TCRLA_Public/111111.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

           Friday, November 11, 2011, Vol. 12, No. 224

                            Headlines



A R G E N T I N A

E-COM PUNTO: Calls for Bankruptcy Proceedings
EMPRESA DISTRIBUIDORA: Moody's Gives 'B2' Global Scale Rating
FULL SALE: Creditors' Proofs of Debt Due Dec. 19
INFO CONSULTING: Creditors' Proofs of Debt Due Dec. 22
MARAIC SRL: Creditors' Proofs of Debt Due Dec. 13


B R A Z I L

CEAGRO AGRICOLA: S&P Affirms 'B' Global Scale Corp. Credit Rating
METROFINANCIERA SAPI: Fitch Affirms 'CCC' Issuer Default Ratings


C A Y M A N   I S L A N D S

AMERICAN BEACON: Creditors' Proofs of Debt Due Nov. 23
CI 2: Creditors' Proofs of Debt Due Nov. 23
FOCAL LIMITED: Creditors' Proofs of Debt Due Nov. 21
GIOVINE LONG: Creditors' Proofs of Debt Due Nov. 23
KENMAR GLOBAL: Creditors' Proofs of Debt Due Nov. 23

MELCHIOR GLOBAL: Creditors' Proofs of Debt Due Nov. 14
MELCHIOR GLOBAL: Creditors' Proofs of Debt Due Nov. 14
MENTIN INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
SANDRINGHAM HOLDINGS: Creditors' Proofs of Debt Due Nov. 23
SPRING LOTUS: Creditors' Proofs of Debt Due Nov. 21

STAPLE STREET: Creditors' Proofs of Debt Due Nov. 30
TCR INSURANCE: Commences Liquidation Proceedings
VOC CAPITAL: Creditors' Proofs of Debt Due Nov. 24
VOC CAPITAL: Creditors' Proofs of Debt Due Nov. 24


C O L O M B I A

* COLOMBIA: To Use US$120MM IDB Loan to Lessen Risk to Disasters


J A M A I C A

AIR JAMAICA: Moody's Withdraws 'B3' Corporate Family Rating


M E X I C O

URBI DESARROLLOS: Moody's Affirms Corp. Family Rating at 'Ba3'
VITRO SAB: Seeks Circuit Court Appeal on New York Suit
VITRO SAB: Bondholders Vow to Keep Fighting Restructuring Plan


P U E R T O   R I C O

R&G FINANCIAL: To Present Plan for Confirmation on Nov. 29


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Cops Can't Locate Former Clico Bosses' Whereabouts
CL FINANCIAL: "Don't Blame Auditors for Collapse," Counsel Says




                            - - - - -


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A R G E N T I N A
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E-COM PUNTO: Calls for Bankruptcy Proceedings
---------------------------------------------
E-Com Punto Digital SA called for bankruptcy proceedings.  The
company has stopped making payments last Sept. 26, 2011.


EMPRESA DISTRIBUIDORA: Moody's Gives 'B2' Global Scale Rating
-------------------------------------------------------------
Moody's assigned a first-time B2 rating on its global scale and
A2.ar on its Argentina national scale rating to Empresa
Distribuidora de Electricidad de Salta S.A. (EDESA) prosed US$65
million notes.  The outlook is stable.

Ratings Rationale

The ratings take into consideration a more reasonable tariff track
record from the province's regulator as compared to federal
regulated utilities and adequate credit metrics for the rating
category, although slightly weaker than peers in Argentina.  The
ratings also benefit from Edenor's ownership and management.

The ratings are constrained by the overall regulatory uncertainty
for regulated utilities in Argentina.  Although provincial
regulations have been more proactive than federal regulators in
recent years, the overall regulatory framework in Argentina
remains uncertain and unpredictable.

The ratings are also limited by the small size of the company in
terms of revenues, number of clients and service area.  From a
comparison stand point, EDESA's market position is considered
weaker than Edenor's and other regulated companies with operations
in Buenos Aires.

Finally, EDESA's notes are dollar denominated and will not be
hedged, therefore, they will be exposed to potential devaluation
risk.

Edesa and its provincial regulator (ENRESP) completed after a
thorough analysis of the variables that affect Edesa's cost
structure in 2006 the first five-year integral tariff rate review
(RTI), as contemplated by the concession. Upon completion of that
RTI process, Resolution ENRESP No. 160/06, dated May 13, 2006,
provided for a 16.75 % increase in Edesa's average tariffs,
retroactive to Oct. 1, 2005; approved a calculation method to
determine the rate schedule; and approved a reference indicator or
cost monitoring index designed to enable a modification of tariff
rates under certain circumstances.  The cost monitoring index has
been applied regularly since March 2006 and has resulted in
successive yearly tariff increases from 2007 to the last one
applied on June, 2011.  The second five-year RTI is currently
under way and expected to be completed during the first half of
2012.  This process is significantly different from the still
unsolved tariff question for federally regulated utilities
operating in Argentina.

In Salta, the provincial regulatory authority is the ENRESP, an
entity created by Provincial Law No. 6,835. ENRESP is conducted
and managed by a board of directors -- president and four members
-- that are appointed by the Provincial Executive Branch. It is a
self-administered entity of the Government of the Province of
Salta and has legal and full power to act in accordance with
public and private law rules.  The ENRESP has a link to the Salta
Provincial Branch through the Ministry of Economic Development.

The cost monitoring index consists in a formula integrated by
different coefficients.  VAD (value added for distribution)
variations are calculated for periods of no less than 12 months
and if the formula indicates more than 5% variation, the company
submits an application requiring for the increase to the ENRESP
that should authorize any applicable rate adjustments in order to
restore the financial balance of the Edesa Concession.  On the
contrary, if the indicator shows a negative variation exceeding
5%, the ENRESP will examine and adjust rates accordingly.  The
cost monitoring index is an index that takes into account, among
other factors, the official rates of labor costs, construction
costs, cost of construction materials, construction overhead
expenses, the cost of refined oil products, basic metal products,
machinery and equipment, electrical machinery and appliances,
general level of construction costs and private sector salaries,
and then takes into consideration all these items based on their
relative significance in operating costs and capital expenditures.
Moody's notes that in the current inflationary environment of
Argentina a tariff decrease is not expected any time soon.

Some of Edenor's first steps after acquiring this company earlier
this year were aimed at improving the company's financial
position.  It is expected that EDESA will show a better structured
debt profile and lower financial expenses going forward.  Moody's
also expects further improvements in processes, internal controls
and cost controls. Particularly, capex related expenses are
expected to decline thanks to Edenor's greater bargaining power.
Reduced interest costs associated with this financing and tighter
expense management should enhance EDESA's free cash flow
generation as well as interest coverage ratios.

Edenor acquired the company on March 4, 2011 from AEI when Edenor
acquired 185,454,919 (78.56%) shares of EMDERSA (Edesa's direct
holding company parent).  Following the acquisition, on Aug. 23,
2011, EMDERSA's Board of Directors decided to hold an
extraordinary shareholders' meeting scheduled for Dec. 16, 2011,
in order to consider the spin-off of certain assets and the
establishment of three new corporations, whose main assets will be
the shares owned by EMDERSA in EDESAL (not rated), EDELAR (not
rated) EDESA and EGGSA (not rated), respectively.  The spin-off
proposal corresponds to Edenor's intention of transferring certain
assets of EMDERSA (Edenor is selling the distribution companies
owned by Emdersa in the Provinces of San Luis and La Rioja while
keeping EDESA in the province of Salta).

The stable outlook reflects Moody's expectation that EDESA will
continue to maintain a proactive relationship with the Provincial
regulator and that the provincial regulations will continue to be
supportive in relation to cost recoveries and authorized tariff
increases accordingly.  The stable outlook also anticipates
moderate leverage and positive free cash flow generation in the
medium term.

An upgrade of the rating or the outlook could result from a
substantial reduction in leverage such that debt to EBITDA falls
below 1.5 times coupled with a debt profile that avoids material
exposure to FX risk.  An improving business and regulatory
environment in Argentina could also create upwards rating
pressure.

Negative pressure on the ratings or outlook could result from an
unanticipated adverse change in the Province's regulations or some
negative intervention from federal government/regulations in the
company's business.  Execution of a more aggressive financial
policy that favors higher leverage or aggressive dividend payments
which impact the cushion for debt repayment could also add
downward ratings pressure.  Quantitatively, a ratio of RCF to Debt
lower than 10% or a debt to EBITDA ratio higher than 4.0 times
could result on negative rating pressure.

Edesa is the sole electricity distribution company operating in
the Province of Salta in northern Argentina.  On Aug. 12, 1996,
Edesa was granted a 50-year concession by the Salta provincial
government to distribute electricity on an exclusive basis within
the Province territory.  Edesa distributes electricity to
approximately 96% of the households in the Province and reported
revenues for the last twelve months as of June, 2011 of ARS365
million (approximately US$85 million).

Edesa's indirect controlling shareholder is Edenor (B2/A1.ar)
through the holding of 78.56% of Emdersa's (EDESA direct holding
company parent) shares.


FULL SALE: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------
Atilio Ruben Mossi, the court-appointed trustee for Full Sale SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 19, 2011.

Mr. Mossi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, 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:

         Atilio Ruben Mossi
         Montevideo 536
         Argentina


INFO CONSULTING: Creditors' Proofs of Debt Due Dec. 22
------------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Info Consulting
Buenos Aires SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 22, 2011.

Mr. Scheinkopf will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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:

         Jose Scheinkopf
         Av. Pueyrred˘n 468
         Argentina


MARAIC SRL: Creditors' Proofs of Debt Due Dec. 13
-------------------------------------------------
Manuel Alberto Cibeira, the court-appointed trustee for Maraic
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 13, 2011.

Mr. Cibeira 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:

         Manuel Alberto Cibeira
         Av. Cordoba 1247
         Argentina


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B R A Z I L
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CEAGRO AGRICOLA: S&P Affirms 'B' Global Scale Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'B' global scale and 'brBBB-' Brazilian national scale
corporate credit ratings, on Brazil-based soybean trading company
Ceagro Agricola Ltda.  The outlooks remained stable.

"The ratings on Ceagro reflect our opinion that the company has a
weak business risk profile and a highly leveraged financial risk
profile," said Standard & Poor's credit analyst Alexandre Menezes.

Risk factors include Ceagro's exposure to growers' performance and
commodity price volatility affecting the soybean and corn
businesses, limited product and geographic diversification, and
the need to fund increasing working capital needs as it expands
its operations.

Supportive factors include Ceagro's strong commercial
relationships with chemical manufacturers and multinational
trading companies, niche position in soybean origination in
Brazil, and conservative hedge policy.

"In our opinion, the company's stronger results reflect its
efficient barter-financing model, which not only provides it with
a favorable position in its market niche by effectively monitoring
production and crop progress, but also minimizes its exposure to
commodity price volatility, as prices and spreads are
predetermined or hedged," Mr. Menezes added.  "On the other hand,
Ceagro has increased its exposure to individual growers, as it has
financed a higher percentage of each grower's crop."

"We believe partnerships with chemical companies are also a
positive, in that they allow the company to provide comprehensive
service packages to growers and leverage its grain origination,"
S&P related.

"As we expected, Ceagro has been using the resources from the
bonds it issued in October 2010 to finance increasing working
capital needs resulting from higher grain origination under its
barter-financing model," S&P said.

"The stable outlooks reflect our opinion that Ceagro will continue
capturing higher economies of scale, especially to cover logistics
costs it incurs to increase grain origination, leading to higher
profitability and cash flow," S&P said.

"Its proven track record in managing growers' performance risks
and volatile soft commodity market conditions through crop cycles
is a significant rating factor. Consequently, we will keep
monitoring Ceagro's ability to sustain stable credit metrics as it
implements its growth strategy," S&P said.


METROFINANCIERA SAPI: Fitch Affirms 'CCC' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Metrofinanciera, S.A.P.I. de C.V.'s
(Metrofinanciera) foreign and local currency Issuer Default
Ratings (IDRs) at 'CCC' (long-term) and 'C' (short-term).  The
long-term and short-term national scale ratings were also affirmed
at 'CCC(mex)' and 'C(mex)', respectively.

Metrofinanciera's ratings reflect its yet weak financial profile,
following the successful completion of a previously agreed
distressed debt exchange through a bankruptcy process in 2010.
This exchange largely mitigated refinancing and liquidity risk.
Liabilities were significantly reduced and debt maturities over
the short and medium term are minor, which provides
Metrofinanciera with flexibility and a relatively ample timeframe
to rebuild its financial and business profile.  However,
Metrofinanciera still shows sizeable losses, very weak asset
quality metrics, and a heavily encumbered balance sheet.

Metrofinanciera still has 45% of its total assets in the land
properties that triggered Metrofinanciera's default in 2009 and
only a small fraction of those are productive.  In addition,
roughly 85% of its construction loans (which account for 29% of
total loans) were impaired at 3Q'11.  Therefore, the ratio of
earning assets to interest-bearing liabilities is yet a weak 45%
as of 3Q'11, which has resulted in negative net interest income in
the first nine months of 2011, and also in sizeable operating and
net losses, although the trend is positive when adjusting 2010
figures for non-recurring gains underpinned by the ample
cancelation of liabilities in that year.

Positively, Metrofinanciera has significantly enhanced its
dedicated work-out unit and there are early signs that the
proportion of earning assets could potentially increase at a
reasonable pace.  Coupled with Metrofinanciera's recent ability to
resume construction lending drawing on ample credit lines granted
by the housing development bank Sociedad Hipotecaria Federal
(SHF), the company expects to report minor losses, if any, during
2012, an objective that Fitch considers achievable.  However, the
adverse economic environment and the particularly weak prospects
in the housing sector, pose challenges that will be critical on
Metrofinanciera's ability to restore its financial profile and its
overall credit quality.

In Fitch's view, any potential rating upgrade in the future is
contingent upon Metrofinanciera's ability to restore a recurring
earnings stream that prevent further depletion of its capital
base, which in turns is dependent on Metrofinanciera's capacity to
rebuild its business and commercial profile and increasing the
relative contribution of productive assets.  In turn, if
Metrofinanciera were unable to restore its earnings capacity in a
time frame that prevents further material declines of its equity
base, its ratings could potentially be downgraded in line with a
higher probability of default.

Fitch has affirmed Metrofinanciera's ratings as follows:

  -- Foreign and Local Currency Long-term IDR at 'CCC';
  -- Foreign and Local Currency Short-term IDR at 'C';
  -- Individual Rating at 'E';
  -- Support Rating at '5';
  -- Support Rating Floor at 'NF';
  -- Long-term national-scale issuer rating at 'CCC(mex)';
  -- Short-term national-scale issuer rating at 'C(mex)'.


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C A Y M A N   I S L A N D S
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AMERICAN BEACON: Creditors' Proofs of Debt Due Nov. 23
------------------------------------------------------
The creditors of American Beacon Global Funds, SPC are required to
file their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 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


CI 2: Creditors' Proofs of Debt Due Nov. 23
-------------------------------------------
The creditors of CI 2 Ltd are required to file their proofs of
debt by Nov. 23, 2011, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 26, 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


FOCAL LIMITED: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------
The creditors of Focal Limited are required to file their proofs
of debt by Nov. 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 3, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


GIOVINE LONG: Creditors' Proofs of Debt Due Nov. 23
---------------------------------------------------
The creditors of Giovine Long Only Ltd. are required to file their
proofs of debt by Nov. 23, 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
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


KENMAR GLOBAL: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------
The creditors of Kenmar Global Eco Fund I SPC Limited are required
to file their proofs of debt by Nov. 23, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 29, 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


MELCHIOR GLOBAL: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------------
The creditors of Melchior Global Macro Fund Limited are required
to file their proofs of debt by Nov. 14, 2011, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 6, 2011.

The company's liquidator is:

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


MELCHIOR GLOBAL: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------------
The creditors of Melchior Global Macro (Master) Fund Limited are
required to file their proofs of debt by Nov. 14, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 6, 2011.

The company's liquidator is:

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


MENTIN INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
---------------------------------------------------------
The creditors of Mentin Investments Ltd. are required to file
their proofs of debt by Nov. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


SANDRINGHAM HOLDINGS: Creditors' Proofs of Debt Due Nov. 23
-----------------------------------------------------------
The creditors of Sandringham Holdings Limited are required to file
their proofs of debt by Nov. 23, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 4, 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


SPRING LOTUS: Creditors' Proofs of Debt Due Nov. 21
---------------------------------------------------
The creditors of Spring Lotus Limited are required to file their
proofs of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2011.

The company's liquidator is:

         Buchanan Limited
         c/o Rose Ferguson
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360
         P.O. Box 1170 Grand Cayman KY1-1102
         Cayman Islands


STAPLE STREET: Creditors' Proofs of Debt Due Nov. 30
----------------------------------------------------
The creditors of Staple Street Aviation Fund Ltd. are required to
file their proofs of debt by Nov. 30, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2011.

The company's liquidators are:

         Stuart Brankin
         Desmond Campbell
         Telephone: (345) 949 5586
         c/o Aston Corporate Managers, Ltd.
         P.O. Box 1981 Grand Cayman, KY1-1104
         Cayman Islands


TCR INSURANCE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Oct. 3, 2008, the members of
TCR Insurance Company Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

         Kenneth M. Krys
         Margot MacInnis
         KRyS Global, of Governors Square
         Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands


VOC CAPITAL: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------
The creditors of VOC Capital Commodity Alpha Fund Limited are
required to file their proofs of debt by Nov. 24, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2011.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


VOC CAPITAL: Creditors' Proofs of Debt Due Nov. 24
--------------------------------------------------
The creditors of VOC Capital Commodity Alpha Master Fund Limited
are required to file their proofs of debt by Nov. 24, 2011, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2011.

The company's liquidator is:

         Highwater Limited
         c/o Nicole Weins
         Telephone: (345) 640 2279
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         1st Floor, 802 West Bay Road
         P.O. Box 31855 Grand Cayman KY1-1207
         Cayman Islands


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C O L O M B I A
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* COLOMBIA: To Use US$120MM IDB Loan to Lessen Risk to Disasters
----------------------------------------------------------------
Colombia will reduce its vulnerability to natural hazards and
climate change with the help of a US$120 million loan approved by
the Inter-American Development Bank (IDB).

Colombia is one of the most vulnerable countries to natural
disasters in Latin America, with more than eight out of ten
Colombians located in disaster-prone areas and 87% of the
country's GDP at risk from such events.  More than 150 natural
disasters have struck Colombia over the past 40 years, claiming
more than 32,000 lives and affecting more than 12 million people.

This is the first operation in a policy-based loan program. Under
these loans, which provide governments with flexibility to fund
priority programs, disbursements are made after achieving certain
goals agreed upon between the IDB and the borrowing country.

"The program will help the Colombian government protect the
country's most vulnerable populations," said Sergio Lacambra, IDB
project team leader.  "Incorporating risk management and
adaptation to climate change in the national development plan will
be an important contribution to sustainable development in
Colombia."

The program will advance reforms in the areas of risk
identification, risk reduction, and disaster management.  The
reform process will also improve coordination among key government
institutions during the emergency, rehabilitation, and
reconstruction phases.

The program also includes a series of pilot projects in Pereira
and other vulnerable municipalities to strengthen their ability to
assess natural disaster risks.  Furthermore, it will ensure the
physical integrity of buildings such as hospitals, schools, and
government offices by changing Colombia's regulations for
earthquake-resistant construction.

The loan is for a period of 20 years with a grace period of five
years at a variable interest rate based on LIBOR.


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AIR JAMAICA: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn its B3 Corporate Family
rating of Air Jamaica Limited.  The B3 ratings on the company's
two rated U.S. dollar-denominated senior unsecured notes (US$125
million 8.125% due 2027 and $200 million 9.375% due 2015, the
"Notes") remain in place.  These ratings reflect The Government of
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica Limited.  The withdrawal of the
Corporate Family rating is for business reasons.

Ratings Rationale

According to filings with the U.S. Securities and Exchange
Commission by the government of Jamaica, the Government entered
into an agreement with Caribbean Airlines pursuant to which
Caribbean Airlines obtained the routes of Air Jamaica and agreed
to provide sustainable airlift to Jamaica.  In return, The
Government of Jamaica acquired a 16% equity interest in Caribbean
Airlines valued at that time at US$28.5 million.  The government
of Jamaica remains the owner of the remaining assets and
liabilities of Air Jamaica Limited.  Under an agreement, Caribbean
Airlines will lease some of these assets from Air Jamaica.  The
government intends to liquidate the remaining assets of Air
Jamaica as appropriate and will continue to service the
liabilities, including the Notes.

Air Jamaica Limited is based in Kingston Jamaica.


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M E X I C O
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URBI DESARROLLOS: Moody's Affirms Corp. Family Rating at 'Ba3'
--------------------------------------------------------------
Moody's de Mexico upgraded Urbi Desarrollos Urbanos, S.A.B. de
C.V. 's ("Urbi") national scale senior unsecured debt rating to
A3.mx, from Baa1.mx and assigned an A3.mx national scale ((P)Ba3
global scale, foreign currency) rating to Urbi's proposed senior
unsecured debt issuance of approximately MXN1 billion.
Concurrently, Moody's affirmed Urbi's commercial paper program at
Not Prime/MX-2 (global local currency/national scale).  Moody's
Investors Service affirmed the company's senior unsecured debt
rating at Ba3 (global local and foreign currency); corporate
family rating at Ba3.  The rating outlook is stable.

Ratings Rationale

The new notes will have a maturity of up to three years, will rank
pari passu with other unsecured debt and will be guaranteed by all
of the company's wholly-owned subsidiaries. Proceeds from this new
issuance will be used to refinance existing long-term and short-
term debt.  With this proposed issuance, Urbi will have no
substantial debt maturities until 2014, a credit plus.

The rating actions reflects the fact that Urbi has continued
profitable growth throughout the economic crisis and the current
recovery, with leading EBITDA margins and good expense controls,
while maintaining positive cash flows.  Furthermore, the company
has maintained solid credit metrics.

Moody's notes Urbi's maintenance of a diverse, top-10 competitive
position, which has helped it to respond effectively to the
volatile Mexican property market.  Furthermore, Urbi has produced
consistent, sound profitability and maintained solid liquidity
with a conservative capital structure.  The company is publicly
held, with a solid corporate infrastructure, which enhances
transparency and governance.  Urbi's large land bank, good cost
controls, and sophisticated construction and sales management
platforms support its solid operating margins.

Urbi's primary credit challenges are its exposure to high-middle
and upper income sectors, where financing from banks and other
financial institutions has been restricted.  In addition, Urbi has
a growing concentration of sales to the non-affiliated market
which, while potentially quite large, is a cause of concern given
the unpredictability over time of the financing availability for
this market segment.  URBI has teamed up with private equity fund
Aureos Capital Ltd. to fund the rental portion of the program for
affordable entry-level homes, thus removing on-balance sheet risk
for Urbi related to maintaining unsold inventory. Urbi still
maintains the risk related to the sale of middle and upper income
segment homes through this program.  The future of this program
will depend on how well mortgages originated to informal sector
borrowers ultimately perform, which will take time to observe as
these loans amortize.  Furthermore, the housing development market
is fragmented, and homes are built on a predominately speculative
basis, since Urbi and other home developers bear the risk of
finding homebuyers.  The funding of homes remains concentrated
with Sociedad Hipotecaria Federal, Infonavit and Fovissste -- all
government-related entities -- and the timing of receipt of the
mortgages funded by them can range from three to six months.

The stable rating outlook reflects Moody's expectation that Urbi
will maintain a conservative approach to leverage, stable
earnings, and no missteps in Alternativa Urbi, its rent-to-own
program.  Moody's believes that Urbi has a solid franchise value,
with a well-recognized brand and good land reserves.  Furthermore,
Moody's expects that Urbi will continue to focus on the affordable
and low-middle income housing market, while maintaining high
quality construction and good operating controls.

Moody's stated that a rating upgrade would reflect a reduction in
leverage, measured as follows: debt to total assets below 15%, and
net debt to EBITDA below 1x, all while the company continues to
improve its industry leadership and successfully implements its
Alternativa Urbi (rent-to-own) program, which Moody's expects will
take some time.  A rating downgrade would result from debt to
total assets approaching 35% on a consistent basis, fixed charge
coverage falling consistently below 2.0x (including capitalized
interest), and operating margins falling below the low teens.  A
downgrade could also result from falling out of the top ten
homebuilders in terms of units sold, substantial missteps in the
Alternativa Urbi (rent-to-own) program, as well as from an adverse
shift in the Mexican Government's housing policy.

This rating was assigned with a stable outlook:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Proposed MXN1 billion
senior unsecured notes at A3.mx on the national scale ((P)Ba3
global scale, local currency)

The following rating was upgraded with a stable outlook:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- National scale senior
unsecured debt rating to A3.mx, from Baa1.mx

The following ratings were affirmed with a stable outlook:

Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Senior unsecured debt
rating at Ba3 (global local and foreign currency); corporate
family rating at Ba3; Commercial paper program at Not Prime/MX-2
(global local currency/national scale).

Moody's last rating action with respect to Urbi took place on
Jan. 7, 2010 when Moody's assigned a Ba3 global scale foreign
currency rating to Urbi proposed senior unsecured debt issuance of
approximately US$250 million.  The rating outlook was stable.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately MXN42.8 billion and equity of
approximately MXN17.7 billion at Sept.30, 2011.


VITRO SAB: Seeks Circuit Court Appeal on New York Suit
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB is hoping for a direct appeal to the U.S.
Circuit Court of Appeals in New Orleans from a ruling by the
bankruptcy judge last month allowing holders of defaulted bonds to
continue a lawsuit in New York state court against non-bankrupt
Vitro subsidiaries.  Commenced in August, the bondholders' suit
seeks a declaration from the state court that the Vitro parent's
reorganization in a Mexican court can't affect non-bankrupt
subsidiaries' guarantees of US$1.2 billion in defaulted bonds.

According to the report, Vitro filed an appeal from the ruling
where U.S. Bankruptcy Judge Harlin Hale in Dallas allowed the suit
to go forward.  Judge Hale said that the suit wasn't against a
company in bankruptcy in the U.S. and didn't threaten the property
of a bankrupt company.

Mr. Rochelle discloses that in a wrinkle on a normal appeal, Vitro
wants to skip over an intermediate appeal to the U.S. District
Court in Dallas.  If Judge Hale goes along with the idea of
cutting out one layer of appeal, the circuit court still must
decide to accept the case.  Judge Hale told the bondholders to
file opposing papers by Nov. 11.  He will decide whether to
recommend a direct appeal to the circuit court without holding a
hearing, Hale said in his order.

Bloomberg relates that Vitro contends that the dispute over the
state suit involves "matters of public importance."  The Mexican
company also sees the ruling last month as contrary to the purpose
of the parent's Chapter 15 bankruptcy case where Judge Hale is
allowing a court in Mexico to take a leading role in Vitro's
financial reorganization.  Previously, the bankruptcy court in
Texas refused to allow the Vitro parent to use the Chapter 15 case
to stop lawsuits against subsidiaries not in bankruptcy.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P. serves
as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


VITRO SAB: Bondholders Vow to Keep Fighting Restructuring Plan
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that a group of Vitro
S.A.B.'s bondholders said they're going to keep fighting the
Mexican glassmaker's restructuring plan, a new version of which
was filed in a Mexican court this week.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

           Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P. serves
as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


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


R&G FINANCIAL: To Present Plan for Confirmation on Nov. 29
----------------------------------------------------------
R&G Financial Corporation has filed its Second Amended Chapter 11
Plan of Liquidation with the U.S. Bankruptcy Court for the
District of Puerto Rico.  The Second Amended Plan incorporates
certain immaterial and technical modifications to the Debtor's
First Amended Chapter 11 Plan of Liquidation.

The amendment proposes to revise to Article I.A of the second
amended plan to:

"FINRA Claimants" means collectively Rebecca A. Diaz-Cruz, Lourdes
R. Diaz-Antommattei, and Jose Morales-Steinman, each of whom are
plaintiffs in matter no. 10-01110 pending before the Financial
Industry Regulatory Authority.

In addition, IV.G.5 of the plan will be amended to:

Subject to the process described below, as soon as practicable
after the effective date, Liquidating RGFC shall pay the Trustee
fees.  As a precondition to the payment of any Trustee Fees
incurred prior to the Effective Date, each Indenture Trustee shall
submit to the Bankruptcy Court its invoices and application for
payment of such Trustee Fees in accordance with Article XI.A of
the Plan.  The Indenture Trustees may submit such invoices and
applications for payment of Trustee Fees to the Bankruptcy Court
at any time before the hearing to consider confirmation of the
Plan and/or up to the date that is sixty (60) days after the
Effective Date. For the avoidance of doubt, the Indenture Trustees
may submit more than one application for payment of Trustee Fees
to the Bankruptcy Court, so long as any such applications are
submitted within sixty (60) days after the Effective Date.  The
Bankruptcy Court shall review each application for payment of
Trustee Fees for reasonableness, as required under section
1129(a)( 4) of the Bankruptcy Code.  After the Bankruptcy Court
has approved an application for payment of Trustee Fees as
reasonable, Liquidating RGFC shall, as soon as practicable
thereafter, reimburse the applicable Indenture Trustee in Cash for
such Trustee Fees; provided, however, that in exchange for such
payment, the Indenture Trustee shall not assert a charging Lien
for such payment on any Distribution made to and retained by the
Indenture Trustee under the Plan on behalf of the Holders of the
Subordinated Notes Claims.

The confirmation hearing on the Second Amended Plan Of Liquidation
is scheduled on Nov. 29, 2011 at 2:00 p.m.

A copy of the Second Amended Plan of Liquidation dated Oct. 27,
2011, is available for free at:

      http://bankrupt.com/misc/R&G_secondamendedplan.pdf

As reported in the Troubled Company Reporter on Sept. 30, 2011,
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the U.S. Bankruptcy Court for the District of Puerto Rico approved
the disclosure statement explaining R&G Financial Corporation's
Chapter 11 plan of liquidation.

The Plan provides that all of the Debtor's assets will be
transferred to, and vest in, Liquidating RGFC.  The Plan provides
for the appointment of Clifford Zucker, CPA, as the plan
administrator and Wilmington Trust Company as the plan consultant
to oversee the activities of liquidating RGFC.

Under the Plan, holders of general unsecured claims, which claims
are estimated to range between US$10.9 and US$15.4 million, will
recover 0.30% to 2.3% of their allowed claim.  Holders of
Subordinated note claims, which claims are estimated at
approximately US$385 million, will also recover 0.30% to 2.3% of
their allowed claim.  Secured claims and priority claims not filed
by the Federal Deposit Insurance Corporation will get 100% of
their total allowed amount.  Non-FDIC Priority Claims are
estimated to range between US$350,000 and US$900,000.

                      About R&G Financial

San Juan, Puerto Rico-based R&G Financial Corporation was the
direct parent of R-G Premier Bank of Puerto Rico, a state-
chartered nonmember bank, through which RGFC primarily conducted
its business.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 10-04124) on May 14, 2010.
Brent R. McIlwain, Esq., Robert W. Jones, Esq., Esq., at Patton
Boggs LLP, in Dallas; and Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, in Hato Rey, P.R., serve as the Debtores
bankruptcy counsel.  The Debtor disclosed US$40,213,356 in assets
and US$420,687,694 in debts as of the Petition Date.


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


CL FINANCIAL: Cops Can't Locate Former Clico Bosses' Whereabouts
----------------------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday writes that Sunday
Newsday reported local police were unable to find the current
whereabouts of some of the former board members of Colonial Life
Insurance Company (Trinidad) Limited (CLICO) and CL Financial
Limited who were summoned to answer questions over their
stewardship at the failed companies.

Sunday Newsday reported that some of these orders made by Sir
Anthony Colman, chairman of the Commission of Inquiry into Clico,
remained pending, according to Trinidad and Tobago Newsday.

Clico is a subsidiary of CL Financial Limited.

Trinidad and Tobago Newsday discloses that counsel to the inquiry,
Peter Carter QC, was expected to attend to the issue of the status
of the outstanding orders.

The report, citing Sunday Newsday, relates that Mr. Colman is
poised to this month call former British American Insurance
Company (BAIC) Limited Executive Chairman, Brian Branker.
Trinidad and Tobago Newsday recalls that Mr. Branker, dismissed
from BAIC in 2008, made allegations against former CL Financial
Chairman Lawrence Duprey and former Corporate Secretary Gita
Sakal.

Lawyers for the Clico Policyholders Group (CPG) asked the
commission to call Mr. Branker as a witness for the commission,
Trinidad and Tobago Newsday says.

The report relays that while Mr. Colman, in September, refused a
request by attorneys for former Clico Corporate Secretary Geoffrey
Leid to cross-examine former Group Financial Director Michael
Carballo, Mr. Colamn is now poised to allow Mr. Leid's attorney,
Alvin Fitzpatrick SC, to cross-examine.  Trinidad and Tobago
Newsday says that lawyers for Ms. Sakal are expected to cross-
examine Mr. Carballo.

Trinidad and Tobago Newsday discloses that this phase of hearings
will see testimony from Clico insurance agent Cyril Murray.  The
report relates that Mr. Murray is expected to address questions
about the tactics and practices believed to have been employed by
Mr. Duprey in Clico.

                         About CL Financial

CL Financial 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 CL
Financial's collapse and the consequent systemic crisis.


CL FINANCIAL: "Don't Blame Auditors for Collapse," Counsel Says
---------------------------------------------------------------
Trinidad Express reports that senior counsel Russell Martineau
said accounting firm Pricewaterhouse Coopers (PwC) should not be
blamed for the collapse of the CL Financial Group.

Mr. Martineau is PwC's legal representative at the Commission of
Enquiry into the collapse of CL Financial and the Hindu Credit
Union (HCU).

PwC were the auditors for CLICO Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAT).  CIB and BAT are
subsidiaries of CL Financial Limited.

Mr. Martineau said that despite the shortcomings unearthed by
Ernst and Young Services Ltd there was no evidence to show that
PwC failed to exhibit required scrutiny of the company accounts of
CIB and BAT, according to Trinidad Express.  Ernst and Young were
commissioned on March 11, 2009, by the Trinidad and Tobago Central
Bank to prepare a Statement of Affairs for CIB and BAT.

As reported in the Troubled Company Reporter on Nov. 10, 2011,
Trinidad Express said that Maria Daniel, a partner at Ernst and
Young, said both companies were insolvent since 2007, Daniel said.
The net assets of CIB as of January 31, according to their
management accounts were over $1 billion, Ms. Daniel said,
according to Trinidad Express.  The report said that after Ernst
and Young prepared their Statement of Affairs the net assets were
recalculated to negative $4 billion. "The most significant
contributor to CIB's financial distress and to its eventual
insolvency is the lack of recovery of inter-company balances from
CLF and other related parties," Trinidad Express quoted Ms. Daniel
as saying.  Trinidad Express related that on the management
accounts of CIB under assets "due from related companies" amounted
to TT$2 billion.  This amount was written off by Ernst and Young
in its Statement of Affairs, the report noted.  Ms. Daniel said
the amount was written off because these funds were not able to be
recovered, the report relayed.  "These were just paper
transactions.  CIB was used as a funding vehicle," Ms. Daniel
added, Trinidad Express related.

                        About CL Financial


CL Financial 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 CL
Financial's collapse and the consequent systemic crisis.


                            ***********


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

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

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


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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.


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