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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, October 24, 2012, Vol. 13, No. 212
Headlines
A R G E N T I N A
BODERE BUENOS AIRES: Moody's Withdraws 'B3' Currency Ratings
B E R M U D A
ARGUS INTERNATIONAL: Members' Final Meeting Set for Nov. 15
F.M.P. COMPANY: Members' Final Meeting Set for Nov. 14
FMC COMPANY: Members' Final Meeting Set for Nov. 14
FMN COMPANY: Members' Final Meeting Set for Nov. 14
FOREST MERE: Members' Final Meeting Set for Nov. 15
JET STREAM: Members' Final Meeting Set for Nov. 14
OCEANSPIRIT LTD: Member to Receive Wind-Up Report on Nov. 16
PASCAL REINSURANCE: Members' Final Meeting Set for Nov. 14
RENAISSANCE INVESTMENT: Members' Final Meeting Set for Nov. 14
RENAISSANCERE VENTURES: Members' Final Meeting Set for Nov. 14
STENA ANGLIA: Members' Final Meeting Set for Nov. 16
STENA TULIP: Member to Receive Wind-Up Report on Nov. 16
B R A Z I L
BANCO BVA: Central Bank Takes Over Operations
QGOG CONSTELLATION: S&P Assigns Prelim BB+ Rating to $500MM Bonds
C A Y M A N I S L A N D S
ACG ACQUISITION: Shareholders' Final Meeting Set for Oct. 26
ACHF (CAYMAN): Shareholders' Final Meeting Set for Oct. 29
AIR KING: Shareholders Receive Wind-Up Report
BALLANCE FINANCIAL: Shareholders' Final Meeting Set for Nov. 5
BLUEPRINT INSURANCE: Shareholders' Final Meeting Set for Oct. 24
COMPASS LATIN: Member to Hear Wind-Up Report on Oct. 26
COMPASS LATIN AMERICA: Member to Hear Wind-Up Report on Oct. 26
KACELA OFFSHORE: Shareholder Receives Wind-Up Report
TINTIN IV: Shareholders Receive Wind-Up Report
P U E R T O R I C O
GRACIA'S AMBULANCE: Case Summary & 11 Unsecured Creditors
HOTEL AIRPORT: Javier Scimeca Approved as Financial Consultant
HOTEL AIRPORT: Plan Outline Hearing Continued until Nov. 27
PABELLON DE LA VICTORIA: Case Summary & 18 Unsecured Creditors
T R I N I D A D & T O B A G O
BRITISH WEST: T&T Didn't Get Value for Sale of Heathrow Slots
- - - - -
=================
A R G E N T I N A
=================
BODERE BUENOS AIRES: Moody's Withdraws 'B3' Currency Ratings
------------------------------------------------------------
Moody's Latin America has withdrawn the A3.ar (national scale
rating) and B3 (global rating, local currency) ratings of
Fideicomiso Financiero Bodere Buenos Aires, a financial trust to
be established under the Argentine Law, because the debt was
ultimately not issued.
Issuer: Deutsche Bank S.A. (Argentina), acting solely as issuer
and trustee
Fideicomiso Financiero Bodere Buenos Aires, Debt Securities:
Withdrawn the A3.ar (national scale rating) and B3 (global rating,
local currency); previously on May 30, 2012 Assigned A3.ar
(national scale rating) and B3 (global rating, local currency).
Ratings Rationale
Moody's has withdrawn the rating as the debt securities were not
issued.
=============
B E R M U D A
=============
ARGUS INTERNATIONAL: Members' Final Meeting Set for Nov. 15
-----------------------------------------------------------
The members of Argus International Limited will hold their final
meeting on Nov. 15, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Sept. 29, 2012.
The company's liquidator is:
Ivan Guez
Petroplus Holdings AG
Industriestrasse 24, 6304 Zug
Switzerland
F.M.P. COMPANY: Members' Final Meeting Set for Nov. 14
------------------------------------------------------
The members of F.M.P. Company Limited will hold their final
meeting on Nov. 14, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 4, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
FMC COMPANY: Members' Final Meeting Set for Nov. 14
---------------------------------------------------
The members of FMC Company Limited will hold their final meeting
on Nov. 14, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
FMN COMPANY: Members' Final Meeting Set for Nov. 14
---------------------------------------------------
The members of FMN Company Limited will hold their final meeting
on Nov. 14, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 2, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
FOREST MERE: Members' Final Meeting Set for Nov. 15
---------------------------------------------------
The members of Forest Mere Investments Limited will hold their
final meeting on Nov. 15, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 5, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
JET STREAM: Members' Final Meeting Set for Nov. 14
--------------------------------------------------
The members of Jet Stream Trading Ltd. will hold their final
meeting on Nov. 14, 2012, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 9, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
OCEANSPIRIT LTD: Member to Receive Wind-Up Report on Nov. 16
------------------------------------------------------------
The member of Oceanspirit Ltd. will receive on Nov. 16, 2012, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 4, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
PASCAL REINSURANCE: Members' Final Meeting Set for Nov. 14
----------------------------------------------------------
The members of Pascal Reinsurance Ltd. will hold their final
meeting on Nov. 14, 2012, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 9, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
RENAISSANCE INVESTMENT: Members' Final Meeting Set for Nov. 14
--------------------------------------------------------------
The members of Renaissance Investment Management Company II Ltd.
will hold their final meeting on Nov. 14, 2012, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 9, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
RENAISSANCERE VENTURES: Members' Final Meeting Set for Nov. 14
--------------------------------------------------------------
The members of RenaissanceRe Ventures II Ltd. will hold their
final meeting on Nov. 14, 2012, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on Oct. 9, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
STENA ANGLIA: Members' Final Meeting Set for Nov. 16
----------------------------------------------------
The members of Stena Anglia Limited will hold their final meeting
on Nov. 16, 2012, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 4, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
STENA TULIP: Member to Receive Wind-Up Report on Nov. 16
--------------------------------------------------------
The member of Stena Tulip Limited will receive on Nov. 16, 2012,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on Oct. 4, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
===========
B R A Z I L
===========
BANCO BVA: Central Bank Takes Over Operations
---------------------------------------------
Paulo Winterstein at Dow Jones Newswires reports that the
Brazilian Central Bank said it would take over operations at Banco
BVA SA, a small Rio de Janeiro-based bank with assets equal to
just 0.17% of the total within Brazil's financial system.
The intervention marks the fifth time in two years the central
bank has had to step into the fray, starting with its intervention
and sale of Banco PanAmericano late in 2010, according to Dow
Jones Newswires. Since then, the report relates that the central
bank has intervened at Banco Morada, Banco Cruzeiro do Sul and
Banco Prosper. The central bank also investigated fraud
allegations at Banco Schahin, but did not announce a direct
intervention, the report notes.
"The market was already a bit traumatized, so the fact that this
happened to a fifth bank makes very difficult the funding
possibilities for small and medium banks," Dow Jones Newswires
quoted Paulo Petrassi, chief economist at Leme Investimentos in
Florianopolis, Brazil.
Dow Jones Newswires notes that Mr. Petrassi said that in recent
weeks, there was market chatter about BVA facing difficulties, so
Friday's announcement wasn't a total surprise. "But it's still
very bad. Investors weren't putting funds into small and medium
banks before, and now it'll be even less," Mr. Petrassi said, the
report relays.
Dow Jones Newswires discloses that Brazilian banks have seen rapid
expansion in recent years as falling interest rates and continuous
growth led to a surge in credit.
Dow Jones Newswires notes that as household indebtedness climbed,
however, defaults also rose, and as of August stood at a record
level of 5.9%. Banks responded to rising defaults by pulling back
on lending, weakening already timid growth in Latin America's
biggest economy, the report relates.
Dow Jones Newswires says the government reacted to slower growth
by issuing more loans through state-run banks Caixa Economica and
Banco do Brasil, hoping to pressure private banks to lend even
more.
That growth in lending led to decreasing quality of credit,
Ricardo Kovacs, a senior analyst for Moody's Investors Service in
Brazil, said at a recent seminar in Sao Paulo, Dow Jones Newswires
notes.
But, Dow Jones Newswires relates that because of the Brazilian
banking system's size and relative sophistication, it's "easier
for the Brazilian system to digest bad loans," Fitch Ratings
Director for Latin American Financial Institutions Franklin
Santarelli said at a seminar.
Brazil's banking system is dominated by five major banks, with
about 90% of total loans in their portfolios, Dow Jones Newswires
discloses. And those big banks have so far managed to withstand
the impact of tougher credit conditions, Dow Jones Newswires
relays.
Instead, Dow Jones Newswires notes that it's been small and mid-
sized banks -- around 170 institutions, holding a total of about
BRL220 billion in loans -- that have felt the brunt of the global
economic slowdown.
Uncertainty about Europe and U.S. have closed off international
markets for most banks, and domestic investors are opting for
government debt instead of injecting cash into small banks,
especially after revelations of fraud and mismanagement at some of
the liquidated institutions, Dow Jones Newswires adds.
QGOG CONSTELLATION: S&P Assigns Prelim BB+ Rating to $500MM Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB+'
issuer credit rating to QGOG Constellation S.A., a project
developer company ith several project subsidiaries operating in
Brazil's growing oil and gas industry. The outlook is stable.
Standard & Poor's also said that it assigned a preliminary 'BB+'
issue rating to QGOG Constellation's potential US$500 million
unsecured seven- to 10-year bonds, which are fully and
unconditionally guaranteed by the company's subsidiary and owner
of the portfolio of assets, Constellation Overseas Ltd.
(Constellation; not rated).
"The preliminary issuer credit rating on QGOG Constellation
reflects the company's reliance on substantive distributions from
a portfolio of assets operating in Brazil's oil and gas industry,"
said Standard & Poor's credit analyst Paula Martins. "We assess
the quality of the company's cash flow as highly predictable a
result of its long-term contracts, primarily with Petroleo
Brasileiro S.A. - Petrobras (Petrobras; BBB/Stable/--), and its
moderate stability, since some of Constellation's projects are
still ramping up operations. However, the high correlation of the
cash flow offset these strengths, in our view, since all of
Constellation's projects are concentrated in terms of industry,
customer, and geography of operations," S&P said.
"The stable outlook reflects our view of the highly predictable
and moderately stable cash flow to QGOG Constellation from the
company's project subsidiaries, despite the refinancing risks
related to some of the drilling rigs' ramp-up operations," S&P
said.
"We could raise the rating if, as result of a faster operations
ramp-up and good efficiency rates, cash flow stability improves
faster than we expect. Conversely, we could lower the rating if
the cash flow quality deteriorates as a result of lower efficiency
performance, with an average uptime of less than 92% causing cash
flow distributions to the QGOG Constellation to become more
volatile," S&P said.
==========================
C A Y M A N I S L A N D S
==========================
ACG ACQUISITION: Shareholders' Final Meeting Set for Oct. 26
------------------------------------------------------------
The shareholders of ACG Acquisition (Cayman) 3141 Limited will
hold their final meeting on Oct. 26, 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:
Intertrust SPV (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ACHF (CAYMAN): Shareholders' Final Meeting Set for Oct. 29
----------------------------------------------------------
The shareholders of ACHF (Cayman) Limited will hold their final
meeting on Oct. 29, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Jiffriy Chandra is the company's liquidator.
AIR KING: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Air King received on Oct. 19, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Peter A. De Vere
c/o Campbell Directors Limited
Scotia Centre, 4th Floor, George Town
Grand Cayman
Cayman Islands
Telephone: (345) 9145872
Facsimile: (345) 9452877
BALLANCE FINANCIAL: Shareholders' Final Meeting Set for Nov. 5
--------------------------------------------------------------
The shareholders of Ballance Financial Services Limited will hold
their final meeting on Nov. 5, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Reverio Capital Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
BLUEPRINT INSURANCE: Shareholders' Final Meeting Set for Oct. 24
----------------------------------------------------------------
The shareholders of Blueprint Insurance & Casualty Ltd. will hold
their final meeting on Oct. 24, 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
COMPASS LATIN: Member to Hear Wind-Up Report on Oct. 26
-------------------------------------------------------
The sole shareholder of Compass Latin America Horizons Fund will
receive on Oct. 26, 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:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
COMPASS LATIN AMERICA: Member to Hear Wind-Up Report on Oct. 26
---------------------------------------------------------------
The sole shareholder of Compass Latin America Horizons Master Fund
will receive on Oct. 26, 2012, at 10:05 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
KACELA OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Kacela Offshore Fund, Ltd. received on
Oct. 22, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Susan Taber
Telephone: (345) 949 9876
Facsimile: (345) 949-9877
TINTIN IV: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Tintin IV SPC received on Oct. 15, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
=====================
P U E R T O R I C O
=====================
GRACIA'S AMBULANCE: Case Summary & 11 Unsecured Creditors
---------------------------------------------------------
Debtor: Gracia's Ambulance Services Group Inc.
P.O. Box 795
Hormigueros, PR 00660
Bankruptcy Case No.: 12-08221
Chapter 11 Petition Date: October 16, 2012
Court: U.S. 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: $1,048,735
Scheduled Liabilities: $963,687
A copy of the Company's list of its 11 unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/prb12-08221.pdf
The petition was signed by Hector Gracia Malave, president.
HOTEL AIRPORT: Javier Scimeca Approved as Financial Consultant
--------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. States Bankruptcy
Court for the District of Puerto Rico authorized Hotel Airport
Inc. to employ Javier Hernandez Scimeca as financial consultant
and restructuring advisor. To the best of the Debtor's knowledge,
Mr. Scimeca is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.
About Hotel Airport
Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case. Edgardo
Munoz, PSC, in San Juan, P.R., serves as bankruptcy counsel.
Francisco J. Garrido Molina serves as its accountant, and RS&
Associates as external auditors to perform auditing services. The
Debtor disclosed US$8,547,993 in assets and US$171,169,392 in
liabilities as of the Chapter 11 filing. The petition was signed
by David Tirri, its president.
The Debtor's plan provides that holders of administrative expense
claims and priority claims will be paid in full on the Plan's
effective date.
The Plan will be substantially funded by the Debtor's assets and
income from the operation of business. The Plan proposes a merger
between the Debtor/HAI and and its parent, CAF, whereby a single
entity -- CAF -- will emerge.
HOTEL AIRPORT: Plan Outline Hearing Continued until Nov. 27
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
continued until Nov. 27, 2012, at 2 p.m., the hearing to consider
adequacy of the Disclosure Statement explaining Hotel Airport
Inc.'s Chapter 11 Plan.
At the hearing, the Court will also consider the Debtor's motion
to assume an executory contract.
As reported in the Troubled Company Reporter on Jan. 19, 2012,
under the Plan, holders of administrative expense claims and
priority claims will be paid in full on the Plan's effective date.
The Plan will be substantially funded by the Debtor's assets and
income from the operation of business, according to David Tirri,
the Debtor's president. The Plan also considers the Debtor's
experience and knowledge of the business and specific knowledge of
Debtor's sector of the industry. The Reorganization process will
take place under the management of Mr. Tirri.
The Plan proposes a merger between the Debtor/HAI and its parent,
CAF, whereby a single entity -- CAF -- will emerge. HAI's
operations will continue under its present management as a
division of CAF. The merger will take place upon the Effective
Date of the Plan. The Debtor submits that the merger will
strengthen HAI's ability to operate and maintain its business.
CAF -- as successor in interest of HAI -- will assume its
obligations maintaining HAI's current assets, which are all
encumbered with secured debts.
Upon the merge with CAF, Mr. Tirri's position will be vice-
president, and general manager for the hotel operations, with his
compensation remaining at $15,000 per month in salary, plus
$10,000 per month for expenses. Other insiders which may from
time to time be part of the management, due to their positions
with CAF are CAF's stockholders Anthony C. Tirri, Jean Tirri, and
Justin Tirri, with only Anthony C. Tirri receiving compensation of
$5,000 per month.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/HOTELAIRPORT_DS_Dec092011.pdf
About Hotel Airport
Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011.
Judge Enrique S. Lamoutte Inclan oversees the case. Edgardo
Munoz, PSC, in San Juan, P.R., serves as bankruptcy counsel.
Francisco J. Garrido Molina serves as its accountant, and RS&
Associates as external auditors to perform auditing services. The
Debtor disclosed US$8,547,993 in assets and US$171,169,392 in
liabilities as of the Chapter 11 filing. The petition was signed
by David Tirri, its president.
The Debtor's plan provides that holders of administrative expense
claims and priority claims will be paid in full on the Plan's
effective date.
The Plan will be substantially funded by the Debtor's assets and
income from the operation of business. The Plan proposes a merger
between the Debtor/HAI and and its parent, CAF, whereby a single
entity -- CAF -- will emerge.
PABELLON DE LA VICTORIA: Case Summary & 18 Unsecured Creditors
--------------------------------------------------------------
Debtor: Pabellon De La Victoria Movimiento Iglesias De Fe (Mi Fe)
Inc.
P.O. Box 1093
Hormigueros, PR 00660
Bankruptcy Case No.: 12-08223
Chapter 11 Petition Date: October 16, 2012
Court: U.S. Bankruptcy Court
District of Puerto Rico (Ponce)
Debtor's Counsel: Gloria M. Justiniano Irizarry, Esq.
JUSTINIANO'S LAW OFFICE
Ensanche Martinez
8 Dr. A Ramirez Silva
Mayaguez, PR 00680-4714
Tel: (787) 831-2577
Fax: (787) 805-7350
E-mail: gloriae55amg@yahoo.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Evelyn Dominguez Ramos, president.
Debtor's List of Its 18 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Banco Popular De Puerto Rico -- $10,870,870
P.O. Box 10700
San Juan, PR 00936
Banco Popular De Puerto Rico -- $1,875,000
P.O. Box 10700
San Juan, PR 00936
Banco Popular De Puerto Rico -- $485,724
P.O. Box 10700
San Juan, PR 00936
Banco Popular De Puerto Rico -- $355,457
P.O. Box 10700
San Juan, PR 00936
Banco Popular De Puerto Rico -- $231,699
Banco Popular De Puerto Rico -- $165,961
Municipality Of Hormigueros Business Debt $99,770
Banco Popular De Puerto Rico -- $21,700
C.I.T. Group Business Debt $15,568
Pro Tech Services -- $10,980
IRS -- $3,584
Xerox Business Debt $2,900
State Insurance Fund -- $1,779
La Cadena Del Milagro -- $1,774
PRTC Business Debt $1,650
Carlos Rodriguez Incles -- $1,000
Contractor Cash & Carry Business Debt $635
Renacer 106.1 FM Business Debt $282
===============================
T R I N I D A D & T O B A G O
===============================
BRITISH WEST: T&T Didn't Get Value for Sale of Heathrow Slots
-------------------------------------------------------------
RJR News reports that a forensic management audit commissioned by
Trinidad Prime Minister Kamla Persad-Bissessar has found that the
twin island republic did not get value for money in the
GBP5 million sale of its prime slots at Heathrow Airport in
London, England.
It was divested by British West Indies aka BWIA to British Airways
in 2007, according to RJR News. The report relates that the audit
committee found that the fair market value of the slots then
ranged from GBP23 million to GBP44 million.
The slots are used for the loading and unloading of passengers,
baggage and re-fuelling as well as re-stocking of the aircraft at
Heathrow, the report notes.
In March 2011, RJR News recalls that Mrs. Persad-Bissessar, upon
her return from an official trip to London, requested Attorney
General Anand Ramlogan investigate the circumstances surrounding
the sale and whether there were any breaches in the process.
A 137-page report cast blame on the former People's National
Movement (PNM) ministers who were involved in the process, the
report says.
About British West Indies
British West Indies aka BWIA was founded in 1940, and for more
than 60 years had been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.
The airline had reportedly been losing US$1 million a week due to
poor operational management. An employee survey revealed that
lack of responsibility by the management was a major issue in the
company. A number of key employees moved to other companies
caused by a deadlock in the airline's negotiation with its labor
union.
The Trinidad & Tobago government, which owns 97.188% of BWIA,
decided to shut down the airline on Dec. 31, 2006, and launch the
Caribbean Airlines.
***********
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.
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