/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110620.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, June 20, 2011, Vol. 12, No. 120 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: U.S. Regulators Approve Compensation to Investors A R G E N T I N A BANCO PATAGONIA: S&P Affirms 'B' Counterparty Credit Rating BANCO SAENZ: Moody's Assigns B2 Local Currency Debt Rating BIFE FREE: Creditors' Proofs of Debt Due August 29 COMPANIA FINACIERA: Moody's Assigns 'Ba3' LC Debt Rating FIDEOS FUCCINO: Creditors' Proofs of Debt Due July 11 IBA GROUP: Creditors' Proofs of Debt Due August 8 LA SEGUNDA: Moody's Affirms B2 Global Local Currency Rating ROYAL & SUN: Moody's Upgrades IFS Ratings to 'B1' from 'B2' VITRUVIUS SRL: Creditors' Proofs of Debt Due July 5 B R A Z I L BANIF-BANCO INT: Moody's Reviews Ratings for Possible Downgrade C A Y M A N I S L A N D S CGI WHITEHALL: Shareholders' Final Meeting Set for July 7 HANNOVER LIMITED: Shareholders' Final Meeting Set for July 8 MARMON GRAND: Shareholders' Final Meeting Set for July 8 ML BEECH: Shareholders' Final Meeting Set for July 8 ML CHESTNUT: Shareholders' Final Meeting Set for July 8 ML LARCH: Shareholders' Final Meeting Set for July 8 ML PINE: Shareholders' Final Meeting Set for July 8 NEWLAND LANE: Shareholders' Final Meeting Set for June 30 NORTHAM LANE: Shareholders' Final Meeting Set for June 30 REDFERN LIMITED: Shareholders' Final Meeting Set for July 6 REX FUNDING: Shareholders' Final Meeting Set for July 8 SAINT GEORGE: Sole Shareholder to Hear Wind-Up Report on June 29 TURBO XII: Shareholders' Final Meeting Set for July 8 TURBO XII-A: Shareholders' Final Meeting Set for July 8 WEST MAC: Members' Final Meeting Set for June 29 J A M A I C A CASH PLUS: Liquidator Expresses Concern Over New Judge T R I N I D A D & T O B A G O CL FINANCIAL: TTTI Calls on Government to Continue CLICO Probe X X X X X X X X * BOND PRICING: For the Week June 6, to June 10, 2011 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: U.S. Regulators Approve Compensation to Investors ----------------------------------------------------------------- Caribbean360.com reports that after two years of fighting various entities to recoup the money they lost in Robert Allen Stanford's alleged US$8 billion fraud, some of the investors have scored a major victory with U.S. regulators agreeing that they should be compensated by a fund backed by the brokerage industry. The U.S. Securities and Exchange Commission said some investors are entitled to get money back from the Securities Investor Protection Corporation, which handles claims for investors if their brokerage firm fails, according to Caribbean360.com. The report relates that those who bought certificates of deposit (CDs) from the Antigua-based Stanford International Bank (SIBL), through Stanford's U.S. brokerage arm Stanford Group Company (SGC), will be the ones to benefit. Caribbean360.com notes that in an analysis provided to the SIPC, the SEC explains that, on the specific facts of the case, the investors with brokerage accounts at SGC who purchased the CDs through the broker-dealer qualify for protected "customer" status under the Act. The report says the SEC has therefore asked the SIPC to initiate a court proceeding under the Securities Investor Protection Act of 1970 (SIPA) to liquidate the brokerage. The SEC's announcement comes nearly two years after the SIPC said it did not think the victims were eligible to file claims. The Commission has been criticized for taking so long to reach a decision, Caribbean360.com notes. The report relates that in reaching its determination, the SEC cited the conclusions in the report of the court appointed-receiver for SGC, who noted that the many companies controlled and directly or indirectly owned by Mr. Stanford "were operated in a highly interconnected fashion, with a core objective of selling" the CDs. Among other things, Caribbean360.com says the receiver also noted that "corporate separateness was not respected within the Stanford empire . . . Money was transferred from entity to entity as needed, irrespective of legitimate business need. Ultimately, all of the fund transfers supported the Ponzi scheme in one way or another, or benefitted Allen Stanford personally." The Commission further determined that, in light of all of the facts and circumstances in this case, the customers' claims should be based on their net investment in the fraudulent CDs used to carry out the Ponzi scheme, Caribbean360.com adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= BANCO PATAGONIA: S&P Affirms 'B' Counterparty Credit Rating ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' counterparty credit rating on Banco Patagonia S.A. The outlook remains stable. "Our ratings on Banco Patagonia primarily reflect the risk inherent in operating in Argentina, and the ratings on the Republic of Argentina (B/Stable/B) constrain the ratings on the bank. The bank is challenged to increase its still-low market share in the Argentine financial system," S&P said. "However, the bank's good financial performance, with healthy asset quality, above-average profitability, and good liquidity, somewhat mitigate these weaknesses," said Standard & Poor's credit analyst Sebastian Liutvinas. Banco Patagonia provides financing mainly to individuals and small and midsize companies with a focus in the interior of the country. As of March 31, 2011, it had total assets of Argentine pesos (ARP) 15.5 billion ($3.8 billion at ARP4.0520 to $1), which represent a market share of 2.8% and 5.1% among total and privately owned banks. The bank is exposed to the risks inherent to the Argentine economy, in which high inflation and economic volatility have made it difficult to plan beyond the short term. During the past 12 months ended March 31, 2011, loans to the private sector increased by a high 77.0%, reaching ARP7.7 billion. The ratio of nonperforming loans (NPLs) to total loans continued to improve to very low 1.1% compared with 2.4% as of March 31, 2010. "We expect Banco Patagonia to expand total loans by 30% to 35% in 2011, to continue focusing its growth in individuals, small, and midsize companies, and to increase its small market share in large corporations. We also expect Banco Patagonia to continue enjoying healthy asset quality in 2011-2012 with NPLs at less than 2.5%," S&P said. On April 12, 2011, Banco do Brasil S.A. (BBB-/Positive/A-3) took over Banco Patagonia through acquiring 51% of Banco Patagonia's common stock, which will probably increase as a result of the mandatory acquisition public offering that is subject to the Argentine Securities Commission (CNV) authorization. "In our opinion, the transaction leverages Banco Patagonia's business diversity by allowing it to benefit from Banco do Brasil's extensive client network operating in Argentina and could add some additional financial flexibility," S&P said. The stable outlook on Banco Patagonia reflects that of the outlook on the sovereign. "We expect the bank to maintain its health asset quality, above-average profitability, good liquidity, and moderate capitalization. We could lower the ratings on Banco Patagonia if we lower the sovereign rating or if the bank's credit standing significantly weakens. In addition, the rating on the sovereign limits rating upside for the bank," S&P added. BANCO SAENZ: Moody's Assigns B2 Local Currency Debt Rating ---------------------------------------------------------- Moody's Investors Service assigned a B2 long term global local currency debt rating to the expected second and third issuances of Banco Saenz, up to the amount of AR$ 50 million and AR$ 20 million respectively, to be issued in under the already rated program of AR$ 100 million. The outlook for the rating is positive. At the same time, Moody's Latin America assigned Aa3.ar national scale local currency debt rating to Saenz's debt rating to the expected second and third issuances. These ratings were assigned to Banco Saenz S.A.: Second Issuance of AR$ 50 million: Global Local Currency debt rating: B2, positive outlook National Scale rating for local currency debt: Aa3.ar Third Issuance of AR$ 20 million: Global Local Currency debt rating: B2, positive outlook National Scale rating for local currency debt: Aa3.ar Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from Saenz's B2 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." Banco Saenz is headquartered in Buenos Aires, Argentina, and had assets of AR$ 0.7 billion (US$ 0.16 billion) and deposits for AR$ 0.4 billion (US$ 0.12 billion) as of March 2011. BIFE FREE: Creditors' Proofs of Debt Due August 29 -------------------------------------------------- Estudio Carelli-Martino, the court-appointed trustee for Bife Free SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 29, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 170 in Buenos Aires, with the assistance of Clerk No. 33, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Estudio Carelli-Martino Lavalle 1118 Argentina COMPANIA FINACIERA: Moody's Assigns 'Ba3' LC Debt Rating -------------------------------------------------------- Moody's Investors Service assigned a Ba3 long term global local currency debt rating to the expected fourth issuance of Compania Financiera Argentina up to the amount of AR$ 120 million to be issued in two tranches under the program of US$ 250 million. The outlook for the rating is positive. At the same time, Moody's Latin America assigned Aa2.ar national scale local currency debt rating to CFA's debt rating to the expected fourth issuance. These ratings were assigned to Compania Financiera Argentina S.A.: Fourth Issuance of a maximum amount of AR$ 120 million: AR$ 30 million senior unsecured debt issuance, first tranche: Ba3 Global Local Currency Debt Rating, with positive outlook Aa2.ar Argentina National Scale Local Currency Debt Rating AR$ 50 million senior unsecured debt issuance, second tranche: Ba3 Global Local Currency Debt Rating, with positive outlook Aa2.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from CFA's Ba3 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." Compania Financiera Argentina is headquartered in Buenos Aires, Argentina, and had assets of AR$ 2 billion (US$ 0.5 billion) and deposits for AR$ 0.4 billion (US$ 0.1 billion) as of March 2011. FIDEOS FUCCINO: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- Fabiana Edith Meilich, the court-appointed trustee for Fideos Fuccino SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Jul 11, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 15 in Buenos Aires, with the assistance of Clerk No. 29, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Fabiana Edith Meilich Avenida Cordoba 679 Argentina IBA GROUP: Creditors' Proofs of Debt Due August 8 ------------------------------------------------- Mauricio Mudric, the court-appointed trustee for Iba Group SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 8, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mauricio Mudric Tucuman 893 Argentina LA SEGUNDA: Moody's Affirms B2 Global Local Currency Rating ----------------------------------------------------------- Moody's Latin America affirmed the global local currency (GLC) and Argentine national scale insurance financial strength (IFS) ratings of the following Argentine insurance groups with significant workers' compensation companies, and changed their outlook to stable from negative: - La Segunda Cooperativa de Seguros, La Segunda ART, and La Segunda Personas: B2 GLC IFS ratings affirmed with stable outlook; A1.ar national scale IFS ratings affirmed with outlook changed to stable from negative; - Sancor Cooperativa de Seguros and Prevencion ART: B2 GLC IFS ratings affirmed with stable outlook; A1.ar national scale IFS ratings affirmed with outlook changed to stable from negative; - San Cristobal Mutual de Seguros: B2 GLC IFS affirmed and outlook changed to stable from negative; A2.ar national scale IFS rating affirmed and outlook changed to stable from negative. Ratings Rationale Moody's explained that the rating affirmation and outlook change to stable from negative on the companies' national scale ratings (and GLC rating outlook change for San Cristobal) reflects that their credit profiles have not been significantly impacted by the Argentine government's decree in November 2009 mandating increased benefit levels for employees covered by workers' compensation insurers. The rating agency commented that the workers' compensation companies of La Segunda, Sancor, and San Cristobal reacted to the decree by raising premiums significantly, thereby shifting most of the incremental claim costs to policyholders. This action, together with solid financial returns over the past 18 months, has enabled the workers' compensation insurers to sustain their overall profitability and capital adequacy, and to not cause financial strain on their parent companies and affiliates. La Segunda Cooperativa, La Segunda Art, La Segunda Personas Moody's noted that that the La Segunda group has maintained stability in its financial and business profile during the last two years, in particular regarding its capitalization levels, size, and business composition. La Segunda ART not only increased its premium rates but also reduced its exposure to unprofitable workers' compensation contracts, therefore improving its profitability after several years of losses. Although La Segunda made significant capital contributions to its workers' compensation subsidiary over the past few years, the consolidated group has sustained profitability and capital adequacy consistent with historical levels before the regulatory change. Sancor Cooperativa, Prevencion Art Moody's noted that although combined ratios of both Sancor and Prevencion have increased since the date of the decree, both companies remain profitable given positive investment returns. The rating agency went on to say that from a group perspective, although Sancor's and Prevencion's operating leverage remains higher than that of its peer Argentine insurance groups, it's leverage is only slightly higher than prior to the decree and lower than its all time peak leverage level. Moreover, the company's credit profile compares favorably to other B2-rated insurers in terms of business diversification, underwriting results, and market presence. San Cristobal Mutual De Seguros Moody's explained San Cristobal has maintained its financial and business profile during the last two years--in particular, its profitability, capitalization and market presence. In terms of San Cristobal's exposure to the workers compensation business through its subsidiary Asociart ART (unrated by Moody's), there is no evidence of a negative impact on San Cristobal's capitalization. In fact, unlike many of the other workers' compensation insurers which needed to be recapitalized, Asociart ART did not receive any capital injections from San Cristobal, and actually paid dividends to its parent company since the date of the decree. Based in Rosario, Argentina, La Segunda Cooperativa reported total assets of almost AR$1.7 billion, shareholders' equity of AR$440 million, and net profit of AR$49 million, for the third quarter of 2010/11, ended March 31st 2011. Also based in Rosario, La Segunda ART reported net income of AR$4 million, total assets of almost AR$607 million, and total shareholders' equity of AR$152 million for the third quarter of 2011. Finally, La Segunda Personas, headquartered in Rosario as well, reported total assets of AR$101 million, shareholders equity of AR$26 million, and net income of AR$6 million as of March 31, 2011. Based in Sunchales, Argentina, Sancor Cooperativa de Seguros reported total assets of AR$1.8 billion, shareholders' equity of AR$631 million, and net profit of AR$87 million, for the third quarter of 2010/11 fiscal year, ended March 31st 2011. Also headquartered in Sunchales and as of that date, Prevencion ART reported net income of AR$67 million, total assets of AR$1.6 billion, and total shareholders' equity of AR$271 million. Based in Rosario, Argentina, San Cristobal Mutual, reported total assets of AR$1.9 billion, shareholders' equity of AR$614 million, and net profit of AR$143 million, for the third quarter of 2010/11, ended March 31st 2011. Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. For more information, visit Moody's website at www.moodys.com/insurance. NOTE: Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings. ROYAL & SUN: Moody's Upgrades IFS Ratings to 'B1' from 'B2' ----------------------------------------------------------- Moody's Latin America upgraded to B1 from B2 the global-local currency insurance financial strength (IFS) rating of Royal & Sun Alliance Seguros (Argentina) and to Aa3.ar from A1.ar the company's IFS rating on Argentina's national scale. The outlook of the company is stable. RSA Argentina is the general insurance subsidiary of the RSA Group and benefits from its affiliation with this large, international insurer. Ratings Rationale The upgrade of RSA Argentina's ratings mainly reflects the company's improved intrinsic financial profile in terms of profitability, while sustaining its capitalization and general business profile. RSA Argentina has restored its profitability in the last two years, including underwriting and investments gains, in contrast with the losses seen from 2006 to 2009. As a result, the company has not required capital injections from its parent in the past two years, and additional capital needs are not currently anticipated. The upgrade also reflects Moody's expectation that RSA Argentina will deliver good levels of profitability in the coming years. Further, its diversified distribution channels represented by direct sales, insurance agents and international brokers coupled with its good-brand recognition are other intrinsic credit strengths. Moody's also added that the B1 global local currency IFS rating is one notch above RSA Argentina's standalone credit profile and this uplift is based primarily on the strong support provided by its parent in the form of reinsurance and capital contributions, as well as RSA Group's underwriting experience and control over local operations. Among RSA Argentina's main risks and challenges are its concentration in lower-grade investments (which in common with peers due partly to local restrictions on investing in foreign assets), the future evolution of its gross leverage, and the weak Argentine operating environment. Based in Buenos Aires, RSA Argentina reported total assets of AR$621 million and a net profit of AR$13.2 million for its fiscal third quarter ended March 31, 2011. Shareholders' equity totaled almost AR$115 million at that time. NOTE: Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings. VITRUVIUS SRL: Creditors' Proofs of Debt Due July 5 --------------------------------------------------- Estudio Ledesma y Asociados, the court-appointed trustee for Vitruvius SRL's reorganization proceedings, will be verifying creditors' proofs of claim until July 5, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on May 30, 2012. The Trustee can be reached at: Estudio Ledesma y Asociados Avenida Cordoba 1351 Argentina =========== B R A Z I L =========== BANIF-BANCO INT: Moody's Reviews Ratings for Possible Downgrade --------------------------------------------------------------- Moody's Investors Service has placed on review for possible downgrade the ratings of BES Investimento do Brasil S.A. (BESI Brasil), Banif - Banco Internacional do Funchal (Brasil), S.A. (Banif Brasil) and Banif Banco de Investimento (Brasil) S.A. (Banif Investimento). The rating actions follow the review for downgrade of the standalone credit assessments (Bank Financial Strength Ratings, or BFSR) of Banco Esp�rito Santo S.A. and of Banif - Banco Internacional do Funchal, SA's (Banif Portugal) - for further details, please refer to the press release dated June 9, 2011 "Moody's places Portuguese banks' standalone ratings on review for downgrade". These ratings were placed on review for downgrade: BES Investimento do Brasil S.A.: Bank financial strength rating: D+ Long-term global local-currency deposit rating: Ba1 Long-term foreign-currency deposit rating: Ba1 Long-term foreign-currency senior unsecured debt rating: Ba1 Long-term Brazilian national scale deposit rating: Aa2.br Banif - Banco Internacional do Funchal (Brasil) S.A.: Bank financial strength rating: E+ Long-term global local-currency deposit rating: B1 Long-term foreign-currency deposit rating: B1 Long-term Brazilian national scale deposit rating: Baa1.br Banif Banco de Investimento (Brasil) S.A.: Bank financial strength rating: E+ Long-term global local-currency deposit rating: B1 Long-term foreign-currency deposit rating: B1 Long-term Brazilian national scale deposit rating: Baa1.br Rating Rationale According to Moody's, the review for downgrade will assess the implications of a potential downgrade of Banco Esp�rito Santo's and Banif Portugal's standalone credit assessment to their subsidiaries in Brazil, particularly in respect to their funding dynamics and to the performance of recurring earnings. Moody's will also observe the possibility of a decline in business volume and revenues generation given the existing synergies between the operations of the parents and their subsidiaries. Moody's last rating action on BESI Brasil was on April 8, 2011, when Moody's downgraded the global local-currency deposit ratings and foreign-currency senior unsecured debt ratings of BESI Brasil to Ba1 and Not Prime, from Baa2 and P-3. Moody's also downgraded the foreign-currency deposit ratings to Ba1 and Not Prime from Baa3 and P-3; and the long-term Brazilian national scale deposit rating to Aa2.br from Aaa.br. The bank financial strength rating (BFSR) of D+ and the short-term Brazilian national scale rating of BR-1 were both confirmed. Moody's last rating action on both Banif Brasil and Banif Investimento took place on November 3, 2010, when Moody's downgraded the bank financial strength ratings of both banks to E+ from D-, their long-term global local-currency and foreign- currency deposit ratings to B1 from Ba3, and their Brazilian national scale deposit ratings to Baa1.br and BR-2 from A2.br and BR-1. The short-term global local-currency and foreign-currency deposit ratings of Not Prime were not affected by the rating action. The principal methodologies used in these banks were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".br" for Brazil. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." BES Investimento do Brasil S.A is headquartered in Sao Paulo, Brazil. In March 2011, the bank had total assets of approximately R$7.4 billion (US$4.7 billion) and equity of R$480 million (US$304 million). Banif - Banco Internacional do Funchal (Brasil) S.A. is headquartered in Sao Paulo, Brazil. As of December 2010, the bank had total assets of approximately R$2.0 billion (US$1.2 billion) and equity of R$177 million (US$106 million). Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao Paulo, Brazil. As of December 2010, the bank had total assets of approximately R$855 million (US$515 million) and equity of R$112 million (US$67 million). =========================== C A Y M A N I S L A N D S =========================== CGI WHITEHALL: Shareholders' Final Meeting Set for July 7 --------------------------------------------------------- The shareholders of CGI Whitehall Universal Portfolio Fund, Limited will hold their final meeting on July 7, 2011, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands HANNOVER LIMITED: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------------ The shareholders of Hannover Limited will hold their final meeting on July 8, 2011, at 9:15 a.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 MARMON GRAND: Shareholders' Final Meeting Set for July 8 -------------------------------------------------------- The shareholders of Marmon Grand Cayman Incorporated will hold their final meeting on July 8, 2011, at 11:00 a.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 ML BEECH: Shareholders' Final Meeting Set for July 8 ---------------------------------------------------- The shareholders of ML Beech (Cayman) will hold their final meeting on July 8, 2011, at 9:45 a.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 ML CHESTNUT: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------- The shareholders of ML Chestnut (Cayman) will hold their final meeting on July 8, 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: Walkers Corporate Services Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands ML LARCH: Shareholders' Final Meeting Set for July 8 ---------------------------------------------------- The shareholders of ML Larch (Cayman) will hold their final meeting on July 8, 2011, at 10:15 a.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 ML PINE: Shareholders' Final Meeting Set for July 8 --------------------------------------------------- The shareholders of ML Pine (Cayman) will hold their final meeting on July 8, 2011, at 10:30 a.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 NEWLAND LANE: Shareholders' Final Meeting Set for June 30 --------------------------------------------------------- The shareholders of Newland Lane Limited will hold their final meeting on June 30, 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: Hugh Dickson c/o Prudence Pryce 10 Market Street #765, Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7210 Facsimile: (345) 949 7120 NORTHAM LANE: Shareholders' Final Meeting Set for June 30 --------------------------------------------------------- The shareholders of Northam Lane Limited will hold their final meeting on June 30, 2011, at 10:30 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 c/o Prudence Pryce 10 Market Street #765, Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7210 Facsimile: (345) 949 7120 REDFERN LIMITED: Shareholders' Final Meeting Set for July 6 ----------------------------------------------------------- The shareholders of Redfern Limited will hold their final meeting on July 6, 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: Darren Riley c/o Ellen J. Christian Telephone: 345 945 9208 Facsimile: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road, George Town, Grand Cayman Cayman Islands REX FUNDING: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------- The shareholders of Rex Funding Three Limited will hold their final meeting on July 8, 2011, at 11:30 a.m., to receive 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 SAINT GEORGE: Sole Shareholder to Hear Wind-Up Report on June 29 ---------------------------------------------------------------- The sole shareholder of Saint George SPC will receive on June 29, 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: K. D. Blake c/o David Thacker Telephone: +1 345-815-2631 Facsimile: +1 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: +1 345-949-4800 Facsimile: +1 345-949-7164 TURBO XII: Shareholders' Final Meeting Set for July 8 ----------------------------------------------------- The shareholders of Turbo XII Cayman Holdings Limited will hold their final meeting on July 8, 2011, 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: Walkers Corporate Services Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands TURBO XII-A: Shareholders' Final Meeting Set for July 8 ------------------------------------------------------- The shareholders of Turbo XII-A Cayman Holdings Limited will hold their final meeting on July 8, 2011, at 10:45 a.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 WEST MAC: Members' Final Meeting Set for June 29 ------------------------------------------------ The members of West Mac Limited will hold their final meeting on June 29, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ============= J A M A I C A ============= CASH PLUS: Liquidator Expresses Concern Over New Judge ------------------------------------------------------ RJR News reports that Hugh Wildman, the trustee in bankruptcy and liquidator of Cash Plus, is expressing concern about the change in the presiding adjudicator in the matter between his office and PriceWaterhouseCoopers. Mr. Wildman went to challenge the appointment of PriceWaterhouseCoopers' forensic accountant, Kevin Bandoian, but was surprised that Justice Roy Anderson was replaced by a new judge, according to RJR News. The report relates that Mr. Wildman protested expressing concern over what he says is a conflict of interest. RJR News notes that Mr. Wildman asked that the new Justice to excuse himself however the request was rejected. The case continues with Mr. Wildman expected to argue for reduce payments to PriceWaterhouseCoopers. Cash Plus Limited is an investment club in Jamaica. It collapsed in 2007 after the Financial Services Commission moved to regulate its operations. The company is a financial arm of the Cash Plus Group of Companies, a business conglomerate established in 2002 by mortgage banker Carlos Hill. The company offers its participants the opportunity to participate in the group's ventures which include mergers and numerous acquisitions. In April 2008, the Supreme Court of Jamaica placed Cash Plus in receivership. Cash Plus admitted that it wouldn't be able to pay its lenders until April 14, 2008. The firm has 40,000 lenders with loans totaling JM$4 billion. Cash Plus was unable to repay its investors. The Financial Services Commission said it was informed by the attorney acting on behalf of Cash Plus that the investment club lacked the funds to start the repayment of the principal and interest owing to its investors. PricewaterhouseCoopers' accountant, Kevin Bandoian, was appointed as joint receiver-manager for Cash Plus. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: TTTI Calls on Government to Continue CLICO Probe -------------------------------------------------------------- Trinidad Express reports that the Trinidad and Tobago Transparency Institute (TTTI) is calling on the Trinidad and Tobago government to do all that is necessary to allow the Commission of Enquiry (COE) to continue to investigate the failure of the CL Financial Limited Group and has recommended that Attorney General Anand Ramlogan ensure that nothing hinders the process. In response to concerns raised in an Express article published on June 11, regarding the enquiry, TTTI Chairman Richard Joseph said that the COE should not be jeopardized by the timing or outcomes of civil or other proceedings regarding insurance company Colonial Life Insurance Company (Trinidad) Limited (CLICO) and CL Financial, according to Trinidad Express. The report notes that in view of the reported loss and injury caused by alleged transgressions and failure of governance, the recently reported legal developments raise more questions about management responsibilities, regulatory compliance, audit processes and board oversight. Trinidad Express says that TTTI strongly recommended that the Attorney General carefully re-examine the terms of reference of the (enquiry) to advise the Government on any steps necessary to preserve the functioning of the Commission and to further facilitate its work. Mr. Joseph said the enquiry must be fully empowered to properly carry out its functions and complete its work in the time frame originally indicated by Mr. Ramlogan, Trinidad Express discloses. Transparency and accountability were needed in matters that had implications for the public purse because they were issues of national importance if the current culture of corruption is to change, he added. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company 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 TCR-LA 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. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 6, to June 10, 2011 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ---- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 162.5 ARGENT-PAR 1.18 12/31/2038 ARS 56.8 ARGENT-DIS 7.82 12/31/2033 EUR 70 ARGENT-DIS 7.82 12/31/2033 EUR 71.2 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 BODEN 2014 2 9/30/2014 ARS 32.5 BOGAR 2018 2 2/4/2018 ARS 30.6 PRO12 2 1/3/2016 ARS 117.7 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.0 BANCO BPI (CI) 4.15 11/14/2035 EUR 35.4 BCP FINANCE BANK 5.01 3/31/2024 EUR 42.9 BCP FINANCE BANK 5.31 12/10/2023 EUR 45.3 BCP FINANCE CO 4.23 EUR 55.5 BCP FINANCE CO 5.54 EUR 54.3 BES FINANCE LTD 5.77 2/7/2035 EUR 52.8 BES FINANCE LTD 5.58 EUR 55 BES FINANCE LTD 4.5 EUR 57.5 BES FINANCE LTD 6.62 EUR 63 CHAODA MOD AGRI 3.7 9/1/2015 USD 72.9 CHINA MED TECH 4 8/15/2013 USD 72.9 EFG ORA FUNDING 1.7 10/29/2014 EUR 51.2 ESFG INTERNATION 5.75 EUR 54.8 IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.1 PUBMASTER FIN 6.96 6/30/2028 GBP 54.7 SOLARFUN POWER H 3.5 1/15/2018 USD 67.9 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.4 CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.2 ESVAL S.A. 3.8 7/15/2012 CLP 37.8 LA POLAR SA 3.8 10/10/2017 CLP 72.3 MASISA 4.25 10/15/2012 CLP 29.5 QUINENCO SA 3.5 7/21/2013 CLP 38.2 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 53.2 PUERTO RICO CONS 6.5 4/1/2016 USD 59.5 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 46.1 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.3 PETROLEOS DE VEN 5.25 4/12/2017 USD 59.3 PETROLEOS DE VEN 5.125 10/28/2016 USD 61.9 PETROLEOS DE VEN 5 10/28/2015 USD 65.2 PETROLEOS DE VEN 8.5 11/2/2017 USD 69.3 PETROLEOS DE VEN 8.5 11/2/2017 USD 60.0 PETROLEOS DE VEN 4.9 10/28/2014 USD 73.1 VENEZUELA 7 3/31/2038 USD 53.7 VENEZUELA 7 3/31/2038 USD 54.3 VENEZUELA 6 12/9/2020 USD 58 VENEZUELA 7.65 4/21/2025 USD 59.5 VENEZUELA 8.25 10/13/2024 USD 62.3 VENEZUELA 9.25 5/7/2028 USD 65.5 VENEZUELA 9 5/7/2023 USD 65.5 VENEZUELA 7.75 10/13/2019 USD 66.2 VENEZUELA 7 12/1/2018 USD 67.2 VENEZUELA 9.25 9/15/2027 USD 68.2 VENEZUELA 9.25 9/15/2027 USD 79.3 VENEZUELA 5.75 2/26/2016 USD 73.8 VENZOD - 189000 9.375 1/13/2034 USD 65.7 *********** 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 * * *