TCRLA_Public/120530.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, May 30, 2012, Vol. 13, No. 107


                            Headlines



B A R B A D O S

FOUR SEASONS: IDB Approves US$55MM Loan to Finance Construction


B R A Z I L

BANCO PINE: S&P Gives 'BB+' Rating on CHF100-Mil. Senior Notes


C A Y M A N   I S L A N D S

BEAR STEARNS: Commences Liquidation Proceedings
CLEAR VISION: Creditors' Proofs of Debt Due June 13
CV DISTRIBUTION: Creditors' Proofs of Debt Due June 12
GENEVA INSURANCE: Commences Liquidation Proceedings
HERCULES INTERNATIONAL: Creditors' Proofs of Debt Due June 22

IB FARNBOROUGH: Creditors' Proofs of Debt Due June 21
IB FARNBOROUGH I: Creditors' Proofs of Debt Due June 21
IB FARNBOROUGH II: Creditors' Proofs of Debt Due June 21
LIGHTBOX FUND: Creditors' Proofs of Debt Due June 22
LIGHTBOX MASTER: Creditors' Proofs of Debt Due June 22

MANMAR LIMITED: Creditors' Proofs of Debt Due June 13
MARNAY INVESTMENTS: Creditors' Proofs of Debt Due June 22
PHILOSMITH OFFSHORE: Creditors' Proofs of Debt Due June 21
REGENTS PARK: Creditors' Proofs of Debt Due June 20
RIVERSIDE PARTNERS: Creditors' Proofs of Debt Due June 13


J A M A I C A

INTERTRADE FINANCE: Court to Hear FSC's Application on June 21


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Strike Could Go to Industrial Court
* TRINIDAD & TOBAGO: In Recession, Central Bank Says


                            - - - - -


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


FOUR SEASONS: IDB Approves US$55MM Loan to Finance Construction
---------------------------------------------------------------
Caribbean360.com reports that the Inter-American Development Bank
(IDB) has approved a US$55 million loan to finance the
construction of the new Four Seasons hotel in Barbados.

IDB said that the funds are to finance construction of a new
environment-friendly hotel that will adopt international best
practice in water conservation and energy efficiency while
creating much needed jobs on the island, and opportunities for
small and medium-sized companies who will be engaged as suppliers
to the project, according to Caribbean360.com.

The report notes that when the stalled luxury resort development
gets re-started, projections are that it will create as many as
725 direct jobs during construction and operation; and local
small and medium-sized furniture manufacturers and art and craft
vendors will have an opportunity to provide furniture and art and
craft items to the hotel, as well as to sell their products at
the hotel's gift shop.

As reported in the Troubled Company Reporter-Latin America on
July 26, 2010, Jamaica Observer said that a Four Seasons Hotel
project in Barbados has run into problems after the US$20 million
government guarantee that has kick-started the stalled project is
said to be not enough to complete the planned luxury facility.

                        About Four Seasons

Four Seasons Hotels -- http://www.fourseasons.com/-- manages
some 75 luxury hotels and resorts in more than 30 countries.
Most properties are operated under the Four Seasons name, but
some are Regent hotels.  It has ownership interests in only about
half of its properties, having shifted from a hotel owner to a
hotel operator in the 1990s.  In 2007, Four Seasons Hotels board
members took the company private.



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B R A Z I L
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BANCO PINE: S&P Gives 'BB+' Rating on CHF100-Mil. Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
Banco Pine S.A.'s upcoming issuance of CHF100 million 30-month,
fixed-rate senior unsecured notes.

"The rating on the new notes is the same as our long-term issuer
credit rating on Banco Pine (BB+/Stable/B), reflecting our view
that the notes will rank pari passu with other senior unsecured
debt and will be direct, unsecured, unsubordinated, and
unconditional obligations of the bank. The bank expects to use
the proceeds for general corporate purposes," S&P said.

"Standard & Poor's bases its ratings on Banco Pine on its strong
asset-quality, 'adequate' liquidity and capital and earnings.
These positive factors are offset by a 'moderate' business
position that reflects its small size, concentration on the small
and midsize enterprises (SMEs) segment (within this segment,
companies with annual revenues of more than R$500 million
accounted for 69% of the bank's total loan portfolio), and
concentrated funding profile," S&P said.

"Banco Pine is a small niche bank in Brazil, which has been
consolidating its strategy to be a dedicated small corporate
lender that allows it to focus on high-quality customers, which
usually have audited financial statements and significant scale
that enables more long-term relationships and cross-selling than
regular SMEs. With about R$10.4 billion in total assets as of
March 2012, Banco Pine was the 30th-largest bank in the country,
according to the central bank's December 2011 data, and accounted
for less than 1% of the Brazilian financial system's total
assets," S&P said.

RATINGS LIST

Banco Pine S.A.
  Issuer credit rating               BB+/Stable/B

New Rating

Banco Pine S.A.
  CHF100M sr unsec notes             BB+



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


BEAR STEARNS: Commences Liquidation Proceedings
-----------------------------------------------
On April 27, 2012, the members of Bear Stearns Global Lending
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be
included in the company's dividend distribution.

The company's liquidator is:

         Timothy J. Smith
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104
         Cayman Islands


CLEAR VISION: Creditors' Proofs of Debt Due June 13
---------------------------------------------------
The creditors of Clear Vision Limited are required to file their
proofs of debt by June 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 9, 2012.

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
         Telephone: 345 949-7128


CV DISTRIBUTION: Creditors' Proofs of Debt Due June 12
------------------------------------------------------
The creditors of CV Distribution Services Ltd. are required to
file their proofs of debt by June 12, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Benjamin Greenspan
         c/o Greenspan Law Office
         620 Laguna Road, Mill Valley
         California 94941, USA
         Telephone: +1 (415) 381-3283
         Facsimile: +1 (415) 738-5371


GENEVA INSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on April 30, 2012, the
sole shareholder of Geneva Insurance SPC Limited resolved to
voluntarily liquidate the company's business.

The company's liquidators are:

         Kenneth M. Krys
         Margot MacInnis
         Governors Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         PO Box 31237 Grand Cayman KY1-1205
         Cayman Islands
         Attn:  Jeremy Anderson
         Telephone: +1 345 815 8440
         Facsimile: +1 345 946 6728


HERCULES INTERNATIONAL: Creditors' Proofs of Debt Due June 22
-------------------------------------------------------------
The creditors of Hercules International Limited are required to
file their proofs of debt by June 22, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2012.

The company's liquidator is:

         Andrea Aegerter
         Telephone: +41 22 319 01 76
         Facsimile: +41 22 319 01 02
         Coutts & Co Trustees (Switzerland) Ltd
         13 Quai de l'Ile
         P.O. Box 5511
         1211 Geneva 11
         Switzerland


IB FARNBOROUGH: Creditors' Proofs of Debt Due June 21
-----------------------------------------------------
The creditors of IB Farnborough (Pinehurst) Project Company, Ltd.
are required to file their proofs of debt by June 21, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2012.

The company's liquidator is:

         Peter Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IB FARNBOROUGH I: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of IB Farnborough (Pinehurst) Funding Company I,
Ltd. are required to file their proofs of debt by June 21, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2012.

The company's liquidator is:

         Peter Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


IB FARNBOROUGH II: Creditors' Proofs of Debt Due June 21
--------------------------------------------------------
The creditors of IB Farnborough (Pinehurst) Funding Company II,
Ltd. are required to file their proofs of debt by June 21, 2012,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2012.

The company's liquidator is:

         Peter Anderson
         c/o Omar Grant
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


LIGHTBOX FUND: Creditors' Proofs of Debt Due June 22
----------------------------------------------------
The creditors of Lightbox Fund, Ltd are required to file their
proofs of debt by June 22, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 3, 2012.

The company's liquidator is:

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


LIGHTBOX MASTER: Creditors' Proofs of Debt Due June 22
------------------------------------------------------
The creditors of Lightbox Master Fund, Ltd are required to file
their proofs of debt by June 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2012.

The company's liquidator is:

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


MANMAR LIMITED: Creditors' Proofs of Debt Due June 13
-----------------------------------------------------
The creditors of Manmar Limited are required to file their proofs
of debt by June 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 9, 2012.

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
         Telephone: 345 949-7128


MARNAY INVESTMENTS: Creditors' Proofs of Debt Due June 22
---------------------------------------------------------
The creditors of Marnay Investments are required to file their
proofs of debt by June 22, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 7, 2012.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945 4777
         Facsimile: 945 4799
         P.O. Box 707 Grand Cayman KY1-1107
         Cayman Islands


PHILOSMITH OFFSHORE: Creditors' Proofs of Debt Due June 21
----------------------------------------------------------
The creditors of Philosmith Offshore Partners Ltd. are required
to file their proofs of debt by June 21, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 4, 2012.

The company's liquidator is:

         Mourant Ozannes Cayman Liquidators Limited
         Reference: James Webb
         Telephone: (+1) 345 815 1208
         Facsimile: (+1) 345 949 4647
         Reference: Peter Goulden
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647
         Harbour Centre, 42 North Church Street
         P.O. Box 1348, George Town
         Grand Cayman KY1-1108
         Cayman Islands


REGENTS PARK: Creditors' Proofs of Debt Due June 20
---------------------------------------------------
The creditors of Regents Park Relative Value Fund (Cayman) are
required to file their proofs of debt by June 20, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2012.

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


RIVERSIDE PARTNERS: Creditors' Proofs of Debt Due June 13
---------------------------------------------------------
The creditors of Riverside Partners Ltd. are required to file
their proofs of debt by June 13, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 7, 2012.

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



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


INTERTRADE FINANCE: Court to Hear FSC's Application on June 21
--------------------------------------------------------------
Joan Powell at RJR News reports that the Supreme Court to hear an
application by the Financial Service Commission (FSC) to wind up
securities dealer Intertrade Finance Corporation on June 21,
2012.

The decision to wind up the company was made after the FSC, which
has temporary management, determined that Intertrade's
liabilities exceed its assets and the company is unable to pay
its debts, according to RJR News.

Last February, RJR News recalls that the FSC suspended
Intertrade's license and later took temporary control of the
company after it began to exhibit signs of financial trouble.

RJR News relates that a subsequent probe by the Commission showed
the company was insolvent, with more than JM$3.6 billion in
liabilities and only JM$1.1 billion dollars in assets.  The
report relays that the police are trying to locate the company's
Chief Executive Officer, Joan Powell, who is wanted on fraud
related charges.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2011, RJR News said that restrictions have been placed on
the operations of Intertrade Finance after it was served with a
cease and desist order by the Financial Services Commission.  The
order was issued to Joan Powell, Intertrade's Chief Executive
Officer and its Directors Gavin Chen, Christopher Malcolm and
Herbert Malcolm, according to RJR News.  The report related that
FSC said the order was based on the company misrepresenting
clients on the nature of the securities in which they had
invested, its failure to pay over sums to certain clients in
keeping with their instructions, and a review of its interim
financial statements and other documents.

Intertrade Finance Corporation is a securities dealer.



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


TRINIDAD CEMENT: Strike Could Go to Industrial Court
----------------------------------------------------
RJR News reports that Trinidad Cement Ltd General Manager
Satnarine Bachew is expected to hold discussions with company
management on whether the company will refer the workers' strike
action to the Industrial Court.

Following a breakdown in wage negotiations in February, some 600
TCL workers walked off the compound and constructed makeshift
tents outside the facilities at Claxton Bay and Mayo, according
to RJR News.

The report notes that the 90-day strike notices served on TCL and
subsidiary Trinidad Packaging Ltd on Feb. 27, 2012, expired
May 26, 2012.

RJR News notes that the Oilfields Workers' Trade Union branch
President Lawrence Renaud reportedly said both parties have seven
days to refer the matter to the Industrial Court.

As reported in the Troubled Company Reporter - Latin America on
May 24, 2012, Trinidad and Tobago Newsday said 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 related.  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.

                       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.


* TRINIDAD & TOBAGO: In Recession, Central Bank Says
----------------------------------------------------
Caribbean360.com reports that the Trinidad and Tobago Central
Bank has revised its projections and is now reporting that the
country had entered a technical recession at the end of 2011, in
its recently released April Monetary Policy Report and Summary
Economic Indicators bulletin.

In this bulletin, the Central Bank reported that economy growth
for the twin-island republic had declined by 2.6% in the fourth
quarter of 2011, (Oct. 1 to Dec. 31, 2011) following a decline by
the same amount in the third quarter (July 1 to Sept. 30, 2011),
according to Caribbean360.com.  The report relates that this
conforms to the classic definition for a recession as countries
that experience two or more consecutive quarters of a declining
gross domestic production (GDP) are generally defined as being in
recession.

In the report, the Central Bank stated that the decline in the
Trinidad and Tobago economy in the fourth quarter was driven by a
"considerable reduction in activity in the energy sector of -
7.8%," and while the non-energy sector increased by 1.2%, this
was "insufficient to offset the slippage in the energy sector,"
Caribbean360.com notes.

The report discloses that across the energy sub-sectors declines
were registered in the last three months of 2011 as the
exploration and production sub-sector declined by 7.2% mainly as
a result of an 8% drop in natural gas production; the refining
sub-sector declined by 15.3% with LNG output falling by 16.5 %and
the production of natural gas liquids dropping by 16.1%; the
petrochemicals sub-sector declined by 10.4%; and ammonia
production fell by 13.3%, while the output of methanol was lower
by 2.4%.

The central bank also reported further declines in the energy
sector during the first quarter of 2012, including crude oil
production that slipped to an average of 82,500 barrels a day,
down from 96,900 barrels a day during the first quarter of 2011,
Caribbean360.com notes says.

Natural gas production during has reportedly remained depressed
so far throughout 2012 with a significant decline in liquefied
natural gas in the first quarter by 15.4%, Caribbean360.com adds.


                            ***********


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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