TCRLA_Public/130109.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

           Wednesday, January 9, 2013, Vol. 14, No. 6


                            Headlines



A N T I G U A  &  B A R B U D A

REDJET: To Start Reimbursing Passengers


A R G E N T I N A

* Cleary Gottlieb Blasts Subpoena in $1.4B Argentina Debt Suit


B E R M U D A

FRAM SHIPINVEST: Members Receive Wind-Up Report
JERICHO FINANCIAL: Members Receive Wind-Up Report


B R A Z I L

TONON BIOENERGIA: S&P Assigns 'B' CCR, Rates New $200MM Bond 'B'
SUZANO PAPEL: Debt Pre-Payment No Impact on Moody's 'Ba2' Rating


C A Y M A N  I S L A N D S

ALPER EUROPEAN: Shareholder Receives Wind-Up Report
ARC NBO: Shareholders Receive Wind-Up Report
BELVEDERE SOUTH: Shareholder Receives Wind-Up Report
CSERE COVENTRY: Shareholder Receives Wind-Up Report
DB VALIANT: Shareholder Receives Wind-Up Report

EIRE PRECINCT: Shareholders Receive Wind-Up Report
EIRE THE: Shareholders Receive Wind-Up Report
FRONT STREET: Shareholder Receives Wind-Up Report
HBS - SITO UKRAINE: Shareholders Receive Wind-Up Report
LARU LIMITED: Members Receive Wind-Up Report

PLATINUM PREMIER: Shareholder Receives Wind-Up Report
SAMTY CAPITAL III: Shareholders Receive Wind-Up Report
SEAVIEW (CAYMAN): Shareholders Receive Wind-Up Report
TRIPLEX INTERNATIONAL: Members Receive Wind-Up Report
TVG ASIAN: Shareholders Receive Wind-Up Report


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Fund Gets First Trade


                            - - - - -


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


REDJET: To Start Reimbursing Passengers
---------------------------------------
RJR News reports that REDjet (Airone Caribbean/Airone Ventures
Limited), which last year halted flights to Jamaica and other
regional destinations, has released funds to the authorities in
Guyana to reimburse passengers who had purchased tickets.

However, a senior official at the Public Works Ministry said
several persons seeking refunds have submitted ineligible claims,
according to RJR News.

The report notes that the unnamed official said they might not be
legitimate because the tickets were purchased in Barbados and
other countries.

Derrick Jodhan, Principal Assistant Secretary in the Aviation
Ministry, said Guyana is refunding only tickets purchased locally,
the report relays.  Mr. Jodhan said RedJet has provided 25 million
Guyanese dollars to refund 715 families.

RedJet last March announced that it was suspending operations but
has effectively shut down because the airline remains grounded
almost one year later, the report recalls.

                          About REDjet

REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown.

Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News related that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda.  REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted.  The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.



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


* Cleary Gottlieb Blasts Subpoena in $1.4B Argentina Debt Suit
--------------------------------------------------------------
Daniel Wilson of BankruptcyLaw360 reports that Cleary Gottlieb
Steen & Hamilton LLP asked a New York federal judge to quash a
subpoena served on it by several private equity-backed bondholders
in a $1.4 billion Argentine debt default suit, saying allegations
of a scheme to avoid a judgment in the case were baseless.

According to the law firm's motion, the companies' attempts to
obtain documents from the firm over its supposed attempts to help
Argentina, its client, evade several court orders to repay $1.4
billion owed to the plaintiffs, the report notes.



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


FRAM SHIPINVEST: Members Receive Wind-Up Report
-----------------------------------------------
The members of FRAM Shipinvest Ltd. received on Dec. 28, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on Nov. 21, 2012.

The company's liquidator is:

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


JERICHO FINANCIAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Jericho Financial Guaranty Re Ltd. received on
Dec. 27, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on Nov. 16, 2012.

The company's liquidator is:

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



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


TONON BIOENERGIA: S&P Assigns 'B' CCR, Rates New $200MM Bond 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term global scale corporate credit rating to Tonon Bioenergia
S.A.  At the same time, S&P assigned the 'B' issue-level rating to
Tonon's proposed US$200 million bond issuance.

The outlook on the corporate credit rating is stable.

The ratings on Tonon reflect S&P's view of its "weak" business
risk profile, "highly leveraged" financial risk profile, "less
than adequate" liquidity, and its "fair" management and governance
assessment.

"The proposed notes are rated at the same level of the corporate
credit rating considering that Tonon will pay down most of its
guaranteed debt with the proceeds of the bond issuance,
maintaining total guaranteed debt to total assets below 15% going
forward," said Standard & Poor's credit analyst Flavia Bedran.
"Any additional issuance of guaranteed debt could result in a
notching down of the rating on the notes."

We assess Tonon's business risk profile as "weak". The company is
exposed to the volatility and cyclicality of the sugar and ethanol
industry, to relatively less favorable global sugar prices, and
certain cost disadvantages given its small scale and high
dependency on third party suppliers, as it doesn't own any
productive land.  Tonon is still in the process of ramping up
production of its second plant located in Mato Grosso do Sul and
suffered with unfavorable weather conditions in the last three
harvests coupled with low investments in its plant in Sao Paulo.
Those factors translated into much lower productivity of the
yields and reduced utilization capacity in the industrial plants,
weakening profits and increasing leverage.

The investment by private equity fund DGF and the sale of Tonon's
cogeneration business to Energisa S.A. (BB/Stable/--) improved its
financial profile somewhat.


SUZANO PAPEL: Debt Pre-Payment No Impact on Moody's 'Ba2' Rating
----------------------------------------------------------------
Moody's Investors Service and Moody's America Latina Ltda
commented on Jan. 7 that the outcome of Suzano Papel e Celulose
S.A. (Ba2/Aa3.br; Stable) debenture holders' meeting, which will
likely result in debt pre-payment does not affect the Ba2/Aa3.br
ratings, as the company has ample liquidity to meet this
obligation.



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


ALPER EUROPEAN: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Alper European Credit Fund, Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARC NBO: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of ARC NBO Management Limited received on Dec. 5,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BELVEDERE SOUTH: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Belvedere South East Asia Investments Limited
received on Nov. 23, 2012, the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Rankine McMillan
         Emily Anne Tibbetts
         62 Forum Lane
         Camana Bay, 2nd Floor
         Grand Cayman KY1-1004
         Cayman Islands


CSERE COVENTRY: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of CSERE Coventry Limited received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DB VALIANT: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of DB Valiant (Cayman) Limited received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Jeremy Simon Spratt
         c/o Jacqueline Edwards
         Telephone: +44 (0) 20 7311 8563
         Facsimile: +44 (0) 20 7694 3533
         KPMG LLP
         8 Salisbury Square
         London


EIRE PRECINCT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Eire Precinct Limited received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


EIRE THE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Eire The Peaks Limited received on Dec. 7,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FRONT STREET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Front Street Shari'a Resource Fund Ltd.
received on Dec. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


HBS - SITO UKRAINE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of HBS - Sito Ukraine Fund Ltd. received on
Dec. 7, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Alric Lindsay
         e-mail: info@lindsay.ky
         Telephone: 345-926-1688
         PO Box 11371, George Town
         Grand Cayman KY1-1008
         Cayman Islands


LARU LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Laru Limited received on Nov. 22, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PLATINUM PREMIER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Platinum Premier Fund Limited received on
Nov. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Eleanore Laureles
         Telephone:  +1 345-914-4466
         Facsimile:  +1 345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         Telephone: +1 345-949-4800
         Facsimile: +1 345-949-7164


SAMTY CAPITAL III: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Samty Capital III received on Dec. 7, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SEAVIEW (CAYMAN): Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Seaview (Cayman) Limited received on Nov. 28,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Machiko Yanagiha
         c/o Wardour Management Services Limited
         Telephone: (345) 945-3301
         Facsimile: (345) 945-3302
         P.O. Box 10147, Grand Cayman, KY1-1002
         Cayman Islands


TRIPLEX INTERNATIONAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Triplex International Biosciences Holdings Limited
received on Nov. 27, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Noel Webb
         Telephone: (345) 814 7394
         Facsimile: (345) 945 3902
         P.O. Box 2681 Grand Cayman KY1-1111
         Cayman Islands


TVG ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of The TVG Asian Communications Fund received on
Dec. 6, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Telecom Venture Group FF L.D.C.
         Caledonian Trust (Cayman) Limited
         Caledonian House, 69 Dr. Roy's Drive
         P.O. Box 1043, George Town
         Grand Cayman KY1-1102
         Cayman Islands


                        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.



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


CL FIN'L: CLICO Fund Gets First Trade
-------------------------------------
Carla Bridglal at Trinidad Express reports that just hours into
its launch on the Mutual Fund Market of the Trinidad and Tobago
Stock Exchange (TTSE), the CLICO Investment Fund (CIF) recorded
its first trade as 199,340 shares were traded for $24.90, ten
cents less than the list price.

The Fund began trading under the symbol CIF, with 204 million
units listed at a price of $25 per share, according to Trinidad
Express.

The report notes that the Fund was launched November 1 as part of
the settlement to CLICO policyholders by the government as part of
the $20 billion bailout of the country's largest insurance
company's collapsed empire.

Trinidad Express says that policyholders of Short-Term Investment
Products (STIPS) sold by Colonial Life Insurance Company
(Trinidad) Ltd and British American Insurance Company (Trinidad)
Ltd, valued at more than $75,000, received cash payments up to
$75,000 and zero-coupon one to 20-year bonds for the difference.
From November 1 to December 14, 2012, STIP holders who accepted
the settlement were able to redeem the 11-20-year bonds for shares
in the CIF.

Trinidad Express relates that 6,606 holders still have to redeem
their bonds, but Jerry Hospedales, chairman of the Fund's
administrator, the CLICO Trust Corporation, said mechanisms had
been put in place to allow these shareholders to exchange their
units through over-the-counter transactions at any registered
stockbroker for a minimum cost.

Mr. Hospedales, the report relates, said there were also just
under 1,200 holders who lived abroad and the Trust was in talks
with the various jurisdictions to allow these holders to claim
their shares.

So far, Mr. Hospedales said, the Trust had received approvals from
three jurisdictions -- the Cayman Islands, Guyana and the OECS --
for their residents to make their exchanges, the report notes.

About 86% of the CIF comprises 40,072,299 Republic Bank shares
with a nominal value of nearly $4 billion, the report adds.

                        About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


                            ***********


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., Washington, D.C.,
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 2013.  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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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