TCRLA_Public/120110.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


            Tuesday, January 10, 2012, Vol. 13, No. 007

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Makes Last Attempt for Dismissal


A R G E N T I N A

CORP GROUP: S&P Puts 'BB+' Credit Rating on CreditWatch


B E R M U D A

NEW CASTLE: Creditors' Proofs of Debt Due Jan. 20


C A Y M A N   I S L A N D S

AGAM SPV: Shareholders Receive Wind-Up Report
ALPHATRAN FUND: Shareholders Receive Wind-Up Report
AMATHEA VII: Members Receive Wind-Up Report
BTG PACTUAL: Placed Under Voluntary Wind-Up
BTG PACTUAL: Placed Under Voluntary Wind-Up

CIRCLE FINANCE: Members Receive Wind-Up Report
CLARO CAIMAN: Placed Under Voluntary Wind-Up
CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12
CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12
CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12

CQS GLOBAL: Members Receive Wind-Up Report
DAN HOLDINGS: Placed Under Voluntary Wind-Up
DK EQUIPMENT: Shareholders Receive Wind-Up Report
DUKE ENERGY: Shareholders Receive Wind-Up Report
EATON VANCE: Shareholders Receive Wind-Up Report

HCP STRATEGIC: Shareholders Receive Wind-Up Report
MASTERSKILL (CAYMAN): Shareholder Receives Wind-Up Report
MSR ASIA: Members Receive Wind-Up Report
OASIS ADVISORS: Placed Under Voluntary Wind-Up
OSPRAIE INVESTORS: Members Receive Wind-Up Report

PLAZA MAAM: Shareholders Receive Wind-Up Report
SILVERSTONE CAPITAL: Placed Under Voluntary Wind-Up
STRATEGIC GROWTH: Shareholders Receive Wind-Up Report
STRATEGIC GROWTH: Shareholders Receive Wind-Up Report
VALUE HOLDINGS: Members Receive Wind-Up Report


J A M A I C A

DIGICEL GROUP: Hits Back at Lawsuit Against Acquisition of CLARO
* JAMAICA: Trade Deficit Swelled Between Jan-Aug 2011


T R I N I D A D  &  T O B A G O

CL FIN'L: Queen's Counsel to Argue for CLICO Policyholders
HINDU CREDIT UNION: Government to Start Payments Next Week


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


STANFORD INT'L: Owner Makes Last Attempt for Dismissal
------------------------------------------------------
Antigua Observer reports that Robert Allen Stanford's defense
attorneys made a last-minute plea to dismiss the case against the
indicted businessman saying the case should be dismissed because
his constitutional rights were violated.

Mr. Stanford's court-appointed attorneys unleashed a barrage of
legal filings in hopes of derailing the trial, which is set to
begin January 23, according to Antigua Observer.

In one of the filings, lead defense attorney Ali Fazel cites
"'repeated outrageous government conduct' during the two-and-a-
half years [Mr.] Stanford has been held without bail.  [Mr.]
Stanford has been detained as a flight risk since his indictment
in June 2009.  While in government custody, [Mr.] Stanford was
savagely beaten by another inmate, underwent major surgery, and
became addicted to prescription drugs.  The defense claims [Mr.]
Stanford has suffered permanent physical and mental damage . . .
.  The Government's negligence has resulted in the Accused
suffering from diminished mental capacity and thereby has
interfered with the Accused's ability to effectively exercise his
rights," according to Antigua Observer.

The report relates that the filing added that Mr. Stanford's
"punitive" treatment while in custody violates his right to due
process, since Mr. Stanford is still presumed innocent.

Meanwhile, Antigua Observer notes that a separate filing claims
the government violated Mr. Stanford's constitutional protections
against unreasonable search and seizure when a court-appointed
receiver accessed the records of Stanford's bank in Antigua and
turned them over to U.S. prosecutors.

It is not clear whether any of Stanford's latest maneuvers has
much chance for success, Antigua Observer adds.

             About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.

A criminal case was also pursued against Mr. Stanford in June
2009 before the U.S. District Court in Houston, Texas.  Mr.
Stanford pleaded not guilty to 21 charges of multi-billion dollar
fraud, money-laundering and obstruction of justice.  Assistant
Attorney General Lanny Breuer, as cited by Agence France-Presse
News, said in a 57-page indictment that Mr. Stanford could face
up to 250 years in prison if convicted on all charges.  Mr.
Stanford surrendered to U.S. authorities after a warrant was
issued for his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.).  The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).


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


CORP GROUP: S&P Puts 'BB+' Credit Rating on CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on two
Chile-based entities on CreditWatch with negative implications.
This action affected the ratings on Corpbanca, including the 'A-
/A-2' counterparty credit ratings, and those on Corp Group
Interhold S.A., including the 'BB+' counterparty credit rating.

The action followed Corpbanca's announcement that it had signed
an
agreement with Spain-based Banco Santander S.A. (AA-/Watch Neg/A-
1+) to acquire 95% of fully owned subsidiary Banco Santander
Colombia S.A. (not rated) for about US$1.15 billion, and that
Interhold will purchase an additional stake, of at least 2.85%,
in the Colombian bank.

"Our ratings on Corpbanca reflect its 'adequate' (as our criteria
define it) business position, 'adequate' capital and earnings,
'adequate' risk position, 'average' funding, and 'adequate'
liquidity, and our view of a 'moderate' likelihood of government
support, given Corpbanca's moderate systemic importance to the
Republic of Chile (foreign currency: A+/Positive/A-1; local
currency: AA/Positive/A-1+) and our assessment of the government
as "supportive" of the country's banking system," S&P said.

"Our ratings on Interhold reflect its heavy reliance on dividends
from indirect subsidiary Corpbanca, high double leverage, and
aggressive business expansion, as also evidenced by this new
acquisition," S&P said.

The group's good position in the Chilean banking and insurance
sectors, and Corpbanca's good earnings capacity are partially
mitigating factors.

Corpbanca is 51.2% owned by nonoperating holding company Corp
Group Banking S.A. (not rated), which is in turn fully owned by
Interhold, a holding company controlled by the Chilean Saieh
family.  A diversified group of investors, including local stock
brokerage firms and local pension funds, holds the remaining
stake in Corpbanca.

"The CreditWatch listings mainly reflect the potential for
Corpbanca's overall asset quality to deteriorate as a consequence
of acquiring riskier Colombian assets than its existing Chilean
ones," said Standard & Poor's credit analyst Sergio Fuentes.  "We
believe that Colombia faces higher economic risks than Chile
does."

"With total assets of about US$4 billion, Santander Colombia had
about 2.7% and 4.7% market shares in total loans and deposits in
the Colombian financial system as of September 2011.  We expect
Colombian assets to represent about 18% of Corpbanca's total
consolidated assets by June 30, 2012," S&P said.

"We intend to resolve the CreditWatch listings on Corpbanca and
Interhold after the closing of the transactions, which we expect
to take place in first-half 2012 as they are subject to
regulatory approval in Chile and Colombia," S&P said.


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


NEW CASTLE: Creditors' Proofs of Debt Due Jan. 20
-------------------------------------------------
The creditors of New Castle Reinsurance Holdings Ltd. are
required to file their proofs of debt by Jan. 20, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Robin J. Mayor
         Conyers Dill & Pearman Limited
         Clarendon House, 2 Church Street
         Hamilton, HM 11
         Bermuda


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


AGAM SPV: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of AGAM SPV Seven Limited received on Jan. 6,
2012, 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


ALPHATRAN FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Alphatran Fund received on Jan. 6, 2012, 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


AMATHEA VII: Members Receive Wind-Up Report
-------------------------------------------
The members of Amathea VII Ltd. received on Dec. 28, 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


BTG PACTUAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 25, 2011, the sole shareholder of BTG Pactual Value
Investors I Fund SPC resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


BTG PACTUAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 25, 2011, the sole shareholder of BTG Pactual Top Picks
Offshore Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CIRCLE FINANCE: Members Receive Wind-Up Report
----------------------------------------------
The members of Circle Finance SPC Limited received on Dec. 28,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         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


CLARO CAIMAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 25, 2011, the sole shareholder of Claro Caiman resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Alejandro Cantu Jimenez
         Lago Zurich 245, Plazo Carso
         Edificio Telcel, Piso 16
         Colonia Granada Ampliacion, Mexico
         D.F. 11529


CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12
----------------------------------------------------------------
The shareholder of Corriente Caymans Copper Mining Company will
receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ma Sihai
         c/o Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12
----------------------------------------------------------------
The shareholder of Corriente Caymans Exploration Company will
receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ma Sihai
         c/o Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12
----------------------------------------------------------------
The shareholder of Corriente Caymans Transport Company will
receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ma Sihai
         c/o Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI-1102
         Cayman Islands


CQS GLOBAL: Members Receive Wind-Up Report
------------------------------------------
The members of CQS Global Macro Fund Limited received on Dec. 28,
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


DAN HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 25, 2011, the sole member of Dan Holdings Inc. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman   KY1-1111
         Cayman Islands


DK EQUIPMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of DK Equipment Leasing CI Ltd. received on
Jan. 6, 2012, 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


DUKE ENERGY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Duke Energy International Guatemala Holdings
No.3 received on Dec. 15, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Elizabeth C. De La Rosa
         555 San Felipe Road
         Houston, TX 77056
         USA


EATON VANCE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Eaton Vance Loan Opportunities Fund, Ltd.
received on Jan. 6, 2012, 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


HCP STRATEGIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of HCP Strategic Investment Capital Partner
Limited received on Jan. 6, 2012, 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


MASTERSKILL (CAYMAN): Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Masterskill (Cayman) Limited received on
Jan. 12, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Linburgh Martin
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands


MSR ASIA: Members Receive Wind-Up Report
----------------------------------------
The members of MSR Asia Acquisitions III, Inc. received on
Dec. 28, 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


OASIS ADVISORS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 18, 2011, the shareholders of Oasis Advisors Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Atkinson
         Telephone: 81- 03-5114-1296
         Facsimile: 81-03-5114-1150
         c/o Rockhampton Management
         Ark Mori Building, 22nd Floor
         PO Box 578 1-12-32 Akasaka Minato-Ku
         Tokyo 107-6022 Japan


OSPRAIE INVESTORS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ospraie Investors MG Ltd received on Dec. 28,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         P.O. Box 258 Grand Cayman KY1-1104
         Cayman Islands


PLAZA MAAM: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Plaza Maam Building Holdings Inc received on
Jan. 6, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SILVERSTONE CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 25, 2011, the shareholders of Silverstone Capital
Management Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Jacqueline Haynes
         Telephone: (345) 815-1759
         Facsimile: (345) 949-9877
         89 Nexus Way Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


STRATEGIC GROWTH: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Strategic Growth Asset Management received on
Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


STRATEGIC GROWTH: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Strategic Growth Holdings received on
Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


VALUE HOLDINGS: Members Receive Wind-Up Report
----------------------------------------------
The members of Value Holdings received on Dec. 28, 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


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


DIGICEL GROUP: Hits Back at Lawsuit Against Acquisition of CLARO
----------------------------------------------------------------
RJR News reports that Digicel Group Limited has hit back at the
contents of a lawsuit filed by the Fair Trading Commission in
opposition of its acquisition of Claro Jamaica.

The FTC in the lawsuit said the deal will not benefit consumers
and will slowdown technological advancements in the telecoms
sector, according to RJR News.

RJR News notes Digicel Group said that its acquisition of Claro
will not hurt consumers rather it will do just the opposite.  The
report relays that Digicel Group added that the merger will spur
innovation and investments which will bring benefits to
consumers.

Meanwhile, according to a separate RJR News, Digicel Group said
its acquisition of Claro will see it separating 254 current Claro
employees from the company.  RJR News relates that the separation
is expected to take effect by mid-January, with Digicel saying
the separation package will be more generous than legally
required.

Digicel Group said that 150 of those will be offered fixed
contracts lasting from one to four months, RJR News adds.

                      About Digicel Group

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

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

                          *     *     *

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


* JAMAICA: Trade Deficit Swelled Between Jan-Aug 2011
-----------------------------------------------------
RJR News reports that Jamaica's trade deficit swelled to more
than 3 point US$2 billion over the January to August period of
last year.

The trade deficit, which shows how much more Jamaica spends on
foreign goods than foreign countries spend on local goods,
climbed to the record level chiefly on higher oil and food
prices, according to RJR News.

RJR News relates that oil imports in the eight months rose to
almost 1 point US$7 billion.  The report relates that food
totaling just under US$600 million U.S. was bought in the period
as well.

RJR News says that the two contributed to an import bill which
reached over 4 point US$3 billion.

Exports, on the other hand, totaled 1 point US$1 billion dollars,
as bauxite and alumina exports resumed in 2011, RJR News
discloses.

                           *     *     *

As of Jan. 2 2012, the country continues to carry Standard and
Poor's "B-" long-term debt ratings and "C" short-term debt
ratings.


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


CL FIN'L: Queen's Counsel to Argue for CLICO Policyholders
----------------------------------------------------------
Innis Francis at Trinidad Express reports that a British Queen's
Counsel will argue on behalf of Colonial Life Insurance Company
(Trinidad) Limited policyholders who have filed a judicial review
application, seeking to compel the Trinidad & Tobago government
to pay them in full the money due on their policies.  CLICO is a
subsidiary of CL Financial Limited.

Peter Knox, QC, is expected to lead the legal action, in which
the court is being asked to declare the government acted
unlawfully in treating Executive Flexible Premium Annuity (EFPA)
policyholders unequally, according to Trinidad Express.

The report notes that the EFPA policyholders claim they were
being offered only part of their principal payments with no
interest, while traditional policyholders were paid their full
sums.

Trinidad Express discloses that the United Policy Holders Group
and four individual applicants also want the court to grant an
interim order compelling Cabinet to supply them with the audited
accounts of CLICO and CL Financial, which will allow some 200,000
policyholders to see the value of the assets of CLICO.

The applicants contend that the State guaranteed their money in
2009 and told them the money in CLICO would be safe and if there
was any deficit in CLICO's statutory fund, the government would
make up the difference, Trinidad Express discloses.

The State has hired English QC Allan Newman for the case.

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2011, Caribbean360.com said that the Santa Rosa Team,
which represents a number of Colonial Life Insurance Company
(CLICO) Executive Flexible Premium Annuity (EFPA) policyholders,
said that they were going after the "the hundreds of millions of
dollars (and possibly much more) in assets of those who are
directly responsible for [the policyholders] financial plight."
CLICO is a subsidiary of CL Financial Limited.  The association
was not satisfied with the payout plan recently offered by
government to some larger CLICO investors and policyholders,
according to Caribbean360.com  The report disclosed that the
Santa Rosa team argued that the difference between what the EFPA
policyholders were due (as per Rajnauth-Lee judgment) and what
they were now being offered by the government, was a loss
resulting directly from a "catalogue of failures on the part of
directors, past and present to discharge their fiduciary
responsibilities, and in some cases perhaps to have conspired in
the execution of fraudulent acts".  Under its new plan,
Caribbean360.com related that the government has said
policyholders for the first ten years would get a yield of
approximately 80 cents for every dollar of their investment if
they chose to cash in their investment within six months.

                      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.


HINDU CREDIT UNION: Government to Start Payments Next Week
----------------------------------------------------------
Julien Neaves at Trinidad Express reports that Trinidad and
Tobago Finance Minister Winston Dookeran has denied claims that
Government is attempting to "fool" Hindu Credit Union (HCU)
policyholders and shareholders, and assured that repayments
should begin by next week.

The government advisory stated that the repayment will be divided
into two phases: phase one relief will be granted to qualified
depositors and shareholders up to a maximum of $75,000, while
phase two will provide payments to depositors whose balances
exceed $75,000, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications.  Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government.  Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.  Mr.
Harnarine said for members to transfer their rights, the
liquidator would have to call a special general meeting and all
shareholders would have to agree that the assets of the credit
union be assigned to the government, the report added.

                             About HCU

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

The failed credit union was put into liquidation by the
government in 2009.  As reported in the Troubled Company
Reporter-Latin America on July 28, 2008, the High Court of
Trinidad and Tobago granted the government full control of Hindu
Credit as the company faces financial difficulties, leaving
depositors in limbo despite requests from lawyers.  In June 2008,
chartered accountants Ernst and Young inspected Hindu Credit's
books, accounts, and records after a public outcry and calls for
an internal audit.  Charles Mitchell, the Commissioner for Co-
Operative Development, represents Hindu Credit's depositors.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                   Total         Shareholders
                                   Assets              Equity
Company                Ticker        (US$MM)            (US$MM)
-------                ------        ---------      ------------

ARGENTINA
---------

IMPSAT FIBER-$US     IMPTD AR           535007008       -17164978
IMPSAT FIBER NET     330902Q GR         535007008       -17164978
IMPSAT FIBER-CED     IMPT AR            535007008       -17164978
IMPSAT FIBER NET     IMPTQ US           535007008       -17164978
IMPSAT FIBER-BLK     IMPTB AR           535007008       -17164978
IMPSAT FIBER NET     XIMPT SM           535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR           535007008       -17164978
SOC COMERCIAL PL     COMEC AR         167911091.5      -342440147
COMERCIAL PL-ADR     SCPDS LI         167911091.5      -342440147
SOC COMERCIAL PL     CVVIF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EO          167911091.5      -342440147
SOC COMERCIAL PL     CAD IX           167911091.5      -342440147
COMERCIAL PLA-BL     COMEB AR         167911091.5      -342440147
SOC COMERCIAL PL     CADN SW          167911091.5      -342440147
SOC COMERCIAL PL     COMED AR         167911091.5      -342440147
SOC COMERCIAL PL     COME AR          167911091.5      -342440147
SOC COMERCIAL PL     SCDPF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EU          167911091.5      -342440147
SOCOTHERM-5 VT-A     STHE5 AR         103531720.8     -8075882.84
SOCOTHERM-SP ADR     SOCOY US         103531720.8     -8075882.84
SOCOTHERM SA-B       STHE AR          103531720.8     -8075882.84
SNIAFA SA-B          SDAGF US         11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR         11229696.22     -2670544.88
SNIAFA SA            SNIA AR          11229696.22     -2670544.88


BELIZE
------

VARIG SA-PREF        VARGPN BZ        966298025.5     -4695211316
VARIG SA             VAGV3 BZ         966298025.5     -4695211316
VARIG SA             VARGON BZ        966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ         966298025.5     -4695211316
PORTX OPERA-GDR      PXTPY US         734596799.1     -5675399.32
PORTX OPERACOES      PRTX3 BZ         734596799.1     -5675399.32
AGRENCO LTD          AGRE LX            637647275      -312199404
AGRENCO LTD-BDR      AGEN11 BZ          637647275      -312199404
BOMBRIL-PREF         BOBR4 BZ         451055441.4       -71738547
BOMBRIL SA-ADR       BMBPY US         451055441.4       -71738547
BOMBRIL              BOBR3 BZ         451055441.4       -71738547
BOMBRIL-RIGHTS       BOBR1 BZ         451055441.4       -71738547
BOMBRIL CIRIO SA     BOBRON BZ        451055441.4       -71738547
BOMBRIL SA-ADR       BMBBY US         451055441.4       -71738547
BOMBRIL              BMBBF US         451055441.4       -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ         451055441.4       -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ        451055441.4       -71738547
CIA PETROLIFERA      MRLM3B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ        377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.2     -3014291.72
HOTEIS OTHON SA      HOTHON BZ        367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOOT4 BZ         367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOTHPN BZ        367095149.8     -27491830.2
HOTEIS OTHON SA      HOOT3 BZ         367095149.8     -27491830.2
DOCAS SA-PREF        DOCAPN BZ        265185848.9      -158092426
DOCA INVESTIMENT     DOCA3 BZ         265185848.9      -158092426
DOCAS SA             DOCAON BZ        265185848.9      -158092426
DOCA INVESTI-PFD     DOCA4 BZ         265185848.9      -158092426
DOCAS SA-RTS PRF     DOCA2 BZ         265185848.9      -158092426
TEKA                 TKTQF US           246866965      -392777063
TEKA-PREF            TEKAPN BZ          246866965      -392777063
TEKA                 TEKAON BZ          246866965      -392777063
TEKA-ADR             TKTPY US           246866965      -392777063
TEKA                 TEKA3 BZ           246866965      -392777063
TEKA-ADR             TEKAY US           246866965      -392777063
TEKA-ADR             TKTQY US           246866965      -392777063
TEKA-PREF            TEKA4 BZ           246866965      -392777063
TEKA-PREF            TKTPF US           246866965      -392777063
PET MANG-RT          RPMG1 BZ         231024467.2      -184606117
PET MANG-RECEIPT     0229296Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     0229292Q BZ      231024467.2      -184606117
PET MANG-RT          RPMG2 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678565Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG9 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678569Q BZ      231024467.2      -184606117
PETRO MANGUIN-PF     MANGPN BZ        231024467.2      -184606117
PET MANG-RT          0229249Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     RPMG3 BZ         231024467.2      -184606117
PET MANGUINH-PRF     RPMG4 BZ         231024467.2      -184606117
PET MANG-RT          0229268Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     MANGON BZ        231024467.2      -184606117
PET MANG-RT          4115364Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG10 BZ        231024467.2      -184606117
PET MANG-RT          4115360Q BZ      231024467.2      -184606117
D H B-PREF           DHBI4 BZ         185992309.4      -151323933
DHB IND E COM        DHBON BZ         185992309.4      -151323933
D H B                DHBI3 BZ         185992309.4      -151323933
DHB IND E COM-PR     DHBPN BZ         185992309.4      -151323933
SANSUY SA-PREF B     SNSYBN BZ        180443811.7      -114112111
SANSUY-PREF A        SNSY5 BZ         180443811.7      -114112111
SANSUY SA            SNSYON BZ        180443811.7      -114112111
SANSUY-PREF B        SNSY6 BZ         180443811.7      -114112111
SANSUY               SNSY3 BZ         180443811.7      -114112111
SANSUY SA-PREF A     SNSYAN BZ        180443811.7      -114112111
WETZEL SA-PREF       MWELPN BZ        100017711.4     -5359345.82
WETZEL SA            MWELON BZ        100017711.4     -5359345.82
WETZEL SA            MWET3 BZ         100017711.4     -5359345.82
WETZEL SA-PREF       MWET4 BZ         100017711.4     -5359345.82
FABRICA RENAUX       FTRX3 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FRNXPN BZ        95282687.94       -59034912
FABRICA RENAUX       FRNXON BZ        95282687.94       -59034912
FABRICA TECID-RT     FTRX1 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FTRX4 BZ         95282687.94       -59034912
ESTRELA SA           ESTRON BZ        92218510.26     -92769915.9
ESTRELA SA           ESTR3 BZ         92218510.26     -92769915.9
ESTRELA SA-PREF      ESTRPN BZ        92218510.26     -92769915.9
ESTRELA SA-PREF      ESTR4 BZ         92218510.26     -92769915.9
TEXTEIS RENA-RCT     TXRX9 BZ         73095833.69      -103943206
RENAUXVIEW SA-PF     TXRX4 BZ         73095833.69      -103943206
RENAUXVIEW SA        TXRX3 BZ         73095833.69      -103943206
TEXTEIS RENA-RCT     TXRX10 BZ        73095833.69      -103943206
TEXTEIS RENAUX       RENXPN BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX1 BZ         73095833.69      -103943206
TEXTEIS RENAUX       RENXON BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX2 BZ         73095833.69      -103943206
SCHLOSSER SA         SCHON BZ         73036749.69     -34357832.6
SCHLOSSER            SCLO3 BZ         73036749.69     -34357832.6
SCHLOSSER-PREF       SCLO4 BZ         73036749.69     -34357832.6
SCHLOSSER SA-PRF     SCHPN BZ         73036749.69     -34357832.6
MINUPAR-RT           MNPR1 BZ         63144533.79     -60655823.4
MINUPAR-RT           9314542Q BZ      63144533.79     -60655823.4
MINUPAR SA-PREF      MNPRPN BZ        63144533.79     -60655823.4
MINUPAR-PREF         MNPR4 BZ         63144533.79     -60655823.4
MINUPAR              MNPR3 BZ         63144533.79     -60655823.4
MINUPAR-RCT          9314634Q BZ      63144533.79     -60655823.4
MINUPAR SA           MNPRON BZ        63144533.79     -60655823.4
MINUPAR-RCT          MNPR9 BZ         63144533.79     -60655823.4
GRADIENTE-PREF A     IGBR5 BZ         61088977.95      -282692297
GRADIENTE-PREF C     IGBR7 BZ         61088977.95      -282692297
GRADIENTE EL-PRA     IGBAN BZ         61088977.95      -282692297
GRADIENTE ELETR      IGBON BZ         61088977.95      -282692297
GRADIENTE EL-PRB     IGBBN BZ         61088977.95      -282692297
IGB ELETRONICA       IGBR3 BZ         61088977.95      -282692297
GRADIENTE EL-PRC     IGBCN BZ         61088977.95      -282692297
GRADIENTE-PREF B     IGBR6 BZ         61088977.95      -282692297
CAF BRASILIA-PRF     CAFE4 BZ         59053509.86     -1138743393
CAFE BRASILIA SA     CSBRON BZ        59053509.86     -1138743393
CAF BRASILIA         CAFE3 BZ         59053509.86     -1138743393
CAFE BRASILIA-PR     CSBRPN BZ        59053509.86     -1138743393
VARIG PART EM TR     VPTA3 BZ         49432124.18      -399290396
VARIG PART EM-PR     VPTA4 BZ         49432124.18      -399290396
CIMOB PART-PREF      GAFP4 BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFON BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFP3 BZ          44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ          44047411.7     -45669963.6
WIEST                WISA3 BZ         34108201.43      -126997429
WIEST SA             WISAON BZ        34108201.43      -126997429
WIEST SA-PREF        WISAPN BZ        34108201.43      -126997429
WIEST-PREF           WISA4 BZ         34108201.43      -126997429
RECRUSUL SA          RESLON BZ        31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL11 BZ        31427766.04     -30307605.7
RECRUSUL - RT        4529781Q BZ      31427766.04     -30307605.7
RECRUSUL SA-PREF     RESLPN BZ        31427766.04     -30307605.7
RECRUSUL - RCT       4529793Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL10 BZ        31427766.04     -30307605.7
RECRUSUL - RT        RCSL2 BZ         31427766.04     -30307605.7
RECRUSUL - RT        RCSL1 BZ         31427766.04     -30307605.7
RECRUSUL-PREF        RCSL4 BZ         31427766.04     -30307605.7
RECRUSUL - RCT       4529789Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL9 BZ         31427766.04     -30307605.7
RECRUSUL - RT        4529785Q BZ      31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL12 BZ        31427766.04     -30307605.7
RECRUSUL             RCSL3 BZ         31427766.04     -30307605.7
SANESALTO            SNST3 BZ         31044053.25     -1843297.83
STAROUP SA           STARON BZ        27663604.95     -7174512.03
BOTUCATU TEXTIL      STRP3 BZ         27663604.95     -7174512.03
STAROUP SA-PREF      STARPN BZ        27663604.95     -7174512.03
BOTUCATU-PREF        STRP4 BZ         27663604.95     -7174512.03
CONST BETER SA       COBEON BZ        25469474.32      -4918659.9
CONST BETER-PF A     1COBAN BZ        25469474.32      -4918659.9
CONST BETER-PR B     COBEBN BZ        25469474.32      -4918659.9
CONST BETER-PF A     COBE5 BZ         25469474.32      -4918659.9
CONST BETER SA       1007Q BZ         25469474.32      -4918659.9
CONST BETER SA       1COBON BZ        25469474.32      -4918659.9
CONST BETER-PR B     1009Q BZ         25469474.32      -4918659.9
CONST BETER-PF B     COBE6B BZ        25469474.32      -4918659.9
CONST BETER-PFA      COBE5B BZ        25469474.32      -4918659.9
CONST BETER-PF B     COBE6 BZ         25469474.32      -4918659.9
CONST BETER-PF B     1COBBN BZ        25469474.32      -4918659.9
CONST BETER-PR A     COBEAN BZ        25469474.32      -4918659.9
CONST BETER SA       COBE3B BZ        25469474.32      -4918659.9
CONST BETER-PR A     1008Q BZ         25469474.32      -4918659.9
CONST BETER SA       COBE3 BZ         25469474.32      -4918659.9
STEEL - RT           STLB1 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     AORE3 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     STLB3 BZ          23040051.4     -8699861.07
STEEL - RCT ORD      STLB9 BZ          23040051.4     -8699861.07
FERRAGENS HAGA       HAGAON BZ        21992326.22     -56631998.5
HAGA                 HAGA3 BZ         21992326.22     -56631998.5
FERRAGENS HAGA-P     HAGAPN BZ        21992326.22     -56631998.5
FER HAGA-PREF        HAGA4 BZ         21992326.22     -56631998.5
NOVA AMERICA SA      NOVA3 BZ            21287489      -183535527
NOVA AMERICA SA      1NOVON BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ           21287489      -183535527
NOVA AMERICA SA      NOVAON BZ           21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ           21287489      -183535527
NOVA AMERICA SA      NOVA3B BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ            21287489      -183535527
TECEL S JOSE         SJOS3 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     SJOS4 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ        19067323.42     -52580501.1
TECEL S JOSE         FTSJON BZ        19067323.42     -52580501.1
NORDON METAL         NORDON BZ        15354597.14     -26859636.7
NORDON MET           NORD3 BZ         15354597.14     -26859636.7
NORDON MET-RTS       NORD1 BZ         15354597.14     -26859636.7
CHIARELLI SA         CCHI3 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHI4 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHPN BZ         14960467.36     -43105640.5
CHIARELLI SA         CCHON BZ         14960467.36     -43105640.5
B&D FOOD CORP        BDFC US             14423532        -3506007
LATTENO FOOD COR     LATF US             14423532        -3506007
REII INC             REIC US             14423532        -3506007
B&D FOOD CORP        BDFCE US            14423532        -3506007
HERCULES SA          HERTON BZ        12689117.49      -170680899
HERCULES             HETA3 BZ         12689117.49      -170680899
HERCULES SA-PREF     HERTPN BZ        12689117.49      -170680899
HERCULES-PREF        HETA4 BZ         12689117.49      -170680899
ARTHUR LAN-DVD P     ARLA12 BZ        11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ         11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ        11642255.92     -17154461.9
ARTHUR LANGE         ARLA3 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ        11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ         11642255.92     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ         11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ        11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ        11642255.92     -17154461.9
F GUIMARAES          FGUI3 BZ         11016542.14      -151840377
FERREIRA GUIMARA     FGUION BZ        11016542.14      -151840377
F GUIMARAES-PREF     FGUI4 BZ         11016542.14      -151840377
FERREIRA GUIM-PR     FGUIPN BZ        11016542.14      -151840377


CHILE
-----

CHILESAT CORP SA     TELEX CI          1156945109      -122555290
TELMEX CORP-ADR      CSAOY US          1156945109      -122555290
TELEX-A              TELEXA CI         1156945109      -122555290
CHILESAT CO-ADR      TL US             1156945109      -122555290
TELEX-RTS            TELEXO CI         1156945109      -122555290
CLARO COM SA         CHILESAT CI       1156945109      -122555290
CHILESAT CO-RTS      CHISATOS CI       1156945109      -122555290
PUYEHUE RIGHT        PUYEHUOS CI      24447502.09     -1250905.47
PUYEHUE              PUYEH CI         24447502.09     -1250905.47


                            ***********


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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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