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/raid1/www/Hosts/bankrupt/TCRLA_Public/130522.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 Wednesday, May 22, 2013, Vol. 14, No. 100 Headlines C A Y M A N I S L A N D S ALBATROSS LEASE: Creditors' Proofs of Debt Due June 6 BRASCAN STRUCTURED: Creditors' Proofs of Debt Due June 6 COMPASS KAZAKHSTAN: Creditors' Proofs of Debt Due June 6 CR INVESTMENT: Creditors' Proofs of Debt Due May 28 EMPG INTERNATIONAL: Creditors' Proofs of Debt Due May 28 FPC EQUITY: Commences Liquidation Proceedings GPF FLEETPRIDE: Commences Liquidation Proceedings GUNDY LIMITED: Creditors' Proofs of Debt Due May 24 LIBRA OFFSHORE: Shareholders Receive Wind-Up Report PAISLEY LIMITED: Creditors' Proofs of Debt Due May 24 TARCHON EQUITY: Creditors' Proofs of Debt Due June 3 TARCHON HOLDING: Creditors' Proofs of Debt Due June 3 THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24 TRAILER EQUITY: Commences Liquidation Proceedings WHARTON ASIAN: Commences Liquidation Proceedings J A M A I C A * JAMAICA: Dollar Remains Overvalued, Further Depreciation Needed M E X I C O LATAM WALKERS: Fitch Ups CLP5.3BB UF-Adjusted Cert. From 'BB+' * MEXICO: Large Telecom Players to Feel Pressure of Reforms P U E R T O R I C O AJ & M: Case Summary & 16 Unsecured Creditors AAA COFFEE: Case Summary & 15 Largest Unsecured Creditors T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: New Chairman Marshall Wants 'Clean' Airline CL FIN'L: CLICO Collapse Caused by World Recession, Says Duprey - - - - - ========================== C A Y M A N I S L A N D S ========================== ALBATROSS LEASE: Creditors' Proofs of Debt Due June 6 ----------------------------------------------------- The creditors of Albatross Lease Services Limited are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 17, 2013. The company's liquidator is: Ellen J. Christian c/o BNP Paribas Bank & Trust Cayman Limited PO Box 10632, 3rd Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1006 Cayman Islands BRASCAN STRUCTURED: Creditors' Proofs of Debt Due June 6 -------------------------------------------------------- The creditors of Brascan Structured Notes 2005-2, Ltd. are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 18, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler COMPASS KAZAKHSTAN: Creditors' Proofs of Debt Due June 6 -------------------------------------------------------- The creditors of Compass Kazakhstan Ltd. are required to file their proofs of debt by June 6, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 13, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 CR INVESTMENT: Creditors' Proofs of Debt Due May 28 --------------------------------------------------- The creditors of CR Investment Co Ltd. are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 18, 2013. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands EMPG INTERNATIONAL: Creditors' Proofs of Debt Due May 28 -------------------------------------------------------- The creditors of EMPG International Limited are required to file their proofs of debt by May 28, 2013, to be included in the company's dividend distribution. The company's liquidator is: Mike Saville c/o John Royle Telephone: (345) 769 7206 Facsimile: (345) 949 7120 10 Market Street, Box #765 Camana Bay Grand Cayman KY1- 9006 Cayman Islands FPC EQUITY: Commences Liquidation Proceedings --------------------------------------------- On April 16, 2013, the shareholders of FPC Equity Limited passed a resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands GPF FLEETPRIDE: Commences Liquidation Proceedings ------------------------------------------------- On April 16, 2013, the shareholders of GPF Fleetpride Holdings Limited passed a resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands GUNDY LIMITED: Creditors' Proofs of Debt Due May 24 --------------------------------------------------- The creditors of Gundy Limited are required to file their proofs of debt by May 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 12, 2013. The company's liquidator is: Michella Callender Wardour Management Services Limited Telephone: (345) 945 3301 Facsimile: (345) 945 3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands LIBRA OFFSHORE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Libra Offshore Ltd received on May 16, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Ben Gillooly Telephone: (345) 815 1764 Facsimile: (345) 949-9877 PAISLEY LIMITED: Creditors' Proofs of Debt Due May 24 ----------------------------------------------------- The creditors of Paisley Limited are required to file their proofs of debt by May 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 15, 2013. The company's liquidator is: Charles Gary Hepburn Wardour Management Services Limited Telephone: (345) 945 3301 Facsimile: (345) 945 3302 P.O. Box 10147, Grand Cayman KY1-1002 Cayman Islands TARCHON EQUITY: Creditors' Proofs of Debt Due June 3 ---------------------------------------------------- The creditors of Tarchon Equity Fund are required to file their proofs of debt by June 3, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 12, 2013. The company's liquidator is: Mark Longbottom c/o James Plowright 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 TARCHON HOLDING: Creditors' Proofs of Debt Due June 3 ----------------------------------------------------- The creditors of Tarchon Holding are required to file their proofs of debt by June 3, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 12, 2013. The company's liquidator is: Mark Longbottom c/o James Plowright 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 THAMES RIVER: Shareholders to Hear Wind-Up Report on May 24 ----------------------------------------------------------- The shareholders of Thames River Distressed Focus Fund Limited will receive on May 24, 2013, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands TRAILER EQUITY: Commences Liquidation Proceedings ------------------------------------------------- On April 16, 2013, the shareholders of Trailer Equity Limited passed a resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by May 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands WHARTON ASIAN: Commences Liquidation Proceedings ------------------------------------------------ On April 12, 2013, the shareholders of Wharton Asian Arbitrage Fund Company Limited passed a resolution that voluntarily liquidates the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Post House 4 Shouson Hill Road West Hong Kong ============= J A M A I C A ============= * JAMAICA: Dollar Remains Overvalued, Further Depreciation Needed ----------------------------------------------------------------- RJR News reports that the International Monetary Fund has declared that despite the recent depreciation in the value of the Jamaican dollar, the currency still remains overvalued and further depreciation is needed. The IMF made this observation in its Country Report on Jamaica which is attached to the recent request for the four-year Extended Fund Facility, according to RJR News. The report relates that the IMF said the recent depreciation has been useful in reversing part of the overvaluation of the currency but the remaining overvaluation, to restore external competitiveness of Jamaican products, must be addressed. It says that is to be done through the market by using the flexibility of the exchange rate system, RJR News notes. In the meantime, Dr. Peter Phillips, the country's Minister of Finance, will update the nation on the latest visit from an IMF team to the country, the report discloses. The team has been in the island since late last week, the report adds. =========== M E X I C O =========== LATAM WALKERS: Fitch Ups CLP5.3BB UF-Adjusted Cert. From 'BB+' -------------------------------------------------------------- Fitch Ratings has upgraded the ratings on the certificates issued by LatAm Walkers Cayman Trust, Series 2006-101 (LatAm 2006-101) as follows: -- CLP5,348,000,000 UF-Adjusted Certificates to 'BBB-sf' from 'BB+sf'; Outlook Stable. KEY RATING DRIVERS The rating action follows Fitch's upgrade of the reference entity, Petroleos Mexicanos S.A. (Pemex) (rated 'BBB+'; Outlook Stable by Fitch) on May 14, 2013. Fitch monitors the performance of the underlying risk-presenting entities and adjusts the rating accordingly through application of its current credit-linked note (CLN) criteria, 'Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes' dated Feb. 21, 2013. Fitch's rating of LatAm 2006-101 is credit-linked to the rating of the reference entity and Merrill Lynch & Co., Inc. (rated 'A', Outlook Stable by Fitch), as issuer of the collateral assets and guarantor of the swap counterparty. The Rating Outlook reflects the status of the main risk driver, Pemex, which is the lowest rated risk-presenting entity. RATING SENSITIVITIES The rating remains sensitive to rating migration of the underlying risk-presenting entities. A downgrade of the weakest link would likely result in a downgrade to the certificates. LatAm 2006-101 (the issuer) is a single-name CLN structure referencing Pemex via a Credit Default Swap (CDS) between the issuer and the swap counterparty, Merrill Lynch Capital Services, Inc. (MLCS), which is guaranteed by Merrill Lynch & Co., Inc. The CDS is funded by Euro Medium Term Notes (the qualified investment) issued by Merrill Lynch & Co., Inc. Payments of interest and principal will be made in U.S. dollar (USD) amounts adjusted according to both the prevailing value of the Unidad de Fomento (UF) and the CLP/USD exchange rate. * MEXICO: Large Telecom Players to Feel Pressure of Reforms ----------------------------------------------------------- Mexico's new telecommunications reform law will not end the dominance of the few large players in the Mexican telecommunications market, says Moody's Investors Service in the report "Telecom Reform in Mexico to Raise Regulatory Pressure." These major players, however, are the companies that have the most to lose from the new law. "We expect that the Mexican telecommunications market will continue to be dominated by America Movil S.A.B. de C.V. and Grupo Televisa S.A.B., the major competitors in the residential business in Mexico," says Nymia Almeida, the Moody's Vice President and Analyst who authored the report. "However, these are also the companies for which the new telecom law carries the most potential negative implications as regulatory decisions seek to enhance competition." Rulings by IFETEL, the new, strengthened regulator being created, will likely involve on-net off/off-net pricing, network unbundling, interconnection rates and infrastructure sharing, among other matters. The regulator could also attempt to intervene in final pricing, although in countries including the US, such efforts have had a limited effect. Although the new telecom law aims to increase competition, smaller operators may not see much benefit. First, access to the incumbent's network may prove more difficult than expected. Second, lower interconnection rates usually reduce cash generation and thus capacity to invest in growth. Last week, a majority of Mexican state legislatures approved the country's new telecommunications law, ushering in a transformation of Mexico's regulatory regime for telecommunications. The law establishes the new regulator, IFETEL, which will have both telecom and antitrust regulatory powers, giving it more authority than its predecessor, Cofetel. Part of the new government's effort to raise Mexico's economic growth and competitiveness, the new law was executed at the constitutional level to avoid judicial challenges from the telecom operators. However, in coming months the Mexican congress will develop secondary laws to guide implementation of the new law. "While lawmakers' leeway will be limited by the constitution, it is not yet clear how the new law will actually end up affecting the telecom industry," says Moody's Almeida. ===================== P U E R T O R I C O ===================== AJ & M: Case Summary & 16 Unsecured Creditors --------------------------------------------- Debtor: AJ & M Enterprises Corp aka Texaco Trujillo Alto Plaza Diaz Service Station P.O. Box 159 Trujillo Alto, PR 00977 Bankruptcy Case No.: 13-03763 Chapter 11 Petition Date: May 9, 2013 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Enrique S. Lamoutte Inclan Debtor's Counsel: William M. Vidal, Esq. WILLIAM VIDAL CARVAJAL LAW OFFICES 255 Ponce De Leon Avenue, Suite 801 San Juan, PR 00917 Tel: (787) 764-6867 (787) 399-6415 Fax: 787-764-6496 E-mail: william.m.vidal@gmail.com Scheduled Assets: $2,206,130 Scheduled Liabilities: $3,373,779 The Company's list of its 16 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb13-03763.pdf The petition was signed by Jacinto Diaz Marrero, president. AAA COFFEE: Case Summary & 15 Largest Unsecured Creditors --------------------------------------------------------- Debtor: AAA Coffee Break Service Inc. P.O. Box 9505 San Juan, PR 00908 Bankruptcy Case No.: 13-03866 Chapter 11 Petition Date: May 10, 2013 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Enrique S. Lamoutte Inclan Debtor's Counsel: Carmen D Conde Torres, Esq. C. CONDE & ASSOCIATES 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: notices@condelaw.com Scheduled Assets: $2,254,784 Scheduled Liabilities: $5,897,328 A copy of the Company's list of its 15 largest unsecured creditors, filed together with the petition, is available for free at http://bankrupt.com/misc/prb13-3866.pdf The petition was signed by Luis Alonso, president. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: New Chairman Marshall Wants 'Clean' Airline --------------------------------------------------------------- Carla Bridglal at Trinidad Express reports that Trinidad and Tobago Finance Minister Larry Howai said new Caribbean Airlines Limited Chairman Philip Marshall got the job because of his career experience, especially in Jamaica. "He was the first chairman of the Corporate Governance Commission for the private sector in Jamaica and you know we have some challenges in Jamaica. Also, because of his background, he has experience generally dealing with turnaround situation," the report quoted Mr. Howai as saying. Trinidad Express relates that Mr. Howai noted that only the Trinidadian members of CAL's board were removed, with Jamaican Denis Lalor as the only one retained, as he had been appointed by the Jamaican government. For the new board, Mr. Howai said he needed a particular kind of skill set from the members, and was still searching for more members, which is why this current crop is just interim, the report notes. Trinidad Express discloses Mr. Marshall said his aim at the airline will be to implement proper corporate governance policies, so "when the chairman speaks he speaks for the whole board". Mr. Marshall is currently the Director of the Strategic Management Office at the Ministry of Finance. Mr. Marshall is an accountant by training, registered with accounting governing bodies in the United Kingdom, Trinidad and Tobago and Jamaica. Mr. Marshall was deputy chairman of auditing firm Ernst and Young Caribbean, and was previously an Independent senator in the T&T Parliament from 1995-2000. Mr. Marshall added that the first board meeting should be next week as some members are out of the country, Trinidad Express notes. Mr. Marshall said he was approached by Mr. Howai to take the position and "responded readily for the benefit of my country," the report relays. Mr. Marshall noted that when boards are appointed care should be taken to place the best possible people on them, the report adds. CL FIN'L: CLICO Collapse Caused by World Recession, Says Duprey --------------------------------------------------------------- Caribbean360.com reports that former chairman of the financially troubled CL Financial Group, Lawrence Duprey, has blamed the world recession and not mismanagement for the collapse of the Colonial Life Insurance Company (CLICCO), the flag ship company of the group. The financial problems of CLICO and the collapse of the British American Insurance Company (BAICO) have not only affected clients in Trinidad and Tobago, but in many Caribbean countries where policy holders have reported losses estimated at millions of dollars, according to Caribbean360.com. The report relates that the Trinidad and Tobago government said it has pumped more than TT$25 billion (One TT dollar = US0.16 cents) in bailing out the company since it collapsed in 2009 and last year, the Director of Public Prosecutions Roger Gaspard said the police had started a "full criminal investigation" into the conduct of individuals and corporate entities involved in the collapse of CLICO and related companies. However, Caribbean360.com notes that Mr. Duprey, who resides in the United States, in an exclusive interview with the Trinidad Guardian newspaper blamed the world recession and not mismanagement for the situation. "It's the downturn and the bubble that burst that hurt the company. It's not mismanagement, or what I do or what anybody else did. When you measure the numbers, you could see that could not happen. When you measure the numbers, you could see that mismanagement couldn't cause CL Financial to come down, it had to be the economy," the report quoted Mr. Duprey as saying. The newspaper said that Mr. Duprey, who failed to appear before a Commission of Enquiry set up by the authorities to examine the situation that led to the collapse of CLICO, refused to comment or entertain questions on the Commission because of the ongoing criminal probe and civil matters before the courts, the report says. However, the report discloses that Chairman of the CLICO Policyholders Group, Peter Permell, said he was "shocked" at Mr. Duprey's comment adding "we just could not fathom how this individual, who was once held in such high regard by the citizens of this country and who has benefitted so much over the years from the patronage and loyalty of thousands of policyholders to the 'CLICO brand', could be so callously ungrateful and dismissive of these very same people. 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. *********** 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., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *