/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110131.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 31, 2011, Vol. 12, No. 20 Headlines C A Y M A N I S L A N D S BAER US: Shareholders Receive Wind-Up Report BT AZURE: Shareholder Receives Wind-Up Report CAPELLA HOLDING: Shareholder Receives Wind-Up Report CDW HOLDINGS: Shareholders Receive Wind-Up Report COMPASS CARDREC: Shareholder Receives Wind-Up Report FUSHIMI ESTATE: Shareholders Receive Wind-Up Report HARBOUR CITY: Shareholders Receive Wind-Up Report HIGHBRIDGE INVESTMENTS: Shareholders Receive Wind-Up Report J.L.S NO. 1: Shareholder Receives Wind-Up Report J.L.S NO. 2: Shareholder Receives Wind-Up Report KIEWO LTD: Shareholder Receives Wind-Up Report KOKORRO LIMITED: Shareholder Receives Wind-Up Report LAKEVILLE FUND: Shareholders Receive Wind-Up Report MARJAN AIRCRAFT: Shareholder Receives Wind-Up Report MCKINLEY II: Shareholders Receive Wind-Up Report MKP GLOBAL: Shareholders Receive Wind-Up Report MKP GLOBAL: Shareholders Receive Wind-Up Report NEWSMITH OPPORTUNITIES: Shareholders Receive Wind-Up Report NINE GRADE: Shareholders Receive Wind-Up Report NINE GRADE: Shareholders Receive Wind-Up Report NINE GRADE: Shareholders Receive Wind-Up Report NOEMA ADVISORY: Shareholders Receive Wind-Up Report PANAX EAST: Shareholders Receive Wind-Up Report PANAX WEST: Shareholders Receive Wind-Up Report POND INVESTMENTS: Shareholders Receive Wind-Up Report RISING SUN: Shareholders Receive Wind-Up Report SEQUOIA LIMITED: Shareholder Receives Wind-Up Report SR COMO: Shareholders Receive Wind-Up Report STONEWALL LTD: Shareholders Receive Wind-Up Report TIERRA ALTA: Shareholders Receive Wind-Up Report E L S A L V A D O R * EL SALVADOR: Fitch Puts 'BB' Rating on US$653.5 Million Bonds J A M A I C A JPSCO: Cabinet Approves Taqa's 40% Stake Sale to Marubeni Corp. ST. LUCIA: To Enter Liquidation, Two Appoint Two Liquidators P U E R T O R I C O CARIBBEAN PETROLEUM: Que Pasa En El Mundo De Los Avisos? X X X X X X X X * BOND PRICING: For the Week January 24, to January 28, 2011 - - - - - =========================== C A Y M A N I S L A N D S =========================== BAER US: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of Baer US Venture Equities Ltd. received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Prue Lawson Telephone: (345) 914 8662 Facsimile: (345) 945 4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands BT AZURE: Shareholder Receives Wind-Up Report --------------------------------------------- The shareholder of BT Azure No.1 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands CAPELLA HOLDING: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Capella Holding received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands CDW HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of CDW Holdings Limited received on January 18, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wong Shui Fan Jessie Telephone: (852) 2826-0946 Facsimile: (852) 2845-9135 3708 Jardine House Central, Hong Kong COMPASS CARDREC: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Compass Cardrec BM 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands FUSHIMI ESTATE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Fushimi Estate Holdings received on January 27, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Liquidation Services (Cayman) Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HARBOUR CITY: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Harbour City Funding (1) 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: Jess Shakespeare c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands HIGHBRIDGE INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Highbridge Investments 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: Swiss Re Services Limited 30 St Mary's Axe London J.L.S NO. 1: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of J.L.S No. 1 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands J.L.S NO. 2: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of J.L.S No. 2 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands KIEWO LTD: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Kiewo 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands KOKORRO LIMITED: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Kokorro 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: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694, Grand Cayman Cayman Islands LAKEVILLE FUND: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Lakeville 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 MARJAN AIRCRAFT: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Marjan Aircraft Leasing Commercial 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands MCKINLEY II: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Mckinley II Funding, Ltd. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MKP GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of MKP Global Futures Fund Offshore Ltd. received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MKP GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of MKP Global Futures Master Fund, Ltd. received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands NEWSMITH OPPORTUNITIES: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Newsmith Opportunities Hedge Investments II Limited received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NINE GRADE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Nine Grade Funding II, Ltd. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NINE GRADE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Nine Grade Funding, Ltd. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NINE GRADE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Nine Grade Funding III, Ltd. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands NOEMA ADVISORY: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Noema Advisory 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: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694, Grand Cayman PANAX EAST: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Panax East 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 PANAX WEST: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Panax West 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 POND INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Pond Investments 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: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694, Grand Cayman RISING SUN: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Rising Sun Trading Limited received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SEQUOIA LIMITED: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Sequoia 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: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694, Grand Cayman Cayman Islands SR COMO: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of SR Como 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: Swiss Re Services Limited 30 St Mary's Axe London STONEWALL LTD: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Stonewall Ltd. received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694, Grand Cayman TIERRA ALTA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Tierra Alta Funding I, Ltd. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ==================== E L S A L V A D O R ==================== * EL SALVADOR: Fitch Puts 'BB' Rating on US$653.5 Million Bonds --------------------------------------------------------------- Fitch Ratings assigned the Republic of El Salvador's US$653.5 million bond issuance maturing on Feb. 1, 2041, a 'BB' rating. The ratings are in line with El Salvador's long-term foreign currency Issuer Default Rating of 'BB', with a Negative Outlook. On July 6, 2010, Fitch affirmed El Salvador's foreign- and local- currency IDRs at 'BB'. El Salvador's main credit weaknesses are its comparatively weak GDP growth performance, narrow revenue base and fiscal rigidities. However, monetary stability underpinned by official dollarization, a good track record on structural reforms, a stable financial sector, and continued access to multilateral financing support El Salvador's credit ratings. In Fitch's view, the low growth and still unfavorable debt dynamics present risks to El Salvador's sovereign creditworthiness, justifying the Negative Outlook on the ratings. 'Given low investment levels and a somewhat narrow economic base, El Salvador's growth prospects appear weaker than those of most peers in the 'BB' category' says Jaime Reusche, Director in Fitch's sovereign group. Currently, Fitch expects El Salvador's growth to reach 2.1% and 2.5% in 2011 and 2012, respectively, compared to a 'BB' median forecast of 4.1% and 4.3%. Fitch forecasts that El Salvador's non-financial public sector debt could continue increasing in 2011, reaching over 55% of GDP this year, against the 'BB' median of 41%. Continued pro-active policy response will be needed to stabilize the debt burden should growth fail to gain pace. ============= J A M A I C A ============= JPSCO: Cabinet Approves Taqa's 40% Stake Sale to Marubeni Corp. --------------------------------------------------------------- RadioJamaica reports that the Jamaican cabinet has given consent for the transfer of Abu Dhabi National Energy Company (Taqa)'s 40% stake in the Jamaica Public Service Company Limited to its former business partner, Marubeni Corporation. The consent documentation is being handled by the Development Bank of Jamaica, according to RadioJamaica. The report says the cabinet also noted that steps have been taken to ensure that Marubeni will guarantee all of its obligations and commitments under the shareholders agreement and the share purchase agreement. Taqa, RadioJamaica says, recently collected US$320 million from the sale of its stake in the Jamaica Public Service Company and other regional entities. Taqa bought a 50% stake in Marubeni's Caribbean operations just under two years ago, the report recounts. About JPSCO Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2010, RadioJamaica said that the multi-billion dollar show down between the Jamaica Public Service and the three unions -- BITU, NWU, and UCASE -- representing workers at the company have entered the penultimate stage before the Industrial Disputes Tribunal. The report related that the IDT heard testimony from the Chairman of JPSCO, Tommy Fukuda who was called as the last witness. According to the report, Mr. Fukuda maintained that JPSCO has paid the US$2.3 billion it owed the workers following the 2001 job reclassification exercise. However, the report related, the three unions argued that the company still owed the workers an additional JM$500 million to JM$600 million in retroactive, overtime and redundancy payments. ST. LUCIA: To Enter Liquidation, Two Appoint Two Liquidators ------------------------------------------------------------ Jamaica Gleaner reports that after several years of financial difficulty and wrangling over its management, the St. Lucia Banana Corporation (SLBC) has adopted a resolution for the voluntary liquidation of its assets valued in excess of EC$10 million (US$3.7 million). The report relates that SLBC Chairman Patrick Joseph said the winding up will pave the way for the entity to sell off its assets and pay creditors. "A special resolution was upheld to facilitate the appointment of two liquidators to begin the process of returning the farmers assets to them," Jamaica Gleaner quoted Mr. Joseph as saying. "This was a promise I made to farmers when I returned to head the association, that I would ensure that the shareholders of the company get what they are entitled to," Mr. Joseph added. Jamaica Gleaner notes that Agriculture Minister Ezekiel Joseph, who was present at the shareholders meeting, said his main concern was that the resolution was in keeping with the by-laws of the company. St. Lucia Banana Corporation is a banana company. ===================== P U E R T O R I C O ===================== CARIBBEAN PETROLEUM: Que Pasa En El Mundo De Los Avisos? -------------------------------------------------------- What's happening in the world of notices? Elisa Lemmer -- elisa.lemmer@weil.com -- at Weil, Gotshal & Manges LLP posed that question on the Firm's Bankruptcy Blog last week, asking what happens when the debtor delivers a legal notice or a bankruptcy pleading to a non-English speaker? Is it incumbent on the debtor to translate the pleading into the recipient's native language? What if the notice is delivered to someone residing in Puerto Rico, for example, where Spanish is the prominent spoken language? The court in In re Caribbean Petroleum Corp., 2010 WL 5093632 (Bankr. D. Del. Dec. 8, 2010) (Gross, J.), recently addressed this issue when certain counterparties to the debtors' franchise contracts who resided in Puerto Rico argued that the debtors' rejection notice deprived them of due process because it was written in English and lacked a Spanish translation. They contended that many of the franchisees were Spanish-speaking and that, as to them, the notice was insufficient. The court resolved the issue easily by noting that the official languages of Puerto Rico are English and Spanish and concluded that the franchisees provided no evidence that they did not speak English or had been prejudiced by the English-only documents. Citing a 20-year old case issued by the Bankruptcy Court for the District of Colorado, Storage Tech. Corp. v. Comite Pro Rescate de La Salud (In re Storage Tech. Corp.), 117 B.R. 610, 621 (Bankr. D. Colo. 1990), Judge Gross noted that there, too, the bankruptcy court found that where the evidence showed that Spanish and English were used indiscriminately in Puerto Rico, failure to provide notice of a bar date in Spanish in Puerto Rico did not deprive the potential claimants of due process. Both decisions, however, share a common denominator -- they found that the recipients of the notices in their cases either spoke English or lived in a place (Puerto Rico) where English was the official language and its residents, presumably, used English "indiscriminately." Finding that persons who speak English are not required to receive legal notices in every other language they might speak or even in their primary language is logical. It is harder, however, to conclude that a person who receives a legal document in a language he or she cannot understand has received proper notice simply because they reside in a location where English is the official language. The court in Caribbean Petroleum implicitly seemed to acknowledge this when it found that there was no evidence that the franchisees did not speak English or that they had been prejudiced by the English-language documents. What would the court in Caribbean Petroleum have done if it had found that the franchisees did not understand the documents they received? Would it have found that the rejection notice was not adequate? Would it have accommodated the franchisees? How have other courts tackled this and similar issues concerning language barriers? Should the results of a case differ in states where English is the official language from states that have no official language? (Interestingly, there is no federal law decreeing English as the official language of the United States). Surprisingly, there is a paucity of cases on this subject. Perhaps this is because, in most corporate bankruptcy cases, creditors tend to be English-speaking, and the issue never arises. Or, it might be because debtors who have non-English speaking creditors have proactively translated legal documents for those constituencies. Alternatively, non-English speakers might never complain about the documents they can't understand. A decision issued by the Bankruptcy Court for the Southern District of Florida in 2006, In re Petit-Louis, 344 B.R. 696 (Bankr. S.D. Fl. 2006), shows that courts are becoming mindful of the effect of an English language-based bankruptcy process on non- English speaking individuals. There, an individual chapter 7 debtor who spoke only Creole sought an order waiving the requirement to obtain credit counseling provided by section 109(h) of the Bankruptcy Code. The individual's counsel stated that she had attempted to obtain credit counseling in Creole for her client, but none of the approved credit counseling agencies were able to provide counseling in Creole. Seeing as her client would not be able to obtain the requisite counseling, counsel to the debtor requested that the United States Trustee waive the credit counseling requirement, provide him with a Creole interpreter, or decertify existing credit counseling agencies on the basis that they had failed to provide Creole-speaking counselors. The United States Trustee refused and sought to dismiss the debtor's case for failure to obtain the requisite credit counseling. The bankruptcy court, however, waived the requirement, and denied the United States Trustee's motion for reconsideration of the issue. In a sharply worded decision, the bankruptcy court admonished the United States Trustee stating, "The U.S. Trustee's disregard for non-English speaking residents seeking counseling in the Southern District of Florida, a district which the U.S. Trustee admits 'presents its own unique set of language issues', evidenced the failure of the Office of the U.S. Trustee to comply with its duties in determining whether counseling services are adequate in this district. If the U.S. Trustee fails to manage the bankruptcy counseling system in a non-discriminatory fashion, the Court has the authority and indeed the responsibility to allow a debtor access to the bankruptcy system by waiving a requirement which, in practice, is inappropriately excluding him on the basis of his lack of English language ability." The court went on to reject the U.S. Trustee's argument that the debtor could have received the counseling in English using a friend as a translator noting that judicial proceedings require certified translators. Relying on friends and relatives to translate important legal issues would not ensure accuracy. The Caribbean Petroleum and Petit-Louis decisions serve as a strong reminder that as our economy continues to become more global and non-English speakers continue to immigrate to the United States, courts and debtors, alike, will need to be mindful of ensuring that the interests of persons who do not speak English are adequately protected in the American bankruptcy system. Although these decisions should not be read as advising debtors, for example, to translate all of their legal documents into a myriad of foreign languages, debtors should be cognizant of their creditor constituency. If they suspect a language barrier may become an issue for their creditors, perhaps it is better to play it safe and take proactive steps by showing that they have provided the creditor with legal notices the creditor can actually understand. * * * Elisa R. Lemmer is a member of Weil's Business Finance & Restructuring Department. Ms. Lemmer has represented debtors, creditors, lenders, and plan proponents in some of the Firm's most notable chapter 11 cases, including General Growth Properties, Lehman Brothers Holdings, Pilgrim's Pride, Silicon Graphics, PG&E, and Armstrong World Industries. She has also represented large institutional creditors in out-of-court restructurings and pre- packaged and pre-negotiated chapter 11 cases. Ms. Lemmer also has worked on many pro bono matters including representing clients in child adoptions and assisting Holocaust survivors in applying for reparations from the German government. Ms. Lemmer received a B.A., with honors, from the University of Pennsylvania and a J.D. from the University of Pennsylvania Law School in 2000, where she was, among other things, a senior editor of the University of Pennsylvania Law Review. Ms. Lemmer is a member of the Florida Bar and is admitted to practice in the U.S. District Court for the Southern District of Florida. She is also a member of the Bankruptcy Bar Association in the Southern District of Florida. Ms. Lemmer was named a 2010 Florida Rising Star by Florida Super Lawyers magazine. About Caribbean Petroleum San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka CAPECO, owns and operates certain facilities in Bayomon, Puerto Rico for the import, offloading, storage and distribution of petroleum products. Caribbean Petroleum 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 US$100 million to US$500 million and debts of US$500 million to US$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. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 24, to January 28, 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 72.5 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 74.8 BODEN 2014 2 9/30/2014 ARS 39.5 BOGAR 2018 2 2/4/2018 ARS 164.1 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 52.3 BANIF FIN LTD 3 12/31/2019 EUR 66.3 BCP FINANCE BANK 5.01 3/31/2024 EUR 56.7 BCP FINANCE BANK 5.31 12/10/2023 EUR 59.4 BCP FINANCE CO 4.2 EUR 49.9 BCP FINANCE CO 5.5 EUR 47.6 BES FINANCE LTD 5.5 EUR 48.0 BES FINANCE LTD 4.5 EUR 52.3 BES FINANCE LTD 6.9 2/7/2035 EUR 57.0 BES FINANCE LTD 6.6 EUR 62.4 CHINA FORESTRY 7.75 11/17/2015 USD 91 EFG ORA FUNDING 1.7 10/29/2014 EUR 61.6 ESFG INTERNATION 5.7 EUR 53.5 IMCOPA INTL CAYM 10.3 12/16/2014 USD 38 PUBMASTER FIN 6.9 6/30/2028 GBP 49 PUBMASTER FIN 8.4 6/30/2025 GBP 54.6 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.8 CGE DISTRIBUCION 3.2 12/1/2012 CLP 39.1 ESVAL S.A. 3.8 7/15/2012 CLP 37.1 MASISA 4.2 10/15/2012 CLP 40.0 PUERTO RICO ----------- PUERTO RICO CONS 6.5 4/1/2016 USD 50 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 44.7 PETROLEOS DE VEN 5.3 4/12/2027 USD 45.9 PETROLEOS DE VEN 5.1 10/28/2016 USD 56.4 PETROLEOS DE VEN 5.2 4/12/2017 USD 56.9 PETROLEOS DE VEN 5 10/28/2015 USD 59.7 PETROLEOS DE VEN 4.9 10/28/2014 USD 65.4 PETROLEOS DE VEN 8.5 11/2/2017 USD 67.5 PETROLEOS DE VEN 8.5 11/2/2017 USD 66.7 VENEZUELA 7 3/31/2038 USD 55.2 VENEZUELA 7 3/31/2038 USD 56.1 VENEZUELA 6 12/9/2020 USD 58.6 VENEZUELA 7.6 4/21/2025 USD 60.8 VENEZUELA 8.2 10/13/2024 USD 64 VENEZUELA 7 12/1/2018 USD 66.5 VENEZUELA 9.2 5/7/2028 USD 67.2 VENEZUELA 7.7 10/13/2019 USD 67.1 VENEZUELA 9 5/7/2023 USD 67.8 VENEZUELA 9.2 9/15/2027 USD 71.1 VENEZUELA 5.7 2/26/2016 USD 71 VENEZUELA 9.2 9/15/2027 USD 73.0 VENZOD - 189000 9.3 1/13/2034 USD 67.6 *********** 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 * * *