TCRLA_Public/121126.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

           Monday, November 26, 2012, Vol. 13, No. 235


                            Headlines



A R G E N T I N A

AMS FOODS: Moody's Assigns 'B2' Global Scale Rating; Outlook Neg.
METROGAS SA: Had ARS82.6-Mil. Net Loss in First 9 Months of 2012


B E R M U D A

GOSSER INVESTMENTS: Placed Under Voluntary Wind-Up
INTELLECTUAL: Contributories & Creditors to Meet on Dec. 4
PANGAEA REINSURANCE II: Placed Under Voluntary Wind-Up
SAGECREST LTD: Appoints Tomb and Calow as Liquidators
SCFR LIMITED: Appoints Tomb and Calow as Liquidators


B R A Z I L

PDG COMPANHIA: Moody's Reviews 'Ba2 Ratings for Downgrade


C A Y M A N  I S L A N D S

BERXANDER INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 3
CAIRN REAL: Placed Under Voluntary Wind-Up
CANYON SPECIAL: Placed Under Voluntary Wind-Up
CSOF II FUND: Placed Under Voluntary Wind-Up
FAIRWAYS LIMITED: Creditors' Proofs of Debt Due Dec. 3

GOLDEN SKY: Placed Under Voluntary Wind-Up
GSP WORLDWIDE: Creditors' Proofs of Debt Due Dec. 3
KINGSLYNN LTD: Creditors' Proofs of Debt Due Dec. 3
LYNAY LTD: Creditors' Proofs of Debt Due Dec. 3
NESS DISPLAY: Placed Under Voluntary Wind-Up

OSMOS PLAN: Creditors' Proofs of Debt Due Dec. 3
PRINCIPALIS LIMITED: Commences Liquidation Proceedings
WAPCO PRODUCTION: Creditors' Proofs of Debt Due Dec. 3
WATERFALL NEUTRAL: Commences Liquidation Proceedings
WATERFALL VANILLA: Commences Liquidation Proceedings


G U Y A N A

DIGICEL GROUP: Guyana's Telecom Sector to be Liberalized


J A M A I C A

ALPART: Jamaica Gov't in Talks With UC Rusal to Reopen Refineries


P U E R T O   R I C O

INTERNATIONAL HOME: U.S. Trustee Taps Marcos Colon as Examiner


T R I N I D A D  &  T O B A G O

CL FIN'L: Lascelles deMercado Wants Shares Trading Suspended


X X X X X X X X

* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2012




                            - - - - -


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


AMS FOODS: Moody's Assigns 'B2' Global Scale Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Latin America has assigned a first-time B2 global scale
rating and A1.ar national scale rating to AMS Foods' expected
issuance of up to US$1 million guaranteed Argentine peso-linked
notes at the current rating level of its financial guarantor, Aval
Rural S.G.R. At the same time, Moody's assigned a Caa3 global
local currency corporate family rating to AMS Foods International
S.A. The outlook is negative.

The net proceeds from the notes offering will be used to finance
AMS Foods' working capital requirements.

Ratings Rationale

The Caa3 Global Local Currency Corporate Family Rating reflects
the company's small scale, narrow product lines, exposure to
commodity input prices, and current customer concentration.

The rating is supported by AMS Foods' well-established
"NatureCrops" brand name, balanced export business with presence
in 6 countries, low leverage for its rating category and
attractive industry growth trends.

The ratings also consider the company's rapid growth, short and
volatile operating history and the financial and operational risks
of its future expansion.

The B2/A1.ar rating for the notes reflects the full and
unconditional guarantee of the debt by Aval Rural S.G.R., which is
rated B2/A1.ar.


METROGAS SA: Had ARS82.6-Mil. Net Loss in First 9 Months of 2012
----------------------------------------------------------------
MetroGAS S.A. reported a net loss of ARS82.6 million on
ARS945.4 million of sales for the nine months ended Sept. 30,
2012, compared to a net loss of ARS12.5 million on ARS906.2
million of sales for the same period of 2011.

The Company's balance sheet at Sept. 30, 2012, showed total assets
of ARS2.604 billion, total liabilities of ARS1.933 billion,
minority interest of ARS1.0 million, and shareholders' equity of
ARS670.1 million.

             Limited Review Report Dated Nov. 7, 2012

In their limited review report to the shareholders, President and
directors of the Company, dated Nov. 7, 2012, Price Waterhouse &
Co., S.R.L., cited, among other things, that the changes in the
economic conditions in Argentina and the changes to the License
under which the Company operates made by the Argentine National
Government, mainly related to the suspension of the original
regime for tariff adjustments, have affected the Company's
economic and financial equation.  Management is in the process of
renegotiating certain terms of the License with the Argentine
National Government to counteract the negative impact caused by
the above mentioned circumstances.

The adverse financial conditions that MetroGAS faces as a result
of the situation mentioned above led to MetroGAS' Board of
Directors to approve the Company's filing of a petition for
voluntary reorganization (concurso preventivo) in an Argentine
court on June 17, 2010, which was decreed by such court hearing
the case on July 15, 2010.  This circumstance generated an event
of default under the Negotiable Obligation Issue Program of the
Company which resulted in the automatic acceleration of the
outstanding financial debt obligations.  Nevertheless, upon the
reorganization filing, an automatic stay was put into place on the
payment of principal and interest on its outstanding debt
obligations.

A copy of the Company's unaudited consolidated interim financial
statements for the nine months ended Sept. 30, 2012, is available
at http://is.gd/Rf5NL2

                          About MetroGas

Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.

Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the area
of the Federal Capital and southern and eastern Greater Buenos
Aires, by operating the assets allocated to the Company by GdE for
a 35 year period from the Takeover Date (Dec. 28, 1992).  This
period can be extended for an additional 10 year period under
certain conditions.

MetroGAS' controlling shareholder is Gas Argentino S.A. ("Gas
Argentino") who holds 70% of the Common Stock of the Company.  The
20%, which was originally owned by the National Government, was
offered in public offering and the remaining 10% is under the
Employee Stock Ownership Plan ("Programa de Propiedad Participada"
or "PPP").

                       Going Concern Doubt

Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern, following the Company's 2011 results.
The independent auditors noted of the uncertainties related to the
suspension of the original regime for tariff adjustments and the
Company's petition for voluntary reorganization in an Argentine
Court on June 17, 2010.



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


GOSSER INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 31, 2012, the members of Gosser Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 16, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


INTELLECTUAL: Contributories & Creditors to Meet on Dec. 4
----------------------------------------------------------
The contributories and creditors of Intellectual Properties
Holding International Limited will hold meetings on Dec. 4, 2012,
at 2:00 p.m. and 2:30 p.m., respectively.

The company's liquidator is:

         Mehmet Arkin
         Arkin & Co., Maple House
         High Street, Potters Bar
         Herts EN6 5BS
         England


PANGAEA REINSURANCE II: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Oct. 24, 2012, the members of Pangaea Reinsurance II, Ltd.
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


SAGECREST LTD: Appoints Tomb and Calow as Liquidators
-----------------------------------------------------
On Oct. 18, 2012, an order was entered to appoint Alison Tomb and
Garth Calow of PricewaterhouseCoopers Bermuda as liquidators of
Sagecrest Ltd.


SCFR LIMITED: Appoints Tomb and Calow as Liquidators
----------------------------------------------------
On Oct. 18, 2012, an order was entered to appoint Alison Tomb and
Garth Calow of PricewaterhouseCoopers Bermuda as liquidators of
SCFR Limited.



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


PDG COMPANHIA: Moody's Reviews 'Ba2 Ratings for Downgrade
---------------------------------------------------------
Moody's America Latina has placed on review for possible downgrade
the Ba2 (global scale, local currency) and Aa3.br (Brazilian
national scale) ratings of the 1st issuance of the 15th series of
real estate certificates (CRIs) issued by PDG Companhia
Securitizadora.

Issuer: PDG Companhia Securitizadora

15th Series / 1st Issuance of Certificates: Aa3.br national scale
rating placed under review for possible downgrade; the last rating
action occurred on Jun 6, 2012, when the Aa3.br was assigned. Ba2
global scale, local currency rating placed under review for
possible downgrade; the last rating action occurred on Jun 6,
2012, when the Ba2 definitive rating was assigned.

Ratings Rationale

The announcement follows the review for downgrade of PDG Realty's
published on November 19, 2012. The corporate family ratings and
the ratings of the CCB (cedula de credito bancario) that backs the
15th series of CRIs, both at Ba2 / Aa3.br, were placed on review
for downgrade.

Moody's views the certificates as being full pass-through
securities of obligations and guarantees of the underlying CCB.
Given that the ratings of the 15th series of certificates are
primarily based on PDG Realty's ability to make payments under the
bank loan agreement (CCB), any changes to the CCB ratings will
lead to a change in the ratings assigned to the certificates.

Moody's will conclude this review for possible downgrade following
the conclusion of the review of PDG Realty's ratings.

Headquartered in Rio de Janeiro, PDG Realty is one of largest
homebuilders in Brazil operating through its wholly owned
subsidiaries, Goldfarb, CHL, Agre and minority investments in
other companies. The company's portfolio of products is diverse
including projects in several Brazilian states. During the last 12
month ended September 2012, PDG generated net revenues of BRL5.8
billion.

PDG Realty holds a near 100% stake in PDG Companhia
Securitizadora, a fully controlled subsidiary incorporated in
2009.

The principal methodology used in rating the certificates was
Global Homebuilding Industry rating methodology published in March
2009.



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


BERXANDER INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------------------
The creditors of Berxander International Limited are required to
file their proofs of debt by Dec. 3, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


CAIRN REAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 12, 2012, the sole shareholder of Cairn Real Estate Fund
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CANYON SPECIAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 10, 2012, the sole shareholder of Canyon Special
Opportunities Fund (Cayman), Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Colin Berryman
         Telephone: (345) 815 1896
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


CSOF II FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 10, 2012, the sole shareholder of CSOF II Fund (Cayman),
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 13, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Ogier
         c/o Colin Berryman
         Telephone: (345) 815 1896
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007
         Cayman Islands


FAIRWAYS LIMITED: Creditors' Proofs of Debt Due Dec. 3
------------------------------------------------------
The creditors of Fairways Limited are required to file their
proofs of debt by Dec. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


GOLDEN SKY: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 5, 2012, the sole shareholder of Golden Sky Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 8, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Matasuke Egashira
         c/o EOS Accountants LLP
         500 Ala Moana Blvd. # 7-421
         Honolulu, Hawaii 96813


GSP WORLDWIDE: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------------
The creditors of GSP Worldwide, Ltd are required to file their
proofs of debt by Dec. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 13, 2012.

The company's liquidator is:

         Samantha McAnulty
         6 North Street, Goshen
         Connecticut 06756, USA
         Telephone: 1 860 491 3218/ 1 345 949 8600
         Facsimile: 1 860 491 9460/ 1 345 949 0626
         11 Dr Roy's Drive, George Town
         Grand Cayman KY1-1107
         Cayman Islands


KINGSLYNN LTD: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------------
The creditors of Kingslynn Ltd are required to file their proofs
of debt by Dec. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 5, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


LYNAY LTD: Creditors' Proofs of Debt Due Dec. 3
-----------------------------------------------
The creditors of Lynay Ltd are required to file their proofs of
debt by Dec. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 9, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


NESS DISPLAY: Placed Under Voluntary Wind-Up
--------------------------------------------
Ness Display Holdings Limited commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Nov. 18, 2012, will be included in the company's dividend
distribution.

The company's liquidator is:

         Don M. Ho, FCPA
         c/o Don Ho & Associates, Public Accountants &
         Certified Public Accountants,
         Corporate Advisory & Recoveries
         20 Cecil Street #12-02 Equity Plaza Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


OSMOS PLAN: Creditors' Proofs of Debt Due Dec. 3
------------------------------------------------
The creditors of Osmos Plan Limited are required to file their
proofs of debt by Dec. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


PRINCIPALIS LIMITED: Commences Liquidation Proceedings
------------------------------------------------------
On Sept. 30, 2012, the sole shareholder of Principalis Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

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


WAPCO PRODUCTION: Creditors' Proofs of Debt Due Dec. 3
------------------------------------------------------
The creditors of Wapco Production Ltd are required to file their
proofs of debt by Dec. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2012.

The company's liquidator is:

         Commerce Corporate Services Limited
         P.O. Box 694 Grand Cayman
         Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626
         P.O. Box 694 Grand Cayman


WATERFALL NEUTRAL: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Oct. 11, 2012, the
shareholders of Waterfall Neutral Offshore Ltd passed a resolution
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

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


WATERFALL VANILLA: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Oct. 11, 2012, the
shareholders of Waterfall Vanilla Master Fund Ltd. passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 22, 2012, will be included in the company's dividend
distribution.

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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G U Y A N A
===========


DIGICEL GROUP: Guyana's Telecom Sector to be Liberalized
---------------------------------------------------------
RJR News reports that Digicel Group Limited said the Guyanese
government has given the assurance that the country's
telecommunications sector will soon be liberalized, paving the way
for lower rates.

A Director of Digicel Group, Patrick James Mara, led a delegation
of top officials of the company to a meeting with President Donald
Ramotar and Prime Minister Samuel Hinds, according to RJR News.

The report notes that Mr. Hinds deferred debate on the
Telecommunications Amendment Bill in the National Assembly, saying
the government has been holding talks with Digicel and the Guyana
Telephone and Telegraph Company GT&T.

RJR News notes that Digicel Group is said to becoming impatient
for liberalization of the international telecommunications market,
and the approval needed to offer competitive international rates.

Currently, Digicel Group can offer inbound and outbound
international calls only through GT&T because of the latter are
decades-old monopoly on international voice and data, the report
says.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.



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


ALPART: Jamaica Gov't in Talks With UC Rusal to Reopen Refineries
-----------------------------------------------------------------
RJR News reports that Jamaica Mining Minister Phillip Paulwell
said that the government will meet with UC Rusal, to come to an
agreement for the reopening of the Alpart and Kirkvine Alumina
refineries.

RJR News notes that Mr. Paulwell said principals of UC Rusal, the
Russian aluminum giant, are expected in the island with the
discussions expected to surround an energy solution for the
reopening:

"We are meeting with the Rusal people next week and that meeting
is to come to some conclusion in relation to the timeline for the
reopening of Alpart and Kirkvine.  They have already given us the
assurance that both those locations will be base locations.  We
have not yet agreed on the timeline we have a difference in view.
My view is that at the earliest possible time these plants must be
reestablished."

RJR News relates that Mr. Paulwell said the meeting will also deal
with the sale of the government's stake in Windalco.

Mr. Paulwell added that the government should be able to update
the country on progress in the sale of the Clarendon Alumina
Partners, CAP, before the end of the year, the report relays.

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15.  The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008.  Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.



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


INTERNATIONAL HOME: U.S. Trustee Taps Marcos Colon as Examiner
--------------------------------------------------------------
Donald F. Walton, the U.S. Trustee for Region 21, has informed the
Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico of its appointment of Marcos L. Colon
Cuebas, CPA, as examiner for International Home Products, Inc.,
and Health Distillers International, Inc.

The U.S. Trustee and the Examiner have agreed to this timetable
for the work to be performed:

      Dec. 7, 2012 --  Work-plan and budget due, after
                       examination of documents at the Debtors'
                       facilities

      Jan. 18, 2013 -- Preliminary report due

      Feb. 19, 2012 -- Final report due

The Examiner will be compensated at these hourly rates:

      Partners             $150
      Manager              $100
      Seniors               $75
      Staff                 $65

To the best of the U.S. Trustee's knowledge, the Examiner is a
"disinterested person' as that term is defined in Section 101(14)
of the Bankruptcy Code.

The Examiner can be reached at:

      Marcos L. Colon Cuebas, CPA
      Colon Cuebas & Laguna, PSC
      1519 Ponce de Leon Avenue, Suite 601, Stop 23
      San Juan, Puerto Rico 00910
      Tel. (787)724-3400
      Telecopier: (787)724-3300
      E-mail: mcolon@ccl-cpafirm.com

As reported by the Troubled Company Reporter on Oct. 2, 2012,
secured creditor First Bank Puerto Rico asked the Court to appoint
an examiner in the Chapter 11 cases of the Debtors, saying that
the examiner will conduct an investigation of the Debtors'
management of assets and their financial affairs because, among
other things, the Debtors have not completed an audit of their
financial statements for the years 2010 and 2011.  The TCR
reported on Nov. 2, 2012, that creditor Marian Ellen Foti joined
in First Bank's motion for an examiner appointment.

On Oct. 4, 2012, the Court opined that since the debts in this
case exceed $5 million, the appointment of an examiner is
mandatory.

On Oct. 9, 2012, the Debtors requested reconsideration of the
court's order due to the fact that they have contested in their
objection to the appointment of the examiner and the corresponding
supplement that the fixed, liquidated and unsecured debts
excluding debts for goods, services, or taxes, or debts to
insiders, do not reach the $5 million limit imposed by the
Bankruptcy Code.  The Debtors reinstated in the supplement that
First Bank's claim in full has been disputed and is contingent to
the results of an adversary proceeding and a pending appeal.
Without First Bank's claim, the requirement of the $5 million
fixed, liquidated, unsecured debts, excluding debts for goods,
services, taxes or debts to insiders, is not complied.

On Oct. 22, 2012, the Court denied the Debtors' motion for
reconsideration of the court order authorizing the appointment of
an examiner.  The Court said the record shows that the Debtors
have more than $5 million in unsecured debts.  Proof of claim 9-1,
as amended by proof of claim 9-2, filed by Firstbank shows a total
amount claimed of $36,865,623.06 and the value of collateral of
$27 million.  Thus, the difference exceeds $5 million.  According
to the Court, the claim has not been objected to.  The issue
regarding Firstbank's claim is whether it is secured or not.  The
Court found that it was at a hearing held on May 3, 2012, and in
the order entered on May 15, 2012.  The order was entered in
relation to the Debtors' request for use of cash collateral and
not as a result of an objection to claim.  The order was appealed
to the U.S. District Court.  "If the Debtors prevail in their
appeal, the amount of unsecured debt will increase," the Court
stated.  A review of the minutes of the hearing held on July 24,
2012, shows the Debtors accepted amounts of approximately $40
million; and in the joint motion filed on June 22, 2012, the
unsecured debt admitted exceeds $5 million.

                 About International Home Products

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

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



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


CL FIN'L: Lascelles deMercado Wants Shares Trading Suspended
------------------------------------------------------------
RJR News reports that Lascelles deMercado has applied for a
suspension of trading in its shares, ahead of the finalization of
its takeover by Italy's Gruppo Campari.

Lascelles deMercado asked the stock exchange to suspend trading in
its shares for all of next week or until the takeover deal is
closed, according to RJR News.

RJR News relates that the request is in line with Gruppo Campari's
expectation to complete its US$415 million takeover of Lascelles
by December.

It is not clear how far the Italians are with completing a 100
percent takeover of Lascelles, but they have already been
indicated that Lascelles will be delisted upon completion, the
report relays.

In addition to requesting the suspension of trading, Lascelles
said the US$42 dollars 66 cents per share dividend it declared
last week, will be paid earlier than announced.

The previous payment date was November 30, but that has been
brought forward to November 28.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2012, RJR News said 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 noted 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 said.

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


* BOND PRICING: For the Week Nov. 19 to Nov. 23, 2012
-----------------------------------------------------

Issuer              Coupon   Maturity    Currency      Price
------              ------   --------     --------     -----

ARGENTINA
---------

ARGENT GLOBAL          8.75    6/2/2017      USD          72
ARGENT-$DIS            8.28    12/31/2033    USD        50.2
ARGENT-$DIS            8.28    12/31/2033    USD        53.9
ARGENT-$DIS            8.28    12/31/2033    USD          54
ARGENT-$DIS            8.28    12/31/2033    USD          55
ARGENT-$DIS            8.28    12/31/2033    USD          57
ARGENT-PAR             1.18    12/31/2038    ARS        39.6
ARGENT- DIS            7.82    12/31/2033    EUR          45
ARGENT- DIS            7.82    12/31/2033    EUR          51
ARGENT- DIS            7.82    12/31/2033    EUR        49.8
ARGENT- DIS            4.33    12/31/2033    JPY          31
ARGENT- PAR            0.45    12/31/2038    JPY          15
ARGENT- PAR&GDP        0.45    12/31/2038    JPY           8
ARGENTINA                 9    11/29/2018    USD        67.3
ARGNT-BOCON PRE9          2     3/15/2014    ARS          53
BANCO DE GALICIA       8.75     5/4/2018     USD        72.5
BANCO DE GALICIA       8.75     5/4/2018     USD          73
BANCO MACRO SA         9.75    12/18/2036    USD        64.5
BANCO MACRO SA         9.75    12/18/2036    USD        65.8
BANCO MACRO SA         9.75    12/18/2036    USD        65.8
BONAR X                   7     4/17/2017    USD        73.3
CAPEX SA                 10     3/10/2018    USD        63.9
CAPEX SA                 10     3/10/2018    USD        63.6
CIA LATINO AMER         9.5    12/15/2016    USD          54
EMP DISTRIB NORT       9.75    10/25/2022    USD        40.9
EMP DISTRIB NORT       10.5    10/9/2017     USD          95
EMP DISTRIB NORT       9.75    10/25/2022    USD        40.5
PROV BUENOS AIRE      9.625     4/18/2028    USD        55.7
PROV BUENOS AIRE      9.625     4/18/2028    USD        55.8
PROV BUENOS AIRE      9.375     9/14/2018    USD        58.9
PROV BUENOS AIRE      10.88     1/26/2021    USD        59.6
PROV BUENOS AIRE      9.375     9/14/2018    USD        59.1
PROV BUENOS AIRE      10.88     1/26/2021    USD        59.6
PROV BUENOS AIRE      11.75    10/5/2015     USD        73.8
PROV BUENOS AIRE      11.75    10/5/2015     USD        73.8
PROV BUENOS AIRE       9.25     4/15/2017    USD        74.7
PROV BUENOS AIRE       9.25     4/15/2017    USD        74.8
PROV DE CORDOBA       12.38     8/17/2017    USD        66.4
PROV DE CORDOBA       12.38     8/17/2017    USD        66.5
PROV DE FORMOSA           5     2/27/2022    USD        57.1
PROV DE MENDOZA         5.5     9/4/2018     USD        69.9
PROV DE MENDOZA         5.5     9/4/2018     USD        69.9
PROV DEL CHACO            4    12/4/2026     USD          23
PROV DEL CHACO            4    11/4/2023     USD          50
PROV DEL NEUQUEN      7.875     4/26/2021    USD        76.7
TRANSENER              9.75     8/15/2021    USD        37.6
TRANSENER              9.75     8/15/2021    USD          45
TRANSENER             8.875    12/15/2016    USD        49.5
BRAZIL
------

REDE EMPRESAS         11.13                  USD          38
REDE EMPRESAS         11.13                  USD          36
REDE EMPRESAS         11.13                  USD          40


CAYMAN ISLAND
-------------

BCP FINANCE CO        5.543                  EUR          37
BCP FINANCE CO        4.239                  EUR        39.2
BES FINANCE LTD        5.58                  EUR        57.4
BES FINANCE LTD         4.5                  EUR          64
CAM GLOBAL FIN         6.08    12/22/2030    EUR        59.4
CHINA FORESTRY        10.25    11/17/2015    USD        53.3
CHINA FORESTRY        10.25    11/17/2015    USD        53.3
CHINA SUNERGY          4.75     6/15/2013    USD        51.9
EFG ORA FUNDING         1.7    10/29/2014    EUR          70
ESFG INTERNATION      5.753                  EUR        42.8
GOL FINANCE            8.75                  USD        72.6
GOL FINANCE            8.75                  USD        72.4
JINKOSOLAR HOLD           4     5/15/2016    USD          35
LDK SOLAR CO LTD       4.75     4/15/2013    USD        67.5
LDK SOLAR CO LTD       4.75     4/15/2013    USD          63
LUPATECH FINANCE      9.875                             44.3
LUPATECH FINANCE      9.875                  USD          40
RENHE COMMERCIAL         13     3/10/2016    USD        61.5
RENHE COMMERCIAL         13     3/10/2016    USD        54.5
RENHE COMMERCIAL      11.75     5/18/2015    USD        65.8
RENHE COMMERCIAL      11.75     5/18/2015    USD        65.8
SOLARFUN POWER H        3.5     1/15/2018    USD        77.5
SOLARFUN POWER H        3.5     1/15/2018    USD        74.7
SUNTECH POWER             3     3/15/2013    USD        39.2
SUNTECH POWER             3     3/15/2013    USD        39.3


CHILE
-----

CGE DISTRIBUCION       3.25    12/1/2012     CLP        10.2
CHILE                     3     1/1/2042     CLP        62.6
CHILE                     3     1/1/2042     CLP        62.6
CHILE                     3     1/1/2040     CLP        64.2
CHILE                     3     1/1/2040     CLP        64.2
CHILE                     3     1/1/2032     CLP        73.3
CHILE                     3     1/1/2032     CLP        73.3
COLBUN SA               3.2     5/1/2013     CLP        24.9


PUERTO RICO
-----------

PUERTO RICO CONS        6.5     4/1/2016     USD          68
PETROLEOS DE VEN        5.5     4/12/2037    USD        60.3
PETROLEOS DE VEN      5.375     4/12/2027    USD        63.3


VENEZUELA
---------

VENEZUELA                 7     3/31/2038    USD        70.7
VENEZUELA                 7     3/31/2038    USD        70.8


                            ***********


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 * * *