/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100922.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, September 22, 2010, Vol. 11, No. 186 Headlines A R G E N T I N A JUBESA SRL: Creditors' Proofs of Debt Due on November 15 PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19 TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due on November 1 TLC TRANSPORTES: Creditors' Proofs of Debt Due on November 4 B A R B A D O S ARAWAK CEMENT: To Cut 50% of Workforce B R A Z I L BANCO BMG: S&P Puts 'BB-/B' Rating on CreditWatch Positive BANCO INDUSTRIAL: S&P Puts 'BB-/B' Rating on CreditWatch Positive C A Y M A N I S L A N D S ALLIANZ HEDGE: Shareholder to Hear Wind-Up Report on Oct. 15 ALPHA LOW: Shareholders' Final Meeting Set for October 14 ALPHA SELECT: Shareholders' Final Meeting Set for October 14 BOUGAINVILLE LIMITED: Members' Final Meeting Set for October 14 CENTAURO FUND: Members' Final Meeting Set for November 5 FRANCIS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 18 GARMARIN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 15 GOLDENTREE LOAN: Shareholders' Final Meeting Set for October 15 HALCORE FUNDING: Shareholders' Final Meeting Set for October 13 HAZELTINE LIMITED: Shareholders' Final Meeting Set for Oct. 13 NEKO, LTD: Shareholders' Final Meeting Set for October 15 QED PARTNERS: Shareholder to Hear Wind-Up Report on October 11 RMB INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 20 RMB LEVERAGED: Members' Final Meeting Set for October 20 SANDOVAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13 TEEFF LIMITED: Shareholders' Final Meeting Set for October 15 TIRANE LTD: Shareholder to Hear Wind-Up Report on October 15 UBS AIS: Shareholders' Final Meeting Set for October 15 WATERBAY (CAYMAN): Members' Final Meeting Set for October 25 WATERVILLE (CAYMAN): Members' Final Meeting Set for October 25 J A M A I C A CARIB CEMENT: May Cut Jobs to Keep Business Operational M E X I C O HIPOTECARIA SU: Moody's Cuts HSCCB 08 Series A to Caa2.mx HSCCB 06: Moody's Reviews Ratings on Series A Certificates INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million T R I N I D A D & T O B A G O CL FIN'L: CLICO Depositors Form Groups to Meet on Government Offer - - - - - ================= A R G E N T I N A ================= JUBESA SRL: Creditors' Proofs of Debt Due on November 15 -------------------------------------------------------- The court-appointed trustee for Jubesa S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 15, 2010. The trustee will present the validated claims in court as individual reports on February 11, 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 1, 2011. PONTEMAR VIAJES: Creditors' Proofs of Debt Due on November 19 ------------------------------------------------------------- The court-appointed trustee for Pontemar Viajes S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 19, 2010. The trustee will present the validated claims in court as individual reports on February 1, 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 March 15, 2011. TEJEDURIA ORIENTAL: Creditors' Proofs of Debt Due on November 1 --------------------------------------------------------------- The court-appointed trustee for Tejeduria Oriental S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until November 1, 2010. The trustee will present the validated claims in court as individual reports on December 14, 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 28, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on August 16, 2011. TLC TRANSPORTES: Creditors' Proofs of Debt Due on November 4 ------------------------------------------------------------ The court-appointed trustee for T.L.C. Transportes S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until November 4, 2010. =============== B A R B A D O S =============== ARAWAK CEMENT: To Cut 50% of Workforce -------------------------------------- Arawak Cement, the sister company of Caribbean Cement Company Limited, will shed half of its workforce or about 133 of 250 jobs, RadioJamaica reports, citing Dr. Rollin Bertrand, Chief Executive Officer of the Trinidad Cement Limited Group. Arawak Cement is majority-owned by the TCL Group. According to the report, Dr. Bertrand said that a contracting construction sector in Barbados and the decision of its CARICOM markets to waive the Common External Tariff on extra-regional cement were the main reasons behind the planned layoffs. Arawak Cement is a cement manufacturer based in Barbados. =========== B R A Z I L =========== BANCO BMG: S&P Puts 'BB-/B' Rating on CreditWatch Positive ---------------------------------------------------------- Standard & Poor's Ratings Services said that it placed its ratings, including the 'BB-/B' counterparty credit and 'brA-' Brazil National Scale credit rating, on Banco BMG S.A. on CreditWatch with positive implications. "The CreditWatch placement indicates that S&P believes there is potential for an upgrade in the short term," said Standard & Poor's credit analyst Ricardo Brito. The bank continues to post stronger-than-expected origination, which confirms the efficiency of its lending process and, to some extent, the resilience of its business plan through business cycles. The cost adjustments made in 2008 also helped improve the bank's performance and efficiency ratios, leading to higher profits in the past 12 months. S&P expects to resolve the CreditWatch in the short term as soon as S&P gather additional information on the bank's prospective performance. BANCO INDUSTRIAL: S&P Puts 'BB-/B' Rating on CreditWatch Positive ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it placed its ratings, including the 'BB-/B' counterparty credit and 'brA-' Brazil National Scale rating, on Banco Industrial e Comercial S.A. on CreditWatch with positive implications. "The CreditWatch placement indicates that S&P believes there is potential for an upgrade in the short term," said Standard & Poor's credit analyst Ricardo Brito. The bank continues to post strong core earnings in different business cycles despite the increased competition in the country. This is because of its conservative and efficient management. Its core earnings-to- average adjusted assets ratio was a high 2.75% in June 2010 and 2.76% in June 2009. S&P expects to resolve the CreditWatch as soon as S&P gather additional information on the bank's prospective performance. ========================== C A Y M A N I S L A N D S ========================== ALLIANZ HEDGE: Shareholder to Hear Wind-Up Report on Oct. 15 -------------------------------------------------------------- The sole shareholder of Allianz Hedge Fund Partners (Cayman) LLC will receive, on October 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694, Grand Cayman ALPHA LOW: Shareholders' Final Meeting Set for October 14 --------------------------------------------------------- The shareholders of Alpha Low Volatility will hold their final meeting, on October 14, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Banque Privee Edmond de Rothschild Europe 20 Boulevard Emmanuel Servais Luxembourg L-2535 ALPHA SELECT: Shareholders' Final Meeting Set for October 14 ------------------------------------------------------------ The shareholders of Alpha Select will hold their final meeting, on October 14, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Banque Privee Edmond de Rothschild Europe 20 Boulevard Emmanuel Servais Luxembourg L-2535 BOUGAINVILLE LIMITED: Members' Final Meeting Set for October 14 --------------------------------------------------------------- The members of Bougainville Limited will hold their final meeting, on October 14, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands CENTAURO FUND: Members' Final Meeting Set for November 5 -------------------------------------------------------- The members of Centauro Fund Limited will hold their final meeting, on November 5, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David A.K. Walker Cathlin Rossiter Telephone: (345) 914 8663 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FRANCIS INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 18 ------------------------------------------------------------------ The shareholders of Francis International will hold their final meeting, on October 18, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeanette Duggan P.O. Box 30007, West Bay Road Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 GARMARIN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 15 -------------------------------------------------------------- The sole shareholder of Garmarin Investments Ltd will receive, on October 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694, Grand Cayman GOLDENTREE LOAN: Shareholders' Final Meeting Set for October 15 --------------------------------------------------------------- The shareholders of Goldentree Loan Opportunities II, Limited will hold their final meeting, on October 15, 2010, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands HALCORE FUNDING: Shareholders' Final Meeting Set for October 13 --------------------------------------------------------------- The shareholders of Halcore Funding Limited will hold their final meeting on October 13, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yaser A. Juma'a Dar Al-Awadi Towers 27th to 30th Floors Ahmad Al-Jaber Street Sharq PO Box 28808 Safat 13149 Kuwait HAZELTINE LIMITED: Shareholders' Final Meeting Set for Oct. 13 -------------------------------------------------------------- The shareholders of Hazeltine Limited will hold their final meeting, on October 13, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Cayman Islands NEKO, LTD: Shareholders' Final Meeting Set for October 15 --------------------------------------------------------- The shareholders of Neko, Ltd. will hold their final meeting on October 15, 2010, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands QED PARTNERS: Shareholder to Hear Wind-Up Report on October 11 -------------------------------------------------------------- The sole shareholder of QED Partners Limited will receive, on October 11, 2010, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gordon I. Macrae c/o Tammy Fu Zolfo Cooper P.O. Box 1102 Building 3 Cayman Financial Centre, 4th Floor Dr. Roy's Drive Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 946-0081 Facsimile: (345) 946-0082 RMB INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 20 -------------------------------------------------------------- The shareholders of RMB International Master Company (1) Limited will hold their final meeting, on October 20, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands RMB LEVERAGED: Members' Final Meeting Set for October 20 -------------------------------------------------------- The members of RMB Leveraged (Cayman) Limited will hold their final meeting, on October 20, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands SANDOVAL INVESTMENTS: Shareholders' Final Meeting Set for Oct. 13 ----------------------------------------------------------------- The shareholders of Sandoval Investments Limited will hold their final meeting, on October 13, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Cayman Islands TEEFF LIMITED: Shareholders' Final Meeting Set for October 15 ------------------------------------------------------------- The shareholders of Teeff Limited will hold their final meeting on October 15, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands TIRANE LTD: Shareholder to Hear Wind-Up Report on October 15 ------------------------------------------------------------ The sole shareholder of Tirane Ltd will receive, on October 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694, Grand Cayman UBS AIS: Shareholders' Final Meeting Set for October 15 ------------------------------------------------------- The shareholders of UBS AIS Strategy Fund-Event Driven Limited will hold their final meeting, on October 15, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park, Grand Cayman KY1-1103 Cayman Islands WATERBAY (CAYMAN): Members' Final Meeting Set for October 25 ------------------------------------------------------------ The members of Waterbay (Cayman) Limited will hold their final meeting, on October 25, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Employee Benefit Services Limited Ogier House, The Esplanade St Helier Jersey WATERVILLE (CAYMAN): Members' Final Meeting Set for October 25 -------------------------------------------------------------- The members of Waterville (Cayman) Limited will hold their final meeting, on October 25, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Employee Benefit Services Limited Ogier House, The Esplanade St Helier Jersey ============= J A M A I C A ============= CARIB CEMENT: May Cut Jobs to Keep Business Operational ------------------------------------------------------- Caribbean Cement Company Limited said it is considering job cuts to help keep the business operational, RadioJamaica reports. Faced with problems of a slow down in the construction sector, and dumped cement putting a strain on its market share, Caribbean Cement says it may have to cut staff to just to remain a viable entity, RadioJamaica relates. According to the report, Company Managing Director Anthony Haynes said that the downsizing is being explored in an effort to reduce costs in line with contracting revenues. "We need to look at all options at this point but we have been in discussions with the unions in regards to this and unfortunately, manpower rationalization is always one option we have to look at. No decision has been made one way or the other but we have to consider all options at this point," the report quoted Mr. Haynes as saying. The report notes that Caribbean Cement Company lost JM$213 million in the first half of this year. However, the report relates, Mr. Haynes said that he cannot give a figure on how much money the company needs to save going forward. "It's difficult to put a dollar value to it like that but more than 20% of our market has been eroded by the presence of these dumped cement. We carry fixed costs, so we can't absorb those fixed costs with the 20% carry that (and) labor is our second largest fixed costs, so we have to look at it," the report quoted Mr. Haynes as saying. Caribbean Cement Company Limited manufactures and sells Portland cement. =========== M E X I C O =========== HIPOTECARIA SU: Moody's Cuts HSCCB 08 Series A to Caa2.mx --------------------------------------------------------- Moody's de Mexico has downgraded Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R.'s HSCCB 08 Senior Certificates (Trust #536). The certificates are secured primarily by the securitization trust's credit rights in construction loans originated by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. and granted to developers for the financing of construction of residential housing in Mexico, and any cash or permitted investments held as part of the trust. The complete rating action is: Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. Issuer: The Bank of New York Mellon, S.A., acting solely as trustee. -- HSCCB 08 Series A Certificates: downgraded to Caa2.mx (sf) from Ba2.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B2 (sf) (Global Scale, Local Currency). The last rating action occurred on June 25, 2010 when the certificates' ratings were downgraded to Ba2.mx (sf) from Baa3.mx (sf) and to B2 (sf) from B1 (sf). Ratings Rationale The rating action is primarily based on Moody's recent downgrade of Hipotecaria Su Casita's ratings, the revolving nature of the transaction and its weak performance to date. Under Moody's rating approach (updated in August 2009), and absent certain structural protections detailed in Moody's rating methodology, Moody's considers the rating of revolving construction loan securitizations to be highly linked to the rating of the originator and servicer of the assets. This is due to the revolving nature of the transactions and the intensive servicing efforts associated with construction loans. On September 13, 2010, Moody's downgraded Su Casita's global scale local currency issuer rating to Caa2 from B2 (national scale issuer rating downgraded to Caa2.mx from Baa3.mx), and placed these ratings on review for further possible downgrade. These rating actions follow the announcement on September 10th that negotiations with BBVA Bancomer to purchase a portion of Su Casita's loan portfolio had ceased due to an inability to reach agreement on valuation. Su Casita's current liquidity position is weak, as the company has sufficient funds available to cover existing debt only through the middle of 1Q 2011, at which time the company would suffer a liquidity shortfall. The transaction has a slow pace of homes sales, pool amortization and construction across certain projects. As a result, many of the loans included in the transaction are likely to require extensions to their original maturity date, which increases the risk that the loans may not fully amortize by the transaction's final maturity date. In addition, the transaction has a high concentration of loans outside the low-income housing sector, which may contribute to a slower pace of home sales as compared to the low-income housing sector that benefits from more readily available mortgage financing. Moody's notes that the transaction's legal final maturity is in March 2014, and that the revolving period ends 18 months prior to the maturity date, at which point the certificates begin to amortize. Any additional loans added during the remaining revolving period may also need extensions to their maturity dates, given the current slowdown in sales and construction completion rates. As of August 2010, the senior certificates' had gross credit enhancement of 22% in the form of overcollateralization and cash holdings to protect against extension and default risk. According to Su Casita, on August 17, 2010, investors approved a proposal to end the transaction's revolving period. Su Casita expects that the relevant modifications to the trust agreement in order to end the revolving period will be completed in the near term. However, these modifications have not yet been formalized as of this date. Regarding the variability of the certificate ratings, Moody's notes that any further downgrades to Su Casita's issuer ratings would not, in and of themselves, necessarily result in a further downgrade of the certificates in order to link their ratings to Su Casita's issuer ratings. Instead, Moody's monitoring will focus on the expected recoveries on the certificates and on the underlying construction loan portfolio, whose composition may change through time given the revolving nature of the transaction. The primary source of assumption uncertainty is the current macroeconomic environment, in which the pace of residential home sales in certain markets have slowed down considerably. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months. Regulatory Disclosures Information sources used to prepare the credit rating are these: parties involved in the ratings and public information. Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. HSCCB 06: Moody's Reviews Ratings on Series A Certificates ---------------------------------------------------------- Moody's de Mexico has placed on review for possible downgrade the ratings of the HSCCB 06 Series A certificates (Trust #356). The certificates are secured primarily by the securitization trust's credit rights in construction loans originated by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. (Su Casita) and granted to developers for the financing of construction of residential housing in Mexico, and any cash or permitted investments held as part of the trust. The complete rating action is: Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. Issuer: Banco J.P. Morgan S.A., Institucion de Banca Multiple, J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely as trustee. -- HSCCB 06 Series A Certificates: ratings of Baa1.mx (sf) (Mexican National Scale) and B1 (sf) (Global Scale, Local Currency) placed on review for possible downgrade. The last rating action occurred on January 5, 2010, when the certificates were downgraded to Baa1.mx (sf) from Aaa.mx (sf) and to B1 (sf) from Baa1 (sf). Ratings Rationale The rating action reflects heightened concerns with respect to: i) Su Casita's stability as servicer of this transaction following Moody's recent downgrades of the company's issuer ratings, and ii) future collateral performance given that an increased risk of a servicer disruption may result in weakening of collections activities, leading to increased delinquencies, lower recoveries, and ultimately higher losses on the securitized pool. On September 13, 2010, Moody's downgraded Su Casita's global scale local currency issuer rating to Caa2 from B2 (national scale issuer rating downgraded to Caa2.mx from Baa3.mx), and placed these ratings on review for further possible downgrade. These rating actions follow the announcement on September 10th that negotiations with BBVA Bancomer to purchase a portion of Su Casita's loan portfolio had ceased due to an inability to reach agreement on valuation. Su Casita's current liquidity position is weak, as the company has sufficient funds available to cover existing debt only through the middle of 1Q 2011, at which time the company would suffer a liquidity shortfall. Moody's is concerned about Su Casita's stability as servicer as a result of the recent downgrade of the company's issuer ratings. During economic downturns a servicer?s financial strength becomes even more important in connection with the performance of the portfolio under management. There is a risk that a company with a weakened financial strength may have a limited ability to devote sufficient resources to sustain its servicing capabilities in a difficult economic environment. This in turn, may adversely impact loan performance. Moody's ongoing review will focus on the performance of the transaction and the risk of a potential servicing disruption that may result in performance deterioration. Moody's will also focus on Su Casita's ability to repay its short-term obligations, in light of the company's limited access to external sources of capital. In addition, Moody's will also closely monitor the company's capital structure as well any additional support it may receive from Sociedad Hipotecaria Federal. The primary source of assumption uncertainty is Su Casita's ultimate strategic direction and solvency, and the extent of any potential servicing disruptions. INT'L TEXTILE: June 30 Balance Sheet Upside-Down by $81.9 Million ----------------------------------------------------------------- International Textile Group, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of $7.5 million on $165.4 million of revenue for the three months ended June 30, 2010, compared with a net loss of $126.5 million on $202.1 million of revenue for the same period of 2009. The Company's balance sheet as of June 30, 2010, showed $443.7 million in total assets, $525.6 million in total liabilities, and a stockholders' deficit of $81.9 million. The Company has a significant amount of debt outstanding, with maturities on a material portion thereof in March and June 2011. At June 30, 2010, there was $42.8 million outstanding under the Company Bank Credit Agreement, $7.1 million outstanding under the Term Loan Agreement and $48.6 million in senior subordinated notes held by various third parties. The Company's ability to pay its substantial debt is dependent upon, among other things, its ability to refinance its existing debt that matures at various times during 2011, restructure or obtain replacement financing for, or obtain modifications or amendments to, any debt instruments of which the Company is not in covenant compliance, of which there can be no assurances. The Company had a working capital deficit of $75.1 million and an accumulated deficit of $428.4 million, as of June 30, 2010. A full-text copy of the Form 10-Q is available for free at: http://researcharchives.com/t/s?6b59 About International Textile International Textile Group, Inc., is a global, diversified textile manufacturer headquartered in Greensboro, North Carolina, with current operations principally in the United States, China, Mexico, and Vietnam. ITG's long-term focus includes the realization of the benefits of its global expansion, including reaching full production at ITG facilities in China and Vietnam, and continuing to seek other strategic growth opportunities. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO Depositors Form Groups to Meet on Government Offer ------------------------------------------------------------------ Dissatisfied with the government's decision on Colonial Life Insurance Company (Trinidad) Limited (CLICO) depositors, groups are being formed to represent policyholders, Trinidad & Tobago Guardian Online reports. CLICO is a unit of CL Financial Limited. According to the report, two such groups proposing to represent policyholders are the United Clico Policyholders (UCP) and the Clico EFPA Policyholders Group. The report relates that the People's Partnership Government decided to override the commitment given by the former administration and has proposed a TT$75,000 initial payment to Clico depositors and 20 bond coupons (one for each year) at zero interest. The report notes that the UCP wrote to Prime Minister Kamla Persad-Bissessar addressing their urgent concerns. The report relates that the UCP wants government's assurance that insurance policyholders would not be treated as those who invested in Clico products. "The UCP is urgently requesting the immediate release of a complete list of which Clico policies will be honoured via the statuory fund and which Clico products are subject to 20-year zero-interest bonds. We feel that this information would immediately clarify matters to us," stated the letter, which was signed by secretary Angeli Gajadhar, the reports says. The group, being represented by minority shareholders rights advocate, Peter Permell, is concerned for annuity policyholders of Clico, Trinidad & Tobago Guardian Online relates. "As a consequence, over 14,000 EFPA policyholders and their several dependants, whose investments total approximately $12 billion, will be negatively impacted by this decision," the EFPA Policyholders Group said in a statement obtained by the news agency. "The group is comprised of persons from all walks of life, inclusive but not limited to, retirees, pensioners, retrenched employees, etc. We have also put together a team of highly competent professionals with experience and expertise in business, finance, insurance, information technology and law who will represent the group," the EFPA statement added. 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. *********** 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 * * *