/raid1/www/Hosts/bankrupt/TCRLA_Public/100316.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, March 16, 2010, Vol. 11, No. 052
Headlines
A R G E N T I N A
COOPERATIVA DE CREDITO: Creditors' Proofs of Debt Due on May 21
INVERPRENTA SA: Creditors' Proofs of Debt Due on April 22
METROGAS SA: Moody's Assigns 'Caa3' Global Scale Ratings
ROYAL COURT: Creditors' Proofs of Debt Due on April 21
SIPER AVIACION: Creditors' Proofs of Debt Due on April 7
B R A Z I L
CAMARGO CORREA: Unit Posts Preliminary Results for Tender Offer
COMPANHIA SIDERURGICA: May Spin Off Five Units
COSAN SA: Inks US$12BB Bioethanol Investment Deal with Shell
ENERGISA SA: FY 2009 Profit Up 137% to R$249.7 Million
GOL LINHAS: Doesn't See Domestic Price War in 2010
INDEPENDENCIA ALIMENTOS: Moody's Puts 'Caa3' Corp. Family Rating
M-WISE INC: Swings to US$82,985 Profit in 2009
C A Y M A N I S L A N D S
AXIOM ASIA: Shareholders Receive Wind-Up Report
BB EUROPE: Shareholders Receive Wind-Up Report
BE2 LIMITED: Shareholders Receive Wind-Up Report
CT ASSET: Shareholders Receive Wind-Up Report
CT FINANCIAL: Shareholders Receive Wind-Up Report
DB MARCASSIN: Shareholder Receives Wind-Up Report
DB MARCASSIN: Shareholder Receives Wind-Up Report
DIGIWIN SYSTEMS: Members Receive Wind-Up Report
E2 INC: Shareholders Receive Wind-Up Report
ENTERPRISE DEVELOPMENT: Shareholders Receive Wind-Up Report
FOCUS STAR: Shareholders Receive Wind-Up Report
HORSE OPPORTUNITIES: Members Receive Wind-Up Report
INVESCORP: Shareholders Receive Wind-Up Report
ISOLINA LIMITED: Members Receive Wind-Up Report
KALAMAKI LTD: Shareholders Receive Wind-Up Report
LION/RALLY CAYMAN: Shareholders Receive Wind-Up Report
LISOTTA INVESTMENT: Members Receive Wind-Up Report
MARILU INVESTMENT: Members Receive Wind-Up Report
OCCO GLOBAL: Members Receive Wind-Up Report
OWWIG LIMITED: Shareholders Receive Wind-Up Report
PHAEDRA INVESTMENT: Members Receive Wind-Up Report
PROTOSTAR MASTER: Shareholders Receive Wind-Up Report
PROTOSTAR OFFSHORE: Shareholders Receive Wind-Up Report
QUEENLY INVESTMENT: Members Receive Wind-Up Report
ROTHORN INVESTMENTS: Members Receive Wind-Up Report
SAILCO LIMITED: Shareholders Receive Wind-Up Report
SR LATIGO: Shareholders Receive Wind-Up Report
TARBENIAN LEASING: Shareholder Receives Wind-Up Report
THOROUGHBRED LEASING: Shareholders Receive Wind-Up Report
UNIFUND H: Shareholder Receives Wind-Up Report
C H I L E
* CHILE: S&P Puts Ratings on Entities on CreditWatch Negative
H O N D U R A S
* HONDURAS: IMF to Visit Country to Asses '09 Economic Performance
C O S T A R I C A
* COSTA RICA: IDB Approves US$3MM for Development in Puntarenas
J A M A I C A
JAMAICA PUBLIC SERVICE: Regulator Rejects JM$4-Billion Claim
M E X I C O
AXTEL SAB: Successfully Prices US$190MM Reopening of 2019 Notes
AXTEL SAB: S&P Affirms 'BB' Rating on Senior Unsecured Notes
CEMEX SAB: Venezuela Mulls Action Against Firm
HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'B'
TV AZTECA: Faces More Legal Fines From Government Regulators
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Instructs Contractors to Use 2007 CBA
X X X X X X X X
LATAM: IDB Fund Seeks New Sustainable Tourism Projects in Region
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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COOPERATIVA DE CREDITO: Creditors' Proofs of Debt Due on May 21
---------------------------------------------------------------
Maria Cristina Rotger, the court-appointed trustee for Cooperativa
de Credito, Vivienda y Urbanizacion Integracion Productiva Ltda's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 21, 2010.
Ms. Rotger will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Cristina Rotger
Rivadavia 1210
Argentina
INVERPRENTA SA: Creditors' Proofs of Debt Due on April 22
---------------------------------------------------------
Norberto Manuel Palmero, the court-appointed trustee for
Inverprenta SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 22, 2010.
Mr. Palmero will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Norberto Manuel Palmero
Arcos 4033
Argentina
METROGAS SA: Moody's Assigns 'Caa3' Global Scale Ratings
--------------------------------------------------------
Moody's has assigned Caa3 global scale ratings and Caa3.ar
national scales ratings to Metrogas S.A. up to US$600 million MTM
Program. The outlook for all the ratings is negative.
The Caa3/Caa3.ar ratings consider that Metrogas' liquidity
continues to be extremely weak relative to its debt maturity
profile. In spite of the announced provisional tariff increase in
late 2008, Metrogas' tariffs have remained frozen and inflation
continues to erode margins and cash generation. In addition, the
peso devaluation has exacerbated the liquidity challenges by
increasing the amount of interest payments and principal payments
associated with Metrogas' dollar denominated debt.
While the announced provisional tariff increase -- if implemented
-- would help to alleviate Metrogas' tight liquidity position,
cash generation for debt service is expected to remain weak.
Metrogas' maturity profile, with debt repayments commencing in
June this year, continues to be burdensome and any alternative
external source of financing is questionable.
Moody's observes that the company recently announced that it had
appointed Barclays as financial advisor in order to analyze
Metrogas' financial alternatives ahead of the company's upcoming
debt maturities.
Metrogas' Caa3.ar rating primarily reflects Metrogas' tight
liquidity and expected weak financial performance, as well as its
regulatory risk profile. The Caa3.ar is a National Scale Rating
(NSR) and it is intended to measure the relative creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate between relative risks. NSRs
in Argentina are designated by the ".ar" suffix. NSRs differ from
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but can only be
compared with other rated entities within the same country.
The negative outlook reflects Metrogas' weak liquidity profile,
Moody's expectations for continued poor internal cash generation
and the lack of a clear strategy concerning 2010 debt maturities.
If license renegotiations with the government continue to be
delayed and the company is unable to execute a strategy to improve
its cash generation in relation to its current debt burden in
anticipation of the scheduled debt payments in 2010, the ratings
could be further downgraded.
Although unlikely in the short term, a rating upgrade would
require real progress in license renegotiation with the government
and a tariff framework that would allow Metrogas to materially
improve its cash flow coverage metrics from current levels.
Quantitatively, an upgrade would require consistently positive
levels of free cash flow in relation to debt and adjusted total
debt to EBITDA of below 3.5 times.
Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A2 Stable) and YPF (45.3; Ba1, Sta.).
ROYAL COURT: Creditors' Proofs of Debt Due on April 21
------------------------------------------------------
Ruben Rusenas, the court-appointed trustee for Royal Court SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 21, 2010.
Mr. Rusenas will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ruben Rusenas
Uruguay 750
SIPER AVIACION: Creditors' Proofs of Debt Due on April 7
--------------------------------------------------------
Estudio Martinez Angelina & Asociados, the court-appointed trustee
for Siper Aviacion SA's reorganization proceedings, will be
verifying creditors' proofs of claim until April 7, 2010.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on February 3, 2011.
The Trustee can be reached at:
Estudio Martinez Angelina & Asociados
Libertad 877
Argentina
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B R A Z I L
===========
CAMARGO CORREA: Unit Posts Preliminary Results for Tender Offer
---------------------------------------------------------------
CCSA Finance Ltd., a wholly owned subsidiary of Camargo Correa
S.A., disclosed that pursuant to its previously announced cash
tender offer and consent solicitation for any and all of its
7.875% Notes due 2016, holders of US$180,648,000 in aggregate
principal amount of the Notes, representing 72.3% of the
outstanding Notes, had validly tendered and not withdrawn their
Notes and delivered the related consents at or prior to 5:00 p.m.,
New York City time, on March 9, 2010. The Company also said it
has accepted for purchase and payment all of the Notes that were
validly tendered at or prior to the Consent Payment Deadline.
Payment for the Notes pursuant to the Initial Acceptance is
expected to be made on or about March 19, 2010, as provided in the
Offer to Purchase and Consent Solicitation Statement, dated
February 23, 2010. Holders of Notes who tendered their Notes at
or prior to the Consent Payment Deadline will receive the total
consideration equal to US$1,095 for each US$1,000 principal amount
of Notes validly tendered, which includes a consent payment of
US$20 for each US$1,000 principal amount of Notes, plus any
accrued and unpaid interest to, but not including, the Initial
Payment Date.
The Company has received the requisite consents to execute a
supplemental indenture to the Indenture, dated as of May 17, 2006,
pursuant to which the Notes were issued, implementing the Super
Majority Consent Modifications relating to the Notes as described
in the Offer to Purchase. The Company and the trustee have
executed the Supplemental Indenture and the amendments will become
operative on the Initial Payment Date. As detailed in the Offer
to Purchase, the Supplemental Indenture eliminates substantially
all of the restrictive covenants and certain event of default
provisions contained in the Indenture, including those relating to
the change of control and asset sales.
The Offer is scheduled to expire at 11:59 p.m., New York City
time, on March 22, 2010. Holders of Notes who tender their Notes
after the Consent Payment Deadline, but at or prior to the
Expiration Date, will receive, promptly after acceptance by the
Company, US$1,075 for each US$1,000 principal amount of Notes
validly tendered, plus accrued and unpaid interest to, but not
including, the day of payment for Notes accepted for purchase.
The Company has retained J.P. Morgan Securities Inc. to serve as
sole Dealer Manager and Solicitation Agent and D.F. King & Co.,
Inc. to serve as Information Agent and Tender Agent for the Offer.
About Camargo Correa
Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil. The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing. It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses. During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:
-- Foreign currency Issuer Default Rating 'BB';
-- Local currency IDR 'BB';
COMPANHIA SIDERURGICA: May Spin Off Five Units
----------------------------------------------
Companhia Siderurgica Nacional said that it might spin off five of
its units, Steel Orbis News reports. The report relates the
company said that these units are:
-- mining,
-- steel,
-- energy,
-- logistics, and
-- cement businesses
According to the report, CSN said it will create a holding company
to control the units. The report says that CSN will begin talks
with banks in April, to determine a value for the mining spinoff.
Steel Orbis says that it has been reported that the company will
continue to seek steel assets in the US and Europe.
About CSN
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate. The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects. The group also operates in Brazil, Portugal, and the
U.S.
* * *
As of January 12, 2010, the company continues to carry Moody's
Currency LT Debt ratings at Ba1. The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.
COSAN SA: Inks US$12BB Bioethanol Investment Deal with Shell
------------------------------------------------------------
The joint venture between Cosan S.A. Industria e Comercio and the
Netherlands-based Shell International Petroleum Company Limited
(Shell) will invest around US$12 billion in the Brazilian
bioethanol industry. According to the memorandum of
understanding, both companies will contribute their existing
Brazilian assets to the JV. Shell will contribute US$1.6 billion
in cash, paid over a period of two years. The joint venture will
produce ethanol, sugar and power, and will supply and distribute
its ethanol produce through its retail outlets.
The agreement will enable Shell and Cosan to establish a scalable
and profitable position in the sustainable biofuels market.
Biofuels are seen as the most viable option to reduce carbon
emissions in the transportation sector over the next twenty years
and are therefore an attractive business. This JV between Shell
and Cosan will enable the companies to become market leaders in
Brazil, which is the most efficient ethanol producing country in
the world. The JV, with an annual production capacity of about
2,000 million liters, will make them one of the world's largest
ethanol producers alongside Archer Daniels Midland and POET.
About Cosan SA
Cosan S.A. Industria e Comercio is a low-cost Brazilian sugar and
ethanol producer with a leading position in the global sugar and
ethanol industry. Cosan is also the fourth largest fuel
distributor in Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, Moody's Investors Service placed the Ba3 corporate
family rating for Cosan S.A. Industria e Comercio and its
guaranteed senior unsecured debt ratings on review for possible
upgrade, following the announcement that the company has entered
into a memorandum of understanding with Shell for the formation of
two joint ventures to combine the majority of Cosan's businesses
with several of Shell's assets in Brazil, including its fuel
distribution business.
ENERGISA SA: FY 2009 Profit Up 137% to R$249.7 Million
------------------------------------------------------
Energisa SA's 2009 net profit increased 137.8% to R$249.7 million
from R$105 million recorded in 2008, InvestNews News reports. The
report relates that the company's net operating revenue rose 7.1%
between 2008 and 2009, to R$1.755 billion.
According to the report, Energisa SA's Ebitda stood at R$498.3
million -- 2.5% higher than in 2008. The report relates that the
company said that the results were prompted by a 5.1% increase in
energy consumption in its captive market in 2009 compared to 2008.
About Energisa SA
Energisa SA, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states (Paraiba, Sergipe, Minas Gerais and Rio de
Janeiro), serving approximately 2.2 million consumers. In 2008,
Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all
electricity distributed in Brazil. Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.
* * *
As of March 14, 2010, the company continues to carry Moody's "Ba3"
LT Corp family rating. The company also continues to carry
Standard and Poor's "BB-" LT Issuer credit ratings.
GOL LINHAS: Doesn't See Domestic Price War in 2010
--------------------------------------------------
GOL Linhas Aereas Inteligentes SA sees little prospect of another
price war erupting on the domestic market, Alastair Stewart at Dow
Jones Newswires reports, citing Airline Executive Constantino de
Oliveira. "The airlines are looking to expand but they also have
responsibilities to their shareholders. . . . We don't see a
repeat of the irrational scenario in the third quarter of last
year," the report quoted Mr. Oliveira as saying.
According to the report, the growth of smaller airlines in 2009
led by Azul Linhas Aereas Brasileiras, unsettled GOL Linhas and
market leader TAM SA, which together command more than 80% of
local traffic. The report relates that as a result, GOL Linhas
saw passenger revenue kilometers rise 38% in the fourth quarter of
2009 from the year before, but the average amount paid by each
passenger to travel one kilometer, or yield, fell 29% to BRL0.181
Brazilian. GOL Linhas is offering yield guidance of BRL0.195 to
BRL0.210 for the whole of 2010, the report says.
Dow Jones Newswires notes that Brazil's economy weathered the
recent global slump better than most, driven by strong consumer
demand. The report relates that the airline benefited from this
and expects to continue to benefit in 2010, when it expects demand
for air travel to rise in a range of 12.5% to 18%.
Meanwhile, the report adds Mr. Oliveira said that GOL will be
selective in its expansion plans. In 2009, the report recalls,
GOL expanded capacity by 7%, while the rest of the industry grew
22%.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay. The company's services include passenger, cargo, and
charter services. As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft. The company was founded in 2001.
* * *
As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings. The company also continues
to carry Moody's B1 LT Corp Family rating.
INDEPENDENCIA ALIMENTOS: Moody's Puts 'Caa3' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P) Caa3 local
currency Corporate Family Rating to Independencia Alimentos S.A
and also a (P) Caa1 foreign currency rating to its proposed
guaranteed US$ 150 million senior secured notes maturing in 2015.
The rating outlook is stable.
The proposed US$ 150 million senior secured notes will be issued
by Independencia International Ltd., a wholly owned subsidiary of
Independencia, and these bonds will be unconditionally and
irrevocably guaranteed by Independencia. Proceeds from the
proposed issuance will be used to fund working capital and general
corporate purposes, payment to suppliers and transaction fees and
expenses. The notes will be secured by a first priority lien on
substantially all assets of the issuer and the note guarantors,
including chattel mortgage ("alienacao fiduciaria") on all of the
company's current property, plant and real estate. The ratings
are assigned on a provisional basis pending the successful exit
from bankruptcy and completion of the planned note offering.
"Independencia's Caa3 CFR rating is largely based on the company's
perceived challenges to operate post bankruptcy at a very high
starting leverage, as measured by Total Debt to EBITDA, of over 28
times by the end of 2010. In order for the company to delever, it
will rely on Independencia's ability to increase production
capacity, as per its business plan, by reopening plants that are
currently idle to grow revenues and EBITDA. Additionally, the
Caa3 CFR rating for Independencia factors in the company's very
tight headroom under its financial maintenance covenants.
Finally, the Caa3 CFR rating also incorporates the company's
smaller size and less diversified product portfolio relative to
peers with a concentration on fresh beef sales, which tend to be a
more commoditized product and susceptible to animal disease and
food safety issues that may disrupt its export sales" explained
Moody's VP Senior Analyst, Soummo Mukherjee.
"On the other hand, these negative factors are partially mitigated
by the positive fundamentals of the Brazilian beef industry, which
include, among other factors, the fact that Brazil has the largest
commercial cattle herd and that the cattle in Brazil is grass-fed,
virtually eliminating the risk of BSE (mad-cow disease) and
producing the low fat and chemical-free beef quality that most of
its importing countries prefer. Additionally, Brazilian beef
producers also enjoy one of the most competitive cost structures
in the world, largely driven by Brazil's lower costs for land and
labor, compared to other major global producers. Independencia
also benefits from its proprietary refrigerated storage space at
the Port of Santos, one of Brazil's principal ports through which
approximately 70% of Brazilian beef exports are exported, its
logistics infrastructure that provides the company with the
ability to preserve the quality and increase the shelf-life of its
products. The company is restructuring many of its internal
administrative and production controls intended to help the
company achieve its projected results.
The proposed US$ 150 million guaranteed senior secured notes were
rated (P) Caa1, or two notches above the company's (P) Caa3 CFR,
due to the expected high recovery of this debt instrument arising
from its first priority lien on substantially all assets of the
issuer and the note guarantors, including chattel mortgage on all
current property, plant and real estate to the creditors.
Creditors secured by chattel mortgage have full priority and are
payable with preference over existing pre-petition claims and even
post-petition, super-priority claims, including ACC claims. That
is because the assets transferred to the relevant creditor under a
chattel mortgage are not considered property of the estate.
Therefore these assets will not be subject to subsequent
liquidation and payment of the existing claims, pursuant to a
ranking of priorities. As of December 31, 2009, and pro-forma for
the new transaction, 100% of Independencia's outstanding debt
would be junior to the proposed issuance in the priority of
claims. The proceeds will be used in helping the company exit
from bankruptcy with the payment to suppliers, and to fund working
capital and general corporate purposes for the reopening of idle
plants.
The judicial recovery plan in summary established the change in
the organizational structure merging the companies of the
Independencia group, altering the corporate governance structure
so that the controlling partners no longer hold executive
positions. Furthermore, Independencia's former CFO, Tobias
Bremmer, was promoted to CEO, while several board committees were
set-up generally improving Independencia's corporate governance
standards. The judicial plan also granted special terms and
conditions for debt repayments including the haircut of 50% on all
unsecured debt, termination of some lease/FINAME agreements
without penalties, renegotiated payment dates and terms of secured
debt. The plan, however, is dependent on receiving the exit
financing and/or capital increase.
Independencia is currently slaughtering around 1,200 heads of
cattle per day. The new bond issuance is aimed at allowing the
company to jump-start several plants so that the company can
gradually increase production to slaughter 3,475 heads per day by
the end of 2010 and 6,500 heads/day by the end of 2012. Deboning
capacity is also aimed to increase to 493 tons per day at the end
of 2010 and 1,290 tons per day by the end of 2012. Finally,
leather production capacity should increase to 6,000 hides per day
in 2010 and dried beef production capacity of 50 tons per day in
2010.
Independencia's commercial strategy targets the specific demands
of the domestic and export beef and leather markets. This is only
possible due to its relatively smaller size compared to larger
domestic players. Therefore, it tries to customize products to
specific market demands in order to add value and increase the
average sales price of its products. One of its most successful
strategies is the production of customized, "private label"
products, which they produce and package and its customers sell to
the final consumers with their own brand name. Independencia also
offers products to meet the needs of certain niche markets, such
as kosher, halal and organic beef. In the domestic market they
target regional retail sales that have better margins.
The stable outlook is based on Moody's expectation that
Independencia will secure the US$ 150 million exit finance notes
and gradually reopen its idle plants and deleverage with the
increased EBITDA generation.
Upward pressure on Independencia's Caa3 rating would require a
track record of successful execution of the reorganization plan,
and steadily improving debt protection metrics while maintaining
adequate liquidity and compliance with its bond maintenance
covenants. Quantitatively, upward pressure is likely to arise if
Total Debt / EBITDA falls towards 9.0x before the end of 2011 and
CFO moves towards positive territory.
Downward pressure on Independencia's rating or outlook is likely
to result due to a failure or significant delays to reopen its
idle plants as per the company's business plan, adverse market
conditions, or increased competition, that negatively impact
Independencia's ability to improve EBITDA and meet the financial
covenants established in the new bond indenture. Similarly, a
deterioration in the company's liquidity situation would put
downward pressure on Independencia's current rating.
Moody's assigned these ratings:
- Global local currency scale corporate family rating: (P) Caa3
- Guaranteed US$ 150 million in senior secured notes due in
2015: (P) Caa1
Moody's last rating action on Independencia was on March 2nd,
2009, when Moody's lowered its ratings to Ca, which were
subsequently withdrawn following the announcement that the company
had filed for bankruptcy.
Independencia is 78.2% owned by the Russo family, with the
remaining 21.8% owned by BNDESPAR.
Headquartered in Cajamar, Sao Paulo, Brazil, Independencia
currently only has 2 of its 11 slaughtering plants operating. The
company also has deboning and leather facilities. Additionally,
Independencia has capacity to produce 1,700 tons of dry meat (beef
jerky) per month and to warehouse 8,775 tons of beef.
M-WISE INC: Swings to US$82,985 Profit in 2009
----------------------------------------------
m-Wise, Inc. filed its annual report on Form 10-K, showing net
income of US$82,985 on $3.2 million of revenue for 2009, compared
with a net loss of US$1.0 million on US$2.8 million of revenue for
2008.
The Company's balance sheet as of Dec. 31, 2009, showed
US$1.2 million in assets and US$1.6 million of debts, for a
stockholders' deficit of US$425,788.
SF Partnership LLP, Chartered Accounts, in Toronto, Canada,
expressed substantial doubt about the Company's ability to
continue as a going concern. The independent auditors noted that
of the Company's recurring losses from operations.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?58ca
Based in Herzeliya Pituach, Israel, m-Wise, Inc. develops,
manufactures, markets and supports a software and hardware-based
wireless application platform marketed under the brand MOMA
platform. The Company currently primarily operates through m-Wise
Ltd., its wholly owned subsidiary in Israel and its new subsidiary
in Brazil m-Wise Tecnologia LTDA. The Company currently sells its
MOMA Platform directly, through potential channel partners and
through regional representatives in Taiwan, Philippines, Colombia,
Brazil and the United States.
==========================
C A Y M A N I S L A N D S
==========================
AXIOM ASIA: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Axiom Asia Private Capital Advisory Services
Ltd received, on January 26, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
BB EUROPE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of BB Europe General Partner Ltd received, on
February 5, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1 9002, Cayman Islands
BE2 LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of BE2 Limited received, on February 5, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CT ASSET: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of CT Asset Management (Cayman) Limited received,
on January 25, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
CT FINANCIAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CT Financial Products (Cayman) Limited
received, on January 25, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
DB MARCASSIN: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of DB Marcassin (Cayman) No. 1 Limited received,
on February 5, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jeremy Simon Spratt
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563
Facsimile: +44 (0) 20 7694 3533
KPMG LLP
8 Salisbury Square, London EC4Y 8BB
DB MARCASSIN: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of DB Marcassin (Cayman) No. 2 Limited received,
on February 5, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Jeremy Simon Spratt
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563
Facsimile: +44 (0) 20 7694 3533
KPMG LLP
8 Salisbury Square, London EC4Y 8BB
DIGIWIN SYSTEMS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Digiwin Systems Group Holding Corp. received, on
January 25, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
E2 INC: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of E2 Inc received, on February 1, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945-4777
Facsimile: 945-4799
c/o PO Box 707, Grand Cayman KY1-1107
Telephone: 945-4777
Facsimile: 945-4799
ENTERPRISE DEVELOPMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Enterprise Development Fund Limited received,
on January 28, 2010, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Rob Rintoul
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
FOCUS STAR: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Focus Star Fund Ltd. received, on January 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: (345) 815 1793
Facsimile: (345) 949-9876
HORSE OPPORTUNITIES: Members Receive Wind-Up Report
---------------------------------------------------
The members of Horse Opportunities Ltd. received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
INVESCORP: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Invescorp received, on January 29, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
ISOLINA LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Isolina Limited received, on January 26, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
KALAMAKI LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Kalamaki Ltd. received, on January 15, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
LION/RALLY CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Lion/Rally Cayman 11 received, on February 5,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1 9002, Cayman Islands
LISOTTA INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Lisotta Investment Ltd. received, on December 12,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
MARILU INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Marilu Investment Ltd. received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
OCCO GLOBAL: Members Receive Wind-Up Report
-------------------------------------------
The members of Occo Global Emerging Markets Fund received, on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jane Bates
c/o Charlemagne Capital Limited
St Mary's Court, 20 Hill Street
Douglas, Isle of Man IM1 1EU, British Isles
OWWIG LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of OWWIG Limited received, on January 28, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
owwig Limited
c/o 19/F., No. 3 Lockhart Road
Wanchai, Hong Kong
c/o Mr Francis Wong
Facsimile: (852) 2520-1296
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
PHAEDRA INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Phaedra Investment Ltd. received, on December 12,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
PROTOSTAR MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Protostar Master Fund, Ltd. received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Murray Stahl
Horizon Asset Management, Inc.
470 Park Avenue South, 4th Floor
New York, NY 10016, USA
PROTOSTAR OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Protostar Offshore Fund, Ltd. received, on
January 28, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Murray Stahl
Horizon Asset Management, Inc.
470 Park Avenue South, 4th Floor
New York, NY 10016, USA
QUEENLY INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Queenly Investment Ltd. received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
ROTHORN INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Rothorn Investments Ltd. received, on January 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
SAILCO LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sailco Limited received, on January 27, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
AUB Secretaries Limited
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
SR LATIGO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SR Latigo Master MA Ltd. received, on
February 3, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Swiss Re Services Limited
30 St Mary's Axe, London
TARBENIAN LEASING: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Tarbenian Leasing Limited received, on
January 14, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Scott Aitken
Connan Hill
c/o Isabel Mason
Telephone: 345 949-7755
Facsimile: 345 949-7634
THOROUGHBRED LEASING: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Thoroughbred Leasing Limited received, on
January 14, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Scott Aitken
Connan Hill
c/o Isabel Mason
Telephone: 345 949-7755
Facsimile: 345 949-7634
UNIFUND H: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of The Unifund H Ltd. received, on January 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Patrick Rosenfeld
Telephone: (345) 815 1851
Facsimile: (345) 949 1986
=========
C H I L E
=========
* CHILE: S&P Puts Ratings on Entities on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
ratings on three Chilean entities on CreditWatch with negative
implications pending further analysis of the financial and
operational consequences of the Feb. 27 earthquake in Central
Chile.
As S&P stated in its media release, "Massive Earthquake Should
Have No Immediate Effect On Overall Credit Quality In Chile",
published March 4, 2010, on RatingsDirect, S&P is monitoring
developments in Chile to gauge the situation companies face in
dealing with the effects of the earthquake on their assets and
operations.
In the case of steel producer CAP S.A. ('BBB-'), S&P believes that
damage to its productive assets may delay its ability to improve
credit metrics as S&P had expected for the current rating level.
S&P thinks urban toll-road operator, Sociedad Concesionaria
Vespucio Norte Express S.A. (senior secured notes: SPUR 'BB'), may
experience a prolonged period of operating with part of it highway
closed to traffic, which could threaten its ability to generate
the strong revenue growth needed to meet S&P's original estimates
after the toll road initially attracted low volumes of traffic.
S&P believes Petropower Energia Ltda. (senior secured notes:
'BBB') -- a delayed coker, hydrotreater, and cogeneration facility
-- faces increased credit risks because of its single-asset
nature, the need to meet minimum performance standards to have the
right to bill its offtaker, and its need to finance reconstruction
before it can collect insurance claims.
As mentioned in S&P's March 4 release, the situation in Chile is
evolving, and there have been several aftershocks, including a 7.0
tremor yesterday in Rancagua, a city 87 kilometers south of the
capital Santiago. While S&P believes reconstruction will not
ultimately affect the country's creditworthiness, the damage is
extensive, and S&P think there may be some bottlenecks in
rebuilding activity and processing insurance claims.
S&P expects to resolve the CreditWatch during the next 90 days as
more-accurate information becomes available regarding the extent
of damage and state of repairs, insurance coverage, and the impact
of the quake on these firms' financial risk profiles, among other
factors. Based on any such information and its implications on
the credit quality of its rated Chilean portfolio, S&P may take
further rating actions as the situation warrants.
Ratings List
CreditWatch Action
CAP S.A.
To From
-- ----
Corporate Credit Rating BBB-/CW Neg BBB-/Negative
Petropower Energia Ltda.
To From
-- ----
Sr Sec $122 Mil Notes BBB/CW Neg BBB/Stable
Sociedad Concesionaria Vespucio Norte Express S.A.
To From
-- ----
Sr Sec $423 Mil Notes BB(SPUR)/CW Neg BB(SPUR)/Stable
===============
H O N D U R A S
===============
* HONDURAS: IMF to Visit Country to Asses '09 Economic Performance
------------------------------------------------------------------
Mario Garza, the International Monetary Fund resident
representative in Tegucigalpa, issued the following statement:
"At the request of the authorities, an IMF mission will visit
Honduras during March 15-25. The goal will be to assess, jointly
with the authorities, the economic performance during 2009; review
the outlook for 2010, focusing on the public finances and the
external sector; and discuss policy plans to resume growth and
deal with the challenges faced by the economy. As is customary,
the mission will issue a brief statement at the end of its visit."
==================
C O S T A R I C A
==================
* COSTA RICA: IDB Approves US$3MM for Development in Puntarenas
---------------------------------------------------------------
The Inter-American Development Bank approved a US$3 million grant
from the IDB-Global Environment Facility to help preserve marine
and coastal ecosystems in the Golfo de Nicoya and Pac¡fico Sur
areas.
The grant will help conserve important biodiversity, maintain the
provision of crucial ecosystem services, and provide a basis for
sustainable socio-economic development through tourism, artisanal
fishing and other activities in nearly 800,000 hectares of
multiple-use marine areas on Costa Rica's Pacific coast.
Various governmental agencies will provide an additional $8.8
million in local counterpart funds, taking the total funding for
the four-year project in the province of Puntarenas to US$11.8
million.
The financing will promote the integrated planning and management
of marine and coastal ecosystems, strengthening the marine areas'
governance structures, promoting sustainable private sector
practices, and improving information.
The expansion of tourism, the depletion of fishing stocks (most
notably in the Gulf of Nicoya, where most of the country's
estimated 11,000 fishers operate), and land-based and coastal
contamination have put marine areas under heavy pressure.
IDB said that to tackle these problems and promote an integrated
management of resources, the project will finance both local- and
national-level activities, with a particular focus on
strengthening the management structures and collaboration between
key actors in the project areas. The principal expected result
will be an improved governance of the two project areas, which
will allow for science-based, integrated and sustainable
management of these valuable marine resources.
Other results that will contribute to this overarching goal are
the expansion of responsibly managed fishing areas from 27,000 ha
to 150,000 ha, the training of 16 fishing communities and 20
leading tourism entrepreneurs in sustainable management practices
for their respective sectors, and the implementation of
alternative sustainable livelihood initiatives in at least 10
coastal communities.
The project will be executed by MarViva, a regional not-for-profit
organization specialized in marine and costal resource management.
=============
J A M A I C A
=============
JAMAICA PUBLIC SERVICE: Regulator Rejects JM$4-Billion Claim
------------------------------------------------------------
Jamaica Public Service Company Ltd's claim to recover more than
JM$4 billion from its customers has been rejected by the Office of
Utilities Regulation, Jamaica Gleaner reports. The report relates
that the claim had been filed by the company through its z-factor
provision of the All-Island Electricity Licence of 2001, in
respect to payments made to its workers following a
reclassification exercise completed in 2002.
According to the report, JPSCO had proposed that consumers pay
JM$4.2 billion over a two-year period by adding 6.75 cents per
kilowatt-hour charge to the bills of all its customers. The
report relates that the company had recently paid out JM$2.3
billion in mid-2008 to workers and ex-employees after the Supreme
Court and the Court of Appeal has upheld a ruling by the
Industrial Disputes Tribunal in favor of the workers over a
reclassification exercise.
The Gleaner notes that after paying the said amount, the company
submitted a claim in 2009 as part of its application for rate
review to recover what it said was the cash flow impact associated
with the award. However, the report points out, OUR declared that
both matters should be separated and that the application with
regard to the wage claim should be treated on a stand-alone basis.
The OUR, the report points out, said the company's claim did not
qualify under the z-factor provision, since the costs incurred
were as a consequence of managerial decisions, as the JPS had
agreed with the labor unions in 2000 to embark on the
reclassification exercise. JPSCO had aggravated its costs by
submitting the IDT's ruling in favor of the workers to the Supreme
Court, in addition to filing an appeal in the Court of Appeal, OUR
added.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica. The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers. Japanese-based Marubeni
Corporation owns 80 percent of the company. The Government of
Jamaica and a small group of minority shareholders own the
remaining shares. JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees. The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal. The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness. According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise. However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 to 600 million dollars in
retroactive, overtime and redundancy payments.
===========
M E X I C O
===========
AXTEL SAB: Successfully Prices US$190MM Reopening of 2019 Notes
---------------------------------------------------------------
Axtel, S.A.B. de C.V. has successfully priced a US$190 million
add-on of its 9.0% Senior Unsecured Notes due 2019, sold pursuant
to Rule 144A and Regulation S, originally issued on September 22,
2009, in an amount of US$300 million. The additional notes will
be issued at a price of 102.5% per 100.0% of principal amount and
will bear a yield to maturity of 8.609%.
The international offering is expected to close on March 22, 2010,
subject to customary closing conditions. The proceeds of the
transaction will be used:
(i) to prepay principal amount of indebtedness outstanding
under our 2012 Term Loan Facility,
(ii) to repay approximately US$32 million of short-term
indebtedness,
(iii) to fund approximately US$30 million of principal
installments on indebtedness that will become due during
2010, and
(iv) for general corporate purposes, capital investments and
working capital requirements.
These additional notes and the guarantees thereof have not been
and will not be registered under the United States Securities Act
of 1933, as amended, and they may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the Securities Act. This
announcement is for informational purposes only and is not an
offer to purchase or a solicitation of an offer to purchase.
About AXTEL SAB
Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a
Mexican telecommunications company that provides local and long
distance telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities. The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 10, 2010, Moody's Investors Service downgraded the Corporate
Family and senior unsecured debt ratings of Axtel, S.A.B. de C.V.
to Ba3 from Ba2. The downgrade reflects Moody's expectations that
Axtel's operating performance is likely to remain pressured given
the competitive environment and that it will be difficult for the
company to reverse the negative free cash flow generation in the
near term due to the need to maintain high capital expenditures.
The outlook is stable.
AXTEL SAB: S&P Affirms 'BB' Rating on Senior Unsecured Notes
------------------------------------------------------------
Standard & Poor's Ratings services said that it has affirmed its
'BB-' rating on Axtel S.A.B. de C.V.'s senior unsecured notes
following the proposed addition of $190 million to its
$300 million in 144A/Reg S long-term senior unsecured notes due in
2019. The notes have a recovery rating of '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default. The company plans to use proceeds from the
proposed notes offering to refinance around $167 million debt
obligations and fund working capital requirements. The reopening
of the notes should give the company additional financial
flexibility and will extend the average life of its debt.
The ratings on Axtel reflect its position as the (distant) second-
largest fixed-line integrated telecommunications company in
Mexico, strong competition from other fixed-line operators --
especially Telefonos de Mexico S.A.B. de C.V., mobile telephony
and cable operators, and Axtel's potential participation in the
consolidation of the Mexican telecommunications industry, which
could increase leverage. Axtel's geographic diversity within
Mexico, and flexible and advanced network with several access
technologies, support its rating.
During 2009, revenue growth suffered from a combination of a lower
number of lines in service as a result of less-favorable economic
conditions, its promotional offerings and pricing strategies, and
the reduction of its contracted traffic with Nextel.
Nevertheless, S&P believes that a more-favorable economic outlook
and the company's WiMax network, which is now working at full
capacity, should continue to bring it net additions over the next
few quarters and moderate revenue growth in 2010.
Axtel's financial performance was weaker that expected, but
remains adequate for its current rating. For the 12 months ended
Dec. 31, 2009, Axtel posted total debt-to-EBITDA and funds from
operations-to-total debt ratios of 2.6 x and 29.5%, respectively.
S&P expects similar key financial ratios through the end of 2010.
Despite the significant reduction in capital expenditures Axtel's
free operating cash flow was negative during 2009. Nevertheless,
S&P believes that Axtel's liquidity is manageable and should
improve as a result of the refinancing. Cash and equivalents as
of Dec. 31, 2009, totaled Mexican pesos (MXN) 1.402 billion and
its short-term debt totaled MXN1.223 billion. S&P expects Axtel
to post slightly negative FOCF in 2010. Capital expenditures
should be about MXN3 billion for 2010. However, the company could
need an additional MXN400 million if it launches video services or
participates in Mexican state-owned power company Comision Federal
de Electricidad's dark fiber auction.
Ratings List
Axtel S.A.B. de C.V.
Corporate Credit Rating BB-/Stable
Rating Affirmed
Sr Unsec Notes BB-
Recovery Rating 3
CEMEX SAB: Venezuela Mulls Action Against Firm
----------------------------------------------
Venezuela is considering legal action to force CEMEX, S.A.B. de
C.V. to return ships it removed from the country during a
nationalization dispute, Marianna Parraga at Reuters reports,
citing Venezuela Oil Minister Rafael Ramirez. The report relates
an international court earlier this month rejected a request by
Cemex to protect it from further expropriations by Venezuela after
the 2008 takeover of its Venezuelan assets.
According to the report, Washington-based International Center for
Settlement of Investment Disputes said it could not take
"preventive measures" in favor of Cemex. The report relates
Cemex had asked the ICSID to stop Venezuela from taking control of
three Panama-based cement vessels that were under the control of
Cemex's Venezuelan operations before the August 2008
nationalization.
The company, the report notes, has repeatedly said it is open to
talks with Venezuela and that it will push ahead with arbitration
at the ICSID.
Reuters says Cemex SAB is seeking US$1.3 billion in compensation
for the seizure of its assets. The report relates that the
government of President Hugo Chavez has offered about a third of
that.
Cemex SAB, the report points out, hopes to use compensation from
Venezuela to reduce its US$15 billion debt load as it struggles
with slumping U.S. and European cement volumes due to the global
recession and a collapse in construction activity worldwide.
President Chavez, the report recalls, nationalized Cemex's
Venezuelan assets, accusing the company of causing pollution that
was harming local residents. The report notes that Cemex has
denies any wrongdoing.
About Cemex SAB
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings. The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.
Cemex is seeking $1.3 billion in compensation for the seizure of
its assets. The government of President Hugo Chavez has offered
about a third of that.
The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.
Cemex hopes to use compensation from Venezuela to reduce its $15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide. Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.
HIPOTECARIA SU: S&P Downgrades Counterparty Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its global
and Mexican national scale counterparty credit and senior
unsecured debt ratings on Mexico-based mortgage and construction
lender Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. to 'B' from
'BB-' and to 'mxBBB-/mxA-3' from 'mxBBB+/mxA-2', respectively.
The outlooks are negative.
"The downgrades reflect the fact that the plans that the company
had outlined to boost its capital base and improve its current
deteriorated asset quality haven't materialized as S&P expected,"
said Standard & Poor's credit analyst Arturo Sanchez. "As a
result, HSC's financial flexibility and overall financial profile
have weakened further."
Still, the ratings continue to gain support from the debt-
substituting agreement among Mexican government-related entity
Sociedad Hipotecaria Federal S.N.C., commercial banks,
underwriters, and six mortgage companies including HSC, signed in
May 2009, which should enable the company to refinance 2010 debt
maturities.
The ratings also reflect the company's large market participation
and a national diversified footprint within the weakened Mexican
mortgage finance sector.
TV AZTECA: Faces More Legal Fines From Government Regulators
------------------------------------------------------------
TV Azteca SA de CV has seen its legal woes go from bad to worse in
recent weeks as the Federal Electoral Institute begins to hand
down exponentially larger fines for failing to run legally
mandated political spots and the Transportation and Communications
Secretariat is ordering the company to pull the plug on its
digital terrestrial platform, Hi-TV, Variety News reports.
According to the report, IFE brouhaha began two years ago with a
new law that was designed to level the playing field between
political parties by requiring broadcasters to air spots for free
in primetime. The report relates that Azteca failed to comply
and, early last year, IFE hit Azteca with three fines totaling
about US$450,000. In July, the report recalls, IFE handed out a
then-historic US$1.7 million fine followed by a US$5.5 million
fine in January. On Feb. 24, IFE issued a fine of US$9.6 million
for failing to run a further 16,092 spots, the report notes.
Azteca, the report points out, has so far staved off paying the
fines by lodging a variety of appeals, but, it will hit Azteca's
bottom line if it ever has to pay them.
Variety News relates that the company is also fighting to prove
the legality of Hi-TV.
As reported in the Troubled Company Reporter-Latin America on
March 2, 2010, Dow Jones Newswires said that TV Azteca planed to
contest a government fine and ban on its digital television
service Hi-TV, arguing that the service has been authorized by the
telecommunications regulator. The report related that the
Communications and Transport Ministry (SCT) fined TV Azteca about
MXN4.5 million (US$350,000) for offering the Hi-TV service without
the proper concession, and ordered the transmissions to be halted.
According to the report, the launch last year of Hi-TV prompted
protests from the cable-TV industry and, in May, the Federal
Telecommunications Commission (Cofetel) recommended that the
ministry initiate proceedings against TV Azteca for possibly
violating terms of its broadcast concession. However, the report
related, in December, Cofetel issued a finding that Hi-TV was a
free broadcast service and doesn't violate the concession.
About TV Azteca
TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.
* * *
As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Instructs Contractors to Use 2007 CBA
-------------------------------------------------------------
Contractors that provide services to Petroleos de Venezuela are
applying the 2007 collective bargaining agreement in the
recruitment of staff, EL Universal News reports.
According to the report, citing a company statement, PDVSA
instructed the contractors to implement in their bidding process,
particularly in the labor costs, the former collective bargaining
agreement. The report relates PDVSA argued that the new oil labor
agreement "must be approved by the Cabinet. Therefore, the oil
industry is still working formally with the old collective
bargaining agreement until the approval of the new instrument."
However, the report notes, despite the request, PDVSA is applying
to its payroll the new collective bargaining agreement 2009-2011,
which is already in force, after it was approved by the Ministry
of Labor. EL Universal News says that the agreement executed by
PDVSA and the Federation of Venezuelan Workers of theOil, Gas and
Related Sectors (Futpv) covers both in-house and outsourced staff.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating. The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.
===============
X X X X X X X X
===============
LATAM: IDB Fund Seeks New Sustainable Tourism Projects in Region
----------------------------------------------------------------
The Multilateral Investment Fund will approve as much as
US$5 million in grants this year to finance as many as 10 new
sustainable tourism projects in Latin America and the Caribbean.
The FOMIN, an autonomous fund of the Inter-American Development
Bank that supports projects for small and microenterprises, will
offer grants to finance the creation of small tourism business
networks, train entrepreneurs in the region to offer high-quality
services and market their services.
The MIF is working closely with The National Geographic Society
and Ashoka Changemakers to launch a new call for proposals in the
second quarter of the year. The FOMIN will seek proposals in
several categories including ones that are related to tourism and
climate change; information technology and market access; and the
development of sustainable tourism in the Caribbean.
"Latin America and the Caribbean is one of world's most culturally
and environmentally diverse," said Santiago Soler, who heads the
sustainable tourism cluster at the FOMIN. "We want to help
countries take full advantage of tourism in a way that will
preserve their cultural heritage and environment while ensuring
that small entrepreneurs run a profitable and high-quality
business."
Tourism accounts for 11% of the world's gross domestic product, 7%
of all job opportunities in Latin America and the Caribbean and it
is among the top five sources for foreign currency for poor
nations. It is a labor-intensive industry that offers an
important opportunity to increase employment and reduce poverty,
particularly among developing nations, Mr. Soler said.
The FOMIN began investing systematically on sustainable tourism in
2003 when it selected 25 projects in the region with the primary
goal of improving competitiveness of business and developing or
creating new tourism destinations in which small businesses and
the local community could participate. Interest has been so
strong from countries in the region that the FOMIN is now in the
process of selecting new proposals. As many as 350 proposals were
submitted in last's year selected process, Mr. Soler said.
Over the past seven years, the MIF has financed a wide range of
projects that helped improve the quality of services by small
hotels in Mexico's Tequila Trail destination, develop a
sustainable supply of products for the tourism industry in
Gal pagos and create and market tourism destinations in Colombia
and Brazil.
The FOMIN teams up with local partners, local governments,
nongovernment organizations and industry groups, for example, to
implement the project and offer training. Thanks to the project,
small entrepreneurs learn tools that will allow them to improve
the quality of their services and better manage their business and
take advantage of networking to market each their services and
products.
"Our role is to help plant the seed," Mr. Soler said. "Our local
and international partners, together with the local entrepreneurs
and communities, have to ensure the work that has been done is
preserved and expanded long after the IDB's role has finished."
Partnerships With Corporations
During 2010 a special emphasis will be made to incorporate
partners from the corporate world that are directly or indirectly
related with the tourism sector. In February, the FOMIN organized
a partnership summit at the National Geographic's headquarters in
Washington DC.
The event sought to narrow the gap between the development world,
initiatives related to corporate social responsibility and
corporate business strategies to identify commercial opportunities
and achieve sustainable development, according to Mr. Soler.
"We are working closely with companies such as Microsoft, Amadeus,
Google and Banco Bilbao Vizcaya Argentaria (BBVA), and we hope to
have targeted competitions with active participation of selected
corporate partners in 2010," said Mr. Soler.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
SOC COMERCIAL PL SCDPF US 113091441 -254639574
SNIAFA SA-B SDAGF US 11229696 -2670544.88
AUTOPISTAS SOL APDSF US 351681167 -2858782.1
SOC COMERCIAL PL CAD IX 113091441 -254639574
SOC COMERCIAL PL CVVIF US 113091441 -254639574
SOC COMERCIAL PL CADN EO 113091441 -254639574
COMERCIAL PL-ADR SCPDS LI 113091441 -254639574
SOC COMERCIAL PL COME AR 113091441 -254639574
SOC COMERCIAL PL CADN SW 113091441 -254639574
COMERCIAL PLA-BL COMEB AR 113091441 -254639574
COMERCIAL PL-C/E COMEC AR 113091441 -254639574
COMERCIAL PLAT-$ COMED AR 113091441 -254639574
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
AUTOPISTAS SOL AUSO AR 351681167 -2858782.1
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
BRAZIL
DOC IMBITUBA-RTC IMBI1 BZ 114896167 -16783228.4
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PROMAN PRMN3B BZ 13403497 -173711.308
TEKA-ADR TEKAY US 237436194 -360484910
BOMBRIL BMBBF US 289000174 -166589140
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REII INC REIC US 16631180 -1448544
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MMX MINERACAO TRES3 BZ 1.018E+09 -160218401
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LAEP-BDR MILK11 BZ 446499199 -70952298.9
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B&D FOOD CORP BDFC US 16631180 -1448544
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TELEBRAS-BLOCK TELB30 BZ 248609064 -9345005.13
TELEBRAS-PF BLCK TELB40 BZ 248609064 -9345005.13
TELEBRAS-CEDEA $ TEL4D AR 248609064 -9345005.13
ARTHUR LANGE ARLA3 BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642256 -17154461.9
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BUETTNER BUET3 BZ 97710630 -46681943.4
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CAF BRASILIA CAFE3 BZ 20168618 -728730286
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WIEST WISA3 BZ 39838114 -93371563.1
WIEST SA WISAON BZ 39838114 -93371563.1
WIEST-PREF WISA4 BZ 39838114 -93371563.1
WIEST SA-PREF WISAPN BZ 39838114 -93371563.1
FER C ATLANT VSPT3 BZ 1.212E+09 -38389781.7
FER C ATLANT-PRF VSPT4 BZ 1.212E+09 -38389781.7
FERROVIA CEN-DVD VSPT11 BZ 1.212E+09 -38389781.7
FERROVIA CEN-DVD VSPT12 BZ 1.212E+09 -38389781.7
FER C ATL-RCT CM VSPT9 BZ 1.212E+09 -38389781.7
FER C ATL-RCT PF VSPT10 BZ 1.212E+09 -38389781.7
HOPI HARI SA PQTM3 BZ 62168844 -55189836.7
HOPI HARI-PREF PQTM4 BZ 62168844 -55189836.7
PARQUE TEM-DV CM PQT5 BZ 62168844 -55189836.7
PARQUE TEM-DV PF PQT6 BZ 62168844 -55189836.7
PARQUE TEM-RT CM PQTM1 BZ 62168844 -55189836.7
PARQUE TEM-RT PF PQTM2 BZ 62168844 -55189836.7
PARQUE TEM-RCT C PQTM9 BZ 62168844 -55189836.7
PARQUE TEM-RCT P PQTM10 BZ 62168844 -55189836.7
MMX MINERACAO MMXM3 BZ 1.018E+09 -160218401
TRESSEM PART SA 1TSSON BZ 1.018E+09 -160218401
ALL MALHA PAULIS GASC3B BZ 1.124E+09 -536003486
GASCOIGNE EMP-PF GASC4B BZ 1.124E+09 -536003486
GASCOIGNE EMPREE 1GASON BZ 1.124E+09 -536003486
GASCOIGNE EMP-PF 1GASPN BZ 1.124E+09 -536003486
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 16631180 -1448544
VARIG PART EM TR VPTA3 BZ 49432124 -399290426
VARIG PART EM-PR VPTA4 BZ 49432124 -399290426
VARIG PART EM SE VPSC3 BZ 84848505 -430964848
VARIG PART EM-PR VPSC4 BZ 84848505 -430964848
CHILE
CHILESAT CO-ADR TL US 506644999 -60450603.1
CHILESAT CORP SA TELEX CI 506644999 -60450603.1
CHILESAT CO-RTS CHISATOS CI 506644999 -60450603.1
TELMEX CORP SA CHILESAT CI 506644999 -60450603.1
TELEX-A TELEXA CI 506644999 -60450603.1
TELMEX CORP-ADR CSAOY US 506644999 -60450603.1
TELEX-RTS TELEXO CI 506644999 -60450603.1
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2010. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *