/raid1/www/Hosts/bankrupt/TCRLA_Public/101213.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
Monday, December 13, 2010, Vol. 11, No. 245
Headlines
A R G E N T I N A
ALIMENT AR: Creditors' Proofs of Debt Due February 9
COMPAATIA ALIMENTARIA: Creditors' Proofs of Debt Due March 4
FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9
KAPRIS SA: Creditors' Proofs of Debt Due February 18
ZAPATILLAS Y ZAPATOS: Creditors' Proofs of Debt Due December 30
B E R M U D A
FORTRESS MINERALS: Creditors' Proofs of Debt Due December 29
FORTRESS MINERALS: Members' Final Meeting Set for January 17
FORTRESS MINERALS: Creditors' Proofs of Debt Due December 29
FORTRESS MINERALS: Members' Final Meeting Set for January 17
MACQUARIE ASIA: Creditors' Proofs of Debt Due December 29
MACQUARIE ASIA: Members' Final Meeting Set for January 17
B O L I V I A
CREDINFORM INTERNATIONAL: Moody's Affirms 'Caa1' Insurance Rating
B R A Z I L
COMPANHIA DE SANEAMENTO: Fitch Assigns 'BB' Rating on Bonds
C A Y M A N I S L A N D S
AMADEUS REPACKAGING: Creditors' Proofs of Debt Due December 22
APAL (SPC): Members Receive Wind-Up Report
ARES ENHANCED: Creditors' Proofs of Debt Due December 22
BRENTWOOD INDEMNITY: Shareholders' Final Meeting Set for Dec. 14
CONSTELLATION GLOBAL: Creditors' Proofs of Debt Due December 23
ESPRIT INTERNATIONAL: Members' Final Meeting Set for December 20
FOCUS FUND: Sole Member to Receive Wind-Up Report on December 23
HELIODOR INVESTMENTS: Shareholders' Final Meeting Set for Dec. 23
LIGHTREND CAPITAL: Creditors' Proofs of Debt Due December 22
LIGHTREND FUND: Creditors' Proofs of Debt Due December 22
MARSHALL WACE: Creditors' Proofs of Debt Due December 13
MILLBURN MCO: Sole Member to Receive Wind-Up Report on December 21
MS ASIA: Members' Final Meeting Set for December 13
MS ASIA: Members' Final Meeting Set for December 13
PICO FUND: Sole Member Receives Wind-Up Report
OCEAN CAPITAL: Shareholders' Final Meeting Set for December 23
TRICO MARINE: Seeks U.S. Court Nod of Deal with Noteholders
TRICO MARINE: Shipping Amends Consent Solicitation Expiration Date
VICTORY PARK: Shareholders' Final Meeting Set for December 23
VICTORY PARK: Shareholders' Final Meeting Set for December 23
ZAIS CL: Sole Member to Receive Wind-Up Report on December 14
ZAIS MATRIX: Sole Member to Receive Wind-Up Report on December 14
M E X I C O
BANCO INTERACCIONES: Moody's Assigns 'Ba1' Senior Debt Rating
MEXICANA AIRLINES: To Resume Flight in January After Labor Deal
VITRO SAB: Bondholders Given Limited Discovery in U.S.
P U E R T O R I C O
CARIBBEAN PETROLEUM: Has Green Light to Reject Franchisees' Deals
LUZ ROMAN: Case Summary & 3 Largest Unsecured Creditors
U R U G U A Y
NUEVO BANCO: Fitch Puts 'BB-' Issuer Rating on Positive Watch
X X X X X X X X
* BOND PRICING: For the Week December 6, to December 10, 2010
- - - - -
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A R G E N T I N A
=================
ALIMENT AR: Creditors' Proofs of Debt Due February 9
----------------------------------------------------
The court-appointed trustee for Aliment Ar S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
February 9, 2011.
The trustee will present the validated claims in court as
individual reports on March 23, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 9, 2011.
Creditors will vote to ratify the completed settlement plan
during the assembly on October 4, 2011.
COMPAATIA ALIMENTARIA: Creditors' Proofs of Debt Due March 4
------------------------------------------------------------
The court-appointed trustee for Compaatia Alimentaria Americana
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until March 4, 2011.
The trustee will present the validated claims in court as
individual reports on April 8, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 24, 2011.
FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9
-----------------------------------------------------
The court-appointed trustee for France Textile S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 9, 2011.
The trustee will present the validated claims in court as
individual reports on April 26, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 8, 2011.
KAPRIS SA: Creditors' Proofs of Debt Due February 18
----------------------------------------------------
The court-appointed trustee for Kapris S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 18, 2011.
ZAPATILLAS Y ZAPATOS: Creditors' Proofs of Debt Due December 30
---------------------------------------------------------------
The court-appointed trustee for Zapatillas y Zapatos S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until December 30, 2010.
=============
B E R M U D A
=============
FORTRESS MINERALS: Creditors' Proofs of Debt Due December 29
------------------------------------------------------------
The creditors of Fortress Minerals (Bermuda) Ltd. (formerly
International Uranium (Bermuda) II Ltd.) are required to file
their proofs of debt by December 29, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on December 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
FORTRESS MINERALS: Members' Final Meeting Set for January 17
------------------------------------------------------------
The members of Fortress Minerals (Bermuda) Ltd. will hold their
general meeting on January 17, 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 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
FORTRESS MINERALS: Creditors' Proofs of Debt Due December 29
------------------------------------------------------------
The creditors of Fortress Minerals (Bermuda) II Ltd. are required
to file their proofs of debt by December 29, 2010, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on December 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
FORTRESS MINERALS: Members' Final Meeting Set for January 17
------------------------------------------------------------
The members of Fortress Minerals (Bermuda) II Ltd. will hold their
general meeting on January 17, 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 December 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
MACQUARIE ASIA: Creditors' Proofs of Debt Due December 29
---------------------------------------------------------
The creditors of Macquarie Asia Property Advisers Limited are
required to file their proofs of debt by December 29, 2010, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on December 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
MACQUARIE ASIA: Members' Final Meeting Set for January 17
---------------------------------------------------------
The members of Macquarie Asia Property Advisers Limited will hold
their general meeting on January 17, 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 7, 2010.
The company's liquidator is:
Jennifer Y Fraser
Canonae's Court, 22 Victoria Street
Hamilton
Bermuda
=============
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, Bolivia, 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.
===========
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.
==========================
C A Y M A N I S L A N D S
==========================
AMADEUS REPACKAGING: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------------
The creditors of Amadeus Repackaging 2007-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
Cayman Islands
APAL (SPC): Members Receive Wind-Up Report
------------------------------------------
The members of Apal (SPC) Limited received on November 24, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Kenneth M. Krys Timothy Le Cornu
Tim Le Cornu
Telephone: 815-8409
e-mail: timothy.lecornu@krysandassoc.com
Mail: Re: APAL SPC Limited
Governor's Square, Building 6
2nd Floor 23 Lime Tree Bay Avenue
P.O. Box 21237, Grand Cayman KY1-1205
Cayman Islands
ARES ENHANCED: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------
The creditors of Ares Enhanced Loan Investment Strategy IR-B 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 12,
2010.
The company's liquidator is:
Marc Randall
c/o Maples Finance Limited
PO Box 1093, Boundary Hall
Grand Cayman
Cayman Islands
BRENTWOOD INDEMNITY: Shareholders' Final Meeting Set for Dec. 14
----------------------------------------------------------------
The shareholders of Brentwood Indemnity (Cayman) 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:
Richard Hammer
c/o Willis Management (Cayman) Ltd.
62 Forum Lane, 3rd Floor, Camana Bay
P.O. Box 30600, Grand Cayman KY1-1203
Cayman Islands
Telephone: (345) 949-6039
Facsimile: (345) 949-6621
CONSTELLATION GLOBAL: Creditors' Proofs of Debt Due December 23
---------------------------------------------------------------
The creditors of Constellation Global Macro Fund Limited 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 12,
2010.
The company's liquidator is:
DMS Corporate Services Ltd.
Bernadette Bailey-Lewis
Telephone: (345) 946-7665
Facsimile: (345) 946-7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
ESPRIT INTERNATIONAL: Members' Final Meeting Set for December 20
----------------------------------------------------------------
The members of Esprit International Limited 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's liquidator is:
Ian Stokoe
Aaron Gardner
Telephone: (345) 914-8655
Facsimile: (345) 945-4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
FOCUS FUND: Sole Member to Receive Wind-Up Report on December 23
----------------------------------------------------------------
The sole member of Focus Fund, Ltd. will receive on December 23,
2010, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Jonathan McLean
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
HELIODOR INVESTMENTS: Shareholders' Final Meeting Set for Dec. 23
-----------------------------------------------------------------
The shareholders of Heliodor Investments Limited will hold their
final meeting on December 23, 2010, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
LIGHTREND CAPITAL: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of Lightrend Capital 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:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes Attorneys-at-Law
JJW
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
LIGHTREND FUND: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Lightrend Fund SPC are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on November 9, 2010.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
Mourant Ozannes Attorneys-at-Law
JJW
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
MARSHALL WACE: Creditors' Proofs of Debt Due December 13
--------------------------------------------------------
The creditors of Marshall Wace Gavekal Asian Balanced Fund 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 September 30, 2010.
The company's liquidator is:
Richard Finlay
Gene DaCosta
Telephone: (345) 814-3901
Facsimile: (345) 945-3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
MILLBURN MCO: Sole Member to Receive Wind-Up Report on December 21
------------------------------------------------------------------
The sole member of Millburn MCO Limited will receive on
December 21, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Bernard McGrath
c/o Caledonian House
69 Dr. Roy's Drive
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: 949-0050
Facsimile: 814-4863
MS ASIA: Members' Final Meeting Set for December 13
---------------------------------------------------
The members of MS Asia Pacific Holdings Limited will hold their
final meeting on December 13, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
MS ASIA: Members' Final Meeting Set for December 13
---------------------------------------------------
The members of MS Asia Pacific Investment Limited will hold their
final meeting on December 13, 2010, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
PICO FUND: Sole Member Receives Wind-Up Report
----------------------------------------------
The sole member of Pico Fund Limited received on October 25, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Wilton McDonald
Telephone: (345) 325-4040
OCEAN CAPITAL: Shareholders' Final Meeting Set for December 23
--------------------------------------------------------------
The shareholders of Ocean Capital China Macro Fund Limited will
hold their final meeting on December 23, 2010, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
TRICO MARINE: Seeks U.S. Court Nod of Deal with Noteholders
-----------------------------------------------------------
Trico Marine Services Inc. and its debtor-affiliates are asking
U.S. bankruptcy court to approve pursuant to Rule 9019 of the
Federal Rules of Bankruptcy Procedure a compromise and settlement
of claims pursuant to the terms and conditions of a term sheet
with a steering committee of holders of 83% in the aggregate of
high-yield secured notes issued by operating companies not in
bankruptcy to effect a proposed global restructuring of the
nondebtor operating subsidiaries, including a settlement of
certain of the Debtors' claims and interests against the
subsidiaries.
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that if the settlement goes through, holders of the
US$400 million in 11.875% notes will end up owning the non-
bankrupt subsidiaries that provide subsea services. The parent
company, in return, would take back five-year warrants for 5% of
the subsidiaries' stock. The warrants would have a strike price
related to full payment on the high-yield debt. The settlement
would absolve the parent of liability for guarantees on the
subsidiaries' debt.
Mr. Rochelle relates that in November, Trico Marine reached an
agreement with holders of 83% of the 11.875% senior secured notes
due 2014 that were issued by the subsidiary Trico Shipping AS.
The parent guaranteed the debt. The agreement calls for the
noteholders to swap their debt for equity in Trico Supply AS,
which owns other non-bankrupt operating companies. The Trico
Supply side of the arrangement is to be completed through an out-
of-court exchange offer. If there aren't enough tenders, the
debt-for-equity swap will be accomplished by a prepackaged Chapter
11 filing by Trico Supply. If the settlement isn't approved,
Trico Supply would go into Chapter 11 and sell the business.
Holders of the high-yield notes would bid their secured debt
rather than cash. In that event, Trico Marine says the price
would be less than the debt, so the parent would receive nothing.
Mr. Rochelle notes that the settlement wouldn't require the
parent's creditors' committee to drop fraudulent transfer claims
against the subsidiaries. The Committee has a motion pending for
permission to sue.
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort. The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
AlixPartners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC serves as independent accountants and
tax advisors to the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
TRICO MARINE: Shipping Amends Consent Solicitation Expiration Date
------------------------------------------------------------------
In a regulatory filing Tuesday, Trico Marine Services, Inc.,
discloses that on December 7, 2010, Trico Shipping AS amended its
solicitation of consents and waivers (the "Consent Solicitation")
from the holders of the 11-7/8% Senior Secured Notes due 2014 (the
"Notes") to (i) establish a new record date of December 7, 2010,
and (ii) establish a new expiration date of 5:00 p.m., Eastern
Time, December 13, 2010.
The Consent Solicitation provides for modification and waivers to
certain provisions contained in the indenture pursuant to which
the Notes were issued, dated as of October 30, 2009, among Trico
Shipping, as issuer, the guarantors identified therein and
Deutsche Bank National Trust Company (as successor trustee to
Wells Fargo Bank, N.A.), as trustee thereunder (the "Trustee") (as
amended by the First Supplemental Indenture, dated as of June 25,
2010, the Second Supplemental Indenture, dated as of September 21,
2010, and as may be further amended by a third supplemental
indenture to be entered into on or after the consummation of the
consent solicitation if the requisite consents are obtained,
referred to hereafter as the "Indenture"), and certain other
amendments, supplements and waivers to any of the covenants and
related definitions in the Indenture or in other related
agreements and documents reasonably necessary or appropriate to
implement the foregoing.
Trico Shipping is making the solicitation to sell two of its
vessels, Trico Sabre and Trico Star, pursuant to an agreement for
an aggregate of US$52.3 million and to apply the net sale proceeds
to repay debt and enhance its liquidity. All or a significant
portion of the net sale proceeds will be used to pay down
indebtedness under the Notes and the working capital facility pro
rata. The proposed amendments will provide that, if US$20.0
million in new commitments are received under the priority credit
agreement and certain other conditions are met, Trico Shipping
will apply the entire net sale proceeds to redeem Notes and repay
debt under its working capital facility and will be permitted to
incur US$20.0 million of additional secured indebtedness under its
priority credit facility. In the alternative, if said conditions
are not met, Trico Shipping will be permitted to retain
US$20.0 million of the net sale proceeds for working capital
purposes and the remainder will be applied to redeem Notes and
repay debt under its working capital facility. In either case, the
proceeds used to redeem Notes and repay debt under the working
capital facility will be applied 91.64% to redeem the Notes at par
plus accrued interest, without paying a make-whole premium, and
8.36% to repay debt under the working capital facility, without
paying a prepayment premium. Approval of the proposed amendments
requires the consent of the holders of all the outstanding Notes
as of the record date. Notwithstanding the foregoing, Trico
Shipping may close the Consent Solicitation with less than the
consent of all holders pursuant to the proposed waiver (as
described more fully in the consent solicitation statement).
In connection with the Consent Solicitation, Trico Shipping
submitted the following documents (the "Consent Solicitation
Documents") to the Depository Trust Company ("DTC") for review:
(i) consent solicitation statement, (ii) letter of consent, (iii)
letter to DTC participants and (iv) form letter to clients.
A complete text of the Amendment to the Consent Solicitation is
available for free at http://researcharchives.com/t/s?70b4
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort. The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-
12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
AlixPartners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC serves as independent accountants and
tax advisors to the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
VICTORY PARK: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of Victory Park Special Situations Ltd. will hold
their final meeting on December 23, 2010, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
VICTORY PARK: Shareholders' Final Meeting Set for December 23
-------------------------------------------------------------
The shareholders of Victory Park Special Situations Master Fund
Ltd. will hold their final meeting on December 23, 2010, at
8:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
ZAIS CL: Sole Member to Receive Wind-Up Report on December 14
-------------------------------------------------------------
The sole member of Zais CL, Ltd. will receive on December 14,
2010, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Danielle Walker
Telephone: (345) 815-1880
Facsimile: (345) 949-9876
ZAIS MATRIX: Sole Member to Receive Wind-Up Report on December 14
-----------------------------------------------------------------
The sole member of Zais Matrix VI-D Ltd. will receive on
December 14, 2010, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Danielle Walker
Telephone: (345) 815-1880
Facsimile: (345) 949-9876
===========
M E X I C O
===========
BANCO INTERACCIONES: Moody's Assigns 'Ba1' Senior Debt Rating
-------------------------------------------------------------
Moody's Investors Service assigned a long-term global local
currency senior debt rating of Ba1 to Banco Interacciones, S.A.'s
second issuance of Certificados Bursatiles. At the same time,
Moody's de Mexico assigned a long-term Mexican National Scale
senior debt rating of A1.mx to these notes.
The second take-down has been set for an amount up to Mx$1,500
million. These notes are issued under Banco Interacciones' Senior
Debt Program of Certificados Bursatiles Bancarios, Certificados de
Deposito Bancario de Dinero a Plazo and Pagares con Rendimiento
Liquidable al Vencimiento, of up to Mx$10 billion. This program
was originally rated by Moody's on June 25, 2010.
These long term senior debt ratings were assigned to Banco
Interacciones's second issuance of Certificados Bursatiiles
Bancarios, issued under the bank's senior debt program:
-- Long-term global local currency senior debt rating of Ba1
-- Long-term Mexican National Scale senior debt rating of A1.mx
The outlook is positive.
Ratings Rationale
The Ba1 senior debt rating is based on the bank's Ba1 local
currency deposit rating as well as the seniority of the notes.
The notes issued under Banco Interacciones senior debt program
rank pari passu with other senior obligations of the bank.
The long term Mexican National Scale rating of A1.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.
The last rating action on Banco Interacciones was on 25 June 2010,
when Moody's assigned senior debt ratings to the bank's debt
program and to the first issuance under it. On 27 August 2010,
Moody's changed to positive from stable the outlook on Banco
Interacciones ratings.
MEXICANA AIRLINES: To Resume Flight in January After Labor Deal
---------------------------------------------------------------
Fox News reports that unnamed sources said that Compania Mexicana
de Aviacion or Mexicana Airlines' pilots, flight attendants and
ground crew agreed to a new labor contract that could allow the
bankrupt airline to resume operations in the second half of
January 2011. Fox News notes that in November, Mexican investment
group PC Capital was named as potential new owner of the airline.
According to the report, Lizette Clavel, the head of Mexicana's
flight attendants' union, told Efe that under the terms of the new
labor contract signed December 8, 2010, just 30% of the company's
workforce is to be rehired. The report relates Ms. Clavel added
that an agreement, expected to be signed later this month, must
still be reached with the remainder of the airline's creditors.
Fox News notes that the new labor deal also calls for gradually
rehiring the rest of the workforce, which previously numbered
about 8,000, once the airline's operations grow and its prospects
improve.
Three investor groups expressed an interest in acquiring Mexicana,
but PC Capital emerged last month as the only applicant deemed
suitable by the court-appointed conciliator and administrator, the
Mexican government and the carrier's main creditors, the report
recounts.
PC Capital representatives later said at a press conference that a
restructuring deal with holders of 51% of Mexicana's debt must
still be concluded, Fox News says. More than a third of the
airline's roughly MXN11.1 billion (US$902 million) in debt as of
November 22 was owed to employees, the report relates.
About Mexicana Airline
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion. William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings
Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News. The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units. (http://bankrupt.com/newsstand/or
215/945-7000).
VITRO SAB: Bondholders Given Limited Discovery in U.S.
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. subsidiaries of Vitro SAB won a second victory
over dissident bondholders when a judge this week refused to allow
the involuntary bankruptcy filing to be used as a means for taking
discovery about an exchange offer the bondholders oppose.
Mr. Rochelle recounts that Vitro previously prevailed on the
bankruptcy judge to deny a motion by bondholders that would have
effectively enjoined the exchange offer the parent company is
conducting in Mexico. Rather than allowing the bondholders to
have wide-ranging discovery in the involuntary Chapter 11 case,
U.S. Bankruptcy Judge Russell F. Nelms in Fort Worth, Texas,
instead signed an order on Dec. 6 allowing one six-hour
examination of a company officer under oath. The deposition is
limited to identifying assets in the U.S., describing debts
between the family of companies and describing intercompany
agreements.
According to the report, Judge Nelms is allowing the bondholders
to compel the production of documents. Vitro, though, need only
turn over documents identifying assets in the U.S., listing debts
to sister companies, and showing the U.S. companies' financial
statements and cash-flow projections.
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.
Vitro has launched an offer to buy back or swap US$1.2 billion in
debt from bondholders. The tender offer will be consummated with
a bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.
Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.
Vitro has engaged Susman Godfrey, L.L.P. as U.S. special
litigation Counsel to analyze the potential rights that Vitro
may exercise in the United States against the ad hoc group of
dissident bondholders and its advisors.
A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are
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).
====================
P U E R T O R I C O
====================
CARIBBEAN PETROLEUM: Has Green Light to Reject Franchisees' Deals
-----------------------------------------------------------------
Caribbean Petroleum Corporation and its debtor-affiliates won
authority from the Bankruptcy Court to reject their agreements
with franchisees upon the contemplated sale of substantially all
of the Debtors' assets.
Franchisees operating 184 service stations throughout Puerto Rico
objected to the Rejection Motion. The Franchisees argued that the
Rejection Motion deprived them of due process because of the
brevity of notice. They also claim that the Rejection Motion and
notice was in English only, without a version in Spanish, and that
many of the Franchisees are Spanish speaking.
The Franchisees have moved to withdraw the reference to the
District Court, which motion remains pending, and sought a motion
to stay the Bankruptcy Court's consideration of the Rejection
Motion. The Bankruptcy Court denied the stay and thereafter
conducted a hearing on the Rejection Motion on December 1, 2010.
The Debtors have filed the Rejection Motion in what they view as a
necessity to improve the prospects of the sale. The Debtors have
concluded that potential bidders may be discouraged from bidding,
or will lower their bids because of unfavorable Franchise
Agreements. In that event, the Debtors will not be able to
maximize their return in the Sale.
A copy of Judge Kevin Gross' December 8 Memorandum Opinion is
available at http://is.gd/irsImfrom Leagle.com.
The Company filed for Chapter 11 bankruptcy protection after a
catastrophic explosion in October 2009 and resulting fire
destroyed much of its Bayamon storage facility and rocked the San
Juan area. The Company seeks to auction off assets, which include
a network of Gulf-branded service stations, six pipelines and a
deepwater dock in San Juan Harbor, without the benefit of a
stalking horse bidder, which supposedly sets the floor price at
auction. Patrick Fitzgerald, writing for Dow Jones' Daily
Bankruptcy Review, reported that the Company owes Banco Popular de
Puerto Rico US$137 million, and the bank holds a lien on virtually
all the company's assets. Caribbean Petroleum said it will allow
the bank to "credit bid" its secured debt, meaning the bank debt
could serve as a de facto stalking horse bid.
The Bankruptcy Court approved the Debtors' proposed bidding
procedures in September 2010. Bids are due December 10, 2010, and
an auction is slated for December 16. The Debtor will seek
approval of the sale at the December 22 hearing. They plan to
close the deal by February 8, 2011.
About Caribbean Petroleum
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products. Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,
nearly 10 months after a massive explosion at its major
Puerto Rican fuel storage depot virtually shut down the
company's operations. The Debtor estimated assets of
US$100 million to US$500 million and debts of US$500 million to
US$1 billion as of the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on August 12, 2010.
John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel. The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc. Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.
LUZ ROMAN: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Luz Delia Cuevas Roman
aka Miriam Cuevas Roman
P.O. Box 1908
San Sebastian, PR 00685
Bankruptcy Case No.: 10-11431
Chapter 11 Petition Date: December 6, 2010
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Victor Gratacos Diaz, Esq.
VICTOR GRATACOS-DIAZ LEGAS OFFICE
P.O. Box 7571
Caguas, PR 00726
Tel: (787) 746-4772
E-mail: vgratacd@coqui.net
Scheduled Assets: US$837,233
Scheduled Debts: US$1,540,900
A list of the Debtor's three largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb10-11431.pdf
=============
U R U G U A Y
=============
NUEVO BANCO: Fitch Puts 'BB-' Issuer Rating on Positive Watch
-------------------------------------------------------------
Fitch Ratings has placed Nuevo Banco Comercial's foreign and local
currency long-term Issuer Default Rating of 'BB-', national long-
term rating of 'AA(ury)' and Support Rating of '4' on Rating Watch
Positive. In addition, Fitch affirms the Support Rating Floor at
'B'.
The rating action follows the announcement of the acquisition of
NBC by Bank of Nova Scotia ('AA-') of 60% of the bank's equity,
held a consortium of foreign investors led by Advent
International; the Uruguayan government owns the remainder 40% in
the form of preferred stock with no voting rights. The Rating
Watch will be resolved once the transaction is approved by the
Uruguayan and Canadian regulators and NBC's ratings will be
upgraded to reflect the potential support from Bank of Nova
Scotia.
NBC's ratings reflect the bank's strong national franchise, good
asset quality, high liquidity and capitalization levels, and its
improving overall performance. The impact on the bank's
profitability of its significant asset US$ 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.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week December 6, to December 10, 2010
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-DIS 5.83 12/31/2033 ARS 43.65
ARGENT-PAR 1.18 12/31/2038 ARS 90
ARGENT-EURDIS 7.82 12/31/2033 EUR 77.25
ARGENT-EURDIS 7.82 12/31/2033 EUR 76.25
ARGENT-JPYDIS 4.33 12/31/2033 JPY 42
ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8
BODEN 2014 2 9/30/2014 ARS 39
BOGAR 2018 2 2/4/2018 ARS 23.45
PRO12 2 1/3/2016 ARS 130.3
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 49.679
BANIF FIN LTD 3 12/31/2019 EUR 61.625
BCP FINANCE BANK 5.01 3/31/2024 EUR 66.812
BCP FINANCE BANK 5.31 12/10/2023 EUR 69.543
BCP FINANCE CO 4.239 EUR 63.678571
BCP FINANCE CO 5.543 EUR 66.033817
BES FINANCE LTD 4.5 EUR 73.875
BES FINANCE LTD 5.58 EUR 62.185295
BES FINANCE LTD 6.984 2/7/2035 EUR 63.44015
DUBAI HLDNG COMM 6 2/1/2017 GBP 73.88
EFG ORA FUNDING 1.7 10/29/2014 EUR 68.69
ESFG INTERNATION 5.753 EUR 67.916667
PUBMASTER FIN 5.943 12/30/2024 GBP 74.94
PUBMASTER FIN 8.44 6/30/2025 GBP 129.64756
PUNCH TAVERNS 4.767 6/30/2033 GBP 75.35
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 0.1949
ESVAL S.A. 3.8 7/15/2012 CLP 49.942973
MASISA 4.25 10/15/2012 CLP 38.402885
PUERTO RICO
-----------
PUERTO RICO CONS 6.5 4/1/2016 USD 49.7
VENEZUELA
---------
PETROLEOS DE VEN 4.9 10/28/2014 USD 62.615863
PETROLEOS DE VEN 5 10/28/2015 USD 56.711132
PETROLEOS DE VEN 5.125 10/28/2016 USD 55.070706
PETROLEOS DE VEN 5.25 4/12/2017 USD 56.727034
PETROLEOS DE VEN 5.375 4/12/2027 USD 45.609648
PETROLEOS DE VEN 5.5 4/12/2037 USD 44.539935
PETROLEOS DE VEN 8.5 11/2/2017 USD 66.986436
VENEZUELA 5.75 2/26/2016 USD 70.75
VENEZUELA 6 12/9/2020 USD 57
VENEZUELA 7 3/31/2038 USD 55.125
VENEZUELA 7 12/1/2018 USD 63
VENEZUELA 7 3/31/2038 USD 55.5
VENEZUELA 7.65 4/21/2025 USD 59.25
VENEZUELA 7.75 10/13/2019 USD 65.75
VENEZUELA 8.25 10/13/2024 USD 63
VENEZUELA 9 5/7/2023 USD 66.25
VENEZUELA 9.25 9/15/2027 USD 72.5
VENEZUELA 9.25 5/7/2028 USD 66.25
VENEZUELA 9.25 9/15/2027 USD 73.26
VENZOD - 189000 9.375 1/13/2034 USD 66.75
***********
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.
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