TCRLA_Public/140619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, June 19, 2014, Vol. 15, No. 120


                            Headlines



A R G E N T I N A

ARGENTINA: Defiant Against Supreme Court on Bond Payments
ARGENTINA: S&P Lowers Long-Term Foreign Currency Rating to 'CCC-'


B R A Z I L

OAS S.A.: S&P Revises Outlook to Negative & Affirms 'BB-' Rating


C A Y M A N  I S L A N D S

BANYAN CAPITAL: Members' Final Meeting Set for July 17
CEDAR LANE: Creditors Hold Annual Meeting
CLAN INVESTMENTS: Shareholder to Hear Wind-Up Report on July 1
MINERVA BEEF: Shareholders' Final Meeting Set for June 25
VEGA CAPITAL: Shareholder to Hear Wind-Up Report on July 3

VITALITY RE II: Shareholder to Hear Wind-Up Report on July 3
WILMINGTON TRUST: Members' Final Meeting Set for July 3


D O M I N I C A N  R E P U B L I C

COGENTRIX ENERGY: No Gov't Contract With Plant, Industries Warn
DOMINICAN REPUBLIC: Sectors to Mull Challenges of Natural Gas
XSTRATA PLC: Loma Miranda Park Legislation Concerns Industries


J A M A I C A

JAMAICA: Dollar Slide Hits Cement Price Again


P U E R T O  R I C O

EVERTEC GROUP: Moody's Affirms 'B1' Corporate Family Rating
LIBERTY CABLEVISION: S&P Affirms 'B-' CCR; Revises Outlook


T R I N I D A D  &  T O B A G O

CL FIN'L: Scotiabank Will Consider Buying Clico


                            - - - - -


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


ARGENTINA: Defiant Against Supreme Court on Bond Payments
---------------------------------------------------------
Jonathan Gilbert and Peter Eavis, writing for The New York Times'
DealBook, reported that the Argentine government said that it had
started to take steps to circumvent a United States Supreme Court
order to avoid a technical default.

According to the report, Axel Kicillof, the economy minister, said
that the Argentine government would pay bondholders of
restructured debt under Argentine legislation.  To recall, a
majority of bondholders from Argentina's $95 billion default in
2001 entered into debt exchanges in 2005 and 2010, taking haircuts
of about 70 percent.  But a small percentage of what Mr. Kicillof
refers to as "vulture funds" have held out for full payment, the
report noted.


ARGENTINA: S&P Lowers Long-Term Foreign Currency Rating to 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its unsolicited long-
term foreign currency rating on the Republic of Argentina
(Argentina) to 'CCC-' from 'CCC+'.  S&P affirmed the unsolicited
short-term foreign currency rating at 'C'.  At the same time, S&P
affirmed its 'CCC+/C' unsolicited long-term and short-term local
currency ratings on Argentina.  The outlook on both long-term
ratings is negative.  S&P also changed its transfer and
convertibility (T&C) assessment to 'CCC-' from 'CCC+'.

RATIONALE

The downgrade reflects the heightened risk of default on foreign
currency debt following a recent decision by the U.S. Supreme
Court not to hear the Argentine government's appeal against a
previous decision by the U.S. Second Circuit Court of Appeals in
favor of plaintiffs against the sovereign.  The plaintiffs are
bondholders who did not participate in the 2005 and 2010 debt
exchanges and who have sought to block payments to bondholders who
did participate until they obtain full payment on their claims.

On Aug. 23, 2013, the U.S. Second Circuit Court of Appeals upheld
the ruling of a district court in New York in favor of the
plaintiffs against Argentina.  However, the Second Circuit Court
of Appeals decided to keep a previously granted stay order,
pending an appeal filed by Argentina with the U.S. Supreme Court.
Following the Supreme Court decision, it is not clear when the
lower court will lift its stay order, nor how it will specify a
payment formula for the debt in default.

The Supreme Court decision raises the risk of payment
interruptions on debt under New York law that is currently being
serviced.  Argentina has to make coupon payments for $225 million
on performing bonds on June 30 (discount bonds denominated in U.S.
dollars).  Argentina is also scheduled to pay interest of $67
million on its New York jurisdiction Par bonds in September,
followed by interest payments on its New York jurisdiction
discount bonds in December.  S&P would not consider continued
nonpayment of holdout creditors as a default, but S&P would
consider interruptions to debt that is currently being serviced as
a new default.

"In particular, we think that the Argentine government has limited
capacity to pay the plaintiff creditors while servicing its
current debt.  The government could attempt to maintain payments
on its currently performing debt through a mooted debt exchange--
it could possibly tender for the 2005 and 2010 restructured bonds
in an exchange that could replicate tenor, amount, and coupon but
change the governing law and jurisdiction of payment to Argentina.
We could view such an exchange as a distressed exchange, based on
our criteria.  Although neither is certain, a default or a
distressed debt exchange pertaining to currently serviced debt
appears to be inevitable within six months, in our view, absent
unanticipated significantly favorable changes in Argentina's
circumstances," S&P said.

The affirmation of the local currency ratings reflects S&P's view
that the potential disruptions on payments resulting from adverse
court rulings in the U.S. on foreign currency debt issued under
New York law are not likely to affect the government's ability to
service debt issued in local currency under local law.

S&P revised its T&C assessment for Argentina to 'CCC-' from
'CCC+'.  The government already uses a variety of exchange
controls, and there is a disparity between the official and
parallel market exchange rates.  S&P's 'CCC-' T&C assessment
reflects the risk that the government could further tighten its
exchange control regime to the extent that it impairs the ability
of the private sector to service its foreign currency debt.

OUTLOOK

The negative outlook reflects the likelihood of a further
downgrade based on possible payment interruptions or the
announcement of what S&P could consider a distressed debt
exchange.  Either a payment interruption or a distressed debt
exchange would lead S&P to lower its rating on Argentina to 'SD',
indicating selective default.

S&P could revise the outlook on the long-term ratings to stable if
threats to debt servicing were to unexpectedly diminish, combined
with steps that boost external liquidity in order to meet
substantial external debt amortization next year.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Downgraded; Ratings Affirmed
                                   To                 From
Argentina (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating
  Foreign Currency              CCC-/Negative/C    CCC+/Negative/C

Ratings Affirmed

Argentina (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating
  Local Currency                CCC+/Negative/C

Downgraded
                                To                 From
Argentina (Republic of) (Unsolicited Ratings)
Transfer & Convertibility Assessment
  Local Currency                CCC-               CCC+


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


OAS S.A.: S&P Revises Outlook to Negative & Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on OAS S.A.
to negative from stable.  At the same time, S&P affirmed its 'BB-'
global scale and 'brA-' national scale ratings on OAS.

The outlook revision is based on OAS' slower-than-expected debt
reduction due to losses in the group's homebuilding division and
some delays in Brazilian public-sector projects backlog.  Although
S&P still expects the group to significantly reduce its debt in
2015 and afterwards, it acknowledges that it will be more
challenging.  S&P's rating also incorporates OAS' commitment to
reach net debt to EBITDA of 4.0x by 2015.

"Our ratings on OAS reflect our anchor score of 'b', which is
based on the company's "fair" business risk profile and "highly
leveraged" financial risk profile.  We are assigning a "positive"
assessment to the 'comparable ratings analysis' modifier, which
added a notch to our anchor.  This stems from our view that under
our base-case scenario the group's forecasted metrics may indicate
an "aggressive" financial risk profile by 2015.  We are also
assigning a "positive" score to the 'quality of capital structure'
modifier, which also added a notch to the anchor.  This stems from
our view that OAS' financial risk profile could benefit from the
group's ability to convert its significant investments (through
OAS Investimentos S.A.) to cash in the short term," S&P said.


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


BANYAN CAPITAL: Members' Final Meeting Set for July 17
------------------------------------------------------
The members of Banyan Capital Fund Limited will hold their final
meeting on July 17, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CEDAR LANE: Creditors Hold Annual Meeting
-----------------------------------------
The creditors of Cedar Lane Entertainment Fund, Ltd held an annual
meeting on June 18, 2014.

The company's liquidators are:

          Stuart Sybersma
          Yvonne Lorimer
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2214
          Facsimile: +1 (345) 949 8258


CLAN INVESTMENTS: Shareholder to Hear Wind-Up Report on July 1
--------------------------------------------------------------
The shareholder of Clan Investments Ltd will hear on July 1, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


MINERVA BEEF: Shareholders' Final Meeting Set for June 25
---------------------------------------------------------
The shareholders of Minerva Beef Ltd. will hold their final
meeting on June 25, 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:

          Juliana Helena Desani Garcia
          Avenida Antonio Man‡o Bernardes
          Chacara Minerva
          Caixa Postal 181
          Sao Paulo CEP 14781-545
          Brazil
          Telephone: +5 (511) 3074 2444


VEGA CAPITAL: Shareholder to Hear Wind-Up Report on July 3
----------------------------------------------------------
The shareholder of Vega Capital Ltd. will hear on July 3, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


VITALITY RE II: Shareholder to Hear Wind-Up Report on July 3
------------------------------------------------------------
The shareholder of Vitality RE II Ltd. will hear on July 3, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


WILMINGTON TRUST: Members' Final Meeting Set for July 3
-------------------------------------------------------
The members of Wilmington Trust CI Holdings Limited will hold
their final meeting on July 3, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


==================================
D O M I N I C A N  R E P U B L I C
==================================


COGENTRIX ENERGY: No Gov't Contract With Plant, Industries Warn
---------------------------------------------------------------
Dominican Today reports that the Herrera and Santo Domingo
Province Industries Association (AEIH) demanded a halt to what it
calls the Government's "adventure" of extending the contract with
the San Pedro power company (CESPEM), formerly Cogentrix.

The industrialists question the government's timing of the
announcement to extend the contract while talks to reach an
Electricity Pact are imminent, as evidenced by the decree setting
forth the National Development Strategy, which is virtually ready,
according to Dominican Today.

"Negotiating this contract would be an element of noise and
distrust in the discussions leading to the Pact," warned AEIH
President V¡ctor Castro, the report relates.

Nonetheless, notes Dominican Today, the industrial leader said
he's confident that the Government will carry out a democratic and
widely participatory process to solve the situation he calls
"grave."

"We're surprised that they seek to seduce public opinion with the
advantages of (natural) gas-fired plants to extend a contract at
their discretion and limiting the talks of the two parts, the
CDEEE (state-owned utility) and CESPEM, prior to discussions
toward the Electricity Pact," the report quoted Mr. Castro as
saying.

                             Notorious

Cogentrix has been dubbed the country's most notorious power
plant, because its contract calls for paying US$4.0 million per
month even when it's not operating, the report relates.

                   About Cogentrix Energy

Cogentrix Energy, Inc., headquartered in Charlotte, NC, acquires,
develops, owns and operates electric generation and other power
assets in the United States and internationally.

CDC's investment in the San Pedro de Macoris Power Project takes
its portfolio in the Dominican Republic to over US$100 million and
builds on its strong portfolio in the region, which includes power
investments in Costa Rica, Guatemala and Nicaragua.  The Americas
are one of CDC's leading areas of investment, with 29% of its
current portfolio invested in the region.


DOMINICAN REPUBLIC: Sectors to Mull Challenges of Natural Gas
-------------------------------------------------------------
Dominican Today reports that the Roundtable of Commonwealth
Countries in the Dominican Republic and the countries power
companies grouped in the ADIE will discuss the benefits and
challenges of developing natural gas, which is expected to cut
electricity costs nationwide.

The dialogue titled "The challenges facing the development of
natural gas in the Dominican Republic" is slated for 8:30 a.m.
June 24 at Santo Domingo's Hotel Sheraton, according to the
report.

In a statement, the report relates, the organizers said the event
will gather the country's public and private sector
representatives related to the development of natural gas.

They said the topics to be covered include the State's role to
develop natural gas and the private sector's challenge to satisfy
the fuel's financing needs, notes the report.  "The impact of
converting power plants to gas, implications to build and operate
gas terminals and conclusions will also include be discussed," the
statement said, the report relates.

Founded in 2002, the Roundtable of Commonwealth Countries promotes
bilateral relations between the Dominican Republic and the
Commonwealth's 53 countries.


XSTRATA PLC: Loma Miranda Park Legislation Concerns Industries
--------------------------------------------------------------
Dominican Today reports that the repercussion from the Senate's
passing of the bill that creates Loma Miranda National Park
concerns Dominican Republic's Industries Association ( AIRD),
which urged Congress to formulate policies to strike a balance
between environmental sustainability and mining development.

In a statement, the AIRD said the Senate Committee which wrote the
bill didn't clearly establish what's to be protected and instead
is based on general statements such as a "very unique ecosystem,
treasured, a priceless biological wealth,  and "for the good of
the nation," to declare the area a National Park," according to
Dominican Today.

The report relates that the AIRD warned that it's not appropriate
to adopt sweeping measure such as the bill intends, "without the
corresponding technical studies that indicate in detail what it
seeks to protect," and noted that the legislation even contradicts
Law 01-12 "which creates the National Development Strategy, which
it affirms restricts the possibility of creating new national
parks."

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome


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


JAMAICA: Dollar Slide Hits Cement Price Again
---------------------------------------------
RJR News reports that several factors including rising fuel prices
are being blamed for the latest increase in the price of cement.

Carib Cement has also pointed to the movement in the exchange rate
and higher packaging costs, according to the RJR News.  The
Incorporated Masterbuilders Association of Jamaica said the latest
cement price increase will push up constructions costs, the report
relates.


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


EVERTEC GROUP: Moody's Affirms 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed EVERTEC Group, LLC's B1
Corporate Family Rating ("CFR"), B1-PD Probability of Default
Rating ("PDR"), and rated the new $400 million Senior Secured
Notes due June 2022 at B1. The ratings outlook is stable.

Proceeds of the Senior Notes are being used to refinance the
approximately $397 million of existing Senior Secured Term Loan B
due April 2020. The new Senior Secured Notes have identical
security and collateral terms to the existing Senior Secured Term
Loan B, including the guarantees.

Ratings Rationale

The refinancing of the Senior Secured Term Loan B with the new
Senior Secured Notes pushes out debt maturities by over two years
to June 2022. EVERTEC's B1 corporate family rating reflects
EVERTEC's predictable free cash flow (FCF) due to EVERTEC's key
role in the Puerto Rico economy as the dominant card processor and
benefiting from the long term processing contract with Banco
Popular de Puerto Rico (Banco Popular), the global secular trend
from cash to card payments, and the limited required capital
expenditures.

The rating also reflects EVERTEC's dependence on Puerto Rico,
which continues to experience depressed economic activity.
Consequently, Moody's expect EVERTEC to maintain lower financial
leverage than similarly-rated peers. Due to EVERTEC's history as a
Banco Popular operating division (until September 2010), Banco
Popular accounts for about 46% of EVERTEC's revenue. Since Banco
Popular has reduced its ownership from nearly 50% last year to
less than 15% currently, Moody's believe that Banco Popular could
increasingly view EVERTEC as a supplier rather than a business
partner, increasing the risk that Banco Popular will seek to
modify the terms under the Master Servicing Agreement (MSA) with
EVERTEC.

The stable outlook is supported by Moody's expectation that over
the next year EVERTEC will generate at least low single digit
revenue growth and annual Free Cash Flow ("FCF") (Moody's
adjusted) of at least $45 million and that EVERTEC will make
deleveraging a priority. Moreover, Moody's expect that operating
margins will continue to expand as EVERTEC benefits from operating
leverage on a growing revenue base driven by steady revenue growth
in Puerto Rico and robust growth internationally. Through the
combination of EBITDA growth and debt reduction, Moody's expect
that debt to EBITDA (Moody's adjusted) will improve to below 4.5x
and FCF to debt (Moody's adjusted) will improve to the upper
single digits over the near term.

A rating upgrade is unlikely in the near term due to EVERTEC's
dependence on Puerto Rico. Longer term, the ratings could be
upgraded if EVERTEC executes well on its international expansion
such that Puerto Rico accounts for less than 50% of revenues and
that these incremental revenues are profitable, resulting in
increasing EBITDA margins. Moody's would also expect that leverage
would improve through EBITDA expansion and outright debt repayment
such that debt to EBITDA (Moody's adjusted) is sustained below
2.5x.

The rating could be downgraded if EVERTEC increases the dividend
before leverage is maintained below 3.5x EBITDA (Moody's adjusted)
and FCF to debt (Moody's adjusted) above the upper single digits.
The rating could also be downgrade if EVERTEC generates flat or
declining processing revenues in Puerto Rico. If Moody's do not
see evidence that EVERTEC is on-track to expand operating margins
(Moody's adjusted) to the low 30's percent level, or if Moody's
believe that an unfavorable renegotiation of the Banco Popular
processing contract is imminent, the rating could be downgraded.

Assignments:

Issuer: EVERTEC Group, LLC

  Senior Secured Notes due 2022, B1 (LGD3, 48%)

Affirmations:

Issuer: EVERTEC Group, LLC

  Corporate Family Rating, B1

  Probability of Default Rating, B1-PD

  Speculative Grade Liquidity Rating, SGL-1

  Senior Secured Bank Credit Facility due April 2018, Affirmed B1
  (LGD3, 48%)

Withdrawals:

Issuer: EVERTEC Group, LLC

  Senior Secured Bank Term Loan A Facility due April 2018, 2020,
  To Be Withdrawn, previously rated B1 (LGD3, 48%)

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative Grade Non-Financial Companies in the US,
Canada, and EMEA, published in June 2009.

EVERTEC, based in San Juan, Puerto Rico, provides transaction and
payment processing, merchant acquiring and processing, and other
banking information technology consulting services to banks and
merchants in Puerto Rico, where EVERTEC owns the largest ATM
network and is the largest merchant acquirer and transaction
processor. EVERTEC also has a smaller presence in several
countries in Latin American and the Caribbean.


LIBERTY CABLEVISION: S&P Affirms 'B-' CCR; Revises Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Liberty Cablevision of Puerto Rico LLC
(LCPR) and revised its rating outlook to stable from developing.

At the same time, S&P assigned its 'B' issue-level rating and '2'
recovery rating to the company's proposed $570 million of first-
lien credit facilities.  The '2' recovery rating indicates S&P's
expectation of substantial (70%-90%) recovery for lenders in the
event of a payment default.  The first-lien credit facilities
consist of a $530 million term loan due 2021 and a $40 million
revolving credit facility due 2020.

Additionally, S&P assigned its 'CCC' issue-level rating and '6'
recovery rating to the company's proposed $145 million second-lien
term loan due 2023.  The '6' recovery rating indicates S&P's
expectation of negligible (0%-10%) recovery for lenders in the
event of a payment default.

"The rating affirmation and outlook revision to stable from
developing reflects our expectation that, assuming the company
closes on its proposed new credit facilities, it will no longer
face the risk of a covenant breach over the next 12 months,
although near-term rating upside potential is also limited," said
Standard & Poor's credit analyst Michael Altberg.

The stable rating outlook reflects S&P's expectation that the
company no longer faces the risk of a covenant violation over the
next 12 months, barring unforeseen deterioration in operating
performance.  S&P expects that debt to EBITDA will remain
elevated, in the high-5x area, but that FOCF could turn modestly
positive in 2015 due to a reduction in capital expenditures.

S&P could lower the rating if covenant headroom narrows
significantly in 2015 due to competitive pricing pressures, rising
programming costs, and continued macroeconomic weakness.  A key
variable under such a scenario would be Liberty Global's strategy
regarding its Latin America subsidiaries, and whether it will
continue to maintain effective control over LCPR and be in a
position to provide extraordinary support if necessary in a
downside scenario, although S&P currently do not impute such
support in its base case.

"We could raise the rating if LCPR is able to expand its covenant
headroom to at least 15%, and we believe such headroom could be
sustained in 2015 and beyond.  Absent material debt repayment,
under such a scenario, we would expect EBITDA margin improvement
potentially to above 40%, which could also lead us to reassess the
business risk profile to "fair" from "weak."  Additionally, we
could raise the rating once we gain greater clarity around Liberty
Global's strategy regarding its Latin America subsidiaries.  For
example, assuming Liberty Global does not spin off LCPR, and we
believed it remained committed to maintaining its ownership and in
a position to provide extraordinary support if necessary, we could
raise the rating by one notch," S&P said.


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


CL FIN'L: Scotiabank Will Consider Buying Clico
-----------------------------------------------
Trinidad and Tobago Newsday reports that Managing Director of
Scotiabank Trinidad and Tobago, Anna Schnoor, said the bank would
consider buying the assets of the Colonial Life Insurance Company
Limited (Clico) when government offers the company for sale.

Ms. Schnoor said, "I am sure we would always look at any
opportunities to grow.  I am not sure what the plan is, I've read
in the (news)paper that it may be up for sale, but I think that we
will always look at any opportunity if it fits in with our risk
profile and what we are looking for as we grow in the island,"
according to Trinidad and Tobago Newsday.

In response to another question, Ms. Schnoor said the banking
sector in this country was "tremendously strong."

Ms. Schnoor said one only had to look at how the banking industry
in Trinidad and Tobago had survived the international banking
collapse in 2008, the report notes.  "Other than Clico, which had
other issues which were particularly unique to Clico, the rest of
the banking system stood up very strong and has actually grown and
continues to grow since then. So I think Trinidad is uniquely
placed in that it has a very strong and a very diverse financial
services industry and I think it is well regulated and has good
oversight," the report quoted Ms. Schnoor as saying.

                       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.


                   * * * End of Transmission * * *