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

           Thursday, January 16, 2014, Vol. 15, No. 11


                            Headlines



B R A Z I L

COLOSSUS MINERALS: Seeks to Restructure Under the Bankruptcy Act
OGX PETROLEO: Signs $50 Million Bridge Loan


C A Y M A N  I S L A N D S

COLCHIS/LC INCOME: Shareholders Receive Wind-Up Report
DIA MALAGA: Members Receive Wind-Up Report
DIA SEVILLA: Members Receive Wind-Up Report
GEOSPHERE DIRECTIONAL: Shareholders' Final Meeting Set for Jan. 24
GEOSPHERE DIRECTIONAL FUND: Shareholders' Meeting Set for Jan. 24

GLOBAL UNDERVALUED: Shareholders Receive Wind-Up Report
HIGHMARK HOLDINGS: Members Receive Wind-Up Report
MAVERICK OFFSHORE: Shareholders Receive Wind-Up Report
N.S. JAPAN: Shareholders Receive Wind-Up Report
OPTINVEST SPC: Members Receive Wind-Up Report

RADIN SPV: Shareholders Receive Wind-Up Report
SHK ASIA: Shareholders' Final Meeting Set for Jan. 23
SHK DYNAMIC: Shareholders' Final Meeting Set for Jan. 23
TEMPUS QUO HORIZON: Shareholder Receives Wind-Up Report
TEMPUS QUO MASTER: Shareholder Receives Wind-Up Report

TEMPUS QUO OFFSHORE: Shareholder Receives Wind-Up Report
VINCI FIRENZE: Shareholder Receives Wind-Up Report
VINCI HEDGE: Shareholder Receives Wind-Up Report
VINCI HIGH: Shareholder Receives Wind-Up Report
VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Agents' Lawsuit Dismissed


                            - - - - -


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B R A Z I L
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COLOSSUS MINERALS: Seeks to Restructure Under the Bankruptcy Act
----------------------------------------------------------------
Canadian Press reports that financially troubled Colossus Minerals
Inc., a development-stage miner focused on Brazil, intends to file
for protection under the Bankruptcy and Insolvency Act.

Trading in shares of Colossus, which was unable to make a Dec. 31
interest payment on its convertible gold-linked notes, have been
halted on the Toronto Stock Exchange pending a delisting review,
according to Canadian Press.

The report notes that Colossus said its board has approved a
proposal from certain noteholders and Sandstorm Gold Ltd. that
provides for interim debtor-in-possession financing while the
company pursues a six-week sale and investment solicitation
process.

The report relates that the credit facility will be for up to US$4
million, subject to increase by up to an additional US$6 million
with the consent of the lenders.

Subsequent to court approval, the company intends to pursue a
dual-track process of administering a sale process and seeking
creditor and court approvals for the implementation of the
restructuring, the report relays.

If implemented as proposed, noteholders would end up with about
51.5 per cent of the restructured company's outstanding common
shares and Sandstorm, a gold streaming company, about 38.8 per
cent, the report relays.

The report discloses that lenders under a bridge loan would end up
with about eight per cent and existing shareholders about 1.7 per
cent.

Colossus is focused on its Serra Pelada project in the Carajas
region in Para, Brazil, which it says hosts a high-grade gold and
platinum group metals deposit.


OGX PETROLEO: Signs $50 Million Bridge Loan
-------------------------------------------
Reuters reports that OGX Petroleo e Gas Participacoes SA signed a
deal for a bridge loan of up to $50 million to finance operations
as it works with creditors to restructure its debts.

Obtaining the loans was one of the requirements in an agreement
the company reached with bond holders on Dec. 24 to convert Oleo e
Gas debt into stock, according to Reuters.

The report notes that the bridge loan will be repaid once
creditors provide a new facility under a debtor in possession
finance agreement.  Under the accord with bondholders, existing
creditors will provide between $200 million and $215 million of
new financing to allow the restructuring to go forward, Oleo e Gas
said in a statement obtained by Reuters.

The report relates that the discount, or interest, rate on the
bridge loan is 20 percent, Oleo e Gas said.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


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


COLCHIS/LC INCOME: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Colchis/LC Income Fund, Ltd. received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Robert Conrads
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


DIA MALAGA: Members Receive Wind-Up Report
------------------------------------------
The members of Dia Malaga Leasing Ltd received on Jan. 6, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Benjamin Booker
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands


DIA SEVILLA: Members Receive Wind-Up Report
-------------------------------------------
The members of Dia Sevilla Leasing Ltd received on Jan. 6, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GEOSPHERE DIRECTIONAL: Shareholders' Final Meeting Set for Jan. 24
------------------------------------------------------------------
The shareholders of Geosphere Directional Master Fund, Ltd. will
hold their final meeting on Jan. 24, 2014, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GEOSPHERE DIRECTIONAL FUND: Shareholders' Meeting Set for Jan. 24
-----------------------------------------------------------------
The shareholders of Geosphere Directional Fund, Ltd. will hold
their final meeting on Jan. 24, 2014, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLOBAL UNDERVALUED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Global Undervalued Securities Fund, Ltd
received on Dec. 23, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John B. Kleinheinz
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


HIGHMARK HOLDINGS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Highmark Holdings Limited received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MAVERICK OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Maverick Offshore Ltd received on Dec. 30,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Joseph Daniel Lugosch
          7014 SE Harbour Circle
          Stuart FL 34996
          USA
          Telephone: 949 6258
          Facsimile: 945 2877


N.S. JAPAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of N.S. Japan Fund received on Dec. 30, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sumihiko Nakayama
          6-6-4 302 Shakujii-Choo
          Nerima-Ku
          Tokyo 177 Japan
          Telephone: 949 6258
          Facsimile: 949 8613


OPTINVEST SPC: Members Receive Wind-Up Report
---------------------------------------------
The members of Optinvest SPC Ltd received on Jan. 8, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jeffrey Skinner
          Telephone: +350 200 45953
          Neptune House, Suite 209
          Marina Bay
          Gibraltar


RADIN SPV: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Radin SPV received on Dec. 2, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


SHK ASIA: Shareholders' Final Meeting Set for Jan. 23
-----------------------------------------------------
The shareholders of SHK Asia Dynamic Holdings Ltd will hold their
final meeting on Jan. 23, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


SHK DYNAMIC: Shareholders' Final Meeting Set for Jan. 23
--------------------------------------------------------
The shareholders of SHK Dynamic Fund Ltd will hold their final
meeting on Jan. 23, 2014, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TEMPUS QUO HORIZON: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Tempus Quo Horizon Master Fund Ltd received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


TEMPUS QUO MASTER: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Tempus Quo Master Fund, Ltd received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


TEMPUS QUO OFFSHORE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Tempus Quo Offshore Fund, Ltd received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


VINCI FIRENZE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Vinci Firenze International Fund II received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


VINCI HEDGE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Vinci Hedge Fund received on Dec. 23, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


VINCI HIGH: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Vinci High Income Fund received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Vinci International Fund II received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


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


CL FIN'L: CLICO Agents' Lawsuit Dismissed
-----------------------------------------
Rickie Ramdass at Trinidad Express reports that claims filed by
two insurance agents challenging the constitutionality of the
Central Bank (Amendment) Act 2011, which prevented them from
taking legal action against failed insurance company Colonial Life
Insurance Company Ltd. (CLICO) were dismissed Jan. 14, 2014 by
High Court judge Justice Ricky Rahim.

Justice Rahim, presiding at the Hall of Justice in Port of Spain,
dismissed the claims which were filed by Myron Rudder and Barbara
Kanhai who argued that the Act was in violation of their rights
under Sections 4 and 5 of the Constitution and also infringed on
the principle of the separation of powers, according to Trinidad
and Tobago Express.

The report notes that Mr. Rudder and Ms. Kanhai claimed that they
had entered into written agreements with CLICO on August 1, 2001
and August 20, 2000, respectively, for inter alia the soliciting
of applications for insurance and other financial products and
receiving and remitting the initial premium on the applications.
The report relates that as a result of the agreement, Mr. Rudder
and Ms. Kanhai said they were employees of CLICO and not
independent contractors as they were at all times subject to the
company's direct control.

The report discloses that with CLICO's financial collapse in
January 2009, the then-PNM government bailed out the company by
offering a bailout to be repaid in order for CLICO to maintain its
operations.

Mr. Rudder stated, the report notes, that as a result of the
collapse, CLICO was in breach of the agreement, saying that the
company failed to pay him commissions, managers' bonuses and
managers' premium income benefits totaling $1,444,795.

Ms. Kanhai, the report relays, said the company failed to pay her
commissions and contributions due on a pension plan in the total
sum of $414,431 as at 2008.  The report says that CLICO had
refused to pay the money but agreed in August 2011 to have an
arbitrator appointed to settle the dispute.

However, the report recalls, Mr. Rudder said in March 2012, CLICO
terminated the agreement with him.

Ms. Kanhai testified that the agreement she had was terminated in
June 2012.

The report relays that following the termination of the
agreements, Rudder and Kanhai filed the constitutional claims on
December 18, 2012.

However, the report notes that the Central Bank (Amendment) Act
came into force on September 20, 2011.

In his 62-page judgment Justice Rahim dismissed the claims saying
that they were not filed prior to the Act coming into force, the
report says.

Additionally, Mr. Rudder and Ms. Kanhai were also ordered to pay
80 per cent of the legal costs incurred by CLICO during the course
of the trial, the report adds.

                       About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial 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
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


                            ***********


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.

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, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  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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