/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110627.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 27, 2011, Vol. 12, No. 125 Headlines A R G E N T I N A BANCO SANTANDER: Fitch Affirms D Individual Rating PSA FINANCE: Moody's Assigns Ba2 Local Currency Senior Debt Rating C A Y M A N I S L A N D S CORNWALL HOLDINGS: Creditors' Proofs of Debt Due July 11 MSGI CHINA I: Creditors' Proofs of Debt Due July 11 MSGI CHINA III: Creditors' Proofs of Debt Due July 11 MSGI CHINA V: Creditors' Proofs of Debt Due July 11 MSGI CHINA IX: Creditors' Proofs of Debt Due July 11 MSGI CHINA X: Creditors' Proofs of Debt Due July 11 MSGI CHINA XI: Creditors' Proofs of Debt Due July 11 MSGI CHINA XII: Creditors' Proofs of Debt Due July 11 MSGI CHINA XIII: Creditors' Proofs of Debt Due July 11 MSGI CHINA XIV: Creditors' Proofs of Debt Due July 11 MSGI CHINA XV: Creditors' Proofs of Debt Due July 11 MSGI CHINA XVI: Creditors' Proofs of Debt Due July 11 MSGI CHINA XXI: Creditors' Proofs of Debt Due July 11 MSGI CHINA XXIII: Creditors' Proofs of Debt Due July 11 SOTER 2007-CRN3: Creditors' Proofs of Debt Due July 30 J A M A I C A * JAMAICA: Country's Trade Deficit Up US$150 Million++ M E X I C O BANCO MULTIVA: Moody's Affirms E+ Financial Strength Rating CEMEX SAB: S&P Rates $650 Million Senior Secured Notes 'B' HIPOTECARIA SU CASITA: Moody's Affirms and Withdraws C Ratings SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010 T R I N I D A D & T O B A G O CL FINANCIAL: CLICO Policyholders Group Not Buying Gov't Actions X X X X X X X X * BOND PRICING: For the Week June 13, to June 17, 2011 - - - - - ================= A R G E N T I N A ================= BANCO SANTANDER: Fitch Affirms D Individual Rating -------------------------------------------------- Fitch Ratings affirms Banco Santander Rio S.A.'s (Santander Rio) ratings: -- Individual rating at 'D'; -- Support rating at '5'; -- Long-term national rating at 'AA+(arg)'; -- Short-term national ratings at 'A1+(arg)'; -- National rating of its ARS250 million senior unsecured notes at 'AA+(arg)'. The Rating Outlook is Stable. Santander Rio's individual and national ratings reflect its sound franchise in Argentina, its strong profitability and its healthy asset quality ratios. They also take into account ownership by Spain's Banco Santander (Santander, rated 'AA') as well as the potentially volatile environment in Argentina. After the slowdown seen in 2009, in 2010 the Argentine economy resumed its growing trend seen since 2003. This has benefitted the operating environment for banks, with rising deposits and lending and steadily improving asset quality. Santander Rio's profitability is strong, based on growing interests and fees, as well as high results from its securities portfolio, which compensated for rising costs due to the high inflation level in Argentina. Fitch expects its performance to remain strong, based on its sound revenue generation capacity and the expected increase in loan demand, although it could be affected by market volatility or a higher inflation. Santander Rio's asset quality is sound and has improved in the past two years. Non-performing loans were 1.06% of the total at March 31, 2011, and loan loss reserve coverage was 167.85%. Fitch expects Santander Rio's asset quality ratios to remain healthy in line with the good outlook for the economy in 2011 and as loan demand is expected to be strong. Santander Rio's liquidity remains ample and its funding was comprised primarily of deposits. Its capital base is adequate and has been supported by its improving profitability. Santander Rio is 99.3% owned by Santander. It is a universal bank, offering a wide range of financial services through its 290 branches. It was Argentina's largest private sector bank by loans and deposits at Dec. 31, 2010. PSA FINANCE: Moody's Assigns Ba2 Local Currency Senior Debt Rating ------------------------------------------------------------------ Moody's Investors Service assigned a Ba2 global local currency senior debt rating to PSA Finance Argentina Compania Financiera's third bond issuance for an amount up to AR$75 million, which will be due in 24 months, as well as to the fourth issuance for an amount of AR$25 million, which will be due in 9 months. At the same time, on the National Scale, Moody's assigned Aa2.ar local currency debt rating to both issuances. The outlook on all ratings is stable. The following ratings were assigned to PSA Finance Argentina Compania Financiera S.A.: Ar$75 million senior unsecured debt issuance: Ba2 Global Local Currency Debt Rating Aa2.ar Argentina National Scale Local Currency Debt Rating Ar$25 million senior unsecured debt issuance: Ba2 Global Local Currency Debt Rating Aa2.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale 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." PSA Finance Argentina Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, with assets of Ar$908.1 million, and equity of Ar$144.1 million as of March 2011. =========================== C A Y M A N I S L A N D S =========================== CORNWALL HOLDINGS: Creditors' Proofs of Debt Due July 11 -------------------------------------------------------- The creditors of Cornwall Holdings Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 3, 2011. The company's liquidator is: Ho Ka Kin Telephone: (852) 2485 5218 Facsimile: (852) 2401 0549 Charles Adams Ritchie & Duckworth Zephyr House 122 Mary Street P.O. Box 709, Grand Cayman KY1-1107 Cayman Islands MSGI CHINA I: Creditors' Proofs of Debt Due July 11 --------------------------------------------------- The creditors of MSGI China I Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA III: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- The creditors of MSGI China III Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA V: Creditors' Proofs of Debt Due July 11 --------------------------------------------------- The creditors of MSGI China V Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA IX: Creditors' Proofs of Debt Due July 11 ---------------------------------------------------- The creditors of MSGI China IX Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA X: Creditors' Proofs of Debt Due July 11 --------------------------------------------------- The creditors of MSGI China X Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XI: Creditors' Proofs of Debt Due July 11 ---------------------------------------------------- The creditors of MSGI China XI Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XII: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- The creditors of MSGI China XII Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XIII: Creditors' Proofs of Debt Due July 11 ------------------------------------------------------ The creditors of MSGI China XIII Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XIV: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- The creditors of MSGI China XIV Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XV: Creditors' Proofs of Debt Due July 11 ---------------------------------------------------- The creditors of MSGI China XV Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XVI: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- The creditors of MSGI China XVI Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XXI: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- The creditors of MSGI China XXI Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands MSGI CHINA XXIII: Creditors' Proofs of Debt Due July 11 ------------------------------------------------------- The creditors of MSGI China XXIII Limited are required to file their proofs of debt by July 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 1, 2011. The company's liquidator is: Rebecca Hume Telephone: (345) 949.4544 Facsimile: (345) 949.8460 Charles Adams Ritchie & Duckworth P.O. Box 709 122 Mary Street Grand Cayman KY1-1107 Cayman Islands SOTER 2007-CRN3: Creditors' Proofs of Debt Due July 30 ------------------------------------------------------ The creditors of Soter 2007-CRN3, Ltd. are required to file their proofs of debt by July 30, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 6, 2011. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands ============= J A M A I C A ============= * JAMAICA: Country's Trade Deficit Up US$150 Million++ ------------------------------------------------------ RJR News reports that new data show Jamaica's trade deficit has increased by more than US$150 million. The Statistical Institute of Jamaica (STATIN) reports that the gap between imports and exports during the first two months of the year was US$660 million up from US$493 million last year, according to RJR News. The report notes that between January and February, US$893 million was spent on importing goods into the country. RJR News relates that this was a US$163 million or 22% increase when compared to last year. On the other hand, earnings from exports amounted to US$233 million which was a US$3.3 million or 1% decline from 2010, RJR News adds. * * * 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. =========== M E X I C O =========== BANCO MULTIVA: Moody's Affirms E+ Financial Strength Rating ----------------------------------------------------------- Moody's Investors Service affirmed Banco Multiva, S.A. (Multiva)'s E+ bank financial strength rating (BFSR). At the same time Moody's affirmed all other existing ratings for Multiva, including the global local currency (GLC) and foreign currency deposit ratings of B2/Not Prime and the Mexican National Scale ratings of Baa3.mx and MX-3. All these ratings have stable outlooks. The B2/NP local currency and Baa3.mx/MX-3 issuer ratings of Casa de Bolsa Multiva, S.A. remain unchanged. These ratings were affirmed: Bank Financial Strength Rating: E+ Global Local Currency Deposits, long term: B2 Global Local Currency Deposits, short term: Not Prime Foreign Currency deposits, long term: B2 Foreign Currency deposits, short term: Not Prime Mexican National Scale, long term: Baa3.mx Mexican National Scale, short term: MX-3 Ratings Rationale According to Moody's, Multiva's ratings incorporate the bank's small scale and still-developing banking franchise, which are reflected in its modest earnings generation and high operating costs, characteristics of a new banking operation. Additional capital contributions from the bank's shareholders have added up to Mx$701 million since 2009 to date, and suggest their commitment to the bank. Moody's acknowledges Multiva's developments in its initial stage of operations, as it has been able to draw positive synergies from its relationships with the various entities that form its controlling economic group. In particular, we note the access the bank has had to new customers via payroll accounts. Moreover, the synergies with customers of its brokerage house has provided for an important increase in checking accounts. As for the loan book, Multiva has taken advantage on guaranteed lending with support from official entities. Nevertheless, Multiva has yet to consolidate its financial performance as it achieves breakeven and demonstrates ability to generate recurrent quality earnings, while sustaining adequate asset quality and capitalization levels. Moody's also notes that Multiva's loan book contains large single exposures and notable, yet decreasing, balances of loans to related parties, which have been important to support the bank's initial expansion. Moody's expects Multiva to grow independently from the business relationships derived from its economic conglomerate or related parties, and views developments in this front as critical for any future rating actions. Moody's assigns a long-term global local currency (GLC) deposit rating of B2 to Banco Multiva. Because of the bank's marginal relevance to the country's national payment system -- its market share is less than 0.5% of the system's deposits -- Moody's assesses no probability of systemic support in case of a stress situation to the bank's deposit ratings. Therefore, the bank's GLC rating is consistent with its B2 unsupported baseline credit assessment. The last rating action on Multiva was taken on 22 July 2008 when Moody's assigned first-time Baa3.mx rating to Banco Multiva. The principal methodologies used in rating Multiva were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. Banco Multiva is headquartered in Mexico City. As of March 2010, the bank reported Mx$12.4 billion in assets. CEMEX SAB: S&P Rates $650 Million Senior Secured Notes 'B' ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' senior secured debt rating, and recovery rating of '3', to the issuance of up to $650 million in long-term notes due 2019 proposed by Cemex S.A.B de C.V. "At the same time, we affirmed our 'B' global scale and 'mxBB+' national scale long-term corporate credit and senior debt ratings on Cemex," S&P said. The recovery rating of '3' indicates our expectation of meaningful (50% to 70%) recovery in the event of a payment default. The outlook is stable. "Our ratings on Cemex and its key subsidiaries--Cemex Inc. (B/Stable/--), Cemex Mexico S.A. de C.V. (global scale: B/Stable/- -; national scale: mxBB+/Stable/mxB), and Cemex Espana S.A. (B/Stable/--)--reflect the group's highly leveraged financial risk profile," S&P related. "We see the group's financial risk profile as constrained by high debt and a less-than-adequate liquidity position," said Standard & Poor's credit analyst Laura Martinez. "The ratings also reflect the relatively high concentration of its cash flow generation in a few key operating markets despite geographic diversification." "These factors are partially mitigated by a satisfactory business risk profile based on the group's leading position in the global cement, concrete, aggregates, and ready-mix businesses; proved operating turnaround experience; and operating efficiency," S&P noted. "We have equalized the ratings on Cemex Mexico, Cemex Inc., and Cemex Espana because of the strategic importance of each of these subsidiaries to the group," S&P related. HIPOTECARIA SU CASITA: Moody's Affirms and Withdraws C Ratings -------------------------------------------------------------- Moody's Investors Service affirmed and concurrently withdraws Hipotecaria Su Casita, S.A. de C.V.'s (Su Casita) senior unsecured debt rating at C, global scale local currency issuer rating at C and long-term corporate family rating at C. Moody's de Mexico affirmed and concurrently withdraws Su Casita's national scale issuer rating at C.mx These ratings were affirmed and withdrawn: Hipotecaria Su Casita, S.A. De C.V. -- national scale issuer rating at C.mx issued by Moody's de Mexico; -- global scale local currency issuer rating at C issued by Moody's Investors Service; -- corporate family rating at C issued by Moody's Investors Service and; -- senior notes at C issued by Moody's Investors Service. Ratings Rationale Moody's Investors Service has withdrawn the credit rating for its own business reasons. These rating actions follow the announcement on June 23rd, that Su Casita will proceed with its distressed exchange of approximately 94.9% its US$138 bonds for US$59 million and an 11.6% equity interest in the company. The C ratings reflect the potential for above-average loss severity on Su Casita's senior unsecured debt. The last rating action with respect to Su Casita was on October 19, 2010, when Moody's Investors Service downgraded Su Casita's senior unsecured debt rating to C from Ca, global scale local currency issuer rating to C from Ca and long-term corporate family rating to C from Ca. Moody's de Mexico downgraded the national scale issuer rating to C.mx from Ca.mx. Su Casita's ratings were assigned by evaluating factors Moody's believes are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Su Casita's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk. Su Casita, based in Mexico City, Mexico, started operations in 1994 as a non-bank financial institution/Sofol Mortgage Company. Su Casita's main activity consists of extending mortgage loans financed by monies from SHF to low income individuals -- an important role in the low-income housing market, as there is no rental market in Mexico. As of March 31, 2011, the company reported total assets of approximately $11.5 billion Mexican pesos, and -$0.2 billion Mexican pesos in equity. 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." SATELITES MEXICANOS: Incurs $13.88 Million Net Loss in 2010 ----------------------------------------------------------- Satelites Mexicanos, S.A. DE C.V., filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss of US$13.88 million on US$128.76 million of revenue for the year ended Dec. 31, 2010, compared with a net loss of US$19.74 million on US$125.03 million of revenue during the prior year. The Company's balance sheet at Dec. 31, 2010, showed US$438.95 million in total assets, US$524.99 million in total liabilities and a US$86.03 million total shareholders' deficit. Galaz, Yamazaki, Ruiz Urquiza, S. C., in Mexico City, Mexico, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that Satmex's working capital deficiency, recurring net losses, shareholders' deficit, inability to generate sufficient cash flow to meet its short-term obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 20-F is available for free at: http://is.gd/1sH9V5 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 first filed for bankruptcy in August 2006 in New York and exited four months later with a plan to repay creditors owed about US$743 million with new debt and equity. Satmex, with affiliates Alterna' TV International Corporation and Alterna' TV Corporation, again filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11035) on April 6, 2011. The Debtors disclosed US$441.6 million in total assets and US$531.6 million in total debts as of March 23, 2011. In its schedules, Satmex disclosed US$393,427,253 in total assets and US$457,699,978 in total debts on a stand-alone basis. Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves as the Debtor's bankruptcy counsel in the present Chapter 11 case. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' financial advisor. Jefferies & Company, Inc., is the financial advisor to supporting second lien noteholders. Ropes & Gray LLP is the U.S. counsel to supporting second 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. As reported in the TCR on June 1, 2011, Satmex disclosed that on May 26, 2011, it officially concluded its reorganization efforts and emerged from its U.S. bankruptcy case. As previously announced, Satmex, together with its subsidiaries, Alterna' TV Corporation and Alterna' TV International Corporation, filed a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 6, 2011. The Plan was confirmed by the U.S. Bankruptcy Court in the District of Delaware on May 11, 2011, and became effective on May 26, 2011. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: CLICO Policyholders Group Not Buying Gov't Actions ---------------------------------------------------------------- Trinidad Express reports that the Clico Policyholders Group is in the view that the proposed reintroduction of the Central Bank (Amendment) Bill could devalue people's confidence in the Prime Minister and her Cabinet. The group, according to the report, also said they are not "buying the Government's spin that it is necessary to manage the CLICO crisis." The CPG said this was a "very serious and most dangerous development not just for policyholders but for all citizens of Trinidad and Tobago," according to Trinidad Express. "At first blush even the average man on the street would realize that the clear purpose and intent of the legislation is for the People's Partnership Government to use its built-in special majority to once again try to prevent policyholders access to the courts," Trinidad Express quoted the CPG as saying. Trinidad Express notes that the CPG said even with matters already before the court it gives the Central Bank powers to stay those proceeding or the enforcement of any order or judgment arising there. The group cited last year's Parliamentary records where the Prime Minister said the Government would not use its "special majority in Parliament to deprive citizens of their right of access to the courts," the report says. The CPG also noted that if the Government proceeded with the Bill, it could reflect negatively on the credibility of the Government. "It would mean that the word of the Honourable Prime Minister Mrs. Kamla Persad-Bissessar would have little or no value going forward," the CPG added. "The CPG and the thousands of policyholders we represent are therefore prepared to wait until we hear from the Honorable Prime Minister before we determine our next steps as we are persuaded that once again in her wisdom the Prime Minister will do the right thing and withdraw this proposed draconian and unconstitutional piece of legislation," the group said, Trinidad Express adds. As reported in the Troubled Company Reporter-Latin America on June 23, 2011, Trinidad Express said that government has confirmed that it is considering reintroducing legislation to Parliament that could prevent CLICO policyholders from recovering funds from the institution without the approval of the Central Bank. If the bill is passed the Bank's clearance will be required even if a court decides policyholders are entitled to the money, according to Trinidad Express. Leader of Government Business Dr. Roodal Moonilal told the news agency that the Central Bank (Amendment) Bill, 2011 was currently engaging the attention of the government. 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. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 13, to June 17, 2011 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ---- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 162.5 ARGENT-PAR 1.18 12/31/2038 ARS 56.8 ARGENT-DIS 7.82 12/31/2033 EUR 70 ARGENT-DIS 7.82 12/31/2033 EUR 71.2 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 BODEN 2014 2 9/30/2014 ARS 32.5 BOGAR 2018 2 2/4/2018 ARS 30.6 PRO12 2 1/3/2016 ARS 117.7 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.0 BANCO BPI (CI) 4.15 11/14/2035 EUR 35.4 BCP FINANCE BANK 5.01 3/31/2024 EUR 42.9 BCP FINANCE BANK 5.31 12/10/2023 EUR 45.3 BCP FINANCE CO 4.23 EUR 55.5 BCP FINANCE CO 5.54 EUR 54.3 BES FINANCE LTD 5.77 2/7/2035 EUR 52.8 BES FINANCE LTD 5.58 EUR 55 BES FINANCE LTD 4.5 EUR 57.5 BES FINANCE LTD 6.62 EUR 63 CHAODA MOD AGRI 3.7 9/1/2015 USD 72.9 CHINA MED TECH 4 8/15/2013 USD 72.9 EFG ORA FUNDING 1.7 10/29/2014 EUR 51.2 ESFG INTERNATION 5.75 EUR 54.8 IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.1 PUBMASTER FIN 6.96 6/30/2028 GBP 54.7 SOLARFUN POWER H 3.5 1/15/2018 USD 67.9 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.4 CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.2 ESVAL S.A. 3.8 7/15/2012 CLP 37.8 LA POLAR SA 3.8 10/10/2017 CLP 72.3 MASISA 4.25 10/15/2012 CLP 29.5 QUINENCO SA 3.5 7/21/2013 CLP 38.2 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 53.2 PUERTO RICO CONS 6.5 4/1/2016 USD 59.5 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 46.1 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.3 PETROLEOS DE VEN 5.25 4/12/2017 USD 59.3 PETROLEOS DE VEN 5.125 10/28/2016 USD 61.9 PETROLEOS DE VEN 5 10/28/2015 USD 65.2 PETROLEOS DE VEN 8.5 11/2/2017 USD 69.3 PETROLEOS DE VEN 8.5 11/2/2017 USD 60.0 PETROLEOS DE VEN 4.9 10/28/2014 USD 73.1 VENEZUELA 7 3/31/2038 USD 53.7 VENEZUELA 7 3/31/2038 USD 54.3 VENEZUELA 6 12/9/2020 USD 58 VENEZUELA 7.65 4/21/2025 USD 59.5 VENEZUELA 8.25 10/13/2024 USD 62.3 VENEZUELA 9.25 5/7/2028 USD 65.5 VENEZUELA 9 5/7/2023 USD 65.5 VENEZUELA 7.75 10/13/2019 USD 66.2 VENEZUELA 7 12/1/2018 USD 67.2 VENEZUELA 9.25 9/15/2027 USD 68.2 VENEZUELA 9.25 9/15/2027 USD 79.3 VENEZUELA 5.75 2/26/2016 USD 73.8 VENZOD - 189000 9.375 1/13/2034 USD 65.7 *********** 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 * * *