/raid1/www/Hosts/bankrupt/TCRLA_Public/150721.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
Tuesday, July 21, 2015, Vol. 16, No. 141
Headlines
A R G E N T I N A
TRANSPORTADORA DE GAS: S&P Affirms 'CCC-' Rating; Outlook Negative
B E L I Z E
BELIZE: Growth Accelerated to 3.6 Percent in 2014, IMF Says
B E R M U D A
BERMUDA: Signs Multi-Million Dollar Loan Agreement
B R A Z I L
TONON BIOENERGIA: S&P Raises Rating to 'CCC-' & Puts on Watch Pos.
C A Y M A N I S L A N D S
BREEZE HOLDING: Creditors' Proofs of Debt Due Aug. 7
FOUNDATION RE III: Creditors' Proofs of Debt Due Aug. 6
GENPOWER HOLDINGS: Commences Liquidation Proceedings
GOLDMAN SACHS: Commences Liquidation Proceedings
GS PEP 1999: Commences Liquidation Proceedings
HARBERT ASIAN: Placed Under Voluntary Wind-Up
HARBERT ASIAN MASTER: Placed Under Voluntary Wind-Up
MIDPOINT LIMITED: Creditors' Proofs of Debt Due Aug. 3
OFFSHORE GROUP: Moody's Cuts Corporate Family Rating to Caa3
ONSLOW SQUARE: Creditors' Proofs of Debt Due July 29
PLATINUM ARBITRAGE: Placed Under Voluntary Wind-Up
M E X I C O
MEXICO: Posts $1.45 Billion Agriculture Trade Surplus
P U E R T O R I C O
ANNA'S LINENS: Exel Seeks Additional Adequate Protection
ANNA'S LINENS: Hires Epiq as Claims and Noticing Agent
ANNA'S LINENS: Hires Levene Neale as Bankruptcy Counsel
COCO BEACH GOLF: Section 341(a) Meeting Set for Aug. 21
DJSP ENTERPRISES: Issues 275,000 Restricted Shares
HORNED DORSET: Court Refuses to Review Order Staying Suits
PEDRO LOPEZ: Court Won't Review Denial of Trustee Appointment
T R I N I D A D & T O B A G O
CARIBBEAN CEMENT: Posts J$869MM Profit for First 6Mo of 2015
CL FIN'L: Howai, Permell Meet on CLICO Debt
CL FIN'L: Finance Ministry Will Not be Intimidated, Says Howai
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
TRANSPORTADORA DE GAS: S&P Affirms 'CCC-' Rating; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' local
currency and 'CCC-' foreign currency ratings on TGS. The outlook
remains negative.
The 'CCC-' foreign currency rating on TGS reflects S&P's belief
that the company won't be able to continue honoring its foreign
currency obligations under potential restrictions to access
foreign currency and/or restrictions on the ability to transfer
funds abroad. As a result, the rating is the same as the Transfer
and Convertibility (T&C) assessment on Argentina.
With regard to the local currency rating, the 'CCC-' rating
reflects S&P's view that, under its base case scenario (which
includes potential T&C restrictions in the short to medium term),
TGS would not be able to repay all the foreign currency debt in
local currency equivalent.
The ratings also reflect S&P's view of TGS's "vulnerable" business
risk profile, which incorporates high regulatory risk in
Argentina, low prices in the gas transportation segment compared
with its peers in Latin America, and low domestic prices in the
natural liquid gas segment, in which TGS needs to fulfill local
demand before exporting its production at international prices.
The aforementioned factors are partially counterbalanced by the
company's good competitive position, as Argentina's largest
natural gas transportation company, delivering more than 60% of
the country's total gas. The negative outlook on TGS mirrors that
on the Republic of Argentina. It also reflects S&P's view that
credit quality for the corporate sector in the country may
continue to deteriorate based on a weaker operating environment
(including high inflation and gradual devaluation of the local
currency), a challenging refinancing scenario, increased
regulatory risk, and higher uncertainties regarding access to
foreign currency.
A favorable economy that benefits the company's financial
flexibility or actions that restore investor confidence in the
sovereign's medium-term economic prospects could lead to a
reinstatement of a stable outlook and/or a rating upgrade on the
company.
===========
B E L I Z E
===========
BELIZE: Growth Accelerated to 3.6 Percent in 2014, IMF Says
-----------------------------------------------------------
An International Monetary Fund (IMF) team led by Jacques Bouhga-
Hagbe visited Belize during July 6-17 to hold discussions in the
context of the country's 2015 Article IV Consultation. At the
conclusion of the visit, Mr. Bouhga-Hagbe issued the following
statement:
"Growth accelerated to 3.6 percent in 2014 from 1.5 percent in
2013 on the back of a rebound in agriculture, and strong
performances in tourism, electricity, construction and services.
The fall in international oil and food prices has pushed down
headline inflation to -0.2 (y/y) percent as of December 2014.
Despite strong tourism receipts, falling exports, particularly of
crude petroleum, and relatively strong imports widened the
external current account deficit to 7.6 percent of GDP in 2014, up
from 4.4 percent of GDP in 2013. Nevertheless, PetroCaribe and
other official disbursements continued to finance the current
account deficit and help build international reserves (equivalent
to 5 months of imports at end-December 2014). The fiscal primary
deficit increased to 1.5 percent of GDP in FY2014/15 (April-
March), up from a deficit of 0.2 percent of GDP in FY2013/14.
Although revenue collection remained in line with budget targets,
spending continued to grow well above budget targets, driven by
Petrocaribe-financed spending. Private credit growth reached 4.7
percent in 2014, supported by strong real estate credit and loans
to the sugar sector. The banking system continued to strengthen.
The impact of the loss of correspondent banking relations by some
banks has been limited so far.
"In the mission's view, the short-to-medium term outlook would
remain broadly in line with the assessment made during the 2014
Article IV Consultation, with real GDP growth expected to
fluctuate around 2.5 percent a year. Inflation would remain
subdued. The fiscal primary balance would remain in deficit
because of expansionary fiscal policies -- including wage
increases and new projects financed with PetroCaribe resources.
Public debt would rise significantly, especially if a court
decision calls for the payment of compensation to the former
owners of the recently nationalized companies.
"The mission noted that significant downside risks to the economic
outlook deserve close monitoring, including a protracted period of
weak growth in advanced and emerging economies, complications with
PetroCaribe financing, and the expected drop in sugar prices after
the EU sugar reform takes full effect in 2017. On the upside, low
international oil prices and growth-enhancing projects that are
being implemented or envisaged could mitigate these risks.
"In this context, the mission stressed the benefits of a more
ambitious fiscal stance that would create the policy buffers
needed to help contain downside risks. Current efforts to
strengthen the financial system should continue. Vigorous
structural reforms, including greater flexibility in labor and
other domestic markets, greater liberalization of the economy,
simplification of procedures to start a new business and register
property, and quicker resolution of contract disputes, would
foster Belize's competitiveness and raise GDP growth.
"The mission expresses its gratitude to the authorities for their
openness, cooperation, assistance, and hospitality."
During its visit, the IMF team met with Prime Minister Dean
Barrow, Financial Secretary Joseph Waight, Central Bank Governor
Glenford Ysaguirre, other government and central bank officials,
representatives of the private sector, labor unions, sugar farmers
and members of the opposition.
=============
B E R M U D A
=============
BERMUDA: Signs Multi-Million Dollar Loan Agreement
--------------------------------------------------
The Daily Observer reports that the Bermuda government says it has
signed a US$200 million loan with Butterfield Bank as part of a
debt financing strategy.
The national debt now stands at US$2.185 billion.
Finance Minister Bob Richards, who made the announcement in the
House of Assembly, warned six months ago that it would be
necessary for government to borrow US$125 million to see it
through the 2015-16 fiscal year, according to The Daily Observer.
The report notes that the loan agreement with Butterfield Bank is
in effect an overdraft facility for government to use when
necessary, with an interest rate of 4.75 per cent to be paid on
any monies drawn down.
Mr. Richards said funds would only be drawn if necessary and that
when the facility is fully drawn Bermuda's gross debt will stand
at EC$2.385 billion, the report says.
The national debt stood at EC$1.4 billion when the One Bermuda
Alliance (ONA) defeated the Progressive Labor Party (PLP) in the
2012 general election, the report relays.
The report notes that Mr. Richards said there were a number of
reasons behind the decision to make the two-year loan facility
deal.
One reason was to access an interest rate lower than the 5.1 per
cent average that government is paying on its other borrowings,
the report says.
The report discloses that Mr. Richards pointed out that there were
lower costs associated with the arrangement compared with other
forms of borrowings, such as public bonds where fees can typically
range from US$500,000 to two million US dollars.
In 2013, government raised US$750 million through overseas US
dollar bond issues, and a further $50 million with a Bermuda
dollar bond issue, the report notes. That money was needed to see
it through multiple years of projected budget deficits, the report
relays.
The report notes that Mr. Richards said other reasons for deciding
to have a loan facility with the bank included the minimal
reporting and minimal documentation requirements which will result
in lower legal fees. There is also the market certainty, Mr.
Richards added.
It is not the first time Butterfield Bank has extended a US$200
million loan facility to government. A similar deal was struck by
the previous PLP administration in 2011 as part of its debt
financing strategy, the report adds.
===========
B R A Z I L
===========
TONON BIOENERGIA: S&P Raises Rating to 'CCC-' & Puts on Watch Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it upgraded Tonon
Bioenergia S.A. (Tonon) to 'CCC-' from 'SD'. At the same time,
S&P raised its senior secured debt rating to 'CCC-' from 'CC' and
its unsecured debt rating to 'CC' from 'D'. S&P also placed all
ratings on CreditWatch with positive implications.
The upgrade follows the closure of the exchange offer on July 13,
which had triggered S&P's revision of the corporate credit rating
to 'SD' and the ratings on the tendered notes to 'D'. Now that
the 2020 senior unsecured notes were refinanced with more than 95%
acceptance, S&P is upgrading them to the lowest level of its
rating scale.
"Our ratings on Tonon have upside potential now that it has
refinanced most of its short-term maturities and relieved a
substantial part of its liquidity pressures with the new $70
million loan from Gramercy Funds Management LLC and the
approximately $30 million annual savings on lower interest
payments," said Standard & Poor's credit analyst Flavia M. Bedran.
The company's ability to defer interest payments on its new bond
for the next two years also enhances financial flexibility.
The positive CreditWatch listing reflects the likelihood that S&P
could raise the ratings on Tonon within the next few weeks after a
more detailed assessment of its operational status in the 2015-
2016 harvest and its new capital structure and liquidity position.
==========================
C A Y M A N I S L A N D S
==========================
BREEZE HOLDING: Creditors' Proofs of Debt Due Aug. 7
----------------------------------------------------
The creditors of Breeze Holding Corp. are required to file their
proofs of debt by Aug. 7, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 24, 2015.
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
FOUNDATION RE III: Creditors' Proofs of Debt Due Aug. 6
-------------------------------------------------------
The creditors of Foundation Re III Ltd. are required to file their
proofs of debt by Aug. 6, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 22, 2015.
The company's liquidators are:
Kevin Poole
Edward Bodden
P.O. Box 10233
171 Elgin Avenue, George Town
Willow House, 3rd Floor, Cricket Square
Grand Cayman KY1 -1002
Cayman Islands
Telephone: 914-2250
Facsimile: 949-6021
GENPOWER HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On June 24, 2015, the sole shareholder of Genpower Holdings GP,
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:
William R. Brown
c/o Matt Bernardo
First Reserve Corporation
One Lafayette Place, Third Floor
Greenwich, Connecticut, 06830
USA
Telephone: +1 (345) 914 4268
GOLDMAN SACHS: Commences Liquidation Proceedings
------------------------------------------------
On June 25, 2015, the sole shareholder of Goldman Sachs Pep IX
Offshore Holdings Advisors, Inc. 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:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road
George Town Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
GS PEP 1999: Commences Liquidation Proceedings
----------------------------------------------
On June 25, 2015, the sole shareholder of GS PEP 1999 Offshore
Advisors, Inc. 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:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road
George Town Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
HARBERT ASIAN: Placed Under Voluntary Wind-Up
---------------------------------------------
On June 26, 2015, the sole shareholder of Harbert Asian
Opportunities Offshore Fund, Ltd. resolved to voluntarily wind up
the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Harbert Asian Opportunities Fund GP, LLC
c/o Jonathan Turnham
Ogier
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
HARBERT ASIAN MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On June 26, 2015, the sole shareholder of Harbert Asian
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Harbert Asian Opportunities Fund GP, LLC
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
Ogier
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
MIDPOINT LIMITED: Creditors' Proofs of Debt Due Aug. 3
------------------------------------------------------
The creditors of Midpoint Limited are required to file their
proofs of debt by Aug. 3, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 18, 2015.
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
Telephone: (345) 949-7128
OFFSHORE GROUP: Moody's Cuts Corporate Family Rating to Caa3
------------------------------------------------------------
Moody's Investors Service downgraded Offshore Group Investment
Limited's (OGIL) Corporate Family Rating (CFR), senior secured
term loans, and senior secured notes each to Caa3 from B3 and the
Probability of Default Rating (PDR) to Caa3-PD from Caa1-PD. In
addition, the Speculative Grade Liquidity (SGL) Rating was
downgraded to SGL-4 from SGL-2 and the rating outlook was changed
to negative from stable. OGIL is a wholly-owned subsidiary of
Vantage Drilling Corporation.
"The downgrade was driven by deteriorating credit metrics due to
weak contract coverage beyond 2015, exacerbated by the unfavorable
supply-demand dynamics of the offshore rig market," said Sreedhar
Kona, Moody's Senior Analyst. "The negative outlook reflects the
company's unsustainable capital structure and the high likelihood
of a distressed exchange or some other form of debt
restructuring."
Downgrades:
Issuer: Offshore Group Investment Limited
-- Corporate Family Rating (Local Currency), Downgraded to Caa3
from B3
-- Probability of Default Rating (PDR), Downgraded to Caa3-PD
from Caa1-PD
-- Speculative Grade Liquidity Rating, lowered to SGL-4 from SGL-
2
-- Senior Secured Bank Credit Facility (Foreign Currency),
Downgraded to Caa3(LGD4) from B3(LGD3)
-- Senior Secured Regular Bond/Debenture (Foreign Currency),
Downgraded to Caa3(LGD4) from B3(LGD3)
Outlook Actions:
Issuer: Offshore Group Investment Limited
-- Outlook, Changed To Negative From Stable
RATING RATIONALE
The downgrade of OGIL's CFR to Caa3 from B3 is driven by the high
re-contracting risk with only two of the company's seven rigs
having firm, unconditional contracts in place beyond 2015. Moody's
believes there is a high likelihood of a prolonged market downturn
in the offshore rig market through 2017. This downturn, primarily
driven by low commodity prices as well as the large supply of new
jackup and floating rigs, will exacerbate the contracting risk and
will keep dayrates under severe pressure. The Caa3 CFR also
incorporates OGIL's small scale within the offshore contract
drilling industry, cash flow concentration in a few rigs, and the
history of debt-funded rig acquisitions.
The estimated decline in earnings beyond 2015 will exacerbate the
company's unsustainable capital structure reflected in a marked
increase in the debt/EBTIDA to over 10x by year end 2016 from 6.0x
as of March 31, 2015. EBITDA/interest coverage will also drop to
less than 1.5x from approximately 2.2x as of March 31, 2015.
Moody's believes that the company's pursuit of strategic and
financial alternatives is likely to increase open market
purchasing of rated debt trading well below face value. Moody's
views such transactions as a distressed exchange -- effectively a
default.
The senior secured notes and senior secured term loans were also
downgraded to Caa3, and are in line with the Caa3 CFR. The notes
and the term loans rank pari passu and have upstream guarantees
from operating companies that own OGIL's four jackups and three
drillships. These secured lenders also have a downstream guarantee
from Vantage - the parent holding company, although Vantage's
subsidiaries that are involved in the rig construction and rig
management businesses are excluded from the guarantor group. The
secured revolver shares the same collateral pool with the secured
note and term loan, but has a first-out with respect to collateral
proceeds. The Caa3-PD PDR reflects Moody's expectations for an
average 50% family recovery in a distress scenario under the
Moody's Loss Given Default Methodology.
The SGL-4 rating reflects Moody's expectations for the company to
have weak liquidity through 2016. There was $74 million of balance
sheet cash as of March 31, 2015 (excluding the cash at non-
guarantor subsidiaries) and $177 million available ($23 million of
outstanding letters of credit as of March 31, 2015) under the $200
million revolving credit facility. Cash balance, operating cash
flow, and revolver availability will just cover cash interest
needs, scheduled debt amortizations, maintenance capital
expenditure and working capital needs through 2016, leaving OGIL
in a very tight liquidity situation by year end 2016.
In addition, Vantage Drilling Corporation, the parent holding
company of OGIL, will need to raise an additional $535 million for
taking delivery of the Cobalt Explorer drillship, which Moody's
believe will be debt-funded outside of the OGIL legal entity
structure if the company decides to take delivery. The revolving
credit facility commitment will expire in April 2017 and has one
financial covenant (maximum senior leverage ratio of 1.5x), which
can be maintained through 2016. The company's alternate liquidity
is limited given all of its rigs are pledged to the note, term
loan and revolver lenders.
The negative outlook reflects the likelihood of a debt
restructuring or a distressed exchange triggered by increased open
market purchases of rated debt at steep discounts to face value,
resulting in a material economic loss to secured lenders. The
outlook could be changed to stable if the company finds new work
at competitive dayrates resulting in at least $300 million of 2016
EBITDA. Contracting and funding of Cobalt Explorer as well as the
outcomes from the pursuit of strategic and financial alternatives
will also be evaluated for a stable outlook.
A downgrade is likely to occur if a formal debt restructuring
process is initiated by the company or if the company increases
open market purchases of rated debt at steep discounts to face
value. One of the drillships remaining idle for an extended period
of time will increase the liquidity stress materially and result
in a rating downgrade.
Ratings are unlikely to be upgraded in the near term. However, if
OGIL can find new work at competitive dayrates resulting in at
least $350 million of 2016 EBITDA, and can reduce debt/EBITDA
ratio to below 8x on a sustained basis either by pursuing
restructuring opportunities or other alternatives to improve the
capital structure, Moody's will consider a rating upgrade.
OGIL is a wholly owned subsidiary of Vantage, an international
offshore drilling contractor that was incorporated in the Cayman
Islands in 2007.
ONSLOW SQUARE: Creditors' Proofs of Debt Due July 29
----------------------------------------------------
The creditors of Onslow Square Limited are required to file their
proofs of debt by July 29, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 26, 2015.
The company's liquidator is:
Stanislaus Le Carpentier
Saffery Champness (Suisse) S.A.
Avenue Pictet-de-Rochemont 7
1207 Geneva
Switzerland
Telephone: +41 22 319 09 75
Facsimile: +41 22 319 09 77
PLATINUM ARBITRAGE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On June 26, 2015, the sole shareholder of Platinum Arbitrage
Opportunities Fund Limited resolved to voluntarily wind up the
company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Platinum Trading Management Ltd.
c/o Piers Dryden
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
===========
M E X I C O
===========
MEXICO: Posts $1.45 Billion Agriculture Trade Surplus
-----------------------------------------------------
EFE News reports that Mexico posted a $1.45 billion agriculture
trade surplus for the first five months of 2015, the Agriculture,
Livestock, Rural Development, Fisheries and Food Secretariat said.
A 5.1 percent increase in exports and an 8.2 percent drop in
imports between January and May resulted in one of the biggest
trade surpluses in the agricultural sector in recent years, the
secretariat said, according to EFE News.
The report notes that farm exports were valued at $12.02 billion,
while imports came in at $10.57 billion, according to figures from
the National Institute of Statistics and Geography, or INEGI, the
report relays.
Exports of beef cattle rose the fastest in the five-month period,
skyrocketing 70 percent, followed by foreign sales of melons,
watermelons and papaya, which rose 45.8 percent, and avocadoes, up
29.1 percent, the report discloses.
The main destinations for Mexico's exports are the United States,
Japan, Canada and China, as well as the European Union, South
America, Central America and the Caribbean, the secretariat said,
the report adds.
======================
P U E R T O R I C O
======================
ANNA'S LINENS: Exel Seeks Additional Adequate Protection
---------------------------------------------------------
Exel Inc., a secured creditor, asks the U.S. Bankruptcy Court for
the Central District of California, Santa Ana Division, to direct
Anna's Linens, Inc., to provide additional adequate protection for
the use of its property.
Steven B. Sacks, Esq., at Sheppard, Mullin, Richter & Hampton LLP,
in San Francisco, California, tells the Court that Exel files its
motion for adequate protection of its possessory lien claim as a
warehouseman for the Debtor to ensure that the Debtor does not
dispose of the goods held at the warehouses managed by Exel or of
the cash received from the purchaser of the Debtor's inventory
without paying Exel on account of its secured claim or, at the
least, segregating funds to cover that claim.
Mr. Sacks relates that the Debtor is swiftly emptying the
warehouses as it conducts going-out-of-business sales in exchange
for certain payments.
Exel Inc. is represented by:
Steven B. Sacks, Esq.
SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
Four Embarcadero Center, 17th Floor
San Francisco, CA 94111-4109
Telephone: (415)434-9100
Facsimile: (415)434-3947
Email: ssacks@sheppardmullin.com
About Anna's Linens
Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices. Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.
Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.
The case is assigned to Judge Theodor Albert. The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.
The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.
ANNA'S LINENS: Hires Epiq as Claims and Noticing Agent
-------------------------------------------------------
Anna's Linens, Inc. seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Epiq
Bankruptcy Solutions, LLC as claims, noticing and balloting agent,
effective June 14, 2015.
The Debtor requires Epiq to, among other things:
-- prepare and serve required notices and documents in the
Chapter 11 case in accordance with the Bankruptcy Code and
the Bankruptcy Rules in the form and manner directed by the
Debtor and/or the Court, including (i) notice of the
commencement of the chapter 11 cases and the initial meeting
of creditors under section 341(a) of the Bankruptcy Code,
(ii) notice of any claims bar date and any auction or sale
hearing, (iii) notices of objections to claims, (iv) notices
of any hearings on a disclosure statement and confirmation
of the Debtor's chapter 11 plan or plans and (v) other
miscellaneous notices to any entities as the Debtor or the
Court may deem necessary or appropriate for an orderly
administration of the chapter 11 case;
-- assist the Debtor with administrative tasks in the
preparation of their bankruptcy Schedules of Assets and
Liabilities (the "Schedules") and Statements of Financial
Affairs (the "Statements"), including (as needed): (i)
coordinating with the Debtor and its advisors regarding the
Schedules and Statements process, requirements, timelines
and deliverables, (ii) creating and maintaining databases
for maintenance and formatting of Schedules and Statements
data, (iii) coordinating collection of data from the Debtor
and its advisors and (iv) providing data entry and quality
assurance assistance regarding Schedules and Statements;
-- maintain copies of all proofs of claim and proofs of
interest filed;
-- provide balloting services in connection with the
Solicitation process for any chapter 11 plan for which a
disclosure statement has been approved by the court,
including (as needed): (i) coordinate distribution of
solicitation documents, (ii) respond to requests for
documents from parties in interest, including brokerage firm
and bank back-offices and institutional holders, (iii)
respond to telephone inquiries from creditors and parties in
interest regarding the disclosure statement and the voting
procedures, (iv) establish a website for the posting of
solicitation documents, (v) receive and examine all ballots
and master ballots cast by voting parties, (vi) date and
time-stamp the originals of all such ballots and master
ballots upon receipt and (vii) tabulate all ballots and
master ballots received prior to the voting deadline in
accordance with established procedures and prepare a
certification for filing with the court;
-- provide state-of-the-art Call Center facility and services,
including (as needed): create frequently asked questions,
call scripts, escalation procedures and call log formats;
record automated messaging; train Call Center staff;
-- maintain and transmit call log to the Debtor and its
advisors; and
-- provide other claims processing, noticing and related
administrative services as may be requested from time to
time by the Debtors.
Epiq will be paid at these hourly rates:
Clerical/Administrative Support $30-$45
Case Manager $60-$80
IT/Programming $70-$120
Senior Case Manager/
Director of Case Management $85-$155
Consultant/Senior Consultant $145-$190
Director/Vice President $190
Sr. Vice President $350
Communications Counselor $95-$250
Call Center Operator $60
Epiq will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Prior to the Petition Date, the Debtor provided Epiq a retainer in
the amount of $15,000.
Todd W. Wuertz, director of Epiq, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
Epiq can be reached at:
Pamela Corrie
EPIQ BANKRUPTCY SOLUTIONS, LLC
757 Third Avenue, Third Floor
New York, NY 10017
Tel: 646 282 2500
About Anna's Linens
Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices. Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.
Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.
The case is assigned to Judge Theodor Albert. The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.
The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.
ANNA'S LINENS: Hires Levene Neale as Bankruptcy Counsel
-------------------------------------------------------
Anna's Linens, Inc. seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Levene,
Neale, Bender, Yoo & Brill LLP as bankruptcy counsel, effective
June 14, 2015.
The Debtor requires Levene Neale to:
(a) advise the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the
Office of the United States Trustee as they pertain to the
Debtor;
(b) advise the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims
and interests of creditors;
(c) represent the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless the Debtor is
represented in such proceeding or hearing by other special
counsel;
(d) conduct examinations of witnesses, claimants or adverse
parties and represent the Debtor in any adversary
proceeding except to the extent that any such adversary
proceeding is in an area outside of Levene Neale's
expertise or which is beyond LNBYB's staffing capabilities;
(e) prepare and assist the Debtor in the preparation of
reports, applications, pleadings and orders including, but
not limited to, applications to employ professionals,
interim statements and operating reports, initial filing
requirements, schedules and statement of financial affairs,
lease pleadings, cash collateral pleadings, financing
pleadings, and pleadings with respect to the Debtor's use,
sale or lease of property outside the ordinary course
of business;
(f) represent the Debtor with regard to obtaining use of debtor
in possession financing and/or cash collateral including,
but not limited to, negotiating and seeking Bankruptcy
Court approval of any debtor in possession financing and/or
cash collateral pleading or stipulation and preparing any
pleadings relating to obtaining use of debtor in possession
financing and cash collateral;
(g) assist the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization
and the preparation and approval of a disclosure statement
in respect of the plan; and
(h) perform any other services which may be appropriate in
Levene Neale's representation of the Debtor during its
bankruptcy case.
The Debtor expects that David L. Golubchik, Eve K. Karasik, Juliet
Y. Oh, JP Fritz and Lindsey L. Smith will be the primary attorneys
at Levene Neale responsible for the representation of the Debtor
during its Chapter 11 case.
Levene Neale will be paid at these hourly rates:
David L. Golubchik $595
Eve K. Karasik $575
Juliet Y. Oh $555
JP Fritz $490
Lindsey L. Smith $390
Paraprofessionals $225
Levene Neale will also be reimbursed for reasonable out-of-pocket
expenses incurred.
During the one-year period prior to its Chapter 11 filing, the
Debtor paid the total sum of $564,232.84 in retainer payments
("Retainer") related to pre-petition services, as well as
preparation for, and commencement of the instant case. On the
Petition Date, $191,398.34 remained available.
David L. Golubchik, partner of Levene Neale, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.
Levene Neale can be reached at:
David L. Golubchik, Esq.
LEVENE, NEALE, BENDER, YOO & BRILL LLP
10250 Constellation Boulevard, Suite 1700
Los Angeles, CA 90067
Tel: (310) 229-1234
Fax: (310) 229-1244
E-mail: dbg@lnbyb.com
About Anna's Linens
Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices. Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.
Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.
The case is assigned to Judge Theodor Albert. The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel. The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.
The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.
COCO BEACH GOLF: Section 341(a) Meeting Set for Aug. 21
-------------------------------------------------------
A meeting of creditors of Coco Beach Golf & Country Club SE will
be held on Aug. 21, 2015, at 9:00 a.m. at 341 meeting room, Ochoa
Building, 500 Tanca Street, First Floor, San Juan. Creditors have
until Nov. 20, 2015, to submit their proofs of claim.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
Coco Beach Golf & Country Club, S.E., owner of a first class golf
and country club in Rio Grande, Puerto Rico, currently operating
under the name of Trump International Golf Club Puerto Rico,
sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-05312) in
Old San Juan, Puerto Rico, on July 13, 2015, and immediately filed
a motion seeking to sell most of the assets for $2.04 million in
cash to OHorizons Global, LLC, subject to higher and better
offers. Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC
Law Office, serves as counsel to the Debtor. The case is assigned
to Judge Enrique S. Lamoutte Inclan.
DJSP ENTERPRISES: Issues 275,000 Restricted Shares
--------------------------------------------------
DJSP Enterprises, Inc. issued 275,000 ordinary shares as
restricted shares, as previously approved by the Compensation
Committee on June 26, the Company disclosed in a Form 8-K document
filed with the Securities and Exchange Commission. The Restricted
Shares were issued pursuant to a restricted share agreement under
the Company's 2009 Equity Incentive Plan to Stephen J. Bernstein,
an officer and members of the Board of Directors of the Company,
by means of a private placement.
About DJSP Enterprises
Based in Plantation, Florida, DJSP Enterprises, Inc. (Nasdaq:
DJSP, DJSPW, DJSPU) provides a wide range of processing services
in connection with mortgages, mortgage defaults, title searches
and abstracts, REO (bank-owned) properties, loan modifications,
title insurance, loss mitigation, bankruptcy, related litigation
and other services. Its principal customer is The Law Offices of
David J. Stern, P.A. It has additional operations in Louisville,
Kentucky and San Juan, Puerto Rico. Its U.S. operations are
supported by a scalable, low-cost back office operation in Manila,
the Philippines, that provides data entry and document preparation
support for its U.S. operations.
As reported in the Jan. 20, 2011, edition of the TCR, DAL Group,
LLC, a subsidiary of DJSP Enterprises, has obtained waivers on
notes held by these parties for payments due through April 1,
2011:
Amount of Note
--------------
Law Offices of David J. Stern, P.A. $47,869,000
Chardan Capital, LLC, $1,000,000
Chardan Capital Markets, LLC $250,000
Kerry S. Propper $1,500,000
The waivers were sought by DAL as it develops and implements plans
to restructure its ongoing operations to reflect its significantly
reduced revenues and operations and the other changes.
DAL did not make the interest payments due Jan. 3, 2011, for (i)
unsecured term notes in the aggregate principal amount of
$1,600,000 (ii) and a $500,000 term note issued by Cornix
Management, LLC. DAL is seeking waivers from the holders of the
unsecured notes and Cornix of principal and interest payments
otherwise due under these notes, and the default interest rates
under these notes, through April 1, 2011.
DAL has entered into a forbearance agreement with BA Note
Acquisition, LLC, pursuant to which BNA has agreed to forbear from
taking action on a $5.5-million line of credit until March 9,
2011.
HORNED DORSET: Court Refuses to Review Order Staying Suits
----------------------------------------------------------
Magistrate Judge Marcos E. Lopez of the United States District for
the District of Puerto Rico denied a motion for reconsideration of
an order staying all proceedings against Debtor The Horned Dorset
Primavera, Inc., to allow Kristen Blomquist, et al.'s lawsuit
against Universal Insurance Group.
Judge Lopez ruled that the order staying all proceedings in this
case, including those against Universal as insurer of Horned
Dorset, and vacating the pretrial and settlement conference and
trial date stands.
The case is KRISTEN BLOMQUIST, et al., Plaintiffs, v. THE HORNED
DORSET PRIMAVERA, INC., et al., Defendants, Civil No.: 13-1835
(MEL), (D.P.R.).
Annette M. Nogueras-Castro, Esq. -- an@bnlawpr.com -- and Roberto
Boneta, Esq. -- rb@bnlawpr.com -- of Boneta & Nogueras serve as
counsel for Plaintiff Kristin Blomquist.
Hector J. Ferrer-Rios, Esq., of HFR Legal Services LLC and Julio
C. Cayere-Quidgley, Esq., of Cayere-Quidgley Legal Services, PSC
serve as counsel for Defendant Universal Insurance Group, Inc.
A full-text copy of Judge Lopez' Opinion and Order dated June 3,
2015, is available at http://is.gd/WAtrhlfrom Leagle.com.
About The Horned Dorset Primavera
The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon. The hotel --
http://www.horneddorset.net/-- is set among rolling hills at
the edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in Puerto Rico
and the award-winning Restaurant Aaron. The hotel is a member of
Relais & Chateaux.
The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.
According to the docket, the Debtor's Chapter 11 plan is due Nov.
18, 2015.
The Debtor has tapped Isabel M Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.
PEDRO LOPEZ: Court Won't Review Denial of Trustee Appointment
-------------------------------------------------------------
Judge Edward A. Godoy of the United States Bankruptcy Court for
the District of Puerto Rico denied United Surety & Indemnity
Company's motion for reconsideration of the order denying its
motion for summary judgment on its request for the appointment of
a Chapter 11 trustee for Pedro Lopez Munoz.
The court refused to appoint summarily a Chapter 11 trustee case
given that USIC's request is based on allegations of fraud and
dishonesty in which the Debtor's intent may be at issue. In
denying the motion for reconsideration, Judge Godoy found that
even if the debtor had not filed any opposition to the motion for
summary judgment, which he did, the court cannot automatically
enter summary judgment because USIC failed to show that it is
entitled to it. USIC's statement of uncontested material facts in
support of summary judgment proposes, as uncontested, facts that
have to do with the debtor's intent and are at the heart of its
request for the appointment of a chapter 11 trustee, Judge Godoy
said.
The bankruptcy case is IN RE: PEDRO LA PEZ MUA'OZ, Chapter 11,
Debtor, CASE NO. 13-08171 EAG (Bankr. D.P.R.).
A full-text copy of Judge Godoy's Opinion and Order dated July 8,
2015, is available at http://is.gd/2TIfqafrom Leagle.com
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN CEMENT: Posts J$869MM Profit for First 6Mo of 2015
------------------------------------------------------------
RJR News reports that there has been a turnaround in the financial
performance of Caribbean Cement Company Limited.
The company recorded a J$869 million profit for the first six
months of 2015, according to RJR News. The report notes that this
was a reversal of the J$53 million loss recorded during the
corresponding period last year.
The report relates that the company's revenue grew by four per
cent, or J$276 million, over last year, mainly driven by improved
domestic sales and increased clinker export, which compensated for
the decline in export cement sales volume.
Caribbean Cement also refinanced the restructured debt and secured
prepayment discounts of J$168 million, the report discloses.
Expectations
In the meantime, Caribbean Cement is expecting an increase in
local cement sales for the rest of the year, RJR News says.
The report notes that the company said lower oil prices have had a
significant impact on electricity and fuel prices, and this is
expected to create more disposable income in the local market,
which should, in turn, result in greater demand for cement.
The cement producer said the Jamaican Government's tight fiscal
policy is expected to result in only modest growth in the economy,
the report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago. The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.
According to a TCRLA report on Aug. 7, 2013, RJR News said that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News. The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.
CL FIN'L: Howai, Permell Meet on CLICO Debt
-------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that minority
shareholder activist, Peter Permell, met with Minister of Finance
and the Economy, Larry Howai, to discuss the balance of money owed
to assenting policyholders in the Colonial Life Insurance Company
(CLICO).
The affected policyholders are those who accepted the Government's
offer in 2012 to settle CLICO's indebtedness to them by way of
bonds and cash, according to Trinidad and Tobago Newsday. Mr.
Permell said another meeting is scheduled for July 22 to resolve
some outstanding matters, the report relates.
Trinidad and Tobago Newsday notes that Mr. Permell said the fact
that the Governor of the Central Bank and the Minister of Finance
and the Economy have both confirmed that CLICO is fully solvent
and its Statutory Fund is fully funded, means that the policy
holders are due to receive a difference between what was paid to
them in 2012 and what is contractually due to them.
The meeting was held at Mr. Howai's office in the Ministry of
Finance building of the Eric Williams Financial Complex on
Independence Square, Port-of-Spain, and he told journalists at a
press conference in the plaza of the complex that the meeting went
"pretty well" although "at times there were one or two areas of
disagreement, but we were able to sort those out," the report
notes.
The report relays that Mr. Howai added he made numerous
representations on behalf of the policyholders, adding that there
are still some areas which need to be clarified and both sides
agreed to have a follow-up meeting July 21 to resolve those
matters.
"But I think we are on the right path," Mr. Howai said, notes the
report. "It's a step in the right direction. We are much closer
to those policyholders being paid their rightful due."
Mr. Howai said the policyholders have indicated they want the
matter resolved before the General Election which is scheduled to
be held on September 7, 2015, the report notes. Asked what would
be the consequences if the matter is not settled before that
deadline, he said "the policyholders are saying in no uncertain
terms that if the matter is not settled properly before the
election, they are going to let their right index finger do the
talking," the report discloses.
Asked if the numbers of policyholders was significant enough to
affect the outcome of the election, Mr. Permell said, "Oh most
certainly. You are talking here about over 15,000 policyholders
who would have accepted the government's offer in 2012," notes the
report.
"And if you multiply that by their family members -- by four or
five or whatever number you choose -- you are talking about a huge
number of eligible voters who are over the age of eighteen and as
you know in the upcoming election there are a number of marginal
seats and so on. While some may tell us that this 15,000
policyholders are spread over the 41 constituencies, based on what
the political analysts are saying, a couple of hundred votes could
make a huge difference," he continued, the report relays.
The report notes that Mr. Permell said the Government has already
acknowledged that there is money that is still owed to the
policyholders and what has to be done now is to work out how much
is owed and the mechanisms by which the money will be paid.
Mr. Permell said these were technical issues and he was confident
that after July 21's meeting he would have something more concrete
to report, Trinidad and Tobago Newsday says.
Mr. Permell said the meeting was cordial though at times robust
"but I think at the end of the day we left with a meeting of the
minds in terms of how we move forward," the report notes. Mr.
Permell said a number of technical issues arose such as the extent
of the funding of CLICO's Statutory Fund, the report relays.
Mr. Permell said the meeting could not agree on the status of the
fund although he had proposed some figures. Contacted later, Mr.
Howai said that was one of the matters being worked out for this
week's meeting, the report adds.
About CLICO International
Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group. 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 July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.
In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO. The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. 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.
On Aug. 6, 2013, the TCR-LA, citing 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. 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.
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.,
Caribbean360.com related. Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.
CL FIN'L: Finance Ministry Will Not be Intimidated, Says Howai
--------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
Trinidad and Tobago Finance Minister Larry Howai said his ministry
"will not be coerced or intimidated into acting injudiciously or
without careful consideration of all the ramifications of its
decisions."
In a statement, Mr. Howai described as "unfortunate", comments
reportedly made by Chairman of the Clico Policyholders Group
(CPG), Peter Permell, about payments to Short Term Investment
Product (STIP) holders following his (Permell's) meeting with
Howai at the Eric Williams Financial Complex, Port-of-Spain on
July 15, according to Trinidad and Tobago Newsday.
"According to reports, Mr. Permell is alleged to have stated that
. . . . if the matter is not resolved and not handled properly,
they are going to let their right index finger do the talking. It
is unfortunate that (he) should make such a statement," Mr. Howai
said, the report notes.
The minister pointed out that he has been advised by the Central
Bank that the Statutory Fund can meet the obligations to the STIP
holders and it is in this context he has said, "All investors
assenting and non-assenting, will be compensated at the same
level," the report relays.
The statement went on to say the Ministry of Finance and the
Economy "fully intends to adhere to this commitment" and that a
further meeting between the CPG and the ministry "to review the
computation of the potential liabilities is carded for this week,"
the report says.
Mr. Howai also said the macro economic implications, as well as
the implications for liquidity management and the possible options
for addressing the matter, will also form part of the discussions
with the CPG, the report adds.
About CLICO International
Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group. 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 July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.
In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO. The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. 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.
On Aug. 6, 2013, the TCR-LA, citing 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. 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$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.
At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related. Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
METROGAS SA-A 153255Z AR 331403741 -24462400.6
METROGAS SA-C 153263Z AR 331403741 -24462400.6
LA POLAR SA NUEVAPOL CI 571550458 -31565432.3
TECTOY-PF-RTS5/6 TOYB11 BZ 27114628.6 -8215580.95
TEKA-ADR TEKAY US 313948165 -395261073
GOL-PREF GOLL4 BZ 3769323901 -125802483
GOL-ADR GOL US 3769323901 -125802483
GOL GOLL3 BZ 3769323901 -125802483
METROGAS-B MGSBF US 331403741 -24462400.6
BOMBRIL BMBBF US 323685704 -31241748
KARSTEN CTKCF US 174656858 -10482924.6
KARSTEN-PREF CTKPF US 174656858 -10482924.6
MANGELS INDL-PRF MGIRF US 176399866 -61689625.2
TEKA TKTQF US 313948165 -395261073
TEKA-PREF TKTPF US 313948165 -395261073
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
TEC TOY SA-PREF TOYDF US 27114628.6 -8215580.95
PUYEHUE RIGHT PUYEHUOS CI 17878064 -7344408.97
BATTISTELLA-RIGH BTTL1 BZ 120474772 -21271905.1
BATTISTELLA-RI P BTTL2 BZ 120474772 -21271905.1
BATTISTELLA-RECE BTTL9 BZ 120474772 -21271905.1
BATTISTELLA-RECP BTTL10 BZ 120474772 -21271905.1
AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756
GOL-ADR GOQ GR 3769323901 -125802483
PET MANG-RIGHTS 3678565Q BZ 140957879 -410925540
PET MANG-RIGHTS 3678569Q BZ 140957879 -410925540
PET MANG-RECEIPT 0229292Q BZ 140957879 -410925540
PET MANG-RECEIPT 0229296Q BZ 140957879 -410925540
MMX MINERACAO TRES3 BZ 1223308090 -312940530
INEPAR-RT ORD 3697782Q BZ 1191789041 -214360998
INEPAR-RT PREF 3697786Q BZ 1191789041 -214360998
INEPAR-RCT ORD 3697790Q BZ 1191789041 -214360998
INEPAR-RCT PREF 3697794Q BZ 1191789041 -214360998
RB CAPITAL RBCS3B BZ 13996658.5 -815.062365
MMX MINERACA-GDR MMXMY US 1223308090 -312940530
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL FPXE4 BZ 19416013.9 -489914853
SANESALTO SNST3 BZ 21339668.9 -6954061.77
BOMBRIL-RGTS PRE BOBR2 BZ 323685704 -31241748
BOMBRIL-RIGHTS BOBR1 BZ 323685704 -31241748
MMX MINERACA-GDR 0567931D CN 1223308090 -312940530
MMX MINERACA-GDR 3M11 GR 1223308090 -312940530
LAEP-BDR MILK33 BZ 222902269 -255311026
AGRENCO LTD AGRE LX 285996574 -543142756
LAEP INVESTMENTS LEAP LX 222902269 -255311026
INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
OSX BRASIL SA OSXB3 BZ 2592199410 -291661108
MMX MINERACAO MMXCF US 1223308090 -312940530
CELGPAR GPAR3 BZ 233784351 -1156798479
RECRUSUL - RT 4529781Q BZ 25757600.8 -21626049.7
RECRUSUL - RT 4529785Q BZ 25757600.8 -21626049.7
RECRUSUL - RCT 4529789Q BZ 25757600.8 -21626049.7
RECRUSUL - RCT 4529793Q BZ 25757600.8 -21626049.7
RECRUSUL-BON RT RCSL11 BZ 25757600.8 -21626049.7
RECRUSUL-BON RT RCSL12 BZ 25757600.8 -21626049.7
BALADARE BLDR3 BZ 159449535 -52990723.7
TEXTEIS RENAU-RT TXRX1 BZ 48951015.5 -73535330.8
TEXTEIS RENAU-RT TXRX2 BZ 48951015.5 -73535330.8
TEXTEIS RENA-RCT TXRX9 BZ 48951015.5 -73535330.8
TEXTEIS RENA-RCT TXRX10 BZ 48951015.5 -73535330.8
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
NEWTEL PARTICIPA NEWT3 BZ 10517157.2 -10542831.7
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
EBX BRASIL SA CTMN3 BZ 2592199410 -291661108
GOL-ADR GOLN MM 3769323901 -125802483
OSX BRASIL SA EBXB3 BZ 2592199410 -291661108
LA POLAR-RT LAPOLARO CI 571550458 -31565432.3
ELECTRICIDAD ARG 3447811Z AR 948261051 -148983927
TEC TOY-RT 7335610Q BZ 27114628.6 -8215580.95
TEC TOY-RT 7335614Q BZ 27114628.6 -8215580.95
TEC TOY-RCT 7335626Q BZ 27114628.6 -8215580.95
TEC TOY-RCT 7335630Q BZ 27114628.6 -8215580.95
MMX MINERACAO-RT 4111484Q BZ 1223308090 -312940530
MMX MINERACA-RCT 4111488Q BZ 1223308090 -312940530
GOL-RT 0113333D BZ 3769323901 -125802483
GOL-RT 0113334D BZ 3769323901 -125802483
GOL-RCT 0113335D BZ 3769323901 -125802483
GOL-RCT 0113338D BZ 3769323901 -125802483
PET MANG-RT 4115360Q BZ 140957879 -410925540
PET MANG-RT 4115364Q BZ 140957879 -410925540
INEPAR-RT ORD INEP1 BZ 1191789041 -214360998
INEPAR-RT PREF INEP2 BZ 1191789041 -214360998
INEPAR-RCT ORD INEP9 BZ 1191789041 -214360998
INEPAR-RCT PREF INEP10 BZ 1191789041 -214360998
MINUPAR-RT 9314542Q BZ 76619687.5 -91780261.5
MINUPAR-RCT 9314634Q BZ 76619687.5 -91780261.5
MMX MINERACAO-RT 0626050D BZ 1223308090 -312940530
MMX MINERACA-RCT 0626051D BZ 1223308090 -312940530
PET MANG-RT 0229249Q BZ 140957879 -410925540
PET MANG-RT 0229268Q BZ 140957879 -410925540
RECRUSUL - RT 0163579D BZ 25757600.8 -21626049.7
RECRUSUL - RT 0163580D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0163582D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0163583D BZ 25757600.8 -21626049.7
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
OSX BRASIL S-GDR OSXRY US 2592199410 -291661108
TEC TOY-RT 1254570D BZ 27114628.6 -8215580.95
TEC TOY-RT 1254571D BZ 27114628.6 -8215580.95
TEC TOY-RCT 1254572D BZ 27114628.6 -8215580.95
TEC TOY-RCT 1254573D BZ 27114628.6 -8215580.95
MMX MINERACAO MMXM11 BZ 1223308090 -312940530
MINUPAR-RT 0599562D BZ 76619687.5 -91780261.5
MINUPAR-RCT 0599564D BZ 76619687.5 -91780261.5
PET MANG-RT RPMG2 BZ 140957879 -410925540
PET MANG-RT 0848424D BZ 140957879 -410925540
PET MANG-RECEIPT RPMG9 BZ 140957879 -410925540
PET MANG-RECEIPT RPMG10 BZ 140957879 -410925540
GOL-RT GOLL1 BZ 3769323901 -125802483
GOL-RT 1003237D BZ 3769323901 -125802483
GOL-RCT GOLL9 BZ 3769323901 -125802483
GOL-RCT 1003238D BZ 3769323901 -125802483
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
RECRUSUL - RT 0614673D BZ 25757600.8 -21626049.7
RECRUSUL - RT 0614674D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0614675D BZ 25757600.8 -21626049.7
RECRUSUL - RCT 0614676D BZ 25757600.8 -21626049.7
TEKA-RTS TEKA1 BZ 313948165 -395261073
TEKA-RTS TEKA2 BZ 313948165 -395261073
TEKA-RCT TEKA9 BZ 313948165 -395261073
TEKA-RCT TEKA10 BZ 313948165 -395261073
MINUPAR-RTS MNPR1 BZ 76619687.5 -91780261.5
MINUPAR-RCT MNPR9 BZ 76619687.5 -91780261.5
LA POLAR-RT LAPOLAOS CI 571550458 -31565432.3
RECRUSUL SA-RTS RCSL1 BZ 25757600.8 -21626049.7
RECRUSUL SA-RTS RCSL2 BZ 25757600.8 -21626049.7
RECRUSUL SA-RCT RCSL9 BZ 25757600.8 -21626049.7
RECRUSUL - RCT RCSL10 BZ 25757600.8 -21626049.7
OSX BRASIL - RTS 0701756D BZ 2592199410 -291661108
OSX BRASIL - RTS 0701757D BZ 2592199410 -291661108
LA POLAR SA LAPOLAR CI 571550458 -31565432.3
MMX MINERACA-RTS MMXM1 BZ 1223308090 -312940530
MMX MINERACA-RCT MMXM9 BZ 1223308090 -312940530
OSX BRASIL - RTS 0812903D BZ 2592199410 -291661108
OSX BRASIL - RTS 0812904D BZ 2592199410 -291661108
OSX BRASIL SA OSXRF US 2592199410 -291661108
OSX BRASIL - RTS OSXB1 BZ 2592199410 -291661108
OSX BRASIL - RTS OSXB9 BZ 2592199410 -291661108
NEWTEL PARTI-RTS 1051621D BZ 10517157.2 -10542831.7
PET MANG-RTS 1227980D BZ 140957879 -410925540
AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756
LAEP-BDR MILK11 BZ 222902269 -255311026
MMX MINERACA-GDR MMXMD US 1223308090 -312940530
MMX MINERACAO MMXXF US 1223308090 -312940530
GOL PREF - RTS GOLL2 BZ 3769323901 -125802483
GOL PREF - RCT GOLL10 BZ 3769323901 -125802483
BOMBRIL - RTS BOBR11 BZ 323685704 -31241748
KARSTEN SA - RTS CTKA1 BZ 174656858 -10482924.6
KARSTEN SA - RTS CTKA2 BZ 174656858 -10482924.6
KARSTEN SA - RCT CTKA9 BZ 174656858 -10482924.6
KARSTEN SA - RCT CTKA10 BZ 174656858 -10482924.6
NEWTEL PARTI-RCT NEWT9B BZ 10517157.2 -10542831.7
NEWTEL PARTI-RTS NEWT1B BZ 10517157.2 -10542831.7
CELGPAR-RTS GPAR11 BZ 233784351 -1156798479
LA POLAR-RTS BON LAPOLAOB CI 571550458 -31565432.3
PET MANGUINH-RTS RPMG1 BZ 140957879 -410925540
METROGAS-B METR AR 331403741 -24462400.6
METROGAS-B BLOCK METRB AR 331403741 -24462400.6
METROGAS-B METRC AR 331403741 -24462400.6
METROGAS-B METRD AR 331403741 -24462400.6
METROGAS SA MGAI US 331403741 -24462400.6
METROGAS-B MGSB GR 331403741 -24462400.6
METROGAS-ADR MGS US 331403741 -24462400.6
METROGAS-ADR MGSA GR 331403741 -24462400.6
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
BOMBRIL BOBR3 BZ 323685704 -31241748
BOMBRIL CIRIO SA BOBRON BZ 323685704 -31241748
BOMBRIL-PREF BOBR4 BZ 323685704 -31241748
BOMBRIL CIRIO-PF BOBRPN BZ 323685704 -31241748
BOMBRIL SA-ADR BMBPY US 323685704 -31241748
BOMBRIL SA-ADR BMBBY US 323685704 -31241748
BUETTNER BUET3 BZ 82872146.2 -36299304.3
BUETTNER SA BUETON BZ 82872146.2 -36299304.3
BUETTNER-PREF BUET4 BZ 82872146.2 -36299304.3
BUETTNER SA-PRF BUETPN BZ 82872146.2 -36299304.3
BUETTNER SA-RTS BUET1 BZ 82872146.2 -36299304.3
BUETTNER SA-RT P BUET2 BZ 82872146.2 -36299304.3
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
IGUACU CAFE IGUA3 BZ 190073766 -74308212
IGUACU CAFE IGCSON BZ 190073766 -74308212
IGUACU CAFE IGUCF US 190073766 -74308212
IGUACU CAFE-PR A IGUA5 BZ 190073766 -74308212
IGUACU CAFE-PR A IGCSAN BZ 190073766 -74308212
IGUACU CAFE-PR A IGUAF US 190073766 -74308212
IGUACU CAFE-PR B IGUA6 BZ 190073766 -74308212
IGUACU CAFE-PR B IGCSBN BZ 190073766 -74308212
SCHLOSSER SCLO3 BZ 46981417.3 -55419754.7
SCHLOSSER SA SCHON BZ 46981417.3 -55419754.7
SCHLOSSER-PREF SCLO4 BZ 46981417.3 -55419754.7
SCHLOSSER SA-PRF SCHPN BZ 46981417.3 -55419754.7
KARSTEN SA CTKA3 BZ 174656858 -10482924.6
KARSTEN CTKON BZ 174656858 -10482924.6
KARSTEN-PREF CTKA4 BZ 174656858 -10482924.6
KARSTEN-PREF CTKPN BZ 174656858 -10482924.6
COBRASMA CBMA3 BZ 68585867.9 -2324358597
COBRASMA SA COBRON BZ 68585867.9 -2324358597
COBRASMA-PREF CBMA4 BZ 68585867.9 -2324358597
COBRASMA SA-PREF COBRPN BZ 68585867.9 -2324358597
D H B DHBI3 BZ 94806424.1 -188014922
DHB IND E COM DHBON BZ 94806424.1 -188014922
D H B-PREF DHBI4 BZ 94806424.1 -188014922
DHB IND E COM-PR DHBPN BZ 94806424.1 -188014922
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
HAGA HAGA3 BZ 17930008.8 -31863962
FERRAGENS HAGA HAGAON BZ 17930008.8 -31863962
FER HAGA-PREF HAGA4 BZ 17930008.8 -31863962
FERRAGENS HAGA-P HAGAPN BZ 17930008.8 -31863962
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
IGB ELETRONICA IGBR3 BZ 307112239 -59872446.9
GRADIENTE ELETR IGBON BZ 307112239 -59872446.9
GRADIENTE-PREF A IGBR5 BZ 307112239 -59872446.9
GRADIENTE EL-PRA IGBAN BZ 307112239 -59872446.9
GRADIENTE-PREF B IGBR6 BZ 307112239 -59872446.9
GRADIENTE EL-PRB IGBBN BZ 307112239 -59872446.9
GRADIENTE-PREF C IGBR7 BZ 307112239 -59872446.9
GRADIENTE EL-PRC IGBCN BZ 307112239 -59872446.9
HOTEIS OTHON SA HOOT3 BZ 207664352 -21612890.7
HOTEIS OTHON SA HOTHON BZ 207664352 -21612890.7
HOTEIS OTHON-PRF HOOT4 BZ 207664352 -21612890.7
HOTEIS OTHON-PRF HOTHPN BZ 207664352 -21612890.7
RENAUXVIEW SA TXRX3 BZ 48951015.5 -73535330.8
TEXTEIS RENAUX RENXON BZ 48951015.5 -73535330.8
RENAUXVIEW SA-PF TXRX4 BZ 48951015.5 -73535330.8
TEXTEIS RENAUX RENXPN BZ 48951015.5 -73535330.8
INEPAR INEP3 BZ 1191789041 -214360998
INEPAR SA INPRON BZ 1191789041 -214360998
INEPAR-PREF INEP4 BZ 1191789041 -214360998
INEPAR SA-PREF INPRPN BZ 1191789041 -214360998
INEPAR-COM DVD INEP11 BZ 1191789041 -214360998
INEPAR BONUS B INEP12 BZ 1191789041 -214360998
INEPAR-PRF DVD INEP13 BZ 1191789041 -214360998
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
MANGELS INDL MGEL3 BZ 176399866 -61689625.2
MANGELS INDL SA MISAON BZ 176399866 -61689625.2
MANGELS INDL-PRF MGEL4 BZ 176399866 -61689625.2
MANGELS INDL-PRF MISAPN BZ 176399866 -61689625.2
ESTRELA SA ESTR3 BZ 101429217 -112373470
ESTRELA SA ESTRON BZ 101429217 -112373470
ESTRELA SA-PREF ESTR4 BZ 101429217 -112373470
ESTRELA SA-PREF ESTRPN BZ 101429217 -112373470
MET DUQUE DUQE3 BZ 75039127.4 -2847420.37
MET DUQUE MDUON BZ 75039127.4 -2847420.37
MET DUQUE-PREF DUQE4 BZ 75039127.4 -2847420.37
MET DUQUE-PREF MDUPN BZ 75039127.4 -2847420.37
WETZEL SA MWET3 BZ 85449973 -19170318.6
WETZEL SA MWELON BZ 85449973 -19170318.6
WETZEL SA-PREF MWET4 BZ 85449973 -19170318.6
WETZEL SA-PREF MWELPN BZ 85449973 -19170318.6
MINUPAR MNPR3 BZ 76619687.5 -91780261.5
MINUPAR SA MNPRON BZ 76619687.5 -91780261.5
MINUPAR-PREF MNPR4 BZ 76619687.5 -91780261.5
MINUPAR SA-PREF MNPRPN BZ 76619687.5 -91780261.5
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
RECRUSUL RCSL3 BZ 25757600.8 -21626049.7
RECRUSUL SA RESLON BZ 25757600.8 -21626049.7
RECRUSUL-PREF RCSL4 BZ 25757600.8 -21626049.7
RECRUSUL SA-PREF RESLPN BZ 25757600.8 -21626049.7
PETRO MANGUINHOS RPMG3 BZ 140957879 -410925540
PETRO MANGUINHOS MANGON BZ 140957879 -410925540
PET MANGUINH-PRF RPMG4 BZ 140957879 -410925540
PETRO MANGUIN-PF MANGPN BZ 140957879 -410925540
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANSUY SNSY3 BZ 164647493 -171565662
SANSUY SA SNSYON BZ 164647493 -171565662
SANSUY-PREF A SNSY5 BZ 164647493 -171565662
SANSUY SA-PREF A SNSYAN BZ 164647493 -171565662
SANSUY-PREF B SNSY6 BZ 164647493 -171565662
SANSUY SA-PREF B SNSYBN BZ 164647493 -171565662
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
PILMAIQUEN PILMAIQ CI 169175281 -28425493.1
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
STAROUP SA STARON BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TECTOY TOYB3 BZ 27114628.6 -8215580.95
TECTOY SA TOYBON BZ 27114628.6 -8215580.95
TECTOY-PREF TOYB4 BZ 27114628.6 -8215580.95
TECTOY SA-PREF TOYBPN BZ 27114628.6 -8215580.95
TEC TOY SA-PREF TOYB5 BZ 27114628.6 -8215580.95
TEC TOY SA-PF B TOYB6 BZ 27114628.6 -8215580.95
TECTOY TOYB13 BZ 27114628.6 -8215580.95
TECTOY-RCPT PF B TOYB12 BZ 27114628.6 -8215580.95
TEKA TEKA3 BZ 313948165 -395261073
TEKA TEKAON BZ 313948165 -395261073
TEKA-PREF TEKA4 BZ 313948165 -395261073
TEKA-PREF TEKAPN BZ 313948165 -395261073
TEKA-ADR TKTPY US 313948165 -395261073
TEKA-ADR TKTQY US 313948165 -395261073
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
ELEC ARG SA-PREF EASA6 AR 948261051 -148983927
ELEC ARGENT-ADR EASA LX 948261051 -148983927
ELEC DE ARGE-ADR 1262Q US 948261051 -148983927
LOJAS ARAPUA LOAR3 BZ 37959788.7 -3613691912
LOJAS ARAPUA LOARON BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF LOAR4 BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF LOARPN BZ 37959788.7 -3613691912
LOJAS ARAPUA-PRF 52353Z US 37959788.7 -3613691912
LOJAS ARAPUA-GDR 3429T US 37959788.7 -3613691912
LOJAS ARAPUA-GDR LJPSF US 37959788.7 -3613691912
BATTISTELLA BTTL3 BZ 120474772 -21271905.1
BATTISTELLA-PREF BTTL4 BZ 120474772 -21271905.1
HOPI HARI SA PQTM3 BZ 129077627 -2031408.69
HOPI HARI-PREF PQTM4 BZ 129077627 -2031408.69
PARQUE TEM-DV CM PQT5 BZ 129077627 -2031408.69
PARQUE TEM-DV PF PQT6 BZ 129077627 -2031408.69
PARQUE TEM-RT CM PQTM1 BZ 129077627 -2031408.69
PARQUE TEM-RT PF PQTM2 BZ 129077627 -2031408.69
PARQUE TEM-RCT C PQTM9 BZ 129077627 -2031408.69
PARQUE TEM-RCT P PQTM10 BZ 129077627 -2031408.69
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
NEWTEL PARTICIPA NEWT3B BZ 10517157.2 -10542831.7
NEWTEL PARTICIPA 1NEWON BZ 10517157.2 -10542831.7
MMX MINERACAO MMXM3 BZ 1223308090 -312940530
TRESSEM PART SA 1TSSON BZ 1223308090 -312940530
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
PUYEHUE PUYEH CI 17878064 -7344408.97
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
***********
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 * * *