/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120110.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 Tuesday, January 10, 2012, Vol. 13, No. 007 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Makes Last Attempt for Dismissal A R G E N T I N A CORP GROUP: S&P Puts 'BB+' Credit Rating on CreditWatch B E R M U D A NEW CASTLE: Creditors' Proofs of Debt Due Jan. 20 C A Y M A N I S L A N D S AGAM SPV: Shareholders Receive Wind-Up Report ALPHATRAN FUND: Shareholders Receive Wind-Up Report AMATHEA VII: Members Receive Wind-Up Report BTG PACTUAL: Placed Under Voluntary Wind-Up BTG PACTUAL: Placed Under Voluntary Wind-Up CIRCLE FINANCE: Members Receive Wind-Up Report CLARO CAIMAN: Placed Under Voluntary Wind-Up CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 CQS GLOBAL: Members Receive Wind-Up Report DAN HOLDINGS: Placed Under Voluntary Wind-Up DK EQUIPMENT: Shareholders Receive Wind-Up Report DUKE ENERGY: Shareholders Receive Wind-Up Report EATON VANCE: Shareholders Receive Wind-Up Report HCP STRATEGIC: Shareholders Receive Wind-Up Report MASTERSKILL (CAYMAN): Shareholder Receives Wind-Up Report MSR ASIA: Members Receive Wind-Up Report OASIS ADVISORS: Placed Under Voluntary Wind-Up OSPRAIE INVESTORS: Members Receive Wind-Up Report PLAZA MAAM: Shareholders Receive Wind-Up Report SILVERSTONE CAPITAL: Placed Under Voluntary Wind-Up STRATEGIC GROWTH: Shareholders Receive Wind-Up Report STRATEGIC GROWTH: Shareholders Receive Wind-Up Report VALUE HOLDINGS: Members Receive Wind-Up Report J A M A I C A DIGICEL GROUP: Hits Back at Lawsuit Against Acquisition of CLARO * JAMAICA: Trade Deficit Swelled Between Jan-Aug 2011 T R I N I D A D & T O B A G O CL FIN'L: Queen's Counsel to Argue for CLICO Policyholders HINDU CREDIT UNION: Government to Start Payments Next Week X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Makes Last Attempt for Dismissal ------------------------------------------------------ Antigua Observer reports that Robert Allen Stanford's defense attorneys made a last-minute plea to dismiss the case against the indicted businessman saying the case should be dismissed because his constitutional rights were violated. Mr. Stanford's court-appointed attorneys unleashed a barrage of legal filings in hopes of derailing the trial, which is set to begin January 23, according to Antigua Observer. In one of the filings, lead defense attorney Ali Fazel cites "'repeated outrageous government conduct' during the two-and-a- half years [Mr.] Stanford has been held without bail. [Mr.] Stanford has been detained as a flight risk since his indictment in June 2009. While in government custody, [Mr.] Stanford was savagely beaten by another inmate, underwent major surgery, and became addicted to prescription drugs. The defense claims [Mr.] Stanford has suffered permanent physical and mental damage . . . . The Government's negligence has resulted in the Accused suffering from diminished mental capacity and thereby has interfered with the Accused's ability to effectively exercise his rights," according to Antigua Observer. The report relates that the filing added that Mr. Stanford's "punitive" treatment while in custody violates his right to due process, since Mr. Stanford is still presumed innocent. Meanwhile, Antigua Observer notes that a separate filing claims the government violated Mr. Stanford's constitutional protections against unreasonable search and seizure when a court-appointed receiver accessed the records of Stanford's bank in Antigua and turned them over to U.S. prosecutors. It is not clear whether any of Stanford's latest maneuvers has much chance for success, Antigua Observer adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on a US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= CORP GROUP: S&P Puts 'BB+' Credit Rating on CreditWatch ------------------------------------------------------- Standard & Poor's Ratings Services placed the ratings on two Chile-based entities on CreditWatch with negative implications. This action affected the ratings on Corpbanca, including the 'A- /A-2' counterparty credit ratings, and those on Corp Group Interhold S.A., including the 'BB+' counterparty credit rating. The action followed Corpbanca's announcement that it had signed an agreement with Spain-based Banco Santander S.A. (AA-/Watch Neg/A- 1+) to acquire 95% of fully owned subsidiary Banco Santander Colombia S.A. (not rated) for about US$1.15 billion, and that Interhold will purchase an additional stake, of at least 2.85%, in the Colombian bank. "Our ratings on Corpbanca reflect its 'adequate' (as our criteria define it) business position, 'adequate' capital and earnings, 'adequate' risk position, 'average' funding, and 'adequate' liquidity, and our view of a 'moderate' likelihood of government support, given Corpbanca's moderate systemic importance to the Republic of Chile (foreign currency: A+/Positive/A-1; local currency: AA/Positive/A-1+) and our assessment of the government as "supportive" of the country's banking system," S&P said. "Our ratings on Interhold reflect its heavy reliance on dividends from indirect subsidiary Corpbanca, high double leverage, and aggressive business expansion, as also evidenced by this new acquisition," S&P said. The group's good position in the Chilean banking and insurance sectors, and Corpbanca's good earnings capacity are partially mitigating factors. Corpbanca is 51.2% owned by nonoperating holding company Corp Group Banking S.A. (not rated), which is in turn fully owned by Interhold, a holding company controlled by the Chilean Saieh family. A diversified group of investors, including local stock brokerage firms and local pension funds, holds the remaining stake in Corpbanca. "The CreditWatch listings mainly reflect the potential for Corpbanca's overall asset quality to deteriorate as a consequence of acquiring riskier Colombian assets than its existing Chilean ones," said Standard & Poor's credit analyst Sergio Fuentes. "We believe that Colombia faces higher economic risks than Chile does." "With total assets of about US$4 billion, Santander Colombia had about 2.7% and 4.7% market shares in total loans and deposits in the Colombian financial system as of September 2011. We expect Colombian assets to represent about 18% of Corpbanca's total consolidated assets by June 30, 2012," S&P said. "We intend to resolve the CreditWatch listings on Corpbanca and Interhold after the closing of the transactions, which we expect to take place in first-half 2012 as they are subject to regulatory approval in Chile and Colombia," S&P said. ============= B E R M U D A ============= NEW CASTLE: Creditors' Proofs of Debt Due Jan. 20 ------------------------------------------------- The creditors of New Castle Reinsurance Holdings Ltd. are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton, HM 11 Bermuda =========================== C A Y M A N I S L A N D S =========================== AGAM SPV: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of AGAM SPV Seven Limited received on Jan. 6, 2012, 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 ALPHATRAN FUND: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Alphatran Fund received on Jan. 6, 2012, 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 AMATHEA VII: Members Receive Wind-Up Report ------------------------------------------- The members of Amathea VII Ltd. received on Dec. 28, 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 BTG PACTUAL: Placed Under Voluntary Wind-Up ------------------------------------------- On Nov. 25, 2011, the sole shareholder of BTG Pactual Value Investors I Fund SPC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands BTG PACTUAL: Placed Under Voluntary Wind-Up ------------------------------------------- On Nov. 25, 2011, the sole shareholder of BTG Pactual Top Picks Offshore Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands CIRCLE FINANCE: Members Receive Wind-Up Report ---------------------------------------------- The members of Circle Finance SPC Limited received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 CLARO CAIMAN: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 25, 2011, the sole shareholder of Claro Caiman resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Alejandro Cantu Jimenez Lago Zurich 245, Plazo Carso Edificio Telcel, Piso 16 Colonia Granada Ampliacion, Mexico D.F. 11529 CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 ---------------------------------------------------------------- The shareholder of Corriente Caymans Copper Mining Company will receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ma Sihai c/o Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 ---------------------------------------------------------------- The shareholder of Corriente Caymans Exploration Company will receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ma Sihai c/o Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands CORRIENTE CAYMANS: Shareholder to Hear Wind-Up Report on Jan. 12 ---------------------------------------------------------------- The shareholder of Corriente Caymans Transport Company will receive on Jan. 12, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ma Sihai c/o Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands CQS GLOBAL: Members Receive Wind-Up Report ------------------------------------------ The members of CQS Global Macro Fund Limited received on Dec. 28, 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 DAN HOLDINGS: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 25, 2011, the sole member of Dan Holdings Inc. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands DK EQUIPMENT: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of DK Equipment Leasing CI Ltd. received on Jan. 6, 2012, 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 DUKE ENERGY: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Duke Energy International Guatemala Holdings No.3 received on Dec. 15, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elizabeth C. De La Rosa 555 San Felipe Road Houston, TX 77056 USA EATON VANCE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Eaton Vance Loan Opportunities Fund, Ltd. received on Jan. 6, 2012, 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 STRATEGIC: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of HCP Strategic Investment Capital Partner Limited received on Jan. 6, 2012, 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 MASTERSKILL (CAYMAN): Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of Masterskill (Cayman) Limited received on Jan. 12, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands MSR ASIA: Members Receive Wind-Up Report ---------------------------------------- The members of MSR Asia Acquisitions III, Inc. received on Dec. 28, 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 OASIS ADVISORS: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 18, 2011, the shareholders of Oasis Advisors Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Simon Atkinson Telephone: 81- 03-5114-1296 Facsimile: 81-03-5114-1150 c/o Rockhampton Management Ark Mori Building, 22nd Floor PO Box 578 1-12-32 Akasaka Minato-Ku Tokyo 107-6022 Japan OSPRAIE INVESTORS: Members Receive Wind-Up Report ------------------------------------------------- The members of Ospraie Investors MG Ltd received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands PLAZA MAAM: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Plaza Maam Building Holdings Inc received on Jan. 6, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SILVERSTONE CAPITAL: Placed Under Voluntary Wind-Up --------------------------------------------------- On Nov. 25, 2011, the shareholders of Silverstone Capital Management Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands STRATEGIC GROWTH: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Strategic Growth Asset Management received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands STRATEGIC GROWTH: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Strategic Growth Holdings received on Dec. 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands VALUE HOLDINGS: Members Receive Wind-Up Report ---------------------------------------------- The members of Value Holdings received on Dec. 28, 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 ============= J A M A I C A ============= DIGICEL GROUP: Hits Back at Lawsuit Against Acquisition of CLARO ---------------------------------------------------------------- RJR News reports that Digicel Group Limited has hit back at the contents of a lawsuit filed by the Fair Trading Commission in opposition of its acquisition of Claro Jamaica. The FTC in the lawsuit said the deal will not benefit consumers and will slowdown technological advancements in the telecoms sector, according to RJR News. RJR News notes Digicel Group said that its acquisition of Claro will not hurt consumers rather it will do just the opposite. The report relays that Digicel Group added that the merger will spur innovation and investments which will bring benefits to consumers. Meanwhile, according to a separate RJR News, Digicel Group said its acquisition of Claro will see it separating 254 current Claro employees from the company. RJR News relates that the separation is expected to take effect by mid-January, with Digicel saying the separation package will be more generous than legally required. Digicel Group said that 150 of those will be offered fixed contracts lasting from one to four months, RJR News adds. 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. * JAMAICA: Trade Deficit Swelled Between Jan-Aug 2011 ----------------------------------------------------- RJR News reports that Jamaica's trade deficit swelled to more than 3 point US$2 billion over the January to August period of last year. The trade deficit, which shows how much more Jamaica spends on foreign goods than foreign countries spend on local goods, climbed to the record level chiefly on higher oil and food prices, according to RJR News. RJR News relates that oil imports in the eight months rose to almost 1 point US$7 billion. The report relates that food totaling just under US$600 million U.S. was bought in the period as well. RJR News says that the two contributed to an import bill which reached over 4 point US$3 billion. Exports, on the other hand, totaled 1 point US$1 billion dollars, as bauxite and alumina exports resumed in 2011, RJR News discloses. * * * As of Jan. 2 2012, the country continues to carry Standard and Poor's "B-" long-term debt ratings and "C" short-term debt ratings. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Queen's Counsel to Argue for CLICO Policyholders ---------------------------------------------------------- Innis Francis at Trinidad Express reports that a British Queen's Counsel will argue on behalf of Colonial Life Insurance Company (Trinidad) Limited policyholders who have filed a judicial review application, seeking to compel the Trinidad & Tobago government to pay them in full the money due on their policies. CLICO is a subsidiary of CL Financial Limited. Peter Knox, QC, is expected to lead the legal action, in which the court is being asked to declare the government acted unlawfully in treating Executive Flexible Premium Annuity (EFPA) policyholders unequally, according to Trinidad Express. The report notes that the EFPA policyholders claim they were being offered only part of their principal payments with no interest, while traditional policyholders were paid their full sums. Trinidad Express discloses that the United Policy Holders Group and four individual applicants also want the court to grant an interim order compelling Cabinet to supply them with the audited accounts of CLICO and CL Financial, which will allow some 200,000 policyholders to see the value of the assets of CLICO. The applicants contend that the State guaranteed their money in 2009 and told them the money in CLICO would be safe and if there was any deficit in CLICO's statutory fund, the government would make up the difference, Trinidad Express discloses. The State has hired English QC Allan Newman for the case. As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2011, Caribbean360.com said that the Santa Rosa Team, which represents a number of Colonial Life Insurance Company (CLICO) Executive Flexible Premium Annuity (EFPA) policyholders, said that they were going after the "the hundreds of millions of dollars (and possibly much more) in assets of those who are directly responsible for [the policyholders] financial plight." CLICO is a subsidiary of CL Financial Limited. The association was not satisfied with the payout plan recently offered by government to some larger CLICO investors and policyholders, according to Caribbean360.com The report disclosed that the Santa Rosa team argued that the difference between what the EFPA policyholders were due (as per Rajnauth-Lee judgment) and what they were now being offered by the government, was a loss resulting directly from a "catalogue of failures on the part of directors, past and present to discharge their fiduciary responsibilities, and in some cases perhaps to have conspired in the execution of fraudulent acts". Under its new plan, Caribbean360.com related that the government has said policyholders for the first ten years would get a yield of approximately 80 cents for every dollar of their investment if they chose to cash in their investment within six months. 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. HINDU CREDIT UNION: Government to Start Payments Next Week ---------------------------------------------------------- Julien Neaves at Trinidad Express reports that Trinidad and Tobago Finance Minister Winston Dookeran has denied claims that Government is attempting to "fool" Hindu Credit Union (HCU) policyholders and shareholders, and assured that repayments should begin by next week. The government advisory stated that the repayment will be divided into two phases: phase one relief will be granted to qualified depositors and shareholders up to a maximum of $75,000, while phase two will provide payments to depositors whose balances exceed $75,000, according to Trinidad Express. As reported in the Troubled Company Reporter-Latin America on Jan. 4, 2012, Trinidad Express said that former Hindu Credit Union President Harry Harnarine said that the Trinidad and Tobago government is "fooling" depositors and shareholders with its "Offer of Relief" and any attempt at payments would be prevented by legal complications. Trinidad Express related that Mr. Harnarine also pointed out that the clause in the Offer of Relief was for credit union members to transfer their rights to the government. Mr. Harnarine, Trinidad Express relayed, argued that members would be in contempt of court if they gave up their rights, as a credit union share was vested in the society, and this would be blocked by the State Solicitor and attorneys. Mr. Harnarine said for members to transfer their rights, the liquidator would have to call a special general meeting and all shareholders would have to agree that the assets of the credit union be assigned to the government, the report added. About HCU Hindu Credit Union Co-Operative Society Limited (HCU) -- http://www.ourhcu.com/-- is headquartered in Borough, Chaguanas, in Trinidad and Tobago. * * * The failed credit union was put into liquidation by the government in 2009. As reported in the Troubled Company Reporter-Latin America on July 28, 2008, the High Court of Trinidad and Tobago granted the government full control of Hindu Credit as the company faces financial difficulties, leaving depositors in limbo despite requests from lawyers. In June 2008, chartered accountants Ernst and Young inspected Hindu Credit's books, accounts, and records after a public outcry and calls for an internal audit. Charles Mitchell, the Commissioner for Co- Operative Development, represents Hindu Credit's depositors. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA --------- IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 SOC COMERCIAL PL COMEC AR 167911091.5 -342440147 COMERCIAL PL-ADR SCPDS LI 167911091.5 -342440147 SOC COMERCIAL PL CVVIF US 167911091.5 -342440147 SOC COMERCIAL PL CADN EO 167911091.5 -342440147 SOC COMERCIAL PL CAD IX 167911091.5 -342440147 COMERCIAL PLA-BL COMEB AR 167911091.5 -342440147 SOC COMERCIAL PL CADN SW 167911091.5 -342440147 SOC COMERCIAL PL COMED AR 167911091.5 -342440147 SOC COMERCIAL PL COME AR 167911091.5 -342440147 SOC COMERCIAL PL SCDPF US 167911091.5 -342440147 SOC COMERCIAL PL CADN EU 167911091.5 -342440147 SOCOTHERM-5 VT-A STHE5 AR 103531720.8 -8075882.84 SOCOTHERM-SP ADR SOCOY US 103531720.8 -8075882.84 SOCOTHERM SA-B STHE AR 103531720.8 -8075882.84 SNIAFA SA-B SDAGF US 11229696.22 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88 SNIAFA SA SNIA AR 11229696.22 -2670544.88 BELIZE ------ VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316 VARIG SA VAGV3 BZ 966298025.5 -4695211316 VARIG SA VARGON BZ 966298025.5 -4695211316 VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316 PORTX OPERA-GDR PXTPY US 734596799.1 -5675399.32 PORTX OPERACOES PRTX3 BZ 734596799.1 -5675399.32 AGRENCO LTD AGRE LX 637647275 -312199404 AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404 BOMBRIL-PREF BOBR4 BZ 451055441.4 -71738547 BOMBRIL SA-ADR BMBPY US 451055441.4 -71738547 BOMBRIL BOBR3 BZ 451055441.4 -71738547 BOMBRIL-RIGHTS BOBR1 BZ 451055441.4 -71738547 BOMBRIL CIRIO SA BOBRON BZ 451055441.4 -71738547 BOMBRIL SA-ADR BMBBY US 451055441.4 -71738547 BOMBRIL BMBBF US 451055441.4 -71738547 BOMBRIL-RGTS PRE BOBR2 BZ 451055441.4 -71738547 BOMBRIL CIRIO-PF BOBRPN BZ 451055441.4 -71738547 CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72 CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72 CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72 HOTEIS OTHON SA HOTHON BZ 367095149.8 -27491830.2 HOTEIS OTHON-PRF HOOT4 BZ 367095149.8 -27491830.2 HOTEIS OTHON-PRF HOTHPN BZ 367095149.8 -27491830.2 HOTEIS OTHON SA HOOT3 BZ 367095149.8 -27491830.2 DOCAS SA-PREF DOCAPN BZ 265185848.9 -158092426 DOCA INVESTIMENT DOCA3 BZ 265185848.9 -158092426 DOCAS SA DOCAON BZ 265185848.9 -158092426 DOCA INVESTI-PFD DOCA4 BZ 265185848.9 -158092426 DOCAS SA-RTS PRF DOCA2 BZ 265185848.9 -158092426 TEKA TKTQF US 246866965 -392777063 TEKA-PREF TEKAPN BZ 246866965 -392777063 TEKA TEKAON BZ 246866965 -392777063 TEKA-ADR TKTPY US 246866965 -392777063 TEKA TEKA3 BZ 246866965 -392777063 TEKA-ADR TEKAY US 246866965 -392777063 TEKA-ADR TKTQY US 246866965 -392777063 TEKA-PREF TEKA4 BZ 246866965 -392777063 TEKA-PREF TKTPF US 246866965 -392777063 PET MANG-RT RPMG1 BZ 231024467.2 -184606117 PET MANG-RECEIPT 0229296Q BZ 231024467.2 -184606117 PET MANG-RECEIPT 0229292Q BZ 231024467.2 -184606117 PET MANG-RT RPMG2 BZ 231024467.2 -184606117 PET MANG-RIGHTS 3678565Q BZ 231024467.2 -184606117 PET MANG-RECEIPT RPMG9 BZ 231024467.2 -184606117 PET MANG-RIGHTS 3678569Q BZ 231024467.2 -184606117 PETRO MANGUIN-PF MANGPN BZ 231024467.2 -184606117 PET MANG-RT 0229249Q BZ 231024467.2 -184606117 PETRO MANGUINHOS RPMG3 BZ 231024467.2 -184606117 PET MANGUINH-PRF RPMG4 BZ 231024467.2 -184606117 PET MANG-RT 0229268Q BZ 231024467.2 -184606117 PETRO MANGUINHOS MANGON BZ 231024467.2 -184606117 PET MANG-RT 4115364Q BZ 231024467.2 -184606117 PET MANG-RECEIPT RPMG10 BZ 231024467.2 -184606117 PET MANG-RT 4115360Q BZ 231024467.2 -184606117 D H B-PREF DHBI4 BZ 185992309.4 -151323933 DHB IND E COM DHBON BZ 185992309.4 -151323933 D H B DHBI3 BZ 185992309.4 -151323933 DHB IND E COM-PR DHBPN BZ 185992309.4 -151323933 SANSUY SA-PREF B SNSYBN BZ 180443811.7 -114112111 SANSUY-PREF A SNSY5 BZ 180443811.7 -114112111 SANSUY SA SNSYON BZ 180443811.7 -114112111 SANSUY-PREF B SNSY6 BZ 180443811.7 -114112111 SANSUY SNSY3 BZ 180443811.7 -114112111 SANSUY SA-PREF A SNSYAN BZ 180443811.7 -114112111 WETZEL SA-PREF MWELPN BZ 100017711.4 -5359345.82 WETZEL SA MWELON BZ 100017711.4 -5359345.82 WETZEL SA MWET3 BZ 100017711.4 -5359345.82 WETZEL SA-PREF MWET4 BZ 100017711.4 -5359345.82 FABRICA RENAUX FTRX3 BZ 95282687.94 -59034912 FABRICA RENAUX-P FRNXPN BZ 95282687.94 -59034912 FABRICA RENAUX FRNXON BZ 95282687.94 -59034912 FABRICA TECID-RT FTRX1 BZ 95282687.94 -59034912 FABRICA 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MNPR3 BZ 63144533.79 -60655823.4 MINUPAR-RCT 9314634Q BZ 63144533.79 -60655823.4 MINUPAR SA MNPRON BZ 63144533.79 -60655823.4 MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823.4 GRADIENTE-PREF A IGBR5 BZ 61088977.95 -282692297 GRADIENTE-PREF C IGBR7 BZ 61088977.95 -282692297 GRADIENTE EL-PRA IGBAN BZ 61088977.95 -282692297 GRADIENTE ELETR IGBON BZ 61088977.95 -282692297 GRADIENTE EL-PRB IGBBN BZ 61088977.95 -282692297 IGB ELETRONICA IGBR3 BZ 61088977.95 -282692297 GRADIENTE EL-PRC IGBCN BZ 61088977.95 -282692297 GRADIENTE-PREF B IGBR6 BZ 61088977.95 -282692297 CAF BRASILIA-PRF CAFE4 BZ 59053509.86 -1138743393 CAFE BRASILIA SA CSBRON BZ 59053509.86 -1138743393 CAF BRASILIA CAFE3 BZ 59053509.86 -1138743393 CAFE BRASILIA-PR CSBRPN BZ 59053509.86 -1138743393 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396 CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6 CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6 CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6 CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6 WIEST WISA3 BZ 34108201.43 -126997429 WIEST SA WISAON BZ 34108201.43 -126997429 WIEST SA-PREF WISAPN BZ 34108201.43 -126997429 WIEST-PREF WISA4 BZ 34108201.43 -126997429 RECRUSUL SA RESLON BZ 31427766.04 -30307605.7 RECRUSUL-BON RT RCSL11 BZ 31427766.04 -30307605.7 RECRUSUL - RT 4529781Q BZ 31427766.04 -30307605.7 RECRUSUL SA-PREF RESLPN BZ 31427766.04 -30307605.7 RECRUSUL - RCT 4529793Q BZ 31427766.04 -30307605.7 RECRUSUL - RCT RCSL10 BZ 31427766.04 -30307605.7 RECRUSUL - RT RCSL2 BZ 31427766.04 -30307605.7 RECRUSUL - RT RCSL1 BZ 31427766.04 -30307605.7 RECRUSUL-PREF RCSL4 BZ 31427766.04 -30307605.7 RECRUSUL - RCT 4529789Q BZ 31427766.04 -30307605.7 RECRUSUL - RCT RCSL9 BZ 31427766.04 -30307605.7 RECRUSUL - RT 4529785Q BZ 31427766.04 -30307605.7 RECRUSUL-BON RT RCSL12 BZ 31427766.04 -30307605.7 RECRUSUL RCSL3 BZ 31427766.04 -30307605.7 SANESALTO SNST3 BZ 31044053.25 -1843297.83 STAROUP SA STARON BZ 27663604.95 -7174512.03 BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03 STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03 BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03 CONST BETER SA COBEON BZ 25469474.32 -4918659.9 CONST BETER-PF A 1COBAN BZ 25469474.32 -4918659.9 CONST BETER-PR B COBEBN BZ 25469474.32 -4918659.9 CONST BETER-PF A COBE5 BZ 25469474.32 -4918659.9 CONST BETER SA 1007Q BZ 25469474.32 -4918659.9 CONST BETER SA 1COBON BZ 25469474.32 -4918659.9 CONST BETER-PR B 1009Q BZ 25469474.32 -4918659.9 CONST BETER-PF B COBE6B BZ 25469474.32 -4918659.9 CONST BETER-PFA COBE5B BZ 25469474.32 -4918659.9 CONST BETER-PF B COBE6 BZ 25469474.32 -4918659.9 CONST BETER-PF B 1COBBN BZ 25469474.32 -4918659.9 CONST BETER-PR A COBEAN BZ 25469474.32 -4918659.9 CONST BETER SA COBE3B BZ 25469474.32 -4918659.9 CONST BETER-PR A 1008Q BZ 25469474.32 -4918659.9 CONST BETER SA COBE3 BZ 25469474.32 -4918659.9 STEEL - RT STLB1 BZ 23040051.4 -8699861.07 ALL ORE MINERACA AORE3 BZ 23040051.4 -8699861.07 ALL ORE MINERACA STLB3 BZ 23040051.4 -8699861.07 STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861.07 FERRAGENS HAGA HAGAON BZ 21992326.22 -56631998.5 HAGA HAGA3 BZ 21992326.22 -56631998.5 FERRAGENS HAGA-P HAGAPN BZ 21992326.22 -56631998.5 FER HAGA-PREF HAGA4 BZ 21992326.22 -56631998.5 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527 NOVA AMERICA SA NOVAON BZ 21287489 -183535527 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527 TECEL S JOSE SJOS3 BZ 19067323.42 -52580501.1 TECEL S JOSE-PRF SJOS4 BZ 19067323.42 -52580501.1 TECEL S JOSE-PRF FTSJPN BZ 19067323.42 -52580501.1 TECEL S JOSE FTSJON BZ 19067323.42 -52580501.1 NORDON METAL NORDON BZ 15354597.14 -26859636.7 NORDON MET NORD3 BZ 15354597.14 -26859636.7 NORDON MET-RTS NORD1 BZ 15354597.14 -26859636.7 CHIARELLI SA CCHI3 BZ 14960467.36 -43105640.5 CHIARELLI SA-PRF CCHI4 BZ 14960467.36 -43105640.5 CHIARELLI SA-PRF CCHPN BZ 14960467.36 -43105640.5 CHIARELLI SA CCHON BZ 14960467.36 -43105640.5 B&D FOOD CORP BDFC US 14423532 -3506007 LATTENO FOOD COR LATF US 14423532 -3506007 REII INC REIC US 14423532 -3506007 B&D FOOD CORP BDFCE US 14423532 -3506007 HERCULES SA HERTON BZ 12689117.49 -170680899 HERCULES HETA3 BZ 12689117.49 -170680899 HERCULES SA-PREF HERTPN BZ 12689117.49 -170680899 HERCULES-PREF HETA4 BZ 12689117.49 -170680899 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9 F GUIMARAES FGUI3 BZ 11016542.14 -151840377 FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377 F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377 FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377 CHILE ----- CHILESAT CORP SA TELEX CI 1156945109 -122555290 TELMEX CORP-ADR CSAOY US 1156945109 -122555290 TELEX-A TELEXA CI 1156945109 -122555290 CHILESAT CO-ADR TL US 1156945109 -122555290 TELEX-RTS TELEXO CI 1156945109 -122555290 CLARO COM SA CHILESAT CI 1156945109 -122555290 CHILESAT CO-RTS CHISATOS CI 1156945109 -122555290 PUYEHUE RIGHT PUYEHUOS CI 24447502.09 -1250905.47 PUYEHUE PUYEH CI 24447502.09 -1250905.47 *********** 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *