TCRLA_Public/120920.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 20, 2012, Vol. 13, No. 188


                            Headlines



A R G E N T I N A

ADMINISTRACION NACIONAL: S&P Affirms 'BB' Foreign Currency Rating
CIPRIANI TOWER: Creditors' Proofs of Debt Due Oct. 1
FUTUR SA: Requests Opening of Bankruptcy Proceedings
LAMP Y ASOCIADOS: Creditors' Proofs of Debt Due Oct. 19


B E R M U D A

HWP GROUP: Makes Additional Cuts in Employment


B R A Z I L

BANCO BTG: Fitch To Rate Subordinated Notes at 'BB'
BANCO BTG: Moody's Assigns 'Ba1' Foreign Currency Debt Rating
RB CAPITAL: Moody's Rates BRL500.1-Mil. Certificates '(P)Ba1'
* BRAZIL: Moody's Says Asset Management Sector Faces Challenges


C A Y M A N  I S L A N D S

ANCHOR POINT: Shareholder to Hear Wind-Up Report on Sept. 25
ANCHOR POINT FUND: Shareholder to Hear Wind-Up Report on Sept. 25
AOI INVESTMENTS 1: Shareholder to Hear Wind-Up Report on Oct. 3
APOLLO ORANGE: Shareholder to Hear Wind-Up Report on Oct. 3
INVESTCORP PE CONVENTIONAL: Shareholders' Meeting Set for Oct. 1

INVESTCORP PE SHARI'AH: Final Meeting Set for Oct. 1
JETSTREAM GLOBAL: Shareholders' Final Meeting Set for Oct. 1
RENGAZ HOLDINGS: Shareholders' Final Meeting Set for Sept. 18
TLP CAPITAL: Shareholders' Final Meeting Set for Sept. 27
TLP MANAGEMENT: Shareholders' Final Meeting Set for Sept. 27


T R I N I D A D  &  T O B A G O

PETROTRIN: Incurs $2MM Losses Amid Trinmar Rigs Shutdown


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ADMINISTRACION NACIONAL: S&P Affirms 'BB' Foreign Currency Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' foreign and
local currency ratings on Uruguay-based 100% state-owned oil and
gas company Administracion Nacional de Combustibles Alcohol y
Portland (ANCAP). The outlook remains stable. The stand-alone
credit profile (SACP) is 'b+'.

"The rating actions followed our annual review of ANCAP and take
into consideration our view that, despite the company's recent
weak financial performance, its good financial flexibility (which
its government ownership enhances) continues to support our
assessment of its 'b+' SACP, which also incorporates certain
levels of inherent volatility. The ratings continue to reflect our
view that there is a very high likelihood that the government of
the Republic of Uruguay (BBB-/Stable/A-3) would provide timely and
sufficient extraordinary support to the company in the event of
financial distress," S&P said.

"Our view, which is based on our criteria for government-related
entities, reflects our assessment of ANCAP's very important role
as the sole petroleum importer, refiner, and supplier of refined
products to the Uruguay's distributors," said Standard & Poor's
credit analyst Cecilia Fullone. "The company also has a very
strong link with the government, particularly regarding budget
approval process, indebtedness authorization, and tax payments."

"Our SACP on ANCAP incorporates our expectation that the company
will maintain its monopoly position in Uruguay. We also expect
volatility and cyclicality in the refining margins, weak
profitability and cash flow generation, and operating challenges
as a result of the company's operation of a single-asset refinery.
We continue to assess the company's business risk profile as weak
and its financial risk profile as aggressive," S&P said.

"The stable outlook reflects our expectation that the company will
continue to have a strong link to the government of Uruguay and
play a very important role in the country's energy sector," S&P
said.

"We could lower our assessment of ANCAP's SACP if the company does
not materialize the agreement to cancel its debt with PDVSA or if
the company continues to generate negative operating cash-flow in
2013 as a result of low domestic fuel prices. Nevertheless, given
that we are not expecting changes in our assessment of the
likelihood of potential extraordinary support from the government,
ANCAP's SACP would have to be downgraded by two notches (below
'b-'), which we consider an unlikely scenario at this point, to
have an impact on the final ratings," S&P said.

"An upgrade is unlikely at this time, since it would depend on a
significant improvement in the company's SACP, which in turn would
depend on the company improving its financial risk profile," said
Ms. Fullone. This could mean, for example, total debt to EBITDA of
consistently less than 4x and FFO to total debt of more than 20%.


CIPRIANI TOWER: Creditors' Proofs of Debt Due Oct. 1
----------------------------------------------------
Pablo Alberto Amante, the court-appointed trustee for Cipriani
Tower SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Oct. 1, 2012.

Mr. Amante will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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:

         Pablo Alberto Amante
         Manzanares 1678
         Argentina


FUTUR SA: Requests Opening of Bankruptcy Proceedings
----------------------------------------------------
Futur SA requested the opening of bankruptcy proceedings.  The
company defaulted its payments last Aug. 24.


LAMP Y ASOCIADOS: Creditors' Proofs of Debt Due Oct. 19
-------------------------------------------------------
Silvia Ines Trombetta, the court-appointed trustee for Lamp y
Asociados SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Oct. 19, 2012.

Ms. Trombetta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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:

         Silvia Ines Trombetta
         Viamonte 1337
         Argentina



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


HWP GROUP: Makes Additional Cuts in Employment
----------------------------------------------
The Royal Gazette reports that the downturn in sales has led The
HWP Group to make further staff redundancies.

More employees at the HWP Group have lost their jobs after the
company announced yesterday that a downturn in sales has forced it
to make cuts, according to The Royal Gazette.

The company would not confirm just how many staff were made
redundant, however, a former employee told The Royal Gazette that
six people were let go last Friday.  The report relates that the
six were said to have held various positions within the company.

In a written statement, Jonathan Brewin, President & CEO, HWP
Group said, "We deeply regret to announce that HWP are forced to
make redundancies at this time.  The automotive industry has seen
a downturn in sales of over 60% in past years due to the current
economic situation.  Continued right sizing of the company to meet
the challenges of reduced revenues is therefore necessary . . . .
We have been forced to streamline the business further.  This has
not been an easy decision and we would like to sincerely thank all
our staff for their hard work and dedication through these
difficult times.  We will be working with all the members of staff
effected by the redundancies to help them secure new positions."

The report notes that this is the third round of layoffs for the
company which cut 21 jobs after a massive fire at their St John's
Road location last year and another six earlier this year when the
company sold off its cycle division to World Distributors, Ltd.



===========
B R A Z I L
===========


BANCO BTG: Fitch To Rate Subordinated Notes at 'BB'
---------------------------------------------------
Fitch Ratings expects to assign a long-term foreign currency
rating of 'BB(exp)' to Banco BTG Pactual S.A.'s (BTG Pactual)
upcoming issue of subordinated notes.

The notes will be issued through BTG Pactual's Cayman branch;
principal will mature in September 2022, interest payments will be
made semi-annually.  The interest rate and principal amount should
be set at the time of issuance.  The net proceeds will be used by
BTG Pactual for general corporate purposes.

The notes will rank at least equally with similar subordinated
debt and carry a cumulative coupon deferral mechanism that can be
exercised if necessary.  A deferral will only occur if BTG Pactual
is noncompliant with its regulatory capital requirement.

As per Fitch's rating criteria, the expected rating of this Tier
II subordinated debt should be two notches below BTG Pactual's
Viability Rating (VR) of 'bbb-', one notch lower due to Loss
Severity features and its subordinated status, and a one-notch
deduction due to moderate risk of non-performance.

BTG Pactual's Issuer Default Ratings are determined by its VR,
which reflects its strong franchise as a merchant bank in Brazil,
success in the development of its activities, and its good
earnings track record.  It also considers the high quality and
experience of its executives, its strong risk controls, tested
during various crises, and its recurring earnings flow, which have
consistently covered its fixed operational costs.  However,
ratings are constrained by the limited though increasing balance
sheet and revenues diversification.

Since 1983, BTG Pactual has been controlled by Andre Esteves, the
main executive of UBS Pactual until 2008 and one of the
controlling partners of the former Banco Pactual S.A..


BANCO BTG: Moody's Assigns 'Ba1' Foreign Currency Debt Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency debt
rating to the proposed 10-year US dollar denominated subordinated
notes to be issued by Banco BTG Pactual S.A., acting through its
Cayman Branch. The rating outlook is stable.

Assignment:

Issuer: Banco BTG Pactual S.A., Cayman Branch

Subordinated Unsecured Regular Bond, Assigned Ba1

Ratings Rationale

The rating agency noted that the Ba1 foreign currency subordinated
debt rating derives from Banco BTG Pactual's Baa3 global local
currency deposit rating, and takes into account the one-notch
differential from BTG Pactual's senior rating to reflect the
subordination of the proposed notes, as per Moody's notching
convention.

The notes will be eligible for Tier 2 capital upon regulatory
approval.

The last rating action on Banco BTG Pactual -- Cayman Branch was
on September 12, 2012, when Moody's assigned a Baa3 long-term
foreign currency debt rating to the Colombianpeso-denominated
senior notes due September 2017, which were issued under the US$3
billion Global Medium Term Note Program, rated Baa3.

The principal methodology used in rating the debt was "Moody's
Consolidated Global Bank Rating Methodology" published in June
2012.

Based in Sao Paulo, Banco BTG Pactual S.A. had total assets of
approximately R$117.5 billion (US$56.8 billion) and equity of
R$8.95 billion (US$4.33 billion) as of 30 June 2012.


RB CAPITAL: Moody's Rates BRL500.1-Mil. Certificates '(P)Ba1'
-------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aa2.br (National Scale, Local Currency) and of (P)Ba1 (Global
Scale, Local Currency) to the 72nd and 73rd Series of real estate
certificates issued by RB Capital Companhia de Securitizacao S.A.
(RB Capital, the Issuer or the Securitizadora).

Issuer/Securitizadora: RB Capital Companhia de Securitizacao S.A.

  72nd and 73rd Series / 1st Issuance: BRL500,100,000 certificates
  rated (P)Aa2.br / (P)Ba1

Ratings Rationale

The ratings of the certificates are based, among others, on the
following factors:

- The ability and willingness of BR Malls Participacoes S.A. (BR
   Malls), which has a senior unsecured rating of Aa2.br
   (Brazilian National Scale) and Ba1 (Global Scale, Local
   Currency), to make any payments due under the guarantee. The
   irrevocable and unconditional guarantee issued by BR Malls in
   favor of the Issuer and consequently to the investors of the
   CRI, obligating itself as guarantor and principal payer,
   together with the debtor, for full and timely payments of the
   real estate credits ultimately backing the CRI;

- The structure of the transaction whereby payments under the
   guaranteed Real Estate Credits match payments under the CRI;

- Legal and structural features, including (i) mandatory
   repurchase events defined in transaction documents which
   obligate BR Malls to repurchase automatically any outstanding
   credit rights and (ii) non-automatic and automatic early
   redemption events.

The assigned ratings reflect the guarantee provided by BR Malls
S.A and are based on BR Malls' ability to make payments under the
guarantee, as reflected by its senior unsecured rating. Any future
change in the senior unsecured rating of BR Malls will lead to a
change in the ratings of the CRI. In assigning the ratings,
Moody's has not given credit to the pledged real estate backing
the certificates, or the pledged real estate receivables (pledged
tenancy revenues).

The CRI are backed by real estate credits rights derived from
purchase and sale agreements of a Real Estate Asset ("Real Estate
Credits") and benefit from a (i) guarantee issued by BR Malls in
favor of the Issuer, (ii) a pledge of the real estate asset
(alienacao fiduciaria) of 100% of Fashion Mall stake in Niteroi
Plaza Shopping ("Real Estate Asset") in favor of the Issuer and
(iii) a pledge of rental income of 80% of cash flows derived from
tenancy agreements and parking lot income of the Real Estate
Asset, including the Expansion currently under construction, and a
pledge of the escrow account where rental payments are made
(cessao fiduci ria).

The key steps to the transaction are:

(1) Fashion Mall S.A. (Buyer or Debtor), BR Malls Participacoes
S.A. (Seller of Real Estate Credits) and Cofac (Seller of Real
Estate Asset) enter into a Purchase and Sale Agreement of Real
Estate Asset;

(2) BR Malls sells the Real Estate Credits, from the Purchase and
Sale Agreement, to RB Capital Securitizadora S.A. (Issuer) by
means of the Real Estate Credits Sale Agreement. As a guarantee of
full and timely payment of all principal and accessory obligations
from the Real Estate Credits that back the CRI, BR Malls issues a
guarantee in favor of the Issuer and, consequently, in favor of
the investors of the CRI ("Guarantee"), obliging itself as
guarantor and principal payer, jointly responsible with the
Debtor, for the payments of all monies from the Credit Rights. In
addition to the guarantee issued by BR Malls, and to further
guarantee the sale of the Real Estate Credits that back the CRI,
the following additional collateral package back the CRI,
including (i) real estate pledge (alienacao fiduci ria), in favor
of the Issuer, of the Real Estate Asset and (ii) receivables
pledge (cessao fiduci ria), in favor of the Issuer, of 80% of the
cash flows from the revenues generated by the Real Estate Asset
(including monthly rental payments made by stores, revenues from
merchandising, as well as 80% of revenues generated by the parking
lot of the Real Estate Asset);

(3) The issuer issues via CETIP, the 72nd and 73rd Series CRI
(together the CRI) backed by the CCI. BR Malls previously issues
Cedulas de Credito Imobili rio (CCI) representative of the Real
Estate Credits;

(4) Investors purchase the CRI;

(5) The issuer pays the Sale/Purchase Price (in respect of the
Real Estate Credits) to BR Malls;

(6) Fashion Mall (Debtor) makes payments of the Real Estate
Credits directly to the Issuer;

(7) The Issuer institutes a fiduciary regime over the Real Estate
Credits, the Guarantee, the Real Estate Asset Pledge and the Real
Estate Receivables Pledge and which together form the Segregated
Assets destined for the repayment of the CRI and related expenses.
The Segregated Assets do not commingle with the assets of the
Issuer.

BR Malls is the largest owner and manager of shopping centers in
Brazil. The company has grown significantly to R$12.6 billion in
gross assets at 3Q11 from BRL 2.8 billion at YE07. BR Malls
currently owns interests in 45 malls plus it has six projects in
development. The malls are geographically diversified across the
country and diversified across consumer income groups. Another
credit strength is the portfolio's high occupancy of 97.6% and its
solid operating margins at 76% as of 3Q11. The company is well
positioned to benefit from the positive retail fundamentals in
Brazil stemming from the limited supply of shopping malls and a
growing middle class with growing disposable income. The ratings
are further supported by the company's demonstrated access to
capital and manageable debt maturity schedule. Offsetting these
strengths are the risks associated with an aggressive growth
strategy, the greater risks and volatility associated with its
floating rate debt, and the limitations associated with jointly
owned assets.


* BRAZIL: Moody's Says Asset Management Sector Faces Challenges
---------------------------------------------------------------
The Brazilian asset management industry is characterized by good
controls and transparency, Moody's Investors Service says in a new
report, "Brazilian Asset Management: State of the Industry and
Recent Trends." But while it has seen significant growth in the
past few years, it is relatively concentrated and challenges
remain.

"Monetary stability in Brazil has led to the burgeoning of the
local asset management industry," says analyst and author of the
report Diego Kashiwakura, "with more than 400 companies now in
operation and assets under management (AUM) totaling BRL1.93
trillion (US$1.03 trillion) as of December 2011." Nevertheless, he
says, the 10 largest firms account for about three-quarters of
total AUM, and all those companies are affiliated with financial
institutions.

The absence of minimum capital requirements, as well as
consolidation in the banking sector, also help explain the recent
significant growth. At the same time, the Brazilian regulatory
framework ensures a good level of transparency and imposes
controls that support sound investment management practices,
including a requirement that managers mark to market and the
segregation of funds' activities to facilitate oversight and
minimize the potential for errors and wrongdoing.

"Despite the trend in many countries toward stricter regulation
and supervision of financial institutions since the financial
crisis, we believe Brazil will not follow suit," Kashiwakura says.
"The fact that Brazilian asset managers did not register material
problems during the crisis is a testament to the robustness of
regulators' control over funds." He notes also that while more
regulation could further boost investor confidence and thus the
incentive to invest via funds, it usually increases costs for
firms and reduces their flexibility.

Among the main challenges faced by Brazilian asset managers is the
disparity of wealth in the country, which severely limits the
utilization of savings products particularly among the less
affluent population, and in turn constrains firms' business
growth.

Other challenges include the relative shallowness of the domestic
capital markets, which limits the options in terms of investment
strategies, while "key-man" risk is high at independent firms that
count on a lean cost structure and where investment decisions and
controls depend more on individuals than processes.



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


ANCHOR POINT: Shareholder to Hear Wind-Up Report on Sept. 25
------------------------------------------------------------
The sole shareholder of Anchor Point Capital Commodity Master
Fund, Ltd. will receive on Sept. 25, 2012, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


ANCHOR POINT FUND: Shareholder to Hear Wind-Up Report on Sept. 25
-----------------------------------------------------------------
The sole shareholder of Anchor Point Capital Commodity Fund, Ltd.
will receive on Sept. 25, 2012, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Madeleine Welham
         Telephone: (345) 815-1750
         Facsimile: (345) 949-9877


AOI INVESTMENTS 1: Shareholder to Hear Wind-Up Report on Oct. 3
---------------------------------------------------------------
The sole shareholder of AOI Investments 1 will receive on Oct. 3,
2012, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


APOLLO ORANGE: Shareholder to Hear Wind-Up Report on Oct. 3
-----------------------------------------------------------
The sole shareholder of Apollo Orange Investments will receive on
Oct. 3, 2012, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815-1793
         Facsimile: (345) 949-9877


INVESTCORP PE CONVENTIONAL: Shareholders' Meeting Set for Oct. 1
----------------------------------------------------------------
The shareholders of Investcorp Pe Conventional Coinvestors Fund II
Limited will hold their final meeting on Oct. 1, 2012, at
10:30 a.m. to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


INVESTCORP PE SHARI'AH: Final Meeting Set for Oct. 1
----------------------------------------------------
The shareholders of Investcorp Pe Shari'ah Coinvestors Fund II
Limited will hold their final meeting on Oct. 1, 2012, at
9:30 a.m. to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         c/o Patricia Tricarico
         Telephone: (345) 949 5122
         Facsimile: (345) 949 7920
         P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


JETSTREAM GLOBAL: Shareholders' Final Meeting Set for Oct. 1
------------------------------------------------------------
The shareholders of Jetstream Global Offshore Fund Ltd. will hold
their final meeting on Oct. 1, 2012, at 4:00 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Matthew Wright
         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


RENGAZ HOLDINGS: Shareholders' Final Meeting Set for Sept. 18
-------------------------------------------------------------
The shareholders of Rengaz Holdings Limited will hold their final
meeting on Sept. 18, 2012, at 10:00 a.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Appleby Trust (Cayman) Ltd.
         Clifton House, 75 Fort Street
         Grand Cayman
         Cayman Islands


TLP CAPITAL: Shareholders' Final Meeting Set for Sept. 27
---------------------------------------------------------
The shareholders of TLP Capital, Ltd. will hold their final
meeting on Sept. 27, 2012, at 4:00 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


TLP MANAGEMENT: Shareholders' Final Meeting Set for Sept. 27
------------------------------------------------------------
The shareholders of TLP Management GP, Ltd. will hold their final
meeting on Sept. 27, 2012, at 4:00 p.m. to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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



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T R I N I D A D  &  T O B A G O
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PETROTRIN: Incurs $2MM Losses Amid Trinmar Rigs Shutdown
--------------------------------------------------------
Renuka Singh at Trinidad Express report that oil producer
Trinmar's offshore rigs have been shut down for the past three
days, leaving its parent, State-owned Petroleum Company of
Trinidad and Tobago, to cope with more than $2 million in losses
during that period.

This was the figure given by Petrotrin President Khalid Hassanali
who confirmed the lack of production at the offshore facility,
according to Trinidad Express.

The report relates that Mr. Hassanali pointed fingers at the
Oilfields Workers' Trade Union (OWTU) and blamed it for the
shutdown and subsequent losses.

Trinidad Express notes that Mr. Hassanali said contract workers
hired to ferry Petrotrin employees to and from the offshore rig
engaged in protest action over an unpaid wage increase on Sunday
and that action carried over into yesterday and is expected to
continue this morning.

"Petrotrin workers cannot go out and the contractors' boats have
blocked the boats that Petrotrin owns that could have taken some
of the workers back and forth . . . .  The contractors, under the
previous board and management were not eligible for OWTU
negotiated salaries.  They were paid at market rates.  That
changed after the last negotiations," the report quoted Mr.
Hassanali as saying.

The report relates that Mr. Hassanali said the sign-off only
happened in August and the contractors should not expect the
accounting process to be able to reflect the new salary
arrangements already.  Mr. Hassanali called for patience from the
contractors, but also said the contracted workers fell under the
OWTU and questioned if this was union-sanctioned protest action,
the report discloses.

However, the report says that the OWTU refused to accept
responsibility for the shutdown.

OWTU President General Ancel Roget blamed Petrotrin, saying the
company was ultimately responsible for the contractors' non-
payment to workers which triggered the strike action, the report
discloses.

Mr. Roget also blamed Petrotrin for not having its own vessels up
to code so that the company would not be "held to ransom" by
protesting contract workers, the report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.



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


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

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.


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