/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101201.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, December 1, 2010, Vol. 11, No. 237 Headlines A R G E N T I N A AEROPUERTOS ARGENTINA: S&P Assigns 'B' Corporate Credit Rating FRIGOSUR SA: Creditors' Proofs of Debt Due February 16 INTERBAE SA: Creditors' Proofs of Debt Due February 18 ISIDRA HOUSE: Creditors' Proofs of Debt Due March 8 REPSTAY SRL: Creditors' Proofs of Debt Due February 1 SOUTHERN FOODS: Creditors' Proofs of Debt Due December 30 B E R M U D A GANDAR INVESTMENT: Creditors' Proofs of Debt Due December 1 GANDAR INVESTMENT: Members' Final Meeting Set for December 21 LATOT JDZ: Creditors' Proofs of Debt Due December 1 LSF II: Creditors' Proofs of Debt Due December 1 LSF II: Members' Final Meeting Set for December 22 LSF IV: Creditors' Proofs of Debt Due December 1 LSF IV: Members' Final Meeting Set for December 21 MAN GLENWOOD: Creditors' Proofs of Debt Due December 1 MAN GLENWOOD: Members' Final Meeting Set for December 20 MAN LEUMI: Creditors' Proofs of Debt Due December 1 MAN LEUMI: Members' Final Meeting Set for December 22 TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1 TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22 TIMICUAN REINSURANCE: Creditors' Proofs of Debt Due December 1 TIMICUAN REINSURANCE: Members' Final Meeting Set for December 22 C A Y M A N I S L A N D S ALLIANCEBERNSTEIN GLOBAL: Shareholders' Meeting Set for Dec. 13 BRENTWOOD INDEMNITY: Creditors' Proofs of Debt Due December 14 CASAM PLENUM: Shareholders' Final Meeting Set for December 10 CHESTER ASSET: Shareholders' Final Meeting Set for December 3 CHESTER ASSET: Shareholders' Final Meeting Set for December 3 CICADA LIMITED: Creditors' Proofs of Debt Due December 17 CICADA LIMITED: Shareholders' Final Meeting Set for December 20 CPC SCHWEPPES: Shareholders' Final Meeting Set for December 7 FRESH (I): Shareholders' Final Meeting Set for December 14 HELIODOR INVESTMENTS: Creditors' Proofs of Debt Due December 22 ICP STRATEGIC: Creditors' Proofs of Debt Due December 14 IIU FUNDS: Shareholders' Final Meeting Set for December 9 LAFITTE FUND: Shareholders' Final Meeting Set for December 10 MS ASIA: Creditors' Proofs of Debt Due December 13 MS ASIA: Creditors' Proofs of Debt Due December 13 NAI LS: Shareholders' Final Meeting Set for December 9 R.F. ALTS: Shareholders' Final Meeting Set for December 10 REFRESH (I): Shareholders' Final Meeting Set for December 14 RL CAPITAL: Shareholders' Final Meeting Set for December 10 TRICO MARINE: Inks Restructuring Support Deal With Noteholders TRICO MARINE: Tidewater Raises Bid to US$30.5MM to Win Auction TRICO MARINE: Committee Wants to Pursue Lawsuits VICTORY PARK: Creditors' Proofs of Debt Due December 22 VICTORY PARK: Creditors' Proofs of Debt Due December 22 J A M A I C A AIR JAMAICA: Robert Corbie Appointed as Caribbean Air CEO KSAC: To Respond to Concerns on its Financial Woes KSAC: Wants to Use Money From Land Sale to Pay Deductions T R I N I D A D & T O B A G O CL FINANCIAL: CLICO Holders Vote Unanimously to Take Legal Action - - - - - ================= A R G E N T I N A ================= AEROPUERTOS ARGENTINA: S&P Assigns 'B' Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said it assigned its 'B' corporate credit rating to Argentine airport operator Aeropuertos Argentina 2000 S.A. The outlook is stable. S&P also assigned a 'B' senior secured debt rating to the company's proposed US$300 million 10-year notes. S&P understand that the new bonds will be guaranteed by collection rights and receivables from duty free shops and unpledged international and regional passenger fees. "The rating on AA2000 is constrained, in S&P's view, mainly by its exposure to Argentine country risk and the limited track record of its regulatory framework," said Standard & Poor's credit analyst Candela Macchi. The airport operator is also exposed to volatility that is inherent to passenger traffic and dependent on various factors, such as the level of economic activity, international events such as terrorist attacks, geopolitical tensions and epidemics, and the relative evolution of exchange rate. AA2000 also faces the challenge of implementing an investment plan agreed with the government, including construction risk. These factors are partially counterbalanced, in S&P's opinion, by the company's very good competitive position, derived from its exclusive concession to operate 33 airports in the country and a manageable maturity profile over the next four years. The stable outlook incorporates S&P's view that its debt maturity profile will be manageable after the issuance of $300 million senior secured notes. S&P considers potential rating upside unlikely at this point, and that it would depend on a perception of an improvement in business conditions in Argentina and on the satisfactory performance of the investment plan. In S&P's view, the rating could come under pressure if the company is unable to comply with the mandatory investment plan or if changes in regulation occur that affect the company's operations. FRIGOSUR SA: Creditors' Proofs of Debt Due February 16 ------------------------------------------------------ The court-appointed trustee for Frigosur S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until February 16, 2011. The trustee will present the validated claims in court as individual reports on March 31, 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 May 27, 2011. INTERBAE SA: Creditors' Proofs of Debt Due February 18 ------------------------------------------------------ The court-appointed trustee for Interbae S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until February 18, 2011. The trustee will present the validated claims in court as individual reports on April 4, 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 May 16, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on October 11, 2011. ISIDRA HOUSE: Creditors' Proofs of Debt Due March 8 --------------------------------------------------- The court-appointed trustee for Isidra House S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 8, 2011. The trustee will present the validated claims in court as individual reports on April 19, 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 June 1, 2011. REPSTAY SRL: Creditors' Proofs of Debt Due February 1 ----------------------------------------------------- The court-appointed trustee for Repstay S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until February 1, 2011. SOUTHERN FOODS: Creditors' Proofs of Debt Due December 30 --------------------------------------------------------- The court-appointed trustee for Southern Foods S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until December 30, 2010. The trustee will present the validated claims in court as individual reports on March 16, 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 May 3, 2011. ============= B E R M U D A ============= GANDAR INVESTMENT: Creditors' Proofs of Debt Due December 1 ----------------------------------------------------------- The creditors of Gandar Investment Ltd. are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 10, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda GANDAR INVESTMENT: Members' Final Meeting Set for December 21 ------------------------------------------------------------- The members of Gandar Investment Ltd. will hold their final meeting on December 21, 2010, at 9:30 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 November 10, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LATOT JDZ: Creditors' Proofs of Debt Due December 1 --------------------------------------------------- The creditors of Latot JDZ Limited are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF II: Creditors' Proofs of Debt Due December 1 ------------------------------------------------ The creditors of LSF II LB Limited are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF II: Members' Final Meeting Set for December 22 -------------------------------------------------- The members of LSF II LB Limited will hold their final meeting on December 22, 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 November 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF IV: Creditors' Proofs of Debt Due December 1 ------------------------------------------------ The creditors of LSF IV TMK Derivatives I, Ltd. are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF IV: Members' Final Meeting Set for December 21 -------------------------------------------------- The members of LSF IV TMK Derivatives I, Ltd. will hold their final meeting on December 21, 2010, at 9:30 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 November 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MAN GLENWOOD: Creditors' Proofs of Debt Due December 1 ------------------------------------------------------ The creditors of Man Glenwood Holdings II Ltd are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 12, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN GLENWOOD: Members' Final Meeting Set for December 20 -------------------------------------------------------- The members of Man Glenwood Holdings II Ltd will hold their final meeting on December 20, 2010, at 9:30 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 November 12, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN LEUMI: Creditors' Proofs of Debt Due December 1 --------------------------------------------------- The creditors of Man Leumi Multi-Strategy Fund Ltd are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN LEUMI: Members' Final Meeting Set for December 22 ----------------------------------------------------- The members of Man Leumi Multi-Strategy Fund Ltd will hold their final meeting on December 22, 2010, at 9:30 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 November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1 ----------------------------------------------------------- The creditors of Timicuan Holdings Ltd. are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22 ------------------------------------------------------------- The members of Timicuan Holdings Ltd. will hold their final meeting on December 22, 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 November 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda TIMICUAN REINSURANCE: Creditors' Proofs of Debt Due December 1 -------------------------------------------------------------- The creditors of Timicuan Reinsurance Ltd. are required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda TIMICUAN REINSURANCE: Members' Final Meeting Set for December 22 ---------------------------------------------------------------- The members of Timicuan Reinsurance Ltd. will hold their final meeting on December 22, 2010, at 9:30 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 November 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ========================== C A Y M A N I S L A N D S ========================== ALLIANCEBERNSTEIN GLOBAL: Shareholders' Meeting Set for Dec. 13 --------------------------------------------------------------- The shareholders of Alliancebernstein Global Diversified Strategies - Market Neutral (USD Managed) Ltd. - Hedge Fund B will hold their final meeting on December 13, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands BRENTWOOD INDEMNITY: Creditors' Proofs of Debt Due December 14 -------------------------------------------------------------- The creditors of Brentwood Indemnity (Cayman) Ltd. are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 15, 2010. The company's liquidator is: Richard Hammer c/o Willis Management (Cayman) Ltd. 62 Forum Lane, 3rd Floor, Camana Bay P.O. Box 30600, Grand Cayman KY1-1203 Cayman Islands Telephone: (345) 949-6039 Facsimile: (345) 949-6621 CASAM PLENUM: Shareholders' Final Meeting Set for December 10 ------------------------------------------------------------- The shareholders of Casam Plenum Admiral Fund Limited will hold their final meeting on December 10, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CHESTER ASSET: Shareholders' Final Meeting Set for December 3 ------------------------------------------------------------- The shareholders of Chester Asset Receivables Dealings No.5 Limited will hold their final meeting on December 3, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson Andrea Richards P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8249 Facsimile: (345) 949 7120 CHESTER ASSET: Shareholders' Final Meeting Set for December 3 ------------------------------------------------------------- The shareholders of Chester Asset Receivables Dealings No.10 Limited will hold their final meeting on December 3, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson Andrea Richards P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8249 Facsimile: (345) 949 7120 CICADA LIMITED: Creditors' Proofs of Debt Due December 17 --------------------------------------------------------- The creditors of Cicada Limited are required to file their proofs of debt by December 17, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 27, 2010. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949-3344 Facsimile: (345) 949-2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands CICADA LIMITED: Shareholders' Final Meeting Set for December 20 --------------------------------------------------------------- The shareholders of Cicada Limited will hold their final meeting on December 20, 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 October 27, 2010. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949-3344 Facsimile: (345) 949-2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands CPC SCHWEPPES: Shareholders' Final Meeting Set for December 7 ------------------------------------------------------------- The shareholders of CPC Schweppes SBS, Ltd. will hold their final meeting on December 7, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gregory Giannini Telephone: (214) 999-1000 Facsimile: (214) 999-1022 3030 Olive Street, Suite 500 Dallas, TX 75219 United States of America FRESH (I): Shareholders' Final Meeting Set for December 14 ---------------------------------------------------------- The shareholders of Fresh (I) Limited will hold their final meeting on December 14, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HELIODOR INVESTMENTS: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------------- The creditors of Heliodor Investments Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 1, 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 ICP STRATEGIC: Creditors' Proofs of Debt Due December 14 -------------------------------------------------------- The creditors of ICP Strategic Credit Income Master Fund Ltd are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 27, 2010. The company's liquidator is: Hugh Dickson c/o Peter Bigwood P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815-8242 Facsimile: (345) 949-7120 IIU FUNDS: Shareholders' Final Meeting Set for December 9 --------------------------------------------------------- The shareholders of IIU Funds SPC will hold their final meeting on December 9, 2010, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 LAFITTE FUND: Shareholders' Final Meeting Set for December 10 ------------------------------------------------------------- The shareholders of Lafitte Fund I Offshore Ltd. will hold their final meeting on December 10, 2010, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1 9002 Cayman Islands MS ASIA: Creditors' Proofs of Debt Due December 13 -------------------------------------------------- The creditors of MS Asia Pacific Holdings Limited are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 1, 2010. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands MS ASIA: Creditors' Proofs of Debt Due December 13 -------------------------------------------------- The creditors of MS Asia Pacific Investment Limited are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 1, 2010. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands NAI LS: Shareholders' Final Meeting Set for December 9 ------------------------------------------------------ The shareholders of Nai LS Equity Fund Limited will hold their final meeting on December 9, 2010, at 10:05 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands R.F. ALTS: Shareholders' Final Meeting Set for December 10 ---------------------------------------------------------- The shareholders of R.F. Alts Finance II Limited will hold their final meeting on December 10, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands REFRESH (I): Shareholders' Final Meeting Set for December 14 ------------------------------------------------------------ The shareholders of Refresh (I) Ltd. will hold their final meeting on December 14, 2010, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands RL CAPITAL: Shareholders' Final Meeting Set for December 10 ----------------------------------------------------------- The shareholders of RL Capital II Co. will hold their final meeting on December 10, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands TRICO MARINE: Inks Restructuring Support Deal With Noteholders -------------------------------------------------------------- In a regulatory filing Friday, Tricom Marine Services, Inc., disclosed that on November 19, 2010, it, its subsidiaries Trico Supply AS and Trico Shipping AS and certain of its other affiliates entered into a restructuring support agreement dated as of November 17, 2010, with a group of noteholders who together hold approximately 83% of the aggregate principal amount of Trico Shipping's outstanding 11 7/8% senior secured notes due 2014. Pursuant to the Restructuring Support Agreement, which sets forth the terms of the Company's financial restructuring plan, the Company would launch an out-of-court exchange offer to noteholders to exchange their Notes for a pro rata share, together with certain other creditors of the Company, of 100% of Trico Supply's common stock subject to dilution in certain circumstances. Upon successful consummation of the Exchange Offer and related transactions, the Company would reduce its total debt and accrued interest by approximately US$462 million. The Restructuring Support Agreement, as modified by an extension, would require the Company to launch the Exchange Offer by December 3, 2010. As an alternative to the Exchange Offer, the Company has also agreed in the Restructuring Support Agreement to solicit consents from its noteholders and stockholders to approve a prepackaged plan of reorganization. In the event certain conditions to the Exchange Offer are not satisfied, and if a sufficient number of holders and amount of Notes vote to accept the Prepackaged Plan, the Company intends to pursue an in-court restructuring. If confirmed, the Prepackaged Plan would have principally the same effect as if 100% of the holders of Notes had tendered their Notes in the Exchange Offer, or, under certain circumstances, a sale of the assets or equity of Trico Supply and its subsidiaries. Pursuant to the Restructuring Support Agreement, the Supporting Noteholders have agreed to, among other things, (1) support and use commercially reasonable efforts to complete the capital restructuring plan, including by tendering their Notes into the Exchange Offer, delivering their consents in a related consent solicitation and voting in favor of the Prepackaged Plan; and (2) not exercise remedies or direct the trustee to exercise remedies under the indenture governing the notes for any default or event of default that has occurred or may occur thereunder. The Restructuring Support Agreement may be terminated by the Supporting Noteholders and the Company upon the occurrence of certain events enumerated in the Restructuring Support Agreement. About Trico Marine Headquartered in Texas, Trico Marine Services, Inc. -- http://www.tricomarine.com/-- provides subsea services, subsea trenching and protection services, and towing and supply vessels. Trico filed for Chapter 11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B. Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP, assist the Debtor in its restructuring effort. The Debtor disclosed US$30,562,681 in assets and US$353,606,467 in liabilities as of the Petition Date. Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10- 12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico Marine International, Inc. (Case No. 10-12650), Trico Marine Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No. 10-12652) filed separate Chapter 11 petitions. Cahill Gordon & Reindell LLP is the Debtors' special counsel. Alix Partners Services, LLC, is the Debtors' chief restructuring officer. Epiq Bankruptcy Solutions is the Debtors' claims and notice agent. Postlethwaite & Netterville serves as the Debtors' accountant and Ernst & Young LLP serves as tax advisors. Pricewaterhousecoopers LLC provides the independent accountants and tax advisors for the Debtors. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. TRICO MARINE: Tidewater Raises Bid to US$30.5MM to Win Auction -------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Trico Marine Services Inc. reported that the price for the sale of two vessels rose US$4.5 million at auction last week. With three other bidders present, Tidewater Inc. raised its stalking horse bid of US$26 million to US$30.5 million and won the auction for the vessels Trico Moon and Trico Mystic. A hearing for approval of the sale was scheduled for November 29. About Trico Marine Headquartered in Texas, Trico Marine Services, Inc. -- http://www.tricomarine.com/-- provides subsea services, subsea trenching and protection services, and towing and supply vessels. Trico filed for Chapter 11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B. Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP, assist the Debtor in its restructuring effort. The Debtor disclosed US$30,562,681 in assets and US$353,606,467 in liabilities as of the Petition Date. Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10- 12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico Marine International, Inc. (Case No. 10-12650), Trico Marine Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No. 10-12652) filed separate Chapter 11 petitions. Cahill Gordon & Reindell LLP is the Debtors' special counsel. Alix Partners Services, LLC, is the Debtors' chief restructuring officer. Epiq Bankruptcy Solutions is the Debtors' claims and notice agent. Postlethwaite & Netterville serves as the Debtors' accountant and Ernst & Young LLP serves as tax advisors. Pricewaterhousecoopers LLC provides the independent accountants and tax advisors for the Debtors. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. TRICO MARINE: Committee Wants to Pursue Lawsuits ------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the Official Committee of Unsecured Creditors formed in Trico Marine Services Inc.'s Chapter 11 case is seeking authority to file fraudulent transfer lawsuits based on what it calls the "ultimately disastrous acquisition campaign" in 2007 to 2008 that increased debt by US$1.05 billion. The motion is scheduled for hearing on Dec. 14. Mr. Rochelle relates that the Committee points outs that Trico Marine, rather than seek bankruptcy relief, instead had Trico Shipping issue US$400 million in high-yield secured notes in October 2009, with Trico Supply, Trico Marine and sister companies guaranteeing and securing the debt. The proposed suit would contend that the note offering and related transactions resulted in fraudulent transfers. The committee aims on making recoveries from subsidiaries not in Chapter 11. About Trico Marine Headquartered in Texas, Trico Marine Services, Inc. -- http://www.tricomarine.com/-- provides subsea services, subsea trenching and protection services, and towing and supply vessels. Trico filed for Chapter 11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B. Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP, assist the Debtor in its restructuring effort. The Debtor disclosed US$30,562,681 in assets and US$353,606,467 in liabilities as of the Petition Date. Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10- 12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico Marine International, Inc. (Case No. 10-12650), Trico Marine Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No. 10-12652) filed separate Chapter 11 petitions. Cahill Gordon & Reindell LLP is the Debtors' special counsel. Alix Partners Services, LLC, is the Debtors' chief restructuring officer. Epiq Bankruptcy Solutions is the Debtors' claims and notice agent. Postlethwaite & Netterville serves as the Debtors' accountant and Ernst & Young LLP serves as tax advisors. Pricewaterhousecoopers LLC provides the independent accountants and tax advisors for the Debtors. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. VICTORY PARK: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of Victory Park Special Situations Master Fund Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 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 VICTORY PARK: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of Victory Park Special Situations Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 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 ============= J A M A I C A ============= AIR JAMAICA: Robert Corbie Appointed as Caribbean Air CEO --------------------------------------------------------- Robert Corbie is appointed as the new Chief Executive Officer of Caribbean Airlines Limited, RadioJamaica reports. The Trinidadian airline has a controlling stake in Air Jamaica Limited. According to RadioJamaica, Caribbean Airlines has disclosed that Chief Executive Officer Captain Ian Brunton has demitted office and Mr. Corbie, who is Vice President of Commercial and Customer Experience, will hold the post for the time being. Mr. Corbie will oversee a newly merged work force of 1,866 employees, the report notes. Mr. Corbie, RadioJamaica relates, was quoted in a release as saying that he has been mandated to have the airline function as one company responsible for two brands: Caribbean Airlines and Air Jamaica. Caribbean Airlines will maintain its corporate character, while Air Jamaica, will retain its name and own corporate identity, the report notes. Radiojamaica adds that although plans were announced for integration earlier this month, the new board of directors has announced that as leased Boeing 737-800's arrive to replace the current Air Jamaica Airbus fleet, they will retain the Air Jamaica name and branding. 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%. According to a TCRLA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. Radio Jamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. * * * As of August 18, 2010, the airline continues to carry Moody's "B3" long-term, long-term corporate family, and senior unsecured debt ratings. KSAC: To Respond to Concerns on its Financial Woes -------------------------------------------------- More light is to be shed on the financial affairs of the Kingston and St. Andrew Corporation (KSAC), RadioJamaica reports. The report relates that an advisory from the KSAC says it will respond to concerns raised by Kevin Taylor, People's National Party Councillor, who has called for an audit of the Corporation's books. As reported in the Troubled Company Reporter-Latin America on November 29, 2010, RadioJamaica said that more alarm is being raised about the state of affairs at KSAC. According to RadioJamaica, reports are surfacing that several employees of the Municipal Council are in arrears with various companies, because funds from their salaries were not paid over after being deducted by the Council. RadioJamaica noted that Kevin Taylor, Councillor for the Duhaney Park Division, first raised the issue of a cash strapped KSAC on November 22, 2010. Mr. Taylor, the report notes, is also threatening to call in Contractor-General Greg Christie. The Kingston and St. Andrew Corporation is an amalgamation of the two Parishes: Kingston and St. Andrew. Kingston was established in 1692 after the destruction of Port Royal. The Parish of Kingston is entirely urban, while ST. Andrew consists of urban and rural settlements. The two Parishes were amalgamated in 1923 for the purpose of Civic Administration. KSAC: Wants to Use Money From Land Sale to Pay Deductions --------------------------------------------------------- The Kingston and St. Andrew Corporation (KSAC) will ask the central government for permission to use money from the sale of a property to cover outstanding statutory and personal deductions from employees' salaries, which it has failed to pay, RadioJamiaca reports. As reported in the Troubled Company Reporter-Latin America on November 29, 2010, RadioJamaica said that more alarm is being raised about the state of affairs at KSAC. According to RadioJamaica, reports are surfacing that several employees of the Municipal Council are in arrears with various companies, because funds from their salaries were not paid over after being deducted by the Council. RadioJamaica noted that Kevin Taylor, Councillor for the Duhaney Park Division, first raised the issue of a cash strapped KSAC on November 22, 2010. According to RadioJamaica, the Committee meeting had been had been heated but things came to a boiling point when Desmond McKenzie, KSAC Chairman and Mayor of Kingston put a motion before the Corporation for JM$20 million to be taken from the sale of a property in Mona, St. Andrew to pay over statutory and personal deductions for the staff at the organization. "We seek leave from the Department of Local Government to allow us to take that amount from the proceeds of the sale of property in Mona for which we've just received a cheque in part payment of JM$35 million," the report quoted Mr. McKenzie as saying. However, the report notes, Councillor Taylor, who started the fire storm at a previous KSAC Finance Committee meeting, objected to this motion. RadioJamaica relates that Mr. Taylor argued that funds from the sale of the property should not be used to pay salaries and voluntary deductions. Meanwhile, the report says, Mayor McKenzie told Councilors that with the current financial standing of the Corporation, there was little chance that funds will be allocated for Christmas projects. "It is 90% certain that this council will not be able to do anything this Christmas," the report quoted Mayor McKenzie as saying. This pronouncement caused uproar in the KSAC's Finance Committee and Mayor McKenzie had to again exert his authority for calm to return to the gathering, the report notes. RadioJamaica relates Mayor McKenzie further explained that with the current obligations before the Corporation it was necessary to cut this allocation. The Kingston and St. Andrew Corporation is an amalgamation of the two Parishes: Kingston and St. Andrew. Kingston was established in 1692 after the destruction of Port Royal. The Parish of Kingston is entirely urban, while ST. Andrew consists of urban and rural settlements. The two Parishes were amalgamated in 1923 for the purpose of Civic Administration. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: CLICO Holders Vote Unanimously to Take Legal Action ----------------------------------------------------------------- Renuka Singh at Trinidad Express reports that Colonial Life Insurance Company (Trinidad) Limited (CLICO) Policyholders Group voted unanimously to take legal action against the State. Trinidad Express reports the vote came at a meeting of policyholders at the Daaga Auditorium at the University of the West Indies in St Augustine. CLICO is CL Financial Limited. According to the report, a member of the audience, Dolly Ali, moved the vote and the response was a unanimous show of hands in favor of the move to allow a five-man executive team to take legal action to get back 100% of their investment into CL Financial Limited. Policyholders, Trinidad Express notes, also moved a vote of no confidence in Finance Minister Winston Dookeran. CLICO Policyholder Peter Permell assured the members that a move towards legal action did not mean the negotiations with government would cease, the report notes. However, Mr. Permell advised members to accept the government's initial TT$75,000 payout offer only if it was given with "no strings attached," the report notes. Mr. Pemell, Trinidad Express discloses, said that there has been no word on possible "phantom or ghost accounts", yet policyholders are being denied their interest payments for a third consecutive month. In September, Minister Dookeran stopped interest payments for policyholders as a precautionary measure against possible opportunistic "ghost account" holders, the report says. Mr. Permell also said that the executive members were also pledging their support to any move to bring the main directors of CL Financial to justice, Trinidad Express 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. *********** 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. Agravante, 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 * * *