/raid1/www/Hosts/bankrupt/TCRLA_Public/100917.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, September 17, 2010, Vol. 11, No. 184
Headlines
A R G E N T I N A
ALAMOS DEL: Creditors' Proofs of Debt Due on October 5
CONSUMER INSIGHTS: Creditors' Proofs of Debt Due on February 8
MEZCLAS INDUSTRIALES: Creditors' Proofs of Debt Due on October 12
PEDISA SA: Creditors' Proofs of Debt Due on October 25
RELUCE SA: Creditors' Proofs of Debt Due on October 15
* ARGENTINA: S&P Corrects Rating Press Release on 13 Entities
B A R B A D O S
TRIMART INC: Creditel Seeks to Recover US$300,000 for Clients
B R A Z I L
INDEPENDENCIA SA: Default Concerns Prompt Bonds to Sink
INDUSTRIAS METALURGICAS: S&P Raises Corp. Credit Rating to 'B+'
C A Y M A N I S L A N D S
BANCO PRIVADO: Appoints Chopra as Liquidator
BEDFORD LEASING: Creditors' Proofs of Debt Due on October 13
BMB-H INVESTMENT: Creditors' Proofs of Debt Due on October 13
CAPITAL INSTRUMENTS: Creditors' Proofs of Debt Due on October 13
CST INTERNATIONAL: Creditors' Proofs of Debt Due on October 13
EPOCH 2001-1: Creditors' Proofs of Debt Due on October 13
EPOCH 2002-2: Creditors' Proofs of Debt Due on October 13
HALCYON SECURITIZED: Creditors' Proofs of Debt Due on October 13
HERTFORD LEASING: Creditors' Proofs of Debt Due on October 13
KABARE FUND: Creditors' Proofs of Debt Due on October 13
O'CONNOR CURRENCY: Creditors' Proofs of Debt Due on October 13
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
O'CONNOR STRATEGIC: Creditors' Proofs of Debt Due on October 13
O'CONNOR US: Creditors' Proofs of Debt Due on October 13
TAINCER COMPANY: Creditors' Proofs of Debt Due on October 13
TOPTRONIC INDUSTRIAL: Creditors' Proofs of Debt Due on October 13
VLAICU LEASING: Creditors' Proofs of Debt Due on October 13
X-AXIS FINANCE: Creditors' Proofs of Debt Due on October 13
D O M I N I C A N R E P U B L I C
BANCREDITO: Central Bank Reveals Figures in Failed Bank Settlement
E L S A L V A D O R
PACIFIC RIM: Posts $1.2 Million Net Loss in July 31 Quarter
M E X I C O
GRUPO FERTINAL: S&P Assigns Corporate Credit Rating at 'B'
HIPOTECARIA SU: Moody's Reviews Ratings on 16 Certificates
HIPOTECARIA SU: Moody's Downgrades Ratings; Retains Rating Review
SANLUIS CORPORACION: Fitch Withdraws 'RD' Issuer Default Ratings
- - - - -
=================
A R G E N T I N A
=================
ALAMOS DEL: Creditors' Proofs of Debt Due on October 5
------------------------------------------------------
The court-appointed trustee for Alamos del Sur S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 5, 2010.
The trustee will present the validated claims in court as
individual reports on November 19, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 7, 2011.
CONSUMER INSIGHTS: Creditors' Proofs of Debt Due on February 8
--------------------------------------------------------------
The court-appointed trustee for Consumer Insights S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 8, 2010.
The trustee will present the validated claims in court as
individual reports on March 22, 2011. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on May
3, 2011.
MEZCLAS INDUSTRIALES: Creditors' Proofs of Debt Due on October 12
-----------------------------------------------------------------
The court-appointed trustee for Mezclas Industriales S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 12, 2010.
The trustee will present the validated claims in court as
individual reports on November 23, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 9, 2011.
PEDISA SA: Creditors' Proofs of Debt Due on October 25
------------------------------------------------------
The court-appointed trustee for Pedisa S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 25, 2010.
The trustee will present the validated claims in court as
individual reports on December 6, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 17, 2011.
RELUCE SA: Creditors' Proofs of Debt Due on October 15
------------------------------------------------------
The court-appointed trustee for Reluce S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
October 15, 2010.
The trustee will present the validated claims in court as
individual reports on November 26, 2010. The National Commercial
Court of First Instance in Buenos Aires 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 10, 2011.
* ARGENTINA: S&P Corrects Rating Press Release on 13 Entities
-------------------------------------------------------------
Due to a technical error, the version of this article published
omitted the complete ratings list. A corrected version is:
Standard & Poor's Ratings Services said that it placed the global
scale ratings on 13 Argentine entities on CreditWatch with
positive implications following the upgrade of the Republic of
Argentina to 'B' from 'B-' on Sept. 13, 2010. S&P expects to
resolve the CreditWatch listing in the next 90 days after
analyzing the potential effect of improved sovereign financial
health on the affected entities. At the same time, S&P affirmed
the ratings on three Argentine entities.
Together with the sovereign upgrade, the transfer and
convertibility risk for Argentina was raised to 'B' from 'B-',
reflecting S&P's perception that the government's willingness to
intervene in the foreign-exchange market has declined along with
its stronger repayment ability.
The upgrade of Argentina reflects improvements in the government's
financial profile thanks to lower debt levels and diminished
short-term liquidity pressures. The combination of a strong
economic recovery in 2010 with support from favorable external
conditions, which should persist in the medium term, should ease
rollover risk. Despite the country's recent confrontational
political and economic approach that has increased polarization,
S&P expects GDP to increase by 7% in 2010 and 4.5% in 2011.
The ratings on Argentina continue to incorporate an economic
approach based on increasing levels of policy discretion despite
high inflation that has shortened planning horizons. Increasing
problems with government statistics are another constraint. As
presidential elections (planned for October 2011) begin to
dominate the political landscape, S&P expects political
confrontation and polarization to increase. Nevertheless, the
improving financial profile in a favorable international context
makes Argentina's risk consistent with a 'B' rating.
"Economic growth and higher financial flexibility at the sovereign
level are favorable features for companies operating in
Argentina," said Standard & Poor's credit analyst Pablo Lutereau.
Nevertheless, S&P will be conducting a detailed review of the
affected Argentine entities to define the potential benefit of
those improvements. S&P's goal is to assess the potential benefit
that the entities may receive from a financially healthier
sovereign in a more complex business environment. "This is
especially so in light of the 2011 election process and current
political dynamic that could add to the existing negative
pressures in the business climate," he continued.
S&P still believe that credit-quality improvement depends on
greater regulatory certainty and improvements of the business
climate for long-term investment. Nevertheless, the potential for
higher ratings for Argentine companies remains limited due to the
country's institutional environment and the exposure of certain
companies and sectors to regulatory uncertainty, discretional
political interference, price controls, and debt?revenue currency
mismatch.
Ratings List
Ratings Placed On Watch Positive
Alto Palermo S.A.
Corp. credit rating
To From
-- ----
Foreign currency B-/Watch Pos B-/Stable/--
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.
To From
-- ----
Corp. credit rating B-/Watch Pos/-- B-/Stable/--
Compania de Transporte de Energia Electrica en Alta Tension
TRANSENER S.A.
To From
-- ----
Corp. credit rating B-/Watch Pos B-/Stable/--
Electricidad Argentina S.A. (EASA)
Corp. credit rating
To From
-- ----
Foreign currency CCC/Watch Pos CCC/Stable/--
Empresa Distribuidora Y Comercializadora Norte S.A.
To From
-- ----
Corp. credit rating B-/Watch Pos B-/Stable/--
Hidroelectrica Piedra del Aguila S.A.
To From
-- ----
Corp. credit rating B-/Watch Pos B-/Stable/--
IRSA Inversiones y Representaciones S.A.
To From
-- ----
Corp. credit rating B-/Watch Pos B-/Stable/--
Loma Negra C.I.A.S.A.
To From
-- ----
Corp. credit rating B/Watch Pos B/Stable/--
Petrobras Argentina S.A.
Corp. credit rating
To From
-- ----
Foreign currency B+/Watch Pos B+/Stable/--
Telecom Personal S.A.
Corp. credit rating
To From
-- ----
Foreign currency B-/Watch Pos B-/Stable/--
Local currency B/Watch Pos B/Stable/--
Telefonica de Argentina S.A.
Corp. credit rating
To From
-- ----
Foreign currency B-/Watch Pos B-/Stable/--
Transportadora de Gas del Sur S.A.
Corp. credit rating
To From
-- ----
Foreign currency B-/Watch Pos B-/Stable/--
Local currency B/Watch Pos B/Stable/--
Salta Hydrocarbon Royalty Trust
To From
-- ----
Foreign currency B/Watch Pos B/Stable/--
Ratings Affirmed
Alto Parana S.A.
Corp. credit rating BB-/Stable/--
Metrogas S.A.
Corp. credit rating D/--
Autopistas Del Sol S.A.
Corporate credit rating
National scale D/--
===============
B A R B A D O S
===============
TRIMART INC: Creditel Seeks to Recover US$300,000 for Clients
-------------------------------------------------------------
Debt collection agency Creditel's attorneys filed documents in the
High Court to recover more than US$300,000 from Trimart Inc. on
behalf of its two clients, Wibisco and General Distributors,
cbc.bb reports. The report relates that the documents were filed
and served on Trimart Inc. on September 14, 2010.
According to the report, on August 31, 2010, Trimart Inc. filed
with the Supervisor of Insolvency a notice of intention to make a
proposal to its creditors. The report relates that the creditors
number just under 275 and include hotels, media companies,
government agencies, bakeries, plantations, distributors, poultry
companies and individuals. Trimart Inc.'s total outstanding debt
has been put at US$16.7 million.
The report notes that the Barbados Chamber of Commerce is holding
a meeting with a number of its members and the Trimart Inc.'s
creditors on today, September 17, 2010, at the Lloyd Erskine
Sandiford centre. The report relates that other stakeholders
expected to attend the meeting include the Barbados Egg and
Poultry Producers Association, the Small Business Association and
the Barbados Agricultural Society.
Trimart Incorporated owns and manages a supermarket chain in
Barbados.
===========
B R A Z I L
===========
INDEPENDENCIA SA: Default Concerns Prompt Bonds to Sink
-------------------------------------------------------
Gabrielle Coppola and Veronica Navarro Espinosa at Bloomberg News
reports that debt from Independencia SA is sinking on concern the
company may default for the second time in two years.
The report relates Trace, the bond price-reporting system of the
Financial Industry Regulatory Authority, said that prices on the
company's US$165 million of notes due in 2015 plunged 24 cents on
the dollar since August 11 to 56 cents. The drop shows it's "very
likely" Independencia SA will miss an interest payment of about
$12 million due September 30, 2010, said Eric Ollom, chief
emerging-markets strategist with Jefferies & Co., the report
notes.
According to Bloomberg, Gabriel Andrade, new projects director at
Independencia SA, said that while the average extra yield
investors demand to own Brazilian corporate bonds instead of U.S.
Treasuries has dropped 29 basis points, or 0.29 percentage point,
this month, speculation is mounting that the company will run out
of cash.
Independencia SA listed debts of BRL1.5 billion (US$870 million)
and cash of BRL5.4 million as of June 30, 2010.
About Independencia SA
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection earlier this year after the global economic crisis
caused exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
INDUSTRIAS METALURGICAS: S&P Raises Corp. Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Industrias Metalurgicas Pescarmona
S.A.I.C.y.F. to 'B+' from 'B-'. The outlook is stable. At the
same time, S&P assigned a 'B+' corporate credit rating on IMPSA's
subsidiary--WPE International Co?peratief U.A.--as well as a 'B+'
rating on WPEIC's upcoming bond issuance of up to $300 million.
"The rating actions reflect improvements in IMPSA's financial and
business profiles," said Standard & Poor's credit analyst Diego
Ocampo. IMPSA is a Latin American EPC (engineering procurement
and construction) services provider and wind farm developer. "Its
project backlog grew to $3.8 billion as of July 2010 from $2.2
billion at year-end 2009. This backlog, of which 65% is
concentrated in Brazil, increases cash flow quality and
stability," said Mr. Ocampo. "Also, S&P expects IMPSA to use part
of the proceeds from the issuance to pay down a significant
portion of its short-term debt and to partially fund expected
capital expenditures."
The association with the Brazilian fund Fundo de Investimento do
Fundo de Garantia do Tempo de Servico at Energimp S.A. provided
IMPSA with sufficient cash to fund the bulk of its investment plan
in Brazil for the next two years, and it reduced the company's
capital needs associated with the development of the wind-farm
division.
IMPSA's newly created subsidiary, WPEIC--a financing special
purpose vehicle--is planning to issue up to $300 million in bonds,
guaranteed by IMPSA and its Brazilian subsidiary, Wind Power
Energia S.A. The bond issuance will fund a tender offer (launched
on Sept. 8) for part of the outstanding balance of IMPSA's 2014
amortizing notes. S&P considers this tender offer a liability-
management operation because participants will receive more than
par value.
S&P view the credit quality of IMPSA and its Brazilian
subsidiaries, WPE and WPEIC, as intrinsically intertwined given
IMPSA's incentives to support WPE, which is, in turn, its main
source of cash flows and growth. IMPSA's incentives to support
the Brazilian operations are underscored by the guarantees
provided to WPE and the FSPV.
==========================
C A Y M A N I S L A N D S
==========================
BANCO PRIVADO: Appoints Chopra as Liquidator
--------------------------------------------
On September 1, 2010, the Grand Court of Cayman Islands appointed
Vijay Chopra as the third liquidator of Banco Privado Portugues
(Cayman) Ltd.
BEDFORD LEASING: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of Bedford Leasing Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
BMB-H INVESTMENT: Creditors' Proofs of Debt Due on October 13
-------------------------------------------------------------
The creditors of BMB-H Investment Trading Limited are required to
file their proofs of debt by October 13, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CAPITAL INSTRUMENTS: Creditors' Proofs of Debt Due on October 13
----------------------------------------------------------------
The creditors of Capital Instruments Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CST INTERNATIONAL: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------------
The creditors of CST International Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
EPOCH 2001-1: Creditors' Proofs of Debt Due on October 13
---------------------------------------------------------
The creditors of Epoch 2001-1 Limited are required to file their
proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
EPOCH 2002-2: Creditors' Proofs of Debt Due on October 13
---------------------------------------------------------
The creditors of Epoch 2002-2, Limited are required to file their
proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on November 26,
2009.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
HALCYON SECURITIZED: Creditors' Proofs of Debt Due on October 13
----------------------------------------------------------------
The creditors of Halcyon Securitized Products Investors ABS CDO I
Ltd are required to file their proofs of debt by October 13, 2010,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
HERTFORD LEASING: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of Hertford Leasing Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
KABARE FUND: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------
The creditors of Kabare Fund are required to file their proofs of
debt by October 13, 2010, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR CURRENCY: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------------
The creditors of O'Connor Currency and Rates Portfolio (Euro) 1
Limited are required to file their proofs of debt by October 13,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of O'Connor Global Merger & Acquisition Trading
Limited are required to file their proofs of debt by October 13,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of O'Connor Global Convertible Arbitrage Limited are
required to file their proofs of debt by October 13, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of O'Connor Global Convertible Arbitrage (Levered)
Limited are required to file their proofs of debt by October 13,
2010, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR STRATEGIC: Creditors' Proofs of Debt Due on October 13
---------------------------------------------------------------
The creditors of O'Connor Strategic Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
O'CONNOR US: Creditors' Proofs of Debt Due on October 13
--------------------------------------------------------
The creditors of O'Connor U.S. Equity Long/Short Investing Limited
are required to file their proofs of debt by October 13, 2010, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
Graham Robinson
c/o Charmaine Cayasso
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, Windward 1
Regatta Office Park Grand Cayman KY1-1103
Cayman Islands
TAINCER COMPANY: Creditors' Proofs of Debt Due on October 13
------------------------------------------------------------
The creditors of Taincer Company Limited are required to file
their proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
TOPTRONIC INDUSTRIAL: Creditors' Proofs of Debt Due on October 13
-----------------------------------------------------------------
The creditors of Toptronic Industrial Holding Co. Ltd. are
required to file their proofs of debt by October 13, 2010, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
VLAICU LEASING: Creditors' Proofs of Debt Due on October 13
-----------------------------------------------------------
The creditors of Vlaicu Leasing Limited are required to file their
proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
X-AXIS FINANCE: Creditors' Proofs of Debt Due on October 13
-----------------------------------------------------------
The creditors of X-Axis Finance Limited are required to file their
proofs of debt by October 13, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on September 2,
2010.
The company's liquidator is:
David Dyer
Deutsche Bank (Cayman) Limited
PO Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
==================================
D O M I N I C A N R E P U B L I C
==================================
BANCREDITO: Central Bank Reveals Figures in Failed Bank Settlement
------------------------------------------------------------------
The Central Bank revealed more details of the settlement reached
with Manuel A. Pellerano, Juan Felipe Mendoza and the Pellerano
Group companies, which acknowledged debt of RD$22.7 billion spent
in the attempted recovery of Bancredito, The Dominican Today
reports.
According to the report, Pellerano Group technicians and lawyers,
headed by Rosangela Pellerano, representing Bancredito's former
president, and a legal team from the Central Bank and the Banks
Superintendence signed the agreement. The report relates that the
Pellerano Group acknowledged a RD$17.8 billion debt with the
Central Bank, a figure which results from deducting the RD$4.9
billion in assets received through the bank Leon from the RD$22.7
billion used by the Central Bank in the rescue of Bancredito.
From the latter amount, the report notes, the Central Bank has
already received RD$1.3 billion from the negotiation in which the
telecom Tricom is sold to Citigroup and by receiving assets from
the breakup of the Bancredito Cayman Limited, in addition to
RD$3.7 billion in the credit and real estate portfolio, which is
in the process of sale and in compliance with the Central Bank's
mechanisms.
The Central bank however discounted 42% from the total debt, based
on the Monetary Board's 1st Resolution of July 23, 2009, for which
the Central Bank will recover only 58% of the debt, and doesn't
include assets received through bank Leon, which means it will
recover only RD$10.3 billion, the report says.
Meanwhile, Dominican Today adds, "The Central Bank stressed that
as an immediate installment of that debt it will receive RD$6.6
billion worth in assets in the company San Isidro Free Zone,
received RD$2.6 billion, all of the shares in two of the
Pelleranos' affiliate companies: the Haina Investment Corporation,
with 24.4% of that company's total capital, and 63.5 million pesos
from the sale of Tricom."
About Bancredito
Bancredito is a subsidiary of Banco Intercontinental, which
collapsed in 2003 as a result of massive fraud that drained it of
about US$657 million. As a consequence, all of its branches were
closed. The bank's current and savings accounts holders were
transferred to the bank's new owner -- Scotiabank. The bankruptcy
of Baninter was considered the largest in world history, in
relation to the Dominican Republic's Gross Domestic Product. The
resulting deficit was equal to 12% to 15% of the country's
national GDP. It costed Dominican taxpayers DOP55 billion and
resulted to the country's worst economic crisis.
====================
E L S A L V A D O R
====================
PACIFIC RIM: Posts $1.2 Million Net Loss in July 31 Quarter
-----------------------------------------------------------
Pacific Rim Mining Corporation reported a net loss of $1.2 million
for the three months ended July 31, 2010, compared to a net loss
of $881,000 for the same period ended July 31, 2009.
The Company currently has no source of revenue. The increase in
net loss, despite a reduction in exploration expenses, is
primarily a result of increased costs related to the Company's
CAFTA action, and a gain on the sale of bullion during Q1 2010 for
which there was no comparable item during Q1 2011.
The Company's balance sheet at July 31, 2010, showed $6.2 million
in total assets, $3.1 million in total liabilities, and
shareholders' equity of $3.1 million.
The Company has a history of losses and may continue to incur
losses for the foreseeable future. As at July 31, 2010, the
Company has an accumulated deficit of $87.3 million. The Company
will require additional funding to maintain its ongoing
exploration programs and property commitments, for administrative
purposes and Central America-Dominican Republic-United States of
America Free Trade Agreement ("CAFTA") arbitration and
negotiation. These legal costs for CAFTA are significant. These
events and conditions cast substantial doubt about the Company's
ability to continue as a going concern.
A full-text copy of the Company's interim consolidated financial
statements as of and for the three months ended July 31, 2010, is
available for free at http://researcharchives.com/t/s?6b36
A full-text copy of the Company's Management Discussion and
Analysis for the period ended July 31, 2010, is available for free
at http://researcharchives.com/t/s?6b37
About Pacific Rim Mining
Vancouver, Canada-based Pacific Rim Mining Corporation
http://www.pacrim-mining.com-- is involved in the exploration and
development of gold properties. The Company owns a 100% interest
in certain mineral properties, known as El Dorado, located in El
Salvador and carries out exploration activities in Costa Rica and
Guatemala. Pacific Rim's shares trade under the symbol PMU on the
Toronto Stock Exchange ("TSX") and on the Over the Counter QX
("OTCQX") market in the US under the symbol PFRMF.
The Company has not yet confirmed whether any of its exploration
properties contain mineral deposits that are economically
recoverable.
===========
M E X I C O
===========
GRUPO FERTINAL: S&P Assigns Corporate Credit Rating at 'B'
----------------------------------------------------------
On Sept. 15, 2010, Standard & Poor's Ratings Services assigned its
'B' corporate credit rating to Grupo Fertinal, S.A. de C.V. S&P
also assigned its 'B' rating to Fertinal's proposed issuance of
$200 million senior secured notes with a recovery rating of '3',
indicating S&P's expectations of meaningful (50% to 70%) recovery
in the event of a payment default. Fertinal will use the proceeds
to refinance its outstanding debt. The outlook is stable.
"Standard & Poor's Ratings Services' ratings on the Mexican
producer of phosphate-based fertilizers, Fertinal, are limited by
its vulnerable business risk profile, which reflects the inherent
volatility in fertilizer prices, its short track record post
bankruptcy, its small scale relative to peers, and its single
asset operations," said Standard & Poor's credit analyst Jose
Coballasi. Fertinal's vertical integration, its entrenched
position in the Mexican west coast market and S&P's expectations
of an improvement in its operating performance support the rating.
S&P considers Fertinal's financial risk profile to be aggressive
as evidenced by its key financial ratios, short-track record post-
bankruptcy, and less-than-adequate liquidity.
The stable outlook reflects S&P's expectations that Fertinal
capital investments will double its EBITDA over the next two years
and that its total debt to EBITDA ratio will remain under 3.0x. A
financial performance below S&P's expectations could lead to a
negative rating action. Ratings upside is limited in the short
term, but a positive rating action is possible if Fertinal is able
to increase its scale and operating margins and delivers a
financial performance that is strong relative to S&P's
expectations.
HIPOTECARIA SU: Moody's Reviews Ratings on 16 Certificates
----------------------------------------------------------
Moody's de Mexico has placed on review for possible downgrade the
ratings of 16 certificates from 11 residential mortgage backed
securitizations issued by Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto M£ltiple E.N.R. in Mexico. The
collateral backing the affected transactions consists of first-
lien, fixed-rate loans denominated in UDIS or Mexican Pesos and
granted primarily to low-income borrowers.
The complete rating action is:
Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V.
Sociedad Financiera de Objeto M£ltiple E.N.R.
Issuer: The Bank of New York Mellon, S.A. Instituci¢n de Banca
M£ltiple, acting solely as trustee.
-- Class A BRHCGCB 03U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHCGCB 04U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 05U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 06, ratings of Baa1 (sf) (Global Scale, Local
Currency) and Aaa.mx (sf) (National Scale) placed on review
for downgrade.
-- Class A BRHSCCB 06-2, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 06U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 06-3U, ratings of Baa3 (sf) (Global Scale,
Local Currency) and Aa2.mx (sf) (National Scale) placed on
review for downgrade.
-- Class B BRHSCCB 06-4U, ratings of B3 (sf) (Global Scale,
Local Currency) and B1.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 06-5U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade
-- Class B BRHSCCB 06-6U, ratings of Ba2 (sf) (Global Scale,
Local Currency) and A2.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A BRHSCCB 07, ratings of Baa1 (sf) (Global Scale, Local
Currency) and Aaa.mx (sf) (National Scale) placed on review
for downgrade.
-- Class A-1 BRHCCB 07U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A-2 BRHCCB 07-2U, ratings of B3 (sf) (Global Scale,
Local Currency) and Ba3.mx (sf) (National Scale) placed on
review for downgrade.
Issuer: HSBC Mexico, S.A. Instituci¢n de Banca M£ltiple, Grupo
Financiero HSBC, Divisi¢n Fiduciaria, acting solely as trustee.
-- Class A-1 BRHCCB 08U, ratings of Baa1 (sf) (Global Scale,
Local Currency) and Aaa.mx (sf) (National Scale) placed on
review for downgrade.
-- Class A-2 BRHCCB 08-2U, ratings of Ba1 (sf) (Global Scale,
Local Currency) and A1.mx (sf) (National Scale) placed on
review for downgrade.
-- Class B BRHCCB 08-3U, ratings of Caa1 (sf) (Global Scale,
Local Currency) and Caa1.mx (sf) (National Scale) placed on
review for downgrade.
The last rating action on the affected certificates occurred on
January 15, 2010, when their current ratings were confirmed.
Ratings Rationale
The rating actions reflect heightened concerns with respect to i)
Su Casita's stability as servicer of the affected RMBS
transactions following Moody's recent downgrades of the company's
issuer ratings and its servicer quality rating, ii) future
collateral performance given that an increased risk of a servicer
disruption may result in weakening of collections activities,
leading to increased delinquencies, lower recoveries, and
ultimately higher losses on the securitized pools, and iii)
possible interest payment defaults on certain certificates should
significant collection disruptions occur as a result of servicing
disruption.
While some of the affected transactions may avert an interest
payment default in the event of significant disruptions to
collections as a result of external sources of liquidity (such as
a partial credit guarantee or a financial guarantee policy), not
all transactions count with such external sources of liquidity.
In addition, and considering recent cases in U.S. RMBS covered by
financial guarantees, for those transactions that benefit from a
financial guarantee policy from a monoline that promises timely
payment of interest, there is the risk of non-payment by the
provider of the policy.
On September 13, 2010, Moody's downgraded Su Casita's global scale
local currency issuer rating to Caa2 from B2 (national scale
issuer rating downgraded to Caa2.mx from Baa3.mx), and placed
these ratings on review for further possible downgrade. These
rating actions follow the announcement on September 10th that
negotiations with BBVA Bancomer to purchase a portion of Su
Casita's loan portfolio had ceased due to an inability to reach
agreement on valuation. Su Casita's current liquidity position is
weak, as the company has sufficient funds available to cover
existing debt only through the middle of 1Q 2011, at which time
the company would suffer a liquidity shortfall.
Moody's also downgraded the servicer quality (SQ) rating of Su
Casita as servicer of residential mortgage loans to SQ4 from SQ3+;
the rating remains on review for further possible downgrade. This
rating action was a consequence of Moody's recent downgrade of Su
Casita's issuer ratings and concerns about its stability as
servicer. During economic downturns a servicer's financial
strength becomes even more important in connection with the
performance of the portfolio under management. There is a risk
that a company with a weakened financial strength may have a
limited ability to devote sufficient resources to sustain its
servicing capabilities in a difficult economic environment.
Moody's ongoing review of the affected transactions will focus on
the performance of the transactions and the risk of a potential
servicing disruption that may cause an interest payment default on
the affected certificates. Moody's will also focus on Su Casita's
ability to repay its short-term obligations, in light of the
company's limited access to external sources of capital. In
addition, Moody's will also closely monitor the company's capital
structure as well any additional support it may receive from
Sociedad Hipotecaria Federal.
The primary source of assumption uncertainty is Su Casita's
ultimate strategic direction and solvency, and the extent of any
potential servicing disruptions.
HIPOTECARIA SU: Moody's Downgrades Ratings; Retains Rating Review
-----------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has downgraded to SQ4 from SQ3+
(SQ3 plus) the rating of Hipotecaria Su Casita, S.A. de C.V.
SOFOM., E.N.R. as a primary servicer of residential mortgage loans
in Mexico. The rating remains on review for possible downgrade.
This rating action is a consequence of Moody's recent downgrade of
Su Casita's issuer, corporate and senior notes ratings. On
September 13, 2010 Moody's downgraded Su Casita's global scale
local currency issuer rating to Caa2 from B2, the national scale
issuer rating to Caa2.mx from Baa3.mx, the corporate family rating
to Caa2 from B2 and the senior notes to Caa2 de B2. The ratings
were also placed on review for possible further downgrade. Such
action followed the announcement on September 10th that Su Casita
and BBVA Bancomer agreed to end the negotiations aimed to purchase
a portion of Su Casita's mortgage portfolio. The negotiations
ceased due to inability to reach agreement on valuation.
According to Moody's, Su Casita's current liquidity position is
weak, as the sofom has sufficient funds available to cover
existing debt only through the middle of 1Q 2011, at which time
the company would suffer a liquidity shortfall.
The stressed financials and liquidity position of Su Casita has a
direct impact on its financial stability as a servicer, and
increases the risk of experiencing operating problems across the
servicing platform.
Moody's review of the servicer quality rating would focus on Su
Casita's operating and financial stability; especially on its
ability to repay its short-term obligations, in light of the
company's limited access to external sources of capital. Moody's
will also closely monitor the company's capital structure as well
any additional support it may receive from Sociedad Hipotecaria
Federal. In addition, Moody's will observe Su Casita's ability to
maintain adequate allocation of resources to service its mortgage
portfolio in a challenging financial situation as well as the
performance of the company's servicing operations.
Based in Mexico City, Mexico Su Casita is a SOFOM, a non-banking
financial institution that can operate in more than one business
segment. As of September 2010 Su Casita continued to focus on the
origination and management of mortgage and construction loans. Su
Casita is the largest primary servicer among non-banking financial
institutions with a portfolio of 170,000 mortgage loans.
The last rating action on Su Casita's SQ rating occurred on June
25, 2010 when Su Casita's SQ2- (SQ2 minus) rating as a primary
servicer was downgraded to SQ3+ (SQ3 plus).
Moody's Ratings
Moody's SQ ratings represent its view of a servicer's ability to
prevent or mitigate asset pool losses across changing markets.
The rating scale ranges from SQ1 (strong) to SQ5 (weak) where SQ2
is Above Average, SQ3 is Average and SQ4 is Below Average.
Appropriate, a "+" or "-" modifier will be appended to the
relevant rating to indicate a servicer's relative servicing
quality within a particular category.
Moody's servicer ratings are differentiated in the market place by
focusing on performance management. SQ ratings for Mexican
residential mortgage servicers incorporate assessments of
delinquency transition rates, foreclosure timeline management,
loan cure rates, REO management, among others - all critical
indicators of a servicer's ability to maximize returns from
mortgage portfolios.
Moody's servicer ratings also consider the company's ability to
maintain its focus on high quality servicing in an economic
downturn. The SQ rating reflects Moody's expectation of the
impact that the servicing will have on the on-going credit
performance of the portfolio. For this reason, Moody's monitors
SQ ratings based on periodic information provided by servicers and
conducts a formal re-evaluation of its servicer ratings annually.
Methodology
The principal methodology used in rating Su Casita was "Moody's
Approach to Rating Residential Mortgage Servicers", published in
January 2001 and available on www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found in the Rating
Methodologies sub-directory on Moody's website.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
SANLUIS CORPORACION: Fitch Withdraws 'RD' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has withdrawn all of the ratings of SanLuis
Corporacion, S.A.B. de C.V. following the company's default on the
payment of its 8% Guaranteed Notes during June 2010. Fitch will
no longer provide ratings or credit research on this issuer.
SanLuis is a leading manufacturer of suspension and brake
components primarily for light trucks (pickups trucks, SUVs, vans
and minivans) and, to a lesser extent, automobiles.
Fitch has withdrawn these ratings:
-- SanLuis's long-term foreign and local currency Issuer Default
Ratings 'RD';
-- SanLuis Rassini Autopartes, S.A. de C.V.'s (Rassini) long-
term foreign and local currency IDRs 'RD';
-- SanLuis Co-Inter, S.A.'s long-term foreign and local currency
IDRs 'RD';
-- US$146 million senior secured bank credit facility
(Suspension Group Debt) 'CC/RR3';
-- US$88.1 million senior unsecured 8% guaranteed notes due 2010
'C/RR6';
-- US$132 million senior unsecured 7% mandatorily convertible
debentures due 2011 'C/RR6'.
***********
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
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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