/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140526.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 Monday, May 26, 2014, Vol. 15, No. 102 Headlines A R G E N T I N A FIDEICOMISO FINANCIERO AMES: Moody's Rates Class B Securities C.ar B R A Z I L BES INVESTIMENTO: S&P Affirms BB-/B ICR; Revises Outlook to Stable OSX BRASIL: Extends OGX Tubarao Azul Oilfield Test Contract C A Y M A N I S L A N D S ABN AMRO: Creditors' Proofs of Debt Due June 5 ASTRY LIMITED: Creditors' Proofs of Debt Due June 20 BOYER ALLAN: Creditors' Proofs of Debt Due June 17 CAROFRED LIMITED: Creditors' Proofs of Debt Due June 20 CONCEPTS GCP: Creditors' Proofs of Debt Due June 17 KNO (CAYMAN ISLANDS): Creditors' Proofs of Debt Due June 19 PORTOLAN PILOT: Creditors' Proofs of Debt Due June 11 SPECTRUM CAYMAN: Creditors' Proofs of Debt Due June 17 THEOREMA MAC 56: Creditors' Proofs of Debt Due June 17 ZAIS MORTGAGE: Creditors' Proofs of Debt Due June 10 C H I L E CHILE: Energy Agenda Proves Ambitious but Lacks Specifics D O M I N I C A N R E P U B L I C DOMINICAN REP: Free Trade Pact Boosts Exports to United States XSTRATA PLC: Falcondo's 'Truth' Clashes With Groups' Resolve T R I N I D A D & T O B A G O CL FINANCIAL: CLICO Policies Will Not Change, Bank Gov. Says HINDU CREDIT UNION: Customers to be Paid by Year's End X X X X X X X X X BOND PRICING: For the Week From May 19 to May 23, 2014 - - - - - ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO AMES: Moody's Rates Class B Securities C.ar ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo rates Fideicomiso Financiero AMES IV, a transaction that will be issued by TMF (Argentina) S.A. - acting solely in its capacity as Issuer and Trustee. The securities for this transaction have not yet been placed in the market. The transaction is pending approval from the Comision Nacional de Valores. If any assumption or factor Moody's considered when assigning the ratings changes before closing, the ratings may also change. ARS 10,714,371 in Class A Floating Rate Debt Securities (VRDA) of "Fideicomiso Financiero AMES IV", rated Aa2.ar (sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local Currency) ARS 1,986,502 in Class B Floating Rate Debt Securities (VRDB) of "Fideicomiso Financiero AMES IV", rated C.ar (sf) (Argentine National Scale) and C (sf) (Global Scale, Local Currency) ARS 6,604,300 in Certificates of "Fideicomiso Financiero AMES IV", rated C.ar (sf) (Argentine National Scale) and C (sf) (Global Scale, Local Currency). Ratings Rationale The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 1,433 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by the AsociaciOn Mutual de la Econom¡a Solidaria ("AMES"), in an aggregate amount of ARS 11,337,334.10. These personal loans are granted to employees of the City of Buenos Aires (rated Caa1/Ba1.ar) using a "Codigo de Descuento". The "Codigo de Descuento" is an identifier granted by a government-related entity (in this case the City of Buenos Aires) that allows to deduct a personal loan's installment directly from the borrowers' paycheck. The originator access an Internet-based system to verify the borrower's disposable income and originate the personal loan. The maximum DTI ratio established by the City of Buenos Aires is 50%. In this transaction, the City of Buenos will be instructed to send, on a monthly basis, the scheduled principal and interest on the securitized loans directly to the trust account. In turn, the trustee, based on the master servicer's reports will reconcile any amounts that belong to the originator. The automatic deduction of the loans's installments reduces significantly the probability of default of the loans, which is not dependant on the borrower's willingness to pay. In this type of loan the main causes of delinquency are: (i) termination of the work relationship between the borrower and the Government of the City of Buenos Aires, (ii) judicial embargos, that may limit the maximum disposable income tan can be deducted by the GCBA, (iii) increases in the Minimum Wage that increases the minimum disposable income that the employee must receive net of deductions, (iv) variable components of the wages that are not collected in a particular month and therefore decreases the disposable income (v) and unpaid work licenses. Overall credit enhancement is comprised of 5.49% of subordination for the Class A Floating Rate Debt Securities. In addition the transaction has various reserve funds and excess spread. Factors that would lead to an upgrade or downgrade of the rating: Factors that may lead to a downgrade of the ratings include an increase in delinquency levels higher than Moody's original expectations, or a disruption in the flow of payments from the City of Buenos Aires. Factors that may lead to an upgrade of the ratings include the building of credit enhancement over time due to the turbo sequential payment structure, when compared with the level of projected losses in the securitized pool. Loss and Cash Flow Analysis: Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of AMES's portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a lognormal distribution for defaults on the main pool with a mean of 5% and a coefficient of variation of 70%. Also, Moody's assumed prepayments of 20%. These assumptions are derived from the historical performance to date of AMES' pools. The model results showed 1.09% expected loss for the Class A Floating Rate Debt Securities, 100.00% for the Class B Floating Rate Securities and 100.00% for the Certificates. Stress Scenarios: Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 3% from the base case scenario for the pool (i.e., mean of 8% and a coefficient of variation of 70%), the ratings of the Class A Floating Rate Debt Securities would likely be downgraded to B2 (sf). The ratings of the Class B Floating Rate debt securities and the Certificates would be unchanged. Moody's also applied a stress to the cash flows by assuming an interruption of the salary payments of the City of Buenos Aires for three consecutive months. The assigned ratings are consistent with this stress scenario. The principal methodology used in this rating was "Moody's Approach to Rating Consumer Loan ABS Transactions" published in May 2013. Moody's National Scale Credit 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 credit 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 ".mx" for Mexico. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings". =========== B R A Z I L =========== BES INVESTIMENTO: S&P Affirms BB-/B ICR; Revises Outlook to Stable ------------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on BES Investimento do Brasil (BESI Brasil) to stable from negative following a similar action on its parent companies. At the same time, S&P affirmed its 'BB-/B' global scale and 'brA/brA-2' national scale issuer credit ratings (ICR) on the bank. The rating action on BESI Brasil followed S&P's May 21, 2014, outlook revision on its parents--BES and BESI--to stable from negative. The rating action on the parents reflects BES's announcement that it will undertake a EUR1.045 billion capital increase and our current view on the stable trends for both economic and industry risks in the Portuguese banking system. Currently, S&P's ratings on BESI Brasil reflect its 'bbb-' anchor for banks operating primarily in Brazil and its view of the bank's "moderate" business position, "adequate" capital and earnings, "moderate" risk position, "below average" funding, and "adequate" liquidity, as S&P's criteria define these terms. S&P assess BESI Brasil's stand-alone credit profile (SACP) as 'bb-', at the same level as the parent's current rating and the group credit profile (GCP). Therefore, the ICRs on BESI Brasil reflect no notches of group support. According to S&P's criteria for group ratings, it generally don't rate a subsidiary higher than the GCP. S&P believes the ICR on BESI Brasil must be at most at the same level of the GCP because its financial profile may deteriorate due to its parent's weakness. Consequently, a downgrade of BES would cause an immediate downgrade of BESI Brasil. The stable outlook reflects S&P's expectation that the bank will maintain sound liquidity and adequate capitalization with a risk- adjusted capital (RAC) ratio above 7%. S&P also expects the bank won't materially increase its risk appetite and that it will continue to demonstrate good risk-management practices. Additionally, it reflects its parent stable outlook. S&P could downgrade the bank if BES's creditworthiness weakens, because when it believes that potential risks at the parent could affect the subsidiary, S&P generally don't rate a subsidiary higher than the GCP, even when the subsidiary's SACP is stronger than the GCP. A downgrade is also possible if BESI Brasil's RAC ratio falls to less than 7%. Conversely, an upgrade is unlikely at this time. OSX BRASIL: Extends OGX Tubarao Azul Oilfield Test Contract ----------------------------------------------------------- Reuters reports that OSX Brasil SA extended until July 17 the test period for platform FPSO OSX-1 contracted by Oleo e Gas for the Tubarao Azul oilfield, according to an OSX security filing. Last month, Rio de Janeiro-based OSX and Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA, had agreed to extend the period to May 19, according to Reuters. The sister companies filed for bankruptcy protection last year, marking the collapse of Batista's EBX conglomerate, the report notes. About OSX Brasil Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, filed for protection from creditors on November 2013 on liabilities of BRL5.34 billion (US$2.30 billion). OSX Brasil filed for bankruptcy -- called "judicial recovery" in Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30, 2013. OSX had outstanding debts of around US$2.2 billion as of June 30, 2013, including dollar-and real-denominated loans and bonds held by a mix of banks, investors and government institutions, such as Brazil's Merchant Marine Fund, according to The Wall Street Journal. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing the prior month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. ========================== C A Y M A N I S L A N D S ========================== ABN AMRO: Creditors' Proofs of Debt Due June 5 ---------------------------------------------- The creditors of ABN AMRO Services (BVI) Limited are required to file their proofs of debt by June 5, 2014, to be included in the company's dividend distribution. The company's liquidator is: Stuart C E MacKellar c/o Paul Pretlove Telephone: +1 (284) 393 9600 Facsimile: +1 (284) 393 9601 e-mail: paul.pretlove@zolfocooper.vg ASTRY LIMITED: Creditors' Proofs of Debt Due June 20 ---------------------------------------------------- The creditors of Astry Limited are required to file their proofs of debt by June 20, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2014. 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 Telephone: (345) 949-7128 BOYER ALLAN: Creditors' Proofs of Debt Due June 17 -------------------------------------------------- The creditors of Boyer Allan Pacific MAC Limited are required to file their proofs of debt by June 17, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2014. The company's liquidators are: Keiran Hutchison Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 c/o Ernst & Young Ltd, 62 Forum Lane Camana Bay, P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands CAROFRED LIMITED: Creditors' Proofs of Debt Due June 20 ------------------------------------------------------- The creditors of Carofred Limited are required to file their proofs of debt by June 20, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2014. 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 Telephone: (345) 949-7128 CONCEPTS GCP: Creditors' Proofs of Debt Due June 17 --------------------------------------------------- The creditors of Concepts GCP MAC 85 Limited are required to file their proofs of debt by June 17, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2014. The company's liquidators are: Keiran Hutchison Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 c/o Ernst & Young Ltd, 62 Forum Lane Camana Bay, P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands KNO (CAYMAN ISLANDS): Creditors' Proofs of Debt Due June 19 ----------------------------------------------------------- The creditors of KNO (Cayman Islands), Ltd. are required to file their proofs of debt by June 19, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2014. The company's liquidator is: Tiffany D. Silva c/o Intel Corporation 2200 Mission College Boulevard, RNB 4-151 Santa Clara, California 95054 United States of America PORTOLAN PILOT: Creditors' Proofs of Debt Due June 11 ----------------------------------------------------- The creditors of Portolan Pilot Offshore Fund, Ltd. are required to file their proofs of debt by June 11, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2014. The company's liquidator is: Gene Dacosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SPECTRUM CAYMAN: Creditors' Proofs of Debt Due June 17 ------------------------------------------------------ The creditors of Spectrum Cayman Fund Limited are required to file their proofs of debt by June 17, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2014. The company's liquidators are: Keiran Hutchison Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 c/o Ernst & Young Ltd, 62 Forum Lane Camana Bay, P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands THEOREMA MAC 56: Creditors' Proofs of Debt Due June 17 ------------------------------------------------------ The creditors of Theorema Mac 56 Limited are required to file their proofs of debt by June 17, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2014. The company's liquidators are: Keiran Hutchison Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 c/o Ernst & Young Ltd, 62 Forum Lane Camana Bay, P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands ZAIS MORTGAGE: Creditors' Proofs of Debt Due June 10 ---------------------------------------------------- The creditors of Zais Mortgage Securities Ltd. are required to file their proofs of debt by June 10, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 25, 2013. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ========= C H I L E ========= CHILE: Energy Agenda Proves Ambitious but Lacks Specifics --------------------------------------------------------- Fitch Ratings believes the ambitious energy agenda disclosed by Chile's President Michelle Bachelet remains short on specifics, and increases regulatory uncertainty in the Chilean energy sector in the short term. The goal of the agenda is to reduce end- consumer energy prices while ensuring adequate energy supply to the country's growing energy system. The mechanisms by which the government will seek to reduce these prices are still not fully detailed. In addition, concurrent tax increases (corporate and emission taxes) could, in the end, offset the desired energy price savings the government is seeking as in the end, power companies would end up passing these higher costs to their end-customers. Over the long term, final electricity prices to consumers will continue to be largely determined by uncontrollable variables including hydrology and the cost of thermal fuels (LNG and coal). As noted, the agenda's introduction follows the government's concurrent proposal to gradually increase the current 20% corporate income tax rate to 25% by 2017 and the possibility that a 'green tax' beginning in 2017 will be established (for more details please see Fitch's report 'Chilean Tax Reform' dated May 7, 2014). The green tax bill, in its original form, would tax emissions produced by electric generators producing electric power greater than or equal to 50 megawatts (MW). Each ton of carbon dioxide emissions would then be taxed at US$5/ton, while other pollutants would be taxed at US$0.10 per ton. In the short- to medium-term, both the corporate income tax and green tax should raise revenue for the government (conversely, reducing cash flows in the power industry, particularly at companies with a higher mix of gas/coal generation), while mostly keeping energy prices static for residential users. In the long term, however, these measures could offset the energy cost reductions the government is seeking, as eventually the generators would pass along these higher costs to end-customers. Many large industrial users would see immediate price increases as these incremental tax costs will be passed-through to the customer per existing power purchase agreements (PPAs). On May 15, 2014, President Bachelet unveiled her energy agenda. As part of the agenda, the Chilean government announced that it will make a US$400 million capital addition to Empresa Nacional del Petroleo (ENAP), with the government's rationale being that it intends to strengthen ENAP's financial position and reinforce its strategic importance as the national oil and energy company (discussed in Fitch's May 15, 2014 press release, 'Fitch: Proposed ENAP Capital Injection Signals Continued Linkage to Sovereign'). The agenda's goals are summarized below: --The government will support the energy agenda with USD650 million, including a USD400 million capital injection in ENAP and USD250 million in investments over the next four years. The aim is to strengthen the State's role in the planning and regulation of the power industry, while increasing private competition. --Along with the expansion of the Quinteros Liquid Natural Gas (LNG) plant, the government is seeking to construct a third terminal in the South-Central region of the country with the active participation of ENAP --The government also announced the interconnection of the SIC (Sistema Interconectado Central) and Sistema Interconectado del Norte Grande (SING) electricity transmission systems, which would help stabilize prices and energy supply through both systems, and design a stabilization system for fuel prices which would reduce the volatility in fuel prices. --These measures should help reduce the marginal cost of electric power in the SIC by 30% through 2017, bringing the average price down from US$151/Megawatt Hour (MWh) in 2013 to US$106/MWh by 2017. --Public power supply auctions for regulated customers would be redesigned, seeking a 25% reduction of energy prices for homes, enterprises and small businesses over the next decade. The average price in the last public tender in 2013 had a price ceiling of US$128/MWh, in which 80% of the energy blocks were awarded and 20% did not receive any bids. --Regarding non-conventional renewable energies (NCRE), the government will reduce existing barriers for their development, with the goal being that 45% of the new capacity installed in the country between 2014-2025 is of non-conventional nature. --In addition, the government will seek to encourage efficient energy use among consumers, with a goal of 20% in consumption savings (20,000 GWh/year, which is equivalent to the installed capacity of a 2,000 MW coal power plant) by 2025. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Free Trade Pact Boosts Exports to United States -------------------------------------------------------------- Dominican Today reports that despite complaints from some productive sectors, the U.S.-Central America-Dominican Republic free trade pact (Cafta-Dr) has boosted domestic exports to the United States from US$3.1 billion in 2007 to US$4.1 billion through 2013, or 24% higher, Industry and Commerce minister Jose del Castillo said. Minister del Castillo said statistics show the U.S. as the main destination for Dominican exports, receiving 51% of the total in 2013, according to Dominican Today. Minister del Castillo said the Treaty's preferential advantage and the access to the U.S. market diversified domestic exports, "enabling the placement of products such as fuses, pharmaceuticals, and auto body parts and accessories." Speaking during the American Chamber of Commerce's (AmchamDR) monthly luncheon, Minister del Castillo stressed that 42.47% of the total imports in 2013 came from the United States, or 1.8% lower than the previous year. XSTRATA PLC: Falcondo's 'Truth' Clashes With Groups' Resolve ------------------------------------------------------------ Dominican Today reports that while Xstrata Nickel (Falcondo) wages the campaign "The truth about Loma Miranda" on most media, dozens of professional and social organizations reaffirmed their resolve to halt its exploitation. Representatives of the groups announced their decision during a meeting in the offices of the Engineers and Architects Guild (Codia), which also ratified its decision to join the nationwide push to create Loma Miranda National Park, according to Dominican Today. Among the speakers figured La Vega senator Euclides Sanchez, who said that the exploitation of Loma Miranda would harm the area's water sources, eliminate the endemics species and jeopardize the quality of life of the people in the provinces that form the Cibao region, the report notes. Also speaking in the meeting were the prominent environmentalists Luis Carvajal, Eleuterio Mart¡nez, Pedro Sing, Aridio Santos, Milc¡ades Pichardo, Eduardo Hidalgo and Ana Daisy Guerrero, who vowed to defend Loma Miranda's natural wealth, the report discloses. As reported in the Troubled Company Reporter-Latin America on Jan. 22, 2014, Dominican Today said that Chief Executive Officer of Xstrata PLC's Falcondo reiterated that the company's presence in the country depends on a long term mining, with cheap electricity available, to produce and compete in world markets. David Soares said they pin their hopes of extracting nickel at the controversial site of Loma Miranda, between La Vega and Bonao (central), for which they expect to get the mining permit, according to Dominican Today. But environmental and civil society groups could keep them from carrying out the project, after the Chamber of Deputies agreed with the protesters and passed a bill which declares Loma Miranda a protected area, arguing that much of the Cibao region's (north) water depends on it, the report related. Xstrata PLC is the operator of Falconbridge Dominicana, C. por A. ("Falcondo") with an 85.26% ownership. Falcondo is a ferronickel surface mining operation located in the Dominican Republic with operations dating since 1971. Headquartered in Zug, Switzerland, Xstrata PLC is a major producer of coal, copper, nickel, primary vanadium and zinc and the largest producer of ferrochrome =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: CLICO Policies Will Not Change, Bank Gov. Says ------------------------------------------------------------ Carla Bridglal at Trinidad Express reports that Trinidad and Tobago Central Bank Governor Jwala Rambarran is assuring traditional policyholders of insurance company CLICO that the terms and conditions of their policies have "not changed at all". "CLICO will continue to pay your monthly pension, honor your health and life claims, renew all group and health and life contracts, and receive and process your premiums. CLICO will continue to provide you with the same excellent service to which you have always been accustomed," Governor Rambarran said in an e-mailed statement obtained by Trinidad Express. The latest statement comes after the Bank issued a release, clarifying media reports that CLICO was for sale, the report notes. Governor Rambarran said the Central Bank's plan for the resolution of CLICO has always included the transfer of the "traditional" insurance portfolio to a third party insurance company, and as such, this group of policyholders was not included in the pay-out arrangement by the government, but has continued to be serviced by CLICO, the report discloses. "As a first step in the transfer of the portfolio, an independent valuation is being performed in accordance with the Central Bank Act. Following this exercise, the market will be invited to make offers for the portfolio through an open and transparent process," the report quoted Governor Rambarran as saying. The preferred buyer must meet the Central Bank's requirements, including capital and "fit and proper" requirements, Governor Rambarran added, the report notes. About CLICO International Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL Financial Group. About CL Financial CL Financial 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 Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth of Colonial Life Insurance Company Limited's (CLICO) profitable business will be transferred to Atruis, a new company that will be owned by the state. CLICO is a subsidiary of CL Financial Limited. The Trinidad Express said that the Cabinet approved the transfer as the Finance and General Purposes Committee continues to discuss a letter of intent hammered out by the Ministry of Finance and CL Financial's 400 shareholders, which envisions taxpayers will recover the more than TT$20 billion Government has injected since 2009 to keep CL subsidiary CLICO and other companies afloat, according to Caribbean360.com. Caribbean360.com noted that CLICO financially caved in on itself at the end of 2008 after the investment instruments of major policyholders matured and they wanted hundreds of millions of dollars they were owed. Caribbean360.com related that at its annual general meeting in Sept. 2013, CL Financial shareholders voted to extend the agreement with Government until August 25, 2014, while Cabinet decides on a new framework accord to recover the debt owed to Government through divestment of CL subsidiaries, including Methanol Holdings, Republic Bank, Angostura Holdings, CL World Brands and Home Construction Ltd. Proceeds from the divestment of these assets will go toward Government's recovery of the billions it pumped into CLICO, Caribbean360.com said. HINDU CREDIT UNION: Customers to be Paid by Year's End ------------------------------------------------------ Anna Ramdass at Trinidad Express reports that customers who invested money in the failed Hindu Credit Union will be paid before year's end, Finance Minister Larry Howai said. Speaking at the post-Cabinet news conference at the Office of the Prime Minister, St Clair, Mr. Howai said millions of dollars had already been paid to thousands of depositors and Government will be bringing legislation to Parliament to complete payments via bonds for depositors who had over TT$75,000 in the HCU, according to Trinidad Express. The report notes that this entire process should be wrapped up before the end of the year. Mr. Howai said HCU was placed in liquidation in 2008 and at that time there were no arrangements made to meet the liabilities of HCU depositors, Trinidad Express relays. The People's Partnership Government, in 2011, decided that all payments would be made to the HCU depositors and shareholders, Mr. Howai added, the report notes. Those who had up to TT$75,000 would have been paid the full amount in cash and those over TT$75,000 will receive TT$75,000 in cash and the remainder in bonds with a maturity of one to 20 years, the report discloses. Mr. Howai said HCU had approximately 147,000 depositors and some 19,000 have been paid TT$232 million to date, the report notes. The report discloses that Mr. Howai said those who had TT$75,000 and less comprised 146,000 and to date, some 17,871 have been paid TT$135 million. Mr. Howai said many of the depositors had very small deposits in the HCU and despite advertisements to come collect their money, people have not come forward, possibly because of the size of the deposits, the report says. Mr. Howai said some 15,000 people had over TT$75,000, some 1,289 have been repaid TT$75,000, amounting to TT$97 million to date, the report adds. About HCU Hindu Credit Union Co-Operative Society Limited (HCU) -- http://www.ourhcu.com/-- is headquartered in Borough, Chaguanas, in Trinidad and Tobago. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 4, 2012, Trinidad Express said that former Hindu Credit Union President Harry Harnarine said that the Trinidad and Tobago government is "fooling" depositors and shareholders with its "Offer of Relief" and any attempt at payments would be prevented by legal complications. Trinidad Express related that Mr. Harnarine also pointed out that the clause in the Offer of Relief was for credit union members to transfer their rights to the government. Mr. Harnarine, Trinidad Express relayed, argued that members would be in contempt of court if they gave up their rights, as a credit union share was vested in the society, and this would be blocked by the State Solicitor and attorneys. The failed credit union was put into liquidation by the government in 2009. The High Court of Trinidad and Tobago granted the government full control of Hindu Credit as the company faces financial difficulties, leaving depositors in limbo despite requests from lawyers. In June 2008, chartered accountants Ernst and Young inspected Hindu Credit's books, accounts, and records after a public outcry and calls for an internal audit. Charles Mitchell, the Commissioner for Co-Operative Development, represents Hindu Credit's depositors. ================= X X X X X X X X X ================= BOND PRICING: For the Week From May 19 to May 23, 2014 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Aguas Andinas SA 4.15 12/1/2026 CLP 70.91 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 22.55 Argentina Bocon 2 1/3/2016 ARS 68.5 Argentina Boden Bonds 2 9/30/2014 ARS 31.5 Argentina Government Int'l Bond 7.82 12/31/2033 EUR 75.5 Argentina Government Int'l Bond 7.82 12/31/2033 EUR 74 Argentina Government Int'l Bond 8.28 12/31/2033 USD 50 Argentina Government Int'l Bond 8.28 12/31/2033 USD 55 Argentina Government Int'l Bond 4.33 12/31/2033 JPY 36.5 Argentina Government Int'l Bond 0.45 12/31/2038 JPY 15 Argentina Government Int'l Bond 4.33 12/31/2033 JPY 36.5 Automotores Gildemeister SA 8.25 5/24/2021 USD 69 Automotores Gildemeister SA 6.75 1/15/2023 USD 65 Automotores Gildemeister SA 8.25 5/24/2021 USD 68.4 Automotores Gildemeister SA 6.75 1/15/2023 USD 64.02 Banco BPI SA/ Cayman Islands 4.15 11/14/2035 EUR 62.5 Banco Supervielle SA 7 8/20/2020 USD 74.12 Banif Finance Ltd 1.68 EUR 35 Bank Austria Creditanstalt Finance Cayman Ltd 2.16 EUR 74.8 BCP Finance Co Ltd 5.54 EUR 62.82 BCP Finance Co Ltd 4.24 EUR 60.37 Republic of Venezuela 7 3/31/2038 USD 65.59 Caixa Geral De Depositos Finance 1.12 EUR 42.5 CAM Global Finance 6.08 12/22/2030 EUR 64.87 China Forestry Holdings Co Ltd 10.3 11/17/2015 USD 37 China Forestry Holdings Co Ltd 10.3 11/17/2015 USD 37 China Precious Metal Resources Holdings Co Ltd 7.25 2/4/2018 HKD 65.97 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 57.05 Transener SA 9.75 8/15/2021 USD 68 Transener SA 8.88 12/15/2016 USD 67.6 Transener SA 9.75 8/15/2021 USD 67.5 Cia Energetica de Sao Paulo 9.75 1/15/2015 BRL Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 61.42 City of Buenos Aires Argentina 1.95 1/28/2020 USD 70.125 City of Buenos Aires Argentina 1.95 12/20/2019 USD 70.875 Daphne International Holdings Ltd 3.13 6/11/2014 CNY 5.25 Decimo Primer Fideicomiso 4.54 10/25/2041 USD 57.25 Decimo Primer Fideicomiso 6 10/25/2041 USD 69 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 66.99 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 66.125 ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 68.375 Glorious Property Holdings Ltd 13.3 3/4/2018 USD 71.24 Hidili Industry International Development Ltd 8.63 11/4/2015 USD 53.25 Hidili Industry International Development Ltd 8.63 11/4/2015 USD 52.75 Inversiones Alsacia SA 8 8/18/2018 USD 65.25 Inversiones Alsacia SA 8 8/18/2018 USD Inversora de Electrica de Buenos Aires SA 6.5 9/26/2017 USD 43.25 MetroGas SA 8.88 12/31/2018 USD 71.875 Mongolian Mining Corp 8.88 3/29/2017 USD 66 Mongolian Mining Corp 8.88 3/29/2017 USD 64.75 Petroleos de Venezuela SA 6 11/15/2026 USD 60.75 Petroleos de Venezuela SA 5.38 4/12/2027 USD 58 Petroleos de Venezuela SA 5.5 4/12/2037 USD 55 Petroleos de Venezuela SA 6 11/15/2026 USD 59.41 Provincia del Chaco 4 11/4/2023 USD 75 Provincia del Chaco 4 12/4/2026 USD 51.125 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 68.5 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.5 Ruta del Bosque Sociedad Concesionaria SA 6.3 3/15/2021 CLP 73.66 Sifco SA 11.5 6/06/2016 USD 29 SMU SA 7.7 2/8/2020 USD 71.5 SMU SA 7.75 2/8/2020 USD 69.21 Talca Chillan Sociedad Concesionaria SA 2.75 12/15/2019 CLP 56.46 Uruguay Notas del Tesoro 2.5 9/27/2022 UYU 72.08 Venezuela Government International Bond 6 12/9/2020 USD 72.75 Venezuela Government International Bond 7.65 4/21/2025 USD 73 Venezuela Government International Bond 7 3/31/2038 USD 65.75 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 67.52 Virgolino de Oliveira Finance Ltd 11.8 2/9/2022 USD 67.2 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 67.62 Virgolino de Oliveira Finance Ltd 11.8 2/9/2022 USD 66.75 *********** 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 * * *