/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121011.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, October 11, 2012, Vol. 13, No. 203 Headlines A R G E N T I N A CELULOSA ARGENTINA: Moody's Withdraws 'B3' Corp. Family Rating LA ESQUINA: Creditors' Proofs of Debt Due Nov. 12 LLOYD AEREO: Creditors' Proofs of Debt Due Dec. 21 ZETAEME SRL: Creditors' Proofs of Debt Due Nov. 23 B E R M U D A VIKING CRUISES: Moody's Assigns 'B1' CFR; Outlook Stable C A Y M A N I S L A N D S ARIZONA INVESTMENTS: Members Receive Wind-Up Report ASSET FINANCE: Shareholders' Final Meeting Set for Oct. 12 ATTARA FUND: Shareholders' Final Meeting Set for Nov. 2 ATTARA LTD: Shareholders' Final Meeting Set for Nov. 2 BIJOU HOLDINGS: Members Receive Wind-Up Report EOLIA DIAMOND: Shareholders' Final Meeting Set for Oct. 12 FIELD POINT III: Shareholders' Final Meeting Set for Oct. 12 JULYSTAR 747-00: Members' Final Meeting Set for Oct. 11 LAICA INVESTMENTS: Members Receive Wind-Up Report ROOST INVESTMENTS: Shareholders Receive Wind-Up Report J A M A I C A JAMALCO: Alcoa to Unlock 63% in Added Value for Shareholders M E X I C O SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'Caa1' P U E R T O R I C O GIBRALTAR CONSTRUCTION: Enters Bankruptcy in Puerto Rico S T. V I N C E N T & G R E N A D I N E S * ST VINCENT & GRENADINES: Moody's Cuts Gov't Bond Rating to 'B2' T R I N I D A D & T O B A G O CL FIN'L: Trinidad & Tobago Government Offers CLICO Solutions V E N E Z U E L A * VENEZUELA: Debt Falls Most Since May After Chavez Re-Elected X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= CELULOSA ARGENTINA: Moody's Withdraws 'B3' Corp. Family Rating -------------------------------------------------------------- Moody's Latin America has withdrawn Celulosa Argentina S.A.'s ("CASA") B3 and Baa1.ar corporate family ratings for its own business reasons. The following ratings were withdrawn: - Corporate family ratings: B3/Baa1.ar RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. Headquartered in Argentina, CASA is a pulp, paper and wood product manufacturer, with primary operations in Argentina and Uruguay, with leading local brands and market positions in printing and writing papers, solid wood and plywood products. CASA also exports approximately 27% of revenues to Chile, Brazil and other Latin American countries, and to a lesser extent, the United States, Europe and Asia. For the last fiscal year ended May 31 2012, CASA's consolidated revenues reached USD 352 million. LA ESQUINA: Creditors' Proofs of Debt Due Nov. 12 ------------------------------------------------- Norberto Ruben Moline, the court-appointed trustee for La Esquina de Moldes SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 12, 2012. Mr. Moline will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Norberto Ruben Moline Av. Rivadavia 2530 Argentina LLOYD AEREO: Creditors' Proofs of Debt Due Dec. 21 -------------------------------------------------- Manuel Camilo Arias, the court-appointed trustee for Lloyd Aereo Boliviano SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 21, 2012. Mr. Arias will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Manuel Camilo Arias Congreso 2629 Argentina ZETAEME SRL: Creditors' Proofs of Debt Due Nov. 23 -------------------------------------------------- Luciano Arturo Melegari, the court-appointed trustee for Zetaeme SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 23, 2012. Mr. Melegari will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Luciano Arturo Melegari Bartolome Mitre 1131 Argentina ============= B E R M U D A ============= VIKING CRUISES: Moody's Assigns 'B1' CFR; Outlook Stable -------------------------------------------------------- Moody's Investors Service assigned a B1 Corporate Family and Probability of Default ratings to Viking Cruises, Ltd. Moody's also assigned a B3 rating to Viking's proposed US$250 million senior unsecured notes due 2022. Proceeds from the proposed note offering will be used to fund approximately US$100 million for investment in river vessels to be built, a US$50 million loan to an unrestricted subsidiary, Viking Ocean Cruises Finance Ltd., for ship progress payments and start- up expenses, US$50 million to purchase existing shares and options, to pay a US$20 million dividend to the company's owner, and for general corporate purposes. The notes will be guaranteed by existing subsidiaries representing approximately all of the company's EBITDA and about 97% of assets as of June 30, 2012. Viking Ocean Cruises, Ltd. and Viking Ocean Cruises Finance Ltd. (collectively "Viking Ocean") will not guarantee the notes. RATING RATIONALE: Viking's B1 Corporate Family Rating considers the business risk associated with high growth in a small market segment of the cruise industry along with company's high leverage relative to its revenue base. Pro-forma for the proposed bond transaction, lease adjusted debt to EBITDA will be approximately 5.5 times, a leverage level considered to be high particularly given Viking's narrow product focus and small size in terms of revenue. Total net revenues for the latest 12-months ended June 30, 2012 were only about US$294 million. The ratings also consider Viking's aggressive growth plans. The company has increased passenger capacity cruise days by approximately 50% between from 2009 to 2012 and will increase capacity by another approximately 30% in 2013. Additionally, the company is planning to expand into the ocean cruise segment of the industry (via an unrestricted non- guarantor subsidiary) that is dominated by larger, more established companies. The ratings are supported by Viking's good forward booking visibility. A high proportion of the following year's net cruise revenues are booked by late fall of the prior year. This visibility along with a short lead time to build new vessels, about 12 to 15 months -- enables the company to adjust capacity expansion to demand trends. Viking's dock ownership also enables the company to lay-up vessels at a manageable cost if there were a sudden reduction in demand, as occurred in 2009. Also considered is the company's solid interest coverage, at about 2.5 times -- like other cruise operators, Viking benefits from the low cost secured ship financing -- and increasing mix of higher margin new longships that is expected to driver higher returns on investment. The ratings incorporate the qualified audit opinion that the company received in 2011 -- and expected to receive going forward -- as a result of a disagreement with the auditors regarding the accounting treatment of direct marketing and advertising costs under IAS 38. Viking treats these expenses in accordance with the matching principal. While not in accordance with IFRS, it is acceptable in GAAP accounting. The stable rating outlook reflects good forward booking trends at higher prices for 2013 and Moody's expectation that Viking can achieve a solid return on its vessel investments while maintaining its current credit profile. Additionally, the stable outlook takes into account Moody's view that Viking the company has the ability to react quickly to slow the pace of capacity expansion should the demand environment change. The ratings could be downgraded if for any reason, there is a meaningful deterioration in occupancy or pricing that would cause gross lease adjusted debt/EBITDA to approach 6.0 times. In considering the company's leverage metrics, Moody's will give some credit for cash in excess of the company's liquidity needs. The ratings could be upgraded if the demand environment remains strong enough to support a solid return on capacity expansion and lease adjusted debt to EBITDA declines below 5.0 times and is likely to remain at a lower level in the context of Viking's growth strategy. The principal methodology used in rating Viking Cruises Ltd was the Global Lodging & Cruise Industry Rating Methodology published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Viking Cruises, Ltd. is the holding company of Viking River Cruises Ltd, and Viking Ocean Cruises Ltd, both Bermuda companies. Viking Ocean is an unrestricted subsidiary of Viking Cruises, Ltd. As of June 30, 2012, Viking River Cruises, Ltd. operated and marketed 30 river cruise vessels under the Viking River Cruises brand; last twelve months total net revenues were approximately US$294 million. ========================== C A Y M A N I S L A N D S ========================== ARIZONA INVESTMENTS: Members Receive Wind-Up Report --------------------------------------------------- The members of Arizona Investments Limited received on Oct. 4, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands ASSET FINANCE: Shareholders' Final Meeting Set for Oct. 12 ---------------------------------------------------------- The shareholders of Asset Finance Corporation Limited will hold their final meeting on Oct. 12, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ATTARA FUND: Shareholders' Final Meeting Set for Nov. 2 ------------------------------------------------------- The shareholders of Attara Fund, Ltd. will hold their final meeting on Nov. 2, 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: Ian D. Stokoe c/o Jodi Jones Telephone: (345) 914 8694 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands ATTARA LTD: Shareholders' Final Meeting Set for Nov. 2 ------------------------------------------------------ The shareholders of Attara Ltd. will hold their final meeting on Nov. 2, 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: Ian D. Stokoe c/o Jodi Jones Telephone: (345) 914 8694 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands BIJOU HOLDINGS: Members Receive Wind-Up Report ---------------------------------------------- The members of Bijou Holdings Limited received on Oct. 4, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands EOLIA DIAMOND: Shareholders' Final Meeting Set for Oct. 12 ---------------------------------------------------------- The shareholders of Eolia Diamond Ltd will hold their final meeting on Oct. 12, 2012, at 1:45 p.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 FIELD POINT III: Shareholders' Final Meeting Set for Oct. 12 ------------------------------------------------------------ The shareholders of Field Point III, Ltd. will hold their final meeting on Oct. 12, 2012, at 2:30 p.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 JULYSTAR 747-00: Members' Final Meeting Set for Oct. 11 ------------------------------------------------------- The members of Julystar 747-00 Limited will hold their final meeting on Oct. 11, 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: Bernard Mcgrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands LAICA INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------- The members of Laica Investments Limited received on Oct. 4, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands ROOST INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Roost Investments Limited received on Oct. 2, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O Box 1350 Grand Cayman KY- 1108 Cayman Islands ============= J A M A I C A ============= JAMALCO: Alcoa to Unlock 63% in Added Value for Shareholders ------------------------------------------------------------ RJR News reports that Alcoa, the aluminum producer dragged down by the metal's price decline, stands to unlock 63% in added value for shareholders by splitting itself up. Alcoa's share price slumped about 50% in the past 18 months as aluminum prices dropped to an almost three-year low, according to RJR News. Alcoa owns the majority stake in Jamalco in Clarendon. RJR News relates that Bloomberg News reported that it left the company trading at a lower multiple to book value than 94% of peers in the aluminum industry, and at a 60% discount to its sales. Alcoa plans to release third-quarter results after the U.S. market closes in Oct. 10, the report says. About JAMALCO JAMALCO (Alcoa Minerals of Jamaica) is a wholly owned subsidiary of Alcoa. JAMALCO mines bauxite and refines it into alumina before exporting the alumina from its port at Rocky Point, Clarendon. * * * As reported in the Troubled Company Reporter-Latin America on July 19, 2012, RJR News said that U.S. aluminum giant Alcoa, which is part owner of the Alcoa Minerals of Jamaica (Jamalco) plant in Jamaica, has posted a US$2 million second quarter loss after aluminum prices slumped to near two-year lows. Alcoa said revenue declined 9% to US$6 billion as aluminum prices fell 18% from last year, according to RJR News. A TCRLA report on April 13, 2009, Radio Jamaica News said Alcoa plans to cut 13,500 jobs or 13% of the work force in Jamaica, because of the global slowdown. Alcoa is also selling four business units and reducing output to save money, the report noted. Caribbean Net News said the government is holding talks with potential purchasers for its 45% stake in the Jamalco refinery in south-central parish of Clarendon. Aluminum giant Alcoa holds 55% of the company, which has a production capacity of 1.4 million tons of alumina. =========== M E X I C O =========== SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'Caa1' ----------------------------------------------------------------- Moody's de Mexico downgraded the national scale senior unsecured debt rating of Sare Holding, S.A.B. de C.V. to Caa1.mx, from B3.mx (global scale, local currency to Caa1, from B3) and the national scale issuer rating to Caa1.mx, from B3.mx (global scale, local currency to Caa1, from B3). Moody's also placed the ratings under review for downgrade. RATINGS RATIONALE On October 1, 2012 the company missed an interest payment on its SARE 08 and SARE 08-2 bonds. Sare had a grace period of five business days, which expired on October 8, 2012. The company did make the requirement payment on Friday, October 5. A default would have caused a payment acceleration of these bonds, placing a large burden on the company's liquidity position and viability. In its review ratings review Moody's will focus on Sare's future cash flow generation and its ability to make timely interest and principal payments on its upcoming debt. The company's next interest payment is due in December 2012. Sare has limited liquidity and its cash flows continue to be stressed, which likely implies difficulty in being able to quickly develop and sell homes. Furthermore, Moody's expects that the company will continue to experience deterioration in its operating profits and credit metrics. Its development capabilities remain strained as they are completely tied to the sale of non-strategic land. Moody's stated that should the company make the December interest payment on its SARE 08 and SARE 08-2 bonds on a timely basis the ratings will most likely be affirmed. Conversely, should Sare miss the interest payment in December 2012 or experience any further deterioration in its current liquidity and credit metrics coupled with any further debt restructuring or debt covenant compliance issues the ratings will most likely be downgraded multiple notches. The following ratings were downgraded and placed under review for downgrade: Sare Holding, S.A.B. de C.V. -- national scale senior unsecured debt rating to Caa1.mx, from B3.mx (global scale, local currency to Caa1, from B3); national scale issuer rating to Caa1.mx, from B3.mx (global scale, local currency to Caa1, from B3) Moody's last action with respect to Sare took place on March 22, 2012, when Moody's downgraded the national scale senior unsecured debt and issuer ratings of Sare to B3.mx, from Ba3.mx. Moody's also affirmed Sare's global local currency senior unsecured debt and issuer ratings at B3. The rating outlook remained negative. Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a fully integrated, diversified homebuilder engaged in the development, construction, marketing, consulting, and sales of affordable, middle- and upper-income housing developments in Mexico. Sare was founded in 1967 and first developed single-family homes and office buildings in 1977. Sare has an important presence in Mexico City and nine different states in the country: State of Mexico, Jalisco, Puebla, Michoacan, Guanajuato, Queretaro, Quintana Roo, Guerrero and Morelos. Sare Holding, S.A.B. de C.V. is one of the top eight home developers in Mexico. As of June 30, 2012 Sare reported approximately $6.4 billion Mexican pesos in assets and US$3 billion Mexican pesos in total shareholders' equity. ===================== P U E R T O R I C O ===================== GIBRALTAR CONSTRUCTION: Enters Bankruptcy in Puerto Rico -------------------------------------------------------- Gibraltar Construction Co. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-07583) on Sept. 26, 2012, estimated assets of at least $10 million and liabilities of at least $1 million. Carla Main, substituting for Bloomberg bankruptcy columnist Bill Rochelle, reports that the Debtor's affiliate, Gulfcoast Irrevocable Trust, a stockholder in the debtor, has a pending bankruptcy case in Puerto Rico. According to the report, Gibraltar declared personal property valued at $21.2 million, unsecured priority claims of $249,571 and unsecured non-priority claims of $4.42 million in court filings. Claimants are building-industry trades. =========================================== S T. V I N C E N T & G R E N A D I N E S =========================================== * ST VINCENT & GRENADINES: Moody's Cuts Gov't Bond Rating to 'B2' ----------------------------------------------------------------- Moody's Investors Service has downgraded the rating of the government of St. Vincent and the Grenadines to B2 from B1. At B2, the outlook is stable. Key rating drivers for this decision are: 1. Poor growth prospects following a protracted recession and weak recovery in tourism 2. Significant and rapid deterioration of the government's balance sheet 3. Elevated vulnerability to external economic shocks RATING RATIONALE The economy has contracted for four consecutive years and Moody's expects growth to recover to a modest 1.5%-2% in 2012/13. St Vincent's small, concentrated economic base -- the $700 million economy relies heavily on tourism and construction activity funded by foreign investment -- and a weak US recovery that has adversely affected tourism across the Caribbean, will continue to dampen potential growth. Prospects for future growth depend critically on improving the competitiveness of the tourism sector and the completion of a new airport, which is subject to considerable uncertainty and expected to strain government finances. The public sector plays an outsized role in the economy. Government spending is critical to generating employment, maintaining social entitlement programs, and funding infrastructure investment. St. Vincent's downgrade to B2 incorporates a marked deterioration of the government's financial balance over the past five years driven by elevated government spending on capital projects, primarily related to the construction of a new airport, and high current expenditure on public sector wages, social security transfers, and other benefits. Revenue growth has been limited by low growth and depressed tourism and banana export sectors, despite a broader tax base following reforms that included the introduction of value-added and excise taxes in the mid-2000s. The central government's debt-to-GDP ratio has deteriorated to 62% in 2012 (projected) from 41.5% in 2007, while debt metrics compare unfavorably with B-rated peers. Moody's expects the government will find it difficult to rationalize spending and achieve the fiscal consolidation necessary to stabilize the debt and place it on a sustainable trajectory in the near term. The government relies primarily on grants and concessional financing from bilateral and multilateral sources, including several emergency credit facilities from the IMF. It has also increasingly leveraged short-term debt issued on the ECCU's regional government securities market, which reflects a lack of access to global markets and may elevate rollover risk. The rating action also captures increased susceptibility to external economic shocks. St. Vincent runs a substantial and growing current account deficit funded by volatile FDI and development grants and the government is exposed to contingent liabilities from rising levels of debt held by public enterprises and a weak banking sector susceptible to regional contagion. WHAT COULD CHANGE THE RATING UP As reflected by its stable outlook, Moody's sees limited potential for upward rating changes in the immediate future. The completion of Argyle Airport and the associated increase in FDI in the tourism sector will be critical to restoring faster growth in advance of any future rating upgrades. WHAT COULD CHANGE THE RATING DOWN A further deterioration of the public sector balance sheet due to external shocks in the form of weather-driven events like hurricanes, currency depreciation or the assumption of contingent liabilities could put downward pressure on the rating. Increased commercial borrowing to finance the Argyle airport in 2013/14 may be credit-negative, particularly if completion of the project is delayed and cost-overruns raise financing needs. Downward pressure on the rating will also result if access to grants and concessional finance deteriorates or FDI experiences a sudden stop, leaving the government with limited options to finance twin budget and current account deficits. CEILINGS As part of this rating action, St. Vincent's local and foreign currency bond ceilings were adjusted to Ba3. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Trinidad & Tobago Government Offers CLICO Solutions ------------------------------------------------------------- Caribbean360.com reports that after more than three years in limbo, investors and policyholders in Colonial Life Insurance Company (Trinidad) Limited (CLICO) have been offered a final solution by the Trinidad and Tobago government aimed at recovery of the millions of dollars in outstanding payments owed. Minister of Finance Larry Howai disclosed that a new insurance company would be incorporated into which the traditional policies and other assets would be transferred from CLICO and that new company would continue to manage the traditional policies, according to Caribbean360.com. The report notes that Minister Howai said the government was discharging the liabilities held by individual and corporate investors in CLICO Short-Term Investment Products (STIPs) in two components: cash payments for amounts less than TT$75,000 and a mix of cash and zero-coupon one-20 year bonds for amounts over TT$75,000. The report relates that Minister Howai revealed that up to last month over 25,000 STIP holders, including credit unions and trade unions, accounting for TT$10.268 billion, had accepted Government's settlement offer. Minister Howai also disclosed that government would launch the CLICO Investment Fund on November 1, the report says. Caribbean360.com notes that Minister Howai said policyholders who exchanged their 11-20 year bonds for units in the Fund should be able to begin trading those units from Jan. 2, 2013, on the Trinidad and Tobago Stock Exchange. Minister Howai added that provisions were being made for the income generated by the Fund to be tax-exempt in the hands of investors, the report relates. The report relays that Trinidad Express reported that Minister Howai said that once negotiations with CLICO policyholders and shareholders were complete, the government would move to recoup the nearly TT$20 billion of taxpayers' money it shelled out to save the failed insurance giant. During his Budget presentation Minister Howai had said that adding the CLICO debt to the country's national debt, increasing its debt-to-Gross Domestic Product level by around TT$8 billion, the report notes. Minister Howai said that once negotiations were finalized with the Executive Flexible Premium Annuity holders and other CL Financial shareholders, he could consider divesting or selling the assets of CL Financial to local companies to recoup funds put out by the Government, the report adds. 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. ================= V E N E Z U E L A ================= * VENEZUELA: Debt Falls Most Since May After Chavez Re-Elected -------------------------------------------------------------- Ye Xie and Veronica Navarro Espinosa at Bloomberg News reports that Venezuela's benchmark bonds plunged the most in four years as President Hugo Chavez's re-election fueled concern he will extend government controls that have deterred investment and led to the region's highest inflation. The government's bonds due in 2027 fell 4.61 cents, the most since October 2008, to 86.63 cents on the dollar on Oct. 10, at 4:10 p.m. in New York, according to data compiled by Bloomberg. Yields on the dollar-denominated bonds rose 69 basis points, or 0.69 percentage point, to 11.10 percent, Bloomberg News relates. President Chavez will probably deepen policies, such as currency controls and nationalizations, that have driven investors from South America's biggest oil-producing nation, according to analysts at Goldman Sachs Group Inc. and Bank of America Corp., Bloomberg News says. The re-election may "give Chavez a strong mandate to extend the socialist revolution given the big-margin victory," Stuart Culverhouse, the chief economist at Exotix Ltd., told Bloomberg in an interview from London. Bloomberg News notes that Venezuelan dollar debt had been Latin America's best performer this year, returning 32 percent on speculation Chavez, 58, would lose the vote or succumb to a two- year cancer battle, handing power to a government that would roll back his economic policies. Bloomberg News recalls that Chavez has seized more than 1,000 companies, imposed price caps, controls on foreign-exchange trading and used rising oil revenue to fund popular social programs. The policies led to shortages of everything from electricity to sugar and beef and fueled higher inflation than any country tracked by Bloomberg after Belarus and Iran, Bloomberg News relates. "The outcome is negative from the standpoint of creditworthiness," Francisco Rodriguez, a senior Andean economist at Bank of America who correctly predicted the election result, told Bloomberg News by e-mail. The selloff in Venezuelan bonds will be short-lived as investors look for high-yielding assets, according to Russell Dallen, the head bond trader at Caracas Capital Markets, Bloomberg News relates. Bloomberg News discloses that speculation that Chavez would lose the vote fueled a rally in Venezuelan assets in the weeks before the election, according to Dallen. Barclays Plc called Capriles the probable winner in an Oct. 5 report and reiterated its recommendation to buy Venezuelan debt, the report adds. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Oct. 18, 2012 AMERICAN BANKRUPTCY INSTITUTE International Insolvency & Restructuring Symposium Parco dei Principi Grand Hotel & Spa, Rome, Italy Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 26, 2012 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program San Diego Marriott Marquis and Marina, San Diego, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-2, 2012 AMERICAN BANKRUPTCY INSTITUTE Corporate Restructuring Competition Wharton University of Pennsylvania, Philadelphia, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 12, 2012 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference [Location Undetermined] Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. *********** 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 * * *