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/raid1/www/Hosts/bankrupt/TCRLA_Public/101018.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, October 18, 2010, Vol. 11, No. 205 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Denied Insurance Funds A R G E N T I N A CANTUA SRL: Creditors' Proofs of Debt Due November 26 PANTIN SA: Creditors' Proofs of Debt Due December 16 PHOTO DEPOT: Creditors' Proofs of Debt Due December 1 PUBLICIDAD Y PROMOCIONES: Creditors' Proofs of Debt Due Nov. 25 SIAFRE SA: Creditors' Proofs of Debt Due December 20 B R A Z I L BANCO CRUZEIRO; S&P Assigns 'BB-/B' Counterparty Credit Rating C A Y M A N I S L A N D S 1ST INVESTMENT: Creditors' Proofs of Debt Due November 11 AMBER MASTER: Creditors' Proofs of Debt Due November 16 ATQ FUND: Creditors' Proofs of Debt Due November 9 BOWEN INDEMNITY: Creditors' Proofs of Debt Due November 11 CAPE INDEMNITY: Creditors' Proofs of Debt Due November 11 CHESTER ASSETS: Creditors' Proofs of Debt Due November 9 CHESTER ASSETS: Creditors' Proofs of Debt Due November 9 E*TRADE ABS: Creditors' Proofs of Debt Due November 11 EPOCH 2001-2: Creditors' Proofs of Debt Due November 11 FLATIRON OFFSHORE: Creditors' Proofs of Debt Due November 15 GPA INVESTMENTS: Creditors' Proofs of Debt Due November 11 K SQUARED: Creditors' Proofs of Debt Due November 11 PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11 PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11 PHELPS INDEMNITY: Creditors' Proofs of Debt Due November 11 RAB-PI ASIA: Creditors' Proofs of Debt Due November 11 SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12 SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12 SIGMA SIV: Assets to Be Distributed to Creditors Starting Nov. 7 TRADITION INVESTMENT: Creditors' Proofs of Debt Due October 25 TOWER HOLDINGS: Placed Under Voluntary Wind-Up J A M A I C A AIR JAMAICA: Pension Fund Beneficiaries to Receive Another Pay Out M E X I C O HIPOTECARIA SU: Defaults on Debt Payments TUBO DE PASTEJE: Seeks Jan. 5 U.S. Plan Extension P U E R T O R I C O CARIBBEAN PETROLEUM: Proofs of Claim Due by Nov. 17 T R I N I D A D & T O B A G O CL FIN'L: Ex-British Judge to Head CLICO/HCU Investigation HINDU CREDIT UNION: Ex-British Judge to Head CLICO/HCU Probe X X X X X X X X * BOND PRICING: For the Week October 11 to October 15, 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Denied Insurance Funds -------------------------------------------- Robert Allen Stanford has suffered a serious blow as a judge rules he cannot use US$100 million of Lloyd's of London directors and officers insurance coverage to pay lawyers to defend him, Caribbean360.com reports. As reported in the Troubled Company Reporter-Latin America on August 27, 2010, Bloomberg News said that Lloyd's of London underwriters are attempting to convince Judge Atlas that Mr. Stanford conspired to steal money so they can avoid paying attorneys to defend him on criminal fraud charges, Ellen Rosen at Bloomberg News reports. According to a separate Bloomberg report, Lloyd's of London witness forensic accountant Alan Westheimer testified that the US$1.6 billion that Mr. Stanford allegedly skimmed from investors was borrowed from Stanford International Bank Limited as loans to startup entities and other businesses Mr. Stanford controlled. The report noted Mr. Westheimer said that Mr. Lopez and comptroller Mark Kuhrt, who hired him after they were indicted in June 2009, told him this year they thought the borrowing should have been publicly disclosed. According to the report, U.S. District Judge Nancy Atlas handed down her judgment on October 14, 2010, following a four-day trial in August. The report relates that the ruling also affects former Stanford accounting executives Gilbert Lopez and Mark Kuhrt. However, the report notes, Judge Atlas made it clear that she was not making any pronouncements on Mr. Stanford's guilt and her findings in this case "are neither final findings of fact nor conclusions of law" for use in the criminal case or the civil case built against Stanford and the other executives. Mr. Stanford's attorney, Robert Bennett, told Bloomberg that Judge Atlas' decision was "disappointing, but not unexpected". He also told the publication that he would probably not appeal the ruling and would instead apply to be assigned Stanford's court-appointed counsel. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= CANTUA SRL: Creditors' Proofs of Debt Due November 26 ----------------------------------------------------- The court-appointed trustee for Cantua S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until November 26, 2010. The trustee will present the validated claims in court as individual reports on February 8, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on March 22, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on October 5, 2011. PANTIN SA: Creditors' Proofs of Debt Due December 16 ---------------------------------------------------- The court-appointed trustee for Pantin S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until December 16, 2010. The trustee will present the validated claims in court as individual reports on February 25, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on April 11, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on September 7, 2011. PHOTO DEPOT: Creditors' Proofs of Debt Due December 1 ----------------------------------------------------- The court-appointed trustee for Photo Depot Argentina S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until December 1, 2010. The trustee will present the validated claims in court as individual reports on February 11, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on March 28, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on September 7, 2011. PUBLICIDAD Y PROMOCIONES: Creditors' Proofs of Debt Due Nov. 25 --------------------------------------------------------------- The court-appointed trustee for Publicidad y Promociones Signum S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 25, 2010. The trustee will present the validated claims in court as individual reports on February 7, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on March 21, 2011. SIAFRE SA: Creditors' Proofs of Debt Due December 20 ---------------------------------------------------- The court-appointed trustee for Siafre S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until December 20, 2010. The trustee will present the validated claims in court as individual reports on March 2, 2011. The National Commercial Court of First Instance in Buenos Aires 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. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on April 8, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on September 30, 2011. =========== B R A Z I L =========== BANCO CRUZEIRO; S&P Assigns 'BB-/B' Counterparty Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB-/B' counterparty credit rating to Banco Cruzeiro do Sul S.A. The outlook is stable. S&P also assigned a 'brA-/brA-2' national scale rating with a stable outlook. "The rating on Cruzeiro do Sul reflects the bank's concentration in one type of product and its volatile profitability," said Standard & Poor's credit analyst Delfina Cavanagh. The bank has business sensitivity to high competition and market conditions. The ratings also take into account the bank's challenge to increase and diversify its funding and capital base to sustain its credit expansion. Cruzeiro do Sul's relevant market position in its niche market, its good asset-quality indicators, and its good technology and distribution capabilities partially offset the weaknesses. With total assets of $4.7 billion as of June 2010, Cruzeiro do Sul is a niche bank focused on payroll-discount loans. It is one of the first banks in Brazil to offer this type of product. Although only the 31st largest bank in the Brazilian financial system in terms of assets, the bank is one of the top six players in its core business segment. Its established payroll operations drive the bank's business. Nevertheless, the bank's high concentration in one type of product--payroll discount lending represents more than 90% of the total credit portfolio--and the fierce competition in this segment constrain the ratings. S&P considers credit risk for Cruzeiro do Sul to be adequately managed. The bank benefits from the low-risk profile of payroll- discount loans, which have less risk than other traditional consumer loans. Banco Cruzeiro's asset-quality indicators are good and have remained healthy despite a significant growth in the past four years. The stable outlook reflects the bank's challenge to continue expanding its loan portfolio in a competitive environment that pressures profitability given margin reduction. S&P could lower the rating if the bank fails to maintain adequate capital levels, or if its origination capacity weakens. S&P could raise the rating if the entity improves its capitalization level, stabilizes its profitability, and maintains a stable and diversified funding profile. ========================== C A Y M A N I S L A N D S ========================== 1ST INVESTMENT: Creditors' Proofs of Debt Due November 11 --------------------------------------------------------- The creditors of 1st Investment Capital Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 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 AMBER MASTER: Creditors' Proofs of Debt Due November 16 ------------------------------------------------------- The creditors of Amber Master Fund (Cayman) SPC are required to file their proofs of debt by November 16, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 22, 2010. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands ATQ FUND: Creditors' Proofs of Debt Due November 9 -------------------------------------------------- The creditors of ATQ Fund Limited are required to file their proofs of debt by November 9, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 15, 2010. The company's liquidator is: Philip Mosely PO Box 1569, George Town Grand Cayman KY1-1110 Cayman Islands Telephone: (345) 949 4018 Facsimile: (345) 949 7891 e-mail: general@caymanmanagement.ky BOWEN INDEMNITY: Creditors' Proofs of Debt Due November 11 ---------------------------------------------------------- The creditors of Bowen Indemnity Insurance Company, Ltd., are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 1, 2010. The company's liquidator is: Ronald Sulisz c/o Broadhurst LLC P.O. Box 2503, 40 Linwood Street Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-7237 Facsimile: (345) 949-7725 CAPE INDEMNITY: Creditors' Proofs of Debt Due November 11 --------------------------------------------------------- The creditors of Cape Indemnity Insurance Company, Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 1, 2010. The company's liquidator is: Ronald Sulisz c/o Broadhurst LLC P.O. Box 2503, 40 Linwood Street Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-7237 Facsimile: (345) 949-7725 CHESTER ASSETS: Creditors' Proofs of Debt Due November 9 -------------------------------------------------------- The creditors of Chester Assets Receivables Dealings No. 10 Limited are required to file their proofs of debt by November 9, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 17, 2010. The company's liquidator is: Hugh Dickson c/o Andrea Richards P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8249 Facsimile: (345) 949 7120 CHESTER ASSETS: Creditors' Proofs of Debt Due November 9 -------------------------------------------------------- The creditors of Chester Assets Receivables Dealings No. 5 Limited are required to file their proofs of debt by November 9, 2010, to be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o Andrea Richards P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8249 Facsimile: (345) 949 7120 E*TRADE ABS: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of E*Trade ABS CDO VI, Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 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 EPOCH 2001-2: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------- The creditors of Epoch 2001-2 Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 2, 2010. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands FLATIRON OFFSHORE: Creditors' Proofs of Debt Due November 15 ------------------------------------------------------------ The creditors of Flatiron Offshore Equity Inc are required to file their proofs of debt by November 15, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 21, 2010. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands GPA INVESTMENTS: Creditors' Proofs of Debt Due November 11 ---------------------------------------------------------- The creditors of GPA Investments Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 9, 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 KY1-9005 Cayman Islands K SQUARED: Creditors' Proofs of Debt Due November 11 ---------------------------------------------------- The creditors of K Squared Capital Advisors (Cayman) Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 21, 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 KY1-9005 Cayman Islands PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------------- The creditors of Pequot Strategic Equity Offshore Fund, Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 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 KY1-9005 Cayman Islands PEQUOT STRATEGIC: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------------- The creditors of Pequot Strategic Equity Master Fund, Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 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 KY1-9005 Cayman Islands PHELPS INDEMNITY: Creditors' Proofs of Debt Due November 11 ----------------------------------------------------------- The creditors of Phelps Indemnity Insurance Company, Ltd. are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 1, 2010. The company's liquidator is: Ronald Sulisz c/o Broadhurst LLC P.O. Box 2503, 40 Linwood Street Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-7237 Facsimile: (345) 949-7725 RAB-PI ASIA: Creditors' Proofs of Debt Due November 11 ------------------------------------------------------ The creditors of Rab-Pi Asia U.S. Feeder Fund Limited are required to file their proofs of debt by November 11, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 14, 2010. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor 64 Earth Close, West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12 --------------------------------------------------------- The creditors of Scoggin Credit Opportunities Fund, Ltd are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 2010. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands SCOGGIN CREDIT: Creditors' Proofs of Debt Due November 12 --------------------------------------------------------- The creditors of Scoggin Credit Opportunities Master Fund are required to file their proofs of debt by November 12, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on September 23, 2010. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands SIGMA SIV: Assets to Be Distributed to Creditors Starting Nov. 7 --------------------------------------------------------- John Glover at Bloomberg News reports that assets from defaulted structured investment vehicle Sigma Finance Corp. will distributed starting November 17, according to a statement from the receivers. Sigma Finance Corp is a structured investment vehicle. TRADITION INVESTMENT: Creditors' Proofs of Debt Due October 25 -------------------------------------------------------------- The creditors of Tradition Investment Fund are required to file their proofs of debt by October 25, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 21, 2010. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands TOWER HOLDINGS: Placed Under Voluntary Wind-Up ---------------------------------------------- At an extraordinary general meeting held on September 9, 2010, the shareholders of Tower Holdings Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker c/o FCM LTD. Governor's Square Ground Floor West Bay Road PO Box 1982 Grand Cayman KY-1104 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Pension Fund Beneficiaries to Receive Another Pay Out ------------------------------------------------------------------ Beneficiaries of Air Jamaica Limited's defunct Air Jamaica Pension Fund are set to receive another pay out, RadioJamaica reports. According to the report, the Trustees have advised that there will be a final distribution from sums accrued after the government granted a waiver of withholding tax on the Pension Fund. The report relates that a statement from the Trustees said that once they have been advised by their accountants, PricewaterhouseCoopers and actuaries, Watson Wyatt and Duggan of the net sum available, instructions will be given for the last disbursement to beneficiaries. The report notes that the Trustee will then present the final audited accounts to the beneficiaries and apply to the Supreme Court for directions regarding the termination of their services as well as the custody of any unclaimed funds. Air Jamaica Pension Fund was created following the privatization of Air Jamaica in 1994. The report recalls that approximately 2,600 workers' posts were made redundant. The pension fund was terminated and the government claimed the balance of the scheme, the report relates. RadioJamaica says that a legal battle ensued, finally reaching the Privy Council in 1998. The report relates that the Privy Council's decision in 1999 ordered that the employees' contribution to the fund be returned to them with interest. This was done by the government starting on May 15, 2001. To date, about JM$850 million has been distributed to the former Air Jamaica workers, the report adds. 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. As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. * * * As of August 18, 2010, the airline continues to carry Moody's "B3" long-term, long-term corporate family, and senior unsecured debt ratings. =========== M E X I C O =========== HIPOTECARIA SU: Defaults on Debt Payments ----------------------------------------- Andres R. Martinez and Jonathan J. Levin at Bloomberg News report that Hipotecaria Su Casita SA defaulted on MXN730 million (US$58.8 million) of bonds after missing payments on its debt. The report relates that the company missed making a payment of about MXN306 million on long-term debt, and about MXN424 million on two short- term bonds. "The problem is bad portfolio management," the report quoted Ernesto Arnoux, a debt analyst with Grupo Bursatil Mexicano SA in Mexico City, as saying. "It's a general problem that we're seeing in other businesses of this type," he added. The report notes Su Casita bondholders were unable to fulfill a quorum last week at a meeting to discuss restructuring options for the company's short- and long-term debt. The report relates that the company had offered bondholders equity, new debt and some cash. Su Casita said Sept. 10 that it was evaluating "other alternatives" after a deal to sell part of its assets to the Mexican unit of Banco Bilbao Vizcaya Argentaria SA fell through, the report adds. About Hipotecaria Su Casita Hipotecaria Su Casita SA, based in Mexico City, Mexico, started operations in 1994 as a non-bank financial institution/Sofol Mortgage Company. Su Casita's main activity consists of extending mortgage loans financed by monies from SHF to low income individuals -- an important role in the low-income housing market, as there is no rental market in Mexico. As of September 30, 2008, the company reported total assets of approximately US$39,078 million Mexican pesos, and MXN3.080 billion in equity. * * * As reported in the Troubled Company Reporter-Latin America on October 13, 2010 Moody's Investors Service downgraded Hipotecaria Su Casita, S.A. de C.V.'s senior unsecured debt rating to Ca from Caa2, global scale local currency issuer rating to Ca from Caa2 (national scale issuer rating to Ca.mx from Caa2.mx) and long-term corporate family rating to Ca from Caa2. The ratings remain on review for possible further downgrade. TUBO DE PASTEJE: Seeks Jan. 5 U.S. Plan Extension ------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc. for a second time are seeking a January 5 extension of the exclusive right to propose a Chapter 11 plan. The Company reports "significant progress" in discussions with noteholders on a Chapter 11 plan. The Company hopes that it will "soon" have agreement allowing the filing of a consensual reorganization plan. A hearing on the request is scheduled for November 2. Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc. filed Chapter 11 petitions December 7, 2009 (Bankr. D. Del. Case No. 09-14353) following a Nov. 15 payment default on US$200 million in 11.5% senior notes due 2016. Tubo and its subsidiary filed for Chapter 11 protection when the 30-day grace period was nearing its end. Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de CV, a manufacturer of copper and electrical products. The U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania. IUSA is the issuer of the notes which were secured by a pledge of the stock of Cambridge-Lee. ==================== P U E R T O R I C O ==================== CARIBBEAN PETROLEUM: Proofs of Claim Due by Nov. 17 --------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware directs holders of claims against Caribbean Petroleum Corporation and its debtor-affiliates arising prior to August 12, 2010, to file their proofs of claim by 5:00 p.m., prevailing Eastern Time, on Nov. 17, 2010. Government units have until February 8, 2011, to file their claims. Claim forms and additional information about the Bar Dates are available at http://www.kccllc.net/caribbean 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. Cribbean Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010, nearly 10 months after a massive explosion at its major Puerto Rican fuel storage depot virtually shut down the company's operations. The Debtor estimated assets of $100 million to $500 million and debts of $500 million to $1 billion as of the Petition Date. Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum Refining (Puerto Rico) Corporation filed separate Chapter 11 petitions on August 12, 2010. John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A. Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead counsel to the Debtors, and Mark D. Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., serve as local counsel. The Debtors' financial advisor is FTI Consulting Inc. The Debtors' chief restructuring officer is Kevin Lavin of FTI Consulting Inc. Kurtzman Carson Consultants LLC serves as the noticing, claims and balloting agent. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Ex-British Judge to Head CLICO/HCU Investigation ---------------------------------------------------------- HINDU CREDIT UNION: Ex-British Judge to Head CLICO/HCU Probe ------------------------------------------------------------ Ria Taitt at Trinidad Express reports Attorney General Anand Ramlogan said that a one-man Commission of Enquiry into CL Financial Ltd, Colonial Life Insurance Company (Trinidad) Limited (CLICO) and other subsidiaries and the Hindu Credit Union Co- operative Society Ltd will be conducted by Sir Gavin Lightman, a retired British High Court judge, a leading Queen's Counsel in insolvency, administration law and other related matters. According to the report, Mr. Ramlogan said that counsel to the Commission is another British QC, Peter Carter, "who has unparalleled experience in financial crime and fraud." The report relates that local attorneys Kelvin Ramkissoon and Celeste Jules will work alongside Carter. As what was the deadline for the Commission of Enquiry to report, Mr. Ramlogan said it was his intention that it will have an "outer limit of four months but an inner limit of six months," Trinidad Express notes. "We consider this to be urgent and pressing matter," he added, stating that he was hoping that it would be more on the side of four months than six, Trinidad Express discloses. The report relates Mr. Ramlogan noted, however, that the time the Commission takes to report would depend on the number of submissions and the work already done by the Central Bank auditors. Mr. Ramlogan stated that the enquiry would be geared towards an analysis of the situation and would also determine whether there are any grounds for civil or criminal liability, the report adds. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company 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 August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards 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. About Hindu Credit Hindu Credit Union Co-Operative Society Limited (HCU) -- http://www.ourhcu.com/-- is headquartered in Borough, Chaguanas, in Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on July 28, 2008, the High Court of Trinidad and Tobago granted the government full control of Hindu Credit as the company faces financial difficulties, leaving depositors in limbo despite requests from lawyers. In June 2008, chartered accountants Ernst and Young inspected Hindu Credit's books, accounts, and records after a public outcry and calls for an internal audit. Charles Mitchell, the Commissioner for Co-Operative Development, represents Hindu Credit's depositors. =============== X X X X X X X X =============== * BOND PRICING: For the Week October 11 to October 15, 2010 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT- DIS 5.83 12/31/2033 ARS 162 ARGENT-PAR 1.18 12/31/2038 ARS 67.5 ARGENT-�DIS 4.33 12/31/2033 JPY 45 ARGENT-�PAR&GDP 0.45 12/31/2038 JPY 8 BANCO MACRO SA 10.75 6/7/2012 USD 73.86307 BODEN 2014 2 9/30/2014 ARS 39.5 BOGAR 2018 2 2/4/2018 ARS 151.1 CAYMAN ISLAND BANCO BPI (CI) 4.15 11/14/2035 EUR 63.509 BANIF FIN LTD 3 12/31/2019 EUR 61.625 BCP FINANCE CO 4.239 EUR 70.3875 BCP FINANCE CO 5.543 EUR 73.71875 BES FINANCE LTD 6.984 2/7/2035 EUR 64.21317 BES FINANCE LTD 5.58 EUR 70.81695 DUBAI HLDNG COMM 6 2/1/2017 GBP 73.62 EFG ORA FUNDING 1.7 10/29/2014 EUR 67.54 ESFG INTERNATION 5.753 EUR 73.1125 PUBMASTER FIN 6.962 6/30/2028 GBP 72.49 SHINSEI FIN CAYM 6.418 USD 68.8 SHINSEI FIN CAYM 6.418 USD 68.78991 COLOMBIA SHINSEI FINANCE 7.16 USD 66.05 AGUAS NUEVAS 3.4 5/15/2012 CLP 1.539 ESVAL S.A. 3.8 7/15/2012 CLP 49.62472 MASISA 4.25 10/15/2012 CLP 38.01853 PUERTO RICO PUERTO RICO CONS 6.5 4/1/2016 USD 51 VENEZUELA PETROLEOS DE VEN 5.5 4/12/2037 USD 48.73313 PETROLEOS DE VEN 5.375 4/12/2027 USD 51.0099 PETROLEOS DE VEN 5.125 10/28/2016 USD 57.44791 PETROLEOS DE VEN 5 10/28/2015 USD 59.79363 PETROLEOS DE VEN 5.25 4/12/2017 USD 60.91738 PETROLEOS DE VEN 4.9 10/28/2014 USD 63.36758 PETROLEOS DE VEN 4.9 10/28/2014 USD 63.44411 VENEZUELA 7 3/31/2038 USD 56 VENEZUELA 7 3/31/2038 USD 57.707 VENEZUELA 6 12/9/2020 USD 62.5 VENEZUELA 7.65 4/21/2025 USD 63.5 VENEZUELA 8.25 10/13/2024 USD 66.25 VENEZUELA 7 12/1/2018 USD 69.75 VENEZUELA 9.25 5/7/2028 USD 69.5 VENEZUELA 7.75 10/13/2019 USD 69.5 VENEZUELA 9 5/7/2023 USD 70 VENEZUELA 5.75 2/26/2016 USD 71.5 VENEZUELA 9.25 9/15/2027 USD 75.12 VENEZUELA 9.25 9/15/2027 USD 74.725 VENZOD - 189000 9.375 1/13/2034 USD 70 *********** 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 * * *