TCRLA_Public/120418.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

              Wednesday, April 18, 2012, Vol. 13, No. 077


                            Headlines



A N T I G U A

LIAT: Layoffs Leads to Union Strike Threat; Labor Ministry Meddles


A R G E N T I N A

YPF SA: Fitch Cuts Local Currency Issuer Default Rating to 'B'
* Argentina's YPF Nationalization Can be Harmful to Investment


B A R B A D O S

REDJET: Asks Guyana Government for Financial Assistance


B E R M U D A

WALKWAY TECHNOLOGIES: Creditors' Proofs of Debt Due May 8


C A Y M A N   I S L A N D S

CAPSTONE ALTUM: Shareholders' Final Meeting Set for May 11
DEL MAR INDEX: Shareholders' Final Meeting Set for May 11
DEL MAR SPECIAL: Shareholders' Final Meeting Set for May 11
GENTLE PERSUADER: Shareholders' Final Meeting Set for May 30
HAV2 (I) LIMITED: Shareholders' Final Meeting Set for May 11

HAV2 (IX): Shareholders' Final Meeting Set for May 11
HAV2 (XI): Shareholders' Final Meeting Set for May 11
HEISENBERG MANAGEMENT: Shareholders' Final Meeting Set for May 2
MSR ASIA: Members' Final Meeting Set for April 30
OUCHY CORPORATION: Members Receive Wind-Up Report


J A M A I C A

JUCT: Clampdown on Illegal Operators Hikes Up Profit Margin
* JAMAICA: Huge Trade Deficit With Trinidad


D O M I N I C A N   R E P U B L I C

PRESTIGE HOLDINGS: Pulls Out of Dominican Republic After Losses


P U E R T O   R I C O

CONSTRUCTORA DE HATO: Files for Chapter 11 in Puerto Rico
JMR DEVELOPMENT: Wants Until July 2 to Propose Chapter 11 Plan
JMR DEVELOPMENT: Mireya Santos-Soto Withdraws from Representation


T R I N I D A D  &  T O B A G O

CL FIN'L: Policyholders File Appeal Against Judge's Decision


                            - - - - -


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A N T I G U A
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LIAT: Layoffs Leads to Union Strike Threat; Labor Ministry Meddles
------------------------------------------------------------------
Guardian Media reports that an industrial action at Leeward
Islands Air Transport, known as LIAT, could shut down the airline,
as Antigua and Barbuda's Workers Union general secretary Senator
David Massiah warned of "dire consequences" if it failed to
withdraw letters which informed staff of the Quikpak Cargo
Department that they would be without jobs.

Guardian Media relates that Mr. Massiah, also president of the
Caribbean Congress of Labour, said that he had commenced talks
with regional trade unions on how exactly to carry out industrial
action.  The Ministry of Labour has invited LIAT and ABWU to the
bargaining table in an effort to prevent threatened strike,
Guardian Media says.

As reported by the Troubled Company Reporter on April 12, 2012,
RJR News reported that more than 20 employees of LIAT at its cargo
department have been made redundant.  The Antigua Observer
reported that of the 28 employees who service the Cargo and Quick
Pak Department, only three were spared the plight of redundancy.

According to Guardian Media, ABWU found the move as "premature,"
noting that it had requested a comprehensive management plan from
LIAT to help better manage the layoffs, which the company failed
to provide.

The Management of LIAT and representatives of ABWU met on
April 13, 2012, under the auspices of the Dr. Errol Cort, Minister
of Labour, Government of Antigua & Barbuda, resulted to an
agreement to extend by two weeks the time-frame for a consultation
between parties, Caribarena.com relates.  The report says that the
consultation will be headed by the Minister of Labour.  The
meeting will continue on April 23, 2012.

                             About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


=================
A R G E N T I N A
=================


YPF SA: Fitch Cuts Local Currency Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for YPF S.A.:

  -- Local currency (LC) Issuer Default Rating (IDR) to 'B' from
     'B+';

  -- National scale rating to 'AA(arg)' from 'AA+(arg)';

  -- Class III notes for USD50 million to 'AA(arg)' from 'AA+
     (arg)';

  -- Class V notes for ARP100 million to 'AA(arg)' from 'AA+
     (arg)';

  -- Two bond programs for USD1 billion each to 'AA(arg)' from
     'AA+(arg)'.

The Rating Outlook for the ratings has been revised to Stable from
Negative.

In conjunction with these rating actions, Fitch has affirmed YPF's
foreign currency (FC) IDR at 'B' with a Stable Outlook.  Fitch has
also affirmed the USD100 million notes due 2028 at 'B/RR4'.  The
'RR4' reflects average recovery prospects in the event of default.
Fitch has also affirmed YPF's equity rating at 'Level 1'.

The rating downgrades reflect the Argentine government's recent
announcement that it intends to introduce legislation to
nationalize YPF.  As a result, YPF's LC IDR has been downgraded to
the same level as the sovereign's 'B' rating.  The government
announced it intends take over YPF's class D shares owned by
Repsol and divide the ownership of these shares between the
Federal government (51%) and the oil and gas producing provinces
(49%).  Fitch believes the law to allow the implement YPF's take
over will be approved by the Congress within a short time frame.

Ownership by the government will likely lead to greater
inefficiencies and lower profitability as government owned
entities tend to incorporate more social strategies into their
business strategy.  Fitch also anticipates that a state owned YPF
would take an active role in guarantying Argentina's domestic oil
and gas supply.  This role might include managing and paying for
natural gas imports, which in 2011 represented a cost of USD 9.4
billion.  The government has also declared oil and gas production
is an activity of public interest.

The affirmation of YPF's FC IDR at 'B' reflects that the rating
was previously moved to the same rating level as the sovereign.

The company's bondholders can request that YPF repurchase the
notes at 100% plus accrued interest if an event of nationalization
takes place and is continuing. Such a request can be claimed by
bondholders representing 25% of principal of YPF's outstanding
domestic and international notes.

Until now, YPF maintained an adequate business profile as
Argentina's dominant integrated oil company along with good credit
ratios.  Key credit concerns center on YPF's weak upstream
operating measures, a debt profile concentrated on the short term
and exposure to government's interference risk.  As of December
2011, YPF's cash position was USD339 million which compares to
USD1.9 billion of short-term debt. Following the take over of
Repsol YPF's stake in YPF, the government is expected to hold 51%
of the company, the Petersen Group 25%, Repsol YPF 6%, while the
remainder is traded in the stock exchange.


* Argentina's YPF Nationalization Can be Harmful to Investment
--------------------------------------------------------------
Fitch believes decision by Argentina's government to begin the
process of nationalizing YPF S.A., the country's largest energy
producer, adds to Argentina's policy uncertainty and could prove
to be harmful for long-term private investment.  This action also
underscores the unfavorable business environment, as characterized
by increased government intervention and regulatory uncertainty in
the country.

Fitch notes that a high level of policy unpredictability, typical
for 'B' category-rated sovereigns, has been incorporated to a
large extent in the current ratings of Argentina.

The government announced on April 17, 2012, its intention to
submit a bill to Congress authorizing the state to acquire 51% of
the shares of YPF from Repsol, Spain's largest energy company,
owner until now of a 57% stake.  At the same time, the government
decreed that it will immediately assume control over management of
YPF.  The terms of the takeover are uncertain, but we will
continue to monitor how these would affect Argentina's public
finances and financing flexibility.

Regulated energy tariffs and a domestic energy subsidy program
have reduced investment and production incentives in Argentina,
contributing to a rise in energy imports and reversal in the
country's energy trade surplus.  With the YPF nationalization, the
government aims to reverse the downward trend in oil and gas
production.

The proposed nationalization of YPF comes on the heels of other
interventionist policies the government has introduced over the
past few months.  Authorities have imposed tougher controls on
capital and current account flows to preserve international
reserves and control depreciating pressures on the currency.  All
these measures highlight the relatively weak overall policy
framework of Argentina, which continues to heavily weigh on its
sovereign creditworthiness.

Fitch currently rates Argentina's foreign and local currency IDRs
'B' with Stable Rating Outlooks.


===============
B A R B A D O S
===============


REDJET: Asks Guyana Government for Financial Assistance
-------------------------------------------------------
Barbados Nation reports that Guyana Minister of Public Works and
Transport Robeson Benn has confirmed that REDjet CEO Ian Burns has
approached the ministry, along with the Ministry of Tourism, for
financial assistance.

Citing Minister Benn, the Sunday Sun relates that the government
will still decide on the finance request.

REDjet is also reportedly in talks with Venezuelan investors "who
have interests in the airline industry", Barbados Nation says.

                          About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.   REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.


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B E R M U D A
=============


WALKWAY TECHNOLOGIES: Creditors' Proofs of Debt Due May 8
---------------------------------------------------------
The creditors of Walkway Technologies Ireland are required to file
their proofs of debt by May 8, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 2, 2012.

The company's liquidators are:

         Charles Thresh
         Mike Morrison
         KPMG Advisory Limited
         4 Pa-La-Ville Road, Hamilton
         Bermuda


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


CAPSTONE ALTUM: Shareholders' Final Meeting Set for May 11
----------------------------------------------------------
The shareholders of Capstone Altum Credit Intermediate Fund, Ltd.
will hold their final meeting on May 11, 2012, at 8:45 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


DEL MAR INDEX: Shareholders' Final Meeting Set for May 11
---------------------------------------------------------
The shareholders of Del Mar Index Opportunities Intermediate Fund
Ltd. will hold their final meeting on May 11, 2012, at 9:10 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


DEL MAR SPECIAL: Shareholders' Final Meeting Set for May 11
-----------------------------------------------------------
The shareholders of Del Mar Special Opportunities Intermediate
Fund Ltd. will hold their final meeting on May 11, 2012, at
9:00 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


GENTLE PERSUADER: Shareholders' Final Meeting Set for May 30
------------------------------------------------------------
The shareholders of The Gentle Persuader Fund will hold their
final meeting on May 30, 2012, at 9:00 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


HAV2 (I) LIMITED: Shareholders' Final Meeting Set for May 11
------------------------------------------------------------
The shareholders of HAV2 (I) Limited will hold their final meeting
on May 11, 2012, at 9:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HAV2 (IX): Shareholders' Final Meeting Set for May 11
-----------------------------------------------------
The shareholders of HAV2 (IX) Limited will hold their final
meeting on May 11, 2012, at 9:40 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HAV2 (XI): Shareholders' Final Meeting Set for May 11
-----------------------------------------------------
The shareholders of HAV2 (XI) Limited will hold their final
meeting on May 11, 2012, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HEISENBERG MANAGEMENT: Shareholders' Final Meeting Set for May 2
----------------------------------------------------------------
The shareholders of Heisenberg Management Ltd. will hold their
final meeting on May 2, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


MSR ASIA: Members' Final Meeting Set for April 30
-------------------------------------------------
The members of MSR Asia Acquisitions IV, Inc. will hold their
final meeting on April 30, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         CDL Company Ltd.
         P.O. Box 31106 Grand Cayman KY1-1205
         Cayman Islands


OUCHY CORPORATION: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ouchy Corporation received on April 13, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ezequiel A. Camerini
         Fox & Horan, Camerini LLP
         825 Third Avenue, 12th Floor
         New York
         New York 10022
         United States of America


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


JUCT: Clampdown on Illegal Operators Hikes Up Profit Margin
-----------------------------------------------------------
RJR News reports that since the clampdown on illegal taxi
operators in the Half-Way Tree area of St Andrew, the Jamaica
Urban Transit Company is reporting an improved profit margin as a
result of increased passenger load.

The company said that while the numbers have trended up, the level
of earning is dependent on the peak hours and the day of the week,
according to RJR News.  The report relates that with the traffic
police taking their operation to downtown Kingston routes with
effect from this morning, the JUTC is expecting an even greater
increase.

RJR News notes that a police team led by head of the police
Traffic Department, Senior Superintendent Radcliffe Lewis took
their operation to downtown Kingston on Monday, April 16.

               About Jamaica Urban Transit Company

Jamaica Urban Transit Company was established in 1998 to provide
a centrally managed state-of-the-art public bus service.  The
government invested US6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, RadioJamaica said JUTC defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund,
among others, due to cash flow problems.  The Ministry of
Information, as cited by Radio Jamaica, stated that the JUTC
operates an overdraft facility of US520 million at the National
Commercial Bank which expired in February.  The report noted that
the Ministry said this facility is consistently utilized at the
upper limit and, on occasions, exceeds the limit giving rise to
the imposition of penalty charges above 43%.


* JAMAICA: Huge Trade Deficit With Trinidad
-------------------------------------------
RJR News reports that another attempt is being made to address the
huge trade deficit between Jamaica and Trinidad and Tobago.

Trinidad's Trade Minister Stephen Cadiz is to lead a delegation to
the island on April 26, according to RJR News.  The report relates
that the delegation will comprise eight members from Trinidad's
public sector and about 20 business people from the private sector
on a buyers' mission.

RJR News notes that Mr. Cadiz said the objective for the four-day
trip is to narrow the differential in trade between Trinidad and
Jamaica.  Mr. Cadiz said the purpose of the visit is to identify
Jamaican goods for import, the report relays.

The report recalls that in 2010, the total exports to Jamaica
stood at TT$4.5 billion with the trade deficit standing at over
TT$4 billion in Trinidad and Tobago's favor.


===================================
D O M I N I C A N   R E P U B L I C
===================================


PRESTIGE HOLDINGS: Pulls Out of Dominican Republic After Losses
---------------------------------------------------------------
Paul Allen at the Jamaica Observer reports that Prestige Holdings
Limited has signed a deal to sell its 12 KFC restaurants and two
TGI Friday's in the Dominican Republic, after experiencing
management and severe losses.

Prestige Holdings equally holds the rights to KFC and TGI Friday's
restaurants in that country.  The Jamaica Observer relates that
under the signed stock purchase agreement, Montlac Corp. will
acquire Prestige's 50% stake.  The report says that final sale
will be completed by the end of April.

According to the Jamaica Observer, Prestige made increased profits
of 11.4% or TT$36 million for the year ended Nov. 30, 2011, but
suffered losses in some of its overseas operations.  The Jamaica
Observer relates that Prestige posted a loss of TT$29.5 million
from writing off debt and discontinuing its operations in the
Dominican Republic.  The Dominican Republic losses badly affected
Prestige's shareholders' profit as TT$7 million was attributed to
them, some way off the TT$24.3 million of 2011, the Jamaica
Observer reports.

Prestige Holdings Limited is the franchise holder for TGI Friday's
in Jamaica.  The restaurant operator, which is most dominant in
Trinidad, runs several quick service restaurants in the Dominican
Republic.


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


CONSTRUCTORA DE HATO: Files for Chapter 11 in Puerto Rico
---------------------------------------------------------
Constructora De Hato Rey Incorporada filed a Chapter 11 petition
(Bankr. D. P.R. Case No. 12-02876-11) in Old San Juan, Puerto
Rico, on April 13, 2012.

The Debtor is represented by Charles Alfred Cuprill, Esq., at
Charles A. Curpill, PSC Law Office, in San Juan.

The Debtor disclosed US$10.8 million in assets and US$6.86 million
in liabilities in its schedules.  The Debtor owns parcels of
land in Puerto Rico with an aggregate value of US$1.82 million.
The Debtor has "uncollectible" receivables of US$4.05 million
owed by affiliates.  It also has construction equipment worth
US$4.1 million.  Secured debt only totals US$2.13 million.  A copy
of the schedules filed with the petition is available for free at:
http://bankrupt.com/misc/prb12-02876.pdf


JMR DEVELOPMENT: Wants Until July 2 to Propose Chapter 11 Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico extended
until July 2, 2012, JMR Development Group, Corp., and JMR Tourist
Development Group, Corp.'s exclusive period to file a Chapter 11
Plan.

The Debtors explained that they needed more time to negotiate with
various entities to obtain postpetition financing necessary for
the preparation of their Plan and Disclosure Statement.  The
postpetition financing for the completion of the construction of
their hotel and casino facilities will be provided and guaranteed
by various governmental agencies or financial institutions.

                    About JMR Development Group

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


JMR DEVELOPMENT: Mireya Santos-Soto Withdraws from Representation
-----------------------------------------------------------------
Mireya Santos-Soto, Esq., notified the U.S. Bankruptcy Court for
the District of Puerto Rico that she has withdrawn as counsel of
record to JMR Development Group, Corp., and JMR Tourist
Development Group, Corp.

As reported in the Troubled Company Reporter on Nov. 3, 2011, the
Court authorized the Debtor to employ Charles A. Cuprill, P.S.C.,
Law Offices as counsel.

Ms. Santos-Soto added that Charles A. Cuprill-Hernandez will
continue representing Debtor in the matter.

Ms. Santos-Soto also requested that her name be removed from all
filings and notices henceforth.

                    About JMR Development Group

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


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


CL FIN'L: Policyholders File Appeal Against Judge's Decision
------------------------------------------------------------
Trinidad and Tobago Newsday reports that a notice of appeal has
been filed by the group of Clico policyholders against Justice
Devindra Rampersad's decision to dismiss their application for
preemptive costs in their legal challenge of the legality of the
bailout plan offered to them by Finance Minister Winston Dookeran.

Justice Rampersad dismissed the application for preemptive costs
in a lawsuit brought by the Percy Farrell Group of EFPA
policyholders, saying they were not entitled to pre-emptive costs
on their application to have the money to pursue their litigation
be paid out of the Statutory Trust Fund established by the Central
Bank, according to T&T Newsday.

The report relates that orders for pre-emptive costs are made in
exceptional circumstances in cases involving public interest
challenges, where claimants apply to Justice Rampersad for an
order that there be no order as to costs against them, whatever
the outcome of the proceedings.  T&T Newsday relays that Justice
Rampersad said he had no discretion to interfere with the
Statutory Fund without regard to the risk assessment factor.

In their appeal, the report says that the group is contending that
the judge erred in law and misdirected himself in inviting and
entertaining submissions by the respondents.

T&T Newsday notes that the policyholders are also arguing that he
failed to consider and take into account that he appointed Farrell
to represent the whole class of EFPA policyholders and that it
would have been unfair to expose Farrell to the payment of costs
when he applied to the court for protection.

The group further contends that Justice Rampersad confused their
application for preemptive costs with the application for
declarations in relation to the administration of the Statutory
Trust in their lawsuit, T&T Newsday discloses.

The report notes that the Percy Farrell Group said Justice
Rampersad was wrong to find that there was no evidence that Clico
would be unable to satisfy its liabilities when they became due in
relation to the claimants.  They are also arguing that Justice
Rampersad should not have ventured into considering the merits of
the case and make findings on issues in the substantive case, the
report 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.


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