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/raid1/www/Hosts/bankrupt/TCRLA_Public/101015.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 15, 2010, Vol. 11, No. 204 Headlines A R G E N T I N A ALIMENTOS GENERAL: Requests for Preventive Contest MILLENS CORP: Asks for Preventive Contest PANTIN SA: Creditors' Proofs of Debt Due December 16 DIAGNOS SA: Creditors' Proofs of Debt Due November 23 CUAMABRA SA: Creditors' Proofs of Debt Due November 12 * ARGENTINA: Buenos Aires Fills Pres. Fernandez Bond Sale Vacuum B E R M U D A ORVIN LTD: Creditors' Proofs of Debt Due October 28 ORVIN LTD: Members' Meeting Set for November 17 C A Y M A N I S L A N D S A & B CREDIT: Members' Final Meeting Set for October 28 AWY LIMITED: Creditors' Proofs of Debt Due November 26 BBVA & PARTNERS: Shareholders Receive Wind-Up Report CAPITAL SERVICE: Members' Final Meeting Set for November 3 FERRO ALLOYS: Shareholder to Receive Wind-Up Report on October 26 FRONTPOINT OFFSHORE: Members' Final Meeting Set for November 2 HENDERSON MAC: Members' Final Meeting Set for October 27 JETS CO: Shareholder to Receive Wind-Up Report on October 27 MURCIE LAGO: Members' Final Meeting Set for November 2 MURCIE LAGO: Shareholders' Final Meeting Set for November 2 PROSERVE INSURANCE: Shareholders' Final Meeting Set for November 1 TANGARA JAPAN: Members' Final Meeting Set for October 28 TANGARA U.S.: Members' Final Meeting Set for October 28 TANGARA US: Members' Final Meeting Set for October 28 TANGARA US: Members' Final Meeting Set for October 28 J A M A I C A SUGAR COMPANY OF JAMAICA: Racks Up Millions in NIS Arrears T R I N I D A D & T O B A G O CL FIN'L: Credit Unions Pleased With Minister Bharath Meeting PETROTRIN: OWTU Against Lindsay Gillette as Firm Chairman - - - - - ================= A R G E N T I N A ================= ALIMENTOS GENERAL: Requests for Preventive Contest -------------------------------------------------- Alimentos General Rodriguez SA requested for preventive contest. The company stopped making payments last August 6, 2010. MILLENS CORP: Asks for Preventive Contest ----------------------------------------- Millens Corp SA asked for preventive contest. PANTIN SA: Creditors' Proofs of Debt Due December 16 ---------------------------------------------------- Estudio Cupito, the court-appointed trustee for Pantin SA's reorganization proceedings, will be verifying creditors' proofs of claim until December 16, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 33, 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 September 7, 2011. The Trustee can be reached at: Estudio Cupito Posadas 1564 Argentina DIAGNOS SA: Creditors' Proofs of Debt Due November 23 ----------------------------------------------------- Estudio Bianco, the court-appointed trustee for Diagnos SA Medico Asistencial's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 23, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, 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: Estudio Bianco Salton y Asociados Uruguay 660 CUAMABRA SA: Creditors' Proofs of Debt Due November 12 ------------------------------------------------------ Sergio Novick, the court-appointed trustee for Cuamabra SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 12, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, 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: Sergio Novick Libertad 359 Argentina * ARGENTINA: Buenos Aires Fills Pres. Fernandez Bond Sale Vacuum ---------------------------------------------------------------- Ben Bain at Bloomberg News reports that Argentine municipal governments from Buenos Aires to Cordoba are filling the void created by President Cristina Fernandez de Kirchner's decision to spurn international bond markets. According to the report, Buenos Aires sold US$250 million of five- year bonds to yield 11.5 percent on October 13, 2010, the province's second overseas sale in three weeks. The offering pushed issuance by local governments this year to US$1.8 billion, according to data compiled by Bloomberg. Yields on federal bonds due in 2017 fell to 8 percent on October 13, 2010, the lowest since the government issued the securities as part of a US$12.2 billion swap of defaulted debt in June. Mr. Fernandez, according to the report, said she isn't interested in selling bonds abroad at an 8% yield. The report relates that the lack of sales from the Argentine government, which has been absent from overseas bond markets since it defaulted on a record $95 billion in 2001, has paved the way for offerings by the provinces of Cordoba and Chubut and the city of Buenos Aires. "The relative shortage of supply of Argentine sovereign paper has meant the provinces now have the opportunity to access the market," the report quoted Jeremy Brewin, who manages US$2.4 billion of emerging-market assets, including Argentine debt, with Aviva Investors in London. "I wouldn't be surprised to see other provinces come," he added. * * * As of September 22, 2010, Buenos Aires province continues to carry Moody's "B2" long-term and foreign currency long-term debt rating. The province also continues to carry Standard and Poor's "B" issuer credit ratings. * * * As of July 2, 2010, the Argentina republic continues to carry Moody's "Caa1" country ceiling long-term foreign bank deposit rating and "B2" country ceiling long-term currency debt ratings. The company also continues to carry Standard and Poor's "B-" currency long-term debt ratings and "C" currency ST debt ratings. ============= B E R M U D A ============= ORVIN LTD: Creditors' Proofs of Debt Due October 28 --------------------------------------------------- The creditors of Orvin Ltd. are required to file their proofs of debt by October 28, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 8, 2010. The company's liquidator is: Alexander Francis Pace- Bonello Anglo American Luxembourg S.a.r.l. 48 rue de Bragance L-1255 Luxembourg ORVIN LTD: Members' Meeting Set for November 17 ----------------------------------------------- The members of Orvin Ltd. will hold their general meeting on November 17, 2010, at 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 October 8, 2010. The company's liquidator is: Alexander Francis Pace- Bonello Anglo American Luxembourg S.a.r.l. 48 rue de Bragance L-1255 Luxembourg ========================== C A Y M A N I S L A N D S ========================== A & B CREDIT: Members' Final Meeting Set for October 28 ------------------------------------------------------- The members of A & B Credit Limited will hold their final meeting, on October 28, 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: Phil Mackey Babcock and Brown Sydney Level 23 The Chifley Tower No. 2 Chifley Square Sydney NSW 2000 Australia AWY LIMITED: Creditors' Proofs of Debt Due November 26 ------------------------------------------------------ The creditors of Awy Limited are required to file their proofs of debt by November 26, 2010, to be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: rrintoul@deloitte.com BBVA & PARTNERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of BBVA & Partners Euro Equity Arbitrage Ltd. received on October 7, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CAPITAL SERVICE: Members' Final Meeting Set for November 3 ---------------------------------------------------------- The members of Capital Service Holding Limited will hold their final meeting on November 3, 2010, at 10:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands FERRO ALLOYS: Shareholder to Receive Wind-Up Report on October 26 ----------------------------------------------------------------- The sole shareholder of Ferro Alloys Trading Inc. will receive on October 26, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Jose Alberto De Camargo Rua Frederic Chopin 283-Apt. 12 Jardim Paulistano, Sao Paulo c/o Lisa Jones Telephone: 1 412 221 7008 e-mail: jones@referencemetals.com Reference Metals Company, Inc. 1000 Old Pond Road Bridgeville, PA 15107 FRONTPOINT OFFSHORE: Members' Final Meeting Set for November 2 -------------------------------------------------------------- The members of Frontpoint Offshore Eurasia Opportunity Fund, Ltd. will hold their final meeting on November 2, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HENDERSON MAC: Members' Final Meeting Set for October 27 -------------------------------------------------------- The members of Henderson MAC 87 Ltd will hold their final meeting on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands JETS CO: Shareholder to Receive Wind-Up Report on October 27 ------------------------------------------------------------ The shareholder of Jets Co. Limited will receive on October 27, 2010, at 10:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands MURCIE LAGO: Members' Final Meeting Set for November 2 ------------------------------------------------------ The members of Murcie Lago International 2006-1 Limited will hold their final meeting on November 2, 2010, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093 Boundary Hall Grand Cayman KY1-1102 Cayman Islands MURCIE LAGO: Shareholders' Final Meeting Set for November 2 ----------------------------------------------------------- The shareholders of Murcie Lago International 2005-1 Limited will hold their final meeting on November 2, 2010, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands PROSERVE INSURANCE: Shareholders' Final Meeting Set for November 1 ------------------------------------------------------------------ The shareholders of Proserve Insurance Ltd. will hold their final meeting on November 1, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Atlas Insurance Management (Cayman) Limited Whitehall House, 3rd Floor 238 North Church Street George Town Grand Cayman KY1-1107 Cayman Islands TANGARA JAPAN: Members' Final Meeting Set for October 28 -------------------------------------------------------- The members of Tangara Japan Leasing Limited will hold their final meeting on October 28, 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: Phil Mackey Babcock and Brown Sydney Level 23 The Chifley Tower No. 2 Chifley Square Sydney NSW 2000 Australia TANGARA U.S.: Members' Final Meeting Set for October 28 ----------------------------------------------------- The members of Tangara U.S. Leasing Limited will hold their final meeting on October 28, 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: Phil Mackey Babcock and Brown Sydney Level 23 The Chifley Tower No. 2 Chifley Square Sydney NSW 2000 Australia TANGARA US: Members' Final Meeting Set for October 28 ----------------------------------------------------- The members of Tangara US 2 Leasing Limited will hold their final meeting on October 28, 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: Phil Mackey Babcock and Brown Sydney Level 23 The Chifley Tower No. 2 Chifley Square Sydney NSW 2000 Australia TANGARA US: Members' Final Meeting Set for October 28 ----------------------------------------------------- The members of Tangara US 6 Leasing Limited will hold their final meeting on October 28, 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: Phil Mackey Babcock and Brown Sydney Level 23 The Chifley Tower No. 2 Chifley Square Sydney NSW 2000 Australia ============= J A M A I C A ============= SUGAR COMPANY OF JAMAICA: Racks Up Millions in NIS Arrears ---------------------------------------------------------- Labour Minister Pearnel Charles has blasted the former People's National Party-administration for allowing the Sugar Company of Jamaica to rack up JM$430 million in arrears to the National Insurance Scheme, RadioJamaica reports. The report relates that the matter was raised by Minister of Social Security Pearnel Charles during his contribution to the Sectoral Debate. The report notes Mr. Charles took former Minister of Finance Dr. Omar Davies to task for failing to ensure that the state-run entity paid over NIS contributions which were deducted from sugar workers' pay. "This amount represents an accumulation of non-remittance to the NIS since 1997 and the former Minister of Finance who got up talking today had the responsibility and did nothing about it, absolutely nothing," the report quoted Mr. Charles as saying. "Since this government assumed office it became clear that non- performing government agencies could no longer continue the burden on the budget hence the policy of divestment," Mr. Charles added. Mr. Charles, the report notes, said that since the current administration assumed the debts of the SCJ, efforts have been made to regularize the situation and sugar workers will receive their NIS benefits. About SCJ The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Credit Unions Pleased With Minister Bharath Meeting ------------------------------------------------------------- Rhondor Dowlat at Trinidad and Tobago Newsday reports that Acting Minister of Finance Vasant Bharath on October 13, 2010, held a meeting with credit unions on the issue of the Government's Colonial Life Insurance Company (Trinidad) Limited bailout package. The report relates that prior to the meeting, president of the Co-operative Credit Union League Brian Moore said they would be raising two issues ". . . and that is the preservation of our investment, our principles and the continuation of our interest payments." The report notes Mr. Moore said the Credit Union League reiterated its position to Bharath and discussions will continue. But for now, he said, the team is "quite happy with the progress made so far". "We think Mr Bharath will do all in his power to ensure there is an amicable resolution in this matter. The minister indicated that he had received two proposals from the policyholders group, which include representation from the credit union movement and that discussions will be continuing between both parties," he added. Mr. Bharath, Newsday discloses, told several members of the media that the meeting was geared towards trying to understand how the situation has affected the credit unions. Whatever recommendations are made during the meeting, he will be taking it straight to Prime Minister Kamla Persad-Bissessar, he added. A third meeting with the Cabinet sub-committee on the issue will be held today, October 15, 2010. The sub-committee is headed by Bharath and also includes Legal Affairs Minister Prakash Ramadhar, Education Minister Dr Tim Gopeesingh and Energy Minister Dr Carolyn Seepersad-Bachan. The Clico policyholders group has proposed a new financing mechanism which could allow the Government to honor Clico's liabilities to policyholders while, at the same time, protecting taxpayers, the report 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. PETROTRIN: OWTU Against Lindsay Gillette as Firm Chairman --------------------------------------------------------- Camille Bethel at Trinidad Express reports that the Oilfields Workers' Trade Union is unhappy with government's decision to appoint businessman Lindsay Gillette as chairman of Petroleum Company of Trinidad and Tobago (Petrotrin). According to the report, OWTU President General Ancel Roget said that Ms. Gillette, a former energy minister in the United National Congress government, "came out cut from the old UNC cloth where we had a problem with him as the Minister of Energy, supporting Petrotrin sale-in, lease-out and farmout and joint-venture approach of the State's oil and gas facilities. "We believe the acreages and all of the wells and all of the assets of Petrotrin must be operated by Petrotrin workers and not be contracted out. We must not facilitate the farmout, lease-out arrangement," the report quoted Ms. Gillette as saying. Mr. Roget, the report notes, said an anti-worker approach was taken by Petrotrin at the time when Gillette was Minister of Energy between 2000 and 2001. The union is expressing its concerns up front, so it will be known when issues arise that from the beginning, it was against Ms. Gillette's appointment, he added. The Express discloses that Mr. Roget also said that the OWTU was awaiting the appointment of members to the State boards, and if labor is not represented on all of those boards, there would be trouble. The OWTU is also warning the State on its plans to lease Petrotrin's oil wells to private companies, the report adds. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, given it higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad- Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. *********** 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 * * *