/raid1/www/Hosts/bankrupt/TCRLA_Public/111010.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, October 10, 2011, Vol. 12, No. 200
Headlines
C A Y M A N I S L A N D S
BABCOCK & BROWN: Shareholders Receive Wind-Up Report
COPREY INVESTMENTS: Shareholder to Hear Wind-Up Report on Oct. 14
ELECTROGLAS FAR EAST: Shareholders' Final Meeting Set for Oct. 12
GARTMORE LATIN: Shareholders' Final Meeting Set for Oct. 14
LINBEN LTD: Shareholders' Final Meeting Set for Oct. 12
LOMOND INVESTMENTS: Shareholders Receive Wind-Up Report
SAKURA FUNDING: Shareholders' Final Meeting Set for Oct. 14
SANDELMAN FUNDS: Shareholder Receives Wind-Up Report
SANDELMAN PARTNERS, ERISA: Shareholder Receives Wind-Up Report
SANDELMAN PARTNERS, MASTER: Shareholder Receives Wind-Up Report
SANDELMAN PARTNERS, MULTI: Shareholder Gets Wind-Up Report
SANDELMAN PARTNERS, OPPORTUNITY: Shareholder Gets Wind-Up Report
SHADWELL LTD: Members' Final Meeting Set for Oct. 11
SIGNUM ABC: Shareholders' Final Meeting Set for Oct. 14
UNIBANCO BRAZILIAN: Shareholders' Final Meeting Set for Oct. 10
J A M A I C A
MOY HALL: CCMB Seeks Gov't Intervention in Firm's Fight With CIB
T R I N I D A D & T O B A G O
BRITISH WEST: Retired Staff Go to Court, Seek Reinstatement Perks
* TRINIDAD & TOBAGO: Government to Continue State of Emergency
X X X X X X X X
* BOND PRICING: For the Week October 3 to October 7, 2011
- - - - -
===========================
C A Y M A N I S L A N D S
===========================
BABCOCK & BROWN: Shareholders Receive Wind-Up Report
----------------------------------------------------
On Oct. 4, 2011, the shareholders of Babcock & Brown Managed
Workspace Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Rob Mcmahon
c/o Mr. Geoff Baker
Ernst & Young Ltd
Telephone +1 345 914 9011
e-mail: Geoff.Baker@ky.ey.com
COPREY INVESTMENTS: Shareholder to Hear Wind-Up Report on Oct. 14
-----------------------------------------------------------------
The shareholder of Coprey Investments Ltd. will receive on
Oct. 14, 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
ELECTROGLAS FAR EAST: Shareholders' Final Meeting Set for Oct. 12
-----------------------------------------------------------------
The shareholders of Electroglas Far East Holding Company will
hold their final meeting on Oct. 12, 2011, at 3:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Thomas Brunton
807 Lakeshore Dr., Redwood City, CA 94065
USA
c/o Barnaby Gowrie
e-mail: Barnaby.gowre@walkersglobal.com
Telephone: +1 345 9146365
Walkers, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
GARTMORE LATIN: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------------
The shareholders of Gartmore Latin America L/S Trading Limited
will hold their final meeting on Oct. 14, 2011, to receive 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
LINBEN LTD: Shareholders' Final Meeting Set for Oct. 12
-------------------------------------------------------
The shareholders of Linben Ltd. will hold their final meeting on
Oct. 12, 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:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
LOMOND INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On Sept. 12, 2011, the shareholders of Lomond Investments Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Frederick Maxwell Cook
P.H. Star & Herald,
Flat #22, Demetrio Brid Street
San Felipe, Panama City
Republic of Panama
Telephone: (507) 395 3308
Facsimile: (507) 395 3309
SAKURA FUNDING: Shareholders' Final Meeting Set for Oct. 14
-----------------------------------------------------------
The shareholders of Sakura Funding Limited will hold their final
meeting on Oct. 14, 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 SPV Limited
c/o Jennifer Chailler
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 814 6847
SANDELMAN FUNDS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder of Sandelman Funds GP Limited received on
Sept. 19, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Lynden John
Telephone: (345) 814 8915
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
SANDELMAN PARTNERS, ERISA: Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The sole shareholder of Sandelman Partners Multistrategy Erisa
Fund, Ltd. received on Oct. 6, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Lynden John
Telephone: (345) 814 8915
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
SANDELMAN PARTNERS, MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The sole shareholder of Sandelman Partners Multistrategy Master
Fund, Ltd. received on Oct. 6, 2011, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Lynden John
Telephone: (345) 814 8915
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
SANDELMAN PARTNERS, MULTI: Shareholder Gets Wind-Up Report
----------------------------------------------------------
The sole shareholder of Sandelman Partners Multistrategy Fund,
Ltd. received on Oct. 6, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Lynden John
Telephone: (345) 814 8915
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
SANDELMAN PARTNERS, OPPORTUNITY: Shareholder Gets Wind-Up Report
----------------------------------------------------------------
The sole shareholder of Sandelman Partners Opportunity Fund, Ltd.
received on Oct. 6, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Lynden John
Telephone: (345) 814 8915
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
SHADWELL LTD: Members' Final Meeting Set for Oct. 11
----------------------------------------------------
The members of Shadwell Ltd. will hold their final meeting on
Oct. 11, 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:
H&J Corporate Services (Cayman) Ltd.
5th Floor, Anderson Square
Shedden Road
PO Box 866, Grand Cayman KY1-1103
Cayman Islands
Telephone: (345) 949 7555 (ext. 618)
SIGNUM ABC: Shareholders' Final Meeting Set for Oct. 14
-------------------------------------------------------
The shareholders of Signum ABC Limited will hold their final
meeting on Oct. 14, 2011, to receive 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
UNIBANCO BRAZILIAN: Shareholders' Final Meeting Set for Oct. 10
---------------------------------------------------------------
The shareholders of Unibanco Brazilian Managers Equities FOF will
hold their final meeting on Oct. 10, 2011, at 3:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
Paulo Corchaki is the company's liquidator.
=============
J A M A I C A
=============
MOY HALL: CCMB Seeks Gov't Intervention in Firm's Fight With CIB
----------------------------------------------------------------
Avia Collinder at Jamaica Gleaner reports that Rupert Scott,
chairman of the Blue Mountain Coffee Co-operative (BMCC-Moy
Hall), is pushing for government intervention in the three-year
fight between Moy Hall and the Coffee Industry Board over the
suspension of its licensee to trade coffee beans.
The impasse with the CIB has led to the lands and factory being
offered up for sale by Moy Hall's financier, Capital and Credit
Merchant Bank, for unpaid debt, which Mr. Scott estimates is now
above JM$100 million, according to Jamaica Gleaner. The report
relates that MBCC-Moy Hall was also indebted to Yutaka Trading
and Coffee Pacifica.
Mr. Scott, Jamaica Gleaner notes, said that the troubles of the
factory started on April 30, 2008, when its license to sell
coffee beans was suspended by the CIB that halted efforts to find
equity partners for Moy Hall, which was already struggling
financially.
The report discloses that the suspension was also short on
options to service a loan of JM$68 million from CCMB that was
used to fund purchase of cherry coffee from the co-operative's
network of 3,000 suppliers.
Jamaica Gleaner says that Moy Hall's annual turnover was
JM$300 million prior to the 2008 suspension of sales. The
business has been dormant since then, the report relates.
"The debt will be above JM$100 million now because of the
interest, and may well exceed the value of the assets, which
include 1,000 acres, factory and buildings," Mr. Scott told the
news agency in an interview.
Jamaica Gleaner relates that on October 2, assets comprising
1,134.68 acres of agricultural land and 12 factory-type buildings
were advertised for sale. Coffee sources said the seller was
CCMB, the report notes.
Mr. Scott said that since 2008, investors willing to help the co-
operative have been discouraged by the stance of the CIB, which
has kept "changing the goal post," Jamaica Gleaner discloses.
CIB Director General Chris Gentles said the license was suspended
in the interest of the farmers, the report adds.
===============================
T R I N I D A D & T O B A G O
===============================
BRITISH WEST: Retired Staff Go to Court, Seek Reinstatement Perks
-----------------------------------------------------------------
Kim Boodram at Trinidad Express reports that retired staff of the
former national airline, British West Indies aka BWIA, will
appear in the Industrial Court seeking the re-instatement of
employee perks that were removed with the 'demise' of their
employer.
Staff, including former flight attendants and pilots in 2009,
sued the current national airline entity, Caribbean Airlines, for
such earned benefits as subsidized medical plans, according to
Trinidad Express.
The report notes that former flight attendant union
representative, Roslyn Amon, said week there are retired staff
members who may "go to their graves penniless" before the matter
is resolved.
About British West Indies
British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.
The airline had reportedly been losing US$1 million a week due to
poor operational management. An employee survey revealed that
lack of responsibility by the management was a major issue in the
company. A number of key employees moved to other companies
caused by a deadlock in the airline's negotiation with its labor
union.
The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.
* TRINIDAD & TOBAGO: Government to Continue State of Emergency
--------------------------------------------------------------
Caribbean360.com reports that Prime Minister Kamla Persad-
Bissessar-led administration has opted to continue the State of
Emergency following a review by security agencies and Cabinet.
The prime minister said it was decided that the SoE, which
expires Dec. 5, and the five hour curfew implemented in several
areas of Trinidad will remain, according to Caribbean360.com.
She said the measure, introduced in late August, has led to the
arrest of almost 4000 people, while three quarter billion dollars
in drugs have been seized or destroyed.
As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2011, RJR News said that businesses in Trinidad and
Tobago said that they have lost between 30% and 75% of revenues
due to the State of Emergency that was imposed. Businesses from
restaurants to the hospitality sector and even banks said they
are affected, according to RJR News. RJR News related that
Trinidad and Tobago Member of Parliament Colm Imbert said
research he has done showed the reduction in working hours have
affected not only business revenues, but also incomes of hourly
paid workers. The report relayed Mr. Imbert said that people are
afraid to speak out about the effect because they could be locked
up for dissatisfaction under the Emergency Powers Act. Mr.
Imbert noted that business people said they cannot sustain a
three-month State of Emergency, and each will be hit hard, the
report added. Trinidad Express said that Trinidad & Tobago
businesses braced for financial losses starting as they were
forced to curtail operations because of the limited state of
emergency in the country. Caribbean360.com related that Trinidad
& Tobago Prime Minister Persad-Bissessar disclosed a limited
state of emergency and curfew in "hotspots" in the country to
deal with escalating crime.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 3 to October 7, 2011
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
BOGAR 2018 2 2/4/2018 ARS 128
BODEN 2014 2 9/30/2014 ARS 99
ARGENT-$DIS 8.28 12/31/2033 USD 64
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.3
ARGENT-$DIS 8.28 12/31/2033 USD 61.9
ARGENT-$DIS 8.28 12/31/2033 USD 67
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
PROV BUENOS AIRE 9.625 4/18/2028 USD 72
PROV BUENOS AIRE 9.375 9/14/2018 USD 71.1
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- DIS 7.82 12/31/2033 EUR 62.5
ARGENT- DIS 7.82 12/31/2033 EUR 60
ARGENT- PAR 1.18 12/31/2038 ARS 44.7
CAYMAN ISLAND
-------------
IMCOPA INTL CAYM 5 12/19/2014 USD 33
BCP FINANCE CO 5.543 EUR 32.2
BCP FINANCE CO 4.239 EUR 31
ESFG INTERNATION 5.753 EUR 35.1
EFG ORA FUNDING 1.7 10/29/2014 EUR 45.1
SUNTECH POWER 3 3/15/2013 USD 51.6
LDK SOLAR CO LTD 10 2/28/2014 CNY 50
CHINA SUNERGY 4.75 6/15/2013 USD 60
SOLARFUN POWER H 3.5 1/15/2018 USD 64.4
CHINA AUTOMATION 7.75 4/20/2016 USD 65.1
CHAODA MOD AGRI 3.7 9/1/2015 USD 76
SPG LAND HOLDING 13.5 4/8/2016 USD 70
GLORIOUS PROPERT 13 10/25/2015 USD 70.1
JA SOLAR HOLD CO 4.5 5/15/2013 USD 70.5
POLARCUS LTD 2.875 4/27/2016 USD 74.3
JINKOSOLAR HOLD 4 5/15/2016 USD 32.2
SUNTECH POWER 3 3/15/2013 USD 50.4
CHINA MED TECH 6.25 12/15/2016 USD 61.7
MARFRIG OVERSEAS 9.5 5/4/2020 USD 65
SOLARFUN POWER H 3.5 1/15/2018 USD 68.7
CHINA FORESTRY 10.25 11/17/2015 USD 70
YUZHOU PROPERTIE 13.5 12/15/2015 USD 72.8
BES FINANCE LTD 5.58 EUR 32.8
CHINA MED TECH 4 8/15/2013 USD 66.1
BANCO BPI (CI) 4.15 11/14/2035 EUR 36.2
BES FINANCE LTD 4.5 EUR 36.5
BES FINANCE LTD 6.625 EUR 46
BCP FINANCE BANK 5.01 3/31/2024 EUR 71.6
BCP FINANCE BANK 5.31 12/10/2023 EUR 74.3
BES FINANCE LTD 1.625 4/15/2013 USD 74.6
DUBAI HLDNG COMM 6 2/1/2017 GBP 72.5
LDK SOLAR CO LTD 4.75 4/15/2013 USD 59.4
TRINA SOLAR LTD 4 7/15/2013 USD 71.9
MARFRIG OVERSEAS 9.5 5/4/2020 USD 64.3
CHINA FORESTRY 10.25 11/17/2015 USD 73.5
FANTASIA HOLDING 14 5/12/2015 USD 77.5
YUZHOU PROPERTIE 13.5 12/15/2015 USD 72.9
EVERGRANDE REAL 9.25 1/19/2016 CNY 72.1
TEXHONG TEXTILE 7.625 1/19/2016 USD 86
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.154
CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.73
ESVAL S.A. 3.8 7/15/2012 CLP 24.87
LA POLAR SA 3.8 10/10/2017 CLP 51.34
MASISA 4.25 10/15/2012 CLP 29.77
QUINENCO SA 3.5 7/21/2013 CLP 24.73
PUERTO RICO
-----------
PUERTO RICO CONS 6.2 5/1/2017 USD 55.2
PUERTO RICO CONS 6.5 4/1/2016 USD 61
BANCO SANTANDER 6.1 6/1/2032 USD 60.9
BANCO SANTANDER 6.3 6/1/2032 USD 61.1
VENEZUELA
---------
PETROLEOS DE VEN 5.375 4/12/2027 USD 43.9
VENEZUELA 7 3/31/2038 USD 53.7
PETROLEOS DE VEN 5.25 4/12/2017 USD 55.2
VENEZUELA 7.65 4/21/2025 USD 53.5
VENZOD - 189000 9.375 1/13/2034 USD 63.5
VENEZUELA 9.25 9/15/2027 USD 63.2
VENEZUELA 9.25 9/15/2027 USD 64.4
PETROLEOS DE VEN 8.5 11/2/2017 USD 66.4
PETROLEOS DE VEN 12.75 2/17/2022 USD 75.8
PETROLEOS DE VEN 4.9 10/28/2014 USD 67.3
PETROLEOS DE VEN 5 10/28/2015 USD 60.2
PETROLEOS DE VEN 5.125 10/28/2016 USD 56.6
PETROLEOS DE VEN 5.5 4/12/2037 USD 42.6
VENEZUELA 7 3/31/2038 USD 53
VENEZUELA 8.25 10/13/2024 USD 58.8
VENEZUELA 9.25 5/7/2028 USD 61.8
VENEZUELA 7.75 10/13/2019 USD 59.5
VENEZUELA 7 12/1/2018 USD 59
VENEZUELA 9 5/7/2023 USD 63
PETROLEOS DE VEN 8.5 11/2/2017 USD 64.7
VENEZUELA 5.75 2/26/2016 USD 68
VENEZUELA 11.95 8/5/2031 USD 73.3
PETROLEOS DE VEN 12.75 2/17/2022 USD 73.2
VENEZUELA 6 12/9/2020 USD 53
***********
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, 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 * * *