/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110715.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 Friday, July 15, 2011, Vol. 12, No. 139 Headlines A R G E N T I N A GPAT COMPANIA: Moody's Assigns 'Ba2' Local-Currency Debt Rating B E R M U D A FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4 GRANDE HOLDINGS: Appoints Yu and Sutton as Provisional Liquidators GREAT ALLIANCE: Appoints Hartley as Liquidator ITG JAPAN: Placed Under Voluntary Wind-Up POWER OPERATIONS: Creditors' Proofs of Debt Due July 20 POWER OPERATIONS: Members' Final Meeting Set for August 10 UNION PACIFIC: Appoints Morrison and Thresh as Liquidators B R A Z I L BANCO PANAMERICANO: Moody's Lowers Financial Strength Rating to E+ BANCO BONSUCESSO: Fitch Affirms Long-Term Currency IDRs at 'B+' BANCO REGIONAL: Fitch Assigns Long-Term Currency IDR of 'BB-' GOL LINHAS: Fitch Says BWL Buyout Neutral to Credit Quality C A Y M A N I S L A N D S AMERICAN PEGASUS: Court Enters Wind-Up Order ATTUNGA METALS: Creditors' Proofs of Debt Due August 5 CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 CREDIT SUISSE: Creditors' Proofs of Debt Due August 5 ELLERSTON MASTER: Creditors' Proofs of Debt Due August 5 ELLERSTON OFFSHORE: Creditors' Proofs of Debt Due August 5 HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4 JADE CBO: Creditors' Proofs of Debt Due August 5 NORTHGATE HOLDINGS: Creditors' Proofs of Debt Due August 5 REFICO FINANCE: Creditors' Proofs of Debt Due August 5 REPUBLIC LOAN: Creditors' Proofs of Debt Due August 5 TR PREFERRED: Creditors' Proofs of Debt Due August 5 WYSER-PRATTE EUROVALUE: Creditors' Proofs of Debt Due August 5 D O M I N I C A N R E P U B L I C * DOMINICAN REP: Gets 2 Loans Worth US$78.3MM for Wind Projects J A M A I C A AIR JAMAICA: CAL Blames Flight Delay on Fleet Reorganization T R I N I D A D & T O B A G O CL FINANCIAL: Creditors Launch Court Actions Against Clico Firms * TRINIDAD & TOBAGO: Chamber Worried Over Tobago Economy - - - - - ================= A R G E N T I N A ================= GPAT COMPANIA: Moody's Assigns 'Ba2' Local-Currency Debt Rating --------------------------------------------------------------- Moody's Investors Service assigned a Ba2 global local-currency debt rating to the expected third issuance of GPAT Compania Financiera (GPAT) up to the amount of AR$100 million under the program of AR$400 million. The outlook for the rating is stable. At the same time, Moody's Latin America assigned Aa1.ar national scale local currency debt rating to GPAT's debt rating to the expected third issuance. These ratings were assigned to GPAT Compania Financiera S.A.: Third Issuance of a maximum amount of AR$100 million: Ba2 Global Local Currency Debt Rating, with stable outlook Aa1.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from GPAT's Ba2 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. GPAT Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported AR$478.2 million of total assets and AR$ 198.06 million of shareholders' equity as of March 31, 2011. ============= B E R M U D A ============= FOUNDING PARTNERS: Creditors' Proofs of Debt Due August 4 --------------------------------------------------------- The creditors of Founding Partners Global Fund Inc & Founding Partners Global Fund Ltd are required to file their proofs of debt by August 4, 2011, to be included in the company's dividend distribution. The company's liquidator is: Ian Stokoe c/o Elizabeth Osborne Telephone: (345) 914 8686 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands GRANDE HOLDINGS: Appoints Yu and Sutton as Provisional Liquidators ------------------------------------------------------------------ The Supreme Court Bermuda appointed Fok Hei Yu and Roderick John Sutton as provisional liquidators of Grande Holdings Limited. The Liquidators can be reached at: Fok Hei Yu Roderick John Sutton FTI Consulting (Hong Kong) Ltd. The Hong Kong Club Building, 14th Floor 3A Chater Road, Central Hong Kong GREAT ALLIANCE: Appoints Hartley as Liquidator ---------------------------------------------- On July 4, 2011, Richard Hartley was appointed as liquidator of Great Alliance Insurance Limited. The company's liquidator is: Richard Hartley Victoria Place, 31 Victoria Street Ground Floor, Hamilton HM 10 Bermuda ITG JAPAN: Placed Under Voluntary Wind-Up ----------------------------------------- On July 4, 2011, the member of ITG Japan Ltd. passed a resolution that winds up the operations of ITG Japan Ltd. The company's liquidators are: Garth A. Calow Nigel J.S. Chatterjee PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton Bermuda POWER OPERATIONS: Creditors' Proofs of Debt Due July 20 ------------------------------------------------------- The creditors of Power Operations and Maintenance Ltd. are required to file their proofs of debt by July 20, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda POWER OPERATIONS: Members' Final Meeting Set for August 10 ---------------------------------------------------------- The members of Power Operations and Maintenance Ltd. will hold their final meeting on August 10, 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 July 1, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda UNION PACIFIC: Appoints Morrison and Thresh as Liquidators ---------------------------------------------------------- On June 23, 2011, Michael Morrison and Charles Thresh were appointed as liquidators of Union Pacific Reinsurance & General Co. Ltd. =========== B R A Z I L =========== BANCO PANAMERICANO: Moody's Lowers Financial Strength Rating to E+ ------------------------------------------------------------------ Moody's Investors Service confirmed the long-term supported global local currency deposit rating of Banco Panamericano S.A (Panamericano) at Ba2, concluding the review for downgrade initiated on November 10, 2010. Moody's also confirmed Panamericano's long-term foreign currency deposit and senior unsecured debt ratings at Ba2, as well as the bank's foreign currency subordinated debt rating of Ba3. The long-term national scale deposit rating in Brazil was also confirmed at A1.br. The Not Prime short-term global local and foreign currency deposit ratings, as well as short-term foreign currency debt ratings remained unchanged, same as the BR-1 short-term national scale deposit rating in Brazil. At the same time, Moody's lowered Panamericano's standalone bank financial strength rating to E+ from D, mapping to a B1 baseline credit assessment, in light of the important challenges faced by its shareholders Banco BTG Pactual and Caixa Econ“mica Federal to reposition the bank's franchise. The outlook on all ratings is stable. The conclusion of the review follows the regulatory approval for change in ownership control effective June 13, 2011. This rating assigned to Banco Panamericano was downgraded: Bank Financial Strength rating: to E+ from D, with stable outlook These ratings were confirmed: Long-term global local currency deposit rating: Ba2, with stable outlook Long-term foreign currency deposit rating: Ba2, with stable outlook Long-term foreign currency senior unsecured debt rating: (P)Ba2, with stable outlook Long-term foreign currency subordinated debt rating: Ba3, with stable outlook Long-term Brazilian national scale deposit rating: A1.br, with stable outlook Short-term Brazilian national scale deposit rating: BR-1 The following ratings remained unchanged: Short-term global local currency deposit rating: Not Prime Short-term foreign currency deposit rating: Not Prime Short-term foreign currency debt rating: Not Prime Rating Rationale Downgrade of Standalone Rating The downgrade of Panamericano's BFSR to E+ incorporates the transition and execution risks inherent in the current restructuring phase of its operations, and the challenges its new management team faces in rebuilding the bank's balance sheet and franchise, and thus, its earnings generation capacity. The rating also reflects the limited track record and potential volatility on Panamericano's financial performance, on its asset quality and recurrent profitability in particular, in light of still high delinquency ratios on the bank's legacy loan portfolio, as well as still expensive funding sources. In that regard, Moody's acknowledges the efforts to restructure the credit, risk management, and control functions at the bank, and to redefine its business platforms to focus on low risk loan products. Management is also focused on rationalizing costs while improving systems and processes, which combined should ultimately enhance Panamericano's credit origination quality, its operating efficiency, and financial margins. Over the past few months, the bank has received additional capital of R$4.3 billion that rebalanced its capital position, leading to a BIS ratio of 13.5% in March 2011. Moreover, Panamericano has restored its level of cash liquidity following the R$3.5 billion loan sale to the Brazilian Depository Insurance Fund (FGC) in the Q1. Moody's notes that the bank's access to funding and liquidity from Caixa, and its potential for product distribution through Caixa's broad branch network and customer base are important considerations for the future performance of the bank. The potential synergies that can be obtained will be specially relevant for the recovery and sustainability of its operation, and to differentiate Panamericano's franchise from its peers. The rating outlook, however, could come under negative pressure if the restructuring of Panamericano's franchise and revamping of its risk management infrastructure is not as timely as expected, which could negatively affect the bank's competitiveness and market position. Moreover, signs of weakening credit standards and capitalization could also lead to changes in outlook and or to the rating. Confirmation of Deposit and Debt Ratings In confirming the Ba2 global local currency deposit rating, Moody's noted that the rating incorporates its assessment of the probability of support that could be provided by Panamericano's controlling shareholders, Banco BTG Pactual S.A. (BTG Pactual, rated Baa3) and Caixa Economica Federal (Caixa, rated A3). Therefore, Panamericano's stand-alone baseline credit assessment (BCA) of B1, which is derived from the E+ BFSR, benefits from two notches of uplift, which reflects Moody's view of the commitment of its new shareholders. The last rating action on Banco Panamericano was on 10 November 2010, when Moody's placed on review for possible downgrade all the rating assigned to Banco Panamericano S.A. The conclusion of the review was subject to the release of 3Q10 numbers and the final approval of change in ownership control after the announcement of the acquisition by Banco BTG Pactual at the end of January 2011. The principal methodologies used in rating Banco Panamericano, Banco BTG Pactual and Caixa Economica Federal 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. Banco Panamericano S.A. is headquartered in Sao Paulo, Brazil and had total unconsolidated assets of R$11,678 million (US$7,179 million) and equity of R$1,577 million (US$969 million) as of March 31, 2011. BANCO BONSUCESSO: Fitch Affirms Long-Term Currency IDRs at 'B+' --------------------------------------------------------------- Fitch Ratings has affirmed all Banco Bonsucesso S.A.'s (Bonsucesso) ratings: -- Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'; Outlook Stable; -- Short-term foreign and local currency IDRs at 'B'; -- Individual rating at 'D'; -- Support rating at '5'; -- Support rating floor at 'No Floor'; -- Long-term national rating at 'BBB+(bra)'; Outlook Stable; -- Short-term national rating at 'F2(bra)'. The affirmation of the IDRs and national ratings of Bonsucesso reflects the bank's continued strong expertise in the competitive payroll and deductible loans segment, with good systems and controls, and satisfactory asset quality, factors which also drive its individual rating. The latter also portrays its relatively modest size compared with its peers, the high leveraging and the fact that it is a niche bank, with typical concentrations and more susceptible to economic volatility. Fitch notes with concern the bank's first quarter figures, given the high increase of provisioning expenses in the period and higher pressure on its margins, mainly on funding cost. In case there is not a reversal in this situation, Fitch may revise the bank's Outlook to Negative or downgrade its ratings. Bonsucesso has studied strategic partnerships to improve its capitalization, which, if realized, would benefit the development of the bank's operations and its competitiveness. As a result of the recent macroprudential changes implemented by the Brazilian Central Bank in December 2010, requiring greater capital weighting for payroll and deductible loans over 36 months, coupled with the scarcity of funding for small and medium-sized banks, mainly in loan assignments, in light of the event involving Banco Panamericano S.A. (Panamericano) in November 2010 and the April 2011 intervention in Banco Morada S.A. (Morada), Bonsucesso has become more cautious in its origination of traditional payroll and deductible loans. The bank has reduced its production goal to BRL160 million per month (previously BRL190 million per month) and is focused on more profitable agreements, with better spreads and lower origination costs. Furthermore, it has increased its middle market portfolio, seeking to reduce its dependence on payroll and deductible loans, a strategy that Fitch considers positive, although it should only be effective over the long term. Bonsucesso funding structure remains a challenge, as many other mid-sized banks in Brazil, its significant reliance on credit assignments and time deposits (especially DPGE), limits its flexibility in times of stress; despite the former, deposit concentration on large fund providers have improved since 2009. By the same token, and even when its capital base remains aligned to the average of similarly rated entities, lower expected profitability compared to historic trends and the expected growth of its balance sheet demands close attention. Bonsucesso Fitch Core Capital to total weighted assets remains around 12%; although its internal capital generation capacity has decreased. A recent subordinated debt issuance enhanced its regulatory capital base (considered Tier II capital by the regulator) its not included in this ratio, although, the agency recognizes its benefits in terms of additional source of funding and good maturity profile. With the end of anticipated revenues from credit assignments with recourse projected for 2012, the new accounting rules for credit assignments should significantly reduce Bonsucesso's earnings in the first year of implementation. However, Fitch observes that the bank is taking steps to reduce the effect of the new rules, such as increasing sales without recourse and greater retention of loans on its balance sheet, and should remain profitable. Controlled by the Pentagna Guimaraes family Bonsucesso's origin goes back to the creation of the Bonsucesso Financeira in 1992, which was transformed into a universal bank in 1997. The bank operates in the payroll deductible loans for public employees and retirees of the INSS. On a smaller scale, it also operates in credit for small and medium enterprises. BANCO REGIONAL: Fitch Assigns Long-Term Currency IDR of 'BB-' ------------------------------------------------------------- Fitch Ratings has assigned international scale ratings to Banco Banco Regional de Desenvolvimento do Extremo Sul (BRDE): -- Long-term Foreign Currency Issuer Default Rating (IDR) 'BB-'; -- Long-term Local Currency IDR 'BB-'; -- Short-term Foreign Currency IDR 'B'; -- Short-term Local Currency IDR 'B'; -- Individual Rating 'D' -- Support Rating Floor 'no floor'. At the same time, Fitch has affirmed BRDE's existing ratings: -- National Long-term Rating at 'A-(bra)'; -- National Short-term Rating at 'F2(bra)'; -- Support Rating at '5'. The Rating Outlook on the long-term IDRs and National Rating is Stable. BRDE's IDRs and National Ratings are driven by its Individual Rating, which reflects its importance as a development bank in Brazil's southern region, accounting for some 15% of the disbursements of the Banco Nacional de Desenvolvimento Economico e Social (BNDES) -- the Brazilian national development bank -- in the region, as well as its adequate liquidity and leveraging ratios. It also considers its low diversification of funding sources, high credit concentration and, as with other government banks, potential problems of political influence, given that it is controlled by the states of Rio Grande do Sul (RS), Santa Catarina (SC) and Parana (PR). Improvement in BRDE's performance, together with greater diversification of funding, while maintaining adequate asset quality, would benefit its ratings. On the other hand, they could be negatively affected by a strong deterioration in credit quality or corporate ownership changes. Credit, in part, is focused on agricultural or agro-industrial financing (about 50% at 1Q11), strongly influenced by climatic factors. These risks, however, are mitigated by federal government support for the sector through specific programs for securitization, extension of maturities, concession of bonuses and/or partial debt equalization, which end up significantly benefiting its asset quality ratios. Restructurings and refinancing of agricultural programs represented some 22% of the total portfolio at 1Q11, the bank's historical level. At 1Q11, BRDE's portfolio was distributed among the controlling states: 28% in RS; 30% in SC; and 42% in PR. BRDE finances its activities with low cost official transfers (basically BNDES) that match maturities and rates with assets. It has sought alternatives to expand its funding through new sources, although according to Fitch its funding will continue to be concentrated on government transfers. Historically, the bank has maintained high capitalization levels and good capital quality, comprised entirely of Tier 1, but declining since 2008, due to the lower profitability. BRDE's results were negatively affected in 2009 and 2010 by the increase in loan loss reserves and some extraordinary tax-related expenses, reducing profitability below the historical average (about 10%). Fitch believes that profitability will return to historical levels during 2011, as occurred in the first quarter, provided there are no new extraordinary expenses and deterioration in credit quality. BRDE is a government development bank, being one of the main development agents in the Southern Region. It was created in 1961 by the states of RS, SC and PR. GOL LINHAS: Fitch Says BWL Buyout Neutral to Credit Quality ----------------------------------------------------------- Fitch Ratings views GOL Linhas Aereas Inteligentes S.A.'s (GOL) recent announcement that the company has executed a memorandum of understanding, through its fully owned subsidiary VRG Linhas Aereas S.A. (VRG), to acquire 100% of the outstanding shares of Brazilian Webjet Linhas Aereas S.A. (WebJet) as neutral to GOL's credit quality. The transaction is subject to the approval from the Brazilian regulatory authorities ANAC and CADE. Fitch currently rates GOL: -- Foreign currency and local currency Issuer Default Ratings (IDRs) 'BB-'; -- US$200 million perpetual bonds 'BB-'; -- US$200 million of senior notes due 2017 'BB-'; -- US$300 million of senior notes due 2020 'BB-'; -- National scale rating 'A-(bra)'. The Rating Outlook is Stable. From a credit perspective, the transaction is not expected to materially change GOL's financial leverage and liquidity position over the near term. The acquisition price is BRL96 million, to be adjusted after due diligence is complete during the next 30 to 60 days. The level of new debt that this transaction would bring under GOL's adjusted debt is expected to be around BRL472.2 million. Strategically, the proposed transaction reflects GOL's consistent business strategy to consolidate and diversify its operations in the Brazilian domestic market. With the proposed transaction, GOL will increase its slots in Brazil's airports: Guarulhos (Sao Paulo), Santos Dumont (Rio de Janeiro), Galeo (Rio de Janeiro), and Confins (Belo Horizonte) from 77, 49, 71, and 52 slots to 97, 65, 79, and 69, respectively. During the first five months of 2011 (January -- May) GOL and WebJet reached market shares, measured by revenue per kilometers (RPKs), of 37.53% and 5.40% respectively. The transaction is expected to generate BRL100 million in synergies over a period of two years. GOL's cash generation, as measured by EBITDAR was BRL1.427 billion during the last 12 months (LTM) period ended March 2011, respectively. GOL's EBITDAR margin has consistently been over 20% during the last two years. The company had approximately BRL7.3 billion in total adjusted debt at the end of March 2011. This debt consists primarily of BRL3.6 billion of on-balance-sheet debt, most of which is secured, and an estimated BRL3.7 billion of off-balance-sheet debt associated with lease obligations. The company's leverage, as measured by net debt/EBITDAR, was 3.9 times (x) at the end of March 2011. Based on WebJet's public financial figures for fiscal 2010, Webjet's cash generation, as measured by EBITDAR and EBITDAR margin were BRL96.3 million and 12.6% during fiscal 2010. WebJet had approximately BRL472.2 million in total adjusted debt at the end of December 2010. This debt consists primarily of BRL199.5 million of on-balance-sheet debt and an estimated BRL272.7 million of off-balance-sheet debt associated with lease obligations (fiscal 2010 annual rentals estimated at BRL38.9 million). The company's net leverage, as measured by adjusted net debt/EBITDAR and, was 4.3x at the end of December 2010. On a pro forma basis considering most recent financials available for GOL (March 2011) and WebJet (December 2010), the combined company's annual EBITDAR would be around BRL1.523 billion, with an estimated EBITDAR margin around 20%, net leverage would be around 3.9x, and liquidity, measured by cash and marketable securities/revenue ratio, would be approximately 22%. =========================== C A Y M A N I S L A N D S =========================== AMERICAN PEGASUS: Court Enters Wind-Up Order -------------------------------------------- On June 20, 2011, the Grand Court of Cayman Islands entered an order that winds up the operations of American Pegasus SPC. The company' liquidator is: Stuart Sybersma c/o Andrew Childe Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: anchilde@deloitte.com ATTUNGA METALS: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------ The creditors of Attunga Metals Trading (Offshore) Fund are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 16, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------ The creditors of Climate Change Capital Global Environmental Opportunities Fund Limited are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 13, 2011. 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 CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------ The creditors of Climate Change Capital Global Environmental Opportunities Limited are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 13, 2011. 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 CLIMATE CHANGE: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------ The creditors of Climate Change Capital Global Environmental Opportunities Master Fund Limited are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 16, 2011. 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 CREDIT SUISSE: Creditors' Proofs of Debt Due August 5 ----------------------------------------------------- The creditors of Credit Suisse Quest US Market Neutral Fund, Ltd. are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 16, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ELLERSTON MASTER: Creditors' Proofs of Debt Due August 5 -------------------------------------------------------- The creditors of Ellerston Master Fund (Offshore) are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2011. 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 ELLERSTON OFFSHORE: Creditors' Proofs of Debt Due August 5 ---------------------------------------------------------- The creditors of Ellerston Offshore Fund (Offshore) are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2011. 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 HIGHBRIDGE STATISTICALLY: Creditors' Proofs of Debt Due August 4 ---------------------------------------------------------------- The creditors of Highbridge Statistically Enhanced Equity Portfolio-Japan, Ltd. are required to file their proofs of debt by August 4, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands JADE CBO: Creditors' Proofs of Debt Due August 5 ------------------------------------------------ The creditors of Jade CBO, Limited are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 21, 2011. 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 NORTHGATE HOLDINGS: Creditors' Proofs of Debt Due August 5 ---------------------------------------------------------- The creditors of Northgate Holdings Ltd. are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2011. 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 REFICO FINANCE: Creditors' Proofs of Debt Due August 5 ------------------------------------------------------ The creditors of Refico Finance Inc are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 16, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands REPUBLIC LOAN: Creditors' Proofs of Debt Due August 5 ----------------------------------------------------- The creditors of Republic Loan Funding Ltd are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 22, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TR PREFERRED: Creditors' Proofs of Debt Due August 5 ---------------------------------------------------- The creditors of TR Preferred Capital Limited are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 23, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands WYSER-PRATTE EUROVALUE: Creditors' Proofs of Debt Due August 5 -------------------------------------------------------------- The creditors of Wyser-Pratte Eurovalue (Cayman), Inc. are required to file their proofs of debt by August 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 24, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Gets 2 Loans Worth US$78.3MM for Wind Projects --------------------------------------------------------------- The Inter-American Development Bank approved two loans for a total of US$78.3 million to support the construction of two wind farms in the Dominican Republic. The projects, part of the country's new investment in electric powerproduction, will add a total of 80.6 megawatts to the existing electricity production capacity, estimated at 3000 megawatts. The new wind farms, which are being developed by private companies, reflect the growing confidence in the Dominican energy sector. Progress in the sector's operating management, the new leadership of the Corporacion Dominicana de Empresas Electricas Estatales (CDEEE) and the development of a strategic plan represent determining factors for the sector's future development of the sector and plans to expand sources of energy production. These wind farms, among the first to be constructed in the Dominican Republic, will help the country diversify its energy matrix, which currently depends almost exclusively on fossil fuels such as oil and natural gas for electricity production. The projects will take advantage of incentives created by a recent law to develop electricity production from nontraditional, renewable sources. A US$50.7 million loan will support the Parques Eolicos del Caribe (PECASA) project, under development by a business consortium made up of Gamesa, Grupo Delta Intur, Aquiles Mateo and Miguel Angel Muniz, to install 25 Gamesa G90 turbines with a capacity of 2 megawatts each in the locality of Guanillo, in the southern province of Monte Cristi. The total cost of this project is estimated at US$127 million. Another US$27.6 million loan to Grupo Eolico Dominicano, a company controlled by the Spanish group Inveravante,will help finance the installation of 17 Vestas V90 turbines, with a capacity of 1.8 megawatts each, in the locality of Bani, in the Peravia province, to the west of Santo Domingo. The total cost of this project will be on the order of US$68.9 million. In both cases, 138-kilovolt transmission lines will be constructed to connect the wind farms to the national electric grid, and civil engineering works will be constructed, including access roads, substations and control stations, and foundations and platforms for the turbines. The wind farms will sell the power produced to the CDEEE based on 20-year power purchase agreements. These projects will increase the production of clean energy in the Dominican Republic and reduce its vulnerability to oil price fluctuations. In addition, the wind farms will allow the country to reduce its greenhouse gas emissions by an average amount of 144.000 tons of carbon dioxide per year. Both wind farms may qualify for obtaining certified reductions of carbon dioxide emissions. Similarly, the projects will foster the transfer of technology and specialized knowledge during both their construction and operating phases. Both loans were granted for a 15-year term with interest rates subject to market conditions. The IDB will continue to contribute its support for modernization and sustainable development in the Dominican electricity sector, providing financing and technical assistance in various areas, including distribution and tele-metering. ============= J A M A I C A ============= AIR JAMAICA: CAL Blames Flight Delay on Fleet Reorganization ------------------------------------------------------------ RJR News reports that Caribbean Airlines Limited is blaming a delay in the reorganization of its fleet of aircraft for the latest round of problems being experienced by passengers in Jamaica. Caribbean Airlines passengers in Jamaica were continuing to face flight delays, according to RJR News. The report says that it followed a similar delay on July 1 when the Trinidadian air carrier and Air Jamaica began sharing a single code. RJR News notes that Laura Asbjornsen, the Head of Corporate Communications at Caribbean Airlines, explained that the entity was still awaiting the arrival of two of its new planes. The report relates that Ms. Asbjornsen said there had been a setback due to the unrest in Yemen. "With our transition from the airbus to the Boeing aircraft, two of the aircraft that were supposed to come in July were unavoidably delayed because of the unrest in Yemen and that severely delayed our transition. The aircraft have since come out of Yemen and now they are in Ireland, so now we're waiting on the papers and some other regulatory issues before we can be inducted them into the fleet," Ms. Asbjornsen said, according to the report. Ms. Asbjornsen said that the new aircraft should be fully operational by the middle of next month but in the interim, other planes have been leased to fill the gap, RJR News says. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. * * * As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCR- LA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. RadioJamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, RadioJamaica said, Air Jamaica currently has over US$600 million in loans outstanding. As of Aug. 18, 2010, the airline continues to carry Moody's "B3" long-term corporate family, and senior unsecured debt ratings. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Creditors Launch Court Actions Against Clico Firms ---------------------------------------------------------------- Trinidad & Tobago's Newsday reports that creditors in the U.S. and Bahamas have launched a series of court actions against firms tied to former CL Financial chairman Lawrence Duprey, in order to recover almost half a billion worth in assets in relation to Mr. Duprey's Florida deals, according to Bahamas court documents. Newsday says the documents, which relate to the liquidation of Clico Enterprises Limited, a subsidiary company tied to CL Financial, disclose that, in one instance, a US bank has filed a foreclosure action against Mr. Duprey and a business partner in relation to a loan debt of TT$113 million stemming from a stalled Florida real-estate project. The Bahamian court documents obtained by Sunday Newsday also disclose: -- moves on the part of Bahamian liquidator Craig Gomez to seek TT$365million from CLF in relation to an inter-group loan; -- a US tax bill of TT$10 million in relation to an equestrian real estate venture by another CLF-tied firm; and -- an outstanding TT$12.6 million debt owed in the Bahamas stemming from an out-of-court settlement Mr. Duprey once made when a lawsuit was brought against him in relation to another Florida real estate deal. Newsday relates that the developments in relation to the Florida ventures were briefly alluded to last week by attorneys for Mr. Duprey at the Sir Anthony Colman Commission of Inquiry into Clico/HCU. According to Newsday, the Fifth Report of the Official Liquidator of Clico Enterprises Limited, which was prepared for use by the Supreme Court of the Bahamas, gives some details of Mr. Gomez attempts to dispose of assets to satisfy claims. Clico Enterprises Limited, according to Mr. Gomez, operated as a holding company for Clico (Bahamas) Limited's non-insurance assets held internationally, Newsday notes. The liquidator report, according to Newsday, discloses that one Florida venture done by the Duprey firm DYL Merrick Park Development, may have been funded through the Bahamas and is currently subject to court proceedings brought by the US Century Bank. "I was advised that US Century Bank has filed a foreclosure action against Mr. (John) Yanopoulos and Mr. (Lawrence) Duprey, guarantors on the property, for a loan amount outstanding in the amount of US$17,893,519.57 (TT$113million), plus other costs," Newsday quotes Mr. Gomez as saying in the report dated March 31, but made public on June 28, 2011. "The liquidation team is currently reviewing subpoenaed documents received from United States counsel to determine the origin of funds used to purchase this investment." According to Newsday, the TT$775 million DYL Merrick Park Development got dates back to 2008 and involved a nine-storey "mixed-use" building featuring 60 luxury apartments, car parks and retail space at 4,601 Le Jeune Road, in Coral Cables, Florida. But it was objected to by 300 residents who signed a petition, citing traffic and high-rise obstruction as well as other infrastructural challenges. Mr. Duprey is listed as DYL Merrick Park Development's chairman, and Mr. Yanopoulos as DYL Merrick CEO. The project later reportedly stalled, Newsday discloses. In relation to an inter-group promissory note dated Dec. 31, 2001, between Clico Enterprises and Clico (Bahamas) and Clico TT, Mr. Gomez noted that CL Financial acted as guarantor for the promissory note, Newsday relates. "I have requested general counsel to actively pursue the enforceability of CL Financial's US$58 million (TT$365million) guarantee for funds to Clico Enterprises by Clico (Bahamas)," Mr. Gomez revealed, Newsday adds. Clico Enterprises is owned by Clico (Bahamas), which is owned by Clico Holdings (Barbados) Limited, itself owned by Trinidad's CL Financial. About CLICO (Bahamas) CLICO (Bahamas) Limited, also known as British Fidelity Insurance Company, Limited, is a Bahamian company that was involved in life and health insurance, pensions and annuities. CLICO has insolvency proceedings pending before the Commercial Division of the Supreme Court of the Bahamas. The proceedings were commenced February 2009. Craig A. Gomez, at Fowler White Burnett, P.A., was appointed by the Bahamian court as liquidator of CLICO. Mr. Gomez filed a Chapter 15 bankruptcy petition for CLICO on April 28, 2009 (Bankr. S.D. Fla. Case No. 09-17829), to seek the U.S.'s recognition of the insolvency proceedings in the Bahamas as the "foreign main proceeding." Judge A. Jay Cristol presides over the case. Ronald G Neiwirth, Esq., represents Mr. Gomez. Mr. Gomez estimated both assets and debts of between US$100 million and US$500 million for CLICO. 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. * TRINIDAD & TOBAGO: Chamber Worried Over Tobago Economy -------------------------------------------------------- Trinidad & Tobago Newsday reports that Trinidad & Tobago Chamber of Industry and Commerce raised concerns over the "depressed and stagnating" economy in Tobago and it's potentially devastating impact on the business community on the island. The Chamber said it raised these matters with members of its Tobago division as well as key decision-makers in the Central Government and the Tobago House of Assembly, according to T&T Newsday. The report notes that the Chamber said it took part in a meeting that was convened by Finance Minister Winston Dookeran, in which Tobago's economic situation was discussed. T&T Newsday relates that the Finance Minister proposed several recommendations for the way forward entailing "first short-term steps for Government's action to revitalize the economy in Tobago." These include: -- improved land license administrative procedures for designated and non-designated areas, -- fast-tracking of approval of development projects by locals, based on the premise of the project beginning within 12 months, -- establishment of a Central Tenders Board (CTB) drop-off point in Tobago; -- fast-tracking of VAT (Value Added Tax) refunds and payments due from other Government agencies; and consideration of the debt restructuring plan for businesses in Tobago as proposed by the Chamber, which will include discussions with BATT. The Chamber said it will continue to meet with all relevant stakeholders with the aim of developing a proposed medium-term plan, T&T Newsday adds. *********** 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, 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 * * *