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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
Friday, April 4, 2014, Vol. 15, No. 67
Headlines
A R G E N T I N A
METROGAS SA: Discloses ARS256-Mil. Income for 2103
C A Y M A N I S L A N D S
ASIA FUND: Creditors to Hold Meeting on April 8
CAYMAN BIOFUELS: Creditors' Proofs of Debt Due May 30
CREP INVESTMENT B: Shareholder to Hear Wind-Up Report on April 15
HIGHLAND CREDIT: Commences Liquidation Proceedings
LEGACY 600: Shareholder to Hear Wind-Up Report on April 15
LIBERTY 2005: Members' Final Meeting Set for April 8
LUISANA LTD: Shareholders Receive Wind-Up Report
SHERMAN HEALTH: Shareholders Receive Wind-Up Report
TINTIN II: Members' Final Meeting Set for April 7
TOMAHAWK (GENERAL PARTNER): Shareholders' Meeting Set for April 7
D O M I N I C A N R E P U B L I C
XSTRATA PLC: Dominican Government 'Discards' Nickel's Planned Mine
T R I N I D A D & T O B A G O
FIRST CITIZENS: Investor Lobbyist Wants Answers From Senator
HINDU CREDIT UNION: Depositors Waiting on Bonds
* TRINIDAD & TOBAGO: IMF Concludes 2014 Article IV Mission
- - - - -
=================
A R G E N T I N A
=================
METROGAS SA: Discloses ARS256-Mil. Income for 2103
--------------------------------------------------
MetroGAS S.A. filed with the U.S. Securities and Exchange
Commission on March 24, 2014, its annual report on Form 6-K for
the year ended Dec. 31, 2013.
The Company reported net income of ARS256.83 million on ARS1.94
billion of revenues in 2013, compared with a net loss of ARS178.83
million on ARS1.48 billion of revenues in 2012.
As of the date of issuance of its financial statements, it is
neither possible to foresee the outcome of the tariff negotiation
process nor to determine its final consequences on the Company's
results and operations which raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.
The Company's balance sheet at Dec. 31, 2013, showed total assets
of ARS2.34 billion, total liabilities ARS1.92 billion and total
shareholders' equity of ARS424.12 million.
A copy of the Form 6-K is available at:
http://is.gd/hnB72d
About MetroGAS S.A.
Headquartered in Buenos Aires, Argentina, MetroGAS S.A. is a
sociedad anonima organized under the laws of the Republic of
Argentina. The registered office and principal place of business
is located at Gregorio Araoz de Lamadrid 1360 - Ciudad Autonoma de
Buenos Aires.
The Company was formed in 1992 and on Dec. 1, 1992, it was
registered as a corporation pursuant the laws of the Republic of
Argentina. The term of duration of the Company expires on Dec. 1,
2091, and its principal business is the provision of natural gas
distribution services.
* * *
As reported in the Troubled Company Reporter - Latin America on
Nov. 4, 2013, Standard & Poor's Ratings Services assigned a 'CCC'
rating to Metrogas S.A.'s issued additional series A notes for
about $7.3 million to pay in kind the accrued interests
on the outstanding notes. At the same time, S&P affirmed its
'CCC' corporate credit rating on Metrogas. The outlook is
negative.
==========================
C A Y M A N I S L A N D S
==========================
ASIA FUND: Creditors to Hold Meeting on April 8
-----------------------------------------------
The creditors of Asia Fund Ltd. will hold a meeting on April 8,
2014, at 10:00 a.m.
The company's liquidator is:
Peter Anderson
c/o Christopher Kennedy
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
RHSW (Cayman) Limited
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
CAYMAN BIOFUELS: Creditors' Proofs of Debt Due May 30
-----------------------------------------------------
The creditors of Cayman Biofuels Ltd. are required to file their
proofs of debt by May 30, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Feb. 26, 2014.
The company's liquidator is:
J. Barry Smith
Forbes Hare Cassia Court
Camana Bay
Suite 716, 10 Market Street
Grand Cayman, KY1-9006
Cayman Islands
c/o Jacqueline Forsythe
Telephone: (345) 943-7700
Facsimile: (345) 943-7702
CREP INVESTMENT B: Shareholder to Hear Wind-Up Report on April 15
-----------------------------------------------------------------
The shareholder of Crep Investment B Cayman will receive on
April 15, 2014, at 9:15 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
HIGHLAND CREDIT: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 27, 2014, the shareholder of Highland Credit Opportunities
CDO Holdings, Ltd. resolved to voluntarily liquidate the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
Telephone: +1 345 914 6365
LEGACY 600: Shareholder to Hear Wind-Up Report on April 15
----------------------------------------------------------
The shareholder of Legacy 600 No.2 - 1098 Limited will receive on
April 15, 2014, at 9:30 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
LIBERTY 2005: Members' Final Meeting Set for April 8
----------------------------------------------------
The members of Liberty 2005 Limited will hold their final meeting
on April 8, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487 Grand Cayman KY1-1106
Cayman Islands
LUISANA LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Luisana Ltd. received on April 2, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P O Box 10147 Grand Cayman KY1-1002
Cayman Islands
SHERMAN HEALTH: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sherman Health Insurance Company, Ltd received
on April 2, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Russell Homer
c/o Tanya Armstrong
Telephone: (345) 946-0820
Facsimile: (345) 946-0864
P.O. Box 2499, George Town
Grand Cayman KY1-1104
Cayman Islands
TINTIN II: Members' Final Meeting Set for April 7
-------------------------------------------------
The members of Tintin II SPC will hold their final meeting on
April 7, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TOMAHAWK (GENERAL PARTNER): Shareholders' Meeting Set for April 7
-----------------------------------------------------------------
The shareholders of Tomahawk (General Partner) Inc. will hold
their final meeting on April 7, 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:
Christopher Kennedy
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P. O. Box 897 Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
XSTRATA PLC: Dominican Government 'Discards' Nickel's Planned Mine
------------------------------------------------------------------
Dominican Today reports that Justice and Transparency Foundation
(FJT) President Trajano Vidal Potentini said the Environment
Ministry discarded Xstrata Nickel's Dominican Republic operations
(Falcondo)'s planned mine at Loma Miranda (central), prior to the
hearing at the Superior Arbitration Court (TSA).
President Potentini said Environment decided not to issue the
environmental permit until the socio-economic and environmental
conditions, and mining technologies are available "to ensure the
sustainable use of mineral resources," according to Dominican
Today.
President Potentini said the hearing on the injunction seeking to
halt the exploitation of Loma Miranda was postponed for April 14,
for the court to review the documents submitted by Falcondo and
Environment.
In a statement, the report notes, President Potentini said the
decision "expressly acknowledges the Constitutional Court ruling
0167," which states that the Academy of Sciences and international
consultant organizations must approve all environmental management
plans to be performed."
"It must be definitively accepted that mining is not acceptable at
Loma Miranda because it affects the right to the environment," he
added, the report relays.
As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today. But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.
Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership. Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.
Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.
===============================
T R I N I D A D & T O B A G O
===============================
FIRST CITIZENS: Investor Lobbyist Wants Answers From Senator
------------------------------------------------------------
Camille Bethel at Trinidad Express reports that investor lobbyist
Peter Permell is calling on Independent Senator Subhas Ramkhelawan
to disclose his involvement, if any, into the buying and selling
of 634,588 First Citizens shares, between former bank executive
Philip Rahaman and his cousin, businessman Imtiaz Rahaman.
In a telephone interview Mr. Permell said it is of concern that
Ramkhelawan, who is both the chairman of the Trinidad and Tobago
Stock Exchange and the managing director of Bourse Securities, has
so far not disclosed his interest in the transaction, according to
Trinidad Express.
"Based on the Sunday Express disclosure, we now learnt that the
broker for that transaction was Bourse Securities of which
Ramkhelawan is the managing director and we also know that Imtiaz
Rahaman was one of the persons buying, his mother and the other
Rahaman companies. The seller is Philip Rahaman," the report
quoted Mr. Permell as saying.
"As the founder and managing director of the firm he had a duty
and obligation to disclose that information not only in the
Senate, where it was raised, but once he was privy to the
information as the chairman of the Stock Exchange he had a duty to
disclose this to the public because the Minister of Finance Larry
Howai had ordered an investigation which he was aware of," Mr.
Permell said, the report relates.
As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2014, Trinidad Express said that Finance Minister Larry
Howai has ordered a full review into the First Citizens Bank
Limited Initial Public Offer (IPO) after reports the group's chief
risk officer, Phillip Rahaman, purchased TT$14 million worth of
shares through the special offer of the bank's shares for
employees.
Last year, the Government issued 48.5 million shares (just under
20 per cent of its 100 per cent stake) to be traded on the
Trinidad and Tobago Stock Exchange. The group's 1,664 employees
were allotted 15 per cent (7.2 million).
Each staff member had the option of purchasing a guaranteed
maximum 5,000 shares at a ten per cent discount, and a guaranteed
minimum of 500 shares, according to Trinidad Express.
The report noted that several staff members did not participate,
so other employees -- including Mr. Rahaman -- were able to
purchase shares in excess of the discounted availability.
About First Citizens Bank
Headquartered in Trinidad and Tobago, First Citizens Bank Limited
-- http://www.firstcitizenstt.com/-- together with its
subsidiaries, provides retail, commercial, corporate, and
investment banking services primarily in Trinidad and Tobago, and
the Eastern Caribbean region.
HINDU CREDIT UNION: Depositors Waiting on Bonds
-----------------------------------------------
Trinidad and Tobago Newsday reports that Hindu Credit Union (HCU)
Depositors and Shareholders Group president, Robert Nandlal, has
called for a meeting with Finance Minister Larry Howai or Trade
and Industry Minister Vasant Bharat to discuss the lack of bond
payments to those depositors who were over the TT$75,000 limit.
Flanked by a handful of HCU shareholders at the former HCU
Administration building, Chaguanas Main Road, Chaguanas, Mr.
Nandlal said since December 2013 the organization was told that
members would begin receiving bonds but noted they had not been
informed whether the bonds would commence from 2008 or 2014,
according to Trinidad and Tobago Newsday.
"We not hearing anything about bonds again. Is it going to be 20
years from 2014 or 20 years from 2008?" the report quoted Mr.
Nandlal as saying. "What is happening with the TT$75,000 and over
depositors? The majority of them are the older people, they are
retirees, and a lot of them dying out and those who are alive are
wondering what the delay in their bond payments is," Mr. Nandlal
said, the report notes.
"We take a long time to get the TT$75,000 and now we taking a long
time to get the bonds," Mr. Nandlal said, adding, "we would like
to seek a meeting with somebody in authority, maybe the Minister
of Finance, maybe the Minister of Trade, about what is happening
with the HCU and not only about the bonds but what is true value
of the assets of the HCU," the report notes.
"The values of the property, the loans portfolio was at TT$90
million, in that period of the value of the credit union, I don't
believe is in trouble anymore, if you were running the business
and got it out of the rut it in, why not hand it back to the
membership?" Mr. Nandlal asked, the report relays.
The government bonds were offered to HCU depositors after the
credit union group was wound up after bankruptcy several years
ago, the report recalls.
About HCU
Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications. Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government. Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.
The failed credit union was put into liquidation by the government
in 2009. The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers. In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit. Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.
* TRINIDAD & TOBAGO: IMF Concludes 2014 Article IV Mission
----------------------------------------------------------
An International Monetary Fund mission, led by Elie Canetti,
visited Trinidad and Tobago during March 18-April 1, 2014 to
conduct the country's annual Article IV consultation. Mr. Canetti
issued the following statement in Port of Spain at the conclusion
of the mission:
"Trinidad and Tobago is experiencing more robust growth after
several years of sub-par performance. With the end of
maintenance-related outages in the energy sector, we project the
economy will grow around 2 1/2 percent in 2014 after around 1 1/2
percent growth in 2013. The non-energy sector was fairly buoyant
in 2013, which we anticipate will continue to be the case in 2014.
Core inflation has been relatively quiescent, though it picked up
to 2.7 percent in February 2014.
"The country's external position remains healthy, with external
reserves at US$10.0 billion, while the Heritage and Stabilization
Fund's assets continue to grow. Serious data deficiencies hinder
a more complete assessment of balance of payments developments,
but our best estimate is that the current account surplus should
continue to be in double digits (as a percent of GDP) in 2014
thanks to a strong rebound in energy exports from 2013. However,
there are signs that the growth of imports, notably automobiles,
may be picking up. On the capital account, there is anecdotal
evidence that portfolio outflows are responding to interest rate
differentials that have moved marginally in favor of investing in
U.S. dollar-denominated assets.
"The mission projects a fiscal deficit of about 1« percent of GDP
in 2013/14, closer to balance than envisaged in the budget
statement. However, this is due in part to one-off developments,
without which the deficit would be closer to 31/2 percent of GDP.
Looking ahead, the case for expansionary fiscal policies to
support the economy is waning amid signs that excess capacity,
notably in the labor market, is rapidly being used up. Thus, the
smaller budget deficit is welcome. We see a strong case to
continue fiscal consolidation into the medium-term, but based on
policy changes that durably improve the structure of non-energy-
based revenues and spending. The mission welcomes the government's
efforts to significantly reduce or eliminate arrears on energy
subsidies, VAT refunds and to suppliers.
"With excess liquidity in the banking system rising to TT$7.1
billion through March 2014, monetary policy will have to continue
contending with a structural liquidity overhang for the
foreseeable future. In addition, the time for withdrawing the
accommodative monetary stance of the past few years may be coming
nearer as the unemployment rate has fallen meaningfully, credit to
consumers and for real estate is growing at a relatively rapid
pace, core inflation has risen, and interest rate differentials
are shifting in favor of U.S. interest rates. While credit to
business has continued to fall, this appears to be due primarily
to a lack of demand, in part given firms' already ample cash
resources.
"The foreign exchange market has been relatively tight recently.
Despite significant dollar injections from the Central Bank of
Trinidad and Tobago (CBTT), recent reports suggest that foreign
exchange shortages, while temporary, have been fairly widespread.
Increases in foreign exchange inflows may soon help to alleviate
shortages, although some uncertainty about the availability of
foreign exchange may be providing an incentive to hold larger than
usual cash balances in foreign currency. The mission looks
forward to seeing the impact of a new system of allocating foreign
exchange that commenced April 1, but calls on the CBTT to consider
moving towards a more flexible, market-clearing system should
significant unanticipated shortfalls recur.
"Fiscal policy should be set in a long-term context that ensures
the country's non-renewable energy reserves are used as a stepping
stone to lasting prosperity. This requires increasing savings
from the substantial resources extracted from this sector, which
should be accomplished by moving the fiscal position into surplus
within a few years. In addition, expenditures should shift away
from consuming the country's resources towards investing them for
the future. In particular, we would like to reiterate our
previous advice to quickly move to start ending fuel subsidies,
consistent with the IMF's increasing emphasis on this issue
globally. Fuel subsidies are extremely costly and inequitable,
starving the government of resources that could be better targeted
towards poverty reduction. They also induce excessive reliance on
automobiles, leading to pollution and traffic jams that have a
materially adverse impact on productivity. In addition,
overlapping social programs should be rationalized and better
targeted to the less fortunate segments of society. Revenue
policies should be aimed at broadening tax bases to ensure a level
playing field across activities.
"The government should continue to build on recent successes in
implementing structural reforms to unlock the country's full
growth potential. There has been measurable progress in easing
the impediments to doing business and in financial sector reforms,
although more remains to be done in both areas. Beyond that,
there are still critical needs for streamlining the government's
structure and improving the efficiency of the public service and
the functioning of labor markets. The country would also benefit
from reforms in procurement, corporate bankruptcy and bank
resolution. Finally, we wish to place the greatest stress on
remedying the continued shortcomings of the Central Statistical
Office (CSO) in generating critical data, which hamper effective
policy making and lessen transparency.
"The authorities were in broad agreement with the mission's
assessment."
***********
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 * * *