/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140116.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, January 16, 2014, Vol. 15, No. 11 Headlines B R A Z I L COLOSSUS MINERALS: Seeks to Restructure Under the Bankruptcy Act OGX PETROLEO: Signs $50 Million Bridge Loan C A Y M A N I S L A N D S COLCHIS/LC INCOME: Shareholders Receive Wind-Up Report DIA MALAGA: Members Receive Wind-Up Report DIA SEVILLA: Members Receive Wind-Up Report GEOSPHERE DIRECTIONAL: Shareholders' Final Meeting Set for Jan. 24 GEOSPHERE DIRECTIONAL FUND: Shareholders' Meeting Set for Jan. 24 GLOBAL UNDERVALUED: Shareholders Receive Wind-Up Report HIGHMARK HOLDINGS: Members Receive Wind-Up Report MAVERICK OFFSHORE: Shareholders Receive Wind-Up Report N.S. JAPAN: Shareholders Receive Wind-Up Report OPTINVEST SPC: Members Receive Wind-Up Report RADIN SPV: Shareholders Receive Wind-Up Report SHK ASIA: Shareholders' Final Meeting Set for Jan. 23 SHK DYNAMIC: Shareholders' Final Meeting Set for Jan. 23 TEMPUS QUO HORIZON: Shareholder Receives Wind-Up Report TEMPUS QUO MASTER: Shareholder Receives Wind-Up Report TEMPUS QUO OFFSHORE: Shareholder Receives Wind-Up Report VINCI FIRENZE: Shareholder Receives Wind-Up Report VINCI HEDGE: Shareholder Receives Wind-Up Report VINCI HIGH: Shareholder Receives Wind-Up Report VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report T R I N I D A D & T O B A G O CL FIN'L: CLICO Agents' Lawsuit Dismissed - - - - - =========== B R A Z I L =========== COLOSSUS MINERALS: Seeks to Restructure Under the Bankruptcy Act ---------------------------------------------------------------- Canadian Press reports that financially troubled Colossus Minerals Inc., a development-stage miner focused on Brazil, intends to file for protection under the Bankruptcy and Insolvency Act. Trading in shares of Colossus, which was unable to make a Dec. 31 interest payment on its convertible gold-linked notes, have been halted on the Toronto Stock Exchange pending a delisting review, according to Canadian Press. The report notes that Colossus said its board has approved a proposal from certain noteholders and Sandstorm Gold Ltd. that provides for interim debtor-in-possession financing while the company pursues a six-week sale and investment solicitation process. The report relates that the credit facility will be for up to US$4 million, subject to increase by up to an additional US$6 million with the consent of the lenders. Subsequent to court approval, the company intends to pursue a dual-track process of administering a sale process and seeking creditor and court approvals for the implementation of the restructuring, the report relays. If implemented as proposed, noteholders would end up with about 51.5 per cent of the restructured company's outstanding common shares and Sandstorm, a gold streaming company, about 38.8 per cent, the report relays. The report discloses that lenders under a bridge loan would end up with about eight per cent and existing shareholders about 1.7 per cent. Colossus is focused on its Serra Pelada project in the Carajas region in Para, Brazil, which it says hosts a high-grade gold and platinum group metals deposit. OGX PETROLEO: Signs $50 Million Bridge Loan ------------------------------------------- Reuters reports that OGX Petroleo e Gas Participacoes SA signed a deal for a bridge loan of up to $50 million to finance operations as it works with creditors to restructure its debts. Obtaining the loans was one of the requirements in an agreement the company reached with bond holders on Dec. 24 to convert Oleo e Gas debt into stock, according to Reuters. The report notes that the bridge loan will be repaid once creditors provide a new facility under a debtor in possession finance agreement. Under the accord with bondholders, existing creditors will provide between $200 million and $215 million of new financing to allow the restructuring to go forward, Oleo e Gas said in a statement obtained by Reuters. The report relates that the discount, or interest, rate on the bridge loan is 20 percent, Oleo e Gas said. About OGX Petroleo Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes S.A. is an independent exploration and production company with operations in Latin America. OGX filed for bankruptcy in a business tribunal in Rio de Janeiro on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The bankruptcy filing puts $3.6 billion of dollar bonds into default in the largest corporate debt debacle on record in Latin America. The filing by the oil company that transformed Eike Batista into Brazil's richest man followed a 16-month decline that wiped out more than $30 billion of his personal fortune. The filing, which in Brazil is called a judicial recovery, follows months of negotiations to restructure the dollar bonds, in which OGX sought to convert debt to equity and secure as much as $500 million in new funds. OGX said Oct. 29 that the talks concluded without an agreement. The company's cash fell to about $82 million at the end of September, not enough to sustain operations further than December. ========================== C A Y M A N I S L A N D S ========================== COLCHIS/LC INCOME: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Colchis/LC Income Fund, Ltd. received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert Conrads Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 DIA MALAGA: Members Receive Wind-Up Report ------------------------------------------ The members of Dia Malaga Leasing Ltd received on Jan. 6, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Benjamin Booker 69 Dr. Roy's Drive P.O. Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands DIA SEVILLA: Members Receive Wind-Up Report ------------------------------------------- The members of Dia Sevilla Leasing Ltd received on Jan. 6, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Benjamin Booker 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands GEOSPHERE DIRECTIONAL: Shareholders' Final Meeting Set for Jan. 24 ------------------------------------------------------------------ The shareholders of Geosphere Directional Master Fund, Ltd. will hold their final meeting on Jan. 24, 2014, 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: Mr. Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands GEOSPHERE DIRECTIONAL FUND: Shareholders' Meeting Set for Jan. 24 ----------------------------------------------------------------- The shareholders of Geosphere Directional Fund, Ltd. will hold their final meeting on Jan. 24, 2014, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mr. Robin Lee Mcmahon c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands GLOBAL UNDERVALUED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Global Undervalued Securities Fund, Ltd received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John B. Kleinheinz Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 HIGHMARK HOLDINGS: Members Receive Wind-Up Report ------------------------------------------------- The members of Highmark Holdings Limited received on Dec. 23, 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 KY1-1102 Cayman Islands MAVERICK OFFSHORE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Maverick Offshore Ltd received on Dec. 30, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Joseph Daniel Lugosch 7014 SE Harbour Circle Stuart FL 34996 USA Telephone: 949 6258 Facsimile: 945 2877 N.S. JAPAN: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of N.S. Japan Fund received on Dec. 30, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sumihiko Nakayama 6-6-4 302 Shakujii-Choo Nerima-Ku Tokyo 177 Japan Telephone: 949 6258 Facsimile: 949 8613 OPTINVEST SPC: Members Receive Wind-Up Report --------------------------------------------- The members of Optinvest SPC Ltd received on Jan. 8, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeffrey Skinner Telephone: +350 200 45953 Neptune House, Suite 209 Marina Bay Gibraltar RADIN SPV: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Radin SPV received on Dec. 2, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands SHK ASIA: Shareholders' Final Meeting Set for Jan. 23 ----------------------------------------------------- The shareholders of SHK Asia Dynamic Holdings Ltd will hold their final meeting on Jan. 23, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands SHK DYNAMIC: Shareholders' Final Meeting Set for Jan. 23 -------------------------------------------------------- The shareholders of SHK Dynamic Fund Ltd will hold their final meeting on Jan. 23, 2014, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands TEMPUS QUO HORIZON: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Tempus Quo Horizon Master Fund Ltd received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 TEMPUS QUO MASTER: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Tempus Quo Master Fund, Ltd received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 TEMPUS QUO OFFSHORE: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Tempus Quo Offshore Fund, Ltd received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 VINCI FIRENZE: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Vinci Firenze International Fund II received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 VINCI HEDGE: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Vinci Hedge Fund received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 VINCI HIGH: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Vinci High Income Fund received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 VINCI INTERNATIONAL: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Vinci International Fund II received on Dec. 23, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815 1793 Facsimile: (345) 949 9877 =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO Agents' Lawsuit Dismissed ----------------------------------------- Rickie Ramdass at Trinidad Express reports that claims filed by two insurance agents challenging the constitutionality of the Central Bank (Amendment) Act 2011, which prevented them from taking legal action against failed insurance company Colonial Life Insurance Company Ltd. (CLICO) were dismissed Jan. 14, 2014 by High Court judge Justice Ricky Rahim. Justice Rahim, presiding at the Hall of Justice in Port of Spain, dismissed the claims which were filed by Myron Rudder and Barbara Kanhai who argued that the Act was in violation of their rights under Sections 4 and 5 of the Constitution and also infringed on the principle of the separation of powers, according to Trinidad and Tobago Express. The report notes that Mr. Rudder and Ms. Kanhai claimed that they had entered into written agreements with CLICO on August 1, 2001 and August 20, 2000, respectively, for inter alia the soliciting of applications for insurance and other financial products and receiving and remitting the initial premium on the applications. The report relates that as a result of the agreement, Mr. Rudder and Ms. Kanhai said they were employees of CLICO and not independent contractors as they were at all times subject to the company's direct control. The report discloses that with CLICO's financial collapse in January 2009, the then-PNM government bailed out the company by offering a bailout to be repaid in order for CLICO to maintain its operations. Mr. Rudder stated, the report notes, that as a result of the collapse, CLICO was in breach of the agreement, saying that the company failed to pay him commissions, managers' bonuses and managers' premium income benefits totaling $1,444,795. Ms. Kanhai, the report relays, said the company failed to pay her commissions and contributions due on a pension plan in the total sum of $414,431 as at 2008. The report says that CLICO had refused to pay the money but agreed in August 2011 to have an arbitrator appointed to settle the dispute. However, the report recalls, Mr. Rudder said in March 2012, CLICO terminated the agreement with him. Ms. Kanhai testified that the agreement she had was terminated in June 2012. The report relays that following the termination of the agreements, Rudder and Kanhai filed the constitutional claims on December 18, 2012. However, the report notes that the Central Bank (Amendment) Act came into force on September 20, 2011. In his 62-page judgment Justice Rahim dismissed the claims saying that they were not filed prior to the Act coming into force, the report says. Additionally, Mr. Rudder and Ms. Kanhai were also ordered to pay 80 per cent of the legal costs incurred by CLICO during the course of the trial, the report adds. About CLICO International Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL Financial Group. 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. 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, and Peter A. Chapman, Editors. Copyright 2014. 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 * * *