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/raid1/www/Hosts/bankrupt/TCRLA_Public/130822.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, August 22, 2013, Vol. 14, No. 166 Headlines B R A Z I L BROOKFIELD INCORPORACOES: Posts 2Q and 1H Consolidated Results C A Y M A N I S L A N D S 5:15 FUND: Creditors' Proofs of Debt Due Sept. 2 5:15 MASTER: Creditors' Proofs of Debt Due Sept. 2 ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Sept. 11 ARLINGTON ENERGY: Creditors' Proofs of Debt Due Sept. 2 BOFRA INVESTMENT: Shareholders' Final Meeting Set for Aug. 30 CALIFORD INVESTMENTS: Shareholders Receive Wind-Up Report CLICQUOQQLEFLAIVE LTD: Placed Under Voluntary Wind-Up HALBIS U.S.: Creditors' Proofs of Debt Due Sept. 2 HANSEN LIMITED: Shareholders' Final Meeting Set for Aug. 30 INTERNATIONAL FUND: Creditors' Proofs of Debt Due Sept. 12 I-PREFERRED TERM: A.M. Best Affirms 'b' Rating on US$24MM Notes KARSCH CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 12 MA SELECT I: Shareholders' Final Meeting Set for Sept. 4 TRIAGE OFFSHORE: Creditors' Proofs of Debt Due Sept. 12 VOYAGER ADVANTAGE: Creditors' Proofs of Debt Due Sept. 2 VOYAGER ADVANTAGE MASTER: Creditors' Proofs of Debt Due Sept. 2 G U Y A N A CARIBBEAN AIRLINES: To Review Guyana Fare Structure J A M A I C A LIME JAMAICA: Subscribers Base Jump But Incurs JM$808MM Net Loss UC RUSAL: Incurs US$439 Million Loss in First Half 2013 * JAMAICA: Bank of Jamaica Says Credit Card Debt Up JM$24.6 Bil. M E X I C O * MEXICO: Economy Grows Less Than Expected as Industry Contracts T R I N I D A D & T O B A G O ARCELORMITTAL: Steel Workers Union Plans to Take Legal Actions X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =========== B R A Z I L =========== BROOKFIELD INCORPORACOES: Posts 2Q and 1H Consolidated Results -------------------------------------------------------------- Brookfield Incorporacoes S.A. revealed its consolidated results for the second quarter and first half of 2013. Second Quarter & First Half 2013 Highlights Strong Operating Results Operating results were strong, but financial results included adjustments related to the budget review process, combined with a one-time project write-off, resulting in a net loss of R$ 160. Sales Guidance on Track First half 2013 sales totaled R$ 1.3 billion, achieving almost half of the annual guidance Sales over Supply (SoS) Strong in Largest Region SoS was 17.6% in the second quarter 2013, versus 16.0% in the first quarter 2013. Sao Paulo, the Company's largest market, achieved SoS of 28.9% in the second quarter 2013 Record First Half Deliveries 32 projects or phases delivered in the first half 2013, totaling 6,915 units or R$ 1.5 billion in Potential Sales Value (PSV), compared with deliveries totaling R$ 1.8 billion in PSV in the full year 2012. First half 2013 deliveries represent 43% of the low end of 2013 guidance in terms of PSV. Substantial increase in 2H13 deliveries is expected Sales Terminations Contained Despite a 128% y-o-y rise in unit deliveries in the first half 2013, sales terminations increased just 10% over the same period to R$ 256.7 million Record First Half Mortgage Takeouts 3,266 contracts representing R$ 605.9 million (including prepayments) were transferred to financial institutions in the first half 2013, a 45% y-o-y rise in terms of amount Significant Decline in Cash Consumption Cash consumption was R$ 71., a substantial decline compared with R$ 211.3 million in the first quarter 2013. In the first half 2013, total cash consumption was R$ 282.7 million compared with R$ 508.7 million in the 1H12 Improved Debt Profile Rollover of working capital reduced the volume of maturing 2013 corporate debt to R$ 264.9 million from R$ 425.3 million previously. Compares with R$ 901 million in December 2012. * * * As reported in the Troubled Company Reporter-Latin America on July 4, 2013, Fitch Ratings has downgraded the long-term foreign and local currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) and its full subsidiary Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield SP) to 'B+' from 'BB-'. Fitch has also downgraded the companies' long-term national ratings to 'A(bra)' from 'A+(bra)'. ========================== C A Y M A N I S L A N D S ========================== 5:15 FUND: Creditors' Proofs of Debt Due Sept. 2 ------------------------------------------------ The creditors of 5:15 Fund, Ltd are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2013. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815 1418 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands 5:15 MASTER: Creditors' Proofs of Debt Due Sept. 2 -------------------------------------------------- The creditors of 5:15 Master Fund, Ltd are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2013. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815 1418 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Sept. 11 ----------------------------------------------------------- The creditors of Anthracite Balanced Company (40) Limited are required to file their proofs of debt by Sept. 11, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 24, 2013. The company's liquidator is: Simon Conway c/o Andrew Nembhard Telephone: (345) 914 8779 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands ARLINGTON ENERGY: Creditors' Proofs of Debt Due Sept. 2 ------------------------------------------------------- The creditors of Arlington Energy and Environment Offshore Fund, Ltd are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2013. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands BOFRA INVESTMENT: Shareholders' Final Meeting Set for Aug. 30 ------------------------------------------------------------- The shareholders of Bofra Investment Ltd. will hold their final meeting on Aug. 30, 2013, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945 8859 Facsimile: 949 9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CALIFORD INVESTMENTS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Califord Investments Ltd. received on Aug. 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945 8859 Facsimile: 949 9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CLICQUOQQLEFLAIVE LTD: Placed Under Voluntary Wind-Up ----------------------------------------------------- At an extraordinary general meeting held on July 31, 2013, the shareholder of Clicquoqqleflaive Ltd resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands HALBIS U.S.: Creditors' Proofs of Debt Due Sept. 2 -------------------------------------------------- The creditors of Halbis U.S. Credit Alpha Master Fund, Ltd. are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2013. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands HANSEN LIMITED: Shareholders' Final Meeting Set for Aug. 30 ----------------------------------------------------------- The shareholders of Hansen Limited will hold their final meeting on Aug. 30, 2013, 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: Fides Limited P.O. Box 10338 Grand Cayman KY1-1003 Cayman Islands Telephone: (345) 949 7232 P.O. Box 10338 Grand Cayman KY1-1003 Cayman Islands INTERNATIONAL FUND: Creditors' Proofs of Debt Due Sept. 12 ---------------------------------------------------------- The creditors of International Fund of Alternative Investments SPC are required to file their proofs of debt by Sept. 12, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2013. The company's liquidator is: Philip Mosely Cayman Management Ltd., Harbour Centre, Ground Floor PO Box 1569 42, North Church Street, George Town Grand Cayman KY1-1110 Cayman Islands Telephone: +1 (345) 949 4018 Facsimile: +1 (345) 949 7891 I-PREFERRED TERM: A.M. Best Affirms 'b' Rating on US$24MM Notes --------------------------------------------------------------- A.M. Best Co. has affirmed the debt ratings on a multi-tranche collateralized debt obligation (CDO) co-issued by two bankruptcy remote special purpose vehicles: I-Preferred Term Securities III, Ltd. (Cayman Islands) and I-Preferred Term Securities III, Inc. (Delaware) (collectively known as I-Preferred Term Securities III and issuers). The outlook for all ratings is stable. The principal balance of the rated notes are collateralized by a pool of trust preferred securities, surplus notes and secondary market securities (collectively, the capital securities), primarily issued by small- to medium-sized insurance companies. The capital securities are pledged as security to the notes. Interest paid by the issuers of the capital securities are the primary source of funds to pay operating expenses of the issuers and interest on the notes. Repayment of the note principal is primarily funded from the redemption of the capital securities. These rating actions primarily reflect: (1) the current issuer credit ratings (ICR) of the remaining issuers of the capital securities and the number of terminated capital securities; (2) a stress of up to 250% on the assumed marginal default rates of insurers (derived from Best's Idealized Default Rates of Insurers); (3) the amount of capital securities considered to be in distress; (4) recoveries of 0% after the default of the capital securities; and (5) qualitative factors such as the effect of interest rate pikes; subordination level associated with each rated debt tranche; the adjacency of very high investment grade ratings to very low non-investment grade ratings in the transaction's capital structure; and the possibility that additional redemptions of highly-rated entities will leave lower- rated companies in the collateral pool. The debt ratings could be upgraded or downgraded and/or the outlook revised if there are material changes in the ICR of the remaining insurance carriers, an increase in the number of defaulted capital securities or significant termination of the number of existing capital securities. The following debt ratings have been affirmed: I-Preferred Term Securities III -- "aaa" on $251.50 million Floating Rate Class A-1 Senior Notes Due November 5, 2033 -- "aaa" on $40.00 million Floating Rate Class A-2 Senior Notes Due November 5, 2033 -- "aaa" on $15.00 million Fixed/Floating Rate Class A-3 Senior Notes Due November 5, 2033 -- "aaa" on $10.00 million Fixed/Floating Rate Class A-3 Senior Notes Due November 5, 2033 -- "bb+" on $51.00 million Floating Class B-1 Mezzanine Notes Due November 5, 2033 -- "bb+" on $27.69 million Fixed/Floating Class B-2 Mezzanine Notes Due November 5, 2033 -- "bb+" on $57.50 million Fixed/Floating Class B-3 Mezzanine Notes Due November 5, 2033 -- "b" on $24.50 million Floating Rate Class C Mezzanine Notes Due November 5, 2033 These are structured finance ratings. KARSCH CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 12 -------------------------------------------------------------- The shareholder of Karsch Capital Management Dedicated Investor Fund Offshore, Ltd. will receive on Sept. 12, 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: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 MA SELECT I: Shareholders' Final Meeting Set for Sept. 4 -------------------------------------------------------- The shareholders of MA Select I Limited will hold their final meeting on Sept. 4, 2013, 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: Mark Longbottom c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 TRIAGE OFFSHORE: Creditors' Proofs of Debt Due Sept. 12 ------------------------------------------------------- The creditors of Triage Offshore Fund, Ltd. are required to file their proofs of debt by Sept. 12, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 24, 2013. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: NDL Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands VOYAGER ADVANTAGE: Creditors' Proofs of Debt Due Sept. 2 -------------------------------------------------------- The creditors of Voyager Advantage, Ltd. are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 23, 2013. The company's liquidator is: Ogier c/o Jennifer Parsons Telephone: (345) 815 1820 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands VOYAGER ADVANTAGE MASTER: Creditors' Proofs of Debt Due Sept. 2 --------------------------------------------------------------- The creditors of Voyager Advantage Master Fund, Ltd. are required to file their proofs of debt by Sept. 2, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 23, 2013. The company's liquidator is: Ogier c/o Jennifer Parsons Telephone: (345) 815 1820 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands =========== G U Y A N A =========== CARIBBEAN AIRLINES: To Review Guyana Fare Structure --------------------------------------------------- Miranda La Rose at Trinidad & Tobago Newsday reports that Caribbean Airlines Limited has assured the Guyana Government that it will review the airline's fare structure for Guyanese passengers using its service over the next few days. The assurance was given by CAL Board Chairman, Phillip Marshall, Chief Executive Officer Jagmohan Singh, and Corporate Secretary Nalini Lalla when they met in Georgetown, Guyana with senior Guyana Government and private sector officials, according to Trinidad & Tobago Newsday. The report relates that the meeting was held at the request of Guyana's Minister of Tourism, Industry and Commerce, Irfann Ali, after the country's Cabinet threatened to pull out its national carrier status it had given Caribbean Airlines over escalating high air fares, and poor service. Mr. Ali, the report notes, in recent weeks had accused Caribbean Airlines of forcing customers "to pay enormous prices" while "taking us for granted and reaping in great profits." However, the report relates that the issue of the withdrawal of the carrier status was not raised at the meeting. Caribbean Airlines has been the main airline flying between Guyana and New York since May when Delta Airlines withdrew, citing high fuel costs. Reports out of Guyana quoted Mr. Ali as saying that Guyana recognized the role that CAL has played in attempting to fill the gap in Guyana's airlift capacity, and noted the need for both CAL and the Guyana Government to improve to formulate a strategy that would define the way forward in the best interest of all stakeholders, the report discloses. According to Caribbean Airlines Corporate Communications Director Clint Williams, one of the specific concerns was the overall airfare structure which the Guyanese claimed, were extremely high, the report notes. Also raised, Mr. Williams said was the matter of the security screening of in transit Guyanese passengers at the Piarco International Airport, the report relays. The screening, Mr. Williams said was not instituted at the level of Caribbean Airlines, but was a requirement of the US Transportation and Safety Administration (TSA) for all passengers departing Trinidad and Tobago as a last stop before entry into the USA, the report notes. Mr. Marshall, the report discloses, has also recommended the establishment of a formal communication structure through which concerns could be quickly directed to Caribbean Airlines senior management. On Caribbean Airlines' application to launch flights originating from Georgetown to New York, Mr. Williams said that the US authorities were still considering that. Such direct flights, Mr. Williams said, would have a positive impact on air fares. At present CAL serves Guyanese passengers with flight from Georgetown to New York originating from Port-of-Spain, the report adds. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. 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-Latin America on May 20, 2013, Caribbean360.com said that Trinidad and Tobago Finance Minister Larry Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. TCRLA reported on March 21, 2012, that RJR News said 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. ============= J A M A I C A ============= LIME JAMAICA: Subscribers Base Jump But Incurs JM$808MM Net Loss ---------------------------------------------------------------- Jamaica Observer reports that consumers flocked to LIME Jamaica's mobile network but the company still recorded a JM$808-million net loss for the three months to June, or more than double year-earlier losses. The telecom's mobile subscriber base jumped nearly one-quarter as rates were slashed by some two-thirds in early June as part of a marketing campaign facilitated by regulatory rate cuts, according to Jamaica Observer. The report notes that LIME indicated that total revenues dipped 10 per cent to JM$4.3 billion due to fixed line and broadband declines but mobile revenues actually grew 10 per cent over the period. "We continued the encouraging progress in our mobile business with a 10 per cent increase in mobile services revenue over the same period," the report quoted LIME Jamaica Chief Executive Officer Garry Sinclair as saying. The report notes that the reduction in LIME rates actually preceded a regulatory adjustment by the Office of Utilities Regulation (OUR). Mr. Sinclair, the report discloses, explained that the fixed line business continues to suffer declines due to the "diminishing subscriber base and a reduction in the fixed termination rate which was effective from June 2012". Broadband revenues declined by 11 per cent as a result of net reduction in subscribers and the introduction of low priced packages such as browse and talk, said Mr. Sinclair, the report says. LIME Jamaica recorded a JM$4.9-billion total loss for its March 2013 year end compared with a JM$20-billion loss a year earlier, the report adds. About LIME Jamaica Headquartered in Kingston, Jamaica, LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) is a subsidiary of Cable & Wireless plc. The company is involved in providing domestic and international telecommunications services to both individual and businesses enterprise customers. UC RUSAL: Incurs US$439 Million Loss in First Half 2013 -------------------------------------------------------- RJR News reports that UC Rusal, a major stakeholder in amaica's mining sector, has reported a net loss of US$439 million for the first half of 2013. It made a US$1 million profit during the corresponding period last year, according to RJR News. The report relates that UC Rusal cited falling prices, an excess global supply and economic uncertainty. RJR News relays that the company also said revenue for the six months to June 30 fell 8.8 per cent year-on-year to US$5.2 billion. The report notes that the total aluminum output over the six months was two thousand tons, down 4.5 per cent, as the company moved to reduce production. In the meantime, the report discloses, Rusal said it now plans to reduce production this year by nine per cent year or 357,000 tons, which is 57,000 tons more than previously forecast. The company will shut down one smelter near St Petersburg and suspend production at a number of other facilities, RJR News relates. The report notes that UC Rusal said lower inflation forecasts and slower growth in China, as well as the expected wind-down of the US Federal Reserve's stimulus program, were putting pressure on metal prices. At the London Metal Exchange, the average price of aluminum in the first half of the year dropped to US$1,835 dollars per ton from US$1,978 in 2012, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on April 25, 2013, RJR News reported that UC Rusal said its financial losses for 2012 were bigger than initially reported. The company has revised its net loss to US$337 million from the US$55 million US dollar loss reported the previous month, according to RJR News. The report related that UC Rusal said the adjustment was made after reviewing its share of profit from its subsidiary Norilsk Nickel. UC Rusal, the report added, said the adjusted financial statements have been reviewed by its auditor. TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal expects to reach a deal with its lenders within six months to refinance part of an US$11 billion debt burden. It said it will agree to new loan conditions by the end of 2012 before its covenant holiday expires, according to RJR News. * JAMAICA: Bank of Jamaica Says Credit Card Debt Up JM$24.6 Bil. ---------------------------------------------------------------- RJR News reports that the Bank of Jamaica said credit card debt rose to JM$24.6 billion at the end of June. The figure marks an increase of more than JM$2 billion in credit card debt since the start of the year, according to RJR News. The report relates that about 80 percent of credit card debt is held in local currency. =========== M E X I C O =========== * MEXICO: Economy Grows Less Than Expected as Industry Contracts ---------------------------------------------------------------- Nacha Cattan and Eric Martin at Bloomberg News report that Mexico's economy grew less than forecast by any of the analysts surveyed by Bloomberg in the second quarter as industrial production declined on a sluggish U.S. recovery. Gross domestic product expanded 1.5 percent from the year earlier, rebounding from a revised 0.6 percent growth rate in the previous three months, the National Statistics Institute said, according to Bloomberg News. The median estimate of 17 economists surveyed by Bloomberg was for growth of 2.3 percent, the report relates. Bloomberg News notes that the economy contracted 0.7 percent from the previous quarter. Bloomberg News discloses that the central bank cut its growth forecast for this year to between 2 percent and 3 percent this month from 3 percent to 4 percent on stagnant exports to the U.S. and muted public spending. Growth will accelerate in both the third and fourth quarters, rising to 4 percent next year as the U.S. recovery strengthens and the government passes key economic reforms, according to the median estimate in a Bloomberg survey. Industrial production fell 0.6 percent in the second quarter from the year earlier, the statistics agency also said, Bloomberg News notes. The construction sector contracted 4 percent over the same period amid a drop in government spending, Bloomberg News relays. Bloomberg News discloses that Mexican exports increased just 0.6 percent in the first six months of the year, the slowest start to a year since the 2009 recession and compared with 7 percent growth in the first half of 2012. Central Bank Governor Agustin Carstens said Aug. 7 that a slowdown in government spending had hurt the construction sector, Bloomberg News relays. The trend should reverse in the second half of the year as public spending picks up, Mr. Carstens said, Bloomberg News adds. =============================== T R I N I D A D & T O B A G O =============================== ARCELORMITTAL: Steel Workers Union Plans to Take Legal Actions -------------------------------------------------------------- Richardson Dhalai at Trinidad & Tobago Newsday reports that the Steel Workers Union of Trinidad and Tobago plans to take legal action against multinational steel giant, ArcelorMittal, for not addressing concerns about employees who suffered injuries at its facility at the Point Lisas Industrial Estate. However, in an immediate response, Arcelor Mittal representative, Mohammed Fazad, described the union's accusations as inaccurate saying the care of its employees was a top priority and the company was fully compliant with the recommendations of an independent team of doctors regarding injuries sustained by employees, according to Trinidad & Tobago Newsday. The report notes that during a media conference at the union's headquarters on Southern Main Road, California, chief labor relations officer, Timothy Bailey, called on Minister of Health Dr. Fuad Khan and Minister of Labor Errol McLeod to probe the "unsatisfactory treatment being administrated to employees who have suffered work related injuries and conditions arising out of their employment with the company." "Some of the complaints lodged by our members are that the top management of the company locally is attempting to classify injury leave as sick leave and ultimately classify the individual's conditions and personal," the report quoted Mr. Bailey as saying. Mr. Bailey said workers were also reporting that they were being placed on light duty while on injury leave saying the position of light duty did not exist in any of the classifications of the collective agreements, the report notes. "The most disturbing complaint thus far is that personnel from the healthcare department with the support of the company's senior management are not acknowledging the specialist's advice and pronouncement in relation to patients under their care," he said. However, in a telephone interview, Mr. Fazad disputed the union's claim saying the health care unit had an obligation to follow the recommendations by doctors regarding the employees, the report relays. Mr. Fazad, the report discloses, also noted that once workers had been deemed fit to return to work, there was a gradual reintroduction into the environment. SWU acting president, Kubir Teeluck said the union may have to assist the injured workers by taking the matter of their compensation and other benefits to the High Court saying their attorneys were also seeking to "take whatever action necessary" in the civil courts, the report adds. ArcelorMittal is the world's largest steel company. It operates more than 60 integrated and minimill steel-making facilities in over 20 countries. For the 12 months ended September 30, 2012, ArcelorMittal shipped 84 million tonnes of steel and had sales of US$87 billion. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 15, 2013, Standard & Poor's Ratings Services said that it has affirmed its 'BB+' long-term and 'B' short-term corporate credit ratings on Luxembourg-registered steel group ArcelorMittal. The outlook remains negative. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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 * * *