/raid1/www/Hosts/bankrupt/TCRLA_Public/101001.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, October 1, 2010, Vol. 11, No. 194
Headlines
A R G E N T I N A
ARMECA SA: Creditors' Proofs of Debt Due on November 11
BIS-AY: Trustee Verifying Proofs of Claim Until November 16
CIRESTETIC SA: Trustee Verifying Proofs of Claim Until November 19
FAENADORA CARHUE: Trustee Verifying Proofs of Claim Until Oct. 8
GARBARINO SA: Moody's Assigns 'B2' Rating on Local Bonds
PEPI SA: Creditors' Proofs of Debt Due on December 9
S.F.C. ARGENTINA: Trustee Verifying Proofs of Claim Until Nov. 22
B E R M U D A
FAST WAH: Creditors' Proofs of Debt Due on October 15
FAST WAH: Members' Final Meeting Set for November 2
B R A Z I L
EVEN CONSTRUTORA: S&P Assigns 'BB-' Corporate Credit Rating
C A Y M A N I S L A N D S
#1 JAPAN REGENERATION: Creditors' Proofs of Debt Due on October 27
CADIZ SHIPPING: Creditors' Proofs of Debt Due on October 27
CUBE PRIVATE: Creditors' Proofs of Debt Due on October 27
ESPRIT INTERNATIONAL: Creditors' Proofs of Debt Due on October 28
GALLEON QUANTITATIVE: Creditors' Proofs of Debt Due on October 27
GREEN WAY: Creditors' Proofs of Debt Due on October 25
HUA NAN: Creditors' Proofs of Debt Due on October 18
IAT GROUP: Creditors' Proofs of Debt Due on October 27
LERIDA SHIPPING: Creditors' Proofs of Debt Due on October 27
MALAGA SHIPPING: Creditors' Proofs of Debt Due on October 27
MEDINA SHIPPING: Creditors' Proofs of Debt Due on October 27
MERRIAM INSURANCE: Commences Wind-Up Proceedings
PEQUOT EMERGING: Creditors' Proofs of Debt Due on October 27
PEQUOT MARKET: Creditors' Proofs of Debt Due on October 27
PEQUOT PORTABLE: Creditors' Proofs of Debt Due on October 27
SEGOVIA SHIPPING: Creditors' Proofs of Debt Due on October 27
SIDONIA SHIPPING: Creditors' Proofs of Debt Due on October 27
SPIRIT ASIA: Creditors' Proofs of Debt Due on October 27
TRIPLAS SERIES: Creditors' Proofs of Debt Due on October 27
WILLOWSIDE INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 26
T R I N I D A D & T O B A G O
CL FIN'L: CLICO Starts Paying Policy Holders
CL FIN'L: Policyholders Plan to Picket Prime Minister's Office
CL FIN'L: CLICO Agents Threaten Protests
- - - - -
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A R G E N T I N A
=================
ARMECA SA: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------
The court-appointed trustee for Armeca S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 11, 2010.
BIS-AY: Trustee Verifying Proofs of Claim Until November 16
-----------------------------------------------------------
The court-appointed trustee for Bis-Ay S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 16, 2010.
The trustee will present the validated claims in court as
individual reports on December 30, 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
March 14, 2011.
CIRESTETIC SA: Trustee Verifying Proofs of Claim Until November 19
------------------------------------------------------------------
The court-appointed trustee for Cirestetic S.A.'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 3, 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 17, 2011.
FAENADORA CARHUE: Trustee Verifying Proofs of Claim Until Oct. 8
----------------------------------------------------------------
The court-appointed trustee for Faenadora Carhue S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 8, 2010.
The trustee will present the validated claims in court as
individual reports on November 19, 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 4, 2011.
GARBARINO SA: Moody's Assigns 'B2' Rating on Local Bonds
--------------------------------------------------------
Moody's Latin America assigned a B2 global scale rating and a
Aa3.ar Argentina national scale rating to Garbarino's proposed
ARS60 million local bond issuance. At the same time, Moody's
affirmed Garbarino's corporate family rating of B2 on its global
scale and Aa3.ar on the Argentina national scale rating and on the
ARS15 million loan with Banco de la Nacion Argentina. All of the
ratings assigned are local currency ratings. Proceeds from the
notes will be used principally for Garbarino's working capital
needs, to refinance outstanding short-term debt and for general
corporate purposes. The outlook for all ratings continues to be
positive.
Ratings Rationale
"The B2 and Aa3.ar ratings are underpinned by Garbarino's brand
strength, dominant position in the Argentinean retail market,
solid credit metrics and diversified product line, which has
allowed Garbarino to strengthen its market position. Furthermore,
the ratings are supported by Garbarino's strong revenue growth and
funds from operations, which recently benefited from the
government-sponsored installment payment scheme for consumer
electronics products as well as from the 2010 World Cup Soccer
event" said Moody's AVP Analyst, Veronica Amendola.
"Additionally, the outlook reflects Garbarino's strong credit
metrics, adequate liquidity profile and low adjusted debt
leverage" continues Amendola.
Also a positive for the ratings is the high proportion of credit
card sales where the delinquency risk is borne by the credit card
issuers. Credit card sales often allow customers to pay in
several monthly installments.
Credit negatives partly offsetting these strengths include
Garbarino's low geographic diversity, relatively small scale when
compared against its global peers and its reliance on continually
renewing uncommitted bank credit lines. Also constraining the
ratings is Moody's expectation that Garbarino's margins are
subject to potential pressure, given the country's high inflation
rates.
Garbarino's B2 local currency rating reflects its global default
and loss expectation, while the Aa3.ar national scale rating
reflects the standing of Garbarino's credit quality relative to
its domestic peers. Moody's National Scale Ratings are intended
as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs in Argentina are designated by
the ".ar" suffix. Issuers or issues rated Aa3.ar present above-
average creditworthiness relative to other domestic issuers. NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country
The positive outlook reflects Moody's expectation that Garbarino
will be able to increase revenues and earnings over the near term
based on its efficiency and commercial initiatives. The rating
outlook also reflects Moody's expectation that Garbarino will
continue to successfully implement its business model, thus
allowing the retailer to preserve adequate access to external
financing sources to meet its short-term debt obligations while
maintaining adequate levels of cash generation in relation to
debt.
An upgrade of the ratings could result from a continued
strengthening of Garbarino's revenues in 2010 and 2011 while
maintaining its operating margins and modest adjusted leverage.
In addition, an extension of the current credit cards installment
payment scheme could bring upward pressure to the ratings.
Quantitatively, upward momentum could result if Garbarino's total
adjusted debt to EBITDA can be sustained at below 2.5 times (2.8
times as of the last twelve months ended in April 30, 2010) and
EBITDA margin above 9% (8.8% as of the last twelve months ended in
April 30, 2010). Additionally, a more predictable outlook for
economic activity in Argentina would be important for an upward
ratings movement.
The rating outlook is most likely to return to stable if there is
reduced availability of consumer loans in 2011 or if weaker than
expected performance leads to a deterioration in operating
margins. Quantitatively, a downgrade could result from a drop in
Garbarino's EBIT margin to below 3.0% on a three-year average
basis or a significant increase in leverage, with total adjusted
debt to EBITDA of above 6 times. Indications of a weakening in
market share in the domestic retail market could also result in a
downward ratings pressure.
Headquartered in Buenos Aires, Argentina, Garbarino is one of the
largest home appliance retailers in Argentina. With total
revenues of ARS4.1 billion (US$1.1 billion) and 4.400 employees as
of the last twelve months ended in April 30, 2010, Garbarino was
founded in 1951 and has developed into a widely and well-known
brand name in the local retail market.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information, confidential and proprietary
Moody's Analytics' information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning 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.
PEPI SA: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------
The court-appointed trustee for Pepi S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 9, 2010.
The trustee will present the validated claims in court as
individual reports on February 23, 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.
Creditors will vote to ratify the completed settlement plan
during the assembly on June 23, 2011.
S.F.C. ARGENTINA: Trustee Verifying Proofs of Claim Until Nov. 22
-----------------------------------------------------------------
The court-appointed trustee for S.F.C. Argentina S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 22, 2010.
The trustee will present the validated claims in court as
individual reports on March 7, 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 16, 2011.
=============
B E R M U D A
=============
FAST WAH: Creditors' Proofs of Debt Due on October 15
-----------------------------------------------------
The creditors of Fast Wah Lei International Holdings Limited are
required to file their proofs of debt by October 15, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on September 27, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonaes Court
22 Victoria Street, Hamilton
Bermuda
FAST WAH: Members' Final Meeting Set for November 2
---------------------------------------------------
The members of Fast Wah Lei International Holdings Limited will
hold their final meeting, on November 2, 2010, 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on September 27, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonaes Court
22 Victoria Street, Hamilton
Bermuda
===========
B R A Z I L
===========
EVEN CONSTRUTORA: S&P Assigns 'BB-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
long-term corporate credit rating and its 'brA-' Brazil National
Scale rating to builder and developer EVEN Construtora e
Incorporadora S.A. The outlook is stable.
"S&P's ratings on EVEN reflect strong fundamentals in the
company's business profile, such as its well-established brand,
improved margins, and the expected strengthening of its credit
metrics," said Standard & Poor's credit analyst Debora Confortini.
S&P believes EVEN will continue to benefit from positive
fundamentals in the construction industry in Brazil, particularly
the favorable outlook for credit availability for both developers
and home buyers. EVEN has remained one of the main homebuilders
in the Southeast of Brazil, particularly in S?o Paulo, even with a
growth strategy that S&P view as more conservative than its
Brazilian peers', and that puts less pressure on its financial
profile.
The company has a well-established brand in the medium- and high-
income segments. However, as a niche company, EVEN has high
exposure to this particular market and is geographically
concentrated in regions that have a more competitive environment
with inflationary cost pressures and increased competition for
land. EVEN's recent move toward low/middle-income projects using
the Open brand has diversified its portfolio and resulted in
positive sales, but not enough to ensure greater diversification
for the company.
Due to the large volume of projects completed in 2007 and 2008
(recognized as sales for 2009/2010 under percentage-of-completion
accounting), S&P expects EVEN to present strong revenue growth in
2009 and 2010. Therefore, S&P is projecting negative operating
cash flow in 2010, when roll-out projects should require
additional working capital. The company expects to stabilize its
roll-out projects at Brazilian reais (R$) 2.5 billion per year
from 2012 on, and then generate positive cash flow to further
reduce its leverage. S&P is projecting a total debt-to-EBITDA
ratio of less than 3.5x in 2011. Gradual deleveraging in coming
years will result mainly from a proportionately lower rate of cash
use and increased recognition of revenue as recently started
projects mature.
The stable outlook reflects S&P's expectation that a slower growth
rate in the coming years will enable EVEN to improve credit
metrics, particularly if its FOCF from 2013 onward is positive.
S&P may raise the ratings if EVEN's liquidity position improves
more than S&P expects and gross debt remains under control (less
than 2.0x). S&P could lower its ratings if EVEN maintains an
aggressive growth strategy that requires heavy investment in
working capital, maintains negative FOCF especially under less-
favorable market conditions, and reports total debt adjusted by
EBITDA of more than 4.0x.
==========================
C A Y M A N I S L A N D S
==========================
#1 JAPAN REGENERATION: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------------
The creditors of #1 Japan Regeneration Fund Co., Ltd. are required
to file their proofs of debt by October 27, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on September 15,
2010.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
CADIZ SHIPPING: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Cadiz Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
CUBE PRIVATE: Creditors' Proofs of Debt Due on October 27
---------------------------------------------------------
The creditors of Cube Private Equity are required to file their
proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 14,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9005
Cayman Islands
ESPRIT INTERNATIONAL: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------------
The creditors of Esprit International Limited are required to file
their proofs of debt by October 28, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 14,
2010.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
GALLEON QUANTITATIVE: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------------
The creditors of Galleon Quantitative Fund, Ltd. are required to
file their proofs of debt by October 27, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on August 30, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
GREEN WAY: Creditors' Proofs of Debt Due on October 25
------------------------------------------------------
The creditors of Green Way Managed Account Euro, Ltd. are required
to file their proofs of debt by October 25, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on September 8, 2010.
The company's liquidator is:
Richard Finlay
Telephone: (345) 945 3901
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
HUA NAN: Creditors' Proofs of Debt Due on October 18
----------------------------------------------------
The creditors of Hua Nan International Limited are required to
file their proofs of debt by October 18, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on September 15,
2010.
The company's liquidator is:
Portcullis Trustnet (Cayman) Ltd.
c/o Michelle R. Bodden-Moxam
Telephone: 945-6145
Facsimile: 945-6146
The Grand Pavilion Commercial Centre
Oleander Way, 802 West Bay Road
P.O. Box 32052, Grand Cayman KY1-1208
Cayman Islands
IAT GROUP: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------
The creditors of IAT Group Inc. are required to file their proofs
of debt by October 27, 2010, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on August 30, 2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
LERIDA SHIPPING: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Lerida Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
MALAGA SHIPPING: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Malaga Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
MEDINA SHIPPING: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Medina Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
MERRIAM INSURANCE: Commences Wind-Up Proceedings
------------------------------------------------
On October 15, 2010, a final resolution was passed to wind up the
operations of Merriam Insurance Company, Ltd.
The company's liquidator is:
Kieran Mehigan
Marsh Management Services Cayman Ltd
PEQUOT EMERGING: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Pequot Emerging Managers Offshore Fund, Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 9,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
PEQUOT MARKET: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------
The creditors of Pequot Market Neutral Financial Services Master
Fund, Ltd. are required to file their proofs of debt by
October 27, 2010, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on September 10,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
PEQUOT PORTABLE: Creditors' Proofs of Debt Due on October 27
------------------------------------------------------------
The creditors of Pequot Portable Alpha Master Fund, Ltd. are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 9,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
SEGOVIA SHIPPING: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Segovia Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
SIDONIA SHIPPING: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Sidonia Shipping Corporation are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 1,
2010.
The company's liquidator is:
Walkers Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9005
Cayman Islands
SPIRIT ASIA: Creditors' Proofs of Debt Due on October 27
--------------------------------------------------------
The creditors of Spirit Asia Management Ltd. are required to file
their proofs of debt by October 27, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 8, 2010.
The company's liquidator is:
Ogier
Michelle Richie
Telephone: (345) 815 1755
Facsimile: (345) 949-9877
c/o Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
TRIPLAS SERIES: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------------
The creditors of Triplas Series II Synthetic CDO Limited are
required to file their proofs of debt by October 27, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 15,
2010.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
WILLOWSIDE INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 26
----------------------------------------------------------------
The creditors of Willowside Investments Limited are required to
file their proofs of debt by November 26, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 14, 2010.
The company's liquidator is:
Lisa Clarke
c/o Jane Fleming or Lisa Clarke
Telephone: (345) 945-2187 / (345) 945-2197
PO Box 30464, Grand Cayman KY1-1202
Cayman Islands
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: CLICO Starts Paying Policy Holders
--------------------------------------------
Policyholders of CLICO Life and General Insurance Company South
America Limited (CLICO Guyana), a unit of CL Financial Limited,
can now start breathing a sigh of relief as the liquidator has
commenced payouts, Kaieteur News Online reports. The report
relates that Deputy Governor of the Bank of Guyana, Dr. Gobin
Ganga confirmed the disclosure.
According to the report, Dr. Ganga said that these payouts will be
made to those that have policies under TT$30 Million. The report
notes that as it relates to the submission of bids for the assets
Dr. Ganga said that the closing date for bids was only on
September 1, 2010, and as such he was not in a position to comment
given that he did not have the requisite information at hand.
A total of 11,290 policyholders with deposits and policies in
CLICO are to be paid, the report says.
Kaieteur News Online relates that several policyholders are yet to
be given word despite the fact that the liquidator has said that
letters have been issued.
Meanwhile, Kaieteur News Online discloses, the Federation of
Independent Trade Unions of Guyana (FITUG) stated that it has been
monitoring, closely, development with respect to the CLICO Group
across the Caribbean. The report relates the umbrella body said
that it has more than a passing interest in the matter, given that
so many of their members have policies with this company, and
given the wider implications for the business and labor
environment.
It was pointed out that the Government's decision to sell the long
term insurance portfolio to ensure its continuity and to make
$3.6B immediately available to refund holders of policies under
other classes of business "is wholeheartedly congratulated and
welcomed," Kaieteur News Online adds.
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.
CL FIN'L: Policyholders Plan to Picket Prime Minister's Office
--------------------------------------------------------------
Picketing the office of Prime Minister Kamla Persad-Bissessar upon
her return to the country and a no-confidence vote in the People's
Partnership were two of the solutions policyholders came up with
at the emotionally charged of Colonial Life Insurance Company
(Trinidad) Limited (CLICO) Policy Holders Group meeting at Centre
Point Mall in Chaguanas on September 25, 2010, Trinidad Express
reports.
According to the report, in a packed auditorium, dozens of policy
holders lined up behind microphones for a chance to air their
displeasure at the plan promised by Finance Minister Winston
Dookeran.
Trinidad Express notes Ramesh Lawrence Maharaj, SC, who will be
representing the policy holders in any impending civil action,
laughed and shook his head as member after member voiced their
displeasure with the way the CLICO issue was being handled by the
Government. The report relates Mr. Maharaj said his next option
to resolve the CLICO issue was to send a "legal pre-action
protocol letter" to the Government. "If they don't respond after
that we will have the court determine the next step. I am
committed for the long legal battle," Trinidad Express quoted Mr.
Maharaj as saying.
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.
CL FIN'L: CLICO Agents Threaten Protests
----------------------------------------
Cecily Asson at Newsday reports that a small group of Colonial
Life Insurance Company (Trinidad) Limited (CLICO) agents who said
their lives are constantly under threat because of the collapse of
the insurance company, vowed to take to the streets on behalf of
hundreds of clients should Government fail to reconsider its
bailout proposals for policyholders. CLICO is a unit of CL
Financial Limited. The report relates Chairman of the South
Action Group Solomon Hem Lee made the disclosure at a press
briefing held at Cara Suites, Claxton Bay.
According to Newsday, the government has offered a payment of
deposits in excess of TT$75,000 over 20 years at zero interest to
policyholders. The report relates Mr. Lee said SAG was formed
after the 2011 Budget was presented on September 8. "The group
came into being out of necessity. Agents and clients had serious
problems with the fact that people would be given TT$75,000 and
the balance paid to them over 20 years with zero interest," the
report quoted Mr. Lee as saying.
Newsday notes that SAG is made up of 16 insurance agents and is a
separate entity from other policyholders' lobby groups.
A document, dated September 21, detailing the concerns of the
agents has been sent to the office of Finance Minister Winston
Dookeran and copied to Prime Minister Kamla Persad-Bissessar,
Opposition Leader Dr. Keith Rowley and Central Bank Governor Ewart
Williams, Newsday reports. Mr. Lee, the report relates, believes
that within two weeks there should be some response from "the
powers that be."
Mr. Lee also recommended the time-frame for the current
government's plan be reduced from 20 years to five years and
interest already earned should be paid up to maturity or a
deadline, Newsday adds.
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 * * *