TCRLA_Public/121011.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, October 11, 2012, Vol. 13, No. 203


                            Headlines



A R G E N T I N A

CELULOSA ARGENTINA: Moody's Withdraws 'B3' Corp. Family Rating
LA ESQUINA: Creditors' Proofs of Debt Due Nov. 12
LLOYD AEREO: Creditors' Proofs of Debt Due Dec. 21
ZETAEME SRL: Creditors' Proofs of Debt Due Nov. 23


B E R M U D A

VIKING CRUISES: Moody's Assigns 'B1' CFR; Outlook Stable


C A Y M A N  I S L A N D S

ARIZONA INVESTMENTS: Members Receive Wind-Up Report
ASSET FINANCE: Shareholders' Final Meeting Set for Oct. 12
ATTARA FUND: Shareholders' Final Meeting Set for Nov. 2
ATTARA LTD: Shareholders' Final Meeting Set for Nov. 2
BIJOU HOLDINGS: Members Receive Wind-Up Report

EOLIA DIAMOND: Shareholders' Final Meeting Set for Oct. 12
FIELD POINT III: Shareholders' Final Meeting Set for Oct. 12
JULYSTAR 747-00: Members' Final Meeting Set for Oct. 11
LAICA INVESTMENTS: Members Receive Wind-Up Report
ROOST INVESTMENTS: Shareholders Receive Wind-Up Report


J A M A I C A

JAMALCO: Alcoa to Unlock 63% in Added Value for Shareholders


M E X I C O

SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'Caa1'


P U E R T O   R I C O

GIBRALTAR CONSTRUCTION: Enters Bankruptcy in Puerto Rico
S T.  V I N C E N T  &  G R E N A D I N E S
* ST VINCENT & GRENADINES: Moody's Cuts Gov't Bond Rating to 'B2'


T R I N I D A D  &  T O B A G O

CL FIN'L: Trinidad & Tobago Government Offers CLICO Solutions


V E N E Z U E L A

* VENEZUELA: Debt Falls Most Since May After Chavez Re-Elected


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
=================


CELULOSA ARGENTINA: Moody's Withdraws 'B3' Corp. Family Rating
--------------------------------------------------------------
Moody's Latin America has withdrawn Celulosa Argentina S.A.'s
("CASA") B3 and Baa1.ar corporate family ratings for its own
business reasons.

The following ratings were withdrawn:

- Corporate family ratings: B3/Baa1.ar

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".ar" for Argentina.

Headquartered in Argentina, CASA is a pulp, paper and wood product
manufacturer, with primary operations in Argentina and Uruguay,
with leading local brands and market positions in printing and
writing papers, solid wood and plywood products. CASA also exports
approximately 27% of revenues to Chile, Brazil and other Latin
American countries, and to a lesser extent, the United States,
Europe and Asia. For the last fiscal year ended May 31 2012,
CASA's consolidated revenues reached USD 352 million.


LA ESQUINA: Creditors' Proofs of Debt Due Nov. 12
-------------------------------------------------
Norberto Ruben Moline, the court-appointed trustee for La Esquina
de Moldes SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Nov. 12, 2012.

Mr. Moline will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:

         Norberto Ruben Moline
         Av. Rivadavia 2530
         Argentina


LLOYD AEREO: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
Manuel Camilo Arias, the court-appointed trustee for Lloyd Aereo
Boliviano SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 21, 2012.

Mr. Arias 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. 2, 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:

         Manuel Camilo Arias
         Congreso 2629
         Argentina


ZETAEME SRL: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------
Luciano Arturo Melegari, the court-appointed trustee for Zetaeme
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Nov. 23, 2012.

Mr. Melegari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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:

         Luciano Arturo Melegari
         Bartolome Mitre 1131
         Argentina



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


VIKING CRUISES: Moody's Assigns 'B1' CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family and
Probability of Default ratings to Viking Cruises, Ltd. Moody's
also assigned a B3 rating to Viking's proposed US$250 million
senior unsecured notes due 2022.

Proceeds from the proposed note offering will be used to fund
approximately US$100 million for investment in river vessels to be
built, a US$50 million loan to an unrestricted subsidiary, Viking
Ocean Cruises Finance Ltd., for ship progress payments and start-
up expenses, US$50 million to purchase existing shares and
options, to pay a US$20 million dividend to the company's owner,
and for general corporate purposes. The notes will be guaranteed
by existing subsidiaries representing approximately all of the
company's EBITDA and about 97% of assets as of June 30, 2012.
Viking Ocean Cruises, Ltd. and Viking Ocean Cruises Finance Ltd.
(collectively "Viking Ocean") will not guarantee the notes.

RATING RATIONALE:

Viking's B1 Corporate Family Rating considers the business risk
associated with high growth in a small market segment of the
cruise industry along with company's high leverage relative to its
revenue base. Pro-forma for the proposed bond transaction, lease
adjusted debt to EBITDA will be approximately 5.5 times, a
leverage level considered to be high particularly given Viking's
narrow product focus and small size in terms of revenue. Total net
revenues for the latest 12-months ended June 30, 2012 were only
about US$294 million. The ratings also consider Viking's
aggressive growth plans. The company has increased passenger
capacity cruise days by approximately 50% between from 2009 to
2012 and will increase capacity by another approximately 30% in
2013. Additionally, the company is planning to expand into the
ocean cruise segment of the industry (via an unrestricted non-
guarantor subsidiary) that is dominated by larger, more
established companies.

The ratings are supported by Viking's good forward booking
visibility. A high proportion of the following year's net cruise
revenues are booked by late fall of the prior year. This
visibility along with a short lead time to build new vessels,
about 12 to 15 months -- enables the company to adjust capacity
expansion to demand trends. Viking's dock ownership also enables
the company to lay-up vessels at a manageable cost if there were a
sudden reduction in demand, as occurred in 2009. Also considered
is the company's solid interest coverage, at about 2.5 times --
like other cruise operators, Viking benefits from the low cost
secured ship financing -- and increasing mix of higher margin new
longships that is expected to driver higher returns on investment.

The ratings incorporate the qualified audit opinion that the
company received in 2011 -- and expected to receive going forward
-- as a result of a disagreement with the auditors regarding the
accounting treatment of direct marketing and advertising costs
under IAS 38. Viking treats these expenses in accordance with the
matching principal. While not in accordance with IFRS, it is
acceptable in GAAP accounting.

The stable rating outlook reflects good forward booking trends at
higher prices for 2013 and Moody's expectation that Viking can
achieve a solid return on its vessel investments while maintaining
its current credit profile. Additionally, the stable outlook takes
into account Moody's view that Viking the company has the ability
to react quickly to slow the pace of capacity expansion should the
demand environment change.

The ratings could be downgraded if for any reason, there is a
meaningful deterioration in occupancy or pricing that would cause
gross lease adjusted debt/EBITDA to approach 6.0 times. In
considering the company's leverage metrics, Moody's will give some
credit for cash in excess of the company's liquidity needs. The
ratings could be upgraded if the demand environment remains strong
enough to support a solid return on capacity expansion and lease
adjusted debt to EBITDA declines below 5.0 times and is likely to
remain at a lower level in the context of Viking's growth
strategy.

The principal methodology used in rating Viking Cruises Ltd was
the Global Lodging & Cruise Industry Rating Methodology published
in December 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

Viking Cruises, Ltd. is the holding company of Viking River
Cruises Ltd, and Viking Ocean Cruises Ltd, both Bermuda companies.
Viking Ocean is an unrestricted subsidiary of Viking Cruises, Ltd.
As of June 30, 2012, Viking River Cruises, Ltd. operated and
marketed 30 river cruise vessels under the Viking River Cruises
brand; last twelve months total net revenues were approximately
US$294 million.



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


ARIZONA INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Arizona Investments Limited received on Oct. 4,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


ASSET FINANCE: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------
The shareholders of Asset Finance Corporation Limited will hold
their final meeting on Oct. 12, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984 Grand Cayman KY1-1104
         Cayman Islands


ATTARA FUND: Shareholders' Final Meeting Set for Nov. 2
-------------------------------------------------------
The shareholders of Attara Fund, Ltd. will hold their final
meeting on Nov. 2, 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:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


ATTARA LTD: Shareholders' Final Meeting Set for Nov. 2
------------------------------------------------------
The shareholders of Attara Ltd. will hold their final meeting on
Nov. 2, 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:

         Ian D. Stokoe
         c/o Jodi Jones
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


BIJOU HOLDINGS: Members Receive Wind-Up Report
----------------------------------------------
The members of Bijou Holdings Limited received on Oct. 4, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


EOLIA DIAMOND: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------
The shareholders of Eolia Diamond Ltd will hold their final
meeting on Oct. 12, 2012, at 1:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


FIELD POINT III: Shareholders' Final Meeting Set for Oct. 12
------------------------------------------------------------
The shareholders of Field Point III, Ltd. will hold their final
meeting on Oct. 12, 2012, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands
         c/o Jennifer Chailler
         Telephone: (345) 814 6847


JULYSTAR 747-00: Members' Final Meeting Set for Oct. 11
-------------------------------------------------------
The members of Julystar 747-00 Limited will hold their final
meeting on Oct. 11, 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:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


LAICA INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Laica Investments Limited received on Oct. 4, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487 Grand Cayman KY1-1106
         Cayman Islands


ROOST INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Roost Investments Limited received on Oct. 2,
2012, 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
         P.O Box 1350 Grand Cayman KY- 1108
         Cayman Islands



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


JAMALCO: Alcoa to Unlock 63% in Added Value for Shareholders
------------------------------------------------------------
RJR News reports that Alcoa, the aluminum producer dragged down by
the metal's price decline, stands to unlock 63% in added value for
shareholders by splitting itself up.

Alcoa's share price slumped about 50% in the past 18 months as
aluminum prices dropped to an almost three-year low, according to
RJR News.

Alcoa owns the majority stake in Jamalco in Clarendon.

RJR News relates that Bloomberg News reported that it left the
company trading at a lower multiple to book value than 94% of
peers in the aluminum industry, and at a 60% discount to its
sales.

Alcoa plans to release third-quarter results after the U.S. market
closes in Oct. 10, the report says.

                          About JAMALCO

JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa.  JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 19, 2012, RJR News said that U.S. aluminum giant Alcoa, which
is part owner of the Alcoa Minerals of Jamaica (Jamalco) plant in
Jamaica, has posted a US$2 million second quarter loss after
aluminum prices slumped to near two-year lows.  Alcoa said revenue
declined 9% to US$6 billion as aluminum prices fell 18% from last
year, according to RJR News.

A TCRLA report on April 13, 2009, Radio Jamaica News said Alcoa
plans to cut 13,500 jobs or 13% of the work force in Jamaica,
because of the global slowdown.  Alcoa is also selling four
business units and reducing output to save money, the report
noted.  Caribbean Net News said the government is holding talks
with potential purchasers for its 45% stake in the Jamalco
refinery in south-central parish of Clarendon.  Aluminum giant
Alcoa holds 55% of the company, which has a production capacity of
1.4 million tons of alumina.



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


SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'Caa1'
-----------------------------------------------------------------
Moody's de Mexico downgraded the national scale senior unsecured
debt rating of Sare Holding, S.A.B. de C.V. to Caa1.mx, from B3.mx
(global scale, local currency to Caa1, from B3) and the national
scale issuer rating to Caa1.mx, from B3.mx (global scale, local
currency to Caa1, from B3). Moody's also placed the ratings under
review for downgrade.

RATINGS RATIONALE

On October 1, 2012 the company missed an interest payment on its
SARE 08 and SARE 08-2 bonds. Sare had a grace period of five
business days, which expired on October 8, 2012. The company did
make the requirement payment on Friday, October 5. A default would
have caused a payment acceleration of these bonds, placing a large
burden on the company's liquidity position and viability.

In its review ratings review Moody's will focus on Sare's future
cash flow generation and its ability to make timely interest and
principal payments on its upcoming debt. The company's next
interest payment is due in December 2012. Sare has limited
liquidity and its cash flows continue to be stressed, which likely
implies difficulty in being able to quickly develop and sell
homes. Furthermore, Moody's expects that the company will continue
to experience deterioration in its operating profits and credit
metrics. Its development capabilities remain strained as they are
completely tied to the sale of non-strategic land.

Moody's stated that should the company make the December interest
payment on its SARE 08 and SARE 08-2 bonds on a timely basis the
ratings will most likely be affirmed. Conversely, should Sare miss
the interest payment in December 2012 or experience any further
deterioration in its current liquidity and credit metrics coupled
with any further debt restructuring or debt covenant compliance
issues the ratings will most likely be downgraded multiple
notches.

The following ratings were downgraded and placed under review for
downgrade:

Sare Holding, S.A.B. de C.V. -- national scale senior unsecured
debt rating to Caa1.mx, from B3.mx (global scale, local currency
to Caa1, from B3); national scale issuer rating to Caa1.mx, from
B3.mx (global scale, local currency to Caa1, from B3)

Moody's last action with respect to Sare took place on March 22,
2012, when Moody's downgraded the national scale senior unsecured
debt and issuer ratings of Sare to B3.mx, from Ba3.mx. Moody's
also affirmed Sare's global local currency senior unsecured debt
and issuer ratings at B3. The rating outlook remained negative.

Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a
fully integrated, diversified homebuilder engaged in the
development, construction, marketing, consulting, and sales of
affordable, middle- and upper-income housing developments in
Mexico. Sare was founded in 1967 and first developed single-family
homes and office buildings in 1977. Sare has an important presence
in Mexico City and nine different states in the country: State of
Mexico, Jalisco, Puebla, Michoacan, Guanajuato, Queretaro,
Quintana Roo, Guerrero and Morelos. Sare Holding, S.A.B. de C.V.
is one of the top eight home developers in Mexico. As of June 30,
2012 Sare reported approximately $6.4 billion Mexican pesos in
assets and US$3 billion Mexican pesos in total shareholders'
equity.



=====================
P U E R T O   R I C O
=====================


GIBRALTAR CONSTRUCTION: Enters Bankruptcy in Puerto Rico
--------------------------------------------------------
Gibraltar Construction Co. filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 12-07583) on Sept. 26, 2012, estimated assets of
at least $10 million and liabilities of at least $1 million.

Carla Main, substituting for Bloomberg bankruptcy columnist Bill
Rochelle, reports that the Debtor's affiliate, Gulfcoast
Irrevocable Trust, a stockholder in the debtor, has a pending
bankruptcy case in Puerto Rico.

According to the report, Gibraltar declared personal property
valued at $21.2 million, unsecured priority claims of $249,571 and
unsecured non-priority claims of $4.42 million in court filings.
Claimants are building-industry trades.



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S T.  V I N C E N T  &  G R E N A D I N E S
===========================================


* ST VINCENT & GRENADINES: Moody's Cuts Gov't Bond Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the
government of St. Vincent and the Grenadines to B2 from B1. At B2,
the outlook is stable.

Key rating drivers for this decision are:

1. Poor growth prospects following a protracted recession and weak
recovery in tourism

2. Significant and rapid deterioration of the government's balance
sheet

3. Elevated vulnerability to external economic shocks

RATING RATIONALE

The economy has contracted for four consecutive years and Moody's
expects growth to recover to a modest 1.5%-2% in 2012/13. St
Vincent's small, concentrated economic base -- the $700 million
economy relies heavily on tourism and construction activity funded
by foreign investment -- and a weak US recovery that has adversely
affected tourism across the Caribbean, will continue to dampen
potential growth.

Prospects for future growth depend critically on improving the
competitiveness of the tourism sector and the completion of a new
airport, which is subject to considerable uncertainty and expected
to strain government finances.

The public sector plays an outsized role in the economy.
Government spending is critical to generating employment,
maintaining social entitlement programs, and funding
infrastructure investment.

St. Vincent's downgrade to B2 incorporates a marked deterioration
of the government's financial balance over the past five years
driven by elevated government spending on capital projects,
primarily related to the construction of a new airport, and high
current expenditure on public sector wages, social security
transfers, and other benefits. Revenue growth has been limited by
low growth and depressed tourism and banana export sectors,
despite a broader tax base following reforms that included the
introduction of value-added and excise taxes in the mid-2000s.

The central government's debt-to-GDP ratio has deteriorated to 62%
in 2012 (projected) from 41.5% in 2007, while debt metrics compare
unfavorably with B-rated peers. Moody's expects the government
will find it difficult to rationalize spending and achieve the
fiscal consolidation necessary to stabilize the debt and place it
on a sustainable trajectory in the near term.

The government relies primarily on grants and concessional
financing from bilateral and multilateral sources, including
several emergency credit facilities from the IMF. It has also
increasingly leveraged short-term debt issued on the ECCU's
regional government securities market, which reflects a lack of
access to global markets and may elevate rollover risk.

The rating action also captures increased susceptibility to
external economic shocks. St. Vincent runs a substantial and
growing current account deficit funded by volatile FDI and
development grants and the government is exposed to contingent
liabilities from rising levels of debt held by public enterprises
and a weak banking sector susceptible to regional contagion.

WHAT COULD CHANGE THE RATING UP

As reflected by its stable outlook, Moody's sees limited potential
for upward rating changes in the immediate future.

The completion of Argyle Airport and the associated increase in
FDI in the tourism sector will be critical to restoring faster
growth in advance of any future rating upgrades.

WHAT COULD CHANGE THE RATING DOWN

A further deterioration of the public sector balance sheet due to
external shocks in the form of weather-driven events like
hurricanes, currency depreciation or the assumption of contingent
liabilities could put downward pressure on the rating.
Increased commercial borrowing to finance the Argyle airport in
2013/14 may be credit-negative, particularly if completion of the
project is delayed and cost-overruns raise financing needs.

Downward pressure on the rating will also result if access to
grants and concessional finance deteriorates or FDI experiences a
sudden stop, leaving the government with limited options to
finance twin budget and current account deficits.

CEILINGS

As part of this rating action, St. Vincent's local and foreign
currency bond ceilings were adjusted to Ba3.



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


CL FIN'L: Trinidad & Tobago Government Offers CLICO Solutions
-------------------------------------------------------------
Caribbean360.com reports that after more than three years in
limbo, investors and policyholders in Colonial Life Insurance
Company (Trinidad) Limited (CLICO)  have been offered a final
solution by the Trinidad and Tobago government aimed at recovery
of the millions of dollars in outstanding payments owed.

Minister of Finance Larry Howai disclosed that a new insurance
company would be incorporated into which the traditional policies
and other assets would be transferred from CLICO and that new
company would continue to manage the traditional policies,
according to Caribbean360.com.

The report notes that Minister Howai said the government was
discharging the liabilities held by individual and corporate
investors in CLICO Short-Term Investment Products (STIPs) in two
components: cash payments for amounts less than TT$75,000 and a
mix of cash and zero-coupon one-20 year bonds for amounts over
TT$75,000.

The report relates that Minister Howai revealed that up to last
month over 25,000 STIP holders, including credit unions and trade
unions, accounting for TT$10.268 billion, had accepted
Government's settlement offer.

Minister Howai also disclosed that government would launch the
CLICO Investment Fund on November 1, the report says.

Caribbean360.com notes that Minister Howai said policyholders who
exchanged their 11-20 year bonds for units in the Fund should be
able to begin trading those units from Jan. 2, 2013, on the
Trinidad and Tobago Stock Exchange.  Minister Howai added that
provisions were being made for the income generated by the Fund to
be tax-exempt in the hands of investors, the report relates.

The report relays that Trinidad Express reported that Minister
Howai said that once negotiations with CLICO policyholders and
shareholders were complete, the government would move to recoup
the nearly TT$20 billion of taxpayers' money it shelled out to
save the failed insurance giant.

During his Budget presentation Minister Howai had said that adding
the CLICO debt to the country's national debt, increasing its
debt-to-Gross Domestic Product level by around TT$8 billion, the
report notes.

Minister Howai said that once negotiations were finalized with the
Executive Flexible Premium Annuity holders and other CL Financial
shareholders, he could consider divesting or selling the assets of
CL Financial to local companies to recoup funds put out by the
Government, the report adds.

                         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.



=================
V E N E Z U E L A
=================


* VENEZUELA: Debt Falls Most Since May After Chavez Re-Elected
--------------------------------------------------------------
Ye Xie and Veronica Navarro Espinosa at Bloomberg News reports
that Venezuela's benchmark bonds plunged the most in four years as
President Hugo Chavez's re-election fueled concern he will extend
government controls that have deterred investment and led to the
region's highest inflation.

The government's bonds due in 2027 fell 4.61 cents, the most since
October 2008, to 86.63 cents on the dollar on Oct. 10, at 4:10
p.m. in New York, according to data compiled by Bloomberg.  Yields
on the dollar-denominated bonds rose 69 basis points, or 0.69
percentage point, to 11.10 percent, Bloomberg News relates.

President Chavez will probably deepen policies, such as currency
controls and nationalizations, that have driven investors from
South America's biggest oil-producing nation, according to
analysts at Goldman Sachs Group Inc. and Bank of America Corp.,
Bloomberg News says.

The re-election may "give Chavez a strong mandate to extend the
socialist revolution given the big-margin victory,"  Stuart
Culverhouse, the chief economist at Exotix Ltd., told Bloomberg in
an interview from London.

Bloomberg News notes that Venezuelan dollar debt had been Latin
America's best performer this year, returning 32 percent on
speculation Chavez, 58, would lose the vote or succumb to a two-
year cancer battle, handing power to a government that would roll
back his economic policies.

Bloomberg News recalls that Chavez has seized more than 1,000
companies, imposed price caps, controls on foreign-exchange
trading and used rising oil revenue to fund popular social
programs.  The policies led to shortages of everything from
electricity to sugar and beef and fueled higher inflation than any
country tracked by Bloomberg after Belarus and Iran, Bloomberg
News relates.

"The outcome is negative from the standpoint of creditworthiness,"
Francisco Rodriguez, a senior Andean economist at Bank of America
who correctly predicted the election result, told Bloomberg News
by e-mail.

The selloff in Venezuelan bonds will be short-lived as investors
look for high-yielding assets, according to Russell Dallen, the
head bond trader at Caracas Capital Markets, Bloomberg News
relates.

Bloomberg News discloses that speculation that Chavez would lose
the vote fueled a rally in Venezuelan assets in the weeks before
the election, according to Dallen.  Barclays Plc called Capriles
the probable winner in an Oct. 5 report and reiterated its
recommendation to buy Venezuelan debt, the report adds.



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


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

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 * * *