/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101203.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, December 3, 2010, Vol. 11, No. 239 Headlines A R G E N T I N A ALDEA ANDINA: Creditors' Proofs of Debt Due December 29 GREEN OIL: Creditors' Proofs of Debt Due April 4 GRUPO HQ: Creditors' Proofs of Debt Due March 21 MAXIM SA: Creditors' Proofs of Debt Due March 11 PAN AMERICAN: Moody's Affirms 'Ba1' Global Local Currency Rating B E R M U D A AP ENHANCED: Creditors' Proofs of Debt Due December 3 AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28 AP ENHANCED: Creditors' Proofs of Debt Due December 3 AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28 BLUMONT MAN: Creditors' Proofs of Debt Due December 6 BLUMONT MAN: Members' Final Meeting Set for January 4 BLUMONT MAN: Creditors' Proofs of Debt Due December 6 BLUMONT MAN: Members' Final Meeting Set for January 4 CONTINENTAL OFFSHORE: Creditors' Proofs of Debt Due December 15 CONTINENTAL OFFSHORE: Members' Final Meeting Set for December 22 EYEWEAR BRAND: Creditors' Proofs of Debt Due December 3 EYEWEAR BRAND: Members' Final Meeting Set for December 21 HIGHLAND CRUSADER: Court to Hear Wind-Up Petition on December 3 INTERNATIONAL INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 6 INTERNATIONAL INFRASTRUCTURE: Members' Meeting Set for Dec. 20 LARET-AVIATION LIMITED: Creditors' Proofs of Debt Due December 3 LARET-AVIATION: Members' Final Meeting Set for December 24 LARKSPUR COMPANY: Members' Final Meeting Set for December 20 MAN GLENWOOD: Creditors' Proofs of Debt Due December 3 MAN GLENWOOD: Sole Member to Receive Wind-Up Report on December 28 MAN HEDGE: Creditors' Proofs of Debt Due December 3 MAN HEDGE: Sole Member to Receive Wind-Up Report on December 28 MGAH BETA: Creditors' Proofs of Debt Due December 3 MGAH BETA: Members' Final Meeting Set for December 24 MGSIS CLASS: Creditors' Proofs of Debt Due December 3 MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28 MGSIS CLASS: Creditors' Proofs of Debt Due December 3 MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28 PENTELIA RE: Creditors' Proofs of Debt Due December 13 PENTELIA RE: Sole Member to Receive Wind-Up Report on December 23 SPARX TOKUGAWA: Creditors' Proofs of Debt Due December 3 SPARX TOKUGAWA: Members' Final Meeting Set for December 21 WAVE INSURANCE: Creditors' Proofs of Debt Due December 3 WAVE INSURANCE: Members to Receive Wind-Up Report on December 23 C A Y M A N I S L A N D S AMPSS 2007-4: Creditors' Proofs of Debt Due December 22 ATTUNGA AGRICULTURAL: Creditors' Proofs of Debt Due December 22 COLD SPRING: Creditors' Proofs of Debt Due December 22 CRYSELLA IAM: Creditors' Proofs of Debt Due December 14 ECP (NQ): Creditors' Proofs of Debt Due December 22 ELECTRON IAM: Creditors' Proofs of Debt Due December 14 FOCUS IAM: Creditors' Proofs of Debt Due December 14 GUEDOLA FUND: Creditors' Proofs of Debt Due December 22 HAILSTONE IAM: Creditors' Proofs of Debt Due December 14 HSBC STRUCTURED: Creditors' Proofs of Debt Due December 22 MARIGOLD IAM: Creditors' Proofs of Debt Due December 14 MASTER TREND: Creditors' Proofs of Debt Due December 22 MUA320-99 LIMITED: Creditors' Proofs of Debt Due December 22 PARK HOUSE: Creditors' Proofs of Debt Due December 22 PEBBLE IAM: Creditors' Proofs of Debt Due December 14 RHYTHMS IAM: Creditors' Proofs of Debt Due December 14 SAMARA IAM: Creditors' Proofs of Debt Due December 14 SR ALTERNATIVE: Creditors' Proofs of Debt Due December 13 SUNBEAM IAM: Creditors' Proofs of Debt Due December 14 SUNDERLAND ASSET: Creditors' Proofs of Debt Due December 22 C O L O M B I A TRANSNGAS DE OCCIDENTE: Fitch Affirms 'BB+' Rating on Senior Notes J A M A I C A * JAMAICA: Government Money Woes Deepen in October M E X I C O MEXICANA AIRLINE: To Resume Flights in Two Weeks, Minister Says - - - - - ================= A R G E N T I N A ================= ALDEA ANDINA: Creditors' Proofs of Debt Due December 29 ------------------------------------------------------- The court-appointed trustee for Aldea Andina S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until December 29, 2010. The trustee will present the validated claims in court as individual reports on March 28, 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 April 28, 2011 GREEN OIL: Creditors' Proofs of Debt Due April 4 ------------------------------------------------ The court-appointed trustee for Green Oil S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until April 4, 2011. The trustee will present the validated claims in court as individual reports on May 16, 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 June 27, 2011. GRUPO HQ: Creditors' Proofs of Debt Due March 21 ------------------------------------------------ The court-appointed trustee for Grupo H.Q. S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 21, 2011. The trustee will present the validated claims in court as individual reports on May 2, 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 June 13, 2011. MAXIM SA: Creditors' Proofs of Debt Due March 11 ------------------------------------------------ The court-appointed trustee for Maxim S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until March 11, 2011. The trustee will present the validated claims in court as individual reports on April 28, 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 June 10, 2011. Creditors will vote to ratify the completed settlement plan during the assembly on November 23, 2011. PAN AMERICAN: Moody's Affirms 'Ba1' Global Local Currency Rating ---------------------------------------------------------------- Moody's Investors Service affirmed Pan American Energy LLC's Ba1 global local currency rating and Pan American Energy LLC, Argentine Branch's Ba1 global local currency rating, Ba2 foreign currency bond ratings and Aaa.ar National Scale Rating. The rating outlook is stable. The rating action is in response to BP p.l.c.'s (rated A2, Stable) announcement that is selling its 60% stake in PAE to Bridas Corporation for approximately US$7.1 billion. Bridas Corporation, which is a holding company, currently owns 40% of PAE. Bridas Corporation is 50% owned by Bridas Energy Holdings Ltd. and 50% by CNOOC International Ltd. Bridas Energy Holdings Ltd. is an unrated, privately owned oil and gas company owned by the Bulgheroni family. CNOOC International Ltd. is a subsidiary of CNOOC Ltd (rated Aa3, Stable), which is 64% owned by China National Offshore Oil Corp., and which in turn is wholly-owned by China's State Council and ultimately the People's Republic of China. The transaction is expected to be financed with approximately US$2.1 billion in debt (to be issued at the Bridas Corporation level) and US$5 billion in equity. The transaction is subject to regulatory approval and is expected to close in the first half of 2011. "PAE's ratings affirmation reflects Moody's expectation of continued sound operating performance under the company's new ownership structure," commented Gretchen French, Moody's Vice President -- Senior Analyst. "While financial leverage, including the acquisition debt, will increase and PAE's dividend payout will rise and become less flexible, PAE has the financial strength to accommodate the additional debt and dividend obligations." PAE's Ba1 rating had only reflected a modest degree of linkage to BP's ratings. While Moody's believes that PAE has benefited from certain operational and technical knowledge as a result of BP's majority ownership, PAE was financed on a standalone basis and did not rely on BP for financial support, including during the Argentine financial crisis. With CNOOC's 50% stake, PAE will continue to have a strong owner that operates outside of Argentina, which has the financial capacity to provide additional equity into the structure. Nevertheless, with the change in ownership, the future operational and financial strategies of PAE are less certain. Moreover, PAE's dividend policy will become less flexible and its dividend burden will increase in order to support the debt obligations at Bridas Corporation. With the change in ownership, PAE could experience shifts in strategic direction and financial policy that could have negative credit implications. A new CEO and CFO will be appointed as a result of the transaction. However, most of PAE's managerial and technical staff is expected to be retained, and Moody's does not expect a material change in PAE's operating performance as a result of the sale. PAE has a long track record of growing reserves and production in Argentina at competitive costs. It is Moody's understanding that PAE will continue to maintain sufficiently high levels of capital spending in order to continue growing reserves and production. Over the near to medium term, both Bridas Corporation and PAE may pursue upstream opportunities outside of the Southern Cone of Latin America, as well as downstream opportunities in Argentina. Consolidated leverage, including the holding company debt at Bridas Corporation, will increase as a result of the transaction. However, PAE's Ba1 rating can incorporate some increased leverage, as its leverage is currently conservative and its overall profile is indicative of a low investment-grade rated exploration and production company. On a consolidated basis and excluding PAE's Bolivian assets, debt/proved developed reserves will increase from US$2.34/barrel of oil equivalent at June 30, 2010 to US$4.91/boe as a result of the transaction. PAE's dividends, which have historically been variable, will become less flexible and will rise in order to service the debt obligations at Bridas Corporation. As such, PAE's stand-alone financial leverage will also likely rise somewhat, but is expected to remain within a range appropriate for the Ba1 rating. Nevertheless, Moody's note the challenge of maintaining a fixed dividend payout as an exploration and production company due to the high level of capital intensity required to maintain even flat production levels. Moody's assumes that PAE's dividends will remain within a range of US$200 to US$600 million per year, and that dividends may be in the high end of the range over the near term. The ratings affirmation and stable outlook assume that PAE will be able to refinance at reasonable terms any potential change of control obligations triggered as a result of the change in ownership. Nearly all of PAE's outstanding notes (US$750 million) and bank loans (US$936 million) have a change of control put option that triggers if BP ceases to own more than 50% of PAE. Pursuant to the change of control provisions in the note indentures, bondholders can redeem the notes at 101% of par value and the redemption right is due 70 days after the occurrence of the change of control. In PAE's bank debt, the change of control is also triggered at closing and repayment of 100% is due within 30 days. PAE expects to put in place a five-year US$300 million committed unsecured term loan facility to satisfy potential obligations. In addition, the company will have access to a separate five-year US$200 million committed credit facility. Management expects to meet any additional obligations with US$400 million in excess cash balances and, if needed, through uncommitted bank lines in Argentina. While PAE does not have committed financing and cash on the balance sheet to redeem all of its debt obligations subject to the change in control (approximately US$1.7 billion), Moody's note that several of PAE's current lenders are expected to participate in its new US$300 million term loan facility. In addition, with closing of the transaction not expected to occur until the first half of 2011, PAE has a modest degree of time to line up additional financing, if necessary. Once the change of control offer is completed, management plans to refinance any additional short term borrowings on a long term basis. Given higher consolidated leverage and the fixed nature of the dividend payout, future flexibility in PAE's ratings is limited. If PAE's stand-alone leverage materially increases (above $4.00 debt/PD reserves) or if consolidated leverage further rises (above $6.00 debt/PD reserves), the ratings could be pressured. The ratings could also be pressured as a result of diminished liquidity. Moody's views PAE's conservative leverage as necessary for the company to maintain its Ba1 rating due to the lower value Moody's attribute to its reserve and production profile relative to its North American peers due to their concentration in an economically and politically unstable region. Upward rating momentum is not expected at the present time. PAE's Ba1 local currency rating is the highest of Moody's rated corporates in Argentina and is capped by Argentina's Ba1 local currency ceiling. Pan American Energy LLC engages in the exploration and production of oil and gas in the Southern Cone region of South America and is headquartered in Buenos Aires, Argentina. ============= B E R M U D A ============= AP ENHANCED: Creditors' Proofs of Debt Due December 3 ----------------------------------------------------- The creditors of AP Enhanced Leverage Series 2 Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28 ----------------------------------------------------------------- The sole member of AP Enhanced Leverage Series 2 Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP ENHANCED: Creditors' Proofs of Debt Due December 3 ----------------------------------------------------- The creditors of AP Enhanced Leverage Series 3 Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP ENHANCED: Sole Member to Receive Wind-Up Report on December 28 ----------------------------------------------------------------- The sole member of AP Enhanced Leverage Series 3 Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda BLUMONT MAN: Creditors' Proofs of Debt Due December 6 ----------------------------------------------------- The creditors of Blumont Man Multi-Strategy Series 2 Ltd are required to file their proofs of debt by December 6, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda BLUMONT MAN: Members' Final Meeting Set for January 4 ----------------------------------------------------- The members of Blumont Man Multi-Strategy Series 2 Ltd will hold their final meeting on January 4, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda BLUMONT MAN: Creditors' Proofs of Debt Due December 6 ----------------------------------------------------- The creditors of Blumont Man Multi-Strategy Series 4 Ltd are required to file their proofs of debt by December 6, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda BLUMONT MAN: Members' Final Meeting Set for January 4 ----------------------------------------------------- The members of Blumont Man Multi-Strategy Series 4 Ltd will hold their final meeting on January 4, 2011, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda CONTINENTAL OFFSHORE: Creditors' Proofs of Debt Due December 15 --------------------------------------------------------------- The creditors of Continental Offshore Fund, Ltd. are required to file their proofs of debt by December 15, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Nicholas Hoskins Victoria Place 31 Victoria Street Hamilton HM 10 Bermuda CONTINENTAL OFFSHORE: Members' Final Meeting Set for December 22 ---------------------------------------------------------------- The members of Continental Offshore Fund, Ltd. will hold their final meeting on December 22, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Nicholas Hoskins Victoria Place 31 Victoria Street Hamilton HM 10 Bermuda EYEWEAR BRAND: Creditors' Proofs of Debt Due December 3 ------------------------------------------------------- The creditors of Eyewear Brand Limited are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda EYEWEAR BRAND: Members' Final Meeting Set for December 21 --------------------------------------------------------- The members of Eyewear Brand Limited will hold their final meeting on December 21, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda HIGHLAND CRUSADER: Court to Hear Wind-Up Petition on December 3 --------------------------------------------------------------- A petition to wind up the operations of Highland Crusader Fund II, Limited will be heard before the High Court of Bermuda on December 3, 2010, at 9:30 a.m. INTERNATIONAL INFRASTRUCTURE: Creditors' Proofs of Debt Due Dec. 6 ------------------------------------------------------------------ The creditors of International Infrastructure Holdings Limited are required to file their proofs of debt by December 6, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda INTERNATIONAL INFRASTRUCTURE: Members' Meeting Set for Dec. 20 -------------------------------------------------------------- The members of International Infrastructure Holdings Limited will hold their final meeting on December 20, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jonathan D.G. Betts Cox Hallett Wilkinson Bermuda LARET-AVIATION LIMITED: Creditors' Proofs of Debt Due December 3 ---------------------------------------------------------------- The creditors of Laret-Aviation Limited are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Dr. Hubertus Ludwig Aechenvorstadt 4, CH-4010, Basel Switzerland LARET-AVIATION: Members' Final Meeting Set for December 24 ---------------------------------------------------------- The members of Laret-Aviation Limited will hold their final meeting on December 24, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Dr. Hubertus Ludwig Aechenvorstadt 4, CH-4010, Basel Switzerland LARKSPUR COMPANY: Members' Final Meeting Set for December 20 ------------------------------------------------------------ The members of Larkspur Company Limited will hold their final meeting on December 20, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Mike Morrison Charles Thresh KPMG Advisory Limited Crown House , 4 Par-la-Ville Road Hamilton Bermuda MAN GLENWOOD: Creditors' Proofs of Debt Due December 3 ------------------------------------------------------ The creditors of Man Glenwood Alternative Strategies III Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN GLENWOOD: Sole Member to Receive Wind-Up Report on December 28 ------------------------------------------------------------------ The sole member of Man Glenwood Alternative Strategies III Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN HEDGE: Creditors' Proofs of Debt Due December 3 --------------------------------------------------- The creditors of Man Hedge Diversified Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN HEDGE: Sole Member to Receive Wind-Up Report on December 28 --------------------------------------------------------------- The sole member of Man Hedge Diversified Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGAH BETA: Creditors' Proofs of Debt Due December 3 --------------------------------------------------- The creditors of MGAH Beta Hedge Limited are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda MGAH BETA: Members' Final Meeting Set for December 24 ----------------------------------------------------- The members of MGAH Beta Hedge Limited will hold their final meeting on December 24, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM 09 Bermuda MGSIS CLASS: Creditors' Proofs of Debt Due December 3 ----------------------------------------------------- The creditors of MGSIS Class D1 Man MGS Access EUR Protected Trading Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28 ----------------------------------------------------------------- The sole member of MGSIS Class D1 Man MGS Access EUR Protected Trading Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Creditors' Proofs of Debt Due December 3 ----------------------------------------------------- The creditors of MGSIS Class E1 Man MGS Access USD Protected Trading Ltd are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGSIS CLASS: Sole Member to Receive Wind-Up Report on December 28 ----------------------------------------------------------------- The sole member of MGSIS Class E1 Man MGS Access USD Protected Trading Ltd will receive on December 28, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda PENTELIA RE: Creditors' Proofs of Debt Due December 13 ------------------------------------------------------ The creditors of Pentelia Re (Bermuda) Ltd. are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2010. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda PENTELIA RE: Sole Member to Receive Wind-Up Report on December 23 ----------------------------------------------------------------- The sole member of Pentelia Re (Bermuda) Ltd. will receive on December 23, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 16, 2010. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda SPARX TOKUGAWA: Creditors' Proofs of Debt Due December 3 -------------------------------------------------------- The creditors of SPARX Tokugawa Fund Limited are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 4, 2010. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda SPARX TOKUGAWA: Members' Final Meeting Set for December 21 ---------------------------------------------------------- The members of Sparx Tokugawa Fund Limited will hold their final meeting on December 21, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 4, 2010. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda WAVE INSURANCE: Creditors' Proofs of Debt Due December 3 -------------------------------------------------------- The creditors of The Wave Insurance Co., Ltd. are required to file their proofs of debt by December 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda WAVE INSURANCE: Members to Receive Wind-Up Report on December 23 ---------------------------------------------------------------- The members of The Wave Insurance Co., Ltd. will receive on December 23, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ========================== C A Y M A N I S L A N D S ========================== AMPSS 2007-4: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of AMPSS 2007-4 SPC are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 4, 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 ATTUNGA AGRICULTURAL: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------------- The creditors of Attunga Agricultural Trading (Offshore) Fund are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 1, 2010. The company's liquidator is: DMS Corporate Services Ltd. 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 Cayman Islands COLD SPRING: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------ The creditors of Cold Spring Company Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 5, 2010. The company's liquidator is: Company Secretaries Ltd. P.O. Box 30592 Landmark Square, 3rd Floor 64 Earth Close, Grand Cayman KY1-1203 Cayman Islands CRYSELLA IAM: Creditors' Proofs of Debt Due December 14 ------------------------------------------------------- The creditors of Crysella Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands ECP (NQ): Creditors' Proofs of Debt Due December 22 --------------------------------------------------- The creditors of ECP (NQ) Cayman GP Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2010. 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 ELECTRON IAM: Creditors' Proofs of Debt Due December 14 ------------------------------------------------------- The creditors of Electron Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands FOCUS IAM: Creditors' Proofs of Debt Due December 14 ---------------------------------------------------- The creditors of Focus Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands GUEDOLA FUND: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of Guedola Fund SPC are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 3, 2010. The company's liquidator is: DMS Corporate Services Ltd. 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 Cayman Islands HAILSTONE IAM: Creditors' Proofs of Debt Due December 14 -------------------------------------------------------- The creditors of Hailstone Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands HSBC STRUCTURED: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of HSBC Structured Financing (Me) Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 8, 2010. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands MARIGOLD IAM: Creditors' Proofs of Debt Due December 14 ------------------------------------------------------- The creditors of Marigold Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands MASTER TREND: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of Master Trend Global Opportunities Master Fund (Cayman) Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 3, 2010. 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 MUA320-99 LIMITED: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------------ The creditors of MUA320-99 Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 8, 2010. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands PARK HOUSE: Creditors' Proofs of Debt Due December 22 ----------------------------------------------------- The creditors of Park House Investments Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 4, 2010. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949-8455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands PEBBLE IAM: Creditors' Proofs of Debt Due December 14 ----------------------------------------------------- The creditors of Pebble Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands RHYTHMS IAM: Creditors' Proofs of Debt Due December 14 ------------------------------------------------------ The creditors of Rhythms Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands SAMARA IAM: Creditors' Proofs of Debt Due December 14 ----------------------------------------------------- The creditors of Samara Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands SR ALTERNATIVE: Creditors' Proofs of Debt Due December 13 --------------------------------------------------------- The creditors of SR Alternative Financing I SPC are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 28, 2010. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London SUNBEAM IAM: Creditors' Proofs of Debt Due December 14 ------------------------------------------------------ The creditors of Sunbeam Iam Limited are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands SUNDERLAND ASSET: Creditors' Proofs of Debt Due December 22 ----------------------------------------------------------- The creditors of Sunderland Asset Funding Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 8, 2010. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands =============== C O L O M B I A =============== TRANSNGAS DE OCCIDENTE: Fitch Affirms 'BB+' Rating on Senior Notes ------------------------------------------------------------------ Fitch ratings has affirmed and simultaneously withdraws its 'BB+' long term rating on Transngas de Occidente's 9.79% Senior Secured Notes due 2010. As Fitch was expecting, earlier in the month, TransGas's issuance was paid in full. Consequently, Fitch withdraws the rating of outstanding debt related to the project. ============= J A M A I C A ============= * JAMAICA: Government Money Woes Deepen in October -------------------------------------------------- The Jamaican Ministry of Finance has released data showing its money woes deepened in October, with revenues falling behind expectations by JM$4 billion, RadioJamaica reports. According to the report, the lower-than-expected revenue inflow was due mainly to grants not coming in as fast as expected. Delayed tax and bauxite levy collections also contributed to the lower revenue outturn for the government, RadioJamaica notes. RadioJamaica says that the lower revenue outturn was, however, tempered by savings from lower interest payments on the debt and a slower than projected roll-out of capital projects. * * * According to the Troubled Company Reporter-Latin America on January 18, 2010, Fitch Ratings downgraded Jamaica's long-term local currency rating to 'C' from 'CCC'. In addition, Fitch has affirmed Jamaica's long-term and short-term foreign currency ratings at 'CCC' and 'C' respectively, and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign ratings Outlook remains Negative. =========== M E X I C O =========== MEXICANA AIRLINE: To Resume Flights in Two Weeks, Minister Says --------------------------------------------------------------- Compania Mexicana de Aviacion or Mexicana Airlines may restart flying in the second half of December, Xinhua Net reports, citing Mexico Labor Minister Javier Alarcon. "The three unions involved and investor PC Capital will sign new labor contracts in the next few days," Mr. Alarcon told state news agency Notimex, the report relates. "With these, operations will be 100 percent normalized in January," he added. According to Xinhua Net, PC Capital has promised to pay all workers a redundancy fee in cash, short-term debt and shares. After relaunch, the airline will only resume 30 of its 100 airlines originally, including six U.S. routes and no more than five within Mexico, the report discloses. About Mexicana Airline Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines Bankruptcy News. The newsletter tracks the chapter 11 proceedings and the ancillary proceedings undertaken by Compania Mexicana de Aviacion and its units. (http://bankrupt.com/newsstand/or 215/945-7000). *********** 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. Agravante, 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 * * *