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/raid1/www/Hosts/bankrupt/TCRLA_Public/130828.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 Wednesday, August 28, 2013, Vol. 14, No. 170 Headlines A N T I G U A & B A R B U D A LIAT: Lands Safely in Barbados Following Main Wheel Failure A R G E N T I N A * ARGENTINA: Reopens Debt Swap for Second Time B R A Z I L OGX: Petronas Says Oil Field Deal Hinges on Debt Restructuring C A Y M A N I S L A N D S A D GULAB: Creditors' Proofs of Debt Due Sept. 24 ABELLIO INVESTMENTS: Creditors' Proofs of Debt Due Sept. 25 ARLINGTON ENERGY: Member to Hear Wind-Up Report on Sept. 16 CAMOMILE LIFFEY: Creditors' Proofs of Debt Due Sept. 25 CLICQUOQQLEFLAIVE LTD: Member to Hear Wind-Up Report on Sept. 17 CREATIVE DRAGONS: Creditors' Proofs of Debt Due Sept. 17 DEDALO CAPITAL: Members' Final Meeting Set for Sept. 3 GLADIATOR FUND: Creditors' Proofs of Debt Due Sept. 24 INTERNATIONAL FUND: Members' Final Meeting Set for Sept. 13 OLNEY HOLDINGS: Creditors' Proofs of Debt Due Sept. 25 PINEBANK CATALYST: Creditors' Proofs of Debt Due Sept. 16 PINEBANK CATALYST MASTER: Creditors' Proofs of Debt Due Sept. 16 PLAYA CARIBE: Creditors' Proofs of Debt Due Sept. 24 SUNRISE CAPITAL: Creditors' Proofs of Debt Due Oct. 8 ZHENZHONG AUTO: Placed Under Voluntary Wind-Up J A M A I C A * JAMAICA: IMF Gives Review of Supported Program Under EFF T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Pilots Take Airline to Court V E N E Z U E L A CARIBBEAN CEMENT: Trinidad Cement Eyes Venezuelan Market - - - - - ================================ A N T I G U A & B A R B U D A ================================ LIAT: Lands Safely in Barbados Following Main Wheel Failure ----------------------------------------------------------- Caribbean360.com reports that Leeward Islands Air Transport (LIAT) confirmed that one of its aircraft on a flight from Guyana to Barbados landed safely at the Grantley Adams International Airport after experiencing a "main wheel failure during takeoff". It said the landing of flight LI 774 with 43 passengers on board was "uneventful" and the "aircraft is being examined by the company's maintenance department and will undergo the various checks stipulated by the manufacturer before it is returned to service," according to Caribbean360.com. The report notes that over the past few weeks, LIAT has been experiencing a number of problems with passengers complaining of being left stranded at airports across the region. The report discloses that LIAT announced that its service is "expected to improve significantly with the return of a new plane to its network". Earlier this month, a prominent Dominican businessman accused LIAT of contributing to the damage of fragile economies in the Caribbean through its poor service, the report relays. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= * ARGENTINA: Reopens Debt Swap for Second Time ---------------------------------------------- Taos Turner at The Wall Street Journal reports that Argentina's government will reopen a 2005 debt swap for a second time after an adverse ruling in a New York court. The move, unveiled by President Cristina Kirchner, comes as the government deals with the fallout from a U.S. court decision that ordered Argentina to pay a group of so-called holdout bondholders 100% of the roughly US$1.33 billion they are owed in principal and accrued interest, according to The Wall Street Journal. The WSJ notes that the President Kirchner administration has refused to pay the holdouts, saying they don't deserve 100% of what they are owed under U.S. law. Argentina defaulted on its debt at the end of 2001, and in 2005 and 2010 it offered to pay bondholders only a third of what they were owed on the defaulted debt, The WSJ recalls. The WSJ discloses that though 93% of bondholders eventually accepted Argentina's terms, others, such as the group of holdouts who were favored in the decision, held out hope for a better offer. The offer never came, and President Kirchner indicated that her government wouldn't comply with the court order, even if it is upheld by the U.S. Supreme Court, The WSJ relays. The WSJ says that the move to reopen the debt-restructuring process for a second time appears aimed at ensuring that Argentine payments to overseas bondholders don't get embargoed by the U.S. court. Argentina will invite investors holding foreign-law bonds to swap them for new debt that would be paid under local legislation in Argentina, The WSJ relates. The WSJ notes that offering bondholders the option of collecting on their debt in Argentina could avoid that risk. Mrs. Kirchner said her government is deeply committed to paying its debt and that the U.S. appeals-court decision "is a bit unfair to Argentina," The WSJ discloses. The WSJ notes that by reopening the debt swap, Argentina is also giving the 7% of bondholders who didn't participate in the previous debt restructurings an opportunity to do so now. While the appeals court ruled against Argentina, it delayed implementation of its decision until the U.S. Supreme Court can decide whether to review the case, The WSJ says. "The decision of the U.S. Supreme Court will affect not only Argentina but the entire financial world," Mrs. Kirchner said, indicating that such a ruling could make it harder for other countries to restructure their debts in the future, The WSJ adds. =========== B R A Z I L =========== OGX: Petronas Says Oil Field Deal Hinges on Debt Restructuring -------------------------------------------------------------- Chong Pooi Koon at Bloomberg News reports that Petroliam Nasional Bhd., Malaysia's state oil company, said its purchase of share in a field owned by OGX Petroleo e Gas Participacoes SA will hinge on the Brazilian oil producer's debt restructuring plan. The company, known as Petronas, has yet to complete the transaction after agreeing in May to pay US$850 million for a 40 percent stake in two blocks of the Tubarao Martelo field off Brazil to Eike Batista's OGX, Chief Executive Officer Shamsul Azhar Abbas said, according to Bloomberg News. Petronas isn't involved in OGX's debt restructuring, Mr. Abbas said, Bloomberg News relates. "The deal is still pending full clarity with regard to the restructuring exercise. . . . OGX hasn't met the condition precedent. The debt restructuring has to happen first," Bloomberg News quoted Mr. Abbas as saying. Bloomberg News says that bondholders of OGX, which may run out of cash this month, hired Rothschild to advise on a debt restructuring, a person with direct knowledge of the matter said this month, asking not to be identified because the selection process is private. Mr. Batista is raising cash and selling pieces of his companies after his estimated fortune plummeted to less than US$1 billion from US$34.5 billion in March last year on missed production and profit targets, according to the Bloomberg Billionaires Index. Based in Rio de Janeiro, Brazil, OGX is an independent exploration and production company with operations in Latin America. * * * As reported in the Troubled Company Reporter-Latin America on July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2 and OGX Austria GmbH's senior unsecured notes ratings to Ca from Caa2. The rating outlook remains negative. ========================== C A Y M A N I S L A N D S ========================== A D GULAB: Creditors' Proofs of Debt Due Sept. 24 ------------------------------------------------- The creditors of A D Gulab (Grand Cayman) are required to file their proofs of debt by Sept. 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 26, 2013. The company's liquidator is: Richard John Luce Telephone: +44 (1534) 702800 Facsimile: +44 (1534) 702870 43/45 La Motte Street St Helier, Jersey JE4 8SD Channel Islands ABELLIO INVESTMENTS: Creditors' Proofs of Debt Due Sept. 25 ----------------------------------------------------------- The creditors of Abellio Investments Limited are required to file their proofs of debt by Sept. 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 5, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 ARLINGTON ENERGY: Member to Hear Wind-Up Report on Sept. 16 ----------------------------------------------------------- The member of Arlington Energy and Environment Offshore Fund, Ltd will receive on Sept. 16, 2013, at 2:00 p.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 CAMOMILE LIFFEY: Creditors' Proofs of Debt Due Sept. 25 ------------------------------------------------------- The creditors of Camomile Liffey Investments (UK) Ltd are required to file their proofs of debt by Sept. 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 6, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 CLICQUOQQLEFLAIVE LTD: Member to Hear Wind-Up Report on Sept. 17 ---------------------------------------------------------------- The member of Clicquoqqleflaive Ltd will receive on Sept. 17, 2013, 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 CREATIVE DRAGONS: Creditors' Proofs of Debt Due Sept. 17 -------------------------------------------------------- The creditors of Creative Dragons SPC are required to file their proofs of debt by Sept. 17, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2013. 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 DEDALO CAPITAL: Members' Final Meeting Set for Sept. 3 ------------------------------------------------------ The members of Dedalo Capital Management Limited will hold their final meeting on Sept. 3, 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: Jeffrey Skinner Telephone: +350 (200) 52545 Facsimile: +350 (2000 52546 e-mail: info@fidux.com Suite 207 Neptune House Marina Bay Gibraltar GLADIATOR FUND: Creditors' Proofs of Debt Due Sept. 24 ------------------------------------------------------ The creditors of The Gladiator Fund are required to file their proofs of debt by Sept. 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2013. The company's liquidator is: Lai Yue Cheong Lawrence New Victory House Room 807, 8th Floor 93-103 Wing Lok Street Hong Kong INTERNATIONAL FUND: Members' Final Meeting Set for Sept. 13 ----------------------------------------------------------- The members of International Fund of Alternative Investments SPC will hold their final meeting on Sept. 13, 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: 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 e-mail: general@caymanmanagement.ky OLNEY HOLDINGS: Creditors' Proofs of Debt Due Sept. 25 ------------------------------------------------------ The creditors of Olney Holdings Limited are required to file their proofs of debt by Sept. 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 5, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 PINEBANK CATALYST: Creditors' Proofs of Debt Due Sept. 16 --------------------------------------------------------- The creditors of Pinebank Catalyst Fund, Ltd. are required to file their proofs of debt by Sept. 16, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 5, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PINEBANK CATALYST MASTER: Creditors' Proofs of Debt Due Sept. 16 ---------------------------------------------------------------- The creditors of Pinebank Catalyst Master Fund, Ltd. are required to file their proofs of debt by Sept. 16, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 5, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PLAYA CARIBE: Creditors' Proofs of Debt Due Sept. 24 ---------------------------------------------------- The creditors of Playa Caribe are required to file their proofs of debt by Sept. 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 16, 2013. The company's liquidator is: Gary Sparks 805 University Ave. Sacramento CA 95825 USA Telephone: +1 (345) 914 6365 SUNRISE CAPITAL: Creditors' Proofs of Debt Due Oct. 8 ------------------------------------------------------ The creditors of Sunrise Capital Limited are required to file their proofs of debt by Oct. 8, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 25, 2013. The company's liquidator is: Lion International Management Limited P.O. Box 71 Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Tel: (441) 299 6482 Fax: (441) 299 6526 ZHENZHONG AUTO: Placed Under Voluntary Wind-Up ---------------------------------------------- On Aug. 5, 2013, the Grand Court of Cayman Islands entered an order to wind up the operations of Zhenzhong Auto Components Limited. The company's liquidator is: Kenneth M. Krys Krys Global, Governors Square Building 6, 2nd Floor, 23 Lime Tree Bay Avenue PO Box 31237 Grand Cayman KY1-1205 c/o Noku Mhlanga Telephone (345) 947 4700 e-mail: Noku.Mhlanga@KRyS-Global.com ============= J A M A I C A ============= * JAMAICA: IMF Gives Review of Supported Program Under EFF ---------------------------------------------------------- An International Monetary Fund (IMF) mission visited Jamaica during August 14-23, 2013 to conduct discussions on the first review of Jamaica's IMF-supported program under the Extended Fund Facility (EFF). The mission met with the Minister of Finance, Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter, Financial Secretary Devon Rowe, senior government officials, and representatives of the private sector and civil society. At the conclusion of the mission, Jan Kees Martijn, the Fund's mission chief for Jamaica, issued the following statement in Kingston: "Discussions during the mission focused on economic performance thus far under the program, near-term economic challenges, and the policy program for 2013/14 and beyond. The mission reached staff- level understandings with the authorities on a set of economic policies detailed in an updated Letter of Intent. "Recent economic developments mostly confirm the challenges of the Jamaican economy. Economic activity is estimated to have contracted by 0.7 percent in FY2012/13, with a further decline from April to June. The reported unemployment rate increased to 16.3 percent at end-April 2013, driven by a sharp increase in the labor force. Inflation reached 9.7 percent (year-over-year) in July 2013. Net international reserves increased to almost US$1 billion by end-June (and gross reserves estimated at about 3 months of imports), although reserves have declined since then in line with the seasonal pattern. Fiscal performance for FY2012/13 and during the first quarter of the current fiscal year outperformed projections, with the central government primary surplus improving to 5.4 percent of GDP in FY2012/13. The authorities' four-year economic program aims to improve Jamaica's fiscal and debt position and competitiveness, and create the conditions for sustained economic growth. "Overall policy implementation thus far under the program has been strong and structural reforms are progressing. All quantitative performance targets and indicative targets for end-June were met, including the floor on social spending. For FY 2013/14, a budget that targets a central government primary surplus of 7.5 percent of GDP has been adopted and is now being implemented. The Government continues to implement its decision to strictly limit the granting of discretionary waivers. Several legislative amendments have been adopted to bolster tax administration, and the resources of the large taxpayers office have been increased. All other structural benchmarks to date have also been met in a timely manner. A conceptual framework for a fiscal rule that will help lock in the gains from fiscal consolidation over the longer term is expected to be ready by the end of this month. "Key elements of the authorities' updated program are: * The adoption of fundamental tax reform before the next fiscal year, designed to broaden the tax base, simplify the tax system, reduce tax rates, and reduce economic distortions and support growth. Tax reform is programmed to commence with an Omnibus Incentive Tax Act and a Charities Bill, to be tabled in parliament before end-September. The tax incentives legislation is expected to replace and streamline the many existing sectoral incentive schemes by a rules-based regime for limited tax incentives. * Steadfast implementation of the government's strategy to increase growth by improving the business environment and pursuing strategic investments. * Further actions to make the financial sector more resilient, through enhanced supervision and monitoring, and with phased reforms of the securities dealers sector. * Strengthening the social protection framework, with enhanced efforts to move recipients from welfare to work, and the recent increase in PATH benefits. "These staff level understandings are subject to approval by the IMF's Management and Executive Board. Provided that performance remains strong, Board consideration of the first review of Jamaica's IMF-supported program under the EFF could take place late September. Upon approval, SDR 19.97 million (about US$30 million) would be made available to Jamaica. "The mission expresses its deep appreciation to the authorities and technical staff for their excellent cooperation." =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Pilots Take Airline to Court ------------------------------------------------ RJR News reports that legal action has been taken against Caribbean Airlines Limited for hiring foreign pilots including Jamaicans without work permits. Two former pilots of BWIA West Indies Airways have sought judicial review, according to RJR News. The report notes that the application for leave has been filed by Captain Anthony Hamilton and Roger Bridgeman in Trinidad's High Court. RJR News relates that the pilots claim CAL hired six pilots and six co-pilots in contravention of Trinidad and Tobago immigration laws. The report says that the pilots' position is that they have been unfairly overlooked for employment while CAL hired foreign workers. In their affidavits, the pilots claim that having employed pilots without valid Trinidad and Tobago work permits, CAL is at risk of being downgraded as an airline in breach of Federal Aviation Authority or European Aviation Safety Regulation, RJR News discloses. * * * 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. ================= V E N E Z U E L A ================= CARIBBEAN CEMENT: Trinidad Cement Eyes Venezuelan Market -------------------------------------------------------- RJR News reports that Trinidad Cement Limited, the parent company of Caribbean Cement Company Limited is eyeing Venezuela as a new market for its products based on a verbal agreement between Jamaica and Venezuela, to supply of 200,000 metric tons of clinker over the next 12 months. Clinke, one of the raw materials used in cement production, will be supplied under the Petrocaribe agreement, according to RJR News. TCL said that although the current quantity on order is small, it is hopeful, that will help it to break into the Venezuelan market, RJR News notes. The report relates that Carib Cement has been pushing to increase exports in recent years, to counter a soft domestic market; and has seen strong growth in export markets. Caribbean Cement Company Limited manufactures and sells cement. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 18, 2011, Caribbean Cement Company Limited has incurred a JM$608.08 million loss in the three months ended April to June 2011 from JM$217.95 million loss in the same period last year. The company incurred JM$857.56 million loss in the six months ended January to June 2011 from a JM$213.40 million in the same period 2010. Caribbean Cement posted a JM$1.58 billion loss in the year ended 2010. *********** 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 * * *