/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100816.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 Monday, August 16, 2010, Vol. 11, No. 160 Headlines A N T I G U A & B A R B U D A COMESA SRL: Creditors' Proofs of Debt Due on September 23 DEPORTVEL SA: Creditors' Proofs of Debt Due on December 14 GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14 METROGAS SA: Creditors' Proofs of Debt Due on November 10 MINERA HAUSSLER: Creditors' Proofs of Debt Due on September 3 SER MA: Creditors' Proofs of Debt Due on September 23 STANFORD INTERNATIONAL: Owner Loses Bid to Leave Jail Pretrial A R G E N T I N A * ARGENTINA: Moody's Assigns 'B3' Rating on Cordoba's Bonds B A H A M A S ULTRAPETROL (BAHAMAS): Records $60.6-Mil. Revenue in 2nd Qtr. B E L I Z E BELIZE AGGREGATES: Receiver May Have Conflict of Interest B E R M U D A HIGHLAND STAR: Commences Wind-Up Proceedings HIGHLAND STAR: Members Receive Wind-Up Report RIO BRAVO: Commences Wind-Up Proceedings RIO BRAVO: Members Receive Wind-Up Report B R A Z I L BRASIL FOODS: Lodges an Appeal to Ministry of Agriculture CHEMICAL V: Moody's Assigns 'Ba1' Rating on Senior Shares JBS SA: US Unit to Host 2nd Qtr. Earnings Results on August 17 TAM SA: Incurs BRL151.4 Million Net Loss in Second Quarter C A Y M A N I S L A N D S ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20 ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20 AVALON RE: Shareholder to Hear Wind-Up Report on August 20 MAGNUS FUNDING: Members' Final Meeting Set for September 8 NYKREDIT SIRIUS: Members' Final Meeting Set for September 9 SATELLITE STRATEGIC: Members' Final Meeting Set for September 9 TAURUS (CAYMAN): Members' Final Meeting Set for September 8 TVA LTD: Shareholders' Final Meeting Set for September 3 J A M A I C A STUDENT LOAN BUREAU: Members Resign After Release of Audit Report P U E R T O R I C O CARIBBEAN PETROLEUM: Files for Bankruptcy T R I N I D A D & T O B A G O CL FINANCIAL: NEL Unable to Recover TT$5-Million CIB Investment V E N E Z U E L A BANCO FEDREAL: Venezuela Seized Bank; Will Be Liquidated X X X X X X X X * BOND PRICING: For the Week August 9, to August 13, 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== COMESA SRL: Creditors' Proofs of Debt Due on September 23 --------------------------------------------------------- The court-appointed trustee for Comesa S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until September 23, 2010. The trustee will present the validated claims in court as individual reports on November 8, 2010. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on December 22, 2010. DEPORTVEL SA: Creditors' Proofs of Debt Due on December 14 ---------------------------------------------------------- The court-appointed trustee for Deportvel S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until December 14, 2010. The trustee will present the validated claims in court as individual reports on February 25, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on April 8, 2011. GAIA INGENIERIA: Creditors' Proofs of Debt Due on October 14 ------------------------------------------------------------ The court-appointed trustee for Gaia Ingenieria S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 14, 2010. The trustee will present the validated claims in court as individual reports on November 25, 2010. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on February 7, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on August 5, 2011. METROGAS SA: Creditors' Proofs of Debt Due on November 10 --------------------------------------------------------- The court-appointed trustee for Metrogas S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until November 10, 2010. The trustee will present the validated claims in court as individual reports on February 22, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 20, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on March 2, 2012. MINERA HAUSSLER: Creditors' Proofs of Debt Due on September 3 ------------------------------------------------------------- The court-appointed trustee for Minera Haussler S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until September 3, 2010. The trustee will present the validated claims in court as individual reports on October 15, 2010. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on November 26, 2010. SER MA: Creditors' Proofs of Debt Due on September 23 ----------------------------------------------------- The court-appointed trustee for Ser Ma S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until September 23, 2010. A general report that contains an audit of the company's accounting and banking records will be submitted in court on December 20, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on June 15, 2011. STANFORD INTERNATIONAL: Owner Loses Bid to Leave Jail Pretrial -------------------------------------------------------------- Anna Driver and Jonathan Stempel at Reuters report that Robert Allen Stanford, owner of Stanford International Bank Limited, has lost a bid to get out of jail to work on a separate trial seeking to hold Lloyd's of London responsible for his defense costs. The report relates Mr. Stanford sought to be freed into a U.S. marshal's custody so he could be transported to his lawyer's office to prepare for the August 24 Lloyd's trial. According to the report, Mr. Stanford argued that he needed to spend as much as 12 hours a day, seven days a week working with his lawyer. The report relates that Mr. Stanford also sought to delay the Lloyd's trial to October 25, complaining that his jail guards ruined most of his case files on August 2. However, the report notes, U.S. District Judge Nancy Atlas in Houston, who is presiding over the insurance trial, rejected both requests. The report relates Judge Atlas said that the "unique circumstances" of the Lloyd's case meant there should be no delay and that Stanford should direct complaints about his detention to U.S. District Judge David Hittner, who is handling his criminal case. As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Caribbean Net News said that Mr. Stanford and his former executives sued Lloyd's of London for defense costs. The report related that Lloyd's had advanced some legal fees under a directors and officers policy but the insurer sent a letter on Nov. 16 declining to extend coverage for beyond August 27. According to Bloomberg News, Lloyd's of London said that the admission made by former Stanford International Bank Limited Chief Financial Officer, James "Jim" Davis when he pleaded guilty relieves the insurance syndicate of the obligation to pay defense costs for Mr. Stanford and his codefendants. The report related that Lloyd's lawyers told U.S. District Court Judge David Hittner that the statements reveal criminal activity that takes the defendants actions outside the terms of their directors' and officers' insurance coverage. Mr. Stanford, the report says, is also appealing his third bail denial to the U.S. Fifth Circuit Court of Appeals, the same court that rejected his two prior bail requests. The report relates Mr. Stanford argues his jailing has deprived him of his constitutional rights to due process and effective assistance of counsel. The report discloses that in a court filing, Mr. Stanford's lawyers renewed their concern about the detention's effect on their 60-year-old client's health and mental state, saying Stanford is taking psychotropic drugs twice a day that "leave him in a less than fully coherent state of mind." The criminal trial is scheduled to begin on Jan. 24, 2011. About Stanford International Bank 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. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, 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. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= * ARGENTINA: Moody's Assigns 'B3' Rating on Cordoba's Bonds ----------------------------------------------------------- Moody's Investors Service has assigned a rating of B3 (Global Scale) to Cordoba's forthcoming US$400 million Senior Unsecured Global Bonds due 2017. The bullet-maturity bonds are to be issued in US dollars and will pay a fixed annual interest rate of 12.375% on a semi-annual basis, beginning in February 2011. The issuance has been authorized by the Argentine Ministry of Economy. The assigned rating is in line with Cordoba's issuer rating (B3, Global Scale), reflecting that the bonds will constitute a direct, unconditional, unsecured and unsubordinated obligation of the province. "There are no enhanced elements in the structure of the transaction which suggest any uplift from the province's issuer ratings," said Moody's Associate Analyst Patricio Esnaola. "Accordingly, the key rating driver is that the bonds will be unsecured and will not be guaranteed by any kind of collateral beyond Cordoba's intrinsic credit profile". The last rating action with respect to the Province of Cordoba was taken on July 31, 2009, when Moody's assigned B3 (Global Scale, local currency) and A2.ar (Argentine National Scale) issuer ratings. At that time, Moody's also assigned B3/A2.ar ratings to the Series 1 US$150 million Senior Secured Notes. ============= B A H A M A S ============= ULTRAPETROL (BAHAMAS): Records $60.6-Mil. Revenue in 2nd Qtr. ------------------------------------------------------------- Ultrapetrol (Bahamas) Limited posted financial results for the second quarter ended June 30, 2010. The company recorded revenues of $60.6 million in the second quarter 2010. Adjusted EBITDA is $17.6 million for the second quarter of 2010. The company recorded total adjusted net income and adjusted EPS of $1.7 million and $0.06, respectively, in the second quarter of 2010, which include the effect of a net gain on FFAs of $1.3 million corresponding to the second quarter of 2010 and exclude the effect of a $0.2 million income tax benefit for unrealized foreign exchange rate losses on U.S. dollar-denominated debt of our Brazilian subsidiary in the Offshore Supply Business. Revenues, adjusted EBITDA, adjusted net income and adjusted EPS for the first half of 2010 were $114.8 million, $37.2 million, $6.0 million and $0.2 per share, respectively. A full-text copy of the earnings report is available for free at: http://ResearchArchives.com/t/s?68cb About Ultrapetrol Ultrapetrol (Bahamas) Ltd. -- http://www.ultrapetrol.net/-- is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for grain, forest products, minerals, crude oil, petroleum and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and oil- bulk-ore/capesize vessels. * * * As of August 13, 2010, the company continues to carry Moody's "B2" long-term, senior secured debt, and long-term corporate family ratings. The company also continues to carry Standard and Poor's "B" long-term issuer credit ratings. As reported in the Troubled Company Reporter-Latin America on September 1, 2009, Standard & Poor's ratings on Ultrapetrol reflect its vulnerable business profile, as demonstrated by its weak position in the maritime shipping industry and its highly leveraged financial profile, including substantial debt and sizable investments that often cause free cash flow generation to go negative. These weaknesses are partially mitigated by Ultrapetrol's leading market position in barges in the Hidrovia on the Parana River, growing presence in offshore markets, adequate liquidity position, and favorable debt maturity profile. According to a TCRLA report on May 29, 2009, Moody's Investors Service The negative outlook on the company reflects: 1) lower than previously expected earnings near-term from weaker mining activity and drought conditions in regions served by Ultrapetrol's River business; 2) less robust rates currently being earned by some vessels of the Ocean segment are pressuring earnings; 3) potential for rate declines on three of Ultrapetrol's existing platform supply vessels whose North Sea charters expire in 2009. The softer than expected earnings combined with additional debt to finance four of the seven PSVs under construction and River segment expansion projects could push credit metrics to maximum levels for the existing B2 rating. The potential for capital spending beyond what has been announced, for rate pressure to be sustained with the weak global economy, and for further stock repurchases adds uncertainty to de-levering prospects. =========== B E L I Z E =========== BELIZE AGGREGATES: Receiver May Have Conflict of Interest --------------------------------------------------------- Belize bank-appointed receiver for Belize Aggregates Limited, Stanley Earmeav, is said to have a conflict interest in the receivership process of the company, The El Guardian reports. As reported in the Troubled Company Reporter-Latin America on August 3, 2010, The Belize Times said that Belize Aggregates Limited (Belagg) has been placed into receivership by the Belize bank after it became one of the victims of the massive slowdown in the construction industry. According to Amadala News, the Ashcroft group is putting Belize's former Central Bank Governor, Keith Arnold, at the head of the company's operations. According to the El Guardian, Belize Bank published its balance sheets in which it reflects that the $20 million Venezuelan grant money which they had previously been reflecting as an asset was turned into a liability. The report notes that the auditors for the bank are listed as Horwath Belize LLP, in which Mr. Earmeav is a principal. The report notes that there maybe a conflict of interest in Mr. Earmeav's part because he is responsible for preparing Belize bank's financial statements and is also a receiver of Belize Aggregates. About Belize Aggregates Headquartered in Belize, Belize Aggregates is the limestone aggregate quarrying and crushing operation of Johnston International. ============= B E R M U D A ============= HIGHLAND STAR: Commences Wind-Up Proceedings -------------------------------------------- On July 20, 2010, the members of The Highland Star Group Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by August 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda HIGHLAND STAR: Members Receive Wind-Up Report --------------------------------------------- On August 24, 2010, the members of The Highland Star Group Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda RIO BRAVO: Commences Wind-Up Proceedings ---------------------------------------- On July 20, 2010, the members of Rio Bravo Investments Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by August 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda RIO BRAVO: Members Receive Wind-Up Report ----------------------------------------- On August 24, 2010, the members of Rio Bravo Investments Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda =========== B R A Z I L =========== BRASIL FOODS: Lodges an Appeal to Ministry of Agriculture --------------------------------------------------------- BRF - Brasil Foods SA has lodged an appeal with the Ministry of Agriculture contesting test results which have led to the special ruling of sales of its natura meats from one of its industrial units. BRF understands that this imposition has no basis in law and questions the technical-scientific criteria supporting the methodology adopted for such evaluations. The Company confirms that the special arrangement arising from these test results is a temporary restriction and affects only one of its plants. BRF further informs that it meets rigorously all of the Ministry's recommended legal specifications and that it adopts rigid standards of quality control for all its lines of production. About BRF-Brasil Foods BRF-Brasil Foods SA is a food processor in Latin America. The company raises chickens to produce poultry products. Brasil foods also processes frozen pasta, soybeans, and their derivatives, and distributes frozen vegetables. The company's core business is chilled and frozen food. The company has offices in the Middle East, Asia, and Europe. * * * As of April 12, 2010, the company continues to carry Moody's "Ba1" long-term corporate family rating. The company also continues to carry Standard and Poor's "BB+" long-term issuer credit ratings. CHEMICAL V: Moody's Assigns 'Ba1' Rating on Senior Shares --------------------------------------------------------- Moody's America Latina has assigned definitive ratings of Aa1.br (sf) (Brazilian National Scale) and Ba1 (sf) (Global Scale, Local Currency) to the Senior Shares, and Ba1.br (sf) (Brazilian National Scale) and B2 (sf) (Global Scale, Local Currency) to the Mezzanine Shares to be issued by Chemical V - FIDC Industria Petroquimica, a securitized transaction backed by a pool of trade receivables originated by Braskem S.A. The ratings are based on these factors, among others: -- Overcollateralization ratio ranging from a minimum of 110% to a maximum of 115% for the benefit of the Senior Shares outstanding, and 102.041% for the Mezzanine Shares, to mitigate losses, dilution and potential interest rate mismatches; -- The eligibility parameters of the trade receivables to be acquired by the issuer, which include concentration limits by client, delinquency by client, and maximum term of the trade receivables; -- Maximum individual concentration limit of 3% for regular obligor and 8% for special obligors, with no more than 40% aggregate concentration to special obligors. -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit Rating in the Global Local Currency Scale & Aaa.br in the Brazilian National Scale) to act as master and back-up servicer for the transaction; and -- The legal structure of the transaction, including the bankruptcy remoteness of the issuer. The originator is Braskem S.A., a large Brazilian manufacturer of petrochemical products rated Aa2.br (Brazilian National Scale) and Ba1 (Global Local, Currency Scale). The transfer of receivables from the originators to the issuer is structured as a true sale and a definitive assignment of the contracts as set forth in the assignment of transferred credits under the Brazilian civil code. Chemical V - FIDC will have a tenor of 36 months. The senior and subordinated mezzanine shares will be amortized in 6 equal monthly installments following the revolving period of 30 months. During the 30 month revolving period, the senior and mezzanine share will receive five semi-annual payments of interest, and following the revolving period, will receive monthly payments together with the scheduled amortizations of senior and subordinated mezzanine shares. In order to rate the transaction, Moody's has received pool performance data covering the time period January 2007 through December 2009 from Braskem. Key data reviewed by Moody's included dilutions, delinquencies, losses, receivable turnover and volume of eligible receivables. For Moody's modeling assumptions, Moody's has assumed an average of BRL 743 million of eligible receivables over this period, 0.1% monthly dilutions, 0,21% monthly losses on outstanding balance and an average turnover of 38 days. The complete rating action is: Issuer: Chemical V - FIDC Industria Petroquimica -- Senior Shares -- Aa1.br (sf) (National Scale) & Ba1 (sf) (Global Scale, Local Currency); previously on May 14, 2010, (P)Aa1.br (National Scale) and (P)Ba1 (Global Scale, Local Currency) ratings were assigned. -- Mezzanine Shares -- Ba1.br (sf) (National Scale) & B2 (sf) (Global Scale, Local Currency); previously on May 14, 2010, (P)Ba1.br (National Scale) and (P)B2 (Global Scale, Local Currency) ratings were assigned. JBS SA: US Unit to Host 2nd Qtr. Earnings Results on August 17 -------------------------------------------------------------- JBS USA, LLC will hold its second quarter 2010 earnings conference call Tuesday, August 17, at 10:30 a.m. Eastern (8:30 a.m. Mountain). The call will be open to holders of the Company's 11.625% Senior Notes due 2014 as well as prospective investors, securities analysts and market makers. For more information about the call, visit http://www.jbsswift.com/ and refer to the "JBS USA Bond Investors" link under the Investor Relations tab. Financial statements for the second quarter 2010 will also be available to investors on the Company's website on August 13, 2010. JBS USA, LLC processes beef and pork in the United States and the number one processor of beef in Australia in terms of daily slaughtering capacity. The company processes, prepares, packages and delivers fresh, processed and value-added beef and pork products for sale to customers in over 60 countries on six continents. The company is an indirect wholly owned subsidiary of JBS S.A. About JBS SA JBS SA is one of the world's largest beef producers with operations in Brazil, the United States, Argentina, Australia and Italy. The company is the largest producer and exporter of fresh meat and meat by-products in Brazil, Argentina and Australian and the third largest in the USA. * * * As reported in the Troubled Company Reporter-Latin America on July 23, 2010, Fitch Ratings upgraded these ratings of JBS S.A.: -- local currency issuer default rating to 'BB-' from 'B+'; -- foreign currency issuer default rating to 'BB-' from 'B+'; -- US$275 million senior unsecured notes due in 2011, to 'BB-' from 'B+/RR4'; -- US$700 million senior unsecured notes due in 2014, to 'BB-' from 'B+/RR4'; -- US$300 million senior unsecured notes due in 2016, to 'BB-' from 'B+/RR4'; TAM SA: Incurs BRL151.4 Million Net Loss in Second Quarter ---------------------------------------------------------- Laura Price and Robin Stringer at Bloomberg News report that TAM SA incurred a BRL151.4 million (US$85.6 million) net loss in the second quarter from a net income of BRL555.1 million a year earlier. This is the company's second consecutive quarterly loss after its market share fell and costs increased. According to the report, Tam SA's share of Brazilian air travel slid to an average 42% from January to July from 47% in the same period a year earlier because of increased competition from carriers such as Gol Linhas Aereas Inteligentes SA and Azul Linhas Aereas Brasileiras. The report relates that the airline's international market share fell to 84% from 86% in the period. The report notes that Tam SA said operating costs advanced 6.3% in the quarter, including a 37% jump in fuel expenses. "The red ink resulted primarily from depressed fares due to domestic industry overcapacity," the report quoted James Parker and Duane Pfennigwerth, analysts at Raymond James & Associates Inc., as saying. Other reasons included a "lack of focus at the airline because of preoccupation with the highly successful Multiplus IPO," he added. About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As of August 13, 2010, the company continues to carry Standard and Poor's "B+" long-term issuer credit ratings. The company also continues to carry Fitch Rating's "BB-" long-term issuer default ratings. ========================== C A Y M A N I S L A N D S ========================== ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20 ----------------------------------------------------------------- The shareholder of Atlantic & Western Re Limited will receive, on August 20, 2010, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Katherine Chiazza Damien Austin Telephone: 914-7553 / 914-7580 Facsimile: 949-6021 P.O. Box 1109, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 ATLANTIC & WESTERN: Shareholder to Hear Wind-Up Report on Aug. 20 ----------------------------------------------------------------- The shareholder of Atlantic & Western Re II Limited will receive, on August 20, 2010, the liquidators' report on the company's wind- up proceedings and property disposal. The company's liquidators are: Katherine Chiazza Damien Austin Telephone: 914-7553 / 914-7580 Facsimile: 949-6021 P.O. Box 1109, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 AVALON RE: Shareholder to Hear Wind-Up Report on August 20 ---------------------------------------------------------- The shareholder of Avalon Re Ltd. will receive, on August 20, 2010, at 9:00 a.m., the liquidators' report on the company's wind- up proceedings and property disposal. The company's liquidators are: Katherine Chiazza Damien Austin Telephone: 914-7553 / 914-7580 Facsimile: 949-6021 P.O. Box 1109, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 MAGNUS FUNDING: Members' Final Meeting Set for September 8 ---------------------------------------------------------- The members of Magnus Funding Ltd. will hold their final meeting, on September 8, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NYKREDIT SIRIUS: Members' Final Meeting Set for September 9 ----------------------------------------------------------- The members of Nykredit Sirius Ltd. will hold their final meeting, on September 9, 2010, at 11:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SATELLITE STRATEGIC: Members' Final Meeting Set for September 9 --------------------------------------------------------------- The members of Satellite Strategic Finance Partners, Ltd. will hold their final meeting, on September 9, 2010, at 11:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Sargison Vijayabalan Murugesu P.O. Box 414 Savannah 31 Woodland Drive, Lower Valley Bodden Town Grand Cayman, Cayman Islands; or Ogier Fiduciary Services (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman, KY1-9007 Cayman Islands TAURUS (CAYMAN): Members' Final Meeting Set for September 8 ----------------------------------------------------------- The members of Taurus (Cayman) Limited will hold their final meeting, on September 8, 2010, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TVA LTD: Shareholders' Final Meeting Set for September 3 -------------------------------------------------------- The shareholders of TVA LTD. will receive, on September 3, 2010, at 1:30 p.m., 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 ============= J A M A I C A ============= STUDENT LOAN BUREAU: Members Resign After Release of Audit Report ----------------------------------------------------------------- Jamaica's Student Loan Bureau Head Levine Barnett was fired from his post and a day later the agency's entire board resigned after an audit report raised questions about how the board operated, Caribbean360.com reports. The report relates that Mr. Barnett is also under scrutiny and could be forced to repay money she got from the Bureau. According to the report, Finance Minister Audley Shaw received a report from the audit of the Public Accountability Inspectorate Division of his Ministry, which pointed to misconduct and abuse of power. The report relates that the audit team found several problems, including Ms. Barnett receiving benefits outside the norm and the Board approving some of them. The report notes that the audit team found out that while Ms. Barnett's contract scheduled her gratuity to be paid at the end of each contract year in lieu of pension, she was being paid gratuities quarterly, and even though she was contributing to the scheme; she got nearly J$5 million (US$58,513) in salary advances between 2005 and 2009; her misuse of the Bureau's vehicles; and J$1.8 million (US$21,064) in payments which she received over a three-year period for the upkeep of her personal car, even though she was assigned a company vehicle. The audit team, the report says, noted that, overall, there was no reliable system to track loan balances. It also pointed out that the audit team discovered that there were loans made to educational institutions on behalf of borrowers but yet were not accounted for by the Bureau on the individuals' account, the report relates. The audit report, Caribbean360.com says, noted that the Board did not function adequately as an oversight body and appeared to have rubber-stamped Ms. Barnett's decisions. The report relates that among the other concerns of the audit team was that the SLB invested over J$264 million (almost US$3.1 million) with Capital and Credit Securities, an entity that is linked to board Chairman Andrew Cocking, who is deputy group president of Capital and Credit Merchant Bank. The report says that Mr. Shaw could not say, for sure, whether the findings from the audit would prompt fraud investigations, but steps would be taken to recover some of the money which Ms. Barnett received. Director of the Credit Unions Department of the Bank of Jamaica, Monica Brown is temporarily holding Ms. Barnett's position. ==================== P U E R T O R I C O ==================== CARIBBEAN PETROLEUM: Files for Bankruptcy ----------------------------------------- Caribbean Petroleum Corp. filed for bankruptcy protection in a Delaware court on August 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations, Reuters reports. According to the report, the company agreed to sell off all its assets through the bankruptcy process following extensive talks with its senior secured lender, Banco Popular de Puerto Rico. The report relates that Banco Popular holds a lien on all of Capeco's assets and a claim of about US$137 million. The report notes Capeco said it had exhausted its working capital earlier this year and its operations remain halted due to clean-up and repair that must be conducted on the property. In its Chapter 11 petition, Capeco listed assets in the US$100 million to US$500 million range and liabilities in the US$500 million to US$1 billion range, the report adds. About Caribbean Petroleum Caribbean Petroleum Corporation is an oil company in Puerto Rico. It owns an oil refinery in Bayamon, which has a capacity of 48 thousand barrels per day. In addition, it operates more than 200 service stations in Puerto Rico under the Gulf brand name. Caribbean Petroleum Corporation was incorporated in 1987 through the merger of Caribbean Gulf Refining Corp., Gulf Petroleum S.A., and Compania Petrolera Chevron, Inc. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: NEL Unable to Recover TT$5-Million CIB Investment --------------------------------------------------------------- Curtis Rampersad at Trinidad Express reports that National Enterprises Ltd has not been able to recover a TT$5 million investment it made in CLICO Investment Bank, part of the struggling CL Financial group. According to the report, a few shareholders were upset that NEL increased its administrative expenses in its financial year ended March 2010 from TT$39.6 million in 2009 to TT$45 million. NEL's profits fell by TT$347.4 million or 44.4% in 2010 from 2009, Chairman Jerry Hospedales said in NEL's financial statement that was obtained by the news agency. The report relates that NEL's net profit for the year fell TT$774 million in 2009 to TT$444.5 million for its year ended 2010. At NEL's annual general meeting, the report notes, shareholder Kenneth Subran and others asked Mr. Hospedales about the TT$5 million investment and why it was made if it was "public knowledge" that CLICO and CL Financial were in trouble even before they approached the government for a financial rescue in 2009. The report relates Mr. Hospedales said the investment was made in CIB in 2005 and at that time, there was no indication of any financial problems in the CL group. Mr. Hospedales, the report discloses, said that the TT$5 million was in the form of an investment credit note and not a deposit and this note did not automatically qualify for deposit insurance. This was why NEL had not recovered it yet and made a provision for it in its accounts, he added. The report notes Mr. Hospedales said that discussions were still being held about if it would qualify for deposit insurance, adding that the investment had been transferred to State bank First Citizens when it took over the operations of CIB. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company 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 August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards 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. ================= V E N E Z U E L A ================= BANCO FEDREAL: Venezuela Seized Bank; Will Be Liquidated -------------------------------------------------------- The Venezuela government plans to liquidate Banco Federal, a mid- sized bank seized by authorities in June for alleged liquidity problems, Dan Molinski at Dow Jones Newswires reports. According to the report, Bank Former President Nelson Mezerhane claimed that the intervention was a political move. The report relates Mr. Mezerhane disputed the charge that the bank had liquidity problems. Investigators, the report says, have been reviewing Banco Federal's books over the past two months to determine what to do with it. President Chavez confirmed that the bank wouldn't go back into private hands, the report relates. Dow Jones Newswire says that Finance Minister Jorge Giordani said that some of the bank's assets would be sold off. Over the past two months, the government has been paying out the deposits owed to bank customers, he added. Government officials, the report notes, claim Mr. Mezerhane took off with some of the bank customers' deposits, a charge he also denies. The report relates Mr. Giordani said "net worth losses" at the bank amount to some VEF4.8 billion ($905 million). There is an arrest warrant outstanding for Mr. Mezerhane, but he is in the U.S. and said he has no immediate plans to return to Venezuela, the report adds. =============== X X X X X X X X =============== * BOND PRICING: For the Week August 9, to August 13, 2010 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA Argentina ARGENT-PAR 1.18 12/31/2038 ARS 80 ARGENT-?DIS 7.82 12/31/2033 EUR 71 ARGENT-?DIS 7.82 12/31/2033 EUR 72 ARGENT-�DIS 4.33 12/31/2033 JPY 12 ARGENT-�PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PR11 2 12/3/2010 ARS 68.065 BANCO MACRO SA 10.75 6/7/2012 USD 70.04559 MENDOZA PROVINCE 5.5 9/4/2018 USD 81.58646 BRAZIL CESP 9.75 1/15/2015 BRL 70.10162 CAYMAN ISLAND BANCO BPI (CI) 4.15 11/14/2035 EUR 70.385 BANIF FIN LTD 3 12/31/2019 EUR 54.375 BARION FUNDING 0.63 12/20/2056 GBP 17.92655 BARION FUNDING 1.44 12/20/2056 GBP 31.69097 BCP FINANCE CO 4.239 EUR 66.55357 BCP FINANCE CO 5.543 EUR 69.0727 BES FINANCE LTD 5.58 EUR 67.59743 BES FINANCE LTD 6.984 2/7/2035 EUR 64.66379 CHINA MED TECH 4 8/15/2013 USD 67 CHINA SUNERGY 4.75 6/15/2013 USD 73.051 DUBAI HLDNG COMM 6 2/1/2017 GBP 70.988 EFG ORA FUNDING 1.7 10/29/2014 EUR 65.83251 ESFG INTERNATION 5.753 EUR 67.6 FERTINITRO FIN 8.29 4/1/2020 USD 68 IMCOPA INTL CAYM 10.375 12/16/2014 USD 32.375 MAZARIN FDG LTD 1.44 9/20/2068 GBP 29.06388 PUBMASTER FIN 6.962 6/30/2028 GBP 71.41634 SHINSEI FIN CAYM 6.418 USD 64.46992 SHINSEI FINANCE 7.16 USD 64.4235 COLOMBIA AGUAS NUEVAS 3.4 5/15/2012 CLP 0.9707 ESVAL S.A. 3.8 7/15/2012 CLP 50.66407 PUERTO RICO PUERTO RICO CONS 6.2 5/1/2017 USD 48 PUERTO RICO CONS 6.5 4/1/2016 USD 54.3 VENEZUELA PETROLEOS DE VEN 4.9 10/28/2014 USD 59.99436 PETROLEOS DE VEN 5 10/28/2015 USD 55.75565 PETROLEOS DE VEN 5.125 10/28/2016 USD 52.74665 PETROLEOS DE VEN 5.25 4/12/2017 USD 59.08586 PETROLEOS DE VEN 5.375 4/12/2027 USD 46.45213 PETROLEOS DE VEN 5.5 4/12/2037 USD 45.60755 SIDETUR FINANCE 10 4/20/2016 USD 67 VENEZUELA 5.75 2/26/2016 USD 68 VENEZUELA 6 12/9/2020 USD 57.25 VENEZUELA 7 12/1/2018 USD 65.5 VENEZUELA 7 3/31/2038 USD 55.5 VENEZUELA 7 3/31/2038 USD 54.952 VENEZUELA 7.65 4/21/2025 USD 58.5 VENEZUELA 7.75 10/13/2019 USD 63.5 VENEZUELA 8.25 10/13/2024 USD 60 VENEZUELA 9 5/7/2023 USD 64.5 VENEZUELA 9.25 9/15/2027 USD 69.1 VENEZUELA 9.25 9/15/2027 USD 69.25 VENEZUELA 9.25 5/7/2028 USD 64.5 VENZOD - 189000 9.375 1/13/2034 USD 64.5 *********** 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, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 * * *