/raid1/www/Hosts/bankrupt/TCRLA_Public/140416.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, April 16, 2014, Vol. 15, No. 75
Headlines
B A R B A D O S
BARBADOS: Moves to End 5-Day Strike by Sugar Workers
B R A Z I L
GOL LINHAS: Gets Okay to Operate Additional Regular Flights
C A Y M A N I S L A N D S
ALM LOAN 2010-2: Creditors' Proofs of Debt Due May 7
BELMONT MANAGED: Commences Liquidation Proceedings
CLOVER INVESTMENT: Commences Liquidation Proceedings
HSINCHU INTERNATIONAL: Creditors' Proofs of Debt Due May 7
INTREPID CAPITAL: Creditors' Proofs of Debt Due April 28
MB ASIA: Commences Liquidation Proceedings
SALAMANDER HOLDINGS: Placed Under Voluntary Wind-Up
SOUTH WIND: Shareholders' Final Meeting Set for April 29
ST. JAMES'S: Creditors' Proofs of Debt Due April 30
SUTHERLAND FUND: Creditors' Proofs of Debt Due April 29
V E N E Z U E L A
PETROLEOS DE VENEZUELA: GS E&C Wins US$5.35MM Supervision Contract
- - - - -
===============
B A R B A D O S
===============
BARBADOS: Moves to End 5-Day Strike by Sugar Workers
----------------------------------------------------
Caribbean360.com reports that Barbados Labor Minister Dr. Esther
Byer-Suckoo is expected to meet with officials of the Barbados
Agricultural Management Corporation (BAMC) and the Barbados
Workers Union (BWU) in a bid to end a five-day strike by sugar
workers that could escalate to include other workers.
The BWU has said it is prepared to call out other members in
support of the Portvale employees, unless management apologizes
over the manner in which it intends to retrench workers, according
to Caribbean360.com.
"This matter is not going to get started until the BWU and
workers. . . . get an apology and until we are able to have the
BAMC respect that workers have rights," the report quoted BWU
General Secretary Sir Roy Trotman as saying.
However, the report notes that BAMC said it had informed the union
about plans to retrench workers at least 10 months ago when it
gave notice of its intention to cease operations at the Andrews
Factory.
The report discloses that it said several rounds of discussions
were subsequently held with the union on how the 51 employees
retained at the factory would be transferred to Portvale.
However, the report relays, the company said it did not receive a
response from the BWU on its selection matrix and opted to move
ahead with the process of redundancies.
The corporation insists that it has complied with the statutory
notice period, and other legal obligations, the report notes.
Meanwhile, the report discloses that opposition legislator,
Cynthia Forde, wants an immediate end to the strike, saying it
could have an impact on the country.
"I don't think that is should have happened at all. If you didn't
strike for all those thousands of people [public servants] going
home, how do you come now and hurt the only industry that is going
to bring in something and it's not even at the level it would have
been at years ago. Something is definitely wrong," Ms. Forde told
the Barbados today on line publication, notes the report.
"I would want for all the agencies involved to come to the table
and at least . . . come up with some kind of resolution that
people would go back out to work from Monday if that is possible,
and we can get on with the business of reaping the sugar cane and
not be experiencing all these losses," she added, reports
Caribbean360.com.
===========
B R A Z I L
===========
GOL LINHAS: Gets Okay to Operate Additional Regular Flights
-----------------------------------------------------------
Financial News reports that GOL Linhas Aereas Inteligentes S.A.
said it received authorization from the National Civil Aviation
Agency and other pertinent authorities to operate regular flights
between Campinas (SP-Brazil) and Rio de Janeiro (Santos Dumont
airport).
Additionally, GOL said it has received the approval to start
flights from Campinas to Miami, according to Financial News. The
report relates that the flight will have a connection in Santo
Domingo (Dominican Republic), where the passenger has also the
option to fly to Orlando (USA).
The new flights between Campinas (SP-Brazil) and Miami (USA) via
Santo Domingo, with the option to fly also to Orlando (USA), will
take place, initially, three times per week, on Mondays,
Wednesdays and Saturdays.
GOL Linhas Aereas Inteligentes S.A. is a low-cost and low-fare
airline in Latin America, offers around 970 daily flights to 65
destinations in 10 countries in South America, Caribbean and the
United States under the GOL and VARIG brands, using a young,
modern fleet of Boeing.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 21, 2014, Fitch Ratings has affirmed the ratings of Gol
Linhas Aereas Inteligentes S.A.'s Foreign and local currency long-
term Issuer Default Ratings (IDRs) at 'B-'.
==========================
C A Y M A N I S L A N D S
==========================
ALM LOAN 2010-2: Creditors' Proofs of Debt Due May 7
----------------------------------------------------
The creditors of ALM Loan Funding 2010-2 (P), Ltd are required to
file their proofs of debt by May 7, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 21, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
BELMONT MANAGED: Commences Liquidation Proceedings
--------------------------------------------------
On March 17, 2014, the sole shareholder of Belmont Managed
Accounts SPC resolved to voluntarily liquidate 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:
Alternative Investment Solutions Ltd.
10 Market Street, Suite 140 Camana Bay
Grand Cayman KY1-9006
Margaret Thompson
Telephone: +1 (345) 946 2475
CLOVER INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On March 31, 2014, the sole shareholder of Clover Investment
Advisors Ltd. resolved to voluntarily liquidate 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:
Delta FS Limited
c/o Janeen Aljadir
Telephone: (345) 743 6626
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 11820
Grand Cayman KY1-1009
Cayman Islands
HSINCHU INTERNATIONAL: Creditors' Proofs of Debt Due May 7
----------------------------------------------------------
The creditors of Hsinchu International Mortgage Loan 1 Limited are
required to file their proofs of debt by May 7, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 21, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
INTREPID CAPITAL: Creditors' Proofs of Debt Due April 28
--------------------------------------------------------
The creditors of Intrepid Capital Fund (Offshore) Ltd are required
to file their proofs of debt by April 28, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on March 18, 2014.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
c/o George Bashforth
Telephone: +1 (345) 949 4900
75 Fort Street
P.O. Box 1350, George Town
Grand Cayman KY1-1108
Cayman Islands
MB ASIA: Commences Liquidation Proceedings
------------------------------------------
On March 24, 2014, the sole shareholder of MB Asia Foods Co., Ltd.
resolved to voluntarily liquidate 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 Griffin
c/o Maples and Calder, Attorneys-at-law
The Center, 53rd Floor
99 Queen's Road Central
Hong Kong
SALAMANDER HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
The sole shareholder of Salamander Holdings resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
April 10, 2014, will be included in the company's dividend
distribution.
The company's liquidator is:
Company Secretaries Ltd.
P.O. Box 1350
Clifton House, 75 Fort Street
Grand Cayman KY1-1108
Cayman Islands
SOUTH WIND: Shareholders' Final Meeting Set for April 29
--------------------------------------------------------
The shareholders of South Wind Trust Company (PTC) Limited will
hold their final meeting on April 29, 2014, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced liquidation proceedings on March 21, 2014.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
ST. JAMES'S: Creditors' Proofs of Debt Due April 30
---------------------------------------------------
The creditors of St. James's Limited are required to file their
proofs of debt by April 30, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 21, 2014.
The company's liquidator is:
Ogier
c/o Piers Dryden
Telephone: (345) 815-1842
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SUTHERLAND FUND: Creditors' Proofs of Debt Due April 29
-------------------------------------------------------
The creditors of Sutherland Fund, Ltd. are required to file their
proofs of debt by April 29, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 27, 2014.
The company's liquidator is:
Ogier
c/o Tim Cone
Telephone: (345) 815 1767
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: GS E&C Wins US$5.35MM Supervision Contract
------------------------------------------------------------------
Yonhap News reports that GS E&C said that it won a US$5.35 million
contract to supervise the expansion of an oil refinery plant in
Venezuela.
The company said it will serve as the project management company
(PMC) to check the engineering, procurement and construction
process of the work at the El Palito Refinery, according to Yonhap
News. The refinery is located some 140 kilometers west of
Caracas.
State-run Petroleos de Venezuela, S.A. ordered the project that
calls for increasing output at the refinery, with Japan's Toyo
Engineering, Italy's Foster Wheeler and Venezuela's Y&V Co.
engaged in the actual construction that is expected to take 49
months, the report notes.
Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons. The company was founded in 1975 and is based in
Caracas, Venezuela.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Fitch Ratings downgraded Petroleos de Venezuela,
S.A.'s (PDVSA) foreign and local currency issuer default ratings
(IDRs) to 'B' from 'B+', The Rating Outlook is Negative. Fitch
has also downgraded approximately USD26.4 billion of senior
unsecured debt outstanding to 'B/RR4' from 'B+/RR4'.
Concurrently, Fitch has affirmed PDVSA's national long-term rating
at 'AAA(ven)'.
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2014. 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 * * *