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/raid1/www/Hosts/bankrupt/TCRLA_Public/120614.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 Thursday, June 14, 2012, Vol. 13, No. 117 Headlines A R G E N T I N A BAUGRUPPE SRL: Creditors' Proofs of Debt Due July 31 FEBRA PETROL: Creditors' Proofs of Debt Due July 13 SERVICIOS INTEGRALES: Creditors' Proofs of Debt Due July 2 WALFAC SRL: Creditors' Proofs of Debt Due June 28 B A R B U D A REDJET: GAIA Blocks Last Flight Out of Barbados B E R M U D A ELBOW BEACH: Closes on-Site Laundry Facilities, Cuts 7 Jobs C A Y M A N I S L A N D S ATWATER CAPITAL: Creditors' Proofs of Debt Due June 27 ATWATER CAPITAL OFFSHORE: Creditors' Proofs of Debt Due June 27 AVENGER INVESTMENTS: Creditors' Proofs of Debt Due July 5 BLACKROCK ASIAN: Creditors' Proofs of Debt Due July 9 CHATER ASIA-PACIFIC: Creditors' Proofs of Debt Due July 5 CINQUEDITA LTD: Creditors' Proofs of Debt Due July 3 ELISE LIMITED: Creditors' Proofs of Debt Due July 5 LIM AIS: Creditors' Proofs of Debt Due July 5 PUBBLICITA SECONDA: Creditors' Proofs of Debt Due July 3 TOURMALET PARTNERS: Creditors' Proofs of Debt Due June 26 J A M A I C A KINGSTON YMCA: Struggles With High Overheads, Seeks to Raise $5MM PEGASUS HOTEL: Incurs Huge Losses, Delists From Stock Exchange X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= BAUGRUPPE SRL: Creditors' Proofs of Debt Due July 31 ---------------------------------------------------- Susana Haydee Vacchelli, the court-appointed trustee for Baugruppe SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 31, 2012. Ms. Vacchelli will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. FEBRA PETROL: Creditors' Proofs of Debt Due July 13 --------------------------------------------------- Elizabeth Maria Teresa Zanaboni, the court-appointed trustee for Febra Petrol SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 13, 2012. Ms. Zanaboni will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 47, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Elizabeth Maria Teresa Zanaboni Honorio Pueyrredon 1246 Argentina SERVICIOS INTEGRALES: Creditors' Proofs of Debt Due July 2 ---------------------------------------------------------- Carlos Enrique Wolff, the court-appointed trustee for Servicios Integrales Productec SA's reorganization proceedings, will be verifying creditors' proofs of claim until July 2, 2012. Mr. Wolff will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on April 24, 2013. The Trustee can be reached at: Enrique Wolff Virrey del Pino 2354 Argentina WALFAC SRL: Creditors' Proofs of Debt Due June 28 ------------------------------------------------- Marta Susana Rosenthal, the court-appointed trustee for Walfac SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 28, 2012. Ms. Rosenthal will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Marta Susana Rosenthal Viamonte 1592 Argentina ============= B A R B U D A ============= REDJET: GAIA Blocks Last Flight Out of Barbados ----------------------------------------------- RJR News reports that Airone Caribbean/Airone Ventures Limited (REDjet)'s lawyer is fighting a court injunction granted to one of its creditors, Grantley Adams International Airport (GAIA) Incorporated, which blocks the airline from flying its last plane out of Barbados. Attorney-at-law Anthony Audain told the Barbados Daily Nation that the order granted late Saturday was not only invalid but put a spoke in the wheel of the airline's efforts to repay passengers and other creditors, according to RJR News. The airport is among the creditors, the report relates, which sources said is owed significant sums. RJR News notes that one of the two planes which REDjet had parked at the airport was flown out on Saturday afternoon, causing the GAIA to seek the injunction to prevent the second plane from taking off. Mr. Audain, acting on behalf of the trustee appointed after the airline filed for bankruptcy protection, explained that REDjet was trying to get the planes to the United States where the frames could be sold, RJR News says. He said, the report notes, it had to be done by today when REDjet's pilots would be invalidated from flying. As reported in the Troubled Company Reporter-Latin America on March 26, 2012, RJR News related that REDjet's decision to suspend all flights came a day after the airline announced the addition of its new route to Antigua and Barbuda. REDjet officials are calling on the Barbadian government for close to $8,000,000 in assistance, and to receive the same subsidies as other airlines, RJR News noted. The report disclosed that Mr. Maharaj said governments cannot continue to expose themselves as a guarantor to private enterprises. REDjet (Airone Caribbean/Airone Ventures Limited) is a startup low-cost carrier (LCC) based at the Grantley Adams International Airport in Christ Church, Barbados, near Bridgetown. Incorporated in Barbados, the privately owned airline features a fleet of McDonnell Douglas MD-82 and MD-83 aircraft. ============= B E R M U D A ============= ELBOW BEACH: Closes on-Site Laundry Facilities, Cuts 7 Jobs ----------------------------------------------------------- The Royal Gazette reports that Elbow Beach Resort has closed its on-site laundry facilities resulting in seven employees being made redundant. The resort was still operating the laundry facility that serviced the resort when the main hotel was open -- with more than 200 beds, according to The Royal Gazette. "It is industry standard to outsource laundry operations when a hotel has less than 200 beds," the report quoted an unnamed spokesperson as saying. The Royal Gazette discloses that the laundry services will now be outsourced to the Fairmont Southampton hotel, which has more than 600 beds and a large laundry facility. The employees who have been made redundant are working with Elbow Beach's director of human resources to find other employment, the report relates. Elbow Beach Resort is a 50-acre resort is managed by the global hotelier, Mandarin Oriental, and can accommodate up to 300 guests in its 98-room resort. The 103-year-old hotel is run by hotel manager, Edward Shapard. =========================== C A Y M A N I S L A N D S =========================== ATWATER CAPITAL: Creditors' Proofs of Debt Due June 27 ------------------------------------------------------ The creditors of Atwater Capital Fund Ltd. are required to file their proofs of debt by June 27, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2012. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ATWATER CAPITAL OFFSHORE: Creditors' Proofs of Debt Due June 27 --------------------------------------------------------------- The creditors of Atwater Capital Offshore Ltd. are required to file their proofs of debt by June 27, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2012. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815-1802 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands AVENGER INVESTMENTS: Creditors' Proofs of Debt Due July 5 --------------------------------------------------------- The creditors of Avenger Investments Ltd. are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 22, 2012. The company's liquidator is: Vadim Nikitine c/o Julie Reynolds Telephone: 1 345 914 1344 Facsimile: 1 345 945 4799 Coutts House PO Box 707 Grand Cayman KY1-1107 Cayman Islands BLACKROCK ASIAN: Creditors' Proofs of Debt Due July 9 ----------------------------------------------------- The creditors of Blackrock Asian Credit Hedge Fund (Offshore), Ltd are required to file their proofs of debt by July 9, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 22, 2012. The company's liquidator is: John Sutlic 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 CHATER ASIA-PACIFIC: Creditors' Proofs of Debt Due July 5 --------------------------------------------------------- The creditors of Chater Asia-Pacific Event-Driven Fund Ltd. are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 14, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CINQUEDITA LTD: Creditors' Proofs of Debt Due July 3 ---------------------------------------------------- The creditors of Cinquedita Ltd. are required to file their proofs of debt by July 3, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2012. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands ELISE LIMITED: Creditors' Proofs of Debt Due July 5 --------------------------------------------------- The creditors of Elise Limited are required to file their proofs of debt by July 5, 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: Stephen R. Barbieri c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707 Grand Cayman KY1-1107 LIM AIS: Creditors' Proofs of Debt Due July 5 --------------------------------------------- The creditors of Lim AIS DMA Program Fund SPC are required to file their proofs of debt by July 5, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 18, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PUBBLICITA SECONDA: Creditors' Proofs of Debt Due July 3 -------------------------------------------------------- The creditors of Pubblicita Seconda Overseas Limited are required to file their proofs of debt by July 3, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 15, 2012. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands TOURMALET PARTNERS: Creditors' Proofs of Debt Due June 26 --------------------------------------------------------- The creditors of Tourmalet Partners Offshore Fund, Ltd. are required to file their proofs of debt by June 26, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2012. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ============= J A M A I C A ============= KINGSTON YMCA: Struggles With High Overheads, Seeks to Raise $5MM ----------------------------------------------------------------- Nekiesha Reid at Jamaica Observer reports that a pledge drive will be launched within a month in an effort to raise $5 million and sustain operations at the Kingston YMCA. Although the details of the drive are not yet finalized, YMCA administrator and general secretary Sarah Newland-Martin said it would ask both individuals and corporations to make a pledge on either a monthly or yearly basis to offset costs associated with running the organization, according to Jamaica Observer. Its Youth Development Program, which provides mentorship and educational guidance to about 5,000 of Kingston's "at-risk" boys, is most affected by the lack of funds, Ms. Newland-Martin said, Jamaica Observer notes. However, the report relates that despite the financial crisis, the program would not be closed, she added. "The YMCA is run on a budget of $20 million each year . . . . but each year the organization falls short by about $5 million . . . . We're having a real difficulty in maintaining the operations," The report quoted Ms. Newland-Martin as saying. Kingston YMCA is a youth development organization. PEGASUS HOTEL: Incurs Huge Losses, Delists From Stock Exchange -------------------------------------------------------------- Jamaica Observer reports that Pegasus Hotels of Jamaica completed its transition to private ownership on Tuesday with the delisting of the company's shares, all of which are now owned by Kevin Hendrickson's Quivin International Limited. The hotel company, which owns The Jamaica Pegasus, exits the stock market after posting one of its worst financial years in which its losses grew fivefold, and its fourth quarter was characterized by 'negative' revenue, according to Jamaica Observer. Jamaica Observer notes that Mr. Hendrickson had previously signalled to the market, after he acquired the first 60% of the shares from the Urban Development Corporation in 2010, that the Pegasus' financial position was worse than he expected and would have required a strong injection of capital to turn into a profitable entity. The report relates that Mr. Hendrickson's plan to take the company private was also telegraphed at acquisition. Jamaica Observer says that Quivin International needed more than 80% of the shares to delist, but ended up securing full ownership. "Pegasus Hotels of Jamaica Limited will be delisted effective June 12, on the basis that all shares in the company have been acquired by a single shareholder and the company no longer satisfies the requirements of the rules of the Jamaica Stock Exchange with respect to the minimum number of shareholders for listed companies," said a stock market filing obtained by Jamaica Observer. Jamaica Observer relates that Pegasus Hotels made a loss of J$392 million at yearend March 2012, which quintupled the J$78 million of losses, before tax credits, made the year before on the back of shrunken revenues and an unexplained one-off exceptional item of J$314 million. Jamaica Observer notes that the hotel reported turnover of J$533 million, or about half the J$990 million reported the year prior. The company's revenues in the fourth quarter dropped to negative J$974,000, Jamaica Observer relays. The report notes that Mr. Hendrickson got the approval of the Pegasus Hotels of Jamaica board to lease the hotel to Surrey Hotel Management Limited, a company he created for the purpose. Surrey took over management of the hotel on Oct. 28, 2011, Jamaica Observer recalls. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800 ; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800 http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800 http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** 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 * * *