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

              Friday, March 16, 2012, Vol. 13, No. 055


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Certs. at 'Caa2'


C A Y M A N   I S L A N D S

BLUECUBE FUND: Shareholders' Final Meeting Set for March 26
BLUECUBE MASTER: Shareholders' Final Meeting Set for March 26
DIAMOND INC: Shareholder to Receive Wind-Up Report on March 29
DILMUN CAPITAL II: Shareholders' Final Meeting Set for March 30
FAIRFIELD RAVEN: Shareholders Receive Wind-Up Report

GRENDEL LIMITED: Members Final Meeting Set for March 28
IKESEI ASSET: Shareholders' Final Meeting Set for March 30
IKESEI FUND: Shareholders' Final Meeting Set for March 30
KING SJOERD: Members Final Meeting Set for March 28
MEZZANINE CAPITAL: Shareholders' Final Meeting Set for March 19

PATEO INTERNATIONAL: Member to Hear Wind-Up Report on March 27
PENGANA GLOBAL: Shareholders' Final Meeting Set for March 30
PENGANA GLOBAL MASTER: Shareholders' Meeting Set for March 30
SAKS LIMITED: Members' Final Meeting Set for March 22
SCHEVENINGEN (NO.1): Members Final Meeting Set for March 28


T R I N I D A D  &  T O B A G O

CL FIN'L: Special US$75 Million Fund to Help OECS Policyholders
TRINIDAD CEMENT: Cement Shortage Cripples T&T Construction Sector


V E N E Z U E L A

* VENEZUELA: Moody's Affirms 'B1' Government Bond Rating


                            - - - - -


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A R G E N T I N A
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FIDEICOMISO FINANCIERO: Moody's Rates ARS4.8MM Certs. at 'Caa2'
---------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero Supervielle Creditos
58. This transaction will be issued by Deutsche Bank (Argentina)
S.A. - acting solely in its capacity as Issuer and Trustee.

Moody's notes that as of March 13, the securities contemplated by
this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.

- ARS37,200,000 in Class A Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 58", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
   Local Currency)

- ARS60,000,000 in Class B Floating Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 58", rated Aaa.ar
   (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
   Local Currency)

- ARS18,000,000 in Class C Fixed Rate Debt Securities of
   "Fideicomiso Financiero Supervielle Creditos 58", rated Aa2.ar
   (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
   Local Currency)

- ARS4,800,000 in Certificates of "Fideicomiso Financiero
   Supervielle Creditos 58", rated Caa2.ar (sf) (Argentine
   National Scale) and Caa3 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 26,667 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 120,020,530.04.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's
paycheck and pensioner's payment.

Overall credit enhancement is comprised of subordination: 69% for
the Class A Fixed Rate Debt Securities, 19% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools.

The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Class B Floating Rate Debt Securities,
4.55% expected loss for Class C Fixed Rate Debt Securities and
37.89% for the Certificates.

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario for the pool (i.e., most likely scenario
of 16%, a minimum of 11% and a maximum of 26%), the ratings of
the Classes A and Class B. The ratings for Class C Fixed Rate
debt securities and Certificates would be likely downgraded to
Caa3 (sf) and C (sf) respectively.

Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction. If Banco Supervielle is removed
as servicer, Deutsche Bank (Argentina) S.A. will be appointed as
the back-up servicer.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


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


BLUECUBE FUND: Shareholders' Final Meeting Set for March 26
-----------------------------------------------------------
The shareholders of Bluecube Fund Limited will hold their final
meeting on March 26, 2012, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI 1102
         Cayman Islands


BLUECUBE MASTER: Shareholders' Final Meeting Set for March 26
-------------------------------------------------------------
The shareholders of Bluecube Master Fund Limited will hold their
final meeting on March 26, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Sutlic
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KYI 1102
         Cayman Islands


DIAMOND INC: Shareholder to Receive Wind-Up Report on March 29
--------------------------------------------------------------
The shareholder of Diamond Inc will receive on March 29, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


DILMUN CAPITAL II: Shareholders' Final Meeting Set for March 30
---------------------------------------------------------------
The shareholders of Dilmun Capital II, Limited will hold their
final meeting on March 30, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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


FAIRFIELD RAVEN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Fairfield Raven Credit Opportunities Fund
Ltd. received on March 12, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GRENDEL LIMITED: Members Final Meeting Set for March 28
-------------------------------------------------------
The members of Grendel Limited will hold their final meeting on
March 28, 2012, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1 1102
         Cayman Islands


IKESEI ASSET: Shareholders' Final Meeting Set for March 30
----------------------------------------------------------
The shareholders of Ikesei Asset Ltd. will hold their final
meeting on March 30, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IKESEI FUND: Shareholders' Final Meeting Set for March 30
---------------------------------------------------------
The shareholders of Ikesei Fund Ltd. will hold their final
meeting on March 30, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KING SJOERD: Members Final Meeting Set for March 28
---------------------------------------------------
The members of King Sjoerd Limited will hold their final meeting
on March 28, 2012, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY 1102


MEZZANINE CAPITAL: Shareholders' Final Meeting Set for March 19
---------------------------------------------------------------
The shareholders of Mezzanine Capital Corporation Limited will
hold their final meeting on March 19, 2012, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Paul Anderton
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


PATEO INTERNATIONAL: Member to Hear Wind-Up Report on March 27
--------------------------------------------------------------
The member of Pateo International Group Co., Ltd. will receive on
March 27, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Yhang Yan
         No. 27C, Zhaofenghuanqiu Tower
         1800 Shanxi Road, Shanghai
         China
         Telephone: 0086-18616577668
         Facsimile: 0086-2164400307


PENGANA GLOBAL: Shareholders' Final Meeting Set for March 30
------------------------------------------------------------
The shareholders of Pengana Global Volatility (Offshore) Fund
will hold their final meeting on March 30, 2012, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PENGANA GLOBAL MASTER: Shareholders' Meeting Set for March 30
-------------------------------------------------------------
The shareholders of Pengana Global Volatility Master Fund will
hold their final meeting on March 30, 2012, at 10:20 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAKS LIMITED: Members' Final Meeting Set for March 22
-----------------------------------------------------
The members of Saks Limited will hold their final meeting on
March 22, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


SCHEVENINGEN (NO.1): Members Final Meeting Set for March 28
-----------------------------------------------------------
The members of Scheveningen (No.1) will hold their final meeting
on March 28, 2012, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Bernard McGrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY 1102



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T R I N I D A D  &  T O B A G O
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CL FIN'L: Special US$75 Million Fund to Help OECS Policyholders
---------------------------------------------------------------
Trinidad Express reports Dominica Prime Minister Roosevelt
Skerrit said that the Organization of Eastern Caribbean States
(OECS) will continue holding talks with the Trinidad and Tobago
government over the establishment of a special fund to assist
policyholders affected by the collapse of insurance giant
Colonial Life Insurance Company (CLICO).

Mr. Skerrit said that the issue had been discussed between OECS
leaders and Prime Minister Kamla Persad-Bissessar during the
just-concluded 23rd Inter-sessional meeting of Caricom leaders in
Suriname, according to Trinidad Express.  The report relates that
Mr. Skerrit said the meeting was to help the OECS address the
issue of the collapse of British American Insurance Company
(BAICO) and CLICO.

"We have gotten some form of commitment, we have not been able to
identify with Trinidad and Tobago the full amount of EC$150
million (US$55.5 million), and I think we got to about 74 million
dollars (US$27.4 million). . . .  So we have to further engage
them to see where we could get the EC$76 million (US$28.1
million) and of course the OECS will put in about US$75 million
(US$27.7 million) to create this special fund in an effort to
assisting the people," the report quoted Mr. Skerrit as saying.

                        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.


TRINIDAD CEMENT: Cement Shortage Cripples T&T Construction Sector
-----------------------------------------------------------------
RJR News reports that despite receiving a shipment of cement from
Jamaica, the construction sector in Trinidad and Tobago remains
hard hit by the strike at Trinidad Cement Limited.

Jamaica delivered four thousand tons of cement to the twin island
republic last week, according to RJR News.

However, the report says that the prolonged disruption at TCL is
threatening the viability of the country's construction industry.

RJR News notes that several projects are reportedly on hold as a
result of the shortage of cement.  The report relates that some
contractors have turned to the black market for cement to ensure
deadlines are met.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed.  It will also import supplies from Barbabos,
according to RJR News.  The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse.   The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


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V E N E Z U E L A
=================


* VENEZUELA: Moody's Affirms 'B1' Government Bond Rating
--------------------------------------------------------
Moody's Investors Service affirmed Venezuela's B1 local currency
government bond rating and B2 foreign currency government bond
rating. The outlook for both ratings is stable.

The affirmation of the government bond ratings considered Moody's
"Sovereign Methodology Update: Narrowing the Gap -- a
Clarification of Moody's Approach to Local Vs. Foreign Currency
Bond Ratings." While Moody's analysis of sovereign defaults over
the past two decades indicates that governments are in general
equally likely to default on their domestic and foreign currency
obligations, the methodology update states that distinctions
between foreign and local currency government bond ratings may be
maintained if and when: 1) capital mobility is limited and 2)
there is evidence of bias in a government's ability and/or
willingness to service debt in a particular currency.

In the case of Venezuela, capital controls coupled with the
government's tight control over foreign exchange earnings (as
PDVSA, the state oil company, accounts for the 95% of the
country's exports) satisfy the first condition and limit the risk
of spillover from the foreign currency side to the local currency
side of the government's balance sheet.

The second condition is satisfied by the government's ability to
finance itself domestically at significantly negative real
interest rates coupled with the central bank's demonstrated
willingness to monetize the government deficits.

In addition, though the Chavez administration has never
threatened to default on foreign currency obligations, its
political posturing nevertheless raises questions about its
willingness to pay them. While the percentage of Venezuela's debt
denominated in foreign currency has fallen, it remains above 50%
and will rise once the country devalues its currency, which is
expected in 2013. Furthermore, although Venezuela does not
currently face an external liquidity constraint given large and
recurring current account surpluses and significant external
financial assets, the ongoing decline in the foreign exchange
reserves could become problematic in the event that oil prices
drop sharply at a time when the government's faces higher
refinancing requirements.

Ratings Rationale

Venezuela's ratings reflect underlying credit challenges that
include very weak institutions, a lack of transparency in the
government accounts, heavy oil dependence of both government
revenues and foreign exchange earnings, growing macroeconomic and
fiscal imbalances, and increasing economic distortions. These
conditions are partially offset by persistent current account
surpluses, the world's largest oil reserves, relatively moderate
government and external debt levels, and the benefits to the
government's fiscal accounts that are expected to derive from a
devaluation of the currency.

The stable outlook incorporates the expectation that oil prices
will remain relatively elevated and oil production stable. A more
predictable policy framework would support higher sustainable
economic growth and could put upward pressure on the rating, as
could more sustainable fiscal performance driven by improved
management of oil resources and/or tighter control of
expenditures. Conversely, an accelerated deterioration of the
government's financial position driven by higher spending or a
sudden drop in oil prices could place downward pressure on the
ratings.

Concurrent with this action, Moody's has adjusted Venezuela's
country ceilings. Local currency bond and deposit ceilings have
been lowered to Ba3 from A3 and Baa1, respectively. The foreign
currency bond ceiling has been lowered to B2 from B1. The foreign
currency deposit ceiling has been affirmed at B3. The lower
country ceilings capture the strong control exercised by the
Venezuelan government over foreign currency, which limits the
access to foreign currency of other domestic entities. They also
acknowledge the strong indirect linkages between the government's
ability to service its domestic debt and that of other domestic
entities through their joint dependence on the real economy,
shared institutional framework, and vulnerability to many common
event risks, as well as the high level of government interference
in the private sector.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


                            ***********


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.


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