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/raid1/www/Hosts/bankrupt/TCRLA_Public/120412.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, April 12, 2012, Vol. 13, No. 073 Headlines A N T I G U A LIAT: Cuts 20 Employees at Cargo Department B A R B A D O S ALMOND BEACH: Race to Own Resort Heats Up B R A Z I L CENTROVIAS SISTEMAS: Moody's Affirms 'Ba2' Issuer Rating C A Y M A N I S L A N D S C12 PROTIUM: Creditors' Proofs of Debt Due May 10 CAPSTONE ALTUM: Creditors' Proofs of Debt Due May 10 CDC CORP: Maples and Calder Approved as Cayman Islands Counsel DEL MAR: Creditors' Proofs of Debt Due May 10 GENTLE PERSUADER: Creditors' Proofs of Debt Due May 10 HEISENBERG MANAGEMENT: Creditors' Proofs of Debt Due May 2 MSR ASIA: Creditors' Proofs of Debt Due April 30 OUCHY CORPORATION: Creditors' Proofs of Debt Due April 12 PACIFIC MINING: Creditors' Proofs of Debt Due May 10 WESSEX GOLD: Creditors' Proofs of Debt Due May 10 WESSEX NATURAL: Creditors' Proofs of Debt Due May 10 J A M A I C A LIME JAMAICA: Director & Audit Committee Chairman Resigns P U E R T O R I C O BANCO POPULAR: Moody's Reviews 'D+' BFSR for Downgrade T R I N I D A D & T O B A G O CARIBBEAN AIR: Chairman Resigns as Protest Against Government X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ============= A N T I G U A ============= LIAT: Cuts 20 Employees at Cargo Department ------------------------------------------- RJR News reports that more than 20 employees of Leeward Islands Air Transport, known as LIAT, at its cargo department have been made redundant. The Antigua Observer reported that of the 28 employees who service the Cargo and Quick Pak Department, only three were spared the plight of redundancy, according to RJR News. The employees, the report relates, supposedly received letters informing that their services would no longer be required as of April 15, 2012. RJR News notes that the Cargo and Quick Pak Department has been outsourced to the Barbados-based Caribbean Airport Services. The employees, some of whom have worked with the company for more than a decade, are expected to meet with their bargaining agent, the Antigua & Barbuda Workers Union (ABWU), according to the report. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. =============== B A R B A D O S =============== ALMOND BEACH: Race to Own Resort Heats Up ----------------------------------------- RJR News reports that the Jamaican hotelier Gordon "Butch" Stewart will face strong competition if he decides to make a formal bid for one of Barbados' popular hotel resorts. With the month end deadline for the closure of the Almond Beach Village fast approaching, two of Barbados' leading businessmen have added their names to what is shaping up to be a powerful local and international mix of interests competing for the 31-acre resort, according to RJR News. The report notes that construction magnate Bjorn Bjerkhamn and Paul Doyle, owner of the upscale Crane Resort have confirmed their interest in buying the St. Peter hotel. RJR News discloses that Barbados Minister of Tourism Richard Sealy says negotiations with interested parties are at an advanced stage. In addition to Sandals Resorts International, he revealed that top international hotel brand Ritz Carlton was among those making a strong play for Almond, the report adds. =========== B R A Z I L =========== CENTROVIAS SISTEMAS: Moody's Affirms 'Ba2' Issuer Rating -------------------------------------------------------- Moody's America Latina Ltda upgraded to Aa2.br from Aa3.br the National Scale Ratings (NSRs) assigned to Centrovias Sistemas Rodoviarios S.A. and its BRL406 million senior secured debentures issued in March 2010. The rating action does not affect the Ba2 ratings on the global scale assigned to Centrovias and its debentures. The outlook for all ratings is stable. Centrovias' improving operating performance prompted the upgrade, as did its position of comparing favorably within its peer group of operating toll road concessions in Brazil. Ratings upgraded: Issuer Rating: to Aa2.br from Aa3.br BRL286 million Sr. Sec. Debentures due in 2015: to Aa2.br from Aa3.br BRL120 million Sr. Sec. Debentures due in 2017: to Aa2.br from Aa3.br Ratings affirmed: Issuer Rating: Ba2 BRL286 million Sr. Sec. Debentures due in 2015: Ba2 BRL120 million Sr. Sec. Debentures due in 2017: Ba2 Ratings Rationale The global scale rating of Ba2 reflects the mature nature of Centrovias' concession, as evidenced by its solid historic performance since 1998 and its strong credit metrics over the last three years. Moody's views recent improvement in operating performance from higher traffic volumes as sustainable given the evolving economic fundamentals of its service area and Centrovias' low capital expenditure requirements. The stable regulatory environment in the State of Sao Paulo further supports the ratings. The upgrade of the Brazilian national scale to Aa2.br reflects the current standing of Centrovias' ratings in comparison with those of the other operating toll road concessions in state of Sao Paulo. Moody's NSRs are intended as relative measures of creditworthiness within a narrowly defined peer group in the same country, as compared to the full universe of Moody's rated entities, and thus differ from Moody's global scale ratings. The rather short remaining life of the Centrovias concession, which expires in less than eight years with little prospects for renewal or extension, continues to constrain the ratings. The ratings are further pressured by the risks associated with the investment strategy of Centrovias' controlling shareholder, OHL Brasil. In Moody's opinion, the parent company is forecasted to require sizeable dividends and occasional inter-company loans from its state concession subsidiaries in order to support larger dividend distribution to its shareholders and new investments in the Brazilian infrastructure sector. Centrovias' fourteen-year history of tolled traffic shows that heavy trucks represent over 60% of the road traffic in terms of equivalent vehicles. Commercial vehicle traffic tends to be more volatile than passenger vehicle traffic and to move in tandem with the country's GDP. Measured by equivalent vehicles, tolled traffic at Centrovias increased 30% in 2010 and 62% 2011, reflecting changes in the configuration of certain toll plazas so that they would begin to charge tolls in both directions. On a normalized basis, Moody's estimates that Centrovias' toll traffic increased approximately 13% in 2010, helped by the strong economic recovery compared to 2009 levels (+7.5% GDP), and additional 7% in 2011 driven by increases in traffic for agricultural commodities and increased car ownership, even though GDP growth in Brazil was just 2.7% last year. Presumably, the lower tariffs with toll plazas in both directions also contributed to additional traffic volumes in certain locations as they reduced toll evasion. Toll related revenues in 2011 increased 12.9% compared to 2010, stemming from the effective 7.0% increase in toll traffic and a 9.77% tariff adjustment granted by ARTESP on July 1st 2011. The increase was in line with inflation as measured by the general price index (IGP-M) from June 2010 to May 2011. ARTESP, the transportation regulatory agency in the state of Sao Paulo, has been responsible for the regulation and oversight of transportation concessions since 2002. In spite of its relatively short track record, ARTESP has fostered a transparent and stable regulatory framework in the state of Sao Paulo, which Moody's deems as the most supportive regulatory environment for toll road concessions in Brazil. Centrovias' credit metrics are currently strong for its rating category. The recent improvement in operating performance led to high cash flow coverage ratios in spite of the significant debt increase since the issuance of BRL406 million debentures in March 2010. In 2011, the funds from operations (FFO) to debt ratio reached 29.2%, while the FFO interest coverage ratio was 3.0 times. These indicators were moderately above Moody's expectation. Moody's conservative assumptions consider further borrowings and high dividend payments by Centrovias, which will pressure its key credit ratios in the medium term. Cash interest coverage ratio is expected to decrease but remain above 2.5 times over the next three years, while the FFO to debt ratio is expected to remain around 20%; such levels are commensurate with the Ba2 rating category. The ratings of Centrovias remain constrained by the potential cash needs of the parent company. OHL Brasil is forecasted to require sizeable dividends and occasional inter-company loans from its state concession subsidiaries in order to support other new investments in the Brazilian infrastructure sector and larger dividend distributions to its shareholders. Additionally, the existing early maturity clauses in the debentures comprise a cross default provision with the parent company. Nevertheless, covenants embedded in the debentures limit the distribution of dividends and a significant leverage increase of Centrovias. The covenants limit the maximum amount of net debt to 3.5 times the annual EBITDA and require cash coverage of short term debt obligations to be higher than 1.2x. These covenants are relatively loose given that the net debt to EBITDA ratio was 0.8x for 2011, while the cash coverage of short-term debt was 3.9x. Moody's projections indicate that coverage under these covenants will reduce somewhat but remain comfortably achievable throughout the duration of the debentures. The stable outlook reflects Moody's opinion that Centrovias' operational performance will remain solid during the remaining life of the concession in light of strong credit fundamentals boosted by the expected continued growth in the Brazilian GDP. Moody's expects that the payment of dividends and extension of inter-company loans are likely to continue for the next few years but also that they will be prudently managed so that the credit metrics remain within the proposed financial covenants. The rating or the outlook could be upgraded if the company were to steadily improve its liquidity profile and produce credit metrics in line with historical performance so that the FFO to debt ratio above stays 25% and the interest coverage stays above 3.5x on a sustainable basis. The rating or the outlook could be downgraded if there is a significant and sustained deterioration in credit metrics so that FFO to debt ratio falls below 20% and interest coverage ratio remains below 2.5x for an extended period of time. Deterioration in the credit quality of OHL Brasil could also prompt a downgrade rating action. The last rating action on Centrovias was on March 05, 2010 when Moody's assigned a Ba2 rating on the global scale and Aa3.br rating on the Brazilian National scale to BRL406 million senior secured debentures due in 2015 and 2017. Centrovias Sistemas Rodoviarios S.A. is an operating subsidiary of Obrascon Huarte Lain Brasil S.A. (OHL Brasil, unrated). OHL Brasil is a holding company with approximately 3,226 kilometers of operating toll roads under concession in Brazil consisting of four concessions in the state of Sao Paulo and five federal concessions in the states of Sao Paulo, Minas Gerais, Rio de Janeiro, Parana and Santa Catarina. Centrovias has a 21-year concession to operate the toll road services of two small adjacent roads in the interior of the state of Sao Paulo, which the state regulatory agency ARTESP granted under a single concession in 1998. =========================== C A Y M A N I S L A N D S =========================== C12 PROTIUM: Creditors' Proofs of Debt Due May 10 ------------------------------------------------- The creditors of C12 Protium Value Opportunities Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CAPSTONE ALTUM: Creditors' Proofs of Debt Due May 10 ---------------------------------------------------- The creditors of Capstone Altum Credit Intermediate Fund, Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 22, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CDC CORP: Maples and Calder Approved as Cayman Islands Counsel -------------------------------------------------------------- The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia authorized CDC Corporation to employ Maples and Calder as corporate Cayman Islands counsel for limited purposes and its affiliated services company, Maples Corporate Services Limited, as registered office provider in the ordinary course of business to provide services including making filings with the Cayman Islands Registrar of Companies and related matters and in connection therewith to pay prepetition and postpetition claims. As reported in the Troubled Company Reporter on March 20, 2012, James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes, Ellis & Nason, P.A., the attorney for Debtor, said that in order to administer the case in a proper, efficient, and economical manner, the Debtor needs the services of a registered office provider in connection with the Cayman Islands corporate registration requirements. Prior to the Petition Date, Maples Corporate served as a registered office provider and provided the registered office, prepared and filed Annual Returns, maintained statutory records, including the updating and filing of the register of officers and directors, and obtained good standing certificates. Prior to the Petition Date, Maples and Calder acted as Cayman Islands corporate counsel to the Debtor, CDC Software Corporation, and several of their affiliates. In light of the conflict of interest in connection with this Chapter 11 case, following the Petition Date, Maples and Calder ceased to act as Cayman Islands corporate counsel to Debtor in respect of matters connected with the Chapter 11 case. Mr. Cifelli said that in order to continue properly to operate as a company incorporated in the Cayman Islands, the Debtor seeks specific authority to pay the invoices for legal fees and administrative services, including in connection with the annual fees and annual filings which were required in the Cayman Islands in January of 2012. In respect of the annual fees for 2012, and certain other administrative expenses incurred, Maples has issued an invoice in the amount of $5,180.56. "As Maples served as the provider of the Debtor's registered office in the Cayman Islands prior to the bankruptcy case and the firm filed the required annual reports and other filings with the Cayman Islands Registrar of Companies prior to the bankruptcy case, it is necessary and appropriate for the Debtor to pay the prepetition amounts owing to Maples so that Maples can continue to act on behalf of the Debtor without any change in the Debtor's registered office. This is the best way to streamline and insure that the Debtor can obtain good standing certificates on a timely basis so as to be able to close the sale contemplated by the sale motion scheduled to be heard by the Court at the hearing on March 20, 2012. The only possible alternative would be to attempt to identify (and pay) a different registered office provider in the Cayman Islands -- which would likely result in additional costs and delays occasioned by an unnecessary hand- over," Mr. Cifelli says. The Debtor sought authorization to retain and compensate Maples without the necessity of formal fee applications. The Debtor sought authority to pay the invoices for 2012 registration matters and to pay Maples in the ordinary course of business for future necessary filings with the Cayman Islands Registrar of Companies and related matters. The services of Maples and Calder as corporate Cayman Islands counsel for the Debtor are expected to be limited to providing advice with regard to necessary corporate updates and filings and related matters and will not be duplicative of the services performed by the firm of Solomon Harris. Maples and Calder is owed $38,793.75 for professional services rendered prior to the Petition Date. Maples and Calder is further owed $5,793.75 for professional services rendered after the Petition Date. Debtor seeks authority to pay these invoices. Matthew Gardner, associate partner at Maples, assures the Court that his firm does not hold or represent interest adverse to the Debtors' estates, and that it is a "disinterested person" under Section 101(14) of the Bankruptcy Code. About CDC Corp. Based in Atlanta, CDC Corp. (Nasdaq: CHINA) -- http://www.cdccorporation.net/-- is the parent company of CDC Software (Nasdaq: CDCS). CDC Software is based dually in Shanghai, China, and Atlanta and produces enterprise software applications, IT consulting services, outsourced applications development and IT staffing. The company's owners include Asia Pacific Online Ltd., Xinhua News Agency and Evolution Capital Management. CDC Corporation, doing business as Chinadotcom, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011. James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA, in Atlanta, Georgia, serves as counsel. Moelis & Company LLC serves as its financial advisor and investment banker. Marcus A. Watson at Finley Colmer and Company serves as chief restructuring officer. The Debtor estimated assets and debts at $100 million to $500 million as of the Chapter 11 filing. The Official Committee of Equity Security Holders of CDC Corporation is represented by Troutman Sanders. The Committee tapped Morgan Joseph TriArtisan LLC as its financial advisor. DEL MAR: Creditors' Proofs of Debt Due May 10 --------------------------------------------- The creditors of Del Mar Index Opportunities Intermediate Fund Ltd. are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 21, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GENTLE PERSUADER: Creditors' Proofs of Debt Due May 10 ------------------------------------------------------ The creditors of The Gentle Persuader Fund are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 20, 2012. The company's liquidator is: John Sutlic Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Facsimile: (345) 949 8499 Telephone: (345) 949 8455 HEISENBERG MANAGEMENT: Creditors' Proofs of Debt Due May 2 ---------------------------------------------------------- The creditors of Heisenberg Management Ltd. are required to file their proofs of debt by May 2, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 22, 2012. 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 MSR ASIA: Creditors' Proofs of Debt Due April 30 ------------------------------------------------ The creditors of MSR Asia Acquisitions IV, Inc. are required to file their proofs of debt by April 30, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 20, 2012. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands OUCHY CORPORATION: Creditors' Proofs of Debt Due April 12 --------------------------------------------------------- The creditors of Ouchy Corporation are required to file their proofs of debt by April 12, 2012, to be included in the company's dividend distribution. The company's liquidator is: Ezequiel A. Camerini Fox & Horan, Camerini LLP 825 Third Avenue 12th Floor New York New York 10022 United States of America PACIFIC MINING: Creditors' Proofs of Debt Due May 10 ---------------------------------------------------- The creditors of Pacific Mining Limited are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 20, 2012. The company's liquidator is: Simon Conway c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands WESSEX GOLD: Creditors' Proofs of Debt Due May 10 ------------------------------------------------- The creditors of Wessex Gold Fund Limited are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2012. The company's liquidator is: Mark Longbottom c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 WESSEX NATURAL: Creditors' Proofs of Debt Due May 10 ---------------------------------------------------- The creditors of Wessex Natural Resources Fund Limited are required to file their proofs of debt by May 10, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2012. The company's liquidator is: Mark Longbottom c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 ============= J A M A I C A ============= LIME JAMAICA: Director & Audit Committee Chairman Resigns --------------------------------------------------------- RJR News reports that LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) has advised that one of its directors has resigned. Andrew Cocking stepped down from the Board effective April 3, according to RJR News. The report relates that Mr. Cocking also served as Chairman of the Audit Committee. RJR News notes that the company said Mr. Cocking's resignation was not related to any disagreement in respect to accounting principles or practices, financial statement disclosure or any other material issue impacting the Audit Committee or his ability to properly carry out the functions delegated by the Board. As reported in the Troubled Company Reporter-Latin America on Feb. 22, 2012, RJR News said Bustamante Industrial Trade Union, LIME Jamaica union representing the firm's workers is urging Phillip Paulwell, Jamaica Minister responsible for telecommunications, to speed up legislation to address imbalances in regulations governing the sector. The University and Allied Workers Union and the Jamaica Telephone Company (JTC) Executive and Allied Staff Association made a similar call, according to RJR News. The report noted that the unions said the proposed legislation will bring benefits for the workers at LIME and, by extension, consumers. The report related that LIME, which has been losing billions of dollars, stated that while an agreement has not yet been reached among the players in the industry. About LIME Jamaica Headquartered in Kingston, Jamaica, LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) is a subsidiary of Cable & Wireless plc. The company is involved in providing domestic and international telecommunications services to both individual and businesses enterprise customers. * * * As reported in the Troubled Company Reporter on Feb. 6, 2012, the Board of Directors of LIME released the unaudited consolidated results of the company, Jamaica Digiport International Limited (101), and other subsidiaries, for the quarter ended Sept. 30, 2009. The report related that revenue for the quarter declined 10% to JM$5,104 million from JMS5,567 million for the same period in 2008. Jamaica Gleaner noted that LIME's accumulated deficit has climbed to more than JM$17 billion. Concurrently, its equity base has diminished to JM$2 billion on its December 2011 unaudited balance sheet, reflecting book value of two cents per share, the report added. ===================== P U E R T O R I C O ===================== BANCO POPULAR: Moody's Reviews 'D+' BFSR for Downgrade ------------------------------------------------------ Moody's Investors Service placed on review for downgrade certain ratings of three Puerto Rican banks, including Banco Santander Puerto Rico (BSPR), Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVAPR), and Popular, Inc. The actions reflect the adverse effects of Puerto Rico's ongoing recession on the island's banks, as well as the weak prospects for a sustainable recovery in the coming years. The following ratings were placed on review: - BSPR's standalone bank financial strength rating (BFSR) of C-, which maps to baa1 on the long-term scale - BBVAPR's standalone BFSR of C-, which maps to baa2 on the long-term scale - The long- and short-term ratings of Popular, Inc. and its subsidiaries (collectively referred to as 'Popular'), including Banco Popular de Puerto Rico's (the lead bank) standalone BFSR of D+, which maps to baa3 on the long-term scale BSPR's long- and short-term ratings and BBVAPR's long-term ratings were previously placed on review for downgrade on February 22, 2012, reflecting the potential adverse effects of any weakening of their Spanish parents on their capacity and/or willingness to support their North American subsidiaries. Additionally, Moody's affirmed the ratings of FirstBank Puerto Rico (standalone BFSR of E+, which maps to B2 on the long-term scale) and Doral Financial Corporation (senior unsecured debt at Caa1). Ratings Rationale Moody's said the rating reviews of the three Puerto Rican banks are driven by the island's difficult operating environment. Puerto Rico is in the midst of a deep, protracted recession that began in 2006. Although some signs of stabilization have emerged recently, the prospects for a sustainable recovery are constrained by the commonwealth's poor finances, which are characterized by severely underfunded retirement systems and an increasingly heavy debt load. Actions to address these issues in the coming years will likely put additional stress on Puerto Rico's already weak economy. Moody's added that the weak operating environment, which is characterized by high unemployment and depressed real estate values, continues to threaten banks' asset quality. The banks' problem assets remain extremely high and could lead to significant losses if the recession continues. Expected Outcome of Reviews At the conclusion of the rating reviews, the standalone baseline credit assessments (that is, the standalone BFSRs mapped to the long-term scale) of BSPR, BBVAPR, and Popular could be downgraded by 1-2 notches. In the interim, the deposit and debt ratings of BSPR and BBVAPR will be influenced by the conclusion of the rating reviews on their Spanish parents because of Moody's parental support assumptions. Those reviews are expected to conclude the week of April 23. The deposit and debt ratings will also be influenced by the FDIC's cross-indemnification provisions because both banks have banking affiliates in the US mainland that are stronger than their Puerto Rican affiliates on a standalone basis. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: Chairman Resigns as Protest Against Government ------------------------------------------------------------- RJR News reports that Caribbean Airlines Limited Chairman George Nicholas has again resigned to protest statements about his performance by Trinidad's Transport Minister Devant Maharaj. Trinidad's Express newspaper reported that unlike his resignation last August, which was done via e-mail to Mr. Maharaj and the Caribbean Airlines' board Mr. Nicholas ended his 16-month stewardship via a letter to Finance Minster Winston Dookeran, according to RJR News. RJR News notes that Mr. Dookeran said he was in the dark on the reason for Mr. Nicholas' resignation. The report relates that Mr. Nicholas' previous resignation was triggered by a disagreement regarding the acquisition of two aircraft for Caribbean Airlines. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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, 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 * * *