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/raid1/www/Hosts/bankrupt/TCRLA_Public/120530.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, May 30, 2012, Vol. 13, No. 107 Headlines B A R B A D O S FOUR SEASONS: IDB Approves US$55MM Loan to Finance Construction B R A Z I L BANCO PINE: S&P Gives 'BB+' Rating on CHF100-Mil. Senior Notes C A Y M A N I S L A N D S BEAR STEARNS: Commences Liquidation Proceedings CLEAR VISION: Creditors' Proofs of Debt Due June 13 CV DISTRIBUTION: Creditors' Proofs of Debt Due June 12 GENEVA INSURANCE: Commences Liquidation Proceedings HERCULES INTERNATIONAL: Creditors' Proofs of Debt Due June 22 IB FARNBOROUGH: Creditors' Proofs of Debt Due June 21 IB FARNBOROUGH I: Creditors' Proofs of Debt Due June 21 IB FARNBOROUGH II: Creditors' Proofs of Debt Due June 21 LIGHTBOX FUND: Creditors' Proofs of Debt Due June 22 LIGHTBOX MASTER: Creditors' Proofs of Debt Due June 22 MANMAR LIMITED: Creditors' Proofs of Debt Due June 13 MARNAY INVESTMENTS: Creditors' Proofs of Debt Due June 22 PHILOSMITH OFFSHORE: Creditors' Proofs of Debt Due June 21 REGENTS PARK: Creditors' Proofs of Debt Due June 20 RIVERSIDE PARTNERS: Creditors' Proofs of Debt Due June 13 J A M A I C A INTERTRADE FINANCE: Court to Hear FSC's Application on June 21 T R I N I D A D & T O B A G O TRINIDAD CEMENT: Strike Could Go to Industrial Court * TRINIDAD & TOBAGO: In Recession, Central Bank Says - - - - - =============== B A R B A D O S =============== FOUR SEASONS: IDB Approves US$55MM Loan to Finance Construction --------------------------------------------------------------- Caribbean360.com reports that the Inter-American Development Bank (IDB) has approved a US$55 million loan to finance the construction of the new Four Seasons hotel in Barbados. IDB said that the funds are to finance construction of a new environment-friendly hotel that will adopt international best practice in water conservation and energy efficiency while creating much needed jobs on the island, and opportunities for small and medium-sized companies who will be engaged as suppliers to the project, according to Caribbean360.com. The report notes that when the stalled luxury resort development gets re-started, projections are that it will create as many as 725 direct jobs during construction and operation; and local small and medium-sized furniture manufacturers and art and craft vendors will have an opportunity to provide furniture and art and craft items to the hotel, as well as to sell their products at the hotel's gift shop. As reported in the Troubled Company Reporter-Latin America on July 26, 2010, Jamaica Observer said that a Four Seasons Hotel project in Barbados has run into problems after the US$20 million government guarantee that has kick-started the stalled project is said to be not enough to complete the planned luxury facility. About Four Seasons Four Seasons Hotels -- http://www.fourseasons.com/-- manages some 75 luxury hotels and resorts in more than 30 countries. Most properties are operated under the Four Seasons name, but some are Regent hotels. It has ownership interests in only about half of its properties, having shifted from a hotel owner to a hotel operator in the 1990s. In 2007, Four Seasons Hotels board members took the company private. =========== B R A Z I L =========== BANCO PINE: S&P Gives 'BB+' Rating on CHF100-Mil. Senior Notes -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' rating to Banco Pine S.A.'s upcoming issuance of CHF100 million 30-month, fixed-rate senior unsecured notes. "The rating on the new notes is the same as our long-term issuer credit rating on Banco Pine (BB+/Stable/B), reflecting our view that the notes will rank pari passu with other senior unsecured debt and will be direct, unsecured, unsubordinated, and unconditional obligations of the bank. The bank expects to use the proceeds for general corporate purposes," S&P said. "Standard & Poor's bases its ratings on Banco Pine on its strong asset-quality, 'adequate' liquidity and capital and earnings. These positive factors are offset by a 'moderate' business position that reflects its small size, concentration on the small and midsize enterprises (SMEs) segment (within this segment, companies with annual revenues of more than R$500 million accounted for 69% of the bank's total loan portfolio), and concentrated funding profile," S&P said. "Banco Pine is a small niche bank in Brazil, which has been consolidating its strategy to be a dedicated small corporate lender that allows it to focus on high-quality customers, which usually have audited financial statements and significant scale that enables more long-term relationships and cross-selling than regular SMEs. With about R$10.4 billion in total assets as of March 2012, Banco Pine was the 30th-largest bank in the country, according to the central bank's December 2011 data, and accounted for less than 1% of the Brazilian financial system's total assets," S&P said. RATINGS LIST Banco Pine S.A. Issuer credit rating BB+/Stable/B New Rating Banco Pine S.A. CHF100M sr unsec notes BB+ =========================== C A Y M A N I S L A N D S =========================== BEAR STEARNS: Commences Liquidation Proceedings ----------------------------------------------- On April 27, 2012, the members of Bear Stearns Global Lending Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Timothy J. Smith c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands CLEAR VISION: Creditors' Proofs of Debt Due June 13 --------------------------------------------------- The creditors of Clear Vision Limited are required to file their proofs of debt by June 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 9, 2012. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 CV DISTRIBUTION: Creditors' Proofs of Debt Due June 12 ------------------------------------------------------ The creditors of CV Distribution Services Ltd. are required to file their proofs of debt by June 12, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2012. The company's liquidator is: Benjamin Greenspan c/o Greenspan Law Office 620 Laguna Road, Mill Valley California 94941, USA Telephone: +1 (415) 381-3283 Facsimile: +1 (415) 738-5371 GENEVA INSURANCE: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary general meeting held on April 30, 2012, the sole shareholder of Geneva Insurance SPC Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Kenneth M. Krys Margot MacInnis Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue PO Box 31237 Grand Cayman KY1-1205 Cayman Islands Attn: Jeremy Anderson Telephone: +1 345 815 8440 Facsimile: +1 345 946 6728 HERCULES INTERNATIONAL: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------------- The creditors of Hercules International Limited are required to file their proofs of debt by June 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 8, 2012. The company's liquidator is: Andrea Aegerter Telephone: +41 22 319 01 76 Facsimile: +41 22 319 01 02 Coutts & Co Trustees (Switzerland) Ltd 13 Quai de l'Ile P.O. Box 5511 1211 Geneva 11 Switzerland IB FARNBOROUGH: Creditors' Proofs of Debt Due June 21 ----------------------------------------------------- The creditors of IB Farnborough (Pinehurst) Project Company, Ltd. are required to file their proofs of debt by June 21, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 24, 2012. The company's liquidator is: Peter Anderson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IB FARNBOROUGH I: Creditors' Proofs of Debt Due June 21 ------------------------------------------------------- The creditors of IB Farnborough (Pinehurst) Funding Company I, Ltd. are required to file their proofs of debt by June 21, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 24, 2012. The company's liquidator is: Peter Anderson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IB FARNBOROUGH II: Creditors' Proofs of Debt Due June 21 -------------------------------------------------------- The creditors of IB Farnborough (Pinehurst) Funding Company II, Ltd. are required to file their proofs of debt by June 21, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 24, 2012. The company's liquidator is: Peter Anderson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands LIGHTBOX FUND: Creditors' Proofs of Debt Due June 22 ---------------------------------------------------- The creditors of Lightbox Fund, Ltd are required to file their proofs of debt by June 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2012. 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 LIGHTBOX MASTER: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of Lightbox Master Fund, Ltd are required to file their proofs of debt by June 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2012. 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 MANMAR LIMITED: Creditors' Proofs of Debt Due June 13 ----------------------------------------------------- The creditors of Manmar Limited are required to file their proofs of debt by June 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 9, 2012. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 MARNAY INVESTMENTS: Creditors' Proofs of Debt Due June 22 --------------------------------------------------------- The creditors of Marnay Investments are required to file their proofs of debt by June 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2012. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707 Grand Cayman KY1-1107 Cayman Islands PHILOSMITH OFFSHORE: Creditors' Proofs of Debt Due June 21 ---------------------------------------------------------- The creditors of Philosmith Offshore Partners Ltd. are required to file their proofs of debt by June 21, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 4, 2012. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: James Webb Telephone: (+1) 345 815 1208 Facsimile: (+1) 345 949 4647 Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108 Cayman Islands REGENTS PARK: Creditors' Proofs of Debt Due June 20 --------------------------------------------------- The creditors of Regents Park Relative Value Fund (Cayman) are required to file their proofs of debt by June 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2012. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands RIVERSIDE PARTNERS: Creditors' Proofs of Debt Due June 13 --------------------------------------------------------- The creditors of Riverside Partners Ltd. are required to file their proofs of debt by June 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 7, 2012. 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 ============= INTERTRADE FINANCE: Court to Hear FSC's Application on June 21 -------------------------------------------------------------- Joan Powell at RJR News reports that the Supreme Court to hear an application by the Financial Service Commission (FSC) to wind up securities dealer Intertrade Finance Corporation on June 21, 2012. The decision to wind up the company was made after the FSC, which has temporary management, determined that Intertrade's liabilities exceed its assets and the company is unable to pay its debts, according to RJR News. Last February, RJR News recalls that the FSC suspended Intertrade's license and later took temporary control of the company after it began to exhibit signs of financial trouble. RJR News relates that a subsequent probe by the Commission showed the company was insolvent, with more than JM$3.6 billion in liabilities and only JM$1.1 billion dollars in assets. The report relays that the police are trying to locate the company's Chief Executive Officer, Joan Powell, who is wanted on fraud related charges. As reported in the Troubled Company Reporter-Latin America on May 27, 2011, RJR News said that restrictions have been placed on the operations of Intertrade Finance after it was served with a cease and desist order by the Financial Services Commission. The order was issued to Joan Powell, Intertrade's Chief Executive Officer and its Directors Gavin Chen, Christopher Malcolm and Herbert Malcolm, according to RJR News. The report related that FSC said the order was based on the company misrepresenting clients on the nature of the securities in which they had invested, its failure to pay over sums to certain clients in keeping with their instructions, and a review of its interim financial statements and other documents. Intertrade Finance Corporation is a securities dealer. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Strike Could Go to Industrial Court ---------------------------------------------------- RJR News reports that Trinidad Cement Ltd General Manager Satnarine Bachew is expected to hold discussions with company management on whether the company will refer the workers' strike action to the Industrial Court. Following a breakdown in wage negotiations in February, some 600 TCL workers walked off the compound and constructed makeshift tents outside the facilities at Claxton Bay and Mayo, according to RJR News. The report notes that the 90-day strike notices served on TCL and subsidiary Trinidad Packaging Ltd on Feb. 27, 2012, expired May 26, 2012. RJR News notes that the Oilfields Workers' Trade Union branch President Lawrence Renaud reportedly said both parties have seven days to refer the matter to the Industrial Court. As reported in the Troubled Company Reporter - Latin America on May 24, 2012, Trinidad and Tobago Newsday said that Trinidad Cement Limited management officials are keeping their options open as the 90-day strike action at the company's Claxton Bay and Mayo facilities is scheduled to come to an end at the weekend. Strike action began February 27 after the Oilfields Workers Trade Union (OWTU) served notice of strike action following a breakdown of negotiations between the OWTU and the company, according to Trinidad and Tobago Newsday. A few days later, the company responded by locking out the workers, the report related. TCL General Manager Satnarine Bachew observed that should either the union or the company refer the dispute to the Ministry of Labour which would then refer the issue to the Industrial Court, the industrial action would then be halted, Trinidad and Tobago Newsday notes. About Trinidad Cement 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. * TRINIDAD & TOBAGO: In Recession, Central Bank Says ---------------------------------------------------- Caribbean360.com reports that the Trinidad and Tobago Central Bank has revised its projections and is now reporting that the country had entered a technical recession at the end of 2011, in its recently released April Monetary Policy Report and Summary Economic Indicators bulletin. In this bulletin, the Central Bank reported that economy growth for the twin-island republic had declined by 2.6% in the fourth quarter of 2011, (Oct. 1 to Dec. 31, 2011) following a decline by the same amount in the third quarter (July 1 to Sept. 30, 2011), according to Caribbean360.com. The report relates that this conforms to the classic definition for a recession as countries that experience two or more consecutive quarters of a declining gross domestic production (GDP) are generally defined as being in recession. In the report, the Central Bank stated that the decline in the Trinidad and Tobago economy in the fourth quarter was driven by a "considerable reduction in activity in the energy sector of - 7.8%," and while the non-energy sector increased by 1.2%, this was "insufficient to offset the slippage in the energy sector," Caribbean360.com notes. The report discloses that across the energy sub-sectors declines were registered in the last three months of 2011 as the exploration and production sub-sector declined by 7.2% mainly as a result of an 8% drop in natural gas production; the refining sub-sector declined by 15.3% with LNG output falling by 16.5 %and the production of natural gas liquids dropping by 16.1%; the petrochemicals sub-sector declined by 10.4%; and ammonia production fell by 13.3%, while the output of methanol was lower by 2.4%. The central bank also reported further declines in the energy sector during the first quarter of 2012, including crude oil production that slipped to an average of 82,500 barrels a day, down from 96,900 barrels a day during the first quarter of 2011, Caribbean360.com notes says. Natural gas production during has reportedly remained depressed so far throughout 2012 with a significant decline in liquefied natural gas in the first quarter by 15.4%, Caribbean360.com adds. *********** 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 * * *