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/raid1/www/Hosts/bankrupt/TCRLA_Public/111005.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, October 5, 2011, Vol. 12, No. 197 Headlines A R G E N T I N A CORDIAL COMPANIA: Moody's Gives Ba3 Local Currency Debt Rating PARANA BANCO: S&P Affirms 'BB-/B' Global Counterparty Ratings B E R M U D A ASHBY CORPORATION: BSX Delists Firm's Shares for Non-Compliance CLARIUM CAPITAL: Creditors' Proofs of Debt Due Oct. 12 CLARIUM CAPITAL: Members' Final Meeting Set for Oct. 27 CONOCOPHILLIPS FUNDING: Creditors' Proofs of Debt Due Oct. 7 CONOCOPHILLIPS FUNDING: Members' Final Meeting Set for Oct. 28 C A Y M A N I S L A N D S ALLIANCEBERNSTEIN CURRENCY: Creditors' Proofs of Debt Due Oct. 13 ALPHATRACK INVESTMENT: Creditors' Proofs of Debt Due Oct. 12 AUGUSTA FUNDING: Creditors' Proofs of Debt Due Oct. 12 CLEARWATER FUNDING: Creditors' Proofs of Debt Due Oct. 12 CONOCOPHILLIPS MENA: Creditors' Proofs of Debt Due Oct. 10 CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Oct. 10 FORTIS CAYMAN: Creditors' Proofs of Debt Due Oct. 12 HELMSDALE LIMITED: Creditors' Proofs of Debt Due Oct. 12 HK POST: Creditors' Proofs of Debt Due Oct. 12 NORTH OF SOUTH: Creditors' Proofs of Debt Due Oct. 12 ORPHEUS FUNDING: Creditors' Proofs of Debt Due Oct. 12 PC COMM: Creditors' Proofs of Debt Due Oct. 12 SIGNUM ABC: Creditors' Proofs of Debt Due Oct. 12 SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12 TENCENT AM: Creditors' Proofs of Debt Due Oct. 12 J A M A I C A JAMALCO: UC Rusal Secures Loan Agreement, Seeks to Acquire Firm M E X I C O CONTROLADORA MABE: S&P Lowers Global Scale CCR to 'BB+' EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating VISION BANCO: S&P Affirms 'B+' LT Counterparty Credit Rating T R I N I D A D & T O B A G O TRINIDAD CEMENT: Reaches Deal With Debtors - - - - - ================= A R G E N T I N A ================= CORDIAL COMPANIA: Moody's Gives Ba3 Local Currency Debt Rating -------------------------------------------------------------- Moody's Latin America assigned Aa2.ar and Aa3.ar national scale local and foreign currency debt rating to Cordial Compania Financiera S.A.'s senior debt program in the amount of ARS200 million. In addition, a national scale local currency debt rating of Aa2.ar was assigned to the expected first issuance of the program, amounting up to ARS100 million. At the same time, Moody's Investors Service assigned (P) Ba3 and (P) B2 global local and foreign currency debt rating to the program, as well as a Ba3 global local-currency debt rating to the expected first issuance. The outlook for all ratings is stable. The program is governed by Argentine law. These ratings were assigned to Cordial Compania Financiera S.A.: ARS200 million senior debt program: (P) Ba3 Global Local Currency Debt Rating, with stable outlook (P) B2 Global Foreign Currency Debt Rating with stable outlook Aa2.ar Argentinean National Scale Local Currency Debt Rating Aa3.ar Argentinean National Scale Foreign Currency Debt Rating First Issuance of a maximum amount of ARS100 million: Ba3 Global Local Currency Debt Rating, with stable outlook Aa2.ar Argentinean National Scale Local Currency Debt Rating Moody's explained that the senior unsecured debt rating derives from Cordial's Ba3 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Cordial Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and it had assets of ARS709,9 million and equity of ARS135.12 million, as of June 2011. PARANA BANCO: S&P Affirms 'BB-/B' Global Counterparty Ratings ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-/B' global scale counterparty credit ratings and 'brA-' Brazil national scale rating on Parana Banco S.A. The outlook is stable. "Our ratings on Paran Banco incorporate the risks that a small, niche bank faces in the highly competitive Brazilian financial industry and its significant product concentration," said Standard & Poor's credit analyst Sebastian Liutvinas. "The larger banks in Brazil are currently targeting payroll lending, and this could lead to increasing competition, causing potential downward pressure on spreads." "Very high capital and adequate liquidity management, which we believe offer significant protection during periods of stress, partially offset these risks," S&P related. The earnings stability afforded by the bank's payroll-lending business and the insurance business managed by its subsidiary J. Malucelli Seguradora S.A. (national scale: brA-/Watch Pos/--), also supports the ratings. ============= B E R M U D A ============= ASHBY CORPORATION: BSX Delists Firm's Shares for Non-Compliance --------------------------------------------------------------- The Royal Gazette Online reports that the Bermuda Stock Exchange (BSX) has delisted Ashby Corporation Ltd's share on Sept. 30, 2011. Ashby was delisted under the BSX listing regulations for non-payment of annual listing fees and failing to submit audited financial reports within the required time frame, according to The Royal Gazette Online. Headquartered in Hamilton, Bermuda, Ashby Corporation, Ltd. engages in the in the financing of creative entertainment projects. The company assists its clients with film and television production funding by arranging bridge financing, completion bond insurance, and equity financing. CLARIUM CAPITAL: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------ The creditors of Clarium Capital (Euro) Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 21, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place 31 Victoria Street, Hamilton HM 10 Bermuda CLARIUM CAPITAL: Members' Final Meeting Set for Oct. 27 ------------------------------------------------------- The members of Clarium Capital (Euro) Ltd. will hold their final meeting on Oct. 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: Nicholas Hoskins Victoria Place 31 Victoria Street, Hamilton HM 10 Bermuda CONOCOPHILLIPS FUNDING: Creditors' Proofs of Debt Due Oct. 7 ------------------------------------------------------------ The creditors of ConocoPhillips Funding II Ltd. are required to file their proofs of debt by Oct. 7, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 20, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CONOCOPHILLIPS FUNDING: Members' Final Meeting Set for Oct. 28 -------------------------------------------------------------- The members of ConocoPhillips Funding II Ltd. will hold their final meeting on Oct. 28, 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: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========================== C A Y M A N I S L A N D S =========================== ALLIANCEBERNSTEIN CURRENCY: Creditors' Proofs of Debt Due Oct. 13 ----------------------------------------------------------------- The creditors of Alliancebernstein Currency High Alpha Fund (Sterling) Ltd. are required to file their proofs of debt by Oct. 13, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 18, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 8455 Facsimile: (345) 949 8499 ALPHATRACK INVESTMENT: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------------ The creditors of Alphatrack Investment Series SPC are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 26, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands AUGUSTA FUNDING: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------ The creditors of Augusta Funding Limited B are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 30, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CLEARWATER FUNDING: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------------- The creditors of Clearwater Funding CBO 99-A, Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 29, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CONOCOPHILLIPS MENA: Creditors' Proofs of Debt Due Oct. 10 ---------------------------------------------------------- The creditors of Conocophillips Mena Technical Services Company Ltd. are required to file their proofs of debt by Oct. 10, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 15, 2011. The company's liquidator is: Trident Liquidators (Cayman) Ltd c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited P.O. Box 847, One Capital Place Shedden Road, George Town Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 0880 Facsimile: (345) 949 0881 CONOCOPHILLIPS YANBU: Creditors' Proofs of Debt Due Oct. 10 ----------------------------------------------------------- The creditors of Conocophillips Yanbu Sub Ltd. are required to file their proofs of debt by Oct. 10, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 26, 2011. The company's liquidator is: Trident Liquidators (Cayman) Ltd c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited P.O. Box 847, One Capital Place Shedden Road, George Town Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 0880 Facsimile: (345) 949 0881 FORTIS CAYMAN: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------------- The creditors of Fortis Cayman Structured Investment Funds are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 31, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HELMSDALE LIMITED: Creditors' Proofs of Debt Due Oct. 12 -------------------------------------------------------- The creditors of Helmsdale Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands Telephone: (345) 814 6847 HK POST: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------- The creditors of HK Post Basket Fund are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands NORTH OF SOUTH: Creditors' Proofs of Debt Due Oct. 12 ----------------------------------------------------- The creditors of North of South Trading Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ORPHEUS FUNDING: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------------ The creditors of Orpheus Funding (Cayman) Ltd. are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 30, 2011. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands PC COMM: Creditors' Proofs of Debt Due Oct. 12 ---------------------------------------------- The creditors of PC COMM Subsid 1 are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SIGNUM ABC: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------- The creditors of Signum ABC Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SIGNUM MIG: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------- The creditors of Signum MIG HF Limited are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands TENCENT AM: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------- The creditors of Tencent Am Basket Fund are required to file their proofs of debt by Oct. 12, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 1, 2011. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= JAMALCO: UC Rusal Secures Loan Agreement, Seeks to Acquire Firm --------------------------------------------------------------- RJR News reports that Russian aluminium giant UC Rusal, which controls a major stake in Jamaica's bauxite sector, has entered into an agreement with its major lenders for the refinancing of debt totaling US$9.3 billion. The company and the Sberbank of Russia have signed an amendment to a US$4.58 billion loan agreement, according to RJR News. The report relates that UC Rusal entered into a US$4.75 billion facility agreement with 13 Russian and international banks including the Royal Bank of Scotland. RJR News notes that the proceeds will be used to eliminate outstanding debt. UC Rusal recently inked a deal to acquire the remaining 35% stake in Alumina Partners of Jamaica (Alpart), giving it full ownership of the St. Elizabeth-based refinery, the report discloses. RJR News relates that UC Rusal is also seeking to acquire a 45% stake in Jamalco. 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. =========== M E X I C O =========== CONTROLADORA MABE: S&P Lowers Global Scale CCR to 'BB+' ------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Mexico- based home appliances producer Controladora Mabe S.A. de C.V., including cutting the global scale corporate credit rating to 'BB+' from 'BBB-'. The outlook is stable. "The rating action followed our expectation that Mabe's key credit metrics will not improve in the short-to-medium term," said Standard & Poor's credit analyst Monica Ponce. "Its financial performance has deteriorated, mainly because of the significant decline in profits from Venezuela, a change in the company's U.S. exports to a product mix of lower end products, and a slower-than- expected turnaround of a Brazilian subsidiary." These factors, together with higher commodity prices and marketing expenses, have hurt Mabe's profitability and leverage measures. "Also, we anticipate Mabe's performance remaining relatively weak during second-half 2011 and in 2012, as we believe slower global economic growth will hamper the company's ability to grow at a faster pace," S&P stated. "Our ratings on Mabe are supported by its satisfactory business profile, reflecting its leading position in the home appliance market in Mexico and other countries in Central America and the Andean region, well-known portfolio of brands, and product and geographic diversification. The ratings also consider the benefits from Mabe's joint venture with General Electric Co.," S&P said. The main risks offsetting these positive factors are the company's low profitability and higher leverage, intense competition from other large international companies, and vulnerability to global economic downturns as part of a cyclical industry. "The stable outlook reflects our expectation that the company's key credit measures will remain similar in the next two years to those it reported in the 12 months ended June 30, 2011," Ms. Ponce added. "This arises from our belief that demand will be sluggish during this period in several of the countries in which Mabe operates." EMPRESAS ICA: S&P Affirms 'BB-' Global Scale Corp. Credit Rating ---------------------------------------------------------------- Standard & Poor's Rating Services affirmed its 'BB-' global scale and 'mxBBB+' national scale corporate credit ratings on Mexican construction company Empresas ICA S.A.B. de C.V. (ICA). "At the same time, we affirmed our recovery rating of '5' on the company's senior unsecured notes due 2021. The outlook is stable," S&P said. "Our rating on ICA reflects the company's aggressive financial profile, the inherent cyclicality of the construction industry in Mexico, and ICA's dependence on the Mexican government and private sector infrastructure spending to sustain its backlog," said Standard & Poor's credit analyst Fabiola Ortiz. The ratings benefit from ICA's fair business profile and its status as the largest engineering, procurement, and construction company in Mexico. ICA has also investments in road and water concessions, as well as in airports. "In our view, ICA is well positioned to take advantage of its business position and the improving infrastructure sector in the country," S&P said. ICA's current portfolio is composed of large projects with complex designs and heavy construction. The La Yesca hydroelectric power plant, the Autovia Urbana Sur project, and two social infrastructure projects for Mexico's federal government account for 32% of backlog. The company's business strategy is to continue growing its construction business and grow and diversify into construction-related activities (mainly infrastructure development). The company's main revenue-generating division is construction, which accounts for 79%, followed by infrastructure (13%), and housing (8%). However, in terms of EBITDA, the infrastructure division contributes the most with 47%, followed by construction with 46%, and housing with 7%. "We assess the company's financial risk profile as aggressive. As expected, ICA's debt continues to increase mainly as a result of the issuance of holding company debt ($500 million) early in the year, and debt associated with the higher volume of concessioned projects and financed public works. For the 12 months ended June 30, 2011, ICA posted EBITDA interest coverage, total debt-to- EBITDA, and funds from operations (FFO)-to-total debt ratios of about 2.2x, 6.3x, and 6.2% versus 2.4x, 5.9x, and 10.9% during the corresponding period in 2009. We expect a significant improvement in ICA's key financial ratios going forward. We believe that the recent sale of toll road assets will allow the issuer to reduce debt leverage. Moreover, as a result of the completion of La Yesca and the start operations of the two infrastructure projects, we believe that ICA will increase its cash flow generation in 2012 and 2013. As a result, we expect that the company's total debt- to-EBITDA ratio will be about 6.4x in 2011 and 5.0x in 2012," S&P said. "The stable outlook reflects our expectation that key financial ratios will improve in 2012, and that the company will maintain adequate liquidity. A significant improvement in ICA's financial performance, which we look for in a total debt-to-EBITDA ratio of 3x-4x and a positive FOCF generation on a consolidated basis, along with enhanced geographic cash flow diversification would have to precede an upgrade. We could lower the ratings if the company is unable to generate consolidated FOCF, leading to an increase in ICA's consolidated debt leverage or weaker liquidity," S&P said. VISION BANCO: S&P Affirms 'B+' LT Counterparty Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B+' long-term counterparty credit rating on Vision Banco S.A.E.C.A. The outlook is positive. "Our 'B+' rating on Vision reflects the company's profile as a bank mainly dedicated to providing loans and services in the microfinance industry and the traditional consumer segment in the middle- and lower-income sectors," said Standard & Poor's credit analyst Cynthia Cohenfreue. Moderating factors include the high risks inherent in operating in Paraguay's financial system and the bank's focus on the high-risk lending segment. Its sound management capabilities and understanding of the segment, as reflected in the bank's low level of nonperforming assets, partially mitigate the risks. The company's well-established market position in its target market, supportive and stable funding base, strong liquidity position, and sound management track record in microfinance lending also partly mitigate the risks. The strong expansion of the country's financial system amid deficiencies in its institutional and legal framework put some pressure on Vision's operating performance and that of other entities operating in the country. New Paraguayans entering the banking system as they exit poverty could also pressures banks' performance. "The positive outlook reflects our expectation that despite Paraguay's still-high operating and sovereign risks, the bank's initiatives to consolidate its strategic could enable Vision to improve its competitive position. We believe Vision will be able to achieve this without a significant deterioration of its credit portfolio. An increase in Vision's market position supported by the bank's good distribution network with no material deterioration in its financial profile, higher capital ratios supportive of a higher rating, and a sustainable increase in the bank's profitability could lead us to raise our ratings on Vision. Alternatively, we could lower the rating if we lower the rating on the Republic of Paraguay or if Vision's financial profile deteriorates," S&P noted. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Reaches Deal With Debtors ------------------------------------------ RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8- year facility, to be paid, quarterly, from March 2013, according to RJR News. The report relates that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. RJR News discloses that Trinidad Cement said the debt restructuring agreement has now moved into final approval, and a meeting will be convened with debtors, shortly, to apprise them of it. As reported in the Troubled Company Reporter-Latin America on June 30, 2011, Trinidad & Tobago Newsday said that Trinidad Cement Limited (TCL) Group is assuring shareholders the company's dialogue with lenders has been productive and it was drawing closer to an agreement on the material terms of the re-profiling of the company. T&T Newsday related that the Group said they submitted proposals for the re-profiling of its debt portfolio to Lenders. A separate TCRLA report on Jan. 19, 2011, citing RadioJamaica, related that Trinidad Cement Limited has unveiled a major plan to restructure its debt to allow the Group to remain in business given the severe effect of the economic decline on all its markets. The report related that a creditor committee comprising large domestic and international institutional lenders representing 75% of its total debt, has been established. An independent advisor is to be hired to the Committee to assess the cash generating capability, operations and structure of the TCL Group, the report noted. RadioJamaica said TCL, along with the Committee and its advisor, will present the debt restructure plan to its lenders and investors for approval. Trinidad Cement Limited is a cement company. Trinidad Cement is the parent company of Caribbean Cement Company Limited. *********** 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 * * *