/raid1/www/Hosts/bankrupt/TCRLA_Public/101208.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, December 8, 2010, Vol. 11, No. 242
Headlines
A R G E N T I N A
* ARGENTINA: Invites Bond Owners to Tender Brady Bonds
B E R M U D A
ACCORD UNDERWRITING: Creditors' Proofs of Debt Due December 13
ACCORD UNDERWRITING: Members' Final Meeting Set for December 29
BERKLEY FINANCIAL: Creditors' Proofs of Debt Due December 30
BERKLEY FINANCIAL: Members' Final Meeting Set for January 7
CASPIAN OIL: Creditors' Proofs of Debt Due December 10
CASPIAN OIL: Sole Member to Receive Wind-Up Report on December 30
CUADRILLA RESOURCES: Creditors' Proofs of Debt Due December 10
CUADRILLA RESOURCES: Members' Final Meeting Set for December 30
FLOWER LINE: Creditors' Proofs of Debt Due December 10
FLOWER LINE: Members' Final Meeting Set for December 30
FREMONT REINSURANCE: Court Appoints Smith & Frisby as Liquidators
LATIN AMERICAN: Creditors' Proofs of Debt Due December 10
LATIN AMERICAN: Members' Final Meeting Set for December 30
LATIN AMERICAN: Creditors' Proofs of Debt Due December 10
LATIN AMERICAN: Sole Member to Receive Wind-Up Report on Dec. 30
MAUPITI MARITIME: Creditors' Proofs of Debt Due December 10
MAUPITI MARITIME: Members' Final Meeting Set for December 28
MAXROSE PRIVATE: Creditors' Proofs of Debt Due January 4
MAXROSE PRIVATE: Member to Receive Wind-Up Report on January 10
MGSIS MAN: Creditors' Proofs of Debt Due December 15
MGSIS MAN: Sole Member to Receive Wind-Up Report on January 4
MGSIS MAN: Creditors' Proofs of Debt Due December 15
MGSIS MAN: Members' Final Meeting Set for January 5
MODAL REINSURANCE: Creditors' Proofs of Debt Due December 22
MODAL REINSURANCE: Members' Final Meeting Set for January 13
PRICOA CHINA: Creditors' Proofs of Debt Due December 22
PRICOA CHINA: Members' Final Meeting Set for January 13
UNION PACIFIC: Supreme Court Enters Wind-Up Order
B R A Z I L
BANCO CACIQUE: Fitch Affirms Individual Rating at 'C/D'
C A Y M A N I S L A N D S
1861 CAPITAL: Creditors' Proofs of Debt Due December 17
1861 CAPITAL: Shareholders' Final Meeting Set for December 20
AJO MARKET-NEUTRAL: Creditors' Proofs of Debt Due December 22
BABCOCK & BROWN: Placed Under Voluntary Liquidation
BABCOCK & BROWN: Placed Under Voluntary Liquidation
CONCENTRIC EUROPEAN: Creditors' Proofs of Debt Due December 23
CONCENTRIC EUROPEAN: Creditors' Proofs of Debt Due December 23
CRYSTAL OCEAN: Creditors' Proofs of Debt Due December 13
CUMBERLAND AIR: Creditors' Proofs of Debt Due December 14
GLOBAL STRATEGIES: Creditors' Proofs of Debt Due December 13
J WING: Creditors' Proofs of Debt Due December 22
LYSTER WATSON: Creditors' Proofs of Debt Due December 22
MOONSTONE PROPERTIES: Creditors' Proofs of Debt Due December 22
NYK JP: Creditors' Proofs of Debt Due December 22
NYK US: Creditors' Proofs of Debt Due December 22
ONIX INVESTMENT: Creditors' Proofs of Debt Due December 14
SPACE MAKER: Creditors' Proofs of Debt Due December 13
TWO SIGMA: Creditors' Proofs of Debt Due December 22
UNIBANCO BRAZILIAN: Creditors' Proofs of Debt Due December 15
UNIBANCO CAPITAL: Creditors' Proofs of Debt Due December 15
UNIFUND BRAZILIAN: Creditors' Proofs of Debt Due December 15
C H I L E
E-CL SA: Moody's Withdraws 'Ba2' Rating for Business Reasons
J A M A I C A
LORRESTON BAILEY: FSC to Continue Control of Securities Company
M E X I C O
AXTEL SAB: S&P Affirms 'B+' Long-Term Corporate Credit Rating
P U E R T O R I C O
FIRST BANCORP: Receives & Rejects Unsolicited Offer from Doral
- - - - -
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A R G E N T I N A
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* ARGENTINA: Invites Bond Owners to Tender Brady Bonds
------------------------------------------------------
The Republic of Argentina disclosed an invitation to the owners of
each series of bonds to tender their Brady Bonds in exchange for
certain new securities and a cash payment, subject to the terms
and conditions described in the EU Prospectus and the US
Prospectus.
Outstanding Principal
Series of Brady Bonds Amount ISIN
--------------------- ---------------------- ----
U.S. dollar
Collateralized Fixed
Rate Bonds due 2023
(USD Par Series L) US$185,047,000 XS0043119147
XS0043119576
U.S. dollar
Collateralized
Floating Rate
Bonds due 2023
(USD Discount
Series L) US$77,900,000 XS0043118172
XS0043118339
Deutsche Mark
Collateralized
Fixed Rate
Bonds due
2023
(DM Par Series)
("DM Par Bonds") EUR46,417,633 DE0004103007
Deutsche Mark
Collateralized
Floating Rate
Bonds due 2023
(DM Discount Series) EUR7,756,298 DE0004103015
The Invitation is being extended to holders of Brady Bonds in the
United States on the basis of a prospectus dated April 13, 2010
and a prospectus supplement dated December 3, 2010 filed with the
U.S. Securities and Exchange Commission and to holders of Brady
Bonds in Argentina, Luxembourg, Germany and Italy on the basis of
a separate prospectus dated December 3, 2010. The Invitation
being extended under the above documents and the related
electronic acceptance notices and/or letters of transmittal
constitute one and the same Invitation.
Argentina is making the Invitation in order to restructure and
cancel the Brady Bonds, to release Argentina from any related
claims, including any administrative, litigation or arbitral
claims, and to terminate legal proceedings against Argentina in
respect of the tendered Brady Bonds, in consideration for the
issuance of New Securities and the Cash Payment. The Invitation
is part of a broader program, including the exchange offer
launched by Argentina in April 2010, implemented by Argentina to
manage its external liabilities.
Concurrently with the Invitation, Argentina is soliciting consents
from the holders of Brady Bonds of each series to vote in favor of
resolutions approving certain proposed amendments to the
collateral pledge agreements entered into in connection with the
issuance of the USD Brady Bonds and the DM Brady Bonds and in
addition, in the case of the DM Brady Bonds, to the meeting and
amendment provisions set forth in the DM Brady Bonds and the
related fiscal agency agreement to reflect the adoption in 2009 of
the German Bondholder Act. The Resolutions will be considered in
separate meetings to be held for each series of Brady Bonds. By
tendering Brady Bonds in the Invitation, holders will (a)
authorize the information, exchange and tabulation agent, as their
representative, to vote, at the Bondholders' Meeting or any
adjournment thereof for that series of Brady Bonds, in favor of
the Proposed Amendments, (b) irrevocably appoint Wilmington Trust
FSB, the custodian, as their agent to receive and hold in trust
the cash proceeds resulting from the liquidation of the collateral
securing the principal of their tendered Brady Bonds, (c) agree to
the liquidation procedures described in the Prospectus and (d)
waive all rights to any collateral securing payment of the
interest on their Brady Bonds.
Subject to the terms and conditions of the Invitation, holders who
tender their Brady Bonds will receive a combination of the
following New Securities, the principal amount of which will vary
depending on the series of Brady Bonds tendered:
* U.S. dollar-denominated discount bonds due December 31,
2033 ("Discounts");
* U.S. dollar-denominated 8.75% global bonds due 2017
("2017 Globals"); and
* U.S. dollar-denominated GDP-linked securities expiring no
later than December 15, 2035 ("GDP-linked Securities").
Holders will also receive a Cash Payment in U.S. dollars, if they
tender USD Brady Bonds, or partly in euro and partly in U.S.
dollars, if they tender DM Brady Bonds.
In particular, holders that tender USD Brady Bonds will receive
the following:
1. An original principal amount of Discounts equal to the
product of (x) the Brady Residual Amount of the Brady Bonds
tendered, times (y) 0.337, with such principal amount of
Discounts adjusted for capitalized interest as described in
the Prospectus. The "Brady Residual Amount" of any tendered
Brady Bonds will be equal to the difference of (x) the
outstanding principal amount of such Brady Bonds, minus (y)
the portion of the Cash Proceeds of the liquidation of the
Brady Collateral that is attributable to such tendered Brady
Bonds minus (z) the interest accrued on such Brady Bonds on
or after December 31, 2001, as to which the holders of the
Brady Bonds of such series received payment from the
liquidation of the collateral securing such interest;
2. A principal amount of 2017 Globals equal to the product of
(x) the original principal amount of Discounts received in
exchange for the tendered Brady Bonds in the Invitation,
times (y) 0.2907576, which represents the interest that
would have been paid in cash on such Discounts with respect
to the period from December 31, 2003 to but excluding
December 31, 2009 if those Discounts had been issued as of
and accrued interest from and including December 31, 2003 to
but excluding December 31, 2009;
3. A notional amount of GDP-linked Securities equal to the
Brady Residual Amount of the Brady Bonds tendered; and
A Cash Payment in U.S. dollars equal to the total of (w) the
portion of the Cash Proceeds that is attributable to the
Brady Bonds tendered, plus (x) the amount of interest
payable in cash that would have accrued for the period from
and including December 31, 2009 to but excluding
December 31, 2010 on the Discounts received in the
Invitation, had those Discounts been issued as of
December 31, 2009, plus (y) the amount of interest that
would have accrued on the principal amount of 2017 Globals
received in the Invitation for the period from and including
June 2, 2010 to but excluding December 2, 2010, had those
2017 Globals been issued as of June 2, 2010, minus (z) an
exchange fee of US$0.004 per US$1.00 in Brady Residual
Amount of the Brady Bonds tendered.
Holders that tender DM Brady Bonds will receive a combination of
New Securities and a Cash Payment that will be determined by
Argentina to approximate, based on the relative prices of the 2010
Discounts denominated in euro and U.S. dollars and the 2010 GDP-
linked Securities denominated in euro and U.S. dollars fixed by
Argentina for purposes of the Invitation and the exchange rates
established by Argentina for purposes of the Invitation, the
principal amount of Discounts, 2017 Globals, GDP-linked Securities
and cash that they would have if (A) they first received from
Argentina in the Invitation 2010 Discounts denominated in euro,
2017 Globals denominated in U.S. dollars and 2010 GDP-linked
Securities denominated in euro; (B) they then sold their 2010
Discounts and 2010 GDP-linked Securities denominated in euro at
their respective reference prices and used the proceeds of those
sales to purchase Discounts and GDP-linked Securities,
respectively, denominated in U.S. dollars, at their respective
reference prices; and (C) they received a Cash Payment (1) in euro
representing the total of (x) the Cash Proceeds attributable to
their tendered DM Brady Bonds, plus (y) the accrued interest on
the original principal amount of 2010 Discounts denominated in
euro they would have received, minus (z) the exchange fee and (2)
in dollars with respect to accrued interest on the 2017 Globals
they receive in the Invitation.
The Discounts, 2017 Globals and GDP-linked Securities issued in
the Invitation will be governed by New York law and will have the
same economic terms as the corresponding Discount Bonds due
December 31, 2033 ("2010 Discounts") denominated in U.S. dollars,
the 8.75% Global Bonds due 2017 denominated in U.S. dollars and
the GDP-linked Securities expiring no later than December 15, 2035
denominated in U.S. dollars issued by Argentina in June and
September 2010 in its April 2010 exchange offer. However,
Argentina cannot assure tendering holders that the Discounts and
2017 Globals issued in the Invitation will be fungible for trading
purposes with the corresponding securities issued in the April
2010 exchange offer, because this will depend on the trading
prices of the Discounts and 2017 Globals on their issuance date or
dates.
Argentina has not set any limit on the principal amount of
Discounts or 2017 Globals or the notional amount of GDP-linked
Securities that may be issued pursuant to the Invitation or on the
aggregate amount of Cash Payments that it will make pursuant to
the Invitation.
Current Schedule Relating to Invitation
December 29, 2010 -- At 5:00 P.M. (the "Expiration Date"), the
submission period ends and the Invitation expires, unless
Argentina extends the submission period or terminates the
Invitation earlier, in each case for one or more series of Brady
Bonds. After this date, holders may no longer submit tenders.
December 30, 2010 -- At or around 6:00 P.M. (the "Announcement
Date"), or as soon as practicable thereafter, and unless it has
terminated the Invitation earlier, Argentina will determine in its
sole discretion whether to accept tenders and will announce the
preliminary results of the Invitation, including the approximate
aggregate principal amount of Brady Bonds tendered and accepted by
Argentina for exchange and, subject to the effectiveness of the
Proposed Amendments, Argentina's preliminary calculation of the
aggregate amount of each series of New Securities to be issued and
Argentina's preliminary estimate of the aggregate amount of the
Cash Payments. The Announcement Date may be postponed by
Argentina for any reason, including if the submission period is
extended. If Argentina extends the submission period for some but
not all series of Brady Bonds, it will make an initial
announcement of the preliminary results as to all series for which
the submission period has ended and one or more additional
announcements shortly after the conclusion of the submission
period for each other series of Brady Bonds.
January 7, 2011 -- Meetings of the holders of each series of USD
Brady Bonds are held. If the Resolutions are passed with respect
to either or both series of USD Brady Bonds and the Amendment
Condition is satisfied, then the Proposed Amendments to the USD
collateral pledge agreement will be entered into and become
effective as to the applicable series of USD Brady Bonds. If a
quorum is not present at a meeting, Argentina may adjourn the
meeting as described in the Prospectus.
January 10, 2011 -- Meetings of the holders of each series of DM
Brady Bonds are held. If the Resolutions are passed with respect
to either or both series of DM Brady Bonds and the Amendment
Condition is satisfied, then the Proposed Amendments to the DM
collateral pledge agreement, DM Brady Bonds and DM fiscal agency
agreement will be entered into and become effective approximately
30 calendar days thereafter. If a quorum is not present at a
meeting, Argentina may adjourn the meeting as described in the
Prospectus.
Promptly after the Amendment Condition is satisfied - If the
Amendment Condition is satisfied as to any series of Brady Bonds,
the settlement process will begin for the tendered Brady Bonds of
that series. Settlement may occur on different dates for each
series of Brady Bonds. The estimated settlement dates for each
series of Brady Bonds, if the Resolutions are passed at the first
meeting of the holders of such Brady Bonds, are set forth:
Series Expected Settlement Dates
------ -------------------------
USD Par Bonds January 27, 2011
USD Discount Bonds January 27, 2011
DM Par Bonds February 14, 2011
DM Discount Bonds February 14, 2011
However, settlement is subject to the satisfaction of certain
conditions described in the Prospectus and may be delayed
significantly beyond the dates indicated.
During settlement, the tendered Brady Bonds will first be
cancelled and then holders will receive, by credit to their
accounts (or the accounts of their intermediaries) at the clearing
systems, the New Securities and Cash Payment to which they are
entitled.
The schedule set out above is subject to change.
* * *
As of July 2, 2010, the Argentina republic continues to carry
Moody's "Caa1" country ceiling long-term foreign bank deposit
rating and "B2" country ceiling long-term currency debt ratings.
The company also continues to carry Standard and Poor's "B-"
currency long-term debt ratings and "C" currency ST debt ratings.
=============
B E R M U D A
=============
ACCORD UNDERWRITING: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------------
The creditors of Accord Underwriting Agency 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 22, 2010.
The company's liquidator is:
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-la-Ville Road
Hamilton HM 08
Bermuda
ACCORD UNDERWRITING: Members' Final Meeting Set for December 29
---------------------------------------------------------------
The members of Accord Underwriting Agency Ltd. will hold their
final meeting on December 29, 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 22, 2010.
The company's liquidator is:
Mike Morrison
KPMG Advisory Limited
Crown House, 4 Par-la-Ville Road
Hamilton HM 08
Bermuda
BERKLEY FINANCIAL: Creditors' Proofs of Debt Due December 30
------------------------------------------------------------
The creditors of Berkley Financial Capital Corporation Limited are
required to file their proofs of debt by December 30, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on November 29, 2010.
The company's liquidator is:
Nicholas Hoskins
Victoria Place
31 Victoria Street, Hamilton HM 10
Bermuda
BERKLEY FINANCIAL: Members' Final Meeting Set for January 7
-----------------------------------------------------------
The members of Berkley Financial Capital Corporation Limited will
hold their final meeting on January 7, 2011, 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 29, 2010.
The company's liquidator is:
Nicholas Hoskins
Victoria Place
31 Victoria Street, Hamilton HM 10
Bermuda
CASPIAN OIL: Creditors' Proofs of Debt Due December 10
------------------------------------------------------
The creditors of Caspian Oil Developments Ltd. are required to
file their proofs of debt by December 10, 2010, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on November 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
CASPIAN OIL: Sole Member to Receive Wind-Up Report on December 30
----------------------------------------------------------------
The sole member of Caspian Oil Developments Ltd. will receive on
December 30, 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 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
CUADRILLA RESOURCES: Creditors' Proofs of Debt Due December 10
--------------------------------------------------------------
The creditors of Cuadrilla Resources Corporation Limited are
required to file their proofs of debt by December 10, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on November 26, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
CUADRILLA RESOURCES: Members' Final Meeting Set for December 30
---------------------------------------------------------------
The members of Cuadrilla Resources Corporation Limited will hold
their final meeting on December 30, 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 26, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
FLOWER LINE: Creditors' Proofs of Debt Due December 10
------------------------------------------------------
The creditors of Flower Line Limited are required to file their
proofs of debt by December 10, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
FLOWER LINE: Members' Final Meeting Set for December 30
-------------------------------------------------------
The members of Flower Line Limited will hold their final meeting
on December 30, 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 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
FREMONT REINSURANCE: Court Appoints Smith & Frisby as Liquidators
-----------------------------------------------------------------
On November 18, 2010, the Supreme Court of Bermuda appointed Mark
Smith and Rachelle Frisby as liquidators of Fremont Reinsurance
Co. Ltd.
LATIN AMERICAN: Creditors' Proofs of Debt Due December 10
---------------------------------------------------------
The creditors of Latin American Investment Guarantee Company Ltd.
are required to file their proofs of debt by December 10, 2010, to
be included in the company's dividend distribution.
The company commenced wind-up proceedings on December 23, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
LATIN AMERICAN: Members' Final Meeting Set for December 30
----------------------------------------------------------
The members of Latin American Investment Guarantee Company Ltd.
will hold their final meeting on December 30, 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 December 23, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
LATIN AMERICAN: Creditors' Proofs of Debt Due December 10
---------------------------------------------------------
The creditors of Latin American Infrastructure Fund Ltd. are
required to file their proofs of debt by December 10, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on November 26, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
LATIN AMERICAN: Sole Member to Receive Wind-Up Report on Dec. 30
----------------------------------------------------------------
The sole member of Latin American Infrastructure Fund Ltd. will
receive on December 30, 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 26, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
MAUPITI MARITIME: Creditors' Proofs of Debt Due December 10
-----------------------------------------------------------
The creditors of Maupiti Maritime Limited are required to file
their proofs of debt by December 10, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
MAUPITI MARITIME: Members' Final Meeting Set for December 28
-------------------------------------------------------------
The members of Maupiti Maritime Limited will hold their final
meeting on December 28, 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 24, 2010.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
MAXROSE PRIVATE: Creditors' Proofs of Debt Due January 4
--------------------------------------------------------
The creditors of Maxrose Private Trust Company Ltd. are required
to file their proofs of debt by January 4, 2011, to be included in
the company's dividend distribution.
The company's liquidator is:
Stephanie Kyme
c/o Mello Jones & Martin
Thistle House, 4 Burnaby Street
Hamilton
Bermuda
MAXROSE PRIVATE: Member to Receive Wind-Up Report on January 10
---------------------------------------------------------------
The sole member of Maxrose Private Trust Company Ltd. will receive
on January 10, 2011, at 2:15 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Stephanie Kyme
c/o Mello Jones & Martin
Thistle House, 4 Burnaby Street
Hamilton
Bermuda
MGSIS MAN: Creditors' Proofs of Debt Due December 15
----------------------------------------------------
The creditors of MGSIS Man IP 220 EUR Certificates Series M Class
Q2 EUR Shares Trading Limited 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 26, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGSIS MAN: Sole Member to Receive Wind-Up Report on January 4
-------------------------------------------------------------
The sole member of MGSIS Man IP 220 EUR Certificates Series M
Class Q2 EUR Shares Trading Limited will receive on January 4,
2011, 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 26, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGSIS MAN: Creditors' Proofs of Debt Due December 15
----------------------------------------------------
The creditors of MGSIS Man MGS Access Class W1 EUR Trading 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 29, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGSIS MAN: Members' Final Meeting Set for January 5
---------------------------------------------------
The members of MGSIS Man MGS Access Class W1 EUR Trading Ltd will
hold their final meeting on January 5, 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 29, 2010.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MODAL REINSURANCE: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of Modal Reinsurance Ltd. 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 December 2, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonae's Court
22 Victoria Street, Hamilton
Bermuda
MODAL REINSURANCE: Members' Final Meeting Set for January 13
------------------------------------------------------------
The members of Modal Reinsurance Ltd. will hold their final
meeting on January 13, 2011, at 9:00 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 December 2, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonae's Court
22 Victoria Street, Hamilton
Bermuda
PRICOA CHINA: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of Pricoa China (Residential) 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 December 2, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonae's Court
22 Victoria Street, Hamilton
Bermuda
PRICOA CHINA: Members' Final Meeting Set for January 13
-------------------------------------------------------
The members of Pricoa China (Residential) Limited will hold their
final meeting on January 13, 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 December 2, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canonae's Court
22 Victoria Street, Hamilton
Bermuda
UNION PACIFIC: Supreme Court Enters Wind-Up Order
-------------------------------------------------
On November 26, 2010, the Supreme Court of Bermuda entered an
order that voluntarily winds up the operations of Union Pacific
Reinsurance & General Co. Ltd.
Mike Morrison and Charles Thresh of KPMG Advisory Ltd. are the
company's liquidators.
===========
B R A Z I L
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BANCO CACIQUE: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Cacique S.A.:
-- Long-Term Foreign Currency IDR at 'BBB'; Outlook Positive;
-- Short-Term Foreign Currency IDR at 'F2';
-- Long-Term Local Currency IDR at 'BBB+'; Outlook Positive;
-- Short-Term Local Currency IDR at 'F2';
-- Support rating at '2';
-- Individual rating at 'C/D';
-- National long-term ratings at 'AAA(bra)'; Outlook Stable;
-- National short-term rating at 'F1+(bra)'.
The national ratings and IDRs of Cacique reflect the support from
its shareholder, Societe Generale S.A. (Long-Term Foreign Currency
IDR 'A+', with a Stable Outlook by Fitch), which controls Cacique
through Banco Societe Generale Brasil (Long Term Foreign Currency
IDR 'BBB', with a Positive Outlook). SGBR provides interbank
funding lines to Cacique, maintaining rigorous supervision over
the bank, which is reflected in the centralization of treasury and
overall management activities. Cacique's individual rating
reflect its modest size, the still high delinquency ratios and the
challenges to register satisfactory results, even though some
improvement occurred in 2010.
In the consolidation process SGBR is promoting in its Brazilian
retail operations, Cacique's and Banco Pecunia S.A.'s (fully owned
by SGBR) operations should be merged by the first half of 2011
(1H'11). Since the acquisition by SGBR in 2007, Cacique has
passed through several rounds of adjustments to fit the group's
profile. In addition to the goodwill amortization, which explains
part of its losses, the bank adopted SG risk control metrics.
With the recovery of results in 2010, Cacique's goal is to
register in line with peers' profitability, even though goodwill
amortization will continue.
In the consumer finance portfolio, after a drastic reduction in
the number of stores using Cacique's products in 2009, the bank
decided to re-asses its risk appetite, by avoiding too small
tickets and improving overall credit parameters. In payroll
deductible loans, it should resume growth with public sector
debtors. After the provisioning expenses peaked in 2009 (BRL166
million) and 2008 (BRL157 million), the risk appetite changes in
2010 coupled with slower growth considerably reduced these
expenses (BRL42 million at 1H'10), which might allow for
satisfactory results by fiscal 2010.
After the implementation of more conservative risk control tools,
Cacique's delinquency profile has been improving, with credits
from impaired loans accounting for 8.2% of the portfolio in June
2010, an impressive decline from the 10,4% of 2008, also taking
into account the portfolio volume drop of 2% in the same period.
Therefore, based on smaller risk appetite posture adopted, Fitch
believes Cacique has the right conditions to continue improving
its results, even with the continuing effects of goodwill
amortization expenses.
Changes in sovereign ratings, or in SGBR's capacity and propensity
to provide support, could lead to changes in Cacique's ratings.
The individual rating could be negatively affected by larger net
losses or asset quality deterioration, and pose constraints for a
possible upgrade in the medium term because of the bank's small
size and low business diversification.
Created in 1984, Cacique is active in payroll deductible loans,
consumer finance and personal lending segments. The bank has
approximately 1,800 employees.
==========================
C A Y M A N I S L A N D S
==========================
1861 CAPITAL: Creditors' Proofs of Debt Due December 17
-------------------------------------------------------
The creditors of 1861 Capital Discovery Offshore Fund Ltd. are
required to file their proofs of debt by December 17, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on November 9, 2010.
The company's liquidator is:
John J. Lee
Stuarts Walker Hersant
Telephone: (345) 949-3344
Facsimile: (345) 949-2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
1861 CAPITAL: Shareholders' Final Meeting Set for December 20
-------------------------------------------------------------
The shareholders of 1861 Capital Discovery Offshore Fund Ltd. will
hold their final meeting on December 20, 2010, at 9:00 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 9, 2010.
The company's liquidator is:
John J. Lee
Stuarts Walker Hersant
Telephone: (345) 949-3344
Facsimile: (345) 949-2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
AJO MARKET-NEUTRAL: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------------
The creditors of Ajo Market-Neutral 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 11,
2010.
The company's liquidator is:
K.D. Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
Robert Arthur
Telephone: 345-815-2637
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
BABCOCK & BROWN: Placed Under Voluntary Liquidation
---------------------------------------------------
On November 11, 2010, the shareholder of Babcock & Brown Space
Maker Holdings Limited resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
Rob McMahon
Mr. Geoff Baker Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510, Grand Cayman KY1 -1106
Cayman Islands
Telephone +1 345 914 9011
E-mail Geoff.Baker@ky.ey.com
BABCOCK & BROWN: Placed Under Voluntary Liquidation
---------------------------------------------------
On November 11, 2010, the shareholder of Babcock & Brown Space
Maker Investments Limited resolved to voluntarily liquidate the
company's business.
The company's liquidator is:
Rob McMahon
Mr. Geoff Baker Ernst & Young Ltd
62 Forum Lane, Camana Bay
P.O. Box 510, Grand Cayman KY1 -1106
Cayman Islands
Telephone +1 345 914 9011
e-mail Geoff.Baker@ky.ey.com
CONCENTRIC EUROPEAN: Creditors' Proofs of Debt Due December 23
--------------------------------------------------------------
The creditors of Concentric European Fund, Ltd are required to
file their proofs of debt by December 23, 2010, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on November 10,
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
Cayman Islands
CONCENTRIC EUROPEAN: Creditors' Proofs of Debt Due December 23
--------------------------------------------------------------
The creditors of Concentric European Master Fund, Ltd are required
to file their proofs of debt by December 23, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on November 10,
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
Cayman Islands
CRYSTAL OCEAN: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------
The creditors of Crystal Ocean Master Fund 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 10, 2010.
The company's liquidator is:
Ogier
Danielle Walker
Telephone: (345) 815-1880
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
CUMBERLAND AIR: Creditors' Proofs of Debt Due December 14
---------------------------------------------------------
The creditors of Cumberland Air Ltd. 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 1, 2010.
The company's liquidator is:
Maria Trujillo
c/o Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P.O. Box 10147, Grand Cayman KY1-1002
Cayman Islands
GLOBAL STRATEGIES: Creditors' Proofs of Debt Due December 13
------------------------------------------------------------
The creditors of Global Strategies Small Cap Fund, 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 8, 2010.
The company's liquidator is:
Ogier
Danielle Walker
Telephone: (345) 815-1880
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
J WING: Creditors' Proofs of Debt Due December 22
-------------------------------------------------
The creditors of J Wing Cayman Asset Management 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 10,
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
LYSTER WATSON: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------
The creditors of Lyster Watson International Equity Beta, Ltd. 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 9, 2010.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes Attorneys-at-Law
JAPF
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Ozannes Cayman Liquidators Limited
Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Mourant Ozannes
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town Grand Cayman KY1-1108
Cayman Islands
MOONSTONE PROPERTIES: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------------
The creditors of Moonstone Properties Corp. 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 11,
2010.
The company's liquidator is:
Walkers SPV Limited
Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
NYK JP: Creditors' Proofs of Debt Due December 22
-------------------------------------------------
The creditors of NYK JP Finance, 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 1, 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
NYK US: Creditors' Proofs of Debt Due December 22
-------------------------------------------------
The creditors of NYK US Finance, 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 1, 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
ONIX INVESTMENT: Creditors' Proofs of Debt Due December 14
----------------------------------------------------------
The creditors of Onix Investment Fund are required to file their
proofs of debt by December 14, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 3, 2010.
The company's liquidator is:
Ogier
Jonathan Bernstein
Telephone: (345) 815-1897
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
SPACE MAKER: Creditors' Proofs of Debt Due December 13
------------------------------------------------------
The creditors of Space Maker Properties II Limited 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 11, 2010.
The company's liquidator is:
Ogier
Danielle Walker
Telephone: (345) 815-1880
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
TWO SIGMA: Creditors' Proofs of Debt Due December 22
----------------------------------------------------
The creditors of Two Sigma Options Portfolio, Ltd. 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 9, 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
UNIBANCO BRAZILIAN: Creditors' Proofs of Debt Due December 15
-------------------------------------------------------------
The creditors of Unibanco Brazilian Bonds 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 4, 2010.
The company's liquidator is:
Ogier
Jonathan Bernstein
Telephone: (345) 815-1897
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
UNIBANCO CAPITAL: Creditors' Proofs of Debt Due December 15
-----------------------------------------------------------
The creditors of Unibanco Capital 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 4, 2010.
The company's liquidator is:
Ogier
Jonathan Bernstein
Telephone: (345) 815-1897
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
UNIFUND BRAZILIAN: Creditors' Proofs of Debt Due December 15
------------------------------------------------------------
The creditors of The Unifund Brazilian Short Term 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 4, 2010.
The company's liquidator is:
Ogier
Jonathan Bernstein
Telephone: (345) 815-1897
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
=========
C H I L E
=========
E-CL SA: Moody's Withdraws 'Ba2' Rating for Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn E-CL's Ba2 issuer rating
for its own business reasons.
Moody's last rating action on E-CL was on June 3, 2010 when
Moody's upgraded E-CL's Issuer Rating to Ba2 from Ba3.
This rating was withdrawn:
-- Issuer: Ba2
Ratings Rationale
Headquartered in Santiago, Chile, E-CL S.A. (ex Edelnor S.A.) is
the largest independent power generator in the Sistema
Interconectado del Norte Grande region of northern Chile. The
company is publicly traded, but is substantially controlled by GDF
Suez and CODELCO.
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.
=============
J A M A I C A
=============
LORRESTON BAILEY: FSC to Continue Control of Securities Company
---------------------------------------------------------------
RadioJamaica reports that the Financial Services Commission has
been granted by the Supreme Court to continue its temporary
management of Lorreston Bailey. FSC first assumed temporary
management of Lorreston Bailey in September.
A notice from the FSC says an extension of the period of temporary
management has been granted by the Supreme Court, the report said.
According to the report, this followed concerns that the licensee
had given false statements concerning its affairs and the value of
its assets was substantially less than its liabilities.
The FSC, RadioJamaica notes, said that the securities dealer also
contravened directions which it issued under the Financial
Services Act.
In July the FSC issued a cease and desist order on Lorreston
Bailey demanding that he stop conducting securities business, the
report adds.
Lorreston Bailey is a securities dealer.
===========
M E X I C O
===========
AXTEL SAB: S&P Affirms 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on Mexican telecommunications
company Axtel S.A.B de C.V. At the same time, S&P affirmed the
'B+' rating on the company's senior unsecured notes and the
recovery rating of '3' on the notes (indicating the expectation of
meaningful (50% to 70%) recovery in the event of payment default).
The outlook is stable.
The ratings on Axtel reflect strong competition from other fixed-
line operators, especially Telefonos de Mexico S.A.B. de C.V.;
growing competition from the fast-growing mobile services segment
and cable providers, which are now providing integrated
communications services under "triple-play" and "quadruple-play"
offerings; its dependence on Telmex interconnection; and
significant capital expenditures, which could increase its
leverage.
"Axtel's wide reach within Mexico and its flexible, advanced
network featuring several access technologies support the rating,"
said Standard & Poor's credit analyst Marcela Duenas. The company
is the (distant) second-largest fixed-line integrated
telecommunication company in Mexico, behind Telmex, offering
telephony, broadband internet, data, and built-to-suit
communication solutions.
Axtel's financial performance has been weak throughout 2010. For
the last 12 months ended September 2010, revenues and EBITDA
margins decreased 5.4% and 19.8%, respectively, compared with
those for the same period of 2009. These declines reflect
weakness virtually in all of its business segments, revenue loss
from the winding down of its agreement with Nextel, and lower
average revenue per user related to the bundling of services.
Nevertheless, for the first nine months of 2010, Axtel has
generated net additional revenue generating units of 169,000, a
trend that S&P does not observe in other carriers.
For the last 12 months ended Sept. 30, 2010, Axtel posted total
debt-to-EBITDA, funds from operations-to-total debt, and
EBITDA-interest-coverage ratios of 3.2x, 25.5%, and 3.4x,
respectively, adjusted for operating leases and pensions and in
line with S&P's expectations for the end of 2010. S&P expects
these ratios to remain steady for the following years.
Axtel's liquidity is adequate. As of Sept. 30, 2010, the company
held about MXP1.18 billion in cash and equivalents, which compares
favorably with MXP697.9 million in short-term debt maturities.
Additionally, the company has a three-year committed facility for
US$30 million, for working capital expenditures. The company has
not been able to generate free operating cash flow during 2010 as
a result of its high capital spending program, S&P expects it to
remain negative for the following years as a result of capital
expenditure to finance the deployment of last-mile fiber-optic
cabling in Mexico City, Monterrey, and Guadalajara. The ratings
on Axtel do not consider any possible cash outflow derived from
the legal decisions about current disputes on interconnection
rates that could have an impact on the company's liquidity. As of
Sept. 30, 2010, its debt covenant headroom remains comfortable.
Axtel's US$275 million and US$490 million senior unsecured notes
are rated 'B+' (the same as the corporate credit rating on the
company). The recovery rating of '3' indicates S&P's expectation
of a meaningful (50% to 70%) recovery in the event of a payment
default.
The stable outlook reflects Axtel's adequate liquidity and S&P's
expectation that the company will maintain stable financial
indicators for the following years. Continued operating weakness,
additional indebtedness that leads to higher leverage, or higher-
than-expected capital expenditures may prompt a negative rating
action. A positive rating action is possible if Axtel's
operations grow, which translates into higher EBITDA, and the
company's leverage remains under 3x.
====================
P U E R T O R I C O
====================
FIRST BANCORP: Receives & Rejects Unsolicited Offer from Doral
--------------------------------------------------------------
First BanCorp rejected an unsolicited acquisition proposal
received from Doral Financial Corporation. On December 2, 2010,
the Corporation received a letter from Doral proposing a stock-
for-stock exchange valued at US$0.30 for each share of the
Corporation's common stock. Doral's proposal contemplates that it
will raise US$550 million prior to transaction closing and reach a
new agreement with the U.S. Treasury to exchange the Corporation's
Series G Preferred Stock the U.S. Treasury currently holds into
shares of common stock of the combined company at a discount. The
Corporation's Board of Directors concluded that the acquisition
proposal received from Doral is not in the best interest of the
Corporation and its stockholders.
Aurelio Aleman, President and Chief Executive Officer of First
BanCorp, said: "After consideration, the Board of Directors
unanimously decided not to pursue the Doral proposal. We believe
it is in the best interest of the Corporation and its stockholders
to continue the execution of our previously announced capital
plan, including the raising of US$350 million of common equity in
a public offering and the conversion into common stock of the
Series G Preferred Stock, held by the U.S. Treasury. We maintain
our focus on the implementation of our business strategies, while
providing superior customer service to our clients."
The Corporation recently disclosed that the U.S. Treasury, which
owns US$424 million of First BanCorp's Series G Preferred Stock,
has reduced from US$500 million to US$350 million the size of the
capital raise required to satisfy the remaining substantive
condition to the Corporation's ability to compel the conversion of
the Series G Preferred Stock into shares of common stock.
About First BanCorp
First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations. The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida. Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company. First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 29, 2010, Fitch Ratings has removed from Rating Watch
Negative and downgraded the long-term Issuer Default Ratings of
First BanCorp and its main subsidiary, Firstbank Puerto Rico to
'CC'.
***********
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, Psyche A. Castillon, 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 * * *