/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120213.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, February 13, 2012, Vol. 13, No. 030 Headlines B E R M U D A AMMIN COAL: Placed Under Voluntary Wind-Up AMMIN COAL: Members' Final Meeting Set for Feb. 24 CUE INSURANCE: Court Appoints Smith as Liquidator DIVERSITY INSURANCE: Court Appoints Smith as Liquidator DOMINION PENSION: Placed Under Voluntary Wind-Up DOMINION PENSION: Members' Final Meeting Set for Feb. 24 DYNASTY FINANCE: Placed Under Voluntary Wind-Up DYNASTY FINANCE: Members' Final Meeting Set for Feb. 28 EPICOR INTERNATIONAL: Placed Under Voluntary Wind-Up EPICOR INTERNATIONAL: Members' Final Meeting Set for Feb. 28 HEDDINGTON BROKERS: Placed Under Voluntary Wind-Up HEDDINGTON BROKERS: Members' Final Meeting Set for Feb. 22 NEW STAR: Placed Under Voluntary Wind-Up NEW STAR: Members' Final Meeting Set for Feb. 29 SEGRAVE TRUSTEE: Creditors' Proofs of Debt Due Feb. 24 TRANSGLOBAL LIMITED: Placed Under Voluntary Wind-Up TRANSGLOBAL LIMITED: Members' Final Meeting Set for Feb. 21 C A Y M A N I S L A N D S ANTHRACITE BALANCED: Commences Liquidation Proceedings CANYON CAPITAL: Commences Liquidation Proceedings CONSISTENT RETURN: Creditors' Proofs of Debt Due Feb. 17 DELOS FUND: Placed Under Voluntary Wind-Up DEUTSCHE MANAGED: Commences Liquidation Proceedings EMERALD INTERNATIONAL: Placed Under Voluntary Wind-Up GATWICK (FREEHOLD): Commences Liquidation Proceedings HARTONE ASSOCIATES: Placed Under Voluntary Wind-Up LIBERO TRADING: Commences Liquidation Proceedings LION/RALLY CAYMAN: Shareholder Receives Wind-Up Report MARBRIDGE ENERGY: Placed Under Voluntary Wind-Up MEINL INVESTMENT: Placed Under Voluntary Wind-Up NOUNOURS LIMITED: Placed Under Voluntary Wind-Up OHA SENIOR: Commences Liquidation Proceedings PAROTRICK LIMITED: Placed Under Voluntary Wind-Up PGS GLOBAL: Commences Liquidation Proceedings SAPPHIRE INTERNATIONAL: Placed Under Voluntary Wind-Up TOURNESOL LIMITED: Placed Under Voluntary Wind-Up YYC CAPITAL: Commences Liquidation Proceedings M E X I C O DESARROLLADORA HOMEX: S&P Withdraws 'B+' Corporate Credit Rating P U E R T O R I C O PICHI'S INC: Has Until March 30 to File Chapter 11 Plan PUERTO RICO AQUEDUCT: S&P Retains bb+ Stand-Alone Credit Profile REITTER CORP: Court to Hear Plea on Chap. 7 Conversion on Feb. 14 T R I N I D A D & T O B A G O PETROTRIN: Salary Negotiations Break Down, Workers Decline Offer X X X X X X X X * BOND PRICING: For the Week February 6 to February 10, 2012 - - - - - ============= B E R M U D A ============= AMMIN COAL: Placed Under Voluntary Wind-Up ------------------------------------------ On Jan. 17, 2012, the members of Ammin Coal Investments Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: Alexander Pace-Bonello Anglo American Luxembourg 48 rue de Brangance, L-1255 Luxembourg AMMIN COAL: Members' Final Meeting Set for Feb. 24 -------------------------------------------------- The members of Ammin Coal Investments Limited will hold their final meeting on Feb. 24, 2012, 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: Alexander Pace-Bonello Anglo American Luxembourg 48 rue de Brangance, L-1255 Luxembourg CUE INSURANCE: Court Appoints Smith as Liquidator ------------------------------------------------- On Jan. 19, 2012, the Supreme Court of Bermuda appointed Mark W.R. Smith as the permanent liquidator of Cue Insurance Limited. DIVERSITY INSURANCE: Court Appoints Smith as Liquidator ------------------------------------------------------- On Jan. 19, 2012, the Supreme Court of Bermuda appointed Mark W.R. Smith as the permanent liquidator of Diversity Insurance Company Ltd. DOMINION PENSION: Placed Under Voluntary Wind-Up ------------------------------------------------ On Jan. 18, 2012, the members of Dominion Pension Plan Trustees (Bermuda) Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda DOMINION PENSION: Members' Final Meeting Set for Feb. 24 -------------------------------------------------------- The members of Dominion Pension Plan Trustees (Bermuda) Limited will hold their final meeting on Feb. 24, 2012, 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: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda DYNASTY FINANCE: Placed Under Voluntary Wind-Up ----------------------------------------------- On Jan. 18, 2012, the members of Dynasty Finance Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 8, 2012, will be included in the company's dividend distribution. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda DYNASTY FINANCE: Members' Final Meeting Set for Feb. 28 ------------------------------------------------------- The members of Dynasty Finance Limited will hold their final meeting on Feb. 28, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda EPICOR INTERNATIONAL: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Jan. 13, 2012, the members of Epicor International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda EPICOR INTERNATIONAL: Members' Final Meeting Set for Feb. 28 ------------------------------------------------------------ The members of Epicor International Ltd. will hold their final meeting on Feb. 28, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda HEDDINGTON BROKERS: Placed Under Voluntary Wind-Up -------------------------------------------------- On Jan. 22, 2012, the members of Heddington Brokers Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 1, 2012, will be included in the company's dividend distribution. The company's liquidator is: Jeffrey J. Allison Chevron House, 11 Church Street Hamilton Bermuda HEDDINGTON BROKERS: Members' Final Meeting Set for Feb. 22 ---------------------------------------------------------- The members of Heddington Brokers Limited will hold their final meeting on Feb. 22, 2012, 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: Jeffrey J. Allison Chevron House, 11 Church Street Hamilton Bermuda NEW STAR: Placed Under Voluntary Wind-Up ---------------------------------------- On Jan. 23, 2012, the members of New Star Managed Hedge Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 8, 2012, will be included in the company's dividend distribution. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda NEW STAR: Members' Final Meeting Set for Feb. 29 ------------------------------------------------ The members of New Star Managed Hedge Fund Limited will hold their final meeting on Feb. 29, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda SEGRAVE TRUSTEE: Creditors' Proofs of Debt Due Feb. 24 ------------------------------------------------------ The creditors of Segrave Trustee Company Limited are required to file their proofs of debt by Feb. 24, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 19, 2012. The company's liquidator is: Garth A. Calow PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton TRANSGLOBAL LIMITED: Placed Under Voluntary Wind-Up --------------------------------------------------- On Jan. 16, 2012, the sole member of TransGlobal Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 6, 2012, will be included in the company's dividend distribution. The company's liquidator is: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton, Bermuda TRANSGLOBAL LIMITED: Members' Final Meeting Set for Feb. 21 ----------------------------------------------------------- The members of TransGlobal Limited will hold their final meeting on Feb. 21, 2012, 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: Roderick M. Forrest Victoria Place, 31 Victoria Street Hamilton, Bermuda =========================== C A Y M A N I S L A N D S =========================== ANTHRACITE BALANCED: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 20, 2011, the sole subscriber shareholder of Anthracite Balanced Company (IR-4) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: David A.K. Walker c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands CANYON CAPITAL: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Dec. 12, 2011, the shareholders of Canyon Capital CDO 2001-1 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 27, 2012, will be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o James Drury 10 Market Street #765, Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 345 769-7219 Facsimile: +1 345 949-7120 e-mail: james.drury@uk.gt.com CONSISTENT RETURN: Creditors' Proofs of Debt Due Feb. 17 -------------------------------------------------------- The creditors of Consistent Return Limited are required to file their proofs of debt by Feb. 17, 2012, to be included in the company's dividend distribution. The company's liquidator is: Geoffrey Varga Kinetic Partners (Cayman) Limited PO Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9900 DELOS FUND: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 22, 2011, the sole shareholder of Delos Fund, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 20, 2012, will be included in the company's dividend distribution. The company's liquidator is: Lisa Clarke Telephone: (345) 945-2187 / (345) 945-2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands DEUTSCHE MANAGED: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on Dec. 16, 2011, the shareholders of Deutsche Managed Multi Asset Segregated Portfolio Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 26, 2012, will be included in the company's dividend distribution. The company's liquidators are: Hugh Dickson Mike Saville c/o James Drury 10 Market Street #765, Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 345 769-7219 Facsimile: +1 345 949-7120 e-mail: james.drury@uk.gt.com EMERALD INTERNATIONAL: Placed Under Voluntary Wind-Up ----------------------------------------------------- On Dec. 21, 2011, the sole member of Emerald International Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 27, 2012, will be included in the company's dividend distribution. The company's liquidator is: Alfredo Frohlich Telephone: 13058681500 c/o- Trident Trust One Capital Place, Shedden Rd PO Box 847 Grand Cayman KY1-1103 Cayman Islands GATWICK (FREEHOLD): Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 23, 2011, the shareholder of Gatwick (Freehold) Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Nicola Wright Telephone: 345-815-2621/ 345-949-4800 Facsimile: 345-949-7164/ 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands HARTONE ASSOCIATES: Placed Under Voluntary Wind-Up ------------------------------------------------ On Dec. 21, 2011, the sole shareholder of Hartone Associates Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor 64 Earth Close, West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands LIBERO TRADING: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Dec. 22, 2011, the shareholders of Libero Trading International Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands LION/RALLY CAYMAN: Shareholder Receives Wind-Up Report ------------------------------------------------------ The sole shareholder of Lion/Rally Cayman 8 received on Jan. 25, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 22, 2011. The company's liquidator is: E. Andrew Hersant Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands MARBRIDGE ENERGY: Placed Under Voluntary Wind-Up ------------------------------------------------ On Dec. 21, 2011, the sole shareholder of Marbridge Energy Finance Fund International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 c/o Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands MEINL INVESTMENT: Placed Under Voluntary Wind-Up ------------------------------------------------ At an extraordinary general meeting held on Dec. 21, 2011, the shareholder of MEINL Investment Funding II Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 31, 2011, will be included in the company's dividend distribution. The company's liquidators are: David Preston Alex Johnston P.O. Box 1109 Grand Cayman KY1-1102 Cayman Islands c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 NOUNOURS LIMITED: Placed Under Voluntary Wind-Up ------------------------------------------------ On Dec. 22, 2011, the sole shareholder of Nounours Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited First Caribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 OHA SENIOR: Commences Liquidation Proceedings --------------------------------------------- On July 19, 2011, the shareholder of Oha Senior Loan Fund (Offshore), Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 2, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Jennifer Chailler Telephone: (345) 814 6847 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands PAROTRICK LIMITED: Placed Under Voluntary Wind-Up ------------------------------------------------- On Dec. 22, 2011, the sole shareholder of Parotrick Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited First Caribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 PGS GLOBAL: Commences Liquidation Proceedings --------------------------------------------- On Dec. 23, 2011, the shareholder of PGS Global Diversified Fund SPC Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 25, 2012, will be included in the company's dividend distribution. The company's liquidator is: Warren Keens c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands SAPPHIRE INTERNATIONAL: Placed Under Voluntary Wind-Up ------------------------------------------------------ On Dec. 21, 2011, the sole member of Sapphire International Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 27, 2012, will be included in the company's dividend distribution. The company's liquidator is: Alfredo Frohlich Telephone: 13058681500 c/o- Trident Trust One Capital Place, Shedden Rd PO Box 847 Grand Cayman KY1-1103 Cayman Islands TOURNESOL LIMITED: Placed Under Voluntary Wind-Up ------------------------------------------------- On Dec. 22, 2011, the sole shareholder of Tournesol Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited First Caribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 YYC CAPITAL: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Dec. 20, 2011, the shareholders of YYC Capital Partners Healthcare Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. 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 =========== M E X I C O =========== DESARROLLADORA HOMEX: S&P Withdraws 'B+' Corporate Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings withdrew its 'B+' corporate credit rating on Mexico-based homebuilder Desarrolladora Homex S.A.B. de C.V., at the company's request. "The outlook was stable at the time of the withdrawal. We also withdrew the 'B+' issue ratings on the company's two issuances of senior unsecured notes in the amount of US$250 million each, due 2015 and 2019," S&P said. ===================== P U E R T O R I C O ===================== PICHI'S INC: Has Until March 30 to File Chapter 11 Plan ------------------------------------------------------- The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico extended until March 30, 2012, Pichi's Inc.'s time to file a Chapter 11 plan and disclosure statement. About Pichi's Inc. Pichi's Inc. owns and operates the Best Western Pichi's Hotel in Guayanilla, Puerto Rico. Pichi's filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06583) on Aug. 3, 2011. Judge Mildred Caban Flores initially presided over the case, which has recently been reassigned to the Hon. Edward A. Godoy. Charles A. Cuprill, Esq., at Charles A. Cuprill, P.S.C., Law Offices, in San Juan, Puerto Rico, serves as the Debtor's bankruptcy counsel. CPA Luis R. Carrasquillo & Co., P.S.C., serves as financial consultants. The petition was signed by Luis A. Emmanuelli Gonzalez, president. In its schedules, the Debtor disclosed US$31,402,359 in assets and $36,619,020 in liabilities. Luis C. Marini, Esq., and Ubaldo M. Fernandez, Esq. at O'Neill & Borges, in San Juan, Puerto Rico, represents Banco Popular de Puerto Rico as counsel. PUERTO RICO AQUEDUCT: S&P Retains bb+ Stand-Alone Credit Profile ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BBB-' rating to Puerto Rico Aqueduct & Sewer Authority's (PRASA) series 2012A and series 2012B senior-lien revenue bonds. The outlook is stable. In addition, Standard & Poor's affirmed its 'BBB-' rating and stable outlook on the authority's senior-lien obligations currently outstanding. "We are also affirming our 'BBB' rating and stable outlook on the authority's bonds guaranteed by the full faith and credit pledge of the commonwealth of Puerto Rico (BBB/Stable)," S&P said. "The ratings on the senior-lien bonds include a one-notch lift from the authority's 'bb+' stand-alone credit profile, based on the application of our criteria for government-related entities (GREs)," S&P said. "In accordance with our criteria for GREs, our view of a high likelihood of extraordinary government support reflects our assessment of PRASA's very strong link with the government of Puerto Rico, and our assessment of PRASA's important role as the provider of water and sewer services in the island," said Standard & Poor's credit analyst Horacio Aldrete-Sanchez. The assessment also reflects the history of support Government Development Bank for Puerto Rico provides, and its stated intentions to continue to support the authority as required. Factors that constrain the rating include the authority's: Relatively fragmented water and wastewater system, which coupled with significant deferred capital needs, has resulted in a high level of operational deficiencies; and Historically poor financial performance, stemming from unwillingness to raise rates, deficient billing and collection systems, and low levels of liquidity, all of which historically constrained the utility from generating consistent operating surpluses. PRASA has, however, made significant strides over the past two years to restore the system's financial operations. Factors that moderate these credit limitations include: Continued liquidity support from the Commonwealth of Puerto Rico through lines of credit provided by the Government Development Bank for Puerto Rico (GDB). These revolving credit lines totaled approximately US$1.1 billion at the end of fiscal 2011; and A supportive regulatory environment in which PRASA does not require legislative action to implement rate adjustments, and has full authority to cut off service to delinquent accounts. "The stable outlook on the senior bonds reflects Standard & Poor's expectation that management will continue to demonstrate a willingness to address the identified operational, financial, and capital challenges currently facing PRASA. The stable outlook on the guaranteed bonds reflects the rating outlook on Puerto Rico's GO debt. The outlook on both the senior bonds and the guaranteed bonds also reflects our view of PRASA's very strong link with the government of Puerto Rico, and our expectation of the government's continued strong liquidity support. The adoption of legislation that limits PRASA's ability to implement the necessary rate increases to address its capital and operational needs would cause downward pressure on the rating. Conversely, consistently positive financial operations could result in upward pressure on the rating," S&P said. REITTER CORP: Court to Hear Plea on Chap. 7 Conversion on Feb. 14 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has set a hearing on the conversion of Reitter Corporation's Chapter 11 case to one under Chapter 7 on Feb. 14, 2012, at 2:00 p.m. Judge Enrique S. Lamoutte Inclan has noted that the Debtor has failed to file its disclosure statement. As reported in the Troubled Company Reporter on Dec. 9, 2012, The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico on Nov. 23, 2011 granted Reitter Corporation's request for a 28-day extension to file an amended disclosure statement and respond to objections to claims. The TCR also reported on Dec. 1, 2011 that the Debtor asked the Court to extend until Dec. 16, 2011, its time to file its Amended Disclosure Statement and to file stipulations or oppositions to the proofs of claims filed by Treasury and IRS. The Debtor related that it has entered into a new contract with LBA Medical Services, Inc., which will increase its revenues and allow it to have a feasible plan. The Debtor submitted this information to CPA Luis Carrasquillo in order to include these additional revenues in the projections. As such, the Debtor said it needs additional time to file its amended disclosure statement, including the feasibility report. About Reitter Corporation San Juan, Puerto Rico-based Reitter Corporation dba Hospital San Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No. 10-07152) on Aug. 6, 2010. In its schedules, the Debtor disclosed US$20,440,765 in total assets and US$17,250,033 in total debts. Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in San Juan, P.R., represents the Debtor as counsel. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Salary Negotiations Break Down, Workers Decline Offer ---------------------------------------------------------------- http://www.trinidadexpress.com/business/Petrotrin_salary_talks_br eak_down-139135759.html Sue-Ann Wayow at Trinidad Express reports that salary negotiations between state-owned Petroleum Company of Trinidad and Tobago (Petrotrin) and the Oilfields Workers' Trade Union broke down at the Labor Ministry in San Fernando, with union president-general Ancel Roget warning of strike action should there be no remedy. Mr. Roget said it was now up to Labor Minister Errol McLeod to intervene and prevent a shutdown of Petrotrin, according to Trinidad Express. The report relates that Mr. Roget said that the 5% increase offered by the government would not be accepted. "We are not prepared to go back into a new collective agreement period with the same terms and conditions," the report quoted Mr. Roget as saying. Trinidad Express notes that Mr. Roget said the union informed that it would continue talks only if Petrotrin is willing to move beyond its 5% offer. "You don't have to say to us what your final figure might be. But if we must have meaningful negotiations, you must tell us here and now in spite of the fact things are hard. We are prepared, for settlement sake, to amend our proposal. But you must be able to tell us that you are willing to go beyond five for any talk to make sense." Mr. Roget, Trinidad Express notes, said he was told that the company can give no such guarantee and, therefore, "The time for talking has abruptly come to an end." The report discloses that Mr. Roget said Mr. McLeod has been given three days to intervene. If he does not, workers will send a strike notice to their employers on Feb. 14, and if after one week, if workers and employers still can't come to an agreement, a strike for 90 days will begin, Mr. Roget added, Trinidad Express relays. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad-Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * BOND PRICING: For the Week February 6 to February 10, 2012 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 8.28 12/31/2033 USD 71.58 ARGENT- AR 1.18 12/31/2038 ARS 46.27 ARGENT- DIS 7.82 12/31/2033 EUR 55 ARGENT- DIS 7.82 12/31/2033 EUR 59.25 ARGENT- DIS 7.82 12/31/2033 EUR 56 ARGENT- DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR 0.45 12/31/2038 JPY 15 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 PROV BUENOS AIRE 9.625 4/18/2028 USD 71.28 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 42.13 BCP FINANCE BANK 5.01 3/31/2024 EUR 42.75 BCP FINANCE BANK 5.31 12/10/2023 EUR 44.75 BCP FINANCE CO 5.543 EUR 29 BCP FINANCE CO 4.239 EUR 29.67 BES FINANCE LTD 5.58 EUR 35.33 BES FINANCE LTD 4.5 EUR 44 CAM GLOBAL FIN 6.08 12/22/2030 EUR 60.25 CHINA FORESTRY 10.25 11/17/2015 USD 59.85 CHINA FORESTRY 10.25 11/17/2015 USD 58.13 CHINA HUIYUAN JU 4 4/29/2016 USD 74 CHINA MED TECH 4 8/15/2013 USD 19.88 CHINA SUNERGY 4.75 6/15/2013 USD 46 EFG ORA FUNDING 1.7 10/29/2014 EUR 49.3 ESFG INTERNATION 5.753 EUR 36.25 FANTASIA HOLDING 14 5/12/2015 USD 74.38 FANTASIA HOLDING 14 5/12/2015 USD 74.5 GREENTOWN CHINA 9 11/8/2013 USD 70.5 GREENTOWN CHINA 9 11/8/2013 USD 70.5 JINKOSOLAR HOLD 4 5/15/2016 USD 51.43 LDK SOLAR CO LTD 4.75 4/15/2013 USD 60 LDK SOLAR CO LTD 4.75 4/15/2013 USD 63.25 LDK SOLAR CO LTD 4.75 4/15/2013 USD 80 LDK SOLAR CO LTD 10 2/28/2014 CNY 66.05 LUPATECH FINANCE 9.875 USD 74 LUPATECH FINANCE 9.875 USD 72.25 MBPS FINANCE 11.25 11/15/2015 USD 73 MBPS FINANCE 11.25 11/15/2015 USD 73.88 POWERLONG RE HLD 13.75 9/16/2015 USD 74 POWERLONG RE HLD 13.75 9/16/2015 USD 74.18 PUBMASTER FIN 8.44 6/30/2025 GBP 58 PUBMASTER FIN 5.943 12/30/2024 GBP 67.92 PUNCH TAVERNS 4.767 6/30/2033 GBP 66.88 SOLARFUN POWER H 3.5 1/15/2018 USD 62.28 SOLARFUN POWER H 3.5 1/15/2018 USD 60 SPG LAND HOLDING 13.5 4/8/2016 USD 68 SUNTECH POWER 3 3/15/2013 USD 73 SUNTECH POWER 3 3/15/2013 USD 72.2 YUZHOU PROPERTIE 13.5 12/15/2015 USD 75.25 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.878 CGE DISTRIBUCION 3.25 12/1/2012 CLP 19.85 COLBUN SA 3.2 5/1/2013 CLP 74.33 ESVAL S.A. 3.8 7/15/2012 CLP 12.51 MASISA 4.25 10/15/2012 CLP 20.13 QUINENCO SA 3.5 7/21/2013 CLP 25.24 PANAMA ------ NEWLAND INT PROP 9.5 11/15/2014 USD 51 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 63.72 BANCO SANTANDER 6.3 6/1/2032 USD 72.79 PUERTO RICO CONS 6 12/15/2034 USD 0.01 PUERTO RICO CONS 6.3 11/1/2033 USD 0.01 PUERTO RICO CONS 6.2 5/1/2017 USD 53 PUERTO RICO CONS 6.5 4/1/2016 USD 68.71 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 63.44 PETROLEOS DE VEN 5.5 4/12/2037 USD 51.92 PETROLEOS DE VEN 5.375 4/12/2027 USD 53.96 PETROLEOS DE VEN 5.25 4/12/2017 USD 71.61 PETROLEOS DE VEN 5.125 10/28/2016 USD 73.26 PETROLEOS DE VEN 9 11/17/2021 USD 74.58 VENEZUELA 7 3/31/2038 USD 63.61 VENEZUELA 7 3/31/2038 USD 63.36 VENEZUELA 6 12/9/2020 USD 67.5 VENEZUELA 7.65 4/21/2025 USD 68.75 VENEZUELA 8.25 10/13/2024 USD 74 *********** 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *