/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110421.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 Thursday, April 21, 2011, Vol. 12, No. 79 Headlines A N T I G U A STANFORD INT'L: NBA Rockets, Grizzlies Owners Sued by Receiver A R G E N T I N A BLUEPIX SA: Creditors' Proofs of Debt Due May 3 FUNDACION GALICIA: Asks for Bankruptcy Proceedings GRUPO COR: Creditors' Proofs of Debt Due June 30 C A Y M A N I S L A N D S ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 CCP STORM: Shareholders' Final Meeting Set for May 2 CEDEC FINANCIAL: Shareholders' Final Meeting Set for May 2 CHINA TODAY: Shareholders' Final Meeting Set for May 16 DORADA CORPORATION: Shareholders' Final Meeting Set for May 13 FISAM OFFSHORE: Shareholders' Final Meeting Set for May 16 GOLD ARROW: Shareholders' Final Meeting Set for May 2 GREY LYNN: Shareholders' Final Meeting Set for May 13 KAZBARGE LIMITED: Shareholders' Final Meeting Set for May 11 OMNIA LTD (P64): Shareholders' Final Meeting Set for May 13 OMNIA LTD (P66): Shareholders' Final Meeting Set for May 13 OMNIA LTD (P71): Shareholders' Final Meeting Set for May 13 UNITED CAPITAL: Shareholders' Final Meeting Set for May 13 M E X I C O ALESTRA S DE RL: Moody's Puts 'B1' Corp. Family Rating on Review SATELITES MEXICANOS: Investors To Want 12% Yield on US$325MM Bonds SATELITES MEXICANOS: Moody's Puts (P) B3 Rating on Proposed Notes P U E R T O R I C O CARIAN MANAGEMENT: Wins Confirmation of Reorganization Plan T R I N I D A D & T O B A G O CLICO INVESTMENT: Judge Says No to EFPA Policyholders Lawsuit X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ============= A N T I G U A ============= STANFORD INT'L: NBA Rockets, Grizzlies Owners Sued by Receiver -------------------------------------------------------------- Andrew Harris and Laurel Brubaker Calkins, writing for Bloomberg News, report that owners of the National Basketball Association's Houston Rockets and Memphis Grizzlies franchises were sued for almost $1.6 million by the court-appointed receiver for indicted financier R. Allen Stanford. Receiver Ralph Janvey and a group representing Stanford investors sued Houston's NBA team owner, Rocketball Ltd., and Hoops LP, which runs the Memphis team, on April 14 in Dallas. Sued jointly, the professional basketball teams are accused of receiving payments from Mr. Stanford and his co-defendants between March 2006 and November 2008 totaling more than $1.57 million, for which they didn't return equivalent value and may have performed services that furthered the alleged fraud. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= BLUEPIX SA: Creditors' Proofs of Debt Due May 3 ----------------------------------------------- Graciela C. Sanchez, the court-appointed trustee for Bluepix SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 3, 2011. Ms. Sanchez 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. Creditors will vote to ratify the completed settlement plan during the assembly on February 6, 2012. The Trustee can be reached at: Graciela C. Sanchez Uruguay 618 Argentina FUNDACION GALICIA: Asks for Bankruptcy Proceedings -------------------------------------------------- Fundacion Galicia Saude asked for bankruptcy proceedings. The company has defaulted on its payments last March 21. GRUPO COR: Creditors' Proofs of Debt Due June 30 ------------------------------------------------ Gabriel Eduardo Bigal, the court-appointed trustee for Grupo Cor Plas Argentina SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 30, 2011. Mr. Bigal 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. 24, 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: Gabriel Eduardo Bigal Juncal 1460 Argentina ========================== C A Y M A N I S L A N D S ========================== ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 ----------------------------------------------------------- The shareholders of Arjava Absolute Return Asia Equity (US Feeder) Fund will hold their final meeting on May 10, 2011, 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: Arjava Capital Pte Ltd. Telephone: 6236 0643 Fax: 6236 0640 Blk 220B Bedok Central #10-38 Singapore 462220 ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 ----------------------------------------------------------- The shareholders of Arjava Absolute Return Asia Equity Fund will hold their final meeting on May 10, 2011, 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: Arjava Capital Pte Ltd. Telephone: 6236 0643 Fax: 6236 0640 Blk 220B Bedok Central #10-38 Singapore 462220 ARJAVA ABSOLUTE: Shareholders' Final Meeting Set for May 10 ----------------------------------------------------------- The shareholders of Arjava Absolute Return Asia Equity (Feeder) Fund will hold their final meeting on May 10, 2011, 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: Arjava Capital Pte Ltd. Telephone: 6236 0643 Fax: 6236 0640 Blk 220B Bedok Central #10-38 Singapore 462220 CCP STORM: Shareholders' Final Meeting Set for May 2 ---------------------------------------------------- The shareholders of CCP Storm Cat Limited will hold their final meeting on May 2, 2011, 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: Stuart Sybersma c/o Karen Scott Deloitte P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands CEDEC FINANCIAL: Shareholders' Final Meeting Set for May 2 ---------------------------------------------------------- The shareholders of Cedec Financial Corp. will hold their final meeting on May 2, 2011, 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: MBT Trustees Ltd. Telephone: 945-8859 Fax: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands CHINA TODAY: Shareholders' Final Meeting Set for May 16 ------------------------------------------------------- The shareholders of China Today Growth Fund will hold their final meeting on May 16, 2011, 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: Mr. Xie Xuefeng Telephone: (852) 2185 0808 Fax: (852) 2167 8067 Unit 2503 25/F Low Block Grand Millennium Plaza 181 Queen's Road Central Hong Kong DORADA CORPORATION: Shareholders' Final Meeting Set for May 13 -------------------------------------------------------------- The shareholders of Dorada Corporation will hold their final meeting on May 13, 2011, to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Dyer Alan Corkish Telephone: (345)949-8244 Fax: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands FISAM OFFSHORE: Shareholders' Final Meeting Set for May 16 ---------------------------------------------------------- The shareholders of Fisam Offshore Fund, Ltd will hold their final meeting on May 16, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Fax: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands GOLD ARROW: Shareholders' Final Meeting Set for May 2 ----------------------------------------------------- The shareholders of Gold Arrow Capital Management (Cayman), Ltd. will hold their final meeting on May 2, 2011, 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: K.D. Blake c/o Gerhard Albertyn Telephone: 345-914-4395 Fax: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Fax: 345-949-7164 GREY LYNN: Shareholders' Final Meeting Set for May 13 ----------------------------------------------------- The shareholders of Grey Lynn Investments Limited will hold their final meeting on May 13, 2011, 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 Corporate Services Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands KAZBARGE LIMITED: Shareholders' Final Meeting Set for May 11 ------------------------------------------------------------ The shareholders of Kazbarge Limited will hold their final meeting on May 11, 2011, 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: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands OMNIA LTD (P64): Shareholders' Final Meeting Set for May 13 ----------------------------------------------------------- The shareholders of Omnia Ltd (P64) will hold their final meeting on May 13, 2011, at 12:30 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 OMNIA LTD (P66): Shareholders' Final Meeting Set for May 13 ----------------------------------------------------------- The shareholders of Omnia Ltd (P66) will hold their final meeting on May 13, 2011, at 12:15 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 OMNIA LTD (P71): Shareholders' Final Meeting Set for May 13 ----------------------------------------------------------- The shareholders of Omnia Ltd (P71) will hold their final meeting on May 13, 2011, 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 UNITED CAPITAL: Shareholders' Final Meeting Set for May 13 ---------------------------------------------------------- The shareholders of United Capital Partners Enterprise Ltd will hold their final meeting on May 13, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946 7665 Fax: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands =========== M E X I C O =========== ALESTRA S DE RL: Moody's Puts 'B1' Corp. Family Rating on Review ---------------------------------------------------------------- Moody's Investors Service placed Alestra, S. de R.L. de C.V.'s (Alestra) B1 corporate family and senior unsecured debt ratings on review for possible downgrade. The review was prompted by the announcement of Alestra's majority owner, Alfa acquiring AT&T Inc.'s (A2/RUR Down) 49% share of Alestra. Moody's action reflects the rating agency's concern about the exit of this strategic partner and the potential negative impact on Alestra's future revenues. In its review, Moody's will focus on the impact on Alestra's revenues and cash flows and the company's plans to mitigate likely revenue losses from this transaction in light of the strong competitive environment. The principal methodology used in this rating was Global Telecommunications Industry published in December 2010. Alestra, which started operations in 1996, is a local Mexican telecommunications company providing bundled products including voice, data and Internet services mainly to enterprises. During the last twelve months ending on December 31, 2010, Alestra's revenues and adjusted EBITDA amounted to US$363 million and US$128 million, respectively. SATELITES MEXICANOS: Investors To Want 12% Yield on US$325MM Bonds ------------------------------------------------------------------ Moody's Investors Service says Satelites Mexicanos, S.A. de C.V., will sell US$325 million of five-year bonds abroad. According to Moody's, most of the proceeds from the new notes will be used to repay US$238 million in outstanding first priority senior secured debt and, along with cash on hand and cash flow from operations, fund the final construction and launching of Satmex 8 (US$186 million). Andres R. Martinez and Jonathan J. Levin at Bloomberg News report that Satmex may pay the highest yield on a dollar bond offering by a Mexican company in almost two years since Servicios Corporativos Javer SAPI paid 13% in July 2009. Bloomberg News relates that Roberto Sanchez-Dahl, who oversees $1 billion of emerging-market debt at Federated Investment Management Co., said that investors will demand a yield as high as 12% on the overseas bonds, while a person familiar with the terms of the sale said that Satmex is seeking a yield of 9% to 9.5%. About Satmex SAB Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based provider of fixed satellite services in the Americas, with coverage to more than 90% of the population to the Americas, including more than 45 nations and territories. Satmex also provides Latin American television programming in the United States. One of only two privately managed FSS providers based in Latin America, Satmex has a fleet comprised of three satellites. Satmex 5 and Satmex 6 generate the adjusted EBITDA for Satmex. A third satellite, Solidaridad 2, is inclined orbit but does not generate any adjusted EBITDA. Construction of Satmex 8 is expected to be completed by July 2012. Satmex also intends to pursue plans for a new satellite, to be named Satmex 7. Satmex filed for Chapter 11 bankruptcy protection on April 6, 2011 (Bankr. D. Del. Case No. 11-11035). Affiliates Alterna'TV International Corporation (Bankr. D. Del. Case No. 11-11034) and Alterna'TV Corporation (Bankr. D. Del. Case No. 11-11033) simultaneously filed separate Chapter 11 petitions. Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves as the Debtor's bankruptcy counsel. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' financial advisor. Rubio Villegas & Asociados, S.C., serves as the Debtors' special Mexican corporate and regulatory counsel. Jefferies & Company, Inc., is the financial advisor to supporting 2nd lien noteholders. Ropes & Gray LLP is the U.S. counsel to supporting 2nd lien noteholders. Cervantes Sainz serves as Mexican counsel to supporting 2nd lien noteholders. Dechert LLP is the U.S. counsel to supporting holders of first priority notes. Galicia Abogados, S.C., is the Mexican counsel to supporting holders of first priority notes. Bracewell & Giuliani LLP is the U.S. counsel to Series B. Directors. Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel to Series B. Directors. Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico Government. Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is the Mexican counsel for SCT for Mexico Government. Detente Group is the financial advisor for SCT for Mexico Government. Latham & Watkins LLP is the U.S. counsel to Jefferies Finance. Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for Jefferies. The Debtors disclosed $441.6 million in total assets and $531.6 million in total debts as of March 23, 2011. In its schedules, Satmex disclosed $393,427,253 in total assets and $457,699,978 in total debts. SATELITES MEXICANOS: Moody's Puts (P) B3 Rating on Proposed Notes ----------------------------------------------------------------- Moody's assigned a (P) B3 foreign currency corporate family rating to Satelites Mexicanos, S.A. de C.V. At the same time, Moody's assigned a (P) B3 foreign currency senior secured rating to Satmex's proposed offering of US$325 million in new notes due 2017. Most of the proceeds from the new notes will be used to repay US$238 million in outstanding first priority senior secured debt and, along with cash on hand and cash flow from operations, fund the final construction and launching of Satmex 8 (US$186 million). The ratings were assigned on a provisional basis pending the successful issuance of the proposed notes and final documentation. The ratings outlook is stable. Ratings assignment -- Sr. Secured US$325 million global bonds due in 2017, Assigned (P) B3 Ratings Rationale "The (P) B3 rating on Satmex and its global notes reflects the company's small annual revenue size of US$129 million and high operating risk arising from the construction and launching of a new satellite to replace the expiring Satmex 5, which was responsible for 39% of revenues in 2010", said Nymia Almeida, Vice President and senior analyst at Moody's. Insurance related to the new replacement satellite will be purchased, as per industry practices, prior to 6 months from launching. Mitigating this execution risk is the fact that 1) the satellite construction company, Loral, will be responsible for the delivery of the satellite on time; 2) so far, Satmex 8's construction process has evolved with no delays, in part because of the low level of complexity of this type of satellite; and 3) if Satmex 8 is delayed, Satmex 5 could be placed into inclined orbit to extend its useful life and continue to generate between 70% and 80% of current revenues. If Satmex 8 fails upon launch, bondholders will be repaid from insurance proceeds. The ratings also reflect a high customer concentration risk since, in 2010, Satmex generated 17% of its revenues from Hughes, which has been increasing its own transponders capacity and may gradually need less services from Satmex. In addition, there are competitive pressures from stronger satellite service providers as well as from telecom operators. Mitigating these credit negatives is high customer switching costs and growing demand for communications transmission services in Satmex's footprint. In addition, the company's strong EBITDA margins at around 70% and adequate capital structure, with adjusted leverage ratio estimated to reach 3.7 times in late 2011, pro-forma for the new notes and financial restructuring, also mitigate high customer concentration and competitive pressures. The new notes will be senior secured and the sole debt of the company. The security package consists of substantially all assets of Satmex. The new offering is part of a financial restructuring and will allow Satmex to repay outstanding debt (US$238 million) and, along with cash on hand and cashflow from operations, fund the remaining construction and launching of Satmex 8 (US$186 million). The restructuring consists also of retiring US$197.9 million in second priority senior secured notes by converting such notes to equity in a reorganized Satmex, plus allowing such holder to participate in an equity rights offering for up to US$96 million. Pro forma for the new notes, Satmex's capital structure will be composed of US$316 million in shareholders' equity and US$325 million in debt (the proposed notes) due in 2017. This new funding structure provides for a comfortable debt maturity profile as well as partially funding the final construction and launching of Satmex 8. Satmex's US$129 million in revenues is small compared to its peers. Because Satmex operates only 3 satellites, its revenues are concentrated in a few sources and is exposed to potential satellite malfunctions. This risk is partially mitigated by insurances that cover partial or total damages to two satellites. The company's operating risk is high. Satmex has 3 satellites (Solidaridad 2, Satmex 5 and Satmex 6) and Satmex 5's useful life expires in late 2012. Its replacement, Satmex 8, has been under construction since mid 2010 and is scheduled to be launched in August 2012. While it is certain that Satmex 8's capacity will be 45% higher than that of Satmex 5, from now to the end of 2012 bondholders will run the risk of failure at Satmex 5. Satmex 5 is currently insured for only US$90 million, providing for limited resources to bondholders in case of total damage. In addition, bondholders will take the risk that Satmex 8 is appropriately put into orbit and start delivering revenues upon schedule. It should be noted that most existing Satmex 5 customers will by contract roll over to Satmex 8 assuming a timely launch. Long term growth prospects for the satellite industry are favorable as broadband access needs continue to grow, which will demand increasing transmission capacity for both broadcast and telecommunications customers. Particularly regarding broadband access, governments in the region are generally committed to providing "broadband access to all" by 2015, as per agreement with ITU, the United Nation's agency for information and communication technology issues (current average broadband access in Latin America is at about 25%). Satmex's operating footprint is also a plus since Latin America is, and should continue to be, for the foreseeable future, in an economic growth mode. However, competition from larger and sometimes better capitalized satellite service providers may suppress Satmex pricing power and limit its cash flow generation. For instance, Intelsat Corporation has more than 50 satellites, of which more than 30 serve the Americas market. SES has a fleet of 40 satellites, of which more than 20 totally or partially serve the Americas. Other competitors include Telesat Canada, Grupo Hispasat, Hispamar, and Star One, owned by Embratel. Satmex also faces competition from land-based telecommunications service providers such as telecom operators: fiber optic service providers can generally offer services at a lower cost than satellite companies for point-to- point applications. But, because demand for data and video broadcasting is expected to grow steadily, Satmex's main risk is that a satellite suffers permanent damage, for which the company contracts insurances. It is favorable to the company that customer switching costs are high since key clients have tens of thousands of satellite dishes pointed at Satmex's satellites and repositioning of each dish would result in significant costs and possible disruption of customers' business-critical functions. The company also has limited geographic concentration of revenues: in 2010, revenues were broken down by 37% from the U.S., 31% from Mexico, 25% from South America and 7% from Central America and the Caribbean. Pro forma for the new notes, Satmex has an adequate liquidity profile. When the debt and equity restructuring is completed, which is expected to take place in May 2011, Satmex's liquidity will be adequate with all of its debt due in the long term. Capital expenditures required to finish the construction and launch Satmex 8, in the amount of US$186 million across 2011 and 2012, will be funded with proceeds from the proposed notes and Satmex cash flows. If all goes well with the launching of Satmex 8, as expected, Satmex should be able to provide significant EBITDA contribution in excess of current Satmex 5 EBITDA contribution due to the incremental transponder capacity; if delays occur, Satmex 5 could be placed in inclined orbit to significantly extend its useful life and, together with the cash flow generated by Satmex, provide for enough cash to pay interest on the new Notes. Going forward, Moody's believes that the company will choose to accumulate cash for the construction and launching of Satmex 7, which will replace Solidaridad 2, most probably starting in 2017. New satellites generally cost approximately US$350 million in design, construction, launching and insurance costs. The stable ratings outlook is based on Moody's belief that i) Satmex will be able to sustain current operating margins and ii) the launching of Satmex 8 will be successful and the transfer of customers from satellite Satmex 5 to Satmex 8 will occur within 3 months from launching and without major service or commercial disruptions. A ratings upgrade is expected if Satmex maintains current strong operating performance and Satmex 8 not only operates as expected but provides for meaningful additional revenues and EBITDA. For an upgrade to occur the company should be able to sustain its competitiveness and EBITDA margins at least at current levels. Satmex' ratings could be downgraded if any of the construction, launching or operation of Satmex 8 fails, and the extension of Satmex 5's useful life is not a viable alternative to sustain the company's revenues close to current levels. Satmex is a privately-owned Mexican satellite operator providing fixed satellite services (standard c- and Ku-band services) to local and international broadcasting and telecom firms as well as to government-related entities. Satmex operates three satellites in geo-synchronous orbital slots allocated to Mexico, covering 90% of the Americas population. In 2010, the company's revenues amounted to about US$129 million, of which fixed satellite services represented 82%. Moody's adjusted EBITDA reached US$93 million, with a 72% adjusted EBITDA margin. The company has already commenced its prepackaged Chapter 11 bankruptcy case and expects that the proposed notes, together with the balance sheet restructuring recapitalization plan will be approved by the court in the following weeks. The restructuring plan has already been accepted by the classes of creditors representing Satmex's first priority and second priority senior secured notes. ==================== P U E R T O R I C O ==================== CARIAN MANAGEMENT: Wins Confirmation of Reorganization Plan ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico confirmed the Chapter 11 plan of reorganization of Carian Management, Inc., on March 30, 2011. According to the court-approved Disclosure Statement, the Plan will be substantially supported by Carian Management's operations and the possible sale or surrender of assets in payment to its creditor Banco Popular de Puerto Rico, if necessary, to ensure its operation. Prior to the confirmation, Carian Management made revisions to its restructuring plan. A full-text copy of the Amended Plan dated March 18, 2011, is available without charge at: http://bankrupt.com/misc/Cariam_AmPlanMarch18.pdf About Carian Management, Inc. Dorado, Puerto Rico-based Carian Management, Inc.'s prime business is the ownership, maintenance and development of the real property that it leases to its sister company, AAA Imports and other customers. The Company filed for Chapter 11 protection on May 13, 2010 (Bankr. D. P.R. Case No. 10-04052). Carmen D. Torres, Esq., at the Law Offices of C. Conde, assists the Debtor in its restructuring effort. The Debtor estimated assets and debts at US$10 million to US$50 million as of the petition date. The Debtor's affiliate, AAA Imports, Inc., filed a separate Chapter 11 petition on May 12, 2010. =============================== T R I N I D A D & T O B A G O =============================== CLICO INVESTMENT: Judge Says No to EFPA Policyholders Lawsuit ------------------------------------------------------------- Curtis Rampersad at the Trinidad Express reports that Justice David Harris has refused to handle a case involving policyholders of Clico Investment Bank, saying that he is a policyholder of CLICO EFPA -- high-yield financial instruments sold by CLICO up to the time when the company collapsed in January 2009. The Trinidad Express relates that Peter Permell-led EFPA Policyholders Group filed on April 19, 2011, an application for an order adding the group as a claimant in the matter between Clico and EFPA policyholders Percey Farrell, Marina Inalsingh, Prof Gordon Rohlehr, David Dayal and Michael Alexander, who are opposing Finance Minister Winston Dookeran's bailout plan for CLICO policyholders. The Trinidad Express says that the EFPA Policyholders Group are represented by attorneys Avory Sinanan SC, Lynette Seebaran Suite, Ekta Rampersad and Sydelle Johnson. Clico Investment Bank is owned and managed by CL Financial, a privately held conglomerate in Trinidad and Tobago. 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 TCR-LA 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 CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** 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 * * *