/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/131113.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, November 13, 2013, Vol. 14, No. 225 Headlines A R G E N T I N A BANCO SUPERVIELLE: Fitch Gives Issuer Default Ratings of 'B-' TARJETA NARANJA: Fitch Affirms 'B-' Issuer Default Ratings B R A Z I L BR PROPERTIES: S&P Puts 'BB' Global Scale Corporate Credit Rating CAMARGO CORREA: Targets Ghana Power Plans B O L I V I A * BOLIVIA: IDB Okays US$57MM Loan to Boost Income of Families C A Y M A N I S L A N D S AGILENT TECHNOLOGIES: Shareholders' Final Meeting Set for Nov. 29 BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14 BCRE PORTFOLIO: Shareholders' Final Meeting Set Today CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29 CREDIT ASIA: Shareholders' Receive Wind-up Report GLOBAL FUND: Shareholders' Final Meeting Set for Nov. 29 GUANAY FINANCE 2013-1: Fitch Rates $450MM Sr. Sec. Notes BB+ IPSWICH STREET: Shareholders' Final Meeting Set for Nov. 29 KE HARMONY: Shareholders' Final Meeting Set for Nov. 29 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Top Officials Admit US$521.4MM Debt Too High J A M A I C A LIME JAMAICA: Incurs J$604 Million Losses for July to September P E R U * PERU: IDB OKs US$20MM Loan to Edyficar to Fund Housing Program P U E R T O R I C O INSTITUTO MEDICO: Seeks to Pay Employee Wages & Benefits T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Makes Profit During Peak Summer Months X X X X X X X X * Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10 - - - - - ================= A R G E N T I N A ================= BANCO SUPERVIELLE: Fitch Gives Issuer Default Ratings of 'B-' ------------------------------------------------------------- Fitch Ratings has published foreign and local currency long-term Issuer Default Ratings (IDRs) of 'B-' and assigned short-term IDRs of 'B' to Argentina's Banco Supervielle S.A. The long-term rating Outlook is Negative, in line with that of the sovereign and most of the country's rated banks. In addition, Fitch has assigned a Viability Rating (VR) of 'b-' to Banco Supervielle, Support Rating (SR) and Support Rating Floor (SRF) of '5' and 'NF', respectively; as well as a Recovery Rating of 'RR5' to the global subordinated debt. Fitch also affirmed Banco Supervielle's global subordinated debt for USD50 million due 2017 at 'CCC/RR5', one notch below the bank's long-term local currency IDR. Key Rating Drivers: Banco Supervielle's VR and IDRs are driven by the adverse economic and operating environment, and the relatively tight loss absorption capacity in the form of core capital and/or loan loss reserves, but also considering the bank's strong profitability, sound and stable asset quality, good funding and liquidity profile, and gradually strengthening franchise. The adverse economic, operating, and regulatory environment also underpins the SR and SRF of '5' and 'NF', since Fitch considers that external support for Banco Supervielle, in case of need, cannot be relied upon under current circumstances, as is the case of most Argentine banks. The 'CCC/RR5' rating of Banco Supervielle's subordinated debt reflects that these securities are plain-vanilla subordinated liabilities, without any deferral feature on coupons and/or principal. Therefore, these are notched only once to reflect the below average expected recoveries for these bonds in case of bank liquidation. Rating Sensitivities: Downside risk to Banco Supervielle's IDRs and VR could stem from a sovereign rating downgrade and/or a material deterioration of the operating environment for financial institutions. Under current circumstances, Fitch considers unlikely that Argentine banks could be rated above the sovereign. In turn, Banco Supervielle's IDRs and VR could be negatively affected by a Fitch core capital ratio below 3% and/or operating losses coupled with aggressive loan growth or rapidly deteriorating asset quality. On the other hand, Fitch does not envision positive rating actions for Argentine banks in the near future. However, if the sovereign rating is eventually upgraded, Banco Supervielle's IDRs and VR would only be upgraded if accompanied by a stronger loss absorption capacity, with a Fitch core capital ratio and/or consolidated loan reserve coverage above 8% and 100%, respectively. Fitch considers that the upside potential for Banco Supervielle's SR and SRF is virtually inexistent in the foreseeable future, since this would be contingent on a material improvement of the political, operating, and regulatory environment, coupled with a sustained strengthening of the bank's systemic importance. The rating of the subordinated debt will likely remain one notch below Banco Supervielle's local currency long-term IDR under most circumstances, meaning that this issue rating would move accordingly with any change in the bank's IDRs. Fitch published the following ratings: Banco Supervielle: --Foreign and local currency long-term IDRs at 'B-'; Outlook Negative. Fitch has assigned the following ratings: Banco Supervielle: -- Viability Rating at 'b-'; -- Foreign and local currency short-term IDRs at 'B'; -- Support Rating at '5'; -- Support Rating Floor at 'NF'; -- Recovery Rating to the Subordinated Debt at 'RR5'. Fitch has affirmed the following rating: Banco Supervielle: -- Subordinated debt at 'CCC'. TARJETA NARANJA: Fitch Affirms 'B-' Issuer Default Ratings ---------------------------------------------------------- Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) of Argentina's Tarjeta Naranja S.A. (TN) and Tarjetas Cuyanas S.A. (TC) at 'B-' and their Short-term IDRs at 'B'. The Rating Outlook for the long-term ratings is Negative, in line with that of the sovereign and most of the country's rated financial institutions. In addition, Fitch has affirmed TN's global senior debt for USD200 million at 'B-'. Fitch also affirms at '5' and subsequently withdraws the support rating for both entities. A full list of rating actions follows at the end of this release. Key Rating Drivers: TN's and TC's IDRs are affected by the adverse and uncertain operating environment that financial institutions are facing in Argentina, while their financial profiles are robust. The parent company for both entities, Tarjetas Regionales, has a strong and growing franchise, being the largest credit card issuer in Argentina and one of the top players in Latin America. Both TN and TC show ample loss absorption capacity (sound equity bases, strong capacity to internally generate equity, and sizeable loan loss reserves); high and stable recurring operating profitability; asset quality figures that are resilient throughout the cycle and adequate relative to their business models; and good funding and liquidity profiles. The withdrawal of the '5' support ratings is a consequence of Fitch's practices to assign this type of ratings only to banks or bank holding companies. Rating Sensitivities: Downside risk to TN's and TC's ratings could stem from a sovereign rating downgrade and/or a material deterioration of the operating environment for financial institutions. Under current circumstances, Fitch considers unlikely that Argentine financial institutions could be rated above the sovereign, especially private sector companies with foreign debt that are exposed to the Central Bank's willingness and ability to provide USD in order to serve such liabilities, as is the case of TN. In Fitch's view, TN's and TC's ratings are currently capped by the sovereign rating, so the companies' ratings could improve to some extent if the former is eventually upgraded, provided that they maintain their currently sound financial profiles. Credit Profiles: TN and TC maintain a sound and recurring operating performance, driven by their wide interest margins and, more importantly, the ample and stable fee income sourced from both its acquiring and merchant businesses. Despite the inherently high costs of this model, both companies have maintained non-interest expenses and loan provisions well controlled, driving robust recurring operating ROAAs (6M13: 7.7% for TN and 10.8% for TC). TN has wider margins arising from its larger scale, while TC's performance reflects its relatively better contained credit costs recently. Nonetheless, the possibility of increased intervention and controls in this business line cannot be ruled out. TN and TC have ample capital bases and sound capacity to internally generate equity. As of June 2013, the equity to assets ratio remained at sound levels of 18.8% and 18.3%, respectively. Fitch's more stringent definition of core capital, which excludes intangibles and deferred tax assets, were also robust at 15.9% and 15.7% of total assets, respectively. Moreover, dividend pay-out and the approach for loan loss provisioning are also conservative. In Fitch's view, the impairment and charge-offs ratios as of June 2013 remain reasonable. The upward trend in TN's impaired loans mainly arises from the exceptionally low levels recorded in these metrics during the more buoyant 2011 period. Despite their mono- line nature, Fitch's regards positively TN's and TC's approach to monitor and control systematic risks. TN and TC have strong and stable funding profiles, composed of payables to merchant businesses, local issues of short- and medium-term unsecured notes, and bank facilities. The overall duration of liabilities is twice the duration of average loans (8 versus 4 months, respectively). However, TN's ability to repay the principal of its USD200m global notes is heavily reliant on macroeconomic and political developments. TN and TC are 99.0%-owned by Tarjetas Regionales (TR), the largest credit card issuer in Argentina and one of the largest in Latin America. Broadly speaking, TN accounts for roughly 80% of TR's business volumes, revenues, and earnings, with TC making almost the remainder 20%. At present, Banco Galicia, one of the two largest privately-owned Argentine banks, owns 77% of TR, while the balance is held by the original shareholders of both TN and TC. TN also holds a 24% stake of Tarjeta Naranja Peru SA, a company created in July 2011, through a joint venture with Banco de Credito del Peru. Fitch affirms the following ratings: Tarjeta Naranja S.A. -- Long-term local and foreign currency Issuer Default Rating (IDR) at 'B-'; Negative Outlook; -- Short-term local and foreign currency IDRs at 'B'; -- USD200 million senior unsecured bonds at 'B-/RR4'. Tarjetas Cuyanas S.A. -- Long-term local currency Issuer Default Rating (IDR) at 'B-'; Negative Outlook; -- Short-term local currency IDR at 'B'; Fitch affirms and withdrew the following ratings: Tarjeta Naranja S.A. -- Support Rating of '5'. Tarjetas Cuyanas S.A. -- Support Rating of '5'. =========== B R A Z I L =========== BR PROPERTIES: S&P Puts 'BB' Global Scale Corporate Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'brAA' national scale debt rating to BR Properties S.A.'s proposed R$400 million senior unsecured notes. The notes will rank equal to the company's other unsecured and unsubordinated debt. S&P expects BR Properties to use the proceeds to improve its capital structure, by paying down short-term debt as it comes due, and extend its debt amortization schedule. The 'BB' global scale corporate credit rating on BR Properties reflects S&P's assessment of the company's "satisfactory" business risk profile and "significant" financial risk profile. Supporting factors are the company's high quality portfolio of properties and a favorable leasing profile across different industries. Offsetting these rating strengths is its somewhat high leverage as a result of an aggressive expansion in the last two years. The positive outlook reflects our expectation that the company's debt metrics will improve while cash flow generation continues to increase as the company concludes capital expenditures and consolidates new properties into its portfolio. RATINGS LIST BR Properties S.A. Corporate credit rating Global scale BB/Positive/-- National scale brAA/Positive/-- Rating Assigned BR Properties S.A. R$400M sr. unsec. notes brAA CAMARGO CORREA: Targets Ghana Power Plans ----------------------------------------- Pauline Bax at Bloomberg News reports that Brazilian Ambassador Irene Vida Gala said Camargo Correa SA will consider bidding on hydro-power projects in Ghana, where the government plans to spend $4.5 billion to double power capacity. The company will be the fifth construction company from Latin America's largest economy to operate in Ghana, Ms. Vida Gala told Bloomberg News in an interview in Accra. "They are already in talks to come and establish a company and offices here. Its preliminary talks but they will come," Bloomberg News quoted Ms. Vida Gala as saying. "They are going very much into what they are good in: electric generation of hydroelectric power," Ms. Vida Gala added, Bloomberg News notes. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 5, 2010, Standard & Poor's Ratings Services affirmed its 'BB' ratings on Camargo Correa S.A. (Camargo). At the same time, S&P affirmed its 'BB' ratings on its cement subsidiaries InterCement Brasil S.A. (Intercement) and Cimpor Cimentos de Portugal, S.G.P.S., S.A. (Cimpor) and revised the outlook on all entities to positive. ============= B O L I V I A ============= * BOLIVIA: IDB Okays US$57MM Loan to Boost Income of Families ------------------------------------------------------------- Bolivia will boost income of rural households by improving the use of water resources in agriculture with US$57 million financing from the Inter-American Development Bank (IDB). The investment is expected to benefit as many as 7,000 families growing crops in arid or semi-arid regions. The project will finance improvements, expansion and better governance of at least 50 community irrigation systems. The investment is expected to expand by 11,400 hectares the land area with advanced and traditional irrigation in seven departments of the country, allowing farmers using both traditional and automated irrigation to more than double their productivity and use water resources more efficiently. The IDB financing is made up of a US$45.6 million loan from its Ordinary Capital with a 30-year maturity, a 6-year grace period and a fixed interest rate, and a US$11.4 million loan from the Bank's Fund for Special Operations with payback and grace periods of 40 years and an interest rate of 0.25 percent. ========================== C A Y M A N I S L A N D S ========================== AGILENT TECHNOLOGIES: Shareholders' Final Meeting Set for Nov. 29 ----------------------------------------------------------------- The shareholders of Agilent Technologies (Cayco) Limited will hold their final general meeting on Nov. 29, 2013, at 1:00 p.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Intertrust SPV (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands. BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14 ---------------------------------------------------------------- The shareholders of Barrington Offshore, Ltd. will hold their final meeting on Nov. 14, 2013, at 3:00 p.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at the registered office of the Company. BCRE PORTFOLIO: Shareholders' Final Meeting Set Today ----------------------------------------------------- The shareholders of BCRE Portfolio Fund I GP Ltd. will hold their final meeting today, Nov. 13, 2013, at 10:00 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at BTG Pactual, Av. Brigadeiro Faria Lima, Brazil. The company's liquidator is: Barnaby Gowrie MOISE POLITI Telephone: +1 (345) 914 6365 CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29 ------------------------------------------------------------- The members of Caledonian Management Holdings Limited will hold their final meeting on Nov. 29, 2013, at 9:00 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Caledonian House, 69 Dr. Roy's Drive, Grand Cayman KY1-1102, Cayman Islands. CREDIT ASIA: Shareholders' Receive Wind-up Report ------------------------------------------------- The shareholders of Credit Asia Capital (Cayman) Ltd received the liquidator's report on the company's wind-up proceedings and property disposal at the final general meeting held on Nov. 12, 2013. GLOBAL FUND: Shareholders' Final Meeting Set for Nov. 29 -------------------------------------------------------- The shareholders of Global Fund Managers Ltd. will hold their final meeting on Nov. 29, 2013, at 12:45 p.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at of Intertrust SPV (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands. The company's liquidator is: INTERTRUST SPV (CAYMAN) LIMITED 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Telephone: (345) 943-3100 GUANAY FINANCE 2013-1: Fitch Rates $450MM Sr. Sec. Notes BB+ ----------------------------------------------------------- -Fitch Ratings has assigned the following rating to the 2013-1 notes issued by Guanay Finance Limited, a special purpose vehicle incorporated in the Cayman Islands and sponsored by LATAM Airlines Group S.A. (LATAM): -- Series 2013-1 USD450 million senior secured fixed-rate notes 'BB+', Outlook Stable. The issuance is backed by U.S. and Canadian dollar-denominated receivables from ticket and cargo sales generated by credit, debit or charge cards in the United States and Canada. Fitch's rating on the 6% 2013-1 notes addresses the timely payment of interest and principal on a quarterly basis. Key Rating Drivers: The rating reflects (i) the credit quality of LATAM; (ii) the strategic and growing business that backs the pool of receivables; (iii) the expected quarterly debt service coverage ratio commensurate with the rating category; (iv) the level of future flow debt relative to LATAM's overall funding; and (v) moderate diversion risk. LATAM has a Fitch local currency (LC) Issuer Default Rating (IDR) of 'BB', Outlook Stable. Formed in 2012 through a business combination of LAN Airlines S.A. (LAN) and TAM Linhas Aereas, S.A. (TAM), LATAM maintains a solid market position in the domestic, regional and international (long-haul), and cargo markets. The majority of receivables will be for flights to and from North American gateways. The pool of receivables grew 21.45% compound annual growth rate (CAGR) from 2005-2012 driven by increased capacity and yield, improved load factors, the strength of the North American cargo business and growth in internet ticket sales. Many of the key North American gateways are more profitable than LATAM's overall and long-haul businesses. Fitch expects the average quarterly debt service coverage ratio (DSCR) to be approximately 3.85x. This is based on average quarterly receivables for the last 12 months and the average quarterly debt service for the life of the transaction. The proposed issuance represents approximately 4.4% of LATAM's consolidated debt and 6.8% of unconsolidated debt (excluding TAM). While these percentages are low relative to the balance sheet, the transaction size is large compared to the company's total unsecured debt, as most of company debt relates to leases and secured debt. While designated obligors to the transaction have signed notice and consent agreements (N&Cs), the transaction is exposed to potential diversion risk. Cash flows could be diverted from the transaction by changing designated obligors or rerouting sales through a different IATA code. This risk limits differentiation of issuance rating from the originator's IDR. Rating Sensitivities: The rating is sensitive to changes in the credit quality of LATAM. A downgrade of LATAM's 'BB' IDR could lead to a downgrade of the notes. In addition, reductions in DSCRs could result in rating downgrades. Key Rating Drivers and Rating Sensitivities are further described in the accompanying new issue report to be released shortly. Transaction Summary: The notes are backed by flows related to airline ticket sales and cargo charges by LATAM under IATA code 045 that are purchased using a qualified credit, debit or charge card in the U.S. and Canada. The originator and initial servicer to the transaction, LATAM is headquartered in Santiago, Chile with the largest operations in Chile and Brazil. LATAM's rating incorporates the company's diversified business model, strong regional market position, high gross adjusted leverage, and low liquidity. IPSWICH STREET: Shareholders' Final Meeting Set for Nov. 29 ----------------------------------------------------------- The shareholders of Ipswich Street Cdo, Ltd. will hold their final general meeting on Nov. 29, 2013, at 10:00 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Intertrust SPV (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands KE HARMONY: Shareholders' Final Meeting Set for Nov. 29 ------------------------------------------------------- The shareholders of Ke Harmony Ltd will hold their final General meeting on Nov. 29, 2013, at 11:00 a.m. to receive the liquidator's report on the company's wind-up proceedings and property disposal. The meeting will be held at Intertrust SPV (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Island. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Top Officials Admit US$521.4MM Debt Too High ---------------------------------------------------------------- The Dominican Today reports that the Dominican government admits that the public debt is very high and will start to lay the foundation to trim that level in 2015, Economy minister Temistocles Montas affirmed. Minister Montas said IMF experts established that date, according to Dominican Today. The report notes that the Finance Ministry's quarterly report reveals that excluding the Central Bank, the public debt to September was RD$21.9 billion (US$521.4 million), or 36.3% of the GDP estimate for 2013. Minister Montas, interviewed by the Corripio media group, added that this year's public debt, including the financial sector, is around 40% of GDP and affirms it will be similar in 2014, the report relates. Minister Montas added that RD$171.0 billion will be allocated for the public debt service next year, the report discloses. ============= J A M A I C A ============= LIME JAMAICA: Incurs J$604 Million Losses for July to September --------------------------------------------------------------- RJR News reports that higher revenue and lower operating expenses helped to reduce financial losses at LIME Jamaica Limited (formerly Cable & Wireless Jamaica Limited) during the July to September quarter. Net losses during the three months totaled J$604 million down from J$1.3 billion last year, according to RJR News. The report relates that LIME's earnings were up J$390 million dollars at J$4.4 billion. RJR News notes that this resulted from several factors including mobile revenue growth of 17 per cent driven by a 23 per cent increase in mobile subscribers. The enterprise and corporate segment grew business revenues by over 25 per cent, the report relates. RJR News notes that this was offset by a six per cent decline in fixed line business due to a diminishing subscriber base as well as a reduction in the fixed line termination rate which came into effect in June last year. LIME said broadband revenues increased by more than 24 per cent, the report adds. 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. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 22, 2013, Jamaica Observer said 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. 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. ======= P E R U ======= * PERU: IDB OKs US$20MM Loan to Edyficar to Fund Housing Program ---------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a loan of US$20 million to Edyficar, a Peruvian financial institution specialized in the microenterprise segment. The loan will allow Edyficar to expand and improve its program Edyvivienda, which provides access to finance for incremental housing construction for low-income individuals and their families, especially microentrepreneurs. The financing from the Bank's Opportunities for the Majority Sector will help address Peru's housing shortage, currently estimated at 72 percent, one of the largest gaps in the region. "The loan from the Opportunities for the Majority Sector will enable Edyficar to scale up an innovative business model that brings the interests of a financial institution in line with those of other key actors in the incremental construction sector," said IDB project team leader Manuel Fernandini. "Over 80 percent of the end beneficiaries earn less than US$200 per month, and 42 percent of the heads of households served by the program are women." Resources for incremental housing improvements will alleviate deficiencies in quality and overcrowding and will improve access to basic services such as water sewage and electricity for 20,000 households. Faced with the inability to obtain financing, low- income families in Peru typically undertake home improvement projects lacking professional training in construction techniques, leading to costs up to 30 percent higher than necessary and taking an average of 15 to 18 years to complete. State-led financing programs aimed at reducing these gaps require a mortgage security, which makes access impossible for the roughly 50 percent of the property-owners at the base of the pyramid whose dwellings are untitled. ===================== P U E R T O R I C O ===================== INSTITUTO MEDICO: Seeks to Pay Employee Wages & Benefits -------------------------------------------------------- Instituto Medico del Norte, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to pay certain wages, compensation, employee benefits, and related costs, to approximately 310 employees. As of the Petition Date, the Debtor has accrued approximately $260,000 in unpaid payroll obligations for regular periodic payroll for regular employees and approximately $325,000 owed to independent contractors. The Debtor also has accrued payroll taxes of approximately $41,000 as of the Petition Date. The Debtor also proposes to pay the following employee benefits: Vacation Pay $288,000 Medical Insurance $53,000 Unpaid Worker's Compensation $80,000 According to Rafael A Gonzalez Valiente, Esq., at Latimer Biaggi Rachid & Godreau, in San Juan, Puerto Rico, the Debtor's Employees and Independent Contractors are essential to preserving the going- concern of the Debtor's business pending consummation of a reorganization. It is therefore critical that the Debtor continue the ordinary course personnel policies, programs, and procedures that were in effect prior to the Petition Date, Mr. Valiente adds. Instituto Medico del Norte, Inc., aka Centro Medico Wilma N. Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of Centro Medico Wilma N. Vazquez, sought protection under Chapter 11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No. 13-08961). The case is assigned to Judge Mildred Caban Flores. The Debtor is represented by Fausto David Godreau Zayas, Esq. -- dgodreau@LBRGlaw.com -- and Rafael A Gonzalez Valiente, Esq. -- rgonzalez@lbrglaw.com -- at LATIMER BIAGGI RACHID & GODREAU, in San Juan, Puerto Rico. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Makes Profit During Peak Summer Months ---------------------------------------------------------- RJR News reports that Caribbean Airlines Limited made a profit during the peak summer months. Trinidad Express newspaper reported that Trinidad's line minister for the airline, Larry Howai, said Caribbean Airlines' cash flow was looking reasonably good, and during the summer months, it turned a profit, according to RJR News. Mr. Howai, the report notes, said that the airlines' cash position is good, with about US$20 million in the bank. However, Mr. Howai cautioned that profit could reverse before picking up back next month, RJR News notes. Caribbean Airlines still has US$650 million in debt. RJR News adds that Mr. Howai was quoted as saying that the entity has sufficient assets to allow it to meet obligations to act as collateral and provide cash flow. Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. * * * 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. =============== X X X X X X X X =============== * Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10 -------------------------------------------------------------- Five restructuring professionals, including the Honorable Kevin J. Carey, United States Bankruptcy Court, District of Delaware, will define and discuss the complexity of cross-border insolvency and Chapter 15 bankruptcy. Joining Judge Carey will be: -- Thomas J. Salerno, Esq., Partner, Squire Sanders (US) LLP, -- Nava Hazan, Esq., Partner, Squire Sanders (US) LLP, -- Margot MacInnis, Managing Director, KRyS Global (Cayman Islands), and -- Michael Morrison, Partner, KPMG (Bermuda). Ms. Hazan will lead a discussion on how Chapter 15 of the U.S. Bankruptcy Code provides a mechanism for a company in a foreign insolvency to seek injunctive relief against litigation in U.S. courts or U.S. bankruptcy court assistance in the administration and protection of its U.S. assets. The panel will also address the topic of how Chapter 15 can be used as a tool to bind creditors, including creditors in the U.S., to the terms of a plan of reorganization approved by a foreign court. The event faculty will convene on Tuesday, December 10, 2013, at 11:00 a.m., Eastern Time, to share their observations and practice tips during a live 90-minute webinar. Visit http://bankrupt.com/webinars/for more information and to register for the webinar. *********** 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 * * *