/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130510.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, May 10, 2013, Vol. 14, No. 92 Headlines C A Y M A N I S L A N D S CARBON ASSETS: Shareholders Receive Wind-Up Report CEYLON PARTNERS: Shareholders Receive Wind-Up Report ING ASIA: Shareholders Receive Wind-Up Report MONTPELIER PROPERTIES: Shareholder Receives Wind-Up Report ORACLE OFFSHORE: Shareholder Receives Wind-Up Report ORACLE TEN: Shareholder Receives Wind-Up Report ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report SCF FINANCE: Shareholders Receive Wind-Up Report SEMPRA ENERGY: Shareholder Receives Wind-Up Report STANDARD CHARTERED: Shareholder to Hear Wind-Up Report Today D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Injects US$488 Million to Boost Economy M E X I C O CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'RD' INSTITUTO COSTARRICENSE: Fitch to Rate New $500MM Bond at 'BB+' MBIA MEXICO: S&P Raises Ratings to 'B'; Outlook Stable P U E R T O R I C O BERWIND REALTY: To Satisfy $3.6MM Balance on Loan by June 30 CONSTRUCTORA DE HATO: Has Until July 8 to File Chap. 11 Plan COSTA DORADA: Wants Exclusivity Period Extended to May 25 PUERTO DEL REY: Files Joint Plan; FirstBank to Be Paid in Full T R I N I D A D & T O B A G O CARIBBEAN ISLAND: Employees Upset by Request of Senior Executive - - - - - ========================== C A Y M A N I S L A N D S ========================== CARBON ASSETS: Shareholders Receive Wind-Up Report -------------------------------------------------- On May 7, 2013, the shareholders of Carbon Assets Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Delta FS Limited c/o Janeen Aljadir Telephone: (345) 743 6626 Harbour Place, 4th Floor 103 South Church Street PO Box 11820 Grand Cayman KY1-1009 Cayman Islands CEYLON PARTNERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- On April 29, 2013, the shareholders of Ceylon Partners LLC received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands c/o Annette Holloway e-mail: annette.holloway@butterfieldgroup.com ING ASIA: Shareholders Receive Wind-Up Report --------------------------------------------- On April 30, 2013, the shareholders of ING Asia Pacific Growth SPC received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MONTPELIER PROPERTIES: Shareholder Receives Wind-Up Report ---------------------------------------------------------- The sole shareholder of Montpelier Properties (International) Limited received on May 6, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. Russell Homer is the company's liquidator. ORACLE OFFSHORE: Shareholder Receives Wind-Up Report ---------------------------------------------------- On April 17, 2013, the sole shareholder of Oracle Offshore Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jennifer Parsons Telephone: (345) 815-1820 Facsimile: (345) 949-9877 ORACLE TEN: Shareholder Receives Wind-Up Report ----------------------------------------------- On April 17, 2013, the sole shareholder of Oracle Ten Fund Offshore Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: OGIER c/o Jennifer Parsons Telephone: (345) 815-1820 Facsimile: (345) 949-9877 ROY G. NIEDERHOFFER: Shareholders Receive Wind-Up Report -------------------------------------------------------- On May 2, 2013, the shareholders of Roy G. Niederhoffer Trendhedge Fund, Ltd. received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands ROY G. NIEDERHOFFER MASTER: Shareholders Receive Wind-Up Report --------------------------------------------------------------- On May 2, 2013, the shareholders of Roy G. Niederhoffer Trendhedge Master Fund Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands SCF FINANCE: Shareholders Receive Wind-Up Report ------------------------------------------------ On April 8, 2013, the shareholders of SCF Finance Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson c/o John Royle 10 Market Street P.O. Box 765 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 769 7206 Facsimile: (345) 949 7120 SEMPRA ENERGY: Shareholder Receives Wind-Up Report -------------------------------------------------- On April 29, 2013, the sole shareholder of Sempra Energy International Cayman Holding Co. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Randall L. Clark Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 STANDARD CHARTERED: Shareholder to Hear Wind-Up Report Today ------------------------------------------------------------ The sole shareholder of Standard Chartered Investments (Cayman) Limited will receive today, May 10, 2013, at 9:00 a.m., 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 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Injects US$488 Million to Boost Economy ------------------------------------------------------------- The Dominican Today reports that Dominican Republic's Central Bank released RD$20.0 billion (US$488.0 million) to finance construction, agriculture, retail and small and medium businesses, among other productive sectors. The funds, to be lent at 9% during a term of six years, stem from the Monetary Board's move to spur the economy hit hard by the tax package enacted late last year, and expected first quarter growth at less than 1%, according to The Dominican Today. The report relates that Central Banker Hector Valdez said RD$5.0 billion will be earmarked to finance the construction of 3,700 houses and an additional RD$1.0 billion to finish new homes. Mr. Valdez said there'll be RD$5.0 billion for industry, RD$3.4 billion for small and medium businesses, and RD$606 million for consumer loans, The Dominican Today notes. =========== M E X I C O =========== CORPORACION GEO: Fitch Lowers Issuer Default Rating to 'RD' ----------------------------------------------------------- Fitch Ratings has downgraded the following ratings for Corporacion GEO, S.A. de C.V. (GEO): -- Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'C'; -- Local Currency IDR to 'RD' from 'C'; -- National Long-term rating to 'RD(Mex)' from 'C(Mex)'; -- MXN400 million Certificados Bursatiles due 2014 to 'D(Mex)' from 'C(Mex)'; The following ratings have been affirmed and removed from Rating Watch Negative: -- USD54 million senior notes due 2014 at 'C/RR4'; -- USD250 million senior notes due 2020 at 'C/RR4'; -- USD400 million senior notes due 2022 at 'C/RR4'; The following ratings are being maintained on Rating Watch Negative: -- National Long-term rating at 'C(cl)'; -- Unsecured Notes (Linea de bonos No 726), USD16.5 million due in 2022 at 'C(cl)'. KEY RATING DRIVERS The downgrades of GEO's IDRs to 'RD' from 'C' are a result of the company's failure to make a MXN2.4 million interest payment on its MXN400 million Certificados Bursatiles that was due on April 26, 2013, and was not cured during the grace period that expired on May 6, 2013. The 'C/RR4' ratings of the company's notes due in 2014, 2020, and 2022 reflect an anticipated recovery of between 31% and 50% of principal and related interest. RATING SENSITIVITY The company's IDRs and debt ratings will be revised once the company announces and executes the next steps related to its debt restructuring process. INSTITUTO COSTARRICENSE: Fitch to Rate New $500MM Bond at 'BB+' --------------------------------------------------------------- Fitch Ratings expects to assign a 'BB+' rating to Instituto Costarricense de Electricidad's US$500 million proposed senior unsecured bond issuance due in 2043. Proceeds are expected to be used for general corporate purposes, including debt repayment and capex. Fitch currently rates ICE as follows: -- Long-term Foreign Currency (FC) Issuer Default Rating (IDR) 'BB+'; -- Long-term Local Currency (LC) IDR 'BB+'; -- Long-term National Scale (Costa Rica) 'AAA(cri)'; -- Long-term National Scale (El Salvador) 'AAA(slv)'; -- Senior Unsecured Debt 'BB+'; -- Senior Unsecured Domestic Long-term Debt (Costa Rica) 'AAA(cri)'; -- Senior Unsecured Domestic Long-term Debt (El Salvador) 'AAA(slv)'; -- Senior Unsecured Domestic Short Term Debt 'F1+(cri)'. Grupo ICE's ratings are supported by the company's linkage to the Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'/Stable by Fitch) which stems from the government ownership. The linkage between Grupo ICE and the government also reflects the company's political risk resulting from its tariff approval process and government-mandated strategy in order to assure the country's electric supply, which temper the ratings to that of the sovereign. The ratings also reflect the government's implicit and explicit support, the company's diversified portfolio of assets, and adequate financial profile. Also factored into Grupo ICE's ratings is the company's aggressive capital expenditure program aimed at maintaining a strong market share position in the telecommunications business and an adequate installed electric generation capacity. DIVERSIFIED ASSET PORTFOLIO: Grupo ICE's ratings are supported by the company's diversified portfolio of assets and its strong business position in Costa Rica's electricity and telecommunications industry. The ratings reflect the company's low business risk resulting from its business diversification and positive characteristics as a utility service provider. Grupo ICE has a legal monopoly in the electricity sector in Costa Rica. The issuer is the largest power generator and electric distribution utility company in the country. As of year-end 2012, Grupo ICE had an installed electric generation capacity of 2,080 megawatts (MW) (national capacity of 2,723MW) and was the exclusive owner of the national transmission grid. The national electric industry includes private generation, municipal distribution and electric cooperatives that can generate energy in coordination with Grupo ICE or sell their energy to Grupo ICE. The company is expected to remain a leader in the telecommunications industry in the country, notwithstanding recent changes that opened the industry to competition. Although this will increase competition, it is also expected to enhance regulatory transparency. In 2012, ICE's market share in terms of subscribers was near of 100% in fixed telephony, 80% in mobile and 60% in broadband. During 2012, the company generated revenues and EBITDA of CRC1,184,950 million and CRC315,717 million, respectively. The company's electricity segment represented approximately 60% of revenues and EBITDA, with the telecommunications division contributing the rest. Fitch expects ICE's electricity business to increase its contribution given the current and future expansion projects, as well as relatively stable results in the telecommunications segment. ADEQUATE FINANCIAL PROFILE: Grupo ICE's ratings reflect the company's adequate financial profile characterized by moderate leverage and satisfactory interest coverage, yet with some exposure to foreign exchange risk, which should deteriorate over the medium term as the company pursues its capital expenditures plan. At the end of 2012, ICE's EBITDA reached USD632 million, slightly higher than in 2011 (USD617 million). This improvement is related to higher electricity revenues (5%) and lower operative costs. As December 2012, Grupo ICE reported total debt of USD3.2 billion, of which USD309 million was short-term and near 80% was denominated in USD. This translated into a financial leverage ratio, as measured by total adjusted debt-to-EBITDAR of approximately 5.8x. The company's interest coverage ratio as measured by EBITDAR-to-interest and rent expenses was at 2.0x (2.75x EBITDA/interest). Fitch expects that the projected growth in electric demand of 4%- 5% by 2013 and 2014, would allow Grupo ICE to maintain its leverage in in approximately 5.0x-6.0x. AGGRESSIVE CAPITAL EXPENDITURES PLAN: Grupo ICE's capital investment plan over the next several years is considered aggressive and could weaken the company's financial profile, absent increased cash flow generation and adequate tariff adjustments. The company plans to invest approximately USD3.5 billion over the next five years in order to supply electricity to meet demand and maintain its leadership position in telecommunications in Costa Rica. Going forward, Grupo ICE's credit metrics could deteriorate significantly. Leverage could increase consistently to over 6.0x if the company finances its capital investment plan heavily with debt and the revenues associated with these investments are delayed beyond the expected ramp-up timeframe or don't receive opportunely the tariff adjustments. Grupo ICE expects to finance its investments with a combination of internal cash flow, debt, Build Operate and Transfer (BOT) transactions, project finance vehicles and operating leases. HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE: Grupo ICE is highly exposed to regulatory interference risk given the lack of clear and transparent electricity tariff schedules. In recent months, the regulatory and political interference has affected the electric tariffs adjustment. Every year the company submits to the regulator for approval an electricity tariff for end-users. Historically, the regulator has approved these tariffs at levels that do not fully recognize the company's moderate exposure to fuel prices borne by its thermoelectric generation business (8%-10% of annual generation on average). Positive for the company's business and financial profile is the approved mechanism to adjust tariffs to reflect fuel cost variations on a quarterly basis, starting in 2013. This change has a positive effect on Grupo ICE's working capital and reduces its exposure to hydrology risk. The recent telecom regulatory framework considers changes in tariffs and competition rules. Fitch expects that new regulations could enhance regulatory transparency. Nevertheless, telecommunications tariffs have been unchanged since 2006. Despite the regulatory risk, Grupo ICE has managed to maintain a relative stable cash flow generation. Also, the company is exposed to political interference given that the government appoints and removes ICE's directors and executives, sets and approves the company's tariffs, and regulates its budget. RATINGS SENSITIVITY Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- An upgrade of Costa Rica's Sovereign rating; -- If the company is materially isolated from government interference. Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- A downgrade of Costa Rica's Sovereign rating; -- Any weakening of legal, operational and/or strategic ties with the government could put downward pressure on Grupo ICE's ratings; -- Regulatory intervention that would have a significant negative impact on the company's operating and financial profile. MBIA MEXICO: S&P Raises Ratings to 'B'; Outlook Stable ------------------------------------------------------ Standard & Poor's Ratings Services raised its global scale counterparty credit and financial strength ratings on MBIA Mexico S.A. de C.V. (MBIA Mexico) to 'B' from 'CCC' and its national scale financial strength rating to 'mxBB+' from 'mxCCC'. The outlook is stable. The rating action mirrors the upgrade of MBIA Mexico's U.S.-based parent, MBIA Insurance Corp. (MBIA Corp.; B/Stable/--). The ratings on the Mexican subsidiary are based on the support MBIA Corp. provides. Support comes in the form of a reinsurance agreement calling for MBIA Mexico to cede 100% of its net liability and other obligations to MBIA Corp. and a net worth maintenance agreement in which the parent agrees to maintain MBIA Mexico's capital equal to Mexican regulatory requirements or $10 million, whichever is greater. S&P's rating on MBIA Corp. reflects S&P's view that potential stress on the company's liquidity has lessened as a result of the announced settlement with Bank of America Corp. (BofA; A- /Negative/A-2) and that the company is unlikely to come under regulatory control during the next 12 months. The settlement included the commutation of all of the MBIA Corp.'s policies insuring an estimated $6.1 billion in credit default swaps referencing commercial mortgage-backed securities transactions, which deteriorated in recent months, and a $500 million three- year secured revolving credit agreement with BofA. The rating also reflects S&P's view of the company's small capital base relative to the risk of its insured portfolio, poor operating performance, which S&P expects to continue, and lack of competitive advantage to improve its financial position in the next 12 months. "The rating reflects the company's run-off status and S&P's belief that its corporate profile is unlikely to change in the near term," said Standard & Poor's credit analyst Amalia Bulacios. ===================== P U E R T O R I C O ===================== BERWIND REALTY: To Satisfy $3.6MM Balance on Loan by June 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico has approved the Joint Urgent Motion of Berwind Realty LLC and Banco Popular de Puerto Rico dated April 23, 2013, for the entry of an Amended Order confirming the Debtor's Chapter 11 Plan filed Oct. 23, 2012, in order that the secured exit financing in the amount of $19,500,000 to be provided to Vemass Realty, LLC, can close. The Credit Facility will be used by Vemass, among other things, to satisfy a portion of the obligations due under Loan A to BPPR, to satisfy the Debtor's obligations due to Oriental Bank under the Plan, and to satisfy other unsecured and priority claims under the Plan. However, according to the Urgent Motion, the credit facility through which the exit financing will be provided has been approved only through April 30, 2013. Accordingly, BPPR and the Debtor ask the Court to amend the Confirmation Order such that: "The Debtor shall satisfy on or before June 30, 2013 the balance due under Loan A (in the amount of $3,665,000), which balance remains secured with, among other collateral, that certain real estate located at Caparra Gallery. In the event the Debtor does not satisfy such amount on or before June 30, 2013, the Debtor agrees to, at BPPR's sole discretion, either surrender immediately the Caparra Gallery real estate to BPPR through the Plan and this Motion, as approved by the Court, or include such real estate as part of the Sale Collateral." As reported in the TCR on April 15, 2013, the Bankruptcy Court approved a stipulation by and between the Debtor and BPPR on the limited use of rents and postpetition income and the adequate protection to BPPR as provided in the stipulation. Additionally, the Court approved the terms for the treatment of BPPR's claims in a consented Plan of Reorganization. A copy of the stipulation is available for free at http://bankrupt.com/misc/BERWINDREALTY_rentuse_stipulation.pdf As reported in the TCR on April 9, 2013, Judge Brian K. Tester signed off an order dated March 28 confirming Berwind Realty's Plan of Reorganization. About Berwind Realty Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012. Berwind Realty, a real estate firm, scheduled assets of $53.8 million and liabilities of $58.1 million. Berwind Realty's president, Saleh Yassin signed the petition. Charles A. Cuprill, PSC Law Offices, serves as bankruptcy counsel. CONSTRUCTORA DE HATO: Has Until July 8 to File Chap. 11 Plan ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico extended until July 8, 2013, the time for Constructora De Hato Rey Incorporada to file a disclosure statement and plan of reorganization. The Debtor filed its request for an extension before the exclusivity period was set to expire on March 25. According to papers filed in court, the Debtor said the proceeds of asset sales will be funding the Plan. The Debtor noted that it has received an offer from: 1. Aramis Rivera, president of Dey Drilling Equipment, Inc., for the purchase of the Debtor's 2001 Volvo, serial number EC290LCTS S/N EC290LCC03061; and 2. Dey for the purchase of the Debtor's 1998 Tesmec Model 1100, serial number 128 located in Salinas, Puerto Rico, for $50,000. In this relation, the Debtor also needed additional time to engage in negotiations with various potential buyers for the sale of additional equipment and assets from the estate to fund the Plan, which without the sales, and additional funds, the Plan cannot be confirmed. About Constructora De Hato San Juan, Puerto Rico-based Constructora De Hato owns parcels of land in Puerto Rico with an aggregate value of $1.82 million. It filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11) in Old San Juan, Puerto Rico, on April 13, 2012. The petition was signed by Waldemar Carmona Gonzalez, president. The Debtor is represented by Charles Alfred Cuprill, Esq., at Charles A. Curpill, PSC Law Office, in San Juan. Luis R. Carrasquillo & Co., PSC, serves as financial consultant. In its schedules, as amended, the Debtor disclosed $10,701,724 in assets and $6,847,693 in liabilities. COSTA DORADA: Wants Exclusivity Period Extended to May 25 --------------------------------------------------------- Costa Dorada Apartments Corp asks the Bankruptcy Court for a second extension of its exclusive period to file an amended and joint disclosure statement and plan of reorganization. The Debtor says it needs more time to review all the proofs of claim filed in the case to determine if information provided by the Debtor provides adequate ground for an objection. Last year, the Debtor submitted to the Court a First Amended Plan. According to the Disclosure Statement, funds would be obtained from these sources: 1) sale of 15 apartment units in the project; 2) rent and regular operation of the other apartments as part of the hotel facilities; 3) sale of the remnant land of 3.5 cdas located at State Road 466 Bajuras Ward in Isabela, Puerto Rico; and 4) rent and regular operation of the other apartments as part of the Time Sharing (Vacation Plan) project. A copy of the Amended Disclosure Statement is available for free at http://bankrupt.com/misc/COSTA_DORADA_ds_amended.pdf About Costa Dorada Apartments Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 11-03960) on May 10, 2011. The Debtor disclosed $10.7 million in assets and $8.6 million in liabilities as of the Chapter 11 filing. The Hon. Enrique S. Lamoutte Inclan, presides over the case. The petition was signed by Carlos R. Fernandez Rodriguez, its president. Wigberto Lugo Mender, Esq., at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the Debtor as counsel. PUERTO DEL REY: Files Joint Plan; FirstBank to Be Paid in Full -------------------------------------------------------------- Puerto del Rey, Inc., together with FirstBank Puerto Rico and PBF-TEP Acquisitions, filed on April 29, 2013, a joint Chapter 11 plan. The Plan contemplates and is predicated upon entry of an order approving (i) the sale of substantially all of the Debtor's assets (except the Excluded Assets and the Affiliates Assets), and other related transactions, pursuant to which the purchaser, PBF-TEP Acquisitions, Inc., will fund the Plan, and (ii) in conjunction therewith, the so-called Cacimar Agreement, which encompasses a global settlement of issues by and among the Purchaser, the Additional Disclosure Entities, FirstBank, and the PdR Group Members related to the Purchased Assets. The Cacimar Agreement will be included in the Plan Supplement. According to the Plan, for the avoidance of doubt, the Sale will be made pursuant to a private sale in furtherance of the Term Sheet, and the Sale will not be subject to competitive bidding, public auction, or higher or otherwise better offers. The Plan segregates the various claims against and interests in the Debtor into six (6) Classes: Class 1 Priority Non-Tax Claims Unimpaired Deemed to Accept Class 2 FirstBank Secured Claim Impaired Deemed to Accept by Settlement Class 3 BPPR Secured Claim Unimpaired Deemed to Accept Class 4 Unsecured Claims Unimpaired Deemed to Accept Class 5 Intercompany/Insider Impaired Deemed to Accept by Settlement Class 6 Equity Interests Impaired Deemed to Accept by Settlement The Allowed FirstBank Secured Claim will be deemed satisfied through payment by the Purchaser to FirstBank on the Effective Date, in full and final settlement, satisfaction, and release of the FirstBank Secured Claim, the Consent Judgment, and any and all liens, guarantees, and security interests held by FirstBank in connection therewith, in Cash and in immediately available funds, in the amount of $40,750,000. BPPR will receive in full and final settlement, satisfaction, and release of the BPPR Secured Claim, direct Cash payment from the Purchaser in immediately available funds, equal to the Allowed amount of the BPPR Secured Claim. Class 4 General Unsecured Claims will receive, in full settlement, satisfaction, and release of such Claims, Cash from the Claims Reserve in an amount equal to the Allowed but unpaid portion of such Claims on or as soon as reasonably practicable after the Effective Date to the extent such Claims are Allowed. Pursuant to the settlement set forth in the Plan and in the Cacimar Agreement, all Intercompany Claims and Insider Claims will be deemed cancelled, released and extinguished as of the Effective Date, and holders of such Claims will not receive or retain any property or interest in property on account of such Claims. Class 6 Equity Interests will be retained by the Debtor's shareholders. A copy of the Joint Chapter 11 Plan is available at: http://bankrupt.com/misc/puertodelrey.doc99.pdf PBF-TEP Acquisitions, Inc., is represented by: FERNANDEZ, COLLINS, CUYAR & PLA P.O. Box 9023905 San Juan, PR 00902-3905 Tel: (787) 977-3772 Fax: (787) 977-3773 - and - CADWALADER, WICKERSHAM & TAFT LLP One World Financial Center New York, NY 10281 Tel: (212) 504-6000 Fax: (212) 504-6666 FirstBank Puerto Rico is represented by: REICHARD & ESCALERA P.O. Box 364148 San Juan, PR 00936-4148 Tel: (787) 777-8888 Fax: (787) 765-4225 - and - HOLLAND & KNIGHT LLP 701 Brickell Avenue, 30th Floor Miami, FL 33131 Tel: (305) 374-8500 Fax: (305) 789-7799 - and - HOLLAND & KNIGHT LLP 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel: 617-523-2700 Fax: 617-523-6850 About Puerto del Rey Puerto del Rey, Inc., a/k/a Marina Puerto Del Rey, filed a petition for Chapter 11 protection (Bankr. D.P.R. Case No. 12-10295) on Dec. 28, 2012, in Old San Juan, Puerto Rico, owing $43 million to secured lender First Bank Puerto Rico Inc. The 22-acre facility in Fajardo, Puerto Rico, has 918 wet slips and dry storage for 600 boats. Bankruptcy was designed to forestall creditors from attaching assets. In its amended schedules, the Debtor disclosed $99.9 million in assets and $44.6 million in liabilities as of the Petition Date. The Charles A. Cuprill, PSC Law Offices, in San Juan, Puerto Rico, represents the Debtor as counsel. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN ISLAND: Employees Upset by Request of Senior Executive ---------------------------------------------------------------- RJR News reports that Representatives of the governments of Jamaica and Trinidad & Tobago are to meet by early next month to resolve issues surrounding the operation of Caribbean Airlines Limited. In his contribution to the Sectoral Debate in Parliament on Tuesday, Dr. Omar Davies, Minister of Transport, works and Housing, said the problems with CAL have led to a cut in the number flights in and out of Jamaica, a move with which the Government of Jamaica disagrees, according to RJR News. RJR News relates that Trinidad's Guardian newspaper said employees at Caribbean Airlines Limited are upset after Vice Chairman Mohan Jaikaran requested 19 complimentary tickets for friends to attend a Mother's Day concert in New York and Toronto this weekend. RJR News notes that the directive has reportedly caused raised eyebrows among management, as two weeks ago there were reports that the air carrier had again turned to the Trinidad & Tobago Government for $100 million in funding. According to the Guardian, Mr. Jaikaran gave instructions via e-mail for the tickets to be booked free of charge, the report relates. The tickets are valued at US$20,000 dollars, the report notes. CAL officials on Tuesday said this was not the first time such a directive had been issued by a high-ranking airline official, adding that the entity is being denied thousands of dollars in revenue at the same time it is depending on the Government for help, the report discloses. In the meantime, sources say Robert Corbie, acting CEO of Caribbean Airlines, who had butted heads with some executives over recent decisions, has gone on seven days' leave, RJR News notes. Employees of the airlines are now calling for line minister Chandresh Sharma to investigate the operations of the airline, the report adds. About Caribbean Airlines 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. In 2010, Port of Spain and Kingston agreed to a deal that allowed the Jamaica government to own 16% of CAL as part of the conditions for CAL taking over the lucrative routes of Air Jamaica. The deal also allows for Trinidad and Tobago agreeing to a US$300 million transition plan for CAL to acquire and operate six Air Jamaica aircraft and eight of its routes. * * * 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 noted 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. *********** 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 * * *