TCRLA_Public/111221.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


           Wednesday, December 21, 2011, Vol. 12, No. 252

                            Headlines



A R G E N T I N A

BANCO FIE: Moody's Gives (P) B1 Global Local Currency Debt Rating


B E R M U D A

BELVEDERE INSURANCE: Court Releases Liquidators
BELVEDERE UNDERWRITING: Court Releases Liquidators
CALIBAN HOLDINGS: Court Releases Liquidators
LORAL LICENSING: Court Releases Current Liquidators
LORAL SPACE: Court Releases Morrison and Thresh as Liquidators

MI INVESTMENT: Creditors' Proofs of Debt Due Jan. 10
MI INVESTMENT: Members' Final Meeting Set for Jan. 16
PHARMACEUTICAL INSURANCE: Creditors' Proofs of Debt Due Jan. 20
TCP HOLDINGS: Creditors' Proofs of Debt Due Jan. 10
TCP HOLDINGS: Members' Final Meeting Set for Jan. 16

TCP INVESTMENTS: Creditors' Proofs of Debt Due Jan. 10
TCP INVESTMENTS: Members' Final Meeting Set for Jan. 16
WHITE MOUNTAINS: Creditors' Proofs of Debt Due Dec. 28
WHITE MOUNTAINS: Members' Final Meeting Set for Jan. 17


B R A Z I L

BESI BRASIL: S&P Lowers Global Scale Rating to 'BB'; Outlook Neg
DUKE ENERGY: S&P Raises Corporate Credit Rating From 'BB'


C A Y M A N   I S L A N D S

ALLIED I LTD: Shareholder Receives Wind-Up Report
ALTEDGE STRATEGIES: Members Receive Wind-Up Report
CARROUSEL FUND II: Shareholders' Final Meeting Set for Dec. 22
DESERT PASSAGE: Shareholders' Final Meeting Set for Feb. 21
DIVERSIFIED STRATEGY: Members Receive Wind-Up Report

EPG INVESTORS: Shareholders' Final Meeting Set for Dec. 22
JAH CHARTER: Shareholders' Final Meeting Set for Dec. 21
J-W CAYMAN LTD: Shareholders Receive Wind-Up Report
MSDW XIAN: Shareholders Receive Wind-Up Report
MUSINVEST HOLDINGS: Shareholders Receive Wind-Up Report

MYP INVESTMENTS: Shareholders' Final Meeting Set for Dec. 21
OAK STREET: Shareholders' Final Meeting Set for Dec. 22
OAK STREET: Shareholders' Final Meeting Set for Dec. 22
OBERON INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 21

PURCHASE LEASING: Shareholders' Final Meeting Set for Dec. 21
PURCHASE YACHT: Shareholders' Final Meeting Set for Dec. 21
SSGA ABSOLUTE: Shareholders Receive Wind-Up Report
VICIS WINDMILL: Shareholders' Final Meeting Set for Dec. 22
WESTERMAN HOLDING: Shareholders Receive Wind-Up Report


J A M A I C A

AIR JAMAICA: JALPA Members' Salaries Yet to be Paid


T R I N I D A D  &  T O B A G O

CL FIN'L: IBL Accepts CLICO & British American Zero Coupon Bonds





                            - - - - -


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


BANCO FIE: Moody's Gives (P) B1 Global Local Currency Debt Rating
-----------------------------------------------------------------
Moody's Latin America assigned a Aa2.bo national scale local
currency debt rating to Banco para el Fomento a Iniciativas
Economicas S.A.'s (BANCO FIE) senior debt program in the amount
of Bs 700 million.  In addition, a national scale local currency
debt rating of Aa2.bo was assigned to the expected first issuance
of the program, in an amount of up to Bs300 million.  This
issuance will be issued under two tranches of Bs100 million and
Bs 200 million respectively.

At the same time, Moody's Investors Service assigned a (P) B1
global local currency debt rating to the program, as well as a B1
global local-currency debt rating to the expected first issuance.
The outlook for all ratings is stable.  The program is governed
by Bolivian law.

These ratings were assigned to Banco FIE S.A.:

Bs700 million senior debt program:

  (P) B1 Global Local Currency Debt Rating, with stable outlook

  Aa2.bo Bolivian National Scale Local Currency Debt Rating

  First Issuance of a maximum amount of Bs 300 million:

  B1 Global Local Currency Debt Rating, with stable outlook

  Aa2.bo Bolivian National Scale Local Currency Debt Rating

Rating Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Banco FIE's B1 global local currency issuer
rating.  Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.


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


BELVEDERE INSURANCE: Court Releases Liquidators
-----------------------------------------------
On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to
release and discharge Malcolm Butterfield and Anthony McMahon as
liquidators of Belvedere Insurance Company Limited.


BELVEDERE UNDERWRITING: Court Releases Liquidators
--------------------------------------------------
On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to
release and discharge Malcolm Butterfield and Anthony McMahon as
liquidators of Belvedere Underwriting Agents Limited.


CALIBAN HOLDINGS: Court Releases Liquidators
--------------------------------------------
On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to
release and discharge Malcolm Butterfield and Anthony McMahon as
liquidators of Caliban Holdings Limited.


LORAL LICENSING: Court Releases Current Liquidators
---------------------------------------------------
On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to
release and discharge Michael Morrison and Charles Thresh as
liquidators of Loral Licensing Limited.


LORAL SPACE: Court Releases Morrison and Thresh as Liquidators
--------------------------------------------------------------
On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to
release and discharge Michael Morrison and Charles Thresh as
liquidators of Loral Space & Communications Ltd.


MI INVESTMENT: Creditors' Proofs of Debt Due Jan. 10
----------------------------------------------------
The creditors of MI Investment (Bermuda) Limited are required to
file their proofs of debt by Jan. 10, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


MI INVESTMENT: Members' Final Meeting Set for Jan. 16
-----------------------------------------------------
The members of MI Investment (Bermuda) Limited will hold their
final meeting on Jan. 16, 2012, at 10:30 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. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


PHARMACEUTICAL INSURANCE: Creditors' Proofs of Debt Due Jan. 20
---------------------------------------------------------------
The creditors of Pharmaceutical Insurance Limited are required to
file their proofs of debt by Jan. 20, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

        Garth A. Calow
        PricewaterhouseCoopers
        Dorchester House, 7 Church Street
        Hamilton
        Bermuda


TCP HOLDINGS: Creditors' Proofs of Debt Due Jan. 10
---------------------------------------------------
The creditors of TCP Holdings (Bermuda) Limited are required to
file their proofs of debt by Jan. 10, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


TCP HOLDINGS: Members' Final Meeting Set for Jan. 16
----------------------------------------------------
The members of TCP Holdings (Bermuda) Limited will hold their
final meeting on Jan. 16, 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. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


TCP INVESTMENTS: Creditors' Proofs of Debt Due Jan. 10
------------------------------------------------------
The creditors of TCP Investments (Bermuda) Limited are required
to file their proofs of debt by Jan. 10, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


TCP INVESTMENTS: Members' Final Meeting Set for Jan. 16
-------------------------------------------------------
The members of TCP Investments (Bermuda) Limited will hold their
final meeting on Jan. 16, 2012, at 10:15 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. 12, 2011.

The company's liquidator is:

        Nicholas Hoskins
        Victoria Place, 31 Victoria Street
        Hamilton HM 10
        Bermuda


WHITE MOUNTAINS: Creditors' Proofs of Debt Due Dec. 28
------------------------------------------------------
The creditors of White Mountains Re Bermuda Ltd. are required to
file their proofs of debt by Dec. 28, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidator is:

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


WHITE MOUNTAINS: Members' Final Meeting Set for Jan. 17
-------------------------------------------------------
The members of White Mountains Re Bermuda Ltd. will hold their
final meeting on Jan. 17, 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. 12, 2011.

The company's liquidator is:

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


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


BESI BRASIL: S&P Lowers Global Scale Rating to 'BB'; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
rating on BES Investimento do Brasil S.A. - Banco de Investimento
(BESI Brasil) to 'BB' from 'BB+' and its national scale rating to
'brAA' from 'brAA+'.  "The short-term 'brA-1' national scale
rating was affirmed and we corrected the short-term global scale
rating to 'B'.  We removed the ratings from CreditWatch with
negative implications, where we placed them on Feb. 17, 2011. The
outlook is negative on both scales.  The 'bb' stand-alone credit
profile (SACP) is unchanged," S&P said.

"Standard & Poor's bases its ratings on BESI Brasil on the
company's adequate capitalization, expertise, and brand
recognition in its key business segments, and 'adequate' (as
defined in our criteria) liquidity.  These positives are
offset by a 'moderate' business position, 'moderate' risk
position, and 'below average' funding.  Although we view BESI as
a strategically important subsidiary to its parent Banco Espirito
Santo S.A., we currently do not incorporate any notches of
support in the bank's rating due to the bank's SACP being the
same as the Group Credit Profile," S&P said.

BESI Brasil is a well-recognized investment bank in Brazil that
has been growing at above market average rates, while it tries to
reduce its dependence on trading gains.  With nearly Brazilian
real (R$) 6.5 billion in assets as of June 2011, it ranks as the
39th-largest financial institution in Brazil and accounts for
less than 1% of the financial system's assets.  Although small,
it shares the group's brand recognition and is well recognized in
its key business segments.  As of December 2009 and December
2010, it accounted for 54% and 54% of Banco Espirito Santo de
Investimento S.A.'s net income and 5.2% and 6.3% of BES's net
income, which has retail banking activities as opposed to the
Brazilian operation. This reflects the bank's growth in Brazil,
but also the economic downturn the parent faces in Europe. BESI
Brasil's activities
include capital markets, proprietary trading, project finance,
corporate finance, wealth management, asset management, and
brokerage.  The strategy behind every credit operation is to link
to a cross-sell with the investment bank, as it will not concede
loans purely. It  has been historically dependent on trading
gains, which reflects the bank's volatile profitability, but it
has been attempting to diversify its revenues across business
lines and to obtain more revenues from more stable sources.

The negative outlook reflects that of BESI Brasil's parent.  A
parent downgrade would cause a BESI Brasil downgrade.  There is
no parent/subsidiary rating notching because the bank's SACP is
'bb', the same as the Group Credit Profile.  A rating upgrade or
change of outlook would depend on any action on the parent.


DUKE ENERGY: S&P Raises Corporate Credit Rating From 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit rating on Brazilian electric power generator
Duke Energy International Geracao Paranapanema S.A. to 'BBB-'
from 'BB'.

"At the same time, we raised the Brazilian national scale
ratings, including the corporate credit rating, to 'brAAA' from
'brAA'," S&P said.  The outlooks are stable.

"The rating action reflects our view that Duke Paranapanema will
maintain very strong cash flow coverage metrics despite lingering
uncertainty about its contractual obligations to invest in new
capacity," said Standard & Poor's credit analyst Luisa Vilhena.

"Whereas we previously expected that potential significant
investments for expansion could erode company's financial profile
somewhat, we now see enough room for the company to increase
capital expenditures if it succeeds in bidding for new generation
projects and still present adequate credit metrics for an
'intermediate' financial profile, as our criteria define that
term," S&P said.

"We now see Duke Paranapanema's business profile as
'satisfactory,' based on its favorable contracted sales position
and the adequate operational performance of its assets, in our
view," S&P said.

"The stable outlook reflects our expectation that Duke
Paranapanema will maintain adequate operations and solid
financial metrics, on strong cash flow generation and stable
leverage," S&P said.


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


ALLIED I LTD: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Allied I Ltd. received on Dec. 20, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Ogier
        c/o Jacqueline Haynes
        Telephone: (345) 815-1759
        Facsimile: (345) 949-9877


ALTEDGE STRATEGIES: Members Receive Wind-Up Report
--------------------------------------------------
The members of Altedge Strategies Fund SPC received on Dec. 12,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CARROUSEL FUND II: Shareholders' Final Meeting Set for Dec. 22
--------------------------------------------------------------
The shareholders of The Carrousel Fund II Limited will hold their
final meeting on Dec. 22, 2011, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DESERT PASSAGE: Shareholders' Final Meeting Set for Feb. 21
-----------------------------------------------------------
The shareholders of Desert Passage Equity Holdings Limited will
hold their final meeting on Feb. 21, 2012, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Westport Services Ltd.
        c/o Evania Ebanks
        Telephone: (345) 949 5122
        Facsimile: (345) 949 7920
        P.O. Box 1111 Grand Cayman KY1-1102
        Cayman Islands


DIVERSIFIED STRATEGY: Members Receive Wind-Up Report
----------------------------------------------------
The members of Diversified Strategy Fund (Cayman) Limited
received on Dec. 19, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Darren Riley
        c/o Ellen J. Christian
        Telephone:  345 945 9208
        Facsimile: 345 945 9210
        c/o BNP Paribas Bank & Trust Cayman Limited
        Royal Bank House, 3rd Floor, Shedden Road
        George Town, Grand Cayman
        Cayman Islands


EPG INVESTORS: Shareholders' Final Meeting Set for Dec. 22
----------------------------------------------------------
The shareholders of EPG Investors, Ltd. will hold their final
meeting on Dec. 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JAH CHARTER: Shareholders' Final Meeting Set for Dec. 21
--------------------------------------------------------
The shareholders of Jah Charter Services, Ltd. will hold their
final meeting on Dec. 21, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Britannia Corporate Management Ltd
        c/o Gary F. Oakley
        196 Raleigh Quay, Grand Cayman, KY1-1104
        Telephone: (345) 949 2700


J-W CAYMAN LTD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of J-W Cayman Ltd. received on Dec. 14, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


MSDW XIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of MSDW Xian, Inc. received on Dec. 14, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Rebecca Hume
        Telephone: 949-4544
        Facsimile: 949-7073
        e-mail: Rebecca.hume@card.com.ky
        Charles Adams Ritchie & Duckworth
        Zephyr House, 2nd Floor
        122 Mary Street
        PO Box 709 Grand Cayman, KY1-1107
        Cayman Islands


MUSINVEST HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Musinvest Holdings Limited received on
Dec. 15, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Westport Services Ltd.
        c/o Bonnie Willkom
        Telephone: (345) 949 5122
        Facsimile: (345) 949 7920
        P.O. Box 1111 Grand Cayman KY1-1102
        Cayman Islands


MYP INVESTMENTS: Shareholders' Final Meeting Set for Dec. 21
------------------------------------------------------------
The shareholders of MYP Investments, Ltd. will hold their final
meeting on Dec. 21, 2011, at 12:00 noon to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Britannia Corporate Management Ltd
        c/o Gary F. Oakley
        196 Raleigh Quay, Grand Cayman, KY1-1104
        Telephone: (345) 949 2700


OAK STREET: Shareholders' Final Meeting Set for Dec. 22
-------------------------------------------------------
The shareholders of Oak Street Capital Offshore Fund, Ltd. will
hold their final meeting on Dec. 22, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OAK STREET: Shareholders' Final Meeting Set for Dec. 22
-------------------------------------------------------
The shareholders of Oak Street Capital Master Fund, Ltd. will
hold their final meeting on Dec. 22, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OBERON INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22
---------------------------------------------------------------
The shareholders of Oberon Investments Limited will hold their
final meeting on Dec. 22, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 21
----------------------------------------------------------------
The shareholder of The Perpetuation Fund will receive on Dec. 21,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

        Ogier
        c/o Jo-Anne Maher
        Telephone: (345) 815-1762
        Facsimile: (345) 949-9877


PURCHASE LEASING: Shareholders' Final Meeting Set for Dec. 21
-------------------------------------------------------------
The shareholders of Purchase Leasing, Ltd. will hold their final
meeting on Dec. 21, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Britannia Corporate Management Ltd
        c/o Gary F. Oakley
        196 Raleigh Quay, Grand Cayman, KY1-1104
        Telephone: (345) 949 2700


PURCHASE YACHT: Shareholders' Final Meeting Set for Dec. 21
-----------------------------------------------------------
The shareholders of Purchase Yacht Partners, Ltd. will hold their
final meeting on Dec. 21, 2011, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

        Britannia Corporate Management Ltd
        c/o Gary F. Oakley
        196 Raleigh Quay, Grand Cayman, KY1-1104
        Telephone: (345) 949 2700


SSGA ABSOLUTE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of SSgA Absolute Return Currency Fund, Ltd.
received on Dec. 16, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

        Avalon Management Limited
        Landmark Square, 1st Floor
        64 Earth Close, West Bay Beach
        P.O. Box 715 Grand Cayman KY1-1107
        Cayman Islands
        Facsimile: 1 345 769-9351


VICIS WINDMILL: Shareholders' Final Meeting Set for Dec. 22
-----------------------------------------------------------
The shareholders of Vicis Windmill Fund (International) will hold
their final meeting on Dec. 22, 2011, at 8:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WESTERMAN HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Westerman Holding Company Ltd received on
Dec. 14, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


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


AIR JAMAICA: JALPA Members' Salaries Yet to be Paid
---------------------------------------------------
RJR News reports that the Jamaica Airline Pilots Association
(JALPA) said its members are yet to be paid salaries due Dec. 19.

JALPA says the salaries are late, and up to 4:00 p.m., no reason
had come from Caribbean Airlines for the late payment, according
to RJR News.  The report relates that the pilots said this is not
the first time that salaries have been late with no communication
from the airline.

Despite the late salary, the pilots say they will continue to
maintain service to the travelling public, RJR News notes.

The report says that the late payment comes just days after the
pilots threatened strike action to force the company to come to
the bargaining table to sort out a salary increase among other
matters.

RJR News discloses that that strike action was however thwarted
by an Industrial Disputes Tribunal (IDT) ruling that the work
should continue while the negotiations between the airline and
the pilots are to take place at the end of January.

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.  According to
a TCR-LA report on June 29, 2009, RadioJamaica News said the
Jamaican government indicated it will name a buyer for cash-
strapped Air Jamaica.  RadioJamaica related the airline has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill.  In addition, RadioJamaica said,
Air Jamaica currently has over US$600 million in loans
outstanding.


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


CL FIN'L: IBL Accepts CLICO & British American Zero Coupon Bonds
----------------------------------------------------------------
Sasha Harrinanan at Trinidad & Tobago Newsday reports that
Intercommercial Bank Limited is the latest bank to advertise its
willingness to accept government-issued Zero Coupon Bonds from
Colonial Life Insurance Company (Trinidad) Limited and British
American Insurance Company EFPA Policyholders.  CLICO & British
American are subsidiaries of CL Financial Group Limited.

RBC Royal Bank, Scotiabank and First Citizens are among the other
banks in Trinidad and Tobago has also accepted the bonds,
according to Trinidad & Tobago Newsday.

The report notes that First Citizens and IBL have both said they
would offer an average price of 80 cents on the dollar for years
one to ten.

"We are going to be purchasing the bonds as close as possible to
the TT $0.80 on the $1.00 (as suggested by Government).  This
depends on what the customer wants.  If the customer wants a
different mix, we'll have to price it accordingly," Newsday
quoted Krishna Boodhai, IBL's managing director and chief
executive officer,as saying.

However, Newsday notes that if policyholders would like to
reinvest their money, Mr. Boodhai noted their returns would
depend on what they invested in and for how long.

"The bonds will have maturity dates as much as ten years while
the deposit could very well be a savings account; which is
available on demand or after one year and so on.  So there is a
timing difference between the deposit and the investment (of the
one-year bonds).  Customers should therefore align their bonds
with the duration of their investments," Mr. Boodhai said, the
report relates.

                        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.

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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.


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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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