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/raid1/www/Hosts/bankrupt/TCRLA_Public/110915.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, September 15, 2011, Vol. 12, No. 183 Headlines A R G E N T I N A EZEVIAL SA: Creditors' Proofs of Debt Due Sept. 27 FRIGO CANUELAS: Creditors' Proofs of Debt Due November 18 HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating INDUSTRIAS BADAR: Creditors' Proofs of Debt Due October 31 LDF SA: Creditors' Proofs of Debt Due October 13 RYLC SA: Creditors' Proofs of Debt Due October 13 TALLERES DE ENCUADERNACION: Creditors' Proofs of Debt Due Nov. 1 C A Y M A N I S L A N D S ACA CLO: Shareholders' Final Meeting Set for Sept. 22 ADVENT ACCESS: Shareholders' Final Meeting Set for Sept. 22 ANTHRACITE BALANCED: Members Receive Wind-Up Report ANWELL INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22 APOLLONIAN INVESTMENTS: Shareholders' Meeting Set for Sept. 22 ASIAN DRAGON: Shareholders' Final Meeting Set for Sept. 22 BUCKINGHAM PARTNERS: Shareholders' Final Meeting Set for Sept. 16 ELIXIR PIONEER: Shareholder Receives Wind-Up Report ELIXIR PIONEER: Shareholder Receives Wind-Up Report EMF DIVERSIFIED: Shareholders' Final Meeting Set for Sept. 16 FVP KAIROS: Shareholders' Final Meeting Set for Sept. 22 KPC HOLDINGS: Shareholders' Final Meeting Set for Sept. 21 LONG SHORT: Shareholders' Final Meeting Set for Sept. 16 ONESEVEN OFFSHORE: Members Receive Wind-Up Report QUADRANGLE OFFSHORE: Shareholders' Final Meeting Set for Sept. 22 TRIUMPH ASSETS: Shareholders' Final Meeting Set for Sept. 22 M E X I C O UCECSA: Moody's Withdraws 'Caa3' LT Currency Deposit Ratings T R I N I D A D & T O B A G O CL FIN'L: Parliament Debates on CLICO Payment Issues CL FIN'L: Percy Farrell to Represent Policyholders X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= EZEVIAL SA: Creditors' Proofs of Debt Due Sept. 27 -------------------------------------------------- Carmen Beatriz Santa Maria, the court-appointed trustee for Ezevial SA's reorganization proceedings, will be verifying creditors' proofs of claim until Sept. 27, 2011. Ms. Maria will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Carmen Beatriz Santa Maria Avenida Corrientes 1557 Argentina FRIGO CANUELAS: Creditors' Proofs of Debt Due November 18 --------------------------------------------------------- Armando Luis Molinari, the court-appointed trustee for Frigo Canuelas SA's reorganization proceedings, will be verifying creditors' proofs of claim until November 18, 2011. Mr. Molinari will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on August 23, 2012. The Trustee can be reached at: Armando Luis Molinari Rodriguez Pena 110 Argentina HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating ----------------------------------------------------------------- Moody's Latin America affirmed the Ba3 global local-currency and the Aa2.ar Argentina national scale insurance financial strength (IFS) ratings of both HSBC-La Buenos Aires Seguros and HSBC-New York Life Seguros de Vida. The outlook for the ratings is stable. HSBC-La Buenos Aires is a leading property and casualty insurer in Argentina and is wholly owned by the HSBC Group. HSBC-NYL Vida provides life insurance, and the third insurer of the group is the annuity company HSBC-New York Life Seguros de Retiro (not rated). The ownership of these last two insurers is currently jointly by the HSBC Group (60% stake) and New York Life Insurance Company (40% stake), but HSBC announced last month an agreement to purchase New York life's interest in both companies later this year. All three entities are highly integrated with HSBC Bank Argentina S.A., an important domestic bank owned by the HSBC Group. The strong integration among the three insurance companies, as well as with the bank, is evident from the number of senior management, board members, and retail and corporate customers they share. It is also evident in HSBC's overarching bancassurance distribution strategy. Ratings Rationale HSBC-La Buenos Aires Moody's affirmation of the ratings on HSBC-La Buenos Aires reflects the insurer's solid intrinsic business and financial profiles, as well as the importance of the ownership of and implied support from HSBC, says senior analyst Alejandro Pavlov. With a market share of 7% (based on gross premiums written as of June 30, 2011), HSBC-La Buenos Aires is one of the leading players in Argentina's P&C market. It has strong market shares in motor vehicle (6.4%), fire (5.4%), and homeowner's (5%) insurance and its distribution channel diversification is another key credit strength. Moody's went on to say that HSBC-La Buenos Aires's product risk and business diversification is adequate and its overall profitability is improving. Its five-year average return on capital was 30% (period ended June 30, 2011), and it has also generated underwriting profits with a combined ratio of 98.4% on average over the last five years. However, these credit strengths are significantly counterbalanced by the deterioration in the insurer's overall capitalization and by its relatively poor asset quality. With regard to capital adequacy, HSBC-La Buenos Aires's gross underwriting leverage grew to 14.6x at fiscal year-ended June 30, 2011, from 12.4x at the prior year-end, and its local regulatory surplus declined to 21%, from 51% over the past fiscal year. The company's relatively weak asset quality is seen by the speculative grade average quality of its investment portfolio -- given the speculative grade rating of Argentine sovereign bonds, shares of local mutual funds invested in sovereign bonds, and bank deposits -- and by the increase in the ratio of high risk assets to equity from 280% to 339% for the fiscal year ended June 30, 2011, largely due to the reduction in shareholders equity because of dividend payments to the parent company. HSBC-NYL Vida Moody's affirmation of the ratings on HSBC-NYL Vida reflects the company's key intrinsic credit strengths, particularly the control and diversification of its distribution systems, and its continued profitability and adequate capitalization. HSBC-NYL Vida employs diverse types of distribution channels, the most important being its career agents, and also includes the branches of HSBC-La Buenos Aires and HSBC Bank Argentina, as well as local independent agents. Moody's notes that HSBC-NYL Vida's consistent profitability is evident in its five-year average return on capital of 33%, which has been fueled by high-yield investments. The ratio of shareholders' equity to total assets has been above 20% for the last four fiscal years, and the company reported a regulatory solvency surplus of 208% -- a higher level than that of many peers. However, HSBC-NYL Vida's credit strengths are tempered by concerns about its persistently high exposure to below- investment-grade assets, which constitute more than 60% of its total investments, and by its high concentration of premiums and reserves in a single business line, the individual life segment, which constituted 55% of the company's net premiums written for 2011 fiscal year but more than 90% of its policyholder reserves. Moody's ratings on HSBC-La Buenos Aires and HSBC-NYL Vida both receive one notch of uplift from the companies' stand-alone credit profiles, because of the implied support from HSBC Group due to their strong integration with the bank; their contribution to the combined earnings of the group in Argentina; and the growing importance of the insurance and pension business in the group's overall activities in Latin America. HSBC's recent agreement to purchase New York Life's stake in HSBC-NYL Vida and HSBC-NYL Retiro and become the 100% owner of the three insurers demonstrates a strong interest in the local insurance industry. The transaction will help to eliminate potential conflicts and facilitate strategic prioritization and decision making at the companies, as well as presenting an opportunity to reduce operating expenses and improve efficiencies through its larger scale of operations and better integration. In addition, there are potential revenue synergies in terms of greater leveraging of distribution channels (bancassurance is key for the group given its large network of bank branches in the country) and cross- selling multiple products to customers. Nevertheless, the significant systemic, country-specific risk for Argentina is a negative influence on the ratings of both companies. Based in Buenos Aires, during the 2010/11 fiscal year, ended June 30, 2011, La Buenos Aires reported a net profit of almost AR$85 million, a 37% increase relative to last fiscal year. The company reported gross premiums written of more than AR$1.7 billion, up 35% compared to the AR$1.3 billion reported for the same period of the previous fiscal year. La Buenos Aires' shareholder's equity totaled AR$263 million, showing an increase of 21% compared to shareholders' equity as of June 30, 2010 and it paid dividends of AR$40 million during this last fiscal year. Also headquartered in Buenos Aires, during 2010/11 fiscal year, ended on June 30, 2011, HSBC-New York Life Seguros de Vida reported a net profit of AR$36.7 million, up 33% compared to one year ago. Company gross premiums grew by 37% and its shareholders equity rose by 22% to AR$202 million at June 30, 2011 from AR$165 million as of June 30, 2010. INDUSTRIAS BADAR: Creditors' Proofs of Debt Due October 31 ---------------------------------------------------------- Cristina Canapeti, the court-appointed trustee for Industrias Badar SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 31, 2011. Ms. Canapeti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Cristina Canapeti 11 de Septiembre 1503 Argentina LDF SA: Creditors' Proofs of Debt Due October 13 ------------------------------------------------ Laura Adriana Fiscina, the court-appointed trustee for LDF SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 13, 2011. Ms. Fiscina will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Laura Adriana Fiscina Viamonte 1348 Argentina RYLC SA: Creditors' Proofs of Debt Due October 13 ------------------------------------------------- Maria Cristina Pompa, the court-appointed trustee for Rylc SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 13, 2011. Ms. Pompa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Maria Cristina Pompa Viamonte 1337 Argentina TALLERES DE ENCUADERNACION: Creditors' Proofs of Debt Due Nov. 1 ---------------------------------------------------------------- Martha Magdalena Comba, the court-appointed trustee for Talleres de Encuadernacion S. Distefano SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 1, 2011. Ms. Comba will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 32, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Martha Magdalena Comba Ortega y Gasset 1739 Argentina =========================== C A Y M A N I S L A N D S =========================== ACA CLO: Shareholders' Final Meeting Set for Sept. 22 ----------------------------------------------------- The shareholders of ACA CLO 2007-3, Limited will hold their final meeting on Sept. 22, 2011, at 10:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ADVENT ACCESS: Shareholders' Final Meeting Set for Sept. 22 ----------------------------------------------------------- The shareholders of Advent Access Ltd. will hold their final meeting on Sept. 22, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ANTHRACITE BALANCED: Members Receive Wind-Up Report --------------------------------------------------- The members of Anthracite Balanced Company (R-23) Limited received on Sept. 6, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands ANWELL INVESTMENTS: Shareholders' Final Meeting Set for Sept. 22 ---------------------------------------------------------------- The shareholders of Anwell Investments Limited will hold their final meeting on Sept. 22, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands APOLLONIAN INVESTMENTS: Shareholders' Meeting Set for Sept. 22 -------------------------------------------------------------- The shareholders of Apollonian Investments Limited will hold their final meeting on Sept. 22, 2011, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ASIAN DRAGON: Shareholders' Final Meeting Set for Sept. 22 ---------------------------------------------------------- The shareholders of Asian Dragon Limited will hold their final meeting on Sept. 22, 2011, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands BUCKINGHAM PARTNERS: Shareholders' Final Meeting Set for Sept. 16 ----------------------------------------------------------------- The shareholders of Buckingham Partners LDC will hold their final meeting on Sept. 16, 2011, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9002 Cayman Islands ELIXIR PIONEER: Shareholder Receives Wind-Up Report --------------------------------------------------- The sole shareholder of Elixir Pioneer Fund received on Sept. 13, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rex Chan Telephone: +65 6557 4051 Facsimile: +65 6438 2060 1 Raffles Place, #17-01 One Raffles Place Singapore 048616 ELIXIR PIONEER: Shareholder Receives Wind-Up Report --------------------------------------------------- The sole shareholder of Elixir Pioneer Master Fund received on Sept. 13, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rex Chan Telephone: +65 6557 4051 Facsimile: +65 6438 2060 1 Raffles Place, #17-01 One Raffles Place Singapore 048616 EMF DIVERSIFIED: Shareholders' Final Meeting Set for Sept. 16 ------------------------------------------------------------- The shareholders of EMF Diversified Fixed Income Fund, Ltd., will hold their final meeting on Sept. 16, 2011, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands FVP KAIROS: Shareholders' Final Meeting Set for Sept. 22 -------------------------------------------------------- The shareholders of FVP Kairos Credit Fund I Limited will hold their final meeting on Sept. 22, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chandrakant Mohanty Unit 901A Kinwick Centre 32 Hollywood Road Central, Hong Kong KPC HOLDINGS: Shareholders' Final Meeting Set for Sept. 21 ---------------------------------------------------------- The shareholders of KPC Holdings (Cayman) Inc. will hold their final meeting on Sept. 21, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands LONG SHORT: Shareholders' Final Meeting Set for Sept. 16 -------------------------------------------------------- The shareholders of Long Short Trading Ltd. will hold their final meeting on Sept. 16, 2011, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ONESEVEN OFFSHORE: Members Receive Wind-Up Report ------------------------------------------------- The members of Oneseven Offshore Fund, Ltd. received on Sept. 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands QUADRANGLE OFFSHORE: Shareholders' Final Meeting Set for Sept. 22 ----------------------------------------------------------------- The shareholders of Quadrangle Offshore (Cayman) LLC will hold their final meeting on Sept. 22, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TRIUMPH ASSETS: Shareholders' Final Meeting Set for Sept. 22 ------------------------------------------------------------ The shareholders of Triumph Assets Ltd. will hold their final meeting on Sept. 22, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands =========== M E X I C O =========== UCECSA: Moody's Withdraws 'Caa3' LT Currency Deposit Ratings ------------------------------------------------------------ Moody's Investors Service has withdrawn the ratings of Union de Credito Empresarial de Cuauhtemoc, S.A. de C.V.'s (UCECSA). The ratings are the bank financial strength rating of E, long term local and foreign currency deposit ratings of Caa3, and short term local and foreign currency deposit ratings of Not Prime. Concurrently, Moody's de Mexico withdrew UCECSA's long term Mexican National scale deposit rating of Caa3.mx and short term Mexican National scale deposit rating of MX-4. The outlook on all ratings before the withdrawal was stable. These UCECSA ratings were withdrawn: Bank Financial Strength Rating: E Local Currency Deposits, long term: Caa3 Local Currency Deposits, short term: Not Prime Foreign Currency Deposits, long term: Caa3 Foreign Currency Deposits, short term: Not Prime Mexican National Scale Deposit Rating, long term: Caa3.mx Mexican National Scale Deposit Rating, short term: MX-4 Ratings Rationale Moody's has withdrawn the ratings on UCECSA for business reasons at the request of the issuer and the action does not reflect a change in UCECSA's creditworthiness. UCECSA had no outstanding debt rated by Moody's at the time of the withdrawal. The last rating action on UCECSA was on 2 July 2010, when Moody's assigned UCECSA's first-time ratings. The principal methodologies used in this rating 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. Headquartered in Cuauhtemoc, Chihuahua, UCECSA had US$12.6 million in assets, US$9.7 million in gross loans, US$1.9 million in shareholders' equity, and accumulated net income of US$169,960, as of year end 2010. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Parliament Debates on CLICO Payment Issues ---------------------------------------------------- Trinidad Express reports that Trinidad & Tobago Finance Minister Winston Dookeran said legal challenges preventing the payments to Colonial Life Insurance Company (Trinidad) Limited (CLICO) policyholders debated "in great detail" when the House of Representatives met on Sept. 13, 2011. "We have to complete the exercise with respect to the payment to the depositors and we need to have the necessary authority to issue the bonds. It has been delayed unnecessarily largely because there are many legal hurdles to be overcome in order to reach this point," Trinidad Express quoted Mr. Dookeran as saying. Parliament will debate the Purchase of Certain Rights Bill, which will allow the State to pay off CLICO shareholders in exchange for certain legal rights, according to Trinidad Express. Debate is also expected on the Central Bank Amendment Bill, the report notes. Mr. Dookeran, Trinidad Express notes, said that another issue has to do with the legal challenge that has recently emerged, which, were it to succeed, will eventually lead to the liquidation of the company. "There is a need during the restructuring process to follow what is done in other jurisdictions like England where there is a provision to allow it to take place in order to prevent the legal challenge. No one will benefit from (the liquidation of CLICO) -- either those who wish it or who would benefit from the current system. (Legislation reform) is an attempt to prevent a liquidation challenge through a legal measure," Mr. Dookeran said, the report notes. Mr. Dookeran, according to Trinidad Express, added that while the CLICO matter may never "finally be closed", in terms of policy, the government had covered 80% or more of its legal requirements. 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 FIN'L: Percy Farrell to Represent Policyholders -------------------------------------------------- Trinidad Express reports that the Trinidad & Tobago High Court has appointed Percy Farrell, retired manager of Aranjuez Estates, to represent the entire class of Colonial Life Insurance Company (Trinidad) Limited (CLICO) EFPA policyholders who have not accepted the initial plan proposed by Finance Minister Winston Dookeran in his national budget presentation in September last year. Court documents showed that Mr. Farrell's appointment was made by High Court Justice Devendra Rampersad on July 29 in Port of Spain and arose out of the High Court action started on April 5 by EFPA policyholders Farrell, Marina Inalsingh, Prof Gordon Rohlehr, David Dayal and Michael Alexander, according to Trinidad Express. On April 19, Peter Permell, chairman of the EFPA Policyholders Group sought to join the Farrell action and filed an application on May 9 to join, the report notes. Trinidad Express relates that after receiving written submissions for the parties involved, Justice Rampersad dismissed the application by Mr. Permell and ruled that Mr. Farrell, who had filed the action, should be appointed as representative of the EFPA policyholders. 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 =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *