/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110201.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, February 1, 2011, Vol. 12, No. 21 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Ordered to Stay in Custody for Treatment B E R M U D A GUARANTY DIRECT: Creditors' Proofs of Debt Due February 9 GUARANTY DIRECT: Members' Final Meeting Set for March 2 B E R M U D A GLOBAL CROSSING: Iridian Asset No Longer Over-5% Owner GLOBAL CROSSING: 2011 Long-Term Incentive Plan Approved C A Y M A N I S L A N D S BRANZINO LIMITED: Members Receive Wind-Up Report BRIGADIER CAPITAL: Creditors' Proofs of Debt Due February 25 BUCHANAN SPC: Creditors' Proofs of Debt Due February 25 CABLETEL CAYMAN: Shareholder Receives Wind-Up Report CABLETEL CAYMAN: Shareholder Receives Wind-Up Report COBHAM FUNDING: Members Receive Wind-Up Report CRYSTAL MANAGEMENT: Placed Under Voluntary Wind-Up CYCLONE INVESTMENTS: Members Receive Wind-Up Report DOMINICAN DISTRIBUTION: Placed Under Voluntary Wind-Up DUNSTANBURGH FINANCE: Shareholders Receive Wind-Up Report GIS DIVERSIFIED: Placed Under Voluntary Wind-Up IAM HA: Shareholders Receive Wind-Up Report IAM HA: Shareholders Receive Wind-Up Report INVESCO NAVIGATOR: Members Receive Wind-Up Report INVESCO NAVIGATOR: Members Receive Wind-Up Report ISKRA CAPITAL: Members Receive Wind-Up Report ISKRA RUSSIA: Members Receive Wind-Up Report KILGALLON FINANCE: Shareholders Receive Wind-Up Report LAZARD CONVERTIBLE: Members Receive Wind-Up Report LEHMAN BROTHERS: Shareholders Receive Wind-Up Report LEHMAN BROTHERS: Shareholders Receive Wind-Up Report MKM LONGBOAT: Commences Liquidation Proceedings RAVENSWORTH FINANCE: Shareholders Receive Wind-Up Report REIGATE FUNDING: Shareholders Receive Wind-Up Report ROARING PROSPER: Commences Liquidation Proceedings SHUAA SAFFRON: Shareholders Receive Wind-Up Report SFM INVESTMENTS: Commences Liquidation Proceedings SPIRIT LONG/SHORT: Placed Under Voluntary Wind-Up ZS-SAX LEASING: Placed Under Voluntary Wind-Up J A M A I C A CABLE & WIRLESS: Axes Three Senior Executives M E X I C O GRUMA SAB: Fitch Assigns 'BB-/RR3' Rating on US$300-Mil. Bonds P U E R T O R I C O GREEN AGE: Case Summary & 20 Largest Unsecured Creditors URANUS DEVELOPMENT: Case Summary & 13 Largest Unsecured Creditors X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Ordered to Stay in Custody for Treatment -------------------------------------------------------------- Ronnie Crocker at Houston Chronicle reports that U.S. District Judge David Hittner ordered Stanford International Bank Limited owner Robert Allen Stanford to remain in federal custody while undergoing treatment for drug addiction and further evaluation of his competence to stand trial. The report relates that Judge Hittner ruled after a hearing earlier this month that Mr. Stanford cannot be tried until he undergoes detoxification from addictions to medications he's received in jail. According to Houston Chronicle, Judge Hittner noted his decision in a formal order and recommended that the government send Mr. Stanford to a federal Bureau of Prisons medical facility. Yet while declaring Mr. Stanford "incompetent to stand trial at this time," Judge Hittner's order admonished prosecutors and defense attorneys to "diligently prepare this case to proceed to trial," Houston Chronicle notes. As reported in the Troubled Company Reporter-Latin America on January 28, 2011, The Wall Street Journal said that Judge Hittner found Mr. Stanford incompetent to stand trial following conclusions by three psychiatrists that Mr. Stanford is mentally impaired. According to The Wall Street Journal, the decision by Judge Hittner means Mr. Stanford's trial, originally scheduled to begin this month, could be delayed at least through the second half of the year. The report disclosed that Mr. Stanford's condition, according to the experts, has deteriorated since he was incarcerated in mid-2009 due to a combination of factors, including a head injury suffered in a confrontation with another inmate, a major depressive disorder and excessive medication for anxiety and depression, to which he has become addicted. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ============= B E R M U D A ============= GUARANTY DIRECT: Creditors' Proofs of Debt Due February 9 --------------------------------------------------------- The creditors of Guaranty Direct Insurance Company Ltd. are required to file their proofs of debt by February 9, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 20, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda GUARANTY DIRECT: Members' Final Meeting Set for March 2 ------------------------------------------------------- The members of Guaranty Direct Insurance Company Ltd. will hold their final meeting on March 2, 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 liquidation proceedings on January 20, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ============= B E R M U D A ============= GLOBAL CROSSING: Iridian Asset No Longer Over-5% Owner ------------------------------------------------------ In an amended Schedule 13G filing with the Securities and Exchange Commission dated January 25, 2011, Iridian Asset Management LLC, David L. Cohen, and Harold J. Levy reported that they ceased to be the beneficial owner of more than five percent of the class of securities of Global Crossing Limited. Iridian is majority owned by Arovid Associates LLC, a Delaware limited liability company owned and controlled by these entities -- 12.5% by Mr. Cohen; 12.5% by Mr. Levy; 37.5% by LLMD LLC, a Delaware limited liability company; and 37.5% by ALHERO LLC, a Delaware limited liability company. LLMD LLC is owned 1% by Mr. Cohen, and 99% by a family trust controlled by Mr. Cohen. ALHERO LLC is owned 1% by Levy and 99% by a family trust controlled by Levy. About Global Crossing Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC) is a global IP and Ethernet solutions provider with the world's first integrated global IP-based network. The company offers a full range of data, voice and collaboration services with an industry leading customer experience and delivers service to approximately 40% of the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It delivers converged IP services to more than 700 cities in more than 70 countries around the world. The Company's balance sheet at Sept. 30, 2010, showed US$2.24 billion in total assets, US$2.74 billion in total liabilities, and a stockholder's deficit of US$502.0 million. * * * In November 2010, Moody's Investors Service affirmed the Company's 'B3' corporate family and probability of default ratings. Global Crossing's B3 ratings are influenced primarily by the company's participation in a highly competitive telecommunications arena, its relatively poor EBITDA margins, limited free cash generating capacity, and significant debt load. GLOBAL CROSSING: 2011 Long-Term Incentive Plan Approved ------------------------------------------------------- Effective January 21, 2011, the Board of Directors of Global Crossing Limited and the Compensation Committee of the Company's Board approved the Company's 2011 long-term incentive program. Under the 2011 Long-Term Incentive Program, the executive officers named in the Summary Compensation Table of the Company's proxy statement for its 2010 Annual General Meeting of Shareholders each received restricted stock units and performance shares under the 2003 Global Crossing Limited Stock Incentive Plan. Effective the same date, the Board and the Compensation Committee also approved a reward program for certain employees of the Company. Each Named Executive Officer received RSUs under the Special Rewards Program. The number of RSUs and the target number of performance shares granted to the Named Executive Officers under the 2011 Long-Term Incentive Program and the Special Rewards Program are: 2011 Long-Term Special Rewards Incentive Program Program ------------------------- --------------- Target RSUs Performance Shares RSUs ------- ------------------ ------ John J. Legere 127,800 127,800 41,481 Hector R. Alonso 20,950 20,950 8,172 David R. Carey 22,950 22,950 10,417 Daniel J. Enright 22,950 22,950 9,805 John A. Kritzmacher 37,150 37,150 13,481 Each RSU, whether granted under the 2011 Long-Term Incentive Program or under the Special Rewards Program, entitles a Named Executive Officer to receive an unrestricted share of the Company's common stock on January 21, 2014, subject to his continued employment through that date and subject to earlier pro- rata vesting in the event of death or long-term disability; provided that all of Mr. Legere's unvested RSUs vest upon actual or constructive termination without cause or due to death or long- term disability. Each RSU will also vest in full upon a Change in Control. Each performance share provides a Named Executive Officer with the opportunity to receive an unrestricted share of the Company's common stock on January 21, 2014, subject to his continued employment through that date and subject to earlier pro-rata payout in the event of death or long-term disability; provided that all of Mr. Legere's unvested performance shares vest upon actual or constructive termination without cause or due to death or long-term disability. In the event of a Change in Control, the performance share opportunity payout will be determined on the basis of the Company's relative total shareholder return against those indices calculated through the relevant Change in Control date. Each Named Executive Officer's target performance share opportunity is based on total shareholder return over a three year period as compared to two peer groups. Depending on how the Company ranks in total shareholder return as compared to the two peer groups, each grantee may earn 0% to 200% of the target number of performance shares. No payout will be made if the average of the Company's total shareholder return results relative to the two peer groups represents a ranking below the 30th percentile, and the maximum payout of 200% will be made if such average ranking is at or above the 80th percentile; provided that the portion of any payout exceeding 100% of the target award and not resulting from a Change in Control will be paid in the sole discretion of the Compensation Committee and, unless the Committee determines otherwise in its sole discretion, will be paid, if at all, in cash rather than shares, with such cash being an amount equal to the product of (i) the average closing price of the Company's common shares for the month of December 2013 multiplied by (ii) the number of shares constituting the target award multiplied by (iii) the percentage payout in excess of 100%. About Global Crossing Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC) is a global IP and Ethernet solutions provider with the world's first integrated global IP-based network. The company offers a full range of data, voice and collaboration services with an industry leading customer experience and delivers service to approximately 40% of the Fortune 500, as well as to 700 carriers, mobile operators and ISPs. It delivers converged IP services to more than 700 cities in more than 70 countries around the world. * * * As reported by the Troubled Company Reporter on March 31, 2010, Standard & Poor's Ratings Services raised all its ratings on Global Crossing, including the corporate credit rating to 'B' from 'B-'. The outlook is stable. Standard & Poor's Ratings Services said it assigned its 'CCC+' issue-level rating and '6' recovery rating to Bermuda-based Global Crossing Ltd.'s proposed US$150 million of senior unsecured notes due 2019. The '6' recovery rating indicates S&P's expectation for negligible (0%-10%) recovery in the event of a payment default. =========================== C A Y M A N I S L A N D S =========================== BRANZINO LIMITED: Members Receive Wind-Up Report ------------------------------------------------ The members of Branzino Limited received on January 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands BRIGADIER CAPITAL: Creditors' Proofs of Debt Due February 25 ------------------------------------------------------------ The creditors of Brigadier Capital Offshore Fund Ltd. are required to file their proofs of debt by February 25, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands BUCHANAN SPC: Creditors' Proofs of Debt Due February 25 ------------------------------------------------------- The creditors of Buchanan SPC are required to file their proofs of debt by February 25, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 14, 2010. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands CABLETEL CAYMAN: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Cabletel Cayman 1 received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Julie Twinn Telephone: (345) 815-1770 Facsimile: (345) 949-9877 CABLETEL CAYMAN: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Cabletel Cayman 2 received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Julie Twinn Telephone: (345) 815-1770 Facsimile: (345) 949-9877 COBHAM FUNDING: Members Receive Wind-Up Report ---------------------------------------------- The members of Cobham Funding Limited received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London CRYSTAL MANAGEMENT: Placed Under Voluntary Wind-Up -------------------------------------------------- On December 14, 2010, the sole shareholder of Crystal Management Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 14, 2011, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands CYCLONE INVESTMENTS: Members Receive Wind-Up Report --------------------------------------------------- The members of Cyclone Investments Limited received on January 12, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Charles Pitter c/o Prue Lawson Telephone: (345) 914 8662 Facsimile: (345) 945 4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands DOMINICAN DISTRIBUTION: Placed Under Voluntary Wind-Up ------------------------------------------------------ On December 14, 2010, the sole member of Dominican Distribution Holdings Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. 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 DUNSTANBURGH FINANCE: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Dunstanburgh Finance (Cayman) Limited received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London GIS DIVERSIFIED: Placed Under Voluntary Wind-Up ----------------------------------------------- On December 10, 2010, the sole member of GIS Diversified Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 26, 2011, will be included in the company's dividend distribution. 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 IAM HA: Shareholders Receive Wind-Up Report ------------------------------------------- The shareholders of Iam Ha Partners Fund received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IAM HA: Shareholders Receive Wind-Up Report ------------------------------------------- The shareholders of Iam Ha Absolute Return Fund received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands INVESCO NAVIGATOR: Members Receive Wind-Up Report ------------------------------------------------- The members of Invesco Navigator Fund Ltd received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands INVESCO NAVIGATOR: Members Receive Wind-Up Report ------------------------------------------------- The members of Invesco Navigator Fund (Offshore) Ltd received on January 28, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian D. Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands ISKRA CAPITAL: Members Receive Wind-Up Report --------------------------------------------- The members of Iskra Capital Management, Inc. received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands ISKRA RUSSIA: Members Receive Wind-Up Report -------------------------------------------- The members of Iskra Russia Small Caps Fund received on January 25, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands KILGALLON FINANCE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Kilgallon Finance Limited received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London LAZARD CONVERTIBLE: Members Receive Wind-Up Report -------------------------------------------------- The members of Lazard Convertible Opportunities SPC 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 LEHMAN BROTHERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lehman Brothers Market Neutral L/S Portfolio Fund, 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: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands LEHMAN BROTHERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lehman Brothers Market Neutral L/S Offshore Fund, 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: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands MKM LONGBOAT: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on November 30, 2010, the shareholders of MKM Longboat Multi Strategy Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: Roy Bailey Robin Lee McMahon c/o Barry MacManus Telephone: (345) 814 8968 Facsimile: (345) 814 8529 Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman KY1-1106 Cayman Islands RAVENSWORTH FINANCE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Ravensworth Finance Limited received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London REIGATE FUNDING: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Reigate Funding Limited received on January 20, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe London ROARING PROSPER: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on December 10, 2010, the members of Roaring Prosper Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 20, 2011, will be included in the company's dividend distribution. The company's liquidator is: Portcullis Trustnet (Cayman) Ltd. Michelle R. Bodden-Moxam Telephone: 345-946-6145 Facsimile: 345-946-6146 The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052, Grand Cayman KY1-1208 Cayman Islands SHUAA SAFFRON: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Shuaa Saffron Alternative Strategies SPC, 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 SFM INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------- On December 13, 2010, the shareholder of SFM Investments LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by February 4, 2011, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands SPIRIT LONG/SHORT: Placed Under Voluntary Wind-Up ------------------------------------------------- On December 9, 2010, the sole shareholder of Spirit Long/Short Equity Holdings Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Ogier c/o Michelle Richie Telephone: (345) 815-1755 Facsimile: (345) 949-9877 c/o Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands ZS-SAX LEASING: Placed Under Voluntary Wind-Up ---------------------------------------------- On December 14, 2010, the shareholder of ZS-Sax Leasing Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 28, 2011, will be included in the company's dividend distribution. The company's liquidators are: David Preston Isabel Mason P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 ============= J A M A I C A ============= CABLE & WIRLESS: Axes Three Senior Executives --------------------------------------------- RadioJamaica reports that Cable & Wireless Caribbean has cut three of its very senior executives in a major shake-up that a company official has described, as a realignment of the management team. According to RadioJamaica, the company, which trades as LIME, has severed ties with Barbadian vice president, Donald Austin, its executive with responsibility for legal and regulatory matters. The report relates that the company also severed Milton Brady, a Jamaican national who operated from Barbados as the company's chief commercial officer, and Henry Reid, another Jamaican who was executive vice-president with responsibility for human resources. All three reported directly to David Shaw, LIME's chief executive officer who operates from Jamaica, RadioJamaica notes. Cable & Wireless Communications PLC is a global provider of telecommunications and Internet services. Cable & Wireless telecommunication services provide fixed and mobile voice, data and IP services to consumers and businesses located in the Caribbean. * * * As of January 31, 2011, the company continues to carry Moody's "B1" senior unsecured debt rating. The company also continues to carry Standard and Poor's "B" short-term issuer credit ratings. =========== M E X I C O =========== GRUMA SAB: Fitch Assigns 'BB-/RR3' Rating on US$300-Mil. Bonds -------------------------------------------------------------- Fitch Ratings placed these ratings for Gruma, S.A.B. de C.V. on Rating Watch Positive: -- Foreign currency long-term Issuer Default Rating (IDR) 'B+'; -- Local currency-long term IDR 'B+'; -- Perpetual bonds issuance for US$300 million 'BB-/RR3'. The rating action follows Gruma's announcement of its intention to sell a majority portion of its 8.8% stake ownership in Grupo Financiero Banorte, S.A.B. de C.V. equivalent to 177.5 million shares; the market value is estimated to be above US$700 million. Gruma will use the proceeds from this transaction to pay down debt, resulting in an improved financial position. As of Sept. 30, 2010, the company reported cash and marketable securities of MXN916 million and total debt of MXN19.5 billion, of which MXN1.9 billion was short term. For the latest 12 months ended Sept. 30, 2010, Gruma's total debt/EBITDA ratio was 4.4 times (x), while its net debt/EBITDA ratio was 4.2x. The Rating Watch for Gruma will be resolved after the transaction is completed, subject to the review of further material information, and could result in a rating upgrade. ===================== P U E R T O R I C O ===================== GREEN AGE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Green Age Construction Corp. MSC 865 Winston Churchill 168 San Juan, PR 00926 Bankruptcy Case No.: 11-00509 Chapter 11 Petition Date: January 26, 2011 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Alexis Fuentes Hernandez, Esq. FUENTES LAW OFFICES P.O. Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5216 Fax: (787) 722-5206 E-mail: alex@fuentes-law.com Scheduled Assets: US$4,674,803 Scheduled Debts: US$1,702,623 The petition was signed by Michael Redondo, president. Debtor-affiliate filing separate Chapter 11 petition: Entity Case No. Petition Date ------ -------- ------------- Four Lions Corp. 11-00419 01/25/11 Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Tau Electric, Inc. Subcontractor US$161,550 P.O. Box 19117 San Juan, PR 00910 1 First Leasing & Rental Corp Vehicle Lease $122,685 P.O. Box 11852 San Juan, PR 00910-1852 Ranger American of P.R. -- $108,169 P.O. Box 29105 San Juan, PR 00920-0105 MAC Climber, Inc. Supplies $102,983 Atlantis Group Subcontractor $91,182 Metallica Subcontractor $84,965 Lanco Manufacturing Corp. Supplies $77,555 Fondo Seguro Del Estado -- $70,411 Ready Cables, Inc. -- $58,180 Easy Rental Equipment, Inc. Rental Equipment $56,000 Compresores & Equipos -- $48,462 Pedro R. Rivera -- $48,166 MP Elevator Subcontractor $45,800 Ferreteria Madera 3C -- $40,029 Volvo Rents -- $39,715 United States Treasury -- $35,882 Santiago Roofing, Cont. Inc. Subcontractor $29,004 Nicolas Laracuente Subcontractor $28,759 Gobierno Municipal Carolina -- $27,054 Master Concrete Corp. Supplies $23,032 URANUS DEVELOPMENT: Case Summary & 13 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Uranus Development LLC MCS 865, Winston Churchill 168 San Juan, PR 00926 Bankruptcy Case No.: 11-00510 Chapter 11 Petition Date: January 26, 2011 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Alexis Fuentes Hernandez, Esq. FUENTES LAW OFFICES P.O. Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5216 Fax: (787) 722-5206 E-mail: alex@fuentes-law.com Scheduled Assets: US$5,100,000 Scheduled Debts: US$51,005,926 A list of the Company's 13 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb11-00510.pdf The petition was signed by Michael Redondo, president. Debtor-affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- Four Lions Corp. 11-00419 01/25/11 =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 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HAGA-P 21299042.6 -62858771.3 CAFE3 BZ CAF BRASILIA 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 * * *