TCRLA_Public/111215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Thursday, December 15, 2011, Vol. 12, No. 248

                            Headlines



A N T I G U A  &  B A R B U D A

ABIB: Minister of Finance Reveals More Info on Government Bailout


A R G E N T I N A

* ARGENTINA: Moody's Assigns 'B1' GS Rating on Buenos Aires


B E R M U D A

HAMILTON LIMITED: Creditors' Proofs of Debt Due Dec. 21
HAMILTON LIMITED: Members' Final Meeting Set for Jan. 11
MAN-IP 220 PLUS: Creditors' Proofs of Debt Due Dec. 21
MAN-IP 220 PLUS: Member to Receive Wind-Up Report on Jan. 18
OLYMPIA DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 23

OLYMPIA DIVERSIFIED: Members' Final Meeting Set for Jan. 9
STAR REOC: Creditors' Proofs of Debt Due Dec. 21
STAR REOC: Members' Final Meeting Set for Jan. 10
TRADING 220: Creditors' Proofs of Debt Due Dec. 21
TRADING 220 PLUS: Member to Receive Wind-Up Report on Jan. 16


B R A Z I L

HYPERMARCAS SA: Fitch Rates Senior Unsecured Notes at 'BB'


C A Y M A N   I S L A N D S

ADAC CAPITAL: Creditors' Proofs of Debt Due Dec. 21
ADAC GLOBAL: Creditors' Proofs of Debt Due Dec. 21
BLACKROCK ABSOLUTE: Creditors' Proofs of Debt Due Dec. 21
CARPATHIA OFFSHORE: Creditors' Proofs of Debt Due Dec. 20
CHASE PROPERTIES: Placed Under Voluntary Wind-Up

CORIOLIS MASTER: Creditors' Proofs of Debt Due Dec. 21
CORIOLIS OFFSHORE: Creditors' Proofs of Debt Due Dec. 21
IVY GLOBAL: Commences Liquidation Proceedings
IVY RISING: Commences Liquidation Proceedings
KUWAIT GATEWAY: Creditors' Proofs of Debt Due Dec. 24

LEEHILL MASTER: Creditors' Proofs of Debt Due Dec. 21
MARRET HIGH GRADE: Creditors' Proofs of Debt Due Dec. 21
MITALAN INVESTMENTS: Creditors' Proofs of Debt Due Dec. 21
MOL HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
NEW WING: Creditors' Proofs of Debt Due Dec. 21

PRIMUS MANAGED: Creditors' Proofs of Debt Due Dec. 21
SAWEMA INVESTMENTS: Creditors' Proofs of Debt Due Dec. 21
SHARP CAPITAL: Creditors' Proofs of Debt Due Dec. 21
SRH ECLIPSE: Creditors' Proofs of Debt Due Dec. 21
THINKTANK GLOBAL: Creditors' Proofs of Debt Due Dec. 21


T R I N I D A D  &  T O B A G O

CL FIN'L: Policyholders & Regulators Wary of Restructuring Plans
* TRINIDAD & TOBAGO: Dairy Industry Declining Rapidly


U R U G U A Y

* URUGUAY: Fitch Rates US$2 Billion Bond at 'BB+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ABIB: Minister of Finance Reveals More Info on Government Bailout
-----------------------------------------------------------------
Caribarena Antigua News reports that the Antigua and Barbuda
Minister of Finance, Economy, and Government Administration
Harold Lovell has revealed further details on the bailout of the
Antigua and Barbuda Investment Bank (ABIB) after its near-
collapse in July.

Earlier this year, Caribarena Antigua News cites, ECCB took over
ABIB but the money for the takeover came from the government, not
the ECCB.

The government provided ABIB a $40 million bailout to prevent
panic that could have resulted in the bank's collapse, according
to Caribarena Antigua News.  The report relates that on a recent
press conference, Mr. Lovell revealed that the money used for the
bailout initiative came from loans the government acquired from
the local banking sector.  Mr. Lovell also clarified that the
money pumped into ABI Bank by the government was not actually to
pay off its own loan with the bank, contrary to suggestions, the
report relays.

Caribarena Antigua News discloses that Mr. Lovell said the
government's loans at ABI Bank are still in effect, and are
current, with no arrears.  The report notes that Mr. Lovell said
the government pays about $1.5 million monthly to service that
debt.

Caribarena Antigua News discloses that while the investment may
have bought the bank some time and facilitated the smooth
takeover by the East Caribbean Central Bank, it has affected
relations with the International Monetary Fund and its Standby
Arrangement with the government.

Mr. Lovell, the report relates, suggested the IMF would likely
not have agreed with the government's approach, since under
American standards, it would normally have liquidated the bank --
something the government was not prepared to do.

Mr. Lovell said that this is the reason why the new approach with
the IMF is for the country to re-examine the situation, since
when the Standby Arrangement was negotiated in 2009/2010, ABI was
not a factor, Caribarena Antigua News says

Caribarena Antigua News posts that Mr. Lovell said the government
and the IMF will have agreed that they would defer the reviews
that would trigger disbursements under the SA, while they review
the position and work toward a resolution strategy.  This means
the IMF will not make any deposits under the SA until further
notice, the report adds.


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


* ARGENTINA: Moody's Assigns 'B1' GS Rating on Buenos Aires
-----------------------------------------------------------
Moody's Latin America has assigned ratings of Aa2.ar (Argentine
national scale) and B1 (global scale) to the Series 09 notes to
be issued by the City of Buenos Aires for up to US$75 million,
payable in Argentine pesos, and sold in the local market.

Ratings Rationale

The notes are scheduled to mature in one year and are to be
offered under the city's Medium Term Note Program, which is
currently limited to a maximum authorized amount of US$1.4
billion.  The notes, which will pay interest at a fixed rate on a
semi-annual basis and amortize principal at maturity, are direct,
unconditional, unsecured and unsubordinated obligations of the
city, ranking at all times pari passu without any preference
among themselves.

"The rating assigned to the Series 09 notes reflects the city's
broad economy, which generates incomes far higher than the
national average, and relatively low debt levels that have been
reduced steadily since 2003," said Moody's VP-Senior Analyst
Aaron Freedman.

The issuance of these Series 09 bonds represents a low 1.3% of
Buenos Aires' 2011 budgeted revenues and only 8.3% of the city's
stock of debt.  As of September 2011, total debt amounted to
AR$3.8 billion and it is estimated to reach around AR$4.1 billion
by the end of 2011, including this additional issuance,
equivalent to a low 16% of total revenues.  Though debt levels
remain low, a large share of the City's debt is denominated in
foreign currency, which exposes the city to exchange rate
fluctuations.

"Buenos Aires' position relative to national peers reflects a
high degree of financial flexibility fed by a strong own-source
revenue base and significantly lower debt levels," said Freedman.
"However, the city's credit profile also reflects serious credit
risks stemming from economic uncertainty and the need to resist
ongoing spending pressures, especially from personnel costs."

Continued application of prudent fiscal policies at the city
level remains a necessary condition for debt stabilization and
matching revenue and expenditure growth.

The ratings are also constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.

This environment is tied to an institutional framework under
which regional and local governments carry significant
responsibility for public services while nearly all rely heavily
on federal automatic transfers of the tax share regime,
suggesting a low level of fiscal flexibility in relation to
revenue.


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


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

The company commenced wind-up proceedings on Dec. 5, 2011.

The company's liquidator is:

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


HAMILTON LIMITED: Members' Final Meeting Set for Jan. 11
--------------------------------------------------------
The members of Hamilton Limited will hold their final meeting on
Jan. 11, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 5, 2011.

The company's liquidator is:

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


MAN-IP 220 PLUS: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------
The creditors of Man-IP 220 Plus (Series 2) Limited are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


MAN-IP 220 PLUS: Member to Receive Wind-Up Report on Jan. 18
------------------------------------------------------------
The member of Man-IP 220 Plus (Series 2) Limited will receive on
Jan. 18, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


OLYMPIA DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 23
----------------------------------------------------------
The creditors of Olympia Diversified Strategies Fund Limited are
required to file their proofs of debt by Dec. 23, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2011.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton
         Bermuda


OLYMPIA DIVERSIFIED: Members' Final Meeting Set for Jan. 9
----------------------------------------------------------
The members of Olympia Diversified Strategies Fund Limited will
hold their final meeting on Jan. 9, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 6, 2011.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton
         Bermuda


STAR REOC: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------
The creditors of Star REOC HoldCo II, Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


STAR REOC: Members' Final Meeting Set for Jan. 10
-------------------------------------------------
The members of Star REOC HoldCo II, Ltd. will hold their final
meeting on Jan. 10, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


TRADING 220: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of Trading 220 Plus (Series 2) Limited are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


TRADING 220 PLUS: Member to Receive Wind-Up Report on Jan. 16
-------------------------------------------------------------
The member of Trading 220 Plus (Series 2) Limited will receive on
Jan. 16, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

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


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


HYPERMARCAS SA: Fitch Rates Senior Unsecured Notes at 'BB'
----------------------------------------------------------
Fitch Ratings views Hypermarcas S.A.'s recent announcement that
it has completed the divestiture of the Home Care and Food
Business Units for BRL445 million as neutral to its credit
ratings.

The asset sale is strategically positive as it reinforces the
company's commitment to a deleverage and to focus on the markets
with high growth potential and profitability - Pharma and
Personal Care.  These two markets are Hypermarcas's key segments,
accounting for 52% and 40%, respectively, of total revenues.

This strategy of selling non-complementary businesses combined
with the decision to slow its aggressive growth plans via
acquisitions are positive.  Nevertheless, the company faces a
challenge to recover its operating cash flow generation and to
effectively sustain a deleverage process in order to avoid the
current negative pressure on its ratings.

The transaction enhances Hypermarcas's cash position but it is
not sufficient to materially change its currently high financial
leverage.  On a pro forma basis, Hypermarcas net leverage ratio,
measured by net debt/EBITDA, would reduce to 3.5 times (x) from
the 4.1x reported during the latest 12 months (LTM) ended Sept.
30, 2011.  Fitch expects some pressure on Hypermarcas's fourth
quarter 2011 (4Q'11) EBITDA, which should result in net leverage
to be around 3.8x in 2011.

Hypermarcas's leverage is high and is not consistent with its
current ratings in the medium term.  During 2011, Hypermarcas's
credit metrics showed deterioration due to lower EBITDA
generation, which resulted from challenges mainly related to its
sales force's restructuring and adjustments to inventory levels
in its distribution chain.

Increasing leverage is partially mitigated by Hypermarcas's
adequate liquidity.  Fitch sees Hypermarcas's refinancing risk as
low at this time.  As of Sept. 30, 2011, the company's cash
position was BRL2.5 billion.  Hypermarcas had BRL5.8 billion of
total debt, with BRL1.1 billion due in the next 12 months.  Total
debt amortization through the end of 2013 totaled BRL2.1 billion.

Fitch currently rates Hypermarcas as follows:

  -- Long-term foreign currency Issuer Default Rating (IDR),
     'BB';
  -- Long-term local currency IDR, 'BB';
  -- Long-term national scale rating, 'A+(bra)';
  -- Senior unsecured notes due in 2021, 'BB';
  -- Third debentures issuance, 'A+(bra)'.


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


ADAC CAPITAL: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Adac Capital are required to file their proofs
of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

         Amanda Yang
         Telephone: (852) 9400-2605
         Facsimile: (852) 3752-3337
         Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way Caymana Bay
         Grand Cayman
         Cayman Islands KY1-9007


ADAC GLOBAL: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of Adac Global Arbitrage Fund are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2011.

The company's liquidator is:

         Amanda Yang
         Telephone: (852) 9400-2605
         Facsimile: (852) 3753-3337
         Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way Camana Bay
         Grand Cayman
         Cayman Islands KY1-9007


BLACKROCK ABSOLUTE: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------------
The creditors of Blackrock Absolute Return Partners (Offshore)
Ltd. are required to file their proofs of debt by Dec. 21, 2011,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 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


CARPATHIA OFFSHORE: Creditors' Proofs of Debt Due Dec. 20
---------------------------------------------------------
The creditors of Carpathia Offshore Ltd. are required to file
their proofs of debt by Dec. 20, 2011, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043 Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-0050
         Facsimile: 949-8062


CHASE PROPERTIES: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 8, 2011, the sole shareholder of Chase Properties Limited
passed a resolution that voluntarily winds up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 14, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands
         Telephone:  345 949-7128


CORIOLIS MASTER: Creditors' Proofs of Debt Due Dec. 21
------------------------------------------------------
The creditors of Coriolis Master Fund, Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

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


CORIOLIS OFFSHORE: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Coriolis Offshore Fund, Ltd. are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 31, 2011.

The company's liquidator is:

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


IVY GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 10, 2011, the sole shareholder of Ivy Global Equity
Opportunities Fund II, Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         Peter Anderson
         Graham Robinson
         c/o RHSW (Cayman) Limited at Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         e-mail: Barnaby.gowre@walkersglobal.com
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


IVY RISING: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 10, 2011, the sole shareholder of Ivy Rising Stars
Offshore Fund, Ltd resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2011, will be included in the company's dividend
distribution.

The company's liquidators are:

         Peter Anderson
         Graham Robinson
         c/o RHSW (Cayman) Limited at Windward 1
         Regatta Office Park, West Bay Road
         Grand Cayman KY1-1103
         Cayman Islands
         e-mail: Barnaby.gowre@walkersglobal.com
         Telephone: +1 345 9146365
         Walkers, 87 Mary Street, George Town
         Grand Cayman KY1-9001
         Cayman Islands


KUWAIT GATEWAY: Creditors' Proofs of Debt Due Dec. 24
-----------------------------------------------------
The creditors of Kuwait Gateway Fund Ltd. are required to file
their proofs of debt by Dec. 24, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 4, 2011.

The company's liquidator is:

         Ghassan Hitti
         c/o Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House
         122 Mary Street
         PO Box 709 Grand Cayman KY1-1107
         Cayman Islands


LEEHILL MASTER: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
The creditors of Leehill Master Fund Ltd. are required to file
their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 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


MARRET HIGH GRADE: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Marret High Grade Hedge Limited are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 10, 2011.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on Nov. 2, 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


MOL HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------------
The creditors of Mol Holdings Limited are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 9, 2011.

The company's liquidator is:

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


NEW WING: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------
The creditors of New Wing II Company are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 7, 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


PRIMUS MANAGED: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
The creditors of Primus Managed Prisms 2004-1 Ltd. are required
to file their proofs of debt by Dec. 21, 2011, to be included in
the company's dividend distribution.

The company's liquidators are:

         Bernard G. Mcgrath
         Caledonian House
         69 Dr. Roy's Drive
         P.O. Box 1043 Grand Cayman KY1-1102
         Cayman Islands; and

         Annie A. Chapman
         Caledonian Trust (Cayman) Limited
         Caledonian House
         69 Dr. Roy's Drive
         P.O. Box 1043 George Town
         Grand Cayman KY1-1102
         Cayman Islands


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

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

The company's liquidator is:

         Andrea Aegerter
         Telephone: +41 22 319 01 76
         Facsimile: +41 22 319 01 02
         Coutts & Co Trustees (Switzerland) Ltd
         13 Qaui de l'Ile
         P.O. Box 5511 1211 Geneva 11
         Cayman Islands


SHARP CAPITAL: Creditors' Proofs of Debt Due Dec. 21
----------------------------------------------------
The creditors of Sharp Capital Progressive Fund are required to
file their proofs of debt by Dec. 21, 2011, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 8, 2011.

The company's liquidator is:

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


SRH ECLIPSE: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
The creditors of SRH Eclipse Inc. are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2011.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


THINKTANK GLOBAL: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Thinktank Global Fund are required to file their
proofs of debt by Dec. 21, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 27, 2011.

The company's liquidator is:

         Zhou Chao
         Flat A, 10/F, Block 27
         Parc Oasis, Tat Chee Ave
         Kowloon Tong, Kowloon
         Hong Kong


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


CL FIN'L: Policyholders & Regulators Wary of Restructuring Plans
----------------------------------------------------------------
The St. Kitts Nevis Observer reports that the Judicial Manager of
CLICO International Life Insurance Limited (CIL) said that
policyholders and regulators lack confidence in the restructuring
plans for the Company.  CIL is a subsidiary of CL Financial
Limited.

Deloitte Consulting Ltd., through representatives Oliver Jordan
and Patrick Toppin, gave a Barbados High Court an update on
consultations with policyholders, insurance regulators and
governments of Barbados and the Eastern Caribbean, according to
The St. Kitts Nevis Observer.  The report relates that Deloitte
Consulting also sought to obtain court sanction for the next
phase in the process of restructuring CIL -- finding a suitable
investor.

The St. Kitts Nevis Observer notes that the Judicial Manager told
the court that it was evident that policyholders and regulators
were skeptical that any new entity that emerges from CIL would
have the financial capacity to disperse long awaited funds
without long delays.

The report discloses that Deloitte Consulting Ltd said it
received the Court sanction for immediate steps to be taken to
identify a suitable investor with which to associate in the
establishment of a new company.  Deloitte Consulting said it
acknowledged the concerns of policyholders that the restructuring
of CIL be completed as matter of urgency and will therefore seek
to expedite the investor identification process, The St. Kitts
Nevis notes.

Meanwhile, The St. Kitts Nevis relates that policyholders are
required to continue paying premiums on their policies since the
operations and coverage of CLICO International Life Insurance
Limited's existing policies remain in effect.

Policyholders with CIL's sister British American Insurance
Company (BAICO) also await word from key decision-makers
regarding the sale of BAICO's traditional business, which is
expected to be completed in the first half of 2012, the report
adds.

                        About CL Financial

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

                        *     *     *

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

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


* TRINIDAD & TOBAGO: Dairy Industry Declining Rapidly
-----------------------------------------------------
Louis Homer at Trinidad Express reports that Farouk Mohammed, a
director of the Livestock and Livestock Products Board, revealed
that the dairy industry in Trinidad is declining rapidly, with
the supply of milk from dairy farmers reduced from 11,000 metric
tons to 2,000 metric tons per year in just the past two years.

Mr. Mohammed said that the supply of milk produced locally did
not meet consumer demand and greater incentives are needed if the
industry is to survive.

"Out of the four dairy stations established, three went out of
existence and the only one operating is the UWI station that
produces pasteurized milk," the report quoted Mr. Mohammed as
saying.

Trinidad Express notes that Mr. Mohammed said the projection for
the future of the industry was a constant decline both in milk
production and the supply of beef for the local market.

Mr. Mohammed, the report relates, said imported milk powder was
largely responsible for the decline in milk production and the
industry was also being hurt by the price of animal feed which
has risen recently by 21%.


=============
U R U G U A Y
=============


* URUGUAY: Fitch Rates US$2 Billion Bond at 'BB+'
-------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to the Oriental Republic of Uruguay USD2 billion (inflation
indexed) bond (4.375% coupon) maturing in 2028.  The UI bond is
part of liability management transaction to improve the
sovereign's external debt profile.

The rating is in line Uruguay's foreign currency Issuer Default
Rating (IDR). Uruguay's rating reflects Uruguay's reduced
external and fiscal vulnerabilities owing to improvements in its
external and fiscal solvency ratios, strengthened external
liquidity as well as better currency composition and maturity
structure of government debt.  High GDP per capita income, strong
social indicators, and a solid institutional framework also
underpin Uruguay's creditworthiness.

While the macroeconomic policy framework has strengthened,
further improvement in monetary policy credibility, greater
coordination between monetary and fiscal policies, as well as
moderate wage increases, would be essential to bringing inflation
down closer to levels comparable to peers.

Given the still high levels of financial dollarization and
commodity dependence, higher external liquidity levels would
further improve the economy's resilience to external shocks.  In
addition, higher international reserves would be positive for the
sovereign's net external debt position.


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


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

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

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

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

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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *