TCRLA_Public/121122.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, November 22, 2012, Vol. 13, No. 233


                            Headlines



B E R M U D A

EWAVE CONSTRUCTION: Members' Final Meeting Set for Dec. 4
GLOBAL NAVIGATION: Member to Receive Wind-Up Report on Dec. 3
HUNTINGTON INT'L: Member to Hear Wind-Up Report on Dec. 10
LAZARD WORLD: Members' Final Meeting Set for Dec. 4
OVERSEAS PARTNERS: Member to Receive Wind-Up Report on Dec. 6

PANVISION LTD: Member to Receive Wind-Up Report on Dec. 4
SUSSEX INVESTMENTS: Members' Final Meeting Set for Dec. 4
VANCO ENGINEERING: Members' Final Meeting Set for Dec. 4


C A Y M A N  I S L A N D S

ASCOT (CAYMAN): Creditors' Proofs of Debt Due Nov. 22
BONOHURST HOLDINGS: Creditors' Proofs of Debt Due Nov. 22
CONVOY INVESTMENTS: Creditors' Proofs of Debt Due Nov. 22
DECCAN VALUE: Creditors' Proofs of Debt Due Nov. 22
DVA MASTER: Creditors' Proofs of Debt Due Nov. 22

ETERNAL SUMMIT: Placed Under Voluntary Wind-Up
ICAHN FUND: Creditors' Proofs of Debt Due Nov. 22
ICAHN FUND II: Creditors' Proofs of Debt Due Nov. 22
LODESTONE ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 22
TRITON 210: Placed Under Voluntary Wind-Up


C O L O M B I A

OSAGE EXPLORATION: Reports $251,000 Net Income in 3rd Quarter
OSAGE EXPLORATION: Peter Hoffman Discloses 8% Equity Stake


M E X I C O

GRUPO KUO: S&P Gives 'BB' Rating on $250-Mil. Notes Due 2022
GRUPO KUO: Fitch Puts Rating on Proposed Sr. Notes at 'BB'


N I C A R A G U A

* NICARAGUA: To Improve Transport System With $39.2MM IDB Loan


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercado Completes Sale of Globe Holding


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


EWAVE CONSTRUCTION: Members' Final Meeting Set for Dec. 4
---------------------------------------------------------
The members of Ewave Construction Company Limited will hold their
final general meeting on Dec. 4, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


GLOBAL NAVIGATION: Member to Receive Wind-Up Report on Dec. 3
-------------------------------------------------------------
The member of Global Navigation Ltd. will receive on Dec. 3, 2012,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM11
         Bermuda


HUNTINGTON INT'L: Member to Hear Wind-Up Report on Dec. 10
----------------------------------------------------------
The member of Huntington International Insurance Company Ltd. will
receive on Dec. 10, 2012, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on Oct. 26, 2012.

The company's liquidators are:

         Mike Morrison
         Charles Thresh
         KPMG Advisory Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton
         Bermuda


LAZARD WORLD: Members' Final Meeting Set for Dec. 4
---------------------------------------------------
The members of Lazard World Alternative Value Fund, Ltd. will hold
their final general meeting on Dec. 4, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


OVERSEAS PARTNERS: Member to Receive Wind-Up Report on Dec. 6
-------------------------------------------------------------
The member of Overseas Partners Cat Ltd. will receive on Dec. 6,
2012, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


PANVISION LTD: Member to Receive Wind-Up Report on Dec. 4
---------------------------------------------------------
The member of Panvision Ltd. will receive on Dec. 4, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, 2 Church Street
         Hamilton HM 11
         Bermuda


SUSSEX INVESTMENTS: Members' Final Meeting Set for Dec. 4
---------------------------------------------------------
The members of Sussex Investments Limited will hold their final
general meeting on Dec. 4, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


VANCO ENGINEERING: Members' Final Meeting Set for Dec. 4
--------------------------------------------------------
The members of Vanco Engineering Limited will hold their final
general meeting on Dec. 4, 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:

         Robin J. Mayor
         Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda



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


ASCOT (CAYMAN): Creditors' Proofs of Debt Due Nov. 22
-----------------------------------------------------
The creditors of The Ascot (Cayman) Fund are required to file
their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


BONOHURST HOLDINGS: Creditors' Proofs of Debt Due Nov. 22
---------------------------------------------------------
The creditors of Bonohurst Holdings Limited are required to file
their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 9, 2012.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

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


DECCAN VALUE: Creditors' Proofs of Debt Due Nov. 22
---------------------------------------------------
The creditors of Deccan Value Advisors Fund, Ltd. are required to
file their proofs of debt by Nov. 22, 2012, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2353
         Facsimile: +1 (345) 949 8258


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

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

         Stuart Sybersma
         c/o Grant Hiley
         Deloitte & Touche
         P.O Box 1787 Grand Cayman KY1-1109
         Cayman Islands
         Telephone: +1(345) 814 2353
         Facsimile: +1 (345) 949 8258


ETERNAL SUMMIT: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Oct. 9, 2012, the
shareholders of Eternal Summit Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Buchanan Limited
         Allison Kelly
         Telephone: (345) 949-0355
         Facsimile: (345)949-0360
         P.O. Box 1170 George Town, Grand Cayman
         Cayman Islands KY1-1102


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

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

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


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

The company commenced liquidation proceedings on Oct. 8, 2012.

The company's liquidator is:

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


LODESTONE ALTERNATIVE: Creditors' Proofs of Debt Due Nov. 22
------------------------------------------------------------
The creditors of Lodestone Alternative Investment Holdings Ltd.
are required to file their proofs of debt by Nov. 22, 2012, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 9, 2012.

The company's liquidator is:

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


TRITON 210: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 10, 2012, the sole member of Triton 210 Ltd. passed a
resolution to wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 20, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Maree Martin
         Telephone: (345) 814 7376
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands



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C O L O M B I A
===============


OSAGE EXPLORATION: Reports $251,000 Net Income in 3rd Quarter
-------------------------------------------------------------
Osage Exploration and Development, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of $250,976 on $1.85 million of total
operating revenues for the three months ended Sept. 30, 2012,
compared with a net loss of $142,787 on $854,200 of total
operating revenues for the same period during the prior year.

For the nine months ended Sept. 30, 2012, the Company reported net
income of $93,518 on $4.57 million of total operating revenues,
compared with net income of $2.56 million on $2.45 million of
total operating revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2012, showed $13.19
million in total assets, $5.16 million in total liabilities and
$8.03 million in total stockholders' equity.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/PMl9wt

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

GKM, LLP, in Encino, California, expressed substantial doubt about
the Company's ability to continue as a going concern following the
Company's 2011 financial results.  The independent auditors noted
that the Company has suffered recurring losses from operations and
has an accumulated deficit as of Dec 31, 2011.

                         Bankruptcy Warning

Management of the Company has undertaken steps as part of a plan
to improve operations with the goal of sustaining the Company's
operations for the next 12 months and beyond.  These steps include
(a) assigning a portion of the Company's oil and gas leases in
Logan County, Oklahoma (b) participating in drilling of wells in
Logan County, Oklahoma within the next 12 months, (c) controlling
overhead and expenses and (d) raising additional equity or debt.
There is no assurance the Company can accomplish these steps and
it is uncertain the Company will achieve profitable operations and
obtain additional financing.  There is no assurance additional
financings will be available to the Company on satisfactory terms
and conditions, if at all.  If the Company is unable to continue
as a going concern, the Company may elect or be required to seek
protection from its creditors by filing a voluntary petition in
bankruptcy or may be subject to an involuntary petition in
bankruptcy.


OSAGE EXPLORATION: Peter Hoffman Discloses 8% Equity Stake
----------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Peter Hoffman, Jr., disclosed that, as of
Oct. 4, 2012, he beneficially owns 3,871,741 shares of common
stock of Osage Exploration and Development, Inc., representing 8%
of the shares outstanding.  Mr. Hoffman previously reported
beneficial ownership of 4,768,634 common shares or a 9.9% equity
stake as of June 13, 2012.  A copy of the amended filing is
available for free at http://is.gd/lStOYd

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

GKM, LLP, in Encino, California, expressed substantial doubt about
the Company's ability to continue as a going concern following the
Company's 2011 financial results.  The independent auditors noted
that the Company has suffered recurring losses from operations and
has an accumulated deficit as of Dec 31, 2011.

The Company's balance sheet at Sept. 30, 2012, showed $13.19
million in total assets, $5.16 million in total liabilities and
$8.03 million in total stockholders' equity.

                         Bankruptcy Warning

Management of the Company has undertaken steps as part of a plan
to improve operations with the goal of sustaining the Company's
operations for the next 12 months and beyond.  These steps include
(a) assigning a portion of the Company's oil and gas leases in
Logan County, Oklahoma (b) participating in drilling of wells in
Logan County, Oklahoma within the next 12 months, (c) controlling
overhead and expenses and (d) raising additional equity or debt.
There is no assurance the Company can accomplish these steps and
it is uncertain the Company will achieve profitable operations and
obtain additional financing.  There is no assurance additional
financings will be available to the Company on satisfactory terms
and conditions, if at all.  If the Company is unable to continue
as a going concern, the Company may elect or be required to seek
protection from its creditors by filing a voluntary petition in
bankruptcy or may be subject to an involuntary petition in
bankruptcy.



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


GRUPO KUO: S&P Gives 'BB' Rating on $250-Mil. Notes Due 2022
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned  its 'BB' senior
unsecured debt rating to Grupo KUO S.A.B. de C.V.'s (KUO;
BB/Stable/--) proposed $250 million notes due 2022. "At the same
time, we assigned a recovery rating of '3' to the notes,
indicating our expectation of meaningful (50% to 70%) recovery in
the event of default. The notes will be denominated in dollars and
are expected to be issued in December 2012. The notes will benefit
from unconditional guarantee from KUO's main operating
subsidiaries and will rank pari passu in right of payment to all
existing senior debt. The company will use proceeds to refinance
existing senior unsecured notes due 2017 for the same amount,
improving the average debt life to about seven years from about
five," S&P said.

"Our 'BB' corporate rating on KUO reflects our assessment of the
company's business risk profile as 'fair' and its financial risk
profile as significant. In our view, the ratings are constrained
by the single-digit operating margins, the cyclicality in some of
its core businesses, particularly chemicals and automotive,
foreign-exchange fluctuations, and its exposure to the volatility
of its raw materials prices. Those factors are offset by the
company's strong market shares in its businesses, improved product
and geographic diversification through acquisitions and a
comfortable debt maturity schedule," S&P said.

RATINGS LIST

Grupo KUO S.A.B. de C.V.
  Corporate credit rating           BB/Stable/--

Rating Assigned

Grupo KUO S.A.B. de C.V.
  $250 million notes due 2022       BB
   Recovery rating                  3


GRUPO KUO: Fitch Puts Rating on Proposed Sr. Notes at 'BB'
----------------------------------------------------------
Fitch Ratings has assigned an 'BB(exp)' rating to Grupo Kuo,
S.A.B. de C.V.'s (Kuo) proposed Senior Notes issuance up to USD250
million due in 2022.  Proceeds from the issuance are expected to
be used primarily to refinance existing indebtedness.

The ratings reflect Kuo's strong operating performance in recent
years, stable financial profile, solid liquidity and adequate debt
maturity schedule.  The company has maintained organic growth
across business segments despite a challenging economic
environment in conjunction with acquisitions to strengthen its
business lines.  Recent acquisitions have been funded with a
combination of internal cash generation and debt; Fitch expects
consolidation and integration of these operations in 2012 as well
as the deployment of announced expansions and new facilities in
Asia to complement the company's portfolio.

Kuo's ratings are supported by its diversified revenue stream.
Hard currency generation represented 49% of total sales for the
latest 12 months as of Sept. 30, 2012 (48% in FY2011), coming from
exports and subsidiaries located outside of Mexico and by joint
ventures (JVs) with international industry leaders.  The ratings
incorporate the company's exposure to volatility in demand and
input costs related to commodity prices across business lines.
The ratings consider Kuo's management long- term target of net
debt to EBITDA between 1.5x and 2.5x.

Strong Operating Performance

Kuo's revenue growth has been supported mainly by acquisitions and
organic growth; while profitability has shown a slight
improvement.  For the latest 12 months as of Sept. 30, 2012,
revenues grew 15% to MXN29.2 billion, while EBITDA increased 22%
to MXN2.7 billion, when compared to the same period last year.
Despite sharp increases in raw materials across all divisions, the
EBITDA margin reached 9.1% higher than 8.6% of the previous year
same period.  Fitch expects profitability will remain relatively
stable across Kuo's business segments in the following quarters.

According to Fitch's calculations, annual Free Cash Flow (FCF)
after dividends, acquisitions and divestitures was negative for
approximately MXN910 million, as a result of increased working
capital requirements and capex.  Fitch anticipates that Kuo's FCF
for the next 12 - 24 months to be from negative to neutral as it
deploys its investing plan.

Consistent Business Strategy

Kuo continued its investment plan based on a dynamic business
portfolio.  Capex during the year was dedicated to optimize
operations across operating segments.  In addition, during the
past year, Kuo made acquisitions or entered in new JV's in its
automotive and consumer divisions.  The company recently increased
its equity stake in Kuo Divgi Automotive Private Limited to 96.5%,
its transmissions and transmission's components business in India,
through its subsidiary Kuo India, S.A. de C.V.  Fitch expects that
Kuo will continue with the strategy observed in past years
oriented to developing high value added products with attractive
returns, through a combination of internal growth and
acquisitions.

Improved Credit Metrics
Kuo's credit metrics have been gradually improving following the
acquisitions in 2011 and 2012.  For the latest 12 months as of
Sept. 30, 2012, total debt to EBITDA and net debt to EBITDA were
2.3x and 1.9x, respectively, which compare favorably to 2.5x and
2.3x at year end 2011.  Fitch anticipates KUO will maintain these
stable ratios in the absence of debt financed acquisitions.  The
company's total debt balance as of Sept. 30, 2012, was MXN6
billion, with minimal short-term debt of 1% of total debt.

Solid Liquidity and Adequate Debt Profile

Liquidity is ample, and the company's debt maturity profile is
manageable.  As of Sept. 30, 2012, Kuo's had a cash balance of
MXN960 million, available committed credit lines of approximately
USD60 million and short- term debt of MXN64 million.  The
company's financial strategy includes prepaying the USD 250
million of senior notes due in 2017 with the proceeds from the
proposed issuance.  The next significant debt amortizations of Kuo
are in 2015 and 2016 when MXN700 million of Certificados
Bursatiles and MXN1.1 billion of bank loans come due,
respectively.

Key Rating Drivers

Positive factors for the ratings include a combination of stable
profitability across business segments, neutral to positive FCF
generation through the cycle and consistent leverage below current
levels.  In contrast, negative ratings actions could arise by a
combination of sustained deterioration of volume demand and
profitability, or large debt financed acquisitions, leading to a
net leverage above the company's long- term target.

Fitch currently rates Kuo as follows:

  -- Long-term Foreign Currency Issuer Default Rating (IDR) 'BB';
  -- Long-term Local Currency IDR 'BB';
  -- Long-term National Scale Rating 'A(mex)';
  -- USD250 million Senior Notes due 2017 'BB';
  -- MXN700 million Certificados Bursatiles due in 2015 'A(mex)'
  -- MXN700 million Certificados Bursatiles due in 2019 'A(mex)'

The Rating Outlook is Stable



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N I C A R A G U A
=================


* NICARAGUA: To Improve Transport System With $39.2MM IDB Loan
--------------------------------------------------------------
Nicaragua will improve the efficiency and safety of its
transportation system and advance regional integration with a
$39.2 million loan approved by the Inter-American Development Bank
(IDB).

The project will help reduce vehicle operating costs, increase
travel speeds, reduce accident rates and will conduct studies on
the impact of climate change on infrastructure.  Other components
include institution building, road maintenance and road safety.

Some 437,000 vehicles travel over the national road system,
carrying more than 13 million tons of freight annually, of which
more than 38% is foreign trade cargo.

A major component of this project includes the improvement of 44.6
kilometers of roads from La Paz Centro-Malpaisillo (37.2 km), of
the primary trunk network, in the departments of Le¢n and
Chinandega; and the Miralagos-Cuyal¡ (7.47 km) highway, of the
primary feeder network, located in the Department of Jinotega.

The country's road network system is characterized by poor
conditions of both paved and unpaved roads.  This translates into
high transport costs, posing an obstacle to national efforts to
boost economic growth and reduce poverty.

According to data from the Ministry of Transport and
Infrastructure (MTI) published in the Red Vial Nicaragua report of
2011, the road network has a total length of 23,647.1 km, of which
only 3,150.8 km (13.3%) is paved.

The IDB financing consists of US$19.6 million from the Fund for
Special Operations with an amortization and grace period of 40
years and an interest rate of 0.25%; and $19.6 million from the
Ordinary Capital for a 30-year term, a five-and-a-half year grace
period, and an interest rate based on LIBOR.  This is one of three
loans to Nicaragua as part of the Transport Sector Support
Program, which estimates a total investment of $75 million from
the IDB.

Since 2004, the IDB has approved five operations totaling $179.1
million, through which it has contributed to improving travel
conditions and safety on the national road network, integrating
the country's various regions, and promoting economic and social
development.



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


CL FIN'L: Lascelles deMercado Completes Sale of Globe Holding
-------------------------------------------------------------
RJR News reports that Lascelles deMercado said it has now
completed the sale of its insurance arm, Globe Holdings, to
Guardian Holdings.

Lascelles said the sale was completed on Nov. 16, according to RJR
News.

RJR News notes that the sale comes two months after Lascelles said
it had reached an agreement with Guardian to sell the unit for
US$38 million.

Proceeds from the sale of the company forms part of the special
dividend Lascelles has declared for its shareholders, the report
notes.

Gruppo Campari, which is in the final stages of completing a 100%
takeover of Lascelles had said it wanted to divest the non-
distribution and alcohol business before year end, the report
relates.

As reported in the Troubled Company Reporter-Latin America on
Oct. 23, 2012, RJR News said that Italy's Gruppo Campari raised
EUR400 million, which it intends to use to help finance its
acquisition of Jamaica-based Lascelles de Mercado.  Gruppo Campari
raised the funds, by targeting institutional investors and said it
was 12 times oversubscribed, even though the bonds were unrated,
according to RJR News.  The report related that the company had
initially said it wanted to raise EUR350 million but eventually
increased the amount to EUR400 million, because of the strong
interest from investors.  The report noted that Lascelles de
Mercado acquisition will cost Gruppo Campari about EUR330 million,
and the company said it will cancel bridge loans it had secured to
pay for the company.  RJR News said that the rest of the funds
that were borrowed on the bond market will be used for general
corporate objectives including lengthening its overall debt
maturity profile.

                        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.



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


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

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:  1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:  1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            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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