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

            Friday, October 3, 2014, Vol. 15, No. 196


                            Headlines



A N T I G U A  &  B A R B U D A

GRAY'S GREEN: Loss of Contract Cripples Group


A R G E N T I N A

ARGENTINA: Central Bank Head Quits After Fernandez Speech
BALANZ CAPITAL: Moody's Cuts Global Scale Rating to Caa-bf
CENTRAL TERMICA: Moody's Ups Global Scale Rating on Notes to Caa1
YPF SA: Negotiating Pemex Tie-Up With Petronas


B E R M U D A

TRAVELPORT LIMITED: Moody's Ups Corporate Family Rating to B2


B R A Z I L

COMPANHIA SIDERURGICA: Mulls US$1.5 Billion Loan


C A Y M A N  I S L A N D S

ANDIVI INVESTMENTS: Shareholders' Final Meeting Set for Oct. 9
ANTHRACITE MASTER: Shareholders Receive Wind-Up Report
AXIAL CAPITAL: Shareholder Receives Wind-Up Report
CONOCOPHILLIPS KARA: Shareholders' Final Meeting Set for Oct. 8
CONTROL LIMITED: Members' Final Meeting Set for Oct. 10

EVEREST TRADING: Shareholders' Final Meeting Set for Oct. 23
FOREST CAYCO: Shareholders' Final Meeting Set for Oct. 3
INTEGRITY FINANCIAL: Shareholders Receive Wind-Up Report
JOHNSTON RE: Shareholder to Hear Wind-Up Report on Oct. 8
SHELF DRILLING: Moody's Raises Holdings' Sec. Notes Rating to Ba3

VITALITY RE: Shareholder to Hear Wind-Up Report on Oct. 8


J A M A I C A

JAMAICA: Reports J$6 Billion Shortfall for August
JAMAICA: Trade Deficit With the USA Rises


T R I N I D A D  &  T O B A G O

CL FIN'L: Minister Howai Promises Closure on Clico, HCU
CL FIN'L: OECS gets TT$258 Million Clico Bailout
TRINIDAD & TOBAGO: Union Warns of Protest Action


                            - - - - -


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


GRAY'S GREEN: Loss of Contract Cripples Group
---------------------------------------------
Theresa Gordon at The Daily Observer reports that a community
group, which has been a safety net for the poor and vulnerable in
Gray's Green, is on the verge of collapsing after the financial
rug was pulled from under its feet.

The 12-year old Gray's Green Outreach Community Group now has no
financial resources, as the funds derived from three trucks it
owned is no more, according to The Daily Observer.

The report notes that the three vehicles provided services to the
Cooks Sanitary Landfill and The National Solid Waste Management
Authority.  The monies earned paid the salaries of 10 employees,
gave a monthly stipend to the elderly and single mothers in the
community.  The funds were also used for the housing and upkeep of
a person living with HIV.

According to The Daily Observer, the outreach group also supported
five underprivileged children in a home located at the back of the
Greenbay Primary School. The fire victims in the community also
benefitted from the funds obtained through the services of the
three vehicles, a dump truck, a garbage compactor and a water
truck.  The vehicles were donated, in 2006, by Parliamentary
representative for St John's Rural West Constituency, Baldwin
Spencer.

Chairperson of the Gray's Green Outreach, Annette Greenaway, said
the group was notified verbally at a meeting, last week, at Solid
Waste, that the services of the garbage compactor would be
discontinued, effective October 5, the report says.  Ms. Greenaway
said she requested a written letter outlining the reason for the
decision.

The official letter from Acting General Manager of the Authority,
David Spencer came on Sept. 29, the report relates.

The former civil servant said two weeks previously, the services
of the dump truck were terminated, the report discloses.

According to Ms. Greenaway, the group earned EC$5700 per week for
the use of the garbage compactor and EC$2500 weekly for the dump
truck, the report notes.

Solid Waste owes the outreach group EC$31,000.

The organization also suffered another loss, in that a contract it
had with the Antigua Public Utilities Authority APUA to clean the
environs of their water catchment facilities in Grays Hill, Cooks
Hill and Scotts Hill, expired in July and will not be renewed, the
report relays.

When contacted, the acting general manager of Solid Waste declined
to comment.  He, however, indicated the Authority would be making
efforts to pay outstanding bills to haulers in weekly
installments, beginning on October 10, the report adds.


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


ARGENTINA: Central Bank Head Quits After Fernandez Speech
---------------------------------------------------------
Charlie Devereux, Katia Porzecanski and Pablo Gonzalez at
Bloomberg News report that Argentina Central Bank President Juan
Carlos Fabrega resigned less than 24 hours after President
Cristina Fernandez de Kirchner publicly criticized the institution
for allegedly leaking inside information.

President Fernandez will nominate securities regulator Alejandro
Vanoli as a replacement, presidential spokesman Alfredo
Scoccimarro told reporters in a conference call after markets
closed, according to Bloomberg News.  Mr. Vanoli would be
Argentina's fourth central bank president in less than five years.

Bloomberg News notes that since taking the job in November, Mr.
Fabrega oversaw the largest devaluation of the peso since 2002 and
pushed the interbank interest rate used as the benchmark by the
local financial system to a decade high.  After Argentina
defaulted for a second time in 13 years in July, Mr. Fabrega
clashed with President Fernandez and Economy Minister Axel
Kicillof over the exchange rate, said Alejo Costa, a strategist at
Puente Hnos Sociedad de Bolsa SA, the report discloses.

"Mr. Fabrega wanted to bring forward a devaluation, something
neither President Fernandez nor Minister Kicillof was prepared to
do," Mr. Costa, who studied under Mr. Vanoli at the University of
Buenos Aires, told Bloomberg News in a telephone interview.  "Mr.
Vanoli appears as someone who will be more receptive to the
demands of Minister Kicillof and President Fernandez.  We might
see more creative ideas, such as the arrival of a dual exchange
rate," Bloomberg News quoted Mr. Costa as saying.

In a speech Sept. 30, President Fernandez said there was evidence
that the central bank released inside information to lenders about
a new policy obliging them to lower their foreign currency
holdings, the report notes.  Mr. Fabrega attended the speech that
took place in the presidential palace.

                      'Sensitive Information'

"It seems that information was leaked because there were banks
that had sensitive information, and just when all the banks were
buying dollars, they sold," President Fernandez said, Bloomberg
News notes.  "We want this to be investigated or that they explain
this to us," President Fernandez added.

Argentina defaulted July 30 after a U.S. judge blocked a US$539
million interest payment to holders of restructured bonds until it
pays holdouts from a US$95 billion default in full.

                          Vanoli Promoted

Bloomberg recalls that Mr. Vanoli was promoted to president of the
securities commission in November 2009 after serving as vice
president for three years.  In October last year Mr. Vanoli said
that posting the price of the black market exchange rate for the
peso is equivalent to publishing the price of cocaine, Bloomberg
News notes.  Newspapers such as Ambito and Clarin publish the
black market price.

President Fernandez hired Mr. Fabrega to replace Mercedes Marco
del Pont last year amid sweeping changes to the cabinet that
included the ouster of Economy Minister Hernan Lorenzino,
Bloomberg News recounts.  In 2010, President Fernandez tried to
fire Martin Redrado over his opposition to her plans to pay debt
with reserves.  Mr. Redrado, who had served as the central bank's
chief since 2004, resigned less than a month later, saying that he
had "followed the Constitution, the law and the central bank
rules," Bloomberg News relays.

Before joining the central bank, Mr. Fabrega worked at Argentina's
biggest commercial lender for four decades.  After landing a job
straight out of high school at one of Banco de la Nacion
Argentina's branch offices, Mr. Fabrega worked his way up to
becoming president of the company.

"One of the last voices of reason of the current administration
has departed," Alejo Czerwonko, a New York-based strategist at UBS
Wealth Management's chief investment office, said in an e-mailed
response to questions from Bloomberg News.  "This development
points towards further radicalization of monetary and fiscal
policy in the country," Mr. Czerwonko added.

                        Senate Nomination

Mr. Vanoli will act as interim head of the bank until his
nomination is voted on by the Senate, where Fernandez's coalition
has a majority, Bloomberg News reports.

His appointment will mean less fighting between the central bank
and Economy Ministry, Diego Ferro, co-chief investment officer at
Greylock Capital Management LLC, said in a telephone interview
from New York, the report notes.

"His performance at the securities regulator was really aligned
with this administration, so I'm sure this can be assumed as
someone who's going to be more docile to Kicillof," the report
quoted Mr. Ferro as saying.

                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


BALANZ CAPITAL: Moody's Cuts Global Scale Rating to Caa-bf
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded the global scale and national scale ratings of three
Argentine bond funds. Additionally Moody's has confirmed the
global and national scale ratings of one bond fund. The ratings of
all these bond funds were placed under review for downgrade on
March 19, 2014.

1. The global and national scale ratings of the following three
bond funds were downgraded:

Balanz Capital Renta Fija FCI

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating lowered to Baa-bf.ar from A-bf.ar

Optimum FAE FCI

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating lowered to Baa-bf.ar from A-bf.ar

Compass Renta Fija III FCI

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating lowered to Baa-bf.ar from A-bf.ar

2. The global and national scale ratings of the following bond
fund were confirmed:

Galileo Premium FCI

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

Ratings Rationale

The downgrade of the three global scale ratings to Caa-bf from B-
bf is based on the Funds' average credit quality and high expected
loss, which is a result of higher exposure to Argentine sub-
sovereign or corporate bonds which carry an average rating of Caa1
/Baa1.ar- Ba1.ar.

The rating confirmation of the global and national scale ratings
of the remaining fund is based on an improvement in the credit
quality and lower expected loss of the portfolios of this fund, as
observed during the review period that began on March 19, 2014.

The principal methodology used in this rating/analysis was Moody's
Revised Bond Fund Rating Methodology and Symbols, published in May
2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


CENTRAL TERMICA: Moody's Ups Global Scale Rating on Notes to Caa1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
("Moody's") upgraded to Caa1 from Caa2 the global scale rating on
Central Termica Loma de la Lata S.A.'s (CTLLL) USD outstanding
notes. At the same time Moody's upgraded its national scale rating
(NSR) to Baa3.ar from Ba3.ar. The rating outlook remains negative.

CTLLL's ratings were downgraded last August 7, following the
company's call for a bondholders meeting aimed at amending the
notes terms and conditions, including the repayment schedule. The
bondholders meeting held on September 4th agreed to reschedule
principal payments in order to provide a more comfortable debt
profile in relation to the company's cash generation capacity.
Through this agreement the notes' final payment will be due in the
last quarter of 2018 (instead of the last quarter of 2015) and
will have therefore a more extended principal payment schedule.

The upgrade on CTLLL's ratings follows the company's improved
liquidity profile arising from the rescheduled debt repayment
agreement reached with its main creditor, Anses. The upgrade
places the ratings back at their previous level.

Ratings Rationale

CTLLL's current ratings reflect the company's moderate leverage
(Debt to EBITDA at 2.5 times as of June, 2014) and ample cash
generation in relation to total debt (for the last twelve months
as of June the ratio of CFO pre WC to debt stood at 44% while the
ratio of Free Cash Flow to debt was at 26%). These strong cash
flow metrics reflect CTLLL's recovered cash generation capacity
after the plant resumed operations in June last year after the
successful repair of the steam turbine that failed in late 2012.

In addition, the new debt repayment schedule has materially
improved CTLLL' overall debt maturity profile, extending the final
maturity to December 2018, more than three years later than the
originally scheduled maturity. Furthermore, on September 26th,
CTLLL pre-cancelled USD 50 million of the outstanding under the
notes, which eliminated principal payments of 2015 (Next principal
payment will not be due until December 2016).

The ratings remain constrained by the unpredictable framework for
the electricity industry in Argentina, the company's exposure to
concentration risks with respect to its revenue sources --most of
the revenues are derived from only one contract, one client- and
event risk given that the company operates only one plant.

The ratings continue to carry a negative outlook, reflecting the
negative outlook for the Argentine government's Caa1 issuer
rating. CTLLL has a direct linkage with the sovereign as it
depends upon government payments. The company's revenues are
mainly derived from a supply contract with Cammesa, the
Argentinean entity that manages the wholesale electricity market
and is in charge of managing the system's collections and
payments. Since the electricity price paid by consumers is only a
fraction of the energy production costs, the system as a whole is
in an deficit operating position and thus relies on the periodic
transfer of funds from the federal government to make payments to
generating companies. Therefore, Moody's believe that is
appropriate that the ratings and outlook reflect the direct
linkage the company has with the sovereign government.

Given the negative outlook and current constraining factors a
rating upgrade is unlikely in the near term.

Furthermore, Moody's notes that a rating downgrade of the
sovereign would likely result in a negative rating action for this
issuer, even in the absence of any significant change in their
underlying credit quality.

CTLLL is an electric generation company that operates a thermo-
electric power plant located in the province of Neuquen-Argentina,
with an installed net capacity of 535 MW. CTLLL is fully owned by
Pampa Energia S.A. (not rated) the largest, fully-integrated
electricity company in Argentina. Through its subsidiaries, the
company is engaged in the generation, transmission and
distribution of electricity within the country. Pampa has an
installed capacity of approximately 2,217 MW, which represents
about 7% of the country's installed capacity.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".


YPF SA: Negotiating Pemex Tie-Up With Petronas
----------------------------------------------
Jude Webber in Cancun at The Financial Times Limited reports that
Argentina's YPF SA and Malaysia's Petronas are negotiating a
joint-venture with Mexico's Pemex -- possibly starting with
shallow water fields -- in a bid to become the first foreign oil
companies to seize the opportunities of Mexico's energy reform.

The heads of the three companies, Pemex's Emilio Lozoya, YPF's
Miguel Galuccio, and Shamsul Abbas, CEO of Malaysia's Petronas,
have started laying the foundation for a deal, according to The
Financial Times Limited.

In Cancun, the report notes, the trio signed memorandums of
understanding to foster co-operation, including on knowhow for
deepwater, mature, heavy and extra-heavy crude fields, and,
potentially, natural gas and infrastructure projects.

However, the beachside business talk among the executives went
deeper: the prospects for a full-blown partnership to invest in
fields in Mexico, the report relates.

"The idea is to seek which projects could make sense to develop
jointly, the three of us," Mr. Galuccio told the Financial Times
in the first explicit commitment by an oil company CEO in forging
a joint-venture with Pemex.  Other companies have so far limited
themselves to expressions of enthusiasm tempered with caution
until full details of the terms Mexico is offering are known.

The report discloses that Mexico is throwing opening its energy
sector to private investment after nearly 80 years of state
monopoly and is betting on an influx of tens of billions of
dollars in investment to boost Mexico's stalled production.

Authorities will next year hold tenders for 169 fields and Mr.
Lozoya is also courting partners directly for a dozen joint-
ventures, the report relays.

"We believe there is significant potential and further upside for
oil and gas resources in Mexico," Mr. Abbas said in an emailed
response to questions from The Financial Times Limited.  "We are
excited by the energy reforms taking place, and coupled with our
experience, we believe we will be able to add value to the
country," Mr. Abbas added.

Mr. Abbas' comments came shortly after he threatened to pull the
plug on a US$10 billion liquefied natural gas investment in
Canada, saying new taxes and competition from US shale gas
projects could make it a non-starter, the report relays.
Cooperation with Pemex and YPF SA in Mexico would "provide a
strategic platform to growth to complement and provide optionality
to our North American resource base", Mr. Abbas said, the report
notes.

Mr. Galuccio said the trio has the right skill set and could make
a big impact in mature or shallow-water fields: Petronas is an
offshore expert with deep-pockets; YPF's "bread and butter" is to
squeeze more from declining fields and it is also has shale
skills; and Pemex is a shallow-water leader, the report notes.
Neither Mr. Galuccio nor Mr. Abbas would be drawn on potential
investment levels, the report relays.

"I've told Mr. Lozoya he needs a fast success story," the report
quoted Mr. Galuccio as saying.  "He can't change the reality of
Mexico's production in three years but he has to . . . take three
or four fields and turn them around . . . he needs a strong
personal commitment," Mr. Galuccio said.

Mr Galuccio, who took the helm of YPF after the government' shock
expropriation, speaks from experience: Chevron's investment has
helped boost investment in the Vaca Muerta shale field, Loma
Campana, which is now Argentina's second-best producing field, to
US$3 billion this year with more than 250 wells, the report adds.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch Affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


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


TRAVELPORT LIMITED: Moody's Ups Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors service has upgraded Travelport Limited's
(Travelport) corporate family rating (CFR) to B2 from B3.
Concurrently, Moody's has affirmed the B3-PD probability of
default rating (PDR) of Travelport Limited. Moody's has also
affirmed the B2 ratings of the USD2.4 billion first lien loan
facility and USD100 million revolving credit facility (RCF) issued
by Travelport Finance (Luxembourg) S.a.r.l.. All ratings have
stable outlook.

The rating action follows the completion of Travelport's Initial
Public Offering (IPO) and concludes the review for upgrade which
was initiated on 16 September 2014.

Ratings Rationale

On September 24, Travelport Worldwide Limited -- the parent
company of Travelport Limited -- announced a public offering of 30
million common shares at a price of USD16 per share. Net proceeds
from the offering will be applied towards redemption of debt and
other liabilities.

Upon receipt of the proceeds received during the offering, Moody's
understands Travelport will immediately reimburse its USD425
million unsecured bridge-facility and thereby decrease the
company's leverage to below 6x Moody's adjusted debt/ EBITDA. The
company's reduced debt-levels will further strengthen free cash
flow generation as interest costs diminish.

Travelport's B2 CFR continues to reflect (1) the company's high
leverage expected to be around 5.7x Moody's adjusted debt/ EBITDA
pro-forma for the IPO (2) an overall high degree of business risk
(3) some degree of customer concentration.

These factors are balanced to some extent by Travelport's (1)
leading position as a GDS provider (2) diversified customer base
and geographical footprint.

Affirmation Of The B3-Pd PDR

The affirmation of the B3-PD reflects an all bank-debt capital
structure to which Moody's applies a 65% recovery-rate.

Affirmation Of The B2-Rating Of Loan-Facility And RCF

Moody's has affirmed the B2-rating of the USD2.4 billion first-
lien loan and the USD100 million RCF. The ratings are aligned with
the CFR as the junior ranking USD425 million unsecured loan
facility will be reimbursed with proceeds raised during the IPO.

Liquidity Profile

Moody's expects that Travelport's liquidity profile will remain
good over the next 12-18 months. The completion of the company's
recent refinancing will contribute to a strengthening of free cash
flows and improved headroom to its financial maintenance covenant.
Furthermore, the reimbursement of the USD425 million loan facility
will further strengthen cash flows. A further liquidity cushion is
provided by access to an undrawn RCF of USD100 million.

Rationale for the stable outlook

The stable outlook reflects Moody's expectations that Travelport
will be generating solid positive free cash flows allowing for
further reduction of net debt.

What could change the rating up/down

Positive rating pressure could arise if Travelport succeeds in
bringing leverage down below 5.0x Moody's adjusted debt/EBITDA.

Conversely, negative pressure would likely be exerted on the
rating should Travelport's leverage move above 6x debt/EBITDA for
a prolonged period of time.

Principal Methodology

The principal methodology used in these ratings was 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 U.S.,
Canada and EMEA published in June 2009.

Registered in Bermuda and headquartered in Langley, United
Kingdom, Travelport Limited is a leading travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry. During FY2013, the
group reported revenues and adjusted EBITDA of USD2.1 billion and
USD517 million, respectively.


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


COMPANHIA SIDERURGICA: Mulls US$1.5 Billion Loan
-------------------------------------------------
Paula Sambo and Filipe at Bloomberg News reports that Companhia
Siderurgica de Pecem, a joint venture partly owned by Vale SA
that's building a steel mill in northeastern Brazil, is
considering a loan of at least US$1.5 billion, according to two
people familiar with the situation.

Talks with banks are at a preliminary stage, and the format of the
loan hasn't been decided, said the people, who asked not to be
identified because the plan is private, according to Bloomberg
News.  Pecem's owners also intend to inject cash into the company,
one person said, adding that the amount hasn't been decided,
Bloomberg News relates.

Pecem is owned by Vale and two South Korean companies, Posco and
Dongkuk Steel Mill Co.  The mill will have the capacity to produce
6 million metric tons of steel slabs a year starting in 2016.  All
output will be acquired by the three partners.


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


ANDIVI INVESTMENTS: Shareholders' Final Meeting Set for Oct. 9
--------------------------------------------------------------
The shareholders of Andivi Investments Limited will hold their
final meeting on Oct. 9, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Steering Group S.A
          Telephone: +41 22 319 01 65
          13, Quai de I'lle
          CH-1211, Geneva 11
          Switzerland


ANTHRACITE MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Anthracite Master Company (5) Limited received
on Sept. 30, 2014, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          David Walker
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


AXIAL CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Axial Capital Gravity Offshore Fund, Ltd
received on Oct. 1, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Daniella Skotnicki
          Telephone: (345) 815-1861
          Facsimile: (345) 949-9877


CONOCOPHILLIPS KARA: Shareholders' Final Meeting Set for Oct. 8
---------------------------------------------------------------
The shareholders of Conocophillips Kara Sea Ventures Ltd. will
hold their final meeting on Oct. 8, 2014, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman, KY1-1103
          Cayman Islands


CONTROL LIMITED: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------
The members of Control Limited will hold their final meeting on
Oct. 10, 2014, to receive 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


EVEREST TRADING: Shareholders' Final Meeting Set for Oct. 23
------------------------------------------------------------
The shareholders of Everest Trading SPC will hold their final
meeting on Oct. 23, 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


FOREST CAYCO: Shareholders' Final Meeting Set for Oct. 3
--------------------------------------------------------
The shareholders of Forest Cayco Subtopco will hold their final
meeting on Oct. 3, 2014, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Anthony Beovich
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5877


INTEGRITY FINANCIAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Integrity Financial Advice Network Holdings
Limited received on Sept. 30, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rainier Hok Chung Lam
          c/o Ian Lindo
          Telephone: +1 (345) 814 2059
          Facsimile: +1 (345) 949 4900
          Appleby Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


JOHNSTON RE: Shareholder to Hear Wind-Up Report on Oct. 8
---------------------------------------------------------
The shareholder of Johnston Re Limited will hear on Oct. 8, 2014,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          Telephone: 914-2266/ 914-2267/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 171 Elgin Avenue
          Willow House, 3rd Floor
          Grand Cayman KY1-1002
          Cayman Islands


SHELF DRILLING: Moody's Raises Holdings' Sec. Notes Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service, on Oct. 1, 2014, took a number of
rating actions on Shelf Drilling Midco, Ltd. (Midco) and Shelf
Drilling Holdings, Ltd. (Holdings, and together "Shelf Drilling").
Moody's upgraded Midco's Corporate Family Rating (CFR) to Ba3 from
B1 and its secured term loan rating to B1 from B2, and affirmed
its SGL-2 Speculative Grade Liquidity Rating. At the same time,
Moody's upgraded Holdings' secured notes rating to Ba3 from B1.
The rating outlook was changed to stable from positive for both
entities. Moody's also withdrew the Ba1 rating on Holdings' $75
term loan facility that was recently paid in full and terminated.

"These actions reflect Shelf Drilling's consistent and strong
operating performance since late 2012, ability to execute
contracts independently with new and existing customers, and our
expectation of continued commitment to low leverage," said Moody's
Assistant Vice President Sajjad Alam. "While jackup market
fundamentals are expected to weaken in the coming quarters as a
large number of rigs are delivered through 2016, Shelf Drilling's
$3.4 billion contracted revenue backlog, globally diversified
footprint in some of the more active shallow water markets, and
long-standing relationship with many large oil and gas customers
should help maintain above average utilization and protect credit
metrics in a potential downturn."

Upgrades:

Issuer: Shelf Drilling Midco, Ltd.

Corporate Family Rating, Upgrade to Ba3 from B1

Probability of Default Rating, Upgrade to Ba3-PD from B1-PD

Senior Secured Bank Credit Facility, Upgrade to B1 (LGD5) from
B2 (LGD5)

Issuer: Shelf Drilling Holdings, Ltd.

Senior Secured Regular Bond/Debenture due 2018, Upgrade to Ba3
(LGD3) from B1 (LGD3)

Outlook Actions:

Issuer: Shelf Drilling Midco, Ltd.

Outlook, Changed To Stable From Positive

Issuer: Shelf Drilling Holdings, Ltd.

Outlook, Changed To Stable From Positive

Affirmations:

Speculative Grade Liquidity Rating, Affirm SGL-2

Withdrawals:

Issuer: Shelf Drilling Holdings, Ltd.

Senior Secured Bank Credit Facility due May 30, 2018, Withdrew
Ba1

Ratings Rationale

The Ba3 CFR reflects Shelf Drilling's low leverage, substantial
contract coverage through early 2016, strong utilization rates,
excellent cash flow diversification across 35 rigs, and global
scope of operations as one of the world's largest providers of
workhorse jackup rigs. Shelf has long-standing working
relationships with a broad group of blue-chip national and
international oil companies that generally have a more stable
drilling program and stronger balance sheet reducing project
cancellation and re-contracting risks.

The Ba3 rating is held back by Shelf Drilling's older generation
rig fleet that will face intense competitive pressures in a
protracted down market, singular exposure to the volatile jackup
sector, limited contract coverage beyond 2016, short operating
history as an independent corporate entity, and its private equity
owners who will likely look for future distributions to meet their
return objectives. The rating also considers the operational
complexity inherent in the management of a large international
company with presence in multiple jurisdictions with varying
degree of legal, environmental and tax requirements, and the
potential supply side risks given the significant number of high
specification jackup rigs that are currently under construction
for delivery through 2016.

The global jackup fleet is poised to grow by more than 20% through
2016 as supply outpaces demand. Technologically advanced newer
rigs will pose stiff competition for Shelf Drilling's older
generation rigs. However, Shelf Drilling has 22 rigs contracted
through the end of 2015 (including three options) that will
provide a base level of cash flow minimizing downside risk during
this period.

Ultimately, Shelf Drilling will have to build new rigs to remain
competitive as the global jackup fleet turns younger. Shelf
Drilling's management understands this market dynamic and has
recently placed orders for two fit-for-purpose jackup rigs backed
by five-year contracts from Chevron Corporation (Aa1 stable).
Moody's future ratings on Shelf Drilling will depend on how it
manages leverage and liquidity as it tries to grow and transform
its rig fleet. While it is difficult to pursue fleet renewals in a
weak market, Moody's expects the company to continue to look for
newbuild opportunities supported by long term contracts.

Shelf Drilling will generate free cash flow and be able to
internally fund all of its capital expenditures through 2015,
which is captured in Moody's SGL-2 rating. The company had $55
million of cash as of June 30, 2014 and plans to make the $93
million progress payments in 2015 for the two new jackups from
operating cash flow. Moody's does not anticipate any unforeseen
capex or shareholder distributions through 2015, and does not
expect the two remaining stacked rigs to be reactivated in this
market environment. The company has a $200 million revolving
credit facility at Shelf Holdings, which Moody's expects will
remain unused and provide liquidity if needed.

The B1 rating on Midco's secured term loan reflects its
structurally subordinated claim to the rig assets, behind the $200
million senior secured first-lien revolver and $475 million senior
secured second-lien notes at Holdings, which directly owns all the
operating rig companies. Midco's term loan does not have any
upstream guarantee from Holdings. The 8.625% secured notes at
Holdings are rated Ba3 despite having significant amount of
structurally subordinated Midco debt in the capital structure. The
Midco term loan matures ahead of the Holdings notes and could be
repaid earlier leaving limited loss absorption cushion to lenders
at Holdings. Accordingly, Moody's believes that the Ba3 rating is
more appropriate for the 8.625% notes than the rating suggested by
the Moody's LGD Methodology.

The stable outlook reflects Moody's expectation of free cash flow
generation and continued low leverage. Given Shelf Drilling's
aging fleet and the anticipated market weakness through 2015,
another positive rating action is unlikely in the near term.
However, Moody's could consider an upgrade if leverage could be
sustained firmly below 2x even after paying for the new rigs,
supported by strong backlogs and utilization rates in a robust
market environment. A downgrade will most likely occur from a
leveraging transaction that pushes the debt/EBITDA ratio above 3x
or if the company suffers a significant decline in earnings power.

The principal methodology used in these ratings was Global
Oilfield Services Rating Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Shelf Drilling Midco, Ltd. is a Cayman Islands incorporated
holding company that owns all of the equity interest in Shelf
Drilling Intermediate, LTD. (Shelf Intermediate), which in turn
owns 100% of Shelf Drilling Holdings. Ltd. Holdings owns 37
independent-leg cantilever jackup rigs and one swamp barge rig,
and through various subsidiaries conducts drilling operations in
the Southeast Asia, Middle East, India, West Africa and North
Africa/Mediterranean markets.


VITALITY RE: Shareholder to Hear Wind-Up Report on Oct. 8
---------------------------------------------------------
The shareholder of Vitality Re Limited will hear on Oct. 8, 2014,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          Telephone: 914-2266/ 914-2267/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 171 Elgin Avenue
          Willow House, 3rd Floor
          Grand Cayman KY1-1002
          Cayman Islands


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


JAMAICA: Reports J$6 Billion Shortfall for August
-------------------------------------------------
RJR News reports that the Jamaica government is reporting a J$6
billion shortfall in revenue at the end of August.

This was due to lower than expected revenues and grants, according
to RJR News.

The report notes that the tax revenues under-performed, mainly as
corporate income tax and General Consumption Tax (GCT) intake were
below target.

The issue of lower than projected corporate income tax collection,
has been raised by EPOC Chairman, Richard Byles, who said he would
seek answers from Tax Administration, RJR News relates.

Lower than expected GCT suggests that the expected growth in
consumers spending power, continues to lag behind the pick up in
economic activity, the report adds.

With less money available, says RJR News, the Government has cut
back spending on programs, wages and salaries, as well as capital
programs, while it has realized savings from lower interest rates
on the debt.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Trade Deficit With the USA Rises
-----------------------------------------
RJR News reports that Jamaica's trade deficit with the United
States rose 26 per cent in the first six months of this year,
despite the gap remaining unchanged.

The Statistical Institute of Jamaica (Statin) says the deficit
amounted to US$750 million, up from US$594 million last year,
according to RJR News.

The report notes that Jamaica bought more than US$1 billion worth
of  goods from the United States while selling that country only
US$301 million worth of products.

The United States is Jamaica's largest trading partner, accounting
for a third of the country's merchandise trade.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


CL FIN'L: Minister Howai Promises Closure on Clico, HCU
-------------------------------------------------------
Julien Neaves at Trinidad and Tobago Newsday reports that
Trinidad and Tobago Finance Minister Larry Howai said the
government is going to bring closure to the Colonial Life
Insurance Company Ltd and Hindu Credit Union (HCU) matters.

"We are also moving to close off the Clico and HCU matters and put
these issues behind us," the report quoted Minister Howai as
saying.

Minister Howai pointed put that the decision of the tribunal on
the Methanol Holdings (Trinidad) Ltd matter "now affords us the
opportunity to bring the Clico matter to a close," according to
Trinidad and Tobago Newsday.

The report notes that a tribunal established by the ICC
International Court of Arbitration has ruled that Clico's 56.53
per cent stake in the methanol company is worth US$1.175 billion
following an action brought by minority shareholder Consolidated
Energy Ltd.

Minister Howai addressed the issue on Sept. 30, as he piloted
Senate debate on the national budget 2014/2015 at Parliament
Building at Tower D, International Waterfront Complex, Port-of-
Spain, the report discloses.

In June, some 250 Clico Executive Flexible Premium Annuity
policyholders, who expected to receive 100 percent of the monies
contractually owed to them by the insurance giant, had their hopes
dashed as the Court of Appeal has set aside the court-directed
payout, estimated to have been in excess of TT$300 million, plus
interest, the report recalls.  In July, the report of a commission
of inquiry into the 2008-2009 collapse of both Clico and the HCU
was presented to President Anthony Carmona, the report relates.

The report discloses that Minister Howai in his contribution said
the International Monetary Fund had projected growth of 2.5 per
cent in 2014 for this country.  Minister Howai reported that there
has been a slowdown in the first half of this year and this has
"dampened initial projections for the out-turn of growth in 2014."
Minister Howai stated that the completion of maintenance work
offshore in the energy sector this year "creates the optimism for
a significant upturn in 2015," the report adds.

Minister Howai said this country has withstood the development of
shale oil and gas in the United States but there was still a need
to move hastily to address the threats, the report relates.
Minister Howai noted, in the next financial year there would be
moves to include the self-employed in the national insurance
system and this should increase coverage by 11,000, another step
closer to universal coverage, the report relays.

On the gaming industry, Minister Howai noted it can fuel crime and
other social and economic ills, the report notes.  Minister Howai
reported that the Government has developed a policy and draft
legislation to manage the gaming sector which has the potential to
generate an additional TT$300 million in taxes to the State and
create jobs, the report relates.

On financial sector reform, Minister Howai noted that they will be
modifying the insurance act to better protect policyholders and
this will be followed by credit union legislation and legislation
related to the Unit Trust Corporation, 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.


CL FIN'L: OECS gets TT$258 Million Clico Bailout
------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that Trinidad
and Tobago has paid TT$258 million to the Organization of Eastern
Caribbean States (OECS) to insulate that region from the fallout
of the collapse of the CL Financial (CLF) group, Finance and
Economy Minister Larry Howai said Sept. 22. The minister gave this
explanation for a figure contained in the Draft Estimates of
Recurrent Expenditure for the Ministry of Finance and the Economy.

The accounts of that ministry was examined during the first three-
and-a-half hours of the Standing Finance Committee of the House of
Representatives which sat for the first time in public at the
International Waterfront Centre, Wrightson Road, Port-of-Spain,
under the Parliament's new standing orders, according to Trinidad
and Tobago Newsday.

Of the figure, Minister Howai said, "this is related to the
support we gave to EC states for managing the Clico fallout.  It
is a repayment that has to be repaid," the report notes.  The
minister said the support related to the collapse of both Clico
and British American Insurance Company (BAICO), an entity that
Minister Howai said had virtually no assets.

The report discloses that Minister Howai also said there was a
three-year moratorium on loans worth TT$97 million to St Lucia and
Grenada.  The allocation for the Caricom Petroleum Fund also stood
at TT$100 million.

Minister Howai also confirmed that the State spend TT$720 million
to purchase shares in the Andean Development Corporation (CAF) so
that this country could qualify for loans in that entity, the
report notes.

The report says that Diego Martin North/East MP Colm Imbert asked
whether a cost benefit analysis had been done to determine whether
expending such sums would result in benefits in the long run.

Minister Howai said savings will accrue due to subsidized interest
rates on loans but undertook to provide further details by the
close of the Committee's business, due in coming days, the report
notes.  In relation to CLF, Minister Howai said the state was
considering selling Clico but would first conduct valuations and
then see if it gets suitable prices from potential buyers, the
report adds.

However, Minister Howai once more stated the option of simply
keeping Clico running under the Central Bank's emergency powers,
which it has been since 2009, the report notes.  Trinidad and
Tobago Newsday relates that Minister Howai said the plan to open a
new company, called Atrius, to replace Clico, had been scrapped
because that would have required a paper transfer of assets to the
new entity which could have potentially cost TT$1.2 billion.

The Finance and Economy Minister stated TT$480 million was also
paid to the Bahamas liquidator in relation to CLF business there
in relation to a guarantee document which threatened to result in
proceedings in local courts against CLF assets, the report relays.
Minister Howai said while that document presented exposure, there
is now an agreement in writing for the liquidators to "hold their
hands" on making a claim, notes the report.

During the examination of the Ministry of Finance and Economy's
accounts, MP Imbert also queried an allocation of TT$150 million
for legal fees for that ministry, the report notes.  MP Imbert
called for a breakdown of these figures and a list of lawyers
involved, the report relays.

There was also sparring on a figure of TT$82 million which
Minister Howai said represented overtime due to workers at the
Customs and Excise Division for the period 2007 to 2014.  Minister
Howai said this sum represented a figure derived from a recently
concluded worker agreement and undertook to give a break-down year
by year, the report notes.  A sum of TT$30 million was also
allocated for "minor equipment" for Customs given is impending
relocation to the Government Campus Plaza, the report discloses.

The report says that there was a question over why the allocation
for the Food Card Program -- TT$224 million -- was under the
Ministry of Finance.

Minister Howai stated he had been advised that this was so since
that program involved direct transfers to a bank account, notes
the report.

Opposition Leader Dr. Keith Rowley alleged this was an attempt to
hide expenditure, while Minister Howai countered that this had
been the accounting arrangement since the program's inception, the
report notes.  Dr. Rowley further stated another example of this
accounting treatment was pensions, which similarly involves
transfer to bank accounts, the report discloses.

No member questioned the allocation for the TT$410 million
Constituency Development Fund, on page 88 of the document, says
Trinidad and Tobago Newsday.

Minister Howai also stated that while there was a nominal decrease
in salaries for the Financial Intelligence Unit, this represented
a change from last year's figure which had included arrears, the
report relates.  Minister Howai stated the sum allocated remained
about TT$1.5 million, and that the bulk of payments to staff came
under a different heading for contract workers.

The Committee examination of the ministry's accounts was held on
Sept. 23 with the House passing the TT$9.4 billion allocation.
The report says the members of the opposition shouted, "No!" when
the simple vote was taken.

                      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.


TRINIDAD & TOBAGO: Union Warns of Protest Action
------------------------------------------------
Jamaica Observer reports that the Oilfield Workers Trade Union
(OWTU) warned that it could not guarantee industrial peace and
stability in Trinidad and Tobago as it accused the government of
frustrating efforts to settle outstanding wage negotiations at
several state agencies.

"If we cannot get settlement on the bargaining table we are
prepared to initiate legal strike action.  We are prepared to have
total withdrawal of enthusiasm in areas where we do not have that
option," OWTU President Ancel Roget told reports, adding "in other
words we cannot guarantee industrial peace and stability, the
prerequisite for our economy's development and growth," Jamaica
Observer notes.

Mr. Roget said that the union would embark on the industrial
action "unless we have all of these issues resolved" naming a
number of state agencies where negotiations are not completed,
according to Jamaica Observer.

"Most of them expired . . . rolling over into the new period and
some of them just about approaching time to be expired. That is
unacceptable," Mr. Roget said, accusing the government of
continuing to mislead the country in indicating that 85 matters
had been successfully negotiated, the report relates.

Mr. Roget, who is leading union workers in a demonstration outside
the office of the finance minister, said that only after workers
take to the streets the government acts, notes the report.

"I wish to reiterate the point that they mislead the country by
boasting about the settlement of some 85 negotiations.  Every time
they talk about it the numbers go up and when you call for them to
identify them they can't identify those negotiations," Mr. Roget
said, the report relays.

"But I wish to say that the settlement of the negotiations that
broke the five per cent cap only came about as a result of workers
pounding the pavements throughout the streets of Trinidad and
Tobago," the report quoted Mr. Roget as saying.

"It took a threat of a national strike to break that five per cent
cap.  They (the government) did not give up anything," Mr. Roget
said, noting that in his delivery of the 2014-15 national budget,
Finance Minister Larry Howai spoke of an estimated TT$60 billion
(US$9.6 billion) in revenue, the report adds.


                            ***********


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 * * *