/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110928.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 Wednesday, September 28, 2011, Vol. 12, No. 192 Headlines A R G E N T I N A ACOPIO EL SAUCE: Creditors' Proofs of Debt Due Nov. 4 AGROSTART SA: Creditors' Proofs of Debt Due Nov. 25 ALIMENTOS EXCLUSIVOS: Creditors' Proofs of Debt Due Dec. 1 BENDING SRL: Creditors' Proofs of Debt Due Nov. 17 ESEVE MADERAS: Creditors' Proofs of Debt Due Nov. 8 HOME SECURITY: Creditors' Proofs of Debt Due Nov. 17 KRI COR: Creditors' Proofs of Debt Due Oct. 6 LE PACK: Creditors' Proofs of Debt Due Nov. 18 B E R M U D A DIGICEL GROUP: Lime's Plea to Overturn Claro Merger Still Pending B R A Z I L BV FINANCEIRA: Moody's Gives (P)Caa1 Rating to Mezzanine Shares C A Y M A N I S L A N D S AL WAHA: Members' Final Meeting Set for Oct. 5 ALPHAGEN ELTANIN: Members' Final Meeting Set for Oct. 5 CHARLIE FIFTEENTH: Members' Final Meeting Set for Oct. 5 CLEARWATER FUNDING: Members' Final Meeting Set for Sept. 30 CLEARWATER FUNDING: Members' Final Meeting Set for Sept. 30 COLLIERS COMPANY: Members' Final Meeting Set for Sept. 30 CROSSROADS INTERNATIONAL: Shareholders Receive Wind-Up Report FEG ABSOLUTE: Members' Final Meeting Set for Sept. 30 FIELD MOUNTAIN: Members' Final Meeting Set for Oct. 5 FRONTPOINT GREATER: Members' Final Meeting Set for Sept. 30 FRONTPOINT OFFSHORE: Members' Final Meeting Set for Sept. 30 FRONTPOINT OFFSHORE: Members' Final Meeting Set for Sept. 30 HENRIK LEASE: Members' Final Meeting Set for Oct. 5 NEWCASTLE FOREIGN: Members' Final Meeting Set for Sept. 30 S. AFRICA EQUITY: Members' Final Meeting Set for Oct. 5 SIEBELS MULTIFUND: Members' Final Meeting Set for Sept. 30 TACONIC OFFSHORE: Members' Final Meeting Set for Sept. 30 VICTOR LEASE: Members' Final Meeting Set for Oct. 5 VICTORY SPC: Shareholders' Final Meeting Set for Sept. 28 YAO NOI: Shareholders Receive Wind-Up Report M E X I C O KANSAS CITY SOUTHERN: Moody's Puts Ba1 Rating on US$200MM Loan KANSAS CITY SOUTHERN: S&P Puts 'BB+' Rating on US$200MM Loan SU CASITA: Fitch Downgrades Class A Notes to 'Bsf' VITRO SAB: Mexican Judge Rejects Creditors' Group Appeal T R I N I D A D & T O B A G O CL FIN'L: Policyholders "Outraged" by Disclosures About Collapse - - - - - ================= A R G E N T I N A ================= ACOPIO EL SAUCE: Creditors' Proofs of Debt Due Nov. 4 ----------------------------------------------------- Maria del Carmen Perez Alonso, the court-appointed trustee for Acopio El Sauce SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 4, 2011. Ms. Alonso will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, 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 del Carmen Perez Alonso Avenida Cordoba 456 Argentina AGROSTART SA: Creditors' Proofs of Debt Due Nov. 25 --------------------------------------------------- Mario Adrian Narisma, the court-appointed trustee for Agrostart SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 25, 2011. Mr. Narisma will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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: Mario Adrian Narisma Avenida Corrientes 1628 Argentina ALIMENTOS EXCLUSIVOS: Creditors' Proofs of Debt Due Dec. 1 ---------------------------------------------------------- Francisco Jose Salto, the court-appointed trustee for Alimentos Exclusivos SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 1, 2011. Mr. Salto will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37, 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: Francisco Jose Salto Avenida Cordoba 1351 Argentina BENDING SRL: Creditors' Proofs of Debt Due Nov. 17 -------------------------------------------------- Alfredo Daniel Kandus, the court-appointed trustee for Bending SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 17, 2011. Mr. Kandus will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 44, 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: Alfredo Daniel Kandus Sarmiento 1179 Argentina ESEVE MADERAS: Creditors' Proofs of Debt Due Nov. 8 --------------------------------------------------- Vilma Vaello, the court-appointed trustee for Eseve Maderas SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 8, 2011. Ms. Vaello 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. The Trustee can be reached at: Vilma Vaello Tucuman 1455 Argentina HOME SECURITY: Creditors' Proofs of Debt Due Nov. 17 ---------------------------------------------------- Mirta Ana Calfun de Bendersky, the court-appointed trustee for Home Security Argentina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 17, 2011. Ms. Bendersky will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 26, 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: Mirta Ana Calfun de Bendersky Avenida Santa Fe 2521 Argentina KRI COR: Creditors' Proofs of Debt Due Oct. 6 --------------------------------------------- Gonzalo Daniel Cueva, the court-appointed trustee for Kri Cor SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 6, 2011. Mr. Cueva will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, 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: Gonzalo Daniel Cueva Joaquin V. Gonzalez 1429 Argentina LE PACK: Creditors' Proofs of Debt Due Nov. 18 ---------------------------------------------- Moises Gorelik, the court-appointed trustee for Le Pack SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 18, 2011. Mr. Gorelik will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, 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: Moises Gorelik Lavalle 1675 Argentina ============= B E R M U D A ============= DIGICEL GROUP: Lime's Plea to Overturn Claro Merger Still Pending ----------------------------------------------------------------- RJR News reports that the Supreme Court was set to hear two matters brought by telecommunications company, LIME, regarding Digicel Group's merger with Claro Jamaica on Monday, September 26. The matters were put off on Sept. 21, 2011. LIME is seeking to overturn Prime Minister Golding's approval of the merger between Digicel and Claro, according to RJR News. The report relates that LIME is contending that the decision is unlawful and was affected by an improper exercise of the Prime Minister's power. As reported in the Troubled Company Reporter-Latin America on Sept. 2, 2011, The Gleaner related that the Jamaican government approved Digicel Group's acquisition of Claro Jamaica. Prime Minister Bruce Golding, however, said that the approval is on the proviso that Digicel Group continues to operate two separate networks, in what is meant to be a check on the market leader's dominance, according to The Gleaner. The Gleaner noted that Digicel Group wanted to integrate the operations into a single network, but Prime Minister Golding rejected that plan. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========== B R A Z I L =========== BV FINANCEIRA: Moody's Gives (P)Caa1 Rating to Mezzanine Shares --------------------------------------------------------------- Moody's America Latina has assigned provisional ratings of (P)A2.br (sf) (Brazilian National Scale) and of (P)Ba3 (sf) (Global Scale, Local Currency) to the Senior Shares and (P) B1.br (sf) (Brazilian National Scale) and of (P)Caa1 (sf) (Global Scale, Local Currency) to the Mezzanine Subordinated Shares to be issued by BV Financeira -- FIDC VI (FIDC BV VI or the Issuer), a securitization backed by a pool of vehicle loans originated by BV Financeira S.A. -- Credito, Financiamento e Investimento (BV Financeira or the Seller). F IDC BV VI is the seventh securitization of vehicle loans sponsored by BV Financeira and rated by Moody's. Issuer: FIDC BV VI Senior Shares - (P)A2.br (sf) (National Scale) & (P)Ba3 (sf) (Global Scale, Local Currency) Mezzanine Subordinated Shares - (P)B1.br (sf) (National Scale) & (P)Caa1 (sf) (Global Scale, Local Currency) Ratings Rationale The ratings are based on these factors, among others: - The initial subordination of 25% provided to the senior shares and which need to be maintained during the first 12 months of the transaction; - The role of BV Financeira as originator, seller and primary servicer of the transaction; - The stable performance of the outstanding vehicle securitization transactions sponsored by BV Financeira and rated by Moody's; - The quality of collateral benefitting from BV Financeira's established underwriting standards, geographical pool diversification and pool granularity; - 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 - Low credit enhancement in the form of subordination for the mezzanine shares: the subordination for the mezzanine shares, in the form of junior shares, will represent only 5% of fund's net assets. The minimum subordination level of 5% is only required during the first 12 months after closing. Also, low credit enhancement in the form of net excess spread for the mezzanine shares given the tight 145% of DI discount rate and considering assumed base case credit losses of 5.7% per annum and a prepayment rate of 15.0% per annum. The resulting low credit enhancement for the mezzanine shares is reflected in the highly speculative rating assigned to this class of shares. FIDC BV VI is a closed-ended FIDC with legal final maturity 60 months. The provisional ratings are assigned to the senior shares and the mezzanine subordinated shares to be distributed to qualified investors by means of a public placement with restricted efforts (CVM Instruction 476). The junior subordinated shares will be entirely retained by the seller. The senior shares and the mezzanine subordinated shares will accrue, on a daily basis, a floating-rate interest equivalent to 114% and 130% of DI Rate (Brazilian Interbank Rate) per annum, respectively. The final maturity of the senior shares and mezzanine shares will take place 60 months after closing. Senior shares will make monthly interest and principal payments starting the 13th month of closing. Mezzanine shares will make semi-annual interest and principal payments starting the 18th month of closing, subject to the minimum subordination level to the senior shares being met. Any final redemption of mezzanine and junior shares may only occur after full redemption of senior shares. The trustee will calculate and monitor the following subordination levels on a daily basis: minimum ratio of junior shares of 5%, and minimum ratio of mezzanine and junior subordinated shares of 25%. These minimum ratios must be respected in order to subscribe shares during the placement period, and amortize junior and mezzanine subordinated shares. Throughout the initial 12 months from closing, if the minimum ratio of junior shares is below the minimum 5% level for more than 5 consecutive business days, a revision event is triggered, at which point the trustee will call a shareholder meeting. Shareholders may then vote for the early liquidation of the fund (early liquidation event). After the first 12 months from closing, the seller will not be required to subscribe new junior shares to maintain the 5% minimum ratio of junior shares. However, a breach of subordination levels of the senior and mezzanine shares below, respectively, 25% and 5% halts payments of principal and interest to the mezzanine and junior shareholders. The transaction structure includes certain revision events. Should a revision event occur, a shareholders meeting will be called; shareholders may decide to place the fund into early liquidation. Key revision event triggers include: - Breach of minimum subordination for the mezzanine shares (minimum ratio of junior shares) during the period of 12 months from closing; - Breach of minimum excess spread for 2 consecutive verification dates (monthly) or 3 verification dates occurring within a 180 day period; - Total fund expenses exceeding 1% of fund's net assets, verified monthly; - Failure to establish the payment reserve account for 2 payment reserve verification dates; - Failure to establish the liquidity reserve for 30 consecutive days; - Breach of certain delinquency triggers; - Intervention, liquidation or administration of BV Financeira or formal request for bankruptcy proceedings; - Non-compliance by BV Financeira of any of its obligations under the sale agreement; - Termination of custody agreement without a replacement; - Termination of collection agent agreement between the master servicer, BV Financeira and the collection agent without a replacement; and - Claims of defaults by BV Financeira to third parties above BRL10 million. The assets backing FIDC BV VI are vehicle loans originated by BV Financeira. The financed vehicle must have been pledged as collateral to the loan contract by means of alienacao fiduciaria. Key eligibility criteria include: - Loans are in respect of obligors that are current in respect to the Fund; - Maximum concentration per type of vehicle as following: motorcycle (10%), vans and trucks (20%) and sedans (100%), whereby the sum of motorcycles, vans and trucks loans can represent up to 20%; - A nominal sum of installments of no more than BRL100,000 per obligor (companies or individuals); and - Contracts must have a final maturity date before the legal final maturity of the fund. Furthermore, fund documents define qualifying vehicle loans as being vehicle loans that: - Are related to vehicles whose manufacturing year is maximum 10 years from the year in which loan purchase occurs, for sedans and trucks. For motorcycles, the manufacturing year must be the same year the loan purchase occurs; - The maximum LTV (loan to value) is 80%; and - All installments to be paid related to a single contract must be sold to the fund. 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. Votorantim Asset Management DTVM S.A. will be the trustee. BV Financeira, the originator of the securitized loans, is fully controlled by Banco Votorantim S.A. (which Moody's rates A3 Long- Term Bank Deposits in the Global Scale, Local Currency and Aaa.br rating in the Brazilian National Scale). In assigning the ratings to this transaction, Moody's evaluated the Seller's receivables' portfolio for 48 month period starting April 1, 2007 and ending March 31, 2011. During this period, BV Financeira originated vehicle loans financing for an amount of BRL 59.5 billion (corresponding to BRL 99.1 billion nominal installments). The average ticket size of the contracts was BRL 14.3 thousand and the average effective interest rate was approximately 34% 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 5.7% per annum and a standard deviation of 1.7% per annum. Other model input assumptions include an annual prepayment rate of 15% per annum and a discount rate of 145% of the DI Rate used for the purchase of the assets by the FIDC. The DI Rate was stressed from 12.0% per annum at closing of transaction to 21.0% and 18.0%, respectively, for the senior and mezzanine shares, 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 (P)Ba3 (sf)/(P) A2.br (sf) rating level for senior shares and (P)B1.br (sf)/(P) Caa1 (sf) for the mezzanine shares. The resulting cash flows available to the senior shareholders for each scenario was then discounted using the promised 114% of DI Rate to determine if, and the amount of, loss to the senior shares. Similarly, the resulting cash flows to the mezzanine shareholders for each scenario were discounted at the promised 130% DI Rate to determine loss. Expected loss and probability of default on the senior and mezzanine shares were 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 standard deviation from 30% of mean loss rate to 60% of mean loss rate (i) the model implied rating on the senior shares would fall in two notches from Ba3 (sf) (global scale) to B2 (sf) (global scale) and (ii) the model implied rating on the mezzanine shares would remain stable at Caa1 (sf) (global scale). =========================== C A Y M A N I S L A N D S =========================== AL WAHA: Members' Final Meeting Set for Oct. 5 ---------------------------------------------- The members of AL Waha (Cayman I) Lease Limited will hold their final meeting on Oct. 5, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ALPHAGEN ELTANIN: Members' Final Meeting Set for Oct. 5 ------------------------------------------------------- The members of The Alphagen Eltanin Fund Limited will hold their final meeting on Oct. 5, 2011, at 9:50 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 CHARLIE FIFTEENTH: Members' Final Meeting Set for Oct. 5 -------------------------------------------------------- The members of Charlie Fifteenth Lease Limited will hold their final meeting on Oct. 5, 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 CLEARWATER FUNDING: Members' Final Meeting Set for Sept. 30 ----------------------------------------------------------- The members of Clearwater Funding CDO 2002-A, Ltd. will hold their final meeting on Sept. 30, 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 CLEARWATER FUNDING: Members' Final Meeting Set for Sept. 30 ----------------------------------------------------------- The members of Clearwater Funding CBO 2000-A, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands COLLIERS COMPANY: Members' Final Meeting Set for Sept. 30 --------------------------------------------------------- The members of Colliers Company will hold their final meeting on Sept. 30, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CROSSROADS INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Crossroads International Limited received on Sept. 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Walker c/o Miguel Brown Telephone: (345) 914 8665 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands FEG ABSOLUTE: Members' Final Meeting Set for Sept. 30 ----------------------------------------------------- The members of FEG Absolute Access Fund Ltd. 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands FIELD MOUNTAIN: Members' Final Meeting Set for Oct. 5 ----------------------------------------------------- The members of Field Mountain Inc. will hold their final meeting on Oct. 5, 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 FRONTPOINT GREATER: Members' Final Meeting Set for Sept. 30 ----------------------------------------------------------- The members of Frontpoint Greater China Offshore Fund, Ltd. will hold their final meeting on Sept. 30, 2011, at 1:00 p.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 FRONTPOINT OFFSHORE: Members' Final Meeting Set for Sept. 30 ------------------------------------------------------------ The members of Frontpoint Offshore Emerging Markets Macro Fund, Ltd. will hold their final meeting on Sept. 30, 2011, at 1:20 p.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 FRONTPOINT OFFSHORE: Members' Final Meeting Set for Sept. 30 ------------------------------------------------------------ The members of Frontpoint Offshore Healthcare Long Horizons Fund, Ltd. will hold their final meeting on Sept. 30, 2011, at 1:10 p.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 HENRIK LEASE: Members' Final Meeting Set for Oct. 5 --------------------------------------------------- The members of Henrik Lease Limited will hold their final meeting on Oct. 5, 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 NEWCASTLE FOREIGN: Members' Final Meeting Set for Sept. 30 ---------------------------------------------------------- The members of Newcastle Foreign TRS Ltd. will hold their final meeting on Sept. 30, 2011, at 1:30 p.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 S. AFRICA EQUITY: Members' Final Meeting Set for Oct. 5 ------------------------------------------------------- The members of S. Africa Equity Investments will hold their final meeting on Oct. 5, 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: Charalambos Michaelides 5 Them. Dervis Street 2nd Floor, Nicosia 1066 Cyprus Ken Stewart Telephone: 345 814 5762 e-mail: ken.stewart@maplesfs.com SIEBELS MULTIFUND: Members' Final Meeting Set for Sept. 30 ---------------------------------------------------------- The members of The Siebels Multifund, Ltd. will hold their final meeting on Sept. 30, 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 TACONIC OFFSHORE: Members' Final Meeting Set for Sept. 30 --------------------------------------------------------- The members of Taconic Offshore Fund Ltd. will hold their final meeting on Sept. 30, 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: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands VICTOR LEASE: Members' Final Meeting Set for Oct. 5 --------------------------------------------------- The members of Victor Lease Limited will hold their final meeting on Oct. 5, 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 VICTORY SPC: Shareholders' Final Meeting Set for Sept. 28 --------------------------------------------------------- The shareholders of Victory SPC will hold their final meeting on Sept. 28, 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: Maricorp Services Ltd. c/o J. Andrew Murray Telephone: 345 949 9710 P.O. Box 2075, 31 The Strand Grand Cayman KY1-1105 Cayman Islands YAO NOI: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of Yao Noi Trading Ltd. received on Sept. 19, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands =========== M E X I C O =========== KANSAS CITY SOUTHERN: Moody's Puts Ba1 Rating on US$200MM Loan -------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Kansas City Southern de Mexico, S.A. de C.V.'s ('KCSM') US$200 million senior secured revolving credit facility due 2016. The company's other ratings (corporate family rating of Ba2) are unaffected by the action. The ratings outlook is stable. Ratings Rationale KCSM's Ba2 rating reflects a sharp improvement trend in credit metrics resulting from the substantial revenue and yield growth that the company is demonstrating in the current economic environment, particularly in light of higher growth in the Mexican industrial sectors. The ratings also consider KCSM's substantial debt balances, which the company will likely maintain for the foreseeable future. Also, because the company's operations are highly sensitive to conditions in both the U.S. and the Mexican economies, KCSM's financial performance tends to be more volatile through economic cycles than most Class I railroads. The new senior credit facility replaces KCMS' existing $100 million credit facility due 2013. Terms and conditions under the new credit facility are similar to those of the existing revolver. The company intends to use this facility for working capital and general corporate purposes. KCSM's senior secured credit facility is rated Ba1, one notch above the corporate family rating, in consideration of the sizeable amount of unsecured debt in that entity's capital structure that is junior to this facility. Moody's Loss Given Default Methodology is not applied to Mexican entities including KCSM. The principal methodology used in rating Kansas City Southern de Mexico, S.A. de C.V. was the Global Freight Railroad Industry Methodology published in March 2009. Kansas City Southern ("KCS') operates a Class I railway in the central U.S. (The Kansas City Southern Railway Company, `KCSR') and, through its wholly-owned subsidiary Kansas City Southern de Mexico, S.A. de C.V. (`KCSM'), owns the concession to operate Mexico's northeastern railroad. KANSAS CITY SOUTHERN: S&P Puts 'BB+' Rating on US$200MM Loan ------------------------------------------------------------ Standard & Poor's Ratings Services revised the outlook on Kansas City, Mo.-based freight railroad Kansas City Southern (KCS) to positive from stable. "At the same time, we affirmed our ratings, including the 'BB' corporate credit rating, on KCS. We are also assigning a 'BB+' issue-level rating to Kansas City Southern de Mexico S.A. de C.V.'s (KCSM) proposed $200 million revolving credit facility with a '2' recovery rating indicating a substantial (70%-90%) recovery of principal in a default scenario," S&P related. The outlook revision on KCS reflects improving volumes in Mexico, growth across several major commodity types, stronger operating performance, and strengthening credit metrics, resulting in funds from operations to total debt, EBITDA interest coverage, and total debt to EBITDA of 29%, 3.9x, and 3.1x for the 12 months ended June 30, 2011," said Standard & Poor's credit analyst Anita Ogbara. The ratings on KCS reflect a financial risk profile that, while improving, remains somewhat weaker than those of its Class 1 (large) peer railroads, substantial capital spending requirements, and meaningful exposure to cyclical end markets, such as automotive and manufacturing -- particularly in Mexico through its subsidiary, KCSM, the Mexican railroad company it acquired in April 2005. The favorable characteristics of the U.S. freight railroad industry and KCS' strategically located rail network partly offset these risks. "We characterize the company's business risk profile as satisfactory, financial risk profile as significant, and liquidity as adequate. Liquidity has previously been a constraining factor for the ratings, though it has improved significantly over the past few years. The ratings incorporate our expectation that KCS will manage capital expenditures and growth initiatives in a disciplined manner, maintaining FFO to total debt in the high-20% area and debt to capital in the mid-40% area," S&P related. KCS is significantly smaller and less diversified than its peers, but it operates a critical rail network in the South-Central U.S. and Mexico. KCS owns KCSM, which has been fully integrated with the operations of Kansas City Southern Railway Co. (KCSR), KCS' principal U.S. subsidiary. KCS influences the management of KCSM's daily operations, but KCSM and KCSR have retained separate legal identities and continue to finance their operations separately. KSC has implemented several cost-reduction measures targeted at reducing operating expenses and improving profitability. For the second quarter ended June 30, 2011, the company reported an operating ratio (operating expenses as a percentage of operating revenues) of 71.7%, lower (that is, better) than the 72.4% during the comparable period in 2010. "We believe sequential improvement in freight volumes, ongoing expense reduction, and moderate capital spending will result in increased earnings and cash flow for the remainder of 2011 and into 2012. Given KCS' relatively limited scale and end-market diversity, its earnings stability is somewhat weaker than its Class 1 peers," S&P said. The outlook is positive. "Over the next few quarters, we expect volume momentum to continue as a result of the gradually improving economy, particularly in Mexico. We also expect KCS to continue to benefit from generally favorable pricing trends and ongoing efficiency improvements," Ms Ogbara continued. "As a result, we expect near-term improvement in the company's credit measures, maturity profile, and liquidity. Given the rebound in freight volumes and increased pricing, we also expect KCS' operating performance, profitability, and cash flow to continue strengthening in the next few quarters." "We could raise the ratings if earnings improvement results in FFO to total debt in the low-30% area on a sustained basis. On the other hand, we could revise the outlook to stable if weaker-than- expected economic growth in the US or Mexico results in lower freight volumes or deterioration in operating performance resulting in reduced liquidity or FFO to total debt declining into the mid-20% area on a consistent basis," S&P added. SU CASITA: Fitch Downgrades Class A Notes to 'Bsf' -------------------------------------------------- Effective as of Sept. 22, 2011, Fitch Ratings has taken rating actions on 11 RMBS transactions backed by mortgages loans originated by Hipotecaria Su Casita, S.A. de C.V., S.F.O.M, E.N.R. (Su Casita). In addition, Fitch has affirmed the rating for 12 tranches, downgraded eight and upgraded one. The Rating Watch Negative was removed and the Rating Outlook for all these bonds is Negative. The Negative Rating Outlook indicates the direction in which a specific rating has the probability to move in one or two years. Due to its rating level, 'CCC' ratings or below don't have a Rating Outlook. The rating actions are driven on an individual basis analyzing the level of delinquencies, the impact of the primary servicer transfer on the performance, and the financial structure of each transaction. Rating Actions for UDI Deals Su Casita Trust: -- Su Casita Mortgage Class A: Downgraded to 'Bsf' from 'B+sf'; Downgraded to 'BB(mex)' from 'BBB(mex'). -- Su Casita Mortgage Class B: Upgraded national long-term rating to 'CCC(mex)' from 'D(mex)' (Default on May due to missed interest payment for the class B, monthly payments after June have been fulfilled). Su Casita BRHSCCB05U (F#238) -- BRHSCCB05U: Affirmed at 'AAA(mex)'. Su Casita BRHSCCB06U_062U (F#360) -- BRHSCCB06U: Downgraded to 'A(mex)' from 'A+(mex)'; -- BRHSCCB062U: Downgraded to 'BB+(mex)' from 'BBB-(mex)'. Su Casita BRHSCCB063U_064U (F#385) -- BRHSCCB063U: Downgraded to 'BBB+(mex)' from 'A+(mex)'; -- BRHSCCB064U: Downgraded to 'BB-(mex)' from 'BBB-(mex)'. Su Casita BRHCCB07U_072U_073U (F#234036) -- BRHCCB073U: Downgraded to 'CC(mex)' from 'CCC(mex)'. Su Casita BRHCCB08U_082U_083U (F#250295) -- BRHCCB08U: Affirmed at 'A+(mex)'; -- BRHCCB082U: Downgraded to 'BB+(mex') from 'BBB+(mex)'; -- BRHCCB083U: Downgraded to 'CCC(mex)' from 'B(mex)'. Su Casita BRHCCB084U_085U (F#253936) -- BRHCCB084U: Affirmed at 'BBB+(mex)'; -- BRHCCB085U: Affirmed at 'BBB+(mex)'. Rating Actions for Pesos Deals Su Casita BRHSCCB06 (F#239) -- BRHSCCB06: Affirmed at 'AAA(mex)'. Su Casita BRHSCCB062_063 (F#400) -- BRHSCCB062: Affirmed at 'AAA(mex)'; -- BRHSCCB063: Affirmed at 'A(mex)'. Su Casita BRHSCCB07_072 (F#429) -- BRHSCCB07: Affirmed at 'AAA(mex)'; -- BRHSCCB072: Affirmed at 'A(mex)'. Su Casita BRHCCB07_072_073 (F#247545) -- BRHCCB07: Affirmed at 'AAA(mex)'; -- BRHCCB072: Affirmed at 'AAA(mex)'; -- BRHCCB073: Affirmed at 'A(mex)'. On July 5, 2011, (please see 'Fitch mantiene observacion negativa en BORHIS con sustitucion de administrador primario'), Fitch maintained the Rating Watch Negative on the transactions that were involved in the primary servicer transfer process, pointing out the uncertainty regarding the servicer transfer process which could impact normal collections and the ability to rectify non- performing loans. The latter being negatively impacted by the lack of powers of attorney which disrupted the legal procedures for non-performing assets. Based on Fitch's analysis related to the servicer transfer process, included in the special report 'Continued Deterioration for Mexican RMBS, The Credit Crisis Four Years' published on Sept. 12, 2011, Fitch has more detailed information related to the impact of the servicer transfer process. The majority of concerns relate to the delays in the foreclosure process, the sale of REOs, and the execution of the mortgage insurance which are being impacted by the disruption in legal procedures. While the servicing transfer has taken place at different times for each transaction, preliminary evidence suggests that normal collections are not being significantly disrupted. Fitch has observed only minor disruptions in the cashflows related to performing loans and the 1-30 day delinquency levels are in line with the overall market levels. The resulting ratings incorporate the mentioned delays as well as the performance of restructured loans that will be described below. Fitch believes the legal complications will eventually be resolved, but these increased delays may have a negative impact on the overall performance of some transactions and therefore the Outlook remains Negative for all transactions. The percentage of restructured loans continues to grow; as of August 2011 it ranges from 14% to 25% of the outstanding balance. Even though restructured loans continue to provide cash flows to the trusts, the creditors receive a temporary discount, over the monthly payment which decreases overall collections. These levels have ranged from 25% to 38% according to the characteristics of each loan. Additionally, Fitch's analysis of restructure loans show that approximately 30% of these loans become 90 days delinquent after one year. When analyzing the potential cashflows for each transaction, Fitch ran various sensitivities related the performance of restructured loans over the next few years. The analysis conducted by Fitch included the review of the monthly surveillance data, as well as a re-evaluation of delinquency, loss assumptions and a break-even scenario by re-running Fitch's cash flow model. The re-running of the cash flow model determines the maximum level of defaults each structure could sustain without suffering a loss. These results were compared to Fitch's new delinquency and loss numbers assumed for each portfolio and at each given rating category. The cash flow model incorporates all credit enhancements for each issuance, as well as their structural characteristics such as the waterfall of payments described in the legal documents. It also incorporates Fitch's analysis on Constant Prepayment Rate (CPR), delayed proceeds due to delinquencies, excess spread, and Fitch's view on the recovery proceeds of any houses yet to be sold within the trust. VITRO SAB: Mexican Judge Rejects Creditors' Group Appeal -------------------------------------------------------- Thomas Black at Bloomberg News reports that Vitro, S.A.B. de C.V. said that a Mexican judge rejected on Sept. 23 a creditors' group move for a court injunction. The rejection confirms the company's debt restructuring plan abides by Mexican law, Vitro said in an e-mailed statement obtained by the news agency. As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2011, Vitro SAB's creditors said they will appeal a recent ruling that would let the company vote on its restructuring terms -- putting Vitro itself ahead of other creditors. A Monterrey-based judge ruled that under Mexico's bankruptcy law, Vitro qualifies as a creditor because of its US$1.9 billion of intercompany debt, giving it an advantage over other creditors when it comes to deciding its US$3.4 billion restructuring plan, according to Reuters. The report noted that creditors said allowing Vitro SAB to vote on its restructuring terms would discourage foreign investors from investing in Mexican bonds and raise financing costs for Mexican companies. Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders, namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed the exchange. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P., as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group said the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq., at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Policyholders "Outraged" by Disclosures About Collapse ---------------------------------------------------------------- Carla Bridglal at Trinidad Express reports that Peter Permell, chairman of the CLICO Policyholders Group, said that the group was "outraged, flabbergasted and appalled," by disclosures about Colonial Life Insurance Company (Trinidad Limited (CLICO) and CL Financial Limited, which have come out of the ongoing Commission of Enquiry into the collapse of these companies. "Once the evidence is there, (former CL Financial executives) should feel the full brunt of the law. We have no problem at all with the law taking its course. We have always said if you do the crime you should do the time," Mr. Permell told the news agency in a telephone interview. "The thing about it is we have not heard the entire story yet so we want to ensure we are not premature or precipitous in our statements and we would want to hear all the evidence. As you know we are a party of the CoE because we are the victims. This Commission is for us to find out what really went on at CLICO. We are being very cautious in our statement, but certainly based on what we are hearing, if that is true and these things are substantiated, it is certainly grounds for further actions," Trinidad Express quoted Mr. Permell as saying. Trinidad Express notes that Mr. Permell had a meeting with acting Finance Minister Vasant Bharath at the Ministry of Finance on how the government plans to roll out payment settlements to policyholders with policies worth over TT$75,000. "The meeting was rather cordial and productive and the effective date of the roll out of the offer is the first week of October. This is just a preliminary meeting; certainly we couldn't get through with clarification of all these issues because this meeting was with the Acting Minister, not the Finance Minister. Some of the issues that were clarified were the transferability of the bonds (bonds will be able to be passed from person to person), and also that the bonds will be transferred to holders electronically, so you won't get any certificate, but a statement every month or quarterly regarding their status," Mr. Permell said, Trinidad Express relates. The report discloses that policyholders with "short term- investment products" (policies) worth over TT$75,000 will receive an initial lump sum of TT$75,000 and the rest will be issued in Government bonds in denominations of TT$1,000. Mr. Permell, Trinidad Express relays, said the issue regarding the establishment of a second National Enterprises Ltd (NEL2) company was still being sorted out, but the ministry gave a timeline of about three months. Trinidad Express says that the Republic Bank shares that were owned by CL Financial (and now belong to the government after the January 2009 bailout of that conglomerate) will be vested in NEL2. Shareholders will have the option of trading in the face value of their government bonds for shares in NEL2, the report adds. "You still have the option to refuse. At the end of the day, the decision will be up to each policyholder whether to accept the offer or not," Mr. Permell added, Trinidad Express notes. 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. *********** 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 * * *