TCRLA_Public/110921.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

          Wednesday, September 21, 2011, Vol. 12, No. 187

                            Headlines



A R G E N T I N A

NEWSAN SA: Moody's Affirms 'B2' Corporate Family Rating


B E R M U D A

ANDONE INSURANCE: Creditors' Proofs of Debt Due Sept. 21
ANDONE INSURANCE: Member to Receive Wind-Up Report on Oct. 10
FORT KNOX: Court to Hear Wind-Up Petition on Sept.23
MAN INCREASED 7: Creditors' Proofs of Debt Due September 23
MAN INCREASED 7: Member to Receive Wind-Up Report on Oct. 10

MAN INCREASED 8: Creditors' Proofs of Debt Due September 23
MAN INCREASED 8: Member to Receive Wind-Up Report on Oct. 10


C A Y M A N   I S L A N D S

ALPHAGEN ELTANIN: Creditors' Proofs of Debt Due September 29
ALPHASELECT GLG EEF: Commences Liquidation Proceedings
ALPHASELECT GLG GLAS: Commences Liquidation Proceedings
BRAHAM PARTNERS IV: Placed Under Voluntary Wind-Up
CENTURION ASIAN: Commences Liquidation Proceedings

CENTURION ASIAN: Commences Liquidation Proceedings
CHELSTON FUND: Creditors' Proofs of Debt Due September 29
FEG ABSOLUTE: Creditors' Proofs of Debt Due September 29
FIELD MOUNTAIN: Creditors' Proofs of Debt Due September 29
FRONTPOINT GREATER: Creditors' Proofs of Debt Due September 29

FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due September 29
FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due September 29
GLS 193: Commences Liquidation Proceedings
GPS INCOME: Creditors' Proofs of Debt Due October 13
GPS NEW: Creditors' Proofs of Debt Due October 13

NEWCASTLE FOREIGN: Creditors' Proofs of Debt Due September 29
OXBRIDGE FAMILY: Creditors' Proofs of Debt Due September 29
S. AFRICA EQUITY: Creditors' Proofs of Debt Due September 29
SIAM INVESTORS: Commences Liquidation Proceedings
TACONIC OFFSHORE: Creditors' Proofs of Debt Due September 29

TUDOR BVI: Creditors' Proofs of Debt Due September 29


C O S T A   R I C A

BANCO NACIONAL: Fitch Assigns BB+ Longterm Issuer Default Rating


P U E R T O   R I C O

AFN CORPORATION: Case Summary & 16 Largest Unsecured Creditors
JMR DEVELOPMENT: Case Summary & 18 Largest Unsecured Creditors
UNIQUE SEARCH: Case Summary & 13 Largest Unsecured Creditors


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercardo Won't Respond to Black Sand's Bid
CL FINC'L: CLICO Undertakes TT$10 Million New Businesses


                            - - - - -


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


NEWSAN SA: Moody's Affirms 'B2' Corporate Family Rating
-------------------------------------------------------
Moody's Latin America has upgraded Newsan S.A.'s National Scale
Rating (NSR) to Aa3.ar from A1.ar.  The B2 ratings for the
company's local currency corporate family and the ARS50 million
bonds were affirmed and the outlook was revised to positive from
stable.  At the same time, Moody's assigned a B2 local currency
rating and an Aa3.ar NSR to Newsan's ARS 200 million bank credit
lines with Banco de la Nacion Argentina.

These ratings were affected:

  -- Corporate Family Rating, B2 is affirmed. National Scale
     Rating upgraded to Aa3.ar from A1.ar.

  -- Senior Unsecured ARS 50 million local notes, B2 is affirmed.
     National Scale Rating upgraded to Aa3.ar from A1.ar.

Assignments:

  -- Senior Unsecured Bank Credit Facility, B2/Aa3.ar

Outlook, revised to positive from stable

Ratings Rationale

"The change in the ratings outlook to positive and the upgrade of
the national scale rating to Aa3.ar are prompted by Newsan's
strong revenue growth and Moody's expectation that Newsan's sales
and funds from operations will continue to benefit from the 2010
tax amendment with fiscal benefits for the local electronic
products manufacturing industry, coupled with consumer financing
plans offered by banks and retailers," said Moody's VP-Senior
Analyst, Veronica Amendola.  "Additionally, the outlook reflects
Newsan's continued strong credit metrics and relatively low debt
leverage."

The B2 and Aa3.ar ratings reflect Newsan's position as one of the
leading consumer electronics manufacturers in Argentina, its
diversified product portfolio with market leadership in the
television and residential air conditioning segments and its
flexible manufacturing base, with four plants located
strategically to serve the Argentine consumer market.  The
ratings also reflect Newsan's low leverage for its rating
category and its well-established relationships with parts
suppliers, one of which is New San's 40% minority shareholder,
Sanyo Electric Co., Ltd, acquired by Panasonic (rated A1).

Newsan's key credit negatives include the particularly
challenging competitive environment, with its exclusive focus on
the Argentine consumer market, relatively small scale in relation
to its global peers and high customer concentration.  The
company's tight liquidity profile, with most of it debt
structured in the short term, is also a credit negative, although
Moody's expects that Newsan may have some flexibility in managing
its capital expenditures.

The positive outlook reflects Moody's expectation that Newsan
will be able to increase revenues and earnings over the near term
given the continuing migration from imported goods to local
production, supported by the new regime to promote technological
production in the province of Tierra del Fuego.  The rating
outlook also reflects Moody's expectation that Newsan will
continue to successfully implement its business model, thus
allowing the company to preserve adequate access to external
financing sources to meet its short-term debt obligations while
maintaining adequate levels of cash generation in relation to
debt.

An upgrade of the ratings could result from a continued
strengthening of Newsan's revenues during 2011 and 2012 while
maintaining its operating margins and low leverage.  In addition,
the extension period of the current credit cards installment
payment scheme could bring upward pressure on the ratings.
Quantitatively, upward momentum could result if Newsan's total
adjusted debt to EBITDA is sustained below 1.2 times (1.5 times
as of the last twelve months ended in June 30, 2011) and EBITDA
margin above 12% (10.3% as of the last twelve months ended in
June 30, 2011).  Additionally, a more predictable outlook for
economic activity in Argentina would be important for ratings
upgrade.

The rating outlook is most likely to return to stable if there is
reduced availability of consumer loans in 2012 or if weaker than
expected performance leads to a deterioration in operating
margins.  Quantitatively, a downgrade could result from a drop in
Newsan's EBIT margin to below 5.0% on a three-year average basis
or a significant increase in leverage, with total adjusted debt
to EBITDA of above 6 times.  Indications of a weakening market
share in the domestic retail market could also drive negative
pressure.

Headquartered in Buenos Aires, Argentina, New San S.A. (Newsan)
is one of the leading manufacturers of digital consumer
electronics products, components and audio and home appliances.
With total revenues of US$620 million as of the last twelve
months ended June 30, 2011, and a widely known brand name in the
local retail market, New San is a 60% family owned company and
40% owned by Sanyo Electric Co, Ltd. (Japan).


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


ANDONE INSURANCE: Creditors' Proofs of Debt Due Sept. 21
--------------------------------------------------------
The creditors of Andone Insurance Company Limited 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 September 6, 2011.

The company's liquidator is:

         Christopher Dye
         Trinity Hall
         43 Cedar Avenue
         Hamilton HM 12
         Bermuda


ANDONE INSURANCE: Member to Receive Wind-Up Report on Oct. 10
-------------------------------------------------------------
The member of Andone Insurance Company Limited will receive on
October 10, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher Dye
         Trinity Hall
         43 Cedar Avenue
         Hamilton HM 12
         Bermuda


FORT KNOX: Court to Hear Wind-Up Petition on Sept.23
----------------------------------------------------
A petition to wind up the operations of Fort Knox Bermuda Ltd
will be heard before the Supreme Court of Bermuda on Sept.23,
2011, at 9:30 a.m.

Bermuda Land Development Company Ltd filed the petition against
the company on August 19, 2011.


MAN INCREASED 7: Creditors' Proofs of Debt Due September 23
-----------------------------------------------------------
The creditors of Man Increased Leverage Trading Series 7 Ltd are
required to file their proofs of debt by September 23, 2011, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 7, 2011.

The company's liquidator is:

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


MAN INCREASED 7: Member to Receive Wind-Up Report on Oct. 10
------------------------------------------------------------
The member of Man Increased Leverage Trading Series 7 Ltd will
receive on October 10, 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


MAN INCREASED 8: Creditors' Proofs of Debt Due September 23
-----------------------------------------------------------
The creditors of Man Increased Leverage Trading Series 8 Ltd are
required to file their proofs of debt by September 23, 2011, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 8, 2011.

The company's liquidator is:

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


MAN INCREASED 8: Member to Receive Wind-Up Report on Oct. 10
------------------------------------------------------------
The member of Man Increased Leverage Trading Series 8 Ltd will
receive on October 10, 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


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


ALPHAGEN ELTANIN: Creditors' Proofs of Debt Due September 29
------------------------------------------------------------
The creditors of The Alphagen Eltanin Fund Limited are required
to file their proofs of debt by September 29, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


ALPHASELECT GLG EEF: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on August 18, 2011, the members
of Alphaselect GLG EEF Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


ALPHASELECT GLG GLAS: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on August 18, 2011, the members
of Alphaselect GLG GLAS Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


BRAHAM PARTNERS IV: Placed Under Voluntary Wind-Up
--------------------------------------------------
On August 17, 2011, the sole shareholder of Braham Partners IV
Offshore Ltd passed a resolution that voluntarily winds up the
company's operations.

Only creditors who were able to file their proofs of debt by
September 20, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Vijayabalan Murugesu
         Tom Parsons, Jr.
         Telephone: +1 345 815 1403
         Facsimile: (345) 945-6265
         c/o Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CENTURION ASIAN: Commences Liquidation Proceedings
--------------------------------------------------
On August 19, 2011, the sole shareholder of Centurion Asian Fund
of Hedge Funds resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CENTURION ASIAN: Commences Liquidation Proceedings
--------------------------------------------------
On August 19, 2011, the sole shareholder of Centurion Asian
Master Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CHELSTON FUND: Creditors' Proofs of Debt Due September 29
---------------------------------------------------------
The creditors of Chelston Fund Holdings Inc. are required to file
their proofs of debt by September 29, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 10, 2011.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         Anderson Square, 5th Floor
         Shedden Road
         P.O. Box 866 Grand Cayman, KY1-1103
         Cayman Islands


FEG ABSOLUTE: Creditors' Proofs of Debt Due September 29
--------------------------------------------------------
The creditors of FEG Absolute Access Fund Ltd. are required to
file their proofs of debt by September 29, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 16, 2011.

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


FIELD MOUNTAIN: Creditors' Proofs of Debt Due September 29
----------------------------------------------------------
The creditors of Field Mountain Inc. are required to file their
proofs of debt by September 29, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


FRONTPOINT GREATER: Creditors' Proofs of Debt Due September 29
--------------------------------------------------------------
The creditors of Frontpoint Greater China Offshore Fund, Ltd. are
required to file their proofs of debt by September 29, 2011, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due September 29
---------------------------------------------------------------
The creditors of Frontpoint Offshore Emerging Markets Macro Fund,
Ltd. are required to file their proofs of debt by September 29,
2011, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


FRONTPOINT OFFSHORE: Creditors' Proofs of Debt Due September 29
---------------------------------------------------------------
The creditors of Frontpoint Offshore Healthcare Long Horizons
Fund, Ltd., are required to file their proofs of debt by
September 29, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


GLS 193: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on August 18, 2011, the members
of GLS 193 Trading Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, 171 Elgin Avenue
         Grand Cayman KY1-1104
         Cayman Islands


GPS INCOME: Creditors' Proofs of Debt Due October 13
----------------------------------------------------
The creditors of GPS Income Fund (Cayman) Ltd. are required to
file their proofs of debt by October 13, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


GPS NEW: Creditors' Proofs of Debt Due October 13
-------------------------------------------------
The creditors of GPS New Equity Fund (Cayman) Ltd. are required
to file their proofs of debt by October 13, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Ogier
         c/o Jonathan Bernstein
         Telephone: (345) 815 1897
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


NEWCASTLE FOREIGN: Creditors' Proofs of Debt Due September 29
-------------------------------------------------------------
The creditors of Newcastle Foreign TRS Ltd. are required to file
their proofs of debt by September 29, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 18, 2011.

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


OXBRIDGE FAMILY: Creditors' Proofs of Debt Due September 29
-----------------------------------------------------------
The creditors of Oxbridge Family Wealth Fund Inc. are required to
file their proofs of debt by September 29, 2011, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 9, 2011.

The company's liquidator is:

         H&J Corporate Services (Cayman) Ltd.
         Telephone: (345) 949 7555
         Anderson Square, 5th Floor
         Shedden Road
         PO Box 866 Grand Cayman, KY1-1103
         Cayman Islands


S. AFRICA EQUITY: Creditors' Proofs of Debt Due September 29
------------------------------------------------------------
The creditors of S. Africa Equity Investments are required to
file their proofs of debt by September 29, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 11, 2011.

The company's liquidator is:

         Charalambos Michaelides
         5 Them. Dervis Street
         2nd Floor, Nicosia 1066
         Cyprus
         Telephone: 345 814 5762
         e-mail: ken.stewart@maplesfs.com


SIAM INVESTORS: Commences Liquidation Proceedings
-------------------------------------------------
On July 31, 2011, the sole shareholder of Siam Investors, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
September 18, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TACONIC OFFSHORE: Creditors' Proofs of Debt Due September 29
------------------------------------------------------------
The creditors of Taconic Offshore Fund Ltd. are required to file
their proofs of debt by September 29, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 17, 2011.

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


TUDOR BVI: Creditors' Proofs of Debt Due September 29
-----------------------------------------------------
The creditors of Tudor BVI Dymon Investments Ltd are required to
file their proofs of debt by September 29, 2011, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 15, 2011.

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


===================
C O S T A   R I C A
===================


BANCO NACIONAL: Fitch Assigns BB+ Longterm Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' long-term Issuer Default
Rating to Banco Nacional de Costa Rica (BNCR).  The Rating
Outlook is Stable.

BNCR's IDRs, Support Rating, and Support Rating Floor are driven
by and aligned to Costa Rica's sovereign ratings (long-term
foreign and local currency IDR 'BB+'; Stable Outlook), since the
government is the bank's sole shareholder and it grants an
explicit guarantee for BNCR and other state-owned banks.
However, the ability to provide support could be limited, given
the country's sub-investment grade sovereign rating and fiscal
constraints.

BNCR's Viability Rating, which represents Fitch's view as to the
intrinsic creditworthiness of an issuer, reflects the bank's
solid franchise, ample and stable funding, and sound liquidity.
The Viability Rating also factors the relatively modest
profitability, deteriorated asset quality, and low loan loss
reserves.

The Stable Outlook reflects that Fitch does not anticipate
substantial changes in BNCR's risk profile over the foreseeable
future.  However, BNCR's ratings may benefit from improvements in
the bank's intrinsic performance, including asset quality along
with a more robust and sustainable profitability.  In addition,
an upgrade in Costa Rica's sovereign ratings would lead Fitch to
revise BNCR's IDRs accordingly.  In turn, while a further
deterioration in asset quality and/or capital ratios could
trigger a downgrade in BNCR's Viability Rating, IDRs would not be
affected should Costa Rica's sovereign rating remain at the
current levels.

BNCR has the broadest and most diversified depository base in the
banking system, which represents a significant competitive
advantage.  In terms of assets, the bank offers universal banking
services and keeps its loan portfolio relatively balanced between
wholesale and retail exposures.  BNCR complements its services
with subsidiaries involved in non-credit business activities.

BNCR has recently tempered its appetite for credit risk after its
strong expansion in recent years and the effects of the global
financial crisis resulted in a serious deterioration in loan
quality.  As of June 2011, 90-days past due loans accounted for
3.56% of total loans, which compares unfavorably with the banking
system's average of 2.37%.  Nonperforming loans, which are
concentrated in real estate exposures, seem to have reached their
peak and should stabilize in the coming months.

BNCR's profitability, restricted by its heavy and rigid operating
expense structure, has traditionally been modest, and profits
were further weakened after 2009 because of increased loan loss
provisions.  This expense will continue to put pressure on 2011
profits, which are expected to be lower than those of 2010.
Having absorbed most of the losses for nonperforming assets in
2011, BNCR's net profits may bounce back in 2012 and
profitability metrics should gradually converge to that of
previous years (ROAA over 1.5% and ROAE over 15%).

BNCR exhibits adequate and stable capital ratios, which could be
strengthened over the next year.  This increase will be driven by
retained earning, although an issuance of subordinate debt is not
ruled out.  If the latter occurs, Fitch will evaluate the
subordinated debt's characteristics to define its equity content.
The bank also intends to improve reserve coverage for
nonperforming loans, which has dropped to historically low levels
in recent years and compares unfavorably with the rest of the
banking industry.

Founded in 1914, BNCR is one of Costa Rica's oldest banks and is
the largest one in that country's financial system.
Historically, it has held a dominant position within the banking
system, evidenced in its high market share in both loans (28.5%
as of June 2011) and deposits (30.6%).  The bank carries out its
operations through an extensive network of 171 branches and has a
staff of 5,697 employees.

Fitch has assigned the following ratings to BNCR:

International ratings

  -- Long-term IDR at 'BB+'; Outlook Stable;
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB+'; Outlook Stable;
  -- Short-term local currency IDR at 'B';
  -- Viability Rating at 'bb+';
  -- Support Rating at '3';
  -- Support Rating Floor at 'BB+'.

National ratings

  -- Long-term national rating at 'AA+(cri)'; Outlook Stable;
  -- Short-term national rating at 'F1+(cri)';
  -- Long-term senior unsecured bonds at 'AA+(cri)'.


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


AFN CORPORATION: Case Summary & 16 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: AFN Corporation
        aka Laundry Central
        1773 Jesus T Pinero Ave.
        Cond. Gallery Plaza Apto 503
        De Diego Ave.
        San Juan, PR 00911

Bankruptcy Case No.: 11-07858

Chapter 11 Petition Date: September 15, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jorge Bermudez Torregrosa, Esq.
                  CUEVAS KUINLAM & BERMUDEZ
                  Hato Rey Tower Suite 903
                  Hato Rey, PR 00918
                  E-mail: bermudez4040_@hotmail.com

Scheduled Assets: US$2,534,932

Scheduled Debts: US$463,835

A list of the Company's 16 largest unsecured creditors filed
together with the petition is available for free at:

          http://bankrupt.com/misc/prb11-07858.pdf

The petition was signed by Nelson Biaggi Ortiz, president.


JMR DEVELOPMENT: Case Summary & 18 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: JMR Development Group, Corp.
        aka Lighthouse Hotel & Casino
        aka Best Western Hotel & Casino Cofresi
        aka Tropical Lighthouse-Inn Hotel
        P.O. Box 1317
        Cabo Rojo, PR 00623-1317

Bankruptcy Case No.: 11-07907

Chapter 11 Petition Date: September 16, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CURPILL, PSC LAW OFFICE
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: (787) 977-0515
                  E-mail: cacuprill@cuprill.com

Scheduled Assets: US$12,732,474

Scheduled Debts: US$48,587,611

Affiliate that sought Chapter 11 protection:

                                                       Petition
  Debtor                                   Case No.      Date
  ------                                   --------    --------
  JMR Tourist Development Group, Corp.     11-07911    09/16/11
  Scheduled Assets: $5,432,693
  Scheduled Debts: $79,484,465

The petitions were signed by Jorge III Medina Ramirez, president.

A. JMR Development Group's List of 18 Largest Unsecured
Creditors:

Entity                   Nature of Claim         Claim Amount
------                   ---------------        -------------
Banco Popular             Co-debtor in           US$12,925,682
De Puerto Rico            Affiliate's
Bankruptcy Dept
GPO Box 366818
San Juan, PR 00936

Karimar Construction      Construction work         $2,782,673
Inc.
P.O. Box 8000
Aguada, PR 00602

Bermudez, Longo,          Construction work           $899,490
Diaz-Masso SE
P.O. Box 191213
San Juan, PR 00919-1213

JER Architectural         Const. contractor           $124,000

Project Management &      Construction work            $65,000
Engineering

Tamrio, Inc.              Const. materials             $34,979

Victor E Rivera           Consulting engineers         $21,035
Associates inc.

PR Electric Power         Electric power               $15,604
(PREPA)                   services

Aut Acueductos            Water services               $11,914
Alcantarillados

Maderas Alfa, Inc.        Const. materials              $3,030

State Insurance Fund      Workmen's compensa-             $471
Corp.                     tion insurance

Departamento de           Income tax withheld             $470
Hacienda de PR

Jonas Saez Plaza          Complaint                         $1

Manuel Jose Morell        Suit- Tort Action                 $1
Martienez

Ruben Ramos Alvarez       Complaint                         $1

Hector J Medina           Complaint                         $1
Rodriguez

Angel D Quinones          Complaint                         $1
Maldonado

Limarie Rodriguez         Complaint                         $1
Correa

B. JMR Tourist's List of five Largest Unsecured Creditors:

Entity                   Nature of Claim         Claim Amount
------                   ---------------        -------------
Banco Popular De          Co-Debtor in           US$38,416,562
Puerto Rico               Affiliate's
Bankcruptcy Department
GPO Box 366818
San Juan PR 00936

Aut Acueductos            Water services               $16,806
Alcantarillados
P.O. Box 7066
San Juan, PR 00916-7066

CRIM                      Personal property             $4,587
P.O. Box 195387           taxes
San Juan, PR 00919-5387

Departamento de           Income tax withheld           $4,134
Hacienda de PR

State Insurance Fund      Workmen compensation            $550
Corp.                     insurance


UNIQUE SEARCH: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Unique Search, Inc.
        P.O. Box 6303
        Santa Rosa Unit
        Bayamon, PR 00960

Bankruptcy Case No.: 11-07916

Chapter 11 Petition Date: September 16, 2011

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Teresa M. Lube Capo, Esq.
                  LUBE & SOTO LAW OFFICES PSC
                  1130 Ave FD Roosevelt
                  San Juan, PR 00920-2906
                  Tel: (787) 722-0909
                  Fax: (787) 977-1709
                  E-mail: lubeysoto@gmail.com

Estimated Assets: US$500,001 to US$1,000,000

Estimated Debts: US$1,000,001 to US$10,000,000

A list of the Company's 13 largest unsecured creditors filed
together with the petition is available for free at:

           http://bankrupt.com/misc/prb11-07916.pdf

The petition was signed by John Bruno Pereira, president.


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


CL FIN'L: Lascelles deMercardo Won't Respond to Black Sand's Bid
----------------------------------------------------------------
Trinidad & Tobago Newsday reports that Lascelles deMercardo said
it has not responded to the offer circular submitted by Black
Sand because both the Financial Services Commission and the
Jamaica Stock Exchange agreed that the circular did not comply
with JSE rules, or the Securities Act and Regulations.  Lascelles
deMercardo is a subsidiary of CL Financial Limited.

"The JSE informed us that LdM is not obligated to issue a
Directors' Circular until Black Sand issues a compliant circular.
We have just been told that Black Sand has issued a supplement to
the Circular, which we have not yet seen.  We want to assure the
market that the board will meet the requirement at the
appropriate time," Lascelles deMercardo said in a statement
obtained by the news agency.

Lascelles deMercardo said it asked JSE previously to issue a
statement on the status of the offer so shareholders and the
public did not form the view it was tardy in its obligations,
according to T&T Newsday.  The report relates that JSE said it
saw no need for this.

Lascelles deMercardo, T&T Newsday discloses, also noted the offer
made by Black Sands, which it considers to be a first attempt at
a hostile takeover in Jamaica, is in the hands of attorneys
Alexander and Levy of Jamaica and legal consultants in London,
Jones Day.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Trinidad Express said that Black Sand plans to
acquire 90% of Lascelles deMercado's ordinary shares, all its 6%
preference shares and its 15% preference shares.  In a statement
from Jamaica-based Pan Caribbean Financial Services Ltd, the
principal broker of the bid, Black Sand said Lascelles
shareholders US$3.86 each for ordinary shares and US$0.29 for its
6% preference shares and US$0.23 for its 15% preference shares,
according to Trinidad Express.  TCRLA noted that RJR News said
Lascelles deMercado former boss William McConnell will lead Black
Sand in the takeover.  RJR News related that Black Sand said it's
seeking to take over the company because it believes the future
of the company is in serious jeopardy.  CL Spirits defaulted on
US$342 million of notes issued in Trinidad and Tobago and Jamaica
that are secured by a pledge of CL Financial's shares in
Lascelles deMercado, Black Sand said in a statement obtained by
Trinidad Express.
                        About CL Financial

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

                        *     *     *

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

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


CL FINC'L: CLICO Undertakes TT$10 Million New Businesses
--------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Finance Minister Winston Dookeran said Colonial Life Insurance
Company (Trinidad) Limited (CLICO) managed to undertake a total
of TT$10 million in new business notwithstanding its current
financial situation and measures being taken by government to
correct that situation.  CLICO is a subsidiary of CL Financial
Limited.

Minister Dookeran said he was pleased to tell the Senate that
Clico has been able to do "TT$10 million in new business" and
this was testimony that the company could be put back on a solid
footing, according to T&T Newsday.

Stating there were approximately TT$10.2 billion in "toxic
assets" in Clico, Minister Dookeran was confident that once these
items were removed, the cost to restore Clico back to a growth
path would be about TT$7 billion, T&T Newsday notes.  Explaining
that government may spend close to TT$20 billion to resolve the
financial problems at Clico and its parent conglomerate CL
Financial, Minister Dookeran said this was only to treat with
matters in the country, T&T Newsday relates.

As reported in the Troubled Company Reporter-Latin America on
September 20, 2011, Trinidad Express said that the government has
passed the Purchase of Certain Rights and Validation Bill 2011,
which relates to the government's final actions with respect to
CLICO.  Guardian Media related that Finance Minister Winston
Dookeran said the government was seeking to put back certain
legal provisions to ensure CLICO could be restructured without
the threat of legal challenges.  Minister Dookeran, Guardian
Media related, said the plan provided for the issuance of bonds
to be used to retire the remaining indebtedness of policyholders.
The report relayed that Minister Dookeran said the bonds to be
issued possess several features to facilitate their easy
administration and minimize the hardships already experienced by
investors.  Guardian Media disclosed that the bill provides for
the minister to make payment in any form, provides for the bonds
to bear the same issue date, despite the date of acceptance by
holders, and mutual fund investors.

The plan also provides for:

  * The bonds to issued in denominations of TT$1,000 to
    facilitate the eventual trading of the bonds on the
    secondary market;

  * Bonds shall not be listed on the stock exchange for a period
    of six months from the date of issue in an effort to make
    them more attractive for the holders and mutual funds
    investors to sell their bonds over the counter thereby
    maximizing their potential recovery; and

  * The bonds shall be deemed securities in respect of which
    registration with the Securities and Exchange Commission is
    not required so as to circumvent any administrative delays
    associated with having the bonds registered at securities.

                        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.


                            ***********


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 * * *