TCRLA_Public/111017.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, October 17, 2011, Vol. 12, No. 205

                            Headlines



A R G E N T I N A

ARCOR SAIC: Fitch Affirms FC Issuer Default Rating at 'B+'
CONSOLIDAR ART: Moody's Lowers Global Local Currency IFS to 'B3'


B E R M U D A

DOCKWISE LTD: Files Waiver Request With Lenders


C A Y M A N   I S L A N D S

ALPHA MARINE: Creditors' Proofs of Debt Due Oct. 26
CHINA BIOTECHNOLOGY: Commences Liquidation Proceedings
JADE XI: Creditors' Proofs of Debt Due Oct. 17
JAMES WHILLER: Creditors' Proofs of Debt Due Oct. 26
JCAM CREDIT: Creditors' Proofs of Debt Due Oct. 31

JCAM VINTAGE I: Creditors' Proofs of Debt Due Oct. 31
K2 DIVERSIFIED: Creditors' Proofs of Debt Due Oct. 26
LEPROSEVA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 24
ML ABERDARE: Creditors' Proofs of Debt Due Oct. 26
ML CANARY: Creditors' Proofs of Debt Due Oct. 26

ML COMPAYNE: Creditors' Proofs of Debt Due Oct. 26
ML PRIORY: Creditors' Proofs of Debt Due Oct. 26
ML ROWLEY: Creditors' Proofs of Debt Due Oct. 26
MSGI CHINA: Creditors' Proofs of Debt Due Oct. 17
UTOPIA DV: Creditors' Proofs of Debt Due Oct. 24


J A M A I C A

JAMAICA URBAN: Earnings Lag Expenditures


T R I N I D A D  &  T O B A G O

CL FIN'L: Chairman Blames Hostile Takeover Bid for Debt Issues


X X X X X X X X

* BOND PRICING: For the Week October 10 to October 14, 2011





                            - - - - -


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


ARCOR SAIC: Fitch Affirms FC Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Arcor
S.A.I.C. (Arcor):

  -- Foreign currency Issuer Default Rating (IDR) at 'B+';
  -- Local currency IDR at 'BB-';
  -- US200 million senior unsecured notes due 2017 at 'B+/RR4';
  -- National scale rating at 'AA+(arg)';
  -- US200 million senior unsecured notes due 2017 national scale
     rating at 'AA+(arg)'.

The Rating Outlook is Stable.

Arcor's 'BB-' local currency IDR reflects the company's strong
business position as a leading Latin American producer of
confectionary and cookie products, as well as its solid capital
structure.  The company's positive track record during the 2002
financial crisis in Argentina is also factored into the ratings.
Arcor's 'BB-' local currency IDR is constrained by the high
correlation of its cash flow with the strength of the Argentine
economy and its exposure to variations in commodity prices.

The strong brand equity of Arcor's products in Argentina is due
to its comprehensive distribution network and its presence in the
country for more than 60 years.  The company's presence extends
beyond Argentina due to exports to 120 countries and its
production facilities in Chile, Brazil, Mexico and Peru.  Exports
and revenues generated outside of Argentina accounted for
approximately 42% of Arcor's total consolidated revenues at June
2011.

The company's exports and operations outside of Argentina
partially mitigate the risks associated with the potential for
future exchange controls in Argentina.  They have resulted in
Arcor's foreign currency IDR being rated 'B+', which is one notch
higher than the 'B' Country Ceiling that Fitch has assigned to
Argentina.

Arcor's leverage is low for the rating category.  For the latest
12 months (LTM) ended June 30, 2011, Arcor had a total debt-to-
EBITDA ratio of 1.9 times (x) and net debt-to-EBITDA of 1.4x.  As
of June 30, 2011, the company had US419 million of debt.  In
November 2010, Arcor issued US200 million notes maturing 2017.
Proceeds were used to cancel existing loans, extending debt
average life.  Fitch views Arcor's liquidity position to be
manageable.  The company had US112 million of cash and marketable
securities and US138 million of short-term debt at the end of
June.  This debt is expected to be refinanced with a mix of cash
flow from operations, cash and marketable securities, and new
debt.

For the LTM the company generated US122 million of cash flow from
operations (CFFO) and US224 million of EBITDA.  While Arcor's
cash flow can be volatile due to the concentration of its
operations in Argentina and its exposure to variations in
commodity prices, it is generally high in relation to capital
expenditures.

Arcor's operations in investment grade countries such as Brazil
and Chile account for nearly 30% of Arcor's consolidated
revenues.  Their contribution to cash flow generation is still
weak, however, and about 85% of Arcor's operating cash flow
generation is generated in Argentina.  In the future, this
percentage is expected to decline as Arcor's investments in
Brazil mature.

Potential Rating and Outlook Drivers:

The Stable Outlook reflects Fitch's expectations that Arcor will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
around 2 times (x).  Under a conservative scenario, Fitch
estimates the company's interest coverage to be above 4x.
Arcor's management is intent on maintaining a conservative
financial structure.

Any significant increase in Arcor's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action. Conversely, the local currency IDR could be positively
impacted by a better than expected cash flow generation or better
than expected operating results from subsidiaries in investment
grade countries.


CONSOLIDAR ART: Moody's Lowers Global Local Currency IFS to 'B3'
----------------------------------------------------------------
Moody's Latin America downgraded the global local-currency
insurance financial strength and Argentine national scale IFS
ratings of Consolidar ART to B3 from B2 and to Baa1.ar from
A1.ar, respectively.  The outlook for the company's ratings is
stable.

This rating action follows the recent announcement of the planned
sale of Consolidar ART -- a monoline workers' compensation
insurer in Argentina -- by the BBVA Group to the Argentine health
company, Galeno Argentina S.A. (not rated by Moody's).  The
transaction is subject to the authorization of the local
insurance regulator and to other conditions.

Ratings Rationale

The rating agency said the downgrade of Consolidar ART to
B3/Baa1.ar from B2/A1.ar is driven by the impending sale of the
company by the BBVA Group and the removal of the one notch of
ratings uplift provided by BBVA's ownership and support,
positioning the company's rating at its stand-alone credit
profile.  Moody's lead analyst Alejandro Pavlov added, "Even if
the disposition of the company is not completed -- for any reason
-- the announcement of the transaction indicates that Consolidar
ART is not strategically important to BBVA and that the prior
ratings uplift is no longer appropriate."

Consolidar ART is a leading Argentine workers' compensation
insurer ranking second in this business segment with 10% of
market share.  In addition to its adequate market presence, the
company has reported sustained profitability, despite its high
dependence on investment returns to offset prolonged underwriting
losses. Underpinning its B3 rating is its lack of product
diversification, very weak and deteriorating capitalization, and
poor asset quality.  In addition, the company's credit profile is
constrained by the weak operating environment of Argentina and
the significant regulatory risks of the workers' compensation
segment.

Finally, Consolidar ART's Baa1.ar national scale IFS rating is
based on the application of Moody's mapping criteria for a B3 IFS
global local currency IFS rating to the Argentine national scale,
and is positioned in the middle of 5 possible outcomes on the
Argentine national scale for a B3 global local currency rating.

Based in Buenos Aires, Consolidar ART during the 2010/11 fiscal
year, ended June 30th 2011, reported total assets of almost AR1.5
billion, net income of AR31.8 million, and gross premiums written
of AR1.1 billion.  As of that date, the company reported
shareholders' equity of AR228 million.


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


DOCKWISE LTD: Files Waiver Request With Lenders
-----------------------------------------------
Dockwise Ltd. has filed a waiver request on a single covenant
with its lender syndicate, for contingency purposes.

On Oct. 5, 2011, Dockwise disclosed a comprehensive package of
measures to ensure that, under current market circumstances,
Dockwise remains within its leverage ratio as agreed with the
lender syndicate.  The waiver request serves contingency planning
purposes and would provide additional headroom in extraordinary
market circumstances.

In the waiver request, Dockwise seeks consent for a temporary
relaxation of the leverage ratio (net debt over EBITDA) for the
period March 2012 until September 2013.

Dockwise will publish Q3 results on Nov. 11, 2011 (07:30 hrs CET,
one week earlier than the previously announced date of Nov. 18,
2011.

               About Dockwise Ltd/The Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of
more than 1,200, both offshore and onshore.  The company is the
leading marine contractor, providing total transport services to
the offshore, onshore, and yachting industries, as well as
installation services for extremely heavy offshore platforms. The
Group is headquartered in Breda, the Netherlands.  The Group's
main commercial offices are located in the Netherlands, the
United States, and China, with sales offices in Korea, Australia,
Brazil, Russia, Singapore, Malaysia, Mexico, and Nigeria.  The
Dockwise Yacht Transport business unit is headquartered in Fort
Lauderdale and has an office in Italy.  The Dockwise Shipping
network is supported by agents in Norway, Argentina, and Italy.
To support all of its services to customers, the group also has
three additional engineering centers in Houston, Breda, and
Shanghai, which manufacture specific motion-reduction equipment,
such as LMU (Leg Mating Units) and DMU (Deck Mating Units).


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


ALPHA MARINE: Creditors' Proofs of Debt Due Oct. 26
---------------------------------------------------
The creditors of Alpha Marine Ltd. are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2011.

The company's liquidator is:

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


CHINA BIOTECHNOLOGY: Commences Liquidation Proceedings
------------------------------------------------------
On Sept. 14, 2011, the shareholders of China Biotechnology
Limited resolved to voluntarily liquidate the company's business.

The company's liquidators are:

         Robin Lee Mcmahon
         c/o Ms. Aisling Clarke
         Ernst & Young Ltd
         62 Forum Lane, Camana Bay
         P.O. Box 510 Grand Cayman KY1 -1106
         Cayman Islands
         Telephone +1 345 814 8986
         e-mail: Aisling.Clarke@ky.ey.com; and

         Roy Bailey
         Ernst & Young Ltd.
         Jayla Place, Wickhams Cay I
         Road Town, Tortola VG1110
         British Virgin Islands


JADE XI: Creditors' Proofs of Debt Due Oct. 17
----------------------------------------------
The creditors of Jade XI, Inc. are required to file their proofs
of debt by Oct. 17, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


JAMES WHILLER: Creditors' Proofs of Debt Due Oct. 26
----------------------------------------------------
The creditors of James Whiller & Associates Ltd. are required to
file their proofs of debt by Oct. 26, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2011.

The company's liquidator is:

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


JCAM CREDIT: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------
The creditors of JCAM Credit Opportunities Fund Ltd. are required
to file their proofs of debt by Oct. 31, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


JCAM VINTAGE I: Creditors' Proofs of Debt Due Oct. 31
-----------------------------------------------------
The creditors of JCAM Vintage I Ltd. are required to file their
proofs of debt by Oct. 31, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


K2 DIVERSIFIED: Creditors' Proofs of Debt Due Oct. 26
-----------------------------------------------------
The creditors of K2 Diversified Portable Alpha Fund II, Ltd. are
required to file their proofs of debt by Oct. 26, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2011.

The company's liquidator is:

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


LEPROSEVA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 24
--------------------------------------------------------------
The creditors of Leproseva International are required to file
their proofs of debt by Oct. 24, 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:

         Zhu Lina
         Telephone: (86 21) 6384 5570
         Facsimile: (86 21) 6384 5660
         Room 703, No. 2, Lane 277
         Guoding Road, Yangpu District, Shanghai
         P.R. China


ML ABERDARE: Creditors' Proofs of Debt Due Oct. 26
--------------------------------------------------
The creditors of ML Aberdare (Cayman) are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2011.

The company's liquidator is:

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


ML CANARY: Creditors' Proofs of Debt Due Oct. 26
------------------------------------------------
The creditors of ML Canary (Cayman) are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2011.

The company's liquidator is:

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


ML COMPAYNE: Creditors' Proofs of Debt Due Oct. 26
--------------------------------------------------
The creditors of ML Compayne (Cayman) are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2011.

The company's liquidator is:

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


ML PRIORY: Creditors' Proofs of Debt Due Oct. 26
------------------------------------------------
The creditors of ML Priory (Cayman) are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2011.

The company's liquidator is:

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


ML ROWLEY: Creditors' Proofs of Debt Due Oct. 26
------------------------------------------------
The creditors of ML Rowley (Cayman) are required to file their
proofs of debt by Oct. 26, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2011.

The company's liquidator is:

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


MSGI CHINA: Creditors' Proofs of Debt Due Oct. 17
-------------------------------------------------
The creditors of MSGI China XXVIII Limited are required to file
their proofs of debt by Oct. 17, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 14, 2011.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


UTOPIA DV: Creditors' Proofs of Debt Due Oct. 24
------------------------------------------------
The creditors of Utopia DV Ltd. are required to file their proofs
of debt by Oct. 24, 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:

         Maureen L. Stewart
         100 International Drive
         18th Floor, Baltimore MD 21202-4649
         Telephone:  +1 410 454 5433
         Facsimile: +1 410 454 5329
         USA


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


JAMAICA URBAN: Earnings Lag Expenditures
----------------------------------------
Jamaica Gleaner reports that Jamaica Urban Transit Company's
revenue has not kept pace with its multibillion-dollar operating
expenses, in addition to billions more poured into its operations
through government subventions.

A document tabled by Transport and Works Minister Mike Henry
revealed that during the three fiscal years to March this year,
the JUTC earned just under JM6.9 billion, about 34% of its
combined operating expenses and government subvention over the
period, according to Jamaica Gleaner.

However, the report notes that urban and suburban working-class
people have benefited from its operation, evidenced by the
ridership over the same period, totaling 150.24 million, using on
average 285 buses per day mostly in the Kingston metropolitan
area, covering the capital city, St Andrew and parts of St
Catherine.

Jamaica Gleaner discloses that JUTC is projecting revenue of just
over JM3.65 billion for the current fiscal year based on
ridership of 65.3 million passengers, using an increased fleet
of, on average, 425 buses daily.

But, Jamaica Gleaner says that consistent with the trend over the
last three years, its cash subvention from the government has
again been reduced -- by JM150 million to JM450 million this year
-- but with more buses, it is expecting expenses to grow to
JM4.84 billion, from JM3.66 billion during the last financial
year.

Jamaica Gleaner says that the document showed of the three years
the highest revenue was earned in the 2010-2011 fiscal year when
the JUTC's income totaled JM2.83 billion, but that was associated
with a fare increase granted in April 2010.

                    Advertising Earnings Slip

Jamaica Gleaner notes that of the three years, 2010-2011 was the
only one in which earnings from advertising used to supplement
its income slipped -- 86% from JM13.75 million in 2009/2010 to
JM1.86 million -- because it did not have an advertising contract
in place that year.  Notwithstanding, the 2009-2010 advertising
revenue also represented a decline of JM2.03 million, from
JM15.79 million earned in 2008/2009, Jamaica Gleaner relates.

The report relays that revenue for fiscal year 2009-2010 was
JM2.08 billion, a JM131.56-million increase over fiscal year
2008-2009, attributable to a four% increase in passenger lift
from 49 million to 51.94 million year-on-year.  However, Jamaica
Gleaner says that in fiscal year 2010-2011, ridership fell to
49.29 million, just above 2008-2009 levels.

Jamaica Gleaner discloses that the data show that operating
expenses for the JUTC totaled JM10.08 billion over the three-year
period, climbing from JM3.29 billion in 2008-2009 to JM3.66
billion in 2010-2011.  However, the report notes, there was an
almost JM185-million decline in expenses during 2009-2010 when
compared with the previous year, the result of a redundancy
exercise which saw the elimination of the need to pay salaries to
conductors.

Jamaica Gleaner discloses that apart from salaries which went
from JM1.19 billion in 2008-2009 to JM1.01 billion in 2009-2010
before a marginal rise to JM1.04 billion in 2010-2011, the
biggest line item, as expected, was fuel, which fell by JM71
million from JM838.4 million in 2008-2009 to JM767.38 million,
before climbing by JM169.73 million to JM937.11 million in 2010-
2011, the report notes.  The JUTC is projecting that fuel will
cost the company JM1.53 billion in fiscal year 2011-2012, the
report relates.

Jamaica Gleaner posts that the document on the JUTC said the fuel
expenditure was directly related to the number of buses
dispatched over the three-year period -- on a daily basis, on
average 285 in 2008-2009, 274 in 2009-2010 and 298 in 2010/2011.

Jamaica Gleaner notes that the transport minister also provided
data to show that over the three-year period, JM2.18 billion in
direct cash transfer was made from the Ministry of Finance to the
JUTC.  In 2008-2009, that amounted to JM933.55 million, including
funds used to offset loans of JM80.71 million from RBTT Bank (now
RBC Royal Bank), and JM285 million in redundancy payments, the
report relates.

In 2009-2010, direct cash transfers to the bus company were
reduced by JM280.78 million to JM652.76 million, and further
reduced in 2010-2011 to JM600 million, Jamaica Gleaner says.

Jamaica Gleaner notes that indirect financial support from the
Ministry of Finance totaled JM6.68 billion during the 2010-2011
fiscal year, a JM5.03-billion increase over the JM1.64 billion
the previous year, largely the result of the acquisition of 200
additional buses, construction of a body shop, and the
introduction of a new fare collection system.  In 2008-2009,
indirect financial support totaled 1.79 billion, the report
recalls.

Apart from the expenditure for the buses, the biggest payments
were for spare parts, which cost JM389.71 million in 2010-2011,
JM134.6 million in 2009-2010, and JM324.93 million in 2008-2009,
the report adds.

                About Jamaica Urban Transit Company

Jamaica Urban Transit Company was established in 1998 to provide
a centrally managed state-of-the-art public bus service.  The
government invested US6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, RadioJamaica said JUTC defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund,
among others, due to cash flow problems.  The Ministry of
Information, as cited by Radio Jamaica, stated that the JUTC
operates an overdraft facility of US520 million at the National
Commercial Bank which expired in February.  The report noted that
the Ministry said this facility is consistently utilized at the
upper limit and, on occasions, exceeds the limit giving rise to
the imposition of penalty charges above 43%.


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


CL FIN'L: Chairman Blames Hostile Takeover Bid for Debt Issues
--------------------------------------------------------------
RJR News reports that CL Financial Limited Chairman Gerald
Yetming blamed a hostile takeover bid to purchase Lascelles
deMercado, for his company's failure to implement a step-by-step
plan to repay Lascelles creditors.

Mr. Yetming, who is also the Chairman of Lascelles deMercado,
made the statement in the Trinidad's Guardian newspaper,
according to RJR News.   The report relates Mr. Yetming said it
was done in the interest of transparency and to avoid
misrepresentations in the public domain concerning the US342
million debt owed by CL Spirits, a wholly owned subsidiary of CL
Financial, according to RJR News.

RJR News noted that Mr. Yetming said CL Financial, which owns 87%
of Lascelles common shares, had developed a plan to restructure
the companies, repay creditors and create value for shareholders.
However, RJR News notes, Mr. Yetming said the hostile takeover
bid has prevented the implementation of the plan.

Mr. Yetming added that as far as Lascelles deMercado is
concerned, the bid is fundamentally flawed and ineffective in
law, RJR News discloses.

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2011, Trinidad Express said that Black Sand plans to
acquire 90% of Lascelles deMercado's ordinary shares, all its 6%
preference shares and its 15% preference shares.  In a statement
from Jamaica-based Pan Caribbean Financial Services Ltd, the
principal broker of the bid, Black Sand said Lascelles
shareholders US3.86 each for ordinary shares and US0.29 for its
6% preference shares and US0.23 for its 15% preference shares,
according to Trinidad Express.  TCRLA noted that RJR News said
Lascelles deMercado former boss William McConnell will lead Black
Sand in the takeover.  RJR News related that Black Sand said it's
seeking to take over the company because it believes the future
of the company is in serious jeopardy.  CL Spirits defaulted on
US342 million of notes issued in Trinidad and Tobago and Jamaica
that are secured by a pledge of CL Financial's shares in
Lascelles deMercado, Black Sand said in a statement obtained by
Trinidad Express.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US100 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
===============


* BOND PRICING: For the Week October 10 to October 14, 2011
-----------------------------------------------------------

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

ARGENTINA
---------

ARGENT-DIS          8.28     12/31/2033        USD          63.3
ARGENT-DIS          8.28     12/31/2033        USD          72.5
ARGENT-DIS          8.28     12/31/2033        USD          73.5
ARGENT-DIS          7.82     12/31/2033        EUR            59
ARGENT-DIS          7.82     12/31/2033        EUR          59.8
ARGENT-DIS          4.33     12/31/2033        JPY            42
ARGENT-PAR&GDP      0.45     12/31/2038        JPY             8
BOGAR 2018          2          2/4/2018        ARS            26
PROV BUENOS AIRE    9.625     4/18/2028        USD          65.6
PROV BUENOS AIRE    9.375     9/14/2018        USD          76.4
PROV BUENOS AIRE    9.375     9/14/2018        USD          76.6
PROV BUENOS AIRE    10.875    1/26/2021        USD          77.4

   BRAZIL
   ------
REDE EMPRESAS       11.125                     USD          81


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

BANCO BPI (CI)       4.15     11/14/2035       EUR          45
BCP FINANCE BANK     5.01      3/31/2024       EUR          48.3
BCP FINANCE BANK     5.31     12/10/2023       EUR          50.5
BCP FINANCE CO       4.239                     EUR          32.8
BCP FINANCE CO       5.543                     EUR          32
BES FINANCE LTD      5.58                      EUR          34.8
BES FINANCE LTD      4.5                       EUR          37
CHAODA MOD AGRI      3.7        9/1/2015       USD          76
CHINA AUTOMATION     7.75      4/20/2016       USD          65
CHINA FORESTRY       10.25     11/17/2015      USD          60
CHINA FORESTRY       10.25     11/17/2015      USD          73.5
CHINA HUIYUAN JU      4         4/29/2016      USD          73.5
CHINA MED TECH        6.25     12/15/2016      USD          54.9
CHINA MED TECH        4         8/15/2013      USD          60.2
CHINA SUNERGY         4.75      6/15/2013      USD          60
DUBAI HLDNG COMM      6         2/1/2017       GBP          70
EFG ORA FUNDING       1.7      10/29/2014      EUR          46.6
ESFG INTERNATION      5.753                    EUR          36.8
EVERGRANDE REAL       13        1/27/2015      USD          74.5
EVERGRANDE REAL       13        1/27/2015      USD          78.6
FANTASIA HOLDING      14        5/12/2015      USD          61.4
FANTASIA HOLDING      14        5/12/2015      USD          65.4
FUFENG GROUP LTD      7.625     4/13/2016      USD            65
GLORIOUS PROPERT     13        10/25/2015      USD          64.9
GREENTOWN CHINA       9        11/8/2013       USD          60.4
GREENTOWN CHINA       9        11/8/2013       USD          60.4
HIDILI INDUSTRY        8.6     11/4/2015       USD          70.4
HIDILI INDUSTRY        8.62    11/4/2015       USD          58
IMCOPA INTL CAYM       5     12/19/2014        USD          33
JA SOLAR HOLD CO       4.5     5/15/2013       USD          64
JINKOSOLAR HOLD        4       5/15/2016       USD          40.4
KAISA GROUP           13.5     4/28/2015       USD          68.4
KAISA GROUP           13.5     4/28/2015       USD          68.5
KAISA GROUP            8      12/20/2015       CNY          69.4
KWG PROPERTY HOL      12.5     8/18/2017       USD          69.3
KWG PROPERTY HOL      12.5     8/18/2017       USD          70
LDK SOLAR CO LTD       4.75    4/15/2013       USD          69.7
LUPATECH FINANCE       9.87                    USD          75
LUPATECH FINANCE       9.87                    USD          74.4
MINGFA GROUP INT       5.25    5/23/2016       HKD          72
POLARCUS LTD           2.8     4/27/2016       USD          76.6
POWERLONG RE HLD       13.75   9/16/2015       USD          66.4
POWERLONG RE HLD       11.5    3/17/2014       CNY          67
POWERLONG RE HLD       13.75   9/16/2015       USD          66.9
PUBMASTER FIN          5.9    12/30/2024       GBP          69.6
RENHE COMMERCIAL      13       3/10/2016       USD          71
RENHE COMMERCIAL      11.75    5/18/2015       USD          71.1
RENHE COMMERCIAL      11.75    5/18/2015       USD          70
RENHE COMMERCIAL      13       3/10/2016       USD          89.3
SHIMAO PROPERTY        8       12/1/2016       USD          74.4
SHIMAO PROPERTY        8       12/1/2016       USD          70.5
SOLARFUN POWER H       3.5     1/15/2018       USD          58
SOLARFUN POWER H       3.5     1/15/2018       USD          67.8
SPG LAND HOLDING      13.5     4/8/2016        USD          59
SUNTECH POWER          3       3/15/2013       USD          49.6
SUNTECH POWER          3       3/15/2013       USD          49.7
TEXHONG TEXTILE        7.62    1/19/2016       USD          70.4
TEXHONG TEXTILE        7.62    1/19/2016       USD          68
TRINA SOLAR LTD        4       7/15/2013       USD          74
YUZHOU PROPERTIE       13.5     12/15/2015     USD          65.8
YUZHOU PROPERTIE       13.5     12/15/2015     USD          65.8


CHILE
-----

AGUAS NUEVAS            3.4      5/15/2012     CLP          1.54
CGE DISTRIBUCION        3.25     12/1/2012     CLP         30
ESVAL S.A.              3.8      7/15/2012     CLP         25.3
INVERSIONES ALSA        8        8/18/2018     USD         77.6
LA POLAR SA             3.8     10/10/2017     CLP         51.5
MASISA                  4.25    10/15/2012     CLP         19.9
QUINENCO SA             3.5      7/21/2013     CLP         24.9

    PANAMA
    ------
NEWLAND INT PROP        9.5     11/15/2014      USD         74.6


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

BANCO SANTANDER         6.1       6/1/2032      USD         56.2
BANCO SANTANDER         6.3       6/1/2032      USD         56.3
PUERTO RICO CONS        6.2       5/1/2017      USD         55
PUERTO RICO CONS        6.5       4/1/2016      USD         61


VENEZUELA
---------

PETROLEOS DE VEN        5.5      4/12/2037      USD         45
PETROLEOS DE VEN        5.37     4/12/2027      USD         46.3
PETROLEOS DE VEN        5.25     4/12/2017      USD         59.4
PETROLEOS DE VEN        5.12    10/28/2016      USD         60
PETROLEOS DE VEN        5       10/28/2015      USD         65.7
PETROLEOS DE VEN        8.5     11/2/2017       USD         70.7
PETROLEOS DE VEN        8.5     11/2/2017       USD         68.3
PETROLEOS DE VEN        4.9     10/28/2014      USD         73.4
PETROLEOS DE VEN        12.75    2/17/2022      USD         75.5
VENEZUELA                7       3/31/2038      USD         56.3
VENEZUELA                7       3/31/2038      USD         54.9
VENEZUELA                6       12/9/2020      USD         59.8
VENEZUELA                7.65     4/21/2025     USD         60
VENEZUELA                8.25    10/13/2024     USD         62.3
VENEZUELA                9.25     5/7/2028      USD         65
VENEZUELA                9        5/7/2023      USD         67
VENEZUELA                7       12/1/2018      USD         67
VENEZUELA                9.25     9/15/2027     USD         68.6
VENEZUELA                9.25     9/15/2027     USD         67.9
VENEZUELA                7.75     10/13/2019    USD         68
VENEZUELA               11.95     8/5/2031      USD         77
VENZOD - 189000          9.375    1/13/2034    USD          65.8


                            ***********


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 US625 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 US25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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