TCRLA_Public/120113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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


            Friday, January 13, 2012, Vol. 13, No. 010

                            Headlines



B R A Z I L

BANCO DO BRASIL: S&P Gives 'BB' Rating on Capital Securities


C A Y M A N   I S L A N D S

ASG QGM: Shareholder Receives Wind-Up Report
CALVA FUNDING: Shareholders Receive Wind-Up Report
CHG INVESTMENT: Members Receive Wind-Up Report
COLUMBUS HILL: Shareholder Receives Wind-Up Report
CONOCOPHILLIPS EASTERN: Shareholders Receive Wind-Up Report

DEAR PROPERTIES: Shareholders Receive Wind-Up Report
FCM ASIA-PACIFIC FUND: Shareholders Receive Wind-Up Report
FCM ASIA-PACIFIC MASTER: Shareholders Receive Wind-Up Report
HDI HOTEL: Members Receive Wind-Up Report
LOOMIS SAYLES: Shareholders Receive Wind-Up Report

MAN EVENT: Members Receive Wind-Up Report
MAN HELVETIC: Members Receive Wind-Up Report
MAN RELATIVE: Members Receive Wind-Up Report
MANAGED ACCOUNTS: Shareholders Receive Wind-Up Report
MIDFIELD INVESTMENT: Shareholders Receive Wind-Up Report

OMNI ASIA FUND: Members Receive Wind-Up Report
OMNI ASIA MASTER: Members Receive Wind-Up Report
PHOENIX INT'L: Shareholders' Final Meeting Set for Jan. 19
RED LIQUID: Shareholders Receive Wind-Up Report
ZEBRA FINANCE: Shareholders Receive Wind-Up Report


E C U A D O R

* ECUADOR: IDB OKs $37.8MM Loan for Cultural Heritage Protection


J A M A I C A

* JAMAICA: Trade Deficit With CARICOM Widens by US$320 Million


M E X I C O

AL CAPITAL: S&P Keeps 'CCC' Corporate Credit Rating
MEXICANA AIRLINE: Laid-off Workers Continue Protests


P U E R T O   R I C O

HOSPITAL DAMAS: Plan Confirmation Hearing Set for Feb. 9


T R I N I D A D  &  T O B A G O

CL FIN'L: Minister Says "Government Made Right Decision"


                            - - - - -


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


BANCO DO BRASIL: S&P Gives 'BB' Rating on Capital Securities
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt rating
to Banco do Brasil S.A.'s (BdB) perpetual, unsecured, junior
subordinated, deferral hybrid equity instruments, callable
capital securities.

"The proposed capital securities will be eligible for designation
as minimal equity content under our classification of hybrid
equity instruments, because these securities contain only non-
viability contingency clauses and we don't expect them to absorb
losses while the bank is still a going concern," S&P said.

"The proposed securities will be perpetual, deeply subordinated,
and contain noncumulative coupon deferral mechanisms that the
bank can exercise.  In our view, mandatory deferral should only
occur if the bank is technically insolvent, according to the
Brazilian central bank capital requirements. The capital
securities will be callable on the 11th anniversary from
issuance, and on every coupon payment thereafter.  There is no
provision for a step-up in the interest-rate margin at any time,
or any other explicit incentive for BdB to call the securities.
The rating on these securities is three notches lower than the
bank's issuer credit rating, reflecting a one-notch deduction for
subordination risk, one-notch deduction for partial or untimely
payment risk, and another deduction for principal write-down
risk," S&P said.

"Since the securities carry provisions that allow the bank to
amend their terms and conditions at any time upon the
implementation of Basel III global regulatory standards in
Brazil, we may review the rating if such amendments either exceed
or fall short of subordination, coupon deferral, and principal
loss provisions incorporated in this rating," S&P said.

"Our ratings on BdB (BBB/Stable/A-3) reflect its 'strong'
business position, 'adequate' capital and earnings, 'adequate'
risk position, and 'adequate' funding and liquidity compared with
other banks in the Brazilian financial system (as our criteria
define the terms).  We equalize our issuer credit ratings on the
bank with those on the sovereign, the Republic Federative of
Brazil (foreign currency BBB/Stable/A-3; local currency A-
/Stable/A-2), the bank's main shareholder.  We expect the ratings
on BdB to move in tandem with the foreign currency rating of
Brazil.  Given the bank's stand-alone credit profile of 'bbb+'
and our assessment of 'very high' likelihood of extraordinary
sovereign support to BdB, any upgrade of the sovereign should be
followed by a similar action on BdB.  Negative pressures on the
sovereign rating and a significant deterioration of the bank's
capital and earnings
could lead to a downgrade," S&P said.

Ratings List
Banco do Brasil S.A.

  Issuer credit rating                 BBB/Stable/A-3

New Rating

Banco do Brasil S.A.

  Perpetual junior subordinated        BB


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


ASG QGM: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of ASG QGM Master Fund, Ltd. received on Dec. 29,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Daniella Skotnicki
         Telephone: (345) 815-1861
         Facsimile: (345) 949-9877


CALVA FUNDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Calva Funding 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


CHG INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------
The members of CHG Investment Holdings (Cayman) Companies 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


COLUMBUS HILL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Columbus Hill Opportunities Overseas, 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:

         Ogier
         c/o Susan Taber
         Telephone: (345) 815-1889
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CONOCOPHILLIPS EASTERN: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Conocophillips Eastern Venezuela Gas 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:

         Trident Liquidators (Cayman) Limited
         c/o Mrs. Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


DEAR PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Dear Properties 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


FCM ASIA-PACIFIC FUND: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of FCM Asia-Pacific Fund Limited received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Miguel Brown
         Telephone: (345) 914 8665
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


FCM ASIA-PACIFIC MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of FCM Asia-Pacific Master Fund Limited received
on Dec. 29, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Miguel Brown
         Telephone: (345) 914 8665
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


HDI HOTEL: Members Receive Wind-Up Report
-----------------------------------------
The members of HDI Hotel Operation (Cayman) Company 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


LOOMIS SAYLES: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Loomis Sayles FIM CBO 1, 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:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


MAN EVENT: Members Receive Wind-Up Report
-----------------------------------------
The members of Man Event Driven Strategies (Master) 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:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106  Grand Cayman KY1-1205
         Cayman Islands


MAN HELVETIC: Members Receive Wind-Up Report
--------------------------------------------
The members of Man Helvetic Top Select CHF (Feeder) 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:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106  Grand Cayman KY1-1205
         Cayman Islands


MAN RELATIVE: Members Receive Wind-Up Report
--------------------------------------------
The members of Man Relative Value Strategies (Master) 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:

         Beverly Mathias
         c/o Citco Trustees (Cayman) Limited
         P.O. Box 31106  Grand Cayman KY1-1205
         Cayman Islands


MANAGED ACCOUNTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Managed Accounts Limited received on Dec. 27,
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


MIDFIELD INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Midfield Investment 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:

         MBT Trustees Ltd.
         Telephone: 945-8859
         Facsimile: 949-9793/4
         P.O. Box 30622 Grand Cayman KY1-1203
         Cayman Islands


OMNI ASIA FUND: Members Receive Wind-Up Report
----------------------------------------------
The members of Omni Asia Fund Ltd received on Jan. 5, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


OMNI ASIA MASTER: Members Receive Wind-Up Report
------------------------------------------------
The members of Omni Asia Master Fund Ltd received on Jan. 5,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


PHOENIX INT'L: Shareholders' Final Meeting Set for Jan. 19
----------------------------------------------------------
The shareholders of Phoenix International Holdings Limited will
hold their final meeting on Jan. 19, 2012, 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:

         Ian D. Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


RED LIQUID: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Red Liquid Holdings Limited received on
Dec. 30, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         Canella Court, Camana Bay
         48 Market Street, 2nd Floor, Unit 4290
         Grand Cayman
         Cayman Islands


ZEBRA FINANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Zebra Finance received on Jan. 6, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


=============
E C U A D O R
=============


* ECUADOR: IDB OKs $37.8MM Loan for Cultural Heritage Protection
----------------------------------------------------------------
Ecuador will carry out a broad program to protect and restore its
cultural heritage with the help of a loan for US$37.8 million
from the Inter-American Development Bank (IDB).

The program, which will be carried out by the Ministry for
Cultural Heritage Coordination, includes some 10 large
demonstration projects and asset recovery initiatives in various
cities in the country.

The country's National Institute of Cultural Heritage estimates
that Ecuador has some three million cultural heritage material
assets, of which only 2.7% are registered.

This low level of registration hinders Ecuador's efforts to
protect, conserve and recover the country's cultural wealth.
Among assets lacking registration are more than 1.3 million
pieces of art, 1.2 million archaeological artifacts, 40,000
pieces of real estate, 15,000 archaeological sites, 4,000
institutional files, 2,000 collections of documents, and 80
historical archives.

The IDB loan is expected to finance the registry of more than
300,000 cultural property assets over the next five years.

The IDB loan was extended for a 25-year term with a five-year
grace period and an interest rate based on LIBOR.


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


* JAMAICA: Trade Deficit With CARICOM Widens by US$320 Million
--------------------------------------------------------------
RJR News reports that Jamaica's trade deficit with Caribbean
Community and Common Market (CARICOM) has continued to widen.
Between January and August last year, it grew by US$320 million.

RJR News notes that imports from CARICOM reached over
US$766 million during the period, compared with exports valued at
US$45 million.

The deficit was US$721 million, up from US$402 million at the end
of August 2010, RJR News relates.

                         *     *     *

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



===========
M E X I C O
===========


AL CAPITAL: S&P Keeps 'CCC' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Rating Services lowered its ranking on GMAC
Financiera S.A. de C.V., S.F.O.M. E.N.R to AVERAGE from ABOVE
AVERAGE as a residential mortgage master servicer for the Mexican
market.  "At the same time, we affirmed our AVERAGE ranking on
the company as a commercial construction loan servicer and
revised the outlook for both rankings to negative from stable.
Standard & Poor's based its ranking actions on the information
the company provided and its Oct. 11, 2011, site visit," S&P
said.

The overall rankings reflect S&P's opinion of the company's:

-- Experienced management team that has a deep understanding of
    Mexico's construction and residential markets.  The rankings
    also recognize GMAC Financiera's knowledge of subservice
    operational procedures and collection management.

-- Adequate operational structure, which supports business
    operations.

-- Well-automated IT platform that supports the master servicing
    operation and the requirements and reporting services of the
    primary servicing operation.

-- Proficient customer service strategy that facilitates
    continuous communication with developers and subservicers and
    provides assistance throughout the business cycle.

-- Adequate loan administration capabilities that are supported
    by the AVERAGE subranking for construction loan
    administration and ABOVE AVERAGE subranking for residential
    master loan administration.

The lowered ranking for residential mortgage master servicing
primarily reflects:

-- Weak on-the-job training programs.

-- A lack of internal audit and quality controls.

-- Outdated disaster recovery and business continuity plans
    (DRP, BCP), which the company has not tested since 2007.

--  The weak performance of the securitizations it oversees as
    master servicer.

Over the past two years, GMAC Financiera has focused on
collections and liquidations of recovered assets in order to pay
as many liabilities as it can and has not originated new loans
for its portfolio. However, the company's current financial
position has been negatively affected, which has reduced the
capital available to invest in training programs, internal audit
controls, and disaster recovery/business continuity programs.

"We also acknowledge that GMAC Financiera's parent, Residential
Capital LLC (ResCap; 'CCC/Watch Negative'), may curb or cease
providing financial support to the servicing operation in light
of a recent warning from Ally Financial, ResCap's parent, about
the subsidiary's financial strength and mortgage origination
platform," S&P said.

Additionally, the performance decline of the residential mortgage
loans that GMAC Financiera's portfolio oversees has been steep
and sustained.  Given ResCap's portfolio liquidation and cost-
reduction strategies have also significantly reduced the number
of loans in GMAC Financiera's construction loan portfolio since
2007.

                          Outlook

"The outlook for the rankings is negative.  We revised our
outlooks on the rankings because we believe the company's
organizational capabilities as a primary servicer for
construction loans and as a master servicer for residential loans
could continue weakening due to their current insufficient
financial position and the uncertainty about future financial
support from its parent company ResCap.  This might cause us to
lower the current management and organization subrankings to
BELOW AVERAGE in the future, which would therefore affect the
overall ranking," S&P said.

GMAC Financiera stated to Standard & poor's that it is committed
to enhancing its weaknesses.  As such, Standard & Poor's expects
the company to implement several measures over the next six
months in order to maintain its current rankings.  The measures
include:

-- Adding internal audit functionalities and quality controls to
    its business practices.

-- Updating its policies and procedures according to current
    business practices.

-- Updating and fully testing its disaster recovery/business
    continuity programs to ensure workability.

GMAC Financiera continues to maintain adequate loan
administration capabilities that are supported by an AVERAGE
subranking for construction loan administration and an ABOVE
AVERAGE subranking for residential master loan administration.


MEXICANA AIRLINE: Laid-off Workers Continue Protests
----------------------------------------------------
World Socialist Web Site reports that Compania Mexicana de
Aviacion or Mexicana Airlines' laid-off airline workers continue
their protests and petitions for a resolution of the crisis.

A Provincia report disclosed that on January 2, laid-off
employees and their supporters picketed Mexico City International
Airport and handed out leaflets in the form of airplane tickets
"with the hope of returning to work before February 10 although
some are beginning to recognize that time is running out and the
panorama is getting dark," according to World Socialist Web Site.

World Socialist Web Site notes that since Mexicana Airlines
stopped operating, 29 different groups of potential investors
have shown interest in rescuing the airline, only to withdraw
later. The company has not, however, filed for bankruptcy.

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2011, Fox News Latino said Mexican bankruptcy judge
Felipe Consuelo Soto has pushed back a deadline for investors to
recapitalize Mexicana de Aviacion until Feb. 10, 2012.  According
to the news agency, Judge Soto said the extension of the deadline
will enable the carrier to continue searching for a new owner and
negotiate a restructuring of its debt, adding that Mexicana is
"viable," strategically important, and that some 8,500 direct
jobs and 200,000 indirect jobs are at stake.  TCRLA, citing Latin
American Herald Tribune, related on Nov. 15, 2011, that Judge
Soto said potential investors for the airline told him they had
received threats.

                   About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between
Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
Aug. 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy
protection (case no. 10-14182), and in Mexico, it filed for the
equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


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


HOSPITAL DAMAS: Plan Confirmation Hearing Set for Feb. 9
--------------------------------------------------------
The hearing to consider confirmation of Hospital Damas Inc.'s
First Amended Joint Plan of Reorganization will be held on
Feb. 9, 2012, at 9:30 a.m. in San Juan, Puerto Rico.

Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico approved the disclosure statement
explaining the Plan on Dec. 6, 2011.  Affirming that the
Disclosure Statement contains adequate information to enable
creditors to make an informed decision, the Court authorized the
Debtor to solicit votes on the Plan.

Eligible creditors have until Jan. 26, 2012, or 14 days before
the Confirmation Hearing, to vote on the Plan.

All objections to the Plan must be filed with the Court in
writing no later than Jan. 12, 2012, and the Debtor's reply or
any other party's reply to any objection must be filed by
Jan. 31, 2012.

As previously reported by the Troubled Company Reporter on
Dec. 16, 2011, the Plan segregates various claims and shareholder
interest into five classes.  The Class 1 Allowed Claim of Banco
Popular de Puerto Rico for US$23,081,328 will be paid in full
over time.  Class 2 Allowed General Unsecured Claims arising from
medical malpractice actions, totaling US$1,006,613 as of July 31,
2011, will be paid on a pro rata basis from a self-insured fund
to be established.  Class 3 Other Allowed General Unsecured
Claims, estimated at US$6,988,997, is projected to make a 50%
recovery from a creditor trust to be established.  Class 4
Allowed General Unsecured Claims arising from assumed executory
contracts, estimated at US$3,627,259, is estimated to make a
62.9% recovery through different payment plans negotiated with
landlords or suppliers.  Class 5 Interests will be retained.  A
copy of the First Amended Joint Disclosure Statement explaining
the Plan is available for free at:

       http://bankrupt.com/misc/hospitaldamas.dkt819.pdf

                       About Hospital Damas

Ponce, Puerto Rico-based Hospital Damas, Inc., operates a general
acute care hospital, providing critical care, general medical and
skilled nursing services.  Debtor is a wholly owned subsidiary of
Fundacion Damas Inc.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 10-08844) on Sept. 24, 2010.  According to its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities.

Attorneys at Charles A. Cuprill, P.S.C., in San Juan, Puerto
Rico, represent the Debtor as counsel.  Jorge P. Sala Law Offices
serves as the Debtor's labor law special counsel, to be assisted
by special counsel Fiddler, Gonzalez & Rodriguez, P.S.C.
Attorneys at Kilpatrick Townsend & Stockton LLP, in Atlanta, Ga.,
represent the Official Committee of Unsecured Creditors as
counsel.


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


CL FIN'L: Minister Says "Government Made Right Decision"
--------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Finance Minister Winston Dookeran maintained his position that
government made the right decision in handling the Colonial Life
Insurance Company (Trinidad) Limited (CLICO) debacle and
addressing the issues of concern to all the parties involved.
CLICO is a subsidiary of CL Financial Limited.

Mr. Dookeran said, "We have been very successful in creating what
I consider to be an innovative approach to the very vexing
problem that could have derailed this economy," according to T&T
Newsday.

As reported in the Troubled Company Reporter-Latin America on
Jan. 11, 2012, The Gleaner said that former Attorney General
Ramesh Lawrence Maharaj has accused the Trinidad and Tobago
government of seeking to "enslave" policyholders even as the High
Court is being asked to enforce their right to full compensation
on the Executive Annual Premium Policy issued by CLICO.  Mr.
Lawrence accused Finance Minister Winston Dookeran of engineering
the government's plan to enslave policyholders, according to The
Gleaner.

                       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.


                            ***********


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, 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.


                   * * * End of Transmission * * *