/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110124.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, January 24, 2011, Vol. 12, No. 16 Headlines C A Y M A N I S L A N D S 4C INVESTMENT: Shareholder to Receive Wind-Up Report on Feb. 18 ACP NOMINEES: Shareholders Receive Wind-Up Report AENEAS EVOLUTION: Shareholders Receive Wind-Up Report APOLLO INC: Shareholders' Final Meeting Set for February 4 APPLETON UNIVERSAL: Shareholders' Final Meeting Set for January 24 AS RESIDENTIAL: Shareholders Receive Wind-Up Report BRIGADIER CAPITAL: Shareholders Receive Wind-Up Report C.I. SPANDRAGON: Members Receive Wind-Up Report COMMONFUND INDEX: Shareholders Receive Wind-Up Report COMMONFUND INDEX: Shareholders Receive Wind-Up Report COOPER CO: Shareholders Receive Wind-Up Report CREDIT ASIA: Shareholders Receive Wind-Up Report CREDIT ASIA: Shareholders Receive Wind-Up Report CRESTSTREET CAPITAL: Shareholders Receive Wind-Up Report DIAPASON L/S: Shareholders Receive Wind-Up Report EDELNOR INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 24 ENDEAVOUR CORPORATION: Shareholders Receive Wind-Up Report ENVISION MASTER: Shareholders Receive Wind-Up Report FUND BASKET: Members Receive Wind-Up Report HORTI LIMITED: Members Receive Wind-Up Report INVESTCORP MENA: Shareholders' Final Meeting Set for January 25 LIONGATE DISTRESSED: Shareholders Receive Wind-Up Report LIONGATE MULTI-STRATEGY: Shareholders Receive Wind-Up Report LLAMA INC: Shareholders' Final Meeting Set for February 4 LUGANO HOLDING: Shareholders Receive Wind-Up Report PENINSULA INC: Shareholders' Final Meeting Set for February 4 REDCLIFFE MANAGEMENT: Shareholders Receive Wind-Up Report SANS SOUCI: Members Receive Wind-Up Report SCIVEST GLOBAL: Shareholders Receive Wind-Up Report WEST LAKE: Shareholders Receive Wind-Up Report M E X I C O VITRO SAB: Provides Information on Restructuring Process P U E R T O R I C O POPULAR INC: Investors File Suit Against Top Executives T R I N I D A D & T O B A G O CL FIN'L: CLICO Sends 200 Workers on Temporary Leave PETROTRIN: Workers on Strike Unless Managerial Changes Are Made X X X X X X X X * BOND PRICING: For the Week January 17, to January 21, 2011 - - - - - =========================== C A Y M A N I S L A N D S =========================== 4C INVESTMENT: Shareholder to Receive Wind-Up Report on Feb. 18 --------------------------------------------------------------- The shareholder of 4C Investment Manager Limited will receive on February 18, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Highwater Limited c/o Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands ACP NOMINEES: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of ACP Nominees (CI) Limited received on January 21, 2011, 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 AENEAS EVOLUTION: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Aeneas Evolution Fund, Ltd. received on January 21, 2011, 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 APOLLO INC: Shareholders' Final Meeting Set for February 4 ---------------------------------------------------------- The shareholders of Apollo Inc. Ltd. will hold their final meeting on February 4, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Vashti Ramgeet Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands APPLETON UNIVERSAL: Shareholders' Final Meeting Set for January 24 ------------------------------------------------------------------ The shareholders of Appleton Universal Fund Limited will receive on January 24, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Charmaine Cayasso Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands AS RESIDENTIAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of AS Residential One Holdings Inc. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands BRIGADIER CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Brigadier Capital Master Fund Ltd. received on January 21, 2011, 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 C.I. SPANDRAGON: Members Receive Wind-Up Report ----------------------------------------------- The members of C.I. Spandragon Ltd. received on January 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman Cayman Islands COMMONFUND INDEX: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Commonfund Index Plus Company, SPC received on January 21, 2011, 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 COMMONFUND INDEX: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Commonfund Index Plus Absolute Return Fund Limited received on January 21, 2011, 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 COOPER CO: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Cooper Co. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands CREDIT ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Credit Asia Capital (Cayman Sub) Ltd. received on January 21, 2011, 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 CREDIT ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Credit Asia Capital Offshore Fund Ltd. received on January 21, 2011, 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 CRESTSTREET CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Creststreet Capital (Cayman) Inc. received on January 21, 2011, 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 DIAPASON L/S: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Diapason L/S Agriculture Commodity Fund received on January 21, 2011, 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 EDELNOR INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 24 ---------------------------------------------------------------- The members of Edelnor International, Inc. will receive on January 24, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: H&J Corporate Services (Cayman) Ltd. Anderson Square, 5th Floor Shedden Road, PO Box 866, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7555 ENDEAVOUR CORPORATION: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Endeavour Corporation received on January 21, 2011, 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 ENVISION MASTER: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Envision Master Fund Ltd. received on January 21, 2011, 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 FUND BASKET: Members Receive Wind-Up Report ------------------------------------------- The members of Fund Basket Master Fund (S-1) Limited received on January 10, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands HORTI LIMITED: Members Receive Wind-Up Report --------------------------------------------- The members of Horti Limited received on January 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands INVESTCORP MENA: Shareholders' Final Meeting Set for January 25 --------------------------------------------------------------- The shareholders of Investcorp Mena Investments Limited will hold their final meeting on January 25, 2011, 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: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands LIONGATE DISTRESSED: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Liongate Distressed Opportunity Fund received on January 21, 2011, 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 LIONGATE MULTI-STRATEGY: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Liongate Multi-Strategy Feeder Fund received on January 21, 2011, 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 LLAMA INC: Shareholders' Final Meeting Set for February 4 --------------------------------------------------------- The shareholders of Llama Inc. Ltd. will hold their final meeting on February 4, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Vashti Ramgeet Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands LUGANO HOLDING: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Lugano Holding Company Ltd. received on January 21, 2011, 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 PENINSULA INC: Shareholders' Final Meeting Set for February 4 ------------------------------------------------------------- The shareholders of Peninsula Inc. Ltd. will hold their final meeting on February 4, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Vashti Ramgeet Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands REDCLIFFE MANAGEMENT: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Redcliffe Management Company Limited received on January 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. Christopher D. Johnson is the company's liquidator. SANS SOUCI: Members Receive Wind-Up Report ------------------------------------------ The members of Sans Souci Holdings Limited received on December 31, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman Cayman Islands SCIVEST GLOBAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Scivest Global Net Short Equity Fund received on January 21, 2011, 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 WEST LAKE: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of West Lake Holding Company Ltd. received on January 21, 2011, 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 =========== M E X I C O =========== VITRO SAB: Provides Information on Restructuring Process -------------------------------------------------------- TO ALL VITRO NOTEHOLDERS Reference is made to VITRO, S.A.B. DE C.V.'s press release on January 18, 2011 addressed to the public providing information with respect to its restructuring process. We believe it is important to provide the following details and clarifications: a) Contrary to Vitro's statement that it sought an agreement with all of its creditors, despite being directly informed that the Ad Hoc Group of Vitro Noteholders, which collectively own more than US$735 million of Vitro's US$1.2 billion of outstanding Senior Notes, opposes the Company's plan, Vitro has refused to even meet with the Ad Hoc Group of Vitro Noteholders, much less attempt to reach agreement with its members. The Senior Notes have been in payment default for nearly two years and more than US$300 million in aggregate past-due interest is owed by Vitro. b) Contrary to Vitro's allegation that its plan is opposed only by a small "minority" of noteholders, the plan has in fact been rejected (and is opposed) by the Ad Hoc Group of Vitro Noteholders, which collectively own more than 60% of outstanding Senior Notes and approximately 50% of Vitro's total third-party unsecured debt. c) Contrary to the allegations of Vitro regarding the reasons its plan has been rejected, the Ad Hoc Group of Vitro Noteholders has unanimously rejected Vitro's proposal, because the offer represents an unacceptably poor economic return to Noteholders that is inconsistent with the Company's financial capabilities, it improperly leaves the current shareholders unimpaired, and has been crafted solely between Vitro and certain affiliated parties in a direct attempt to transfer value away from third- party creditors. d) In an attempt to overcome the fact that its consent solicitation has received support from only 10% of Vitro's third-party creditors that were solicited, Vitro is relying on the support of (i) an affiliated party who has been induced to accept the consent solicitation with patently preferential transfers and other special consideration and (ii) US$1.9 billion of purported intercompany claims controlled by direct and indirect subsidiaries of Vitro and which may have recently been manufactured to cram down the offer on non-consenting third- party creditors. e) Contrary to the allegations of Vitro regarding improper participation in Vitro's concurso proceeding, the Ad Hoc Group of Vitro Noteholders and its members have not participated in Vitro's pre-pack concurso in any form or fashion. The dismissal of the pre-pack concurso is only attributable to the procedural and substantive decisions made by the Company for an improper purpose. Specifically, the Mexican Court has referenced that the Company cannot use the US$1.9 billion of intercompany claims to declare its pre-pack concurso effective and that the holders of intercompany claims are not creditors within the meaning of the concurso law. Also, Vitro failed to disclose that the Noteholders have commenced involuntary concurso cases against Vitro and certain of its subsidiaries which have not been dismissed and remain pending before the Mexican Court. f) Contrary to the allegations of Vitro that the efforts of the Ad Hoc Group of Vitro Noteholders put Vitro's business and employees at risk, any jeopardy to Vitro's business or employees has been caused solely by Vitro's shareholders' efforts to improperly retain their full ownership and control of the Company without providing a full recovery to creditors. The Ad Hoc Group of Vitro Noteholders cannot be faulted for merely trying to protect their rights as creditors. h) The Ad Hoc Group of Vitro Noteholders remains open to a negotiated settlement, so long as the consideration is consistent with the economic capabilities of Vitro and treats creditors according to their respective rankings and priorities. Sincerely Yours, Jaime R. Guerra Gonzalez, Esq. Jesus Angel Guerra Mendez, Esq. Care of John Cunningham, Esq. Richard Kebrdle, Esq. WHITE & CASE LLP Telephone: (305) 995-5252 (305) 995-5276 Email: JCunningham@whitecase.com RKebrdle@whitecase.com - and - Brian Cullen, Esq. Mark Catania, Esq. CHANIN CAPITAL PARTNERS LLC Telephone: (310) 445-4010 (310) 445-4010 Email: BCullen@chanin.com MCatania@chanin.com About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and is now seeking to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. The offer was to expire December 7. Noteholders who oppose the exchange, namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. -- which hold US$75 million, or approximately 6% of the outstanding bond debt -- commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other affiliates on November 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation Counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). Vitro SAB on December 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, thereby commencing its voluntary concurso mercantil proceedings. Vitro SAB believes that, as a result of the implementation of the Concurso Plan through the Mexican Proceeding, the holders of the Restructured Debt will recover 68% to 75% of the face value of their respective claims. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on December 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Alejandro Francisco Sanchez-Mujica, as foreign representative of Vitro, has asked the U.S. Bankruptcy Court to enter an order recognizing the Mexican Proceeding as "foreign main proceeding" pursuant to 11 U.S.C. Secs. 1515 and 1517. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. ===================== P U E R T O R I C O ===================== POPULAR INC: Investors File Suit Against Top Executives ------------------------------------------------------- Jose L. Carmona at Caribbean Business reports that a new civil lawsuit has been filed against Popular Inc. President and Chief Executive Officer Richard Carrion and Chief Financial Officer Jorge Junquera on behalf of a group of 60 plaintiffs with investments in Popular stock. The report relates that the suit disclosed by the Quetglas Law Office asserts that the bank violated federal Securities Exchange Act laws. "Popular is and has always been committed to complying with the laws and regulations applicable to its business, including those governing securities laws and regulations. Our policy, however, is not to specifically comment on pending litigation," Teruca Rullan, Popular Inc. senior vice president for corporate communications, told Caribbean Business in an interview. According to the report, attorney Eric Quetglas indicated that his law firm may amend the complaint to add hundreds of additional clients with large investments in Popular Inc.'s stock who want to join the complaint outside the class-action initially filed with regard to this litigation. Although class actions are a useful vehicle to obtain compensation for large groups of people where each has a relatively small claim that would not otherwise be claimed individually, Mr. Quetglas said such a mechanism is not always the best for the handling of large individual claims that warrant individual attention, the report relates. As a result, Caribbean Business notes, Mr. Quetglas said his office filed the new action to obtain individual monetary compensation for clients that invested large sums of money in common and preferred Popular stock and who have sustained substantial losses as a result of the loss of value of the stock and the preferred stocks conversion to devalued common stock. Caribbean Business discloses that the new action was also filed in response to what Mr. Quetglas described as a "very favorable opinion and order" issued by the U.S. District Court in favor of the Popular investors in the related class-action suit. Plaintiffs argue that Popular Inc. purposely deceived and defrauded its investors through inaccurate financial statements in order to artificially inflate its earnings and liquidity, the report adds. About Popular Inc. Popular, Inc. is a bank holding company that provides commercial banking services through branches in Puerto Rico, the British Virgin Islands, the Dominican Republic, and the United States mainland. The company also provides mortgage and consumer finance, lease financing, investment banking and broker/dealer activities, retail financial services, and automated tellers. * * * As reported in the Troubled Company Reporter-Latin America on January 22, 2011, the company continues to carry Standard and Poor's "B" long-term issuer credit ratings and "C" short-term credit ratings. ================================= T R I N I D A D & T O B A G O ================================= CL FIN'L: CLICO Sends 200 Workers on Temporary Leave ---------------------------------------------------- Carol-Ann Tudor at NationNews.com reports that more than 200 plantation workers have been sent on temporary leave, as Colonial Life Insurance Company (Trinidad) Limited (CLICO) Holdings continues to face serious money challenges. The report relates that CLICO Holdings has confirmed the latest cuts that directly affect the sugar sector. CLICO president Terrence Thornhill, in a telephone interview, told the Weekend Nation that the leave, which started on January 17, was part of cost-cutting measures, but he noted that the workers would be re-engaged in time for the February start of the 2011 sugar crop, according to NationNews.com. The report says the layoffs affect several plantations, including Wakefield, Lemon Arbor, Todds, Bowmanston, Clifton Hall and Hothersal, which, according to the report, are ranked amongst some of the island's best sugar lands. An unnamed senior government official noted that it had been tough going for all sugar plantations, NatioNews.com discloses. The report relates that the official said that while the government was not opposed to extending temporary support to ensure the on- time start of this year's sugar harvest, it could only guarantee assistance for state-controlled entities. The Freundel Stuart administration is expected to go to Parliament shortly to seek approval for a TT$150 million guarantee to assist Government-run sugar and other agriculture sector entities over the next three years, the report notes. 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. PETROTRIN: Workers on Strike Unless Managerial Changes Are Made --------------------------------------------------------------- Sue-Ann Wayow at Trinidad Express reports that Petroleum Company of Trinidad and Tobago workers in the Exploration and Production (E&P) department are refusing to work until some managers are changed. Leroy Connel, president of the Oilfields Workers Trade Union (OWTU) Fyzabad/Palo Seco branch said the problems of the workers' have been neglected for too long, according to Trinidad Express. "We have been trying to get their attention for more than three years. We have held several meetings and we (had) dialogue without any results," the report quotes Mr. Connel as saying. Mr. Connel, according to the report, said a meeting was supposed to be held on January 20, 2011, with the managers of E&P. "The meeting was scheduled for 10:00 a.m. Our general manager was a bit late and he arrived at five minutes past ten. But right before he reached all the Petrotrin management left without saying anything to us," Mr. Connel said, the report notes. "We think that is gross disrespect and we refuse to work until they have changed these managers because they have failed us miserably," he added. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, given it higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad- Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 17, to January 21, 2011 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 187.5 ARGENT-PAR 1.18 12/31/2038 ARS 71 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 BANCO MACRO SA 10.75 6/7/2012 USD 71.85852 BODEN 2014 2 9/30/2014 ARS 152 BOGAR 2018 2 2/4/2018 ARS 164 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 48.873 BANIF FIN LTD 3 12/31/2019 EUR 65.625 BCP FINANCE BANK 5.01 3/31/2024 EUR 52.752 BCP FINANCE BANK 5.31 12/10/2023 EUR 55.337 BCP FINANCE CO 4.239 EUR 49.5352 BCP FINANCE CO 5.543 EUR 50.6797 BES FINANCE LTD 5.58 EUR 50.0477 BES FINANCE LTD 4.5 EUR 55.268 DUBAI HLDNG COMM 6 2/1/2017 GBP 73.0407 EFG ORA FUNDING 1.7 10/29/2014 EUR 63.590 ESFG INTERNATION 5.75 EUR 53.6 IMCOPA INTL CAYM 10.37 12/16/2014 USD 38 PUBMASTER FIN 6.96 6/30/2028 GBP 47.533 PUBMASTER FIN 8.44 6/30/2025 GBP 55.052 PUBMASTER FIN 5.943 12/30/2024 GBP 75.08 PUNCH TAVERNS 4.767 6/30/2033 GBP 77.45 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.5465 CGE DISTRIBUCION 3.25 12/1/2012 CLP 38.739 ESVAL S.A. 3.8 7/15/2012 CLP 50.271 MASISA 4.25 10/15/2012 CLP 38.831 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 47 PUERTO RICO CONS 6.5 4/1/2016 USD 50 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 45.848 PETROLEOS DE VEN 5.37 4/12/2027 USD 46.903 PETROLEOS DE VEN 5.12 10/28/2016 USD 53.250 PETROLEOS DE VEN 5.25 4/12/2017 USD 56.369 PETROLEOS DE VEN 5 10/28/2015 USD 56.301 PETROLEOS DE VEN 4.9 10/28/2014 USD 61.806 PETROLEOS DE VEN 8.5 11/2/2017 USD 66.838 VENEZUELA 7 3/31/2038 USD 56.313 VENEZUELA 7 3/31/2038 USD 58 VENEZUELA 6 12/9/2020 USD 59 VENEZUELA 7.65 4/21/2025 USD 62.5 VENEZUELA 8.25 10/13/2024 USD 65.5 VENEZUELA 7 12/1/2018 USD 67.5 VENEZUELA 7.75 10/13/2019 USD 69 VENEZUELA 9.25 5/7/2028 USD 69 VENEZUELA 9 5/7/2023 USD 69.5 VENEZUELA 5.75 2/26/2016 USD 72 VENEZUELA 9.25 9/15/2027 USD 70.851 VENEZUELA 9.25 9/15/2027 USD 75 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. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *