/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100820.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 Friday, August 20, 2010, Vol. 11, No. 164 Headlines A R G E N T I N A ARTEL COMUNICACIONES: Creditors' Proofs of Debt Due on Sept. 23 REGION 4: Creditors' Proofs of Debt Due on September 23 SULFUR SA: Creditors' Proofs of Debt Due on September 28 TRANSERVICES SRL: Creditors' Proofs of Debt Due on October 8 B E R M U D A CRM US: Creditors' Proofs of Debt Due on August 23 CRM US: Member to Receive Wind-Up Report on September 7 MERRYVALE LTD: Creditors' Proofs of Debt Due on August 19 MERRYVALE LTD: Members' Final Meeting Set for September 7 SONOMA LTD: Creditors' Proofs of Debt Due on August 19 SONOMA LTD: Members' Final Meeting Set for September 7 THREE TWENTY: Creditors' Proofs of Debt Due on August 19 THREE TWENTY: Members' Final Meeting Set for September 7 C A Y M A N I S L A N D S BAYSHORE FLOATING: Creditors' Proofs of Debt Due on September 16 BRUNSWICK RUSSIA: Creditors' Proofs of Debt Due on September 6 CRUSADER INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 16 EATON VANCE: Creditors' Proofs of Debt Due on September 16 EUREKA (EURO): Creditors' Proofs of Debt Due on September 13 EUREKA (US$): Creditors' Proofs of Debt Due on September 13 INVESTCORP MINI-FUND: Creditors' Proofs of Debt Due on Sept. 21 MANCHESTER TRUSTEES: Creditors' Proofs of Debt Due on Sept. 16 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 MIDORI CDO: Creditors' Proofs of Debt Due on September 16 MW GAVEKAL: Creditors' Proofs of Debt Due on September 13 NISR 3: Creditors' Proofs of Debt Due on September 16 PAN-STRATEGIES: Creditors' Proofs of Debt Due on September 13 PARMALAT CAPITAL: Creditors' Proofs of Debt Due on October 1 REV-TRANCHE: Commences Liquidation Proceedings WISCONSIN HEALTH: Creditors' Proofs of Debt Due on September 16 C H I L E EMPRESAS IANSA: Fitch Withdraws 'B-' Issuer Default Rating E C U A D O R PETROECUADOR: July Oil Exports Rise 20% to US$470 Million J A M A I C A JAMAICA RAILWAY CORP: Chairman Resigns From Board P E R U DOE RUN: To Convince Creditors to Restart La Oroya Smelter P U E R T O R I C O CARIBBEAN PETROLEUM: Organizational Meeting Set for Aug. 26 T U R K S & C A I C O S I S L A N D S OLINT CORP: U.S. Prosecutors Indict Former Owner V E N E Z U E L A ECONOINVEST CASA DE BOLSA: Will Be Liquidated - - - - - ================= A R G E N T I N A ================= ARTEL COMUNICACIONES: Creditors' Proofs of Debt Due on Sept. 23 --------------------------------------------------------------- Jorge Jalfin, the court-appointed trustee for Artel Comunicaciones SRL's reorganization proceedings, will be verifying creditors' proofs of claim until September 23, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on June 22, 2011. The Trustee can be reached at: Jorge Jalfin Sarmiento 1452 Argentina REGION 4: Creditors' Proofs of Debt Due on September 23 ------------------------------------------------------- Ricardo Agustin Sardon, the court-appointed trustee for Region 4 SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 23, 2010. Mr. Sardon will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Ricardo Agustin Sardon Cerrito 1136 Argentina SULFUR SA: Creditors' Proofs of Debt Due on September 28 -------------------------------------------------------- Estudio Carlen, the court-appointed trustee for Sulfur SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 28, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Estudio Carlen Paulin, Sanzone y Asociados Argentina TRANSERVICES SRL: Creditors' Proofs of Debt Due on October 8 ------------------------------------------------------------ Nestor Monti, the court-appointed trustee for Transervices SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 8, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Nestor Monti Avenida Cordoba 1525 Argentina ============= B E R M U D A ============= CRM US: Creditors' Proofs of Debt Due on August 23 -------------------------------------------------- The creditors of CRM U.S. Value Fund, Ltd. are required to file their proofs of debt by August 23, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Roderick M. Forrest Victoria Place 31 Victoria Street, Hamilton Bermuda CRM US: Member to Receive Wind-Up Report on September 7 ------------------------------------------------------- The member of CRM U.S. Value Fund, Ltd. will receive, on September 7, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Roderick M. Forrest Victoria Place 31 Victoria Street, Hamilton Bermuda MERRYVALE LTD: Creditors' Proofs of Debt Due on August 19 --------------------------------------------------------- The creditors of Merryvale Ltd. are required to file their proofs of debt by August 19, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda MERRYVALE LTD: Members' Final Meeting Set for September 7 --------------------------------------------------------- The members of Merryvale Ltd. will hold their final meeting, on September 7, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda SONOMA LTD: Creditors' Proofs of Debt Due on August 19 ------------------------------------------------------ The creditors of Sonoma Ltd. are required to file their proofs of debt by August 19, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda SONOMA LTD: Members' Final Meeting Set for September 7 ------------------------------------------------------ The members of Sonoma Ltd. will hold their final meeting, on September 7, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda THREE TWENTY: Creditors' Proofs of Debt Due on August 19 -------------------------------------------------------- The creditors of Three Twenty NAT Ltd. are required to file their proofs of debt by August 19, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda THREE TWENTY: Members' Final Meeting Set for September 7 -------------------------------------------------------- The members of Three Twenty NAT Ltd. will hold their final meeting, on September 7, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 4, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda ========================== C A Y M A N I S L A N D S ========================== BAYSHORE FLOATING: Creditors' Proofs of Debt Due on September 16 ---------------------------------------------------------------- The creditors of Bayshore Floating Rate Senior Loan Fund III Limited are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 2010. The company's liquidator is: David Dyer c/o Elizabeth Watt Telephone: (345) 949-8244 BRUNSWICK RUSSIA: Creditors' Proofs of Debt Due on September 6 -------------------------------------------------------------- The creditors of Brunswick Russia Equity Fund I Limited are required to file their proofs of debt by September 6, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 23, 2010. The company's liquidator is: Ogier c/o Jennifer Parsons Telephone: (345) 949-9876 Facsimile: (345) 949-9877 c/o Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands CRUSADER INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 16 ----------------------------------------------------------------- The creditors of Crusader International Factors Ltd. are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 23, 2010. The company's liquidator is: Stuart Jessop c/o Fiona Moseley Telephone: (345) 949-1599 EATON VANCE: Creditors' Proofs of Debt Due on September 16 ---------------------------------------------------------- The creditors of Eaton Vance Variable Leverage Fund Ltd. are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 2010. The company's liquidator is: David Dyer c/o Elizabeth Watt Telephone: (345) 949-8244 EUREKA (EURO): Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of The Eureka (Euro) Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 EUREKA (US$): Creditors' Proofs of Debt Due on September 13 ----------------------------------------------------------- The creditors of The Eureka (US$) Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 INVESTCORP MINI-FUND: Creditors' Proofs of Debt Due on Sept. 21 --------------------------------------------------------------- The creditors of Investcorp Mini-Fund 12 Limited are required to file their proofs of debt by September 21, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 4, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands MANCHESTER TRUSTEES: Creditors' Proofs of Debt Due on Sept. 16 -------------------------------------------------------------- The creditors of Manchester Trustees Limited are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of Marshall Wace Core Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of Marshall Wace Tops Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of Marshall Wace Manager Strategies Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of Marshall Wace Tops Strategies Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MARSHALL WACE: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------ The creditors of Marshall Wace Americas Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 MIDORI CDO: Creditors' Proofs of Debt Due on September 16 --------------------------------------------------------- The creditors of Midori CDO, Ltd are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 2010. The company's liquidator is: David Dyer c/o Elizabeth Watt Telephone: (345) 949-8244 MW GAVEKAL: Creditors' Proofs of Debt Due on September 13 --------------------------------------------------------- The creditors of MW Gavekal Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 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 NISR 3: Creditors' Proofs of Debt Due on September 16 ----------------------------------------------------- The creditors of NISR 3 Limited are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on August 5, 2010. The company's liquidator is: David Dyer c/o Elizabeth Watt Telephone: (345) 949-8244 PAN-STRATEGIES: Creditors' Proofs of Debt Due on September 13 ------------------------------------------------------------- The creditors of Pan-Strategies Fund Limited are required to file their proofs of debt by September 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 28, 2010. The company's liquidator is: Linburgh Martin 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 PARMALAT CAPITAL: Creditors' Proofs of Debt Due on October 1 ------------------------------------------------------------ The creditors of Parmalat Capital Finance Limited are required to file their proofs of debt by October 1, 2010, to be included in the company's dividend distribution. G. James Cleaver is the company's liquidator. REV-TRANCHE: Commences Liquidation Proceedings ---------------------------------------------- Rev-Tranche II Finance Company commenced liquidation proceedings on July 26, 2010. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Cititrust (Bahamas) Limited c/o Maples and Calder Attorneys-at-law PO Box 309, Ugland House, Grand Cayman KY1-1104 Cayman Islands WISCONSIN HEALTH: Creditors' Proofs of Debt Due on September 16 --------------------------------------------------------------- The creditors of Wisconsin Health Care Assurance Limited are required to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 23, 2010. The company's liquidator is: K.D. Blake PO Box 493, Grand Cayman KY1-1106 Cayman Islands Robert Arthur Telephone: 345-815-2637 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 ========= C H I L E ========= EMPRESAS IANSA: Fitch Withdraws 'B-' Issuer Default Rating ---------------------------------------------------------- Fitch Ratings has withdrawn these ratings for Empresas Iansa S.A.: -- Local currency Issuer Default Rating at 'B-'; -- Foreign currency IDR at 'B-'; -- Senior unsecured notes due 2012 at 'B+/RR2'; -- National Scale at 'BB-(cl)'. -- National Scale Equity at 'Level 4'. Fitch will no longer provide a rating or analytical coverage of Iansa. The company requested that Fitch withdraw the ratings, and as a result, Fitch does not expect to receive the information necessary for maintaining Iansa's ratings going forward. ============= E C U A D O R ============= PETROECUADOR: July Oil Exports Rise 20% to US$470 Million --------------------------------------------------------- Petroecuador reported oil-export revenue of US$470 million in July, a 20% increase from the US$392 million in July 2009, Mercedes Alvaro at Dow Jones Newswires reports. According to the report, by volume, Petroecuador exported 6.78 million barrels of crude oil in July, a decrease of 3% from the 7.02 million barrels registered in the same month of 2009. The report relates that it translates into exports of 218,586 barrels a day in July, down from 226,452 barrels a day registered in the same month of 2009. The report notes that exports of Oriente crude were 4.81 million barrels in July, while exports of Napo crude were 1.97 million barrels. The report says that average price of Oriente crude in July was US$69.90 per barrel, while the average price of Napo crude was US$67.99 per barrel. Petroecuador reported oil-export revenue of US$553.5 million in June 2010, the report adds. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. ============= J A M A I C A ============= JAMAICA RAILWAY CORP: Chairman Resigns From Board ------------------------------------------------- The Transport Minister has confirmed the resignation of Harold Brady, as Chairman of the Board of the Jamaica Railway Corporation, RadioJamaica reports. The report relates that Mr. Brady's departure comes more than two months before the October 31 expiration of the life of the Board of the JRC. In his resignation letter, a copy of which was obtained by the news agency, Mr. Brady hinted at a possible conflict of interest. The report relates Mr. Brandy revealed that recent developments in his firm's international relationships could result in a conflict of interest between his position as JRC Chairman and Board member and his law firm Brady and Company. According to the report, Mr. Brady's resignation caused some concern among government officials, as his departure brought an abrupt halt to the Transport Ministry's plans to divest the failing JRC as quickly as possible. The report recalls that the Railway Corporation ceased operations several years ago and is now on the list of entities to be merged and retained by the Transport Ministry. RadioJamaica says that one recommendation outlined in the Public Sector Master Rationalization Plan called for the Island Traffic Authority and the transport and authority regulatory functions of the Corporation to be merged and named the Land Transport Authority. The Ministry of Transport noted that the scheduled resumption of rail services had, however, been delayed to allow the company to have discussions with an overseas group which had expressed an interest in participating in the joint venture, the report adds. About Jamaica Railway Corporation The Jamaica Railway Corporation was established under the Jamaica Railway Corporation Act. The corporation is established to control the expenditure of the corporation whether on revenue or capital account; to ensure that the annual revenues of the corporation are sufficient to meet all charges properly chargeable to revenue; and to direct and control any expansion or extension of the railway and the construction of any new railway. ======= P E R U ======= DOE RUN: To Convince Creditors to Restart La Oroya Smelter ---------------------------------------------------------- Doe Run Peru still aims to convince creditors that its plan for resolving its financial difficulties and restarting operations at the polymetallic smelter in La Oroya is the most feasible and beneficial alternative, Steel Guru News reports, citing Business News Americas. The report relates an unnamed source said that Doe Run Peru said that it will continue to insist on the proposal to restart operations and pay debts to its creditors, adding that the company believes it is the only realistic alternative that has financing. As reported in the Troubled Company Reporter-Latin America on July 21, 2010, Business News Americas said that Doe Run Peru has drawn up a 48-month plan to pay back the principal of its US$97 million debt to its creditors. According to the report, the company would start to make monthly payments to creditors two months after operations restart at its polymetallic smelter in La Oroya. The report related that the plan involves repaying US$26 million during the remainder of 2010, US$25 million in 2011 and the remaining US$46 million in 2012. The company told creditors that payments of the interest will begin one month after the principal is repaid, the report said. However, Steel Guru News says that on August 16, 2010, competition regulator Indecopi began proceedings by calling on creditors to present documentation confirming their debts with the company that could result in the creditors deciding to liquidate the company and sell its assets to repay the debts. The report relates that if the majority of creditors agree, however, they may draw up a restructuring plan to restart operations at the facility. The source, the report notes, said that the liquidation of the company would leave many issues unresolved, such as the employment of some 3,500 workers and the completion of the environmental cleanup. Meanwhile, the report says, there are concerns that the proceedings may become political due to the involvement of government tax agency Sunat, which is owed more than US$270 million by Doe Run Peru. The report relates that the source said: "There is a very clear risk that the government will enter the proceedings with debts owed to Sunat. It will convert the state into an important creditor with a lot of power in the group of creditors." About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. * * * As of June 21, 2010, the company continues to carry Moody's bank financial strength rating at "D-" and Fitch Ratings' individual rating at "D". ==================== P U E R T O R I C O ==================== CARIBBEAN PETROLEUM: Organizational Meeting Set for Aug. 26 ----------------------------------------------------------- Roberta A. DeAngelis, Acting United States Trustee for Region 3, will hold an organizational meeting on August 26, 2010, at 10:00 a.m. in the bankruptcy case of Caribbean Petroleum Corp., et al. The meeting will be held at J. Caleb Boggs Federal Building, 844 King Street, Room 5209, Wilmington, DE 19801. The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' cases. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. San Juan, Puerto Rico-based Caribbean Petroleum Corporation aka CAPECO owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum filed for Chapter 11 protection on August 12, 2010 (Bankr. D. Del. Case No. 10-12553). Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., assists the Debtor in its restructuring effort. Cadwalader, Wickersham & Taft LLP is the Debtor's co-counsel. FTI Consulting Inc. is the Debtor's financial advisor. Kevin Lavin of FTI Consulting Inc. is the Debtor's chief restructuring officer. The Debtor estimated its assets at US$100 million to US$500 million and its debts at US$500 million to US$1 billion in its Chapter 11 petition. Affiliates Caribbean Petroleum Refining, L.P. (Bankr. D. Del. Case No. 10-12554), and Gulf Petroleum Refining (Puerto Rico) Corporation (Bankr. D. Del. Case No. 10-12555), filed separate Chapter 11 petitions on August 12, 2010. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== OLINT CORP: U.S. Prosecutors Indict Former Owner ------------------------------------------------ Arthur Hall, senior staff reporter at The Jamaica Gleaner, reports that David Smith, the former head of the failed foreign currency trading scheme Olint Corp., has been indicted on 23 charges in the United States. Mr. Hall relates that in the indictment handed down in the U.S. District Court for the Middle District of Florida, Orlando Division Wednesday, Mr. Smith is charged with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity. According to The Gleaner, U.S. authorities are also seeking to seize US$128 million which they claim Mr. Smith gained through wire fraud and they are requesting that the court allow them to seize premises in Florida which Mr. Smith purchased allegedly with criminal proceeds, as well as precious gemstones and metals, jewellery and other property which are owned by him. Mr. Hall reports that Mr. Smith is on bail in the Turks and Caicos Islands, where he is facing 30 charges and is now expected to be the subject of an extradition request from the US. The report relates that U.S. authorities claim Mr. Smith's fraudulent transactions started no later than February 2005 and continued through July 2008, during which Mr. Smith "knowingly, wilfully and with intent to defraud, did devise a scheme and artifice to defraud investors, and for obtaining money and property from investors by means of false and fraudulent pretences, representations and promises . . . ." Mr. Hall says according to the prosecutors, Mr. Smith did not invest the money in foreign-exchange trading as promised, while sending his clients false statements about their accounts. The prosecutors said those investors who did get returns received money from new investors rather than any profit earned, as Mr. Smith operated what was in effect a Ponzi scheme, the report relates. The report adds that the indictment claims Mr. Smith transferred millions of dollars of his clients money into his private bank accounts, "which he used to finance a lavish and expensive lifestyle and from which he and others received millions of dollars in goods, services and other benefits". Mr. Hall relates that the prosecutors also accuse Mr. Smith of conducting financial transactions knowing that the money he was dealing with was the proceeds of some form of unlawful activity. ================= V E N E Z U E L A ================= ECONOINVEST CASA DE BOLSA: Will Be Liquidated --------------------------------------------- Venezuela receiver Nahunimar Castillo said that Econoinvest Casa de Bolsa, Venezuela's largest brokerage, will be liquidated, Charlie Devereux at Bloomberg News reports, citing state-run Venezuelan News Agency, AVN. According to the report, the board assigned by the securities regulator to administer Econoinvest, which was taken over by the government as part of an investigation into irregularities in government bond operations, is accelerating payments to investors in order to complete the process of liquidation. A spokeswoman working for the board declined to comment when contacted by Bloomberg News. *********** 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 * * *