/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101210.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 10, 2010, Vol. 11, No. 244 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Too Drugged to Defend Himself, Lawyers Say A R G E N T I N A ALDEA ANDINA: Creditors' Proofs of Debt Due February 5 AERUS SRL: Creditors' Proofs of Debt Due March 4 BODEGAS Y VINEDOS: Creditors' Proofs of Debt Due February 21 CANDY' SHOP: Asks for Preventive Contest COMPANIA ALIMENTARIA: Creditors' Proofs of Debt Due March 4 FUENTE DE SALUD: Creditors' Proofs of Debt Due February 1 ISIDRA HOUSE: Creditors' Proofs of Debt Due March 8 MACREN INTERNATIONAL: Requests for Own Bankruptcy RUTAS AL SUR: Creditors' Proofs of Debt Due February 17 URQUIZASHOP SA: Asks for Declaration of Bankruptcy B R A Z I L COMPANHIA DE SANEAMENTO: Fitch Assigns 'BB' Rating on Bonds B O L I V I A CREDINFORM INTERNATIONAL: Moody's Affirms 'Caa1' Insurance Rating C A Y M A N I S L A N D S ATOMIUM FUNDING: Creditors' Proofs of Debt Due December 22 BLACK RIVER: Creditors' Proofs of Debt Due December 22 CAPSTONE CAYMAN: Creditors' Proofs of Debt Due December 21 C.I. FINANCE: Creditors' Proofs of Debt Due December 22 CITRINE CAYMAN: Creditors' Proofs of Debt Due December 22 CSPC HOLDINGS: Creditors' Proofs of Debt Due December 20 F&C CREDIT: Creditors' Proofs of Debt Due December 14 FLASH ELECTRONICS: Creditors' Proofs of Debt Due December 22 GLOBAL INTERNET: Creditors' Proofs of Debt Due December 22 GSC ABS: Creditors' Proofs of Debt Due December 22 GUGGENHEIM 2007-1: Creditors' Proofs of Debt Due December 22 ISCHUS HIGH: Creditors' Proofs of Debt Due December 22 ROBECO GLOBAL: Creditors' Proofs of Debt Due December 22 ROBECO GLOBAL: Creditors' Proofs of Debt Due December 22 SHEFFIELD CDO: Creditors' Proofs of Debt Due December 22 STADIA OFFSHORE: Creditors' Proofs of Debt Due December 22 TOPANGA CDO: Creditors' Proofs of Debt Due December 22 UNITED AMERICAN: Creditors' Proofs of Debt Due December 22 WESLEY INSURANCE: Shareholders' Final Meeting Set for December 14 WMP LIBOR: Creditors' Proofs of Debt Due December 22 J A M A I C A CARIB CEMENT: Third Quarter Redundancy Exercise Costs JM$93 Mil. M E X I C O VITRO SAB: To File Bankruptcy by Dec. 16, El Financiero Says P U E R T O R I C O GOMERA GOVI: Chapter 11 Case Summary & Creditors' List U R U G U A Y NUEVO BANCO: Fitch Puts 'BB-' Issuer Rating on Positive Watch S T V I N C E N T & T H E G R E N A D I N E S MILLENNIUM BANK: U.S. Court Appoints Richard Roper as Receiver X X X X X X X X * Moody's: Global Default Rate Fell to 3.3% in November 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Too Drugged to Defend Himself, Lawyers Say ---------------------------------------------------------------- Caribbean360.com reports Robert Allen Stanford's attorneys are claiming that he is too medicated to be of any use to himself in preparation for, or during, his upcoming trial. Mr. Stanford owns Stanford International Bank Limited. According to Caribbean360.com, public defender Ali Fazel put forward the argument in documents submitted to U.S. District Judge David Hittner who has three times denied bail requests by previous attorneys on the grounds that Mr. Stanford is a flight risk. In this fourth attempt, Mr. Fazel identified for the judge a variety of medications and the dosages his client has been taking since a jailhouse beat down by another inmate last September, and the effect they had been having on him, the report relates. "These medications have left Mr. Stanford in an unfocused and numbed state of mind," Caribbean360.com quotes Mr. Fazel as saying, adding that they have "created a condition where the accused can no longer assist counsel or invoke basic constitutional rights." Mr. Fazel, the report notes, said, specifically, that the medications cause "tremors of the limbs, diminished range of facial expression, slowness of speech, drowsiness and fatigue" and therefore prevented Mr. Stanford from adequately reviewing documents and helping in trial preparation. Mr. Stanford may not even be able to testify at his January 24 trial because of it, Mr. Fazel added. "The accused's behaviour, manner, facial expressions and emotional responses, or their absence, combine to make an overall impression -- an impression that can have a powerful influence on the outcome of the trial," Mr. Fazel said, suggesting that Stanford's condition could have an impact on the jury, Caribbean360.com adds. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= ALDEA ANDINA: Creditors' Proofs of Debt Due February 5 ------------------------------------------------------ Ana Maria Lopez, the court-appointed trustee for Aldea Andina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 5, 2011. Ms. Lopez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 4, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Ana Maria Lopez Jose Cubas 3680 Argentina AERUS SRL: Creditors' Proofs of Debt Due March 4 ------------------------------------------------ Fabiana Paula Perez, the court-appointed trustee for Aerus SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 4, 2011. Ms. Perez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Fabiana Paula Perez Carlos Pellegrini 1079 Argentina BODEGAS Y VINEDOS: Creditors' Proofs of Debt Due February 21 ------------------------------------------------------------ Martin Alejandro Stolkiner, the court-appointed trustee for Bodegas y Vinedos del Valle SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 21, 2011. Mr. Stolkiner will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Martin Alejandro Stolkiner Av. Cordoba 1367 Argentina CANDY' SHOP: Asks for Preventive Contest ---------------------------------------- Candy' Shop SRL asked for preventive contest. The company stopped making payments last July 3. COMPANIA ALIMENTARIA: Creditors' Proofs of Debt Due March 4 ----------------------------------------------------------- Alejandra Viviana Paz, the court-appointed trustee for Compania Alimentaria Americana SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 4, 2011. Ms. Paz will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Alejandra Viviana Paz Lavalle 1646 Argentina FUENTE DE SALUD: Creditors' Proofs of Debt Due February 1 --------------------------------------------------------- Victor Tomasi, the court-appointed trustee for Fuente de Salud SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 1, 2011. Mr. Tomasi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38 will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Victor Tomasi Bogota 2791 Argentina ISIDRA HOUSE: Creditors' Proofs of Debt Due March 8 --------------------------------------------------- Alfredo Americo Iriondo, the court-appointed trustee for Isidra House SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 8, 2011. Mr. Iriondo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37 will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Alfredo Americo Iriondo Ciudad de la Paz 1383 Argentina MACREN INTERNATIONAL: Requests for Own Bankruptcy ------------------------------------------------- Macren International Travel SA requested for own bankruptcy. The company stopped making payments last September 14, 2010. RUTAS AL SUR: Creditors' Proofs of Debt Due February 17 ------------------------------------------------------- Graciela Lema de Muino, the court-appointed trustee for Rutas al Sur SA's reorganization proceedings, will be verifying creditors' proofs of claim until February 17, 2011. Ms. Muino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on November 21, 2011. The Trustee can be reached at: Graciela Lema de Muino Basualdo 1064 Argentina URQUIZASHOP SA: Asks for Declaration of Bankruptcy -------------------------------------------------- Urquizashop SA asked for declaration of bankruptcy. The company stopped making payments last August 5, 2010. =========== B R A Z I L =========== COMPANHIA DE SANEAMENTO: Fitch Assigns 'BB' Rating on Bonds ----------------------------------------------------------- Fitch Ratings has assigned a 'BB' Rating to Companhia de Saneamento Basico do Estado de Sao Paulo's proposed bond issuance of US$350 million due 2020. Proceeds from the issuance are intended to be used for debt amortization. Fitch currently rates Sabesp: -- Long-term local currency Issuer Default Rating 'BB'; -- Long-term foreign currency IDR 'BB'; -- International long-term rating for the US$140 million notes 'BB'; -- Long-term National Scale Rating 'A+(bra)'; -- Long-term National Scale Rating of the 9th debenture issue in the amount of BRL220 million 'A+(bra)'. The Outlook for the corporate ratings is Stable. Sabesp's ratings reflect the company's solid financial profile, with high operating margins and robust cash flow from operations. The ratings are also supported by Sabesp's almost monopolistic position in its business area, as well as by the economies of scale obtained by the company as the largest water utility company in the Americas considering the number of customers. Sabesp's ratings are limited by the company's recurring necessity to roll over a significant amount of debt, as well as exposure to hydrology risk and political risk inherent in its government control. The ratings are also affected by moderate regulatory risk due to the new and unproven sector legislation. Strong Operational Cash Generation; Free Cash Flow Pressured by Investments: Sabesp's operational performance benefited from a tariff readjustment of 4.43% in September 2009 and from 4.5% growth in the volume of water and sewage billed from January to September 2010, as compared to the same period in 2009. The tariff readjustment of 4.05%, in September 2010, should only have a more positive impact in the following quarters. In the last 12 months ended Sept. 30, 2010 the company reported record net revenues of BRL7.2 billion, and EBITDA of BRL3.2 billion. EBITDA margin of 44.9% remained in line with the historical level of 40% to 50% and holds up favorably when compared to other Brazilian companies in the sector. For the LTM ended Sept. 30, 2010, Sabesp reported negative free cash flow of BRL689 million due to a decrease CFO to BRL1.6 billion from BRL2.1 billion during 2009 and high investments, which totaled BRL1.9 billion. Over the next few years, Sabesp is likely to report negative FCF as a result of high capital expenditures of approximately BRL1.8 billion to BRL2 billion annually. Historically, investments have brought a modest contribution to Sabesp's EBITDA as the company, for example, does not charge customers for investments in the expansion of sewage treatment capacity. Moderate Weakening of Credit Metrics Expected for 2011: Although Sabesp formalized its concession contract with the Municipality of Sao Paulo in June 2010, its CFO would likely be negatively affected. According to the agreement signed, it will have to transfer to the municipality, which represents over 50% of its total net revenue, through a municipal fund (Fundo Municipal de Saneamento Ambiental), 7.5% of its gross revenue in the city, discounting taxes (PIS and Cofins) and the municipality default. For the third quarter of 2010, the company reported transfers of BRL80 million, which if annualized would amount to approximately BRL320 million. Fitch will closely monitor the approval by the regulatory agency of the new tariff readjustment methodology to be implemented from 2011 on, and the decision as to the possibility of Sabesp passing on to the tariff the transfers made to the municipal fund. Sabesp's financial ratios, although expected to remain in line with the assigned rating, would be pressured by high investments and the new transfer to the municipal fund. For 2010, Fitch expects a leverage measured by total debt-to-EBITDA close to 2.8 times. For the LTM ended Sept. 30, 2010, Sabesp reported leverage, as measured by total debt-to-EBITDA of 2.6x and net debt-to-EBITDA of 2.0x, which compare, respectively, with 2.6x and 2.4x reported in 2009. During the same period, interest coverage as measured by EBITDA-to-interest expense and funds from operations interest coverage were high at 6.5x and 4.9x, respectively. The company expects to finance a significant portion of its investments with foreign currency debt, which would negatively impact Sabesp's financial profile and credit measures in the event of strong devaluation of the Real. Constant Need to Refinance Debt: Sabesp would likely need to roll over significant amounts of debt as they come due as a result of its capital expenditure needs and likely negative FCF. This risk is somewhat mitigated by the company's satisfactory track record of access to the debt market, based on the strength of its business and its relevant liquidity position. At the end of September 2010, Sabesp reported total debt of BRL8.3 billion, in accordance with Fitch's criteria, of which BRL1.2 billion was short-term debt. Cash and marketable securities amounted to BRL1.7 billion, including BRL338 million released by Caixa Economica Federal, but which can only be used for investments. Total debt maturing until 2012 is BRL2.8 billion, excluding refinanced taxes and social security obligations, with foreign currency debt representing 21% of total financial obligations. Foreign exchange exposure should increase based on funding scheduled by the company. Low Business Risk: Sabesp's low business risk stems from its almost monopolistic position as a water and sewage service provider and is ratified by the company's resilient performance during the global economic crisis. Competition in its business is limited and the company benefits from economies of scale compared with other companies in the sector. Sabesp has been efficient in reducing losses and has made progress in signing concession contracts with the municipalities it serves. There is no expectation for significant water supply problems over the short term. Key Rating Drivers: The corporate ratings and the Outlook could be positively affected by the maintenance of credit metrics at levels compatible with a better risk classification. Further to that, Fitch's analysis will also consider developments in the need for funding to roll over debt. Negative rating movement could occur should there be a significant deterioration in Sabesp's financial profile. ============= B O L I V I A ============= CREDINFORM INTERNATIONAL: Moody's Affirms 'Caa1' Insurance Rating ----------------------------------------------------------------- Moody's Latin America affirmed its Caa1 global local-currency insurance financial strength rating on the Bolivian property and casualty insurer Credinform International S.A. de Seguros. The rating outlook has been changed to positive from stable. At the same time, Credinform's IFS rating has been upgraded to A2.bo from A3.bo on the Bolivian national scale; the outlook on this rating remains positive. Ratings Rationale The upgrade of Credinform's national scale rating relates mainly to the positive impact of recent capital contributions in 2010 on the company's credit profile. The shareholders of Credinform-- which is privately-owned by a local family -- injected Bs$10 million in March and BS$14 million in August, for a total of Bs$24 million. "Gross underwriting leverage has now dropped to about 6x shareholders' equity, from 12x at fiscal year-end 2009," says analyst Diego Nemirovsky, adding that the company's regulatory solvency margin has also improved considerably during the year. The positive rating outlook for both the national scale and global local currency IFS ratings reflects the company's sustained growth in several business segments, while maintaining profitability. Nemirovsky also notes recent improvements in certain corporate governance and accounting practices, as well as other positive credit considerations, such as Credinform's diversified book of business and adequate reinsurance program. "If these positive trends continue and capitalization is maintained at current levels, the company's rating could be upgraded over the next 12 to 18 months," he notes. The rating agency said these positives are tempered by the company's significant exposure to high risk investments, specifically the company's investments in local bank deposits in foreign currency, although this is common among Bolivian insurers. Additionally, Credinform has weak reserve adequacy and the Bolivian operating environment remains challenging. The rating outlook could be returned to stable from positive if the company's reserves show further deterioration, or if there is a reversion of the recent improved capital adequacy trends. Credinform is a market leader in liability coverage for automobile insurance in Bolivia, and is well diversified across other segments, including fire and surety. Credinform is headquartered in La Paz, Boliva, and reported total assets of BS$235 million and shareholders' equity of BS$63 million as of September 30, 2010. For the three month period ending September 30, net income was BS$4.7 million, and gross premiums written were BS$225 million. Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. ========================== C A Y M A N I S L A N D S ========================== ATOMIUM FUNDING: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of Atomium Funding Corporation. 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 12, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands BLACK RIVER: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------ The creditors of Black River Em Recovery Fund 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands CAPSTONE CAYMAN: Creditors' Proofs of Debt Due December 21 ---------------------------------------------------------- The creditors of Capstone Cayman Special Purpose Fund LP are required to file their proofs of debt by December 21, 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: Stuart Sybersma Trudy-Ann Baines Deloitte & Touche P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: tabaines@deloitte.com C.I. FINANCE: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------- The creditors of C.I. Finance (Cayman) 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 10, 2010. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands CITRINE CAYMAN: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------- The creditors of Citrine Cayman Co., 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 10, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands CSPC HOLDINGS: Creditors' Proofs of Debt Due December 20 -------------------------------------------------------- The creditors of CSPC Holdings Limited are required to file their proofs of debt by December 20, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Bernard Mcgrath Annie Chapman c/o #69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands Telephone: 949-0050 Facsimile: 949-8062 F&C CREDIT: Creditors' Proofs of Debt Due December 14 ----------------------------------------------------- The creditors of F&C Credit Alpha Fund Of Hedge Funds 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 October 29, 2010. The company's liquidator is: Hugh Dickson Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815-8240 Facsimile: (345) 949-7120 FLASH ELECTRONICS: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------------ The creditors of Flash Electronics Holding 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 12, 2010. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Gerhard Albertyn Telephone: 345-914-4395 / Telephone: 345-949-4800 Facsimile: 345-949-7164 / Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands GLOBAL INTERNET: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of Global Internet Investments 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands GSC ABS: Creditors' Proofs of Debt Due December 22 -------------------------------------------------- The creditors of GSC ABS CDO 2005-1, 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands GUGGENHEIM 2007-1: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------------ The creditors of Guggenheim 2007-1, 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands ISCHUS HIGH: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------ The creditors of Ischus High Grade Funding I 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands ROBECO GLOBAL: Creditors' Proofs of Debt Due December 22 -------------------------------------------------------- The creditors of Robeco Global Telecom Opportunities Master 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 10, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands ROBECO GLOBAL: Creditors' Proofs of Debt Due December 22 -------------------------------------------------------- The creditors of Robeco Global Long Short Quant Master 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 10, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands SHEFFIELD CDO: Creditors' Proofs of Debt Due December 22 -------------------------------------------------------- The creditors of Sheffield CDO II, 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands STADIA OFFSHORE: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of Stadia Offshore Opportunity Fund, 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands TOPANGA CDO: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------ The creditors of Topanga CDO, 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands UNITED AMERICAN: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of United American Global Market 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 11, 2010. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands WESLEY INSURANCE: Shareholders' Final Meeting Set for December 14 ----------------------------------------------------------------- The shareholders of Wesley Insurance Company, SPC, Ltd. will hold their final meeting on December 14, 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 liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815-8240 Facsimile: (345) 949-7120 WMP LIBOR: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------- The creditors of WMP Libor Plus Trading 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 10, 2010. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman, KY1-1102 Cayman Islands ============= J A M A I C A ============= CARIB CEMENT: Third Quarter Redundancy Exercise Costs JM$93 Mil. ---------------------------------------------------------------- RadioJamaica reports that Caribbean Cement Company Limited said the cost of redundancy carried out in the third quarter of its financial year was JM$93 million. The report relates that the company did not reveal how much workers were affected by the cost cutting measure. According to RadioJamaica, Caribbean Cement said that the redundancy exercise was part of the cost reduction program implemented in the wake of massive losses due to reduced demand for its products. The company's volume sales were down 17% in the first nine months of the year, but with increased prices, the value of cement sales fell 11% to JM$6.1 billion, the report notes. RadioJamaica relates that along with massive losses forced Carib Cement to borrow JM$1.1 billion from its parent company, Trinidad Cement Company Limited. However, the report says, Carib Cement noted that the borrowing is unsustainable and so it decided to implement the cost cutting measures which affected staff levels. Caribbean Cement Company manufactures and sells cement. * * * As reported in the Troubled Company Reporter-Latin America on December 9, 2010, RadioJamaica said that Caribbean Cement Company's balance sheet for the nine month period January to September show it racked up a net loss of JM$1.1 billion from JM$75 million loss suffered during the corresponding period last year. According to RadioJamaica, during the third quarter Caribbean Cement suffered a JM$925 million deficit that was largely due to the shutdown of the new Kiln for 40 days during August and September, a JM$300 million reduction in domestic sales revenues and costs associated with a staff rationalization program. =========== M E X I C O =========== VITRO SAB: To File Bankruptcy by Dec. 16, El Financiero Says ------------------------------------------------------------ Thomas Black at Bloomberg News reports that El Financiero newspaper said Vitro, S.A.B. de C.V. plans to file for voluntary bankruptcy in Mexico by December 16, 2010. According to Bloomberg, El Financiero said Vitro SAB also is extending the deadline for participating in its debt offer until December 21, 2010. The report relates that a modified Dutch auction for the cash offer of the debt restructuring plan expired on December 7 and won't be extended. Vitro SAB, Bloomberg notes, said that it has majority support for its debt plan by voting US$1.9 billion of intercompany debt the company created last year. As reported in the Troubled Company Reporter on December 8, 2010, the Ad Hoc Group of Vitro Noteholders, which is comprised of holders of approximately US$700 million of the Senior Notes issued by Vitro S.A.B. de C.V. disclosed that certain of its members have filed requests for injunctions and petitions seeking the opening of involuntary reorganization proceedings in Mexico against Vitro and its Mexican subsidiaries that are guarantors of the Senior Notes. The petitions were filed last week, pending determination by the presiding court of certain preliminary matters raised by the petitioning creditors, who are being represented in the actions by Jaime R. Guerra Gonzalez and Jesus Angel Guerra Mendez of Guerra Gonzalez y Asociados, S.C.w About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P., commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. -- aka American Asset Holding Corp., Imperial Arts Corp., VK Corp., and Oriental Glass, Inc. -- on November 17, 2010 (Bankr. N.D. Tex. Case No. 10-47470). Affiliates Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485) are also subject to involuntary petitions by the petitioning creditors. ==================== P U E R T O R I C O ==================== GOMERA GOVI: Chapter 11 Case Summary & Creditors' List ------------------------------------------------------ Debtor: Gomera Govi Inc. 65th Infanteria Station P.O. Box 29618 Rio Piedras, PR 00929-0618 Bankruptcy Case No.: 10-11367 Chapter 11 Petition Date: December 2, 2010 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Wigberto Lugo Mender, Esq. LUGO MENDER & CO Centro Internacional de Mercadeo Carr 165 Torre 1, Suite 501 Guaynabo, PR 00968 Tel: (787) 707-0404 E-mail: wlugo@lugomender.com Estimated Assets: US$1,000,001 to US$10,000,000 Estimated Debts: US$1,000,001 to US$10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb10-11367.pdf The petition was signed by Alfredo Gonzalez, president. ============= U R U G U A Y ============= NUEVO BANCO: Fitch Puts 'BB-' Issuer Rating on Positive Watch ------------------------------------------------------------- Fitch Ratings has placed Nuevo Banco Comercial's foreign and local currency long-term Issuer Default Rating of 'BB-', national long- term rating of 'AA(ury)' and Support Rating of '4' on Rating Watch Positive. In addition, Fitch affirms the Support Rating Floor at 'B'. The rating action follows the announcement of the acquisition of NBC by Bank of Nova Scotia ('AA-') of 60% of the bank's equity, held a consortium of foreign investors led by Advent International; the Uruguayan government owns the remainder 40% in the form of preferred stock with no voting rights. The Rating Watch will be resolved once the transaction is approved by the Uruguayan and Canadian regulators and NBC's ratings will be upgraded to reflect the potential support from Bank of Nova Scotia. NBC's ratings reflect the bank's strong national franchise, good asset quality, high liquidity and capitalization levels, and its improving overall performance. The impact on the bank's profitability of its significant asset US$ position and inflation were also taken into consideration. NBC is the third-largest private sector bank in Uruguay. Its market presence is significant in all segments and it had 6.1% of the banking system's assets at end-2009. ================================================= S T V I N C E N T & T H E G R E N A D I N E S ================================================= MILLENNIUM BANK: U.S. Court Appoints Richard Roper as Receiver -------------------------------------------------------------- Judge Reed O'Connor has appointed Richard B. Roper, III, Esq., at Thompson & Knight LLP, as receiver for the defendants in the case SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. MILLENNIUM BANK, UNITED TRUST OF SWITZERLAND S.A., UT of S, LLC, MILLENNIUM FINANCIAL GROUP, WILLIAM J. WISE, d/b/a STERLING ADMINISTRATION, d/b/a sterling investment services, d/b/a millennium aviation, KRISTI M. HOEGEL, a/k/a KRISTI M. CHRISTOPHER, a/k/a BESSY LU, JACQUELINE S. HOEGEL, a/k/a JACQULINE S. HOEGEL, a/k/a JACKIE S. HOEGEL, PHILIPPE ANGELONI, and BRIJESH CHOPRA, Defendants, and UNITED T OF S, LLC, STERLING I.S., LLC, MATRIX ADMINISTRATION, LLC, JASMINE ADMINISTRATION, LLC, LYNN P. WISE, DARYL C. HOEGEL, RYAN D. HOEGEL, and LAURIE H. WALTON, Relief Defendants, Case Nos. 09-CV-050-O and 10-MC-0091 (N.D. Texas). A copy of the Court's December 6, 2010 order is available at http://is.gd/inhCIfrom Leagle.com. Among the Receiver's rights is he may place the estate of any non- individual parties in Chapter 11 bankruptcy. As reported in the Troubled Company Reporter-Latin America on March 30, 2009, the U.S. Securities and Exchange Commission obtained an emergency court order halting a US$68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit by Caribbean-based Millennium Bank. The SEC alleged that the scheme targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly offered returns that were up to 321% higher than legitimate bank-issued CDs. The SEC's complaint alleged that William J. Wise of Raleigh, N.C., and Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through Millennium Bank, its Geneva, Switzerland-based parent United Trust of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and Millennium Financial Group. In addition, the SEC has charged Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh Chopra, and Philippe Angeloni for their roles in the scheme. About Millennium Bank Millennium Bank was a licensed St. Vincent and the Grenadines bank. Its parent is Geneva, Switzerland-based United Trust of Switzerland S.A., and its U.S.-based affiliates are UT of S, LLC and Millennium Financial Group. The entities' founders are William J. Wise of Raleigh, N.C. and Kristi M. Hoegel of Napa, Calif. In March 2009, the U.S. Securities and Exchange Commission sued the bank, citing that the bank ran a US$68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit (CDs) by Millennium Bank. The SEC alleged that the scheme targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly offered returns that were up to 321% higher than legitimate bank-issued CDs. St Vincent and the Grenadines government's financial arm, International Financial Services Authority (IFSA), has appointed KPMG International as receiver for Millennium Bank, following the SEC's fraud allegations. =============== X X X X X X X X =============== * Moody's: Global Default Rate Fell to 3.3% in November 2010 ------------------------------------------------------------ The trailing 12-month global speculative-grade default rate dropped to 3.3% in November 2010, down from a level of 3.7% in October, said Moody's Investors Service in a new report. A year ago, the global default rate stood much higher at 13.6%. The ratings agency's default rate forecasting model now predicts that the global speculative-grade default rate will fall to 2.9% by the end of this year before declining further to 1.8% by November 2011. "We continue to expect stable, low default rates for the near future," said Albert Metz, Moody's Director of Credit Policy Research. "However, there are risks that defaults may increase, particularly if financing becomes scarce in the European markets." In the U.S., the speculative-grade default rate edged lower from 3.6% in October to 3.5% in November. At this time last year, the U.S. default rate reached the highest level in this cycle at 14.7%. Meanwhile, the European default rate among speculative- grade issuers declined to 1.9% in November from 2.8% in October 2010. The default rate in Europe stood at 11.5% in November 2009, which was also the peak in the financial crisis. Among U.S. speculative-grade issuers, Moody's forecasting model foresees the default rate falling to 3.1% by December 2010, then sliding further to 2.1% a year from now. In Europe, Moody's forecasting model projects the speculative-grade default rate to end this year at 2.0% before dropping to 1.2% in November next year. A total of seven Moody's-rated corporate debt issuers have defaulted in November, which sends the year-to-date default count to 52. In comparison, a total of 257 defaults were recorded in the comparable time period last year. All of November's defaults were by North American issuers except for Anglo Irish Bank Corporation Limited, which is based in Ireland. Across industries over the coming year, default rates are expected to be highest in the Hotel, Gaming, & Leisure sector in the U.S. and Media: Advertising, Printing and Publishing sector in Europe. Measured on a dollar volume basis, the global speculative-grade bond default rate remained unchanged at 1.4% from October to November. Last year, the global dollar-weighted default rate was noticeably higher at 19.6% in November 2010. In the U.S., the dollar-weighted speculative-grade bond default rate ended at 1.3% in November, up from the level of 1.1% in October. The comparable rate was 20.1% in November 2009. In Europe, the dollar-weighted speculative-grade bond default rate fell to 1.7% in November from 2.4% in October. At this time last year, the European speculative-grade bond default rate was 14.0%. Moody's speculative-grade corporate distress index -- which measures the percentage of rated issuers that have debt trading at distressed levels -- came in at 11.5% in November, down from a level of 14.1% in October. A year ago, the index was much higher at 24.2%. In the leveraged loan market, three Moody's-rated loan issuers defaulted in November, lifting the year-to-date loan default count to 22. The trailing 12 month U.S. leveraged loan default rate fell from 3.6% in October to 3.3% in November. A year ago, the loan default rate stood much higher at 12.0%. Moody's "November Default Report" is now available -- as are Moody's other default research reports -- in the Ratings Analytics section of Moodys.com. *********** 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 * * *