TCRLA_Public/120524.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, May 24, 2012, Vol. 13, No. 103


                            Headlines



A R G E N T I N A

AVAL RURAL: Moody's Affirms 'B2' IFS Rating; Outlook Stable


B E R M U D A

TRADE REINSURANCE: Creditors' Proofs of Debt Due June 7


B R A Z I L

BANCO MERCANTIL: S&P Raises Global Issuer Credit Rating to 'BB-'
ELETROPAULO METROPOLITANA: Moody's Says Tariff Review No Impact


C A Y M A N   I S L A N D S

ALPHA SHINE: Members' Final Meeting Set for May 29
ANTHRACITE BALANCED: Members' Final Meeting Set for May 28
ATLANTIC BA: Shareholders' Final Meeting Set for June 14
BLACKROCK ELITE I: Shareholders' Final Meeting Set for June 8
BLACKROCK ELITE II: Shareholders' Final Meeting Set for June 8

BLACKROCK ELITE III: Shareholders' Final Meeting Set for June 8
CHATHAM LIGHT: Shareholders' Final Meeting Set for June 8
CHESHIRE INVESTMENTS: Members' Final Meeting Set for June 4
GRIZZLY LIMITED: Members' Final Meeting Set for June 4
ISM EMERGING: Shareholders' Final Meeting Set for June 8

JAZEERA LEASING 2: Shareholders' Final Meeting Set for June 8
JAZEERA LEASING 3: Shareholders' Final Meeting Set for June 8
PEBBLEVIEW LIMITED: Members' Final Meeting Set for June 4
SILVER METIS: Shareholder to Receive Wind-Up Report on June 7
THOR LIMITED: Members' Final Meeting Set for June 4

YAESU-SCF HOLDING: Shareholders' Final Meeting Set for June 8


G U Y A N A

* GUYANA: More Debt Relief for Country


J A M A I C A

AIR JAMAICA: Divestment Team Prepares Airline's Response


M E X I C O

COMERCIAL V.H.: Seeks U.S. Recognition of Mexican Proceedings
COMERCIAL V.H.: Chapter 15 Case Summary


T R I N I D A D  &  T O B A G O

CLICO (BAHAMAS): First $10 Million Recovery for Creditors
TRINIDAD CEMENT: Keeps Options Open as Strike Nears End


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -

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A R G E N T I N A
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AVAL RURAL: Moody's Affirms 'B2' IFS Rating; Outlook Stable
-----------------------------------------------------------
Moody's Latin America affirmed its B2 global local currency and
A1.ar Argentina national scale insurance financial strength (IFS)
ratings of Aval Rural S.G.R. The outlook for the company's
ratings is stable.

Aval Rural, an "SGR" ("Reciprocal Guaranty Society"), provides
guarantees for working-capital and capital-expenditure loans
taken out by Argentine crop producers, storage centers and
wholesale distributors of hybrid seeds, fertilizers, agri-
chemicals, and other agricultural inputs.  The insured borrowers
are among the current clients of Aval Rural's main shareholder,
Nidera S.A. -- a leading player in the agribusiness industry in
Argentina and subsidiary of Netherlands-based Nidera N.V.

Ratings Rationale

According to Moody's, the ratings affirmation reflects Aval
Rural's consistent business and financial credit profile.  Among
the company's credit strengths are its high degree of operational
integration with its main shareholder, Nidera S.A., its adequate
market position and visibility, very low levels of delinquencies
on its insured loans, and the short term characteristics of the
company's guarantees.  However, Aval Rural's credit profile is
significantly tempered by its concentration in a single economic
sector, by the low credit profile of its investment portfolio --
largely influenced by regulatory limitations for foreign
instruments -- and by Argentina's weak operating environment.
Moody's analyst Alejandro Pavlov noted: "Aval Rural's investments
are concentrated in speculative-grade instruments such as
Argentine sovereign bonds, local banks deposits, and shares of
local mutual funds, which constrain its overall credit profile".
However, the company has diversified somewhat its investment
portfolio by investing almost 10% of its holdings in US T-Bills
as of March 31, 2012.

The rating agency further noted that Aval Rural's ability to grow
while maintaining stable levels of capitalization -- i.e.
outstanding guarantees representing about 2 times Aval Rural's
total investments on an annual average basis -- is another
challenge for this company.

Based in Buenos Aires City, Aval Rural SGR is one of the largest
reciprocal guarantors in the local industry. During the first
quarter of the 2011/12 fiscal year ended December 31, 2011, Aval
Rural reported a net loss of AR$0.26 million. As of that date,
total assets were AR$106.4 million and shareholder's equity was
AR$104.8 million.



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B E R M U D A
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TRADE REINSURANCE: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
The creditors of Trade Reinsurance Limited are required to file
their proofs of debt by June 7, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Malcolm Butterfield
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, HM 08
         Bermuda



===========
B R A Z I L
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BANCO MERCANTIL: S&P Raises Global Issuer Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term global
scale issuer credit rating on Banco Mercantil Santa Cruz S.A.
(BMSC) to 'BB-' from 'B+'. "In addition, we affirmed our 'B'
short-term global scale rating. The upgrade follows the similar
rating action on the Plurinational State of Bolivia," S&P said.

"The upgrade on Bolivia reflects the improvement in the
government's debt burden coupled with the country's strengthened
external indicators--one of the strongest among its 'BB' rated
peers. The general government debt burden fell to 31% of GDP in
2011 from 36% of GDP in 2010 due in part to the government's low
fiscal deficit and high nominal GDP growth. Because our stand-
alone credit profile on BMSC is 'bb-', the upgrade on the
sovereign triggered a similar rating action on the bank, as the
rating on the sovereign capped the rating on the bank," S&P said.

"The stable outlook reflects our opinion that BMSC will maintain
its position as the largest bank in Bolivia while it expands its
activities with adequate liquidity, conservative underwriting
standards, and good management of mismatches. A further upgrade
would depend on an upgrade of the country's BICRA or bank's
higher capital levels coupled with an upgrade of the sovereign.
We could lower the ratings if the bank's capitalization or
liquidity profile deteriorates significantly," S&P said.


ELETROPAULO METROPOLITANA: Moody's Says Tariff Review No Impact
---------------------------------------------------------------
Moody's America Latina does not see any immediate change to the
ratings of Eletropaulo Metropolitana de Eletricidade de Sao Paulo
S.A. due to the pending tariff reduction as a result of the Third
Cycle Tariff Review. While the outlook currently remains stable,
Moody's will closely monitor the expected impact on the Company's
metrics, and how the Company will manage its capital expenditures
and dividend distributions in light of the materially lower
levels of expected cash from operations.

From 2009 through the first quarter of 2012, Eletropaulo's credit
metrics have steadily deteriorated, despite the relatively stable
and predictable cash flows from the electricity distribution
business. During this period, the Cash From Operations (CFO) pre-
Working Capital (WC) minus Dividends-to-Debt ratio fell to -2.2%
from 17.0%; Cash Flow (CF) pre-WC Interest Coverage fell to 3.8x
from 5.9x; and CFO pre-WC-to-Debt fell to 25.2% from 40.8%. Given
our forecasted reduction of electricity tariffs starting as of
July 2012, Eletropaulo's metrics are expected to deteriorate even
further. The CFO is expected to remain relatively strong in the
first half of 2012, albeit at a lower level since the Company is
not able to benefit from income derived from extraordinary items
as it has in previous years.

Another area of concern involves the ongoing judicial dispute
initiated by Eletropaulo in December 1988 related to the
financing previously provided by ELETROBRAS. This represents a
contingent liability of approximately BRL1.2 billion (as of
December 31, 2011). Notwithstanding, based on current Brazilian
accounting standards and the Company's legal advisors (who
contend that the Company's position will prevail), at this time
Eletropaulo is not required to make any provisions for the amount
being disputed in the lawsuit. The legal dispute may be resolved
by the end of 2012, but may take longer depending on the outcome
of the final ruling.

An upgrade action in the short or medium term is highly unlikely
given the expected impact of the third cycle tariff review in
July 2012. We could consider a rating upgrade in case the final
ruling on the ELETROBRAS lawsuit is favorable to the Company,
combined with an improvement in its credit metrics so that the
ratio (CFO pre-WC minus dividends)-to-Debt remains above 25% and
Interest Coverage is higher than 5.5 times, on a sustainable
basis.

A downgrade action could be prompted by a material deterioration
in liquidity, an unfavorable ruling on the ELETROBRAS lawsuit,
and/or a significant decline in the credit metrics so that (CFO
pre-WC minus dividends)-to-Debt ratio falls below 12%, and
Interest Coverage drops below 3.5 times for an extended period of
time. Any change in the perceived level of supportiveness of the
regulatory framework could also trigger a downward rating action.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

Eletropaulo is a regulated electricity utility, listed on the
BM&FBOVESPA stock exchange. Eletropaulo is controlled by its
holding company Brasiliana, which in turn is owned by The AES
Corporation (50% plus one share of the voting capital) and the
Brazilian Federal Development Bank -- BNDES (50% less one share
of the voting capital of Brasiliana). Eletropaulo distributes
electricity to 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, serving 6.3 million
consumers, with an estimated market share of around 10% in
Brazil. The Company has a 30-year concession contract that was
granted by ANEEL, the Brazilian electricity sector regulator, in
1998. In 2011, Eletropaulo posted net sales of BRL9,097 million
(US$5,431 million), EBITDA of BRL2,392 million (US$1,428
million), and net profit of BRL1,495 million (US$892.5 million),
an increase of 1.2%, 16.5% and 16.6%, respectively, over the
previous year (2010). In the last twelve months ended on
March 31, 2012 (LTM 03/12), the Company had net sales of BRL9,123
million (US$5,366 million), an increase of 0.3% over 2011; EBITDA
of BRL2,162 million (US$1,272 million), a decrease of 9.6% over
2011; and net income of BRL1,342 million (US$789 million), a
decrease of 10.2% over 2011.



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


ALPHA SHINE: Members' Final Meeting Set for May 29
--------------------------------------------------
The members of Alpha Shine Limited will hold their final meeting
on May 29, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Chou Chien-Jung
         No. 95 Huli Rong Road, Xiamen
         China


ANTHRACITE BALANCED: Members' Final Meeting Set for May 28
----------------------------------------------------------
The members of Anthracite Balanced Company (IR-4) Limited will
hold their final meeting on May 28, 2012, at 1:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Simon Conway
         c/o Aaron Gardner
         Telephone: (345) 914 8655
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ATLANTIC BA: Shareholders' Final Meeting Set for June 14
--------------------------------------------------------
The shareholders of Atlantic BA Holdings will hold their final
meeting on June 14, 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:

         William D. Hawkins III
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


BLACKROCK ELITE I: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Blackrock Elite Portfolio I (U.S. Dollars)
Limited will hold their final meeting on June 8, 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:

         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


BLACKROCK ELITE II: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------------
The shareholders of Blackrock Elite Portfolio II (U.S. Dollars)
Limited will hold their final meeting on June 8, 2012, at
10:10 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


BLACKROCK ELITE III: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------------
The shareholders of Blackrock Elite Portfolio III (U.S. Dollars)
Limited will hold their final meeting on June 8, 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


CHATHAM LIGHT: Shareholders' Final Meeting Set for June 8
---------------------------------------------------------
The shareholders of Chatham Light CLO, Limited will hold their
final meeting on June 8, 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 SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


CHESHIRE INVESTMENTS: Members' Final Meeting Set for June 4
-----------------------------------------------------------
The members of Cheshire Investments Limited will hold their final
meeting on June 4, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102


GRIZZLY LIMITED: Members' Final Meeting Set for June 4
------------------------------------------------------
The members of Grizzly Limited will hold their final meeting on
June 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102


ISM EMERGING: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------
The shareholders of ISM Emerging Markets Structured Equity Fund
Limited will hold their final meeting on June 8, 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 Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JAZEERA LEASING 2: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Jazeera Leasing Company 2 will hold their
final meeting on June 8, 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


JAZEERA LEASING 3: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Jazeera Leasing Company 3 will hold their
final meeting on June 8, 2012, at 9:50 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


PEBBLEVIEW LIMITED: Members' Final Meeting Set for June 4
---------------------------------------------------------
The members of Pebbleview Limited will hold their final meeting
on
June 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102


SILVER METIS: Shareholder to Receive Wind-Up Report on June 7
-------------------------------------------------------------
The shareholder of Silver Metis Investment Management Ltd. will
receive on June 7, 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:

         Samir Dilip Mehta
         c/o Campbell Corporate Services Limited
         P.O. Box 268
         Scotia Centre, 4th Floor, George Town
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: +345 949 6258
         Facsimile: +345 945 2877


THOR LIMITED: Members' Final Meeting Set for June 4
---------------------------------------------------
The members of Thor Limited will hold their final meeting on
June 4, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Buchanan Limited
         P.O. Box 1170 George Town
         Grand Cayman
         Cayman Islands KY1-1102


YAESU-SCF HOLDING: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Yaesu-SCF Holding Limited will hold their
final meeting on June 8, 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



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G U Y A N A
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* GUYANA: More Debt Relief for Country
--------------------------------------
RJR News reports that the final US$280,000 (GUY$55 million) of a
debt owed by Guyana to Russia dating back to when that European
country was part of the former Soviet Union will be cancelled.

This gesture of debt forgiveness was announced by Russia's
Ambassador to Guyana, Nikolay Smirnov, according to RJR News.

RJR News notes that Russia had already cancelled GUY$16.3 million
of the debt that was owed, which Russia inherited when the former
eastern European bloc broke up into the Commonwealth of
Independent.



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J A M A I C A
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AIR JAMAICA: Divestment Team Prepares Airline's Response
--------------------------------------------------------
Paul Allen at Jamaica Observer reports that Air Jamaica Limited's
divestment team is crafting a response to the growing criticisms
being leveled at the company and its owners, Caribbean Airlines
Limited.

As reported in the Troubled Company Reporter-Latin America on
May 14, 2012, The Gleaner said that Air Jamaica Limited continues
to incur losses under its new owner, Caribbean Airlines Limited.
Still, Air Jamaica's US$38 million loss was a 75% improvement
over the previous year when the airline lost some US$150 million,
the project manager on the divestment committee and a union
expert said, according to Air Jamaica Limited.

Jamaica Observer says that while there's no word on what the
response will include, a source told the Jamaica Observer that it
may be out as soon as today and should answer some of the
questions being raised by regional stakeholders.  Among these are
the possibility of cutting of routes and additional measures to
reduce spending, the report relays.

CAL's growing debt has caused the company to face "operational
risk", the report quoted Trinidad's Finance minister, Winston
Dookeran as saying.  Jamaica Observer says that the government
will have to intervene in the airline's operations if it is to
continue flying, he told the Trinidad and Tobago Expres.

Meanwhile, Air Jamaica has been told to reduce its expenses.
Trinidad's transport minister, Devant Maharaj, said unprofitable
routes would need to be looked at, Caribbean360.com reported,
Jamaica Observer adds.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.  According to
a TCR-LA report on June 29, 2009, RadioJamaica News said the
Jamaican government indicated it will name a buyer for cash-
strapped Air Jamaica.  RadioJamaica related the airline has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill.  In addition, RadioJamaica said,
Air Jamaica currently has over US$600 million in loans
outstanding.



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M E X I C O
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COMERCIAL V.H.: Seeks U.S. Recognition of Mexican Proceedings
-------------------------------------------------------------
The trustee for the Mexican bankruptcy estate of Comercial V.H.,
S.A. de C.V. filed a Chapter 15 petition (Bankr. D. Ariz. Case
No. 12-10933) to seek recognition of the liquidation in Mexico.

CVH formerly operated grocery stores, mini-markets and
pharmacies, both directly and through affiliates, throughout the
Mexican state of Sonora, and in other Mexican states in
northwestern Mexico.  CVH is no longer actively engaged in
business.

CVH commenced a commercial bankruptcy proceeding in Mexico in
January 2010.  While initially filed as the Mexican equivalent of
a chapter 11 reorganization, on March 7, 2011, the CVH bankruptcy
was converted into a liquidation proceeding.

The trustee Victor Alan Alcazar Lacarra's request for recognition
of the bankruptcy case as "foreign main proceeding" stems from a
lawsuit in Pima County Superior Court.

In April 2004, suit was filed in Superior Court for the recovery
of money alleged to have been misappropriated from CVH and/or its
parent by various individuals.  An injunction froze various U.S.-
based bank and investment accounts, pendente lite.  Mr. Fred
Boice was appointed to act as receiver of the frozen accounts
totaling $10.1 million.

Once recognition is granted, the trustee will file a further
petition to accomplish the orderly turnover of assets to CVH and
the Mexican court.


COMERCIAL V.H.: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Victor Alan Alcazar Lacarra,
                       as trustee for Mexican bankruptcy
                       estate of the Debtor

Chapter 15 Debtor: Comercial V.H., S.A. de C.V.
                   c/o Victor Alan Alcazar Lacarra
                   Leon Guzman No. 4, Colonial Constitucion
                   Hermosillo, SO 83150
                   Mexico

Chapter 15 Case No.: 12-10933

Chapter 15 Petition Date: May 17, 2012

Court: District of Arizona (Tucson)

About the Debtor:  CVH formerly operated grocery stores, mini-
                   markets and pharmacies, both directly and
                   through affiliates, throughout the Mexican
                   state of Sonora, and in other Mexican states
                   in northwestern Mexico.  CVH is no longer
                   actively engaged in business.

                   CVH commenced a commercial bankruptcy
                   proceeding in Mexico in January 2010.  While
                   initially filed as the Mexican equivalent of a
                   chapter 11 reorganization, on March 7, 2011,
                   the CVH bankruptcy was converted to a
                   liquidation proceeding.

Petitioner's
Counsel:          David Michael Mandig, Esq.
                  WATERFALL ECONOMIDIS CALDWELL et al
                  5210 E Williams Circle #800
                  Tucson, AZ 85711
                  Tel: (520) 790-5828
                  Fax: (520) 745-1279
                  E-mail: mmandig@wechv.com

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

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



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


CLICO (BAHAMAS): First $10 Million Recovery for Creditors
---------------------------------------------------------
Neil Hartnell at Tribune242 reports that some US$10 million
raised from selling the property that accounts for 63% of Clico
(Bahamas) Limited assets has been returned to the nation for the
ultimate benefit of the insolvent insurer's Bahamian
policyholders and creditors - the first of such recovery in more
than three years.

Documents filed in the south Florida bankruptcy court on May 18,
2012, which have been obtained by Tribune Business, confirm that
CLICO (Bahamas) liquidator, Craig A. 'Tony' Gomez, the Baker
Tilly Gomez accountant and partner, has returned 13.7% of the
US$73 million sum owed to the insolvent insurer to this nation.

The US$10 million was raised through selling 138.3 acres, almost
one-third of the remaining real estate, at the Wellington
Preserve project located in West Palm Beach, Florida, according
to Tribune242.  The report relates that the transaction raised a
gross US$13.384 million, but CLICO Enterprises, the wholly owned,
Bahamian-domiciled CLICO (Bahamas) subsidiary that held the
insolvent insurer's Wellington Preserve interests, only received
US$10 million due to Mr. Gomez's need to cover expenses related
to the property's administration and Homeowners Association.

Still, Tribune242 notes that the US$10 million recovered is the
first tangible sign of progress in the recovery effort for
Bahamian creditors since CLICO (Bahamas) was placed into
liquidation in February 2009.  With some 283 acres still
available for sale at Wellington Preserve, it seems feasible that
Mr. Gomez could raise another US$20-US$30 million for their
benefit in fully liquidating the property, Tribune242 notes.

Tribune242 discloses that if that occurs, CLICO Enterprises --
and, by extension, CLICO (Bahamas) -- will likely recover between
US$30-US$40 million of the total US$73 million owed.  Tribune242
notes that would result in somewhere between a US$33-US$43
million loss, or recovery ratio of 41-55%.

The court papers obtained by Tribune242 stated: "Wellington
Preserve . . . . gives notice that an initial dividend in the
amount of US$10 million has been paid in this case to the
liquidation estate of CLICO Enterprises, the parent company of
[Wellington Preserve], which is itself in liquidation, supervised
by the Supreme Court of the Commonwealth of the Bahamas."

Under the terms of Wellington Preserve's US court-approved
liquidation plan, CLICO Enterprises placed itself at the bottom
of the creditors queue, ensuring all US-based unsecured creditors
were paid off in full, Tribune242 notes.

Tribune242 relays that explaining why the full US$13.384 million
gross sales proceeds did not all come back to the Bahamas, the
court filing added: "The remainder of the proceeds from the
ongoing liquidation of [Wellington Preserve's] real estate
holdings will thus be directed first to the ongoing expense of
operating the Homeowners Association until the remainder of the
property has been sold. . . . Second, to other administrative
expenses and/or closing costs, as may be appropriate; third to
accruing taxes, if any; and finally, the entire net proceeds
shall be distributed as further dividends to the liquidation
estate of CLICO Enterprises."

Meanwhile, Tribune242 notes that Mr. Gomez and his attorneys have
filed another amendment to Wellington Preserve's liquidation plan
with the south Florida bankruptcy court, seeking permission to
market and sell the remaining 283 acres and remit the net
proceeds to CLICO Enterprises.

Tribune242 says that explaining that Wellington Preserve was
placed into Chapter 11 bankruptcy protection to ensure it was
liquidated in an orderly fashion, paid off unsecured creditors,
"and then seeing to the payment of the remaining proceeds of the
liquidation to the remaining creditor, CLICO Enterprises", Mr.
Gomez is seeking to further amend the liquidation plan in a bid
to prevent further real estate sales incurring taxes.

Tribune242 notes that the amendment he is seeking would "provide
that the debtor shall continue to market the remaining 283 acres
of lands, whether as one parcel or as several; shall conclude the
sale thereof with reasonable dispatch; and shall remit the entire
net proceeds thereof, after direct closing costs, costs of
operating the Homeowners' Association, administrative expenses,
and appropriate provision for taxes, if any, to the liquidating
estate of CLICO Enterprises Nassau, Bahamas, as partial payment
of principal on account of CLICO Enterprises allowed unsecured
claim".

Clico (Bahamas) Limited (previously known as British Fidelity
Assurance Limited) operates branches in the Bahamas, Belize and
the Turks and Caicos.  Its parent company is Clico Holdings
(Barbados) Limited, though the ultimate parent company is CL
Financial Limited.


TRINIDAD CEMENT: Keeps Options Open as Strike Nears End
-------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
management officials are keeping their options open as the 90-day
strike action at the company's Claxton Bay and Mayo facilities is
scheduled to come to an end at the weekend.

Strike action began February 27 after the Oilfields Workers Trade
Union (OWTU) served notice of strike action following a breakdown
of negotiations between the OWTU and the company, according to
Trinidad and Tobago Newsday.  A few days later, the company
responded by locking out the workers, the report relates.

TCL General Manager Satnarine Bachew observed that should either
the union or the company refer the dispute to the Ministry of
Labour which would then refer the issue to the Industrial Court,
the industrial action would then be halted, Trinidad and Tobago
Newsday notes.

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.

                      About Trinidad Cement

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.



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


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

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 * * *