TCRLA_Public/110929.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 29, 2011, Vol. 12, No. 193

                            Headlines



A R G E N T I N A

ALEPH SEGURIDAD: Creditors' Proofs of Debt Due Nov. 25
ALMENIR SRL: Creditors' Proofs of Debt Due Nov. 15
BARON BLUE: Creditors' Proofs of Debt Due Nov. 15
CONSTRUCTORA DEL NORTE: Creditors' Proofs of Debt Due Oct. 20
DATASYS SA: Creditors' Proofs of Debt Due Nov. 30

HYGOLET SA: Creditors' Proofs of Debt Due Nov. 17
PRODUCTOS OSA: Creditors' Proofs of Debt Due Nov. 25
PROVAGRO SA: Creditors' Proofs of Debt Due Dec. 12


B E R M U D A

DIGICEL GROUP: Court Rejects LIME's Application to Block Merger


C A Y M A N   I S L A N D S

AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12
AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12
APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12
APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12
AUDA OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 3

BIOHEDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12
CHEYNE MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 12
FF GLOBAL: Creditors' Proofs of Debt Due Oct. 12
FOOTBRIDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12
HBM BIOMED: Creditors' Proofs of Debt Due Oct. 12

KF-I&G HOLDINGS: Creditors' Proofs of Debt Due Oct. 12
OAK HILL: Creditors' Proofs of Debt Due Oct. 12
PANAMA STREET: Creditors' Proofs of Debt Due Oct. 12
RIZERS INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12
STELLATION CAPITAL: Creditors' Proofs of Debt Due Oct. 3


P U E R T O   R I C O

HOTEL AIRPORT: Court Approves Francisco Molina as Accountant
HOTEL AIRPORT: Court Approves Edgard Munoz as Bankruptcy Counsel
HOTEL AIRPORT: Lizarribar-Masini Okayed as P.R. Ports Counsel
PICHI'S INC: Files Schedules of Assets and Liabilities


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercado Fights FSC in Court


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


ALEPH SEGURIDAD: Creditors' Proofs of Debt Due Nov. 25
------------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for Aleph
Seguridad SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 25, 2011.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ricardo Martinez
         Teniente General Juan Domingo Peron 1219
         Argentina


ALMENIR SRL: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------
Marta Alicia Hernandez, the court-appointed trustee for Almenir
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until Nov. 15, 2011.

Ms. Hernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Marta Alicia Hernandez
         Sanchez de Bustamante 68
         Argentina


BARON BLUE: Creditors' Proofs of Debt Due Nov. 15
-------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for Baron Blue
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 15, 2011.

Mr. Arias will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in
Buenos Aires, with the assistance of Clerk No. 14, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Alberto Arias
         Avenida Corrientes 1312
         Argentina


CONSTRUCTORA DEL NORTE: Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------------
Andrea Lemos, the court-appointed trustee for Constructora del
Norte SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Oct. 20, 2011.

Ms. Lemos will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 34, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Andrea Lemos
         Libertad 293
         Argentina


DATASYS SA: Creditors' Proofs of Debt Due Nov. 30
-------------------------------------------------
Maria Susana Taboada, the court-appointed trustee for Datasys SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Nov. 30, 2011.

Ms. Taboada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Susana Taboada
         Ezeiza 2641
         Argentina


HYGOLET SA: Creditors' Proofs of Debt Due Nov. 17
-------------------------------------------------
Maria Cristina Rodriguez, the court-appointed trustee for Hygolet
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 17, 2011.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Cristina Rodriguez
         Avenida Corrientes 3169
         Argentina


PRODUCTOS OSA: Creditors' Proofs of Debt Due Nov. 25
----------------------------------------------------
Rodolfo Torella, the court-appointed trustee for Productos Osa
Sacifia's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Nov. 25, 2011.

Mr. Torella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Rodolfo Torella
         Arcos 3726
         Argentina


PROVAGRO SA: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------
Elsa Esther Andrade, the court-appointed trustee for Provagro SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Dec. 12, 2011.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 26, 2012.

The Trustee can be reached at:

         Elsa Esther Andrade
         Av. Callao 449
         Argentina


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


DIGICEL GROUP: Court Rejects LIME's Application to Block Merger
---------------------------------------------------------------
Barbara Gayle at Jamaica Gleaner reports that the Supreme Court
has rejected an application by LIME, which sought to block the
acquisition of Claro Jamaica by Digicel Group by challenging the
decision of the prime minister to approve what it suggested, was a
harmful deal.

LIME's lawyers indicated that they would be appealing the decision
by Justice Brian Sykes throwing out the application, even as
Digicel Group called its legal challenge a failed cynical ploy to
derail the deal, according to Jamaica Gleaner.

The Fair Trading Commission (FTC) and Prime Minister Bruce Golding
were the defendants in the case.

Jamaica Gleaner notes that Justice Sykes said Prime Minister Bruce
Golding followed the law and committed no breach.  Prime Minister
Golding did all he was required to do, took the consumers'
interest into consideration and followed the provisions of the
Telecommunications Act, Justice Sykes added, the report relates.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2011, RJR News said that LIME is seeking to overturn
Prime Minister Golding's approval of the merger between Digicel
and Claro, according to RJR News.  The report related that LIME is
contending that the decision is unlawful and was affected by an
improper exercise of the Prime Minister's power.  The Gleaner
recalled that the Jamaican government has approved Digicel Group's
acquisition of Claro Jamaica.  Prime Minister Bruce Golding,
however, said that the approval is on the proviso that Digicel
Group continues to operate two separate networks, in what is meant
to be a check on the market leader's dominance, according to The
Gleaner.  The Gleaner noted that Digicel Group wanted to integrate
the operations into a single network, but Prime Minister Golding
rejected that plan.

                        About Digicel Group

Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets.  By offering innovative wireless services and
community support, Digicel Group has become a leading brand across
its 31 markets worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide.  Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad
& Tobago and Turks & Caicos.  The Caribbean company also has
coverage in St. Martin and St. Barts.  Digicel Pacific comprises
Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.

                         *     *     *

As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.


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


AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of AIS Consumer Debt Fund, Ltd. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Marco Archer
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


AIS CONSUMER: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------
The creditors of AIS Consumer Debt Fund II, Ltd are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 29, 2011.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Marco Archer
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647; or

         Mourant Ozannes Cayman Liquidators Limited
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348 George Town
         Grand Cayman KY1-1108
         Cayman Islands


APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of Aphex Capital NSCR 2006-1, Ltd. are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 25, 2011.

The company's liquidator is:

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


APHEX CAPITAL: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of Aphex Capital NSCR 2007-6, Ltd. are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 25, 2011.

The company's liquidator is:

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


AUDA OPPORTUNITY: Creditors' Proofs of Debt Due Oct. 3
------------------------------------------------------
The creditors of Auda Opportunity Ltd. are required to file their
proofs of debt by Oct. 3, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way
         Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BIOHEDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------------
The creditors of Biohedge Capital Limited are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2011.

The company's liquidator is:

         Jonathan Nicholson
         Telephone: (345) 516-0210
         P.O. Box 1976 Grand Cayman KY1-1104
         Cayman Islands


CHEYNE MULTI-STRATEGY: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------------
The creditors of Cheyne Multi-Strategy Leveraged General Partner
Inc. are required to file their proofs of debt by Oct. 12, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 24, 2011.

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


FF GLOBAL: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------
The creditors of FF Global Opportunities Limited are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 23, 2011.

The company's liquidator is:

         DMS Corporate Services Ltd.
         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


FOOTBRIDGE CAPITAL: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Footbridge Capital Fund Inc. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2011.

The company's liquidator is:

         Jonathan Nicholson
         Telephone: (345) 516-0210
         P.O. Box 1976 Grand Cayman KY1-1104
         Cayman Islands


HBM BIOMED: Creditors' Proofs of Debt Due Oct. 12
-------------------------------------------------
The creditors of HBM Biomed China Partners Ltd. are required to
file their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2011.

The company's liquidator is:

         Jonathan Nicholson
         Telephone: (345) 516-0210
         P.O. Box 1976 Grand Cayman KY1-1104
         Cayman Islands


KF-I&G HOLDINGS: Creditors' Proofs of Debt Due Oct. 12
------------------------------------------------------
The creditors of KF-I&G Holdings, Ltd. are required to file their
proofs of debt by Oct. 12, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ghanem S. Al-ghenaiman
         Imad Al-Naqib
         Investment Department
         Kuwait Fund for Arab Economic Development
         P.O. Box 2921 Safat 13030
         Kuwait


OAK HILL: Creditors' Proofs of Debt Due Oct. 12
-----------------------------------------------
The creditors of Oak Hill Credit Alpha Fund (Feeder SPV), Ltd. are
required to file their proofs of debt by Oct. 12, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 19, 2011.

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


PANAMA STREET: Creditors' Proofs of Debt Due Oct. 12
----------------------------------------------------
The creditors of Panama Street Finance, Ltd. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 22, 2011.

The company's liquidator is:

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


RIZERS INVESTMENTS: Creditors' Proofs of Debt Due Oct. 12
---------------------------------------------------------
The creditors of Rizers Investments Ltd. are required to file
their proofs of debt by Oct. 12, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 24, 2011.

The company's liquidator is:

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


STELLATION CAPITAL: Creditors' Proofs of Debt Due Oct. 3
--------------------------------------------------------
The creditors of Stellation Capital Fund Ltd. are required to file
their proofs of debt by Oct. 3, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 20,
2009.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


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


HOTEL AIRPORT: Court Approves Francisco Molina as Accountant
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Hotel Airport Inc. to employ Francisco J. Garrido
Molina CPA to provide accounting services, including, but not
limited to, preparing tax returns, financial projections,
auditing, and other tasks.

Mr. Molina will charge a flat rate of US$2,050 (US$1,400 + US$650)
per month, with a US$50 monthly increment for every five
additional employees that the debtor adds to its payroll.  Mr.
Molina will bill US$125 per hour for additional services.

The Debtor assured the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                        About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of the
Chapter 11 filing.  The petition was signed by David Tirri, its
president.


HOTEL AIRPORT: Court Approves Edgard Munoz as Bankruptcy Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Hotel Airport Inc. to employ Edgardo Munoz PSC as its
counsel.

Upon retention, the firm, will, among other things:

   a) advise the Debtor with respect to its duties, powers, and
      responsibilities in this case under the laws of the United
      States and Puerto Rico in which debtor-in-possession
      conducts its operations;

   b) advise the Debtor in connection with determination on
      whether reorganization is feasible and if not, helping
      the Debtor in the orderly liquidation of assets; and

   c) prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      legal paper or document required in the case.

To the best of the Debtor's knowledge, Edgardo Munoz and his firm
are disinterested persons within the meaning of 11 U.S.C. Sec.
101.

The firm has received a US$10,000 retainer plus the additional sum
of US$1,039 to cover filing fees, which sums were paid by the
Debtor from funds generated from the operations of its business.
An additional sum of US$10,000 has been agreed to and will be
distributed upon proper notice and hearing, and after court
authorization required, and will be held as additional retainer to
be credited with the final application for compensation to be
submitted under 11 U.S.C. Sec. 330. Professional services will be
charged at the rate of US$280 per hour plus costs and expenses.

                         About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of the
Chapter 11 filing.  The petition was signed by David Tirri, its
president.


HOTEL AIRPORT: Lizarribar-Masini Okayed as P.R. Ports Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Hotel Airport Inc. to employ the law firm Lizarribar-
Masini Law Office as counsel to properly conduct the Debtor's
affairs and comply with its duties and in relation to ongoing
litigation with Puerto Rico Ports Authority.

Upon retention, the firm will, among other things:

   a. represent debtor in all matters regarding the Puerto Rico
      Ports Authority;

   b. perform other legal services for the Debtor as may be
      required in this proceeding or in connection with the
      operation of the Debtor's business;

   c. employ other professional services, if necessary.

The firm will charge the Debtor US$150 dollars per hour plus costs
as per monthly invoices.  The hourly rates are subject to change
to account for ordinary increases of the rates, but subject to
prior notice thereof.

                        About Hotel Airport

Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case.  Edgardo
Munoz, PSC, serves as bankruptcy counsel.  The Debtor disclosed
US$8,547,993 in assets and US$171,169,392 in liabilities as of the
Chapter 11 filing.  The petition was signed by David Tirri, its
president.


PICHI'S INC: Files Schedules of Assets and Liabilities
------------------------------------------------------
Pichi's Inc. filed with the U.S. Bankruptcy Court for the District
of Puerto Rico its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property              US$22,155,279
  B. Personal Property             $9,247,080
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             US$31,253,750
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $868,092
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $4,497,178
                                 -----------      -----------
        TOTAL                  US$31,402,359    US$36,619,020

                         About Pichi's Inc.

Pichi's Inc. owns and operates the Best Western Pichi's Hotel in
Guayanilla, Puerto Rico.  Pichi's filed for Chapter 11 bankruptcy
(Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011.  Judge Mildred
Caban Flores initially presided over the case, which has recently
been reassigned to the Hon. Edward A. Godoy.  Charles Alfred
Cuprill, PSC Law Offices, serves as the Debtor's bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as
financial consultants.  The petition was signed by Luis A.
Emmanuelli Gonzalez, president.


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T R I N I D A D  &  T O B A G O
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CL FIN'L: Lascelles deMercado Fights FSC in Court
-------------------------------------------------
Jamaica Gleaner reports that Lascelles deMercado & Company Limited
has turned to the courts to compel the Financial Services
Commission to declare the amended hostile bid by St. Lucia-based
Black Sand Acquisition Limited as being non-compliant with the
regulator's takeover rules.  Lascelles deMercado is a subsidiary
of CL Financial Limited.

The conglomerate's lawyers will argue that position before the
Supreme Court starting October 10, a move that could potentially
delay the Black Sand bid which is open to October 18, according to
Jamaica Gleaner.

The report notes that Lascelles deMercado wants the court to
instruct the FSC that a revised proposal issued by Black Sand
earlier this month is still non-compliant.  This, in turn, would
require the issuance of a third proposal and consequently delay
the release of the Lascelles deMercado directors' official
response to the offer, Jamaica Gleaner relates.

"In the interest of time, we will take the FSC to court, but it
was not our first choice," Lascelles deMercado company secretary
Jane George told Wednesday Business in an interview, the report
notes.

Jamaica Gleaner discloses that Lascelles deMercado has been
challenging the validity of the revised proposal made by Black
Sand through an appeals tribunal at the FSC.  The report relates
that Lascelles deMercado contends that Black Sand still lacks
proof of funding but the FSC viewed the revised proposal as
compliant.

Ms. George, the report relays, said that the tribunal wrapped up
with both parties opting to hear arguments in court.

A FSC notice said that the FSC previously set a September 21
deadline for the release of the directors' circular, Jamaica
Gleaner notes.

Jamaica Gleaner relates that Black Sand previously said it
received equity commitments from a group of investors led by
United States-based Octavian Special Master Fund LP and Kingston-
based Pan-Jamaican Investment Trust.

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2011, Trinidad & Tobago Newsday said that Lascelles
deMercado has rejected a takeover bid by Black Sand Acquisition.
Lascelles deMercado Secretary Jane George said that the Board of
Directors viewed Black Sand's offer as an "unsolicited and
unfunded . . . opportunistic attempt by former director William
McConnell to persuade CL Financial's noteholders to foreclose on
the [Lascelles deMercado] shares held by them as collateral and
sell [the shares] to Black Sand for less than half the price paid
for them by the CL Financial group," according to T&T Newsday.
Ms. George said that Lascelles deMercado's skepticism about the
offer lay partly on Black Sand's incompliance with the JSE rules
and the Securities (Take-Overs and Mergers) Regulations, T&T
Newsday noted.  Trinidad Express said Black Sand plans to acquire
90% of Lascelles de Mercado's ordinary shares, all its 6%
preference shares and its 15% preference shares.

                        About CL Financial

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

                        *     *     *

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

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


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


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *