TCRLA_Public/110926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 26, 2011, Vol. 12, No. 190

                            Headlines



B E R M U D A

FORTUNA FUTURUS: Creditors' Proofs of Debt Due Sept. 30
FORTUNA FUTURUS: Member to Receive Wind-Up Report on Oct. 17
OPUS FUTURUS: Creditors' Proofs of Debt Due Sept. 30
OPUS FUTURUS: Member to Receive Wind-Up Report on Oct. 17
UNOCAL BRAZIL: Creditors' Proofs of Debt Due Sept. 30

UNOCAL BRAZIL: Members' Final Meeting Set for Oct. 20


B R A Z I L

FIDC CDC: Moody's Gives 'Ba3 (sf)' Ratings to Senior Shares


C A Y M A N   I S L A N D S

AVIATION ONE: Shareholders' Final Meeting Set for Sept. 28
BAM TOTAL: Shareholders' Final Meeting Set for Sept. 30
CAPITAL GUIDE: Shareholder to Hear Wind-Up Report on Sept. 30
CLEAR RIVER: Shareholders' Final Meeting Set for Sept. 30
EASYFUN ENTERTAINMENT: Members' Final Meeting Set for Nov. 12

HAMON LIFE: Shareholders Receive Wind-Up Report
INGDICK CORPORATION: Member to Hear Wind-Up Report on Sept. 30
LEHMAN BROTHERS: Shareholders' Final Meeting Set for Sept. 26
MADB INVESTMENTS: Shareholders' Final Meeting Set for Sept. 27
NBS ADVISORS: Shareholder to Hear Wind-Up Report on Sept. 28

OTEMACHI INVESTMENTS: Shareholders Receive Wind-Up Report
OZINGO CORP: Shareholder to Hear Wind-Up Report on Sept. 30
PARIDON ASIA FUND: Shareholders' Final Meeting Set for Sept. 30
PARIDON ASIA MASTER: Shareholders' Final Meeting Set for Sept. 30
PEREGRINE I: Oil-Drilling Vessel Headed to Bankruptcy Auction

PHZ LONG/SHORT: Shareholders' Final Meeting Set for Sept. 28
PRS INVESTMENT: Shareholder to Hear Wind-Up Report on Sept. 30
QUANTITATIVE TACTICAL: Shareholders' Meeting Set for Sept. 28
SHEERWATER LTD: Shareholders' Final Meeting Set for Sept. 30
TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30

TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30


J A M A I C A

JAMALCO: Government Issues Instructions for Sale of Stake in Firm


P U E R T O   R I C O

CARTONERA QUEBRAD: Case Summary & 20 Largest Unsecured Creditors
R & J MOTORS: Involuntary Chapter 11 Case Summary


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Investors May Get Their Money Back


X X X X X X X X

* BOND PRICING: For the Week September 19, to September 23, 2011


                            - - - - -


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B E R M U D A
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FORTUNA FUTURUS: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of Fortuna Futurus Trust Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Sherlene G. D. Trott
         Trinity Hall
         43 Cedar Avenue, Hamilton HM 12
         Bermuda


FORTUNA FUTURUS: Member to Receive Wind-Up Report on Oct. 17
------------------------------------------------------------
The member of Fortuna Futurus Trust Ltd. will receive on Oct. 17,
2011, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Sherlene G. D. Trott
         Trinity Hall
         43 Cedar Avenue, Hamilton HM 12


OPUS FUTURUS: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------
The creditors of Opus Futurus Trust Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Sherlene G. D. Trott
         Trinity Hall
         43 Cedar Avenue, Hamilton HM 12
         Bermuda


OPUS FUTURUS: Member to Receive Wind-Up Report on Oct. 17
---------------------------------------------------------
The member of Opus Futurus Trust Ltd. will receive on Oct. 17,
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:

         Sherlene G. D. Trott
         Trinity Hall
         43 Cedar Avenue, Hamilton HM 12
         Bermuda


UNOCAL BRAZIL: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------
The creditors of Unocal Brazil VII, Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton HM 11
         Bermuda


UNOCAL BRAZIL: Members' Final Meeting Set for Oct. 20
-----------------------------------------------------
The members of Unocal Brazil VII, 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:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton HM 11
         Bermuda


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B R A Z I L
===========


FIDC CDC: Moody's Gives 'Ba3 (sf)' Ratings to Senior Shares
-----------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A2.br
(sf) (Brazilian National Scale) and of Ba3 (sf) (Global Scale,
Local Currency) to the Senior Shares issued by Fundo de
Investimento em Direitos Creditorios CDC Financiamento de
Veiculos Banif (FIDC BANIF or the Issuer), a securitization
backed by a pool of auto loans originated by Banif -- Banco
Internacional do Funchal (Brasil) S.A. (Banif Brasil). FIDC BANIF
is the first securitization of vehicle loans sponsored by Banif
Brasil rated by Moody's.

Issuer: FIDC BANIF

Senior Shares - A2.br (sf) (National Scale) & Ba3 (sf) (Global
Scale, Local Currency)

Ratings Rationale

The ratings are based on these factors, among others:

-- The minimum 30% credit enhancement, at closing and during the
   life of the transaction, in the form of subordination
   supporting the Senior Shares;

-- The static nature of the transaction, with no on-going
   revolving purchases.  Any additional future portfolio sales
   would require issuance of new Senior Shares and confirmation
   of the outstanding rating on this transaction, given the A2.br
   (sf) minimum rating requirement in the fund indenture;

-- Fast deleveraging of transaction with monthly principal and
   interest cash flows to the Senior Shares starting on the first
   month of the transaction;

-- The discount rate stipulated in transaction documents at 190%
   of the DI Rate, considered appropriate in light of the overall
   risk profile of the portfolio;

-- The transaction structure and its legal framework, including
   the bankruptcy remoteness of the issuer and well-established
   Brazilian laws and regulations for the securitization of
   vehicle loans; and

-- Operational mitigants to commingling risk allowing for a de-
   linkage from the Banif Brasil's credit rating given the role
   of Banco Bradesco as the Master Servicer, Trustee and Payment
   Agent of the transaction. Monthly payments made by the
   borrowers will be made via bank vouchers; collections will be
   deposited directly into a segregated bank account in the name
   of the fund (Conta Autorizada do Fundo) held at the Master
   Servicer (Bradesco).

FIDC BANIF is a newly incorporated closed-ended FIDC with
unspecified legal final maturity.  It has the ability to issue
multiple series of Shares.  The definitive ratings are assigned
to the first series of Senior Shares distributed to qualified
investors.  The Junior Shares were entirely retained by the
seller, Banif Brasil.  The Senior Shares will accrue a floating-
rate interest of DI Rate (Brazilian Interbank Rate) plus an
annual spread of 3.85% per annum with daily accrual.

The final maturity of the Senior Shares will take place 60 months
after closing.  Payments to Junior Shares are permitted on a
semi-annual basis as long as the minimum subordination ratio of
30% is maintained and subject to the general discretion of the
Trustee (BEM DTVM S.A.).

The assets backing FIDC BANIF are vehicle loans originated by
Banif Brasil.  Most of the securitized pool will be represented
by light vehicles (sedans); trucks and heavy vehicles can
represent up to a maximum of 30% of the fund net assets. Loans
for motorcycles are not allowed. The maximum single borrower
concentration accepted is 0.35%.

The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.

Key revision event triggers include:

-- Downgrade of the Senior Shares by Moody's;

-- Failure of Trustee, Custodian Bank or Seller to carry out its
   duties;

-- One day increase of the DI Rate above 130%;

-- Failure to establish Payment Reserve Account for 3 consecutive
   business days;

-- Failure to establish Liquidity Reserve Account for 3
   consecutive business days;

-- Breach of certain delinquency triggers stipulated in fund
   indenture;

-- Breach of Minimum Subordination Level (30%) for 3 consecutive
   business days;

-- Early redemption of the Senior Shares to reestablish the
   minimum subordination level;

-- Three or more repurchases by the Seller in a 12 month window
   exceeding 0.8% of outstanding loans;

-- Errors in formalization that account for more than 1% of
   underlying loan contracts or guarantees during a quarterly
   audit.

Key eligibility criteria and conditions of sale:

-- Loans must have tenor of maximum 60 months

-- The contracts must have a final maturity date before the legal
   final maturity of the Senior Shares

-- Maximum concentration for trucks: 30% of the fund net assets

-- Obligors must not have restrictions with the credit bureaus
   (SERASA /SPC)

-- Maximum concentration of 0.35% of fund net assets per borrower

-- Loans must not have any encumbrances or third party pledges

-- The financed vehicle must be less than 10 years old

-- The financed vehicle must have been pledged as collateral to
   the loan contract by means of fiduciary assignment (alienacao
   fiduciaria);

-- The loans must have no installments in arrears at the moment
   of sale.

Banco Bradesco S.A. will act as Master Servicer (Custodiante) of
the transaction as well as Payment Bank.  Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the Issuer's daily financial and operating activities.

BEM DTVM S.A. (Banco Bradesco Group) will be the Trustee.

Banco Internacional do Funchal (Brasil) S.A. (Banif Brasil) has
an E+ Bank Financial Strength Rating, B1 Long-term Bank Deposit
Rating in the Global Scale, Local Currency, and Baa1.br rating in
the Brazilian National Scale.  It is a subsidiary of Banif SGPS
S.A., a financial conglomerate headquartered in Portugal.

In assigning the ratings to this transaction, Moody's evaluated a
receivables' portfolio for 35-month period starting July 1, 2008
and ending May 31, 2011.  During this period, Banif Brasil
originated vehicle loans financing for an amount of BRL 452.0
million (corresponding to BRL 831.7 million nominal
installments). The average ticket size of the contracts was BRL
24 thousand (corresponding to BRL 44.5 thousand nominal
installments) and the average effective interest rate was
approximately 31.8% per annum.

Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 8.0% per annum
and a standard deviation of 5.0% per annum. Other model input
assumptions include an annual prepayment rate of 6% per annum and
a discount rate of 190% of the DI Rate used for the purchase of
the assets by the FIDC.  The DI Rate was stressed from 12.4% per
annum at closing of transaction to 21.0% at month 60 after
closing.

These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Ba3 (sf)/A2.br
(sf) rating level.  The resulting cash flows available to the
Senior Share holders for each scenario was then discounted using
an estimated DI Rate plus an annual spread of 3.85%, the promised
coupon to investors, to determine if, and the amount of, loss to
the Senior Shares.  Expected loss and probability of default on
the Senior Shares are then computed across all scenarios. These
statistics were finally translated into Moody's global scale
rating using Moody's idealized loss tables.  The global scale
rating was then mapped to a national scale rating using Moody's
published national scale mappings.

Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.  The results generated by rating
models are one of many inputs to the rating process.  Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.

Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal.  For example, by increasing the base
case annual loss rate from 8% to 10%, the probability of default
on the senior shares would increase and resulting rating of Ba3
(sf) (global scale) would drop one notch to B1 (sf) (global
scale).

Moody's also performed deterministic break-even analysis to
assess the maximum annual credit loss rate the transaction can
support before senior shareholders suffer losses.  Senior Shares
would start to suffer a loss if the annual credit loss rate on
the performing pool would exceed 18.6% per annum or a 2.3x
coverage assuming base case 8.0% per annum credit losses.

The main concern of this transaction relates to the limited
historical data available, comprising a 35-month of period,
whereby the first 12 month of data during the startup operations
of Banif Brasil vehicle lending business may not be statistically
significant.


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


AVIATION ONE: Shareholders' Final Meeting Set for Sept. 28
----------------------------------------------------------
The shareholders of Aviation One Holding Company will hold their
final meeting on Sept. 28, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


BAM TOTAL: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------
The shareholders of Bam Total Return Master Fund, Ltd. will hold
their final meeting on Sept. 30, 2011, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CAPITAL GUIDE: Shareholder to Hear Wind-Up Report on Sept. 30
-------------------------------------------------------------
The sole shareholder of Capital Guide Fund, Limited will receive
on Sept. 30, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Toufic Chahine
         Majdalani Building, 6th Floor, Maamari Street
         Wardieh- Clemenceau
         Beirut 2039-6509
         Lebanon
         Telephone: 011 9611 487542
         Cellular Phone: 011 9613 711411
         Block E, 4th Floor
         Gold Souks, Beirut Central District
         Beirut, Lebanon
         Telephone: 011 9611 487542
         Facsimile: 011 9613 711411


CLEAR RIVER: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------
The shareholders of Clear River Capital (Cayman) Limited will
hold their final meeting on Sept. 30, 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
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344 Grand Cayman KY1-1108
         Cayman Islands
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


EASYFUN ENTERTAINMENT: Members' Final Meeting Set for Nov. 12
-------------------------------------------------------------
The members of Easyfun Entertainment Corp. will hold their final
meeting on Nov. 12, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Cheng Yuk Kwan
         c/o Michelle R. Bodden-Moxam
         Telephone: 946-6145
         Facsimile: 946-6146
         Portcullis TrustNet (Cayman) Ltd.
         The Grand Pavilion Commercial Centre
         Oleander Way, 802 West Bay Road
         P.O. Box 32052 Grand Cayman KY1-1208
         Cayman Islands


HAMON LIFE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Hamon Life Management Limited received on
Sept. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Perfect Versino Holdings Limited
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


INGDICK CORPORATION: Member to Hear Wind-Up Report on Sept. 30
--------------------------------------------------------------
The member of Ingdick Corporation Ltd will receive on Sept. 30,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


LEHMAN BROTHERS: Shareholders' Final Meeting Set for Sept. 26
-------------------------------------------------------------
The shareholders of Lehman Brothers Global Diversity Fund, Ltd.
will hold their final meeting on Sept. 26, 2011, 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:

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


MADB INVESTMENTS: Shareholders' Final Meeting Set for Sept. 27
--------------------------------------------------------------
The shareholders of MADB Investments Limited will hold their
final meeting on Sept. 27, 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:

         Essa Zainal
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


NBS ADVISORS: Shareholder to Hear Wind-Up Report on Sept. 28
------------------------------------------------------------
The sole shareholder of NBS Advisors Limited will receive on
Sept. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Toufic Chahine
         Majdalani Building, 6th Floor, Maamari Street
         Wardieh- Clemenceau
         Beirut 2039-6509
         Lebanon
         Telephone: 011 9611 487542
         Cellular Phone: 011 9613 711411
         Block E, 4th Floor
         Gold Souks, Beirut Central District
         Beirut, Lebanon
         Telephone: 011 9611 487542
         Facsimile: 011 9613 711411


OTEMACHI INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Otemachi Investments received on Sept. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Perfect Versino Holdings Limited
         c/o Maples and Calder, Attorneys-at-law
         The Center, 53rd Floor
         99 Queen's Road Central
         Hong Kong


OZINGO CORP: Shareholder to Hear Wind-Up Report on Sept. 30
-----------------------------------------------------------
The shareholder of Ozingo Corporation will receive on Sept. 30,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman
         Cayman Islands


PARIDON ASIA FUND: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of Paridon Asia Macro Fund Limited will hold
their final meeting on Sept. 30, 2011, at 10:45 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PARIDON ASIA MASTER: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------------
The shareholders of Paridon Asia Macro Master Fund Limited will
hold their final meeting on Sept. 30, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PEREGRINE I: Oil-Drilling Vessel Headed to Bankruptcy Auction
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that court papers revealed the
Peregrine I offshore oil-drilling vessel is headed to the
bankruptcy auction block, where it will likely sell for less than
the roughly US$190 million it owes.

Headquartered in Cayman Islands, Peregrine I LLC, is an offshore
drilling company backed by a unit of General Electric Co.

Peregrine I, LLC, filed a Chapter 11 petition (Bankr. D. Del.
Case No. 11-11230) on April 25, 2011.  Russell C. Silberglied,
Esq., at Richards, Layton & Finger, in Wilmington, Delaware,
serves as counsel.  The Debtor estimated assets and debts of
US$100 million to US$500 million as of the Chapter 11 filing.

The Company said US$190 million of a US$259 million loan is
unpaid.  The list of 20 largest unsecured creditors said that
WestLB AG, Banco Bilbao Vizcaya Argentaria, Dexia Credit Local,
DVB Bank, GE VFS Financing Holding, Inc., HSH Nordbank AG,
Santander Asset Finance PLC, and Sumitomo Mitsui Banking Corp.,
are owed money on account of the loan, although the percentage
held by each lender is not available at this time.

No official committee has been appointed in the Chapter 11 case.

WestLB AG, New York Branch, is represented in the case by:

          Madlyn Gleich Primoff, Esq.
          Mark F. Liscio, Esq.
          KAYE SCHOLER LLP
          425 Park Avenue
          New York, NY 10022
          E-mail: mprimoff@kayescholer.com
                  mliscio@kayescholer.com

               - and -

          Laurie Selber Silverstein, Esq.
          POTTER ANDERSON & CORROON LLP
          6th Floor, 1313 North Market Street
          Wilmington, DE 19801
          E-mail: lsilverstein@potteranderson.com


PHZ LONG/SHORT: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of PHZ Long/Short Equity Fund (Cayman) Ltd. will
hold their final meeting on Sept. 28, 2011, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


PRS INVESTMENT: Shareholder to Hear Wind-Up Report on Sept. 30
--------------------------------------------------------------
The shareholder of PRS Investment Partners (Cayman) Ltd. will
receive on Sept. 30, 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:

         Ogier
         c/o Michael Lubin
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands
         Cayman Islands
         Telephone: +1 (345) 815-1793
         Facsimile: +1 (345) 949-9877


QUANTITATIVE TACTICAL: Shareholders' Meeting Set for Sept. 28
-------------------------------------------------------------
The shareholders of Quantitative Tactical Fund, Ltd. will hold
their final meeting on Sept. 28, 2011, 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:

         Mourant Ozannes Cayman Liquidators Limited
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348 Grand Cayman KY1-1108
         Cayman Islands


SHEERWATER LTD: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of Sheerwater Ltd. will hold their final meeting
on Sept. 30, 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:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------------
The shareholders of Tradeworx Ultra Master, Ltd will hold their
final meeting on Sept. 30, 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


TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------------
The shareholders of Tradeworx Ultra Offshore, Ltd will hold their
final meeting on Sept. 30, 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


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


JAMALCO: Government Issues Instructions for Sale of Stake in Firm
-----------------------------------------------------------------
RJR News reports that a special meeting of the Jamaican Cabinet
was held on Wednesday, September 21, during which instructions
were issued for the sale of the government's stake in the JAMALCO
(Alcoa Minerals of Jamaica)'s plant in Clarendon.

This was disclosed by Daryl Vaz, the Minister with responsibility
for Information, during the weekly post Cabinet press briefing,
according to RJR News.  However, the report relates that Mr. Vaz
however, declined to give details on the latest arrangements
concerning the divestment.

"Cabinet on the CAP (Clarendon Alumina Partners) matter gave some
instructions to the negotiating team (and) based on where the
negotiations are now, it would not be wise of me to disclose that
but an announcement in relation to that will be made in due
course once the negotiations have reached the stage where an
announcement can be made," RJR News quoted Mr. Vaz as saying.

As reported in the Troubled Company Reporter-Latin America on
Sept. 9, 2011, RJR News said that unnamed sources said the
Jamaican government has received at least two offers for its
stake in JAMALCO's alumina refinery.  Switzerland-based
commodities trader, Glencore and Chinese metals trader, Zhuhai
Hongfan, are rumored to be the potential bidders for the
government's stake, according to RJR News.  The report noted that
the government owns 45% of JAMALCO through the Clarendon Alumina
Partners, and has been trying, since last year, to offload that
stake, because of its hefty cost associated with a forward sale
agreement.  RJR News related that Jamaica Prime Minister Bruce
Golding said that the forward sale agreement had cost taxpayers
more than JM$12 billion since 2002.  The report relayed that
Prime Minister Golding said that if the government's stake was
not divested, taxpayers would be asked to pay a further JM$15
billion before the contract ends in 2013.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown.  Alcoa is also selling four business units and
reducing output to save money, the report noted.  Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon.  Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.


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


CARTONERA QUEBRAD: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Cartonera Quebradillana Inc.
        Bo. Cacao carr # 2 KM 99.0
        P.O. BOx 142
        Quebradilla, PR 00678

Bankruptcy Case No.: 11-07996

Chapter 11 Petition Date: September 19, 2011

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

Debtor's Counsel: Andres Garcia Arregui, Esq.
                  GARCIA ARREGUI & FULLANA
                  252 Ponce De Leon Ave, Suite 1101
                  San Juan, PR 00918
                  Tel: (787) 766-2530
                  Fax: (787) 756-7800
                  E-mail: garciarr@prtc.net

Scheduled Assets: US$1,262,451

Scheduled Debts: US$2,634,465

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-07996.pdf

The petition was signed by Jose Candelaria Santana, president.


R & J MOTORS: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor: R & J Motors, Corp.
                aka Autos Del Caribe
                Urb. Crown Hill, MSC 549
                Ave. Winston Churchill
                San Juan, PR 00926

Case Number: 11-07952

Involuntary Chapter 11 Petition Date: September 18, 2011

Court: District of Puerto Rico (Old San Juan)

Petitioners' Counsel: Alexis Fuentes Hernandez, Esq.
                      FUENTES LAW OFFICES
                      P.O. Box 9022726
                      San Juan, PR 00902-2726
                      Tel: (787) 722-5216
                      Fax: (787) 722-5206
                      E-mail: alex@fuentes-law.com

Creditors who signed the involuntary Chapter 11 petition:

Petitioner               Nature of Claim        Claim Amount
----------               ---------------        ------------
Angel R. Marzan Santiago Professional            US$10,937
P.O. Box 363688          Services
San Juan, PR 00936-3688

Impact Extermination,    Professional               $1,424
Inc.                     Services
Rene Diaz
HC-03 Box 10986
Gurabo, PR 00778

Walter Martinez          Professional               $2,694
PMB Suite 229            Services
P.O. Box 70158
San Juan, PR 00936-8158


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


CL FIN'L: CLICO Investors May Get Their Money Back
--------------------------------------------------
NationNews.com reports that companies that invested in Colonial
Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad &
Tobago)'s risky, high interest-paying Executive Flexible Premium
Annuities (EFPAs), which were only to be sold to individuals,
will still get a chance to salvage their investments.  CLICO is a
subsidiary of CL Financial Limited.

Sources close to the restructuring plan which was filed in the
High Court by judicial manager, Deloitte Consulting, told the
DAILY NATION that among the options on the table to these
investors was share equity in a recapitalized insurance company,
according to NationNews.com.

The report notes that the restructuring plan for CLICO
International Life (CIL) does not involve the sale of its
assets, but instead recapitalization of the insurance company by
Barbados and Eastern Caribbean governments where CLICO Life
operates to the tune of more than TT$150 million.

Notably, NationNews.com relates that the source said
policyholders with EFPAs of TT$1 million or less would be
"restored to the full extent of their principal".

                        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.


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


* BOND PRICING: For the Week September 19, to September 23, 2011
----------------------------------------------------------------

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

ARGENTINA
---------

BOGAR 2018                2    2/4/2018       ARS           128
BODEN 2014                2    9/30/2014      ARS            99
ARGENT-$DIS            8.28    12/31/2033     USD            64
PROV BUENOS AIRE      9.375    9/14/2018      USD          72.3
ARGENT-$DIS            8.28    12/31/2033     USD          61.9
ARGENT-$DIS            8.28    12/31/2033     USD            67
ARGENT- PAR&GDP        0.45    12/31/2038     JPY             8
PROV BUENOS AIRE      9.625    4/18/2028      USD            72
PROV BUENOS AIRE      9.375    9/14/2018      USD          71.1
ARGENT- DIS            4.33    12/31/2033     JPY            42
ARGENT- DIS            7.82    12/31/2033     EUR           62.5
ARGENT- DIS            7.82    12/31/2033     EUR            60
ARGENT- PAR             1.18    12/31/2038     ARS          44.7

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

IMCOPA INTL CAYM          5    12/19/2014     USD            33
BCP FINANCE CO        5.543                   EUR          32.2
BCP FINANCE CO        4.239                   EUR            31
ESFG INTERNATION      5.753                   EUR          35.1
EFG ORA FUNDING         1.7    10/29/2014     EUR          45.1
SUNTECH POWER             3    3/15/2013      USD          51.6
LDK SOLAR CO LTD         10    2/28/2014      CNY            50
CHINA SUNERGY          4.75    6/15/2013      USD            60
SOLARFUN POWER H        3.5    1/15/2018      USD          64.4
CHINA AUTOMATION       7.75    4/20/2016      USD          65.1
CHAODA MOD AGRI         3.7    9/1/2015       USD            76
SPG LAND HOLDING       13.5    4/8/2016       USD            70
GLORIOUS PROPERT         13    10/25/2015     USD          70.1
JA SOLAR HOLD CO        4.5    5/15/2013      USD          70.5
POLARCUS LTD          2.875    4/27/2016      USD          74.3
JINKOSOLAR HOLD           4    5/15/2016      USD          32.2
SUNTECH POWER             3    3/15/2013      USD          50.4
CHINA MED TECH         6.25    12/15/2016     USD          61.7
MARFRIG OVERSEAS        9.5    5/4/2020       USD            65
SOLARFUN POWER H        3.5    1/15/2018      USD          68.7
CHINA FORESTRY        10.25    11/17/2015     USD            70
YUZHOU PROPERTIE       13.5    12/15/2015     USD          72.8
BES FINANCE LTD        5.58                   EUR          32.8
CHINA MED TECH            4    8/15/2013      USD          66.1
BANCO BPI (CI)         4.15    11/14/2035     EUR          36.2
BES FINANCE LTD         4.5                   EUR          36.5
BES FINANCE LTD       6.625                   EUR            46
BCP FINANCE BANK       5.01    3/31/2024      EUR          71.6
BCP FINANCE BANK       5.31    12/10/2023     EUR          74.3
BES FINANCE LTD       1.625    4/15/2013      USD          74.6
DUBAI HLDNG COMM          6    2/1/2017       GBP          72.5
LDK SOLAR CO LTD       4.75    4/15/2013      USD          59.4
TRINA SOLAR LTD           4    7/15/2013      USD          71.9
MARFRIG OVERSEAS        9.5    5/4/2020       USD          64.3
CHINA FORESTRY        10.25    11/17/2015     USD          73.5
FANTASIA HOLDING         14    5/12/2015      USD          77.5
YUZHOU PROPERTIE       13.5    12/15/2015     USD          72.9
EVERGRANDE REAL        9.25    1/19/2016      CNY          72.1
TEXHONG TEXTILE       7.625    1/19/2016      USD            86


CHILE
-----

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


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

PUERTO RICO CONS        6.2    5/1/2017       USD          55.2
PUERTO RICO CONS        6.5    4/1/2016       USD            61
BANCO SANTANDER         6.1    6/1/2032       USD          60.9
BANCO SANTANDER         6.3    6/1/2032       USD          61.1


VENEZUELA
---------

PETROLEOS DE VEN      5.375    4/12/2027      USD          43.9
VENEZUELA                 7    3/31/2038      USD          53.7
PETROLEOS DE VEN       5.25    4/12/2017      USD          55.2
VENEZUELA              7.65    4/21/2025      USD          53.5
VENZOD - 189000       9.375    1/13/2034      USD          63.5
VENEZUELA              9.25    9/15/2027      USD          63.2
VENEZUELA              9.25    9/15/2027      USD          64.4
PETROLEOS DE VEN        8.5    11/2/2017      USD          66.4
PETROLEOS DE VEN      12.75    2/17/2022      USD          75.8
PETROLEOS DE VEN        4.9    10/28/2014     USD          67.3
PETROLEOS DE VEN          5    10/28/2015     USD          60.2
PETROLEOS DE VEN      5.125    10/28/2016     USD          56.6
PETROLEOS DE VEN        5.5    4/12/2037      USD          42.6
VENEZUELA                 7    3/31/2038      USD            53
VENEZUELA              8.25    10/13/2024     USD          58.8
VENEZUELA              9.25    5/7/2028       USD          61.8
VENEZUELA              7.75    10/13/2019     USD          59.5
VENEZUELA                 7    12/1/2018      USD            59
VENEZUELA                 9    5/7/2023       USD            63
PETROLEOS DE VEN        8.5    11/2/2017      USD          64.7
VENEZUELA              5.75    2/26/2016      USD            68
VENEZUELA             11.95    8/5/2031       USD          73.3
PETROLEOS DE VEN      12.75    2/17/2022      USD          73.2
VENEZUELA                 6    12/9/2020      USD            53


                            ***********


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 * * *