/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090225.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, February 25, 2009, Vol. 9, No. 39 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Linked to Unfinished Florida Resort Project STANFORD INT'L BANK: Biden-Run Fund Ends Relationship With SFG STANFORD INT'L BANK: Depositor Files Suit, Wants US$999 Bln Back STANFORD INT'L BANK: Investors Ask Receiver to Release Funds STANFORD INT'L BANK: Canada to Keep Branch Open to Aid Clients A R G E N T I N A BANCO FINANSUR: Moody's Assigns Low-B Rating on AR$70 Mil. Debt BANCO MACRO: Posts US$186 Million Net Profit in 2008 BEAUTYMAX SA: Asks for Opening of Preventive Contest CALIZAR SRL: Proofs of Claim Verification Deadline is April 14 DON DELFIN: Asks for Opening of Preventive Contest FIDEICOMISO FINANCIERO: Moody's Puts 'Ba3' Rating on Securities GLOBAL MEDIC: Proofs of Claim Verification Deadline is April 16 MI CIELO: Asks for Opening of Preventive Contest SURPIEL SA: Proofs of Claim Verification Deadline is March 26 * ARGENTINA: Industrial Output Drops 6.1% in January B A R B A D O S FOUR SEASONS: Laid Off Workers Could Return to Work in a Week B E R M U D A BURGAN MAN: Creditors' Proofs of Debt Due on March 6 BURGAN MAN: Members' Final Meeting Set for March 27 BURGAN MAN: Creditors' Proofs of Debt Due on March 6 BURGAN MAN: Members' Final Meeting Set for March 27 CONOCOPHILLIPS NILA: Creditors' Proofs of Debt Due on March 6 CONOCOPHILLIPS NILA: Members' Final Meeting Set for March 27 CONOCOPHILLIPS TOBONG: Creditors' Proofs of Debt Due on March 6 CONOCOPHILLIPS TOBONG: Members' Final Meeting Set for March 27 MAN GLOBAL: Creditors' Proofs of Debt Due on March 6 MAN GLOBAL: Members' Final Meeting Set for March 27 C A Y M A N I S L A N D S CARLYLE MULTI-STRATEGY ET AL: Placed Under Voluntary Wind-Up CIL SPENCER: Commences Wind-Up Proceedings CNH FUNDING: Commences Wind-Up Proceedings CULROSS FINANCE: Commences Wind-Up Proceedings DM INVESTMENT: Commences Wind-Up Proceedings EIFFEL FINANCIAL: Commences Wind-Up Proceedings FIVEMORE SYSTEMATIC: Commences Wind-Up Proceedings INGENIOUS FUND: Commences Wind-Up Proceedings JEFFERIES CERIMON: Commences Wind-Up Proceedings LUCROS CAPITAL ET AL: Placed Under Voluntary Wind-Up MARATHON FUND: Commences Wind-Up Proceedings PACIFIC INVESTMENT: Commences Wind-Up Proceedings PHI RUSSIA: Commences Wind-Up Proceedings PRAETORIAN INSTITUTIONAL ET AL: Placed Under Voluntary Wind-Up RAMIUS HEDGED: Commences Wind-Up Proceedings SGL VIETNAM: Commences Wind-Up Proceedings SILVER SHIELD: Commences Wind-Up Proceedings SOUTHWICK LIMITED: Commences Wind-Up Proceedings TORNESS LIMITED: Commences Wind-Up Proceedings G U Y A N A STANFORD INT'L BANK: Guyanese Insurer Ties US$1.9 Mln to Owner M E X I C O CEMEX SAB: Fitch Downgrades Issuer Default Rating to 'BB' STANFORD INT'L BANK: Mexican Investors Withdraw Invested Funds S T L U C I A * ST. LUCIA: Petroleum Dealers Threaten to Close Stations T R I N I D A D & T O B A G O CL FINANCIAL: Central Bank Wins Restraining Order Against Firm V E N E Z U E L A STANFORD INT'L BANK: Venezuela Seizes Local Unit - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Linked to Unfinished Florida Resort Project ---------------------------------------------------------------- A resort project called Tierra Del Sol in Orlando, Fla., being built by a developer backed by Robert Allen Stanford, is facing at least 10 lawsuits filed in U.S. federal or state courts by investors who paid deposits for their unfinished homes, Cassell Bryan-Low at The Wall Street Journal reports. The Journal says many of the suits were filed by British or Irish residents, to whom the properties were heavily marketed. As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission, on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. American Leisure Group Ltd., the company developing the Florida resort, last year received a US$17.5 million loan from one of Mr. Stanford's companies, Stanford International Bank Ltd (“SIBL”), after saying in public statements it was struggling with a lack of financing, the Journal relates. The Journal discloses despite the lifeline, the developer continued to face difficulties, and its shares were delisted last month. According to the Journal, based on the developer's company filings, the 48-hectare vacation-home resort project described plans for 972 luxury houses and condominiums complete with a water park and wave pool, restaurants, spa and a clubhouse "with romantic porticos and rich décor." The developer, incorporated in the British Virgin Islands, was formed by a merger between American Leisure Holdings and another property company, the Journal says. SIBL was a significant shareholder and creditor to American Leisure Holdings, the Journal notes citing filings by American Leisure Group. Stanford Financial Group, also controlled by Mr. Stanford, served as an investment banker to American Leisure Group, the Journal adds. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. STANFORD INT'L BANK: Biden-Run Fund Ends Relationship With SFG -------------------------------------------------------------- The Wall Street Journal reports a fund of hedge funds run by two members of Vice President Joe Biden's family terminated its relationship with Robert Allen Stanford's companies following fraud charges filed against them. According to the Journal, the US$50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group (“SFG”) entity and was known as the Paradigm Stanford Capital Management Core Alternative Fund. As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission, on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged Stanford International Bank Ltd chief financial officer James Davis as well as Laura Pendergest- Holt, chief investment officer of SFG in the enforcement action. The Journal discloses Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James. Stanford-related companies marketed the fund to investors and also invested about US$2.7 million of their own money in the fund, the Journal states citing a lawyer for Paradigm. SEC records obtained by the Journal show the fund, which was launched in June 2007, had 104 investors as of Nov. 10, 2008, with assets of US$49.8 million. Paradigm's attorney, Marc X. LoPresti, as cited by the Journal, said the fund offered to turn over the US$2.7 million investment it received from Mr. Stanford's firm in 2007 to a court-appointed receiver. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. STANFORD INT'L BANK: Depositor Files Suit, Wants US$999 Bln Back ---------------------------------------------------------------- Sandra C. Allen slapped a civil lawsuit against Stanford Group Company (SGC) and its owner, Robert Allen Stanford, including Mr. Stanford's two top officials, Stanford International Bank Ltd (SIBL) Chief Financial Officer James Davis and Stanford Financial Group (SFG) Chief Investment Officer Laura Pendergest-Holt, Caribbean Net News reports. Ms. Allen, the report relates, sued SGC, et al in U.S. District Court in Louisiana for fraud and wants US$999,999,999,000 to be returned. According to the report, Mr. Standord along with Mr. Davis and Ms. Pendergest-Holt have some 20 days to respond to the lawsuit, which was assigned to U.S. District Judge John V. Parker of Baton Rouge. However, the report states it is unclear how far the civil case could proceed since a Dallas judge ruled on a U.S. Securities and Exchange Commission suit that Stanford Group’s creditors and “all other persons” are prohibited from suing the receiver or attempting to obtain possession of assets in the receivership estate. As reported in the Troubled Company Reporter-Latin America on February 19, 2009, the U.S. SEC charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include SIBL, SGC, and investment adviser Stanford Capital Management. The SEC also charged Mr. Davis as well as Ms. Pendergest-Holt in the enforcement action. The Honorable Reed O'Connor of the U.S. District Court for the Northern District of Texas has appointed Ralph Janvey as receiver for SIBL. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. STANFORD INT'L BANK: Investors Ask Receiver to Release Funds ------------------------------------------------------------ Two Stanford International Group investors, Stephen and Carla Kennedy, told a court judge that the Group's court-appointed receiver Ralph Janvey should quickly release 25% of their invested money or at least estimate how much they may get back, Bloomberg News reports. According to the report, Pershing LLC, New Jersey-based clearing firm that handled Stanford accounts, told clients they couldn’t retrieve their money from Stanford International Bank Ltd (SIBL) because the court had frozen the accounts. The report relates Trent Rosenthal, another Stanford investor in Houston, also filed a motion with the court seeking to intervene. He wants the judge to modify the temporary restraining order against Stanford so that customers with Pershing accounts can access their money, the report says. “The freeze of assets has caused and will continue to cause a significant hardship to many of the affected customers,” the Kennedys, ranchers who run a bed-and-breakfast in Fort Davis, Texas, said in the filing cited by Bloomberg News. “There is no reason why the receiver must encumber 100% of the customers’ funds,” they said. The Kennedys, the report notes, also claimed that Mr. Janvey is unnecessarily depleting the bank’s assets by hiring outside lawyers, broker-dealer experts, and experts in forensic accounting and electronic records to help him systematically gain control of Stanford’s assets. As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission on February 17, 2009, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL Chief Financial Officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action. Experts, as cited by Bloomberg News, said SIBL's case will take at least three years and could take Mr. Janvey as long as a decade to finish repaying SIBL's victims as he takes on the most difficult receivership job in history. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. STANFORD INT'L BANK: Canada to Keep Branch Open to Aid Clients -------------------------------------------------------------- Canada's banking regulator limited the activities of Stanford International Bank (“SIBL”) to help Canadian clients recover offshore investments, Caribbean Net News reports. The Office of the Superintendent of Financial Institutions (OSFI), in a statement obtained by the news agency, said it would allow the bank to keep its Canadian branch open "to assist Canadian clients in trying to recover the investments made with SIBL." The order, the report recounts, was backdated to February 20 and would remain in effect until otherwise specified by the regulator. As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission on February 17, 2009, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL Chief Financial Officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action. Experts, as cited by Bloomberg News, said SIBL's case will take at least three years and could take Mr. Janvey as long as a decade to finish repaying SIBL's victims as he takes on the most difficult receivership job in history. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. ================= A R G E N T I N A ================= BANCO FINANSUR: Moody's Assigns Low-B Rating on AR$70 Mil. Debt --------------------------------------------------------------- Moody's Latin America assigned Aa3.ar National Scale local currency debt rating and A1.ar National Scale foreign currency debt rating to Banco Finansur's multi-currency senior unsecured debt program amounting to Ar$ 70 million, or its equivalent in other currencies. The Aa3.ar National Scale local currency debt rating was also assigned to the fifth expected issuance of the program worth up to Ar$ 30 million, with a maturity of 180 days. At the same time, Moody's Investors Service assigned B1 global local-currency debt rating and B2 global foreign-currency debt ratings to the program. Moreover, a B1 rating was also assigned to the fifth debt issuance. The outlook on all ratings is stable. Banco Finansur is headquartered in Buenos Aires, Argentina, and it had assets of Ar$ 468.8 million and deposits of Ar$ 309.4 million, as of September 30, 2008. These ratings were assigned to Banco Finansur's Ar$ 70 million senior debt program: -- Global Local-Currency Debt Rating: B1 -- Global Foreign-Currency Debt Rating: B2 -- National Scale Local-Currency Debt Rating: Aa3.ar -- National Scale Foreign-Currency Debt Rating: A1.ar These ratings were assigned to Banco Finansur's Ar$ 30 million issuance: -- Global Local-Currency Debt Rating: B1 -- National Scale Local-Currency Debt Rating: Aa3.ar BANCO MACRO: Posts US$186 Million Net Profit in 2008 ---------------------------------------------------- Banco Macro SA's 2008 net profit increased 21% to 660 million pesos (US$186 million) from a net profit of 495 million pesos in 2007, Reuters reports, citing a company statement to the Buenos Aires Stock Exchange. According to the report, the company did not provide fourth- quarter earnings information but if no revisions were made to the figures in the first nine months of last year, then the fourth- quarter net should have totaled 184.3 million pesos. Headquartered in Buenos Aires, Argentina, Banco Macro (NYSE: BMA; Buenos Aires: BMA) -- http://www.macro.com.ar/-- had consolidated assets of ARS11.6 billion (US$3.7 billion) and consolidated deposits of ARS6 billion (US$2 million) as of June 2007. * * * As of February 24, 2009, the bank continues to carry Moody's Caa1 foreign long-term bank deposits rating and Fitch's CCC+ subordinate debt rating. BEAUTYMAX SA: Asks for Opening of Preventive Contest --------------------------------------------------- Beautymax SA asked for the opening of his preventive contest before the National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34. CALIZAR SRL: Proofs of Claim Verification Deadline is April 14 -------------------------------------------------------------- Gustavo Aran, the court-appointed trustee for Calizar SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 14, 2009. Mr. Aran will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 34 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Gustavo Aran Viamonte 1464 Buenos Aires, Argentina DON DELFIN: Asks for Opening of Preventive Contest -------------------------------------------------- Don Delfin SA asked for the opening of his preventive contest before the National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 15. FIDEICOMISO FINANCIERO: Moody's Puts 'Ba3' Rating on Securities --------------------------------------------------------------- Moody's Latin America has assigned a rating of Aaa.ar and Ba3 (Global Scale, Local Currency) to the Debt Securities of Fideicomiso Financiero Tarjeta Privada XIV, issued by Banco de Valores S.A. (acting solely in its capacity as Trustee). Moody's also assigned a rating of Ca.ar (Argentine National Scale) and Ca (Global Scale, Local Currency) to the subordinated Certificates. The securities are backed by a pool of credit card receivables originated by Banco Privado de Inversiones S.A. located in Argentina Interest and principal on the VDF are payable from the cash flow of the credit card receivables. The ratings assigned are based on these factors: -- The credit quality of the securitized pool; -- The credit enhancement provided through the 20% initial subordination level; -- The ability of Banco Macro Bansud to act as backup servicer in the transaction; -- The availability of several reserve funds; and, -- The legal structure of the transaction. Structure Banco de Valores S.A. (Issuer and Trustee) issued one class of peso-denominated, floating-rate bonds and a residual certificate, all of them backed by a pool of credit card receivables originated by BPI. The VDF original balance is equal to 80% of the original issuance amount. The transaction has an expected maturity of 7 months and a legal maturity date of 24 months. At closing, the VDF were backed by credit card outstanding balances generated by eligible accounts. The ownership of those accounts remains with the originator but the receivables are assigned to the trust. The transaction has five reserve funds: an expense fund, a liquidity reserve fund, a backup servicer replacement fund, and sinking funds for interest and principal. The VDF will bear a floating interest rate (Badlar + 400 bps) with a minimum rate of 20% and a maximum rate of 28%. If an early amortization event occurs, the revolving period will terminate automatically. After the grace period of two months and beginning in the third month after closing, scheduled interest and principal will be paid in that order, on each payment date. Principal is scheduled to be paid in five monthly installments. If the scheduled principal is not paid on time, it will not constitute an event of default under the terms of the transaction documents, given that the promise to investors is to receive ultimate principal before the legal final maturity date. During the revolving period, the originator will sell new receivables to the trust. These receivables will be purchased from the cash flow coming from collections. The documents of the transaction allow for a direct offset of these two cashflows. By having this procedure no cash has to be transferred back and forth to the trust account and as a result, trust expenses are minimized. Seller And Servicer BPI is the seller of the receivables and the primary servicer of the transaction. The bank was founded in 1993 to provide financial services to the middle-high and high income segment of the market. In 1996, BPI began issuing MasterCard and Visa credit cards to its customers. Banco Macro S.A. is the designated backup servicer. If a servicer replacement trigger is hit, the trustee is obligated to immediately notify BM and Visa and MasterCard. The trustee, who receives pool and borrower data from the servicer on a monthly basis, will transfer this information to the backup servicer. In addition, Visa and MasterCard will also have duplicate data which they can transfer to BM, if necessary. Given that BM is a member of the Visa and MasterCard system, the transfer of data should be straightforward. BM will be entitled to receive this information as the new owner of the accounts according to the conditional assignment contract which will become effective upon the occurrence of a servicer replacement event. Thus, even if BPI's membership in the Visa and MasterCard networks is terminated, credit card customers will not have their credit lines suspended. The servicer will transfer collections to the trust account on a weekly basis. As a result, there is one week of commingling risk at the originator/servicer level which may affect the deal should the originator/servicer enter into a reorganization procedure. This risk is mitigated by the ability of BM, once it is appointed as backup servicer, to service the receivables, and by the servicer replacement reserve account that will be funded at closing with 0.5 times the next interest payment. This reserve account can be used to pay interest during the transition process. In addition, there is another reserve account equivalent to 1.5 times the next interest payment. These aggregated funds provide a total coverage of two monthly interest payments. Rating Methodology Moody's considered the credit enhancement provided in this transaction through an initial subordination level of 20%, as well as the historical performance of BPI's pools. In addition, Moody's considered factors common to all credit card securitizations such as principal payment rates, charge offs, delinquencies; as well as specific factors related to the Argentine market, such as the probability of a decrease of the monthly payment rate or increase in the charge off rate if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a charge-off triangular distribution centered around the most likely scenario of 20%. Also, Moody's assumed a triangular distribution for the principal payment rate centered around a most likely scenario of 15%. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. Rating Action Originator: Banco Privado de Inversiones S.A. -- $24 Million Pesos in Floating Rate Securities of "Fideicomiso Financiero Tarjeta Privada XIV", VDF rated Aaa.ar (National Scale Rating) and Ba3 (Global Scale, Local Currency). -- $6 Million Pesos in Certificates of "Fideicomiso Financiero Tarjeta Privada XIV", CP rated Ca.ar (National Scale Rating) and Ca (Global Scale, Local Currency). GLOBAL MEDIC: Proofs of Claim Verification Deadline is April 16 --------------------------------------------------------------- Gabriel Bigal, the court-appointed trustee for Global Medic SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 16, 2009. Mr. Bigal will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Gabriel Bigal Av. Callao 1121 Buenos Aires, Argentina MI CIELO: Asks for Opening of Preventive Contest ------------------------------------------------ Mi Cielo Azul SRL asked for the opening of his preventive contest before the National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 44. SURPIEL SA: Proofs of Claim Verification Deadline is March 26 ------------------------------------------------------------- Aldo Cambiaso, the court-appointed trustee for Surpiel SA's reorganization proceedings, will be verifying creditors' proofs of claim until March 26, 2009. Mr. Cambiaso will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on October 26, 2009. The Trustee can be reached at: Aldo Cambiaso Lavalle 1459 Buenos Aires, Argentina * ARGENTINA: Industrial Output Drops 6.1% in January ---------------------------------------------------- Argentina’s industrial output fell 6.1% from December, the biggest month-to-month drop since January 2001, a sign the global slowdown is pushing the country's economy into recession, Bloomberg News reports, citing the country's National Statistics Institute. The country's output, the report relates, fell 4.4% from a year earlier, the first annual decline since 2002. According to Bloomberg News, JPMorgan Chase & Co. said in a report that plummeting output and a sharpening conflict with farmers over taxes and export permits are among the pressures that will deepen Argentina’s recession in coming months. “Argentina is in recession and there is little the government can do,” the report quoted Fausto Spotorno, an economist at Consultora Orlando Ferreres in Buenos Aires, as saying. “The economy will probably shrink 2.6 percent this year,” he added. * * * As reported by the Troubled Company Reporter - Latin America on December 23, 2008, Fitch Ratings downgraded the Republic of Argentina's ratings: -- Long-term local currency Issuer Default Rating to 'B-' from 'B'; -- Country Ceiling to 'B' from 'B+'; -- Performing bonds in foreign and local currency governed by Argentine law to 'B-/RR4' from 'B/RR4'; The Rating Outlook on the local currency IDR is Stable. In addition, Fitch affirmed these ratings: -- Long-term foreign currency IDR remains in Restricted Default ('RD'); -- Short-term IDR at 'B'; -- Performing bonds in foreign currency governed by foreign law at 'B-/RR4'; -- Defaulted senior unsecured notes at 'CC/RR4'; -- Defaulted collateralized Brady bonds at 'CCC-/RR3'. =============== B A R B A D O S =============== FOUR SEASONS: Laid Off Workers Could Return to Work in a Week ------------------------------------------------------------- The laid off workers at the Four Seasons project could be back on the job in about a week, CBC.cc News reports, citing Roy Trotman, president of the congress of trade unions and staff associations of Barbados. According to the report, Mr. Trotman said Prime Minister David Thompson's intervention ensured that the lay-off period would not be the two months originally projected. As reported in the Troubled Company Reporter-Latin America on Feb. 24, 2009, Caribbean Net News said Four Seasons hotel in Barbados unexpectedly halted contruction at its Black Rock site on Feb. 19, leaving 700 workers with no jobs. The workers, the report related, were seen leaving the Black Rock site, along with equipment being towed away by major contractors. Caribbean Net News disclosed that an unnamed source said the Royal Bank of Scotland and Iceland-owned Kaupthing Singer and Friedlander, which together had been in discussion with the developers on loan financing for a major part of the US$200 million project, had been experiencing some challenges as a result of the global economic turmoil, and that might be one of the reasons for the shutdown. Four Seasons Hotels -- http://www.fourseasons.com-- manages some 75 luxury hotels and resorts in more than 30 countries. Most properties are operated under the Four Seasons name, but some are Regent hotels. It has ownership interests in only about half of its properties, having shifted from a hotel owner to a hotel operator in the 1990s. In 2007 Four Seasons Hotels board members took the company private. ============= B E R M U D A ============= BURGAN MAN: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- The creditors of Burgan Man Strategic Guaranteed Ltd are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BURGAN MAN: Members' Final Meeting Set for March 27 --------------------------------------------------- The members of Burgan Man Strategic Guaranteed Ltd will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BURGAN MAN: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- The creditors of Burgan Man Strategic Guaranteed Trading Ltd are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda BURGAN MAN: Members' Final Meeting Set for March 27 --------------------------------------------------- The members of Burgan Man Strategic Guaranteed Trading Ltd will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda CONOCOPHILLIPS NILA: Creditors' Proofs of Debt Due on March 6 ------------------------------------------------------------- The creditors of ConocoPhillips Nila Ltd. are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda CONOCOPHILLIPS NILA: Members' Final Meeting Set for March 27 ------------------------------------------------------------ The members of ConocoPhillips Nila Ltd. will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda CONOCOPHILLIPS TOBONG: Creditors' Proofs of Debt Due on March 6 --------------------------------------------------------------- The creditors of ConocoPhillips Tobong Ltd. are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda CONOCOPHILLIPS TOBONG: Members' Final Meeting Set for March 27 -------------------------------------------------------------- The members of ConocoPhillips Tobong Ltd. will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda MAN GLOBAL: Creditors' Proofs of Debt Due on March 6 ---------------------------------------------------- The creditors of Man Global Strategies Focused Sterling Ltd are required to file their proofs of debt by March 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda MAN GLOBAL: Members' Final Meeting Set for March 27 --------------------------------------------------- The members of Man Global Strategies Focused Sterling Ltd will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb. 19, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House 5 Park Road, Hamilton HM O9 Bermuda ========================== C A Y M A N I S L A N D S ========================== CARLYLE MULTI-STRATEGY ET AL: Placed Under Voluntary Wind-Up ------------------------------------------------------------ On December 10, 2008, a special resolution was passed by the sole shareholder to voluntarily wind up the operations of: -- Carlyle Multi-Strategy Master Fund, Ltd.; and -- Carlyle Multi-Strategy Partners, Ltd. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 CIL SPENCER: Commences Wind-Up Proceedings ------------------------------------------ On December 11, 2008, the shareholders of CIL Spencer Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Condor Nominees Limited c/o Barclays Private Bank & Trust (Cayman) Limited First Caribbean House, 4th Floor P.O. Box 487, George Town Grand Cayman, KY1-1106 CNH FUNDING: Commences Wind-Up Proceedings ------------------------------------------ On December 19, 2008, the sole shareholder of CNH Funding 2008 passed a resolution that voluntarily wind up the company's operations. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 CULROSS FINANCE: Commences Wind-Up Proceedings ---------------------------------------------- On December 12, 2008, the sole shareholder of Culross Finance Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 6, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jeremy Simon Spratt 8 Salisbury Square, London EC4Y 8BB, United Kingdom Telephone: 01144 207 694 3731 Facsimile: 01144 207 694 3533 DM INVESTMENT: Commences Wind-Up Proceedings -------------------------------------------- On December 15, 2008, the shareholder of DM Investment Funds SPC passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Elisa Charlton Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 EIFFEL FINANCIAL: Commences Wind-Up Proceedings ----------------------------------------------- At an extraordinary general meeting held on December 17, 2008, the shareholder of Eiffel Financial Corporation Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 9, 2009, will be included in the company's dividend distribution. The company's liquidators are: Sylvia Lewis Isabel Mason P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 345 949-7755 Facsimile: 345 949-7634 FIVEMORE SYSTEMATIC: Commences Wind-Up Proceedings -------------------------------------------------- On December 11, 2008, the sole shareholder of Fivemore Systematic Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 INGENIOUS FUND: Commences Wind-Up Proceedings --------------------------------------------- On December 19, 2008, the sole shareholder of Ingenious Fund of Hedge Funds passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 9, 2009, will be included in the company's dividend distribution. The company's liquidator is: Bevan Blair 15 Golden Square, London W1F 9JG United Kingdom JEFFERIES CERIMON: Commences Wind-Up Proceedings ------------------------------------------------ On December 22, 2008, the sole shareholder of Jefferies Cerimon Master Fund, Ltd passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 LUCROS CAPITAL ET AL: Placed Under Voluntary Wind-Up ---------------------------------------------------- On September 30, 2008, a special resolution was passed by the sole shareholder to voluntarily wind up the operations of: -- Lucros Capital Master Fund Ltd; and -- Lucros Capital Fund Ltd. Only creditors who were able to file their proofs of debt by January 19, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815 1802 Facsimile: (345) 949 9877 MARATHON FUND: Commences Wind-Up Proceedings -------------------------------------------- On December 9, 2008, the shareholder of Marathon Fund Ltd. passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Elisa Charlton Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 PACIFIC INVESTMENT: Commences Wind-Up Proceedings ------------------------------------------------- On December 17, 2008, the shareholders of Pacific Investment Fund passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 6, 2009, will be included in the company's dividend distribution. The company's liquidator is: Richard L. Finlay c/o Krysten Lumsden P.O. Box 2681GT, Grand Cayman Telephone: (345) 945 3901 Facsimile: (345) 945 3902 PHI RUSSIA: Commences Wind-Up Proceedings ----------------------------------------- On December 15, 2008, the shareholders of Phi Russia Property Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: PHI AG Hottingerstrasse 10 8032 Zurich, Switzerland PRAETORIAN INSTITUTIONAL ET AL: Placed Under Voluntary Wind-Up -------------------------------------------------------------- On December 12, 2008, a special resolution was passed by the shareholders to voluntarily wind up the operations of: -- Praetorian Institutional Ltd; and -- Praetorian Institutional Offshore Ltd. Only creditors who were able to file their proofs of debt by January 22, 2009, will be included in the company's dividend distribution. The companies' liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 RAMIUS HEDGED: Commences Wind-Up Proceedings -------------------------------------------- On December 10, 2008, the sole shareholder of Ramius Hedged Equity Fund Ltd. passed a resolution that voluntarily wind up the company's operations. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 SGL VIETNAM: Commences Wind-Up Proceedings ------------------------------------------ On December 22, 2008, the shareholders of SGL Vietnam Development Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Elisa Charlton Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: echarlton@deloitte.com SILVER SHIELD: Commences Wind-Up Proceedings -------------------------------------------- On November 28, 2008, the sole shareholder of Silver Shield Fund, Ltd. passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 9, 2009, will be included in the company's dividend distribution. The company's liquidator is: James Keyes 101 Front Street, Hamilton HM 12 Bermuda SOUTHWICK LIMITED: Commences Wind-Up Proceedings ------------------------------------------------ On December 12, 2008, the sole shareholder of Southwick Limited passed a resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 6, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jeremy Simon Spratt 8 Salisbury Square, London EC4Y 8BB, United Kingdom Telephone: 01144 207 694 3731 Facsimile: 01144 207 694 3533 TORNESS LIMITED: Commences Wind-Up Proceedings ---------------------------------------------- At an extraordinary general meeting held on December 12, 2008, the shareholders of Torness Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Royhaven Secretaries Limited c/o Sharon Meghoo P.O. Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 =========== G U Y A N A =========== STANFORD INT'L BANK: Guyanese Insurer Ties US$1.9 Mln to Owner -------------------------------------------------------------- Guyana-based property insurer Hand in Hand Mutual Fire Insurance Co. Limited (“HIHF”) has lost nearly US$1.9 million (GY$380 million) in pension funds after investing with Texas financier Robert Allen Stanford, Caribbean Net News reports. As reported in the Troubled Company Reporter-Latin America on February 19, 2009, the U.S. Securities and Exchange Commission charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include Stanford International Bank Ltd (“SIBL”), Stanford Group Company (SGC), and investment adviser Stanford Capital Management. Spokesman Hewley Nelson, as cited by Caribbean Net News, said HIHF began investing money with Stanford Financial Group three years ago, but has “very small exposure.” HIHF's lawyers in Miami are dealing with the exposure, he added. About HIHF Hand in Hand Mutual Fire Insurance Co. Ltd –- http://hihgy.com/–- is the oldest property insurer in Guyana. It is a mutual company established in 1865, and is the founding member of the Hand in Hand Group which comprises: Hand in Hand Mutual Fire Insurance Co. Limited Hand in Hand Mutual Life Assurance Company Limited (a Life company-1966) GCIS Inc. -a proprietary composite (Property- Life) insurance company (acquired 1998) Hand in Hand Trust Corporation Inc. - the largest trust company in Guyana – that also has government permission to become a commercial bank (Acquired 2002). About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. =========== M E X I C O =========== CEMEX SAB: Fitch Downgrades Issuer Default Rating to 'BB' --------------------------------------------------------- Fitch Ratings has downgraded Cemex, S.A.B. de C.V. and related entities' ratings: Cemex -- Foreign currency Issuer Default Rating to 'BB' from 'BB+'; -- Local currency IDR to 'BB' from 'BB+'; -- Long-term national scale rating to 'A+(mex)' from 'AA-(mex)'; -- MXN5 billion Certificados Bursatiles program to 'A+ (mex)' from 'AA- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program to 'A+(mex)' from 'AA-(mex)'; -- Senior unsecured debt obligations to 'BB' from 'BB+'; -- Unsecured debt issued through the Certificados Bursatiles program to 'A+(mex)' from 'AA-(mex)'. Cemex Espana S.A. -- IDR to 'BB' from 'BB+'; -- Senior unsecured debt obligations to 'BB' from 'BB+'. Rinker Materials Corporation -- US$150 million senior unsecured notes due 2025 to 'BB' from 'BB+'. In addition, Fitch has affirmed Cemex's ratings: -- Short-term national scale rating at 'F1(mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'F1(mex)'. The Rating Outlook for all of Cemex's ratings remains Negative. The rating downgrades reflect Fitch's expectation that Cemex's total adjusted net debt to EBITDAR ratio will remain above 5.0 times (x) during 2009 and 4.0X during 2010. Fitch's definition of adjusted debt includes the perpetual debt instruments issued by Cemex, which are treated as equity under Mexican GAAP, as well as operating leases. This level of leverage is due to unprecedented downturns in three of the company's key markets: the United States, Spain and the U.K. The rating actions also take into consideration an expected weakening of some of the company's markets that performed well in 2009 such as Central and South America, Asia and Mexico. Together these factors could result in Cemex generating less than US$3.4 billion of EBITDAR during 2009, a historical low for the company and a level viewed to be below the typical trough in the company's cash flow cycle. Further considered in the rating actions are the challenges the company will face as it seeks to divest approximately $2 billion of assets in 2008. These sales are crucial as the company faces debt maturities of approximately $4.1 billion, $3.8 billion and $7.8 billion during 2009, 2010 and 2011, respectively. Obstacles the company will have to overcome as it seeks to sell assets include: the high debt burden of several leading producers of cement and ready mix; tight credit conditions and high cost of capital; and the ability of the company to obtain attractive bids given the current economy uncertainty. The Negative Rating Outlook reflects the challenges that all companies in the cement, ready-mix and aggregate industries will face during 2009 and 2010, particularly those that are reliant upon the U.S. and European markets. While the recently passes stimulus package in the U.S. could help spur demand in the U.S. for the company's products, much of the impact will not be felt during the 2009. Fitch's ratings of Cemex continue to take into consideration the company's strong global business position as an integrated cement player and its ability to continue to generate free cash flow during the worst economic downturn in recent history. The ratings positively factor in the Mexican government's support of Cemex due to the size of the company and its importance to the country's economy. Cemex's credit ratings also take into consideration the banks continued support of the company. On Jan. 27, 2009, the company reached agreement with its banks to reschedule $2.3 billion of short-term bilateral loans that fell due during 2009 and 2010 into terms that will result in $607 million maturing in 2009, $536 million in 2010 and about $1.2 billion in 2011. The company was also able to extend the maturity of $1.7 billion of a $3 billion obligation that was due in December 2009 until 2011. Cemex had total adjusted debt of US$23 billion as of Dec. 31, 2008 and cash and marketable securities of US$993 million; adjusted debt includes total debt plus perpetual debt and operating leases. During 2008, Cemex generated US$4.6 billion of EBITDAR, resulting in a total adjusted debt to EBITDAR ratio of about 5.0x. During the fourth quarter of 2008 the company's EBITDAR declined to about US$860 million from about US$1.35 billion during the prior quarter. Factoring in seasonality, the numbers were still substantially lower than those during the last quarter of 2007, when Cemex's EBITDAR was US$1.15 billion. The drop-off in EBITDAR was driven by steep declines in sales volumes and the devaluation of the Mexican peso, British pound and Euro versus the U.S. dollar. For 2009, Cemex projects an EBITDAR range of about US$3.7 billion to US$3.9 billion. Through free cash flow and asset sales, the company intends to reduce debt by US$3.6 billion. To achieve these goals the company has scaled back its 2009 capital expenses to US$650 million from around US$2 billion during both 2007 and 2008. The company has also implemented a restructuring program aimed at achieving US$700 million of recurring synergies. Cemex is the third-largest cement producer in the world based on production capacity of approximately 97 million metric tons and operates in more than 50 countries. The company is also the global leader in the ready mix concrete market with sales of over 80.5 million cubic meters and an important global player in the aggregates business with sales of 222.7 million tons. In 2008, Cemex generated US$4.37 billion of EBITDA on US$21.8 billion of sales revenues. STANFORD INT'L BANK: Mexican Investors Withdraw Invested Funds -------------------------------------------------------------- Investors of Stanford Fondos, a Mexican unit of Stanford International Bank Limited (SIBL), have pulled out nearly 40% of invested fund in the unit, Caribbean Net News reports, citing Mexican regulator, National Banking and Securities Commission (“CNBV”). Since Feb. 17, the report says Stanford Fondos' clients have withdrawn around 275.5 million pesos (US18.6 million dollars) from the financial firm, which had 706.8 million pesos of its clients savings in funds as of January 30. CNBV, the report notes, said that Stanford Fondo remains open and is operating normally. "The reports that some people have not been able to withdraw their investments refer to those people who invested with Stanford Financial Group in Houston, Texas, and Stanford International Bank Ltd based in Antigua," the CNBV said as cited by the report. Regulators, the report relates, are looking into whether Stanford Fondos tried to sell unauthorized foreign securities to its Mexican clients. As reported in the Troubled Company Reporter-Latin America on February 19, 2009, the U.S. Securities and Exchange Commission charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. ============== S T L U C I A ============== * ST. LUCIA: Petroleum Dealers Threaten to Close Stations --------------------------------------------------------- Petroleum dealers in St Lucia is giving the government until March 5 to meet their demand for a 10% increase in profit margin, or else they will close their stations, Oscar Ramjeet of Caribbean Net News reports. The report recounts, citing the Barbados Nation, the dealers met with Prime Minister Stephenson King last week, and had agreed to the establishment of a committee to review the matter, and were expecting to get the government's response by February 13. However, spokesman for the Petroleum Dealers Association, Evertise Jn Marie, said members were extremely upset that the government had failed to keep its word. According to the report, the dealers argue that many of them are operating at a loss, while other businesses in the retail sector are enjoying high profit mark-ups. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Central Bank Wins Restraining Order Against Firm -------------------------------------------------------------- The Central Bank and Colonial Life Insurance Company Limited secured a restraining order against CL Financial Limited, barring the company from conducting any local or international business with its assets, Trinidad and Tobago Newsday reports. According to the report, High Court Judge Gregory Delzin granted the restraining order after an urgent ex-parte application brought by attorneys for the Central Bank, Senior Counsel Reginald Armour, along with attorneys’ Simon De La Bastide and Elena Araujo. Judge Delzin, the report relates, ordered that: “CL Financial whether by its Board of Directors, officials, employees, units and related or affiliated companies are restrained, and an injunction is hereby granted restraining them from doing or causing to be done the following acts without prior notice to and the prior approval of the Central Bank of Trinidad and Tobago.” The report notes that CL Financial must also “disclose to the Inspector of Financial Institutions, the identity, and location of all or any assets of Clico in or out of the jurisdiction, and provide a sworn affidavit of the Chief Executive Officer, or Chairman of Clico within two working days of service of the order.” CL Financial was also mandated to make, “forthwith, and full disclosure to the claimants of all or any information relevant to the existence of any interest held in any of the said assets in Clico,” the report says. Meanwhile, the report discloses CL Financial Group Finance Director Michael Carballo said he was surprised by Judge Delzin's move. “I am very surprised as to what exactly could have precipitated this move to grant an ex-parte injunction. I just got off the phone with the Chairman (Lawrence Duprey) who is in Florida,” the report quoted Mr. Carballo as saying. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it 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 Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. ================= V E N E Z U E L A ================= STANFORD INT'L BANK: Venezuela Seizes Local Unit ------------------------------------------------ The Venezuelan government took control of Antigua-based Stanford International Bank Limited (“SIBL”)'s Venezuelan unit, Stanford Bank SA Banco Comercial, to shore up confidence in the banking system after a US$8 billion fraud was charge againts its owner, Robert Allen Stanford, and his companies, Trinidad and Tobago Express reports. As reported in the Troubled Company Reporter-Latin America on February 19, 2009, the U.S. Securities and Exchange Commission charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on a Certificate of Deposit program. Mr. Stanford's companies include SIBL, Houston-based broker-dealer and investment adviser Stanford Group Company (SGC), and investment adviser Stanford Capital Management. The SEC also charged SIBL Chief Financial Officer James Davis as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action. Venezuela Finance Minister Ali Rodriguez, as cited by Bloomberg News, said the government's intervention was aimed to protect depositors at Stanford Bank SA, and plans to sell the local bank immediately. “The public needs to maintain confidence in Venezuelan banks,” the report quoted Mr. Rodriguez as saying. “This is an immediate takeover. The problem facing Stanford is separate from the Venezuelan financial system.” The local bank, the report recounts, has seen “massive” withdrawals and was beginning to have liquidity problems after the fraud charges made headlines. Bloomberg News notes, citing the Official Gazette, Stanford Bank SA was required to use 75 million bolivars (US$34.9 million) from its reserve account at the central bank to cover withdrawals. Meanwhile, a Venezuelan court prohibited the directors of Stanford Bank Venezuela SA from leaving the country after the government took control of the bank, Daniel Cancel of Bloomberg News reports. Eight directors from Stanford Bank Venezuela SA will be prohibited from traveling abroad while regulators complete their investigation, according to an e-mailed statement obtained by Bloomberg from the office of Attorney General Luisa Ortega Diaz. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. 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$625 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 Christopher Beard at 240/629-3300. * * * End of Transmission * * *