TCRLA_Public/110922.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 22, 2011, Vol. 12, No. 188

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates Class B Debt Securities 'C'
* ARGENTINA: IDB Provides US$230 Million Loan for Rural Regions


B E R M U D A

BREMEN LTD: Creditors' Proofs of Debt Due Sept. 28
BREMEN LTD: Members' Final Meeting Set for Oct. 18
KINGATE MANAGEMENT: Court to Hear Wind-Up Petition on Oct. 14
MAN-IP 220: Creditors' Proofs of Debt Due Sept. 28
MAN-IP 220: Member to Receive Wind-Up Report on Oct. 18

PARVENTURE SECONDARIES: Creditors' Proofs of Debt Due Sept. 28
PARVENTURE SECONDARIES: Members' Final Meeting Set for Oct. 20
TRADING 220: Creditors' Proofs of Debt Due Sept. 28
TRADING 220: Member to Receive Wind-Up Report on Oct. 17


C A Y M A N   I S L A N D S

AL WAHA: Creditors' Proofs of Debt Due Sept. 29
CG-FIC HOLDINGS: Commences Liquidation Proceedings
CHARLIE FIFTEENTH: Creditors' Proofs of Debt Due Sept. 29
CLEARWATER FUNDING, CBO: Creditors' Proofs of Debt Due Sept. 29
CLEARWATER FUNDING: Creditors' Proofs of Debt Due Sept. 29

COLLIERS COMPANY: Creditors' Proofs of Debt Due Sept. 29
DULOXETINE ROYALTY: Shareholders' Final Meeting Set for Sept. 30
F & C CREDIT ALPHA: Shareholders' Final Meeting Set for Sept. 26
HENRIK LEASE: Creditors' Proofs of Debt Due Sept. 29
LIM ASIA: Shareholders' Final Meeting Set for Sept. 30

MARINVEST ONE: Shareholders' Final Meeting Set for Sept. 29
MARINVEST ONE: Shareholders' Final Meeting Set for Sept. 29
OHA SENIOR: Shareholders' Final Meeting Set for Sept. 30
PARK LANE: Shareholders' Final Meeting Set for Sept. 30
SIEBELS MULTIFUND: Creditors' Proofs of Debt Due Sept. 29

STILWELL OFFSHORE: Shareholders' Final Meeting Set for Sept. 30
VICTOR LEASE: Creditors' Proofs of Debt Due Sept. 29
VICTORY SPC: Commences Liquidation Proceedings
VICTORY SPC: Shareholders' Final Meeting Set for September 28
YAO NOI: Placed Under Voluntary Wind-Up


J A M A I C A

* JAMAICA: Regional Trade Deficit Widens by 70% in Jan-May Period


M E X I C O

FUNDACION INTEGRAL: S&P Affirms BB-/B Counterparty Credit Ratings


P U E R T O   R I C O

AUTOS VEGA: Euroclass Motors Can Use Cash to Purchase Vehicles


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Santa Rosa Team to Discuss CLICO Bills
CL FINANCIAL: Bailout May Cost Government TT$3 Billion


V I R G I N   I S L A N D S

FAIRFIELD SENTRY: U.S. Court Recognizes Liquidation Proceeding


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Rates Class B Debt Securities 'C'
-----------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie VIII issued
by Equity Trust Company (Argentina) S.A., acting solely in its
capacity as issuer and trustee.

  -- ARS17,297,403 in Class A Fixed Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie VIII", rated Aaa.ar
     (sf) (Argentine National Scale) and Ba2 (sf) (Global Scale,
     Local Currency)

  -- ARS45,602,243 in Class A Floating Rate Debt Securities of
     "Fideicomiso Financiero Pvcred Serie VIII", rated Aaa.ar
     (sf) (Argentine National Scale) and Ba2 (sf) (Global Scale,
     Local Currency)

  -- ARS14,152,420 in Class B Debt Securities of "Fideicomiso
     Financiero Pvcred Serie VIII", rated C.ar (sf) (Argentine
     National Scale) and C (sf) (Global Scale, Local Currency)

  -- ARS1,572,491 in Certificates of "Fideicomiso Financiero
     Pvcred Serie VIII", rated C.ar (sf) (Argentine National
     Scale) and C (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from
the assets of the trust, which is an amortizing pool of
approximately 12,138 eligible personal loans denominated in
Argentine pesos, bearing fixed interest rate, originated by
Pvcred, a financial company owned by Comafi's Group in Argentina.

The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 12%.  The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus 415 basis points.  The Floating Rate
Debt Securities' interest rate will never be higher than 22% or
lower than 13%.  The Class B Fixed Rate Securities will bear a
fixed interest rate of 22%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 75.8% and 12%
for the VRDA TF and the VRDA TV respectively, calculated over the
pool's principal balance.  The subordination levels will increase
overtime due to the turbo sequential payment structure.

The transaction also benefits from an estimated 30.57% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 22% for Class A floating rate
securities.

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 Pvcred
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 analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred,
ranging from January 2007 to September 2010.  In assigning the
rating to this transaction, Moody's assumed a triangular
distribution for each one of the different pools securitized, for
the PVCred pool losses a most likely scenario of 20%, with a
minimum of 10% and a maximum of 30% were assumed, for the Cuota
Ya loans, a minimum of 15%, a maximum of 35% and a most likely
scenario of 25% were assumed.  Moreover, a triangular
distribution of 50% as the most likely, 40% as a minimum and 60%
as a maximum was assumed for the refinanced loans and another
triangular distribution with a maximum of 28%, a minimum of 8%
and a most likely of 18% was assumed for the loans with a
discounted installment.  Also, Moody's assumed a triangular
distribution for prepayments centered around a most likely
scenario of 40%, with a minimum of 30% and a maximum of 50%.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 1.05% for the Floating Rate Debt
Securities, 89.42% expected loss for Class B Fixed Rate Debt
Securities and 100.00% 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 the ratings of the Class
A Fixed Rate would be unchanged.  The ratings of the Class A
Floating Rate be likely downgraded to B3 (sf) and the ratings of
the Class A Fixed Rate, the Class B and the CP would remain
unchanged.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction.  If Pvcred is removed as
collection agent, Banco Comafi (Ba3/Aa2.ar) will be appointed as
the back-up collection agent.

The main source of uncertainty for this transaction is the
default level of the securitized pool.  Although Moody's analyzed
the historical performance data of previous transactions and
similar receivables originated by Pvcred, the actual performance
of the securitized pool may be affected, among others, by the
economic activity and the unemployment rate in Argentina.


* ARGENTINA: IDB Provides US$230 Million Loan for Rural Regions
---------------------------------------------------------------
The Inter-American Development Bank approved a US$230 million
loan to promote the development of Argentina's non-Pampean
regional rural economies by making them more competitive and
increasing their exports, estimating this will benefit 17,000
farmers and 490,000 other persons in rural areas.  The new loan
will also benefit areas affected by an eruption of the Puyehue
volcano earlier this year.

Since 1996, the IDB has provided Argentina a total of US$755
million in financing to support its Provincial Agricultural
Services Program (PROSAP).

The new operation will help increase productivity and exports of
regions beyond the Pampas, Argentina's traditional grain growing
and cattle ranching plains.  These regions grow grapes,
vegetables, fruits and rice, among other cash crops.  The program
will also improve the productivity of dairy, beef and sheep
farming, and help strengthen firefighting and prevention services
in order to reduce losses by rural producers and communities.

This is the second loan financed using the conditional credit
line for investment projects "Provincial Agricultural Services
Program PROSAP," approved by the IDB in January 2008.

One of the main components of the new program will finance the
improvement or expansion of rural roads, rural power grids,
irrigation and drainage systems, and other infrastructure
investments to promote rural development and economic recovery in
areas hit by natural disasters.  Farmers will also benefit from
agro-food projects to improve their competitiveness and to foster
exports and job creation.

Another component seeks to boost farmer competitiveness by
supporting the development of agro-food clusters and by providing
incentives to finance investments that will link rural producers
with agro-food value chains.

The loan is for 25 years, with a 4-year grace period and a LIBOR-
based variable interest rate.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, Fitch Ratings affirmed Argentina's Issuer Default
Rating at 'B' and Country ceiling at 'B'.


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


BREMEN LTD: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------
The creditors of Bremen Ltd. are required to file their proofs of
debt by Sept. 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 12, 2011.

The company's liquidator is:

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


BREMEN LTD: Members' Final Meeting Set for Oct. 18
--------------------------------------------------
The members of Bremen Ltd. will hold their final meeting on
Oct. 18, 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:

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


KINGATE MANAGEMENT: Court to Hear Wind-Up Petition on Oct. 14
-------------------------------------------------------------
A petition to wind up the operations of Kingate Management
Limited will be heard before the Supreme Court of Bermuda on
Oct. 14, 2011, at 9:30 a.m.

The petition was filed on September 7, 2011, by the company's
shareholders.


MAN-IP 220: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------
The creditors of Man-IP 220 Plus Limited are required to file
their proofs of debt by Sept. 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 13, 2011.

The company's liquidator is:

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


MAN-IP 220: Member to Receive Wind-Up Report on Oct. 18
-------------------------------------------------------
The member of Man-IP 220 Plus Limited will receive on Oct. 18,
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


PARVENTURE SECONDARIES: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------------------
The creditors of Parventure Secondaries Japan Ltd. are required
to file their proofs of debt by Sept. 28, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2011.

The company's liquidator is:

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


PARVENTURE SECONDARIES: Members' Final Meeting Set for Oct. 20
--------------------------------------------------------------
The members of Parventure Secondaries Japan Ltd. will hold their
final meeting on Oct. 20, 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:

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


TRADING 220: Creditors' Proofs of Debt Due Sept. 28
---------------------------------------------------
The creditors of Trading 220 Plus Limited are required to file
their proofs of debt by Sept. 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2011.

The company's liquidator is:

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


TRADING 220: Member to Receive Wind-Up Report on Oct. 17
--------------------------------------------------------
The member of Trading 220 Plus Limited will receive on Oct. 17,
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
===========================


AL WAHA: Creditors' Proofs of Debt Due Sept. 29
-----------------------------------------------
The creditors of Al Waha (Cayman I) Lease Limited are required to
file their proofs of debt by Sept. 29, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 9, 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


CG-FIC HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On July 29, 2011, a resolution was passed that voluntarily
liquidates the business of CG-FIC Holdings Ltd.

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

The company's liquidator is:

         Juan Pablo Gomez
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CHARLIE FIFTEENTH: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------------
The creditors of Charlie Fifteenth Lease Limited are required to
file their proofs of debt by Sept. 29, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 9, 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


CLEARWATER FUNDING, CBO: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------------------
The creditors of Clearwater Funding CBO 2000-A, Ltd. are required
to file their proofs of debt by Sept. 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


CLEARWATER FUNDING: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------------
The creditors of Clearwater Funding CDO 2002-A, Ltd. are required
to file their proofs of debt by Sept. 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


COLLIERS COMPANY: Creditors' Proofs of Debt Due Sept. 29
--------------------------------------------------------
The creditors of Colliers Company are required to file their
proofs of debt by Sept. 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:

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


DULOXETINE ROYALTY: Shareholders' Final Meeting Set for Sept. 30
----------------------------------------------------------------
The shareholders of Duloxetine Royalty Sub will hold their final
meeting on September 30, 2011, at 8:45 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


F & C CREDIT ALPHA: Shareholders' Final Meeting Set for Sept. 26
----------------------------------------------------------------
The shareholders of F & C Credit Alpha Fund Of Hedge Funds
Limited will hold their final meeting on Sept. 26, 2011, at 10:00
a.m., to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Hugh Dickson is the company's liquidator.


HENRIK LEASE: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------
The creditors of Henrik Lease Limited are required to file their
proofs of debt by Sept. 29, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on August 9, 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


LIM ASIA: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------
The shareholders of Lim Asia Commodities Fund will hold their
final meeting on September 30, 2011, at 8:30 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


MARINVEST ONE: Shareholders' Final Meeting Set for Sept. 29
-----------------------------------------------------------
The shareholders of Marinvest One Fund will hold their final
meeting on September 29, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


MARINVEST ONE: Shareholders' Final Meeting Set for Sept. 29
-----------------------------------------------------------
The shareholders of Marinvest One Master Fund will hold their
final meeting on September 29, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands


OHA SENIOR: Shareholders' Final Meeting Set for Sept. 30
--------------------------------------------------------
The shareholders of Oha Senior Loan Fund (Offshore), Ltd. will
hold their final meeting on Sept. 30, 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:

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


PARK LANE: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------
The shareholders of Park Lane Aviation Holdings Limited will hold
their final meeting on Sept. 30, 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:

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


SIEBELS MULTIFUND: Creditors' Proofs of Debt Due Sept. 29
---------------------------------------------------------
The creditors of The Siebels Multifund, Ltd. are required to file
their proofs of debt by Sept. 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


STILWELL OFFSHORE: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of Stilwell Offshore Fund Ltd. will hold their
final meeting on Sept. 30, 2011, at 9:15 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


VICTOR LEASE: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------
The creditors of Victor Lease Limited are required to file their
proofs of debt by Sept. 29, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on August 9, 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


VICTORY SPC: Commences Liquidation Proceedings
----------------------------------------------
On August 19, 2011, the sole shareholder of Victory SPC resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
September 21, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Maricorp Services Ltd.
         J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105
         Cayman Islands


VICTORY SPC: Shareholders' Final Meeting Set for September 28
-------------------------------------------------------------
The shareholders of Victory SPC will hold their final meeting on
September 28, 2011, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         J. Andrew Murray
         Telephone: 345 949 9710
         P.O. Box 2075, 31 The Strand
         Grand Cayman KY1-1105
         Cayman Islands


YAO NOI: Placed Under Voluntary Wind-Up
---------------------------------------
On August 19, 2011, the sole shareholder of Yao Noi Trading Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
September 19, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


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J A M A I C A
=============


* JAMAICA: Regional Trade Deficit Widens by 70% in Jan-May Period
-----------------------------------------------------------------
RJR News reports that Jamaica's trade deficit with the region
widened by more than 70% between January and May.

The wider deficit came as imports rose 64% and exports fell
slightly, according to RJR News.  The report relates that imports
from the region totaled US$479 million dollars, representing
about 20% of Jamaica's purchases from abroad.  Exports were at
US$27 million, the report notes.

RJR News discloses that the situation means that Jamaica spent
US$17 dollars on Caribbean Community (Caricom) products for every
dollar they spent on Jamaican items, resulting in a trade gap
US$187 million with the region.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 29, 2011, in its annual report on Jamaica's sovereign
ratings, Moody's Investors Service said its Jamaica's B3 foreign-
and local-currency government bond ratings and stable outlook
reflect the country's low economic development, moderate
institutional strength, weak government finances, and high
susceptibility to shocks.


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


FUNDACION INTEGRAL: S&P Affirms BB-/B Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its global and
national scale outlooks on Fundacion Integral Comunitaria A.C.
(FINCA Mexico) to positive from stable.  "At the same time, we
affirmed the 'BB-/B' global scale counterparty credit ratings,
and raised the national scale counterparty credit ratings on
FINCA Mexico to 'mxBBB+/mxA-2' from 'mxBBB/mxA-3'," S&P stated.

"The positive rating actions reflect the improvements in FINCA
Mexico's financial profile, resulting from adjustments in its
underwriting practices that have brought better asset quality and
profitability," said Standard & Poor's credit analyst Alfonso J.
Novelo.  "It also reflects our expectation that it would further
improve its funding costs."

"The ratings on FINCA Mexico continue to be balanced by our
concerns about the increasing debt burden among creditors in the
low-income segment of the economy.  We see high competition in
the Mexican microfinance market and limited funding sources when
compared with other types of financial institutions," S&P
related.

A seasoned management team and FINCA Mexico's good profitability
and capitalization somewhat counterbalance these weaknesses,
however.

FINCA Mexico is a microfinance company focused on granting credit
to urban and rural low-income families.  Approximately 99% of its
portfolio is in group credits.

"The positive outlook reflects our expectation that FINCA Mexico
will continue to improve its internal capital generation through
enhancements to its origination practices and a lowering of its
funding costs," Mr. Novelo added.  "However, a significant
deterioration in FINCA Mexico's asset quality or substantially
lower profitability measures could pressure the ratings."


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


AUTOS VEGA: Euroclass Motors Can Use Cash to Purchase Vehicles
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico entered
an order on Sept. 9, 2011, authorizing Euroclass Motors, Inc., a
debtor-affiliate of Autos Vega, Inc., to use cash collateral of
secured creditor Reliable Finance Holding Company, on an interim
basis, for the purchase of new vehicle inventory.

                        About Autos Vega

Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011.  The Debtor estimated
its assets and debts at US$10 million to US$50 million.

Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law
Office, in San Juan, Puerto Rico, serves as counsel to the
Debtor.  Luis R. Carrasquillo Ruiz, CPA, is the Debtor's
accountant.

Affiliate Euroclass Motors, Inc. filed for Chapter 11 protection
(Bankr. D. P.R. Case No. 11-05772) on July 6, 2011.  The Debtor
estimated assets between US$1 million and US$10 million and
estimated debts between US$10 million and US$50 million.


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


CL FINANCIAL: Santa Rosa Team to Discuss CLICO Bills
----------------------------------------------------
Sean Douglas at Trinidad and Tobago Newsday reports that a
Colonial Life Insurance Company (Trinidad) Limited claimants
group, labeled the Santa Rosa Team, will meet 5.30 p.m. today,
Sept. 22, at St. Mary's College, Pembroke Street, Port-of-Spain,
to discuss its response to the two Bills passed by Parliament
regarding the Clico payout.

The group invited EFPA holders and the general public to a
meeting to give an update on its analysis and recommendations
regarding Clico, according to T&T Newsday.

"In the aftermath of the two Bills passed in Parliament
supporting the Government's Clico 'deal', the simple question is
'Is there any action we can take to retain our contractual
rights?," the group said in a media statement obtained by the
news agency,  The Santa Rosa Team said the answer is an
unequivocal "YES," the report 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.

                         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 FINANCIAL: Bailout May Cost Government TT$3 Billion
------------------------------------------------------
Caribbean News Now, citing Reuters, reports that the cost of the
Trinidad and Tobago government bailout of CL Financial Limited is
likely to rise to more than TT$3 billion.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, Trinidad and Tobago Express said that Trinidad and
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.

A source at Trinidad and Tobago's finance ministry told Reuters
that the government will likely need to add another TT$2 billion
to the bailout plan, according to Caribbean News Now.

"The collapse of CL Financial has had a devastating impact on
much of the Caribbean, and has been costly to governments, public
and private pension schemes, bank and non-bank financial
institutions and individuals," the International Monetary Fund
(IMF) said in March, Caribbean News Now recalls.  The report
relates IMF added that CL Financial has "placed at risk the
assets of a wide range of depositors, investors and
policyholders, including individuals, corporate and public
pension schemes and financial institutions."

Caribbean News Now notes that the IMF said the final financial
cost could be as high as 10% of Trinidad and Tobago's gross
domestic product.

                        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.



===========================
V I R G I N   I S L A N D S
===========================


FAIRFIELD SENTRY: U.S. Court Recognizes Liquidation Proceeding
--------------------------------------------------------------
Kenneth M Krys and Joanna Lau of KRyS Global, the Joint
Liquidators of Fairfield Sentry Ltd., Fairfield Sigma Ltd., and
Fairfield Lambda Ltd., revealed another important decision in the
Fairfield Funds liquidation proceedings.

In a decision dated September 15, 2011, and entered on the docket
on September 16, 2011, U.S. District Judge George B. Daniels of
the U.S. District Court for the Southern District of New York
affirmed the July 22, 2010 decision of the Bankruptcy Court
recognizing Fairfield Sentry's liquidation proceeding in the
British Virgin Islands as a "foreign main proceeding" under
Chapter 15 of the U.S. Bankruptcy Code, which entitled the Joint
Liquidators to cooperation and assistance of U.S. courts in aid
of their recovery efforts on behalf of Sentry's stakeholders.

The Bankruptcy Court's decision was challenged by parties to a
purported derivative action alleged to have been brought in the
name of Fairfield Sentry.  The Derivative Action was stayed as a
result of and by the Bankruptcy Court's decision.  On appeal, the
Appellants argued that the Bankruptcy Court erred in determining
that Sentry's center of main interests, or "COMI", is in the BVI.
The Appellants contended that Sentry's COMI is in the United
States, and specifically New York.  The Appellants also contended
that granting recognition of the BVI liquidation proceedings was
contrary to U.S. public policy due to, among other things, a
sealing order entered in by the court overseeing the BVI
liquidation proceedings to protect information contained in the
court file that includes litigation strategy or is otherwise
confidential or privileged.

The District Court denied Appellants' appeal in its entirety,
determining that there was "significant evidence in the record"
supporting the Bankruptcy Court's finding that Sentry's center of
main interests is in the BVI.  The District Court also rejected
the Appellants' argument that recognition of Sentry's BVI
liquidation proceedings is contrary to U.S. public policy.

Kenneth Krys, a licensed insolvency practitioner of the British
Virgin Islands and one of the Joint Liquidators of the Fairfield
Funds, said of the District Court's decision: "We are very
pleased with the District Court's affirmance of the Bankruptcy
Court's recognition order.  This important decision provides the
Joint Liquidators with continued access to and assistance from
United States courts in fulfilling their duties to obtain
recoveries for Sentry's stakeholders in this complex,
international liquidation."

Fairfield Sentry Limited and its affiliated funds Fairfield Sigma
Limited and Fairfield Lambda Limited) were the largest 'feeder'
funds into the Bernard Madoff Ponzi Scheme.

The Joint Liquidators were represented in the matter by their
U.S. Attorneys, David J. Molton and Daniel J. Saval of Brown
Rudnick LLP.

                       About KRyS Global

KRyS Global -- http://www.KRyS-Global.com/-- has over 40
professionals who work from offices in four jurisdictions: the
British Virgin Islands, Cayman Islands, Bahamas and Bermuda.
They specialize in providing corporate recovery, fraud
investigation and forensic accounting, money laundering
investigations, business advisory services, consulting and
regulatory compliance services.

                       About Brown Rudnick

Brown Rudnick  -- http://www.brownrudnick.com/-- is an AmLaw 200
firm with offices in the United States and Europe.  With
relentless focus on the client's objectives, the Firm represents
clients from around the world in high stakes litigation and
business transactions.

                     About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds
invested about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


===============
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.


                   * * * End of Transmission * * *