TCRLA_Public/120906.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, September 6, 2012, Vol. 13, No. 178


                            Headlines



A N T I G U A

STANFORD INT'L: SEC Appeals Denial of SIPC Funds for Victims


A R G E N T I N A

AVC SEGURIDAD: Creditors' Proofs of Debt Due Oct. 2
DESARROLLOS LK SA: Creditors' Proofs of Debt Due Oct. 19
LAGO MANZANARES: Creditors' Proofs of Debt Due Sept. 17
MEDICINA ASISTENCIAL: Creditors' Proofs of Debt Due Sept. 19
SOLUCIONES IMPRESAS: Creditors' Proofs of Debt Due Oct. 5


B R A Z I L

BANCO MERCANTIL: S&P Affirms 'BB-/B' Issuer Credit Ratings
COMPANHIA SIDERURGICA: Moody's Revises Ba1 CFR Outlook to Stable
GOL LINHAS: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
* BRAZIL: IDB Approves US$60 Million to Aid 40,000 Youth


C A Y M A N   I S L A N D S

BELMONT FIXED: Creditors' Proofs of Debt Due Oct. 8
BELMONT LONG: Creditors' Proofs of Debt Due Oct. 8
BELMONT MARKET: Creditors' Proofs of Debt Due Oct. 8
BELMONT RX: Creditors' Proofs of Debt Due Oct. 8
BELVISTA COMMODITY: Creditors' Proofs of Debt Due Oct. 8

CARLYLE CREDIT: Creditors' Proofs of Debt Due Sept. 27
CHINA MEDICAL: Chapter 15 Case Summary
CRESCENT MAYFAIR: Creditors' Proofs of Debt Due Sept. 27
CSN ISLANDS VI: Creditors' Proofs of Debt Due Sept. 27
ELITE CONCEPT: Commences Liquidation Proceedings

ROSMORE: Creditors' Proofs of Debt Due Sept. 27


C O L O M B I A

BANCOLOMBIA: Fitch Places Rating on Support Floor at 'BB+'


J A M A I C A

CL FINC'L: Silent on 81% Stake Sale in Lascelles to Camapri


M E X I C O

EMPRESA DE ENERGIA: S&P Raises Corporate Credit Rating From 'BB+'
SATELITES MEXICANOS: Moody's Reviews 'B3' CFR for Downgrade


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

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A N T I G U A
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STANFORD INT'L: SEC Appeals Denial of SIPC Funds for Victims
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Securities and Exchange Commission is taking
an appeal from a ruling early July that investors defrauded in the
R. Allen Stanford Ponzi scheme aren't entitled to have their
claims paid by the Securities Investor Protection Corp.

According to the report, the SEC sued in December, asking a U.S.
district judge in Washington to force SIPC to take over the
liquidation of Stanford's brokerage firm, Stanford Group Co.  Had
the SEC won, SIPC would have been required to cover customer's
claim for as much as $500,000 each.  U.S. District Judge Robert L.
Wilkins ruled against the SEC on July 3.  The SEC appealed
Aug. 31.

The Bloomberg report discloses that unless the SEC wins on appeal
to the U.S. Court of Appeals in Washington, investors in the
$7 billion fraud will be repaid from recoveries in a receivership
pending in a federal court in Texas.  Mr. Stanford was sentenced
in June to a 110-year prison sentence.

The case is Securities and Exchange Commission v. Securities
Investor Protection Corp., 11-mc-00678, U.S. District Court,
District of Columbia (Washington).

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).



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


AVC SEGURIDAD: Creditors' Proofs of Debt Due Oct. 2
---------------------------------------------------
Luis Ricardo Kralj, the court-appointed trustee for AVC Seguridad
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Oct. 2, 2012.

Mr. Kralj will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 1 in
Buenos Aires, with the assistance of Clerk No. 1, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

The Trustee can be reached at:

         Luis Ricardo Kralj
         Bouchard 468
         Argentina


DESARROLLOS LK SA: Creditors' Proofs of Debt Due Oct. 19
--------------------------------------------------------
Bartolome Bavio, the court-appointed trustee for Desarrollos LK
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Oct. 19, 2012.

Mr. Bavio will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 23, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 12, 2013.

The Trustee can be reached at:

         Bartolome Bavio
         Av. de Mayo 1327
         Argentina


LAGO MANZANARES: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------------
Jose Guillermo Lego, the court-appointed trustee for Lago
Manzanares Norte SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Sept. 17, 2012.

Mr. Lego will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 41, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Guillermo Lego
         San Martin 50
         Argentina


MEDICINA ASISTENCIAL: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------------------
Gerardo Miguel Seghero, the court-appointed trustee for Medicina
Asistencial Familiar y Social SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until Sept. 19, 2012.

Mr. Seghero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Gerardo Miguel Seghero
         Combate de los Pozos 129
         Argentina


SOLUCIONES IMPRESAS: Creditors' Proofs of Debt Due Oct. 5
---------------------------------------------------------
Eduardo Brodersen, the court-appointed trustee for Soluciones
Impresas SA's reorganization proceedings, will be verifying
creditors' proofs of claim until Oct. 5, 2012.

Mr. Brodersen will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 29, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Eduardo Brodersen
         25 de Mayo 611
         Argentina



===========
B R A Z I L
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BANCO MERCANTIL: S&P Affirms 'BB-/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale 'BB-
/B' and national scale 'brA-' issuer credit ratings on Banco
Mercantil do Brasil S.A. (MB). The outlook is stable.

"Standard & Poor's bases its ratings on MB's 'moderate' business
position (as our criteria define it), 'weak' capital and earnings,
'adequate' risk position, 'below-average' funding, and 'adequate'
liquidity," S&P said.

"The stable outlook reflects our expectation that MB will continue
expanding its activities and branch network to improve its
profitability and capitalization levels. We could raise the
ratings if the bank's earnings retention in the next 12 months is
enough to raise our projected average risk-adjusted capitalization
ratio above 5% or if there is another capital injection to boost
its current capital levels. Conversely, if its asset quality
deteriorates, capital levels drop, or if liquidity decreases, we
could lower the ratings on the bank," S&P said.


COMPANHIA SIDERURGICA: Moody's Revises Ba1 CFR Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed the outlook for Companhia
Siderurgica Nacional S.A. ("CSN") and its rated guaranteed
subsidiaries to stable from positive. Moody's also affirmed CSN's
corporate family rating of Ba1 on the global scale, its Aa1.br on
the Brazilian national scale and the Ba1 rating of the guaranteed
issuances of CSN Resources S.A. (Luxembourg), CSN Islands VIII
Corporation, CSN Islands IX Corporation, CSN Islands XI
Corporation, and CSN Islands XII Corporation.

The change in CSN's outlook to stable from positive reflects the
greater than anticipated deterioration in macro economic factors,
reduced expectations for GDP growth in Brazil, and increased
challenges facing the steel industry in Brazil, including the
continuation of pervasive high import levels (in July 2012
accounted for approximately 16.6% of apparent flat steel
consumption and 12.2% of long steel consumption) and weak domestic
consumption levels, which could limit the ability of recent
increased price announcements to hold. In addition, the outlook
change reflects the significant collapse in iron ore prices since
the middle of July 2012 on slowing growth expectations in China
and relatively flat year-on-year steel production as well as
European sovereign debt and banking concerns. Brazil's GDP grew
only 0.4% in the June 2012 quarter over the prior quarter and
Brazilian steel production through July 2012 is down roughly 2.6%
from the levels in the corresponding period in 2011.

Since early July 2012, iron ore prices have fallen roughly 30% to
currently just under $100/ton (63.5% Fe India fines) and are 47%
below the average of August 2011. Moody's expects that iron ore
prices will continue to face headwinds over the next several
quarters and as a consequence the contribution from CSN's mining
operations (55% of 2011 EBITDA) will contract going forward.
Through June 2012, reduced contribution from steel together with
lower iron ore volumes and declining average prices and higher
input costs resulted in CSN recording reduced margins, compressed
EBITDA results and a more highly leveraged position (adjusted debt
to EBITDA of 6.1x and adjusted net debt of EBITDA of 4.5x
(considering a minimum cash position of USD 2 billion).

The challenging market conditions and Moody's expectations for
continued pressure on iron ore prices together with the company's
aggressive capex program have extended the time horizon by which
Moody's sees CSN achieving ratios that could support a positive
rating action.

Rating Rationale

CSN's Ba1 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products. Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 40%
range, supported by its solid domestic market position, wide range
of products through different segments and globally competitive
production costs both in steel and iron ore. CSN's operational
efficiency and low costs reflect the large scale of its integrated
steel mill, its own captive iron ore mine and its self-sufficiency
in electricity and 75% self-sufficiency in coke. Also supporting
CSN's high margins are the company's strategic location in the
most industrialized region of Brazil and its proximity to high-
grade iron ore reserves and port terminals, as well as its
efficient logistics.

While Moody's believes that the company is better-positioned than
most of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its track record of high shareholder
returns, low operational diversity, with 84% of its steel
production in a single site, and by risks associated with its
large capex program mainly to expand iron ore mining, cement and
logistics operations.

The stable outlook acknowledges the company's strong position in
the Brazilian steel markets, its good product mix, its level of
vertical integration and significant self-sufficiency in key
inputs, and its strong liquidity position. However, the outlook
also reflects Moody's expectation that iron ore prices are likely
to remain weak and are unlikely to return to at least $140/ton
(63.5% Fe India fines) in the short to medium term. Similarly, the
outlook captures Moody's expectation that steel conditions in
Brazil and globally will remain difficult over a comparable time
frame. These market conditions are expected to continue to
challenge CSN's performance.

Although not expected in the near term, CSN's ratings or outlook
could be positively affected if the company maintains a strong
liquidity position and acceptable leverage during the execution of
its large capex program, with net debt (considering a minimum
readily available liquidity cushion of USD 2 billion) to EBITDA
below 3x. In addition, sustainable cash from operations less
dividends to net debt of at least 20% as well as a less
concentrated operational risk profile would be further
considerations in a rating upgrade.

Conversely the ratings or outlook could suffer downward pressure
should CSN's operating margins weaken significantly and dividends
remain high such that cash from operations less dividends to net
debt is consistently negative, or in the case of a substantive
deterioration of its liquidity position, an inability to cover
130% of short-term debt with readily available liquidity and free
cash flow. Downward pressure could also affect the ratings or
outlook if consolidated net debt (considering a minimum readily
available liquidity cushion of US$2 billion) to EBITDA remains
above 3.5x for an extended time period. In addition, a significant
increase in consolidated secured debt or debt benefiting from
claim priority could negatively affect the ratings or outlook for
CSN's senior unsecured debt. The ratings could also be downgraded
should the company undertake a debt financed acquisition of a
sizeable amount.

The principal methodology used in rating CSN was the Global Steel
Industry Methodology published in January 2009.

CSN is a vertically integrated, low-cost producer of flat-rolled
steel, including slabs, hot and cold rolled steel, and a wide
range of value-added steel products, such as galvanized sheet and
tinplate. In addition, the company has downstream operations to
produce customized products, pre-painted steel and steel
packaging. In the last twelve months ended on June 30, 2012, CSN
reported consolidated net revenues of BRL16.4 billion (US$9.2
billion converted by the average exchange rate).


GOL LINHAS: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'B+' its
global-scale long-term corporate credit rating on Brazilian
airline Gol Linhas Aereas Inteligentes S.A. (GOL). "We also
lowered to 'brBBB-' from 'brBBB' our Brazil national scale rating
on GOL. At the same time, we removed all our ratings on GOL from
CreditWatch, where they were placed with negative implications on
Aug. 15, 2012. The outlook is stable," S&P said.

"The downgrade reflects the deterioration in GOL's credit metrics
and our expectation that an improvement will take longer to
materialize. The delay in the recovery of GOL's creditworthiness
is mainly because of lower demand growth and ongoing overcapacity
in the domestic passenger transportation sector, preventing the
airline from making any significant increase in fare prices. At
the same time, costs have increased further following a
devaluation in the Brazilian real (R$) of about 15% this year,
affecting U.S. dollar-denominated expenses such as leasing,
maintenance, and fuel (collectively about 50% of the company's
total costs)," S&P said.


* BRAZIL: IDB Approves US$60 Million to Aid 40,000 Youth
--------------------------------------------------------
The Inter-American Development Bank approved a loan to support a
Rio de Janeiro State program to integrate into society 40,000
young people who live in favelas cleared of drug-trafficking
gangs.

The goal over four years is to improve the living standards of 15-
29-year-old residents of the "pacified communities," where drug
traffickers have been replaced by community police known as Police
Pacification Units.  The program will make available and
accessible schools, healthcare, culture, sports, leisure, and
training to prepare participants to enter the workforce.  The
state government will contribute $24.5 million, raising total
funding to $84.5 million.

In recent years, drug-trafficking gangs have been replaced with
police tasked with winning the trust of favela residents,
restoring civil rights to communities where the state had not been
present.  However, residents still have few resources or
opportunities to allow them to build full and dignified lives.

Young people inthese communities face conditions that limit their
development and their future.  They continue to be the biggest
victims of violence.  Unemployment among 15-24-year-olds reaches
22 percent, twice the national average.  Only 53 percent of 19
year-olds have completed middle school.

The loan is for 25 years with a four-year maturity and
disbursement period, and an interest rate based on LIBOR.



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BELMONT FIXED: Creditors' Proofs of Debt Due Oct. 8
---------------------------------------------------
The creditors of Belmont Fixed Income are required to file their
proofs of debt by Oct. 8, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2012.

The company's liquidator is:

         Stratus FoFH Liquidations Services Limited
         Vincenti Buildings, 29/19 (Suite 1163)
         Straight Street, Valletta, VLT 1432
         Malta


BELMONT LONG: Creditors' Proofs of Debt Due Oct. 8
--------------------------------------------------
The creditors of Belmont Long Short Equity are required to file
their proofs of debt by Oct. 8, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 3, 2012.

The company's liquidator is:

         Stratus FoFH Liquidations Services Limited
         Vincenti Buildings, 29/19 (Suite 1163)
         Straight Street, Valletta, VLT 1432
         Malta


BELMONT MARKET: Creditors' Proofs of Debt Due Oct. 8
----------------------------------------------------
The creditors of Belmont Market Neutral are required to file their
proofs of debt by Oct. 8, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2012.

The company's liquidator is:

         Stratus FoFH Liquidations Services Limited
         Vincenti Buildings, 29/19 (Suite 1163)
         Straight Street, Valletta, VLT 1432
         Malta


BELMONT RX: Creditors' Proofs of Debt Due Oct. 8
------------------------------------------------
The creditors of Belmont RX SPC are required to file their proofs
of debt by Oct. 8, 2012, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 2, 2012.

The company's liquidator is:

         Stratus FoFH Liquidations Services Limited
         Vincenti Buildings, 29/19 (Suite 1163)
         Straight Street, Valletta, VLT 1432
         Malta


BELVISTA COMMODITY: Creditors' Proofs of Debt Due Oct. 8
--------------------------------------------------------
The creditors of Belvista Commodity Opportunities Ltd are required
to file their proofs of debt by Oct. 8, 2012, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 2, 2012.

The company's liquidator is:

         Stratus FoFH Liquidations Services Limited
         Vincenti Buildings, 29/19 (Suite 1163)
         Straight Street, Valletta, VLT 1432
         Malta


CARLYLE CREDIT: Creditors' Proofs of Debt Due Sept. 27
------------------------------------------------------
The creditors of Carlyle Credit Partners Financing I, Ltd. are
required to file their proofs of debt by Sept. 27, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 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


CHINA MEDICAL: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor: China Medical Technologies, Inc.
                   c/o Krys Global
                   Governors Square, Building 6
                   Second Floor
                   23 Lime Tree Bay Avenue, PO Box 31237
                   Grand Cayman KY1-1205

Foreign
Representative:    Kenneth M. Krys, as joint official liquidator

Chapter 15 Case No.: 12-13736

Chapter 15 Petition Date: August 31, 2012

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

About the Debtor: China Medical Technologies Inc., a maker of
                  diagnostic products, filed a Chapter 15
                  bankruptcy petition in New York to locate money
                  fraudulently transferred by its principals.

                  The Debtor, which has been taken over by a
                  trustee, is undergoing corporate winding-up
                  proceedings before the Grand Court of the Cayman
                  Islands.

Foreign
Representative's
Counsel:          Curtis C. Mechling, Esq.
                  STROOCK & STROOCK & LAVAN, LLP
                  180 Maiden Lane
                  New York, NY 10038
                  Tel: (212) 806-5609
                  Fax: (212) 806-6006
                  E-mail: cmechling@stroock.com

Estimated Assets: $100,000,001 to $500,000,000

Estimated Debts: $100,000,001 to $500,000,000

The petition was signed by Kenneth M. Krys.


CRESCENT MAYFAIR: Creditors' Proofs of Debt Due Sept. 27
--------------------------------------------------------
The creditors of Crescent Mayfair Blue I SPC, Ltd. are required to
file their proofs of debt by Sept. 27, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 16, 2012.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands


CSN ISLANDS VI: Creditors' Proofs of Debt Due Sept. 27
------------------------------------------------------
The creditors of CSN Islands VI Corp. are required to file their
proofs of debt by Sept. 27, 2012, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 7, 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


ELITE CONCEPT: Commences Liquidation Proceedings
------------------------------------------------
On July 25, 2012, the sole member of Elite Concept Holdings
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 4, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         P.O. Box 71 Craigmuir Chambers
         Road Town, Tortola
         British Virgin Islands
         c/o Mr. Philip C Pedro
         HSBC International Trustee Limited
         Compass Point, Bermudiana Road
         Hamilton HM 11
         Bermuda
         Telephone: (441) 299-6482
         Facsimile: (441) 299-6526


ROSMORE: Creditors' Proofs of Debt Due Sept. 27
-----------------------------------------------
The creditors of Rosmore are required to file their proofs of debt
by Sept. 27, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Intertrust (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034 Grand Cayman KY1-1102
         Cayman Islands



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BANCOLOMBIA: Fitch Places Rating on Support Floor at 'BB+'
----------------------------------------------------------
Fitch Ratings expects to assign a 'BBB-' rating to Bancolombia's
upcoming 10-year U.S. dollar subordinated notes.

The notes (for an amount to be determined) will pay a fixed
interest to be set at the time of the issuance.  The notes will
mature in 10 years and interest payments will be made semi-
annually until maturity.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.

The notes will be subordinated to Bancolombia's existing and
future senior obligations and structurally subordinated to the
existing and future obligations of Bancolombia's subsidiaries
(including trade payables) and to labor, tax and other obligations
that are privileged by law.  The notes will rank pari-passu with
all of Bancolombia's existing and future subordinated debt and
will be senior in right of pay to Bancolombia's capital stock and
to any other instruments that may qualify as Tier I capital
according to Colombian regulation.

Fitch currently rates Bancolombia's long-term foreign and local
currency Issuer Default Ratings (IDRs) 'BBB' with a Stable
Outlook, and Bancolombia's Viability Rating (VR) is 'bbb'.  The
notes do not meet the characteristics required to achieve any
equity credit; namely they lack coupon deferral flexibility.  As
such, Fitch deems these notes as debt (as per its rating
criteria). Accordingly, Fitch will rate the notes one notch below
Bancolombia's Viability Rating.  This reflects their subordinated
nature and the higher than average losses that these securities
typically incur in case of a default.  The rating of the notes is
sensitive to changes in Bancolombia's IDR and Viability ratings
and would move in line with them.

Bancolombia will use the proceeds of the issuance of the notes to
strengthen its regulatory capital structure, regulatory compliance
and general corporate purposes.  However, the notes do not meet
Fitch's criteria for eligible capital.  As such, Fitch expects
Bancolombia's leverage to increase slightly in the short run.
Fitch expects that continued growth and positive returns will
allow the bank to sustain adequate Fitch core capital levels.
Fitch currently rates Bancolombia as follows:

  -- Long-term foreign currency IDR 'BBB'; Outlook Stable;

  -- Short-term foreign currency IDR 'F2';

  -- Long-term local currency IDR 'BBB'; Outlook Stable;

  -- Short-term local currency IDR 'F2';

  -- Viability rating 'bbb';

  -- Support Rating '3';

  -- Support floor 'BB+';

  -- Senior Unsecured Debt 'BBB'

  -- Subordinated Debt 'BBB-'

  -- National Scale Long Term Rating 'AAA(col)';

  -- National Scale Short Term Rating 'F1+(col)';

  -- National Scale Senior Unsecured Debt 'AAA(col)';

  -- National Scale Subordinated Debt 'AA+(col)'.

Bancolombia is a top contender in its core markets (21% market
share by assets in Colombia, 30% in El Salvador) and an
increasingly active competitor in Central and South America.



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CL FINC'L: Silent on 81% Stake Sale in Lascelles to Camapri
-----------------------------------------------------------
RJR News reports that CL Financial Limited has remained silent
since agreeing to sell its 81% stake in Lascelles de Mercado to
Italian spirits company Grupo Campari.

Trinidad's Guardian newspaper said there has been no statement
from the company and attempts to reach CL Financial Chairman,
Gerald Yetming, were unsuccessful, according to RJR News.

RJR News notes that the assets being sold by CL Financial consist
of Lascelles deMercado's spirits business, led by its rum range,
including Appleton Estate, Appleton Special/White, Wray & Nephew
and Coruba, as well as a local distribution company.

The former PNM administration in Trinidad took control of CL
Financial in June 2009 following the collapse of its insurance
subsidiary, Colonial Life Insurance Company, the report recalls.

RJR News says that the Campari buyout excludes Lascelles' non-core
assets -- comprise insurance and transportation entities as well
as investments.

Trinidad's Guardian newspaper said CL Financial is looking to
divest these assets separately, RJR News says.

                Lascelles Endorses Campari's Bid

RJR News relates that Lascelles de Mercado has given an
endorsement of Campari's bid to acquire its spirit portfolio to
shareholders, saying the notification of the intention to make an
offer is "from a serious source".

RJR News notes that Gruppo Campari and Lascelles de Mercado has so
far reached a deal for the sale of its 81.4% stake in the
Lascelles.  The report says that Campari said it will pay US$4.32
cents for each share, and intends to complete the acquisition
before the end of this year.

Meanwhile, RJR News relates that Union delegate from University
and Allied Workers, Clifton Grant, said the management of J Wray
and Nephew has agreed to meet with factory workers in Clarendon
who protested this morning over the company's change of ownership.

Mr. Grant says the workers first became agitated after hearing
about Gruppo Campari's bid to acquire Lascelles de Mercado's
spirit portfolio in the media, according to RJR News.

The report says that workers protested at the entrance of the J
Wray and Nephew-operated New Yarmouth Sugar Estate, near Kemps
Hill this morning and demanded answers about their future with the
company.

                        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.


===========
M E X I C O
===========


EMPRESA DE ENERGIA: S&P Raises Corporate Credit Rating From 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Colombia-based Empresa de Energia de Bogota S. A. E. S.
P. (EEB) to 'BBB-' from 'BB+'. The outlook is stable.

"At the same time, we affirmed our 'BB+' rating on EEB's senior
unsecured debt due 2021," S&P said.

"The upgrade reflects the company's improved business profile,
given the successful diversification of its core operations in
several countries in the region, including Peru and Colombia,
which have investment-grade sovereign credit ratings with positive
outlooks. These countries' improved fiscal and macroeconomic
conditions could potentially aid EEB's growth strategy,
particularly in its natural gas transportation and electricity
generation assets," S&P said.

"In our view, EEB's consolidation of its business strategy and
geographical outreach will result in continued top-line growth and
strong and stable profitability," said Standard & Poor's credit
analyst Carolina Duran. "We believe this will lead to stronger
cash-flow generation and improved key financial ratios."


SATELITES MEXICANOS: Moody's Reviews 'B3' CFR for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the B3 Corporate Family and
Senior Unsecured Ratings of Satelites Mexicanos, S.A. de C.V.
(Satmex) and its US$360 million in global notes due 2017 under
review for possible downgrade.

Ratings Rationale

The review for possible downgrade was prompted by the announcement
of a delay in Satmex 8 launch."The ratings review was driven by
Moody's view that if the delay goes beyond this year the company
will not be able to meet its growth expectations which could
materially impair its cash generation capacity. Therefore,
liquidity may not be sufficient to cover its operational and
financial requirements", said Nymia Almeida, a Moody's Vice
President-Senior Analyst.

Last August 7, 2012, International Launch Services, Inc. (ILS)
informed that a Proton launch vehicle carrying some satellites did
not properly reach their orbits. The launching failure could
result in the total loss of the satellites and prompted an
investigation to determine the reasons for the failures. ILS will
release details when data become available. The aforementioned
vehicle is similar to the one ILS will use to launch Satmex 8. The
failure resulted in a delay in the launching of a number of
satellites, including Satmex 8. Originally the satellite was
expected to be launched in August 2012. ILS has still not
announced new launching dates, but once the investigation is
completed, a new schedule will be determined. Satmex believes that
launching of Satmex 8 will occur before the end of 2012.

During the ratings review period, Moody's will monitor
developments around the launch of Satmex 8, the company's
flexibility under Satmex 7 committed payments and the impact of
any further delays in the launching of Satmex 8 to the company's
revenues and liquidity position.

The principal methodology used in rating Satmex was the Global
Communications Infrastructure Industry Methodology published in
June 2011.

The date of the last action on Satmex's ratings were on April 18,
2011, when Moody's assigned a B3 foreign currency corporate family
rating to Satmex and to its senior secured global notes of USD 325
million due 2017.

Satmex is a privately-owned Mexican satellite operator providing
fixed satellite services (standard C- and Ku-band services) to
local and international broadcasting and telecom firms as well as
to government-related entities. Satmex operates three satellites
in geo-synchronous orbital slots allocated to Mexico, covering the
Americas. The company's satellite fleet includes Satmex 5 and
Satmex 6, that jointly generate around 85% of total revenues; and
Solidaridad 2, that currently operates in inclined orbit and has a
marginal contribution to consolidated revenues. Satmex 8 is
expected to be launched before the end of 2012 and start
operations in early 2013. As of June 30, 2012, the company's
consolidated last twelve months revenue amounted to about US$133
million, of which fixed satellite services represented 81%.
Moody's adjusted EBITDA reached US$94 million, with a 71% adjusted
EBITDA margin.



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


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

Sept. 13-14, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual Complex Financial Restructuring Program
         Four Seasons Hotel, Las Vegas, Nev.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Sept. 13-15, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Southwest Bankruptcy Conference
         Four Seasons Hotel, Las Vegas, Nev.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Sept. 19-20, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      38th Annual Lawrence P. King and Charles Seligson
      Workshop on Bankruptcy & Business Reorganizations
         New York University School of Law, New York, N.Y.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 4, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts & Bolts: Bankruptcy Fundamentals for
      Young and New Practitioners
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      32nd Annual Midwestern Bankruptcy Institute & Consumer Forum
         Kansas City Marriott Downtown, Kansas City, Mo.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2012: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Chicago Consumer Bankruptcy Conference
         University of Chicago Gleacher Center, Chicago, Ill.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 18, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency & Restructuring Symposium
         Parco dei Principi Grand Hotel & Spa, Rome, Italy
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 26, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         San Diego Marriott Marquis and Marina, San Diego, Calif.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Nov. 1-3, 2012
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Westin Copley Place, Boston, Mass.
            Contact: http://www.turnaround.org/

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact:   1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:    240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 1, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:    1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:    1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:    1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:    1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:    240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:    1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.


                            ***********


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 * * *