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/raid1/www/Hosts/bankrupt/TCRLA_Public/111221.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, December 21, 2011, Vol. 12, No. 252 Headlines A R G E N T I N A BANCO FIE: Moody's Gives (P) B1 Global Local Currency Debt Rating B E R M U D A BELVEDERE INSURANCE: Court Releases Liquidators BELVEDERE UNDERWRITING: Court Releases Liquidators CALIBAN HOLDINGS: Court Releases Liquidators LORAL LICENSING: Court Releases Current Liquidators LORAL SPACE: Court Releases Morrison and Thresh as Liquidators MI INVESTMENT: Creditors' Proofs of Debt Due Jan. 10 MI INVESTMENT: Members' Final Meeting Set for Jan. 16 PHARMACEUTICAL INSURANCE: Creditors' Proofs of Debt Due Jan. 20 TCP HOLDINGS: Creditors' Proofs of Debt Due Jan. 10 TCP HOLDINGS: Members' Final Meeting Set for Jan. 16 TCP INVESTMENTS: Creditors' Proofs of Debt Due Jan. 10 TCP INVESTMENTS: Members' Final Meeting Set for Jan. 16 WHITE MOUNTAINS: Creditors' Proofs of Debt Due Dec. 28 WHITE MOUNTAINS: Members' Final Meeting Set for Jan. 17 B R A Z I L BESI BRASIL: S&P Lowers Global Scale Rating to 'BB'; Outlook Neg DUKE ENERGY: S&P Raises Corporate Credit Rating From 'BB' C A Y M A N I S L A N D S ALLIED I LTD: Shareholder Receives Wind-Up Report ALTEDGE STRATEGIES: Members Receive Wind-Up Report CARROUSEL FUND II: Shareholders' Final Meeting Set for Dec. 22 DESERT PASSAGE: Shareholders' Final Meeting Set for Feb. 21 DIVERSIFIED STRATEGY: Members Receive Wind-Up Report EPG INVESTORS: Shareholders' Final Meeting Set for Dec. 22 JAH CHARTER: Shareholders' Final Meeting Set for Dec. 21 J-W CAYMAN LTD: Shareholders Receive Wind-Up Report MSDW XIAN: Shareholders Receive Wind-Up Report MUSINVEST HOLDINGS: Shareholders Receive Wind-Up Report MYP INVESTMENTS: Shareholders' Final Meeting Set for Dec. 21 OAK STREET: Shareholders' Final Meeting Set for Dec. 22 OAK STREET: Shareholders' Final Meeting Set for Dec. 22 OBERON INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22 PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 21 PURCHASE LEASING: Shareholders' Final Meeting Set for Dec. 21 PURCHASE YACHT: Shareholders' Final Meeting Set for Dec. 21 SSGA ABSOLUTE: Shareholders Receive Wind-Up Report VICIS WINDMILL: Shareholders' Final Meeting Set for Dec. 22 WESTERMAN HOLDING: Shareholders Receive Wind-Up Report J A M A I C A AIR JAMAICA: JALPA Members' Salaries Yet to be Paid T R I N I D A D & T O B A G O CL FIN'L: IBL Accepts CLICO & British American Zero Coupon Bonds - - - - - ================= A R G E N T I N A ================= BANCO FIE: Moody's Gives (P) B1 Global Local Currency Debt Rating ----------------------------------------------------------------- Moody's Latin America assigned a Aa2.bo national scale local currency debt rating to Banco para el Fomento a Iniciativas Economicas S.A.'s (BANCO FIE) senior debt program in the amount of Bs 700 million. In addition, a national scale local currency debt rating of Aa2.bo was assigned to the expected first issuance of the program, in an amount of up to Bs300 million. This issuance will be issued under two tranches of Bs100 million and Bs 200 million respectively. At the same time, Moody's Investors Service assigned a (P) B1 global local currency debt rating to the program, as well as a B1 global local-currency debt rating to the expected first issuance. The outlook for all ratings is stable. The program is governed by Bolivian law. These ratings were assigned to Banco FIE S.A.: Bs700 million senior debt program: (P) B1 Global Local Currency Debt Rating, with stable outlook Aa2.bo Bolivian National Scale Local Currency Debt Rating First Issuance of a maximum amount of Bs 300 million: B1 Global Local Currency Debt Rating, with stable outlook Aa2.bo Bolivian National Scale Local Currency Debt Rating Rating Rationale Moody's explained that the local currency senior unsecured debt rating derives from Banco FIE's B1 global local currency issuer rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. ============= B E R M U D A ============= BELVEDERE INSURANCE: Court Releases Liquidators ----------------------------------------------- On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to release and discharge Malcolm Butterfield and Anthony McMahon as liquidators of Belvedere Insurance Company Limited. BELVEDERE UNDERWRITING: Court Releases Liquidators -------------------------------------------------- On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to release and discharge Malcolm Butterfield and Anthony McMahon as liquidators of Belvedere Underwriting Agents Limited. CALIBAN HOLDINGS: Court Releases Liquidators -------------------------------------------- On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to release and discharge Malcolm Butterfield and Anthony McMahon as liquidators of Caliban Holdings Limited. LORAL LICENSING: Court Releases Current Liquidators --------------------------------------------------- On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to release and discharge Michael Morrison and Charles Thresh as liquidators of Loral Licensing Limited. LORAL SPACE: Court Releases Morrison and Thresh as Liquidators -------------------------------------------------------------- On Dec. 8, 2011, the Supreme Court of Bermuda entered an order to release and discharge Michael Morrison and Charles Thresh as liquidators of Loral Space & Communications Ltd. MI INVESTMENT: Creditors' Proofs of Debt Due Jan. 10 ---------------------------------------------------- The creditors of MI Investment (Bermuda) Limited are required to file their proofs of debt by Jan. 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda MI INVESTMENT: Members' Final Meeting Set for Jan. 16 ----------------------------------------------------- The members of MI Investment (Bermuda) Limited will hold their final meeting on Jan. 16, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda PHARMACEUTICAL INSURANCE: Creditors' Proofs of Debt Due Jan. 20 --------------------------------------------------------------- The creditors of Pharmaceutical Insurance Limited are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 8, 2011. The company's liquidator is: Garth A. Calow PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton Bermuda TCP HOLDINGS: Creditors' Proofs of Debt Due Jan. 10 --------------------------------------------------- The creditors of TCP Holdings (Bermuda) Limited are required to file their proofs of debt by Jan. 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda TCP HOLDINGS: Members' Final Meeting Set for Jan. 16 ---------------------------------------------------- The members of TCP Holdings (Bermuda) Limited will hold their final meeting on Jan. 16, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda TCP INVESTMENTS: Creditors' Proofs of Debt Due Jan. 10 ------------------------------------------------------ The creditors of TCP Investments (Bermuda) Limited are required to file their proofs of debt by Jan. 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda TCP INVESTMENTS: Members' Final Meeting Set for Jan. 16 ------------------------------------------------------- The members of TCP Investments (Bermuda) Limited will hold their final meeting on Jan. 16, 2012, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Nicholas Hoskins Victoria Place, 31 Victoria Street Hamilton HM 10 Bermuda WHITE MOUNTAINS: Creditors' Proofs of Debt Due Dec. 28 ------------------------------------------------------ The creditors of White Mountains Re Bermuda Ltd. are required to file their proofs of debt by Dec. 28, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda WHITE MOUNTAINS: Members' Final Meeting Set for Jan. 17 ------------------------------------------------------- The members of White Mountains Re Bermuda Ltd. will hold their final meeting on Jan. 17, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 12, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== BESI BRASIL: S&P Lowers Global Scale Rating to 'BB'; Outlook Neg ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale rating on BES Investimento do Brasil S.A. - Banco de Investimento (BESI Brasil) to 'BB' from 'BB+' and its national scale rating to 'brAA' from 'brAA+'. "The short-term 'brA-1' national scale rating was affirmed and we corrected the short-term global scale rating to 'B'. We removed the ratings from CreditWatch with negative implications, where we placed them on Feb. 17, 2011. The outlook is negative on both scales. The 'bb' stand-alone credit profile (SACP) is unchanged," S&P said. "Standard & Poor's bases its ratings on BESI Brasil on the company's adequate capitalization, expertise, and brand recognition in its key business segments, and 'adequate' (as defined in our criteria) liquidity. These positives are offset by a 'moderate' business position, 'moderate' risk position, and 'below average' funding. Although we view BESI as a strategically important subsidiary to its parent Banco Espirito Santo S.A., we currently do not incorporate any notches of support in the bank's rating due to the bank's SACP being the same as the Group Credit Profile," S&P said. BESI Brasil is a well-recognized investment bank in Brazil that has been growing at above market average rates, while it tries to reduce its dependence on trading gains. With nearly Brazilian real (R$) 6.5 billion in assets as of June 2011, it ranks as the 39th-largest financial institution in Brazil and accounts for less than 1% of the financial system's assets. Although small, it shares the group's brand recognition and is well recognized in its key business segments. As of December 2009 and December 2010, it accounted for 54% and 54% of Banco Espirito Santo de Investimento S.A.'s net income and 5.2% and 6.3% of BES's net income, which has retail banking activities as opposed to the Brazilian operation. This reflects the bank's growth in Brazil, but also the economic downturn the parent faces in Europe. BESI Brasil's activities include capital markets, proprietary trading, project finance, corporate finance, wealth management, asset management, and brokerage. The strategy behind every credit operation is to link to a cross-sell with the investment bank, as it will not concede loans purely. It has been historically dependent on trading gains, which reflects the bank's volatile profitability, but it has been attempting to diversify its revenues across business lines and to obtain more revenues from more stable sources. The negative outlook reflects that of BESI Brasil's parent. A parent downgrade would cause a BESI Brasil downgrade. There is no parent/subsidiary rating notching because the bank's SACP is 'bb', the same as the Group Credit Profile. A rating upgrade or change of outlook would depend on any action on the parent. DUKE ENERGY: S&P Raises Corporate Credit Rating From 'BB' --------------------------------------------------------- Standard & Poor's Ratings Services raised its global scale corporate credit rating on Brazilian electric power generator Duke Energy International Geracao Paranapanema S.A. to 'BBB-' from 'BB'. "At the same time, we raised the Brazilian national scale ratings, including the corporate credit rating, to 'brAAA' from 'brAA'," S&P said. The outlooks are stable. "The rating action reflects our view that Duke Paranapanema will maintain very strong cash flow coverage metrics despite lingering uncertainty about its contractual obligations to invest in new capacity," said Standard & Poor's credit analyst Luisa Vilhena. "Whereas we previously expected that potential significant investments for expansion could erode company's financial profile somewhat, we now see enough room for the company to increase capital expenditures if it succeeds in bidding for new generation projects and still present adequate credit metrics for an 'intermediate' financial profile, as our criteria define that term," S&P said. "We now see Duke Paranapanema's business profile as 'satisfactory,' based on its favorable contracted sales position and the adequate operational performance of its assets, in our view," S&P said. "The stable outlook reflects our expectation that Duke Paranapanema will maintain adequate operations and solid financial metrics, on strong cash flow generation and stable leverage," S&P said. =========================== C A Y M A N I S L A N D S =========================== ALLIED I LTD: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Allied I Ltd. received on Dec. 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 ALTEDGE STRATEGIES: Members Receive Wind-Up Report -------------------------------------------------- The members of Altedge Strategies Fund SPC received on Dec. 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands CARROUSEL FUND II: Shareholders' Final Meeting Set for Dec. 22 -------------------------------------------------------------- The shareholders of The Carrousel Fund II Limited will hold their final meeting on Dec. 22, 2011, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 DESERT PASSAGE: Shareholders' Final Meeting Set for Feb. 21 ----------------------------------------------------------- The shareholders of Desert Passage Equity Holdings Limited will hold their final meeting on Feb. 21, 2012, 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: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands DIVERSIFIED STRATEGY: Members Receive Wind-Up Report ---------------------------------------------------- The members of Diversified Strategy Fund (Cayman) Limited received on Dec. 19, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Darren Riley c/o Ellen J. Christian Telephone: 345 945 9208 Facsimile: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor, Shedden Road George Town, Grand Cayman Cayman Islands EPG INVESTORS: Shareholders' Final Meeting Set for Dec. 22 ---------------------------------------------------------- The shareholders of EPG Investors, Ltd. will hold their final meeting on Dec. 22, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 JAH CHARTER: Shareholders' Final Meeting Set for Dec. 21 -------------------------------------------------------- The shareholders of Jah Charter Services, Ltd. will hold their final meeting on Dec. 21, 2011, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Britannia Corporate Management Ltd c/o Gary F. Oakley 196 Raleigh Quay, Grand Cayman, KY1-1104 Telephone: (345) 949 2700 J-W CAYMAN LTD: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of J-W Cayman Ltd. received on Dec. 14, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson 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 MSDW XIAN: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of MSDW Xian, Inc. received on Dec. 14, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 e-mail: Rebecca.hume@card.com.ky Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MUSINVEST HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Musinvest Holdings Limited received on Dec. 15, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands MYP INVESTMENTS: Shareholders' Final Meeting Set for Dec. 21 ------------------------------------------------------------ The shareholders of MYP Investments, Ltd. will hold their final meeting on Dec. 21, 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: Britannia Corporate Management Ltd c/o Gary F. Oakley 196 Raleigh Quay, Grand Cayman, KY1-1104 Telephone: (345) 949 2700 OAK STREET: Shareholders' Final Meeting Set for Dec. 22 ------------------------------------------------------- The shareholders of Oak Street Capital Offshore Fund, Ltd. will hold their final meeting on Dec. 22, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands OAK STREET: Shareholders' Final Meeting Set for Dec. 22 ------------------------------------------------------- The shareholders of Oak Street Capital Master Fund, Ltd. will hold their final meeting on Dec. 22, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands OBERON INVESTMENTS: Shareholders' Final Meeting Set for Dec. 22 --------------------------------------------------------------- The shareholders of Oberon Investments Limited will hold their final meeting on Dec. 22, 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: 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 PERPETUATION FUND: Shareholder to Hear Wind-Up Report on Dec. 21 ---------------------------------------------------------------- The shareholder of The Perpetuation Fund will receive on Dec. 21, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 PURCHASE LEASING: Shareholders' Final Meeting Set for Dec. 21 ------------------------------------------------------------- The shareholders of Purchase Leasing, Ltd. will hold their final meeting on Dec. 21, 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: Britannia Corporate Management Ltd c/o Gary F. Oakley 196 Raleigh Quay, Grand Cayman, KY1-1104 Telephone: (345) 949 2700 PURCHASE YACHT: Shareholders' Final Meeting Set for Dec. 21 ----------------------------------------------------------- The shareholders of Purchase Yacht Partners, Ltd. will hold their final meeting on Dec. 21, 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: Britannia Corporate Management Ltd c/o Gary F. Oakley 196 Raleigh Quay, Grand Cayman, KY1-1104 Telephone: (345) 949 2700 SSGA ABSOLUTE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of SSgA Absolute Return Currency Fund, Ltd. received on Dec. 16, 2011, 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 VICIS WINDMILL: Shareholders' Final Meeting Set for Dec. 22 ----------------------------------------------------------- The shareholders of Vicis Windmill Fund (International) will hold their final meeting on Dec. 22, 2011, at 8:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 WESTERMAN HOLDING: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Westerman Holding Company Ltd received on Dec. 14, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson 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 ============= J A M A I C A ============= AIR JAMAICA: JALPA Members' Salaries Yet to be Paid --------------------------------------------------- RJR News reports that the Jamaica Airline Pilots Association (JALPA) said its members are yet to be paid salaries due Dec. 19. JALPA says the salaries are late, and up to 4:00 p.m., no reason had come from Caribbean Airlines for the late payment, according to RJR News. The report relates that the pilots said this is not the first time that salaries have been late with no communication from the airline. Despite the late salary, the pilots say they will continue to maintain service to the travelling public, RJR News notes. The report says that the late payment comes just days after the pilots threatened strike action to force the company to come to the bargaining table to sort out a salary increase among other matters. RJR News discloses that that strike action was however thwarted by an Industrial Disputes Tribunal (IDT) ruling that the work should continue while the negotiations between the airline and the pilots are to take place at the end of January. Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. * * * As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCR-LA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash- strapped Air Jamaica. RadioJamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, RadioJamaica said, Air Jamaica currently has over US$600 million in loans outstanding. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: IBL Accepts CLICO & British American Zero Coupon Bonds ---------------------------------------------------------------- Sasha Harrinanan at Trinidad & Tobago Newsday reports that Intercommercial Bank Limited is the latest bank to advertise its willingness to accept government-issued Zero Coupon Bonds from Colonial Life Insurance Company (Trinidad) Limited and British American Insurance Company EFPA Policyholders. CLICO & British American are subsidiaries of CL Financial Group Limited. RBC Royal Bank, Scotiabank and First Citizens are among the other banks in Trinidad and Tobago has also accepted the bonds, according to Trinidad & Tobago Newsday. The report notes that First Citizens and IBL have both said they would offer an average price of 80 cents on the dollar for years one to ten. "We are going to be purchasing the bonds as close as possible to the TT $0.80 on the $1.00 (as suggested by Government). This depends on what the customer wants. If the customer wants a different mix, we'll have to price it accordingly," Newsday quoted Krishna Boodhai, IBL's managing director and chief executive officer,as saying. However, Newsday notes that if policyholders would like to reinvest their money, Mr. Boodhai noted their returns would depend on what they invested in and for how long. "The bonds will have maturity dates as much as ten years while the deposit could very well be a savings account; which is available on demand or after one year and so on. So there is a timing difference between the deposit and the investment (of the one-year bonds). Customers should therefore align their bonds with the duration of their investments," Mr. Boodhai said, the report relates. 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. *********** 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 * * *