/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/131204.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, December 4, 2013, Vol. 14, No. 240 Headlines A N T I G U A & B A R B U D A LIAT: Aims for Hassle Free Travel During Christmas Season A R G E N T I N A EDENOR SA: General Extraordinary Meeting Set For December 20 C A Y M A N I S L A N D S ALMITRA LIMITED: Member to Receive Wind-Up Report on Dec. 5 BIBI INVESTMENTS: Members Receive Wind-Up Report CORNERSTONE PROTECTOR: Shareholder Receives Wind-Up Report INTERKRAFT ENERGY: Shareholders Receive Wind-Up Report KGF MANAGEMENT: Shareholder to Receive Wind-Up Report on Dec. 16 KGF SLP: Shareholder Receives Wind-Up Report MERGER ARB: Shareholders Receive Wind-Up Report MORNINGSIDE PARK: Shareholder to Receive Wind-Up Report on Dec. 6 MSF CAPITAL: Shareholder Receives Wind-Up Report NATASHA HOLDINGS: Shareholders Receive Wind-Up Report PRIMO OPTO: Shareholders Receive Wind-Up Report TISBURY II: Shareholders Receive Wind-Up Report TRITON 100: Shareholder Receives Wind-Up Report VISIUM LONG: Shareholder Receives Wind-Up Report WINDMILL CAPITAL: Shareholder Receives Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: No End in Sight to Country's Blackouts J A M A I C A JAMAICA URBAN: Crash Victims Reject Four-Part Payment Proposal T R I N I D A D & T O B A G O CL FIN'L: Government Hires Freshfields Bruckhaus & Zolfo Coopers - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Aims for Hassle Free Travel During Christmas Season --------------------------------------------------------- Caribbean360.com reports that Leeward Islands Air Transport, known as LIAT, which came under heavy public criticism over its summer schedule, sought to re-assure the travelling public that it would do everything possible to ensure that their journeys are not interrupted during the busy Christmas Season. The financially strapped airline had blamed the re-fleeting exercise for the August fiasco and that the fleet modernization efforts were continuing with five new ATR aircraft being added so far and two more due to arrive in January 2014, according to Caribbean360.com. "Even as we continue the transition from the Dash 8 to the ATR aircraft we are now in a better position to stabilize the schedule during the Christmas peak, traditionally one of the busiest periods for us," the report quoted Acting Chief Executive Officer Julie Reifer-Jones as saying. "We are determined to get all of our passengers to their destinations as quickly as possible over the holiday season," Ms. Reifer-Jones said, adding that the airline was also working with external agencies "as it endeavors to improve the level of customer service offered by its employees," the report notes. The report discloses that Ms. Reifer-Jones said with the Christmas holidays approaching, LIAT is placing an embargo on excess baggage from Dec. 3, 2013 to Jan. 14, 2014 indicating that high passenger loads during the Christmas season as well as the space and weight limitations of both Dash 8 and ATR aircraft were the key reasons for a return to the seasonal policy. Ms. Reifer-Jones said that in order to make flying as easy as possible, passengers should adhere to LIAT's baggage limits, 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 ================= EDENOR SA: General Extraordinary Meeting Set For December 20 ------------------------------------------------------------ EDENOR S.A. delivered to the U.S. Securities and Exchange Commission: (i) Board of Directors' Meeting's Minutes dated Nov. 20, 2013, resolving to call a General Extraordinary Shareholders' Meeting to be held on Friday Dec. 20, 2013, at 11:30 AM, at Ortiz de Ocampo 3302, Building 4, Ground Floor, City of Buenos Aires; and (ii) copy of the Call to Meeting. A full-text copy of the Minutes is available for free at http://is.gd/swZUp4 About Edenor SA Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion of revenue from sales for the year ended Dec. 31, 2012, as compared with a net loss of ARS291.38 million on ARS2.80 billion of revenue from sales for the year ended Dec. 31, 2011. The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72 billion in total assets, ARS 6.50 billion in total liabilities and ARS 1.21 billion in total equity. ========================== C A Y M A N I S L A N D S ========================== ALMITRA LIMITED: Member to Receive Wind-Up Report on Dec. 5 ----------------------------------------------------------- The sole member of Almitra Limited will receive on Dec. 5, 2013, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard McGrath 69 Dr. Roy's Drive P.O. Box 1043 Grand Cayman KY1-1102 Cayman Islands Telephone: 949 0050 Facsimile: 949 8062 BIBI INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------ The members of Bibi Investments Limited received on Nov. 26, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town, Grand Cayman Cayman Islands KY1-1102 CORNERSTONE PROTECTOR: Shareholder Receives Wind-Up Report ---------------------------------------------------------- The shareholder of Cornerstone Protector Limited received on Dec. 3, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrea Williams c/o UBS Fund Services, PO Box 852 Grand Cayman KY1 1103 Cayman Islands Telephone: +1 (345) 914 1000 Facsimile: +1 (345) 914 4060 INTERKRAFT ENERGY: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Interkraft Energy Fund Limited received on Nov. 29, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 KGF MANAGEMENT: Shareholder to Receive Wind-Up Report on Dec. 16 ---------------------------------------------------------------- The shareholder of KGF Management will receive on Dec. 16, 2013, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: 345 945 1830 KGF SLP: Shareholder Receives Wind-Up Report -------------------------------------------- The shareholder of KGF SLP received on Nov. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: 345 945 1830 MERGER ARB: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Merger ARB Capital received on Nov. 29, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rolf Kung IFIT Fund Services AG. Voltastrasse 61 P.O. Box 2520 CH-8033 Zurich Switzerland Tel: +41 44 366 4016 Fax: +41 44 366 4039 e-mail: rhk@ifit.net MORNINGSIDE PARK: Shareholder to Receive Wind-Up Report on Dec. 6 ----------------------------------------------------------------- The shareholder of Morningside Park CLO, Ltd. will receive on Dec. 6, 2013, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. 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 MSF CAPITAL: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of MSF Capital Offshore Enhanced Fund Ltd. received on Dec. 2, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Admiral Administration Ltd. 90 Fort Street P.O. Box 32021 Grand Cayman Ky1-1208 Cayman Islands c/o Wendy McNamee/Trinda Blackmore Telephone: (345) 949 0704 NATASHA HOLDINGS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Natasha Holdings Limited received on Nov. 25, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Egglishaw John Cullinane Suite #4-210, Governors Square Grand Cayman Cayman Islands PRIMO OPTO: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Primo Opto Group Limited received on Dec. 2, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chiu, Chia-Fa No. 6 Ziqiang 7th Rd Zhongli City, Taoyuan County 320 Taiwan Telephone: 886-3-452-2016 Facsimile: 886-3-452-2029 TISBURY II: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Tisbury II Fund, Ltd received on Nov. 27, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gerard Griffin 8 Courtnell Street London W2 5BX United Kingdom TRITON 100: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Triton 100 Ltd. received on Nov. 26, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands VISIUM LONG: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Visium Long Bias Offshore Fund Ltd. received on Nov. 4, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. 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 WINDMILL CAPITAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Windmill Capital LLC received on Dec. 3, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrea Williams c/o UBS Fund Services, PO Box 852 Grand Cayman KY1 1103 Cayman Islands Telephone: +1 (345) 914 1000 Facsimile: +1 (345) 914 4060 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: No End in Sight to Country's Blackouts ---------------------------------------------------------- Dominican Today reports that Dominicans who think the power outages will be resolved anytime soon are in for a letdown: There's no way for the sector to provide more than 85% of the average electricity demand before 2016. The higher generation costs prevent it, the report relates. On special dates such as between December 24 to January 1 every year, Dominican Republic's State-owned Electric Utility (CDEEE) instructs the energy distributors to provide uninterrupted power to all circuits, leading to the sector's spiraling losses of nearly RD$50.0 million, according to Dominican Today. The report notes that the grid's current configuration, in which oil accounts for 49% of the generating capacity, boosting the energy supply automatically, raises the sector's financial deficit. The distributors' average cost is US$0.20 per kW, but climbs to US$0.28 for unscheduled purchases, the report says. As the electricity supply increases so do the losses because to get the system at full capacity, the less efficient plants must be placed on line, but burn diesel, the most expensive fuel, the report adds. ============= J A M A I C A ============= JAMAICA URBAN: Crash Victims Reject Four-Part Payment Proposal -------------------------------------------------------------- Caribbean360.com reports that the victims of an accident in 2010 who were recently awarded a settlement against the state-run Jamaica Urban Transit Company (JUTC) have rejected a four-part payment proposal from the bus company, saying they want the money by the end of this year. The crash occurred on Oct. 16, 2010 when the JUTC bus, which was chartered for a church trip, flipped over and fell to the bottom of a ravine in the northern parish of St Ann, Caribbean360.com recalls. Earlier this month the court ordered the JUTC to pay JM$106 million in damages to those who were injured and a statutory demand was served on JUTC for the money to be paid within 21 days, according to Caribbean360.com. In response to the demand, the report notes that Reverend Garnett Roper, chairman of JUTC, said the company would need more than 21 days to make the payments. However, the report relates that the crash victims ruled out that suggestion during a meeting with their attorney Sean Kinghorn, an associate at Kinghorn & Kinghorn Attorneys-At-Law. "I have been instructed to make a counter proposal to the JUTC as they are not interested and they will not be signing a settlement agreement because there is already a settlement and they are requesting that the JUTC pays at least one-half of the debt outstanding by December 7, and the balance should be paid by the end of December," the report quoted Mr. Kinghorn as saying. Mr. Kinghorn, the report notes, added that his clients also instructed him to defer another 29 petitions which would be used in winding up the JUTC and selling the assets to make payments to the victims, in lieu of a response from the bus company. Mr. Kinghorn also disclosed that his clients rejected a proposal from the JUTC that they sign a confidentiality agreement before receiving any payments, the report adds. About Jamaica Urban Transit Company Jamaica Urban Transit Company was established in 1998 to provide a centrally managed state-of-the-art public bus service. The government invested US6 billion aiming to have an efficient transport system and for the Jamaican people. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Government Hires Freshfields Bruckhaus & Zolfo Coopers ---------------------------------------------------------------- Michelle Loubon at Trinidad Express reports that the Trinidad and Tobago government has employed the services of Freshfields Bruckhaus Deringer and Zolfo Coopers, world-renowned specialists in law and financial restructuring, to examine the proposals with respect to Colonial Life Insurance Company Limited's (CLICO). CLICO is a subsidiary of CL Financial Limited. Trinidad and Tobago Finance Minister Larry Howai made this statement in an e-mail in the face of a protest by CLICO and British American Insurance Company Limited workers over the formation of Atrius and severance pay. As reported in the Troubled Company Reporter-Latin America on Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth of CLICO's profitable business will be transferred to Atruis, a new company that will be owned by the state. Trinidad Express notes that about 57 CLICO/British American placard-bearing employees protested on Dec. 1, outside the Ministry of Finance, Eric Williams Finance Building, Independence Square, Port of Spain. The report notes that Vincent Cabrera, president general of the Banking, Insurance and General Workers' Union (BIGWU), who was at the protest, accused Minister Howai of "a dereliction of duty" with regard to the operations of the new corporate entity Atrius. Mr. Cabrera, the report relates, said there is a board in place but it has not been operationalized. Mr. Cabrera Cabrera was joined at the protest by BIGWU CLICO Branch President Roxanne Cuffy, Education and Research Officer Alva Alleyne and Assistant General Secretary Hayden Hernandez. In his e-mail statement, the report relates, Minister Howai said: "Because of the complexity of the matter, Government has decided the services of international experts should be introduced to review the structure of the proposals which had been developed by the Finance Ministry. The final report has been received and reviewed by Cabinet. A number of changes are being negotiated and finalized with relevant stakeholders." "While this matter can impact significantly on governments fiscal position, we must be mindful that the operations of CLICO fall directly under the supervision of the Central Bank of Trinidad and Tobago - as per (Section 44) of the Central Bank Act-and the Ministry of Finance and the Economy is charged more properly with providing a supportive role in reconciling the matter," Minister Howai added, the report relays. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth of Colonial Life Insurance Company Limited's (CLICO) profitable business will be transferred to Atruis, a new company that will be owned by the state. CLICO is a subsidiary of CL Financial Limited. The Trinidad Express said that the Cabinet approved the transfer as the Finance and General Purposes Committee continues to discuss a letter of intent hammered out by the Ministry of Finance and CL Financial's 400 shareholders, which envisions taxpayers will recover the more than TT$20 billion Government has injected since 2009 to keep CL subsidiary CLICO and other companies afloat, according to Caribbean360.com. Caribbean360.com noted that CLICO financially caved in on itself at the end of 2008 after the investment instruments of major policyholders matured and they wanted hundreds of millions of dollars they were owed. Caribbean360.com related that at its annual general meeting in Sept. 2013, CL Financial shareholders voted to extend the agreement with Government until August 25, 2014, while Cabinet decides on a new framework accord to recover the debt owed to Government through divestment of CL subsidiaries, including Methanol Holdings, Republic Bank, Angostura Holdings, CL World Brands and Home Construction Ltd. Proceeds from the divestment of these assets will go toward Government's recovery of the billions it pumped into CLICO, Caribbean360.com said. *********** 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 * * *