/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110125.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 Tuesday, January 25, 2011, Vol. 12, No. 16 Headlines A R G E N T I N A GE COMPANIA: Moody's Rates Foreign Currency Deposit Rating at Caa1 * ARGENTINA: Moody's Rates Buenos Aires' US$750MM Bonds at 'B3' * ARGENTINA: S&P Assigns B Rating at Buenos Aires' Sr. Unsec. Bond B E R M U D A ATHENA IP: Creditors' Proofs of Debt Due February 11 ATHENA IP: Members' Final Meeting Set for February 22 BENINA FOUNDATION: Creditors' Proofs of Debt Due February 4 BENINA FOUNDATION: Members' Final Meeting Set for February 25 CHOICE ALTERNATIVE: Court Enters Wind-Up Order EAST LONDON: Creditors & Contributories to Meet on January 31 FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4 FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25 FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4 FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25 HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4 HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25 HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4 HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25 JPMORGAN TRANAUT: Creditors' Proofs of Debt Due February 4 JPMORGAN TRANAUT: Members' Final Meeting Set for February 25 NEW STAR: Creditors' Proofs of Debt Due February 4 NEW STAR: Members' Final Meeting Set for February 24 ST AUGUSTIN: Creditors' Proofs of Debt Due February 4 ST AUGUSTIN: Members' Final Meeting Set for February 25 SUSTAINABLE FORESTRY: Court to Hear Wind-Up Petition on Feb. 11 B R A Z I L EVEN CONSTRUTORA: Moody's Rates BRL250 Mil. Debentures at Ba3 C A Y M A N I S L A N D S ALTVANTAGE ABSOLUTE: Shareholders Receive Wind-Up Report AXIOMA FUND: Shareholders Receive Wind-Up Report BBM LONG: Shareholders Receive Wind-Up Report BBM VALUATION: Shareholders Receive Wind-Up Report BFH INVESTMENT: Shareholders Receive Wind-Up Report CHEYNE ANDEAN: Shareholders Receive Wind-Up Report CREP INVESTMENT: Shareholders Receive Wind-Up Report CREP INVESTORS: Shareholders Receive Wind-Up Report CZ LTD: Members Receive Wind-Up Report DRAGONBACK ASIA: Shareholders Receive Wind-Up Report DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report EMERGING INVESTMENTS: Shareholders Receive Wind-Up Report HIGASHI IKEBUKURO: Shareholders Receive Wind-Up Report LOGIK EVENT: Shareholders Receive Wind-Up Report MEC HOLDING: Shareholders Receive Wind-Up Report MLMI CAYMAN: Shareholders Receive Wind-Up Report MONOLITH MANAGEMENT: Members Receive Wind-Up Report NL FORTUNE: Shareholders Receive Wind-Up Report NL GOD: Shareholders Receive Wind-Up Report PERSHING SQUARE: Shareholders Receive Wind-Up Report PERSHING SQUARE: Shareholders Receive Wind-Up Report POST ROAD: Shareholders Receive Wind-Up Report PUSHPA HOLDINGS: Members Receive Wind-Up Report R-ONE SAKAI: Shareholders Receive Wind-Up Report RECODIZING CORPORATION: Shareholders Receive Wind-Up Report SGL VIETNAM: Shareholders' Final Meeting Set for January 28 TOPAZ MULTI-MANAGER: Shareholder Receives Wind-Up Report UPCB FINANCE: Moody's Puts Rating on EUR750 Mil. Notes at (P)Ba3 XENOPHI LIMITED: Members Receive Wind-Up Report E L S A L V A D O R SALVADORENO DPR: S&P Lowers Series 2004-1 Notes Rating to BB+ J A M A I C A AIR JAMAICA: Caribbean Air Chair Says Buyout Not Good Deal M E X I C O MEXICANA AIRLINE: Makes Two Test Flights, Hopes for Return T R I N I D A D & T O B A G O PETROTRIN: Trinmar Workers Protest After Management Walkout X X X X X X X X * S&P: European Gaming Co. Becomes 1st Corp. Default in 2011 * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= GE COMPANIA: Moody's Rates Foreign Currency Deposit Rating at Caa1 ------------------------------------------------------------------ Moody's Investors Service assigned a bank financial strength rating of E+ to GE Compania Financiera S.A. At the same time, Moody's assigned long- and short-term global local-currency deposit ratings of B2 and Not Prime, as well as long- and short- term foreign-currency deposit ratings of Caa1 and Not Prime. Moody's Latin America also assigned GE CF a A1.ar local-currency deposit rating and a Ba1.ar foreign currency deposit rating in the Argentine national scale. The outlook on all the ratings is stable. Moody's said the E+ BFSR, which maps to a baseline credit assessment of B2, reflects GE CF's niche operation as a captive financing vehicle for the Wal-Mart retail franchise in Argentina, as well as its modest earnings and product diversification. All of GE CF's loans are conventional consumer loans and credit card financings, of which 70% is unsecured, and predominantly targeting the low income segments of the population, which also tend to be more vulnerable to economic shocks. In assigning the ratings, Moody's also noted the concentration of GE CF's funding with a small group of banks, which provide short- term local currency loans guaranteed by GE Capital Corporation. GE CF intends to diversify its funding structure by also sourcing deposits from institutional investors, as well as by other market instruments. The E+ standalone rating also incorporates GE CF's weak asset quality and low provisioning, with recent delinquent ratios at 15% and reserves covering about 66% of impaired loans. Moody's noted, however, that these ratios are indicative of the market GE CF operates and of its product focus, which targets. Moreover, GE CF's capital levels appear adequate and could withstand higher loan losses, as per Moody's scenario analysis: as of September 2010, total equity represented 24% of total risk assets. Moody's noted that the B2 deposit rating does not incorporate any support from the entity's parent company, GE Capital Corporation because the operation has been sold to Argentina-based Banco Supervielle in July 2010; the acquisition is currently pending regulatory approval. For the same reason, Moody's does not assess support from Banco Supervielle, and therefore, the global local currency deposit rating is in line with the baseline credit assessment. The rating agency noted, however, that upon regulatory approval by the Argentinean Central Bank, the deposit ratings of GE CF may be reassessed to reflect the new ownership by Banco Supervielle. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." GE Compania Financiera S.A. is headquartered in San Isidro, Argentina, and it had assets of AR$ 502 million and equity for Ar$ 110 million, as of September 2010. The following ratings were assigned to GE Compania Financiera S.A. * Bank Financial Strength Rating: E+, stable outlook. * Long- and short-term global local-currency deposit ratings: B2 and Not Prime, stable outlook. * Long- and short-term foreign currency deposit ratings: Caa1 and Not Prime, stable outlook. * Long-Term National Scale Local-Currency Deposit Rating: A1.ar * Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar * ARGENTINA: Moody's Rates Buenos Aires' US$750MM Bonds at 'B3' --------------------------------------------------------------- Moody's Investors Service has assigned a rating of B3 to the US$750 million senior unsecured global bonds to be issued by the Province of Buenos Aires. Moody's Latin America has also assigned a rating of A3.ar to these bonds. The province intends to use proceeds for general purposes, including infrastructure and social projects and also to finance fiscal imbalances. "The bond issuance has been authorized by the provincial legislature and the executive branch of the province, while the approval from the Argentine Ministry of Economy is still pending and expected to be delivered in the upcoming days", said Moody's Associate Analyst Patricio Esnaola. "The bonds, which constitute direct, unconditional, unsecured and unsubordinated obligations of the province, are to be nominated in US dollars, will amortize in three annual installments in January 2019, 2020 and 2021, and will pay a fixed annual interest rate of 10.875% on a semi-annual basis, beginning in July 2011," said Mr. Esnaola. The ratings assigned to the bonds are in line with the province's issuer ratings (B3/A3.ar), which reflect considerable cost pressures and weakened financial performance since 2005. The ratings also take into account the financial dependence on the federal government. Buenos Aires' debt levels, albeit declining when related to revenues, remain high, but in line with rated peers. "Based on the province's stock of net direct and indirect debt as of September 2010, this bond issuance increases the stock of debt to almost AR$46.4 billion, equivalent to 65% of 2010 estimated total revenues and 59% of 2011 budgeted revenues, down from the 87% recorded as of December 2009", said Mr. Esnaola. He said the ratings are also constrained by the operating environment for regional and local governments in Argentina, which is characterized by a GDP per capita that is high for a developing country, very high GDP volatility, and a very low ranking on the World Bank's Government Effectiveness Index, indicating a high level of systemic risk. "This environment is wed to an institutional framework under which regional and local governments carry significant responsibility for public services while nearly all rely heavily on federal automatic transfers of the tax share regime, suggesting a low level of fiscal flexibility in relation to revenue," said Mr. Esnaola. The principal methodologies used in this rating were Regional and Local Governments outside the U.S. published in May 2008, and The Application of Joint Default Analysis to Regional and Local Governments published in December 2008. The last rating action for the Province of Buenos Aires was on January 3, 2011, when Moody's rated Province of Buenos Aires' 2011 Short-Term Treasury Note Program. Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process * ARGENTINA: S&P Assigns B Rating at Buenos Aires' Sr. Unsec. Bond ------------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B' long-term foreign currency issue credit rating to the proposed US$750 million senior unsecured bond due in 2021 that the Province of Buenos Aires, Argentina, plans to issue. The recovery rating on Buenos Aires's unsecured debt is '3', indicating "our" expectation of meaningful (50% to 70%) recovery in a payment default scenario. The Province of Buenos Aires continues to have high fiscal deficits. For 2010, "we" expect a deficit of close to 10% of total revenue (once some extraordinary revenues of Argentine pesos ARS4.1 billion transferred from the central government as part of the national program for provincial debt reduction -- Programa Federal de Desendeudamiento -- are deducted), despite economic activity strongly enhancing provincial revenues. However, "we" base the ratings on the support that the Republic of Argentina (B/Stable/B) provides. "We" expect that Argentina's GDP will grow by 8% in 2010. High inflation -- estimated at 25% for 2010 -- also helps the province's finances in the short term because of its impact on nominal revenue. Even more significant is that the province continues to run substantial operating deficits, estimated at ARP4.8 billion (7% of operating revenues) for 2010 (once extraordinary revenues for ARP4.1 billion from the central government are deducted). This will likely persist in 2011, a year with both gubernatorial and presidential elections, with an expected overall deficit of ARS5.05 billion (according to the recently approved provincial budget). The province's total financing needs (fiscal deficit plus principal amortization) are an estimated ARS8.6 billion for 2011. Nonetheless, most of the provincial debt (57% as of June 2010) is held with the federal government at relatively favorable terms. This significantly limits the roll-over risk of international market debt, which constitutes 31% of the total debt, and contributed to "our" decision to assign the province the same rating as the sovereign. The first principal payments on internationally issued bonds aren't due until October 2012. Closing the financing gap for 2011 will depend on two sources. The modified (November 2009) national Fiscal Responsibility Law enables provinces to issue debt to finance operating deficits. The Province of Buenos Aires issued bonds in international capital markets for US$800 million in 2010, and it expects additional issuances in 2011. In this context, the province is issuing US$750 million in the international markets. With this additional debt, total debt would reach 62% of operating revenues budgeted for 2011. However, as in previous years, the province will continue to rely on financial assistance from the federal government. Therefore, maintaining a sound political relationship with the federal government remains key for the province's fiscal sustainability. The province faces short-term challenges stemming from growing pressure for salary increases in the context of relatively high inflation in Argentina. In addition, Buenos Aires' fiscal performance continues to suffer from structural issues derived from the unfavorable redistribution of federal resources within provinces in Argentina. The Province of Buenos Aires contributes 36% of the national GDP but only receives an estimated 22% of the pool of resources. This scheme is unlikely to change over the medium term. Therefore, "we" expect that structural issues will continue to affect the province's fiscal performance. Buenos Aires's liquidity has recovered since 2009, when the province had to issue a medium-term bond to cover short-term supplier debt. Nevertheless, liquidity remains tight given the province's structural fiscal deficit. Somewhat mitigating this tight liquidity is the access to short-term notes in the domestic market and medium-term debt with the international capital markets. The province's relatively smooth amortization profile with respect to market debt provides an additional cushion. Most of the debt service over the medium term will be on debt held with the federal government, somewhat diminishing roll-over risk. Ratings List Province of Buenos Aires Issuer Credit Rating B/Stable/-- New Rating Province of Buenos Aires US$750 mil senior unsecured bond due 2021 Global Scale B Recovery Rating 3 National Scale raAA- ============= B E R M U D A ============= ATHENA IP: Creditors' Proofs of Debt Due February 11 ---------------------------------------------------- The creditors of Athena IP Trading Limited are required to file their proofs of debt by February 11, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda ATHENA IP: Members' Final Meeting Set for February 22 ----------------------------------------------------- The members of Athena IP Trading Limited will hold their final meeting on February 22, 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 January 18, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda BENINA FOUNDATION: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------------- The creditors of Benina Foundation are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda BENINA FOUNDATION: Members' Final Meeting Set for February 25 ------------------------------------------------------------- The members of Benina Foundation will hold their final meeting on February 25, 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 January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda CHOICE ALTERNATIVE: Court Enters Wind-Up Order ---------------------------------------------- On January 14, 2011, the Supreme Court of Bermuda entered an order that voluntarily winds up the operations of Choice Alternative Investments, Ltd. Mark Smith and Rachelle Frisby of Deloitte were appointed as joint provisional liquidators of the company. EAST LONDON: Creditors & Contributories to Meet on January 31 ------------------------------------------------------------- The creditors and contributories of East London Bus Group International Holdings Limited will hold their first meetings on January 31, 2011, at 11:00 a.m. and 11:30 a.m., respectively. Mike Morrison and Charles Thresh are the company's joint provisional liquidators. FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------------------- The creditors of Ferndale International Master Fund, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25 ------------------------------------------------------------------ The members of Ferndale International Master Fund, Ltd. will hold their final meeting on February 25, 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 January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda FERNDALE INTERNATIONAL: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------------------- The creditors of Ferndale International, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda FERNDALE INTERNATIONAL: Members' Final Meeting Set for February 25 ------------------------------------------------------------------ The members of Ferndale International, Ltd. will hold their final meeting on February 25, 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 January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------------------- The creditors of Hollander International, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25 --------------------------------------------------------------- The members of Hollander International, Ltd. will hold their final meeting on February 25, 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 January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda HOLLANDER INTERNATIONAL: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------------------- The creditors of Hollander International Master Fund, Ltd. are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda HOLLANDER INTERNATIONAL: Members' Final Meeting Set for Feb. 25 --------------------------------------------------------------- The members of Hollander International Master Fund, Ltd. will hold their final meeting on February 25, 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 January 18, 2011. The company's liquidator is: Michael J. Frey c/o Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton HM 11 Bermuda JPMORGAN TRANAUT: Creditors' Proofs of Debt Due February 4 ---------------------------------------------------------- The creditors of JPMorgan Tranaut Holdings Limited are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 18, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda JPMORGAN TRANAUT: Members' Final Meeting Set for February 25 ------------------------------------------------------------ The members of JPMorgan Tranaut Holdings Limited will hold their final meeting on February 25, 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 January 18, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda NEW STAR: Creditors' Proofs of Debt Due February 4 -------------------------------------------------- The creditors of New Star Accelerator Hedge Fund Limited are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda NEW STAR: Members' Final Meeting Set for February 24 ---------------------------------------------------- The members of New Star Accelerator Hedge Fund Limited will hold their final meeting on February 24, 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 January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ST AUGUSTIN: Creditors' Proofs of Debt Due February 4 ----------------------------------------------------- The creditors of St. Augustin Foundation are required to file their proofs of debt by February 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ST AUGUSTIN: Members' Final Meeting Set for February 25 ------------------------------------------------------- The members of St. Augustin Foundation will hold their final meeting on February 25, 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 January 19, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda SUSTAINABLE FORESTRY: Court to Hear Wind-Up Petition on Feb. 11 --------------------------------------------------------------- A petition to wind up the operations of Sustainable Forestry Management Limited will be heard before the Supreme Court of Bermuda on February 11, 2011, at 9:30 a.m. =========== B R A Z I L =========== EVEN CONSTRUTORA: Moody's Rates BRL250 Mil. Debentures at Ba3 ------------------------------------------------------------- Moody's America Latina has assigned first-time Ba3 local currency and A2.br Brazil national scale corporate family ratings to Even Construtora e Incorporadora S.A. and Ba3/A2.br to its proposed BRL 250 million 5-year senior unsecured debentures. The proceeds will be used to pay down debt coming due over the next two years extending the company's debt maturity schedule and to finance Even's expansion plans. The outlook for the ratings is stable. Ratings Assigned: * Corporate Family Rating: Ba3/A2.br * BRL250 million 5-year senior unsecured debentures: Ba3/A2.br "Even's Ba3 rating reflects its strong brand name and track record in the construction of apartments for the middle income families, especially in Sao Paulo's metropolitan area.", said Moody's Analyst, Marcos Schmidt. "The rating also considers the company's size and market share in its geographic niche market, good profitability, in part derived from its low exposure to lower income housing, and adequate debt protection metrics that compare well to its local rated peers. Even has conservative financial policies that result in adequate liquidity which is also positive to the rating", added Schmidt. On the other hand, Even's rating is constrained by the company's smaller size when compared to local and global rated peers that diminishes the company's bargaining power acquiring land and raw materials, relatively high pro-forma leverage measured by debt to capitalization, small landbank for a company focused in a region with low availability of new plots of land and many building restrictions like Sao Paulo's metropolitan area, and concentration risk related to the reduced geographic diversification. Even's shareholders are comprised of the founding members with Carlos Eduardo Terepins holding a 6% stake, Luis Terepins 3%, and FIP Genoa 16.4%. Other shareholders include board members and executive officers with a combined 1% stake, and the remainder free floating. FIP Genoa is an Investment vehicle controlled by Spinnaker, an asset manager based in London focused on investments in emerging markets with approximately USD 5.8 billion under management. The company is traded in the stock market under the Novo Mercado corporate governance standards, the highest level in Brazil, it needs to comply with many corporate governance practices such as: 100% voting shares, 100% Tag along, minimum 5 board members of which 20% must be independent, auditing committee, ethics code, share trading policy and disclosure policy. With some BRL1.7 billion in net revenues in the LTM ending in September, 2010, Even is still small when compared to its larger, higher rated competitors, such as Cyrela (Ba2/Aa2.br/Sta) with BRL 4.7 billion, PDG (Ba2/Aa3.br/Sta) with BRL 4.1 billion, and Gafisa (Ba2/A1.br/Sta) with BRL 3.7 billion, reducing its scale, bargaining power and diversification both in terms of product and geography. The company's landbank is relatively small and concentrated mainly in the Sao Paulo metropolitan region which makes up 32 of the total 72 projects in the landbank and 55% of the BRL3.6 billion PSV. If the countryside of Sao Paulo is included the contributions increase to 41 projects and 65% of the PSV in the state of Sao Paulo. On the other hand Sao Paulo alone represents 45% of the Brazilian real estate market and 34% of the country's GDP. Even has grown fast since its IPO in 2007, mostly organically. The company has been able to maintain an adequate capital structure and interest coverage with total adjusted Debt to Book Capitalization of 46% in September 2010 and EBIT to Interest of 3.6 times, respectively. Leverage will increase slightly to around 48% after the issuance of the proposed BRL250 million debentures. Even's pro-forma capital structure is comprised of unsecured debentures, Sistema Financeiro de Habitacao (55%) and land financing that will be converted into SFH loans. Since 75% of the company's units are priced below BRL 500 thousand they can benefit from cheaper government-sponsored SFH funds during the construction and SFH and Fundo de Garantia do Tempo de Servico funded mortgages for homebuyers. FGTS is a mandatory employee's severance fund. The employer makes a monthly deposit at Caixa Economica Federal equivalent to 8% of the employee's monthly salary. The funds can be withdrawn for retirement or to acquire an eligible house. Given high commitments in the beginning of the construction phase, Brazilian homebuilders generally have substantial working capital requirements before construction financing kicks in, 20% of the construction costs on average. This 20% is a use of the company's working capital, funded mostly through client's down payment or internal cash generation from finished projects being delivered. The financing for all the projects launched by Even has already been committed and will be disbursed according to the construction progress. The company will not build any project without having secured the respective financing. By the end of September, 2010 Even had BRL550 million in cash and marketable securities on its balance sheet. With the objective of strengthening its liquidity position, the company is now proposing BRL250 million in 5-year senior unsecured debentures, where the proceeds will be used to pay down BRL145 million in debentures coming due over the next two years. The balance of the issuance will be utilized in the company's plans to expand operations outside the state of Sao Paulo. The pro-forma cash balance of BRL655 million, plus adequate availability under the company's SFH lines, and BRL3.4 billion in receivables on balance sheet leave the company in a comfortable position to meet its adjusted ST debt maturity commitments of around BRL336 million. Adjusted ST debt are mostly SFH loans for construction that will be self liquidated with the delivery of the units to the respective homebuyers. Working capital requirements that have consumed around BRL 500 million a year over the past 5 years should turn positive in 2011 with the delivery of an estimated BRL1.5 billion of PSV in finished units. While the proposed unsecured debentures will be structurally subordinated to Even's existing secured debt with respect to certain assets, they are rated at the same level as Even's CFR given the fact that most of the secured debt is collateralized by specific real estate projects with no recourse to the company's remaining assets, such as accounts receivables. As a result there is high amount of unencumbered assets that in case of a default should provide good recovery for the unsecured instruments. The stable outlook takes into consideration that Even will continue to acquire adequate landbank in a timely fashion and maintain adequate liquidity on its balance sheet to execute its launched projects and growth plans, preserving a minimum cash balance to face weaker economic environments and honor its debt obligations during a downturn in the homebuilding industry. Even's rating or outlook could experience upward pressure if the company is able to increase in size in terms of revenues and tangible net worth, improve diversification outside the state of Sao Paulo and build a larger landbank in strategic locations, and at the same time reduce its leverage metrics. Quantitatively, positive pressure could arise from an increase in availability of strategic landbank to 3.0 years in the current positive cycle of the Brazilian real estate market, total debt to capitalization in the mid 40% range, and interest coverage above 4.5 times on a sustainable basis. Even's ratings would likely be downgraded if Total Debt to Capitalization increased above the mid 50% range on a sustainable basis or if the company were to face a significant deterioration in its liquidity profile due to a downturn in the homebuilding industry or due to excessive dividend payout that could instead be used in the down payment of debt or in the built up of a liquidity cushion. Negative pressure could arise if the company's cash balance decreases to a level that would not be sufficient to meet the company's short term financial obligations and minimum working capital requirements. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".br" for Brazil. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." The principal methodology used in this rating was Global Homebuilding Industry published in March 2009. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".br" for Brazil. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings." Headquartered in Sao Paulo, and established in 1980, Even Construtora e Incorporadora S.A. is a real estate developer with activities in the states of Sao Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul and focus on residential developments with units priced up to BRL500 thousand. The company is vertically integrated, executing all real estate development phases from the analysis of the prospective land to the construction of the units and sale to the final homebuyer. During the last twelve months ended in September 2010 the company had BRL1.7 billion in net revenues. =========================== C A Y M A N I S L A N D S =========================== ALTVANTAGE ABSOLUTE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Altvantage Absolute Return Fund, Ltd. received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands AXIOMA FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of The Axioma Fund, Ltd. received on January 21, 2011, 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 BBM LONG: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of BBM Long Short Fund received on January 21, 2011, 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 BBM VALUATION: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of BBM Valuation Fund received on January 21, 2011, 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 BFH INVESTMENT: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of BFH Investment Company received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands CHEYNE ANDEAN: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Cheyne Andean Fund Inc. received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands CREP INVESTMENT: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Crep Investment G Cayman received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CREP INVESTORS: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Crep Investors A Cayman received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CZ LTD: Members Receive Wind-Up Report -------------------------------------- The members of CZ Ltd. received on January 11, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Krysten Lumsden Telephone: (345) 814 7366 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DRAGONBACK ASIA: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Dragonback Asia Pacific Equity Multi-Strategy Fund received on January 21, 2011, 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 DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Dragonback Volasia Feeder Fund received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Dragonback Volasia Fund received on January 21, 2011, 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 DRAGONBACK VOLASIA: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Dragonback Volasia US Feeder Fund received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands EMERGING INVESTMENTS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Emerging Investments, Ltd. received on January 21, 2011, 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 HIGASHI IKEBUKURO: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Higashi Ikebukuro Property received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands LOGIK EVENT: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Logik Event Offshore Fund, Ltd. received on January 21, 2011, 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 MEC HOLDING: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of MEC Holding Ltd. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands MLMI CAYMAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of MLMI Cayman NIM 2004-FM1, Ltd. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands MONOLITH MANAGEMENT: Members Receive Wind-Up Report --------------------------------------------------- The members of Monolith Management Ltd received on January 17, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Albert Pirotte c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands NL FORTUNE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of NL Fortune City Produce, Ltd. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands NL GOD: Shareholders Receive Wind-Up Report ------------------------------------------- The shareholders of NL God South, Ltd. received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands PERSHING SQUARE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pershing Square International IV Trade-Co, Ltd received on January 21, 2011, 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 PERSHING SQUARE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Pershing Square International IVI Trade-Co, Ltd received on January 21, 2011, 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 POST ROAD: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Post Road Offshore Value Fund, Ltd. received on January 21, 2011, 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 87Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands PUSHPA HOLDINGS: Members Receive Wind-Up Report ----------------------------------------------- The members of Pushpa Holdings LDC received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Soros Fund Management LLC 888 Seventh Avenue New York, NY 10106 USA R-ONE SAKAI: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of R-One Sakai Holdings received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands RECODIZING CORPORATION: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Recodizing Corporation Limited received on January 17, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited. c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands SGL VIETNAM: Shareholders' Final Meeting Set for January 28 ----------------------------------------------------------- The shareholders of SGL Vietnam Development Limited will hold their final meeting on January 28, 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: Stuart Sybersma c/o Heidi Conrad Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: +1 345 949 7500 Facsimile: +1 345 949 8258 TOPAZ MULTI-MANAGER: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Topaz Multi-Manager Ltd. received on January 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Transcontinental Fund Administration, Ltd. c/o Claudia Woerheide Telephone: (345) 949-5013 Facsimile: (345) 946-4654 UPCB FINANCE: Moody's Puts Rating on EUR750 Mil. Notes at (P)Ba3 ---------------------------------------------------------------- Moody's Investors Service assigned a (P) Ba3 rating to the EUR750 million senior secured notes due 2020 to be issued by UPCB Finance II Limited. The rating outlook is stable. UPCB Finance II, incorporated in Cayman Islands, a trust-owned special purpose vehicle, will on-lend the proceeds on a senior secured basis into the UPC Holding BV group. UPC carries a Ba3 CFR. The bond proceeds will fund an additional facility under the existing UPC Broadband Holding B.V. bank facility rated Ba3. The borrower under the additional facility, to be referred to as Finco loan, is expected to be UPC Financing Partnership, an established borrower under the UPC Bank Facility. The (P) Ba3 rating on the notes reflects Moody's view that the senior secured on-lending establishes a claims position for holders of the new notes that is broadly equivalent to that of existing lenders under the UPC Bank Facility. The current Ba3 CFR for UPC reflects the company's largely resilient operating performance together with its consistent leverage policy of 4.0x Senior Debt to EBITDA and 5.0x Total Debt to EBITDA enshrined in the terms and conditions of its existing debt instruments. Moody's believes that due to UPC's diversification in the European markets and its strong triple-play offering, the company remains well positioned to weather the challenging economic and competitive environments in Eastern Europe. The ratings assume that the company will continue to manage its debt well within a ratio of 5.5x for Debt/EBITDA. Holders of the new notes will have security over the Issuer's shares and over its assets, including its rights to and benefit in the Finco loan. However, holders of the notes have only indirect recourse to UPC Financing so that in an enforcement scenario they would have to enforce their rights under the notes' collateral, in particular the rights under the Finco loan, before they can proceed to realize the asset security under the Finco loan. This could delay asset realization or make it more costly. In connection with the Finco loan, the Issuer and UPC Financing will enter into an accession agreement, pursuant to which the Issuer will accede to the UPC Bank Facility. UPC will use the proceeds from the transaction to replace existing borrowing under the UPC Bank Facility, further improving UPC's debt maturity profile. Moody's notes that the Finco Accession Agreement is structured in such a way that UPCB Finance II already provides its consent to a number of potential amendments and waivers to the UPC Bank Facility. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavour to assign a definitive rating to the Notes. A definitive rating may differ from a provisional rating. UPC is a pan-European cable provider, a principal subsidiary of Liberty Global Inc. In 2009, the company generated EUR3.45 billion in revenues and EUR1.66 billion in reported operating cash flow. XENOPHI LIMITED: Members Receive Wind-Up Report ----------------------------------------------- The members of Xenophi Limited received on January 21, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Soros Fund Management LLC 888 Seventh Avenue New York, NY 10106 USA ===================== E L S A L V A D O R ===================== SALVADORENO DPR: S&P Lowers Series 2004-1 Notes Rating to BB+ ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Salvadoreno DPR Funding Ltd. (Banco HSBC Salvadoreno)'s series 2004-1 and 2004-2 notes and Banagricola DPR Funding Ltd. (Banco Agricola)'s series 2006-1 notes. The note issuances are Salvadoran financial future flow transactions backed by diversified payment rights (DPRs). The ratings reflect the respective banks' ability to generate the necessary assets to service their transactions for timely principal and interest payments, even under a state of selective default or other financial impairment, as well as other factors. "Our" ratings are based on overcollateralization and structural enhancements that are intended to mitigate sovereign risk. The rating actions follow the Jan. 14, 2011, lowering of "our" long-term sovereign credit rating on the Republic of El Salvador to 'BB-' from 'BB' and the Jan. 17, 2011, lowering of "our" long- term counterparty credit ratings on Banco HSBC Salvadoreno S.A. and Banco Agricola S.A. to 'BB-' from 'BB'. Banco HSBC Salvadoreno and Banco Agricola are the originators of Salvadoreno DPR Funding's and Banagricola DPR Funding's transactions, respectively. The DPRs are created as a result of the respective originators' role as the financial intermediary between foreign payors that send funds to the Republic of El Salvador and resident Salvadoran entities that receive these funds. The performance of both transactions has remained strong since issuance and through the global economic downturn. As of December 2010, Salvadoreno DPR Funding had a current debt service coverage ratio (DSCR) of 32.6x and an average DSCR of 40.8x over the life of the deal. The series 2004-1 and 2004-2 notes' combined outstanding amount is US$25.9 million. Series 2004-1 will mature in September 2011, and series 2004-2 will mature in June 2011. Banagricola DPR Funding has a current DSCR of 86.8x and an average DSCR of 35.7x over the life of the deal. The series 2006-1 notes' outstanding amount is US$69 million. Series 2006-1 will mature in 2013. "We will continue to review these asset-backed transactions and will revise "our" ratings as necessary to reflect any changes in the transactions' underlying credit quality. Ratings lowered Transaction Rating To From Salvadoreno DPR Funding Ltd. (Banco HSBC Salvadoreno) Series 2004-1 BB+ (sf) BBB- (sf) Series 2004-2 BB+ (sf) BBB- (sf) Banagricola DPR Funding Ltd. (Banco Agricola) Series 2006-1 BBB- (sf) BBB (sf) ============= J A M A I C A ============= AIR JAMAICA: Caribbean Air Chair Says Buyout Not Good Deal ---------------------------------------------------------- Vernon Khelawan at Trinidad & Tobago Newsday reports that Caribbean Airlines Limited Chairman George Nicholas III said the airline's buy out of Air Jamaica Limited was not a good deal. According to RadioJamaica, in a story published in the Jamaica Gleaner, Mr. Nicholas said: "If you look at it, as an accountant looking at the numbers and going backwards, you would say a mistake was made. We will know whether or not the Air Jamaica buy was a good buy in two to three years time." Mr. Nicholas, RadioJamaica notes, said he viewed the money spent on the purchase of Air Jamaica as operating expenses rather than capital costs. RadioJamaica discloses that Mr. Nicholas said Air Jamaica routes were now being expanded again with a review of an additional 12 routes including London Heathrow set to begin again in July. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCRLA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. Radio Jamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. * * * As of August 18, 2010, the airline continues to carry Moody's "B3" long-term, long-term corporate family, and senior unsecured debt ratings. =========== M E X I C O =========== MEXICANA AIRLINE: Makes Two Test Flights, Hopes for Return ---------------------------------------------------------- Paul Kiernan at Dow Jones Newswires reports that Compania Mexicana de Aviacion or Mexicana Airlines carried out two test flights in what authorities hope to be a harbinger of the company's eventual relaunch. According to the report, Labor Minister Javier Lozano said two Airbus A320s, operated by Mexicana, flew to Acapulco from Mexico City and back to re-certify their engines. "Next week there will be more Mexicana flights for the company's certification," Dow Jones quoted Mr. Lozano as saying. Mexicana Airlines, the report notes, grounded in August after filing for bankruptcy protection, missed an initial goal to fly again by December. Since then, Dow Jones relates that Mr. Lozano and his counterparts at the Communications and Transportation Ministry have set -- and subsequently pushed back -- new deadlines for Mexico's former leading airline group to resume operations. Dow Jones recounts authorities last year approved of a restructuring plan for Mexicana presented by PC Capital, a local private equity firm. Under the plan, the report relates, Mexicana Airline would reduce its fleet to a fraction of the former size, exclusively fly Airbus A320 aircraft, and focus only on profitable, high-traffic routes. As reported in the Troubled Company Reporter-Latin America on January 10, 2011, The Latin America Herald said that Mexicana Airlines is nearing an agreement with its creditors. Fifty-one percent of them -- including state-owned bank Bancomext, Banorte and government-owned Aeropuertos y Servicios Auxiliares, which oversees Mexico's airports -- have expressed a willingness to sign a restructuring agreement, Mr. Trevino said, according to Latin America Herald. About Mexicana Airlines 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 did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Trinmar Workers Protest After Management Walkout ----------------------------------------------------------- Camille Bethel at Trinidad Express reports that Petroleum Company of Trinidad and Tobago's workers at its Trinmar subsidiary protested on January 20, 2011, the walkout of Petrotrin managers on a scheduled meeting with representatives of the Oilfields Workers' Trade Union. According to the report, Ernesto Kesar, president of the Oilfields' Workers Trade Union's Trinmar branch, alleged that managers at Petrotrin were perpetuating the loss of millions of dollars in equipment over the past two years. The report relates that Mr. Kesar led hundreds of Petrotrin workers at Trinmar in the protest action. Trinidad Express notes that Petrotrin said the aborting of the meeting was a misunderstanding. "We have raised several key issues that need to be addressed at Petrotrin, including the issue of increasing security patrols throughout the producing fields because we have a situation now where equipment is being stolen in the field right under the noses of managers. We have called on the Minister of Energy, Carolyn Seepersad-Bachan, to intervene and we are even calling on Prime Minister Kamla Persad-Bissessar, to intervene because these managers have destroyed our producing fields," Trinidad Express quoted Mr. Kesar as saying. "We have drawn all of this to the attention of the management more than two years ago and none of these things have been addressed. There has been no increase in security presence, no increase in security systems," he added. The report notes that Mr. Kesar added that the union also complained about manpower and staffing for Exploration and Production, and alleged unfair and unsafe contractor practices in Exploration and Production. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, given it higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad- Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. =============== X X X X X X X X =============== * S&P: European Gaming Co. Becomes 1st Corp. Default in 2011 ------------------------------------------------------------- Czech Republic-based gaming company SAZKA defaulted early this month -- the first default of 2011, said an article published Jan. 20 by Standard & Poor's Global Fixed Income Research, titled "And They're Off, The First Default Of 2011 Recorded." By comparison, 11 global corporate issuers defaulted during the same period in 2010 (nine U.S.-based issuers, one Australian issuer, and one Canadian issuer). SAZKA missed a principal payment, which was one of the top reasons for default in 2010. Of the defaults during the year, 28 resulted from missed interest or principal payments, 25 defaults resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, and one each from regulatory directives and administration. S&P expects that the default rate will continue to decline in 2011. Its baseline projection for the U.S. corporate speculative- grade default rate in the 12 months ending in September 2011 is 2.4% (35 defaults). S&P believes that this likely will be close to the trough for this cycle. S&P's alternative forecasts are 2.0% (29 defaults) at the optimistic end and 4.5% (66 defaults) at the pessimistic end. Its pessimistic scenario is the same as the long-term (1981 to 2009) average default rate and is a slight increase from the current level. S&P bases its forecasts on quantitative and qualitative factors that we consider, including, but not limited to, Standard & Poor's proprietary default model for the U.S. corporate speculative-grade bond market. S&P updates its outlook for the U.S. issuer-based corporate speculative-grade default rate each quarter after analyzing the latest economic data and expectations. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA IMPTD AR IMPSAT FIBER-$US 535007008 -17165000 IMPT AR IMPSAT FIBER-CED 535007008 -17165000 IMPTC AR IMPSAT FIBER-C/E 535007008 -17165000 IMPTB AR IMPSAT FIBER-BLK 535007008 -17165000 330902Q GR IMPSAT FIBER NET 535007008 -17165000 XIMPT SM IMPSAT FIBER NET 535007008 -17165000 IMPTQ US IMPSAT FIBER NET 535007008 -17165000 CADN SW SOC COMERCIAL PL 138884129 -253031947 COMED AR COMERCIAL PLAT-$ 138884129 -253031947 SCPDS LI COMERCIAL PL-ADR 138884129 -253031947 CADN EO SOC COMERCIAL PL 138884129 -253031947 CVVIF US SOC COMERCIAL PL 138884129 -253031947 SCDPF US SOC COMERCIAL PL 138884129 -253031947 COMEB AR COMERCIAL PLA-BL 138884129 -253031947 COME AR SOC COMERCIAL PL 138884129 -253031947 CAD IX SOC COMERCIAL PL 138884129 -253031947 COMEC AR COMERCIAL PL-C/E 138884129 -253031947 SDAGF US SNIAFA SA-B 11229696.2 -2670544.88 SNIA5 AR SNIAFA SA-B 11229696.2 -2670544.88 SNIA AR SNIAFA SA 11229696.2 -2670544.88 BRAZIL VAGV4 BZ VARIG SA-PREF 966298026 -4695211316 VARGPN BZ VARIG SA-PREF 966298026 -4695211316 VARGON BZ VARIG SA 966298026 -4695211316 VAGV3 BZ VARIG SA 966298026 -4695211316 AGRE LX AGRENCO LTD 542862484 -297848371 AGEN11 BZ AGRENCO LTD-BDR 542862484 -297848371 MILK11 BZ LAEP-BDR 432349610 -161351898 LEAP LX LAEP INVESTMENTS 432349610 -161351898 HBTS3 BZ HABITASUL 408678629 -108615.446 HBTS6 BZ HABITASUL-PREF B 408678629 -108615.446 HSULAN BZ HABITASUL-PREF A 408678629 -108615.446 HSULON BZ HABITASUL 408678629 -108615.446 HSULBN BZ HABITASUL-PREF B 408678629 -108615.446 HBTS5 BZ HABITASUL-PREF A 408678629 -108615.446 1CPMON BZ CIA PETROLIFERA 377602195 -3014291.72 MRLM4 BZ CIA PETROLIF-PRF 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21097369.7 -903951461 CSBRPN BZ CAFE BRASILIA-PR 21097369.7 -903951461 CSBRON BZ CAFE BRASILIA SA 21097369.7 -903951461 CAFE4 BZ CAF BRASILIA-PRF 21097369.7 -903951461 FTSJON BZ TECEL S JOSE 19067322.2 -52580501.1 SJOS3 BZ TECEL S JOSE 19067322.2 -52580501.1 SJOS4 BZ TECEL S JOSE-PRF 19067322.2 -52580501.1 FTSJPN BZ TECEL S JOSE-PRF 19067322.2 -52580501.1 NORDON BZ NORDON METAL 16108142.8 -22352940.6 NORD3 BZ NORDON MET 16108142.8 -22352940.6 NORD1 BZ NORDON MET-RTS 16108142.8 -22352940.6 UNCI3 BZ UNI CIDADE 15873892.4 -6485540.41 GAZON BZ GAZOLA SA 12452143.1 -40298506.3 GAZO9 BZ GAZOLA-RCPTS CMN 12452143.1 -40298506.3 GAZO10 BZ GAZOLA-RCPT PREF 12452143.1 -40298506.3 GAZO3 BZ GAZOLA 12452143.1 -40298506.3 GAZPN BZ GAZOLA SA-PREF 12452143.1 -40298506.3 GAZO11 BZ GAZOLA SA-DVD CM 12452143.1 -40298506.3 GAZO4 BZ GAZOLA-PREF 12452143.1 -40298506.3 GAZO12 BZ GAZOLA SA-DVD PF 12452143.1 -40298506.3 ARLA9 BZ ARTHUR LANG-RC C 11642255.9 -17154461.9 ARLA10 BZ ARTHUR LANG-RC P 11642255.9 -17154461.9 ARLA1 BZ ARTHUR LANG-RT C 11642255.9 -17154461.9 ALICON BZ ARTHUR LANGE SA 11642255.9 -17154461.9 ARLA3 BZ ARTHUR LANGE 11642255.9 -17154461.9 ARLA11 BZ ARTHUR LAN-DVD C 11642255.9 -17154461.9 ARLA4 BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9 ARLA2 BZ ARTHUR LANG-RT P 11642255.9 -17154461.9 ALICPN BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9 ARLA12 BZ ARTHUR LAN-DVD P 11642255.9 -17154461.9 FGUI3 BZ F GUIMARAES 11016542.1 -151840377 FGUIPN BZ FERREIRA GUIM-PR 11016542.1 -151840377 FGUI4 BZ F GUIMARAES-PREF 11016542.1 -151840377 FGUION BZ FERREIRA GUIMARA 11016542.1 -151840377 COLOMBIA TELEX CI CHILESAT CORP SA 953784479 -103476159 CHILESAT CI TELMEX CORP SA 953784479 -103476159 TL US CHILESAT CO-ADR 953784479 -103476159 CHISATOS CI CHILESAT CO-RTS 953784479 -103476159 TELEXO CI TELEX-RTS 953784479 -103476159 TELEXA CI TELEX-A 953784479 -103476159 CSAOY US TELMEX CORP-ADR 953784479 -103476159 *********** 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 * * *