billion reported
for the same period of the previous fiscal year.  La Buenos
Aires' shareholder's equity totaled AR$263 million, showing an
increase of 21% compared to shareholders' equity as of June 30,
2010 and it paid dividends of AR$40 million during this last
fiscal year.

Also headquartered in Buenos Aires, during 2010/11 fiscal year,
ended on June 30, 2011, HSBC-New York Life Seguros de Vida
reported a net profit of AR$36.7 million, up 33% compared to one
year ago. Company gross premiums grew by 37% and its shareholders
equity rose by 22% to AR$202 million at June 30, 2011 from
AR$165 million as of June 30, 2010.


INDUSTRIAS BADAR: Creditors' Proofs of Debt Due October 31
----------------------------------------------------------
Cristina Canapeti, the court-appointed trustee for Industrias
Badar SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 31, 2011.

Ms. Canapeti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Cristina Canapeti
         11 de Septiembre 1503
         Argentina


LDF SA: Creditors' Proofs of Debt Due October 13
------------------------------------------------
Laura Adriana Fiscina, the court-appointed trustee for LDF SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 13, 2011.

Ms. Fiscina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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 Adriana Fiscina
         Viamonte 1348
         Argentina


RYLC SA: Creditors' Proofs of Debt Due October 13
-------------------------------------------------
Maria Cristina Pompa, the court-appointed trustee for Rylc SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 13, 2011.

Ms. Pompa will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk No.
21, 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:

         Maria Cristina Pompa
         Viamonte 1337
         Argentina


TALLERES DE ENCUADERNACION: Creditors' Proofs of Debt Due Nov. 1
----------------------------------------------------------------
Martha Magdalena Comba, the court-appointed trustee for Talleres
de Encuadernacion S. Distefano SRL's bankruptcy proceedings, will
be verifying creditors' proofs of claim until November 1, 2011.

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

The Trustee can be reached at:

         Martha Magdalena Comba
         Ortega y Gasset 1739
         Argentina


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


ACA CLO: Shareholders' Final Meeting Set for Sept. 22
-----------------------------------------------------
The shareholders of ACA CLO 2007-3, Limited will hold their final
meeting on Sept. 22, 2011, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ADVENT ACCESS: Shareholders' Final Meeting Set for Sept. 22
-----------------------------------------------------------
The shareholders of Advent Access Ltd. will hold their final
meeting on Sept. 22, 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:

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


ANTHRACITE BALANCED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Anthracite Balanced Company (R-23) Limited
received on Sept. 6, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


ANWELL INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22
----------------------------------------------------------------
The shareholders of Anwell Investments Limited will hold their
final meeting on Sept. 22, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


APOLLONIAN INVESTMENTS: Shareholders' Meeting Set for Sept. 22
--------------------------------------------------------------
The shareholders of Apollonian Investments Limited will hold
their final meeting on Sept. 22, 2011, at 10:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ASIAN DRAGON: Shareholders' Final Meeting Set for Sept. 22
----------------------------------------------------------
The shareholders of Asian Dragon Limited will hold their final
meeting on Sept. 22, 2011, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BUCKINGHAM PARTNERS: Shareholders' Final Meeting Set for Sept. 16
-----------------------------------------------------------------
The shareholders of Buckingham Partners LDC will hold their final
meeting on Sept. 16, 2011, at 12:00 noon, 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


ELIXIR PIONEER: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Elixir Pioneer Fund received on
Sept. 13, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Rex Chan
         Telephone: +65 6557 4051
         Facsimile: +65 6438 2060
         1 Raffles Place, #17-01 One Raffles Place
         Singapore 048616


ELIXIR PIONEER: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Elixir Pioneer Master Fund received on
Sept. 13, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Rex Chan
         Telephone: +65 6557 4051
         Facsimile: +65 6438 2060
         1 Raffles Place, #17-01 One Raffles Place
         Singapore 048616


EMF DIVERSIFIED: Shareholders' Final Meeting Set for Sept. 16
-------------------------------------------------------------
The shareholders of EMF Diversified Fixed Income Fund, Ltd., will
hold their final meeting on Sept. 16, 2011, at 9:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FVP KAIROS: Shareholders' Final Meeting Set for Sept. 22
--------------------------------------------------------
The shareholders of FVP Kairos Credit Fund I Limited will hold
their final meeting on Sept. 22, 2011, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Chandrakant Mohanty
         Unit 901A
         Kinwick Centre
         32 Hollywood Road
         Central, Hong Kong


KPC HOLDINGS: Shareholders' Final Meeting Set for Sept. 21
----------------------------------------------------------
The shareholders of KPC Holdings (Cayman) Inc. will hold their
final meeting on Sept. 21, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LONG SHORT: Shareholders' Final Meeting Set for Sept. 16
--------------------------------------------------------
The shareholders of Long Short Trading Ltd. will hold their final
meeting on Sept. 16, 2011, at 9:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ONESEVEN OFFSHORE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Oneseven Offshore Fund, Ltd. received on
Sept. 12, 2011, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


QUADRANGLE OFFSHORE: Shareholders' Final Meeting Set for Sept. 22
-----------------------------------------------------------------
The shareholders of Quadrangle Offshore (Cayman) LLC will hold
their final meeting on Sept. 22, 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:

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


TRIUMPH ASSETS: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------------
The shareholders of Triumph Assets Ltd. will hold their final
meeting on Sept. 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


UCECSA: Moody's Withdraws 'Caa3' LT Currency Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Union de
Credito Empresarial de Cuauhtemoc, S.A. de C.V.'s (UCECSA).  The
ratings are the bank financial strength rating of E, long term
local and foreign currency deposit ratings of Caa3, and short
term local and foreign currency deposit ratings of Not Prime.
Concurrently, Moody's de Mexico withdrew UCECSA's long term
Mexican National scale deposit rating of Caa3.mx and short term
Mexican National scale deposit rating of MX-4. The outlook on all
ratings before the withdrawal was stable.

These UCECSA ratings were withdrawn:

  Bank Financial Strength Rating: E

  Local Currency Deposits, long term: Caa3

  Local Currency Deposits, short term: Not Prime

  Foreign Currency Deposits, long term: Caa3

  Foreign Currency Deposits, short term: Not Prime

  Mexican National Scale Deposit Rating, long term: Caa3.mx

  Mexican National Scale Deposit Rating, short term: MX-4

Ratings Rationale

Moody's has withdrawn the ratings on UCECSA for business reasons
at the request of the issuer and the action does not reflect a
change in UCECSA's creditworthiness.  UCECSA had no outstanding
debt rated by Moody's at the time of the withdrawal.

The last rating action on UCECSA was on 2 July 2010, when Moody's
assigned UCECSA's first-time ratings.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

Headquartered in Cuauhtemoc, Chihuahua, UCECSA had US$12.6
million in assets, US$9.7 million in gross loans, US$1.9 million
in shareholders' equity, and accumulated net income of
US$169,960, as of year end 2010.


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


CL FIN'L: Parliament Debates on CLICO Payment Issues
----------------------------------------------------
Trinidad Express reports that Trinidad & Tobago Finance Minister
Winston Dookeran said legal challenges preventing the payments to
Colonial Life Insurance Company (Trinidad) Limited (CLICO)
policyholders debated "in great detail" when the House of
Representatives met on Sept. 13, 2011.

"We have to complete the exercise with respect to the payment to
the depositors and we need to have the necessary authority to
issue the bonds.  It has been delayed unnecessarily largely
because there are many legal hurdles to be overcome in order to
reach this point," Trinidad Express quoted Mr. Dookeran as
saying.

Parliament will debate the Purchase of Certain Rights Bill, which
will allow the State to pay off CLICO shareholders in exchange
for certain legal rights, according to Trinidad Express.

Debate is also expected on the Central Bank Amendment Bill, the
report notes.

Mr. Dookeran, Trinidad Express notes, said that another issue has
to do with the legal challenge that has recently emerged, which,
were it to succeed, will eventually lead to the liquidation of
the company.  "There is a need during the restructuring process
to follow what is done in other jurisdictions like England where
there is a provision to allow it to take place in order to
prevent the legal challenge.  No one will benefit from (the
liquidation of CLICO) -- either those who wish it or who would
benefit from the current system.  (Legislation reform) is an
attempt to prevent a liquidation challenge through a legal
measure," Mr. Dookeran said, the report notes.

Mr. Dookeran, according to Trinidad Express, added that while the
CLICO matter may never "finally be closed", in terms of policy,
the government had covered 80% or more of its legal requirements.

                        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.


CL FIN'L: Percy Farrell to Represent Policyholders
--------------------------------------------------
Trinidad Express reports that the Trinidad & Tobago High Court
has appointed Percy Farrell, retired manager of Aranjuez Estates,
to represent the entire class of Colonial Life Insurance Company
(Trinidad) Limited (CLICO) EFPA policyholders who have not
accepted the initial plan proposed by Finance Minister Winston
Dookeran in his national budget presentation in September last
year.

Court documents showed that Mr. Farrell's appointment was made by
High Court Justice Devendra Rampersad on July 29 in Port of Spain
and arose out of the High Court action started on April 5 by EFPA
policyholders Farrell, Marina Inalsingh, Prof Gordon Rohlehr,
David Dayal and Michael Alexander, according to Trinidad Express.

On April 19, Peter Permell, chairman of the EFPA Policyholders
Group sought to join the Farrell action and filed an application
on May 9 to join, the report notes.

Trinidad Express relates that after receiving written submissions
for the parties involved, Justice Rampersad dismissed the
application by Mr. Permell and ruled that Mr. Farrell, who had
filed the action, should be appointed as representative of the
EFPA policyholders.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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