/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100526.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 Wednesday, May 26, 2010, Vol. 11, No. 102 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Faces Off With Insurers Over Attorney's Fees B E R M U D A PACIFIC CROSSING: Commences Wind-Up Proceedings B R A Z I L AMPLA ENERGIA: To Receive US$217 Million Loan From Banco Nacional BANCO PINE: Fitch Raises Long-Term Issuer Default Rating to 'BB-' * BRAZIL: Sao Jose dos Campos Gets US$86 Million IDB Loan C A Y M A N I S L A N D S BBCM INVESTMENTS: Creditors' Proofs of Debt Due on June 24 CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18 CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18 FCI LTD: Creditors' Proofs of Debt Due on June 24 HERTZ (CAYMAN ISLANDS): Creditors' Proofs of Debt Due on June 15 HUAXIN MINING: Creditors' Proofs of Debt Due on May 31 LCM ALPHANUMERIC: Creditors' Proofs of Debt Due on June 24 MULTI FUND: Creditors' Proofs of Debt Due on June 24 NS REPACK: Creditors' Proofs of Debt Due on June 24 PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25 PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25 PETROPROD 1: Placed Under Voluntary Liquidation PETROPROD 2: Placed Under Voluntary Liquidation PETROPROD 3: Placed Under Voluntary Liquidation PETROPROD D&P: Placed Under Voluntary Liquidation PETROPROD D&P: Placed Under Voluntary Liquidation SALISBURY INTERNATIONAL: Moody's Takes Rating Actions on Notes ST CAPITAL: Creditors' Proofs of Debt Due on June 24 TAIB FUNDS: Creditors' Proofs of Debt Due on June 24 TWENTY-FIRST CENTURY: Creditors' Proofs of Debt Due on June 24 WASHINGTON SQUARE: Creditors' Proofs of Debt Due on June 24 J A M A I C A CABLE & WIRELESS: To Build 3rd Submarine Cable in the Caribbean DIGICEL GROUP: Launches Partnership With Port Computer M E X I C O GRUPO MEXICO: Says Investment in Asarco "Working Out Well" SANLUIS CORPORACION: Fitch Downgrades Issuer Default Rating to 'C' V E N E Z U E L A ECONOINVEST CASA: Gets Raided Amid Crackdown on Currency Trading * VENEZUELA: RBS Expects 2010 GDP to Shrink 4.5% - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Faces Off With Insurers Over Attorney's Fees ------------------------------------------------------------------ Robert Allen Stanford, the financier accused of orchestrating a multi-billion Ponzi scheme, asked a federal judge to order insurance companies that issued directors-and-officers policies covering him to approve "lawyers of my choice" and to pay them, Law.com reports. According to the report, Mr. Stanford told U.S. District Judge Nancy Atlas of the Southern District of Texas in a letter that, because she signed a May 18 order allowing Visser Shidlofsky partner Lee H. Shidlofsky and associates Alan M. Cohen and Douglas P. Skelley, all of Austin, to withdraw as his attorneys in a coverage suit, he must represent himself pro se in that civil litigation. "I have no choice but to respectfully request your immediate and emergent intervention to order the Underwriters to approve and compensate my criminal attorneys and coverage attorneys of my choice," Mr. Stanford wrote in the letter obtained by the news agency. The report notes that Judge Atlas presides over Laura Pendergest- Holt, et al. v. Certain Underwriters at Lloyd's of London, et al., in which Mr. Stanford and other former executives of Stanford Financial Group seek to have Lloyd's of London and Arch Specialty Insurance Co. pay for lawyers to defend them from criminal charges and to represent them in related civil litigation. In January, the report recalls, Senior U.S. District Judge David Hittner of the Southern District of Texas issued a preliminary injunction ordering the two insurance companies to advance defense costs to the SFG executives. However, the report relates, the insurance companies appealed that order to the 5th U.S. Circuit Court of Appeals. In March, the report notes, the 5th Circuit affirmed Judge Hittner's order but said a different federal judge should determine whether the insurance companies can deny coverage because they allege policy exclusion has been triggered. The issue of coverage is now before Judge Atlas, the report says. On April 6, Law.com disclosed that the insurance companies filed an emergency motion asking Judge Atlas to vacate Judge Hittner's order and find that the defendants do not have to pay under the policies. The report relates Judge Atlas signed an order on May 21 directing them to be prepared to respond to Stanford's letter at a hearing on May 25. The report adds that in a response filed to Mr. Stanford's letter, the insurance companies asked Judge Atlas to deny Mr. Stanford's request for emergency relief as they have paid more than US$6 million to lawyers representing Mr. Stanford in criminal and civil matters; and are only withholding consent to his "latest set of criminal attorneys" because they are "at odds with each other." About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ============= B E R M U D A ============= PACIFIC CROSSING: Commences Wind-Up Proceedings ----------------------------------------------- Pacific Crossing Limited commenced wind-up proceedings on May 17, 2010. The company's liquidator is: Ernest Morrison Cox Hallett Wilkinson Bermuda =========== B R A Z I L =========== AMPLA ENERGIA: To Receive US$217 Million Loan From Banco Nacional ----------------------------------------------------------------- Ampla Energia e Servicos SA's board authorized the company to obtain a BRL400 million (US$217 million) loan from National Development Bank (BNDES), Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. The report relates that the loan will be used to finance the company's investment program in 2010 and 2011. According to the report, BNDES loans are offered at lower interest rates than private banks. The report relates that the loans are calculated in accordance with the government's long-term interest rate, known as the TJLP, which is 6%, plus an average spread of 2%. About Ampla Energia Ampla Energia e Servicos SA, formerly known as Cerj, was privatized in 1996 and is controlled by Spanish power company Endesa. The company's major shareholders are the Endesa/Enersis group with 91.9% and Energias de Portugal S.A. with 7.7%. In 2004, the company distributed 7,292 megawatt-hours to 2.1 million customers, representing a 2.4% share of Brazil's electric distribution market. * * * As of May 25, 2010, the company continues to carry Standard and Poor's "BB" LT Issuer credit ratings. BANCO PINE: Fitch Raises Long-Term Issuer Default Rating to 'BB-' ----------------------------------------------------------------- Fitch Ratings has taken these rating actions on Banco Pine S.A.: -- Foreign and Local Currency Long-Term IDR upgraded to 'BB-' from 'B+'; -- Foreign and Local Currency Short-Term IDRs affirmed at 'B'; -- Individual Rating upgraded to 'C/D' from 'D'; -- Support Rating affirmed at '5'; -- Support Rating Floor affirmed at 'NF'; -- National Long-Term Rating upgraded to 'A(bra)' from 'A- (bra)'; -- National Short-Term Rating upgraded to 'F1(bra)' from 'F2(bra)'. At the same time, Fitch has revised the Rating Outlook to Stable from Positive. Fitch has also upgraded the Foreign Currency Long-Term rating to 'B' from 'B-/RR6' of Pine's US$125 million subordinated notes due Jan. 6, 2017. The rating actions reflect Pine`s consistent performance in its core businesses throughout the global economic crisis and its adequate credit quality and capital ratios which compare favorably with peer banks. Pine's ratings also reflect its agility in adapting to economic volatility and its strategy of consistently managing risks and adjustments to its balance sheet. Pine is a medium-sized institution primarily financed through institutional and interbank funding and focused on the middle market and business opportunities in certain niche areas. Given its business model, the bank has significant customer concentrations in assets and liabilities but has maintained prudent credit management and liquidity, especially during adverse scenarios and during fluctuations in the economic cycle such as the recent global financial crisis. Its main challenges are maintaining its growing revenues and funding diversification in view of higher business concentration and competition. Since 2H'09, Pine resumed growth in its small- and medium-sized business portfolio, also increasing the revenues derived from cross selling with the treasury, addressed to clients, and financial assistance services. The latter was developed through partnership in some niches such as private equity and M&A, aiming to aggregate experience and franchise. The still reduced availability of credit lines to the market in 2009 has also allowed the bank to reach larger-sized companies, with good spreads, which benefits its loan book quality and its modest returns, still in line with its peers during this period. Pine's funding base, less pressured by the discontinuity of payroll deductible loans since 2008, resumed growth along 2009. The deposit base, concentrated on institutional investors, increased a strong 107% in the year. Since 2007, when the bank issued equity in an IPO, Pine has sought to diversify its revenues and funding sources, with an aim at reducing the high concentration, which Fitch considers important. The bank's issue of US$125 million subordinated debt in February 2010, with maturity within seven years, (considered as Tier II for regulatory purposes) allowed Pine to lengthen its funding base for medium- term growth. Pine's asset/liability mix is well balanced, with concentration on relatively shorter corporate lending, and increasing the average life of its liabilities. * BRAZIL: Sao Jose dos Campos Gets US$86 Million IDB Loan --------------------------------------------------------- The municipal government of Sao Jose dos Campos, state of Sao Paulo, Brazil, will receive a US$85.7 million loan from the Inter- American Development Bank to help finance a major multi-faceted urban development program that includes the implementation of several environmental, infrastructure and urban transportation projects, as well as institutional strengthening. The program has a total cost of US$178 million, with the remaining US$92 million coming from the municipality. The city of Sao Jose dos Campos is located 80 kilometers from the city of Sao Paulo, between Rio de Janeiro and Sao Paulo, the two largest metropolitan areas in Brazil. It has a population in excess of 600,000. The environmental improvement component of the program includes creating up to five urban parks and resettling around 400 families who occupy an environmental conservation area. The program also calls for the regularization of illegal subdivisions in approximately 2,000 lots and the installation of up to 21 sites for voluntary recycling of construction and demolition waste. The urban transportation component of the program seeks to improve the mobility of people and goods by building corridors and improving the road system to relieve congestion. It also seeks to make the public transportation system more efficient, expand bikeways, and improve traffic safety. The institutional strengthening component, costing US$15 million demonstrates the will and commitment of the municipal government to increase the efficiency and efficacy of the public sector by improving public services, public administration and land-use management. The IDB loan, which was approved by the IDB's Board of Executive Directors on May 12, has an amortization period of 20 years and 5.5 years of grace, with a Libor-based interest rate. About IDB Founded in 1959, the IDB is the world's largest and oldest regional development bank. In March its 48 member countries agreed in principle to increase its capital resources to boost its lending capacity to US$12 billion a year, nearly double its present sustainable level. The United States is the single biggest shareholder, with a 30% stake in the IDB's capital. Collectively, Latin American and Caribbean borrowing member countries own a controlling majority of shares. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== BBCM INVESTMENTS: Creditors' Proofs of Debt Due on June 24 ---------------------------------------------------------- The creditors of BBCM Investments Pty Ltd. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 6, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18 ----------------------------------------------------------- The creditors of Capula Government Only Liquidity Fund Limited are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 28, 2010. The company's liquidator is: Roy Bailey c/o Claire Loebell Telephone (345) 814 8922 Facsimile: (345) 814 8529 Ernst & Young Ltd, 62 Forum Lane Camana Bay, PO Box 510 Grand Cayman, KY1-1106 CAPULA GOVERNMENT: Creditors' Proofs of Debt Due on June 18 ----------------------------------------------------------- The creditors of Capula Government Only Liquidity Master Fund Limited are required to file their proofs of debt by June 18, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 28, 2010. The company's liquidator is: Roy Bailey c/o Claire Loebell Telephone (345) 814 8922 Facsimile: (345) 814 8529 Ernst & Young Ltd, 62 Forum Lane Camana Bay, PO Box 510 Grand Cayman, KY1-1106 FCI LTD: Creditors' Proofs of Debt Due on June 24 ------------------------------------------------- The creditors of FCI Ltd. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 10, 2010. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close, West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands HERTZ (CAYMAN ISLANDS): Creditors' Proofs of Debt Due on June 15 ---------------------------------------------------------------- The creditors of Hertz (Cayman Islands) Limited are required to file their proofs of debt by June 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 4, 2010. The company's liquidator is: Kyle Scott Hertz House, 11 Vine Street Uxbridge, Middlesex UB8 1QE United Kingdom Telephone: +44 1895 553601 Facsimile: +44 1895 522847 HUAXIN MINING: Creditors' Proofs of Debt Due on May 31 ------------------------------------------------------ The creditors of Huaxin Mining (Holdings) Limited are required to file their proofs of debt by May 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 19, 2010. The company's liquidator is: Richard, Wai Hung Poon Room 1410, Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong Telephone: (852) 2887 8621 Facsimile: (852) 2887 8631 LCM ALPHANUMERIC: Creditors' Proofs of Debt Due on June 24 ---------------------------------------------------------- The creditors of LCM Alphanumeric Fund Ltd. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 29, 2010. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close, West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands MULTI FUND: Creditors' Proofs of Debt Due on June 24 ---------------------------------------------------- The creditors of Multi Fund Management Corporation are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 29, 2010. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 NS REPACK: Creditors' Proofs of Debt Due on June 24 --------------------------------------------------- The creditors of NS Repack Ltd. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 5, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25 -------------------------------------------------------- The creditors of Platinum Grove Dynamic Omega Strategies Master Fund Ltd are required to file their proofs of debt by June 25, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 30, 2010. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 PLATINUM GROVE: Creditors' Proofs of Debt Due on June 25 -------------------------------------------------------- The creditors of Platinum Grove Dynamic Omega Strategies Offshore Fund, Ltd are required to file their proofs of debt by June 25, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 30, 2010. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 PETROPROD 1: Placed Under Voluntary Liquidation ----------------------------------------------- Petroprod 1 Ltd commenced liquidation proceedings on March 26, 2010. The company's liquidator is: Simon Whicker PO Box 493M Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 PETROPROD 2: Placed Under Voluntary Liquidation ----------------------------------------------- Petroprod 2 Ltd commenced liquidation proceedings on March 26, 2010. The company's liquidator is: Simon Whicker PO Box 493M Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 PETROPROD 3: Placed Under Voluntary Liquidation ----------------------------------------------- Petroprod 3 Ltd commenced liquidation proceedings on March 26, 2010. The company's liquidator is: Simon Whicker PO Box 493M Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 PETROPROD D&P: Placed Under Voluntary Liquidation ------------------------------------------------- Petroprod D&P 1 Ltd commenced liquidation proceedings on March 26, 2010. The company's liquidator is: Simon Whicker PO Box 493M Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 PETROPROD D&P: Placed Under Voluntary Liquidation ------------------------------------------------- Petroprod D&P 2 Ltd commenced liquidation proceedings on March 26, 2010. The company's liquidator is: Simon Whicker PO Box 493M Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 SALISBURY INTERNATIONAL: Moody's Takes Rating Actions on Notes -------------------------------------------------------------- Moody's Investors Service announced these rating actions on notes issued by Salisbury International Investments Ltd, a collateralized debt obligation transaction referencing a static portfolio of emerging markets corporate and sovereign entities. -- Series 2006-03 US$9,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Ba3; previously on Mar 30, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade -- Series 2006-04 EUR1,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Ba3; previously on Mar 30, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade -- Series 2006-05 US$3,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Baa3; previously on Mar 30, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade -- Series 2006-06 US$3,000,000 Floating Rate Portfolio Credit Linked Notes due 2011-1, Upgraded to Aa3; previously on Mar 30, 2009 Downgraded to A1 and Remained On Review for Possible Downgrade -- Series 2006-07 EUR27,500,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Aa2; previously on Mar 30, 2009 Downgraded to Aa3 and Remained On Review for Possible Downgrade -- Series 2006-08 EUR40,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Aa2; previously on Mar 30, 2009 Downgraded to Aa3 and Remained On Review for Possible Downgrade -- Series 2006-09 EUR10,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Aa3; previously on Mar 30, 2009 Downgraded to A1 and Remained On Review for Possible Downgrade -- Series 2006-11 US$5,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Aa1; previously on Mar 30, 2009 Downgraded to Aa2 and Remained On Review for Possible Downgrade -- Series 2006-13 EUR2,500,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Baa3; previously on Mar 30, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade -- Series 2006-14 EUR6,250,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Aa1; previously on Mar 30, 2009 Downgraded to Aa2 and Remained On Review for Possible Downgrade -- Series 2006-15 EUR10,000,000 Floating Rate Portfolio Credit Linked Notes due 2011, Upgraded to Baa1; previously on Mar 30, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade Moody's explained that the rating actions taken are the result of the shortened time to maturity combined with the relatively unchanged credit quality of the reference portfolio. The transaction has 1.2 years to maturity. The 10 year weighted average rating factor of the portfolio increased from 957.16 (from the last rating action in March 2009) to 1,160.64, equivalent to an average rating of Ba2. Moody's had left the transaction on review for possible downgrade because of the risk of obligation redenomination into local currencies. This risk is receding given the improving economic conditions in emerging markets. ST CAPITAL: Creditors' Proofs of Debt Due on June 24 ---------------------------------------------------- The creditors of ST Capital Inc. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 6, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands TAIB FUNDS: Creditors' Proofs of Debt Due on June 24 ---------------------------------------------------- The creditors of Taib Funds Limited are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 4, 2007. The company's liquidator is: Reid Services Limited Clifton House, 75 Fort Street PO Box 1350, Grand Cayman KY1-1108 Cayman Islands TWENTY-FIRST CENTURY: Creditors' Proofs of Debt Due on June 24 -------------------------------------------------------------- The creditors of Twenty-First Century Global Fixed Income Fund, Ltd. are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 28, 2010. The company's liquidator is: Hisashi Mori c/o Caledonian House 69 Dr. Roy's Drive, P.O. Box 1043 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-0050 Facsimile: 814-4863 WASHINGTON SQUARE: Creditors' Proofs of Debt Due on June 24 ----------------------------------------------------------- The creditors of Washington Square Holdings Ltd are required to file their proofs of debt by June 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 4, 2007. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands ============= J A M A I C A ============= CABLE & WIRELESS: To Build 3rd Submarine Cable in the Caribbean --------------------------------------------------------------- Cable & Wireless Communications plc has outlined a plan to build a new major submarine cable in the Caribbean, more than doubling its carrier capacity in the region, Cellular-news reports. The report relates that the "East-West" cable will link Jamaica and the Cayman Islands in the west of the Caribbean, to the British Virgin Islands (Tortola) in the east; and will land in the Dominican Republic. According to the report, the company's Caribbean mobile networks, LIME, have begun installing the cable and is expected to have it operational by early 2011. The East-West Cable, the report notes, is the third new submarine cable built by Cable & Wireless Communications in the region since 2008, adding to the CBUS cable between Bermuda and the British Virgin Islands and the Gemini-Bermuda cable between Bermuda and the east coast of the US. The report says that the cable will enable Cable & Wireless Communications and its Caribbean business, LIME, to meet the rising demand for high-speed bandwidth from consumers and business customers in the region. Cellular-news adds that the cable will also substantially strengthen Cable & Wireless Communications' capability in serving its carrier customers in North and Latin America, as well as within the Caribbean. About Cable & Wireless Headquartered in London, England, Cable & Wireless Communications plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB- "long-term foreign and local issuer credit ratings and "B" short- term foreign and local issuer credit ratings. DIGICEL GROUP: Launches Partnership With Port Computer ------------------------------------------------------ Port Computer Services Limited has launched its Server Hosting Solution in partnership with Digicel Jamaica Limited, Jamaica Gleaner reports. Digicel Jamaica Limited is a subsidiary of Digicel Group. According to the report, Port Computer's solution will aid businesses to lessen their downtime due to disasters or system failure and allow for business continuity. The report relates that clients who purchase the service will have their information stored on servers at Digicel's tier three data centre located in Caymanas. The centre also allows clients to access their information remotely, or set up workstations from the facility, the report notes. The Gleaner says that the centre can accommodate 2U rack units to full 42U racks; and include these features: * Choice of service providers for Internet connectivity. * Dual electrical generators. * Stored fuel onsite and off-site for generators. * Fire suppression systems. * Remote monitoring via closed-circuit television. * Armed security guards - 24 hours per day. About Digicel Group Digicel Group -- http://www.digicelgroup.com-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state-of-the-art handsets. By offering innovative wireless services and community support, Digicel has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barths. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. As of January 14, 2010, the company continues to carry these below investment grade ratings from Moody's: -- LT Corp Family Rating at B2 -- Senior Undecured Debt Rating at Caa1 -- probability of Default at B2 =========== M E X I C O =========== GRUPO MEXICO: Says Investment in Asarco "Working Out Well" ---------------------------------------------------------- Grupo Mexico SA de C.V. said that its investment in Asarco LLC is working out well and that Asarco is on a path to growth, Emily Chasan and Mica Rosenberg at Reuters report. As reported in the Troubled Company Reporter-Latin America on December 10, 2009, Grupo Mexico's subsidiary, Americas Mining Corp., consummated its bankruptcy plan for ASARCO LLC, reuniting ASARCO with its parent company. The reintegration follows U.S. District Court Judge Andrew S. Hanen's decision to approve GMEXICO's full payment reorganization plan for ASARCO, concluding the company's four-year Chapter 11 proceeding. The court-approved plan, among other things, called for AMC to make a US$2.2 billion cash contribution to ASARCO for distribution to creditors, additionally disburse to creditors an estimated US$1.4 billion in cash on hand from ASARCO's balance sheet and guarantee ASARCO's issuance of a one-year promissory note for US$280 million payable to the asbestos creditors. According to Reuters, Grupo Mexico said that despite a volatile copper market over the past year, and a drawn out bidding battle with India's Sterlite Industries that ratcheted up the price it paid for Asarco LLC, Grupo Mexico said it was confident the company would grow. "Clearly we paid a lot to the creditors, but not a lot for the business, which is generating (hundreds of millions of dollars in earnings) this year," the report quoted Grupo Mexico Chief Financial Officer Daniel Muniz as saying. "Now it is generating money. We paid what we had to pay, and it had its benefits," he added, the report relates. Reuters notes that Grupo Mexico said that the addition of Asarco LLC to the company was helping it diversify its geographic profile out of Mexico and Peru, and boosting its copper production by 30%. The report relates that Asarco LLC had contributed to the company's huge increase in first quarter profit and that the parent would start a US$10 million investment program in Asarco that could increase the company's copper reserves. Reuters notes that Asarco LLC expects to increase its reserves by 150 million pounds of copper in the medium term. The report relates that the company's U.S. mine produces approximately 350 million to 400 million pounds a year. About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As of August 14, 2009, Grupo Mexico continues to carry Fitch Ratings' BB+ Issuer Default ratings. SANLUIS CORPORACION: Fitch Downgrades Issuer Default Rating to 'C' ------------------------------------------------------------------ Fitch Ratings has downgraded these ratings of SANLUIS Corporacion, S.A. de C.V.'s: -- Foreign and local currency Issuer Default Ratings to 'C' from 'CC'; -- Debenture notes due June 2010 to 'C/RR6' from 'CC/RR6'; -- Mandatory convertible notes due June 2011 to 'C/RR6' from 'CC/RR6'. Fitch has also downgraded SANLUIS Rassini Autopartes, S.A. de C.V.'s foreign and local currency IDRs to 'C' from 'CC'. These downgrades are due to the exceptionally high level of refinancing risk faced by SANLUIS during June 2010 due to the maturity of US$125 million on secured bank debt (Suspension Group Debt) and the US$86 million debentures. The RR6 Recovery Ratings on the company's debentures due June 2010 and the mandatory convertible notes due June 2011 reflect Fitch's expectation that the recovery prospects for the debt instruments are poor in the event of a default. These unsecured notes were issued by an intermediate holding company, SANLUIS Co-Inter, S.A. and are therefore structurally subordinate to the secured debt at the level of the operating companies (Suspension Group Debt). In addition to the aforementioned rating actions, Fitch has affirmed the company's US$125 million senior secured restructured credit facility rating at 'CC' and has revised the Recovery Rating of this facility to 'RR3' from 'RR5'. The revision of the recovery rating indicates above average recovery expectations for this debt, in the event of default, due to recent improvements in SANLUIS' cash flow generation, which should facilitate the company's efforts to reaching an agreement with these lenders. SANLUIS entered a standstill agreement with these secured creditors during March 2010. Under the standstill agreement, the bank creditors agreed to abstain from taking any legal actions for 90 days in relation to the Suspension Group Debt. As of March 31, 2010, SANLUIS had US$360 million of total debt, which consists primarily of US$125 million of secured restructured debt, US$86 million in 8% guaranteed senior notes due in June 2010, including capitalized interest; and US$122 million in 7% mandatorily convertible debentures due in June 2011, including capitalized interest. With only US$18 million of cash and marketable securities, the company is not expected to meet its June 2010 debt obligations. SANLUIS is a leading manufacturer of suspension and brake components. Its business has been under extreme pressure in recent years due to the dramatically decline in demand for light trucks (pickup trucks, SUVs, vans and minivans) in North America; a rebound in demand for vehicles in the U.S. may not improve the outlook for the company, as consumers shift to smaller vehicles. The company's performance is closely to General Motors Corp., Ford Motors Co. (Ford) and Chrysler, as these three companies represent approximately 65% of its revenues. During fiscal years 2009 and 2008, SANLUIS generated US$37 million and US$39 million of EBITDA. These figures are far below the US$69 million of EBITDA the company averaged between 2005 and 2007. Several restructuring initiatives have resulted in an improvement in the company's EBITDA margin to 11.2% during the last 12 month period ended March 31, 2010 from 6.2% during the fiscal year 2008. During the 3Q'09, 4Q'09, and 1Q'10 the company's EBITDA reached levels of US$11.2 million, US$16.2, and US$17.2 million, respectively, which compare favorably with EBITDA levels of US$7.7 million, US$5.1, and US$5.3 million during 3Q'08, 4Q'08, and 1Q'09, respectively. ================= V E N E Z U E L A ================= ECONOINVEST CASA: Gets Raided Amid Crackdown on Currency Trading ---------------------------------------------------------------- Authorities raided Venezuela's largest brokerage firm, Econoinvest Casa de Bolsa, amid a crackdown on currency trading ordered by President Hugo Chavez, the Associated Press reports. The report relates that the attorney general's office said that prosecutors and police raided the offices of Econoinvest due to suspected irregularities. According to the report, last week, Venezuelan authorities raided about 18 brokerage firms and arrested five executives. The report relates that President Chavez blames speculative trading for soaring inflation and the declining value of the bolivar. The AP notes that Venezuela maintains strict currency controls and sets official exchange rates, but another route for trading currency has been the bond market, where the bolivar has recently fetched about half the official rate of VEB4.30 to the dollar for nonessential goods. * VENEZUELA: RBS Expects 2010 GDP to Shrink 4.5% ------------------------------------------------ Corina Rodriguez Pons and Jose Orozco at Bloomberg News report that Royal Bank of Scotland Plc said Venezuela's economy will shrink more than it previously expected this year as the government's takeover of currency trading makes it harder to obtain imports. According to Bloomberg News, RBS economist Boris Segura said in a report that that RBS now expects Venezuela's economy to shrink 4.5% in 2010 rather than 3%. The RBS report, Bloomberg News relates, said that consumer prices may rise more than the bank expected at an annual rate of 35%, up from a previous forecast of 30%. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. *********** 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 * * *