/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110209.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, February 9, 2011, Vol. 12, No. 28 Headlines A R G E N T I N A BAUGRUPPE SRL: Creditors' Proofs of Debt Due April 8 COLINAS DEL SUR: Creditors' Proofs of Debt Due March 18 EDITORIAL E IMPRESORA: Creditors' Proofs of Debt Due May 5 RECIMAD SA: Creditors' Proofs of Debt Due April 20 B R A Z I L BANCO PANAMERICANO: Shareholders Pledge to Inject BRL14BB to Firm COMPANHIA DE SANEAMENTO: Moody's Affirms 'Ba3' Rating on Bonds C A Y M A N I S L A N D S AJO MARKET-NEUTRAL: Shareholders Receive Wind-Up Report AXIS-JJM INC: Shareholders Receive Wind-Up Report BRIDGE CAPITAL: Members Receive Wind-Up Report COMPANIA MEXICANA: Shareholders Receive Wind-Up Report FREMANTLE LTD: Shareholder Receives Wind-Up Report GCOF SPV: Shareholder Receives Wind-Up Report GCOF SPV: Shareholder Receives Wind-Up Report GCP II: Shareholder Receives Wind-Up Report GCP II: Shareholder Receives Wind-Up Report HADDINGTON INVESTMENTS: Shareholders Receive Wind-Up Report JPMORGAN ALPHA: Shareholders Receive Wind-Up Report LADY KATHRYN: Shareholder Receives Wind-Up Report LEAF OFFSHORE: Shareholder Receives Wind-Up Report LEHMAN BROTHERS: Shareholders Receive Wind-Up Report LONGVIEW OPPORTUNITIES: Members Receive Wind-Up Report MAESTROS LIMITED: Member Receives Wind-Up Report MANHATTAN SYSTEMATIC: Shareholders Receive Wind-Up Report MC GP: Shareholders Receive Wind-Up Report MICROCHIP HOLDINGS: Shareholders Receive Wind-Up Report NADYMOND INVESTMENTS: Members Receive Wind-Up Report NORTH ENTERPRISES: Shareholder Receives Wind-Up Report PIMCO EQUITYSELECT: Shareholders Receive Wind-Up Report PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report SAIL ADVISORS: Shareholders Receive Wind-Up Report SEALY MATTRESS: Shareholder to Receive Wind-Up Report on Feb. 11 SHELTER COVE: Shareholders Receive Wind-Up Report THAMES RIVER: Members to Receive Wind-Up Report on February 22 TOPAZ LIMITED: Shareholders Receive Wind-Up Report VITA CAPITAL: Shareholder Receives Wind-Up Report T R I N I D A D & T O B A G O CL FIN'L: CLICO Mess Awaits Court Appointment of Judicial Manager - - - - - ================= A R G E N T I N A ================= BAUGRUPPE SRL: Creditors' Proofs of Debt Due April 8 ---------------------------------------------------- Susana Vacchelli, the court-appointed trustee for Baugruppe SRL's reorganization proceedings, will be verifying creditors' proofs of claim until April 8, 2011. Ms. Vacchelli will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, 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 November 22, 2011. The Trustee can be reached at: Susana Vacchelli Florida 336 COLINAS DEL SUR: Creditors' Proofs of Debt Due March 18 ------------------------------------------------------- Hilda Rosa Fernandez, the court-appointed trustee for Colinas del Sur SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 18, 2011. Ms. Fernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, 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: Hilda Rosa Fernandez Avenida Corrientes 676 Argentina EDITORIAL E IMPRESORA: Creditors' Proofs of Debt Due May 5 ---------------------------------------------------------- Jose Luis Carriquiry, the court-appointed trustee for Editorial e Impresora Alloni SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 5, 2011. Mr. Carriquiry will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 49, 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: Jose Luis Carriquiry Loyola 660 Argentina RECIMAD SA: Creditors' Proofs of Debt Due April 20 -------------------------------------------------- Estudio Vidal, the court-appointed trustee for Recimad SA's reorganization proceedings, will be verifying creditors' proofs of claim until April 20, 2011. Mr. Vidal will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 43, 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 February 2, 2012. The Trustee can be reached at: Estudio Vidal Donato y Asociados Juncal 1396 Argentina =========== B R A Z I L =========== BANCO PANAMERICANO: Shareholders Pledge to Inject BRL14BB to Firm ----------------------------------------------------------------- Inae Riveras and Guillermo Parra-Bernal at Reuters report that newspapers have revealed Banco PanAmericano's main shareholders pledged to inject BRL14 billion (US$8.4 billion) into the troubled lender after losses related to accounting fraud were 65% bigger than initially estimated. Total losses rose to BRL4.3 billion from the BRL2.5 billion previously estimated by regulators, O Estado de S.Paulo and Folha de S.Paulo reported, according to Reuters. A one-time BRL500 million charge was discovered after securities firm BTG Pactual took over Banco PanAmericano, Estado said, Reuters relates. Reuters notes that BTG Pactual agreed to pay BRL450 million for a 37.6% stake in PanAmericano. Under terms of the agreement, the report relates, BTG and Caixa Economica Federal, the state-run lender that owns 36.6% in PanAmericano, will buy out minority shareholders. Both controlling shareholders pledged to keep funding PanAmericano's working capital needs through the purchase of loans and bonds it issues to finance its operations, Folha reported, citing executives from BTG Pactual and Caixa, Reuters says. The steps underscore the difficulties that PanAmericano has faced since November, when central bank auditors found accounting irregularities and demanded an outright capitalization of the bank, Reuters recalls. The report notes that former controlling shareholder Silvio Santos, who sold his stake to BTG, had to borrow BRL2.5 billion from the deposit insurance fund FGC to bolster PanAmericano's capital base. The cost of borrowing has risen for PanAmericano since the losses were disclosed, the newspapers said, Reuters says. The aid pledged by BTG and Caixa will allow the consumer lender to fund new credit in a competitive environment, Folha said, the report adds. About Banco Panamericano Bank offers loans, personal credit, investments, credit cards, and lease financing. Banco Panamericano operates throughout Brazil. * * * As reported in the Troubled Company Reporter-Latin America on November 12, 2010, Bloomberg News said that Banco PanAmericano SA could have been liquidated or subjected to a central bank intervention to sell its assets if its controller had not tapped BRL2.5 billion from Brazil's deposit insurance fund to rescue the bank. According to the report, Mr. Ferreira said that talks to rescue PanAmericano started Oct. 11 and were conducted by Brazilian media mogul Silvio Santos, who controls the bank. As of July 27, 2010, the company continues to carry Moody's "Ba2" long-term rating, foreign currency long-term debt rating, and long-term bank deposits ratings. COMPANHIA DE SANEAMENTO: Moody's Affirms 'Ba3' Rating on Bonds -------------------------------------------------------------- Moody's America Latina affirmed the Ba3 local currency rating on the global scale and A3.br on the Brazilian National Scale rating for the existing BRL100 million unsecured debentures due 2012 issued by Companhia de Saneamento do Parana - Sanepar and changed the outlook to stable from negative. Ratings Rationale Sanepar's Ba3 rating largely reflects its monopoly rights to operate water and sewage services in an attractive concession area as well as its strong credit metrics for the rating category, which have been historically characterized by relatively low leverage and strong operating margins. A track record of political interference by the state government constrains the rating, as does the lack of a well established regulatory framework for water utilities in Brazil and the increasing business risk resulting from the tariff freeze initiated in 2005. Uncertainties about the designation of certain advances from the major shareholder totaling BRL866 million further constrain the rating. The change to stable outlook reflects Moody's decreasing concern over the potential impact of the existing BRL866 million in liabilities on the company's cash flow and liquidity position in the near term. On January 4, 2011, Sanepar's shareholders replaced six members of its Board of Directors and announced nine new executive officers, including Mr. Fernando Ghignone as the new CEO appointed by the new state governor and Mr. Dirceu Wichnieski as the new CFO suggested by the minority shareholder, Domino Holdings S.A. These changes in Sanepar's management team made after a new administration took office in the State of Parana contributed to lessen Moody's apprehension. Going forward, Moody's expect the new state government to be more supportive of Sanepar's operations and more willing to mitigate some of the key challenges mentioned above, including the ongoing tariff freeze and the ongoing dispute with the minority shareholders. Moody's also expect to see positive steps towards improvement in the quality of corporate governance and board oversight. Until 2007, the company had posted a stable capital structure that featured relatively low leverage and a healthy debt maturity profile that were very strong for its rating category. At the end of 2008, however, Sanepar's debt profile deteriorated sharply after the board of directors decided to convert into debt around BRL775 million of advances that were originally intended for future increases in capital. In Moody's opinion, this decision was a response by the major shareholder, the State of Parana, which was not allowed to convert these resources into capital as a result of a long judicial dispute with the minority shareholder, the Domino, regarding a shareholders' agreement to control Sanepar that dates back to 2003. As a result, the leverage ratio measured by Debt to Capitalization reached 51.6% on September 30, 2010 compared to 35.4% on December 31, 2007, while the FFO to Net Debt ratio decreased to 14.9% from around 24.8%. Nevertheless, Sanepar's current credit metrics remain well positioned for its Ba3 rating category. The tariff freeze in place since 2005 remains a concern as it impairs the company's ability to generate adequate cash flow in face of a relatively sizeable capital expansion program and an expected scenario of rising inflation. The EBITDA margin has consistently decreased over the last five years as a result of the tariff freeze. Previous management had focused on improving operating efficiency, which has partly offset the unchanged tariffs and allowed the EBITDA margin to stabilized at around 40%. New management has stated its intention is to reduce operating expenses by 15%. Moody's projections indicate that Sanepar should still post adequate operating margins in 2010, but going forward the margin trend will largely depend on whether the state government grants some tariff relief. An additional risk is the reduced cushion in one of the financial covenants embedded in the outstanding debentures that requires a minimum EBTIDA margin at 35%. Moody's has not received updated cash flow projections from Sanepar as the new management team is currently reviewing the budget plan for 2011-2013. Approval of a revised plan is expected in March. Moody's preliminary projections indicate that Sanepar will remain committed through a large investment program to maintaining high coverage of water services, to reducing current water losses and to expanding its current installed sewage capacity. At the end of 2010, the company announced a BRL1.7 billion investment program in public services from 2011 through 2013 that includes investments to expand the coverage of sewage services from 62% to 70% of the population in its concession area by 2014. Historically, the execution of Sanepar's investment programs have been subject to the availability of adequate funding which has usually translated into effective cash outlays below the budget plan. Moody's will continue to assess further changes to Sanepar's financial strategy and will comment as appropriate. While the company's stable rating outlook factors in the continued execution of its expansion plan, Moody's expects that management will manage its capital structure prudently and finance its capital expenditures and dividends in a manner that keeps the company's credit metrics compatible with the Ba3 rating category. The stable outlook is also predicated on Moody's expectation of a constructive solution over the designation of the existing BRL866 million in advances for future increase in capital, which is key to maintaining the company's adequate debt maturity profile and liquidity position. Moody's could upgrade the ratings if financial performance improves such that there is a sustainable ratio of FFO to Net Debt in excess of 20% and interest coverage above 3.5x, which will depend materially on increased visibility with regard to future tariffs and capital expenditures. Strong evidence of increased support from the state government could also positively affect the ratings. The ratings could be downgraded if financial performance deteriorates such that FFO to Net Debt falls below 10% and interest coverage declines to less than 2.5x for an extended period or if the company's liquidity position deteriorates as a result of inadequate funding for its capital expenditure program or an inability to materially reduce its operating expenses. The ratings could also be negatively affected by a downward revision of the assumed level of support of the state government. The last rating action on Sanepar was in July 23, 2009 when Moody's confirmed all ratings but changed the outlook to negative. The State of Parana holds 60% of Sanepar's voting shares and 52.5% of its total capital. Consequently, Sanepar is considered a Government-Related Issuer in accordance with Moody's rating methodology entitled "The Application of Joint Default Analysis to Government-Related Issuers". Moody's methodology for GRIs incorporates the company's stand-alone credit risk profile or Baseline Credit Assessment as well as the likelihood that a government would provide extraordinary support for the company's debt obligations. The Ba3 rating of Sanepar results from the application of joint-default analysis of the company's BCA and the State of Parana, Moody's view of high dependence (the likelihood that both entities would default at the same time), and a moderate probability of extraordinary support from the controlling shareholder. The BCA of a GRI may be expressed on a 1-21 scale, corresponding to the 21 ratings ranging from Aaa to C. Sanepar's ratings incorporate a BCA of 13 (mapping to Ba3) along with an estimated moderate level of support and high dependence from the State. Headquartered in Curitiba, Brazil, Companhia de Saneamento do Parana - Sanepar provides water treatment and distribution to 9.0 million consumers, and sewage service to 5.4 million consumers in 344 municipalities in the state of Parana and one municipality in the state of Santa Catarina. In the last twelve months ending September 30, 2010, Sanepar reported net earnings of BRL142 million (US$80 million) on BRL1,461 million (US$821 million) in net revenues. =========================== C A Y M A N I S L A N D S =========================== AJO MARKET-NEUTRAL: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Ajo Market-Neutral Fund received on January 27, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Robert Arthur Telephone: 345-815-2637 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 AXIS-JJM INC: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of AXIS-JJM Inc. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher P. Meyering Sciens Hedge Fund Management LLC 667 Madison Avenue New York, NY 10065 USA BRIDGE CAPITAL: Members Receive Wind-Up Report ---------------------------------------------- The members of Bridge Capital Limited received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands COMPANIA MEXICANA: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Compania Mexicana De Leasing Internacional received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Societe Generale S.A. 29 Boulevard Haussmann 75009 Paris FREMANTLE LTD: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Fremantle Ltd. received on January 22, 2011, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands GCOF SPV: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of GCOF SPV I received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 815-1861 Facsimile: (345) 949-9877 GCOF SPV: Shareholder Receives Wind-Up Report --------------------------------------------- The shareholder of GCOF SPV II received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 815-1861 Facsimile: (345) 949-9877 GCP II: Shareholder Receives Wind-Up Report ------------------------------------------- The shareholder of GCP II SPV I received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 815-1861 Facsimile: (345) 949-9877 GCP II: Shareholder Receives Wind-Up Report ------------------------------------------- The shareholder of GCP II SPV II received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 815-1861 Facsimile: (345) 949-9877 HADDINGTON INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Haddington Investments Limited received on January 28, 2011, 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 JPMORGAN ALPHA: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of JPMorgan Alpha Strategy, Ltd. received on January 28, 2011, 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 LADY KATHRYN: Shareholder Receives Wind-Up Report ------------------------------------------------- The sole shareholder of Lady Kathryn IV Limited received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Leo A. Vecellio, Jr. P.O. Box 15065 West Palm Beach, Florida 33416 U.S.A. Telephone: 1-561-793-2102 Facsimile: 1-561-798-3778 LEAF OFFSHORE: Shareholder Receives Wind-Up Report -------------------------------------------------- The sole shareholder of Leaf Offshore Investment Fund, Ltd. received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Martina de Lima Telephone: (345) 815-1790 Facsimile: (345) 949-9877 LEHMAN BROTHERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lehman Brothers Asia Multistrategy Fund, Ltd. received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands LONGVIEW OPPORTUNITIES: Members Receive Wind-Up Report ------------------------------------------------------ The members of Longview Opportunities Master Fund received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands MAESTROS LIMITED: Member Receives Wind-Up Report ------------------------------------------------ The sole member of Maestros Limited received on November 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Annie Chapman c/o 69 Dr. Roy's Drive P.O. Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: 949-0050 Facsimile: 949-8062 MANHATTAN SYSTEMATIC: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Manhattan Systematic Fund received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fidutec Ltd. Teachers Cooperative Savings Bldg. Mesolongiou Street, Flat 34 Limassol 3032 Cyprus MC GP: Shareholders Receive Wind-Up Report ------------------------------------------ The shareholders of MC GP Ltd received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street, George Town P.O. Box 1348, Grand Cayman KY1-1108 Cayman Islands MICROCHIP HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Microchip Holdings LDC received on January 26, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands NADYMOND INVESTMENTS: Members Receive Wind-Up Report ---------------------------------------------------- The members of Nadymond Investments Limited received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands NORTH ENTERPRISES: Shareholder Receives Wind-Up Report ------------------------------------------------------ The sole shareholder of North Enterprises Ltd. received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael Ovitz 1234 Benedict Canyon Drive Beverly Hills, California 90210 U.S.A. Telephone: 310-272-8888 Facsimile: 310-300-2424 PIMCO EQUITYSELECT: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Pimco Equityselect Long/Short Offshore Fund Ltd. received on January 28, 2011, 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 PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pimco Liquidity Premium Offshore Fund Ltd. received on January 28, 2011, 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 PIMCO LIQUIDITY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pimco Liquidity Premium Master Fund Ltd. received on January 28, 2011, 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 SAIL ADVISORS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Sail Advisors Trustee Limited received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yan-Yan Li Cheung Kong Centre, 57th Floor 2 Queen's Road Central Hong Kong Telephone: 852 2826 9605 Facsimile: 852 2810 1572 SEALY MATTRESS: Shareholder to Receive Wind-Up Report on Feb. 11 ---------------------------------------------------------------- The sole shareholder of Sealy Mattress Company of Puerto Rico will receive on February 11, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands SHELTER COVE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Shelter Cove Capital Holdings received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chi Foon Tsang Room 921-925, 9th Floor Sun Hung Kai Centre 30 Harbour Road, Wan Chai Hong Kong Telephone: +852 2233 7466 Facsimile: +852 2233 7401 THAMES RIVER: Members to Receive Wind-Up Report on February 22 -------------------------------------------------------------- The members of Thames River Equity Focus Fund will receive on February 22, 2011, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Jodi Jones Telephone: (345) 949 7000 Facsimile: (345) 945 4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands TOPAZ LIMITED: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Topaz Limited received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fidutec Ltd. Teachers Cooperative Savings Bldg. Mesolongiou Street, Flat 34 Limassol 3032 Cyprus VITA CAPITAL: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Vita Capital II Limited received on January 22, 2011, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO Mess Awaits Court Appointment of Judicial Manager ----------------------------------------------------------------- Tony Best at NationNews.com reports that Minister of Finance Chris Sinckler said the task of cleaning up the "mess" at Colonial Life Insurance Company (Trinidad) Limited (CLICO) must await the appointment of a judicial manager by the court. Mr. Sinckler said that the Freundel Stuart administration would remain stymied when it comes to what it can say and do about CLICO until there is court action, according to NationNews.com. But once that happens, government will seek to ease people's fears about the CLICO debacle and explain what's being done to protect hundreds of millions of dollars in investments in Barbados, he added. NationNews.com discloses that during a visit to New York, Mr. Sinckler told the DAILY NATION that having decided to place CLICO under judicial management, Cabinet must await the appointment of a manager before he, as minister, can outline government's plans. That appointment is to be made in a few weeks. Meanwhile, NationNews.com notes, Mr. Sinckler said that reports that people were withdrawing money from CLICO were "absolutely not true." "They are trying to service what they already have and preparing themselves to deal with the judicial manager when that person is officially appointed by the court," he added. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company 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. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *