/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110516.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, May 16, 2011, Vol. 12, No. 95 Headlines B A H A M A S ULTRAPETROL (BAHAMAS): Moody's Lowers Corp. Family Rating to 'B3' C A Y M A N I S L A N D S ADONIA IAM: Shareholders' Final Meeting Set for July 13 FREEDOM IAM: Shareholders' Final Meeting Set for July 13 FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1 FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1 GRANFONDO HOLDING: Shareholders' Final Meeting Set for June 2 JLT RISK: Shareholders' Final Meeting Set for June 1 JOE-M LTD: Shareholders' Final Meeting Set for May 31 LEONARDO-D LTD: Shareholders' Final Meeting Set for May 31 MANUEL-E LTD: Shareholders' Final Meeting Set for May 31 NAUPAKA LTD: Shareholders' Final Meeting Set for June 2 PACIFIC COMMODITY: Shareholders' Final Meeting Set for June 1 RALPH-S LTD: Shareholders' Final Meeting Set for May 31 SIEBELS HARD: Shareholders' Final Meeting Set for May 31 SIEBELS HARD: Shareholders' Final Meeting Set for May 31 START III: Shareholders' Final Meeting Set for June 1 TIDEN CORE: Shareholders' Final Meeting Set for May 27 TIDEN CORE: Shareholders' Final Meeting Set for May 27 VAN BIEMA: Shareholders' Final Meeting Set for May 31 WISTERIA ASSET: Shareholders' Final Meeting Set for May 27 ZIRUNDIUM LIMITED: Shareholders' Final Meeting Set for May 30 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Deputies Approve US$666.6-Mil. Bond on Debt J A M A I C A * JAMAICA: More Challenging Times Ahead, Study Shows P U E R T O R I C O CARIBBEAN PETROLEUM: Delaware Court Approves Chapter 11 Plan MIRAMAR REAL ESTATE: Section 341(a) Meeting Continues Today PANADERIA Y REPOSTERIA: Case Summary & Largest Unsecured Creditors T R I N I D A D & T O B A G O CL FINANCIAL: CLICO Exits Strategy Coming TT POSTAL: Postal Union Bats for Temporary Relief Workers X X X X X X X X * BOND PRICING: For the Week May 9, to May 13, 2011 - - - - - ============= B A H A M A S ============= ULTRAPETROL (BAHAMAS): Moody's Lowers Corp. Family Rating to 'B3' ----------------------------------------------------------------- Moody's Investors Service lowered Ultrapetrol (Bahamas) Limited's corporate family rating and US$180 million 2014 senior secured notes ratings to B3 from B2. The ratings outlook was changed to stable from negative. These ratings were downgraded: -- Ultrapetrol (Bahamas) Limited Corporate family rating to B3 from B2; -- US$180 million 9% First Preferred Ship Mortgage Notes due 2014 to B3 from B2 Ratings Rationale The ratings downgrade was prompted by Ultrapetrol's elevated financial leverage with debt-to-EBITDA, on a Moody's adjusted basis of over 8.0 times and EBIT-to-interest of under 1.0 times at March 31, 2011. Moody's notes that during 2009 through part of 2010, a drought in the Hidrovia region combined with low charter rates in the offshore and ocean segments led to weaker than expected operating performance. The B3 corporate family rating considers that leverage is expected to remain elevated over the intermediate term as the company has publicly stated that it plans to use debt to partially finance its capital expenditure plans needed to support the positive momentum in its river and offshore supply businesses. Although Moody's acknowledges that Ultrapetrol's business platforms appear well positioned for meaningful positive trends in operating results, credit metrics are expected to remain in line with a B3 rating level due to the debt anticipated to be required to support such growth. The expected upward trend in cash generation is expected to be used primarily to finance growth capital expenditures before any meaningful debt reduction. Constraints to the ratings include ongoing operational risks related to unpredictable weather conditions, highly cyclical industry the company participates in, the company's limited revenue scale, possibility of increase in running costs due to countries in which the company operates in and degree of customer concentration. The stable outlook reflects Moody's view that there are currently a number of factors that support the stability of the rating due to expectation of positive operating performance in the intermediate term and an adequate liquidity profile. Among these factors is the expected growth in volume in the river business due to increased demand for soybeans and other agricultural and mineral products produced in the Hidrovia region of South America where the company generated 87% of its revenue in 2010. The company benefits from possessing the largest fleet in the Hidrovia river system with more than two times the capacity of its nearest competitor in the region. In the offshore segment, Ultrapetrol's PSV vessels are expected to contribute to continued EBITDA growth resulting from long-term charters with the Brazilian oil company Petrobras. Lastly, the company's management has been in place through peaks and troughs in the economic cycle and appears to have made prudent strategic decisions in each of its three business segments to position the company in the growth areas over the intermediate term while selling vessels in unprofitable business lines. There is little upward pressure on the ratings over the intermediate term due to the continued need to support expected EBITDA growth via growth-related capital expenditure plans. A rating upgrade would likely be accompanied by an expectation of sustained debt / EBITDA below 5.0x and EBIT / interest approaching 2.0x, combined with a good liquidity profile. Negative rating momentum would develop if the company's liquidity profile were to deteriorate, debt/EBITDA were to be sustained over 6.5 times and EBIT/interest were to be sustained under 1.0 times. The principal methodology used in rating Ultrapetrol was the Global Shipping Industry Methodology, published December 2009. Ultrapetrol (Bahamas) Limited, Bahamian corporation headquartered in Nassau, Bahamas, is a diverse international marine transportation company. The company operates in three segments: River, Offshore Supply, and Ocean. Last twelve months ended March 31, 2011 revenues were $234.5 million. =========================== C A Y M A N I S L A N D S =========================== ADONIA IAM: Shareholders' Final Meeting Set for July 13 ------------------------------------------------------- The shareholders of Adonia Iam Limited will hold their final meeting on July 13, 2011, 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: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands FREEDOM IAM: Shareholders' Final Meeting Set for July 13 -------------------------------------------------------- The shareholders of Freedom Iam Limited will hold their final meeting on July 13, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1 ---------------------------------------------------------- The shareholders of Fridson Credit Strategies GP, Ltd. will hold their final meeting on June 1, 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: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands FRIDSON CREDIT: Shareholders' Final Meeting Set for June 1 ---------------------------------------------------------- The shareholders of Fridson Credit Strategies Fund, Ltd. will hold their final meeting on June 1, 2011, at 9:50 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 Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands GRANFONDO HOLDING: Shareholders' Final Meeting Set for June 2 ------------------------------------------------------------- The shareholders of Granfondo Holding Ltd. will hold their final meeting on June 2, 2011, at 9:00 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 Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands JLT RISK: Shareholders' Final Meeting Set for June 1 ---------------------------------------------------- The shareholders of JLT Risk Solutions (Cayman) Limited will hold their final meeting on June 1, 2011, at 9:40 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 Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands JOE-M LTD: Shareholders' Final Meeting Set for May 31 ----------------------------------------------------- The shareholders of Joe-M Ltd. will hold their final meeting on May 31, 2011, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands LEONARDO-D LTD: Shareholders' Final Meeting Set for May 31 ---------------------------------------------------------- The shareholders of Leonardo-D Ltd. will hold their final meeting on May 31, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MANUEL-E LTD: Shareholders' Final Meeting Set for May 31 -------------------------------------------------------- The shareholders of Manuel-E Ltd. will hold their final meeting on May 31, 2011, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NAUPAKA LTD: Shareholders' Final Meeting Set for June 2 ------------------------------------------------------- The shareholders of Naupaka Ltd. will hold their final meeting on June 2, 2011, 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 Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands PACIFIC COMMODITY: Shareholders' Final Meeting Set for June 1 ------------------------------------------------------------- The shareholders of Pacific Commodity Fund, Ltd. will hold their final meeting on June 1, 2011, 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: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands RALPH-S LTD: Shareholders' Final Meeting Set for May 31 ------------------------------------------------------- The shareholders of Ralph-S Ltd. will hold their final meeting on May 31, 2011, at 9:50 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SIEBELS HARD: Shareholders' Final Meeting Set for May 31 -------------------------------------------------------- The shareholders of The Siebels Hard Asset Monthly Liquidity Fund (Cayman), Ltd. will hold their final meeting on May 31, 2011, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SIEBELS HARD: Shareholders' Final Meeting Set for May 31 -------------------------------------------------------- The shareholders of The Siebels Hard Asset Monthly Liquidity Fund, Ltd. will hold their final meeting on May 31, 2011, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands START III: Shareholders' Final Meeting Set for June 1 ----------------------------------------------------- The shareholders of Start III CLO Limited will hold their final meeting on June 1, 2011, at 10:40 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 Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TIDEN CORE: Shareholders' Final Meeting Set for May 27 ------------------------------------------------------ The shareholders of Tiden Core Fund Limited will hold their final meeting on May 27, 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 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands TIDEN CORE: Shareholders' Final Meeting Set for May 27 ------------------------------------------------------ The shareholders of Tiden Core Master Fund Limited will hold their final meeting on May 27, 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 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands VAN BIEMA: Shareholders' Final Meeting Set for May 31 ----------------------------------------------------- The shareholders of Van Biema Global Value Fund, Ltd. will hold their final meeting on May 31, 2011, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands WISTERIA ASSET: Shareholders' Final Meeting Set for May 27 ---------------------------------------------------------- The shareholders of Wisteria Asset Holdings will hold their final meeting on May 27, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands ZIRUNDIUM LIMITED: Shareholders' Final Meeting Set for May 30 ------------------------------------------------------------- The shareholders of Zirundium Limited will hold their final meeting on May 30, 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: Graham Robinson c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Deputies Approve US$666.6-Mil. Bond on Debt ----------------------------------------------------------------- Dominican Today reports that the Chamber of Deputies authorized the Treasury Ministry to issue a RD$25.2 billion (US$666.6 million) bond on the Dominican Republic's debt, to partially pay a pending balance owed by the government since December 31, 2005. The legislation, which President Leonel Fernandez is expected to sign into Law, stated that the bonds will be auctioned off locally by the Public Credit Agency, according to the bill's regulation, according to Dominican Today. The Dominican Today discloses that the initiative also stipulates that government agencies, non-financial and social security institutions won't be able to formalize any public credit transactions such as to issue and place titles, bonds or other financial obligations, which aren't established in provisions of the General State Budget Law or in other specific laws. The financing that is sought must be under more favorable conditions of cost, in short-, medium- and long-term, in accordance with a prudent risk level and within a context of sustainability. The interest payments on the RD$25.2 billion cannot surpass 15% annually, the report notes. * * * As of May 14, 2011, the Dominican Republic continues to carry Moody's "B2" Country Ceiling long-term bank and currency ratings. The country also continues to carry Standard and Poor's "B" currency long term and short term ratings. ============= J A M A I C A ============= * JAMAICA: More Challenging Times Ahead, Study Shows ---------------------------------------------------- RJR News reports that findings of a study conducted by a United States-based agency have revealed that more challenging times are on the horizon for Jamaica as far as its debts are concerned. This is despite the much touted Jamaica Debt Exchange Program (JDX) and the country's standby facility with the International Monetary Fund (IMF), according to RJR News. RJR News notes that the study by the Washington-based Centre for Economic and Policy Research has concluded that the JDX has done little to resolve the country's debt problems or place its public finances on sustainable footing. RJR News relates that while the JDX succeeded in lowering interest rates on the government's domestic debt, the researchers said Jamaica's debt burden nevertheless remains large with nearly half of the amount owed coming due within one to five years. The U.S. researchers say this leaves Jamaica vulnerable to potential difficulties at the time of refinancing, threatening to erase the fiscal gains made by the JDX, RJR News notes. At the same time, RJR News says, they say Jamaica's agreement with the IMF, which involves public spending cuts, could lead to low growth, exacerbating the public debt burden. RJR News discloses that in the absence of plans to tackle Jamaica's debt problems with a broader concern for growth and employment, they expressed concern that the economy will likely continue to stagnate. * * * As of May 14, 2011, Jamaica continues to carry Standard and Poor's "B-" currency long-term debt ratings and "C" currency short term debt ratings. ===================== P U E R T O R I C O ===================== CARIBBEAN PETROLEUM: Delaware Court Approves Chapter 11 Plan ------------------------------------------------------------ Lance Duroni at Bankruptcy Law360 reports that a bankruptcy judge in Delaware signed off on Caribbean Petroleum Corp.'s Chapter 11 plan Monday, resolving a complex set of environmental and creditor disputes arising from a catastrophic 2009 fuel depot explosion that crippled the company's operations. As reported in the Troubled Company Reporter on April 1, 2011, under the liquidation plan, FirstBank, owed US$12.2 million, will recover 94% of its allowed claim, and Banco Popular De Puerto Rico, owed US$146.8 million, will get 19%.1 of its allowed claim. Holders of unsecured claims, owed between $150 million and US$3.7 billion, will recover between 19.3% and 0.78%. On the Plan's effective date, the Debtors will cause the liquidation trust assets to be transferred to the liquidation trust and, the liquidation trust will assume all obligations of the Debtors under the Plan. About Caribbean Petroleum San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka CAPECO, owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations. The Debtor estimated assets of US$100 million to US$500 million and debts of US$500 million to US$1 billion as of the Petition Date. Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum Refining (Puerto Rico) Corporation filed separate Chapter 11 petitions on Aug. 12, 2010. John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman, Esq., and Zachary H. Smith, Esq.. at Cadwalader, Wickersham & Taft LLP, in New York, serve as lead counsel to the Debtors. Mark D. Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Del., serve as local counsel. The Debtors' financial advisor is FTI Consulting Inc. The Debtors' chief restructuring officer is Kevin Lavin of FTI Consulting Inc. Kurtzman Carson Consultants LLC serves as the noticing, claims and balloting agent. In December 2010, the Debtor won bankruptcy court approval to sell its business to Puma Energy International for US$82 million. Puma obtained Capeco's entire retail network, which consists of 157 locations, gasoline, diesel and other fuel storage facilities as well as undeveloped land and a private deep water jetty. This is Caribbean Petroleum's second stint in Chapter 11. MIRAMAR REAL ESTATE: Section 341(a) Meeting Continues Today ----------------------------------------------------------- The U.S. Trustee for Region 21 will continue a meeting of Miramar Real Estate Management Inc.'s creditors on May 16, 2011, at 10:30 a.m. The meeting will be held at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, San Juan, Puerto Rico. This is the first meeting of creditors required under Section 341(a) of the U.S. Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. San Juan, Puerto Rico-based Miramar Real Estate Management Inc. filed for Chapter 11 bankruptcy protection on March 2, 2011 (Bankr. D. P.R. Case No. 11-01786). Fausto D. Godreau Zayas, Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the Debtor's bankruptcy counsel. The Debtor estimated its assets and debts at US$100 million to US$500 million. PANADERIA Y REPOSTERIA: Case Summary & Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Panaderia y Reposteria Ponciana Inc. aka Ponciana Bakery P.O. Box 9045 Ponce, PR 00732 Bankruptcy Case No.: 11-03924 Chapter 11 Petition Date: May 9, 2011 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Modesto Bigas Mendez, Esq. BIGAS & BIGAS P.O. Box 7462 Ponce, PR 00732 Tel: (787) 844-1444 E-mail: modesto@coqui.net Scheduled Assets: US$1,573,479 Scheduled Debts: US$1,386,045 A list of the Company's 14 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb11-03924.pdf The petition was signed by Vanessa Bobet Lagares, president. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: CLICO Exits Strategy Coming ----------------------------------------- Jamaica Observer reports that almost a year after it inherited an agreement to repay thousands of Colonial Life Insurance Company (Trinidad) Limited (CLICO) policyholders more than TT$1 billion invested in CL Financial Group Limited, the People's Partnership government is now close to a decision about ending its commitment. CLICO is a subsidiary of CL Financial Group Limited. Jamaica Observer notes that sources said CLICO and CL Financial have described a new proposal as an "exit strategy" from the commitment to pay back policyholders entered into by the former PNM government. The report relates that the proposal was presented to the government and a Cabinet note has been forwarded, which outlines a framework for the Kamla Persad-Bissessar administration for a "re-organization" of the government's involvement in the CLICO collapse and repayment plan to policyholders. Jamaica Observer says that the plan involves a "number of steps" to ultimately take government out of its intervention in CLICO and was designed to "bring closure to the financial mess" it inherited after CLICO collapsed at the end of 2008 with TT$23 billion in liabilities. More than TT$7 billion has been injected into the company to shore it up and keep creditors and policyholders at bay, the report adds. About CL Financial CL Financial Group 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 with CL Financial's collapse and the consequent systemic crisis. TT POSTAL: Postal Union Bats for Temporary Relief Workers --------------------------------------------------------- Reshma Baal at Trinidad and Tobago Newsday reports that the Postal Worker's Union is calling on the TT Postal Service (TTPost) to ensure that the most senior temporary relief workers (TROs) be given the first opportunity to fill vacancies which may arise during the company's restructuring process. Reginald Crichlow, general secretary of the union, said those less senior employees should be given severance packages, according to T&T Newsday. "If the workers are taken back they should be given severance packages. The company must provide justified reasons why they were sent home, and then plan to re-hire them. This does not make any sense," T&T Newsday quoted Mr. Crichlow as saying. Anthony Moore, chairman of the board of TTPost, said some of the 195 TROs would be reabsorbed into the corporation's restructuring process, T&T Newsday says. The decision to lay off the workers was taken so the company could become more viable and less dependent on the Government's assistance, Mr. Moore added. T&T Newsday notes that Mr. Crichlow said the union was not pleased with the company's decision. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 9, to May 13, 2011 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-PAR 1.18 12/31/2038 ARS 61.49 ARGENT-DIS 7.82 12/31/2033 EUR 73 ARGENT-DIS 7.82 12/31/2033 EUR 72.75 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PR13 2 3/15/2024 ARS 110.04 BODEN 2014 2 9/30/2014 ARS 32.5 BOGAR 2018 2 2/4/2018 ARS 31.85 PRO12 2 1/3/2016 ARS 118.14 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.099 BCP FINANCE BANK 5.01 3/31/2024 EUR 47.206 BCP FINANCE BANK 5.31 12/10/2023 EUR 49.744 BCP FINANCE CO 5.54 EUR 65.956 BCP FINANCE CO 4.23 EUR 65.65 BES FINANCE LTD 5.77 2/7/2035 EUR 57.101 BES FINANCE LTD 5.58 EUR 64.864 BES FINANCE LTD 4.5 EUR 66.012 BES FINANCE LTD 6.62 EUR 73.009 EFG ORA FUNDING 1.7 10/29/2014 EUR 62.834 ESFG INTERNATION 5.75 EUR 58.322 IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.5 CHILE ----- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.099 AGUAS NUEVAS 3.4 5/15/2012 CLP 0.13 CGE DISTRIBUCION 3.25 12/1/2012 CLP 40.042 ESVAL S.A. 3.8 7/15/2012 CLP 37.677 MASISA 4.25 10/15/2012 CLP 29.682 QUINENCO SA 3.5 7/21/2013 CLP 38.182 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 53.531 PUERTO RICO CONS 6.5 4/1/2016 USD 63.375 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 46.082 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.81 PETROLEOS DE VEN 5.25 4/12/2017 USD 60.148 PETROLEOS DE VEN 5.125 10/28/2016 USD 61.709 PETROLEOS DE VEN 5 10/28/2015 USD 65.873 PETROLEOS DE VEN 8.5 11/2/2017 USD 71.244 PETROLEOS DE VEN 8.5 11/2/2017 USD 71.055 PETROLEOS DE VEN 4.9 10/28/2014 USD 73.904 VENEZUELA 7 3/31/2038 USD 56.146 VENEZUELA 7 3/31/2038 USD 57.1 VENEZUELA 6 12/9/2020 USD 60 VENEZUELA 7.65 4/21/2025 USD 61.625 VENEZUELA 8.25 10/13/2024 USD 64.125 VENEZUELA 9.25 5/7/2028 USD 68 VENEZUELA 9 5/7/2023 USD 69 VENEZUELA 7.75 10/13/2019 USD 69.625 VENEZUELA 7 12/1/2018 USD 70.625 VENEZUELA 9.25 9/15/2027 USD 71.737 VENEZUELA 9.25 9/15/2027 USD 72.42 VENZOD - 189000 9.375 1/13/2034 USD 68.75 *********** 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 * * *