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/raid1/www/Hosts/bankrupt/TCRLA_Public/130918.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, September 18, 2013, Vol. 14, No. 185 Headlines A N T I G U A & B A R B U D A LIAT: Chief Executive Officer Resigns B A R B A D O S * BARBADOS: To Receive BDS$16 Million in Chinese Assistance B E R M U D A TUCKER'S POINT: BEST Comments On Firm Entering Receivership B R A Z I L OSX BRASIL: Caixa Economica Halts Loans to Shipbuilding Firm C A Y M A N I S L A N D S BERMUDA INVESTORS: Shareholder to Hear Wind-Up Report on Oct. 4 CHURCHILL HAVANA: Shareholders' Final Meeting Set for Sept. 30 EUROMAX III: Fitch Affirms 'CC' Rating on Class B Notes FALMOUTH FINANCE: Shareholders' Final Meeting Set for Oct. 7 FOREST WOBURN: Shareholders' Final Meeting Set for Oct. 10 ING GOLDMAN: Shareholders' Final Meeting Set for Sept. 30 MC GIP: Shareholder to Hear Wind-Up Report on Sept. 30 SEAOIL MARINE: Shareholders' Final Meeting Set for Sept. 30 THE A FUND: Shareholders' Final Meeting Set for Oct. 9 THE A1 FUND: Shareholders' Final Meeting Set for Oct. 9 TIGER GLOBAL SPV I: Member to Hear Wind-Up Report on Sept. 30 TIGER GLOBAL II SPV: Member to Hear Wind-Up Report on Sept. 30 TIGER GLOBAL SPV II: Member to Hear Wind-Up Report on Sept. 30 WESTERN ASSET GLOBAL: Shareholders' Final Meeting Set for Oct. 3 WESTERN ASSET REAL: Shareholders' Final Meeting Set for Oct. 3 WORLD 400: Shareholders' Final Meeting Set for Oct. 7 D O M I N I C A N R E P U B L I C * DOMINICAN REP: Leaders Slam 'Disturbing' Lack of Competitiveness T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Leader Describes Removal of Subsidy a "Hoax" - - - - - ================================== A N T I G U A & B A R B U D A ================================== LIAT: Chief Executive Officer Resigns ------------------------------------- Caribbean360.com reports that Prime Minister Dr. Ralph Gonsalves said the resignation of Ian Brunton, the chief executive of the regional airline, Leeward Islands Air Transport (LIAT), has come at a most crucial time, but "nobody is indispensible". Mr. Gonsalves, who is chair of the shareholder governments of the airline, said the matter would be discussed by the board of directors, according to Caribbean360.com. "He has tendered his resignation. Under his contract, I have been advised, that he has to give three months' notice. Naturally, the board of directors will respond to say whether they are accepting it. But that is the factual situation," the report quoted Mr. Gonsalves as saying. The report notes that Mr. Gonsalves said he had not spoken to Brunton since the announcement and is not in a position to comment on the reasons behind the decision of the Trinidadian top quit. Mr. Brunton's resignation comes as poor implementation of LIAT's re-fleeting exercise over the past few weeks erased any profits that the airline hoped to make over the summer period -- one of its busiest, the report discloses. Mr. Gonsalves agreed that the resignation comes as a crucial time for LIAT, which late last year unveiled a plan that it said would have taken the airline into the black. The report notes that Mr. Brunton, a former chief executive of Trinidad & Tobago state owned Caribbean Airlines Ltd, is spearheading the airline multi-million dollar re-fleeting exercise. The report discloses that LIAT signed a US$65 million loan with the Barbados-based Caribbean Development Bank (CDB) to finance the purchase of new aircraft. The fleet modernisation project involves the replacement of LIAT's ageing fleet through a combination of lease and purchase of aircraft; the transition costs associated with the changeover; the upgrade of maintenance facilities and other institutional strengthening activities. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. =============== B A R B A D O S =============== * BARBADOS: To Receive BDS$16 Million in Chinese Assistance ----------------------------------------------------------- Caribbean360.com reports that Barbados has praised China for its continued support for the socio-economic development of the island as the two countries signed a multi-million dollar agreement on September 11. Foreign Affairs and Foreign Trade Minister Maxine McClean said China had proven to be a reliable partner for Barbados and pointed to the funding of numerous development projects, including the construction and refurbishment of some of the country's most visible landmarks, according to Caribbean360.com. The report notes that the two countries signed an economic technical agreement and three banking agreements on Accounting Procedures with a total value of BDS$16 million (One BDS dollar = US$0.50 cents). The report relates that Ms. McClean cited the Elsie Payne Complex, headquarters of the Ministry of Education and Human Resource Development, the Garfield Sobers Sports Complex and the Lloyd Erskine Sandiford Centre as examples of China's support for the development of the island. She said the government had made considerable progress in the utilization of the grant funds provided by China and that 11 projects in areas such as agriculture, renewable energy and infrastructural development, had been submitted to China for consideration, the report relays. The report notes that Chinese Ambassador, Xu Hong, said since the establishment of diplomatic relations between the two countries in 1977, 21 government agreements on economic and technical cooperation had been signed. Caribbean360.com adds that Ambassador Xu pledged to continue working with Barbados to promote new areas of cooperation to "bring more benefits to the people of Barbados, which in return, will further develop the bilateral relationship". ============= B E R M U D A ============= TUCKER'S POINT: BEST Comments On Firm Entering Receivership ----------------------------------------------------------- Bernews reports that Bermuda Environmental Sustainability Taskforce (BEST) said the Bermuda government must ensure that under receivership, Tucker's Point Club is not allowed to sell off its assets and "squander acres of Bermuda's largest remaining open spaces." It was confirmed that Bermuda Properties Ltd, which owns TPC, went into receivership, with the receivers saying the property was "experiencing financial difficulties" and the restructuring is required to "secure the resort's long-term viability," according to Bernews. The report relates that BEST said back in 2010/2011 they were aware that TPC was in financial difficulties and they urged then Environment Minister Roban to examine their financial liabilities and require them to show how the SDO they were being given would change their situation. "Despite receiving an SDO allowing them to carve up precious open space into dozens of building lots, TPC has gone into receivership anyway," the report quoted BEST as saying. =========== B R A Z I L =========== OSX BRASIL: Caixa Economica Halts Loans to Shipbuilding Firm ------------------------------------------------------------ Rogerio Jelmayer and Paulo Winterstein at The Wall Street Journal report that an unnamed source said Brazilian government-run lender Caixa Economica Federal suspended loans to Brazilian tycoon Eike Batista's shipbuilding company OSX Brasil SA due to the financial crisis affecting the businessman's companies. The company had been approved for a credit line worth BRL1.2 billion (US$521 million) with Caixa Economica Federal, of which the bank has disbursed BRL670 million, according to The Wall Street Journal. The Journal notes that the loan was part of the Brazilian government's effort to rebuild the country's shipbuilding industry through its Merchant Marine Fund. The money was to be directed to a shipyard at the Acu port, where OSX was building oil rigs for Mr. Batista's oil-exploration company, OGX Petroleo & Gas Paticipacoes. After a crisis of confidence at OGX put Mr. Batista's infrastructure conglomerate on the verge of collapse, OSX canceled a planned expansion at the port, says WSJ. "Given the economic situation of the company and also the fact that there is no more expansion project under way, the bank will not continue to disburse the credit line," The Journal quoted the source as saying. The source declined to say when the disbursed loans will mature. The WSJ relates that a bank spokeswoman said Caixa didn't halt the disbursement of its loan to OSX, but that "there was a resizing of OSX's shipyard project, which made it so that the financing need was smaller." The WSJ relays that the amount of outstanding loans that Mr. Batista companies owe Caixa totals BRL1.07 billion, including the already disbursed amount and a bridge loan worth BRL400 million. The report adds that Mr. Batista is trying to avoid a financial collapse of his companies amid a crisis triggered by OGX last year after the company failed to meet production targets. Since then, OGX has discontinued production at most of its oil fields, the report relays. OSX Brasil SA is a shipbuilder controlled by billionaire Eike Batista. As reported in the Troubled Company Reporter-Latin America on June 26, 2013, Reuters said that OSX Brasil denied a report it failed to make payments on debt held by Spanish infrastructure group Acciona. The local Folha da S.Paulo newspaper reported that Batista's OSX Brasil was struggling to avoid bankruptcy after it defaulted on some BRL500 million ($222 million) in debt held by Acciona, according to Reuters. ========================== C A Y M A N I S L A N D S ========================== BERMUDA INVESTORS: Shareholder to Hear Wind-Up Report on Oct. 4 --------------------------------------------------------------- The shareholder of Bermuda Investors Limited will hear on Oct. 4, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Joseph Zuiker 6 Front Street Hamilton HM11 Bermuda CHURCHILL HAVANA: Shareholders' Final Meeting Set for Sept. 30 -------------------------------------------------------------- The shareholders of Churchill Havana Limited will hold their final meeting on Sept. 30, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Andrea Aegerter Telephone: +41 22 319 01 76 Facsimile: +41 22 319 01 02 Coutts & Co Trustees (Switzerland) Ltd 13 Quai de I'lle PO Box 5511 1211 Geneva 11 Switzerland EUROMAX III: Fitch Affirms 'CC' Rating on Class B Notes ------------------------------------------------------- Fitch Ratings has affirmed Euromax III MBS Ltd's notes, as follows: Class A-1 (XS0158773324): affirmed at 'B-sf'; Outlook Negative Class A-2 (XS0158774991): affirmed at 'CCCsf' Class B (XS0158775022): affirmed at 'CCsf' Key Rating Drivers The affirmation reflects the increase in the notes' available credit enhancement (CE) due to the deleveraging of the underlying portfolio. CE for the class A-1 notes has increased to 39.7% from 38.9% as of the previous annual review in October 2012, for the class A-2 notes to 32.7% from 32.2% and for class B notes to 18.9% from 18.7%. Over the past year, the underlying portfolio has experienced a negative migration towards 'CCCsf' and below assets. Assets rated 'CCCsf' or below have increased since September 2012 to 39% from 34.5% of the outstanding portfolio balance and the notional of assets rated 'Csf' has increased to 16.8% from 12%. Most of the lowest rated assets in the portfolio are German CMBS and RMBS assets. The portfolio is mainly concentrated in RMBS and CMBS assets, which represent 67.6% and 26.4% of the balance, respectively, and residually in SF CDO. The vast majority of the assets are mezzanine with original tranche thickness below 10%. The over-collateralisation test failed for the first time in February 2013 and has not come back into compliance since. Consequently any excess spread is being used to repay the notes sequentially subject to the priority of payments. Additionally, if the notes remain outstanding by their expected maturity in December 2014, the transaction structure features a coupon step-up for the class A-1, A-2 and B notes. Fitch believes that this step up combined with low available weighted average spread from the portfolio could lead to a higher probability of event of default for the classes A-1 and A-2. Consequently, the Outlook for the A-1 note remains Negative. Deferral of interest is not an event of default for class B notes, whereas it is for classes A-1 and A-2. Euromax III MBS Ltd (the issuer) is a cash arbitrage securitisation of structured finance assets. Rating Sensitivities Fitch tested the impact on the ratings of bringing the maturity of the assets in the portfolio to their legal maturity, and this stress would not affect the rating of the notes. FALMOUTH FINANCE: Shareholders' Final Meeting Set for Oct. 7 ------------------------------------------------------------ The shareholders of Falmouth Finance Ltd. will hold their final meeting on Oct. 7, 2013, 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: JS De Jager Cayman Management Ltd. Harbour Centre, Ground Floor PO Box 1569 42, North Church Street, George Town Grand Cayman KY1-1110 Cayman Islands Telephone: +1 (345) 949 4018 Facsimile: +1 (345) 949 7891 FOREST WOBURN: Shareholders' Final Meeting Set for Oct. 10 ---------------------------------------------------------- The shareholders of Forest Woburn Holdco will hold their final meeting on Oct. 10, 2013, at 12:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gordon McKie 40 Berkeley Square London W1J 5AL United Kingdom Telephone: +4 (420) 7451 4297 ING GOLDMAN: Shareholders' Final Meeting Set for Sept. 30 --------------------------------------------------------- The shareholders of ING Goldman Sachs Commodity Portfolio (Cayman), Ltd will hold their final meeting on Sept. 30, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Todd R. Modic Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 MC GIP: Shareholder to Hear Wind-Up Report on Sept. 30 ------------------------------------------------------ The shareholder of MC GIP Holdings, Inc. will receive on Sept. 30, 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: Ogier c/o Mr. Jun Asaki Telephone: +813 (3210) 8690 Facsimile: +813 (3210) 4792 SEAOIL MARINE: Shareholders' Final Meeting Set for Sept. 30 ----------------------------------------------------------- The shareholders of Seaoil Marine Services, Inc. will hold their final meeting on Sept. 30, 2013, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jane Fleming Telephone: (345) 945 2187 Facsimile: (345) 945 2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands THE A FUND: Shareholders' Final Meeting Set for Oct. 9 ------------------------------------------------------ The shareholders of The A Fund will hold their final meeting on Oct. 9, 2013, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Eric Norman Ward is the company's liquidator. THE A1 FUND: Shareholders' Final Meeting Set for Oct. 9 -------------------------------------------------------- The shareholders of The A1 Fund will hold their final meeting on Oct. 9, 2013, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Eric Norman Ward is the company's liquidator. TIGER GLOBAL SPV I: Member to Hear Wind-Up Report on Sept. 30 ------------------------------------------------------------- The member of Tiger Global SPV I, Ltd will receive on Sept. 30, 2013, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven Boyd c/o Campbells Corporate Services Limited P.O. Box 268 Willow House Cricket Square Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 TIGER GLOBAL II SPV: Member to Hear Wind-Up Report on Sept. 30 -------------------------------------------------------------- The member of Tiger Global II SPV II, Ltd will receive on Sept. 30, 2013, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven Boyd c/o Campbells Corporate Services Limited P.O. Box 268, Willow House Cricket Square Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 TIGER GLOBAL SPV II: Member to Hear Wind-Up Report on Sept. 30 -------------------------------------------------------------- The member of Tiger Global SPV II, Ltd will receive on Sept. 30, 2013, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven Boyd c/o Campbells Corporate Services Limited P.O. Box 268, Willow House Cricket Square Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 WESTERN ASSET GLOBAL: Shareholders' Final Meeting Set for Oct. 3 ---------------------------------------------------------------- The shareholders of Western Asset Global Alpha Opportunities Master Fund 3, Ltd will hold their final meeting on Oct. 3, 2013, 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: Gavin L. James 385 East Colorado Boulevard Pasadena CA 91101 United States WESTERN ASSET REAL: Shareholders' Final Meeting Set for Oct. 3 -------------------------------------------------------------- The shareholders of Western Asset Real Alpha Portfolio Master Fund, Ltd will hold their final meeting on Oct. 3, 2013, 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: Gavin L. James 385 East Colorado Boulevard Pasadena CA 91101 United States WORLD 400: Shareholders' Final Meeting Set for Oct. 7 ----------------------------------------------------- The shareholders of World 400 Ltd will hold their final meeting on Oct. 7, 2013, 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: Gene Dacosta c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Leaders Slam 'Disturbing' Lack of Competitiveness ------------------------------------------------------------------ Dominican Today reports that the young business leaders grouped in ANJE slammed as "disturbing" Dominican Republic's 105th rank in competitiveness among 148 countries, by the World Economic Forum. "It's disturbing that the country keeps the same position in competitiveness as the previous period, because this shows that the country has yet to surmount the common problems in priority areas to improve our competitiveness, such as the quality of the electric service, corruption, institutional framework, quality education and the investment climate", the report quoted ANJE President Frank Rainieri Kuret as saying. The report notes that Mr. Kuret said the country urgently needs structural reforms in areas which must function efficiently to improve competitiveness, and reverse the report's "shameful" results, including the prevention of embezzlement, favoritism in governmental decisions and in electricity, in which Dominican Republic figures among Latin America's worst countries. Referring to the electricity sector, the business leader said the report shows that the government's plans to build power plants, "isn't seen favorably abroad," the report relates. "The Government should immediately set policy to eliminate the weaknesses in competitiveness which this report reflects, to avert that major investments head to other countries in the region with better conditions and position, such as Panama, Guatemala, Nicaragua, among others," the report quoted Mr. Kuret as saying. Mr. Kuret added that ANJE works to improve competitiveness by addressing the energy sector's decades-old problems with a definitive solution, the report said. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Leader Describes Removal of Subsidy a "Hoax" ---------------------------------------------------------------- RJR News reports that Dr. Keith Rowley, Trinidad and Tobago's Opposition Leader, has described as a 'hoax' the removal of the multi-million dollar fuel subsidy provided to Caribbean Airlines Limited. The country's Minister of Finance, Larry Howai disclosed that the subsidy, which was estimated at US$40 million last year, would come to an end from October 1, according to RJR News. But in his response, Dr. Rowley said the Finance Minister should come clean and tell taxpayers that Trinidad will still be providing huge sums of money to CAL, notes the report. The report relates that according to Dr. Rowley, while it will not be called a fuel subsidy it will still be a subsidy. Dr. Rowley also questioned whether the 250 million dollars to be saved from the fuel subsidy will be used to subsidize tickets for travelers, RJR News discloses. Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. * * * As reported in the Troubled Company Reporter-Latin America on May 20, 2013, Caribbean360.com said that Trinidad and Tobago Finance Minister Larry Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. TCRLA reported on March 21, 2012, that RJR News said Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations. *********** 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 * * *