/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110613.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, June 13, 2011, Vol. 12, No. 115 Headlines A N T I G U A & B A R B U D A * ANTIGUA & BARBUDA: Completes Negotiations With Creditors B E R M U D A MERCK SHARP: Creditors' Proofs of Debt Due June 15 MERCK SHARP: Members' Final Meeting Set for July 5 C A Y M A N I S L A N D S AKIKO CAYMAN: Creditors' Proofs of Debt Due June 27 HANNOVER LIMITED: Creditors' Proofs of Debt Due July 6 KINGSWAY FUND: Creditors' Proofs of Debt Due July 7 LUCKY FORTUNE: Creditors' Proofs of Debt Due July 6 ML ANDROMEDA: Creditors' Proofs of Debt Due July 6 ML BEECH: Creditors' Proofs of Debt Due July 6 ML CHESTNUT: Creditors' Proofs of Debt Due July 6 ML LARCH: Creditors' Proofs of Debt Due July 6 ML PINE: Creditors' Proofs of Debt Due July 6 MOONSTAR HOLDINGS: Creditors' Proofs of Debt Due July 6 MSREF VI: Creditors' Proofs of Debt Due June 27 NOVEMBERSKY MD 11-98: Creditors' Proofs of Debt Due June 30 REDFERN LIMITED: Creditors' Proofs of Debt Due July 6 RETNUH LIMITED: Creditors' Proofs of Debt Due July 6 THAMES RIVER: Creditors' Proofs of Debt Due July 7 J A M A I C A CENTURY NATIONAL: "Machiavellian Actions" Led to Bank Failure M E X I C O AXTEL SAB DE CV: Fitch Lowers Issuer Default Ratings to 'B+' NAYARIT STATE: Moody's Downgrades Issuer Rating to Ba2 T R I N I D A D & T O B A G O CL FINANCIAL: Former Chairman Faces Probe for Criminal Charges FNCU VENTURE: Informs SEC of its Inability to Submit Fin'l Results X X X X X X X X * BOND PRICING: For the Week June 6, to June 10, 2011 - - - - - =============================== A N T I G U A & B A R B U D A =============================== * ANTIGUA & BARBUDA: Completes Negotiations With Creditors ---------------------------------------------------------- Caribbean360.com reports that Antigua and Barbuda has concluded negotiations with the last of the Paris Club Creditors, with an agreement reached with Japan. The report relates that government will repay US$32.5 million owed to that Asian country over 15 years, with a three-year moratorium. "That means repayment will start in 2014 and run till 2024," said a government statement obtained by the news agency. "The Japanese have agreed to an interest rate of 3.1%," the statement added. The original loan of US$29.75 million dollars was contracted in 1987 at an interest rate of 8%, according to Caribeban360.com. Since getting approval from the International Monetary Fund (IMF) for a US$128 million Stand-By Arrangement in June last year, the United Progressive Party government has been in negotiations with members of the Paris Club to reschedule a huge chunk of its foreign debt, some of which was accumulated during previous Antigua Labour Party administrations, Caribbean360.com discloses. The Paris Club is an informal group of financial officials from 19 of some of the world's biggest economies, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. ============= B E R M U D A ============= MERCK SHARP: Creditors' Proofs of Debt Due June 15 -------------------------------------------------- The creditors of Merck Sharp & Dohme (Puerto Rico) Ltd. are required to file their proofs of debt by June 15, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 30, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MERCK SHARP: Members' Final Meeting Set for July 5 -------------------------------------------------- The members of Merck Sharp & Dohme (Puerto Rico) Ltd. will hold their final meeting on July 5, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on May 30, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========================== C A Y M A N I S L A N D S =========================== AKIKO CAYMAN: Creditors' Proofs of Debt Due June 27 --------------------------------------------------- The creditors of Akiko Cayman Asset Management are required to file their proofs of debt by June 27, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 20, 2011. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands HANNOVER LIMITED: Creditors' Proofs of Debt Due July 6 ------------------------------------------------------ The creditors of Hannover Limited are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 19, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands KINGSWAY FUND: Creditors' Proofs of Debt Due July 7 --------------------------------------------------- The creditors of Kingsway Fund Limited are required to file their proofs of debt by July 7, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 11, 2011. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands LUCKY FORTUNE: Creditors' Proofs of Debt Due July 6 --------------------------------------------------- The creditors of Lucky Fortune Limited are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2011. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Cayman Islands ML ANDROMEDA: Creditors' Proofs of Debt Due July 6 -------------------------------------------------- The creditors of ML Andromeda (Cayman) are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands ML BEECH: Creditors' Proofs of Debt Due July 6 ---------------------------------------------- The creditors of ML Beech (Cayman) are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands ML CHESTNUT: Creditors' Proofs of Debt Due July 6 ------------------------------------------------- The creditors of ML Chestnut (Cayman) are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands ML LARCH: Creditors' Proofs of Debt Due July 6 ---------------------------------------------- The creditors of ML Larch (Cayman) are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands ML PINE: Creditors' Proofs of Debt Due July 6 --------------------------------------------- The creditors of ML Pine (Cayman) are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands MOONSTAR HOLDINGS: Creditors' Proofs of Debt Due July 6 ------------------------------------------------------- The creditors of Moonstar Holdings Limited are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2011. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Cayman Islands MSREF VI: Creditors' Proofs of Debt Due June 27 ----------------------------------------------- The creditors of MSREF VI Investments (China) II Limited are required to file their proofs of debt by June 27, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 23, 2011. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands NOVEMBERSKY MD 11-98: Creditors' Proofs of Debt Due June 30 ----------------------------------------------------------- The creditors of Novembersky MD 11-98 Limited are required to file their proofs of debt by June 30, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2011. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 REDFERN LIMITED: Creditors' Proofs of Debt Due July 6 ----------------------------------------------------- The creditors of Redfern Limited are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 24, 2011. The company's liquidator is: Darren Riley c/o Ellen J. Christian Telephone: 345 945 9208 Facsimile: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road, George Town Grand Cayman Cayman Islands RETNUH LIMITED: Creditors' Proofs of Debt Due July 6 ---------------------------------------------------- The creditors of Retnuh Limited are required to file their proofs of debt by July 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 13, 2011. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 THAMES RIVER: Creditors' Proofs of Debt Due July 7 -------------------------------------------------- The creditors of Thames River Kingsway Fund Limited are required to file their proofs of debt by July 7, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 11, 2011. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= CENTURY NATIONAL: "Machiavellian Actions" Led to Bank Failure ------------------------------------------------------------- RJR News reports that Donovan Crawford, the former Chief Executive Officer of the collapsed Century National Bank, said there was a conspiracy against him which led to his eventual exile. "Century [National Bank] was deliberately and ruthlessly destroyed by Machiavellian actions of the minister plotting without the reprimand of the Government of which he was a part," RJR News quoted Mr. Crawford as saying. By a Mareva injunction obtained in the Supreme Court in 1996, the assets of Mr. Crawford and by extension, Century National Bank and its subsidiaries, were frozen and taken over by Dr. Omar Davies, the former Minister of Finance, according to RJR News. "The dignity to which I have been subjected continues to roll on and while my family and myself live extremely marginalized lives, political predators in Jamaica feast lavishly on the products of the blood, sweat and tears of my entire family," Mr. Crawford told the told the Commission of Enquiry looking into the operations of Financial Sector Adjustment Company (FINSAC). However, RJR News relates that Mr. Crawford claims his troubles began when the bank bought U.S. dollars from the U.S. Embassy. "The first financial body blow to Century came before Dr. Davies was (the) Minister of Finance and the P J Patterson-led Government interpreted a business decision by Century to purchase US dollars from the American Embassy to be politically motivated," Mr. Crawford further told the Commission, the report notes. Thereafter, high profile and frequent audits of the bank's accounts were carried out by the Bank of Jamaica, which led to depositors losing confidence and withdrawing their money, he added. RJR News recalls that Mr. Crawford was eventually sued successfully by the Government after it allegedly found that he had authorized substantial unsecured loans to companies in which he had an interest. =========== M E X I C O =========== AXTEL SAB DE CV: Fitch Lowers Issuer Default Ratings to 'B+' ------------------------------------------------------------ Fitch Ratings has downgraded Axtel, S.A.B. de C.V. (Axtel) ratings: -- Local currency Issuer Default Ratings (IDR) to 'B+' from 'BB-'; -- Foreign currency IDR to 'B+' from 'BB-'; -- US$490 million Senior Notes due 2019 to 'B+/RR4' from 'BB-'; -- Long Term National Scale rating to 'BBB(mex)' from 'A- (mex)'. The Rating Outlook is Revised to Stable from Negative. The rating actions are a result of Axtel's increasing leverage over the past three years, operating performance that has been below Fitch's expectations and continued negative free cash flow (FCF). Fitch believes that over the next few years, Axtel's leverage-measured as total debt to EBITDA-should remain close to 3.0 times(x) with FCF being negative or minimal as the company reinvests most of its cash flow from operations. This leverage expectation is higher than previous years' expectation that leverage will remain close to 2.0x over the long term. Fitch notes that operating performance, while having declined below expectations, appears to have stabilized. Axtel's ratings incorporate a tough competitive environment, small scale, limited service diversity, geographical diversification within Mexico and moderate regulatory risk. In addition the ratings are supported by a moderate financial profile and adequate liquidity. 'RR4' rated securities have characteristics consistent with securities historically recovering 31%-50% of current principal and related interest, which is average recovery prospects given default. Axtel's strategy is shifting towards serving higher value customers by offering differentiated services to both residential and corporate customers, although competition remains challenging. As part of this effort the company is deploying fiber-to-the-home (FTTH) that allows it to have an attractive offering to high-end broadband users. Axtel plans to add approximately 180 thousand broadband accesses during the year that should mitigate the loss in revenue and cash flow related to the exit of Nextel (estimated 5% of revenues) and pressure on ARPU. Axtel's competitive position is constrained by a limited service offering. The company has made efforts towards diversifying its services; however this has been limited to improving the service with other technologies. With different operators deploying FTTH, Fitch views that operators offering broadband services are facing strong competition, where bundles with the better mix of services and value should prevail. This situation can result in more capital expenditures and not necessarily an increase in revenues or cash flows, thus affecting free cash flow. Recent regulatory rulings, such as the reduction of fixed to mobile interconnection rates, should help Axtel to improve its cost structure. Fitch views that any major regulatory change should be neutral to positive for Axtel. However, Axtel has a disagreement regarding mobile interconnection rates with Telcel that can result in a liability to Axtel for MXN1,548 million and another one with Telmex for MXN1,212 million regarding international long distance settlement rates. While Axtel expects to win these two disagreements, a negative outcome resulting in Axtel to disburse these amounts would negatively affect its credit quality. Manageable Liquidity and Debt Maturity Profile: Debt maturities over the next three years are manageable however, refinancing risk remains as the 2017 and 2019 senior notes approach maturity. As of March 31, 2011 the company's cash balances of MXN859 million and unused committed credit facilities of MXN155 million, compare adequately to next three years debt maturities of MXN925 million and last 12 months funds flow from operations(FFO) of approximately MXN2,214 million. Total debt is composed of MXN3,291 million (US$275 million) in senior notes due 2017, MXN5,864 million (US$490 million) in senior notes due 2019 and MXN934 million (US$78 million) in other loans and capital leases. Axtel has swapped to MXN the debt service of its 2017 and existing 2019 senior notes to a fix rate in MXN, however the principal amount remains exposed to the USD, adding currency risk. Leverage is expected to remain stable and FCF to be minimal in the medium term. For the 12 months ended Mar. 31, 2011 total debt to EBITDA, adjusted debt to EBITDAR and FFO adjusted leverage were at 3.0 times (x), 3.5x and 3.7x; respectively. With annual capital expenditures expected to range between US$180 and US$200 million over the next few years, FCF is expected to be minimal with moderate increases in cash flow from operations mainly as a result of growing data revenues. Fitch views that any potential reduction in leverage will come from growing EBITDA or FFO as debt is expected to remain relatively stable. NAYARIT STATE: Moody's Downgrades Issuer Rating to Ba2 ------------------------------------------------------ Moody's de Mexico downgraded the State of Nayarit's issuer ratings to Ba2 (Global Scale, local currency) and A2.mx (Mexico National Scale) from Ba1 and A1.mx, respectively. The outlook on the issuer ratings remains negative. Moody's also downgraded the debt ratings assigned to Nayarit's syndicated MXN 1.25 billion enhanced loan (original face value) and MXN 300 million enhanced loan (original face value) from Banorte to Ba2/A2.mx and Baa3/Aa3.mx respectively. In addition, Moody's assigned ratings of Baa3/Aa3.mx to two enhanced loans of MXN 200 million, one from Banorte and the other one from BBVA-Bancomer. Ratings Rationale The downgrades reflect a greater than expected deterioration in Nayarit's financial and debt indicators in 2010. Specifically, the state registered 1) a sizable consolidated deficit, 2) cash financing requirements for the fifth consecutive year, 3) a continued increase in its high debt levels and expected increase for 2011 to roughly 24% of total revenues, and 4) a very tight liquidity position. These concerns are partially offset by Nayarit's growing economy and trend of increasing, albeit still low own-source revenues, which should enhance its financial flexibility in the medium-term. The ratings assigned to the two MXN 200 million enhanced loans reflect credit enhancements consistent with two notches of uplift from the issuer rating. On March 2011, Moody's revised the outlook to negative from stable due to the deterioration of financial, debt and liquidity indicators but recognizing that the trend could be corrected in the near to medium term. However, the downgrade recognizes that the financial performance by year end 2010 was weaker than expected, as reflected by: a) The 2010 cash financing deficit of -10.9% to total revenues was larger than the expected level of -6.3%. This was driven by higher than expected operating expenditures, which are in general more difficult to reduce than capital expenditures. As a result, Moody's expects these deficits to be more persistent than previously. b) Net direct and indirect debt to total revenues ratio of 12.5% in 2010 was lower than the projected 16%. However, this was due to the state's reliance on financing from its suppliers, which has already been refinanced with debt. In fact, Moody's expectations for 2011 debt levels are even higher than they were previously, and will roughly reach 24%, a level higher than Ba peers. This reflects an additional MXN 2 billion in debt already been approved by State's Congress, MXN 300 million more than previously considered. c) Liquidity used to be a strength for Nayarit but in 2009 it turned negative (net working capital of -4.4% of total expenses). While it appeared to have improved somewhat by the end of 2010 to -3.8%, this was lower than the expected level of -1.8%. Moreover, the ratio is significantly distorted since the approved loans for 2011 of MXN 1.7 billion were registered as current assets. Adjusting for this, the liquidity ratio would be approximately -14%, a very low level. The negative outlook reflects Moody's expectation regarding the challenges that the State faces to improve the financial performance in the short to medium term. All the loans benefit from a strong trust structure based on an irrevocable notification to the federal treasury regarding the transfer of rights and flows of participation revenues to the trust. The MXN 300 million loan and the two MXN 200 million loans all have similar terms and conditions including reserves equal to 2.5-3 months of debt service and are all expected to exhibit solid debt service coverage levels. For the three loans, minimum coverages are projected to range from 2.0x-3.2x in Moody's base case and 1.7x-3.6x in Moody's stress case, which in all cases is consistent with two notches of uplift from the issuer rating according to Moody's methodology for enhanced loan ratings. Moody's notes that the Bancomer loan has the lowest coverages of the three and as a result would likely be downgraded sooner than the rest if coverages fall short of Moody's expectations. While the MXN 1.25 billion loan is projected to have similar coverages, it has a lower rating because it has cross default clauses that permit the lenders to declare an early amortization if the borrower defaults on any of its other obligations coupled with the fact that there are multiple lenders participating in the loan, which could expose any individual lender to the decision of other lenders to trigger the cross default clause. The two MXN 200 million loans are paid through the same trust as the MXN 300 million Banorte loan (BBVA Bancomer 47201-9). Both loans are general obligations of the State of Nayarit. The state has also pledged the flows and rights of 3% of its federal participation transfers to the BBVA Bancomer loan and 3.4% to the MXN 200 million Banorte loan. The loans are denominated in Mexican pesos with maturity of 20 years and the Bancomer loan will pay an interest rate composed of the 28-day Mexican Interbank Interest Rate (TIIE) plus a spread of 165 basis points, with a grace period for principal payments of 24 months, while the Banorte loan will have a spread of 175 bps and a 12 month grace period. Although Moody's does not expect upward pressure on the ratings in the near term, if Nayarit experiences a structural realignment in revenue and expenditure, leading to a reduction in annual borrowing requirements and a significant improvement of the state's tight liquidity position, the outlook could be revised to stable. If Nayarit fails to realign revenues and expenditures that will result in further deterioration in the state's liquidity position, and/or significant increases in direct or indirect debt obligations, there could be further downward pressure on the ratings. The ratings assigned to the enhanced loans could face upward or downward rating pressure if actual debt service coverages materially better or worse than Moody's projections. Given the links between the loans and the credit quality of the obligor, a downgrade of the Nayarit's issuer ratings could also exert downward pressure on debt ratings for the loans. Conversely, an upgrade of Nayarit's issuer ratings could result in an upgrade of the ratings on the loans. The principal methodologies used in this rating were Regional and Local Governments Outside the US published in May 2008and Enhanced Municipal and State Loans in Mexico published in January 2011. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Former Chairman Faces Probe for Criminal Charges -------------------------------------------------------------- RJR News reports that Roger Gaspard, Trinidad & Tobago director of public prosecution, said he is probing all files from the probe of the Colonial Life Insurance Company (Trinidad) Limited (CLICO), which has led the country's Central Bank to sue the company's former Chairman, Lawrence Duprey. CLICO is a subsidiary of CL Financial Limited. Mr. Gaspard said the action is to determine if Mr. Duprey and other former employees of CLICO should face criminal charges for the collapse of the insurance company, according to RJR News. The report relates that Anand Ramlogan, attorney general of Trinidad and Tobago, said he would leave no stones unturned to ensure justice for thousands of CLICO policyholders, who were affected by the collapse of the company. Meanwhile, RJR News relates that Tobago Central Bank has already hired a fraud expert to look into the case. RJR News notes that they said they will try to determine if Mr. Duprey acted in the best interest on the company or themselves in conducting certain transactions. As reported in the Troubled Company Reporter-Latin America on June 10, 2011, Jamaica Observer said that the Central Bank of Trinidad and Tobago (CBTT) and CLICO have filed civil proceedings against Mr. Duprey. CBTT said in a statement obtained by the news agency that the civil proceedings have been filed against Mr. Duprey, former director Andre Monteil as well as CL Financial, Dalco Capital Management Limited and Stone Street Capital Limited arising from the failure of CLICO. "The claims include allegations of mismanagement of CLICO and misapplication and misappropriation of its income and assets to the detriment of its policyholders and mutual fund investors. CBTT and CLICO are seeking damages, equitable compensation and declarations related to certain agreements and property of CLICO, Jamaica Observer quoted CBTT as saying. 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. FNCU VENTURE: Informs SEC of its Inability to Submit Fin'l Results ------------------------------------------------------------------ Trinidad & Tobago Newsday reports that the Board of Directors of FNCU Venture Capital Company Limited (FNCU) said it has written to the Trinidad and Tobago Securities and Exchange Commission (the SEC) as well as the Trinidad and Tobago Stock Exchange Limited, explaining its failure to submit Audited Financial Statements for the financial year ended December 31, 2010. FNCU said at the last annual meeting held on July 2, 2010 the shareholders voted and made substantial changes to the Board of Directors, according to Newsday. Subsequently, Newsday says, the contract of FCL Financial Limited, the fund manager which expired on November 1, 2010 was not renewed by the Board. Newsday relates that FNCU said the financial records and all other records are still in the fund manager's possession. The Board said it is making every effort to obtain their immediate release in order to fulfill the obligations to the regulatory authorities and shareholders, Newsday adds. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 6, to June 10, 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 * * *