/raid1/www/Hosts/bankrupt/TCRLA_Public/110926.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, September 26, 2011, Vol. 12, No. 190
Headlines
B E R M U D A
FORTUNA FUTURUS: Creditors' Proofs of Debt Due Sept. 30
FORTUNA FUTURUS: Member to Receive Wind-Up Report on Oct. 17
OPUS FUTURUS: Creditors' Proofs of Debt Due Sept. 30
OPUS FUTURUS: Member to Receive Wind-Up Report on Oct. 17
UNOCAL BRAZIL: Creditors' Proofs of Debt Due Sept. 30
UNOCAL BRAZIL: Members' Final Meeting Set for Oct. 20
B R A Z I L
FIDC CDC: Moody's Gives 'Ba3 (sf)' Ratings to Senior Shares
C A Y M A N I S L A N D S
AVIATION ONE: Shareholders' Final Meeting Set for Sept. 28
BAM TOTAL: Shareholders' Final Meeting Set for Sept. 30
CAPITAL GUIDE: Shareholder to Hear Wind-Up Report on Sept. 30
CLEAR RIVER: Shareholders' Final Meeting Set for Sept. 30
EASYFUN ENTERTAINMENT: Members' Final Meeting Set for Nov. 12
HAMON LIFE: Shareholders Receive Wind-Up Report
INGDICK CORPORATION: Member to Hear Wind-Up Report on Sept. 30
LEHMAN BROTHERS: Shareholders' Final Meeting Set for Sept. 26
MADB INVESTMENTS: Shareholders' Final Meeting Set for Sept. 27
NBS ADVISORS: Shareholder to Hear Wind-Up Report on Sept. 28
OTEMACHI INVESTMENTS: Shareholders Receive Wind-Up Report
OZINGO CORP: Shareholder to Hear Wind-Up Report on Sept. 30
PARIDON ASIA FUND: Shareholders' Final Meeting Set for Sept. 30
PARIDON ASIA MASTER: Shareholders' Final Meeting Set for Sept. 30
PEREGRINE I: Oil-Drilling Vessel Headed to Bankruptcy Auction
PHZ LONG/SHORT: Shareholders' Final Meeting Set for Sept. 28
PRS INVESTMENT: Shareholder to Hear Wind-Up Report on Sept. 30
QUANTITATIVE TACTICAL: Shareholders' Meeting Set for Sept. 28
SHEERWATER LTD: Shareholders' Final Meeting Set for Sept. 30
TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
J A M A I C A
JAMALCO: Government Issues Instructions for Sale of Stake in Firm
P U E R T O R I C O
CARTONERA QUEBRAD: Case Summary & 20 Largest Unsecured Creditors
R & J MOTORS: Involuntary Chapter 11 Case Summary
T R I N I D A D & T O B A G O
CL FIN'L: CLICO Investors May Get Their Money Back
X X X X X X X X
* BOND PRICING: For the Week September 19, to September 23, 2011
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B E R M U D A
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FORTUNA FUTURUS: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of Fortuna Futurus Trust Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2011.
The company's liquidator is:
Sherlene G. D. Trott
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
FORTUNA FUTURUS: Member to Receive Wind-Up Report on Oct. 17
------------------------------------------------------------
The member of Fortuna Futurus Trust Ltd. will receive on Oct. 17,
2011, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Sherlene G. D. Trott
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
OPUS FUTURUS: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------
The creditors of Opus Futurus Trust Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2011.
The company's liquidator is:
Sherlene G. D. Trott
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
OPUS FUTURUS: Member to Receive Wind-Up Report on Oct. 17
---------------------------------------------------------
The member of Opus Futurus Trust Ltd. will receive on Oct. 17,
2011, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Sherlene G. D. Trott
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
UNOCAL BRAZIL: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------
The creditors of Unocal Brazil VII, Ltd. are required to file
their proofs of debt by Sept. 30, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2011.
The company's liquidator is:
Gary R. Pitman
Chevron House, 11 Church Street
Hamilton HM 11
Bermuda
UNOCAL BRAZIL: Members' Final Meeting Set for Oct. 20
-----------------------------------------------------
The members of Unocal Brazil VII, Ltd. will hold their final
meeting on Oct. 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's liquidator is:
Gary R. Pitman
Chevron House, 11 Church Street
Hamilton HM 11
Bermuda
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B R A Z I L
===========
FIDC CDC: Moody's Gives 'Ba3 (sf)' Ratings to Senior Shares
-----------------------------------------------------------
Moody's America Latina has assigned definitive ratings of A2.br
(sf) (Brazilian National Scale) and of Ba3 (sf) (Global Scale,
Local Currency) to the Senior Shares issued by Fundo de
Investimento em Direitos Creditorios CDC Financiamento de
Veiculos Banif (FIDC BANIF or the Issuer), a securitization
backed by a pool of auto loans originated by Banif -- Banco
Internacional do Funchal (Brasil) S.A. (Banif Brasil). FIDC BANIF
is the first securitization of vehicle loans sponsored by Banif
Brasil rated by Moody's.
Issuer: FIDC BANIF
Senior Shares - A2.br (sf) (National Scale) & Ba3 (sf) (Global
Scale, Local Currency)
Ratings Rationale
The ratings are based on these factors, among others:
-- The minimum 30% credit enhancement, at closing and during the
life of the transaction, in the form of subordination
supporting the Senior Shares;
-- The static nature of the transaction, with no on-going
revolving purchases. Any additional future portfolio sales
would require issuance of new Senior Shares and confirmation
of the outstanding rating on this transaction, given the A2.br
(sf) minimum rating requirement in the fund indenture;
-- Fast deleveraging of transaction with monthly principal and
interest cash flows to the Senior Shares starting on the first
month of the transaction;
-- The discount rate stipulated in transaction documents at 190%
of the DI Rate, considered appropriate in light of the overall
risk profile of the portfolio;
-- The transaction structure and its legal framework, including
the bankruptcy remoteness of the issuer and well-established
Brazilian laws and regulations for the securitization of
vehicle loans; and
-- Operational mitigants to commingling risk allowing for a de-
linkage from the Banif Brasil's credit rating given the role
of Banco Bradesco as the Master Servicer, Trustee and Payment
Agent of the transaction. Monthly payments made by the
borrowers will be made via bank vouchers; collections will be
deposited directly into a segregated bank account in the name
of the fund (Conta Autorizada do Fundo) held at the Master
Servicer (Bradesco).
FIDC BANIF is a newly incorporated closed-ended FIDC with
unspecified legal final maturity. It has the ability to issue
multiple series of Shares. The definitive ratings are assigned
to the first series of Senior Shares distributed to qualified
investors. The Junior Shares were entirely retained by the
seller, Banif Brasil. The Senior Shares will accrue a floating-
rate interest of DI Rate (Brazilian Interbank Rate) plus an
annual spread of 3.85% per annum with daily accrual.
The final maturity of the Senior Shares will take place 60 months
after closing. Payments to Junior Shares are permitted on a
semi-annual basis as long as the minimum subordination ratio of
30% is maintained and subject to the general discretion of the
Trustee (BEM DTVM S.A.).
The assets backing FIDC BANIF are vehicle loans originated by
Banif Brasil. Most of the securitized pool will be represented
by light vehicles (sedans); trucks and heavy vehicles can
represent up to a maximum of 30% of the fund net assets. Loans
for motorcycles are not allowed. The maximum single borrower
concentration accepted is 0.35%.
The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.
Key revision event triggers include:
-- Downgrade of the Senior Shares by Moody's;
-- Failure of Trustee, Custodian Bank or Seller to carry out its
duties;
-- One day increase of the DI Rate above 130%;
-- Failure to establish Payment Reserve Account for 3 consecutive
business days;
-- Failure to establish Liquidity Reserve Account for 3
consecutive business days;
-- Breach of certain delinquency triggers stipulated in fund
indenture;
-- Breach of Minimum Subordination Level (30%) for 3 consecutive
business days;
-- Early redemption of the Senior Shares to reestablish the
minimum subordination level;
-- Three or more repurchases by the Seller in a 12 month window
exceeding 0.8% of outstanding loans;
-- Errors in formalization that account for more than 1% of
underlying loan contracts or guarantees during a quarterly
audit.
Key eligibility criteria and conditions of sale:
-- Loans must have tenor of maximum 60 months
-- The contracts must have a final maturity date before the legal
final maturity of the Senior Shares
-- Maximum concentration for trucks: 30% of the fund net assets
-- Obligors must not have restrictions with the credit bureaus
(SERASA /SPC)
-- Maximum concentration of 0.35% of fund net assets per borrower
-- Loans must not have any encumbrances or third party pledges
-- The financed vehicle must be less than 10 years old
-- The financed vehicle must have been pledged as collateral to
the loan contract by means of fiduciary assignment (alienacao
fiduciaria);
-- The loans must have no installments in arrears at the moment
of sale.
Banco Bradesco S.A. will act as Master Servicer (Custodiante) of
the transaction as well as Payment Bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the Issuer's daily financial and operating activities.
BEM DTVM S.A. (Banco Bradesco Group) will be the Trustee.
Banco Internacional do Funchal (Brasil) S.A. (Banif Brasil) has
an E+ Bank Financial Strength Rating, B1 Long-term Bank Deposit
Rating in the Global Scale, Local Currency, and Baa1.br rating in
the Brazilian National Scale. It is a subsidiary of Banif SGPS
S.A., a financial conglomerate headquartered in Portugal.
In assigning the ratings to this transaction, Moody's evaluated a
receivables' portfolio for 35-month period starting July 1, 2008
and ending May 31, 2011. During this period, Banif Brasil
originated vehicle loans financing for an amount of BRL 452.0
million (corresponding to BRL 831.7 million nominal
installments). The average ticket size of the contracts was BRL
24 thousand (corresponding to BRL 44.5 thousand nominal
installments) and the average effective interest rate was
approximately 31.8% per annum.
Moody's key ratings-model assumptions for this transaction
include various performance statistics, including log normal
estimate of the annual loss rate with mean loss 8.0% per annum
and a standard deviation of 5.0% per annum. Other model input
assumptions include an annual prepayment rate of 6% per annum and
a discount rate of 190% of the DI Rate used for the purchase of
the assets by the FIDC. The DI Rate was stressed from 12.4% per
annum at closing of transaction to 21.0% at month 60 after
closing.
These factors were incorporated in a cash flow model that takes
into account all the relevant structural features of the fund's
assets and liabilities as defined in the transaction documents.
Monte Carlo simulations were run for a large number of scenarios,
whereby the annual credit loss assumption for the pool was drawn
in each scenario from the lognormal distribution described above.
Other risk factors, such as rising interest rates and prepayments
were statically stressed commensurate with the Ba3 (sf)/A2.br
(sf) rating level. The resulting cash flows available to the
Senior Share holders for each scenario was then discounted using
an estimated DI Rate plus an annual spread of 3.85%, the promised
coupon to investors, to determine if, and the amount of, loss to
the Senior Shares. Expected loss and probability of default on
the Senior Shares are then computed across all scenarios. These
statistics were finally translated into Moody's global scale
rating using Moody's idealized loss tables. The global scale
rating was then mapped to a national scale rating using Moody's
published national scale mappings.
Moody's sensitivity analysis provides a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis. The results generated by rating
models are one of many inputs to the rating process. Ratings are
determined collectively through the exercise of judgment by
rating committees, which evaluate many quantitative and
qualitative factors.
Moody's evaluated deterministic rating sensitivities by running
the model and varying single input assumptions while remaining
all other assumptions equal. For example, by increasing the base
case annual loss rate from 8% to 10%, the probability of default
on the senior shares would increase and resulting rating of Ba3
(sf) (global scale) would drop one notch to B1 (sf) (global
scale).
Moody's also performed deterministic break-even analysis to
assess the maximum annual credit loss rate the transaction can
support before senior shareholders suffer losses. Senior Shares
would start to suffer a loss if the annual credit loss rate on
the performing pool would exceed 18.6% per annum or a 2.3x
coverage assuming base case 8.0% per annum credit losses.
The main concern of this transaction relates to the limited
historical data available, comprising a 35-month of period,
whereby the first 12 month of data during the startup operations
of Banif Brasil vehicle lending business may not be statistically
significant.
===========================
C A Y M A N I S L A N D S
===========================
AVIATION ONE: Shareholders' Final Meeting Set for Sept. 28
----------------------------------------------------------
The shareholders of Aviation One Holding Company will hold their
final meeting on Sept. 28, 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:
Essa Zainal
c/o Patricia Tricarico
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
BAM TOTAL: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------
The shareholders of Bam Total Return Master Fund, Ltd. will hold
their final meeting on Sept. 30, 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CAPITAL GUIDE: Shareholder to Hear Wind-Up Report on Sept. 30
-------------------------------------------------------------
The sole shareholder of Capital Guide Fund, Limited will receive
on Sept. 30, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Toufic Chahine
Majdalani Building, 6th Floor, Maamari Street
Wardieh- Clemenceau
Beirut 2039-6509
Lebanon
Telephone: 011 9611 487542
Cellular Phone: 011 9613 711411
Block E, 4th Floor
Gold Souks, Beirut Central District
Beirut, Lebanon
Telephone: 011 9611 487542
Facsimile: 011 9613 711411
CLEAR RIVER: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------
The shareholders of Clear River Capital (Cayman) Limited will
hold their final meeting on Sept. 30, 2011, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
EASYFUN ENTERTAINMENT: Members' Final Meeting Set for Nov. 12
-------------------------------------------------------------
The members of Easyfun Entertainment Corp. will hold their final
meeting on Nov. 12, 2011, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Cheng Yuk Kwan
c/o Michelle R. Bodden-Moxam
Telephone: 946-6145
Facsimile: 946-6146
Portcullis TrustNet (Cayman) Ltd.
The Grand Pavilion Commercial Centre
Oleander Way, 802 West Bay Road
P.O. Box 32052 Grand Cayman KY1-1208
Cayman Islands
HAMON LIFE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Hamon Life Management Limited received on
Sept. 21, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Perfect Versino Holdings Limited
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor
99 Queen's Road Central
Hong Kong
INGDICK CORPORATION: Member to Hear Wind-Up Report on Sept. 30
--------------------------------------------------------------
The member of Ingdick Corporation Ltd will receive on Sept. 30,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
LEHMAN BROTHERS: Shareholders' Final Meeting Set for Sept. 26
-------------------------------------------------------------
The shareholders of Lehman Brothers Global Diversity Fund, Ltd.
will hold their final meeting on Sept. 26, 2011, 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:
Richard Finlay
c/o Tania Dons
Telephone: (345) 814 7766
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
MADB INVESTMENTS: Shareholders' Final Meeting Set for Sept. 27
--------------------------------------------------------------
The shareholders of MADB Investments Limited will hold their
final meeting on Sept. 27, 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:
Essa Zainal
c/o Patricia Tricarico
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
NBS ADVISORS: Shareholder to Hear Wind-Up Report on Sept. 28
------------------------------------------------------------
The sole shareholder of NBS Advisors Limited will receive on
Sept. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Toufic Chahine
Majdalani Building, 6th Floor, Maamari Street
Wardieh- Clemenceau
Beirut 2039-6509
Lebanon
Telephone: 011 9611 487542
Cellular Phone: 011 9613 711411
Block E, 4th Floor
Gold Souks, Beirut Central District
Beirut, Lebanon
Telephone: 011 9611 487542
Facsimile: 011 9613 711411
OTEMACHI INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Otemachi Investments received on Sept. 21,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Perfect Versino Holdings Limited
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor
99 Queen's Road Central
Hong Kong
OZINGO CORP: Shareholder to Hear Wind-Up Report on Sept. 30
-----------------------------------------------------------
The shareholder of Ozingo Corporation will receive on Sept. 30,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
P.O. Box 694 Grand Cayman
Cayman Islands
PARIDON ASIA FUND: Shareholders' Final Meeting Set for Sept. 30
---------------------------------------------------------------
The shareholders of Paridon Asia Macro Fund Limited will hold
their final meeting on Sept. 30, 2011, at 10:45 a.m., 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
PARIDON ASIA MASTER: Shareholders' Final Meeting Set for Sept. 30
-----------------------------------------------------------------
The shareholders of Paridon Asia Macro Master Fund Limited will
hold their final meeting on Sept. 30, 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:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
PEREGRINE I: Oil-Drilling Vessel Headed to Bankruptcy Auction
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that court papers revealed the
Peregrine I offshore oil-drilling vessel is headed to the
bankruptcy auction block, where it will likely sell for less than
the roughly US$190 million it owes.
Headquartered in Cayman Islands, Peregrine I LLC, is an offshore
drilling company backed by a unit of General Electric Co.
Peregrine I, LLC, filed a Chapter 11 petition (Bankr. D. Del.
Case No. 11-11230) on April 25, 2011. Russell C. Silberglied,
Esq., at Richards, Layton & Finger, in Wilmington, Delaware,
serves as counsel. The Debtor estimated assets and debts of
US$100 million to US$500 million as of the Chapter 11 filing.
The Company said US$190 million of a US$259 million loan is
unpaid. The list of 20 largest unsecured creditors said that
WestLB AG, Banco Bilbao Vizcaya Argentaria, Dexia Credit Local,
DVB Bank, GE VFS Financing Holding, Inc., HSH Nordbank AG,
Santander Asset Finance PLC, and Sumitomo Mitsui Banking Corp.,
are owed money on account of the loan, although the percentage
held by each lender is not available at this time.
No official committee has been appointed in the Chapter 11 case.
WestLB AG, New York Branch, is represented in the case by:
Madlyn Gleich Primoff, Esq.
Mark F. Liscio, Esq.
KAYE SCHOLER LLP
425 Park Avenue
New York, NY 10022
E-mail: mprimoff@kayescholer.com
mliscio@kayescholer.com
- and -
Laurie Selber Silverstein, Esq.
POTTER ANDERSON & CORROON LLP
6th Floor, 1313 North Market Street
Wilmington, DE 19801
E-mail: lsilverstein@potteranderson.com
PHZ LONG/SHORT: Shareholders' Final Meeting Set for Sept. 28
------------------------------------------------------------
The shareholders of PHZ Long/Short Equity Fund (Cayman) Ltd. will
hold their final meeting on Sept. 28, 2011, 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:
Mourant Ozannes Cayman Liquidators Limited
Harbour Centre, Third Floor
42 North Church Street, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
PRS INVESTMENT: Shareholder to Hear Wind-Up Report on Sept. 30
--------------------------------------------------------------
The shareholder of PRS Investment Partners (Cayman) Ltd. will
receive on Sept. 30, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
Cayman Islands
Telephone: +1 (345) 815-1793
Facsimile: +1 (345) 949-9877
QUANTITATIVE TACTICAL: Shareholders' Meeting Set for Sept. 28
-------------------------------------------------------------
The shareholders of Quantitative Tactical Fund, Ltd. will hold
their final meeting on Sept. 28, 2011, 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:
Mourant Ozannes Cayman Liquidators Limited
Harbour Centre, Third Floor
42 North Church Street, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
SHEERWATER LTD: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of Sheerwater Ltd. will hold their final meeting
on Sept. 30, 2011, at 11:00 a.m., 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------------
The shareholders of Tradeworx Ultra Master, Ltd will hold their
final meeting on Sept. 30, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
TRADEWORX ULTRA: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------------
The shareholders of Tradeworx Ultra Offshore, Ltd will hold their
final meeting on Sept. 30, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
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J A M A I C A
=============
JAMALCO: Government Issues Instructions for Sale of Stake in Firm
-----------------------------------------------------------------
RJR News reports that a special meeting of the Jamaican Cabinet
was held on Wednesday, September 21, during which instructions
were issued for the sale of the government's stake in the JAMALCO
(Alcoa Minerals of Jamaica)'s plant in Clarendon.
This was disclosed by Daryl Vaz, the Minister with responsibility
for Information, during the weekly post Cabinet press briefing,
according to RJR News. However, the report relates that Mr. Vaz
however, declined to give details on the latest arrangements
concerning the divestment.
"Cabinet on the CAP (Clarendon Alumina Partners) matter gave some
instructions to the negotiating team (and) based on where the
negotiations are now, it would not be wise of me to disclose that
but an announcement in relation to that will be made in due
course once the negotiations have reached the stage where an
announcement can be made," RJR News quoted Mr. Vaz as saying.
As reported in the Troubled Company Reporter-Latin America on
Sept. 9, 2011, RJR News said that unnamed sources said the
Jamaican government has received at least two offers for its
stake in JAMALCO's alumina refinery. Switzerland-based
commodities trader, Glencore and Chinese metals trader, Zhuhai
Hongfan, are rumored to be the potential bidders for the
government's stake, according to RJR News. The report noted that
the government owns 45% of JAMALCO through the Clarendon Alumina
Partners, and has been trying, since last year, to offload that
stake, because of its hefty cost associated with a forward sale
agreement. RJR News related that Jamaica Prime Minister Bruce
Golding said that the forward sale agreement had cost taxpayers
more than JM$12 billion since 2002. The report relayed that
Prime Minister Golding said that if the government's stake was
not divested, taxpayers would be asked to pay a further JM$15
billion before the contract ends in 2013.
About JAMALCO
JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary
of Alcoa. JAMALCO mines bauxite and refines it into alumina
before exporting the alumina from its port at Rocky Point,
Clarendon.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Radio Jamaica News said Alcoa plans to cut
13,500 jobs or 13% of the work force in Jamaica, because of the
global slowdown. Alcoa is also selling four business units and
reducing output to save money, the report noted. Caribbean Net
News said the government is holding talks with potential
purchasers for its 45% stake in the Jamalco refinery in south-
central parish of Clarendon. Aluminum giant Alcoa holds 55% of
the company, which has a production capacity of 1.4 million tons
of alumina.
=====================
P U E R T O R I C O
=====================
CARTONERA QUEBRAD: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Cartonera Quebradillana Inc.
Bo. Cacao carr # 2 KM 99.0
P.O. BOx 142
Quebradilla, PR 00678
Bankruptcy Case No.: 11-07996
Chapter 11 Petition Date: September 19, 2011
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Andres Garcia Arregui, Esq.
GARCIA ARREGUI & FULLANA
252 Ponce De Leon Ave, Suite 1101
San Juan, PR 00918
Tel: (787) 766-2530
Fax: (787) 756-7800
E-mail: garciarr@prtc.net
Scheduled Assets: US$1,262,451
Scheduled Debts: US$2,634,465
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/prb11-07996.pdf
The petition was signed by Jose Candelaria Santana, president.
R & J MOTORS: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor: R & J Motors, Corp.
aka Autos Del Caribe
Urb. Crown Hill, MSC 549
Ave. Winston Churchill
San Juan, PR 00926
Case Number: 11-07952
Involuntary Chapter 11 Petition Date: September 18, 2011
Court: District of Puerto Rico (Old San Juan)
Petitioners' Counsel: Alexis Fuentes Hernandez, Esq.
FUENTES LAW OFFICES
P.O. Box 9022726
San Juan, PR 00902-2726
Tel: (787) 722-5216
Fax: (787) 722-5206
E-mail: alex@fuentes-law.com
Creditors who signed the involuntary Chapter 11 petition:
Petitioner Nature of Claim Claim Amount
---------- --------------- ------------
Angel R. Marzan Santiago Professional US$10,937
P.O. Box 363688 Services
San Juan, PR 00936-3688
Impact Extermination, Professional $1,424
Inc. Services
Rene Diaz
HC-03 Box 10986
Gurabo, PR 00778
Walter Martinez Professional $2,694
PMB Suite 229 Services
P.O. Box 70158
San Juan, PR 00936-8158
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: CLICO Investors May Get Their Money Back
--------------------------------------------------
NationNews.com reports that companies that invested in Colonial
Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad &
Tobago)'s risky, high interest-paying Executive Flexible Premium
Annuities (EFPAs), which were only to be sold to individuals,
will still get a chance to salvage their investments. CLICO is a
subsidiary of CL Financial Limited.
Sources close to the restructuring plan which was filed in the
High Court by judicial manager, Deloitte Consulting, told the
DAILY NATION that among the options on the table to these
investors was share equity in a recapitalized insurance company,
according to NationNews.com.
The report notes that the restructuring plan for CLICO
International Life (CIL) does not involve the sale of its
assets, but instead recapitalization of the insurance company by
Barbados and Eastern Caribbean governments where CLICO Life
operates to the tune of more than TT$150 million.
Notably, NationNews.com relates that the source said
policyholders with EFPAs of TT$1 million or less would be
"restored to the full extent of their principal".
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$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 19, to September 23, 2011
----------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
BOGAR 2018 2 2/4/2018 ARS 128
BODEN 2014 2 9/30/2014 ARS 99
ARGENT-$DIS 8.28 12/31/2033 USD 64
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.3
ARGENT-$DIS 8.28 12/31/2033 USD 61.9
ARGENT-$DIS 8.28 12/31/2033 USD 67
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
PROV BUENOS AIRE 9.625 4/18/2028 USD 72
PROV BUENOS AIRE 9.375 9/14/2018 USD 71.1
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- DIS 7.82 12/31/2033 EUR 62.5
ARGENT- DIS 7.82 12/31/2033 EUR 60
ARGENT- PAR 1.18 12/31/2038 ARS 44.7
CAYMAN ISLAND
-------------
IMCOPA INTL CAYM 5 12/19/2014 USD 33
BCP FINANCE CO 5.543 EUR 32.2
BCP FINANCE CO 4.239 EUR 31
ESFG INTERNATION 5.753 EUR 35.1
EFG ORA FUNDING 1.7 10/29/2014 EUR 45.1
SUNTECH POWER 3 3/15/2013 USD 51.6
LDK SOLAR CO LTD 10 2/28/2014 CNY 50
CHINA SUNERGY 4.75 6/15/2013 USD 60
SOLARFUN POWER H 3.5 1/15/2018 USD 64.4
CHINA AUTOMATION 7.75 4/20/2016 USD 65.1
CHAODA MOD AGRI 3.7 9/1/2015 USD 76
SPG LAND HOLDING 13.5 4/8/2016 USD 70
GLORIOUS PROPERT 13 10/25/2015 USD 70.1
JA SOLAR HOLD CO 4.5 5/15/2013 USD 70.5
POLARCUS LTD 2.875 4/27/2016 USD 74.3
JINKOSOLAR HOLD 4 5/15/2016 USD 32.2
SUNTECH POWER 3 3/15/2013 USD 50.4
CHINA MED TECH 6.25 12/15/2016 USD 61.7
MARFRIG OVERSEAS 9.5 5/4/2020 USD 65
SOLARFUN POWER H 3.5 1/15/2018 USD 68.7
CHINA FORESTRY 10.25 11/17/2015 USD 70
YUZHOU PROPERTIE 13.5 12/15/2015 USD 72.8
BES FINANCE LTD 5.58 EUR 32.8
CHINA MED TECH 4 8/15/2013 USD 66.1
BANCO BPI (CI) 4.15 11/14/2035 EUR 36.2
BES FINANCE LTD 4.5 EUR 36.5
BES FINANCE LTD 6.625 EUR 46
BCP FINANCE BANK 5.01 3/31/2024 EUR 71.6
BCP FINANCE BANK 5.31 12/10/2023 EUR 74.3
BES FINANCE LTD 1.625 4/15/2013 USD 74.6
DUBAI HLDNG COMM 6 2/1/2017 GBP 72.5
LDK SOLAR CO LTD 4.75 4/15/2013 USD 59.4
TRINA SOLAR LTD 4 7/15/2013 USD 71.9
MARFRIG OVERSEAS 9.5 5/4/2020 USD 64.3
CHINA FORESTRY 10.25 11/17/2015 USD 73.5
FANTASIA HOLDING 14 5/12/2015 USD 77.5
YUZHOU PROPERTIE 13.5 12/15/2015 USD 72.9
EVERGRANDE REAL 9.25 1/19/2016 CNY 72.1
TEXHONG TEXTILE 7.625 1/19/2016 USD 86
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.154
CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.73
ESVAL S.A. 3.8 7/15/2012 CLP 24.87
LA POLAR SA 3.8 10/10/2017 CLP 51.34
MASISA 4.25 10/15/2012 CLP 29.77
QUINENCO SA 3.5 7/21/2013 CLP 24.73
PUERTO RICO
-----------
PUERTO RICO CONS 6.2 5/1/2017 USD 55.2
PUERTO RICO CONS 6.5 4/1/2016 USD 61
BANCO SANTANDER 6.1 6/1/2032 USD 60.9
BANCO SANTANDER 6.3 6/1/2032 USD 61.1
VENEZUELA
---------
PETROLEOS DE VEN 5.375 4/12/2027 USD 43.9
VENEZUELA 7 3/31/2038 USD 53.7
PETROLEOS DE VEN 5.25 4/12/2017 USD 55.2
VENEZUELA 7.65 4/21/2025 USD 53.5
VENZOD - 189000 9.375 1/13/2034 USD 63.5
VENEZUELA 9.25 9/15/2027 USD 63.2
VENEZUELA 9.25 9/15/2027 USD 64.4
PETROLEOS DE VEN 8.5 11/2/2017 USD 66.4
PETROLEOS DE VEN 12.75 2/17/2022 USD 75.8
PETROLEOS DE VEN 4.9 10/28/2014 USD 67.3
PETROLEOS DE VEN 5 10/28/2015 USD 60.2
PETROLEOS DE VEN 5.125 10/28/2016 USD 56.6
PETROLEOS DE VEN 5.5 4/12/2037 USD 42.6
VENEZUELA 7 3/31/2038 USD 53
VENEZUELA 8.25 10/13/2024 USD 58.8
VENEZUELA 9.25 5/7/2028 USD 61.8
VENEZUELA 7.75 10/13/2019 USD 59.5
VENEZUELA 7 12/1/2018 USD 59
VENEZUELA 9 5/7/2023 USD 63
PETROLEOS DE VEN 8.5 11/2/2017 USD 64.7
VENEZUELA 5.75 2/26/2016 USD 68
VENEZUELA 11.95 8/5/2031 USD 73.3
PETROLEOS DE VEN 12.75 2/17/2022 USD 73.2
VENEZUELA 6 12/9/2020 USD 53
***********
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
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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 * * *