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/raid1/www/Hosts/bankrupt/TCRLA_Public/120524.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, May 24, 2012, Vol. 13, No. 103 Headlines A R G E N T I N A AVAL RURAL: Moody's Affirms 'B2' IFS Rating; Outlook Stable B E R M U D A TRADE REINSURANCE: Creditors' Proofs of Debt Due June 7 B R A Z I L BANCO MERCANTIL: S&P Raises Global Issuer Credit Rating to 'BB-' ELETROPAULO METROPOLITANA: Moody's Says Tariff Review No Impact C A Y M A N I S L A N D S ALPHA SHINE: Members' Final Meeting Set for May 29 ANTHRACITE BALANCED: Members' Final Meeting Set for May 28 ATLANTIC BA: Shareholders' Final Meeting Set for June 14 BLACKROCK ELITE I: Shareholders' Final Meeting Set for June 8 BLACKROCK ELITE II: Shareholders' Final Meeting Set for June 8 BLACKROCK ELITE III: Shareholders' Final Meeting Set for June 8 CHATHAM LIGHT: Shareholders' Final Meeting Set for June 8 CHESHIRE INVESTMENTS: Members' Final Meeting Set for June 4 GRIZZLY LIMITED: Members' Final Meeting Set for June 4 ISM EMERGING: Shareholders' Final Meeting Set for June 8 JAZEERA LEASING 2: Shareholders' Final Meeting Set for June 8 JAZEERA LEASING 3: Shareholders' Final Meeting Set for June 8 PEBBLEVIEW LIMITED: Members' Final Meeting Set for June 4 SILVER METIS: Shareholder to Receive Wind-Up Report on June 7 THOR LIMITED: Members' Final Meeting Set for June 4 YAESU-SCF HOLDING: Shareholders' Final Meeting Set for June 8 G U Y A N A * GUYANA: More Debt Relief for Country J A M A I C A AIR JAMAICA: Divestment Team Prepares Airline's Response M E X I C O COMERCIAL V.H.: Seeks U.S. Recognition of Mexican Proceedings COMERCIAL V.H.: Chapter 15 Case Summary T R I N I D A D & T O B A G O CLICO (BAHAMAS): First $10 Million Recovery for Creditors TRINIDAD CEMENT: Keeps Options Open as Strike Nears End X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AVAL RURAL: Moody's Affirms 'B2' IFS Rating; Outlook Stable ----------------------------------------------------------- Moody's Latin America affirmed its B2 global local currency and A1.ar Argentina national scale insurance financial strength (IFS) ratings of Aval Rural S.G.R. The outlook for the company's ratings is stable. Aval Rural, an "SGR" ("Reciprocal Guaranty Society"), provides guarantees for working-capital and capital-expenditure loans taken out by Argentine crop producers, storage centers and wholesale distributors of hybrid seeds, fertilizers, agri- chemicals, and other agricultural inputs. The insured borrowers are among the current clients of Aval Rural's main shareholder, Nidera S.A. -- a leading player in the agribusiness industry in Argentina and subsidiary of Netherlands-based Nidera N.V. Ratings Rationale According to Moody's, the ratings affirmation reflects Aval Rural's consistent business and financial credit profile. Among the company's credit strengths are its high degree of operational integration with its main shareholder, Nidera S.A., its adequate market position and visibility, very low levels of delinquencies on its insured loans, and the short term characteristics of the company's guarantees. However, Aval Rural's credit profile is significantly tempered by its concentration in a single economic sector, by the low credit profile of its investment portfolio -- largely influenced by regulatory limitations for foreign instruments -- and by Argentina's weak operating environment. Moody's analyst Alejandro Pavlov noted: "Aval Rural's investments are concentrated in speculative-grade instruments such as Argentine sovereign bonds, local banks deposits, and shares of local mutual funds, which constrain its overall credit profile". However, the company has diversified somewhat its investment portfolio by investing almost 10% of its holdings in US T-Bills as of March 31, 2012. The rating agency further noted that Aval Rural's ability to grow while maintaining stable levels of capitalization -- i.e. outstanding guarantees representing about 2 times Aval Rural's total investments on an annual average basis -- is another challenge for this company. Based in Buenos Aires City, Aval Rural SGR is one of the largest reciprocal guarantors in the local industry. During the first quarter of the 2011/12 fiscal year ended December 31, 2011, Aval Rural reported a net loss of AR$0.26 million. As of that date, total assets were AR$106.4 million and shareholder's equity was AR$104.8 million. ============= B E R M U D A ============= TRADE REINSURANCE: Creditors' Proofs of Debt Due June 7 ------------------------------------------------------- The creditors of Trade Reinsurance Limited are required to file their proofs of debt by June 7, 2012, to be included in the company's dividend distribution. The company's liquidator is: Malcolm Butterfield KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton, HM 08 Bermuda =========== B R A Z I L =========== BANCO MERCANTIL: S&P Raises Global Issuer Credit Rating to 'BB-' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term global scale issuer credit rating on Banco Mercantil Santa Cruz S.A. (BMSC) to 'BB-' from 'B+'. "In addition, we affirmed our 'B' short-term global scale rating. The upgrade follows the similar rating action on the Plurinational State of Bolivia," S&P said. "The upgrade on Bolivia reflects the improvement in the government's debt burden coupled with the country's strengthened external indicators--one of the strongest among its 'BB' rated peers. The general government debt burden fell to 31% of GDP in 2011 from 36% of GDP in 2010 due in part to the government's low fiscal deficit and high nominal GDP growth. Because our stand- alone credit profile on BMSC is 'bb-', the upgrade on the sovereign triggered a similar rating action on the bank, as the rating on the sovereign capped the rating on the bank," S&P said. "The stable outlook reflects our opinion that BMSC will maintain its position as the largest bank in Bolivia while it expands its activities with adequate liquidity, conservative underwriting standards, and good management of mismatches. A further upgrade would depend on an upgrade of the country's BICRA or bank's higher capital levels coupled with an upgrade of the sovereign. We could lower the ratings if the bank's capitalization or liquidity profile deteriorates significantly," S&P said. ELETROPAULO METROPOLITANA: Moody's Says Tariff Review No Impact --------------------------------------------------------------- Moody's America Latina does not see any immediate change to the ratings of Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. due to the pending tariff reduction as a result of the Third Cycle Tariff Review. While the outlook currently remains stable, Moody's will closely monitor the expected impact on the Company's metrics, and how the Company will manage its capital expenditures and dividend distributions in light of the materially lower levels of expected cash from operations. From 2009 through the first quarter of 2012, Eletropaulo's credit metrics have steadily deteriorated, despite the relatively stable and predictable cash flows from the electricity distribution business. During this period, the Cash From Operations (CFO) pre- Working Capital (WC) minus Dividends-to-Debt ratio fell to -2.2% from 17.0%; Cash Flow (CF) pre-WC Interest Coverage fell to 3.8x from 5.9x; and CFO pre-WC-to-Debt fell to 25.2% from 40.8%. Given our forecasted reduction of electricity tariffs starting as of July 2012, Eletropaulo's metrics are expected to deteriorate even further. The CFO is expected to remain relatively strong in the first half of 2012, albeit at a lower level since the Company is not able to benefit from income derived from extraordinary items as it has in previous years. Another area of concern involves the ongoing judicial dispute initiated by Eletropaulo in December 1988 related to the financing previously provided by ELETROBRAS. This represents a contingent liability of approximately BRL1.2 billion (as of December 31, 2011). Notwithstanding, based on current Brazilian accounting standards and the Company's legal advisors (who contend that the Company's position will prevail), at this time Eletropaulo is not required to make any provisions for the amount being disputed in the lawsuit. The legal dispute may be resolved by the end of 2012, but may take longer depending on the outcome of the final ruling. An upgrade action in the short or medium term is highly unlikely given the expected impact of the third cycle tariff review in July 2012. We could consider a rating upgrade in case the final ruling on the ELETROBRAS lawsuit is favorable to the Company, combined with an improvement in its credit metrics so that the ratio (CFO pre-WC minus dividends)-to-Debt remains above 25% and Interest Coverage is higher than 5.5 times, on a sustainable basis. A downgrade action could be prompted by a material deterioration in liquidity, an unfavorable ruling on the ELETROBRAS lawsuit, and/or a significant decline in the credit metrics so that (CFO pre-WC minus dividends)-to-Debt ratio falls below 12%, and Interest Coverage drops below 3.5 times for an extended period of time. Any change in the perceived level of supportiveness of the regulatory framework could also trigger a downward rating action. The principal methodology used in this rating was Regulated Electric and Gas Utilities published in August 2009. Eletropaulo is a regulated electricity utility, listed on the BM&FBOVESPA stock exchange. Eletropaulo is controlled by its holding company Brasiliana, which in turn is owned by The AES Corporation (50% plus one share of the voting capital) and the Brazilian Federal Development Bank -- BNDES (50% less one share of the voting capital of Brasiliana). Eletropaulo distributes electricity to 24 municipalities in the Sao Paulo metropolitan area, including the city of Sao Paulo, serving 6.3 million consumers, with an estimated market share of around 10% in Brazil. The Company has a 30-year concession contract that was granted by ANEEL, the Brazilian electricity sector regulator, in 1998. In 2011, Eletropaulo posted net sales of BRL9,097 million (US$5,431 million), EBITDA of BRL2,392 million (US$1,428 million), and net profit of BRL1,495 million (US$892.5 million), an increase of 1.2%, 16.5% and 16.6%, respectively, over the previous year (2010). In the last twelve months ended on March 31, 2012 (LTM 03/12), the Company had net sales of BRL9,123 million (US$5,366 million), an increase of 0.3% over 2011; EBITDA of BRL2,162 million (US$1,272 million), a decrease of 9.6% over 2011; and net income of BRL1,342 million (US$789 million), a decrease of 10.2% over 2011. =========================== C A Y M A N I S L A N D S =========================== ALPHA SHINE: Members' Final Meeting Set for May 29 -------------------------------------------------- The members of Alpha Shine Limited will hold their final meeting on May 29, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chou Chien-Jung No. 95 Huli Rong Road, Xiamen China ANTHRACITE BALANCED: Members' Final Meeting Set for May 28 ---------------------------------------------------------- The members of Anthracite Balanced Company (IR-4) Limited will hold their final meeting on May 28, 2012, at 1:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 ATLANTIC BA: Shareholders' Final Meeting Set for June 14 -------------------------------------------------------- The shareholders of Atlantic BA Holdings will hold their final meeting on June 14, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: William D. Hawkins III c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands BLACKROCK ELITE I: Shareholders' Final Meeting Set for June 8 ------------------------------------------------------------- The shareholders of Blackrock Elite Portfolio I (U.S. Dollars) Limited will hold their final meeting on June 8, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 BLACKROCK ELITE II: Shareholders' Final Meeting Set for June 8 -------------------------------------------------------------- The shareholders of Blackrock Elite Portfolio II (U.S. Dollars) Limited will hold their final meeting on June 8, 2012, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 BLACKROCK ELITE III: Shareholders' Final Meeting Set for June 8 --------------------------------------------------------------- The shareholders of Blackrock Elite Portfolio III (U.S. Dollars) Limited will hold their final meeting on June 8, 2012, at 10:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CHATHAM LIGHT: Shareholders' Final Meeting Set for June 8 --------------------------------------------------------- The shareholders of Chatham Light CLO, Limited will hold their final meeting on June 8, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CHESHIRE INVESTMENTS: Members' Final Meeting Set for June 4 ----------------------------------------------------------- The members of Cheshire Investments Limited will hold their final meeting on June 4, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman Cayman Islands KY1-1102 GRIZZLY LIMITED: Members' Final Meeting Set for June 4 ------------------------------------------------------ The members of Grizzly Limited will hold their final meeting on June 4, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman Cayman Islands KY1-1102 ISM EMERGING: Shareholders' Final Meeting Set for June 8 -------------------------------------------------------- The shareholders of ISM Emerging Markets Structured Equity Fund Limited will hold their final meeting on June 8, 2012, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JAZEERA LEASING 2: Shareholders' Final Meeting Set for June 8 ------------------------------------------------------------- The shareholders of Jazeera Leasing Company 2 will hold their final meeting on June 8, 2012, at 9:40 a.m., to receive 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 JAZEERA LEASING 3: Shareholders' Final Meeting Set for June 8 ------------------------------------------------------------- The shareholders of Jazeera Leasing Company 3 will hold their final meeting on June 8, 2012, at 9:50 a.m., to receive 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 PEBBLEVIEW LIMITED: Members' Final Meeting Set for June 4 --------------------------------------------------------- The members of Pebbleview Limited will hold their final meeting on June 4, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman Cayman Islands KY1-1102 SILVER METIS: Shareholder to Receive Wind-Up Report on June 7 ------------------------------------------------------------- The shareholder of Silver Metis Investment Management Ltd. will receive on June 7, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Samir Dilip Mehta c/o Campbell Corporate Services Limited P.O. Box 268 Scotia Centre, 4th Floor, George Town Grand Cayman KY1-1104 Cayman Islands Telephone: +345 949 6258 Facsimile: +345 945 2877 THOR LIMITED: Members' Final Meeting Set for June 4 --------------------------------------------------- The members of Thor Limited will hold their final meeting on June 4, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town Grand Cayman Cayman Islands KY1-1102 YAESU-SCF HOLDING: Shareholders' Final Meeting Set for June 8 ------------------------------------------------------------- The shareholders of Yaesu-SCF Holding Limited will hold their final meeting on June 8, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler =========== G U Y A N A =========== * GUYANA: More Debt Relief for Country -------------------------------------- RJR News reports that the final US$280,000 (GUY$55 million) of a debt owed by Guyana to Russia dating back to when that European country was part of the former Soviet Union will be cancelled. This gesture of debt forgiveness was announced by Russia's Ambassador to Guyana, Nikolay Smirnov, according to RJR News. RJR News notes that Russia had already cancelled GUY$16.3 million of the debt that was owed, which Russia inherited when the former eastern European bloc broke up into the Commonwealth of Independent. ============= J A M A I C A ============= AIR JAMAICA: Divestment Team Prepares Airline's Response -------------------------------------------------------- Paul Allen at Jamaica Observer reports that Air Jamaica Limited's divestment team is crafting a response to the growing criticisms being leveled at the company and its owners, Caribbean Airlines Limited. As reported in the Troubled Company Reporter-Latin America on May 14, 2012, The Gleaner said that Air Jamaica Limited continues to incur losses under its new owner, Caribbean Airlines Limited. Still, Air Jamaica's US$38 million loss was a 75% improvement over the previous year when the airline lost some US$150 million, the project manager on the divestment committee and a union expert said, according to Air Jamaica Limited. Jamaica Observer says that while there's no word on what the response will include, a source told the Jamaica Observer that it may be out as soon as today and should answer some of the questions being raised by regional stakeholders. Among these are the possibility of cutting of routes and additional measures to reduce spending, the report relays. CAL's growing debt has caused the company to face "operational risk", the report quoted Trinidad's Finance minister, Winston Dookeran as saying. Jamaica Observer says that the government will have to intervene in the airline's operations if it is to continue flying, he told the Trinidad and Tobago Expres. Meanwhile, Air Jamaica has been told to reduce its expenses. Trinidad's transport minister, Devant Maharaj, said unprofitable routes would need to be looked at, Caribbean360.com reported, Jamaica Observer adds. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. * * * As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCR-LA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash- strapped Air Jamaica. RadioJamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, RadioJamaica said, Air Jamaica currently has over US$600 million in loans outstanding. =========== M E X I C O =========== COMERCIAL V.H.: Seeks U.S. Recognition of Mexican Proceedings ------------------------------------------------------------- The trustee for the Mexican bankruptcy estate of Comercial V.H., S.A. de C.V. filed a Chapter 15 petition (Bankr. D. Ariz. Case No. 12-10933) to seek recognition of the liquidation in Mexico. CVH formerly operated grocery stores, mini-markets and pharmacies, both directly and through affiliates, throughout the Mexican state of Sonora, and in other Mexican states in northwestern Mexico. CVH is no longer actively engaged in business. CVH commenced a commercial bankruptcy proceeding in Mexico in January 2010. While initially filed as the Mexican equivalent of a chapter 11 reorganization, on March 7, 2011, the CVH bankruptcy was converted into a liquidation proceeding. The trustee Victor Alan Alcazar Lacarra's request for recognition of the bankruptcy case as "foreign main proceeding" stems from a lawsuit in Pima County Superior Court. In April 2004, suit was filed in Superior Court for the recovery of money alleged to have been misappropriated from CVH and/or its parent by various individuals. An injunction froze various U.S.- based bank and investment accounts, pendente lite. Mr. Fred Boice was appointed to act as receiver of the frozen accounts totaling $10.1 million. Once recognition is granted, the trustee will file a further petition to accomplish the orderly turnover of assets to CVH and the Mexican court. COMERCIAL V.H.: Chapter 15 Case Summary --------------------------------------- Chapter 15 Petitioner: Victor Alan Alcazar Lacarra, as trustee for Mexican bankruptcy estate of the Debtor Chapter 15 Debtor: Comercial V.H., S.A. de C.V. c/o Victor Alan Alcazar Lacarra Leon Guzman No. 4, Colonial Constitucion Hermosillo, SO 83150 Mexico Chapter 15 Case No.: 12-10933 Chapter 15 Petition Date: May 17, 2012 Court: District of Arizona (Tucson) About the Debtor: CVH formerly operated grocery stores, mini- markets and pharmacies, both directly and through affiliates, throughout the Mexican state of Sonora, and in other Mexican states in northwestern Mexico. CVH is no longer actively engaged in business. CVH commenced a commercial bankruptcy proceeding in Mexico in January 2010. While initially filed as the Mexican equivalent of a chapter 11 reorganization, on March 7, 2011, the CVH bankruptcy was converted to a liquidation proceeding. Petitioner's Counsel: David Michael Mandig, Esq. WATERFALL ECONOMIDIS CALDWELL et al 5210 E Williams Circle #800 Tucson, AZ 85711 Tel: (520) 790-5828 Fax: (520) 745-1279 E-mail: mmandig@wechv.com Estimated Assets: US$1,000,001 to US$10,000,000 Estimated Debts: US$1,000,000 to US$10,000,000 =============================== T R I N I D A D & T O B A G O =============================== CLICO (BAHAMAS): First $10 Million Recovery for Creditors --------------------------------------------------------- Neil Hartnell at Tribune242 reports that some US$10 million raised from selling the property that accounts for 63% of Clico (Bahamas) Limited assets has been returned to the nation for the ultimate benefit of the insolvent insurer's Bahamian policyholders and creditors - the first of such recovery in more than three years. Documents filed in the south Florida bankruptcy court on May 18, 2012, which have been obtained by Tribune Business, confirm that CLICO (Bahamas) liquidator, Craig A. 'Tony' Gomez, the Baker Tilly Gomez accountant and partner, has returned 13.7% of the US$73 million sum owed to the insolvent insurer to this nation. The US$10 million was raised through selling 138.3 acres, almost one-third of the remaining real estate, at the Wellington Preserve project located in West Palm Beach, Florida, according to Tribune242. The report relates that the transaction raised a gross US$13.384 million, but CLICO Enterprises, the wholly owned, Bahamian-domiciled CLICO (Bahamas) subsidiary that held the insolvent insurer's Wellington Preserve interests, only received US$10 million due to Mr. Gomez's need to cover expenses related to the property's administration and Homeowners Association. Still, Tribune242 notes that the US$10 million recovered is the first tangible sign of progress in the recovery effort for Bahamian creditors since CLICO (Bahamas) was placed into liquidation in February 2009. With some 283 acres still available for sale at Wellington Preserve, it seems feasible that Mr. Gomez could raise another US$20-US$30 million for their benefit in fully liquidating the property, Tribune242 notes. Tribune242 discloses that if that occurs, CLICO Enterprises -- and, by extension, CLICO (Bahamas) -- will likely recover between US$30-US$40 million of the total US$73 million owed. Tribune242 notes that would result in somewhere between a US$33-US$43 million loss, or recovery ratio of 41-55%. The court papers obtained by Tribune242 stated: "Wellington Preserve . . . . gives notice that an initial dividend in the amount of US$10 million has been paid in this case to the liquidation estate of CLICO Enterprises, the parent company of [Wellington Preserve], which is itself in liquidation, supervised by the Supreme Court of the Commonwealth of the Bahamas." Under the terms of Wellington Preserve's US court-approved liquidation plan, CLICO Enterprises placed itself at the bottom of the creditors queue, ensuring all US-based unsecured creditors were paid off in full, Tribune242 notes. Tribune242 relays that explaining why the full US$13.384 million gross sales proceeds did not all come back to the Bahamas, the court filing added: "The remainder of the proceeds from the ongoing liquidation of [Wellington Preserve's] real estate holdings will thus be directed first to the ongoing expense of operating the Homeowners Association until the remainder of the property has been sold. . . . Second, to other administrative expenses and/or closing costs, as may be appropriate; third to accruing taxes, if any; and finally, the entire net proceeds shall be distributed as further dividends to the liquidation estate of CLICO Enterprises." Meanwhile, Tribune242 notes that Mr. Gomez and his attorneys have filed another amendment to Wellington Preserve's liquidation plan with the south Florida bankruptcy court, seeking permission to market and sell the remaining 283 acres and remit the net proceeds to CLICO Enterprises. Tribune242 says that explaining that Wellington Preserve was placed into Chapter 11 bankruptcy protection to ensure it was liquidated in an orderly fashion, paid off unsecured creditors, "and then seeing to the payment of the remaining proceeds of the liquidation to the remaining creditor, CLICO Enterprises", Mr. Gomez is seeking to further amend the liquidation plan in a bid to prevent further real estate sales incurring taxes. Tribune242 notes that the amendment he is seeking would "provide that the debtor shall continue to market the remaining 283 acres of lands, whether as one parcel or as several; shall conclude the sale thereof with reasonable dispatch; and shall remit the entire net proceeds thereof, after direct closing costs, costs of operating the Homeowners' Association, administrative expenses, and appropriate provision for taxes, if any, to the liquidating estate of CLICO Enterprises Nassau, Bahamas, as partial payment of principal on account of CLICO Enterprises allowed unsecured claim". Clico (Bahamas) Limited (previously known as British Fidelity Assurance Limited) operates branches in the Bahamas, Belize and the Turks and Caicos. Its parent company is Clico Holdings (Barbados) Limited, though the ultimate parent company is CL Financial Limited. TRINIDAD CEMENT: Keeps Options Open as Strike Nears End ------------------------------------------------------- Trinidad and Tobago Newsday reports that Trinidad Cement Limited management officials are keeping their options open as the 90-day strike action at the company's Claxton Bay and Mayo facilities is scheduled to come to an end at the weekend. Strike action began February 27 after the Oilfields Workers Trade Union (OWTU) served notice of strike action following a breakdown of negotiations between the OWTU and the company, according to Trinidad and Tobago Newsday. A few days later, the company responded by locking out the workers, the report relates. TCL General Manager Satnarine Bachew observed that should either the union or the company refer the dispute to the Ministry of Labour which would then refer the issue to the Industrial Court, the industrial action would then be halted, Trinidad and Tobago Newsday notes. As reported in the Troubled Company Reporter-Latin America on March 5, 2012, RJR News said that Trinidad Cement Limited will import cement from Jamaica as the strike by workers keeps its operations closed. It will also import supplies from Barbabos, according to RJR News. The report noted that TCL said it had arranged to get supplies from its Caribbean Cement subsidiary in Jamaica and Arawak plant in Barbados to minimize the impact of the industrial impasse. The report said that TCL said it will distribute the product throughout Trinidad and Tobago so that customers have access. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8-year facility, to be paid, quarterly, from March 2013, according to RJR News. The report related that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *