TCRLA_Public/120127.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 27, 2012, Vol. 13, No. 020*



                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD FIN'L: Judge to Rule If Ponzi Scheme Covered by SIPC


B R A Z I L
VIRGOLINO FINANCE: Fitch Puts 'B' Rating on Sr. Unsecured Notes
VIRGOLINO DE OLIVEIRA: S&P Gives 'B' Rating to US$200-Mil. Notes


C A Y M A N   I S L A N D S

ALBEMARLE INVESTMENTS: Commences Liquidation Proceedings
ALPSTAR COMPOSITE: Commences Liquidation Proceedings
ALPSTAR EUROPEAN: Commences Liquidation Proceedings
ALPSTAR SECURED: Commences Liquidation Proceedings
ALPSTAR SUPRA: Commences Liquidation Proceedings

BASSO HOLDINGS: Commences Liquidation Proceedings
BASSO MULTI-STRATEGY: Commences Liquidation Proceedings
ENHANCED FAIRFIELD: Commences Liquidation Proceedings
EVENT DRIVEN: Commences Liquidation Proceedings
JPMORGAN COMMODITY: Commences Liquidation Proceedings

JPMORGAN GLOBAL: Commences Liquidation Proceedings
JPMORGAN VALUE: Commences Liquidation Proceedings
KALLISTA CB: Commences Liquidation Proceedings
LONGBOW INFRASTRUCTURE: Commences Liquidation Proceedings
LONGBOW INFRASTRUCTURE MASTER: Commences Liquidation Proceedings

MS CEMENT IV: Commences Liquidation Proceedings
MSIIEUR VEHICLE: Commences Liquidation Proceedings
OZ LEPUS: Commences Liquidation Proceedings
OZ TAURUS: Commences Liquidation Proceedings
OZ VEGA: Commences Liquidation Proceedings

PIMCO LOAN: Commences Liquidation Proceedings
PMI CDS: Commences Liquidation Proceedings
REFLEXION NZ: Commences Liquidation Proceedings
SPLENDOR LEASING: Commences Liquidation Proceedings
TALF INVESTMENT: Commences Liquidation Proceedings

TECHINSPIRATIONS INC: Placed Under Voluntary Wind-Up
TRAFALGAR MULTI-STRATEGY: Commences Liquidation Proceedings
TREMONT LONG/SHORT: Commences Liquidation Proceedings
VALUE CREATION: Commences Liquidation Proceedings
WORLD 401: Placed Under Voluntary Wind-Up


J A M A I C A

LIME JAMAICA: Chairman Denies Rumors on Operation Shutdown
* JAMAICA: Unemployment on the Rise, Statin Data Shows


M E X I C O

VITRO SAB: Bondholders' Appeal Goes to US Circuit Court in March


P U E R T O   R I C O

AGUAKEM CARIBE: Voluntary Chapter 11 Case Summary
SWISS CHALET: Can Employ Alvarez Sepulveda as Special Counsel


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO 'Challengers' Holding Out Until Court Ruling


                            - - - - -


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


STANFORD FIN'L: Judge to Rule If Ponzi Scheme Covered by SIPC
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a U.S. District Judge in Washington held a hearing
Jan. 24 on the request of the U.S. Securities and Exchange
Commission to force the Securities Investor Protection Corp. to
initiate a liquidation of the R. Allen Stanford Ponzi scheme.  If
granted, SIPC would pay both costs of the liquidation and at
least a portion of customers' claims.  SIPC answered by arguing
that the Stanford fraud involves certificates of deposit issued
by a bank in Antigua, not a broker in the U.S. that's a member of
SIPC.  SIPC says that its mandate from Congress is to provide
payment only for claims of customers of brokers that are covered
by SIPC.  The case is Securities and Exchange Commission v.
Securities Investor Protection Corp., 11-mc-00678, U.S. District
Court, District of Columbia (Washington).

               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 United States 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, 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 an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).


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


VIRGOLINO FINANCE: Fitch Puts 'B' Rating on Sr. Unsecured Notes
----------------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'B' to Virgolino de Oliveira S/A Acucar
e Alcool (GVO) and to Virgolino de Oliveira Finance S/A
(Virgolino Finance).  The Rating Outlook is Stable.  Virgolino
Finance is a fully owned subsidiary of GVO. Fitch has also
assigned a rating of 'B/RR4' to Virgolino Finance's proposed
senior unsecured notes of approximately USD200 million for a
tenor up to 10 years.  The recovery rating follows Fitch's soft
cap for recovery ratings in Brazil of 'RR4'.  The notes are
unconditionally guaranteed by GVO, Agropecuaria Nossa Senhora do
Carmo S/A, Acucareira Virgolino de Oliveira S/A and Agropecuaria
Terras Novas S/A.  Net proceeds from this proposed issuance will
be used for general corporate purposes, including the repayment
of existing debt, the financing of capital expenditures and the
strengthening of cash reserves.

GVO's strategic shareholding position in Copersucar fundamentally
supports the ratings at their current level.  GVO and Virgolino
Finance's ratings also reflect the consolidated financial profile
of the group, in particular its leveraged capital structure and
tight liquidity position.  The ratings further incorporate the
group's exposure to the cyclicality of the sugar and ethanol
commodities' price cycle, as well as the volatility of cash flow
generation, exposing the group to refinancing risk.  They also
reflect the exposure of GVO's sugar cane production business to
volatile weather conditions, foreign currency risk relative to a
portion of its debt; and the risk of governmental interference in
the ethanol commercialization policies within the local market.
The ratings benefit from GVO's adequate business model and the
geographical location of its production units.
Competitive Advantages Linked to GVO's participation in
Copersucar:

GVO benefits from EBITDAR margins above the industry average and
good access to financing, mitigating the risks derived from its
middle-tier business position within the industry.  The company
also benefits from the favorable prospects related to ethanol
consumption in the country and Brazil's significant presence in
the global sugar trade.  GVO's main challenges are related to the
expansion of its agricultural activities.  The execution of
necessary crop investments in order to allow for better capacity
utilization and higher processing volumes are key to sustain an
increase in its consolidated operational cash flow over the next
few years and, consequently, to lower its leverage ratios.

Strengthened Business Profile:

GVO's position as the largest Copersucar shareholder strengthens
its financial and business profiles.  The group benefits from
Copersucar's robust scale, which results in mitigated demand
risks, lower logistics costs and better stability in the
company's collection flow.  GVO also benefits from less
restrictive access to liquidity during challenging operating
scenarios when compared to other peers in the agribusiness, due
to the credit lines provided by Copersucar. GVO holds 10.36% of
Copersucar's total capital.  Copersucar's large scale business
accounts for approximately 18% of sugar and ethanol sales in the
Central South region of Brazil and 10% of the sugar international
market, making it an important price making agent.  Copersucar
has 48 partner mills with a combined sugar cane crushing capacity
of around 115 million tons per year and also counts on sales
contracts with non-partner mills, in a lesser extent.

Cost Savings, Scale Benefits and Risk Management Support Related
to Copersucar:

GVO sells 100% of its production to Copersucar, through a long
term exclusivity contract, mitigating demand risk.  Prices for
its products are linked to the average sugar and ethanol market
prices plus a premium (Esalq+2%).  The premium is possible due to
logistics savings and scale gains obtained through the
partnership with Copersucar. GVO is responsible for the
agricultural activities and for the sugar and ethanol production,
while Copersucar is responsible for all commercial activities and
associated logistics, as well as for the implementation of
hedging policies.  Copersucar remunerates GVO based on the
realized production on a monthly basis during the year,
independently of the moment the sale to the final customer
occurs.  This translates to a higher flexibility in GVO's working
capital management compared to other companies that face
seasonality in their activities.  GVO's businesses are exposed to
the volatility of the sugar and ethanol prices.  However, the
risks of future sales operations through derivatives transactions
and eventual margin calls remain under Copersucar's
responsibility.

Standalone Liquidity Remains Weak:

GVO's liquidity position remains weak, despite a number of long
term financing transactions that closed during the last year.  As
of Oct. 31, 2011, the group reported a cash position of BRL127.8
million that covered only 23% of its short-term debt.  Partially
mitigating refinancing risk, GVO's financial profile benefits
from a significant working capital financing line, in the amount
of up to 40% of its annual revenues, equivalent to approximately
BRL400 million, granted by Copersucar.  This credit line is
subject to certain limits in terms of revenues and it is linked
to guarantees on inventories and/or bank guarantees.  This
facility is an important liquidity source for GVO, especially in
periods of more restrictive access to credit.

Leverage Still High:

GVO improved its leverage ratios over recent periods, but
compared to 2009 and 2008, they still remain relatively high.
The group's high debt level derives mainly from large investments
made to double production capacity, which were badly timed with
the global economic crisis and the downward cycle of the sugar
and ethanol industry.  These events severely impacted GVO's
credit metrics during 2008 and 2009.  The group's net debt to
EBITDA ratio reached the peak of 13.0 times (x) as of April 30,
2008, being reduced along the last two years, due mainly to the
increase in production capacity with the start-up of new
industrial facilities and the robust sugar and ethanol average
prices in the period.  GVO's consolidated net adjusted
debt/EBITDAR adjusted by dividends received from Copersucar ratio
for the last 12 months (LTM) ended on April 30, 2011 was 4.4x.
This ratio should be maintained at around 4.3x for the LTM ending
April 30, 2012, with a trend of moderate reduction in following
years.  This prediction assumes average prices of sugar, hydrous
ethanol and anhydrous ethanol of up to BRL850/ton, BRL950/m3 and
BRL1050/m3, respectively.  These prices compared to average
prices of BRL1040/ton, BRL962/m3 and BRL1100/m3 in 2010,
respectively.

Positive Free Cash Flow, Despite Higher Capital Expenditures:

GVO presented a significant decline of 24.6% in sugar cane
processing volumes for the LTM ending April 30, 2011.  Production
reached 8.8 million tones.  This performance reflected the
negative impact of the Brazilian harvest due to unfavorable
weather conditions and low investments in sugar cane crop
renovation over the last few years.  However, the group's net
revenues on a consolidated basis remained relatively stable
compared to the previous year, reaching BRL1 billion.  This
result was obtained due to a sales mix more focused on sugar and
to the maintenance of robust average prices for both sugar and
ethanol.  During the same period, the group reported EBITDAR
adjusted for dividends received from Copersucar of BRL349
million, compared to BRL359 million in April 2010.  Dividends
from Copersucar totaled BRL40 million in the 2010/2011 harvest
period.

GVO's consolidated funds from operations (FFO) and cash flow from
operations (CFO) were BRL310 million and BRL264 million,
respectively, for the LTM ended on April 30, 2011.  This
performance compares to BRL180 million and BRL235 million,
respectively, for the same period 2010.  Capex totaled BRL 220
million for the recent LTM period, higher than the amounts spent
in the previous years.  This increase is mainly due to higher
expenses related to the expansion and renovation of sugar cane
plantations.  This is important to sustain higher sugar cane
crushing volumes in the next crop periods in order to increase
the group's operational cash flow generation.  Free cash flow
(FCF) was BRL44 million for the period. During the next few
years, investments are expected to return to lower levels,
between BRL110 million-130 million per year, concentrating on the
agricultural area. Fitch expects GVO to generate positive FCF
from 2012.

Moderate Exposure to FX Fluctuations:

GVO's debt profile is moderately exposed to foreign exchange
movements. As of Oct. 31, 2011, consolidated adjusted debt
including obligations related to leased land was BRL1.8 billion.
The debt comprised an international notes issuance (27%); loans
granted by Copersucar (21%); financings from the Brazilian
Economic Social and Development Bank (BNDES, 15%); export
prepayment transactions (11%) and others (26%).  For the same
period, only the notes issuance was exposed to exchange risks as
there was no protection through derivatives for this operation.
During the LTM ended April 30, 2011, 55% of GVO's revenues were
from exports.

Adequate Business Profile:

GVO has an adequate business profile, based on its favorable
location, diversified production base and operational
flexibility.  The group consists of four industrial units located
in the State of Sao Paulo, conveniently located near the main
consumption markets and export channels.  GVO has an installed
crushing capacity for 12 million tons of sugar cane, with
flexibility to reach up to 60% of total capacity for sugar or
ethanol.  The group's production is totally integrated and
benefits from sugar cane supply from its own and leased land for
approximately 40% of its needs.  The remaining 60% is supplied by
third parties, through long term contracts and there is no supply
concentration above 5%.

Key Rating Drivers:

Negative rating actions could be driven by lower than expected
operational cash flow generation or deterioration of GVO's
operating margins.  Improvement in the group's liquidity position
coupled with a longer and more manageable debt maturity profile
with lower leverage levels, could lead to a positive rating
action.

Fitch rates GVO and Virgolino Finance as follows.

GVO:

  -- Long-term national scale corporate rating at 'BBB(bra)';

  -- 1st debenture issuance due 2014 at 'BBB(bra);

  -- Foreign and local currency IDR at 'B'.

Virgolino Finance:

  -- Foreign and local currency IDR at 'B';

  -- Senior unsecured notes at 'B/RR4'.


VIRGOLINO DE OLIVEIRA: S&P Gives 'B' Rating to US$200-Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Virgolino de Oliveira Finance Ltd.'s (VOF) approximate $200
million senior unsecured notes.  "At the same time, we affirmed
our 'B' global-scale and 'brBBB-' Brazilian national-scale
corporate credit ratings on VOF's parent, a Brazilian sugar and
ethanol producer Virgolino de Oliveira S.A. - Acucar e Alcool
(Virgolino). VOF is an indirectly owned subsidiary of
AgropecuAria Nossa Senhora S.A. (not rated), which along with its
subsidiaries Virgolino, A‡ucareira Virgolino de Oliveira S.A.,
and AgropecuAria Terras Novas S.A. (collectively, Virgolino),
will guarantee the notes.  The outlook on the corporate credit
rating is stable," S&P said.

"The rating on VOF's senior notes is the same as the global-scale
corporate credit rating on Virgolino, because we believe no
significant subordination to senior secured creditors will exist.
Virgolino's secured debt is also overcollateralized by
shareholders' assets, and the company will partly use the
proceeds of the notes to pay down existing secured debt.  The
company will also use the notes to finance the renewal and
expansion of its sugarcane fields," S&P said.

"The rating reflects Virgolino's high debt and its challenges to
increase production in the next several years, given its aging
sugarcane fields and resulting low capacity utilization (70% of
its annual 12 million ton sugarcane crushing capacity).  The
production and cash flow dropped due to poor weather conditions
and low investments in field renewal.  Although we believe sugar
and ethanol prices should remain strong for the next crop season
due to tight supply-demand balances, Virgolino is exposed to
margin swings due to price volatility.  Risk factors also include
its limited product and geographic diversity and climate risk.
The partly mitigating factors are its membership in Copersucar --
a large cooperative of 43 Brazilian sugar and ethanol producers
-- lower-than-peers' operating and logistic costs, and affordable
working credit facilities to finance its production," S&P said.


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


ALBEMARLE INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 9, 2011, the sole shareholder of Albemarle Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR COMPOSITE: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 9, 2011, the sole shareholder of Alpstar Composite Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR EUROPEAN: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 9, 2011, the sole shareholder of Alpstar European Credit
Opportunities Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR SECURED: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 9, 2011, the sole shareholder of Alpstar Secured Bank
Loan Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


ALPSTAR SUPRA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 9, 2011, the sole shareholder of Alpstar Supra Composite
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BASSO HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2011, the
shareholders of Basso Holdings (L) Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

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


BASSO MULTI-STRATEGY: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2011, the
shareholders of Basso Multi-Strategy Holding Fund (L) Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

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


ENHANCED FAIRFIELD: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 28, 2011, the sole shareholder of Enhanced Fairfield
Investment Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         David A.K. Walker
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


EVENT DRIVEN: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2011, the sole shareholder of Event Driven Vehicle
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JPMORGAN COMMODITY: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 6, 2011, the sole shareholder of JPMorgan Commodity
Strategies, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JPMORGAN GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 6, 2011, the sole shareholder of JPMorgan Global Select
Equity Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JPMORGAN VALUE: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 6, 2011, the sole shareholder of JPMorgan Value Creation
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


KALLISTA CB: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 25, 2011, the sole shareholder of Kallista CB Arbitrage
Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 9, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Hugh Dickson
         c/o Saskia Lawrence
         10 Market Street #765
         Camana Bay
         Grand Cayman KY1-9006
         Cayman Islands
         Telephone: 345 769 7212
         Facsimile: 345 949 7120


LONGBOW INFRASTRUCTURE: Commences Liquidation Proceedings
----------------------------------------------------------
On Nov. 29, 2011, the sole shareholder of Longbow Infrastructure
Intermediate Fund, Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


LONGBOW INFRASTRUCTURE MASTER: Commences Liquidation Proceedings
----------------------------------------------------------------
On Nov. 29, 2011, the sole shareholder of Longbow Infrastructure
Master Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MS CEMENT IV: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2011, the sole shareholder of MS Cement IV Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MSIIEUR VEHICLE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Msiieur Vehicle Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ LEPUS: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 8, 2011, the sole shareholder of Oz Lepus Leasing Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ TAURUS: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 8, 2011, the sole shareholder of Oz Taurus Leasing Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


OZ VEGA: Commences Liquidation Proceedings
------------------------------------------
On Dec. 8, 2011, the sole shareholder of Oz Vega Leasing Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PIMCO LOAN: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 8, 2011, the sole shareholder of Pimco Loan Opportunities
Fund SPV I Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PMI CDS: Commences Liquidation Proceedings
------------------------------------------
On Nov. 22, 2011, the sole shareholder of PMI CDS (Cayman) III
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


REFLEXION NZ: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2011, the shareholders of Reflexion NZ Investments
(CI) SPC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


SPLENDOR LEASING: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Splendor Leasing Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman, KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TALF INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 7, 2011, the sole shareholder of Talf Investment and
Recovery Fund Offshore Feeder GP I, Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TECHINSPIRATIONS INC: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 5, 2011, the shareholder of Techinspirations Inc (Cayman)
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


TRAFALGAR MULTI-STRATEGY: Commences Liquidation Proceedings
-----------------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Trafalgar Multi-Strategy
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


TREMONT LONG/SHORT: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 2, 2011, the sole shareholder of Tremont Long/Short
Equity Portfolio Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


VALUE CREATION: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 8, 2011, the sole shareholder of Value Creation Vehicle
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


WORLD 401: Placed Under Voluntary Wind-Up
-----------------------------------------
On Dec. 9, 2011, the sole member of World 401 Ltd resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


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


LIME JAMAICA: Chairman Denies Rumors on Operation Shutdown
----------------------------------------------------------
Al Edwards at Jamaica Observer reports that LIME Jamaica Chairman
Chris Dehring denied reports that the company is shutting down
its operations.

Renowned journalist Cliff Hughes, on his Nationwide radio
program, disclosed that a 'reliable source' told him that LIME
Jamaica would be closing its doors, according to Jamaica
Observer.

"LIME is reiterating that it is 100 per cent committed to Jamaica
and denies reports circulating in the media which raises
questions about our future operations.  We would like to assure
our employees, our loyal customers, our shareholders, our
suppliers, and the wider public that we remain committed to
serving them. It is therefore imperative that we are not
distracted from the real issues plaguing the country's telecom's
sector," LIME said in a statement obtained by the news agency.

The report notes that Lachlan Johnston, LIME's parent Cable &
Wireless Communications Plc's Director of Brand and
Communications in London, said that: We have not spoken with a
Mr. Cliff Hughes from Jamaica about pulling out of that market
and we were equally surprised by that news item.  We have no idea
where Mr. Hughes got his information and it was no way
substantiated by us.  The government of Jamaica is fully aware of
our commitment to the country and our desire for better
regulations that ensure a level playing field.  It, too, must be
incredulous as to this announcement.  The team in Jamaica headed
by Chris Dehring, Gary Sinclair and Grace Silvera operate that
business and has said that LIME is not pulling out and that
remains the case.

Jamaica Observer discloses that LIME did lose JM$2.6 billion in a
six-month period and its operating costs continue to escalate,
but that does not necessarily mean that it will be pulling out of
Jamaica.


* JAMAICA: Unemployment on the Rise, Statin Data Shows
------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica,
(Statin), said the unemployment rate in Jamaica has increased.

Statin said its measures show unemployment in October, which is
the last month for which data is available, rose to 12.8%,
according to RJR News.

By comparison, the report notes that the unemployment rate in
July was 12.3%.

RJR News discloses that the higher unemployment rate was realized
despite 5,500 net new jobs being created between August and
September.  The report says that is because more people joined
the labor force than jobs were created.

In all, 9,400 people joined the labor force between August and
October, RJR News adds.

                            *     *     *

As of Nov. 16, 2011, the country continues to carry Standard and
Poor's "C" short-term debt ratings and "B-" long-term debt
ratings.


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


VITRO SAB: Bondholders' Appeal Goes to US Circuit Court in March
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Mexican glassmaker Vitro SAB won another skirmish on
Jan. 24 in the U.S. Court of Appeals in New Orleans.  Holders of
some of the US$1.2 billion in defaulted bonds may end up winning
the war when the circuit court hears arguments in an expedited
appeal in early March.

According to the report, Vitro succeeded in persuading the U.S.
Bankruptcy Judge in Dallas to halt a lawsuit the bondholders
filed in New York state court against Vitro subsidiaries not in
bankruptcy in any country.  The bankruptcy judge ruled that the
state-court suit was automatically halted by the parent's Chapter
15 case because the bondholders wanted the judge to rule that the
subsidiaries should oppose approval of the parent's
reorganization plan.  In a two-page ruling Jan. 24, the appeals
court said it was important to hold an expedited appeal to
consider "an issue of first impression regarding whether the
automatic stay extends to protect Vitro's non-debtor
subsidiaries."  The appellate court told Vitro and the
bondholders to file all their briefs by Feb. 15.

The report relates that in the Jan. 24 ruling, the appeals court
gave Vitro at least a temporary victory by allowing the
bankruptcy court's opinion to stand until the appeal is argued in
March.  As a result, the New York state suit remains frozen.  The
Jan. 24 ruling was the second time this month that the circuit
court refused to allow the state suit to go ahead on a temporary
basis.

In the New York suit, the bondholders want the judge to rule that
non-bankrupt Vitro subsidiaries must vote against the parent's
reorganization pending in a court in Mexico.  Bondholders are
opposing the Mexican parent's reorganization because it's based
on votes from subsidiaries to overwhelm opposition from
bondholders.

                           About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push
through a plan to buy back or swap US$1.2 billion in debt from
bondholders based on the vote of US$1.9 billion of intercompany
debt when third-party creditors were opposed.  Vitro as a result
dismissed the first Chapter 15 petition following the ruling by
the Mexican court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-
11754).

The Vitro parent told the Mexico stock exchange that it received
sufficient acceptances of its reorganization pending in a court
in Monterrey.  The approval vote was evidently obtained using
claims of affiliates.  The bondholders are opposing the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.  Bondholders
previously cited an "independent analyst" who estimated the
Mexican plan was worth 49% to 54% of creditors' claims.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are
Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case
No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-
47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-
47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-
47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No.
10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477);
Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478);
B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479);
Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480);
Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP
Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP
Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro
Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.


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


AGUAKEM CARIBE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Aguakem Caribe, Inc.
        Calle Villa Final, Ponce, PR
        P.O. Box 177
        Mercedita, PR 00715

Bankruptcy Case No.: 12-00272

Chapter 11 Petition Date: January 19, 2012

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Norberto Colon Alvarado, Esq.
                  NORBERTO COLON ALVARADO LAW OFFICE
                  46 Castillo St.
                  Ponce, PR 00730
                  Tel: (787) 843-4272
                  E-mail: norbertocolonalvarado@yahoo.com

Estimated Assets: US$50,001 to US$100,000

Estimated Debts: US$1,000,001 to US$10,000,000

The Debtor did not file a list of its largest unsecured creditors
together with its petition.

The petition was signed by Jorge J. Unanue, president and
secretary.


SWISS CHALET: Can Employ Alvarez Sepulveda as Special Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
granted Swiss Chalet Inc. permission to employ Pablo R. Alvarez
Sepulveda, Law Office as special counsel for the Debtor, with
compensation to be paid in such amounts as may be allowed by the
Court upon proper application or applications.

Prior to the filing of its Chapter 11 petition, Debtor engaged
the services of Alvarez Sepulveda as its counsel in general
corporate and labor matters including litigation before local
courts.

Pablo R. Alvarez Sepulveda, Esq., the principal of Pablo R.
Alvarez Sepulveda Law Office, had assured the Court that his firm
does not represent or hold any interest adverse to Debtor or to
the estate in respect to the matters on which Alvarez Sepulveda
is to be employed, and that the firm, its associates and members
are disinterested persons as that term is defined under Section
101(14) of the Bankruptcy Code.

Pablo R. Alvarez Sepulveda, Esq., will charge US$150 per hour,
plus expenses, for work performed or to be performed.

                    About The Swiss Chalet Inc.

The Swiss Chalet Inc., developed the Gallery Plaza Condominium
and Atlantis Condominium in San Juan, Puerto Rico.  SCI also owns
the DoubleTree Hotel in Condado, San Juan, Puerto Rico, adjacent
to the Gallery Plaza.  SCI filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-04414) on May 27, 2011.  Charles A. Cuprill,
P.S.C. Law Offices, in San Juan, P.R., serves as its bankruptcy
counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., serves as its
financial consultants.  In its schedules, the Debtor disclosed
total assets of US$115,580,977 and total debts of US$138,603,384.
The petition was signed by Arnold Benus, director.


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


CL FIN'L: CLICO 'Challengers' Holding Out Until Court Ruling
------------------------------------------------------------
Julien Neaves at Trinidad Express reports that Peter Permell,
chairman of Colonial Life Insurance Company Limited (CLICO)
policyholders group, said that some policyholders are awaiting
the outcome of litigation challenging Trinidad and Tobago's
government's repayment plan before accepting the state's offer.
CLICO is a subsidiary of CL Financial Limited.

"Some policyholders have not availed themselves yet because they
waiting to see how the litigation plays itself out.  So they sort
of hedging their bets," Trinidad Express quoted Mr. Permell as
saying.

As reported in the Troubled Company Reporter-Latin America on
Jan. 16, 2012, Caribbean360.com said that a group of CLICO
policyholders went again before the court to challenge Trinidad
and Tobago government's refusal to pay them the full amount due
on their Executive Flexible Premium Annuities (EFPA).
Caribbean360.com related that they were seeking an interim court
order that Government give details of the assets of CLICO which
has been sold and how the proceeds of the sales were applied.
Mr. Maharaj said the lawsuit also sought to compel Government to
give details of the EFPA policyholders who have been paid in full
since January 2009, the report noted.

"We don't know where that is going but I suspect by June we will
get a better idea as to what is going on with that litigation and
the number of policyholders who took up the offer," Mr. Permell
said, Trinidad Express notes.

Mr. Permell said the revised offer by Government has been
"rolling out quite smoothly" and noted that, according to Finance
Minister Winston Dookeran, about 2,000 of 15,000 policyholders
have taken up the offer, a payout so far of about TT1.1 billion,
Trinidad Express adds.

                       About CL Financial

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

                         *     *     *

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

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


                            ***********


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 * * *