/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130405.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, April 5, 2013, Vol. 14, No. 67 Headlines B R A Z I L BRASKEM GROUP: Moody's Assigns B2 Rating to Mezzanine Shares BTG INVESTMENTS: Fitch Assigns 'BB+' Issuer Default Ratings GOL LINHAS: Fitch Downgrades Issuer Default Ratings to 'B-' B R I T I S H V I R G I N I S L A N D S ANCHOR HEDGE: BVI Court Confirms Liquidators' Appointment C A Y M A N I S L A N D S BILLION PLUS: Shareholders Receive Wind-Up Report CAMELOT: Shareholder Receives Wind-Up Report CARIBBEAN OFFSHORE: Shareholders Receive Wind-Up Report ES HOLDINGS: Shareholders Receive Wind-Up Report KARNA LTD: Shareholder Receives Wind-Up Report LION GLOBAL: Shareholders Receive Wind-Up Report LION GLOBAL MASTER: Shareholders Receive Wind-Up Report MERCER PARK: Shareholders Receive Wind-Up Report MERCER PARK GP: Shareholders Receive Wind-Up Report MORGAN STANLEY COMMODITIES: Shareholders Receive Wind-Up Report PLAN LIMITED: Shareholder Receives Wind-Up Report RAINBOW FUND: Shareholder Receives Wind-Up Report RAM INTERNATIONAL: Shareholders Receive Wind-Up Report C O L O M B I A * COLOMBIA: Fitch Sees Greater Financing Challenges Ahead J A M A I C A * JAMAICA: No IMF Deal at Start of Budget Year Worries PSOJ T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Dismisses Reports of Being Cash-Strapped - - - - - =========== B R A Z I L =========== BRASKEM GROUP: Moody's Assigns B2 Rating to Mezzanine Shares ------------------------------------------------------------ Moody's America Latina has assigned definitive ratings of Baa3 (sf) (Global Scale, Local Currency) and Aaa.br (sf) (Brazilian National Scale) to the Senior Shares, and of B2 (sf) (Global Scale, Local Currency) and Ba1.br (sf) (Brazilian National Scale) to the Mezzanine Shares to be issued by Chemical VII - FIDC Industria Petroquimica, a securitization backed by a pool of trade receivables and originated by Braskem Group. Issuer: Chemical VII - FIDC Industria Petroquimica (Chemical VII - FIDC) Senior Shares - Baa3 (sf) (Global Scale, Local Currency) & Aaa.br (sf) (Brazilian National Scale) Subordinated Mezzanine Shares - B2 (sf) (Global Scale, Local Currency) & Ba1.br (sf) (Brazilian National Scale) Ratings Rationale: The ratings are based on the following factors: - Credit enhancement in the form of senior subordination ranging from a minimum of 9.09% to a maximum of 13.04% to mitigate losses due to obligor default and/or dilution; - The eligibility criteria of the trade receivables, represented by electronic invoices, to be acquired by the issuer, which include concentration limits by client, delinquency by client, and maximum term of the trade receivables. The maximum individual obligor concentration limit is 3%; - Low and stable historical delinquency and dilution levels of the sellers' trade receivable portfolio; - Very low commingling risk as payments by obligors are made to the fund's segregated account maintained at Banco Bradesco (A3 Long-Term Bank Deposit Rating in the Global Scale, Local Currency Scale & Aaa.br in the Brazilian National Scale); and - Braskem Group's sound track record in sponsoring securitization transactions and stable performance of previous transactions. Chemical VII -- FIDC is Braskem Group's seventh securitization of its trade receivables portfolio. The realized performance of the past transactions has been in line with Moody's original assumptions used in rating the transactions. Chemical VII - FIDC is a closed-ended FIDC and will have a final legal maturity of 60 months. Ratings are assigned to the senior shares and to the mezzanine shares. The shares were distributed to qualified investors via a public offering (CVM Instruction 400). The senior shares and the mezzanine shares accrue, on a daily basis, a floating-rate of interest equivalent to the DI Rate (Brazilian Interbank Rate) plus a fixed rate of 0.87% and 2.95% per annum, respectively. The transaction will have a 54 month revolving period followed by a 6 month amortization period. During the 54-month revolving period no principal payments will be made on the senior and mezzanine shares; interest payments will be made semi-annually. During the final 6 month amortization period, starting on month 55, principal and interest payments will be made on a monthly basis. Senior and mezzanine shares will follow the same amortization schedule. Amortization payments to the mezzanine shares will only be allowed (i) after the scheduled senior amortization payments are made, and (ii) as long as the minimum senior subordination ratio is maintained. As long as there are senior and mezzanine shares outstanding, partial amortization payments of junior subordinated shares are allowed if the mezzanine subordination is above 2.8%. Key eligibility criteria verified by the master servicer includes (i) obligor concentration up to 3% and (ii) maturity of trade receivables are 90 day maximum and 9 days minimum. The originators of the securitized receivables are Braskem S.A. and fully controlled subsidiaries including Braskem QPar S.A. (previously known as Quattor Participacoes S.A.), Braskem Petroquimica (previously known as Quattor Petroquimica S.A.) and Rio Polimeros S.A. (RioPol), together Braskem Group or the Sellers. Braskem S.A., rated Baa3, negative outlook, backed senior unsecured (Global Scale). The company's rating is supported by its large size as the largest petrochemical company in Brazil and in the Americas by production capacity (based on PE and PP resin capacity), with historically above industry average operating margins coming from high capacity utilization rates, long-term client relationships, and product customization. The rating also reflects the company's dominant market position in Brazil. Commingling risk is considered to be very low as obligors are instructed to pay directly into a segregated account in the name of the fund by means of invoices generated by Banco Bradesco and other selected collection banks. Any monies received by the sellers must be remitted to the segregated account within 2 business days; a non-automatic acceleration event (evento de avaliacao) is triggered if payments made directly to the sellers' account trigger 5% of fund's net assets. The sellers will act as primary servicers. Moody's has analyzed the sellers' receivables pool for the 36- month period starting in June 2009 and ending in May 2012 reviewed by KPMG. During this period, Braskem and Quattor Group (Braskem Qpar, Braskem Petroquimica and RioPol) have generated trade receivables in the amount of BRL 70.9 billion over approximately 1,056,387 separate invoices. As modeling input assumptions, Moody's used a central mean of 0.14% monthly dilutions and 0.23% monthly losses over outstanding balance, and it assumed portfolio turnover at 41.2 days. Moody's calculates loss assumptions using as a proxy delinquencies from 91 to 120 days past due over the total portfolio. Moody's analysis was based on the effect that these monthly losses, dilutions and turnover simulated in stressed situations, would have on the Issuer's cash flow so that expected losses for each class of shares could be determined. This expected loss was analyzed together with other subjective or qualitative factors related to the company and transaction to determine the rating. Moody's parameter sensitivities provide a quantitative/model- indicated calculation of how the rating of a Moody's-rated structured finance security may vary if certain input parameters used in the initial rating process differed. Moody's key ratings- model assumptions for this transaction are Braskem's rating, loss rate and dilution rate. If Braskem's rating is downgraded from Baa3 to Ba2 and the loss rate and dilution rate are doubled, the senior and mezzanine ratings assigned would remain unchanged. The main uncertainties of the transaction relate to the loss levels and dilution levels of the securitized pool. Although Moody's analyzed the historical performance data of previous transactions and historical performance data of trade receivables originated by Braskem Group, the actual performance of the securitized pool may be affected, among others, by the international competition in the petrochemical industry and severe economic activity downturn. The principal methodology used in this rating was Moody's Approach to Rating Trade Receivables Backed Transactions published in July 2002. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. BTG INVESTMENTS: Fitch Assigns 'BB+' Issuer Default Ratings ----------------------------------------------------------- Fitch Ratings has assigned the following ratings: BTG Pactual Holding S.A. (BTGH): -- Long-term Foreign and Local Currency Issuer Default Ratings (IDRs) 'BBB-'; Outlook Stable; -- Short-term Foreign and Local Currency IDRs 'F3'; -- Support Rating '5'; -- Long-term National Rating 'AA(bra)'; Outlook Stable; -- Short-term National Rating 'F1+(bra)'. BTG Investments LP (BTGI) -- Long-term Foreign and Local Currency IDRs 'BB+'; Outlook Stable; -- Support Rating '2'; -- Senior Guaranteed Notes 'BBB-(EXP)'. KEY RATINGS DRIVERS: BTGH BTGH's long- and short-term IDR's and National Scale Ratings are equalized to those of its sole operating subsidiary, Banco BTG Pactual S.A.'s (BTG Pactual, IDR 'BBB-'/Outlook Stable). BTGH is a pure holding company and directly controls 71.9% of BTG Pactual. The equalization of the ratings is based on the high correlation between the probability of default for BTGH and the bank. Both are incorporated in the same jurisdiction, being overseen by Brazilian authorities. Double leverage (equity investments in subsidiaries and BHC intangibles / equity) is low at 101% in December 2012, and liquidity risk management is centralized at the bank. BTGH's Support rating and Support rating floors are being assigned at '5' and 'NF', in view of BTGH's nature as a holding company, indicating that, although possible, external support cannot be relied upon. KEY RATING DRIVERS: BTGI BTGI's long-term IDR rating reflects its role as an integral BTG Pactual group and the implicit support BTGI receives from BTGH. According to Fitch's criteria BTGI is deemed as a core part of BTG Pactual Group. Despite its evident links with the group (franchise, common management, relevance of its revenue stream and completely aligned business model); BTGI is not a direct subsidiary of BTGH; hence, its rating its notched once from the rating of BTGH, the primary source of support to the entity. The current Support Rating of '2' is based on Fitch's assumption of support from BTGH it should be required, which is based on the previously stated considerations about its integration with the BTG Group and BTGH. In spite of being a separate entity from its sister company, Banco BTG Pactual S.A. (Foreign currency IDR of 'BBB-'; Outlook Stable), BTGI shows the same ownership structure after the group's 2012 IPO where the floating portion of the shares of the bank and BTGI were sold as staples shares and are listed accordingly. The bank's asset management division is the investment manager for BTGI's proprietary trading and private equity investments, which result in the use of the same rigorous risk management measures and methodologies adopted by the bank. BTGI concentrates the bulk of the Principal Investment business and the group plans to concentrate all of this business under BTGI. The company's plan is to raise debt from several different sources in order to gradually transfer all of the group's proprietary trading activity to BTGI. Despite the planned debt issuances and third party funding, financial debt leverage should remain inferior to 1.0x; almost zero as of today. At end 2012, BTGI's equity base is relatively ample and unencumbered (14.5% of its total assets while total liabilities to equity stand at 5.9x). According to the forecast of the company total liabilities to equity may increase to 8.0x after the completion of the aforementioned issuances and fund raising. BTGI's financial profile benefits from the performance of its proprietary investments, which are largely composed of liquid financial instruments, low debt service charges and a very nimble operating structure outsourced to its sister bank. In the next two years the size of the balance sheet will increase due to the transfer of some of the proprietary trading portfolio in the bank to BTGI, which will be funded with medium-term debt. BTGI's policies call for the use of financial debt to finance proprietary trading activities and not long-term investments. The lack of recurrent and predictable fee income and the volatility of its proprietary trading and long-term (private equity like) investments, require a heavy utilization of the balance sheet while future earnings projections are deemed volatile in nature. BTGI's merchant banking investments are carried out through private equity funds and joint-ventures. In December 2012, total commitment undrawn was approximately R$1,759 million, which should be disbursed mostly over the next 24 months (up to eight years) through investments in private equity funds and the joint- ventures. The investment portfolio consists on a diversified group of portfolio companies primarily located in Brazil with a view to divestment within four to 10 years. During 2012, BTGI's performance benefited from its proprietary trading funds gains, which increased 133.1%, due to higher gains from fixed income products in Brazil, which benefited from the easing cycle of Brazilian interest rates and gains from investment in equities in 2012, primarily driven from the increase of BM&FBovespa index during this period. Also, the sale of an indirect interest in a company in the oil and gas industry resulted in a non-recurrent gain that benefited the company's net income. As expected, operating revenues may be volatile and concentrated in nature as is similar to other companies focused on this business niche. Fitch has also assigned BTGI upcoming issuance of senior guaranteed notes an expected rating of 'BBB-(EXP)'. The notes will be fully and irrevocable guaranteed by BTGH and hence, the rating of the notes is equalized to the rating of the guarantor. The assignment of the final rating is subject to final documentation conforming to that already received by Fitch. The issuance will have a maturity of five years, and the amount of the notes and the interest rate will be set at the time of the issuance. Interest payments will be made semi-annually until maturity. The principal and interest amounts will be settled in U.S. dollars (USD). RATING SENSITIVITIES: BTGH Changes on the rating of BTG Pactual may lead to changes on BTGH's ratings. Also, an increase of its double leverage ratio above 120% or a deterioration of its debt service metrics may result in a downgrade of BTGH's ratings. BTGH, incorporated in June 2009, is the holding which controls BTG Pactual with 71.9% of the total capital (82.51% of the voting capital). The balance is held by foreign investors (13.3%, such as JC Flowers and sovereign funds from China, Singapore and Abu Dhabi, among others), further to floating shares (14.8%). BTGH is controlled (28.84% of the total capital and 57.12% of the voting capital) by Andre Esteves, with the remainder divided among 165 BTG Pactual executives. RATING SENSITIVITIES: BTGI Changes on the rating of BTG Pactual or BTGH may lead to changes on BTGI's ratings. A material deterioration of BTGI's financial profile where sustained losses and/or a significant increase of its leverage may hinder the overall financial profile of BTG Group, may trigger a rating downgrade. BTGH and BTGI Profile BTGH, incorporated in June 2009, is the holding which controls BTG Pactual with 71.9% of the total capital (82.51% of the voting capital). The balance is held by foreign investors (13.3%, such as JC Flowers and sovereign funds from China, Singapore and Abu Dhabi, among others), further to floating shares (14.8%). BTGH is controlled (28.84% of the total capital and 57.12% of the voting capital) by Andre Esteves, with the remainder divided among 165 BTG Pactual executives. BTGI is an investment vehicle and a sister company to Banco BTG Pactual and an integral part of BTG Pactual group. BTGI carries part of the group's proprietary trading investments and its merchant banking investments, which include both private equity funds and co-investment through joint ventures. Since 2011, it has no operating activities or employees, its investments are managed by the bank's asset management unit, BTG Pactual Group is one of the largest merchant banking groups in Brazil and Latin America, focused on treasury activities (proprietary and for clients), third party asset management, corporate finance (mergers and acquisitions, finance consulting, etc), private banking and capital markets (fixed and variable income issuances). GOL LINHAS: Fitch Downgrades Issuer Default Ratings to 'B-' ----------------------------------------------------------- Fitch Ratings has downgraded the ratings of Gol Linhas Aereas Inteligentes S.A.'s and its fully owned subsidiaries as follows: Gol Linhas Aereas Inteligentes S.A. (GOL): * Foreign and local currency long-term Issuer Default Ratings (IDRs) to 'B-' from 'B+'; * Long-term national rating to 'BBB-(bra)' from 'BBB(bra)'; * USD200 million perpetual bonds to 'B-/RR4' from 'B/RR5'. VRG Linhas Aereas S.A. (VRG): * Foreign and local currency long-term IDRs to 'B-' from 'B+'; * Long-term national rating to 'BBB-(bra)' from 'BBB(bra)'; * USD200 million of senior notes due 2023 to 'B-/RR4' from 'B/RR5'. GOL Finance, a company incorporated with limited liability in the Cayman Islands: * Foreign and local currency long-term IDRs to 'B-' from 'B+'; * USD225 million of senior notes due 2017 to 'B-/RR4' from 'B/RR5'; * USD300 million of senior notes due 2020 to 'B-/RR4' from 'B/RR5'. In addition, Fitch has affirmed VRG's BRL500 million of senior notes due 2017 at 'BBB-(bra)'. The Rating Outlook for GOL, VRG, and GOL Finance is Negative. The rating downgrades reflect continued deterioration in GOL's credit profile driven by poor operational results and the expectation of limited recovery in the company's cash flow generation during 2013. GOL's EBITDAR margin fell to 3.2% in 2012, from 9% in 2011 and 22% in 2010. This weakening of GOL's EBITDAR margins over the last few years reflects the very challenging scenario faced by the company with its revenue per available seat kilometers (RASK) to cost per available cost kilometers (CASK) spread being under pressure due to increasing competition, fuel costs, and depreciation of the local currency. High fuel prices, which represent approximately 40% of the company's operating costs, hurt the company's profitability, as did the depreciation of the Brazilian real relative to the U.S. dollar. Approximately 90% of the company's revenues are denominated in local currency, while around 60% of its total costs and 80% of its total debt are denominated in U.S. dollars. The Negative Outlook reflects the concern regarding the company's ability to reverse its deteriorating operational performance and increased refinancing risk during 2013. Also factored into the Negative Outlook is the high degree of sensitivity of GOL's financial performance to several factors not controlled by the company such as competition, strength of the local currency versus the U.S. dollar, and fuel cost. These variables could offset positive actions taken by management to reduce capacity. The ratings incorporate GOL's business position in the Brazilian domestic market with a market share of 40.5%, as measured by revenues per kilometers (RPK), at the end of February 2013. The company's business model, which is primarily oriented to the domestic passenger market and has limited product and geographic diversification, is also factored into the ratings. The 'B-/RR4' rating of the company's unsecured public debt reflects average recovery prospects in the event of a default. KEY RATING DRIVERS: Deteriorating Liquidity: GOL's liquidity deteriorated during 2012, with cash and marketable securities declining to BRL1.4 billion in 2012 from BRL2.3 billion in 2011. This compares to short-term debt of BRL1.7 billion in 2012, which includes approximately BRL1.1 billion of debt associated with the company's fourth and fifth debenture issuance, resulting in a low cash to short-term debt coverage ratio of 0.8x. GOL obtained waivers for covenant violations on Feb. 1, 2013 that will result in the company's debt maturing as originally scheduled between 2015 and 2017 if it is in compliance with restrictive leverage covenants as of Dec. 31, 2013. Excluding the fourth and fifth debenture issuance; GOL faces debt amortizations of approximately BRL370 million in 2013 and BRL132 million in 2014. During February 2013, the company issued, through its fully owned subsidiary VRG Linhas Aereas S.A. (VRG), USD200 million unsecured notes to refinance debt; and it is currently planning several initiatives to boost its liquidity. One of these initiatives includes an IPO of its loyalty program Smiles S.A., which the company expects to complete during April 2013. Operational Performance, Focus on RASK-CASK Spread: GOL's cash flow generation deteriorated during the last three year period ending December 2012 with EBITDAR of BRL1.5 billion, BRL707 million, and BRL258 million during 2010, 2011, and 2012, respectively. This negative trend reflects the company's challenging operating environment during 2012 which limited GOL's capacity to maintain a balance between its revenue and cost structure. This resulted in the company's RASK-CASK spread (BRL cents) reaching levels of +1.52, -0.37; and -1.75 in 2010, 2011, and 2012, respectively. GOL is planning to reduce its fleet capacity in the domestic market by 8% to 10% during first-half 2013 in an effort to improve its RASK levels. The effectiveness of GOL's business strategy will depend not only of its own efforts, but also of the macroeconomic business environment, as well as by actions taken by main competitors related to capacity management. Fitch expects Brazil's GDP to expand by about 3% during 2013, which compares with 0.9% during 2012. GOL and TAM are the two main players by market share in the Brazilian airline industry. The management of these two major airlines publicly stated that they are both in favor of a more rational capacity-management environment and have guided for capacity reductions during 2013 to support cash flow generation recovery. However, the possibility of increasing competition leading to irrational pricing strategies cannot be discounted, as this irrational behavior has occurred in the past. High Financial Leverage: Leverage is expected to remain high notwithstanding the expectation of a slight recovery in GOL's cash flow generation during 2013 as the company reduces capacity. GOL had approximately BRL9.6 billion of total adjusted debt at the end of 2012. This debt consists primarily of BRL5.2 billion of on-balance-sheet debt and an estimated BRL4.5 billion of off-balance sheet debt associated with lease obligations. The company's total adjusted debt/EBITDAR and total adjusted net debt/EBITDAR ratios reached 16.2x and 13.2x, respectively, by the end of June 2012. These metrics significantly deteriorated during the second half of 2012 to 38.0x and 32.0x, respectively. Rating Sensitivities: Further liquidity deterioration during the next few quarters, driven by a continued negative trend in operational results resulting in a lower cash balance that drives incremental debt increases is the main credit concern. A rating downgrade could be triggered by any of the following factors: an inability to reverse negative trend in operational results during the next few quarters and a general weakening of industry conditions in the Brazilian market. Delays in the company's asset sales process related to the frequent-flier unit would also be viewed negatively. Improved operational performance that would lower the company's net leverage to around 7.0x by the end of 2013 could lead to a revision of the Outlook to Stable. ========================================= B R I T I S H V I R G I N I S L A N D S ========================================= ANCHOR HEDGE: BVI Court Confirms Liquidators' Appointment --------------------------------------------------------- hedgeweek.com reports that the British Virgin Islands Court has confirmed the appointment of John Greenwood and Hadley Chilton of Baker Tilly (BVI) Limited as liquidators of four hedge funds incorporated in the BVI, and has decided that a U.S. receiver attempting to claim assets owned by the hedge funds would not be recognised by the BVI Court. The ruling is being seen as an important decision for insolvency practitioners, hedgeweek.com says. Baker Tilly is represented in the BVI by Withers' BVI office. hedgeweek.com recalls that Messrs. Greenwood and Chilton were appointed voluntary liquidators of Anchor Hedge Fund Limited, and three associated hedge funds, with effect from Oct. 24, 2012, by their former investment adviser, Nikolai Battoo. Mr. Battoo is the subject of proceedings in the US by both the US Commodity Futures Trading Commission and the Securities and Exchange Commission. The Illinois Court appointed Brick Kane, of Robb Evans & Associates, as receiver to take control of all assets directly or indirectly owned by Battoo and others. hedgeweek.com recalls that the U.S. receiver challenged the validity of the liquidators' appointment, as well as seizing assets in the US and attempting to claim significant assets in Guernsey owned by the funds. In a judgment delivered on March 20, 2013, hedgeweek.com relates, Bannister J held that the liquidators had been validly appointed, holding, inter alia, that Mr. Battoo as ultimate sole shareholder of the hedge funds had authority to appoint liquidators whether authorised by the funds' immediate shareholders or not. According to hedgeweek.com, Bannister J also held that the U.S. receiver was not entitled to recognition under Part XIX of the BVI Insolvency Act, and dismissed the U.S. receiver's cross-application with costs. ========================== C A Y M A N I S L A N D S ========================== BILLION PLUS: Shareholders Receive Wind-Up Report ------------------------------------------------- On Feb. 5, 2013, the shareholders of Billion Plus Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lo Choy Yuk Ching Yvonne 7 Black's Link Repulse Bay Hong Kong CAMELOT: Shareholder Receives Wind-Up Report -------------------------------------------- On March 1, 2013, the sole shareholder of Camelot received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands CARIBBEAN OFFSHORE: Shareholders Receive Wind-Up Report ------------------------------------------------------ On Feb. 25, 2013, the shareholders of Caribbean Offshore Investors Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: York Group Limited P.O. Box 1239, Offshore Incorporation Centre Victoria, Mahe, Seychelles Telephone: +8 (526) 052 9003 ES HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------ On March 4, 2013, the shareholders of ES Holdings Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert N. Slatter Fordsar (Cayman) Limited Centennial Towers, Suite 204 2454 West Bay Road West Bay, Box 335 Grand Cayman KY1-1301 Cayman Islands KARNA LTD: Shareholder Receives Wind-Up Report --------------------------------------------- On March 1, 2013, the sole shareholder of Karna Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands LION GLOBAL: Shareholders Receive Wind-Up Report ------------------------------------------------ On Feb. 20, 2013, the shareholders of Lion Global Offshore Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Ryan Pull Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Telephone: +1 (345) 814 3306 LION GLOBAL MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------------ On Feb. 20, 2013, the shareholders of Lion Global Offshore Master Fund, Ltd received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Ryan Pull Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Telephone: +1 (345) 814 3306 MERCER PARK: Shareholders Receive Wind-Up Report ------------------------------------------------ On March 1, 2013, the shareholders of Mercer Park Special Situations Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 MERCER PARK GP: Shareholders Receive Wind-Up Report -------------------------------------------------- On March 1, 2013, the shareholders of Mercer Park GP, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 MORGAN STANLEY COMMODITIES: Shareholders Receive Wind-Up Report -------------------------------------------------------------- On Feb. 19, 2013, the shareholders of Morgan Stanley Commodities Trading Cayman Holdings Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rainer Hok Chung Lam c/o Jodi Jones Telephone: (345) 949 7000 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands PLAN LIMITED: Shareholder Receives Wind-Up Report ------------------------------------------------- On Jan. 31, 2013, the sole shareholder of Plan Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands RAINBOW FUND: Shareholder Receives Wind-Up Report ------------------------------------------------- On March 1, 2013, the sole shareholder of Rainbow Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands RAM INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ On Jan. 30, 2013, the shareholders of Ram International Holding Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. P.O. Box 30622 Grand Cayman KY1-1203 Cayman IslandS Telephone: 945-8859 Facsimile: 949-9793/4 =============== C O L O M B I A =============== * COLOMBIA: Fitch Sees Greater Financing Challenges Ahead --------------------------------------------------------- In order to improve Colombia's competitive position, Colombian Subnationals are receiving financing to help fund their capital expenditures beyond their own borders, according to a Fitch Ratings report. This report underlines the pressures that regional governments face to obtain financing and the challenges still to overcome. Colombia is under pressure to improve competitiveness. Sustaining high growth, through the consolidation of existing markets and the broadening international ones, requires ensuring a competitive market improvement for investors. Nonetheless, despite of the recently wider range of available resources and mechanisms to invest (Private Public Partnerships, 'Convenio plan', Royalties under the new distribution system, among others), infrastructure and other social investments are not being executed on schedule or on budget. Fitch recognizes the increasing efforts to obtain better competitiveness conditions and highlights the growth of funding modalities such as debt and future budget allocations. ============= J A M A I C A ============= * JAMAICA: No IMF Deal at Start of Budget Year Worries PSOJ ----------------------------------------------------------- RJR News reports that the Private Sector Organization of Jamaica (PSOJ) is concerned the new fiscal year has started with no International Monetary Fund (IMF) deal in sight. The report relates that the organization is worried about the implications of the deal remaining in limbo: "Well, the PSOJ is very concerned. We are entering the new budget year with no IMF agreement in place; no definitive timetable; we have energy increases -- we had an almost island-wide blackout over the Easter weekend. . . . There's continued uncertainty which leads to terrible slippage in the value of the dollar and it's a tough time for businesses island wide. We are very, very worried," the report quoted Christopher Zacca, president of the PSOJ, as saying. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Dismisses Reports of Being Cash-Strapped ------------------------------------------------------------ RJR News reports that Caribbean Airlines Limited has dismissed reports that it is cash-strapped. Mohan Jaikaran, airline vice- chairman, said on the contrary, the entity's financial position is set to improve, according to RJR News. The report relates that Mr. Jaikaran's statement comes on the heels of a newspaper report in Trinidad and Tobago on the weekend that Caribbean Airlines was seeking an immediate injection of TT$100 million from the government to pay suppliers and employees. RJR News says that a report in an issue of Trinidad's Express newspaper quoted Mr. Jaikaran as saying almost all global airlines were losing money, but CAL is heading in the right direction. RJR News notes that Mr. Jaikaran hinted that within a year, there may be a turnaround of the airline's history of financial losses. Mr. Jaikaran denied that CAL was seeking another TT$100 million, the report relates. The report adds that the airline, which acquired Air Jamaica two years ago, received a Government subvention of TT$527 million in the 2013 budget. 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 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., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *