TCRLA_Public/120301.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

            Thursday, March 1, 2012, Vol. 13, No. 044


                            Headlines



C A Y M A N   I S L A N D S

ASCEND FUND: Creditors' Proofs of Debt Due March 13
BEISTAR REAL: Creditors' Proofs of Debt Due March 6
CLASS V FUNDING: Commences Liquidation Proceedings
DIGHTON CAPITAL: Creditors' Proofs of Debt Due March 12
EVO IP LTD: Creditors' Proofs of Debt Due March 14

FACILITAS LTD: Commences Liquidation Proceedings
GOLDMAN SACHS: Creditors' Proofs of Debt Due March 14
GOLDMAN SACHS SHARED: Creditors' Proofs of Debt Due March 14
HARMONY SHIP: Creditors' Proofs of Debt Due March 12
IAM MINI-FUND 18: Creditors' Proofs of Debt Due April 16

INTL TRADE: Creditors' Proofs of Debt Due March 16
INTL TRADE (CAYMAN): Creditors' Proofs of Debt Due March 16
PENGANA ASIAN: Creditors' Proofs of Debt Due March 14
PENGANA ASIAN MASTER: Creditors' Proofs of Debt Due March 14
SEDNA FINANCE: Creditors' Proofs of Debt Due March 14

THREADNEEDLE APEX: Creditors' Proofs of Debt Due March 13
THREADNEEDLE APEX, FUND: Creditors' Proofs of Debt Due March 13
THREADNEEDLE APEX MARKET: Creditors' Proofs of Debt Due March 13
TY ADVISERS: Creditors' Proofs of Debt Due March 13
ZELA FINANCE: Creditors' Proofs of Debt Due March 14


M E X I C O

CEMEX ESPANA: Fitch Rates Proposed Sr. Sec. Notes at 'B+/RR3'


P U E R T O   R I C O

EMPRESAS INTEREX: Files Schedules of Assets and Liabilities
FRIGORIFICO MARIN: Case Summary & 20 Largest Unsecured Creditors
PONCE DE LEON: Wants Stipulation on Cash Collateral Access OK'd


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Problems 'Could Wreck Regional Integration'
PETROTRIN: EPA Settle for 9% Salary Increase


X X X X X X X X

* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ASCEND FUND: Creditors' Proofs of Debt Due March 13
---------------------------------------------------
The creditors of Ascend Fund II FP, Ltd. are required to file
their proofs of debt by March 13, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 24, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         PO Box 1344 Grand Cayman KY1-1108
         Cayman Islands


BEISTAR REAL: Creditors' Proofs of Debt Due March 6
---------------------------------------------------
The creditors of Beistar Real Estate Holdings are required to
file their proofs of debt by March 6, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 26, 2012.

The company's liquidator is:

         Christophe D'orey
         C.K. Lam & Co.
         Unit 704 Fourseas Building
         208-212 Nathan Road
         Kowloon, Hong Kong
         Telephone: (852) 28662116
         Facsimile: (852) 28662203


CLASS V FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 25, 2012, the sole shareholder of Class V Funding, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 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


DIGHTON CAPITAL: Creditors' Proofs of Debt Due March 12
-------------------------------------------------------
The creditors of Dighton Capital CTA Limited are required to file
their proofs of debt by March 12, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2012.

The company's liquidator is:

         Alex Moiseev
         5 Ave Pricness Grace, Monaco
         Telephone: +33 66 640 1597
         Facsimile:  +41 22 594 8097


EVO IP LTD: Creditors' Proofs of Debt Due March 14
--------------------------------------------------
The creditors of EVO IP Ltd. are required to file their proofs of
debt by March 14, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan. 26, 2012.

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


FACILITAS LTD: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Feb. 2, 2012, the members of
Facilitas Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         Anita Rampersad
         PO Box 501, Grand Cayman KY1-1106
         Telephone: 345-949-2001
         Facsimile: 345-949-7097
         e-mail: anita.rampersad@scotiabank.com


GOLDMAN SACHS: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------
The creditors of Goldman Sachs Shared Access Offshore Advisors,
Inc. are required to file their proofs of debt by March 14, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 1, 2012.

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


GOLDMAN SACHS SHARED: Creditors' Proofs of Debt Due March 14
------------------------------------------------------------
The creditors of Goldman Sachs Shared Access Offshore Holdings
Advisors, Inc. are required to file their proofs of debt by
March 14, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 1, 2012.

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


HARMONY SHIP: Creditors' Proofs of Debt Due March 12
----------------------------------------------------
The creditors of The Harmony Ship Chartering Fund are required to
file their proofs of debt by March 12, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 9, 2012.

The company's liquidator is:

         Rolf Kueng
         IFIT Fund Services AG
         Voltastrasse 61
         PO Box 2520 CH-8033 Zurich
         Switzerland
         Telephone: +41 44 366 4016
         Facsimile: +41 44 366 4039
         e-mail: rhk@ifit.net


IAM MINI-FUND 18: Creditors' Proofs of Debt Due April 16
--------------------------------------------------------
The creditors of Iam Mini-Fund 18 Limited are required to file
their proofs of debt by April 16, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 2, 2012.

The company's liquidator is:

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


INTL TRADE: Creditors' Proofs of Debt Due March 16
--------------------------------------------------
The creditors of Intl Trade Finance Fund Limited are required to
file their proofs of debt by March 16, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 24, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Elaine Willis
         Deloitte & Touche
         PO Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3303
         Facsimile: +1 (345) 949 8258
         e-mail: ewillis@deloitte.com


INTL TRADE (CAYMAN): Creditors' Proofs of Debt Due March 16
-----------------------------------------------------------
The creditors of Intl Trade Finance Fund (Cayman) Limited are
required to file their proofs of debt by March 16, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 24, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Elaine Willis
         Deloitte & Touche
         PO Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 3303
         Facsimile: +1 (345) 949 8258
         e-mail: ewillis@deloitte.com


PENGANA ASIAN: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------
The creditors of Pengana Asian Equities (Offshore) Fund are
required to file their proofs of debt by March 14, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 27, 2012.

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


PENGANA ASIAN MASTER: Creditors' Proofs of Debt Due March 14
------------------------------------------------------------
The creditors of Pengana Asian Equities Master Fund are required
to file their proofs of debt by March 14, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 27, 2012.

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


SEDNA FINANCE: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------
The creditors of Sedna Finance Corporation are required to file
their proofs of debt by March 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2012.

The company's liquidators are:

         David Dyer
         Alan Corkish
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands


THREADNEEDLE APEX: Creditors' Proofs of Debt Due March 13
---------------------------------------------------------
The creditors of Threadneedle Apex Emerging Market Macro Fund
Limited are required to file their proofs of debt by March 13,
2012, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 27, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601
         Facsimile: +1 345-949-7164
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


THREADNEEDLE APEX, FUND: Creditors' Proofs of Debt Due March 13
---------------------------------------------------------------
The creditors of Threadneedle Apex Emerging Market Macro
Management Limited are required to file their proofs of debt by
March 13, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan. 27, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601
         Facsimile: +1 345-949-7164
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


THREADNEEDLE APEX MARKET: Creditors' Proofs of Debt Due March 13
----------------------------------------------------------------
The creditors of Threadneedle Apex Emerging Market Macro Master
Fund Limited are required to file their proofs of debt by
March 13, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan. 27, 2012.

The company's liquidator is:

         K.D. Blake
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Lea Kuflik
         Telephone: +1 345-815-2601
         Facsimile: +1 345-949-7164
         PO Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


TY ADVISERS: Creditors' Proofs of Debt Due March 13
---------------------------------------------------
The creditors of TY Advisers are required to file their proofs of
debt by March 13, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan. 13, 2012.

The company's liquidator is:

         DMS Corporate Services Ltd.
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         PO Box 1344 Grand Cayman KY1-1108
         Cayman Islands


ZELA FINANCE: Creditors' Proofs of Debt Due March 14
----------------------------------------------------
The creditors of Zela Finance Corporation are required to file
their proofs of debt by March 14, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 20, 2012.

The company's liquidators are:

         David Dyer
         Alan Corkish
         PO Box 1984 Grand Cayman KY1-1104
         Cayman Islands

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


CEMEX ESPANA: Fitch Rates Proposed Sr. Sec. Notes at 'B+/RR3'
-------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+/RR3' to the proposed
senior secured euro and U.S. dollar notes due in 2019 of CEMEX
Espana S.A.  Both the euro and U.S. dollar notes will be
unconditionally guaranteed by CEMEX, S.A.B. de C.V. (CEMEX),
CEMEX Mexico, S.A. de C.V., and New Sunward Holding B.V.

The notes will be secured with a first priority interest over a
collateral package consisting of substantially all of the shares
of CEMEX Mexico, S.A. de C.V., Centro Distribuidor de Cemento,
S.A. de C.V., Mexcement Holdings, S.A. de C.V., Corporacion
Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd., New Sunward
Holding B.V. and CEMEX Espana, S.A.

These exchange notes are being offered to holders of CEMEX
Finance Europe B.V.'s Euro 900 million unsecured notes due in
2014 and to holders of the following perpetual securities: C-10-
Euro Capital (SPV) Limited, C8 Capital (SPV) Limited, C5 Capital
(SPV) Limited and C10 Capital (SPV) Limited.

A complete list of Fitch's ratings of CEMEX and its subsidiaries
follows at the end of this press release.

Leverage Remains High

The 'B' ratings of CEMEX and its subsidiaries reflect the
company's high leverage. CEMEX had US$ 18.1 billion of total debt
and US$1.2 billion of cash and marketable securities as of Dec.
31, 2011. During 2011, CEMEX generated US$2.332 billion of
EBITDA, an increase from US$2.314 billion during 2010.  Combined,
these figures result in a leverage ratio of 7.7 times (x) and a
net leverage ratio of 7.3x.  The company's cash position was
enhanced by the receipt of US$240 million of cash from the
Venezuelan government as compensation for its nationalization of
CEMEX's subsidiary in that country.  CEMEX also received from the
Venezuelan government US$360 million of notes issued by PDVSA.
Some of these notes were monetized by the company before the end
of the year.

Anemic Outlook for U.S. Construction Activity

The recovery of the U.S. economy has been weaker than
anticipated, and the outlook remains poor.  This is a key credit
constraint upon CEMEX's ratings.  The company's EBITDA in the
U.S. has declined to a negative US$100 million during 2011 from
US$2.345 billion (on a pro forma basis as if Rinker was
consolidated) during 2006.  Many of CEMEX's operations are
located in the states that remain mired in the housing crisis.
The company has dramatically cuts its cost structure in this
market, which should result in an improved performance in 2012.

Concerns About Europe and the Mediterranean

Offsetting to a degree the loss of cash flow in the U.S. has been
the strong performance of the company's Northern European
division.  Key markets in this division include Germany and
France.  During 2011, this division generated US$416 million of
EBITDA, an increase from US$271 million in 2010.  If the
sovereign debt crisis in Europe expands during 2012, the overall
economy in many of these countries would deteriorate quickly and
could hurt the company's results.  CEMEX also has a strong
presence in the Mediterranean with its key markets being Spain
and Egypt.  Spain continues to perform poorly and political and
economic risk remains high in Egypt.  During 2011, the EBITDA
from the Mediterranean division declined to US$439 million from
US$533 million.

Mexico Remains Flagship Market; Limited EBITDA Improvement
Projected for 2012

Mexico continues to be CEMEX's key market, accounting for US$1.2
billion of EBITDA during 2011, which is relatively unchanged from
2010.  The outlook for the company's business in Mexico is
slightly positive.  Fitch projects that CEMEX will generate about
US$2.5 billion of consolidated EBITDA during 2012.  The growth in
EBITDA during 2012 is expected to be driven by the results of
cost reduction efforts taken by the company during 2011.  An
expanded crisis in Europe during 2012 would likely result in
stagnant or declining EBITDA levels.  Elevated energy prices
would also hinder the company's ability to generated US$2.5
billion of EBITDA.

Tight Covenants and High Debt Burden in 2014

CEMEX has been aggressive in reducing debt repayment risk. The
company issued about US$4.3 billion of secured notes, optional
convertible subordinated notes, and senior secured floating-rate
notes between January and July 2011. The company also sold
approximately US$225 million of assets during 2011.  As a result,
CEMEX only has amortizations of US$373 million in 2012 and US$572
million in 2013.  During 2014, the company faces US$8 billion of
debt amortizations.  About US$6.9 billion of this debt is
associated with the Financing Agreement.  Fitch expects the
company to renegotiate before 2013 the amortization schedule of
the debt associated with its Financing Agreement.  Fitch's base
case is that the company will also amend the debt covenants
associated with this Financing Agreement.  These covenants
contain a leverage ratio test that falls to 6.5x as of June 30,
2012 from 7.0x as of Dec. 31. 2011.  This test continues to
tighten during subsequent periods, declining to 5.75x by Dec. 31,
2012 and falling to 4.25 by Dec. 31, 2013.  CEMEX's funded debt
to EBITDA ratio was 6.64x during 2011.  This calculation excludes
about US$2 billion of optionally convertible subordinated debt.

Fitch currently rates CEMEX and its subsidiaries as follows:

CEMEX

  -- Issuer Default Rating (IDR) 'B';
  -- Senior unsecured notes 'B+/RR3';
  -- National scale long-term rating 'BB-(mex)';
  -- National scale short-term rating 'B (mex)'.

Cemex Espana S.A.

  -- C5 Capital (SPV) Limited, a British Virgin Island restricted
     purpose company
  -- C8 Capital (SPV) Limited, a British Virgin Island restricted
     purpose company
  -- C10 Capital (SPV) Limited, a British Virgin Island
restricted
     purpose company
  -- C-10 Euro Capital (SPV) Limited, a British Virgin Island
     restricted purpose company

CEMEX Finance Europe B.V., incorporated in The Netherlands
CEMEX Finance LLC, a limited liability company incorporated in
the U.S.

CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.

  -- Foreign currency IDR 'B'.
  -- CEMEX, S.A.B. de C.V., Certificados Bursatiles 'BB-(mex)';
  -- C5 Capital (SPV) Limited, US$350 million perpetual secured
     notes callable in 2011 'B+/RR3';
  -- CEMEX Finance Europe B.V., Euro 900 million, 4.75%
guaranteed
     notes due in 2014 'B+/RR3';
  -- C8 Capital (SPV) Limited, US$750 million perpetual secured
     notes callable in 2014 'B+/RR3';
  -- CEMEX, S.A.B. de C.V., US$ 800 million senior secured
     guaranteed notes due in 2015 'B+/RR3';
  -- C10 Capital (SPV) Limited, US$900 million perpetual secured
     notes callable in 2016 B+/RR3';
  -- CEMEX Finance LLC, US$1.750 billion, 9.5% senior secured
     guaranteed notes due in 2016 'B+/RR3';
  -- CEMEX Finance LLC, Euro 350 billion, 9.625% senior secured
     guaranteed notes due in 2017 'B+/RR3';
  -- CEMEX Espana, Euro 115 million, 8.875% senior secured
     guaranteed notes due in 2017 'B+/RR3';
  -- CEMEX, S.A.B. de C.V., US$ 1.650 billion, 9% senior secured
     guaranteed notes due in 2018 'B+/RR3';
  -- CEMEX Espana, US$ 1.067 billion, 9.25% senior secured
     guaranteed notes due in 2020 'B+/RR3';
  -- CEMEX Materials Corporation, US$150 million, 7.7% guaranteed
     notes due in 2025 'B+/RR3';
  -- C-10 Euro Capital (SPV) Limited, Euro 730 million perpetual
     secured notes callable in 2049 'B+/RR3'.


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


EMPRESAS INTEREX: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
Empresas Interex Inc. filed with the U.S. Bankruptcy Court for
the District of Puerto Rico its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property             US$10,992,000
  B. Personal Property              $420,500
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              US$7,749,407
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $14,504
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $1,571,649
                                 -----------      -----------
        TOTAL                   US$11,412,500    US$9,335,561

San Juan, Puerto Rico-based Empresas Interex Inc. filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on
Dec. 7, 2011.  Bankruptcy Judge Mildred Caban Flores presides
over
the case.


FRIGORIFICO MARIN: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Frigorifico Marin, Inc.
        P.O. Box 1237
        Bayamon, PR 00960

Bankruptcy Case No.: 12-01279

Chapter 11 Petition Date: February 23, 2012

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Antonio I. Hernandez Santiago, Esq.
                  HERNANDEZ LAW OFFICES
                  P.O. Box 8509
                  San Juan, PR 00910-0509
                  Tel: (787) 250-0575
                  E-mail: ahernandezlaw@yahoo.com

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

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

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb12-01279.pdf

The petition was signed by Gerardo Marin Vazquez, president.


PONCE DE LEON: Wants Stipulation on Cash Collateral Access OK'd
---------------------------------------------------------------
Ponce De Leon 1403 Inc., asks the Hon. Enrique S. Lamoutte Inclan
of the U.S. Bankruptcy Court for the District of Puerto Rico to
approve a stipulation authorizing the use of cash collateral
through April 2012.

The Debtor and PRLP 2011 Holdings LLC entered into a stipulation
authorizing the limited use of the cash collateral to satisfy
certain operating expenses.

The stipulation provides that, among other things:

   -- Upon the consummation of each sale of the three units, not
      less than 70% of the proceeds of the sale will be paid to
      PRLP at the closing of the sale, the remaining 30% of the
      proceeds will be paid to the Debtor to cover not more than
      the expenses described in the budget; and

   -- Upon the consummation of the sale of any additional unit
      sold, not less than 90% of the proceeds of the sale will be
      paid to PRLP at the closing of the sale.  The remaining 10%
      of the proceeds will be paid to the Debtor to cover not
      more than the expenses described in the budget.

As adequate protection from diminution in value of the lender's
collateral, the Debtor will grant the lender a replacement lien
on all assets and collateral acquired from the Petition Date
through the stipulation end date.

The Debtor also agreed to maintain adequate insurance on all of
the collateral from and after the Petition Date.

The Debtor set a hearing on March 13, 2012, at 10:00 a.m., on its
motion seeking approval of the cash collateral stipulation.
Objections, if any, are due March 12.

                      About Ponce De Leon

San Juan, Puerto Rico-based Ponce De Leon 1403, Inc., developed,
constructed, and operates the Metro Plaza Tower condominium and
commercial property project in Santurce, Puerto Rico.  The Metro
Plaza Tower project consists of two 15-story towers atop a base
structure that serves as a parking garage, common area, and
retail space.  Each tower houses 87 residential units.  The base
structure provides approximately 567 parking spaces and has
approximately 14,000 square feet of commercial space available
for lease.  The common areas of the project include a swimming
pool, a gym, gardens and a gazebo.

Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D.
P.R. Case No. 11-07920) on Sept. 19, 2011.  The Debtor estimated
both assets and debts of between US$10 million and US$50 million.

Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan,
Puerto Rico, represents the Debtor as counsel.

U.S. Bankruptcy Court for the District of Puerto Rico has
granted Ponce De Leon 1403 Inc. permission to employ Doris
Barroso Vicens as accountant, with compensation to be paid in
such amounts as may be allowed by the Court.


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


CL FIN'L: CLICO Problems 'Could Wreck Regional Integration'
-----------------------------------------------------------
Trinidad Express cites St Vincent and the Grenadines Prime
Minister Dr. Ralph Gonsalves as saying that the financial
problems plaguing Colonial Life Insurance Company (CLICO) and its
sister company, British American Insurance Company (BAICO) could
"wreck" the regional integration movement in Caricom.  CLICO and
BAICO are subsidiaries of CL Financial Limited.

The Barbados Nation newspaper reported that Mr. Gonsalves and his
Antigua and Barbuda counterpart Baldwin Spencer responded to the
CLICO International Life forensic audit report published by the
newspaper, according to the Trinidad Express.

Trinidad Express notes that the newspaper said that while the two
Caribbean Community leaders have not seen a copy of the Deloitte
Canada-led audit, they were equally troubled by what they have
been able to glean from the published report in the newspaper.

                        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.


PETROTRIN: EPA Settle for 9% Salary Increase
--------------------------------------------
Trinidad and Tobago Newsday reports that the Petroleum Company of
Trinidad and Tobago and the Estate Police Association of Trinidad
and Tobago agreed to a 9% salary increase for Petrotrin and
Petrotrin Operations estate police officers.

A release from Petrotrin said that most allowances have also been
increased by 10%, according to Newsday.  For the first time, EPA
officers will benefit from a vacation travel plan as part of
memoranda of agreement signed by the parties, according to
Newsday.

The report relates that the salary increase, according to the
memoranda, covers a three year period -- from Sept. 21, 2008 to
Sept. 20, 2011 for Petrotrin EPOs; and from April 27, 2008 to
April, 26, 2011 for Petrotrin Trinmar Operations EPOs.

A breakdown of the 9% increases agreed to provides for a 1%
increase for the first year after the consolidation of Cost of
Living Allowances (COLA); 2% to the basic salary for the second
year; and 6% to the basic salary in the third year, the report
says.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


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


* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22
---------------------------------------------------------
Two corporate issuers defaulted this week, raising the 2012
global tally to 18, said an article published by Standard &
Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (Feb. 16 - 22, 2012)."  The first default occurred
after U.S.-based chemical company Reichhold Industries Inc.
failed to make an interest payment on its $195 million senior
unsecured notes due on Aug. 15, 2014. The second default occurred
after ERC Ireland Finance Ltd. missed a coupon payment on its
EUR350 million floating-rate notes due on Feb. 15, 2012.

So far this year, missed payments accounted for eight defaults,
bankruptcy filings accounted for three, distressed exchanges were
responsible for two, and three defaulters were confidential. Of
the remaining defaults, one was due to a notice of acceleration
by the issuer's lender and the other was due to the company's
placement under regulatory supervision.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
   Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
   Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
   Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
   Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
   Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
   Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
   Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
   Contact: http://www.turnaround.org/


                            ***********


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 * * *