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/raid1/www/Hosts/bankrupt/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 * * *