/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100407.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 7, 2010, Vol. 11, No. 067 Headlines A R G E N T I N A * ARGENTINA: Fitch Confirms Buenos Aires' 'B' Ratings B E R M U D A CATERPILLAR (BERMUDA): Creditors' Proofs of Debt Due on April 15 CATERPILLAR (BERMUDA): Members to Hear Wind-Up Report on May 4 B O L I V I A BANCO MERCANTIL: S&P Affirms 'B-/C' Counterparty Credit Ratings B R A Z I L AMILPAR PARTICIPACOES: Board Approves Corporate Restructuring ANADARKO PETROLEUM: Reports Successful Offshore Brazil Well Test TAM SA: To Create Holding Firm to Manage Airline & Mileage Units TAM SA: Gets Certification From Ecuador and Netherlands Antilles C A Y M A N I S L A N D S ADAR INVESTMENTS: Creditors' Proofs of Debt Due on May 1 AGAM SPV: Creditors' Proofs of Debt Due on April 29 AGAM SPV: Creditors' Proofs of Debt Due on April 29 ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29 ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29 CASAM CRABEL: Creditors' Proofs of Debt Due on April 29 CASAM GLOBAL: Creditors' Proofs of Debt Due on April 29 CASAM GRAHAM: Creditors' Proofs of Debt Due on April 29 CENTOLIRE LIMITED: Creditors' Proofs of Debt Due on April 28 DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29 DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29 FAIRFIELD ASIAN: Creditors' Proofs of Debt Due on April 30 FAIRFIELD MANHASSET: Creditors' Proofs of Debt Due on April 30 FAIRFIELD TREELINE: Creditors' Proofs of Debt Due on April 30 FEM CURRENCY: Creditors' Proofs of Debt Due on April 29 FIRST DOMEAL: Creditors' Proofs of Debt Due on April 29 GANDHARA (GP): Creditors' Proofs of Debt Due on April 29 GEMS TV: U.S. Unit Seeks Bankruptcy Protection to Sell Assets HFH SHORTPLUS: Creditors' Proofs of Debt Due on April 29 IRMADALE LIMITED: Creditors' Proofs of Debt Due on April 29 MAHIS LIMITED: Creditors' Proofs of Debt Due on April 28 MARATHON GTF: Creditors' Proofs of Debt Due on April 29 MARATHON NIGERIA: Creditors' Proofs of Debt Due on April 29 MARATHON OFFSHORE: Creditors' Proofs of Debt Due on April 29 MOMENTUM SYNTHETIC: Creditors' Proofs of Debt Due on April 29 OLD MUTUAL: Creditors' Proofs of Debt Due on April 22 PALACE GATE: Creditors' Proofs of Debt Due on April 29 STRUCTURED CREDIT: Creditors' Proofs of Debt Due on April 29 ZAN GLOBAL: Creditors' Proofs of Debt Due on April 27 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Business Sector Opposes Electricity Hike J A M A I C A AIR JAMAICA: Workers to be Retained by Caribbean Airlines CABLE & WIRELESS: GDJL Wins Advertisement Fee Legal Battle SUGAR COMPANY OF JAMAICA: Gov't Re-Attempts Sale of Factories * JAMAICA: Imports Value Down, STATIN Says P U E R T O R I C O POPULAR INC: Seen as Buyer of Failed Puerto Rico Banks PR WIRELESS: Moody's Assigns 'B2' Corporate Family Rating W HOLDING: Management, Auditors Mull 'Going Concern Qualification' T R I N I D A D & T O B A G O CL FIN'L: Dr. Euric Bobb Resigns as CLICO Board Chairman - - - - - ================= A R G E N T I N A ================= * ARGENTINA: Fitch Confirms Buenos Aires' 'B' Ratings ----------------------------------------------------- Fitch Ratings has confirmed the city of Buenos Aires' long-term foreign and local currency ratings at 'B'. Likewise, the 'B' rating on Buenos Aires's euro medium-term note program is confirmed. The Rating Outlook remains Stable. The city of Buenos Aires has issued a note for US$475 million under its EMTN program. This is a bullet note denominated in US dollars, with maturity date April 6, 2015, payable semi-annually in arrears, at a fixed interest rate of 12.5% per annum. The purpose of this issue is to obtain funds for the expansion of the subway system and various infrastructure projects established in the Social Infrastructure Fund. The ratings of the city reflect its economic importance at national level due to its large and diversified economy as well as its financial flexibility as the majority of the city's incomes are represented by local sources (87.9% with provisional figures 2009) and it has low dependence on federal transfers. After debt restructuring in 2002, the city has met its debt obligations in a timely fashion reflecting an improvement in its debt ratios. The total debt / current revenues ratio has been improving, showing a decline from 32.7% in 2005 to 15.6% as of December 2009 with provisional figures. Considering the new Note, the total debt amount is around US$1.184 million, a 73% increase with respect to December 2009, representing 26% of the current revenues estimated for 2010. However, these debt ratios are acceptable according to the city's financial situation and to current rating level. During the last years the city has had the challenge to control deteriorated fiscal accounts within a context of higher level of inflation rates that put pressure on salaries. Fitch considers that the debt continues being manageable and this, added to its important financial autonomy, places the city in a favorable position to support different stress scenarios. Provisional figures for 2009 show a current surplus that represents 10.8% of the current revenues and a financial deficit of US$99.1 million. Although this latter balance has been negative, it has resulted 42% lower compared to that of 2008 and it is considered acceptable within the city's financial dynamic. The budget for 2010 estimates a financial deficit of US$121.5 million and it assumes a positive current surplus of around 9.3% over total revenues. ============= B E R M U D A ============= CATERPILLAR (BERMUDA): Creditors' Proofs of Debt Due on April 15 ---------------------------------------------------------------- The creditors of Caterpillar (Bermuda) Investments Parent Company are required to file their proofs of debt by April 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 25, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda CATERPILLAR (BERMUDA): Members to Hear Wind-Up Report on May 4 -------------------------------------------------------------- The members of Caterpillar (Bermuda) Investments Parent Company will receive, on May 4, 2010, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on March 25, 2010. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda ============= B O L I V I A ============= BANCO MERCANTIL: S&P Affirms 'B-/C' Counterparty Credit Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'B- /C' counterparty credit ratings on Banco Mercantil Santa Cruz S.A. The outlook remains stable. "The ratings on BMSC are constrained by the uncertainty intrinsic to Bolivia's financial system and the country's high sovereign risk," said Standard & Poor's credit analyst Delfina Cavanagh. "Nevertheless, despite the frail operating environment, BMSC has shown consistent performance through more than 100 years of operating in Bolivia." The bank enjoys a leading competitive position in the country, good liquidity and profitability supported by a low-cost funding base and relatively good efficiency, and conservative management. The ratings the bank are constrained by the sovereign ratings on the Republic of Bolivia (B-/Stable/C). The sovereign ratings, in turn, continue to be constrained by a fragmented political landscape characterized by strong divisions along regional, social, and ethnic lines. Dollarization continues to decline but is still high--and higher than that of other countries in the region. This constrains Bolivia's flexibility as to monetary policy and constitutes a vulnerability for the banking system. Banking system weaknesses also include a low financial sector intermediation and a domestic credit to GDP of 32% of GDP, representing a steady decrease from 50% in 2000. BMSC is the largest Bolivian bank, holding a 19% market share in loans and 22% in deposits as of December 2009. The stable outlook reflects S&P's expectation that BMSC will maintain its current leading position in Bolivia while preserving relatively healthy financials. It also incorporates S&P's expectation that the bank will be able to maintain its asset quality indicators at close to their current levels. =========== B R A Z I L =========== AMILPAR PARTICIPACOES: Board Approves Corporate Restructuring ------------------------------------------------------------- Amilpar Participacoes SA -- in accordance with article 157, paragraph 4, of Law 6,404/76 (Brazilian Corporate Law) and CVM Instruction no. 358/02, and in addition to the Relevant Fact released on November 19, 2009 -- informed shareholders and the market that its Board of Directors, in a meeting held on April 1, 2010, approved proposal for corporate restructuring involving the Company and its subsidiaries Amil Assistencia Medica Internacional S.A. and Medial Saude S.A., to be implemented in two subsequent steps. The first is the incorporation of the totality of Medial's shares by Amil Assistencia and the second is the incorporation of the totality of Amil Assistencia's shares by Amilpar. If the Restructuring is approved by the competent corporate boards, Medial will start being an integral subsidiary of Amil Assistencia and the latter will be an integral subsidiary of Amilpar. In sequence, shareholding basis of Medial and Amil Assistencia, composed by the shareholders that have opted not to exercise its withdrawal right due to the Restructuring approval, will be transferred to Amilpar. The Board of Directors also decided to constitute a temporary special independent committee composed exclusively by integrants of the management of the Company, mostly independent, to negotiate the conditions of the incorporation of the totality of Amil Assistencia's shares by Amilpar and submit its recommendations to the competent corporate boards, in accordance with Indication Statement CVM 35/08. The information demanded by CVM Instruction 319/99, as well as the Restructuring details, including the exchange ratio of the shares issued by Amil Assistencia for shares issued by Amilpar and the terms and conditions of the corresponding protocol and justification of incorporation of shares, will be released after the negotiation of the deal between the Company's management and the Independent Committee, when the Board of Directors will meet to approve the definitive terms of the deal to be submitted to General Shareholder Meeting. About Amilpar Participacoes Amil Participacoes S.A. is the largest managed care organization in Brazil, according to the ANS, currently assisting over 5 million members. ANADARKO PETROLEUM: Reports Successful Offshore Brazil Well Test ---------------------------------------------------------------- Jim Polson at Bloomberg News reports that Anadarko Petroleum Corp. reported a successful well test in Brazil's offshore Campos Basin. According to the report, the Wahoo Well No. 1 flowed at a sustained rate of about 7,500 barrels a day of crude oil and 4 million cubic feet a day of natural gas, Anadarko said in a statement. The report relates the company said that those flow rates were limited by equipment. Bloomberg News notes that the well taps pre-salt deposits, so named because the oil lies beneath a layer of salt that makes it more difficult for drillers to find. Producers estimate that Brazil's offshore pre- salt region contains billions of barrels of oil, the report says. About Anadarko Petroleum Anadarko Petroleum Corporation is an independent oil and natural gas exploration and production company. The Company explores for, develops, produces, gathers, processes, and markets natural gas, crude oil, condensate and natural gas liquids (NGLs). The Company is based in The Woodlands, Tex. * * * As of February 24, 2010, the company continues to carry Moody's Ba2 Preferred Stock rating. TAM SA: To Create Holding Firm to Manage Airline & Mileage Units ---------------------------------------------------------------- TAM SA plans to create a holding company that will separately manage its airline and mileage units in a bid to sharpen its focus and enhance cost efficiency, Alberto Alerigi Jr. and Guillermo Parra-Bernal at Reuters report, citing Chief Executive Libano Barroso. The report relates Mr. Barroso said that the new holding company will be put up for vote at a shareholders' assembly on April 30, 201, and will be presided over by former CEO Marco Antonio Bologna. According to the report, the new company will be named TAM SA, and Mr. Bologna will also oversee a unit scouting for new business activities. "We wanted since 2007 to create a holding with interests in the airline business," the report quoted Mr. Barroso as saying. "First we spun off the mileage unit and now we are enhancing transparency with this plan," he added. About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As reported in the Troubled Company Reporter-Latin America on October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM S.A.'s US$300 million proposed senior guaranteed notes due 2019. These notes will be issued through TAM's subsidiary, TAM Capital 2 Inc and will be unconditionally guaranteed by TAM and TAM Linhas Aereas S.A. Proceeds from the proposed issuance will be used to enhance the company's cash balance and for general corporate purpose. TAM SA: Gets Certification From Ecuador and Netherlands Antilles ---------------------------------------------------------------- TAM S.A.'s Technological Center, Maintenance, Repair and Overhaul Unit, has just been certified by Ecuador aeronautical authority to perform the maintenance service to Airbus A318/A319/A320/A321 and Fokker-100 aircraft registered in the country as well as their components. Such certification allows the increase of the services portfolio offered by its maintenance center for customers in Ecuador market. The company has also obtained the certification from aeronautical authorities of Netherlands Antilles for the maintenance in Fokker- 100 aircrafts of airline Dutch Antilles Express. All services shall be performed at TAM MRO Unit in Sao Carlos. "The new certification are included in the strategy to consolidate TAM Technological Center as a strong service provider to third parties," explains Ruy Amparo, TAM Vice-President of MRO. The company has already been certified by aeronautical authorities in United States of America (Federal Aviation Administration - FAA), Europe (European Aviation Safety Agency - EASA), Brazil (National Civil Aviation Agency - ANAC) and several countries in South America for performing all heavy maintenances (checks C and D) in Airbus A318/319/A320/A321/A330 and Boeing 767 aircraft, for its own fleet and other customers, in addition to Fokker-100 aircraft. In January 2007, TAM got the IOSA (IATA Operational Safety Audit) certification, the most comprehensive and accepted international recognition on operational safety. About the TAM Technological Center Established in the city of Sao Carlos in the interior of the State of Sao Paulo, TAM Technological Center occupies its own area of 4.6 million square meters. In addition to maintenance hangars, the complex houses workshops for maintenance in aeronautical components, with equipment ranging from navigational computers to complete landing gears. About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As reported in the Troubled Company Reporter-Latin America on October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM S.A.'s US$300 million proposed senior guaranteed notes due 2019. These notes will be issued through TAM's subsidiary, TAM Capital 2 Inc and will be unconditionally guaranteed by TAM and TAM Linhas Aereas S.A. Proceeds from the proposed issuance will be used to enhance the company's cash balance and for general corporate purpose. ========================== C A Y M A N I S L A N D S ========================== ADAR INVESTMENTS: Creditors' Proofs of Debt Due on May 1 -------------------------------------------------------- The creditors of Adar Investments (Offshore) II Ltd. are required to file their proofs of debt by May 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 17, 2010. The company's liquidator is: Aaron Morse 156 West 56th Street, Suite 801 New York, NY10019, U.S.A AGAM SPV: Creditors' Proofs of Debt Due on April 29 --------------------------------------------------- The creditors of Agam SPV Six Limited (Cayman) are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 11, 2010. The company's liquidator is: Christopher P. Meyering c/o Charles Lee Telephone: +44 (0)1534 700 864 Facsimile: +44 (0)1534 700 800 Walkers Walker House, 28 - 34 Hill Street St Helier, Channel Islands, JE4 8PN Sciens Hedge Fund Management LLC 667 Madison Avenue, New York NY 10065 USA AGAM SPV: Creditors' Proofs of Debt Due on April 29 --------------------------------------------------- The creditors of Agam SPV Five Limited (Cayman) are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 11, 2010. The company's liquidator is: Christopher P. Meyering c/o Charles Lee Telephone: +44 (0)1534 700 864 Facsimile: +44 (0)1534 700 800 Walkers Walker House, 28 - 34 Hill Street St Helier, Channel Islands, JE4 8PN Sciens Hedge Fund Management LLC 667 Madison Avenue, New York NY 10065 USA ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29 ---------------------------------------------------------- The creditors of Alson Signature Fund Offshore, Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ALSON SIGNATURE: Creditors' Proofs of Debt Due on April 29 ---------------------------------------------------------- The creditors of Alson Signature Fund Offshore Portfolio, Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM CRABEL: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Casam Crabel Two Plus Fund Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 15, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM GLOBAL: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Casam Global Futures Program Fund Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 15, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM GRAHAM: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Casam Graham Global Diversified Portfolio Fund Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 15, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CENTOLIRE LIMITED: Creditors' Proofs of Debt Due on April 28 ------------------------------------------------------------ The creditors of Centolire Limited are required to file their proofs of debt by April 28, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 24, 2010. 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 DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------------- The creditors of Deephaven Credit Opportunities Trading Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 28, 2010. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 DEEPHAVEN CREDIT: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------------- The creditors of Deephaven Credit Opportunities Fund Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on February 28, 2010. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 FAIRFIELD ASIAN: Creditors' Proofs of Debt Due on April 30 ---------------------------------------------------------- The creditors of Fairfield Asian Era Fund Ltd are required to file their proofs of debt by April 30, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2010. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FAIRFIELD MANHASSET: Creditors' Proofs of Debt Due on April 30 -------------------------------------------------------------- The creditors of Fairfield Manhasset Offshore Fund Ltd are required to file their proofs of debt by April 30, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2010. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FAIRFIELD TREELINE: Creditors' Proofs of Debt Due on April 30 ------------------------------------------------------------- The creditors of Fairfield Treeline Fund Ltd are required to file their proofs of debt by April 30, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2010. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FEM CURRENCY: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of FEM Currency Portfolio Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 16, 2010. The company's liquidator is: Louis Grosjean c/o Victor Murray Maples Finance Limited PO Box 1093, 4th Floor Boundary Hall Cricket Square, George Town Grand Cayman K1-1102, Cayman Islands Telephone: 1 345 814 5722 FIRST DOMEAL: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of First Domeal Holdings are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 19, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands GANDHARA (GP): Creditors' Proofs of Debt Due on April 29 -------------------------------------------------------- The creditors of Gandhara (GP) Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 5, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands GEMS TV: U.S. Unit Seeks Bankruptcy Protection to Sell Assets ------------------------------------------------------------- Phil Milford and Michael Bathon at Bloomberg News report that Gems TV (USA) Ltd. has sought bankruptcy protection (Bankr. D. Del. Case No. 10-11158) to sell its assets, after shutting down operations last month. Reno, Nevada-based Gems TV is a television retailer of gemstone jewelry products. The Company listed about $120 million in debt and about $51.2 million in assets. "Since it began operations, the company has struggled to maintain a sufficient level of profitability to sustain its operations and service its debts," Gems TV President, Diane Schneiderjohn, said in court documents. The Company's "troubles were exacerbated this past year as nationwide economic conditions resulted in decreased discretionary spending." March 8 Announcement Gems TV Holdings Ltd. announced March 8 that it will cease operations in the U.S. Gems TV said that since its entry into the U.S. in November 2006, it has struggled to achieve the necessary operational and economic scale that would enable it to thrive in that market. The Group's margins and profitability have been under constant pressure from the extremely challenging and unpredictable economic environment. Mr. Jason Choo, Chairman of Gems TV said, "We are putting a stop to the operational cash drain in the US which is clearly a disappointing outcome." Gems TV also said March 8 that it has entered into a non-binding term sheet to acquire roughly 37.8% shareholding interest in Multimedia Commerce Group Inc. MMCG operates a shopping network under the trade name "Jewelry Television(R)" and retails jewelry, gemstones and related products via its television network and internet sites. JTV(R) is a direct competitor of Gems TV in the U.S. Upon completion of the Proposed Investment, both Gems TV and JTV(R) will no longer be in competition with each other and instead will work together to achieve better margins and greater revenue. About Gems TV Gems TV is the leading television home shopping retailer of gemstone jewelry with a mission to make genuine gemstone jewelry affordable and available to everyone. It owns and operates dedicated jewelry home shopping TV channels in the U.S., U.K. and Japan, where our interactive "reverse auction" programs are broadcasted to more than 50 million subscribers on a full time equivalent basis in those markets. In addition, its genuine gemstone jewelry is sold through internet and mobile platforms. The products retail on its own Web sites -- www.GemsTV.com, www.GemsTV.co.uk, www.GemsTV.jp, and www.Thaigem.com -- as well as third-party Web sites such as eBay and Amazon.com. Its mobile platform is accessible by consumers in Japan. Gems TV was incorporated with limited liability in the Cayman Islands on April 23, 2001, and listed on the Singapore Exchange Main Board on November 10, 2006. HFH SHORTPLUS: Creditors' Proofs of Debt Due on April 29 -------------------------------------------------------- The creditors of HFH Shortplus Fund Ltd. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 12, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands IRMADALE LIMITED: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------------- The creditors of Irmadale Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 17, 2010. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 MAHIS LIMITED: Creditors' Proofs of Debt Due on April 28 -------------------------------------------------------- The creditors of Mahis Limited are required to file their proofs of debt by April 28, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2010. 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 MARATHON GTF: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------- The creditors of Marathon GTF Development Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company's liquidator is: Yvonne R. Kunetka c/o Marathon Oil Company 5555 San Felipe Street, Houston Texas 77056-2799, United States of America Telephone: 713-296-2517 Facsimile: 713-513-4219 e-mail: YRKunetka@Marathonoil.com MARATHON NIGERIA: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------------- The creditors of Marathon Nigeria Holding are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company's liquidator is: Yvonne R. Kunetka c/o Marathon Oil Company 5555 San Felipe Street, Houston Texas 77056-2799, United States of America Telephone: 713-296-2517 Facsimile: 713-513-4219 e-mail: YRKunetka@Marathonoil.com MARATHON OFFSHORE: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------------ The creditors of Marathon Offshore Holding Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 9, 2010. The company's liquidator is: Yvonne R. Kunetka Marathon Oil Company 5555 San Felipe Street Houston, Texas 77056-2799 United States of America Telephone: 713-296-2517 Facsimile: 713-513-4219 e-mail: YRKunetka@Marathonoil.com MOMENTUM SYNTHETIC: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------------- The creditors of Momentum Synthetic CDO Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands OLD MUTUAL: Creditors' Proofs of Debt Due on April 22 ----------------------------------------------------- The creditors of Old Mutual UK Dynamic Equity Fund Limited are required to file their proofs of debt by April 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 18, 2010. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 PALACE GATE: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------ The creditors of Palace Gate Holdings Limited are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 15, 2010. The company's liquidator is: Billy W Y Ma c/o Philip Sutcliffe Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 STRUCTURED CREDIT: Creditors' Proofs of Debt Due on April 29 ------------------------------------------------------------ The creditors of Structured Credit (General Partner) 500 Inc. are required to file their proofs of debt by April 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 11, 2010. The company's liquidator is: Geoffrey Varga c/o Camele Burke 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) 623 0007 ZAN GLOBAL: Creditors' Proofs of Debt Due on April 27 ----------------------------------------------------- The creditors of Zan Global Total Return Fund are required to file their proofs of debt by April 27, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 17, 2010. The company's liquidator is: Russell Smith c/o Russell Homer Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Business Sector Opposes Electricity Hike -------------------------------------------------------------- The Santiago Traders and Industrialists Association, the National Commercial Business Organization and the Dominican Traders Federation expressed their strong opposition to the planned increase in electricity rates, Dominican Today reports. The report relates Acis Head Luis Nunez, ONEC Head Pedro Perez and FDC Head Ivan Garcia agreed that other measures were needed to collect the US$1.5 million unpaid bills and that the service had to be made more efficient before any mention of increasing the rates. According to the report, Mr. Nunez expressed disappointment at the common practice of making the financial and operational difficulties of the sector more expensive without making the costs transparent first. The report relates Mr. Nunez said that the deficiencies in the sector had raised the operational costs of the entire national productive apparatus. Mr. Perez, the report notes, also expressed his opposition towards paying for the sector's inefficiency, saying that there are alternatives that could be explored. The first stage should be to charge everyone who doesn't pay their bills and give clear signals that electricity fraud will be tackled, and said that there is a lot of talk and no action in this area, he added. Meanwhile, Mr. Garcia, according to the report, said that whoever pays for their electricity should not have to pay for the authorities' lack of capacity. "The business sector is strongly opposed to any increase in the electricity rates. We cannot take this level of power cuts, let alone an increase in the commercial rates that we pay, and for this reason we cannot be penalized", the report quoted Mr. Garcia as saying. ============= J A M A I C A ============= AIR JAMAICA: Workers to be Retained by Caribbean Airlines --------------------------------------------------------- Caribbean Airlines Limited is said to increase the number of Air Jamaica Limited employees it will rehire after acquiring the cash strapped entity, RadioJamaica reports. According to the report, Prime Minister Bruce Golding said that the Trinidadian airline is currently interviewing Air Jamaica workers. Mr. Golding, the report relates, said that there is indication that the numbers of workers who will be given job offers will be higher than expected. "I know that discussions are taking place as (Caribbean Airlines) had already indicated that they would not be able to employ all the 1,600 workers that we have at Air Jamaica, so they're doing interviews to determine those who will be employed. Redundancy payments will be made to all workers once the transition takes place," the report quoted Mr. Golding as saying. "(Caribbean Airlines) had indicated that they would be requiring no more than 350 Air Jamaica workers but I believe that because of certain realities that have come out of the negotiations, that number will go up a little," he added. Meanwhile, the report notes that Mr. Golding said that some of Air Jamaica's operations will not be sold to Caribbean Airlines and hence employees in those areas will not lose their jobs. "There are still some areas of what is now Air Jamaica operations that will be retained like the air craft servicing arrangement. Those are not being divested and therefore those workers do not have to fear redundancy. We're going to have to reconfigure the management of that since that will no longer be part of what we now have as Air Jamaica," the report quoted Mr. Golding as saying. As reported in the Troubled Company Reporter-Latin America on March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited's management has indicated a proposed date for the redundancy of all employee positions at the airline. The report related that in a memorandum to the staff, Airline President Bruce Nobles told the employees that the Air Jamaica management is working with Caribbean Airlines towards a major schedule change on April 12. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. CABLE & WIRELESS: GDJL Wins Advertisement Fee Legal Battle ---------------------------------------------------------- Barbara Gayle at Jamaica Gleaner reports that Global Directories Jamaica Limited won its legal battle against Lime (formerly Cable & Wireless Jamaica), over differences on the payment terms offered to advertisers in the Yellow Pages of the Jamaican telephone directory. The report relates Global Directories, which produces the directory under contract from LIME, offers easy payment plan- 12 equal monthly installments, commencing the month after each year's directory is published. However, the report notes LIME decided that payment should be collected in full months before the directory was published and in January 2008 directed GDJL to change the arrangements with advertisers. The report relates Global Directories refused, arguing that it would not be a commercially wise move. Global Directories, the report adds, also argued that LIME could not make a unilateral change in the agreement on such an important issue. According to the report, LIME threatened to terminate GDJL's contract, which dates back to November 4, 2005. The report relates Hilary Phillips and attorney-at-law Denise Kitson argued on behalf of LIME that the advertising contracts were between LIME and the advertisers and that Global was only acting as LIME's agent. The advertising contracts, they told the court, allowed LIME to adjust the terms of payment, and submitted further that LIME did not need Global's consent to do so, the report says. However, the Gleaner relates, Supreme Court Justice Lloyd Hibbert was more convinced by GDJL's arguments and ruled in its favor. Global Directories, the report says, had also claimed damages of $109.07 million due under the four-year-old contract, plus interest, but LIME had settled the bill before the court case was heard. The Gleaner notes Justice Hibbert ruled that LIME was not liable for the payment of interest, but directed the phone company to pay Global Directories' legal costs. The report adds that Judge Hibbert also issued an injunction restraining LIME from terminating the publishing agreement by reason of GDJL's refusal to require advertisers to make payment in advance. About LIME Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/-- provides national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-"long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. SUGAR COMPANY OF JAMAICA: Gov't Re-Attempts Sale of Factories ------------------------------------------------------------- Another attempt is being made to find buyers for The Sugar Company of Jamaica Limited's remaining state-run sugar factories that are still on the auction block, RadioJamaica reports. The report relates the Development Bank of Jamaica has advertised the sugar estates and factories at Frome, Monymusk and Bernard Lodge in the local press. According to the report, proposals are being sought for the financing, modernization, operation and management of the three entities. RadioJamaica notes that May 3 is the deadline for proposals to be submitted. The DBJ, the report notes, said that the assets are being sold en bloc or in separate packages. With the government intent on selling the sugar assets under a single agreement, the DBJ said it will give preference to investors who want to acquire them in one deal, the report adds. About SCJ The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. * JAMAICA: Imports Value Down, STATIN Says ------------------------------------------ New data from the Statistical Institute of Jamaica (STATIN) have revealed that there was a significant decline in the value of imports which entered the island during 2009, RadioJamaica reports. According to the report, Jamaicans brought in goods valued at US$5 billion. The report relates that the figure was a US$3.2 billion decline from the value of imports in 2008. STATIN, the report notes, said that the reduction was due mainly to lower fuel prices last year. Total exports for January to December also declined to US$1.3 billion from US$2.6 billion in 2008, the report adds. * * * According to the TCRLA on January 18, 2010, Fitch Ratings downgraded Jamaica's long-term local currency rating to 'C' from 'CCC'. In addition, Fitch has affirmed Jamaica's long-term and short-term foreign currency ratings at 'CCC' and 'C' respectively, and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign ratings Outlook remains Negative ==================== P U E R T O R I C O ==================== POPULAR INC: Seen as Buyer of Failed Puerto Rico Banks ------------------------------------------------------ Anurag Kotoky at Caribbean Net News reports that Puerto Rican banks are likely to see a round of consolidation soon, as regulators move to close underperforming lenders, giving Popular Inc. an excellent chance to bulk up. According to the report, at least three of Puerto Rico's biggest banks -- W Holding Co Inc., EuroBancshares Inc and R&G Financial Corp. -- are under cease and desist orders from regulators, and there is rising speculation in the market that the Federal Deposit Insurance Corp. may take over operations. The report relates in such a scenario, the FDIC will move ahead with a formal sale process of their assets, and Popular Inc. being the dominant and the oldest player in the island has every chance of emerging as the winning bidder. B. Riley & Co analyst Joe Gladue, the report notes, said that the FDIC-backed deals have often been a big boost for the acquiring bank's capital, something that would be helpful for Popular Inc. About Popular Inc. Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) -- http://www.popular.com/-- is a full service financial institution with operations in Puerto Rico, the United States, the Caribbean and Latin America. With over 300 branches and offices, the company offers retail and commercial banking services through its franchise, Banco Popular de Puerto Rico, well as auto and equipment leasing and financing, mortgage loans, consumer lending, investment banking, broker/dealer and insurance services through specialized subsidiaries. In the United States, the company has established a community banking franchise providing a broad range of financial services and products to the communities it serves. * * * As reported in the Troubled Company Reporter-Latin America on June 12, 2009, Standard & Poor's Ratings Services said that it lowered its ratings on Popular Inc., including lowering the long- term counterparty credit rating to 'BB-' from 'BB+' and the rating on the company's preferred shares to 'C' from 'B-', and affirmed the short-term counterparty credit rating at 'B'. PR WIRELESS: Moody's Assigns 'B2' Corporate Family Rating --------------------------------------------------------- Moody's Investors Services assigned first time ratings to PR Wireless, Inc, including a B2 Corporate Family Rating a B2 Probability of Default Rating, and B2 rating to $175 million in proposed senior secured credit facilities. The credit facilities consist of $15 million revolving credit due in 2014 and $160 million term loan due in 2016. The proceeds of the facilities will be used to repay existing debt and to bolster the company's cash balances. The ratings outlook is stable. Open Mobile is the fifth largest wireless service provider in Puerto Rico, serving about 300,000 subscribers primarily on a pre- paid basis. It is owned by PR Wireless, LLC (incorporated in Delaware, U.S.), which in turn, is owned by M/C Venture Partners (35%), Columbia Capital (35%) and Leap Wireless (18%), among others. Open Mobile began operations in June 2007 after the bankruptcy and reorganization of its predecessor entity, MoviStar, Inc. With approximately 11% subscriber market share as of December 2009 (up from 4% in 2007), Open Mobile generated service revenue of over $130 million during 2009. Its CDMA network has over 90% licensed population coverage across Puerto Rico, with a 3G-EVDO network build-out currently in process. The company's subscribers are able to roam nationwide in the U.S. through Open Mobile's roaming arrangements with other carriers. Assignments: Issuer: PR Wireless, Inc. -- Corporate Family Rating, Assigned B2 -- Probability of Default Rating, Assigned B2 -- Senior Secured Bank Credit Facility, Assigned B2 LGD3 -- 44% -- Senior Secured Bank Credit Facility, Assigned B2 LGD3 -- 44% -- Outlook -- Stable Open Mobile's B2 ratings are principally based on its small size relative to its domestic and global peers as well as on its high adjusted debt/EBITDA of 3.21 times in 2009 (Moody's adjusted, reflecting capitalized leases and 25% debt attribution to preferred stock). Moody's expect that leverage as measured by adjusted debt/EBITDA will decline gradually as revenues grow and EBITDA margins improve as scale increases. The company's total revenue of over $130 million in 2009 is a reflection of Open Mobile's small market share of 11% of the Puerto Rican wireless market, which stood at 2.7 million wireless subscribers (67% penetration rate) as of December 2009. As such, Moody's expect competition to remain intense, especially as the major carriers such as AT&T, America Movil, T-Mobile, and Sprint will look to expand their pre-paid service offerings in Puerto Rico. On the other hand, the ratings are supported by improving operating metrics, as well as expected stable margins over the next two years. The company generated positive fee cash flow in 2009, the first time since restructuring in mid 2007, demonstrating a successful operating turnaround following the predecessor company's bankruptcy filing in 2007. In addition, strict cost controls have supported the improvement in the company's cash flow growth. However, Moody's believe that capex will increase to expand the service territory and to enhance the network capabilities to keep pace with competition. In addition, any dividend payment would negatively affect free cash flow generation. Thus, Moody's believe that Open Mobile's free cash flow will remain modest or negative at least over the next two to three years. The stable ratings outlook is based on Moody's expectations that Open Mobile will continue to be successful in acquiring new subscribers and providing quality service. The stable outlook also assumes that company will maintain conservative financial policies and liquidity management. Pro forma for the proposed financing, Open Mobile's liquidity will be adequate. Moody's expects Open Mobile's cash on hand of about $20 million, plus expected operating cash in 2010 of about $35 million to cover total of about $40 million in cash outflows during the year, which include interest payments, working capital, taxes and capex. Moody's believes that management will not pay a dividend in 2010 and will devote cash to invest in growth capex as planned. Moody's expect the company to be in compliance with its covenants through 2010. This is the first time Moody's has rated Open Mobile. Open Mobile, incorporated in Delaware, and headquartered in San Juan, PR, is the fifth largest wireless service provider in Puerto Rico. W HOLDING: Management, Auditors Mull 'Going Concern Qualification' ------------------------------------------------------------------ W Holding Co. Inc. said that its management and auditors would seek additional time to consider whether the bank could remain in business, Matthias Rieker at Dow Jones Newswires reports. According to the report, W Holding's main subsidiary, Westernbank, already operates under increased regulatory scrutiny, and the company warned in a Securities and Exchange Commission filing that its regulators may take additional action, including possibly assuming control of the bank. "Management and its auditors need additional time to consider whether a going concern qualification is appropriate," the filing said, the report relates. The bank, the report notes, said that it "has engaged financial advisors to assist in our efforts to raise additional capital and explore strategic alternatives to address our current and expected liquidity and capital needs." Dow Jones Newswires says that W Holding has struggled with a rising number of troubled real-estate loans and losses caused by such loans. The report relates that bank said it has "sufficient liquid assets to meet all of its obligations for" about the next 12 months. However, the report points out, if it is placed into Federal Deposit Insurance Corp. receivership, it is "highly likely" the bank would end its business and eventually liquidate. W Holding, the report notes, posted a US$14.6 million loss for 2009 in its earnings filing with the Federal Reserve and said that audited operating results for its earnings report with the SEC "will likely be significantly affected" by the money it had to set aside for bad loans. Dow Jones Newswires says that Westernbank's loan-loss reserve, foreclosed real estate held for sale, deferred income tax asset and accrued income-tax liability, and its income statement are "still being reviewed by the Company's management and are subject to change." The report notes that the cease-and-desist order with the FDIC and its Puerto Rican bank regulator last year requires the bank to obtain waivers to roll over deposits it gets through brokers rather than from its banking customers. Dow Jones Newswires relates that W Holding said, "the FDIC granted the Bank's request to roll over a portion of the Bank's brokered deposits . . . until April 30." W Holding, the report adds, said it would be unable to file its annual report on time, citing "resource constraints and the volume of audit matters." =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Dr. Euric Bobb Resigns as CLICO Board Chairman -------------------------------------------------------- Dr. Euric Bobb has resigned from his port as chairman of Colonial Life Insurance Company Trinidad Limited (CLICO) board, Linda Hutchinson-Jafar at Jamaica Gleaner reports. The report relates Mr. Bobb cited "personal reasons" for his resignation. According to the report, Dr. Bobb had previously quit as chairman of CL Financial Group, the parent to CLICO, shortly after he was appointed in February 2009 to provide oversight of the failed company that the Trinidad government assumed control of a month earlier. The report relates long-time CL group financial director Michael Carballo also resigned from his job but continues to sit as a board director. Mr. Carballo was followed by Steve Bedeshi who quit as CL Financial's managing director at the end of January, the report notes. The Gleaner notes that Claude Musaib-Ali, appointed as CLICO's chief executive officer, also opted not to renew his one-year contract. Marlon Holder, executive director of the Unit Trust Corporation, has been appointed to replace Dr. Bobb, the report says. The Gleaner adds Mr. Holder said that he intends to focus on rebuilding confidence in the company. About CL Financial CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it 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 Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between US$6 billion and US$8 billion. Tobago President George Maxwell Richards, The Express related, 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., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *