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

            Wednesday, July 11, 2012, Vol. 13, No. 137


                            Headlines



B E R M U D A

BURT CONSTRUCTION: Court to Hear Wind-Up Petition on July 20
FLETCHER INT'L: Fund Temporarily Halts Bermuda Bankruptcy


C A Y M A N   I S L A N D S

ABIC HOLDINGS: Creditors' Proofs of Debt Due Aug. 2
BUNYAN 2 EQUITY: Creditors' Proofs of Debt Due Aug. 2
MLGPE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 2
MORNING CALM: Creditors' Proofs of Debt Due Aug. 2
MSR EXODUS: Creditors' Proofs of Debt Due Aug. 1

PIVOT STRATEGIC: Creditors' Proofs of Debt Due Aug. 2
PROXIMA LIMITED: Member to Receive Wind-Up Report on July 27
RALLY CDO: Creditors' Proofs of Debt Due Aug. 2
STRATEGIC INVESTMENTS: Creditors' Proofs of Debt Due Aug. 2


J A M A I C A

UC RUSAL: London Court to Rule on US$1 Billion Stake


M E X I C O

CERVECERIA NACIONAL: S&P Raises Rating to 'BB' From 'B+'


P U E R T O   R I C O

INTERNATIONAL HOME: Wants First Bank to Turnover Property


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Touchstone Exploration Closes US$24MM Term Loan




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B E R M U D A
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BURT CONSTRUCTION: Court to Hear Wind-Up Petition on July 20
------------------------------------------------------------
A petition to wind up the operations of Burt Construction Limited
will be heard before the Supreme Court of Bermuda on July 20, 2012,
at 9:30 a.m.


FLETCHER INT'L: Fund Temporarily Halts Bermuda Bankruptcy
---------------------------------------------------------
U.S. Bankruptcy Judge Robert E. Gerber on Thursday granted Fletcher
International Ltd. a temporary restraining order barring Cayman
Islands court-appointed liquidators from taking action against the
hedge fund and dismantling its assets, for now.

Bankruptcy Law360 relates that Judge Gerber granted Fletcher's
motion for a temporary restraining order and preliminary injunctive
relief confirming the applicability of the automatic bankruptcy stay
to the proceedings.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports
that the injunction temporarily prevents investors in a feeder fund
from having the master fund thrown into an involuntary
liquidation in Bermuda, where the master fund is incorporated.

Fletcher International after its Chapter 11 filing immediately
started a lawsuit to stop the involuntary bankruptcy in Bermuda.
U.S. Bankruptcy Judge Robert E. Gerber signed a temporary injunction
on July 5 stopping liquidators appointed in the Cayman Islands from
proceeding with proceedings in Bermuda.

According to the Bloomberg report, there will be another hearing on
July 16 in New York where Judge Gerber will consider signing a
preliminary injunction extending the freeze on proceedings in
Bermuda.  Judge Gerber also enjoined attempts at holding a
shareholders' meeting to oust current management at Fletcher
International.

The lawsuit to halt the Bermuda liquidation is Fletcher
International Ltd. v. Fletcher Income Arbitrage Fund, 12-01740, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).

                   About Fletcher International

Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan.  The Bermuda exempted company estimated assets and
debts of $10 million to $50 million.  The bankruptcy documents
were signed by its president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.

Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.



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C A Y M A N   I S L A N D S
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ABIC HOLDINGS: Creditors' Proofs of Debt Due Aug. 2
---------------------------------------------------
The creditors of Abic Holdings are required to file their proofs of
debt by Aug. 2, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 31, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


BUNYAN 2 EQUITY: Creditors' Proofs of Debt Due Aug. 2
-----------------------------------------------------
The creditors of Bunyan 2 Equity Co. are required to file their
proofs of debt by Aug. 2, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 14, 2012.

The company's liquidator is:

         Shaikh Abdul Rahiman
         Gulf Investment House K.S.C.
         Dar Al-Awadi Towers, 27th to 30th Floors
         Ahmad Al-Jaber Street, Sharq
         PO Box 28808
         Safat 13149
         Kuwait
         Telephone: (+965) 1844488 Ext-1402


MLGPE INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 2
---------------------------------------------------------
The creditors of MLGPE International Strategies Ltd are required to
file their proofs of debt by Aug. 2, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 13, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MORNING CALM: Creditors' Proofs of Debt Due Aug. 2
--------------------------------------------------
The creditors of Morning Calm Ltd. are required to file their proofs
of debt by Aug. 2, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 31, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


MSR EXODUS: Creditors' Proofs of Debt Due Aug. 1
------------------------------------------------
The creditors of MSR Exodus Holdings Ltd. are required to file their
proofs of debt by Aug. 1, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 11, 2012.

The company's liquidator is:

         Rebecca Hume
         Telephone: (345) 949-4544
         Facsimile: (345) 949-8460
         Charles Adams Ritchie & Duckworth
         PO Box 709
         122 Mary Street
         Grand Cayman KY1-1107
         Cayman Islands


PIVOT STRATEGIC: Creditors' Proofs of Debt Due Aug. 2
-----------------------------------------------------
The creditors of Pivot Strategic Fund II are required to file their
proofs of debt by Aug. 2, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 8, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


PROXIMA LIMITED: Member to Receive Wind-Up Report on July 27
------------------------------------------------------------
The member of Proxima Limited will receive on July 27, 2012, at 9:00
a.m., the liquidator's report on the company's wind-up proceedings
and property disposal.

The company commenced wind-up proceedings on June 12, 2012.

The company's liquidator is:

         Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510 Grand Cayman KY1-1104
         Cayman Islands


RALLY CDO: Creditors' Proofs of Debt Due Aug. 2
-----------------------------------------------
The creditors of Rally CDO Limited are required to file their proofs
of debt by Aug. 2, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 12, 2012.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


STRATEGIC INVESTMENTS: Creditors' Proofs of Debt Due Aug. 2
-----------------------------------------------------------
The creditors of Strategic Investments (SI) Limited are required to
file their proofs of debt by Aug. 2, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 14, 2012.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9005
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


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J A M A I C A
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UC RUSAL: London Court to Rule on US$1 Billion Stake
----------------------------------------------------
RJR News reports that London's High Court will begin hearing one of
UK's largest commercial disputes which involves a major company with
ties to Jamaica.

The case concerns Russian aluminum giant, United Company RUSAL,
which owns the majority of Jamaica's bauxite assets including the
Ewarton operations in St. Catherine, according to RJR News.

The report notes that Russian oligarch Oleg Deripaska will face a
rival billionaire in court in a dispute over a one billion US dollar
stake in Rusal, which is the world's biggest aluminum producer.

RJR News says that the case was brought against Mr Deripaska by
Michael Cherney, who alleges they were business partners, something
Mr Deripaska denies.

The report notes that Mr. Cherney claims Mr. Deripaska owe him a
13.2% stake in Rusal.

The case is expected to take months to hear, calling 70 witnesses,
with Ukrainian-born Mr. Cherney giving evidence from his home in
Israel via video link, RJR News discloses.

United Company RUSAL Plc -- http://www.rusal.com-- engages in
the production and sale of aluminum products.  The company
engages in bauxite and nepheline ore mining and processing;
alumina refining; and aluminum smelting and refining operations.
It also involves in the sale of bauxite and alumina; and various
primary aluminum products, including alloys, as well as value-
added products, such as aluminum sheets, ingots, and billets.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 21,
2012, The Financial Times said that two Russian billionaires have
clashed publicly over corporate governance at the world's largest
aluminium company, after Viktor Vekselberg said United Company
Rusal was in "deep crisis" because of bad management and a heavy
debt load.  The FT related that Mr. Vekselberg resigned as
Rusal's chairman on March 14, saying it had been transformed from
"a world leader in the aluminum industry into a company
overburdened by debt and involved in a huge number of legal
battles and social conflicts".



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M E X I C O
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CERVECERIA NACIONAL: S&P Raises Rating to From 'B+'; Outlook Stable
-------------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Cerveceria
Nacional Dominicana S.A. (CND), two notches above the sovereign
rating on the Dominican Republic.

"In addition, we removed the rating from CreditWatch with
positive implications, where we placed it on April 17, 2012. The
outlook is stable. The rating action reflects the completion of
AmBev - Companhia de Bebidas das Americas' acquisition of 51% of
CND, which was announced on April 16," S&P said.

"We believe CND is a strategically important investment for AmBev
and we have incorporated two notches of support from AmBev to our
corporate credit rating on CND. Through this transaction, Ambev will
become the biggest beverage company in the Caribbean, and we believe
its operation in this region will be highly strategic for the
company," S&P said.

"We expect AmBev to provide strong implicit and explicit support to
CND, even in a default case scenario of the Dominican Republic. This
support is evident throughthe recent redemption of CND's senior
unsecured notes due 2014, which the company will refinance at a
lower interest rate through a bank loan that AmBev will
guarantee. We consider the company's business risk profile as "weak"
and its financial risk profile as "significant," S&P said.

"Additionally, we expect that CND will benefit from synergies,
integration of logistics and commercial agreements, economies of
scale in raw material sourcing and distribution, and further
expansion.



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P U E R T O   R I C O
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INTERNATIONAL HOME: Wants First Bank to Turnover Property
---------------------------------------------------------
International Home Products, Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico an adversary
proceeding against First Bank of Puerto Rico, and Rene Lopez, Jane
Do, and the conjugal partnership constituted between them, asking
that, among other things:

   -- First Bank turnover to the Debtor all property that First
      Bank has transferred to its possession; and

   -- the Court find that First Bank's effort to file finance
      statements in July 2011 without the Debtors' knowledge
      violates First Bank's duty of good faith.

The loan relationship between the Debtor and First Bank began in
January 2001.  In 2009, the parties concluded an amended and
restated credit agreement which did not have any supporting security
agreements assigning the Debtor's income in rents.

The Debtors relate that with respect to First Bank's January 2001
security interest, it expired after 10 years because First Bank
never filed a continuation statement.

The parties agreed to leave the status quo intact pending a new
agreement and new security agreement.  During several months of
negotiations, the Debtor and First Bank exchanged many drafts of
potential agreements.  However, the Debtor contends that First Bank
filed a financing statement in July 2001 with the Puerto Rico
Department of State without the consent of the Debtor and contrary
to First Bank's representations of good faith.  The Debtors note
that First Bank's action cause substantial harm to the Debtor --
loss of property (e.g. accounts receivable valued over $38 million),
and harm to relationship with their customers and vendors.

A copy of the adversary proceeding is available for free at:

    http://bankrupt.com/misc/INTERNATIONALHOME_adversarycase.pdf

                About International Home Products

International Home Products, Inc., is engaged in the sale,
financing of "Lifetime" cookware and other kitchenware as well as
sale of account receivables in the secondary market.  It is the
exclusive distributor of "Lifetime" products in Puerto Rico for
over 40 years.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 12-02997) on April 19,
2012.  Carmen D. Conde Torres, Esq., in San Juan, P.R.,
serves as the Debtor's counsel.  Wigberto Lugo Mendel, CPA,
serves as its accountants.  The Debtor disclosed $66,155,798 and
$43,350,031 in liabilities as of the Chapter 11 filing.

Secured lender First-Bank Puerto Rico is represented by Manuel
Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro,
Colon, Mullet, Rivera & Sifre, P.S.C.



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T R I N I D A D  &  T O B A G O
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CL FINANCIAL: Touchstone Exploration Closes US$24MM Term Loan
-------------------------------------------------------------
Touchstone Exploration Inc. has closed its previously announced
CAD$24.0 million long-term loan with a fund managed by Crown Capital
Partners Inc.

The proceeds of the New Financing will be used to pay-out and retire
the existing US $23.3 million vendor take-back loan acquired from CL
Financial Limited, later assigned to Colonial Life Insurance Company
(Trinidad) Limited, in connection with the Company's acquisition of
the Primera group of companies on Aug. 19, 2011.

The New Financing provides for an interest rate of 9.25% per annum,
compounded and payable monthly, a term of forty-eight (48) months
with no repayment of principal until sixteen (16) months from the
date of closing.  The New Financing will be secured by a fixed and
floating charge over the present and after acquired assets of the
Company and its subsidiaries.

In connection with the New Financing, the Company paid CCP a
commitment fee of CAD$560,000 (or 2.33% of the principal amount) and
issued the lender 9.6 million non-transferable share purchase
warrants to acquire one common share of the Company at an exercise
price of CAD$0.55, exercisable at any time for four (4) years from
the date of issuance. The warrants and common shares issuable upon
exercise are subject to a hold period in accordance with applicable
Canadian securities laws expiring Oct. 30, 2012.

The companies in which Touchstone Exploration Inc. directly and
indirectly owns investments or assets are separate entities. In this
news release "Touchstone" is sometimes used for convenience where
references are made to Touchstone Exploration Inc. and its
subsidiaries in general.

                       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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