TCRLA_Public/150612.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

            Friday, June 12, 2015, Vol. 16, No. 115


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: INTERPOL Requests Outstanding Dues


A R G E N T I N A

INDUSTRIAS METALURGICAS: S&P Affirms Then Withdraws 'D' Rating


B A H A M A S

BAHAMAS: Real GDP Expanded by an Estimated 1% in 2014, IMF Says


B R A Z I L

JBS SA: Regulator Approves Tyson Asset Takeover in Mexico


C A Y M A N  I S L A N D S

CARA CARA: Members' Final Meeting Set for June 25
ECP VII: Shareholders' Final Meeting Set for June 16
GUGGENHEIM CONCINNITY: Members' Final Meeting Set for June 19
LOXLEY INVESTMENTS: Shareholder to Hear Wind-Up Report on June 19
MAKO MASTER: Members' Final Meeting Set for June 22

MAKO SHARK: Members' Final Meeting Set for June 22
PARTNERS EMERGING: Shareholder to Hear Wind-Up Report on June 15
REVERE EMERGING: Shareholder to Hear Wind-Up Report on June 23
RG LEASING: Shareholders' Final Meeting Set for June 19
SIMSBURY CLO: Shareholders' Final Meeting Set for June 26

TALCOTT NOTCH: Shareholders' Final Meeting Set for June 26


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Prices in May Climb 0.29%, Paced by Transport


M E X I C O

BANCO AHORRO: S&P Affirms 'B' ICR; Outlook Remains Negative
MEXICO: Gov't. Sets Rules for Bids on Oil Projects


T R I N I D A D  &  T O B A G O

CL FIN'L: Chairman Yetming Threatens to Sue


                            - - - - -


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


ANTIGUA & BARBUDA: INTERPOL Requests Outstanding Dues
-----------------------------------------------------
The Daily Observer reports that Antigua & Barbuda could lose the
support of the world's largest police organization -- INTERPOL --
as it has not paid the compulsory annual statutory contribution.

Public Safety Minister Steadroy "Cutie" Benjamin said the fee,
which was not paid last year, was also unpaid for several years
prior, according to the Daily Observer.

Minister Benjamin said INTERPOL recently wrote to his office to
inform him of the situation, the report notes.

"(They're) reminding us that we have not paid either for 2014, and
as a matter of fact, we haven't subscribed since 2003.  It's
normal business arrangements, normal notifications that debts are
owed just like with the ILO and other business organizations which
we have not paid.  This government is trying to do it.  We're now
up to date in some instances but this is one where we are not up
to date," Minister Benjamin lamented, the report relays.

At the time of the interview, Minister Benjamin said he was no
longer in possession of the document from INTERPOL, to quote the
exact amount due, the report notes.

Minister Benjamin said that was because after reading it, he
immediately passed it on to the relevant official to have the
situation addressed, the report discloses.

"I've passed it on to the Permanent Secretary for discussions at
Cabinet because we must, we must pay our obligations to these
international bodies so that we can get our crimes solved and
things done in accordance with the law," Minister Benjamin added.

Under a system adopted by the General Assembly in 2001, each
INTERPOL member country must make a compulsory annual statutory
contribution calculated on the basis of their ability to pay, the
report says.

Extra-budgetary contributions from both the public and private
sectors may also be received in accordance with the Organization's
rules and regulations, the report notes.

INTERPOL assists Antigua & Barbuda in fugitive investigations;
fighting human trafficking and the use of stolen travel documents
to perpetrate crime, among other matters, the report adds.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


INDUSTRIAS METALURGICAS: S&P Affirms Then Withdraws 'D' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' ratings on
South America-based turbine producer Industrias Metalurgicas
Pescarmona S.A.I.C. y F. (IMPSA) and its sister company, WPE
International Cooperatief U.A. (WPEIC).  S&P subsequently withdrew
ratings on both companies at IMPSA's request.

At the time of the withdrawal, 'D' ratings on IMPSA and WPEIC
reflected the company's negotiations with its creditors following
its default on its obligations in October 2014.


=============
B A H A M A S
=============


BAHAMAS: Real GDP Expanded by an Estimated 1% in 2014, IMF Says
---------------------------------------------------------------
On June 8, 2015, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with The Bahamas.

Real GDP expanded by an estimated 1 percent in 2014 on the back of
increased tourist arrivals, but growth remains well below pre-
global crisis levels.  Supported, in part, by rising US economic
activity, air arrivals grew by almost 5 percent in 2014 and
applied room rates improved by 7 percent.  Domestic demand has
been weighed down by the weak macroeconomic outlook, high
household indebtedness, and high unemployment which stood at 15.7
percent in November 2014.  Inflation rose to 2.2 percent in
January 2015 (1.2 percent in December 2014), as the imposition of
the value added tax (VAT) offset the effects of declining oil
prices.

The fiscal deficit in FY2013/14 is estimated to have narrowed to
3.3 percent of GDP from 5.4 percent in FY2012/13.  Revenue was
lower-than-budgeted, but a substantial reduction in current
spending resulted in an overall fiscal deficit below the budget
target.  The debt GDP ratio is estimated to have reached 61
percent in FY2013/14 from 56 percent in FY2012/13.  The external
current account continues to record sizable deficits, 22 percent
of GDP in 2014, reflecting the large import component of the Baha
Mar resort project.  International reserves totaled US$839 million
at end-March 2015, equivalent to 2.3 months of next year's
projected imports of goods and services.  Nonperforming loans
remain elevated at 16 percent of total loans at end-March 2015,
and continues to constrain private sector credit growth.  While
domestic banks continue deleveraging, the banking sector remains
well capitalized and liquid.

Growth is expected to strengthen over 2015-16 with the improvement
in US activity and the opening of Baha Mar but significant
structural impediments remain.  Potential GDP growth is estimated
at about 1« percent over the medium term, insufficient to generate
a significant reduction in the high unemployment rate.  Absent
structural reforms, including in the labor market and the energy
sector, significantly higher growth than currently projected will
be required to absorb new entrants to the labor force and reduce
the unemployment rate to single digits over the medium term.  The
full opening of Baha Mar and two smaller projects, together with
the strengthening US economy could represent a major boost to
exports in the near-term.  Beyond 2016, growth would taper off as
US growth decelerates, and the base effects from the opening of
Baha Mar fade. Inflation is expected to remain low, but VAT
implementation early this year would add an estimated 21/2
percentage points to the CPI.  Over the medium term, the external
current account deficit would return to single digits as
construction-related outflows are anticipated to be replaced by a
rise in travel services receipt.  Risks to the outlook continue to
be tilted to the downside, necessitating continued fiscal
consolidation, and implementation of structural measures to
strengthen competitiveness, raise potential growth and lower
unemployment.

                     Executive Board Assessment

Executive Directors noted that the economy is recovering but the
outlook remains challenging.  Despite the U.S. recovery and the
imminent opening of the Baha Mar resort, growth is expected to
remain below pre-global crisis levels, and the current account
deficit remains elevated.  Against this backdrop, Directors called
for structural reforms to strengthen competitiveness, raise
potential growth, and lower unemployment; and for continued
efforts to strengthen the fiscal position.

Directors underscored the importance of finalizing and
implementing the National Development Program (NDP) to accelerate
medium-to-long-term economic and social development, including
through diversification of the economy.  Active labor market
policies could help foster job creation and, in this context,
Directors urged the authorities to build on existing training
programs and placement services, while easing restrictions on
labor mobility.  Over the medium term, enhancing the efficiency of
labor market regulations and institutions and greater investment
in human capital will be essential to increasing productivity and
competitiveness.  Directors also stressed the importance of
stepping up reforms of the state-owned enterprises, in particular
in the energy sector.

Directors commended the authorities for the substantial progress
on fiscal consolidation, and successful introduction of the VAT.
They called for steadfast implementation of the planned fiscal
consolidation in order to rebuild buffers and place public debt on
a declining path.  In this regard, they stressed the need for
continued revenue reforms, including strengthening tax
administration.  They also recommended rationalization of current
expenditures in the context of a medium-term budget framework.
Directors generally agreed that the exchange rate peg has
continued to serve The Bahamas well.  To support the peg going
forward, they stressed the importance of structural reforms to
improve competitiveness, noting that this would also avoid placing
an excessive burden on fiscal policy.

Directors welcomed continued progress in financial sector reforms,
including the planned introduction of a new credit bureau.  They
noted that the financial sector remains well capitalized and
liquid, and agreed that efforts to further strengthen financial
sector regulation and supervision should continue.  Directors
recommended that the authorities adopt policies that will address
persistently high non-performing loans to allow the banking system
to play a more effective role in supporting growth.


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


JBS SA: Regulator Approves Tyson Asset Takeover in Mexico
---------------------------------------------------------
Reese Ewing at Reuters reports that Brazilian meatpacker JBS SA
said in a market filing that Mexico's market regulator approved
its subsidiary JBS Food's bid to acquire the poultry assets of
Tyson Foods Inc. in Mexico.









The acquisition was announced in July of 2014, notes the report.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2015, Standard & Poor's Ratings Services raised its global
scale corporate credit and issue-level ratings on JBS S.A. and its
subsidiary, JBS USA, to 'BB+' from 'BB'.  At the same time, S&P
raised its national scale rating to 'brAA+' from 'brAA'.  The
outlook for all corporate ratings remains positive.


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


CARA CARA: Members' Final Meeting Set for June 25
-------------------------------------------------
The members of Cara Cara Limited will hold their final meeting on
June 25, 2015, 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


ECP VII: Shareholders' Final Meeting Set for June 16
----------------------------------------------------
The shareholders of ECP VII Limited will hold their final meeting
on June 16, 2015, 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:

          Kenneth W. Moore
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


GUGGENHEIM CONCINNITY: Members' Final Meeting Set for June 19
-------------------------------------------------------------
The members of Guggenheim Concinnity Master Strategy Fund SPC will
hold their final meeting on June 19, 2015, 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:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LOXLEY INVESTMENTS: Shareholder to Hear Wind-Up Report on June 19
-----------------------------------------------------------------
The shareholder of Loxley Investments Limited will hear on
June 19, 2015, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


MAKO MASTER: Members' Final Meeting Set for June 22
---------------------------------------------------
The members of Mako Shark Master Fund, Limited will hold their
final meeting on June 22, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MAKO SHARK: Members' Final Meeting Set for June 22
--------------------------------------------------
The members of Mako Shark Fund, Limited will hold their final
meeting on June 22, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


PARTNERS EMERGING: Shareholder to Hear Wind-Up Report on June 15
----------------------------------------------------------------
The shareholder of Partners Emerging Opportunities Fund Ltd. will
hear on June 15, 2015, at 11:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Francois Sakellaridis
          c/o STG, Petit Cerisier 11
          1066 Epalinges
          Switzerland


REVERE EMERGING: Shareholder to Hear Wind-Up Report on June 23
--------------------------------------------------------------
The shareholder of Revere Emerging Managers Founders Fund Ltd.
will hear on June 23, 2015, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: (345) 815-1767
          Facsimile: (345) 949-9877


RG LEASING: Shareholders' Final Meeting Set for June 19
-------------------------------------------------------
The shareholders of RG Leasing Limited will hold their final
meeting on June 19, 2015, 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:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SIMSBURY CLO: Shareholders' Final Meeting Set for June 26
---------------------------------------------------------
The shareholders of Simsbury CLO Limited will hold their final
meeting on June 26, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TALCOTT NOTCH: Shareholders' Final Meeting Set for June 26
----------------------------------------------------------
The shareholders of Talcott Notch CBO I Ltd. will hold their final
meeting on June 26, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


DOMINICAN REPUBLIC: Prices in May Climb 0.29%, Paced by Transport
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said May prices climbed 0.29% compared with April, while inflation
over the first five months was 0.19%.

It said accumulated inflation from May 2014 to May 2015 was 0.23%,
"significantly lower than the 3.70% inflation verified at the end
of May 2014," according to Dominican Today.

It said the results for May are mostly due to the higher cost of
transport (1.18%), housing and education, the report notes.


===========
M E X I C O
===========


BANCO AHORRO: S&P Affirms 'B' ICR; Outlook Remains Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'mxBBB-/mxA-3' national scale issuer credit ratings on Banco
Ahorro Famsa S.A. Institucion de Banca Multiple (BAF).  The
outlook remains negative.

The issuer credit ratings on BAF reflect its "core" status to its
parent, Mexico-based retailer Grupo Famsa (B/Negative/--) because
S&P believes the bank's strategy is tightly linked with that of
the group since both entities share the same customer base, name,
and brand reputation.  The issuer credit rating of BAF is one
notch higher than its stand-alone credit profile (SACP) of 'b-'
due to its "core" status.

The BAF's SACP reflects S&P's assessment of the bank's business
position as "weak" due to its business concentration, mainly in
credit cards; its "adequate"" capital and earnings based on S&P's
projected risk-adjusted capital (RAC) ratio of 9.0% for the next
two years; "very weak" risk position due to still high level of
nonperforming loans (NPLs) and net charge-offs; "average" funding,
and "adequate" liquidity.


MEXICO: Gov't. Sets Rules for Bids on Oil Projects
--------------------------------------------------
EFE News reports that the Mexican government has published the
final rules and the model contract for bidding in Round One of the
oil industry auction.

The date for presenting offers is July 15, the Finance and Public
Credit Secretariat, the Energy Secretariat and the National
Hydrocarbons Commission, or CNH, said in a joint statement,
according to EFE News.

The report notes that the bids in this phase will cover
exploration and production in shallow waters.

The initial rules and model contract were published on Dec. 11,
the agencies said, the report relates.

The first phase of Round One includes 14 shallow-water exploration
blocks in a 4,222-sq.-kilometer (1,630-sq.-mile) area off the
coasts of the southeastern states of Veracruz, Tabasco and
Campeche, the report discloses.

"Over the course of these months, adjustments were made to the
guidelines and the model contract in an effort to achieve better
conditions for the Mexican state and, at the same time, offer more
competitive arrangements for the domestic and international actors
interested in participating in this first round of bidding," the
agencies said, the report adds.


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


CL FIN'L: Chairman Yetming Threatens to Sue
-------------------------------------------
Trinidad and Tobago Newsday reports that sacked Colonial Life
Insurance Company Ltd. (CLICO) Chairman Gerald Yetming said he was
considering taking legal action against the Central Bank over its
decision to terminate him.  Mr. Yetming said the Bank was fully
aware of Clico's moves to fulfill its legal obligations by paying
several former Clico directors and he accused the institution of
exercising laxed oversight in relation to the issue of related-
party payments, according to Trinidad and Tobago Newsday.

The report notes that Mr. Yetming also said sacked managing
director Carolyn John was also considering her legal options,
alleging lack of due process in relation to her termination.

"I am contemplating all my legal options and so is Carolyn John,"
Mr. Yetming said, in an interview from Miami, Florida, where he is
on vacation, notes the report.  "I am a non-executive chairman,
Carolyn John was on contract as an employee and you fire her
because you have re-evaluated your future direction, and she finds
out from the press that she has been fired? What nonsense is that?
Is that not a breach of good industrial relations practice.  They
have now exposed themselves to a lawsuit which they are going to
get."

Of his termination, Mr. Yetming said, "I was on a plane and I got
a telephone call when I landed in the US saying they had a letter
for me. I said send it by email.  The letter said they re-
evaluated the future direction for me, only for me to later find
out a different reason stated to the public," the report relays.

Mr. Yetming said he could not confirm more reports of payments to
former directors, such as a reported payment of $17.3 million to a
former Clico CEO, the report notes.  Mr. Yetming said he was a
non- executive chairman who did not deal with day-to-day matters,
but he said Clico was not explicitly barred by the Central Bank
from making payments to related parties, the report discloses.

Asked whether Clico gave the Central Bank notice of the reported
TT$36 million in payouts to former directors/creditors, Mr.
Yetming said, "No notice was required.  In their correspondence to
us subsequent to a letter of March 26, the only related party they
singled out was Gita Sakal," the report discloses.

"They never called anybody's name," Mr. Yetming added.

The report notes that the former Clico chairman continued, "The
Central Bank is in charge of Clico and Clico took direction from
the Central Bank. Under Section 44 we take direction from the
Central Bank it has nothing to do with the 2009 Memorandum of
Understanding or any agreement.  They realized that at an
individual request to the Central Bank for permission was an
impractical thing, we are dealing with 1500 claims."

The report notes that Mr. Yetming said if the Central Bank had
wanted the pool of restricted persons to be wider, it should have
specified so.

"The Central Bank failed," the report quoted Mr. Yetming as
saying. "If they had wanted others not to be paid they should have
said so.  In their letter to me they acknowledged they had the
names of all the related parties."

The report notes that Mr. Yetming, the chairman of Clico's parent
company, CL Financial -- who said he had no intention of
relinquishing that post -- said senior officials of the Central
Bank knew since May 13 of the payments, yet no objections were
raised.

"The Central Bank knew that the first payment was made on May 13,"
Mr. Yetming said, the report discloses.  Mr. Yetming said John,
who was also fired by the Bank, met with senior officials on May
15.

"Not one of those people asked Carolyn what did you do, or said
how could you do that," Mr. Yetming said, the report relays.

Mr. Yetming said the Central Bank had not exercised proper
oversight of this matter, raising questions about its systems, the
report discloses.

"At the meeting of May 15 when Carolyn John advised them that the
first related party director had been paid, not one of those of
the highest ranking Central Bank officers present raised any
objection that Clico was in breach of anything," Mr. Yetming said,
the report relays.  "It was never the intention for that to happen
because they all worked out with Carolyn the arrangement in
relation to this pool of creditors, including the related-
parties."

The report discloses Mr. Yetming continued, saying, "The Governor,
has not dealt with these people for their apparent incompetence".
Mr. Yetming said Clico had no choice but to pay as it is a
financial entity, and it was for the Central Bank to set the
policy in relation to the related parties, notwithstanding the
2009 Memorandum of Understanding which put a hold on related-party
transactions."

"Clico has acted properly," Mr. Yetming said, the report notes.
"We did it exactly in accord with the rules the Central Bank had
established."

The report discloses that the former Clico chairman continued, "I
am saying the Central Bank knew the payments were being done and
they never stopped it. It is not up to Clico to make that call.  A
financial institution is required to act with integrity and tryst.
If you have a contract with me and everybody is now being paid I
have to make that payment.  It is not for Clico to decide that
there was a Commission of Inquiry and we should hold money back.
That is not the role of Clico.  That is for the Central Bank."

All of the developments prompted Peter Permell, spokesperson for a
group of former Clico policyholders, to say, "Just when we thought
it could not get any worse it just did," the report relays.

In relation to the conflicting accounts of what has taken place
and the further reports of other payments which may total TT$68
million, Mr. Permell said, "We need to clear these matters up and
we need to clear them up very quickly.  I think that information
needs to come in very quickly.  The Minister of Finance needs to
go beyond his review and conduct some kind of probe into these
payments to clear up the clouds and to answer questions as to
whether anybody benefits.  A report needs to be generated to put
this matter to rest once and for all," the report adds.

                      About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.  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 July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. 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.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  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.

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


                            ***********


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


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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 2015.  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
202-362-8552.


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