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                     L A T I N   A M E R I C A

           Wednesday, November 28, 2012, Vol. 13, No. 236


                            Headlines



A R G E N T I N A

EME & DE: Asks for Reorganization Proceedings
ERIKA SA: Creditors' Proofs of Debt Due Dec. 5
FEDERAL POST: Creditors' Proofs of Debt Due Dec. 3
GOOD PING: Creditors' Proofs of Debt Due Dec. 11
MAPITA SA: Creditors' Proofs of Debt Due Dec. 12

PANIFICADORA LUGO: Creditors' Proofs of Debt Due Dec. 4
RELINCHO SA: Creditors' Proofs of Debt Due Dec. 6
TREJOPLAST SA: Creditors' Proofs of Debt Due Dec. 3


B R A Z I L

BANCO DO ESTADO: Fitch Rates Subordinated Notes 'BB-'
MINAS GERAIS: Moody's Assigns 'Ba1' Rating to Senior Debentures
REDE ENERGIA: Files for Bankruptcy Protection
REDE ENERGIA: Bankruptcy Filing Cues Fitch to Downgrade Ratings


C H I L E

CHILE MINING: Incurs $797,000 Net Loss in Sept. 30 Quarter


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Racks up More Outstanding Aviation Fees in Jamaica
CL FIN'L: Lascelles deMercado Shares Will be Suspended


V I R G I N  I S L A N D S

FAIRFIELD SENTRY: Investor Wants Caribbean Bankruptcy Ended


                            - - - - -


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A R G E N T I N A
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EME & DE: Asks for Reorganization Proceedings
---------------------------------------------
EME & DE SA asked for reorganization proceedings.  The company
defaulted its payments last Sept. 25.


ERIKA SA: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------
Ignacio Alberto Bilon, the court-appointed trustee for
Administracion y Servicios Erika SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until Dec. 5, 2012.

Mr. Bilon will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, 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:

         Ignacio Alberto Bilon
         Reconquista 715
         Argentina


FEDERAL POST: Creditors' Proofs of Debt Due Dec. 3
--------------------------------------------------
Gladys Beatriz Benito, the court-appointed trustee for Federal
Post SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until Dec. 3, 2012.

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

The Trustee can be reached at:

         Gladys Beatriz Benito
         Uruguay 618


GOOD PING: Creditors' Proofs of Debt Due Dec. 11
------------------------------------------------
Elsa Zunilda Rodriguez, the court-appointed trustee for Good Ping
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 11, 2012.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Elsa Zunilda Rodriguez
         Tucuman 1651
         Argentina


MAPITA SA: Creditors' Proofs of Debt Due Dec. 12
------------------------------------------------
Susana Luisa Erusalimsky, the court-appointed trustee for Mapita
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Dec. 12, 2012.

Ms. Erusalimsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:

         Susana Luisa Erusalimsky
         Espinosa 2501
         Argentina


PANIFICADORA LUGO: Creditors' Proofs of Debt Due Dec. 4
-------------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for
Panificadora Lugo SA's reorganization proceedings, will be
verifying creditors' proofs of claim until Dec. 4, 2012.

Mr. de la Piedra will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 4, 2013.

The Trustee can be reached at:

         Juan Carlos de la Piedra
         Av. Juan B. Justo 5096
         Argentina


RELINCHO SA: Creditors' Proofs of Debt Due Dec. 6
-------------------------------------------------
Jorge Jose Kern, the court-appointed trustee for Relincho SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until Dec. 6, 2012.

Mr. Kern will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 3 in
Buenos Aires, with the assistance of Clerk No. 6, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 15, 2013.

The Trustee can be reached at:

         Jorge Jose Kern
         Benito Juarez 3276
         Argentina


TREJOPLAST SA: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------------
Mariana Nadales, the court-appointed trustee for Trejoplast SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 3, 2012.

Ms. Nadales will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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:

         Mariana Nadales
         Hipolito Yrigoyen 1349
         Argentina



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B R A Z I L
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BANCO DO ESTADO: Fitch Rates Subordinated Notes 'BB-'
-----------------------------------------------------
Fitch Ratings assigns Banco do Estado do Rio Grande do Sul's
(Banrisul) reopening subordinated notes a rating of 'BB-'.

The reopening will be for an amount that will be set at the time
of the issuance with a tenor for approximately 10 years with a
maturity date of January 2022; interest payments will be made
semi-annually.  The notes will carry a 7.375% fixed interest rate.
The net proceeds will be used by Banrisul for general corporate
purposes.

The notes will rank at least equally with similar subordinated
debt and carry a cumulative coupon deferral mechanism that can be
exercised.  This deferral would only occur if Banrisul is in
noncompliance with its regulatory capital requirement.  As per
Fitch's new rating criteria, the rating of this Tier II
subordinated debt should be two notches below Banrisul's Viability
Rating (VR) of 'bb+', one notch reflecting loss severity features
and its subordinated status and one notch due to the moderate risk
of non-performance.

Banrisul's VR considers its regional importance, with strong
franchise in its home state of Rio Grande do Sul (RS), above-
average profitability, adequate liquidity, and stable retail
funding structure.  The VR also reflects its moderate credit
quality, modest nationwide market share, fierce competition in the
domestic banking sector, a rather undiversified funding structure
and risk concentration on RS, Brazil's fourth largest state, whose
economy is largely focused on the agricultural sector.

Controlled by the State of Rio Grande do Sul, Banrisul is the
largest bank within the state with prevalent market share in
credits and deposits.  With 462 branches, Banrisul operates as a
retail bank, focusing on companies and individuals.


MINAS GERAIS: Moody's Assigns 'Ba1' Rating to Senior Debentures
---------------------------------------------------------------
Moody's America Latina assigned definitive ratings of Ba1 (sf)
(Global Scale, Local Currency) and Aa2.br (sf) (Brazilian National
Scale) to the senior debentures issued by MGI - Minas Gerais
Participacoes S.A., a securitization backed by a pool of re-
performing ICMS taxes owed by obligors to the State of Minas
Gerais.

Issuer: MGI - Minas Gerais Participacoes S.A.

Senior Debentures - Ba1 (sf) (Global Scale, Local Currency) &
Aa2.br (sf) (Brazilian National Scale)

Ratings Rationale

The definitive ratings of Ba1 (sf) / Aa2.br (sf) are assigned to
the 3rd Issuance of Senior Debentures Backed by Re-performing ICMS
Taxes and issued by MGI - Minas Gerais Participacoes S.A. (MGI or
the Issuer). The senior debentures are issued in a single series
and are not convertible into stock.

MGI is a public limited company controlled by the State of Minas
Gerais (or State of MG) which holds a direct participation of
99.8% in MGI as of March 31, 2012. The issuer rating of Estado de
MG is Ba1 in the global scale. MGI is not rated by Moody's.

The ratings of Ba1 (sf) / Aa2.br (sf) assigned to the senior
debentures are based mainly on the cash flows resulting from the
credit rights that back the debentures. In addition, the ratings
reflect the financial strength of the State of MG to make the
indemnification payments.

The senior debentures are guaranteed, via fiduciary assignment, by
the right to receive 60% of collections resulting from payments of
renegotiated taxes in the form of monthly installments (credit
rights). The credit rights consist only of renegotiated ICMS taxes
(Imposto sobre Operacoes Relativas Circulacao de Mercadorias e
Prestacao Servicos de Transporte Interestadual e Intermunicipal e
de Comunicacao) owed by obligors to the State of MG and that have
been renegotiated, with recognition of the ensuing debt by
obligors.

The transaction contemplates an amortizing, static portfolio, with
a one-time sale of credit rights by the State of MG to the Issuer
at their outstanding par value. Under the sale agreement (contrato
de cessao onerosa) entered into between the State of MG and the
Issuer, the State of MG is required to make the Issuer whole via
indemnification payments for damages resulting from any future
renegotiation of credit rights sold to MGI.

The transaction does not contain eligibility criteria; instead,
the entire outstanding amount of re-performing ICMS taxes of the
State of MG owed by companies (net of Excluded Cash Flows, as
defined below) is sold to MGI to back the debt issuance. For
modeling assumptions, Moody's assumed (i) the total issuance of
senior debentures capped at BRL316 million and (ii) a minimum of
BRL1,772 million of credit rights, whereby BRL1,108 million of
credit rights in respect to installments due prior to scheduled
maturity of senior debentures on month 60.

As of September 28, 2012, according to data available on the
fiduciary agent's website (Oliveira Trust) submitted by the SEF/MG
(Secretaria da Fazenda de Minas Gerais), the portfolio backing the
debentures amounted to BRL1,713 million, whereby
BRL1,080 million are in respect to installments due prior to month
60. The senior debentures amounted for approximately
BRL318 million as of Sep 28. The total amount issued was BRL316
million.

The senior debentures have a maturity of 60 months (August 30,
2017). Interest payments are made during first 6 months followed
by a monthly scheduled payment of interest and principal starting
on March 30, 2013. The interest, accrued daily, is equivalent to
the Brazilian interbank deposit rate (DI) plus a fixed coupon of
3.25% per annum defined in a book building process subject to a
cap of 5.0% p.a.. The debentures were offered via public
distribution (CVM Instruction 400). The subordinated debentures
were fully retained by the State of MG.

The transaction contains triggers, that when breached, give rise
to an early evaluation event. Upon the occurrence of an early
evaluation event, investors may vote to place the transaction in
early liquidation and use all cash collected to pay down the
senior debentures with no cash released to the sponsor before full
amortization of senior debentures. The 2 performance triggers are:

* Asset Coverage Ratio (ACR) of at least 200%, defined as the
  ratio of performing ICMS Taxes over outstanding debt; to be
  calculated by the fiduciary agent on a monthly basis. A trigger
  of the Asset Coverage Ratio (ACR) will be considered an
  evaluation event on any verification date.

* Debt Service Coverage Ratio (DSCR) of at least 1.8, defined as
  the ratio of monthly collections over the monthly principal and
  interest payments on the senior debentures, to be calculated by
  the fiduciary agent on a monthly basis. The trigger is
  considered to be breached if it is not complied with for 2
  consecutive verification dates or 3 alternate verification dates
  in a 12-month period.

As of September 28, 2012, as reported by the fiduciary agent, the
Asset Coverage Ratio ("Indice de Garantia Real") was at 353.3% (or
70.5% overcollateralization) and the Debt Service Coverage Ratio
("Indice de Cobertura") was at 17.38.

To rate the transaction, Moody's has analyzed origination and
performance data of the renegotiated ICMS tax programs of overdue
taxes owed to the State of Minas Gerais. The data was reviewed and
compiled by KPMG Auditores Independentes (KPMG).The analysis
covers the period starting in October 2004 and ending in January
2012. The analysis is separated in static quarterly vintages of
origination. Performance data of each vintage is provided on a
monthly basis.

Interest rate risk and asset/liability mismatches:

According to information received from the arrangers, the credit
rights are referenced to SELIC whereas the senior debentures have
their interest rate referenced to the CDI (interbank deposit)
rate. As the CDI closely tracks the SELIC, interest rate risk in
the transaction is minimal.

Commingling risk is limited as:

* The obligors make installment payments in one of the financial
institutions responsible for receipt of payments.

* The cash flows received from the credit rights are deposited in
a linked master account, in the name of Secretaria de Estado de
Fazenda de Minas Gerais, whereby movements of cash are exclusively
made by Itau Unibanco S.A. in its role as Master Servicer (Banco
Centralizador) in the transaction.

* The Master Servicer (Itau Unibanco) monitors and segregates cash
flows belonging to the Municipalities of the State of MG, to
FUNDEB, including legal expenses, whereby such segregated cash
flows represent 40% of the cash flows received from the credit
rights (Excluded Cash Flows), and which also have been deposited
in the Master Account, to be subsequently remitted to an account
of the State of Minas Gerais. The cash flows resulting from the
credit rights, net of Excluded Cash Flows, are automatically
transferred by the Master Servicer to the Receipt Account, in the
name of the Issuer; the Master Servicer with authorization of the
Fiduciary Agent is the only party able to transfer funds in this
account. Such cash flows should be automatically transferred the
following business day from the Receipt Account to the Master
Account.

Among the main transaction risks and concerns are:

* Transaction is dependent on the State of Minas Gerais to provide
transaction parties (Fiduciary Agent, Master Servicer) with timely
and precise asset information such as (i) the occurrence of any
tax renegotiations with borrowers, (ii) data necessary for the
calculation of indemnification payments following the actual tax
renegotiation with borrowers, (iii) information allowing
transaction parties for correct calculation of transaction
triggers, including the ACR and DSCR triggers. As a mitigant
Moody's notes that Itau Unibanco as master servicer will be
continuously reviewing the cash flows of the transactions
partially mitigating the reliance on the State of MG as sole
information provider on the performance of underlying assets.
Moody's also notes that the final transaction rating is no higher
than the rating of the State of MG.

* Potential creation of new tax renegotiation programs: Moody's
review of KPMG data suggests that in the immediate months
following the past two tax renegotiation programs, the bulk of
obligors in previous programs opted to further renegotiate the
loans one more time. For example, 6 months subsequent to the
renegotiation program launched in Dec/07, a 80% fall in
outstanding loan balance was observed. Similar statistic was found
for the program launched in May/10.

As a mitigant Moody's notes that any potential new tax
renegotiation program leading to actual renegotiations would
trigger mandatory indemnification payment from the State of MG to
compensate MGI and/or debenture investors for damages.

In assigning the Ba1 (sf) / Aa2.br (sf) ratings to the senior
debentures of the transaction, Moody's considered the principal
source of credit enhancement -- initial overcollateralization of
71% and minimum ongoing overcollateralization of 50% (or 200%
Asset Coverage Ratio) -- in a stressed scenario with view of
historical performance of the assets.

Moody's considered a stressed cash flow derived from the:

* Scheduled future cash flows of target portfolio (contractual
scheduled amortization assuming zero losses) as presented in
underlying KPMG report;

* Stressed mortality curve, which reflects expected worst case
portfolio losses of the target portfolio and incorporating the
effect of seasoning. Moody's assumes that any arrears of
installments of renegotiated and re-performing ICMS taxes above 3
months trigger exclusion from the program (contract mortality)
hence producing a loss of the cash flows derived from the
contract.

The resulting cash flows were applied to a cash flow model to
determine probability of loss and expected loss to the senior
debentures. The cash flow model also assumed a worst case scenario
of deal triggers not triggering an early liquidation scenario
following investor's inability to reach a majority vote in a
investor's meeting.

Separately, Moody's evaluated the potential effect of new tax
renegotiation programs on mortality. That is, Moody's evaluated to
what extent a new renegotiation program would additionally drive
portfolio mortality as obligors renegotiate and adhere to new
programs.

Moody's assumes that the entire pool will renegotiate under such a
scenario. To determine the effect of loss to inventors, Moody's
reviewed the definition of the make whole provisions and
repurchase option from the State of MG, as well as the global
scale rating of the State of MG to determine its capacity to
fulfill its contractual obligations.

Sensitivity and Break-Even Analysis

In order to calculate a break-even analysis, Moody's has further
stressed the conservative base case assumptions, applying a stress
factor in the form of a haircut on projected base case cash flows.
The stress factor was increased up to the point where the senior
debenture would start to suffer a loss. Given the significant
credit enhancement derived from the transaction entering into
early liquidation, whereby all stressed asset cash flows are used
to service the senior debenture first, this break-even analysis
was repeated for the various months in which the early liquidation
event would come into effect.

For example, if the transaction never enters into early
liquidation, cash flows could withstand an additional 28% decline
over Moody's base case cash flows. Similarly, the base case cash
flows could decline by 54%, without losses to investors, assuming
that the transaction enters into early liquidation the month after
closing.

Moody's notes that the stressed base case cash flows are
conservatively sized as these have been derived by observing
performance of the worst case historical vintages.

Concentration risk

The concentration risk in the transaction is mitigated by the
coverage levels. Should largest 30 obligors that together
represent circa 35% of total assets default simultaneously the
month after closing, break-even analysis indicates that the
transaction could continue to pay its scheduled payments if
investors place the transaction into early liquidation in any
month prior to month 40.


REDE ENERGIA: Files for Bankruptcy Protection
---------------------------------------------
Reuters reports that Rede Energia SA filed for bankruptcy
protection with a court in Sao Paulo, the company.  Rede Energia
said in a statement its financial situation had deteriorated and
restructuring under Brazilian bankruptcy laws was the best way to
protect creditors' rights, according to Reuters.

The report relates that most of its utility investments were put
under government administration in August.

"The request for court-sponsored bankruptcy protection became
inevitable in the face of a worsening economic and financial
crisis at the company," the statement said, Reuters notes.

Reuters says that the filing comes as Brazil's electric utility
industry faces one of its most serious downturns in more than a
decade.  The report relates that small distributors, such as those
owned by Rede Energia, have found it hard to collect enough
revenue in poor and often remote regions to pay for government-set
expansion and improvement of service targets.

Meanwhile, electricity generators' share prices have plunged in
the face of government plans to offer early renewal of expiring
hydroelectric dam concessions in exchange for power tariff cuts of
20 percent or more, the report notes.  Many expect the tariff cuts
to slash utilities' revenues, profits and investments, Reuters
adds.

                      About Rede Energia

Rede, headquartered in Sao Paulo, Brazil, is a holding company
with interests mostly in electricity distribution. Through
majority-owned subsidiaries Companhia de Energia Eletrica do
Estado do Tocantins - Celtins, Centrais Eletricas Matogrossenses
S.A. - Cemat, Centrais Eletricas do Para S.A. - Celpa, and Empresa
Energ. do Mato Grosso Sul -- Enersul, the group operates
concessions to distribute electricity in the states of Tocantins,
Mato Grosso, Para and Mato Grosso do Sul, respectively. In the
last twelve months ended June 30, 2012, Rede reported consolidated
net revenues of BRL6.5 billion (US$3.6 billion) and distributed
21.4 TWh of electricity, which is equivalent to approximately 4.5%
of the electricity consumed in the country's national integrated
system during this period.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2012, Moody's Investors Service has downgraded to Ca from
Caa3 the senior unsecured rating on the US$497 million perpetual
bonds issued by Rede Energia S.A. Moody's also downgraded Rede's
local currency corporate family rating to Ca/Ca.br from
Caa3/Caa3.br.  In addition, Moody's downgraded the issuer ratings
of Centrais Eletricas Matogrossenses (CEMAT) to Ca/Ca.br from
Caa1/Caa1.br and Centrais Elitricas do Estado de Tocantins S.A.
(CELTINS) to Caa3/Caa3.br from Caa1/Caa1.br.  The outlooks remain
negative for all ratings.


REDE ENERGIA: Bankruptcy Filing Cues Fitch to Downgrade Ratings
---------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Rede
Energia S.A.:

  -- Local and Foreign Currency IDRs downgraded to 'D' from 'RD';
  -- Long Term National Scale Rating downgraded to 'D(bra)' from
     'RD(bra)';
  -- USD575 million perpetual notes long-term rating affirmed at
     'C/RR4';
  -- BRL370 million debenture issuance due in 2016 affirmed at
     'C(bra)'.

The rating actions follow the announcement by Rede Energia that a
request for bankruptcy protection was filed in Brazil on Nov. 23,
2012.  This announcement will likely result in a payment default
for some or all of Rede Energia's debt and result in a protracted
debt renegotiation.



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C H I L E
=========


CHILE MINING: Incurs $797,000 Net Loss in Sept. 30 Quarter
----------------------------------------------------------
Chile Mining Technologies Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$979,000 on US$0 of sales for the three months
ended Sept. 30, 2012, compared with a net loss of US$349,858 on
US$70,729 of sales for the same period a year ago.

For the six months ended Sept. 30, 2012, the Company reported a
net loss of US$2.21 million on $34,829 of sales, compared with a
net loss of US$676,464 on US$133,938 of sales for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2012, showed US$8.72
million in total assets, US$11.24 and a US$2.51 million
stockholders' deficiency.

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

                        http://is.gd/9UK6ml

                         About Chile Mining

Chile Mining Technologies Inc. is a mineral extraction company
based in the Republic of Chile, with copper as its principal "pay
metal."  Its founders, Messrs. Jorge Osvaldo Orellana Orellana and
Jorge Fernando Pizarro Arriagada, have refined the electrowin
process in a way that permits the electrowin process to be used at
a relatively small mine and/or tailings sites.  Electrowinning is
a process in which positive and negative electrodes are placed in
an acidic solution containing copper ions, and an electric current
passed through the solution causes the copper to be deposited on
the negative electrodes so that it can be collected.

Schwartz Levitsky Feldman LLP, in Toronto, Ontario, Canada,
expressed substantial doubt about Chile Mining's ability to
continue as a going concern following the fiscal year ended
March 31, 2012, annual report.  The independent auditors noted
that the continuance of the Company is dependent upon its ability
to obtain financing and upon future profitable operations from the
production of copper.

The Company reported a net loss of US$3.95 million on US$433,554
of sales in fiscal 2012, compared with a net loss of
US$7.25 million on US$188,227 of sales in fiscal 2011.



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


CARIBBEAN AIR: Racks up More Outstanding Aviation Fees in Jamaica
-----------------------------------------------------------------
RJR News reports that it has been revealed that Caribbean Airlines
Limited has fallen further behind in respect of aviation fees owed
in Jamaica.

This is in addition to the $500 million in arrears that it has
been trying to pay off, according to RJR News.

The report notes that Dr. Omar Davies, Jamaica's transport
minister, has disclosed that, following talks with officials in
Trinidad in July, a commitment was given that Caribbean Airlines
would begin clearing off the amounts it had built up.

However, the report relates that Dr. Davies said while some
payments were made the Trinidad based airline has slipped further
into arrears with a significant balance.

"There's money owed to the airport authority, to customs; there's
money owed to the aviation authority.  It is more than that" the
report quoted Dr. Davies as saying.

He said further instructions had been issued to Trinidadian
officials for additional steps to be taken to address Caribbean
Airlines' ballooning arrears, the report notes.

"I've asked Minister Bharat (his Trinidadian counterpart) that not
only do we clear all the arrears but we put in place a complete
arrangement so that the arrears don't go further.  I am also
seeking to collaborate with the customs department. There is money
owed which should be collected from the airline and certainly
coming onto the Christmas season I wouldn't want to disrupt the
travel arrangements of the traveling public either domestic or
tourist," Dr. Davies said, the report discloses.

Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.


CL FIN'L: Lascelles deMercado Shares Will be Suspended
------------------------------------------------------
RJR News reports that trading in Lascelles deMercado shares will
be suspended as of Monday, Nov. 26, 2012.

This is to finalize its takeover by Italy's Gruppo Campari,
according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2012, RJR News said 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 related that the request is in
line with Gruppo Campari's expectation to complete its US$415
million takeover of Lascelles by December.  RJR News said that 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.

                         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 I R G I N  I S L A N D S
==========================


FAIRFIELD SENTRY: Investor Wants Caribbean Bankruptcy Ended
-----------------------------------------------------------
Richard Vanderford at Bankruptcy Law360 reports that an investor
in Bernard Madoff feeder fund Fairfield Sentry Ltd. urged the
Second Circuit on Monday to overturn U.S. courts' recognition of
the fund's Caribbean bankruptcy and greenlight a lawsuit, arguing
the overseas proceedings have been below U.S. standards.

Fairfield's British Virgin Islands bankruptcy has, unlike a normal
U.S. bankruptcy, been conducted entirely in secret, a lawyer for
investor Morning Mist Holdings Ltd. said at oral arguments in
Manhattan, according to Bankruptcy Law360.

                      About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds
invested about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


                            ***********


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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