/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110818.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, August 18, 2011, Vol. 12, No. 163 Headlines A R G E N T I N A FIDEICOMISO FINANCIERO: Moody's Rates Class A Debt Securities Ba1 B E R M U D A CIT FSC TWO: Creditors' Proofs of Debt Due August 26 CIT FSC TWO: Members' Final Meeting Set for September 20 CIT FSC THREE: Creditors' Proofs of Debt Due August 26 CIT FSC THREE: Members' Final Meeting Set for September 20 CIT FSC FOUR: Creditors' Proofs of Debt Due August 26 CIT FSC FOUR: Members' Final Meeting Set for September 20 CIT FSC SIX: Creditors' Proofs of Debt Due August 26 CIT FSC SIX: Members' Final Meeting Set for September 20 CIT FSC EIGHT: Creditors' Proofs of Debt Due August 26 CIT FSC EIGHT: Members' Final Meeting Set for September 20 CIT FSC SIXTEEN: Creditors' Proofs of Debt Due August 26 CIT FSC SIXTEEN: Members' Final Meeting Set for September 20 PROVIEW INTERNATIONAL: Court to Hear Wind-Up Petition on August 26 SPARTAN INSURANCE: Members' Final Meeting Set for August 31 B R A Z I L IMCOPA IMPORTACAO: S&P Withdraws 'D' GC Corporate Credit Rating C A Y M A N I S L A N D S CARIBBEAN ISLAND: Court Places Firm Under Voluntary Wind-Up CORAZON ARGENTUM: Creditors' Proofs of Debt Due August 31 CUADRO INVESTMENTS: Creditors' Proofs of Debt Due August 24 DALGETTY LIMITED: Creditors' Proofs of Debt Due September 1 DORCHESTER CAPITAL: Creditors' Proofs of Debt Due August 31 G.T.F. GLOBAL: Creditors' Proofs of Debt Due September 5 GLOBAL MDA: Creditors' Proofs of Debt Due August 22 KIOICHO HOLDINGS: Creditors' Proofs of Debt Due August 31 MIDAS FUND: Creditors and Investors to Hold Meeting on August 23 PINSTRIPE INVESTMENTS: Creditors' Proofs of Debt Due August 24 PLIBA HOLDINGS: Creditors' Proofs of Debt Due August 31 RASMALA EGYPT: Creditors' Proofs of Debt Due September 1 SUPER VIVA: Creditors' Proofs of Debt Due September 1 XINHUA SPORTS: Commences Wind-Up Proceedings J A M A I C A CARIBBEAN CEMENT: Incurs JM$608 Million Loss in Second Quarter P U E R T O R I C O PICHI'S INC: Status Conference Set for Oct. 6 PICHI'S INC: Creditors' Meeting on Sept. 12; Claims Due Dec. 12 PICHI'S INC: Hiring Charles Alfred Cuprill as Bankruptcy Counsel PICHI'S INC: Hiring Luis R. Carrasquillo as Financial Consultant T R I N I D A D & T O B A G O CL FIN'L: Bondholders Give One Month Reprieve for Bond Payment CL FINANCIAL: St. Vincent Bank Faces Lawsuit Over CLICO Collapse T U R K S & C A I C O S OLINT CORP: Investors Won't Get Their Money Back, ACOM Says X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO: Moody's Rates Class A Debt Securities Ba1 ----------------------------------------------------------------- Moody's Latin America has rated the debt securities and certificates of Fideicomiso Financiero Supervielle Creditos Banex 49 issued by Deustche Bank S.A. - acting solely in its capacity as Issuer and Trustee. - ARS55,200,000 in Class A Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex 49", rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local Currency) - ARS50,400,000 in Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex 49", rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local Currency) - ARS9,600,000 in Class C Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex 49", rated A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local Currency) - ARS4,800,000 in Certificates of "Fideicomiso Financiero Supervielle Creditos Banex 49", rated B1.ar (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale, Local Currency) Ratings Rationale The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 26,764 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Banco Supervielle, in an aggregate amount of ARS120,002,584.36. These personal loans are granted to pensioners that receive their monthly pensions from ANSES (Argentina's National Governmental Agency of Social Security - Administracion Nacional de la Seguridad Social). The pool is also constituted by loans granted to government employees of the Province of San Luis. Banco Supervielle is the payment agent entity and automatically deducts the monthly loan installment directly from the employee's paycheck and pensioner's payment. The Class A Fixed Rate Debt Securities will bear a fixed interest rate of 13.50%. The Floating Rate Debt Securities will bear a BADLAR interest rate plus a spread of 400 bp. The Floating Rate Debt Securities' interest rate will never be higher than 21% or lower than 13%. The Class C Fixed Rate Securities will bear a fixed interest rate of 21%. Overall credit enhancement is comprised of subordination: 54% for the Class A Fixed Rate Debt Securities, 12% for the Floating Rate Securities and 4% for the Class C Fixed Rate Securities. In addition the transaction has various reserve funds and excess spread. ============= B E R M U D A ============= CIT FSC TWO: Creditors' Proofs of Debt Due August 26 ---------------------------------------------------- The creditors of CIT FSC Two, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC TWO: Members' Final Meeting Set for September 20 -------------------------------------------------------- The members of CIT FSC Two, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC THREE: Creditors' Proofs of Debt Due August 26 ------------------------------------------------------ The creditors of CIT FSC Three, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC THREE: Members' Final Meeting Set for September 20 ---------------------------------------------------------- The members of CIT FSC Three, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC FOUR: Creditors' Proofs of Debt Due August 26 ----------------------------------------------------- The creditors of CIT FSC Four, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC FOUR: Members' Final Meeting Set for September 20 --------------------------------------------------------- The members of CIT FSC Four, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC SIX: Creditors' Proofs of Debt Due August 26 ---------------------------------------------------- The creditors of CIT FSC Six, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC SIX: Members' Final Meeting Set for September 20 -------------------------------------------------------- The members of CIT FSC Six, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC EIGHT: Creditors' Proofs of Debt Due August 26 ------------------------------------------------------ The creditors of CIT FSC Eight, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC EIGHT: Members' Final Meeting Set for September 20 ---------------------------------------------------------- The members of CIT FSC Eight, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC SIXTEEN: Creditors' Proofs of Debt Due August 26 -------------------------------------------------------- The creditors of CIT FSC Sixteen, Ltd. are required to file their proofs of debt by August 26, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CIT FSC SIXTEEN: Members' Final Meeting Set for September 20 ------------------------------------------------------------ The members of CIT FSC Sixteen, Ltd. will hold their final meeting on September 20, 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 August 10, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda PROVIEW INTERNATIONAL: Court to Hear Wind-Up Petition on August 26 ------------------------------------------------------------------ The Supreme Court of Bermuda will hear on August 26, 2011, at 9:30 a.m., a petition to wind up the operations of Proview International Holdings Limited. Chan Iok Leng filed the petition against the company. SPARTAN INSURANCE: Members' Final Meeting Set for August 31 ----------------------------------------------------------- The members of Spartan Insurance Company Ltd. will hold their final meeting on August 31, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at KPMG Advisory Limited, Crown House, 4 Par-la-Ville Road in Hamilton, Bermuda. =========== B R A Z I L =========== IMCOPA IMPORTACAO: S&P Withdraws 'D' GC Corporate Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'D' global scale corporate credit rating on Brazil-based soy processor Imcopa Importacao, Exportacao e Industria de Oleos S.A. (Imcopa). "We also withdrew our 'D' senior unsecured rating on Imcopa International S.A. Imcopa missed a coupon payment in June 2009 and has been renegotiating with creditors since then, but hasn't reached a final agreement," S&P added. =========================== C A Y M A N I S L A N D S =========================== CARIBBEAN ISLAND: Court Places Firm Under Voluntary Wind-Up ----------------------------------------------------------- On July 8, 2011, the Grand Court of Cayman Islands entered an order that winds up the operations of Caribbean Island Developments Ltd. The company's liquidators are: Graham Robinson Peter D. Anderson RHSW (Cayman) Limited P.O. Box 897, 1 Windward, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands CORAZON ARGENTUM: Creditors' Proofs of Debt Due August 31 --------------------------------------------------------- The creditors of Corazon Argentum Fund Limited are required to file their proofs of debt by August 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 18, 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 CUADRO INVESTMENTS: Creditors' Proofs of Debt Due August 24 ----------------------------------------------------------- The creditors of Cuadro Investments Limited are required to file their proofs of debt by August 24, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2011. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 DALGETTY LIMITED: Creditors' Proofs of Debt Due September 1 ----------------------------------------------------------- The creditors of Dalgetty Limited are required to file their proofs of debt by September 1, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 11, 2011. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands DORCHESTER CAPITAL: Creditors' Proofs of Debt Due August 31 ----------------------------------------------------------- The creditors of Dorchester Capital International Retirement Plan, Ltd. are required to file their proofs of debt by August 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 21, 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 G.T.F. GLOBAL: Creditors' Proofs of Debt Due September 5 -------------------------------------------------------- The creditors of G.T.F. Global Trends Fund Ltd are required to file their proofs of debt by September 5, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 20, 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 GLOBAL MDA: Creditors' Proofs of Debt Due August 22 --------------------------------------------------- The creditors of Global MDA, SPC are required to file their proofs of debt by August 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 28, 2011. The company's liquidator is: Steven Lencke 870 Commercial Lane Palmer Lake, Colorado 80133 USA KIOICHO HOLDINGS: Creditors' Proofs of Debt Due August 31 --------------------------------------------------------- The creditors of Kioicho Holdings Inc. are required to file their proofs of debt by August 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 19, 2011. The company's liquidator is: Walkers SPV Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands MIDAS FUND: Creditors and Investors to Hold Meeting on August 23 ---------------------------------------------------------------- The creditors and investors of Midas Fund, Ltd. will hold their meeting on August 23, 2011, at 10:00 a.m., at EST, Zolfo Cooper, 4th Floor, Building 3, Cayman Financial Centre in George Town, Grand Cayman KY1-1102, Cayman Islands. The company's liquidator is: Richard E. L. Fogerty c/o Iain Gow Zolfo Cooper Cayman Financial Centre, 4th Floor Dr. Roy's Drive Grand Cayman KY1-1102 Cayman Islands Telephone: +1 (345) 814 4039 Facsimile: +1 (345) 946-0082 e-mail: iain.gow@zolfocooper.ky PINSTRIPE INVESTMENTS: Creditors' Proofs of Debt Due August 24 -------------------------------------------------------------- The creditors of Pinstripe Investments Limited are required to file their proofs of debt by August 24, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 20, 2011. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 PLIBA HOLDINGS: Creditors' Proofs of Debt Due August 31 ------------------------------------------------------- The creditors of Pliba Holdings Inc. are required to file their proofs of debt by August 31, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 18, 2011. The company's liquidator is: Walkers SPV Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands RASMALA EGYPT: Creditors' Proofs of Debt Due September 1 -------------------------------------------------------- The creditors of Rasmala Egypt Equity Fund Ltd. are required to file their proofs of debt by September 1, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 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 SUPER VIVA: Creditors' Proofs of Debt Due September 1 ----------------------------------------------------- The creditors of Super Viva Asset Inc. are required to file their proofs of debt by September 1, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 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 XINHUA SPORTS: Commences Wind-Up Proceedings -------------------------------------------- On July 8, 2011, the Grand Court of Cayman Islands entered an order to wind up the operations of Xinhua Sports & Entertainment Limited. The company's liquidator is: Hugh Dickson c/o John Royle Telephone: (345) 769 7206 Facsimile: (345) 949 7120 10 Market Street, #765 Camana Bay Grand Cayman KY1-9006 Cayman Islands ============= J A M A I C A ============= CARIBBEAN CEMENT: Incurs JM$608 Million Loss in Second Quarter -------------------------------------------------------------- Caribbean Cement Company Limited has incurred a JM$608.08 million loss in the three months ended April to June 2011 from JM$217.95 million loss in the same period last year. The company incurred JM$857.56 million loss in the six months ended January to June 2011 from a JM$213.40 million in the same period 2010. Caribbean Cement posted a JM$1.58 billion loss in the year ended 2010. The Company's balance sheet at June 30, 2011, showed JM$6.35 billion non-current assets, JM$2.92 billion current assets, JM$5.01 billion current liabilities, and JM$2.10 billion non- current liabilities for total net assets of JM$2.16 billion. A full text copy of the company's financial results is available free at http://ResearchArchives.com/t/s?76af Caribbean Cement Company Limited manufactures and sells cement. ===================== P U E R T O R I C O ===================== PICHI'S INC: Status Conference Set for Oct. 6 --------------------------------------------- The Bankruptcy Court scheduled a status conference in the bankruptcy case of Pichi's Inc. for Oct. 6, 2011, at 9:30 a.m., at U.S. Post Office and Courthouse Bldg 300 Recinto Sur Street, Fifth Floor Courtroom 5. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores presides over the case. Charles Alfred Cuprill, PSC Law Offices, serves as the Debtor's bankruptcy counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial consultants. In its petition, the Debtor estimated US$10 million to US$50 million in both assets and debts. The petition was signed by Luis A. Emmanuelli Gonzalez, president. PICHI'S INC: Creditors' Meeting on Sept. 12; Claims Due Dec. 12 --------------------------------------------------------------- The United States Trustee in Puerto Rico will convene a meeting of creditors pursuant to Sec. 341(a) of the Bankruptcy Code in the bankruptcy cases of Pichi's Inc. on Sept. 12, 2011 at 9:00 a.m. at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, in San Juan. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. The last day to oppose discharge or dischargeability is Nov. 14, 2011. Proofs of claim are due by Dec. 12, 2011. Government proofs of claim are due by Feb. 1, 2012. About Pichi's Inc. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores presides over the case. Charles Alfred Cuprill, PSC Law Offices, serves as the Debtor's bankruptcy counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial consultants. In its petition, the Debtor estimated US$10 million to US$50 million in both assets and debts. The petition was signed by Luis A. Emmanuelli Gonzalez, president. PICHI'S INC: Hiring Charles Alfred Cuprill as Bankruptcy Counsel ---------------------------------------------------------------- Pichi's Inc. asks the Bankruptcy Court in Puerto Rico for permission to employ Charles Alfred Cuprill, PSC Law Offices as its bankruptcy counsel. The Debtor has paid the firm US$22,4000 as retainer. The firm charges US$350 per hour for Charles A. Cuprill-Hernandez, Esq.; US$225 an hour for senior associates; $150 an hour for junior associations; and US$75 for paralegals. Mr. Cuprill-Hernandez, Esq., discloses that his firm has represented a Pichi's creditor, the Puerto Rico Tourism Development Fund in the bankruptcy case styled In re Palmas Country Club, Inc., case number 10-07072 (SEK). Another creditor, V. Suarez & Co., is a shareholder of Cuprill's client, Procesadora Campofresco, Inc. Notwithstanding, Mr. Cuprill-Hernandez, attests that his firm is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. About Pichi's Inc. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores presides over the case. The Debtor's lawyers may be reached at: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 E-mail: cacuprill@cuprill.com CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial consultants. In its petition, Pichi's estimated US$10 million to US$50 million in both assets and debts. The petition was signed by Luis A. Emmanuelli Gonzalez, president. PICHI'S INC: Hiring Luis R. Carrasquillo as Financial Consultant ---------------------------------------------------------------- Pichi's Inc. is in need of a financial consultant to assist its management in the financial restructuring of its affairs by providing advice in strategic planning and the preparation of the Debtor's plan of reorganization, disclosure statement and business plan, and participating in the Debtor's negotiations with creditors. In this regard, the Debtor seeks Bankruptcy Court authority to employ CPA Luis R. Carrasquillo & Co., P.S.C. The Debtor has paid Carrasquillo a US$20,000 retainer. The firm's partner, CPA Luis R. Carrasquillo, charges US$160 an hour for his work. Senior CPA Marcelo Gutierrez charges US$125 an hour. Other CPAs bill US$90 to US$125 an hour. Carrasquillo has acted as financial consultant in other bankruptcy cases in which Charles A. Cuprill, Esq., the Debtor's counsel, has or is representing debtors. V. Suarez & Co., a Pichi's creditor, is a shareholder of Procesadora Campofresca, Inc., a client of Carrasquillo. Notwithstanding, Carrasquillo is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. About Pichi's Inc. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores presides over the case. Charles Alfred Cuprill, PSC Law Offices, serves as the Debtor's bankruptcy counsel. The financial consultants may be reached at: CPA LUIS R. CARRASQUILLO & CO., P.S.C. 28th Street, # TI-26 Caguas PR, 00725 Tel: 787-746-4555 Fax: 787-746-4564 E-mail: luis@cpacarrasquillo.com In its petition, the Debtor estimated US$10 million to US$50 million in both assets and debts. The petition was signed by Luis A. Emmanuelli Gonzalez, president. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Bondholders Give One Month Reprieve for Bond Payment -------------------------------------------------------------- The Jamaica Gleaner reports that JCSD Trustee Services Limited (JCSDTS) said local bondholders have given CL Financial Group Limited another month to determine a payment schedule for a US$240-million bond in default. The report relates that the decision followed a meeting between 50 bondholders and CL Financial Head Alan Holder, representatives from Black Sand Acquisition Inc. and the JSCDTS. "The noteholders decided to extend the forbearance of enforcement until (September)," Jamaica Gleaner quoted JSCD General Manager Robin Levy. "They will not take any action against CL Financial. The extension is for another month at which time CL Financial should present exactly how they are going to pay out," he added. As reported in the Troubled Company Reporter-Latin America on Aug. 11, 2011, Jamaica Gleaner said that the parties were expected to finalize payment last month following the initial 2009 default of the bond, used mainly to finance CL Financial's 2008 acquisition of Lascelles deMercado & Company. The bond was issued through CL Financial's subsidiary CL Spirits, according to Jamaica Gleaner. Another tranche was issued in Trinidad, bringing the total to US$342 million, the report related. Jamaica Gleaner noted that JCSD is the trustee for the noteholders and the banks that have lent money to CL Financial in this deal. The report relayed JCSD General Manager Robin Levy explained that the bond's principal has been in default but its interest payments have always been met by the CL Financial. Jamaica Gleaner disclosed that Mr. Levy said the CL Sprits bond should have matured Jan. 2010, but CL Financial bought time following a series of negotiations with stakeholders. CL Spirits was the vehicle chiefly used by CL Financial to acquire Lascelles deMercado, as well as raise debt to help finance the US$9.25-per share deal that closed in July 2008, Jamaica Gleaner recalled. About JCSDTS Jamaica Gleaner reports that JCSD Trustee Services Limited (JCSDTS) was incorporated in 2008 as a subsidiary of the Jamaica Central Securities Depository, which is itself a subsidiary of the Jamaica Stock Exchange. 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. CL FINANCIAL: St. Vincent Bank Faces Lawsuit Over CLICO Collapse ---------------------------------------------------------------- Jamaica Gleaner reports that St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves said legal action will be taken against a local commercial bank as the fallout continues from the financial problems of CL Financial Group Limited. Mr. Gonsalves told parliament that the bank, which he did not name, is being sued in relation to the British American Insurance Company Limited (BAICO). BAICO and Colonial Life Insurance Company (CLICO) are subsidiaries of CL Financial Group. The report relates that Mr. Gonsalves said the suit is being brought as members of a technical committee managing the assets of the failed company also consider "certain kinds of legal action in Trinidad and possibly elsewhere". Jamaica Gleaner notes that BAICO has since been placed under judicial management, and the possible legal action in Trinidad relates to the regional elements of BAICO, but Mr. Gonsalves said that there were issues specific to St Vincent and the Grenadines. Jamaica Gleaner discloses that BAICO Judicial Manager Brian Glasgow and BIACO Supervisor of Insurance Morris Edwards have given instructions for the bank to be sued. Mr. Gonsalves said Vincentian policyholders would benefit from any monies recovered, the report notes. The bank, Mr. Gonsalves explained, agreed in 1996 to act as trustee of certain BAICO assets, Jamaica Gleaner notes. The report relates Mr. Gonsalves said that as part of its duties, the bank was to report to the register of insurers all assets it held in trust for BAICO St Vincent; safely keep the BAICO assets held, and monitor and update records on the release and renewal of the assets. Mr. Gonsalves told lawmakers that when the unraveling of BAICO's parent company CLICO began in early 2009, the bank told the Insurance Supervisor in Kingstown that BAICO assets, to be held in trust, was EC$140,547,665.57 (US$38.7 million) for fulfillment of BAICO statutory-fund obligations, the report relays. Jamaica Gleaner discloses that Mr. Gonsalves said that legal opinion suggests several possible causes of action, including breach of statutory duty, breach of fiduciary duties, misrepresentation, and negligence for negligent misstatements. Mr. Gonsalves spoke of transactions in the United States in which monies from BAICO were used to close deals worth hundreds of millions of dollars, the report adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ========================= T U R K S & C A I C O S ========================= OLINT CORP: Investors Won't Get Their Money Back, ACOM Says ----------------------------------------------------------- The Association of Concerned Olint Members (ACOM) said the sentence given to Olint Corporation Limited former boss David Smith is the final blow to any hopes of co-operation from Mr. Smith in the recovery of the member's money. Three years ago, after his initial arrest, Mr. Smith made a public commitment to Olint members to return 100% of their money within nine months. However, Mr. Smith never made any effort to actively work on repaying them. ACOM's major concern remains on the amount of money that members can still recover. ACOM said it knows that this is not the primary concern of the U.S. government, and it does not appear that the U.S. Attorney for the Middle District of Florida is under any obligation to allow the association to independently verify the actual amount of money that Mr. Smith has recovered for the association's members. ACOM said its understanding of the published Plea Bargain is that Mr. Smith was providing the U.S. government with valuable information that would lead to the recovery of substantial amounts of the association's money. To date, the association has had no word from the District Attorney on the additional money, if any, that has been recovered as a result of Mr. Smith's cooperation. ACOM said it will continue to monitor the process through so that Olint members will be compensated. ACOM noted that the U.S. Attorney's Office has imposed excessively stringent and onerous requirements on members who wish to qualify for consideration. Thousands of Olint members have been turned off by these imposed requirements. Those that have complied are now waiting for news on the disposition of the funds allegedly recovered by the U.S authorities. ACOM said it is also asking the Jamaican government to aid the victimized citizens of Jamaica who are now at the mercy of the United States District Attorney. As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2011, Caribbean360.com reports that Mr. Smith was sentenced to 30 years in a U.S. federal jail for defrauding thousands of investors through a Ponzi scheme. Before serving the sentence Mr. Smith will be returned to the Turks and Caicos Islands to serve a six-and-a-half-year sentence that was imposed in September 2010 after he pleaded guilty to fraud and conspiracy charges, stemming from the same Olint scheme, according to Caribbean360.com. The report related that American authorities will seek his extradition after he completes the jail time in the Caribbean island. Caribbean360.com noted that U.S. District Judge Mary Scriven has ordered that Mr. Smith's federal sentence run concurrently with his sentence in the TCI, which means he will spend just under 24 years in the U.S. jail. About Olint Corp Olint Corporation Limited was an investment club owned by David Smith. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2010, RadioJamaica said United States authorities sought to extradite Mr. Smith from Turks and Caicos Islands for his involvement in financial fraud cases. The Jamaica Gleaner said that Mr. Smith was indicted on 23 charges in the United States. The report related that the indictment handed down in the U.S. District Court for the Middle District of Florida, Orlando Division, charged Mr. Smith with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity. Caribbean News Now related that Mr. Smith defrauded more than US$200 million from thousands of investors in Jamaica, the Turks and Caicos Islands and Florida. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, 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 * * *