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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
Friday, October 7, 2011, Vol. 12, No. 199
Headlines
A R G E N T I N A
METROGAS SA: YPF SA Fails to Buy BG's Stake as Deadline Arrives
C A Y M A N I S L A N D S
ALPHA PACIFIC: Shareholders' Final Meeting Set for Oct. 14
ALPHA PACIFIC: Shareholders' Final Meeting Set for Oct. 14
ASIAN TRANSPORT: Shareholders' Final Meeting Set for Oct. 10
BRIDGE LIQUIDATING: Shareholders' Final Meeting Set for Oct. 14
CARILLON LTD: Shareholder to Receive Wind-Up Report on Oct. 18
CIC MANAGEMENT III: Shareholder to Hear Wind-Up Report on Oct. 17
CONNING INSURANCE: Shareholder to Hear Wind-Up Report on Oct. 17
CONOCOPHILLIPS CHUKCHI: Shareholders' Meeting Set for Oct. 12
CREED DEUTSCHLAND: Shareholders' Final Meeting Set for Oct. 14
CUBIC ONE: Shareholder to Receive Wind-Up Report on Oct. 18
JLOC XVI: Shareholder to Receive Wind-Up Report on Oct. 18
O'CONNOR TRADING: Shareholders' Final Meeting Set for Oct. 18
RIM GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 25
UBS A&Q ASIA: Shareholders' Final Meeting Set for Oct. 18
UBS A&Q ASIA: Shareholders' Final Meeting Set for Oct. 18
C O L O M B I A
PROYECTAR VALORES: Colombia Orders Liquidation of Firm
T R I N I D A D & T O B A G O
CL FIN'L: Bondholders Pressure NCB to Join Mutiny on Bond Debt
CLICO INT'L: Barbadian Policyholders Told to Accept Liquidation
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A R G E N T I N A
=================
METROGAS SA: YPF SA Fails to Buy BG's Stake as Deadline Arrives
---------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that a YPF SA official
said the company has been unable to reach an agreement by the
Oct. 5 deadline to acquire BG Group Plc's stake in bankrupt gas
distributor Metrogas SA.
Talks are "complicated" because of creditor approval, the official
said, according to Bloomberg.
As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2011, Bloomberg said that YPF SA extended until Oct. 5
an option to buy BG Group Plc's local unit Metrogas SA. YPF SA
"decided to make use of the extension option," Gas Argentino SA,
Metrogas's holding company, said in a regulatory filing, according
to Bloomberg. BG Group is Gas Argentino's controlling shareholder
with a 54.6% stake, while YPF SA owns the rest. YPF SA would need
regulatory approval to acquire the BG stake as well as approval
from Metrogas SA shareholders, Bloomberg noted.
===========================
C A Y M A N I S L A N D S
===========================
ALPHA PACIFIC: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of Alpha Pacific Qualified Master Fund, Ltd. will
hold their final meeting on Oct. 14, 2011, at 5:05 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
ALPHA PACIFIC: Shareholders' Final Meeting Set for Oct. 14
----------------------------------------------------------
The shareholders of Alpha Pacific Qualified Partners, Ltd., will
hold their final meeting on Oct. 14, 2011, at 5:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
ASIAN TRANSPORT: Shareholders' Final Meeting Set for Oct. 10
------------------------------------------------------------
The shareholders of Asian Transport and Infrastructure Limited
will hold their final meeting on Oct. 10, 2011, at 12:00 noon, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
BRIDGE LIQUIDATING: Shareholders' Final Meeting Set for Oct. 14
---------------------------------------------------------------
The shareholders of Bridge Liquidating Corp, Ltd., will hold their
final meeting on Oct. 14, 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:
Jonathan Nicholson
P.O. Box 1976, Grand Cayman KY1-1104
Cayman Islands
CARILLON LTD: Shareholder to Receive Wind-Up Report on Oct. 18
--------------------------------------------------------------
The shareholder of Carillon Ltd will receive on Oct. 18, 2011, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
Nicola Eccleston is the company's liquidator.
CIC MANAGEMENT III: Shareholder to Hear Wind-Up Report on Oct. 17
-----------------------------------------------------------------
The shareholder of CIC Management III Limited 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:
Michael Aspinwall
Telephone: 203 904 3832
Facsimile: 860 249 7001
CCP Equity Partners
100 Pearl Street, 14th Floor
Hartford, CT 06103
CONNING INSURANCE: Shareholder to Hear Wind-Up Report on Oct. 17
----------------------------------------------------------------
The shareholder of Conning Insurance Capital III Limited 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:
Michael Aspinwall
Telephone: 203 904 3832
Facsimile: 860 249 7001
CCP Equity Partners
100 Pearl Street, 14th Floor
Hartford, CT 06103
CONOCOPHILLIPS CHUKCHI: Shareholders' Meeting Set for Oct. 12
-------------------------------------------------------------
The shareholders of Conocophillips Chukchi Sea Ltd. will hold
their final meeting on Oct. 12, 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:
Trident Liquidators (Cayman) Limited
c/o Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847 George Town
Grand Cayman KY1-1103
Cayman Islands
CREED DEUTSCHLAND: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------------
The shareholders of Creed Deutschland Immobilienfonds Management
Limited will hold their final meeting on Oct. 14, 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
CUBIC ONE: Shareholder to Receive Wind-Up Report on Oct. 18
-----------------------------------------------------------
The shareholder of Cubic One Limited will receive on Oct. 18,
2011, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidators are:
David Preston
Nicola Eccleston
HSBC Bank (Cayman) Limited
P.O. Box 1109, George Town
Grand Cayman
Cayman Islands
Telephone: 949-7755
Facsimile: 949-7634
JLOC XVI: Shareholder to Receive Wind-Up Report on Oct. 18
----------------------------------------------------------
The shareholder of JLOC XVI Limited will receive on Oct. 18, 2011,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
David Preston
Nicola Eccleston
HSBC Bank (Cayman) Limited
P.O. Box 1109, George Town
Grand Cayman
Cayman Islands
Telephone: 949-7755
Facsimile: 949-7634
O'CONNOR TRADING: Shareholders' Final Meeting Set for Oct. 18
-------------------------------------------------------------
The shareholders of O'Connor Trading Value Master Limited will
hold their final meeting on Oct. 18, 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:
Peter Anderson
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
RIM GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 25
---------------------------------------------------------
The shareholder of RIM Global Fund SPC will receive on
Oct. 25, 2011, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidators are:
Peadar de Barra
Claire Cawley
Clifton Fund Consulting Limited
(trading as KB Associates)
Fleming Court, Fleming's Place
Mespil Road Dublin 4
Ireland
UBS A&Q ASIA: Shareholders' Final Meeting Set for Oct. 18
---------------------------------------------------------
The shareholders of UBS A&Q Asia Property Cycle Limited will hold
their final meeting on Oct. 18, 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:
Peter Anderson
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
UBS A&Q ASIA: Shareholders' Final Meeting Set for Oct. 18
---------------------------------------------------------
The shareholders of UBS A&Q Asia Property Cycle Master Limited
will hold their final meeting on Oct. 18, 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:
Peter Anderson
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
===============
C O L O M B I A
===============
PROYECTAR VALORES: Colombia Orders Liquidation of Firm
------------------------------------------------------
Andrea Jaramillo at Bloomberg News reports that Colombia's
financial regulator ordered the liquidation of brokerage Proyectar
Valores SA.
The regulator placed Proyectar Valores under heightened
supervision May 27, according to Bloomberg.
The regulator said in the statement that Proyectar Valores's
"financial and administrative situation makes it unfeasible for
the firm to continue operating," Bloomberg relates.
Headquartered in Medellin, Proyectar Valores SA is a brokerage
firm.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Bondholders Pressure NCB to Join Mutiny on Bond Debt
--------------------------------------------------------------
Jamaica Gleaner reports that a respected head of a Kingston
brokerage said National Commercial Bank Jamaica is being pressured
to side with other CL Spirits bondholders, who in a closed door
meeting opted to declare the debt in default and force CL
Financial to put up Lascelles deMercado and Company Limited stock
for sale to the highest bidder.
NCB, Jamaica's largest bank, said that talks continue at different
levels, according to Jamaica Gleaner.
The report notes that the bondholders need NCB to back their play
because it is one of the largest holders of CL Spirits bond debt
issued in Jamaica through its subsidiary NCB Capital Markets
Limited.
Jamaica Gleaner notes that a source said minority bondholders
decided to play hardball after CL Financial Limited Group proposed
to make a US$40 million payment or one-sixth of the US$240 million
principal debt over an extended period ending December.
"This upset the noteholders," Jamaica Gleaner quoted the source as
saying. So the ball is in NCB's court . . . whether NCB is going
to veto the decision of the small noteholders," said the source
who explained that the noteholders required a larger counterpart
to make their decision binding, the report relates. NCB is one of
the largest local noteholders at about US$62 million ($5.3
billion), according to the source, Jamaica Gleaner discloses.
The report says that the noteholders include principals in the
Black Sand Acquisition Group, which has made a hostile takeover
bid for Lascelles deMercado at US$3.86 per share.
Jamaica Gleaner adds that NCB acknowledged that it was being
lobbied but said it had made no decision and that the situation
remained fluid.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
CLICO INT'L: Barbadian Policyholders Told to Accept Liquidation
---------------------------------------------------------------
Barbados Nation reports that Barbadian policyholders and investors
are being encouraged to go the liquidation route instead of
allowing a new company to be formed out of the remnants of CLICO
International Life Insurance Ltd.
According to the report, veteran chartered accountant Douglas
Skeete told a corporate policyholders' meeting with judicial
managers, Deloitte, on October 1, that it would be "far better
for policyholders to settle for the likely return of just over
40 cents to the dollar from liquidation, than to wait five years
for a new company and a promise of 100% returns.
The idea of a new company was offered by Deloitte as the best of
five options when the court-appointed judicial managers presented
their recommendations to policyholders on Sept. 22, 2011, Barbados
Nation discloses.
Barbados Nation notes that individual policyholders were promised
the full value of their policies if the governments of Barbados
and the Eastern Caribbean inject capital into the new company.
"It would be far better to take the 40 cents and go. I'm concerned
with all that now has to be done, including transferring assets
into this new company, looking for staff, opening bank accounts,
setting up headquarters. I frankly don?t see all this happening in
five years' time. In the meantime, the Executive Flexible Premium
annuitants are not being paid any interest and I'm concerned about
poor individuals who have put in money, cannot get a cent now and
have to wait for the next five years or more. That is
unacceptable," Mr. Skeete told the gathering of about 20 people at
the Lloyd Erskine Sandiford Centre.
As reported in the Troubled Company Reporter-Latin America on
April 18, 2011, Deloitte Consulting Ltd. said in a statement that
it has been appointed as the judicial manager for CLICO
International Life Insurance Ltd. Deloitte said it "will assume
immediate control of the affairs of [CLICO International Life] and
is responsible for assessing the financial position of the Company
and to report to the Court." The Caribbean 360 reported that that
Solicitor General Jennifer Edwards went before the High Court in
March to petition for the appointment of a judicial manager. The
judicial management would rehabilitate CLICO without having to
fully liquidate the Company or wind it up, the Caribbean 360
related.
About CLICO International
CLICO International Life Insurance Ltd. is a member of the CL
Financial Group.
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago). The ratings remain under review with
negative implications. CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat CL
Financial's collapse and the consequent systemic crisis.
***********
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 * * *