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/raid1/www/Hosts/bankrupt/TCRLA_Public/120314.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 Wednesday, March 14, 2012, Vol. 13, No. 053 Headlines B R A Z I L * BRAZIL: S&P 2012 Global Corporate Defaults Tally Rises to 23 C A Y M A N I S L A N D S ALTERNATIVE FUEL: Shareholders' Final Meeting Set for March 27 ARTEMIS IAM: Shareholders' Final Meeting Set for May 1 CMA GLOBAL: Shareholder to Receive Wind-Up Report on April 2 DATA SYSTEMS: Shareholder to Receive Wind-Up Report on March 28 DENALI DIRECTIONAL: Shareholders' Final Meeting Set for March 30 DERWENT ABSOLUTE: Shareholders' Final Meeting Set for March 27 DERWENT ABSOLUTE MASTER: Shareholders' Meeting Set for March 27 KS MASTER: Shareholders' Final Meeting Set for March 30 OIKOS ASIA: Shareholders' Final Meeting Set for March 30 QUANTUM REALTY: Shareholders' Final Meeting Set for March 30 REAL ASSETS: Shareholders' Final Meeting Set for March 21 SOLUS CORE: Shareholder to Receive Wind-Up Report on March 21 SP BARNES: Shareholders' Final Meeting Set for March 30 U CAPITAL OFFSHORE: Shareholders' Final Meeting Set for March 27 E C U A D O R * ECUADOR: IDB OKs US$15MM Loan to Expand Access to Education J A M A I C A JLA: Misses Financial Results Submission P U E R T O R I C O CLUB DEPORTIVO: Case Summary & 13 Largest Unsecured Creditors GUZMAN & GONZALEZ: Case Summary & 2 Largest Unsecured Creditors JAMAR SANTOS: Case Summary & 20 Largest Unsecured Creditors JEANS.COM INC: Case Summary & 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O PETROTRIN: Appoints Khalid M Hassanali as New President TRINIDAD CEMENT: Ready to Return to Bargaining Table With OWTU - - - - - =========== B R A Z I L =========== * BRAZIL: S&P 2012 Global Corporate Defaults Tally Rises to 23 -------------------------------------------------------------- Two U.S.-based issuers and one Brazil-based issuer defaulted last week, raising the 2012 global corporate default tally to 23, said an article published March 8 by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Update (March 1-7, 2012)." The first defaulter was Brazil-based electricity distributor Centrais Eletricas do Para. Standard & Poor's Ratings Services lowered its rating on Centrais Eletricas do Para, to 'D' from 'CCC+' following the firm's judicial reorganization filing. Standard & Poor's lowered its rating on the second defaulter, U.S.-based gaming operator Circus and Eldorado Joint Venture to 'D' from 'CCC-' after the company failed to pay principal on its mortgage notes at maturity. The last defaulter, Native American gaming operator Mohegan announced the completion of its comprehensive debt refinancing transactions, including the consummation of its exchange offers and the amendment and restatement of its credit facility. Subsequently, Standard & Poor's lowered its issuer credit rating on the company to 'SD' (selective default) from 'CC'. Of the 23 total defaults this year, 14 were based in the U.S., five in the emerging markets, three in Europe, and one in the other developed region (Australia, Canada, Japan, and New Zealand). S&P revised this tally after its monthly reconciliation process to include two issuers that defaulted last month whose ratings were withdrawn in 2009. One rating was withdrawn at the issuer's request and the other was withdrawn as a result of a ratings policy change on Dec. 18, 2008. =========================== C A Y M A N I S L A N D S =========================== ALTERNATIVE FUEL: Shareholders' Final Meeting Set for March 27 -------------------------------------------------------------- The shareholders of Alternative Fuel Resources Inc. will hold their final meeting on March 27, 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: Philip Mosely c/o Philip Mosely or J.S. de Jager Cayman Management Ltd. Harbour Centre, Ground Floor 42, North Church Street George Town Grand Cayman KY1-1110 Cayman Islands Telephone: +1 345 949 4018 Facsimile: +1 345 949 7891 E-mail: general@caymanmanagement.ky ARTEMIS IAM: Shareholders' Final Meeting Set for May 1 ------------------------------------------------------ The shareholders of Artemis Iam Limited will hold their final meeting on May 1, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands CMA GLOBAL: Shareholder to Receive Wind-Up Report on April 2 ------------------------------------------------------------ The shareholder of CMA Global Investments Ltd. will receive on April 2, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Peter Martin Blair Telephone: 00353 18780807 Facsimile: 00353 18780827 c/o 25 Eden Quay Dublin 1 Ireland DATA SYSTEMS: Shareholder to Receive Wind-Up Report on March 28 --------------------------------------------------------------- The shareholder of Data Systems Consulting International (Cayman) Co., Ltd. will receive on March 28, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chen, Chien-Yung 5th Floor, No. 10-1, Aly. 1, Lane 77, Dongming Rd. Sinyi Dist., Keelung City Taiwan, R.O.C. Telephone: +886-2-911-1688 # 2285 Facsimile: +886-2-2912-7809 DENALI DIRECTIONAL: Shareholders' Final Meeting Set for March 30 ---------------------------------------------------------------- The shareholders of Denali Directional Equity Fund Ltd. will hold their final meeting on March 30, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Admiral Administration Ltd. Admiral Financial Center 90 Fort Street PO Box 32021 Grand Cayman KY1-1208 Cayman Islands DERWENT ABSOLUTE: Shareholders' Final Meeting Set for March 27 -------------------------------------------------------------- The shareholders of Derwent Absolute Return Fund Limited will hold their final meeting on March 27, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands DERWENT ABSOLUTE MASTER: Shareholders' Meeting Set for March 27 --------------------------------------------------------------- The shareholders of Derwent Absolute Return Master Fund Limited will hold their final meeting on March 27, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands KS MASTER: Shareholders' Final Meeting Set for March 30 ------------------------------------------------------- The shareholders of KS Master Fund will hold their final meeting on March 30, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 OIKOS ASIA: Shareholders' Final Meeting Set for March 30 -------------------------------------------------------- The shareholders of Oikos Asia Fund will hold their final meeting on March 30, 2012, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 QUANTUM REALTY: Shareholders' Final Meeting Set for March 30 ------------------------------------------------------------ The shareholders of Quantum Realty (R) Ltd. will hold their final meeting on March 30, 2012, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 REAL ASSETS: Shareholders' Final Meeting Set for March 21 --------------------------------------------------------- The shareholders of Real Assets Investments Limited will hold their final meeting on March 21, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Cititrust (Bahamas) Limited c/o Citigroup Fund Services (Cayman), Ltd. 27 Hospital Road, Fifth Floor Cayman Corporate Centre, George Town Grand Cayman KY1-1003 Cayman Islands c/o Schell Stubbs Telephone: (242) 302-8714 SOLUS CORE: Shareholder to Receive Wind-Up Report on March 21 ------------------------------------------------------------- The shareholders of Solus Core Opportunities Fund II Ltd will hold their final meeting on March 21, 2012, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Martina de Lima Telephone: (345) 815 1790 Facsimile: (345) 949-9877 SP BARNES: Shareholders' Final Meeting Set for March 30 ------------------------------------------------------- The shareholders of SP Barnes Ltd. will hold their final meeting on March 30, 2012, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 U CAPITAL OFFSHORE: Shareholders' Final Meeting Set for March 27 ---------------------------------------------------------------- The shareholders of U Capital Offshore, Ltd. will hold their final meeting on March 27, 2012, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ============= E C U A D O R ============= * ECUADOR: IDB OKs US$15MM Loan to Expand Access to Education ------------------------------------------------------------- Universidad Politecnica Salesiana, a socially inclusive Catholic university in Ecuador, will get a US$15 million loan from the Inter-American Development Bank to finance its expansion, including the construction of new buildings, purchase of equipment, and the creation of a student loan fund. The IDB loan will help finance half of the total cost of the expansion plan, allowing the University to expand affordable high-quality education to an additional 5,000 students over the next three years, of which approximately 85% will receive significant discounts of fees, scholarships, and/or student financing. Currently, the Salesian polytechnic university offers education services to approximately 18.000 students, the majority of them from middle and lower-income families, and from indigenous communities, in three campuses: Quito, Cuenca and Guayaquil. "The project will allow the University to have better infrastructure and equipment to improve the quality of its services, benefitting lower-income students who cannot gain entry to Ecuador's free public universities due to fierce competition," said Peter Stevenson, the project team leader at the IDB's Structured and Corporate Finance Department. Proceeds from the IDB loan will also be used to set up a US$2 million student loan fund, which is being designed to be more favorable than current student loan offerings available in the market. Tuition costs for the existing and 5,000 additional students are on average only half of the cost for other private universities in the country. The US$15 million loan is expected to include participation of social impact investors as B lenders mobilized by the IDB under its loan syndication program (A/B Loan). About the IDB's Structured and Corporate Finance Department The Structured and Corporate Finance Department (SCF) leads all IDB's non-sovereign guaranteed operations for large-scale projects, as well as those linked to companies and financial institutions. Through its Loan Syndication Program, SCF acts as a catalyst, helping to engage third-party resources by partnering with commercial banks, institutional investors, co-guarantors and other co-lenders for projects with high developmental impact. ============= J A M A I C A ============= JLA: Misses Financial Results Submission ---------------------------------------- RJR News reports that Jamaica Livestock Association fallen behind in presenting its financial results to Jamaica Stock Exchange on time. The company has advised the Exchange that it will not be able to meet the deadline for submission of its audited financial statements for the year ended Nov. 30, 2011, according to RJR News. The report relates that the company said it expects to release the information by May 31. The Jamaica Livestock Association -- http://www.jlaltd.com-- is one of the primary representative bodies for the livestock farmers of Jamaica. ===================== P U E R T O R I C O ===================== CLUB DEPORTIVO: Case Summary & 13 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Club Deportivo De Ponce, Inc. dba Actividades Especiales P.O. Box 1826 Ponce, PR 00733 Bankruptcy Case No.: 12-01794 Chapter 11 Petition Date: March 9, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Juan Carlos Bigas Valedon, Esq. JUAN C BIGAS LAW OFFICE P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000/(787) 633-1253 Fax: (787) 842-4090 E-mail: jcbigas@yahoo.com Estimated Assets: US$0 to US$50,000 Estimated Debts: US$1,000,001 to US$10,000,000 A list of the Company's 13 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-01794.pdf The petition was signed by Gilberto Sanchez Perez, clerk accountant. GUZMAN & GONZALEZ: Case Summary & 2 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Guzman & Gonzalez Management Inc. dba Monjitas 1255 Paseo Las Monjitas Suite 163 Ponce, PR 00730 Bankruptcy Case No.: 12-01779 Chapter 11 Petition Date: March 9, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Wanda I. Luna Martinez, Esq. LUNA LAW OFFICES PMB 389, P.O. Box 194000 San Juan, PR 00919-4000 Tel: (787) 998-2356 Fax: (787) 200-8837 E-mail: quiebra@gmail.com Scheduled Assets: US$5,125,014 Scheduled Liabilities: US$4,848,899 A list of the Company's two largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-01779.pdf The petition was signed by Rodney Gonzalez Guzman, president. JAMAR SANTOS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Jamar Santos Electrical Inc. P.O. Box 1379 Gurabo, PR 00778 Bankruptcy Case No.: 12-01789 Chapter 11 Petition Date: March 9, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Emily Darice Davila Rivera, Esq. LAW OFFICE WILLIAM DAVILA DE PEDRO 420 Ponce Leon Midtown, Suite 311 San Juan, PR 00918 Tel: (787) 753-2368 Fax: (787) 759-9620 E-mail: davilalawe@prtc.net Estimated Assets: US$1,000,001 to US$10,000,000 Estimated Debts: US$1,000,001 to US$10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-01789.pdf The petition was signed by Marco A. Santos Vazquez, president. JEANS.COM INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Jeans.Com, Inc. P.O. Box 1479 Carr #2 Km 29.4 Vega Alta, PR 00962 Bankruptcy Case No.: 12-01777 Chapter 11 Petition Date: March 9, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Fausto David Godreau Zayas, Esq. LATIMER, BIAGGI, RACHID & GODREAU LLP P.O. Box 9022512 San Juan, PR 00902-2512 E-mail: dgodreau@LBRGlaw.com Scheduled Assets: US$548,793 Scheduled Liabilities: US$5,023,601 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-01777.pdf The petition was signed by Michael J. Silva, president. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Appoints Khalid M Hassanali as New President ------------------------------------------------------- Louis B Homer at Trinidad Express reports that Khalid M Hassanali has been appointed the new President of Petroleum Company of Trinidad and Tobago, effective March 1. Mr. Hassanali replaces Kenneth Allum whose retirement leave comes to an end in April 2012, according to the Trinidad Express. The report notes that Mr. Hassanali was among the team that concluded the recent 9% wage agreement with the Oilfields Workers' Trade Union. Mr. Hassanali joined the company in 1975 as a trainee production engineer and rose up the ranks to Vice President, Trinidad Express recalls. The report says that between 2003 and 2008 he was seconded to Evolving Technologies Limited (eTeck), to supervise operations at Tamana. Mr. Hassanali then returned to Petrotrin. Mr. Hassanali confirmed that he was appointed President by the Board of Petrotrin, chaired by Lindsay Gillette, the report adds. 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. TRINIDAD CEMENT: Ready to Return to Bargaining Table With OWTU -------------------------------------------------------------- Camille Bethel at Trinidad Express reports that the Oilfields Workers' Trade Union and Trinidad Cement Limited are now ready to return to the bargaining table in an attempt to resolve the wage impasse that has resulted in crippling strike action and a cement shortage. Union branch President Lawrence Renaud said that the union's President General Ancel Roget had given instructions that a letter be sent to the Ministry of Labor requesting its intervention in the negotiations, according to Trinidad Express. The report notes that the Ministry stated that both parties needed to request the Ministry's intervention towards resolving the wage dispute. However, Trinidad Express says that Mr. Roget said that the letter seeking intervention did not mean that the strike was over. "Absolutely not. All this is, is informal discussions to attempt to resolve the issue. It will never be resolved until we are satisfied that we have achieved a fair settlement for the workers," the report quoted Mr. Roget as saying. Trinidad Express notes that TCL General Manager Satnarine Bachew said returning to the bargaining table was now in the hands of the Ministry of Labor. As reported in the Troubled Company Reporter-Latin America on March 5, 2012, RJR News said that Trinidad Cement Limited will import cement from Jamaica as the strike by workers keeps its operations closed. It will also import supplies from Barbabos, according to RJR News. The report noted that TCL said it had arranged to get supplies from its Caribbean Cement subsidiary in Jamaica and Arawak plant in Barbados to minimize the impact of the industrial impasse. The report said that TCL said it will distribute the product throughout Trinidad and Tobago so that customers have access. Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8-year facility, to be paid, quarterly, from March 2013, according to RJR News. The report related that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. *********** 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 * * *