/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101011.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, October 11, 2010, Vol. 11, No. 200 Headlines A R G E N T I N A ALUMNOR SA: Creditors' Proofs of Debt Due November 19 AUTOPISTAS DEL SOL: Closes Debt Swap With Creditors BRICKSTORE SA: Creditors' Proofs of Debt Due November 22 COLUCO SA: Creditors' Proofs of Debt Due December 14 GARANTIA DE VALORES: Moody's Puts 'B2' Insurance Strength Rating J & M CONSULTORES: Creditors' Proofs of Debt Due December 21 RAGUSA SA: Creditors' Proofs of Debt Due October 29 B E R M U D A PROTOSTAR INC: Judge Approves Liquidation Plan C A Y M A N I S L A N D S #1 JAPAN: Shareholders' Final Meeting Set for October 29 CADIZ SHIPPING: Shareholders' Final Meeting Set for October 29 CUBE PRIVATE: Shareholders' Final Meeting Set for October 29 DRAGON'S ARM: Shareholder to Hear Wind-Up Report on October 25 GREEN WAY: Shareholders' Final Meeting Set for November 1 HUA NAN: Members' Final Meeting Set for October 18 LERIDA SHIPPING: Shareholders' Final Meeting Set for October 29 LUMEN MASTER: Shareholders' Final Meeting Set for October 22 LUMEN GLOBAL: Shareholders' Final Meeting Set for October 22 MALAGA SHIPPING: Shareholders' Final Meeting Set for October 29 MEDINA SHIPPING: Shareholders' Final Meeting Set for October 29 NIPPON SAISEI: Shareholders' Final Meeting Set for October 29 PEQUOT EMERGING: Shareholders' Final Meeting Set for October 29 PEQUOT PORTABLE: Shareholders' Final Meeting Set for October 29 SEGOVIA SHIPPING: Shareholders' Final Meeting Set for October 29 SIDONIA SHIPPING: Shareholders' Final Meeting Set for October 29 SPIRIT ASIA: Shareholder to Hear Wind-Up Report on October 27 UCM GLOBAL: Shareholders' Final Meeting Set for October 22 UNION NATIONAL: Shareholders' Final Meeting Set for December 10 WILLOWSIDE INVESTMENTS: Shareholders' Meeting Set for Nov. 26 C O S T A R I C A STANDARD FRUIT: Closes Costa Rico Plant on Dollar Drop J A M A I C A DYOLL INSURANCE: Trial Date Set for September 2011 NATIONAL COMMERCIAL BANK: Rejects Claims of JDX Service Fee Hikes M E X I C O IXE BANCO: Fitch Affirms Issuer Default Rating at 'BB' P U E R T O R I C O HOSPITAL DAMAS: Taps Charles A. Cuprill as Bankruptcy Counsel T R I N I D A D & T O B A G O CL FIN'L: CLICO Reveals Members of Company's Board X X X X X X X X * BOND PRICING: For the Week October 4 to October 8, 2010 - - - - - ================= A R G E N T I N A ================= ALUMNOR SA: Creditors' Proofs of Debt Due November 19 ----------------------------------------------------- Gustavo Fiszman en Emilio Mitre, the court-appointed trustee for Alumnor SA'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. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Gustavo Fiszman en Emilio Mitre 435 Argentina AUTOPISTAS DEL SOL: Closes Debt Swap With Creditors --------------------------------------------------- Autopistas del Sol SA has closed its drawn out debt restructuring offer after creditors holding 95.7% of the company's debt accepted the deal, Dow Jones' DBR Small Cap reports. Autopistas del Sol S.A. operates and maintains motorways in Argentina. The company runs part of the Pan-American highway as toll concession. * * * The Company carries Standard and Poor's "D" long-term foreign issuer credit rating. The Company also continues to carry S&P's "D" national long-term issuer credit rating. BRICKSTORE SA: Creditors' Proofs of Debt Due November 22 -------------------------------------------------------- Hugo Angarolla, the court-appointed trustee for Brickstore SA'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. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Hugo Angarolla Olazabal 260 Argentina COLUCO SA: Creditors' Proofs of Debt Due December 14 ---------------------------------------------------- Mariela Bellani en Marcelo T. de Alvear, the court-appointed trustee for Coluco SA'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. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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. GARANTIA DE VALORES: Moody's Puts 'B2' Insurance Strength Rating ---------------------------------------------------------------- Moody's Latin America has assigned a B2 global local currency insurance financial strength rating and a A1.ar IFS rating on Argentina's national scale to financial guarantor Garantia de Valores SGR. The ratings outlook is stable. Ratings Rationale Garantia de Valores is 50% owned by Caja de Valores S.A., the main privately-owned depositary and custody agent of stocks and securities in Argentina, with the remainder distributed among more than 600 small and midsized enterprises, whose financial obligations Garantia de Valores guarantees. Garantia de Valores focuses on facilitating these enterprises' access to funding. Guarantees outstanding are mainly listed checks issued by SMEs and traded on the Buenos Aires Stock Exchange, as well as securitizations and bank loans. According to Moody's, Garantia de Valores's ratings primarily reflect the strong implied support from its main parent Caja de Valores S.A., its adequate presence in the market (estimated market share of 4% based on outstanding guarantees), and the company's low operating leverage (the ratio of outstanding guarantees to investments at around 1.2 times). "Despite its strengths, Garantia de Valores faces some challenges," says Senior Analyst Alejandro Pavlov. "These include it's still high concentration in the agricultural sector, the weak credit quality of its investments -- which due to regulatory limitations are mostly non-investment grade term deposits in local banks -- and Argentina's elevated sovereign and operating credit risk profile." Factors that could contribute to a rating upgrade for Garantia de Valores include: 1) a sustained low delinquency rate on its guarantees outstanding, 2) a more diversified business composition, with at least two economic sectors representing 25% or more of its total outstanding guarantees, 3) a sustained improvement in asset quality, and 4) improvement in the operating environment and/or an upgrade of Argentina's sovereign bond rating. Factors that could place downward pressure on the rating include: 1) weaker investment quality, 2) a prolonged increase in operating leverage, 3) a sustained increase in delinquencies, 4) reduced sector diversification, and 5) a deterioration in the operating environment and/or a downgrade of Argentina's sovereign bond rating. Based in Buenos Aires, Garantia de Valores for the first half of fiscal year 2010, ended June 30, reported total assets of AR$69 million, and a net profit of only thousands of AR$3.6 compared with thousands of AR$49.6 for the same period of 2009. Shareholders' equity declined slightly and totaled AR$63 million, compared with AR$65 million at year-end 2009. Total outstanding guarantees totaled AR$73 million at June 30, 2010. NOTE: Moody's national scale ratings rank an entity's credit risk in comparison with that of other firms in the same country. Such ratings are designed for use at the local (national) level, and are not globally comparable. For Argentine companies, national scale ratings carry the identifier ".ar". Moody's global local currency ratings indicate credit risk on a globally comparable basis. Taken together, the national scale and global local currency ratings provide a more comprehensive opinion of a company's credit risk. Moody's insurance financial strength ratings are opinions about the ability of insurance companies to pay senior policyholder claims and obligations in a timely manner. 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 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. J & M CONSULTORES: Creditors' Proofs of Debt Due December 21 ------------------------------------------------------------ Graciela Cristina Perez, the court-appointed trustee for J & M Consultores SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 21, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Graciela Cristina Perez Arengreen 678 Argentina RAGUSA SA: Creditors' Proofs of Debt Due October 29 --------------------------------------------------- Jorge David Jalfi, the court-appointed trustee for Ragusa SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 29, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge David Jalfi Sarmiento 1452 Argentina ============= B E R M U D A ============= PROTOSTAR INC: Judge Approves Liquidation Plan ---------------------------------------------- Bankruptcy Law360 reports that Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved ProtoStar Inc.'s Chapter 11 liquidation plan Wednesday, clearing the way for the defunct satellite operator to pay off creditors with US$400 million in proceeds from the sale of its satellites. ProtoStar has reached an agreement with the Official Committee of Unsecured Creditors on the terms of the Chapter 11 plan. A creditor, Kiskadee Communications (Bermuda) Ltd., objected to ProtoStar's creditor-repayment plan. The Plan, according to Dow Jones' DRB Small Cap, is based on a settlement agreement between ProtoStar's secured lenders and a committee that represents unsecured creditors in the company's bankruptcy case. Under the settlement agreement, the secured lenders -- which were initially slated to receive all of the proceeds from the sale of ProtoStar's two satellites -- have agreed to let unsecured creditors have some of the proceeds. Specifically, unsecured creditors will receive their share of US$10.2 million. In exchange, the unsecured creditors committee agreed to drop its legal challenge of the secured lenders' liens. About ProtoStar Ltd. Hamilton, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to-home satellite television and broadband Internet access across the Asia-Pacific region. The Company and its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 09-12659) on July 29, 2009. The Debtor selected Milbank, Tweed, Hadley & McCloy LLP as lead counsel; Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Appleby as Bermuda counsel; UBS Securities LLC as financial advisor and\ investment banker and Kurtzman Carson Consultants LLC as claims\ and noticing agent. Lawyers at Lowenstein Sandler PC and Greenberg Traurig LLP represent the Official Committee of Unsecured Creditors. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. serves as liquidator of the Bermuda Group. In their Chapter 11 petitions, the Debtors each estimated their assets and debts at US$100 million and US$500 million. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 and liabilities totaling US$528,000,000. ========================== C A Y M A N I S L A N D S ========================== #1 JAPAN: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------- The shareholders of #1 Japan Regeneration Fund Co., Ltd. will hold their final meeting, on October 29, 2010, at 12:45 p.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 CADIZ SHIPPING: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------------- The shareholders of Cadiz Shipping Corporation will hold their final meeting, on October 29, 2010, at 1:00 p.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 CUBE PRIVATE: Shareholders' Final Meeting Set for October 29 ------------------------------------------------------------ The shareholders of Cube Private Equity will hold their final meeting, on October 29, 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 DRAGON'S ARM: Shareholder to Hear Wind-Up Report on October 25 -------------------------------------------------------------- The shareholder of Dragon's Arm Company will receive, on October 25, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 GREEN WAY: Shareholders' Final Meeting Set for November 1 --------------------------------------------------------- The shareholders of Green Way Managed Account Euro, Ltd. will hold their final meeting, on November 1, 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: Richard Finlay Telephone: (345) 945 3901 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands HUA NAN: Members' Final Meeting Set for October 18 -------------------------------------------------- The members of Hua Nan International Limited will hold their final meeting, on October 18, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chen, Wei-Kuo c/o Michelle R. Bodden-Moxam Telephone: 945-6145 Facsimile: 945-6146 Portcullis TrustNet (Cayman) Ltd. The Grand Pavilion Commercial Centre Oleander Way 802 West Bay Road P.O. Box 32052, Grand Cayman KY1-1208 Cayman Islands LERIDA SHIPPING: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Lerida Shipping Corporation will hold their final meeting, on October 29, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands LUMEN MASTER: Shareholders' Final Meeting Set for October 22 ------------------------------------------------------------ The shareholders of Lumen Master Global Value Fund, Ltd. will hold their final meeting, on October 22, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Glen Trenouth Rodney Graham Telephone: (345) 943 8800 Facsimile: (345) 943 8801 P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands LUMEN GLOBAL: Shareholders' Final Meeting Set for October 22 ------------------------------------------------------------ The shareholders of Lumen Global Value Fund, Ltd. will hold their final meeting, on October 22, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Glen Trenouth Rodney Graham Telephone: (345) 943 8800 Facsimile: (345) 943 8801 P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands MALAGA SHIPPING: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Malaga Shipping Corporation will hold their final meeting, on October 29, 2010, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MEDINA SHIPPING: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Medina Shipping Corporation will hold their final meeting, on October 29, 2010, at 11:15 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 NIPPON SAISEI: Shareholders' Final Meeting Set for October 29 ------------------------------------------------------------- The shareholders of Nippon Saisei Real Estate Investments Ltd. will hold their final meeting, on October 29, 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 SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands PEQUOT EMERGING: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Pequot Emerging Managers Offshore Fund, Ltd. will hold their final meeting, on October 29, 2010, at 1:15 p.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 PEQUOT PORTABLE: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Pequot Portable Alpha Master Fund, Ltd. will hold their final meeting, on October 29, 2010, at 12:00 noon, 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 SEGOVIA SHIPPING: Shareholders' Final Meeting Set for October 29 ---------------------------------------------------------------- The shareholders of Segovia Shipping Corporation will hold their final meeting, on October 29, 2010, at 11:30 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 SIDONIA SHIPPING: Shareholders' Final Meeting Set for October 29 ---------------------------------------------------------------- The shareholders of Sidonia Shipping Corporation will hold their final meeting, on October 29, 2010, at 11:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands SPIRIT ASIA: Shareholder to Hear Wind-Up Report on October 27 ------------------------------------------------------------- The shareholder of Spirit Asia Management Ltd. will receive, on October 27, 2010, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michelle Richie Telephone: (345) 815 1755 Facsimile: (345) 949-9877 UCM GLOBAL: Shareholders' Final Meeting Set for October 22 ---------------------------------------------------------- The shareholders of UCM Global Funding Ltd. will hold their final meeting, on October 22, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Glen Trenouth Rodney Graham Telephone: (345) 943 8800 Facsimile: (345) 943 8801 P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands UNION NATIONAL: Shareholders' Final Meeting Set for December 10 --------------------------------------------------------------- The shareholders of Union National Investment Management Ltd. will hold their final meeting, on December 10, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Directorsplus Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 DirectorsPlus Limited Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman, KY1-1207 Cayman Islands WILLOWSIDE INVESTMENTS: Shareholders' Meeting Set for Nov. 26 ------------------------------------------------------------- The shareholders of Willowside Investments Limited will hold their final meeting, on November 26, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 ================== C O S T A R I C A ================== STANDARD FRUIT: Closes Costa Rico Plant on Dollar Drop ------------------------------------------------------ The Standard Fruit Company is shutting down its container yard in Limon, due to the drop in the dollar exchange, Inside Costa Rica reports. The report relates Juan Carlos Rojas, vice-president of Standard fruit, explained that more operations in Costa Rica could also be closed. According to the report, in Filadefia, Guanacaste Del Monte will close its melon processing plant putting out work some 1,500 workers. The report relates that the closure is being blamed on low production for the 2010-2011 season in the Guancaste canton of Carrillo and the drop in the dollar. Luis Gomez, spokesperson for Del Monte, said that other plant closures may be in the works, the report notes. Inside Costa Rica says that both companies are blaming the "very high" cost of operations caused by the drop in the dollar and the shrinking of international fruit markets. The report relates Mr. Rojas added that problems at Costa Rica's ports make operations non-sustainable in Costa Rica, in addition to this year's drop of 40% in banana prices in Europe over 2009. Standard Fruit, the report adds, assured that the company will meet all its legal obligations and will pay all severance and benefits to the laid off workers. About Standard Fruit The Standard Fruit Company is the Costa Rican subsidiary of the multinational Dole. Standard Fruit employees some 7,000 in Costa Rica of which 380 work at the Limon container yard that is used to export banana, pineapple and melon. ============= J A M A I C A ============= DYOLL INSURANCE: Trial Date Set for September 2011 -------------------------------------------------- A trial date of September 2011 has now been set for the case that the joint liquidators of Dyoll Insurance Company brought against former reinsurer Aon Benfield Canada, formerly Aon Re Canada, claiming negligence in its advice as reinsurance broker, allegations which Aon denied, Jamaica Gleaner reports. According to the report, early this year, Dyoll Insurance served Aon Benfield Canada with a lawsuit claiming damages of US$19.86 million, the matter being brought before the Jamaican Supreme Court in April 2010. But, the report notes, in accordance with civil court procedures, the matter was referred to mediation. No compromise could have been arrived at between the parties and a decision was made to proceed to a court trial, the report says. "Both parties met to try and arrive at a settlement, but none was reached. Aon made an offer that was too low and they just could not find a suitable settlement that both were comfortable with," Jamaica Gleaner quoted Debra Dodd, the representative agent for the Jamaican liquidator, as saying. The report notes Mr. Dodd said that Aon Benfield made an offer of US$1 million, revising it to US$2.5 million, a figure much too low for the joint liquidators to agree to. "A trial date is set for September 2011, having gone to case management with certain disclosures now to be made leading up to the trial date," Mr. Dodd explained, Jamaica Gleaner relates. The mediation proceedings took place on August 31, following which case management was done on September 22. "The process of discovery is now ongoing, where both parties will now have to disclose documents which they intend to rely on to the other party," the report quoted Debbie-Ann Gordon, attorney-at-law representing the joint liquidators, as saying. "While each orders have separate deadlines to be submitted, all orders will have to be received by April 2011," she added. The report recalls that Dyoll Insurance collapsed in late 2004 when it was swamped with claims after Hurricane Ivan devastated properties and crops for which it could not pay. The report relates that Dyoll wrote insurance coverage for clients in Jamaica and Cayman, with liquidators being appointed in both territories after the company went bankrupt. The Gleaner discloses that John Lee, the Jamaican liquidator in the case, had previously asserted in an interview that the cause of the collapse was that the reinsurance bought by Dyoll was inadequate. Aon Benfield Canada acted as the company's reinsurance broker, at the time advising the type of reinsurance to be purchased by Dyoll, but the company has denied the charges, the report relates. In addition to this case, Dyoll also has a case against its parent company, Dyoll Group of Companies, the report adds. A ruling is still pending. About Dyoll Group Dyoll Group Ltd. is a Jamaica-based company that is principally engaged in the insurance business. Jamaica's Financial Services Commission has assumed temporary management of the Jamaica-based Dyoll Insurance Co. Ltd. in March 7, 2005, to establish the true position of the Company, address the matter of settlement to its claimants and ensure that its policies will remain in force after a high level of insurance claims were leveled on the company as a result of the hurricane Ivan. Kenneth Tomlinson was appointed temporary manager. Jamaica's Supreme Court ordered for the distribution of a US$653 million fund held by the FSC in accordance with the Insurance Act 2001, section 59, which says that the prescribed deposit, on the winding up of an insurance company, should be applied first to settle the claims of local policyholders. NATIONAL COMMERCIAL BANK: Rejects Claims of JDX Service Fee Hikes ---------------------------------------------------------------- National Commercial Bank Jamaica Limited has rejected claims that it hiked its service fees to counteract the effects of the Jamaica Debt Exchange, RadioJamaica reports. The report relates that the bank was responding to the findings of a Consumer Affairs Commission survey of bank charges. According to the report, the results showed that in recent months local banks had dramatically increased the fees they charge their customers. In once instance, the report says, the survey showed that at NCB, persons are charged JM$200 to withdraw money from their accounts, a 122% increase when compared to the corresponding period last year. However, RadioJamaica notes, Senior Assistant General Manager at NCB Sheree Martin says contrary to popular belief the bank did not adjust its fees to compensate for the loss in interest income under the JDX. Ms. Martin, the report relates, explained that although NCB reviewed its fee structure in February, this has had little effect on the bank's bottom line. RadioJamaica discloses Ms. Martin explained that NCB's service charges are normally adjusted to cover some of the bank's operational expenses. The bank has been advising customers on ways to avoid paying service fees, she added. About NCB Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. * * * As reported in the Troubled Company Reporter-Latin America on March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based National Commercial Bank Jamaica Limited's Long-term foreign and local currency Issuer Default Rating to 'B-' from 'CCC'; Short- term foreign and local currency IDR to 'B' from 'C'; and Support floor to 'B-' from 'CCC'. =========== M E X I C O =========== IXE BANCO: Fitch Affirms Issuer Default Rating at 'BB' ------------------------------------------------------ Fitch Ratings has affirmed Ixe Banco's long-term foreign and local currency Issuer Default Rating at 'BB' and Individual rating at 'C/D'. Fitch has also assigned an expected rating of 'B+' to Ixe's planned issue of hybrid securities. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release. The affirmation of Ixe's Individual rating at 'C/D' and long-term Issuer Default Rating at 'BB' reflect Fitch's view that Ixe has adequately faced the tough recent operating environment by maintaining good asset quality, sound capital levels and ample liquidity despite continued growth in overall business volumes, which are the major drivers of the bank's ratings. Slightly improving economic conditions and somewhat better prospects for an eventual recovery of its weak core profitability were also factored in. In turn, the ratings also consider Ixe's relatively limited loss absorption capacity, high borrower and risk concentrations, as well as the challenges associated to relatively rapid loan growth and business diversification. The Stable Outlook reflects Fitch's opinion that Ixe's ratings will likely remain unchanged over the next 12-24 months, absent any extraordinary event. However, over the medium term, Ixe's ratings could be upgraded if it enhances its core profitability and risk diversification, while maintaining sound liquidity, capital and asset quality. In turn, failure to contain net losses at minimal levels could affect its ratings, as well as material deterioration in its loss absorption capacity and/or asset quality. Given its focus on corporate lending and wealthier segments of individuals, Ixe has maintained better-than-peers asset quality metrics, although it has some borrower concentrations and material exposure to event risk and related-party lending. Since 2007, the bank's operating performance has been weak, underpinned by an initially aggressive expansion of its branch network and modest interest margins. In the future, the confluence of slower loan growth and a gradually improving environment should provide some relief to core earnings, but Fitch expects that core profitability will remain low, but positive in the near future. Liquidity is sound and the funding base is stable, diversified and recurring. Internal capital generation remains weak, but new capital and hybrid securities have prevented deterioration of capital ratios, which remain adequate. Core capital is somewhat limited. Fitch expects to assign a 'B+' rating to an upcoming issue of up to US$120 million of 10-year junior subordinated securities. The expected rating on the issue reflects that this will be ranked junior to senior unsecured and non-junior subordinated debtors. These securities will likely be considered as Class D hybrids (75%-equity credit under Fitch's capital assessment approach), but it should be noted that hybrids can only account for 30% of Fitch's definition of eligible capital, and there is little space at present for additional hybrids to account for as eligible capital, since there is already an outstanding hybrid issue for US$$120 million placed in 2007. The rating and the equity class of the upcoming issue will be made final upon receipt of conclusive documents confirming the characteristics of the securities already received. Also, it should be noted that Fitch is currently reviewing its criteria to determine the equity credit granted to hybrids, which could potentially result in a change in the equity class of Ixe's hybrid issues. Fitch has affirmed Ixe's ratings: -- Long-term foreign and local currency IDRs at 'BB'; -- Short-term foreign and local currency ratings at 'B'; -- Individual rating at 'C/D'; -- Support rating at '5'; -- Support rating floor at 'NF'; -- US$120 million junior subordinated perpetual securities at 'B+'; -- Long-term national-scale rating at 'A(mex)'; -- Short-term national-scale rating at 'F1(mex)'. Fitch has assigned an expected rating to Ixe's upcoming issuance: -- US$120 million 10-year junior subordinated securities 'B+'. The Rating Outlook is Stable. ==================== P U E R T O R I C O ==================== HOSPITAL DAMAS: Taps Charles A. Cuprill as Bankruptcy Counsel ------------------------------------------------------------- Hospital Damas, Inc., asks for authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Charles A. Cuprill, P.S.C., Law Offices, as bankruptcy counsel. Charles A. cuprill will represent the Debtor in its restructuring effort. The Firm will be paid based on the hourly rates of its personnel: Charles A. Cuprill-Hernandez US$350 Associate $200 Paralegals $75 Charles A. Cuprill-Hernandez, Esq., the principal of the Firm, assures the Court that the Firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. Ponce, Puerto Rico-based Hospital Damas, Inc., filed for Chapter 11 bankruptcy protection on September 24, 2010 (Bankr. D. P.R. Case No. 10-08844). According to its schedules, the Debtor disclosed US$24,017,166 in total assets and US$21,267,263 in total liabilities. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO Reveals Members of Company's Board -------------------------------------------------- Asha Javeed at Trinidad and Tobago Guardian reports that of Colonial Life Insurance Company (Trinidad) Limited has revealed the members of the company's board to its staff and key stakeholders. CLICO is a subsidiary of CL Financial Limited. The board members are: -- Denyse Mehta, -- Jagdeesh Siewrattan, -- Krishna Boodhai, -- Carolyn John, -- Steve Bideshi, and -- Gerald Yetming. According to the report, the Clico board met last week to embark on turnaround plan for the insurance company even as the government defends its budget's payout plan to Clico policyholders. The report relates that the government has proposed to make a TT$75,000 initial payment to Clico policyholders and 20 bond coupons (one for each year) at zero interest. But this plan has generated widespread condemnation among Clico policyholders, including the credit unions, the report says. The report adds that representatives of Clico policyholders will meet with a government team to discuss their concerns. 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$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * BOND PRICING: For the Week October 4 to October 8, 2010 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT- DIS 5.83 12/31/2033 ARS 155.6 ARGENT-$DIS 8.28 12/31/2033 USD 60 ARGENT-PAR 1.18 12/31/2038 ARS 56.6 ARGENT-?DIS 7.82 12/31/2033 EUR 69.5 ARGENT-?DIS 7.82 12/31/2033 EUR 71 ARGENT-�DIS 4.33 12/31/2033 JPY 42 ARGENT-�PAR&GDP 0.45 12/31/2038 JPY 8 BANCO MACRO SA 10.75 6/7/2012 USD 71.030045 BOGAR 2018 2 2/4/2018 ARS 36.9 MENDOZA PROVINCE 5.5 9/4/2018 USD 84.999627 BRAZIL CESP 9.75 1/15/2015 BRL 73.757582 CAYMAN ISLAND BANCO BPI (CI) 4.15 11/14/2035 EUR 68.148 BANIF FIN LTD 3 12/31/2019 EUR 59.375 BCP FINANCE CO 4.239 EUR 69.391666 BCP FINANCE CO 5.543 EUR 72.8125 BES FINANCE LTD 5.58 EUR 70.846264 BES FINANCE LTD 6.984 2/7/2035 EUR 64.499228 DUBAI HLDNG COMM 6 2/1/2017 GBP 69.703 EFG ORA FUNDING 1.7 10/29/2014 EUR 66.1121 ESFG INTERNATION 5.753 EUR 72.685715 FERTINITRO FIN 8.29 4/1/2020 USD 65 INDEPENDENCIA IN 15 3/31/2015 USD 53 PUBMASTER FIN 6.962 6/30/2028 GBP 71.2185 SHINSEI FIN CAYM 6.418 USD 67.0374 SHINSEI FINANCE 7.16 USD 67.289422 SHINSEI FINANCE 7.16 USD 66.716667 COLOMBIA AGUAS NUEVAS 3.4 5/15/2012 CLP 1.3562 PUERTO RICO PUERTO RICO CONS 6.5 4/1/2016 USD 51 VENEZUELA PETROLEOS DE VEN 4.9 10/28/2014 USD 62.511554 PETROLEOS DE VEN 4.9 10/28/2014 USD 62.64717 PETROLEOS DE VEN 5 10/28/2015 USD 58.051708 PETROLEOS DE VEN 5.125 10/28/2016 USD 54.459592 PETROLEOS DE VEN 5.25 4/12/2017 USD 57.816449 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.795615 PETROLEOS DE VEN 5.5 4/12/2037 USD 45.826051 VENEZUELA 5.75 2/26/2016 USD 67.5 VENEZUELA 6 12/9/2020 USD 56.35 VENEZUELA 7 3/31/2038 USD 54.25 VENEZUELA 7 3/31/2038 USD 53.348 VENEZUELA 7 12/1/2018 USD 63 VENEZUELA 7.65 4/21/2025 USD 59 VENEZUELA 7.75 10/13/2019 USD 65.25 VENEZUELA 8.25 10/13/2024 USD 62.9 VENEZUELA 9 5/7/2023 USD 65.75 VENEZUELA 9.25 9/15/2027 USD 70.662 VENEZUELA 9.25 5/7/2028 USD 65.5 VENEZUELA 9.25 9/15/2027 USD 70.75 VENZOD - 189000 9.375 1/13/2034 USD *********** 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 * * *