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/raid1/www/Hosts/bankrupt/TCRLA_Public/120706.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 Friday, July 6, 2012, Vol. 13, No. 134 Headlines B A R B A D O S REDJET: Bankruptcy Protection Expires B E R M U D A FLETCHER INT'L: Sues Bermuda Liquidators in U.S. C A Y M A N I S L A N D S AES CEMIG: Shareholders' Final Meeting Set for July 11 CAPSTONE CONVEXITY: Shareholders' Final Meeting Set for July 20 CAPSTONE CONVEXITY INTERMEDIATE: Shareholders to Meet on July 20 CAPSTONE CONVEXITY MASTER: Shareholders' Meeting Set for July 20 CCPMF CAYMAN: Shareholders' Final Meeting Set for July 20 CLP CAYMAN: Shareholders' Final Meeting Set for July 20 CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10 GGICO MIDDLE: Shareholders' Final Meeting Set for July 23 GIH HF I: Shareholders' Final Meeting Set for July 23 GREEN LEAF: Shareholders' Final Meeting Set for July 23 HIGHVIEW GLOBAL: Shareholder Receives Wind-Up Report PSW NYC: Shareholders' Final Meeting Set for July 20 SG MICRO: Shareholders' Final Meeting Set for July 16 C O L O M B I A * COLOMBIA: IDB Provides US$100MM Loan for Fiscal Stability P U E R T O R I C O EMPRESAS MARTINEZ: Puerto Rico Court Rules on Chevron Funds EMPRESAS PLAYA: Case Summary & 9 Largest Unsecured Creditors T R I N I D A D & T O B A G O CARIBBEAN AIR: Taps Clint Williams as Public Relations Officer - - - - - =============== B A R B A D O S =============== REDJET: Bankruptcy Protection Expires ------------------------------------- RJR News reports that it is not yet known if troubled air carrier Airone Caribbean/Airone Ventures Limited will be seeking an extension of bankruptcy protection, which expires July 4, 2012. The airline last month had filed for bankruptcy protection and will not be liable to pay any debts for at least 30 days, according to RJR News. The report relates that the company did not declare how much it owed but said when the period of bankruptcy protection ends. RJR News relays that the airline may apply for further extensions until a proposal to pay creditors is completed. However it said on completion, creditors owed $US250 dollars or more, including passengers who purchased tickets which could not be honored because of the grounding of the airline on March 16, will be invited to make claims, RJR News notes. 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. * * * 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. ============= B E R M U D A ============= FLETCHER INT'L: Sues Bermuda Liquidators in U.S. ------------------------------------------------ Fletcher International, Ltd., on Monday filed a complaint in Bankruptcy Court against the Bermuda liquidators of its affiliated hedge funds seeking temporary, preliminary and permanent injunctive relief. Fletcher said the defendants are seeking improperly to exercise control over property of the Debtor's estate, including control over all of the Debtor's assets for purposes of complete liquidation, in violation of the automatic stay provisions of the Bankruptcy Code. The complaint named as defendants: -- Robin Lee McMahon and Roy Bailey, the Joint Official Liquidators of: (a) Fletcher Income Arbitrage Fund In Voluntary Liquidation, a Cayman Islands corporation, which owns 83% of the common shares and is a majority shareholder of Fletcher International; (b) FIA Leveraged Fund-In Official Liquidation, a Cayman Islands corporation; and -- Tammy Fu and Jenna Wise, the Joint Official Liquidators of Fletcher Fixed Income Alpha Fund Ltd.-In Official Liquidation, a Cayman Islands corporation Fletcher Asset Management was founded in 1991. During its initial four years, FAM operated as a broker dealer trading various debt and equity securities and making long-term equity investments. Then, in 1995, FAM began creating and managing a family of private investment funds. The Debtor is a master fund in the Fletcher Fund structure. As a master fund, it engages in proprietary trading of various financial instruments, including complex, long-term, illiquid investments. The Debtor is directly owned by Fletcher Income Arbitrage Fund and Fletcher International Inc., which own roughly 83% and 17% of the Debtor's common shares, respectively. Arbitrage's direct parent entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged Fund, both of which are incorporated in the Cayman Islands and are subject to liquidation proceedings in that jurisdiction, and which own roughly 76% and 22% of Arbitrage's common stock, respectively. The Debtor currently has a single subsidiary, The Aesop Fund Ltd. According to The Wall Street Journal's Steve Eder and Josh Barbanel, the hedge fund is managed by the investment firm of Alphonse "Buddy" Fletcher Jr. About Fletcher International Fletcher International, Ltd., filed a bare-bones Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in Manhattan. The Bermuda exempted company estimated assets and debts of $10 million to $50 million. The bankruptcy documents were signed by its president and director, Floyd Saunders. David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in New York, serves as counsel. =========================== C A Y M A N I S L A N D S =========================== AES CEMIG: Shareholders' Final Meeting Set for July 11 ------------------------------------------------------ The shareholders of AES Cemig Empreendimentos II, Ltd. will hold their final meeting on July 11, 2012, at 2:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bradley Smith Zafar Hasan Citco Trustees (Cayman) Limited 89 Nexus Way PO Box 31106 Grand Cayman Cayman Islands CAPSTONE CONVEXITY: Shareholders' Final Meeting Set for July 20 --------------------------------------------------------------- The shareholders of Capstone Convexity Fund, Limited will hold their final meeting on July 20, 2012, at 10:45 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 CAPSTONE CONVEXITY INTERMEDIATE: Shareholders to Meet on July 20 ---------------------------------------------------------------- The shareholders of Capstone Convexity Intermediate Fund, Limited will hold their final meeting on July 20, 2012, at 11:00 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 CAPSTONE CONVEXITY MASTER: Shareholders' Meeting Set for July 20 ---------------------------------------------------------------- The shareholders of Capstone Convexity Master Fund, Limited will hold their final meeting on July 20, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: 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 CCPMF CAYMAN: Shareholders' Final Meeting Set for July 20 --------------------------------------------------------- The shareholders of CCPMF Cayman Holdco Ltd. will hold their final meeting on July 20, 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 SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CLP CAYMAN: Shareholders' Final Meeting Set for July 20 ------------------------------------------------------- The shareholders of CLP Cayman Holdco Ltd. will hold their final meeting on July 20, 2012, at 9:45 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 CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10 ---------------------------------------------------------- The shareholders of Cryptolex Ltd. will hold their final meeting on July 10, 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: Clovis Najm 101 24416A St SW Calgary, AL Canada T2T 4K5 Telephone: 1 778 588 7659 Facsimile: 1 800 776 3589 GGICO MIDDLE: Shareholders' Final Meeting Set for July 23 --------------------------------------------------------- The shareholders of GGICO Middle East Equity Fund Limited will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GIH HF I: Shareholders' Final Meeting Set for July 23 ----------------------------------------------------- The shareholders of GIH HF I Limited will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GREEN LEAF: Shareholders' Final Meeting Set for July 23 ------------------------------------------------------- The shareholders of Green Leaf Holdings will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands HIGHVIEW GLOBAL: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Highview Global Macro, Ltd. received on June 8, 2012, 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 PSW NYC: Shareholders' Final Meeting Set for July 20 ---------------------------------------------------- The shareholders of PSW NYC Holdings, Inc. will hold their final meeting on July 20, 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: 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 SG MICRO: Shareholders' Final Meeting Set for July 16 ----------------------------------------------------- The shareholders of SG Micro Limited will hold their final meeting on July 16, 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: Susan Fan Zhonghai Fuyuan Residential Area Room 12D, Unit One, Building 4 Haidian District, Beijing P R China Telephone: 15901439906 =============== C O L O M B I A =============== * COLOMBIA: IDB Provides US$100MM Loan for Fiscal Stability ----------------------------------------------------------- Colombia will continue to strengthen its subnational fiscal stability through more effective use of public resources, improved quality of information on revenues and expenditures, and increased subnational tax revenues, with the support of a US$100 million loan from the Inter-American Development Bank. The program aims to strengthen systems for promoting the best use of public resources and accountability to consolidate the process of decentralization and fiscal capacity. The operation the second in a series of two will put in place a strategy for monitoring, follow-up, and control of the General Participation System through its application in at least 32 departments and 31 municipal capitals. The strategy will result in the adoption of a single system of sectoral indicators for rating risk events in the use of resources by subnational entities. Another program objective is the inclusion of a section on fiscal sustainability in at least 20 municipal capitals for the evaluation of fiscal and financial risks of subnational decentralized entities. The IDB loan has a repayment period of 20 years, a five-year grace period, and an interest rate based on LIBOR. ===================== P U E R T O R I C O ===================== EMPRESAS MARTINEZ: Puerto Rico Court Rules on Chevron Funds ----------------------------------------------------------- In the case, EMPRESAS MARTINEZ VALENTIN CORP., Plaintiff, v. CHEVRON OF PUERTO RICO, LLC, Defendant(s), Adv. Proc. No. 11-00178 (Bankr. D. P.R.), Bankruptcy Judge Edward A. Godoy ruled that the motions in compliance with the Court's order to show cause dated June 15, 2012, filed by Chevron of Puerto Rico, LLC, and the Debtor do not establish cause for the consignment of funds in the adversary proceeding with the Court, since the parties agree that all funds being deposited belong to the Debtor. Therefore, the funds shall be returned to Chevron. To the extent that Chevron acknowledges that the amounts deposited are owed to the Debtor, Chevron will make such payments, and any future payments, directly to the Debtor. The acceptance of such payments by the Debtor will not be deemed to constitute a waiver of the Debtor's right to challenge the amounts owed by Chevron for rent under the lease agreement. A copy of the Court's July 2, 2012 Opinion and Order is available at http://is.gd/9YQBOafrom Leagle.com. Sabana Grande, Puerto Rico-based Empresas Martinez Valentin, Corp. -- aka Bronze & Metal Works and Supermercado El Tabonuco -- filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-07018) on Aug. 19, 2011. Carmen D. Conde Torres, Esq., at C. Conde & Associates, serves as the Debtor's counsel. The Debtor scheduled $4,256,600 in total assets and $2,442,518 in total liabilities. The petition was signed by Angel Javier Martinez Valentin, president. Mr. Martinez Valentin also filed for Chapter 11 (Bankr. D. P.R. Case No. 11-06321) on July 28, 2011. EMPRESAS PLAYA: Case Summary & 9 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Empresas Playa Joyuda, Inc. dba Perichi's Hotel Restaurant HC-02 Box 16310, Joyuda Cabo Rojo, PR 00623 Bankruptcy Case No.: 12-05243 Chapter 11 Petition Date: July 1, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Judge: Edward A. Godoy Debtor's Counsel: Angel Miguel Roman Ongay, Esq. B-45 Ext La Concepcion Cabo Rojo, PR 00623 Tel: (787) 265-8270 E-mail: mitchroman@hotmail.com Scheduled Assets: US$1,973,542 Scheduled Liabilities: US$2,567,489 A copy of the Company's list of its nine largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-05243.pdf The petition was signed by Julio Perez Perichi, president. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: Taps Clint Williams as Public Relations Officer -------------------------------------------------------------- Trinidad and Tobago Newsday reports that Caribbean Airlines Limited has recalled a former BWIA Public Relations Officer to head up its Corporate Communications Department. Clint Williams returned to Iere House, Piarco to start his new stint at the airline, according to Trinidad and Tobago Newsday. The report notes that the airline has been without a Corporate Communications Manager since the departure of Laura Asbjornsen some nine months ago. The report relates that Mr. Williams worked as head of Corporate Communications for BWIA in the early 2000s during the time Conrad Aleong was CEO. Trinidad and Tobago Newsday, citing a press release, relays that Mr. Williams was described as being a communications specialist for some 20 years with a B.SC in Communications from the Florida International University (FIU) and has worked in several countries, including Jamaica. The press release said that Mr. Williams is a member of the Board of the Heroes Foundation, a youth development NGO in Trinidad and Tobago, Trinidad and Tobago Newsday adds. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. *********** 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 * * *