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/raid1/www/Hosts/bankrupt/TCRLA_Public/150327.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 Friday, March 27, 2015, Vol. 16, No. 061 Headlines A N T I G U A & B A R B U D A ANTIGUA & BARBUDA: Transport Board Told to Rehire Workers LIAT: "Bring Airline Home to Barbados," Barbadian Senator Says B E R M U D A ADVANTAGE FUND: PwC to Make Dividends to Unit Holders C A Y M A N I S L A N D S COLISEUM LIMITED: Shareholders' Final Meeting Set for April 17 DREAM PLACES: Members Receive Wind-Up Report GOLDFIELD CAYMAN: Creditors' Proofs of Debt Due April 7 JAPAN HOSPITALITY: Creditors' Proofs of Debt Due April 21 LAPLACE GLOBAL: Shareholders' Final Meeting Set for May 5 LAPLACE GLOBAL MASTER: Shareholders' Final Meeting Set for May 5 LIFE PREMIUM: Placed Under Voluntary Wind-Up LIGHTPOINT CLO III: Member to Hear Wind-Up Report on April 24 MANTUANA LTD: Creditors' Proofs of Debt Due April 28 MARINER NAVIGATOR: Shareholder to Hear Wind-Up Report on April 13 MARINER NAVIGATOR TIPS: Member to Hear Wind-Up Report on April 13 MARINER NAVIGATOR US: Member to Hear Wind-Up Report on April 13 MARINER SELECT: Shareholder to Hear Wind-Up Report on April 13 PLUTUS GENERAL: Members' Final Meeting Set for April 6 PLUTUS TRANSEO: Members' Final Meeting Set for April 6 D O M I N I C A N R E P U B L I C DOMINICAN REP: Canada Firm Buys Product Which Cannot be Exported J A M A I C A CLARENDON ALUMINIUM: Expected to Return to Profitability Soon * JAMAICA: No Extension of Bauxite Levy Concessions, Phillips Says - - - - - =============================== A N T I G U A & B A R B U D A =============================== ANTIGUA & BARBUDA: Transport Board Told to Rehire Workers --------------------------------------------------------- The Daily Observer reports that Senior Industrial Relations Officer of the Antigua & Barbuda Workers Union (A&BWU), Chester Hughes is hoping the management of the Antigua & Barbuda Transport Board will conform to a Labor Department ruling which went in favor of ex-employees who were fired last year. Acting Labor Commissioner Eltonia Rojas has recommended that the over 20 workers be reinstated without loss of benefits, pending the formulation and execution of an objective criterion for the retrenchment process, according to The Daily Observer. "We are hoping that the company will call them back out to work and we will work out the differences between the monies that they have received and what they would have earned as salaries during that period. Then we would work the difference out as to the period of service," Mr. Hughes told the news agency in an interview. The workers, some of whom have up to 10 years' service with the Transport Board, were fired last year as part of what the board said was a restructuring plan, the report relates. Their bargaining agent, which referred the matter to the Labor Department, had argued the ex-employees were unfairly dismissed and the move was based on political motivation, the report notes. In a two-page Conciliation Report, the acting commissioner said the department could not validate the union's claim of victimization, the report relays. However, the Transport Board failed to prove that an objective criterion was employed in the retrenchment process, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on September 23, 2014, The Daily Observer said that Antigua & Barbuda could soon find itself in the company of Japan, Zimbabwe, and Greece, the countries with the highest national debts. In the January 2014 budget presentation, the former administration indicated that the nation's debt was 87 per cent of GDP, according to The Daily Observer. However, Prime Minister Gaston Browne has disputed the figure, deeming it to be as high as 130 per cent, the report noted. Minister Browne said while his government's increased borrowing is pushing up the nation's debt-to-GDP ratio, it is necessary to solve the country's problems, the report related. LIAT: "Bring Airline Home to Barbados," Barbadian Senator Says -------------------------------------------------------------- The Daily Observer reports that while Antigua & Barbuda's prime minister is calling on LIAT, operating as Leeward Islands Air Transport, to slow down and rethink its plan to move its fleet base to Barbados, a government senator is urging quite the opposite. Senator Verla DePeiza wants the move completed as soon as possible -- in time for Crop Over this year, according to The Daily Observer. Saying that it simply made more sense to have LIAT's planes based in Barbados where they would be closer to destinations in the south, Senator DePeiza supported the move announced by the airline's shareholder governments last month as part of a wider plan for the carrier's operations, the report notes. "Bring LIAT home to Barbados and let's get the inter-island traffic of people working for us again in Caricom. There may come a moment in time when we can head north again, but the harsh reality is that the islands in the south are closer to each other and it makes more sense to deploy our planes in the south for the time being until LIAT can show improvement in its finances," the report quoted Senator DePeiza as saying. "It may be a bitter pill for one of our neighbours to swallow, but it is an even bitterer pill for more persons than that should LIAT not succeed without having tried to change," Senator DePeiza said, the report relates. Senator DePeiza added that the move would be a signal event in regional travel. Shifting the airline's fleet base is part of a bid to raise revenue, cut high overheads and stem perennial losses at the cash- strapped airline, the report notes. The announced plan would also include cutting about 180 jobs. Antigua's Prime Minister Gaston Browne, who did not attend the shareholders meeting and whose country was represented by Minister of Public Utilities, Civil Aviation and Transportation Robin Yearwood, is resisting the plan, the report relays. However, Senator DePeiza said the adjustments were necessary as a measure to reduce the cost of intra-regional travel, the report says. Senator DePeiza contended that the current situation did not augur well for tourism or business, adding that investment opportunities had been "crippled" because travelling around the region was expensive, adds the report. About LIAT LIAT, operating as Leeward Islands Air Transport, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 21 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. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 2, 2014, Caribbean360.com said that chairman of the shareholder governments of the financially troubled regional airline, LIAT, operating as Leeward Islands Air Transport, Dr. Ralph Gonsalves said while he is unaware of the details regarding any possible retrenchment of employees, the airline needs to deal with its high cost of operations. The TCR-LA on March 10, 2014, citing Caribbean360.com, reported that LIAT said it will take "decisive action" to deal with unprofitable routes as the Antigua-based airline seeks to make its operations financially viable. On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday, reported that there's much upheaval at the highest levels of LIAT -- the Board and the Executive. Following the sudden resignation of Chief Executive Officer Captain Ian Brunton, David Evans replaced Mr. Brunton as chief executive officer. ============= B E R M U D A ============= ADVANTAGE FUND: PwC to Make Dividends to Unit Holders ----------------------------------------------------- PricewaterhouseCoopers Advisory Limited together with Advantage (Bermuda) Fund Ltd. and VC Advantage (Bermuda) Fund Ltd. intend to make a second and final dividend to unit holders. Creditors whose claims have not yet been settled and united holders who did not receive the first interim dividend and who wish to participate in the dividend are required to submit forms of proof of debt before April 24, 2015, to PricewaterhouseCoopers Dorchester House, 7 Church Street, Hamilton HM 11, Bermuda, or by email to farai.gumede@bm.pwc.com ========================== C A Y M A N I S L A N D S ========================== COLISEUM LIMITED: Shareholders' Final Meeting Set for April 17 -------------------------------------------------------------- The shareholders of Coliseum Limited will hold their final meeting on April 17, 2015, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Magdalena Gruell Helen Butterworth Citron 2004 Limited Telephone: + 44 1534 282276/ 01534 282345 Facsimile: + 44 1534 282400 23-25 Broad Street St Helier, Jersey JE4 8ND DREAM PLACES: Members Receive Wind-Up Report -------------------------------------------- The members of Dream Places Ltd. received on March 25, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands GOLDFIELD CAYMAN: Creditors' Proofs of Debt Due April 7 ------------------------------------------------------- The creditors of Goldfield Cayman Attorneys-At-Law are required to file their proofs of debt by April 7, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 4, 2015. The company's liquidator is: Noel Webb Telephone: (345) 936 5222 Facsimile: (345) 936 5222 P.O. Box 2677 Grand Cayman KY1-1111 Cayman Islands JAPAN HOSPITALITY: Creditors' Proofs of Debt Due April 21 --------------------------------------------------------- The creditors of Japan Hospitality Management Inc. are required to file their proofs of debt by April 21, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 27, 2015. The company's liquidator is: Krys Global VL Services Limited Governors Square, Building 6 2nd Floor, 23 Lime Tree Bay Avenue PO Box 31237, Grand Cayman KY1-1205 Cayman Islands LAPLACE GLOBAL: Shareholders' Final Meeting Set for May 5 --------------------------------------------------------- The shareholders of Laplace Global Macro Fund Limited will hold their final meeting on May 5, 2015, 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: Highwater Limited c/o Nicole Gagliano Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands LAPLACE GLOBAL MASTER: Shareholders' Final Meeting Set for May 5 ---------------------------------------------------------------- The shareholders of Laplace Global Macro Master Fund will hold their final meeting on May 5, 2015, 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: Highwater Limited c/o Nicole Gagliano Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands LIFE PREMIUM: Placed Under Voluntary Wind-Up -------------------------------------------- On March 6, 2015, the Grand Court of Cayman Islands entered an order to wind up the operations of Life Premium Fund, SPC. The company's liquidators are: David Griffin Andrew Morrison FTI Consulting (Cayman) Limited 2D Landmark Square 64 Earth Close, SMB P.O. Box 30613, Grand Cayman KY1-1203 Cayman Islands LIGHTPOINT CLO III: Member to Hear Wind-Up Report on April 24 ------------------------------------------------------------- The member of Lightpoint CLO III, Ltd. will hear on April 24, 2015, at 10:00 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 Jennifer Chailler Telephone: (345) 943-3100 MANTUANA LTD: Creditors' Proofs of Debt Due April 28 ---------------------------------------------------- The creditors of Mantuana Ltd. are required to file their proofs of debt by April 28, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 4, 2015. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands Mr. Philip C Pedro HSBC International Trustee Limited Compass Point 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 MARINER NAVIGATOR: Shareholder to Hear Wind-Up Report on April 13 ----------------------------------------------------------------- The sole shareholder of Mariner Navigator International, Ltd. will hear on April 13, 2015, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. Creditors are required to file their proofs of debt by April 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 2, 2015. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands MARINER NAVIGATOR TIPS: Member to Hear Wind-Up Report on April 13 ----------------------------------------------------------------- The sole shareholder of Mariner Navigator Tips, Ltd. will hear on April 13, 2015, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 2, 2015. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands MARINER NAVIGATOR US: Member to Hear Wind-Up Report on April 13 --------------------------------------------------------------- The member of Mariner Navigator US Equities, Ltd. will hear on April 13, 2015, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 2, 2015. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands MARINER SELECT: Shareholder to Hear Wind-Up Report on April 13 -------------------------------------------------------------- The sole shareholder of Mariner Select International, Ltd. will hear on April 13, 2015, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 2, 2015. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands PLUTUS GENERAL: Members' Final Meeting Set for April 6 ------------------------------------------------------ The members of Plutus General Partner Inc. will hold their final meeting on April 6, 2015, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Ryan Murray PwC Corporate Finance & Recovery (Cayman) Limited Strathvale House, 5th Floor P.O. Box 258 90 North Church Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 914 8789 Facsimile: +1 (345) 945 4237 PLUTUS TRANSEO: Members' Final Meeting Set for April 6 ------------------------------------------------------ The members of Plutus Transeo Fund Inc. will hold their final meeting on April 6, 2015, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Ryan Murray PwC Corporate Finance & Recovery (Cayman) Limited Strathvale House, 5th Floor P.O. Box 258 90 North Church Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 914 8789 Facsimile: +1 (345) 945 4237 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Canada Firm Buys Product Which Cannot be Exported ---------------------------------------------------------------- Dominican Today reports that Dominican Agribusiness Board (JAD) President Osmar Benitez said a container of avocados and another with various types of peppers will be shipped to Canada. The announcement comes after Agriculture Minister Angel Estevez met with executives of Canada-based Caneya Fruits & Products, who agreed to buy some products which cannot be exported to the US, according to Dominican Today. The report notes that Mr. Benitez said though the amount is small, it will increase each week, depending on market interest. "If buyers appear with 50 containers, prices will slump. So they'll increase the weekly amount and therefore avert burdening marketing channels," the report notes. The report relays that Mr. Benitez said the agreement will make it easier to solve the US government's "regrettable" ban on products from Dominican Republic in the wake of the fruit fly detected in the east region. ============= J A M A I C A ============= CLARENDON ALUMINIUM: Expected to Return to Profitability Soon ------------------------------------------------------------- RJR News reports that after years of heavy losses, Clarendon Aluminum Production (CAP), the part owner of JAMALCO (Alcoa Minerals of Jamaica), is poised for a financial turnaround. That's the forecast from Mining Minister Phillip Paulwell, who said that this will result from the improved performance of JAMALCO, according to RJR News. "For the first time in a long while, the government is seeing the return of profitability of CAP, and I'm sure the Jamaican taxpayers will be very, very happy that, come next year, I believe we're going to turn a profit for the first time in many years," Minister Paulwell declared, the report relays. The report notes that in light of that likelihood, Minister Paulwell argued that the Government of Jamaica should retain its shares in JAMALCO, through CAP, "because we have suffered a lot over the last decade or so, and we can now recoup some of those funds that we have lost." In another area of the mining and quarrying sector, Mr. Paulwell disclosed that there has also been renewed interest in local limestone, adds the report. * JAMAICA: No Extension of Bauxite Levy Concessions, Phillips Says ------------------------------------------------------------------ RJR News reports that the government of Jamaica has refused a request from Noranda Jamaica Bauxite for an extension of the concession period for the payment of the Bauxite Levy. Finance Minister Dr. Peter Phillips, speaking in Parliament said the concession which was granted from 2008 to the end of last year, will not be renewed, according to RJR News. "Noranda is insisting on a five-year extension of the concession," he explained, but firmly insisted that this will not be granted, adding that Jamaica had fully honored the terms of the concession, just ended, "which involved substantial revenue foregone," the report quoted Dr. Phillips as saying. But, "in the circumstances facing the country, we are not able to grant an extension," Dr. Phillips declared, the report relays. Dr. Phillips said he expects the matter to go to arbitration. Dr. Phillips also confirmed that UC Rusal, which owns the St. Elizabeth based Alpart bauxite-alumina plant, will not enjoy the concession rate, when it resumes shipments of bauxite later this year, the report notes. Alpart has been closed for five years. *********** 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 2015. 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 202-362-8552. * * * End of Transmission * * *