/raid1/www/Hosts/bankrupt/TCRLA_Public/120220.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 20, 2012, Vol. 13, No. 036
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Owner 'Screaming' About Bank Run Before Seizure
A R G E N T I N A
BES INVESTIMENTO: S&P Lowers Counterparty Credit Rating to 'BB-'
MBIA CORP: S&P Keeps 'B' Corp. Credit Rating; Outlook Negative
SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' Rating to Class A Notes
B E R M U D A
ARNOLDS TILE: Court to Hear Wind-Up Petition on March 2
ONLYGAIN TRADING: Creditors' Proofs of Debt Due March 1
ONLYGAIN TRADING: Member to Receive Wind-Up Report on March 20
SHELBY COMPANY: Creditors' Proofs of Debt Due Feb. 29
SHELBY COMPANY: Members' Final Meeting Set for March 19
B R A Z I L
* BRAZIL: IDB Approves US$131 Mil. for Electricity Distribution
C A Y M A N I S L A N D S
ARCOT INTERNATIONAL: Shareholders Receive Wind-Up Report
CHANCERY INTERNATIONAL: Shareholders Receive Wind-Up Report
GOD'S COUNTRY: Shareholders Receive Wind-Up Report
ORYX ISLAMIC: Shareholder Receives Wind-Up Report
PGS GLOBAL: Shareholders Receive Wind-Up Report
SYMPHONY CAPITAL: Shareholders Receive Wind-Up Report
SYMPHONY REAL: Shareholders Receive Wind-Up Report
J A M A I C A
DIGICEL GROUP: US$250MM Bond Issue Puts Firm on Strong Footing
LIME JAMAICA: Parent Gives Jamaica Government 3-Mo Deadline
T R I N I D A D & T O B A G O
CL FIN'L: Sandridge Limited Acquires CLICO General Insurance
PETROTRIN: OWTU Serve Official Strike Notice on Firm
X X X X X X X X
* BOND PRICING: For the Week February 13 to February 17, 2012
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Owner 'Screaming' About Bank Run Before Seizure
---------------------------------------------------------------
Antigua Observer reports that Lula Rodriguez, Robert Allen
Stanford's former communications chief, said Mr. Stanford ordered
her to send investors reassuring letters and to rebut news
articles that sparked a run on his bank two days before it was
seized by regulators.
"He was screaming and saying people were taking their money out
of the bank, and the bank was in trouble because of that . . . .
It was like a perfect storm was coming together," Ms. Rodriguez
told jurors in federal court in Houston, according to Antigua
Observer.
The report notes that Ms. Rodriguez said that after Mr.
Stanford's finance chief, compliance officer and general counsel
all refused to sign the drafts, she tracked Stanford down at his
suite at the InterContinental hotel in Miami.
Ms. Rodriguez, who has said she had no knowledge of the alleged
fraud scheme, testified that the company's finance chief, James M
Davis, who has since pleaded guilty to helping Mr. Stanford
defraud investors, was at the hotel in a meeting with Mr.
Stanford, Antigua Observer adds.
Operations Run by CFO, Not Owner
Meanwhile, Bloomberg News relates that Joan Stack, former global
human resources manager at Stanford Financial Group, testified
that Mr. Stanford left daily operating decisions to Finance Chief
James M. Davis, who volunteered to "lay himself off" for a
US$650,000 lump-sum payout as regulators were closing in on the
company in February 2009.
"We were in the midst of a crisis, and I told him it would look
strange if we lay off our global CFO," Ms. Stack, testified she
told Mr. Davis, according to Bloomberg. "He was the person I
felt made the day-to-day decisions," she added, the report
relates.
Mr. Davis replied that he would "stay behind the scenes" and
continue running the firm, Ms. Stack told jurors in federal court
in Houston, Bloomberg notes. In exchange for appearing to step
aside, Davis asked for an upfront payment of 65 % of his 2009
salary, she said, the report relays.
Davis made this proposal "at a very fast-moving time" when "cash
flow problems" were causing Stanford's firm to cancel 2008 year-
end bonuses and lay off half its employees, Ms. Stack testified,
Bloomberg notes. "We were trying to get to a point where costs
would be reduced to the point the organization would survive,"
Ms. Stack added, the report discloses.
Bloomberg notes that jurors previously heard Mr. Davis testify
that Mr. Stanford was the mastermind and prime beneficiary of an
alleged US$7 billion investment fraud centered on what the
government claims were bogus certificates of deposit at Antigua-
based Stanford International Bank Ltd.
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 United States 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, 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 pursued against him in June 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, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
BES INVESTIMENTO: S&P Lowers Counterparty Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term global-
scale and Brazilian national-scale issuer credit ratings on BES
Investimento do Brasil (BESI Brasil) to 'BB-' from 'BB' and to
'brA/brA-2' from 'brAA/brA-1' and removed them from CreditWatch
with negative implications, where it placed them on Feb. 1, 2012.
"The outlooks are negative. At the same time, we affirmed the 'B'
short-term global-scale rating on the bank. We have also lowered
the rating on BESI Brasil's senior unsecured debt to 'BB-' from
'BB' and removed it from CreditWatch," S&P said.
"The downgrade of BESI Brasil followed the February 14 downgrade
of the company's parents, Portugal-based Banco Espirito Santo
S.A. (BES; BB-/Negative/B) and Banco Espirito Santo de
Investimento S.A. (BESI; BB-/Negative/B). The parents' downgrade
followed, in turn, our Feb. 14, 2012, revision of Banking
Industry Country Risk Assessment on Portugal to group '7' from
group '5' and the Jan. 13, 2012, downgrade of Portugal. BESI
Brasil's stand-alone credit profile is 'bb', one notch above the
credit ratings on the parents. According to our criteria for
group ratings, we cannot rate a subsidiary higher than the group
credit profile. Consequently, the downgrade of BESI Brasil's
parent caused an immediate downgrade of the Brazilian bank.
Currently, we do not reflect any notches of group support in our
ratings on the bank," S&P said.
MBIA CORP: S&P Keeps 'B' Corp. Credit Rating; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' underlying
(SPUR) rating on Sociedad Concesionaria Autopista Central S.A.'s
(Autopista Central) senior secured notes. "The outlook is stable.
Today's rating action is part of our regular review," S&P said.
"The 'BBB' senior secured debt rating on Autopista Central's
notes reflects the higher of the SPUR and the rating on bond
insurance provider MBIA Insurance Corp. (B/Negative/--)," S&P
said.
"The stable outlook on the SPUR incorporates our expectation that
Autopista Central will maintain a good financial performance, in
line with what we have observed in the past five years. Autopista
Central's back-loaded amortization structure limits the potential
for higher ratings," S&P said.
SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' Rating to Class A Notes
-----------------------------------------------------------------
Moody's Latin America has assigned ratings to the debt securities
and certificates of Fideicomiso Financiero Supervielle Creditos
57. This transaction will be issue by Deutsche Bank (Argentina)
S.A., acting solely in its capacity as Issuer and Trustee.
Moody's notes that the securities contemplated by this
transaction have not yet settled. If any assumptions or factors
considered by Moody's in assigning the ratings change before
closing, Moody's could change the ratings assigned to the notes.
- ARS25,200,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 57", rated Aaa.ar
(sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
Local Currency)
- ARS45,000,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 57", rated Aaa.ar
(sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
Local Currency)
- ARS16,200,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 57", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS3,600,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 57", rated Caa2.ar (sf) (Argentine
National Scale) and Caa3 (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 18,791 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS90,003,845.36.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis.
Banco Supervielle is the payment agent entity and automatically
deducts the monthly loan installment directly from the employee's
paycheck and pensioner's payment.
Overall credit enhancement is comprised of subordination: 72% for
the Class A Fixed Rate Debt Securities, 22% for the Floating Rate
Securities and 4% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to
the Argentine market, such as the probability of an increase in
losses if there are changes in the macroeconomic scenario in
Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's
assets and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Class B Floating Rate Debt Securities,
2.93% expected loss for Class C Fixed Rate Debt Securities and
37.08% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6%
from the base case scenario for the pool (i.e., most likely
scenario of 16%, a minimum of 11% and a maximum of 26%), the
ratings of the Classes A and Class B. The ratings for Class C
Fixed Rate debt securities and Certificates would be likely
downgraded to Caa2 (sf) and C (sf) respectively.
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction. If Banco Supervielle is removed
as servicer, Deutsche Bank (Argentina) S.A. will be appointed as
the back-up servicer.
=============
B E R M U D A
=============
ARNOLDS TILE: Court to Hear Wind-Up Petition on March 2
-------------------------------------------------------
A petition to wind up the operations of Arnolds Tile & Building
Supplies Ltd. will be heard before the Supreme Court of Bermuda
on March 2, 2012, at 9:30 a.m.
Bermuda Forwarders Ltd filed the petition against the company on
Feb. 7, 2012.
ONLYGAIN TRADING: Creditors' Proofs of Debt Due March 1
-------------------------------------------------------
The creditors of Onlygain Trading Ltd. are required to file their
proofs of debt by March 1, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 27, 2012.
The company's liquidator is:
Christopher Dye
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
ONLYGAIN TRADING: Member to Receive Wind-Up Report on March 20
--------------------------------------------------------------
The sole member of Onlygain Trading Ltd. will receive on
March 20, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Jan. 27, 2012.
The company's liquidator is:
Christopher Dye
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
SHELBY COMPANY: Creditors' Proofs of Debt Due Feb. 29
-----------------------------------------------------
The creditors of Shelby Company Limited are required to file
their proofs of debt by Feb. 29, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 27, 2012.
The company's liquidator is:
Christopher Dye
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
SHELBY COMPANY: Members' Final Meeting Set for March 19
-------------------------------------------------------
The members of Shelby Company Limited will hold their final
meeting on March 19, 2012, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Christopher Dye
Trinity Hall
43 Cedar Avenue, Hamilton HM 12
Bermuda
===========
B R A Z I L
===========
* BRAZIL: IDB Approves US$131 Mil. for Electricity Distribution
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$131 million
loan to improve electricity distribution in Brazil's Rio Grande
do Sul State. The financing will be provided to Companhia
Estadual de Distribuicao de Energia Eletrica (CEEE-D), which
distributes one-third of the energy consumed in the state.
In addition to the IDB loan, CEEE-D will provide US$87 million,
bringing the total investment in a program known as Pro-Energia
RS Distribuicao to US$218 million.
According to data from the Brazilian National System Operator
(ONS), the demand for electricity in the area served by CEEE-D
increased approximately 3.2% annually in the recent years, a
trend that is set to continue.
The project will help Rio Grande do Sul state expand and
modernize its distribution system to meet a demand that is
expected to peak during the 2014 World Cup as Porto Alegre, the
state's capital, is one of the hosting-cities. The resources
will also be employed by CEEE-D to implement an information
technology (IT) system supporting business management.
To address the region's needs, the Program Pro-Energia RS
Distribuicao involves the construction and expansion of
substations, the upgrade of equipment used in these substations,
the construction and expansion of sub-transmission lines, and the
renewal of IT management and business systems.
"Electricity demand has been increasing due to the region's
economic growth, which is expected to peak during the 2014 World
Cup, and investments in the electricity distribution system are
critical to provide reliable and quality services," said Sylvia
Larrea, IDB's project team-leader.
The loan has a 24-year term with a four-year grace period. The
interest rate is variable and based on LIBOR.
===========================
C A Y M A N I S L A N D S
===========================
ARCOT INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Arcot International Development (Cayman) Ltd.
received on Jan. 31, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Linburgh Martin
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box1034 Grand Cayman KYI-1102
Cayman Islands
CHANCERY INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Chancery International (Cayman) Limited
received on Jan. 25, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Russell Smith
Telephone: (345) 769-8820
e-mail: rsmith@bdo.ky
BDO CRI (Cayman) Ltd.
Floor 2-Building 3
Governors Square
23 Lime Tree Bay Ave
PO Box 31229 Grand Cayman KY1 1205
Cayman Islands
GOD'S COUNTRY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of God's Country Ltd. received on Jan. 25, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
ORYX ISLAMIC: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Oryx Islamic Fund received on Jan. 26, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Michael Pearson
c/o Russell Gleisner
Deloitte & Touche, 4th Floor
Citrus Grove Building
Goring Avenue, George Town
Grand Cayman KY1-1109
Telephone: 949-7755
Facsimile: 949-7634
PGS GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of PGS Global Diversified Fund SPC Ltd. received
on Jan. 30, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Warren Keens
Intertrust (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034 Grand Cayman KYI-1102
SYMPHONY CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Symphony Capital Partners Ltd. received on
Jan. 25, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SYMPHONY REAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Symphony Real Estate Ltd. received on
Jan. 25, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
=============
J A M A I C A
=============
DIGICEL GROUP: US$250MM Bond Issue Puts Firm on Strong Footing
--------------------------------------------------------------
Caribbean360.com reports that Digicel Group Ltd has primed itself
for further acquisitions through the successful issue of a US$250
million corporate bond offering.
"This transaction has again been extremely well supported by the
international financing community, having attracted over US$2.3
billion in orders from more than 160 different accounts and we
are very pleased to have priced this transaction at 7%. The
funds will leave us in a strong position to expand our business
further as we look into acquisition opportunities,"
Caribbean360.com quoted Colm Delves, Digicel Group chief
executive officer, as saying.
The report notes that the company state that the proceeds of the
offering would also be used for other general corporate purposes,
including debt servicing.
Citi, J.P. Morgan, Credit Suisse, Barclays Capital and Deutsche
Bank acted as initial purchasers on the bond offering.
Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets. By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.
Digicel is incorporated in Bermuda based in Jamaica. It has
operations in 31 markets worldwide. Its Caribbean and Central
American markets comprise Anguilla, Antigua & Barbuda, Aruba
Barbados, Bermuda, Bonaire, the British Virgin Islands, the
Cayman Islands, Curacao, Dominica, El Salvador, French Guiana,
Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica,
Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the
Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The
Caribbean company also has coverage in St. Martin and St. Barts.
Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga
and Vanuatu.
* * *
As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
LIME JAMAICA: Parent Gives Jamaica Government 3-Mo Deadline
-----------------------------------------------------------
Camilo Thames at Jamaica Observer reports LIME (formerly Cable &
Wireless Jamaica Limited)'s parent company Cable & Wireless gave
the Jamaica Government three months to sort out the regulatory
environment before it has to "make a decision" on its future
here.
Jamaica Telecommunications Minister Phillip Paulwell said he
believes he will be able to drastically change the rules, which
LIME believes put it at a disadvantage, within that time frame,
according to Jamaica Observer.
The report notes that LIME could see its capital base wiped out
in another six months if nothing changes.
Lachlan Johnston, director of brand & communications at Cable &
Wireless Communication, told the Business Observer that the
company was "working to assess the level of write-down ahead of
our full-year results, but at this stage we cannot give any
figures." The write-down would purely be an accounting charge to
CWC's financial statements, as part of a requirement under
international accounting rules. . . . As we have said before, the
conditions in Jamaica are very difficult. We are competing
against a company which has an unfair advantage in terms of
regulation. . . . Our short, medium and long-term prospects are
dependent on there being a change to the regulations, which the
Jamaican Government is now considering," Mr. Johnson added, the
report relates.
As reported in the Troubled Company Reporter on Feb. 6, 2012,
the Board of Directors of LIME released the unaudited
consolidated results of the company, Jamaica Digiport
International Limited (101), and other subsidiaries, for the
quarter ended Sept. 30, 2009. The report related that revenue
for the quarter declined 10% to JM$5,104 million from JMS5,567
million for the same period in 2008. The company have grown
internet and data revenues and maintained market share on mobile
while growing demand for business products, however the poor
economic environment exerted downward pressure on fixed and
mobile voice minutes of use with a resulting decline in revenue.
Jamaica Gleaner disclosed that the results led its UK parent C&W
Communications in its regional assessment issued to describe
Jamaica as a "difficult market", and signaled that the local
operation would take a non-cash hit for its full year ending
March. Jamaica Gleaner noted that LIME's accumulated deficit has
climbed to more than JM$17 billion. Concurrently, its equity
base has diminished to JM$2 billion on its December 2011
unaudited balance sheet, reflecting book value of two cents per
share, the report added.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Sandridge Limited Acquires CLICO General Insurance
------------------------------------------------------------
Caribarena News reports that CLICO General Insurance will now be
known as Sun General Insurance, after the company was purchased
by Sandridge Limited. CLICO General is a subsidiary of Colonial
Life Insurance Company (Trinidad) Limited, a unit of CL Financial
Limited.
The deal reportedly followed a year-and-a-half of legal
discussions, according to Caribarena News.
The report notes that Sandridge Limited was previously a CLICO
agent.
"Sun General Insurance will come into effect across the Caribbean
during the course of this week. I want to assure present clients
of CLICO General Insurance and those with any outstanding claims
that they are protected 100% by Sun General," the report quoted
Hotelier Bernie Weatherhead Weatherhead as saying.
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.
PETROTRIN: OWTU Serve Official Strike Notice on Firm
----------------------------------------------------
RJR News reports that the Oilfields Workers' Trade Union (OWTU)
has reportedly served an official strike notice on Petroleum
Company of Trinidad and Tobago.
Government Senator David Abdulah reportedly signed the notice,
heralding "90 days of war," according to RJR News.
The report notes that hundreds of workers accompanied OWTU
President General Ancel Roget as he delivered the strike notice
to Petrotrin President Kenneth Allum at the company's
administrative offices in Pointe-a-Pierre.
If the strike proceeds as planned all of Petrotrin's exploration
and production, refinery and marine operations will be shut down,
possibly affecting fuel supplies locally and abroad, RJR News
notes.
The report discloses that the Government reportedly finalized
plans to use members of the Trinidad & Tobago Defence Force to
drive fuel-distribution wagons, as well as to continue
importation of fuel from abroad.
As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2012, Trinidad Express said that salary negotiations
between Petrotrin and the Oilfields Workers' Trade Union broke
down at the Labor Ministry in San Fernando and it was now up to
Labor Minister Errol McLeod to intervene and prevent a shutdown
of Petrotrin. The report related that Mr. Roget said that the 5%
increase offered by the government would not be accepted.
Trinidad Express noted that Mr. Roget said the union informed
that it would continue talks only if Petrotrin is willing to move
beyond its 5% offer.
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 13 to February 17, 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 * * *