/raid1/www/Hosts/bankrupt/TCRLA_Public/111229.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
Thursday, December 29, 2011, Vol. 12, No. 258
Headlines
A R G E N T I N A
ADMINISTRACION ZIPPES: Creditors' Proofs of Debt Due Feb. 24
BARRACA TORNQUIST: Creditors' Proofs of Debt Due Feb. 10
LOCKWOOD Y CIA: Creditors' Proofs of Debt Due March 2
MAWA TRAVEL: Creditors' Proofs of Debt Due Feb. 17
B E R M U D A
LEHMAN BROTHERS: Wilton Re Raises US$300MM Additional Capital
B R A Z I L
FUNDO DE INVESTIMENTO: Moody's Rates Senior Shares at (P)Ba3
C A Y M A N I S L A N D S
BLACKROCK TRADING: Shareholders Receive Wind-Up Report
CEDAR CBO: Shareholders Receive Wind-Up Report
CF OFFSHORE: Sole Member to Receive Wind-Up Report on Dec. 29
EMERALD INVESTMENT: Shareholders Receive Wind-Up Report
GLS OFFSHORE: Shareholders Receive Wind-Up Report
GREAT WALL: Shareholders Receive Wind-Up Report
HARVEST CREF II: Shareholders Receive Wind-Up Report
HCP GALLOP: Shareholders Receive Wind-Up Report
METIS SCDO 1: Shareholders Receive Wind-Up Report
MONDRIAN MULTIFUND: Shareholders Receive Wind-Up Report
MU CREDIT: Shareholders Receive Wind-Up Report
SIGNUM COBALT: Shareholders Receive Wind-Up Report
SUTTER NOTES 1999-1: Shareholders Receive Wind-Up Report
TARGET ASIA: Shareholders Receive Wind-Up Report
UBS ALTERNATIVE: Shareholders Receive Wind-Up Report
J A M A I C A
DIGICEL GROUP: Blasts TBI President on Long Distance Conflict
T R I N I D A D & T O B A G O
CL FIN'L: Court Tosses Lascelles's Aim to Block Black Sand Bid
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
ADMINISTRACION ZIPPES: Creditors' Proofs of Debt Due Feb. 24
------------------------------------------------------------
Silvia Adriana Ferrandina, the court-appointed trustee for
Administracion Zippes SRL's bankruptcy proceeding, will be
verifying creditors' proofs of claim until Feb. 24, 2012.
Ms. Ferrandina will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:
Silvia Adriana Ferrandina
Asuncion 4562
Argentina
BARRACA TORNQUIST: Creditors' Proofs of Debt Due Feb. 10
--------------------------------------------------------
Norberto Ruben Moline, the court-appointed trustee for Barraca
Tornquist SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Feb. 10, 2012.
Mr. Moline will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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:
Norberto Ruben Moline
Av. Rivadavia 2530
Argentina
LOCKWOOD Y CIA: Creditors' Proofs of Debt Due March 2
-----------------------------------------------------
Susana Edith Svetliza, the court-appointed trustee for Lockwood y
Cia. SAIC's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 2, 2012.
Ms. Svetliza 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:
Susana Edith Svetliza
Cramer 2111
Argentina
MAWA TRAVEL: Creditors' Proofs of Debt Due Feb. 17
--------------------------------------------------
Maria Ines Strusberg, the court-appointed trustee for Mawa Travel
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until Feb. 17, 2012.
Ms. Strusberg will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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 Ines Strusberg
Av. Cordoba 1367
Argentina
=============
B E R M U D A
=============
LEHMAN BROTHERS: Wilton Re Raises US$300MM Additional Capital
-------------------------------------------------------------
Wilton Re, a privately-owned life reinsurance group, has raised
an additional US$300 million in committed equity capital. The
new commitment has been provided entirely by Lehman Brothers
Holdings, Inc.
Commented Chris Stroup, Chairman and CEO of Wilton Re: "Our
original business plan suggested aggregate capital investments of
approximately US$630 million over a three-year period. With a
number of significant transactions already completed, we have
invested our original equity capital in less than two years.
While a good start, our progress also necessitated additional
capital to continue growth.
"Working with Lehman Brothers allows us to continue our pursuit
of reinsurance and risk opportunities - large and small," says
Stroup. "We look forward to working hard with our new partners
at Lehman Brothers in building optimal risk and capital solutions
for our clients. We are certain that our clients will benefit
from the breadth of products, services and competencies that we
will be able to provide through this partnership."
As with Wilton Re's original capital raise, this round of funding
will take the form of irrevocable calls to be drawn down as its
business requires. Along with the infusion of capital, Lehman
Brothers' Capital Markets business will develop its North
American "principal at risk" life reinsurance business on an
exclusive basis through Wilton Re, further extending the range of
solutions offered by Lehman Brothers to its life insurance
clients.
David Sherr, Managing Director and head of Global Securitized
Products for Lehman Brothers, said "We see substantial
opportunity for further convergence between the capital markets
and reinsurance. Our investment in Wilton Re helps us deliver
the broadest possible range of capital management capabilities
and solutions to our life insurance clients."
About Wilton Re
Wilton Re Holdings Limited -- http://www.wiltonre.com/--
provides traditional life reinsurance and insurance Run Off
Solutions through its wholly owned operating subsidiaries, Wilton
Reassurance Company, Wilton Reinsurance Bermuda Limited, and
Wilton Reassurance Life Company of New York. The Wilton Re Group
was launched in early 2005 in order to provide a new source of
life reinsurance capacity in response to the continuing
consolidation in the U.S. life reinsurance industry.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
===========
B R A Z I L
===========
FUNDO DE INVESTIMENTO: Moody's Rates Senior Shares at (P)Ba3
------------------------------------------------------------
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 to be issued by Fundo
de Investimento em Direitos Creditorios CDC Financiamento de
Veiculos Credifibra (FIDC Credifibra or the Issuer), a
securitization backed by a pool of auto loans originated by
Credifibra S.A. -- Credito, Financiamento e Investimento
(Credifibra). FIDC Credifibra is the first securitization of
vehicle loans sponsored by Credifibra S.A. and rated by Moody's.
Issuer: FIDC CDC Financiamento de Veiculos Credifibra
Senior Shares - (P) A2.br (sf) (Brazilian National Scale) & (P)
Ba3 (sf) (Global Scale, Local Currency)
Ratings Rationale
The ratings are based on the following factors, among others:
- The minimum 30% credit enhancement, at closing and during the
life of the transaction, in the form of subordination
supporting the senior shares. Quarterly amortization payments
to the subordinated share in excess of the minimum 30%
subordination are allowed subject to the discretion of the
trustee;
- A minimum discount rate of 1.74% per month or 23% per annum
yielding 4.5% excess spread under base case assumptions;
- The static nature of the transaction, with no ongoing revolving
purchases. Senior shareholders may vote at future shareholders
meeting to allow for a new issuance of senior shares, which
will finance additional purchases of portfolios;
- The role of a highly rated third party, Banco Bradesco and its
subsidiary, BEM DTVM, as custodian bank, payment bank and
trustee of the transaction. The transaction benefits from
Bradesco's operational quality;
- The overall transaction structure and the legal framework,
including the bankruptcy remoteness of the issuer and well
established Brazilian laws and regulations for the
securitization of vehicle loans;
- The main weakness of transaction is related to the short
historical performance data reviewed, which is limited to 23
months and reflects Credifibra's status of a new entrant in
this line of business. The historical data available is below
5 years, the maximum tenor of the contracts, so no full cycle
of loan origination to maturity has been observed.
FIDC Credifibra is a newly incorporated closed-ended FIDC with
unspecified legal final maturity. It has the ability to issue
multiple series of shares. The provisional ratings are assigned
to the first series of senior shares to be distributed by means
of a public placement with restricted efforts (CVM Instruction
476). The subordinated shares will be entirely retained by the
seller, Credifibra. Secondary sales of subordinated shares are
limited to entities that are part of the seller's economic group.
The senior shares will accrue a floating-rate interest of 117.8%
of DI Rate (Brazilian Interbank Rate) with daily accrual, and its
final maturity will take place 60 months after closing. The
senior shares will make principal and interest payments starting
on the first month of the transaction. Payments to subordinated
shares are permitted on a quarterly basis as long as the minimum
subordination ratio of 30% is adhered to, no evaluation or early
liquidation event is triggered and subject to the general
discretion of the trustee (BEM DTVM S.A.).
The assets backing FIDC Credifibra are vehicle loans originated
by Credifibra. Most of the securitized pool will be comprised of
light vehicles (sedans); trucks and heavy vehicles can represent
up to a maximum of 20% of the fund's net assets. Loans for
motorcycles are not allowed. The maximum single borrower
concentration accepted is 0.10%.
The transaction structure includes certain revision events.
Should a revision event occur, a shareholders meeting is called;
shareholders may decide to place the fund into early liquidation.
Key revision event triggers include:
- Downgrade of the senior shares rating below level A2.br (sf) by
Moody's;
- Failure of trustee, custodian bank or seller to carry out its
duties;
- One day increase of the DI Rate above 130%;
- Failure to establish Payment Reserve Account for 3 consecutive
business days;
- Failure to establish Liquidity Reserve Account for 3
consecutive business days;
- Breach of certain delinquency triggers stipulated in the fund's
indenture;
- Breach of Minimum Subordination Level (30%) for 3 consecutive
business days;
- Verification (monthly) of total repurchase amount in excess of
0.8% of outstanding loans within a 12 month window;
- Verification (monthly) of total prepayments amount in excess of
3.0% of outstanding loans within a 12 month window;
- Errors in formalization that account for more than 2% of
underlying loan contracts or guarantees during a quarterly
audit.
Key eligibility criteria and conditions of sale are:
- Loans must have tenor of maximum 60 months;
- The contracts must have a final maturity date before the legal
final maturity of the senior shares;
- Maximum concentration for trucks: 20% of the fund's net assets;
- Obligors must not have restrictions with the credit bureaus
(SERASA /SPC);
- Maximum concentration of 0.10% of fund net assets per borrower;
- Loans must not have any encumbrances or third party pledges;
- The financed vehicle must be less than 10 years old;
- The financed vehicle must have been pledged as collateral to
the loan contract by means of fiduciary assignment (aliena‡ao
fiduciaria);
- The loans must have no installments in arrears at the moment of
sale.
Banco Bradesco S.A. will act as master servicer (custodiante) of
the transaction as well as payment bank. Its responsibilities
include, among other duties, verifying that all receivables
purchased by the fund meet the eligibility criteria, monitoring
the early amortization triggers, in addition to managing all of
the Issuer's daily financial and operating activities.
BEM DTVM S.A. (Banco Bradesco Group) will be the trustee.
Credifibra S.A. -- Credito, Financiamento e Investimento (not
rated by Moody's) is a subsidiary of Banco Fibra S.A., which is
rated D Bank Financial Strength Rating, Ba2 Long Term Bank
Deposit Rating in the Global Scale, Local Currency, and Aa3.br in
the Brazilian National Scale. Banco Fibra S.A., is controlled by
Vicunha Group and since 2007 the IFC (International Finance
Corporation) has become a minority shareholder.
In assigning the ratings to this transaction, Moody's evaluated a
receivables' portfolio for 23-month period starting October 1,
2009 and ending Aug. 31, 2011. During this period, Credifibra
originated vehicle loans financing for an amount of BRL 2.1
billion (corresponding to BRL3.6 billion nominal installments).
The average ticket size of the contracts was BRL 18.2 thousand
(corresponding to BRL30.4 thousand nominal installments).
===========================
C A Y M A N I S L A N D S
===========================
BLACKROCK TRADING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Blackrock Trading Mena Limited received on
Dec. 23, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
CEDAR CBO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Cedar CBO Limited received on Dec. 23, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
CF OFFSHORE: Sole Member to Receive Wind-Up Report on Dec. 29
-------------------------------------------------------------
The sole member of CF Offshore Ltd. will receive on Dec. 29,
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:
Bernard McGrath
c/o Caledonian House
69 Dr. Roy's Drive
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: 949-0050
Facsimile: 814-4863
EMERALD INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Emerald Investment Grade CBO Limited received
on Dec. 23, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
GLS OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of GLS Offshore Global Opportunities Fund, Ltd.
received on Dec. 22, 2011, 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
GREAT WALL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Great Wall One Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
HARVEST CREF II: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Harvest CREF II Holding Limited received on
Dec. 22, 2011, 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
HCP GALLOP: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of HCP Gallop Limited received on Dec. 22, 2011,
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
METIS SCDO 1: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Metis SCDO 1 Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
MONDRIAN MULTIFUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Mondrian Multifund SPC Limited received on
Dec. 22, 2011, 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
MU CREDIT: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of MU Credit Company Limited received on Dec.
23, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
SIGNUM COBALT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Signum Cobalt Limited received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
SUTTER NOTES 1999-1: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Sutter Notes 1999-1 Ltd. received on Dec. 23,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
TARGET ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Target Asia Fund Limited received on Dec. 22,
2011, 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
UBS ALTERNATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of UBS Alternative Strategy Funds - Multi-
Strategy Limited received on Dec. 22, 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
=============
DIGICEL GROUP: Blasts TBI President on Long Distance Conflict
-------------------------------------------------------------
Marina Mello at The Royal Gazette reports that Digicel Group
Limited blasted TBI President Greg Swan for calling on the
Bermuda government to act against the company after it re-
launched its long distance service.
In a statement, Digicel Group accused Mr. Swan of "seeking to
unilaterally dictate to the Government of Bermuda, through the
media, how Government should conduct their business," according
to The Royal Gazette. "Digicel would remind Mr. Swan that he is
no longer the Director of Telecommunications and that does not
have a role in dictating or framing Government policy or
activity," the statement added, the report relates.
Digicel Group and sister company Transact also called on TBI to
disclose whether they have threatened legal action, directly or
indirectly, against the government, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2011, that TBI has called on the Bermudan government to
take action against Digicel Group Limited after the firm rel-
launched its long distance service after the Supreme Court of
Bermuda Chief Justice discharged Digicel and Transact from all
undertakings provided to the court in respect of the long
distance services being offered by Digicel and Transact. Digicel
had previously launched this service, but was compelled to
suspend promotion and marketing on Oct. 27. This suspension of
service has now ended.
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 based in Jamaica. It 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.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Court Tosses Lascelles's Aim to Block Black Sand Bid
--------------------------------------------------------------
Camilo Thame at Jamaica Observer reports that Supreme Court judge
Justice Ingrid Mangatal refused to grant Lascelles de Mercado's
request to restrain St. Lucia-based Black Sand Acquisition
Limited from bidding to buy out the company before a trial in
February 2012. Lascelles de Mercado is a subsidiary of CL
Financial Limited.
The trial is to determine if Black Sand's original bid breached a
section of the Securities Act, according to Jamaica Observer.
The latest ruling will allow Black Sand to submit a revised bid
but will prohibit Lascelles de Mercado' board to make certain
decisions, such as taking on a major expenditure that could help
its parent, CL Financial, to pay off its debt while the bid is on
the table.
Jamaica Observer discloses that with the latest ruling, the
investors in Black Sand said that the company will notify the
public of the new date after the general election. The report
relates that the trial of the action will ultimately determine
the issue of whether the takeover bid circular issued by Black
Sand is in breach of section 51 of the Securities Act -- which
prohibits a person who has been associated with an issuer of
securities in the preceding 12 months from dealing with the
securities of that issuer if, by reason of his association, he is
in possession of information that is not generally available.
But if it were, it would be likely to affect the price of those
securities, Jamaica Observer notes.
Jamaica Observer says that Justice Mangatal found that damages to
Black Sand could possibly not adequately remedy the loss of an
opportunity for ownership should the injunction be granted, while
the language of the Act, and various other rules and regulations
tend to more strongly support the position taken by Black Sand
and the FSC on these issues, rather than Lascelles de Mercado.
Justice Mangatal also found that the granting of the injunction
appears to carry the higher risk of injustice than refusing to
grant it, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2011, the Gleaner said that Lascelles deMercado & Company
management said the Supreme Court ruled that it is not in any
obligation to issue a director's circular in response to its
hostile takeover bidders St. Lucia-based Black Sand Acquisition
Limited. The Supreme Court also ruled that Black Sand's offer to
take control of LdM was non-compliant with the Securities
(Takeovers and Mergers) Regulations and the rules of the Jamaica
Stock Exchange, according to The Gleaner. Jamaica Gleaner said
that Lascelles deMercado has turned to the courts to compel the
Financial Services Commission to declare the amended hostile bid
by St. Lucia-based Black Sand Acquisition Limited as being non-
compliant with the regulator's takeover rules. Trinidad &
Tobago Newsday said that Lascelles deMercado has rejected a
takeover bid by Black Sand Acquisition. Lascelles deMercado
Secretary Jane George said that the Board of Directors viewed
Black Sand's offer as an "unsolicited and unfunded . . .
opportunistic attempt by former director William McConnell to
persuade CL Financial's noteholders to foreclose on the
[Lascelles deMercado] shares held by them as collateral and sell
[the shares] to Black Sand for less than half the price paid for
them by the CL Financial group," according to T&T Newsday. Ms.
George said that Lascelles deMercado's skepticism about the offer
lay partly on Black Sand's incompliance with the JSE rules and
the Securities (Take-Overs and Mergers) Regulations, T&T Newsday
noted. Trinidad Express said Black Sand plans to acquire 90% of
Lascelles de Mercado's ordinary shares, all its 6% preference
shares and its 15% preference shares.
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.
Digicel yesterday blasted TBI President Greg Swan for calling on
Government to act against Digicel after the company relaunched
long distance service.
In a statement Digicel accused Mr. Swan of "seeking to
unilaterally dictate to the Government of Bermuda, through the
media, how Government should conduct their business".
The highly personal statement went on to say: "Digicel would
remind Mr Swan that he is no longer the Director of
Telecommunications and that does not have a role in dictating or
framing Government policy or activity.
"Mr. Swan is not entitled to peremptorily demand, in the manner
of a spoilt child, how Government should protect his company's
commercial interests at all costs to the exclusion of all other
considerations.
"Digicel would also remind Mr. Swan that TeleBermuda was offered
the opportunity to give a cross-undertaking as to damages to the
Supreme Court last week if they wished to prevent
Digicel/Transact from relaunching ILD.
"TeleBermuda, represented in Court by Mr Swan, expressly refused
to do so. In essence, TeleBermuda refused to put their money
where their mouth is. TeleBermuda seem to prefer to do their
talking in the press - a much cheaper option.
"Digicel is contented to note that the Government of Bermuda has
not allowed itself to be used as a proxy for TeleBermuda and
their commercial interests."
Mr. Swan said of Digicel's attack: "I will not dignify this with
a response."
Digicel and sister company Transact also called on TBI to
disclose whether they have threatened legal action, directly or
indirectly, against the Government.
"Digicel believes that the Bermudian public would be well served
by a full and frank disclosure by TeleBermuda of all of its
private activities in this regard," Digicel said.
"TeleBermuda has a very significant head start over Digicel in
the market for international calls. They should not be afraid of
some new competition. "Stop whining TeleBermuda and do your
fighting where it matters; in the marketplace."
Government on Wednesday said it planned to refer the dispute over
Digicel long distance to the Telecommunications Commission.
A Government spokesperson said the Commission will decide whether
the Digicel/Transact service is in compliance with the terms of
its licences.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
***********
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 * * *