/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101227.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 27, 2010, Vol. 11, No. 253 Headlines A R G E N T I N A FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9 GVS SA: Creditors' Proofs of Debt Due March 15 PIRINCHOS SRL: Creditors' Proofs of Debt Due March 4 * ARGENTINA: To Reopen Debt Swap Until Year End B R A Z I L BV FINANCEIRA: Moody's Puts 'Ba2' Global Rating on Senior Shares C A Y M A N I S L A N D S CHARISFIELD INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 31 CINQUEGOYA LIMITED: Creditors' Proofs of Debt Due January 6 COOK INTERNATIONAL: Creditors' Proofs of Debt Due January 11 FREEDOM CAPITAL: Creditors' Proofs of Debt Due January 6 GADAH INC: Creditors' Proofs of Debt Due December 31 GREAT INNOVATION: Creditors' Proofs of Debt Due December 31 H&F GTT: Creditors' Proofs of Debt Due January 6 HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11 HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11 KARISIMBI LIMITED: Creditors' Proofs of Debt Due January 6 KEYPORT LIMITED: Creditors' Proofs of Debt Due December 31 LOMBARD ASIAN: Creditors' Proofs of Debt Due January 6 LONGVIEW OPPORTUNITIES: Creditors' Proofs of Debt Due December 29 ORICO METALS: Creditors' Proofs of Debt Due January 6 PRIME RATE: Creditors' Proofs of Debt Due December 31 SIERRA MANAGEMENT: Creditors' Proofs of Debt Due December 31 SOJITZ AFRICAN: Creditors' Proofs of Debt Due December 28 SURINVEST INTERNATIONAL: Creditors' Proofs of Debt Due January 11 THREE M: Creditors' Proofs of Debt Due December 31 TRIAN SPV: Creditors' Proofs of Debt Due January 6 J A M A I C A * JAMAICA: IDB Sign Second US$200MM-Loan for Fiscal Policy Reform M E X I C O MEXICANA AIRLINE: To Resume Operations on January 24 P U E R T O R I C O MULTI-PLASTICS INC: Taps Wallace Vazquez as Bankruptcy Counsel U R U G U A Y BANCO DE LA NACION: Moody's Upgrades Deposit Rating to 'B3' X X X X X X X X BOND PRICING: For the Week December 20, to December 24, 2010 - - - - - ================= A R G E N T I N A ================= FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities ------------------------------------------------------------- Moody's Latin America has rated the Debt Securities and Certificates issued under Fideicomiso Financiero Albanesi Gas Clase 02, by Equity Trust Company (Argentina) S.A., acting solely in its capacity as issuer and trustee. -- ARS 74,900,000 in Class A Debt Securities of "Fideicomiso Financiero Albanesi Gas Clase 02", rated Aa3.ar (sf) (Argentine National Scale) and B2 (sf) (Global Scale, Local Currency) -- ARS 27,572,930 in Certificates of "Fideicomiso Financiero Albanesi Gas Clase 02", rated Ca.ar (sf) (Argentine National Scale) and Ca (sf) (Global Scale, Local Currency) Rating Rationale The ratings are based on these factors: -- The credit enhancement provided through an initial overcollateralization of approximately 26.9%. -- The partial mitigation of the regulatory risks when compared to other similar transactions issued in the Argentine market. -- The absence of construction risk, as the construction of the pipelines corresponding to this transaction has been finalized. -- The ability of Rafael G. Albanesi S.A. to act as the technical operator in the transaction, provide the gas transportation capacity on an ongoing basis and suspend the gas transportation service if carriers default. -- The mitigation of commingling risk as the carriers will be paying directly into the trust account. -- The structural protections of the transaction, such as a turbo sequential payment structure and the availability of various reserve accounts, including a fixed-amount expense reserve fund and a liquidity reserve fund equivalent to the next interest payment on the Class A securities. RGA, a gas and electricity broker located in Buenos Aires, Argentina, entered into take-or-pay gas transmission agreements (Ofertas de Servicio de Transporte Firme) with industrial companies located in Argentina (the carriers), which are also clients of RGA. Under these agreements, the carriers receive gas transportation capacity and are obliged to make certain fixed payments on a monthly basis ("Amortization"), which are the main underlying assets that back the repayment of the rated debt. Class A will bear a floating interest rate of BADLAR plus 549 basis points, with a minimum of 16.5% and a maximum of 24%. Class A will have monthly principal amortizations. The credit enhancement in this transaction is provided mainly through overcollateralization. The initial OC for the benefit of Class A holders is of approximately 26.90% resulting from discounting the fixed cashflow owned by the trust using an annual discount rate of 25%, which has been defined in the transaction's documents. The transaction has a turbo sequential payment structure and no interest or principal will be paid to the subordinated Certificates until the Class A is paid in full. The transaction will also benefit from a liquidity reserve fund equivalent to the next interest payment on the Class A securities. The gas industry in Argentina is highly regulated. The Argentine Government -- through ENARGAS, the gas industry regulator -- has the authority to determine gas transmission and distribution systems, prices, required investments and fundamentally the gas charges that were established to repay infrastructure projects. Although the underlying assets in this transaction are not the gas charges established by ENARGAS but the repayment of the advances on the above mentioned gas charges made by RGA, Moody's believes that there is a risk that changes in the regulatory framework of the gas industry in Argentina could affect this transaction. Moody's evaluated the sufficiency of the credit enhancement by stressing the cashflows under several scenarios, including the default of the carriers. In the cashflow model, the carriers will default based on their current (or estimated) rating levels. Moody's assumed that defaulting carriers in the pool would not be substituted with another carrier. The model applies a haircut to the future payments from the carriers based on their current rating level. Moody's run a Montecarlo simulation with 10,000 iterations to determine the expected loss for each of the rated tranches. The factors that could lead to a downgrade of the transaction include: changes to the regulatory and legal framework of the gas industry in Argentina that could affect the underlying assets, an increase of the defaults of the carriers over Moody's expectations, and a decline in the credit quality of RGA. However, Moody's believes that the dependence of the transaction on RGA's performance is mitigated by these factors: (i) first, obligors have been notified to pay directly into the trust account; as a result, there is no commingling of funds with funds in RGA accounts, (ii) second, the role of RGA is limited to dispatch and order the gas transportation capacity, and (iii) RGA's role could be assumed by a different company in the future. The main source of uncertainty for this transaction is the regulatory and legal framework for the gas industry in Argentina. As discussed above, ENARGAS determines the gas charges that were established to repay infrastructure projects. Although the underlying receivables backing the rated debt are not the gas charges themselves but the repayment of the advances on the gas charges made by RGA, there is a risk that changes in the regulatory framework could affect this transaction. Moody's did not receive or take into account a third party due diligence report on the underlying assets or financial instruments in this transaction. FRANCE TEXTILE: Creditors' Proofs of Debt Due March 9 ----------------------------------------------------- Norma Alicia Balmes, the court-appointed trustee for France Textile SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 9, 2011. Ms. Balmes will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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: Norma Alicia Balmes Ecuador 736 GVS SA: Creditors' Proofs of Debt Due March 15 ---------------------------------------------- Maria del Pilar Hernandez, the court-appointed trustee for GVS SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 15, 2011. Ms. Hernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 50, 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: Maria del Pilar Hernandez Suipacha 211 Argentina PIRINCHOS SRL: Creditors' Proofs of Debt Due March 4 ---------------------------------------------------- Carlos Federico Berger, the court-appointed trustee for Pirinchos SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 4, 2011. Mr. Berger 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: Carlos Federico Berger Suipacha 1172 Argentina * ARGENTINA: To Reopen Debt Swap Until Year End ----------------------------------------------- Ken Parks at Dow Jones' Newswires reports that the online version of financial daily Ambito Financiero revealed that Argentina's government will reopen the debt exchange offer that closed in June until the end of the year in hopes of enticing more holdout investors to swap their defaulted bonds for new securities. Dow Jones' Newswires notes Ambito Financiero reported that government sources said the reopening will offer investors the same securities -- par bonds and discount bonds -- as those in the June swap. In June, the report recounts, investors tendered US$12 billion in defaulted bonds for a combination of new bonds and cash equivalent to about 34 cents on the dollar. Dow Jones relates that between the exchanges in 2005 and June, investors have tendered about 92% of the nearly US$100 billion in bonds that Argentina defaulted on in 2001. However, the report notes, about US$4.5 billion of defaulted bonds are thought to be in the hands of vulture funds, which continue to pursue Argentina's government in the courts. Dow Jones' Newswires discloses that Argentina's federal government has yet to return to international debt markets to finance heavy spending given the availability of domestic financing sources and lingering fears that vulture funds could lay claim to the proceeds of a bond issuance abroad. Instead, the report relates, the administration of President Cristina Fernandez has borrowed from social security agency Anses and tapped the central bank's reserves to pay down debt and to finance government programs. * * * As of July 2, 2010, the Argentina republic continues to carry Moody's "Caa1" country ceiling long-term foreign bank deposit rating and "B2" country ceiling long-term currency debt ratings. The company also continues to carry Standard and Poor's "B-" currency long-term debt ratings and "C" currency ST debt ratings. =========== B R A Z I L =========== BV FINANCEIRA: Moody's Puts 'Ba2' Global Rating on Senior Shares ---------------------------------------------------------------- Moody's America Latina has assigned provisional ratings of (P) A1.br (sf) Brazilian national scale rating and of (P) Ba2 (sf) global local currency rating to the Senior Shares to be issued by BV Financeira -- Fundo de Investimento em Direitos Creditorios V Nao Padronizados (BV FIDC V NP or the issuer), a securitization backed by a pool of performing and non-performing vehicle loans originated by BV Financeira S.A. -- Credito, Financiamento e Investimento (BV Financeira). Issuer: BV Financeira -- Fundo de Investimento em Direitos Creditorios V Nao Padronizados -- Senior Shares - (P) A1.br (sf) (National Scale) & (P) Ba2 (sf) (Global Scale, Local Currency) Ratings Rationale The ratings are based on these factors, among others: -- The 37% credit enhancement at closing and on-going minimum 25% credit enhancement in the form of subordination supporting the Senior Shares; -- The 4.5% minimum excess spread, whereby excess spread is fully retained within the structure while Senior Shares remain outstanding, increasing available credit enhancement throughout the life of the transaction; -- The overall credit characteristics of the securitized pool of vehicle loans, which consists of (i) a performing loan pool which benefits from BV Financeira's established underwriting policy, fund eligibility criteria and concentration limits, and (ii) a non-performing loan pool which benefits from BV Financeira's historical track record in loan recovery; -- The transaction structure and its legal framework, including the bankruptcy remoteness of the issuer and well-established Brazilian laws and regulations; and -- The financial strength, operational quality and ability of BV Financeira, the originator and primary servicer, to service the underlying assets. BV FIDC V NP is a closed-ended FIDC and will issue a single series of Senior Shares to be placed with investors. The subordinated shares will be entirely retained by the seller parent company, Banco Votorantim. The Senior Shares will accrue a floating-rate interest of DI Rate (Brazilian Interbank Rate) times an annual spread of 110%. The final maturity of the fund will take place 36 months after initial issuance of the Senior Shares. The Senior Shares will accrue interest during the first 5 months followed by 31 monthly principal and interest amortization payments starting on month 6 and ending on month 36. No interest or principal payments will be made to the subordinated shares as long as there are Senior Shares outstanding. No partial redemptions of subordinated shares are allowed at any time. The assets backing the FIDC BV V NP are primarily performing vehicle loans with identical eligibility criteria to BV Financeira's previous securitization rated by Moody's, BV FIDC IV. The administrator may use excess cash flows for purchasing additional performing vehicle loans subject to the performing loan eligibility criteria. The transaction also provides for the sale of a static pool of non-performing vehicle loans up to one month after closing for a maximum purchase price of BRL 321.0 million. The performing pool and non-performing pool will represent approximately 71% and 29% of the fund's total assets, respectively, calculated using the purchase price for these assets. The transaction structure includes triggers leading to revision events. Should a revision event occur, revolving purchases of new vehicle loans are immediately stopped and a shareholders meeting is called; shareholders may decide to place the fund into early liquidation. Key revision event triggers include: -- Breach of the minimum subordination level (25%); -- Breach of minimum excess spread (4.5%); and -- Downgrade of the Senior Shares rated by Moody's below the initial A1.br (sf) /Ba2 (sf) rating level. The performing loan pool will meet these criteria: i. Final maturity of vehicle loans must be before final maturity date of the Senior Shares; ii. Maximum pool concentration per type of vehicle: motorcycle 10%, heavy vehicles 20% and sedans up to 100%; and iii. Sum of installments should not be more than BRL50,000 per obligor (companies or individuals). Servicing of performing loans is performed entirely in-house by BV Financeira and benefits from established systems and processes. The non-performing vehicle loans must meet these characteristics: i. Vehicle loans sold to the fund must be past due and not paid for a minimum of 90 days and a maximum of 360 days; and ii. Loans must be legally and exclusively owned by BV Financeira. The purchase price for the non-performing vehicle loans will be 30% of outstanding face value, with a maximum permitted investment of BRL321 million in the target non-performing loan pool. Banco Bradesco S.A. (which Moody's rates A1 for global local currency deposits and Aaa.br on Brazilian national scale) will act as master servicer (custodiante) of the transaction as well as Payment Bank. Its responsibilities include, among other duties, verifying that all receivables purchased by the fund meet the eligibility criteria, monitoring the early amortization triggers, in addition to managing all of the issuer's daily financial and operating activities. Votorantim Asset Management DTVM Ltda will be the trustee. BV Financeira is the fourth largest originator of vehicle loans in Brazil, ranking after Itau Unibanco S.A, Banco Bradesco S.A and Santander, with a total loan portfolio of about BRL25.6 billion as of June 2010. It is wholly owned subsidiary of Banco Votorantim S.A. BV Financeira operates through approximately 20,000 certified car dealers mainly located in the South and Southeast regions of Brazil, and focuses primarily on used sedans and sport-utility vehicles. BV Financeira is fully controlled by Banco Votorantim S.A. (which Moody's rates A3 for global local currency deposits and Aaa.br on Brazilian national scale). Headquartered in Sao Paulo, Banco Votorantim is one of the largest banks of the Brazilian banking system, posting BRL110.4 billion in total assets and BRL8 billion in equity as of June 30, 2010. In January 2009, the group settled a strategic partnership with Banco do Brasil, a federally owned institution and largest bank in the country, which now holds 50.00% in total equity capital of Banco Votorantim. This transaction was approved by regulatory authorities in September 2009. Banco Votorantim is involved in multiple lines of business such as consumer finance (mostly vehicles financing), corporate banking, capital markets, brokerage, treasury, international business and asset management. Moody's key ratings-model assumptions for this transaction include various performance statistics for the performing loan pool (which constitutes the bulk of the assets) and the non-performing pool sub-portfolio. For the performing loan pool, key statistics include a mean of the loss rate of 5.5% p.a. and a standard deviation of 3%. Moody's assumes that the credit losses are log normally distributed. Further model input assumptions included annual prepayment rate of performing vehicle loans (15%) and minimum discount rate (145% of DI Rate) used for the purchase of the performing assets by the FIDC. For the non-performing pool, key statistics include timing and recovery amounts for defaulted loans. Moody's base case projection for the non-performing pool is a cumulative recovery of 17.0% of outstanding face value during the life of the transaction. A 50% haircut was applied to the base case projection resulting in a 8.5% cumulative recovery used in modeling assumption supporting the rating. Another assumption in Moody's modeling involved the breakdown of the non-performing loan pool per delinquency bucket. Moody's modeling assumed a target portfolio presented by the issuer with following breakdown: 12% 90-120 days past due receivables, 11% 120-150 days past due receivables, 11% 150-180 days past due receivables, 67% 180-360 days past due receivables. These factors (performing pool and non-performing pool statistics, breakdown of the non-performing pool) were incorporated in a cash flow model that takes into account all the relevant structural features of the fund's assets and liabilities and as defined in the transaction documents. Monte Carlo simulations were run for a large number of scenarios, whereby the annual credit loss assumption for the performing pool was drawn in each scenario from the lognormal distribution described above. Other risk factors, such as rising interest rates, prepayments and recoveries on the non-performing pool, were statically stressed commensurate with the Ba2/A1.br rating level. The resulting cash flows available to the Senior Share holders for each scenario was then discounted using the promised 110% of DI Rate to determine if, and the amount of, loss to the Senior Shares. Expected loss and probability of default on the Senior Shares are then computed across all scenarios. These statistics were finally translated into Moody's global scale rating and national scale rating. Deterministic rating sensitivities were evaluated by running the model and varying single input assumptions while remaining all other assumptions equal. For example, by reducing the haircut on base case recovery assumptions of the non-performing loans from 50% to 25%, the implied transaction rating would raise by one notch from Ba2 to Ba1 in the global scale. In stressing the haircut from 50% to 75%, implied rating would fall from Ba2 to B2 in the global scale. Deterministic break-even analysis were also performed to assess the maximum annual credit loss rate the transaction can support before senior shareholders suffer losses. For example, should in an extreme case recoveries on the non-performing pool be nil, Senior Shares would start to suffer a loss if the annual credit loss rate on the performing pool would exceed 6.7% or a 1.2x coverage assuming base case 5.5% credit losses on the performing pool. Similarly, for the base case scenario, the break-even loss rate is 12.4% for the performing pool or a 2.3x coverage level. The main assumption uncertainty involves the variability of recoveries of non-performing loans. The amounts recovered and the timing of recoveries are subject to variance depending on the aging of the receivable, recovery efforts on part of the primary servicer, and market conditions including market price of used vehicles. Moody's Investors Service received and took into account a third party due diligence report prepared by KPMG on the underlying assets or financial instruments in this transaction and the due diligence report had a positive impact on the rating. ========================== C A Y M A N I S L A N D S ========================== CHARISFIELD INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 31 ---------------------------------------------------------------- The creditors of Charisfield International Ltd are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands CINQUEGOYA LIMITED: Creditors' Proofs of Debt Due January 6 ----------------------------------------------------------- The creditors of Cinquegoya Limited are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Alan Turner Turner & Roulstone Strathvale House, 3rd Floor 90 North Church Street P.O. Box 2636, George Town Grand Cayman, KY1-1102 Cayman Islands Telephone: 943-5555 COOK INTERNATIONAL: Creditors' Proofs of Debt Due January 11 ------------------------------------------------------------ The creditors of Cook International Finance Ltd. are required to file their proofs of debt by January 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 25, 2010. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands FREEDOM CAPITAL: Creditors' Proofs of Debt Due January 6 -------------------------------------------------------- The creditors of Freedom Capital Limited are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 27, 2010. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor 64 Earth Close, West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands GADAH INC: Creditors' Proofs of Debt Due December 31 ---------------------------------------------------- The creditors of Gadah Inc are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands GREAT INNOVATION: Creditors' Proofs of Debt Due December 31 ----------------------------------------------------------- The creditors of Great Innovation Limited are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands H&F GTT: Creditors' Proofs of Debt Due January 6 ------------------------------------------------ The creditors of H&F GTT Corporation are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 23, 2010. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11 ------------------------------------------------------------ The creditors of Henderson European Style Rotational Long Short Fund Limited are required to file their proofs of debt by January 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 23, 2010. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands HENDERSON EUROPEAN: Creditors' Proofs of Debt Due January 11 ------------------------------------------------------------ The creditors of Henderson European Style Rotational Long Short Master Fund Limited are required to file their proofs of debt by January 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 23, 2010. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands KARISIMBI LIMITED: Creditors' Proofs of Debt Due January 6 ---------------------------------------------------------- The creditors of Karisimbi Limited are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Alan Turner Turner & Roulstone Strathvale House, 3rd Floor 90 North Church Street P.O. Box 2636, George Town Grand Cayman, KY1-1102 Cayman Islands Telephone: 943-5555 KEYPORT LIMITED: Creditors' Proofs of Debt Due December 31 ---------------------------------------------------------- The creditors of Keyport Limited are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands LOMBARD ASIAN: Creditors' Proofs of Debt Due January 6 ------------------------------------------------------ The creditors of Lombard Asian Private Investment Company LDC are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 23, 2010. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands LONGVIEW OPPORTUNITIES: Creditors' Proofs of Debt Due December 29 ----------------------------------------------------------------- The creditors of Longview Opportunities Fund are required to file their proofs of debt by December 29, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 25, 2010. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ORICO METALS: Creditors' Proofs of Debt Due January 6 ----------------------------------------------------- The creditors of Orico Metals Limited are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Alan Turner Turner & Roulstone Strathvale House, 3rd Floor 90 North Church Street P.O. Box 2636, George Town Grand Cayman, KY1-1102 Cayman Islands Telephone: 943-5555 PRIME RATE: Creditors' Proofs of Debt Due December 31 ----------------------------------------------------- The creditors of Prime Rate Ltd. are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands SIERRA MANAGEMENT: Creditors' Proofs of Debt Due December 31 ------------------------------------------------------------ The creditors of Sierra Management Limited are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands SOJITZ AFRICAN: Creditors' Proofs of Debt Due December 28 --------------------------------------------------------- The creditors of Sojitz African Power Development are required to file their proofs of debt by December 28, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 25, 2010. The company's liquidator is: Ogier Jonathan McLean Telephone: (345) 815-1805 Facsimile: (345) 949-9877 c/o Ogier 89 Nexus Way Camana Bay, Grand Cayman KY1-9007 Cayman Islands SURINVEST INTERNATIONAL: Creditors' Proofs of Debt Due January 11 ----------------------------------------------------------------- The creditors of Surinvest International Limited are required to file their proofs of debt by January 11, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 8, 2010. The company's liquidator is: Bastions Management Limited c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands THREE M: Creditors' Proofs of Debt Due December 31 -------------------------------------------------- The creditors of Three M Limited are required to file their proofs of debt by December 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 24, 2010. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands TRIAN SPV: Creditors' Proofs of Debt Due January 6 -------------------------------------------------- The creditors of Trian SPV IV, Ltd. are required to file their proofs of debt by January 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 22, 2010. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands ============= J A M A I C A ============= * JAMAICA: IDB Sign Second US$200MM-Loan for Fiscal Policy Reform ----------------------------------------------------------------- The Hon. Audley Shaw, minister of finance and public service of Jamaica, and Inter-American Development Bank President Luis Alberto Moreno signed on December 15, 2010, a US$200 million loan, consisting of the second IDB financing for the country's fiscal consolidation program. This operation brings IDB total loan approvals to Jamaica to US$600 million in 2010 in support of the Government's fiscal reform program. A first operation of also US$200 million was approved in August to strengthen the country's fiscal policy. Both unprecedented financings were based on fiscal measures taken by the government this year to improve public debt sustainability, increase public revenue, control spending and modernize customs. The Government of Jamaica's fiscal reform agenda is also supported by a stand-by agreement with the International Monetary Fund. "The IDB hails the commitment of the Government of Jamaica to implement far-reaching policy and institutional changes to solve the fiscal imbalance," said Mr. Moreno. "In the difficult context of the global economy and low domestic growth, these measures significantly reduce the vulnerability of the country to adverse shocks." In view of the deterioration of the global economy during the international financial crisis and prospects of a sluggish recovery of the global economy, the GOJ has implemented a variety of fiscal measures, including increasing tax revenues, containing public spending and reducing public sector debt and debt services, in order to substantially reduce the budget deficit and strengthen the fiscal policy stance and sustainability over the medium-term. The IDB previously approved close to US$200 million to Jamaica this year in programs to support, among others, reforms in education, protection of human capital and competitiveness. In the future, an expected additional third operation for the fiscal reform program would aim to support efforts to deepen structural fiscal policy reforms to reduce the country's debt burden and financing needs in the medium-term. * * * As of December 20, 2010, the country continues to carry Moody's "B3" country ceiling foreign bank deposit rating and "Ba3" country ceiling long-term foreign currency debt rating. =========== M E X I C O =========== MEXICANA AIRLINE: To Resume Operations on January 24 ---------------------------------------------------- Inside Costa Rica reports that Fernando Perfecto, secretary general of the (ASPA), said that Compania Mexicana de Aviacion or Mexicana Airlines will restart its operations on January 24, 2010. The report relates Mr. Perfecto said the pilots will begin a training period starting on January 3, 2010. Mr. Perfect said that he hoped that the workforce is strengthened in order to rehire the dismissed employees, according to Inside Costa Rica. As reported in the Troubled Company Reporter-Latin America on December 13, 2010, Fox News said 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 noted that in November, Mexican investment group PC Capital was named as potential new owner of the airline. 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). ==================== P U E R T O R I C O ==================== MULTI-PLASTICS INC: Taps Wallace Vazquez as Bankruptcy Counsel -------------------------------------------------------------- Multi-Plastics, Inc., asks for authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Firm of Wallace Vazquez Sanabria as bankruptcy counsel. The Firm will be paid US$200 per hour for its services. Wallace Vazquez Sanabria, Esq., a member at the Firm, assures the Court that the Firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Saint Just, Puerto Rico-based Multi-Plastics, Inc., filed for Chapter 11 bankruptcy protection on December 8, 2010 (Bankr. D. P.R. Case No. 10-11493). Wallace Vazquez Sanabria, Esq., who has an office in San Juan, Puerto Rico, serves as the Debtor's bankruptcy counsel. The Debtor estimated its assets and debts at US$1 million to US$100 million. ============= U R U G U A Y ============= BANCO DE LA NACION: Moody's Upgrades Deposit Rating to 'B3' ----------------------------------------------------------- Moody's Investors Service upgraded the foreign and local currency deposit ratings of Banco de la Nacion Argentina (Uruguay) (Nacion Uruguay) on the global scale to B3, from Caa1, and on the national scale to Baa2.uy, from Ba2.uy. All ratings have stable outlook. Ratings Rationale The rating action taken on the Uruguayan branch of the Argentine government-owned Banco de la Nacion Argentina aligns the branch's local and foreign currency ratings to Argentina's foreign currency government bond rating of B3. Banco de la Nacion Argentina's operations are 100% guaranteed by the government, and as such, Nacion Uruguay's ratings are aligned with the Argentine government's foreign currency bond rating. Nacion Uruguay is the smallest Uruguayan bank, with UR$1.7 billion in assets and UR$317 million in equity as of September 2010. These ratings of Banco de la Nacion Argentina (Uruguay) were upgraded: -- Global local currency deposit rating to B3, from Caa1, stable outlook -- Local currency national scale deposit rating to Baa2.uy, from Ba2.uy, stable outlook -- Global foreign currency deposit rating to B3, from Caa1, stable outlook -- Foreign currency national scale deposit rating to Baa2.uy, from Ba2.uy, stable outlook =============== X X X X X X X X =============== BOND PRICING: For the Week December 20, to December 24, 2010 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-DIS 5.83 12/31/2033 ARS 183.8 ARGENT-PAR 1.18 12/31/2038 ARS 71.5 ARGENT-EURDIS 7.82 12/31/2033 EUR 73.75 ARGENT-EURDIS 7.82 12/31/2033 EUR 73.5 ARGENT-EURDIS 4.33 12/31/2033 JPY 42 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 BODEN 2014 2 9/30/2014 ARS 161.3 BOGAR 2018 2 2/4/2018 ARS 160.5 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 49.683 BANIF FIN LTD 3 12/31/2019 EUR 58.625 BCP FINANCE BANK 5.01 3/31/2024 EUR 56.707 BCP FINANCE BANK 5.31 12/10/2023 EUR 59.262 BCP FINANCE CO 4.239 EUR 49.873 BCP FINANCE CO 5.543 EUR 50.513 BES FINANCE LTD 4.5 EUR 58.033 BES FINANCE LTD 5.58 EUR 49.748 BES FINANCE LTD 6.984 2/7/2035 EUR 59.626 BES FINANCE LTD 6.625 EUR #N/A N/A DUBAI HLDNG COMM 6 2/1/2017 GBP 72.401 EFG ORA FUNDING 1.7 10/29/2014 EUR 63.029 ESFG INTERNATION 5.753 EUR 53.542 IMCOPA INTL CAYM 10.375 12/16/2014 USD 38 PUBMASTER FIN 6.962 6/30/2028 GBP 48.122 PUBMASTER FIN 8.44 6/30/2025 GBP 54.851 PUNCH TAVERNS 4.767 6/30/2033 GBP 76.627 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.4448 CGE DISTRIBUCION 3.25 12/1/2012 CLP 38.351 ESVAL S.A. 3.8 7/15/2012 CLP 50.121 MASISA 4.25 10/15/2012 CLP 38.432 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 47 PUERTO RICO CONS 6.5 4/1/2016 USD 49.7 VENEZUELA --------- PETROLEOS DE VEN 4.9 10/28/2014 USD 62.728 PETROLEOS DE VEN 5 10/28/2015 USD 58.184 PETROLEOS DE VEN 5.125 10/28/2016 USD 55.081 PETROLEOS DE VEN 5.25 4/12/2017 USD 58.242 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.484 PETROLEOS DE VEN 5.5 4/12/2037 USD 46.176 PETROLEOS DE VEN 8.5 11/2/2017 USD 68.039 VENEZUELA 5.75 2/26/2016 USD 70.25 VENEZUELA 6 12/9/2020 USD 57.9 VENEZUELA 7 12/1/2018 USD 66.25 VENEZUELA 7 3/31/2038 USD 55.428 VENEZUELA 7 3/31/2038 USD 56.75 VENEZUELA 7.65 4/21/2025 USD 61 VENEZUELA 7.75 10/13/2019 USD 66.75 VENEZUELA 8.25 10/13/2024 USD 63.75 VENEZUELA 9 5/7/2023 USD 68.15 VENEZUELA 9.25 9/15/2027 USD 70.053 VENEZUELA 9.25 5/7/2028 USD 68.25 VENEZUELA 9.25 9/15/2027 USD 73.5 VENZOD - 189000 9.375 1/13/2034 USD 68.75 *********** 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 T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, 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 * * *