/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110105.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, January 5, 2011, Vol. 12, No. 3 Headlines A R G E N T I N A AP ENHANCED: Placed Under Voluntary Wind-Up AP ENHANCED: Members' Final Meeting Set for January 21 AP STRATEGIC: Placed Under Voluntary Wind-Up AP STRATEGIC: Members' Final Meeting Set for January 21 CONTINENTAL OFFSHORE: Members' Final Meeting Set for January 28 GB TERMINALS: Placed Under Voluntary Wind-Up GB TERMINALS: Members to Hear Wind-Up Report on January 27 GLENWOOD MULTI-STRATEGY: Placed Under Voluntary Wind-Up GLENWOOD MULTI-STRATEGY: Members to Hear Wind-Up Report on Jan. 21 HUNTER CORPORATION: Creditors' Proofs of Debt Due January 5 HUNTER CORPORATION: Members to Hear Wind-Up Report on January 27 MGS OPPORTUNITIES: Placed Under Voluntary Wind-Up MGS OPPORTUNITIES: Members to Receive Wind-Up Report on January 21 OVERSEAS CALLANDER: Placed Under Voluntary Wind-Up OVERSEAS CALLANDER: Member to Receive Wind-Up Report on January 17 B R A Z I L BANCO DAYCOVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Ratings C A Y M A N I S L A N D S ACERO TMT: Shareholder Receives Wind-Up Report AP.SB.AR CAYMAN: Shareholders' Final Meeting Set for January 7 ASPECT DIVERSIFIED: Members Receive Wind-Up Report ATSLAHA CAPITAL: Shareholders Receive Wind-Up Report BIO ET: Member Receives Wind-Up Report BLACKROCK CAYMAN: Shareholders' Final Meeting Set for January 6 BLUEBAY EMERGING: Shareholders' Final Meeting Set for January 21 BLUEBAY (MASTER): Shareholders' Final Meeting Set for January 21 CMF SANDRIDGE: Shareholders Receive Wind-Up Report DB PYRUS: Shareholder to Hear Wind-Up Report on January 7 DIGILOG MAC: Members Receive Wind-Up Report ECP CAYMAN: Shareholders' Final Meeting Set for January 7 FOXHILL MAC: Members Receive Wind-Up Report GOLD ARROW: Shareholder Receives Wind-Up Report GOLD ARROW: Shareholder Receives Wind-Up Report GYLDMARK LIQUID: Shareholders' Final Meeting Set for January 7 MAKO CAYMAN: Shareholder Receives Wind-Up Report OPSIS ENERGY: Shareholders' Final Meeting Set for January 7 P-CAP FUND: Shareholders Receive Wind-Up Report POSCO AUSTRALIA: Shareholders' Final Meeting Set for January 7 RENEWABLE ENERGY: Shareholder to Hear Wind-Up Report on Jan. 5 RIPPLEWOOD NIPPON: Shareholders' Final Meeting Set for January 7 SANDLER CAPITAL: Shareholder Receives Wind-Up Report SANDLER CAPITAL: Shareholder Receives Wind-Up Report SCIVEST NET: Shareholders' Final Meeting Set for January 7 SL IBIS: Shareholders' Final Meeting Set for January 7 SPRINT VIII: Member Receives Wind-Up Report TE HAYGROUND: Shareholders' Final Meeting Set for January 7 TE HAYGROUND: Shareholders' Final Meeting Set for January 7 TRYPHON MAC: Members Receive Wind-Up Report C U B A * CUBA: Government Begins Layoff of 10% Workforce J A M A I C A OLINT CORP: Former Owner's Hearing Postponed M E X I C O HIPOTECARIA SU: S&P Downgrades Ratings on Three Securities VITRO SAB: Wants Involuntary Cases Moved to New York - - - - - ================= A R G E N T I N A ================= AP ENHANCED: Placed Under Voluntary Wind-Up ------------------------------------------- Members of AP Enhanced Leverage Series 4 Ltd resolved to voluntarily wind up the company's operations on December 9, 2010. Only creditors who were able to file their proofs of debt by December 24, 2010, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP ENHANCED: Members' Final Meeting Set for January 21 ------------------------------------------------------ The members of AP Enhanced Leverage Series 4 Ltd will hold their final meeting on January 21, 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 9, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP STRATEGIC: Placed Under Voluntary Wind-Up -------------------------------------------- On December 9, 2010, the member of AP Strategic Dollar Trading Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2010, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda AP STRATEGIC: Members' Final Meeting Set for January 21 ------------------------------------------------------- The members of AP Strategic Dollar Trading Ltd will hold their final meeting on January 21, 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 9, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda CONTINENTAL OFFSHORE: Members' Final Meeting Set for January 28 --------------------------------------------------------------- The members of Continental Offshore Fund, Ltd. will hold their final meeting on January 28, 2011, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Nicholas Hoskins is the company's liquidator. GB TERMINALS: Placed Under Voluntary Wind-Up -------------------------------------------- On December 8, 2010, the members of GB Terminals (Tianjin) Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 4, 2011, will be included in the company's dividend distribution. The company's liquidator is: Jennifer M. Kelly Par La Ville Place, 3rd Floor 14 Par La Ville Road Hamilton Bermuda GB TERMINALS: Members to Hear Wind-Up Report on January 27 ---------------------------------------------------------- The members of GB Terminals (Tianjin) Limited will receive on January 27, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 8, 2010. The company's liquidator is: Jennifer M. Kelly Par La Ville Place, 3rd Floor 14 Par La Ville Road Hamilton Bermuda GLENWOOD MULTI-STRATEGY: Placed Under Voluntary Wind-Up ------------------------------------------------------- On December 9, 2010, the members of Glenwood Multi-Strategy Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2010, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda GLENWOOD MULTI-STRATEGY: Members to Hear Wind-Up Report on Jan. 21 ------------------------------------------------------------------ The members of Glenwood Multi-Strategy Ltd will receive on January 21, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 9, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda HUNTER CORPORATION: Creditors' Proofs of Debt Due January 5 ----------------------------------------------------------- The creditors of Hunter Corporation Ltd. are required to file their proofs of debt by January 5, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on December 8, 2010. The company's liquidator is: Jennifer M. Kelly 3rd Floor, Par La Ville Place 14 Par La Ville Road, Hamilton Bermuda HUNTER CORPORATION: Members to Hear Wind-Up Report on January 27 ---------------------------------------------------------------- The members of Hunter Corporation Ltd. will receive on January 27, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 8, 2010. The company's liquidator is: Jennifer M. Kelly 3rd Floor, Par La Ville Place 14 Par La Ville Road, Hamilton Bermuda MGS OPPORTUNITIES: Placed Under Voluntary Wind-Up ------------------------------------------------- On December 8, 2010, the member of MGS Opportunities NF Strategies Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2010, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MGS OPPORTUNITIES: Members to Receive Wind-Up Report on January 21 ------------------------------------------------------------------ The members of MGS Opportunities NF Strategies Limited will receive on January 21, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 8, 2010. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda OVERSEAS CALLANDER: Placed Under Voluntary Wind-Up -------------------------------------------------- On December 7, 2010, the member of Overseas Callander Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robert J. Simon 360 Hamilton Avenue, Suite #425 White Plains, NY 10601 USA OVERSEAS CALLANDER: Member to Receive Wind-Up Report on January 17 ------------------------------------------------------------------ The member of Overseas Callander Fund, Ltd. will receive on January 17, 2011, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 7, 2010. The company's liquidator is: Robert J. Simon 360 Hamilton Avenue, Suite #425 White Plains, NY 10601 USA =========== B R A Z I L =========== BANCO DAYCOVAL: S&P Affirms 'BB/B' Counterparty Credit Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its global scale to 'BB/B' and national scale 'brAA-/brA-1' counterparty credit ratings on Banco Daycoval S.A. S&P also revised the outlook on the ratings to positive from stable. "The ratings on Daycoval reflect the risks inherent of operating in the highly competitive small and midsize enterprise niche in Brazil and the concentration on institutional investor funding," said Standard & Poor's credit analyst Suzane Iamamoto. The bank's financial profile, which includes a strong capitalization, high liquidity, and good asset quality coupled with a low risk appetite, partly offsets these weaknesses. With total assets of Brazilian reals (BRL)9.2 billion as of September 2010, Daycoval ranks among the top 30 largest banks in the country. Despite the small market share, S&P believes Daycoval is recognized as a traditional and highly competitive middle-market bank and will continue benefiting from the favorable economic environment in Brazil. The bank's funding profile is concentrated in institutional investors, a structural vulnerability of midsize banks operating in Brazil. As of Sept. 30, 2010, customer deposits represented 63.4% of the funding base where the top 20 largest depositors accounted for 44.1% of total deposits. S&P believes this type of funding tends to be more volatile than retail funding. However, the bank's positive liquidity gap--evidenced by its high position in cash and money market instruments covering 93.2% of total deposits as of September 2010--mitigates this risk. S&P views the bank's capitalization as strong, with a regulatory ratio of 21.2% as of September 2010. According to S&P's methodology, the adjusted total equity-to-adjusted assets ratio was a relatively high 18.6% at the end of September 2010, allowing the bank to continue expanding its business volumes and maintain its credit fundamentals. Daycoval remained comfortably profitable in 2010. The bank posted a high 3.6% return on average assets as of September 2010, benefiting from an improved net interest margin, a focus on cost efficiencies, and lower provisioning. The bank's profitability and efficiency has been high and above that of its peers. S&P expects that the entity will continue posting strong results as a result of the loan portfolio growth and limited risk appetite. S&P views Daycoval's strategy over the past several years as being both consistent and conservative. In particular, the primary focus as a result of the financial crisis has been to manage its growth, liquidity, asset mix, and funding profile. Combined with a strong collateral selection and management, and conservative credit practices, these developments helped Daycoval to rapidly recover its asset quality in 2010, which S&P believes is one of its strengths, along with a good track record in the middle-market segment. The positive outlook reflects Daycoval's stronger-than-expected financial performance throughout September 2010, and S&P's view that the bank is likely to maintain such sound profitability on a risk-adjusted basis. S&P expects the bank's internally generated capital to sustain its capitalization level, despite its robust credit expansion, aggressive dividend policy, and inherent credit risks of the Brazilian SME segment. S&P could raise the ratings on Daycoval if the bank is able to continue growing its presence in the SME market and further develop its competitiveness in the retail segment, maintaining strong capitalization and profitability. On the other hand, an unexpected sharp deterioration in credit quality, profitability, or a reduced ability to access funding markets would put pressure on the ratings of the bank. FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Ratings --------------------------------------------------------------- Moody's affirmed Fibria Celulose S.A.'s corporate family ratings of Ba1 on the global scale and Aa2.br on the Brazilian national scale rating, as well as the Ba1 foreign currency ratings of Fibria Overseas Finance Ltd senior unsecured guaranteed notes. The outlook for all ratings was changed to positive. The affirmation follows the announcement that Fibria has entered into an agreement with Suzano Papel e Celulose S.A. (rated Baa3, outlook stable) to sell its 50% interest in Consorcio Paulista de Papel e Celulose - Conpacel and 100% of KSR Distribuidora (paper distribution subsidiary) for BRL 1.5 billion in cash. Ratings affirmed: Issuer: Fibria Celulose S.A. - Corporate Family Rating: Ba1 (global scale); Aa2.br (Brazilian national scale) Issuer: Fibria Overseas Finance Ltd (Cayman Islands) - US$1.87 billion senior unsecured guaranteed notes due 2020: Ba1 (foreign currency) - US$63 million senior unsecured guaranteed notes due 2019: Ba1 (foreign currency) The outlook for all ratings is positive. Ratings Rationale The proposed sale of its 50% stake in Conpacel (the remaining 50% are already owned by Suzano) and of KSR is aligned with the company's publicly stated long term strategy. Fibria still owns specialty paper operations which Moody's believe will also be sold in the near term. The deal with Suzano is expected to be concluded during January and February of 2011, and is not subject to anti-trust authorities approval. The proceeds will help strengthen Fibria's cash position in advance of substantial financial obligations due in 2011, which include some BRL 1.5 billion related to the acquisition of Aracruz Celulose in 2009. The positive outlook reflects Moody's expectation that Fibria will accelerate leverage reduction with the proceeds from the announced assets sale and will continue to report strong margins and cash generation in the near term supported by favorable market conditions for BEKP and despite the strengthened Real. Moody's expect that Fibria will prudently manage its large capex program in the near term while maintaining healthy liquidity. Fibria's Ba1 rating reflects its leading position as the largest producer of market pulp in the world, its extremely competitive production costs which are among the lowest worldwide based on a long-term sustainable business model depicted by structural cost advantages when compared with most international peers, including self-sufficiency in wood fiber and electricity and efficient logistics. Fibria's low product diversity and its relative small size when compared with global peers as measured by net revenues are constraining factors for its rating. Operational diversity is good with pulp production spread over five plants, although 83% of capacity is concentrated in three site locations. Revenues are largely generated under long-term supply contracts that support stable sales volume with good geographic diversification. Additionally, the Ba1 rating incorporates the benefit from the ownership by and expected support from Votorantim Participacoes S.A. (Baa3, outlook stable) due to existing cross default provisions in part of Votorantim's outstanding debt. Also, Moody's view of Fibria's strong ownership considers the fact that the Brazilian Development Bank BNDES (A3, outlook stable) is currently its largest individual shareholder through its subsidiary BNDES Participacoes S.A. (A3, outlook stable) with 30.4% of Fibria's voting and total capital as of November 30, 2010, and a major lender to the company. As anticipated, during 2010 Fibria has reduced its leverage as measured by Net Adjusted Debt to EBITDA of 3.5x as of September 30, 2010 LTM (6.1x as of December 31, 2009) thanks to its improved operational performance reflecting higher pulp prices and also synergies captured from the merger with Aracruz, that more than off-set the negative impacts of the strong Real. EBITDA margin (as defined by Moody's) in the first nine months of 2010 averaged 45% (30.7% in FY2009), comparing very favorably with most international peers. Although lower demand in China combined with new capacity in Asia (April in China and Kerenci in Indonesia) led to reduced pulp prices in 4Q2010 and further decline is likely to occur during the first half of 2011, Moody's believe that the lack of significant additional new capacity before 2013 and continuous global demand growth will support prices at fairly high levels over the next couple of years. Moody's expects Fibria will be free cash flow positive in 2010 and 2011 and will continue to have ample access to pre-export financing in support of the maintenance of adequate liquidity. Also, Moody's believe that the Brazilian Development Bank -- BNDES will continue to finance a substantial portion of Fibria's capital spending at arms'-length terms and conditions. Fibria has ambitious expansion projects in the period 2012 -- 2018 that include the expansion of the Tres Lagoas and Veracel (50%-50% joint venture with Stora Enso) mills at an estimated total cost of about BRL 8 billion. Moody's expect the company will prudently manage the timing of its capex program in order to maintain adequate leverage and liquidity during the execution period. The ratings could be upgraded if Fibria manages to reduce leverage as measured by Total Adjusted Net Debt to EBITDA approaching 3x together with Retained Cash Flow (defined as Funds From Operations less Dividends) less Capex (net of pre-funded Capex) to Total Adjusted Net Debt above 12% on a consistent basis. The ratings outlook could be stabilized in case Fibria is unable to continue to delever, or in case of deterioration in liquidity. Also, a deterioration of VPAR's credit quality could negatively impact Fibria's ratings. A substantial increase in secured debt could negatively affect the senior unsecured notes rating. Our last rating action on Fibria was on April 22, 2010 when Moody's assigned a Ba1 foreign currency rating to the senior unsecured notes due 2020 issued by Fibria Overseas Finance Ltd. and guaranteed by Fibria Celulose S.A. Fibria Celulose S.A. is the largest producer of market pulp in the world, and also produces specialty paper, such as coated, thermal, and carbonless paper. In the last twelve months ended September 30, 2010, Fibria reported consolidated net revenues of BRL 6.9 billion (US$3.9 billion converted by the average foreign exchange rate for the period). ========================== C A Y M A N I S L A N D S ========================== ACERO TMT: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Acero TMT Offshore Fund, Ltd. received on December 29, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Phil Hughes Telephone: (345) 949-9876 Facsimile: (345) 949-9877 AP.SB.AR CAYMAN: Shareholders' Final Meeting Set for January 7 -------------------------------------------------------------- The shareholders of AP.SB.AR Cayman Ltd. will hold their final meeting on January 7, 2011, at 9:45 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 ASPECT DIVERSIFIED: Members Receive Wind-Up Report -------------------------------------------------- The members of Aspect Diversified Mac 8 Ltd received on December 29, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ATSLAHA CAPITAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Atslaha Capital Limited received on December 28, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 BIO ET: Member Receives Wind-Up Report -------------------------------------- The member of Bio Et Bio Finance Ltd. received on December 29, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Robert N. Forster John L. Herod Telephone: (345) 949-7055 Facsimile: (345) 949-7004 Butterfield House, Fort Street, George Town Grand Cayman KY1-1107 Cayman Islands BLACKROCK CAYMAN: Shareholders' Final Meeting Set for January 6 --------------------------------------------------------------- The shareholders of Blackrock Cayman Company will hold their final meeting on January 6, 2011, at 3:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Hart 40 East 52nd Street New York, NY 10022 United States of America Telephone: +1 212-810-5300 e-mail: stephen.hart@blackrock.com BLUEBAY EMERGING: Shareholders' Final Meeting Set for January 21 ---------------------------------------------------------------- The shareholders of The Bluebay Emerging Market Total Return Fund Limited will hold their final meeting on January 21, 2011, 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: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands BLUEBAY (MASTER): Shareholders' Final Meeting Set for January 21 ---------------------------------------------------------------- The shareholders of The Bluebay (Master) Fund II Limited will hold their final meeting on January 21, 2011, 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: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands CMF SANDRIDGE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of CMF Sandridge Feeder (Cayman) Ltd. received on December 30, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Jennifer Magro c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands DB PYRUS: Shareholder to Hear Wind-Up Report on January 7 --------------------------------------------------------- The shareholder of DB Pyrus (Cayman) Limited will receive on January 7, 2011, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jeremy Spratt c/o Jacqueline Edwards Telephone: +44 (0) 20 7311 8563 Facsimile: +44 (0) 20 7694 3533 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 DIGILOG MAC: Members Receive Wind-Up Report ------------------------------------------- The members of Digilog Mac 12 Ltd received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ECP CAYMAN: Shareholders' Final Meeting Set for January 7 --------------------------------------------------------- The shareholders of ECP Cayman GP Limited will hold their final meeting on January 7, 2011, at 2:00 p.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 FOXHILL MAC: Members Receive Wind-Up Report ------------------------------------------- The members of Foxhill Mac Limited received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands GOLD ARROW: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Gold Arrow Capital Management (Cayman), Ltd. received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 GOLD ARROW: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Gold Arrow Global Mining (Offshore) Fund, Ltd. received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 GYLDMARK LIQUID: Shareholders' Final Meeting Set for January 7 -------------------------------------------------------------- The shareholders of Gyldmark Liquid Macro Master Fund Limited will hold their final meeting on January 7, 2011, at 1:00 p.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 MAKO CAYMAN: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Mako Cayman Limited received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 OPSIS ENERGY: Shareholders' Final Meeting Set for January 7 ----------------------------------------------------------- The shareholders of Opsis Energy Fund Ltd. will hold their final meeting on January 7, 2011, at 12:30 noon, 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 P-CAP FUND: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of P-Cap Fund SPC received on December 28, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 POSCO AUSTRALIA: Shareholders' Final Meeting Set for January 7 -------------------------------------------------------------- The shareholders of Posco Australia (Cayman) GP Limited will hold their final meeting on January 7, 2011, at 12:00 noon, 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 RENEWABLE ENERGY: Shareholder to Hear Wind-Up Report on Jan. 5 -------------------------------------------------------------- The shareholder of Renewable Energy and Environment Fund will receive on January 5, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tan Beng Ling Suite E-13A-14, Block E, Plaza Mont' Kiara 2 Jalan Kiara, Mont' Kiara 50480 Kuala Lumpur Malaysia Telephone: +603 6203 3888 Facsimile: +603 6201 2118 RIPPLEWOOD NIPPON: Shareholders' Final Meeting Set for January 7 ---------------------------------------------------------------- The shareholders of Ripplewood Nippon Columbia Holdings Ltd. will hold their final meeting on January 7, 2011, at 11:45 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 SANDLER CAPITAL: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Sandler Capital Structure Opportunities Master Fund, Ltd. received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 949-9876 Facsimile: (345) 949-9877 SANDLER CAPITAL: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Sandler Capital Structure Opportunities Fund, Ltd. received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 949-9876 Facsimile: (345) 949-9877 SCIVEST NET: Shareholders' Final Meeting Set for January 7 ---------------------------------------------------------- The shareholders of Scivest Net Short Master Fund will hold their final meeting on January 7, 2011, at 1:15 p.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 SL IBIS: Shareholders' Final Meeting Set for January 7 ------------------------------------------------------ The shareholders of SL Ibis Limited will hold their final meeting on January 7, 2011, at 12:45 p.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 SPRINT VIII: Member Receives Wind-Up Report ------------------------------------------- The member of Sprint VIII Limited received on December 29, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Robert N. Forster John L. Herod Telephone: (345) 949-7055 Facsimile: (345) 949-7004 Butterfield House, Fort Street, George Town Grand Cayman KY1-1107 Cayman Islands TE HAYGROUND: Shareholders' Final Meeting Set for January 7 ----------------------------------------------------------- The shareholders of Te Hayground Cove Investors, Ltd. will hold their final meeting on January 7, 2011, at 2:30 p.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 TE HAYGROUND: Shareholders' Final Meeting Set for January 7 ----------------------------------------------------------- The shareholders of Te Hayground Cove Portfolio, Ltd. will hold their final meeting on January 7, 2011, at 2:15 p.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 TRYPHON MAC: Members Receive Wind-Up Report ------------------------------------------- The members of Tryphon Mac Limited received on December 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ======= C U B A ======= * CUBA: Government Begins Layoff of 10% Workforce ------------------------------------------------- The Associated Press reports that the head of the Cuban Workers Confederation said that the first layoffs have begun in the communist government's program to cut the jobs of 500,000 state workers. Cuban state-run media quotes Salvador Valdes as saying the initial layoffs are occurring in the sugar, agriculture, tourism, health and construction sectors, according to The Associated Press. The Associated Press notes that the layoffs are to affect 10% of Cuba's government work force and are supposed to finish by March. The job cuts are part of an economic overhaul aimed at slashing government expenditures, the report relates. * * * As of January 5, 2010, the country continues to carry Moody's "Caa2" country ceiling long-term foreign bank deposit rating and "Caa1" country ceiling long-term foreign bank debt rating. The country also continues to carry Moody's "Caa1" issuer and long-term rating. ============= J A M A I C A ============= OLINT CORP: Former Owner's Hearing Postponed -------------------------------------------- RadioJamaica reports that the trial of former head of the failed Olint Corporation Limited David Smith, did not begin on January 3, 2010, as scheduled. The report relates that an unnamed source to the case told RJR News that the hearing has been put off to a date to be announced. As reported in the Troubled Company Reporter-Latin America on December 21, 2010, RadioJamaica said that defense lawyers for Mr. Smith have requested that his trial be put back from the January date that was previously agreed. A Carib World News report said that the businessman's attorney, Oliver Smith, filed a motion in the U.S. District Court in Florida earlier this week, for an April trial instead of a January 3, 2010 trial, according to RadioJamaica. Oliver Smith, RadioJamaica noted, claims he needs more time to look over the 46,000 pages of documents his side must go through for the trial. The report related that Mr. Smith also cited the complexity of the case and the need for investigation and the possibility of retaining experts as well as conflicting dates in asking for the trial to be postponed further into 2011. About Olint Corp Olint Corporation Limited was an investment club owned by David Smith. * * * As reported in the Troubled Company Reporter-Latin America on August 31, 2010, RadioJamaica said United States authorities seek to extradite Mr. Smith from Turks and Caicos Islands for his involvement in financial fraud cases. The Jamaica Gleaner said that Mr. Smith was indicted on 23 charges in the United States. The report related that the indictment handed down in the U.S. District Court for the Middle District of Florida, Orlando Division, charged Mr. Smith with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity. =========== M E X I C O =========== HIPOTECARIA SU: S&P Downgrades Ratings on Three Securities ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on three series from three asset-backed securities transactions backed by Mexican construction loans issued and serviced by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. S&P also removed the ratings from CreditWatch, where they were placed with negative implications on Oct. 8, 2010. At the same time, S&P affirmed its ratings on the subordinated series HSCCB 06-2 and HSCCB 08-2 from Hipotecaria Su Casita-Bursatilizationes de Creditos Puente II. The downgrades reflect the deterioration of credit enhancement within the transactions this year due to rising delinquencies and defaults. Considering the deals' collateralization, subordination, reserve accounts, and excess spread, the credit enhancement levels no longer support the previous ratings based on both actual and projected performance. Despite the transactions' high default ratios, a portion of the borrowers with loans classified as defaulted (after missing their contractual final maturity date) have been able to continue making interest and even principal payments, generating additional cash flow into the trusts. The list below details S&P's additional foreclosure frequency assumptions for these transactions: Foreclosure Frequency Assumptions By Transaction Tranche Rating Foreclosure frequency (%) ------- ------ ------------------------- HSCCB 06 B (sf)/mxBB+ (sf) 26.57 HSCCB 08 mxBBB (sf) 28.03 Mez notes 2005-1 B (sf)/mxBB+ (sf) 25.54 S&P expects the performance to continue weakening over the next 12 months as a result of the continued stress in the Mexican construction sector. Standard & Poor's will continue monitoring the performance of the underlying portfolios and take additional rating actions if there is further deterioration. Ratings Lowered And Removed From Creditwatch Negative Hipotecaria Su Casita Bursatilizaciones de Creditos Puente II Series Outstanding amount Tranche Type Rtg To Rtg From (MXN mil.) ------- ------ ------ -------- ---------------- HSCCB 06 Senior B (sf) BB+ (sf)/Watch Neg 1,267.57 HSCCB 06 SPUR B (sf) BB+ (sf)/Watch Neg 1,267.57 HSCCB 06 Senior mxBB+ (sf) mxA+ (sf)/Watch Neg 1,267.57 HSCCB 08 Senior mxBBB (sf) mxA+ (sf)/Watch Neg 1,128.20 Hipotecaria Su Casita Construction Loan Trust (VFN & Mez) Outstanding Series amount Tranche Type Rtg To Rtg From (MXN mil.) ------- ------ ------ -------- ----------- Mez notes 2005-1 Sub B (sf) BB (sf)/Watch Neg 92.12 Mez notes 2005-1 Sub mxBB+ (sf) mxA (sf)/Watch Neg 92.12 Ratings Affirmed Hipotecaria Su Casita Bursatilizaciones de Creditos Puente II Series Current Outstanding amount Tranche Type Rating (MXN mil.) ------- ------ ------- ------------------ HSCCB 06-2 Sub mxD (sf) 250.00 HSCCB 08-2 Sub mxCCC (sf) 197.43 VITRO SAB: Wants Involuntary Cases Moved to New York ---------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Vitro SAB filed a motion on Dec. 29 seeking to move the involuntary bankruptcies against its U.S. subsidiaries to New York where the Company filed its own Chapter 15 petition. The issue will be decided at a Jan. 6 hearing in the U.S. Bankruptcy Court in Fort Worth, Texas, where the involuntary Chapter 11 petitions filed by several bondholders are pending. According to the report, Vitro accused the dissident bondholders of "forum shopping" and "gamesmanship" by filing the involuntary cases in Texas and then seeking to move the later-filed Chapter 15 case to Texas. In the Chapter 15 case, Vitro would ask the U.S. court to enforce a reorganization plan ultimately approved by the court in Mexico. Vitro contends that the cases shouldn't be in Texas because it believes the involuntary petitions will be dismissed eventually. Vitro argues that the bondholders' claims are disputed, thus precluding them from filing the involuntary petitions. Vitro also argues that the subsidiaries are generally paying their debts as they come due, despite the default for about two years on their guarantees on the parent's US$1.2 billion in bonds. Vitro points to provisions in the U.S. Bankruptcy Code mandating the Chapter 15 filing in New York because that's where other bondholders filed suits in state court to collect on the defaulted bonds. Once the involuntary petitions in Texas are dismissed, Vitro postulates that New York will be the only proper venue. The bankruptcy court in Texas scheduled a Feb. 10 trial on whether the U.S. subsidiaries should be thrown into Chapter 11 involuntarily. The bankruptcy judge in Fort Worth, Texas, signed a formal order in December allowing Vitro SAB to seek limited relief from the New York judge in the Chapter 15 case. The Texas judge is only allowing the New York judge to rule on whether to halt lawsuits aimed at collecting on US$1.2 billion in notes in default for about two years. For the time being, at least, the New York court can't rule on whether Vitro is entitled to invoke Chapter 15, Mr. Rochelle said. Feb. 10 Trial Bill Rochelle earlier reported that under a schedule laid down last week by the bankruptcy judge in Fort Worth, trial on whether the U.S. subsidiaries should go into Chapter 11 involuntary will begin Feb. 10. The schedule calls for producing documents by Jan. 12, followed by depositions to be completed by Jan. 19. Experts are to file their reports by Jan. 21 and can be examined under oath through Feb. 1. Pretrial briefs on Feb. 8 will precede the trial. 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 is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and is now seeking to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would 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 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). Vitro SAB on December 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, thereby commencing its voluntary concurso mercantil proceedings. Vitro SAB believes that, as a result of the implementation of the Concurso Plan through the Mexican Proceeding, the holders of the Restructured Debt will recover 68% to 75% of the face value of their respective claims. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on December 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Alejandro Francisco Sanchez-Mujica, as foreign representative of Vitro, has asked the U.S. Bankruptcy Court to enter an order recognizing the Mexican Proceeding as "foreign main proceeding" pursuant to 11 U.S.C. Secs. 1515 and 1517. *********** 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 2011. 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 * * *