/raid1/www/Hosts/bankrupt/TCRLA_Public/110208.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 8, 2011, Vol. 12, No. 27
Headlines
A R G E N T I N A
BANCO REGIONAL: Moody's Withdraws 'D-' Bank Strength Rating
BLASE SA: Requests for Opening of Bankruptcy Proceedings
INTERNACIONAL DINA: Applies for Reorganization Proceedings
MATCYN SA: Asks for Bankruptcy Proceedings
PROINVEST SA: Files for Bankruptcy
RUTA PUBLICIDAD: Applies for Reorganization Proceedings
B R A Z I L
APERAM SA: S&P Assigns 'BB' Long-Term Corporate Credit Rating
C A Y M A N I S L A N D S
AMATHEA VIII: Members Receive Wind-Up Report
APPALOOSA LEASING: Shareholders Receive Wind-Up Report
CASCADIA II: Shareholder Receives Wind-Up Report
COOPER ASSET: Shareholder Receives Wind-Up Report
DOMINICAN DISTRIBUTION: Shareholders Receive Wind-Up Report
DR ENERGY: Shareholders Receive Wind-Up Report
GREEN PARK: Shareholders Receive Wind-Up Report
IMPALA ALTERNATIVE: Members Receive Wind-Up Report
ISAM GOLD: Shareholder to Hear Wind-Up Report on March 7
ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
MEDQUAKE LIMITED: Shareholder Receives Wind-Up Report
OCEANUS HOLDING: Shareholders Receive Wind-Up Report
PEQUOT SHORT: Shareholders Receive Wind-Up Report
PEQUOT SHORT: Shareholders Receive Wind-Up Report
RAB GOLD: Shareholders Receive Wind-Up Report
RAB GOLD: Shareholders Receive Wind-Up Report
SUCCESSOR II: Shareholder Receives Wind-Up Report
TERRASSA I: Members Receive Wind-Up Report
TERRASSA II: Members Receive Wind-Up Report
TERRASSA III: Members Receive Wind-Up Report
TERRASSA IV: Members Receive Wind-Up Report
TRICO MARINE: Proofs of Claim Must Be Filed by February 24
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
WITTENHAM LATIN: Shareholders to Hear Wind-Up Report on February 8
ZAGORA I: Members Receive Wind-Up Report
ZAGORA II: Members Receive Wind-Up Report
ZAGORA III: Members Receive Wind-Up Report
ZAGORA IV: Members Receive Wind-Up Report
ZS-SAX LEASING: Shareholders Receive Wind-Up Report
J A M A I C A
INTERTRADE FINANCE: FSC Suspends Firm's License
P U E R T O R I C O
JUNCO STEEL: Case Summary & 20 Largest Unsecured Creditors
X X X X X X X X
* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BANCO REGIONAL: Moody's Withdraws 'D-' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Regional de Cuyo S.A. following the completion of the bank's
merger with Banco Supervielle S.A.
Cuyo has no rated foreign currency debt outstanding.
Banco Regional de Cuyo S.A., located in Mendoza, Argentina, had
AR$904.7 million in assets and AR$111.2 million in equity as of
September 30, 2010.
These ratings of Banco Regional de Cuyo were withdrawn:
* Bank Financial Strength Rating: D-, stable outlook
* Global Long-Term Local-Currency Deposit Rating: Ba3, stable
outlook
* Global Long-Term Foreign Currency Deposit Rating: Caa1, stable
outlook
* Global Short-Term Local Currency Deposit Rating: Not Prime,
stable outlook
* Global Short-Term Foreign Currency Deposit Rating: Not Prime,
stable outlook
* National Scale Local Currency Deposit Rating: Aa2.ar, stable
outlook
* National Scale Foreign Currency Deposit Rating: Ba1.ar, stable
outlook
BLASE SA: Requests for Opening of Bankruptcy Proceedings
--------------------------------------------------------
Blase SA requested for the opening of bankruptcy proceedings.
INTERNACIONAL DINA: Applies for Reorganization Proceedings
----------------------------------------------------------
Internacional Dina SA has applied for reorganization proceedings.
The company has defaulted on its payments due July 31, 2009.
MATCYN SA: Asks for Bankruptcy Proceedings
------------------------------------------
Matcyn SA asked for bankruptcy proceedings.
The company has defaulted on its payments due May 2008.
PROINVEST SA: Files for Bankruptcy
----------------------------------
Proinvest SA has filed bankruptcy proceedings.
RUTA PUBLICIDAD: Applies for Reorganization Proceedings
-------------------------------------------------------
Ruta Publicidad SA applied for reorganization proceedings.
The company has defaulted on its payments due February 26, 2010.
===========
B R A Z I L
===========
APERAM SA: S&P Assigns 'BB' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary 'BB' long-term corporate credit rating to Aperam S.A.,
the global stainless and specialty steel producer that has been
spun off from ArcelorMittal (BBB-/Stable/A-3). The outlook is
stable.
Aperam's gross debt currently consists of US$0.2 billion in
bilateral bank loans and a US$0.9 billion one-year bridge facility
provided by ArcelorMittal Finance (BBB-/Stable/NR). Aperam
expects to refinance the bridge facility with the proceeds from a
bond issuance and bank loans.
The final rating will depend upon the documentation of the loans
and the bond, as well as successful placement of the long-term
bond and arrangement of bank loans to refinance the bridge
facility. Accordingly, the preliminary rating should not be
construed as evidence of a final rating. If Aperam is unable to
attract long-term financing to refinance the bridge facility
within a reasonable time frame, or if there are, for example,
maintenance earnings-based covenants, Standard & Poor's reserves
the right to withdraw or revise its rating.
"The 'BB' preliminary corporate credit rating reflects S&P's view
of Aperam's business risk profile as 'fair' and financial risk
profile as 'significant,'" said Standard & Poor's credit analyst
Elad Jelasko.
S&P considers the business risk profile to be "fair" because of
Aperam's position as the third-largest player in the global
stainless steel industry, its diversified production base and
profitable operations in Brazil, which in S&P's view have further
growth potential; and its large distribution network.
The business risk profile is constrained by the stainless steel
industry's cyclicality and high volatility, which is due, in S&P's
view, to cyclical demand for its products and current
overcapacity. S&P anticipates no material improvement in industry
conditions in 2011 and notes that Aperam has only limited presence
in nickel alloys and specialty products, which S&P regards as more
advantageous segments of the industry, given lower competition and
generally higher margins.
S&P considers the financial risk profile to be "significant"
because S&P assumes Aperam will maintain a moderate financial
policy, including an ability and willingness to adjust capital
expenditures in line with operating cash flow; a moderate dividend
policy; and conservative liquidity management. S&P also expects
adequate liquidity with no material debt amortization in 2011-2013
and available committed long-term credit facilities of about
US$400 million-US$500 million. The financial risk profile is
constrained by the volatility of the company's funds from
operations and working capital, which is linked to the prices of
nickel and ferrochrome, and significant leverage with gross debt
of about US$1.1 billion at the time of the spin-off from
ArcelorMittal.
Aperam consolidates the stainless and specialty steel assets that
were previously owned by the world's largest steelmaker,
ArcelorMittal. Aperam's shares were allocated to the existing
shareholders of ArcelorMittal, with Lakshmi Mittal and his family
controlling 40.83%.
The stable outlook reflects S&P's view that Aperam will maintain
its business position and demonstrate prudent financial
management. S&P further anticipates that the company will be able
to achieve a fully adjusted ratio of funds from operations to debt
of above 20% through the cycle. The preliminary rating
incorporates S&P's assumption that liquidity will be adequate and
the company won't have earnings-based covenants.
S&P might lower the preliminary rating if S&P sees a significant
weakening of Aperam's performance in 2011, or if leverage were to
exceed S&P's expectations because of an overly aggressive
investment appetite.
"We do not envisage an upgrade over the next 12 months because
that would be based on sustainable improvement in industry
conditions, which S&P does not currently anticipate, as well as
Aperam's progress in rationalization of its capacities and
efficiency improvements," said Mr. Jelasko.
===========================
C A Y M A N I S L A N D S
===========================
AMATHEA VIII: Members Receive Wind-Up Report
--------------------------------------------
The members of Amathea VIII Ltd. received on January 25, 2011, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
APPALOOSA LEASING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Appaloosa Leasing Limited received on
January 28, 2011, the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
David Preston
Isabel Mason
Telephone: 949-7755
Facsimile: 949-7634
CASCADIA II: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Cascadia II Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.
The company's liquidators are:
David Preston
Beverly Bernard
c/o Nicola Eccleston
Telephone: 949-7755
Facsimile: 949-7634
COOPER ASSET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Cooper Asset Management Ltd. 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 Michelle Richie
Telephone: (345) 815-1755
Facsimile: (345) 949-9877
DOMINICAN DISTRIBUTION: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Dominican Distribution Holdings Ltd. received
on January 26, 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
DR ENERGY: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of DR Energy Holdings Ltd. received on
January 26, 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
GREEN PARK: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Green Park Walk Funding received on
February 4, 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
IMPALA ALTERNATIVE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Impala Alternative Energy Fund Ltd. received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
ISAM GOLD: Shareholder to Hear Wind-Up Report on March 7
--------------------------------------------------------
The shareholder of Isam Gold will receive on March 7, 2011, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Highwater Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855, Grand Cayman, KY1-1207
Cayman Islands
ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
---------------------------------------------------------
The shareholder of Isam Trend Master will receive on March 7,
2011, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Highwater Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855, Grand Cayman, KY1-1207
Cayman Islands
ISAM TREND: Shareholder to Hear Wind-Up Report on March 7
---------------------------------------------------------
The shareholder of Isam Trend will receive on March 7, 2011, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Highwater Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855, Grand Cayman, KY1-1207
Cayman Islands
MEDQUAKE LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Medquake Limited received on January 28, 2011,
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
David Preston
Beverly Bernard
c/o Nicola Eccleston
Telephone: 949-7755
Facsimile: 949-7634
OCEANUS HOLDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Oceanus Holding Company Ltd. received on
January 26, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jason H. Lee
Suite 2801, 28th Floor, Two Pacific Place
88 Queensway
Hong Kong
c/o Fiona MacAdam
Walkers, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
PEQUOT SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pequot Short Credit Master 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:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
PEQUOT SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pequot Short Credit Offshore 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:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
RAB GOLD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Rab Gold Fund Limited received on January 25,
2011, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
RAB GOLD: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Rab Gold Master Fund Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
SUCCESSOR II: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Successor II Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.
The company's liquidators are:
David Preston
Beverly Bernard
c/o Nicola Eccleston
Telephone: 949-7755
Facsimile: 949-7634
TERRASSA I: Members Receive Wind-Up Report
------------------------------------------
The members of Terrassa I Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
TERRASSA II: Members Receive Wind-Up Report
-------------------------------------------
The members of Terrassa II Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
TERRASSA III: Members Receive Wind-Up Report
--------------------------------------------
The members of Terrassa III Limited received on January 25, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
TERRASSA IV: Members Receive Wind-Up Report
-------------------------------------------
The members of Terrassa IV Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
TRICO MARINE: Proofs of Claim Must Be Filed by February 24
----------------------------------------------------------
The Honorable Brendan L. Shannon directs creditors holding claims
that arose against Trico Marine Services, Inc., and its debtor-
affiliates to file their proofs of claim by Feb. 24, 2011.
Governmental units have until Aug. 25, 2011, to file their proofs
of claim. Further information about the bar date and claim forms
are available at http://dm.epiq11.com/TMG
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico sought Chapter 11 protection (Bankr. D. Del. Case No.
10-12653) on Aug. 25, 2010. John E. Mitchell, Esq., Angela B.
Degeyter, Esq., John Paul K. Napier, Esq., and Harry A. Perrin,
Esq., at Vinson & Elkins LLP, in Dallas, Tex., and Robert J.
Dehney, Esq., Eric Schwartz, Esq. and Andrew R. Remming, at
Morris, Nichols, Arsht & Tunnell LLP in Wilmington, Del.,
represent the Debtor. Trico disclosed US$30.5 million in assets
and US$353.6 million in liabilities as of the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC provides the independent accountants
and tax advisors for the Debtors.
Except for the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Del., and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
----------------------------------------------------------------
The shareholder of Transparent Value Fund SPC, Ltd. will receive
on March 4, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Highwater Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre, 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman KY1-1207
Cayman Islands
TRANSPARENT VALUE: Shareholder to Hear Wind-Up Report on March 4
----------------------------------------------------------------
The shareholder of Transparent Value Master Fund SPC, Ltd. will
receive on March 4, 2011, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Highwater Limited
c/o Nicole Ebanks
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre, 1st Floor
802 West Bay Road
P.O. Box 31855, Grand Cayman KY1-1207
Cayman Islands
WITTENHAM LATIN: Shareholders to Hear Wind-Up Report on February 8
------------------------------------------------------------------
The shareholders of Wittenham Latin America Fund Ltd will receive
on February 8, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Peter Douglas
GFIA Pte Ltd
59 Club Street
Singapore 069434
Telephone: +65 6222 3289
ZAGORA I: Members Receive Wind-Up Report
----------------------------------------
The members of Zagora I Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
ZAGORA II: Members Receive Wind-Up Report
-----------------------------------------
The members of Zagora II Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
ZAGORA III: Members Receive Wind-Up Report
------------------------------------------
The members of Zagora III Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
ZAGORA IV: Members Receive Wind-Up Report
-----------------------------------------
The members of Zagora IV Investments Limited received on
January 25, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Edward George Saville
Begbies Traynor Cayman Limited
Genesis Building, Genesis Close
P.O. Box 679 Grand Cayman KY1-1107
Cayman Islands
ZS-SAX LEASING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of ZS-Sax Leasing Limited received on January 28,
2011, the liquidators' report on the company's wind-up proceedings
and property disposal.
The company's liquidators are:
David Preston
Isabel Mason
Telephone: 949-7755
Facsimile: 949-7634
=============
J A M A I C A
=============
INTERTRADE FINANCE: FSC Suspends Firm's License
-----------------------------------------------
RadioJamaica reports that the Financial Services Commission has
issued a notice advising that it has suspended the license of
Intertrade Finance Corporation Limited. The report relates that
the suspension has, however, been stayed, which means that the
company can operate as normal, pending an appeal which has been
lodged against the suspension of the license.
Intertrade Finance's attorney Anthony Gifford released a statement
saying the main complaint the FSC used to suspend the license of
the securities dealer was the late submission of Intertrade
Finance's financial accounts, according to RadioJamaica.
Mr. Gifford, the report notes, said that he further sought to
debunk public perception that the suspension of the license was
due to the company's integrity being called into question.
"It has nothing to do with integrity. That is the position we're
putting forward in the Court of Appeal. I know of no reports of
Intertrade Finance investors having difficulties accessing their
funds no[r] should there be any," RadioJamaica quoted Mr. Gifford
as saying.
RadioJamaica has referred to Section 9 of the Securities Act under
which the license was suspended. The report relates that section
highlights a license can be suspended if a dealer "ceased to be
fit and proper," "has failed to meet solvency and liquidity
requirements," "submits false or misleading statements," or
operate in contravention of the license.
Intertrade Finance Corporation Limited is a securities dealer.
=====================
P U E R T O R I C O
=====================
JUNCO STEEL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Junco Steel Corporation
Cale A No. 155
Urbanizacion Industrial Minillas
Bayamon, PR 00960
Bankruptcy Case No.: 11-00827
Chapter 11 Petition Date: February 2, 2011
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Carmen D. Conde Torres, Esq.
254 San Jose Street, 5th Floor
San Juan, PR 00901-1523
Tel: (787) 729-2900
Fax: (787) 729-2203
E-mail: notices@condelaw.com
Estimated Assets: US$0 to US$50,000
Estimated Debts: US$10,000,001 to US$50,000,000
A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb11-00827.pdf
The petition was signed by Miguel Torregrosa Fuertes, general
manager.
===============
X X X X X X X X
===============
* S&P Global Defaults Tally Now at 2 After Sbarro Missed Payment
----------------------------------------------------------------
U.S.-based restaurant Sbarro Inc. missed an interest payment this
week, raising the 2011 global corporate default tally to two, said
an article published February 4 by Standard & Poor's, titled
"Global Corporate Default Update (Jan. 28 - Feb. 3, 2011)
(Premium)."
By comparison, 15 global corporate issuers had defaulted by this
time in 2010 (13 U.S.-based issuers, one Australian issuer, and
one Canadian issuer).
Both of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the defaults in 2010, 28 resulted from missed interest or
principal payments, 25 resulted from Chapter 11 and foreign
bankruptcy filings, 23 from distressed exchanges, three from
receiverships, and one each from regulatory directives and
administration.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
SOC COMERCIAL PL CADN SW 138884129.5 -2.53E+08
COMERCIAL PLAT-$ COMED AR 138884129.5 -2.53E+08
COMERCIAL PL-ADR SCPDS LI 138884129.5 -2.53E+08
SOC COMERCIAL PL CADN EO 138884129.5 -2.53E+08
SOC COMERCIAL PL CVVIF US 138884129.5 -2.53E+08
SOC COMERCIAL PL SCDPF US 138884129.5 -2.53E+08
COMERCIAL PLA-BL COMEB AR 138884129.5 -2.53E+08
SOC COMERCIAL PL COME AR 138884129.5 -2.53E+08
SOC COMERCIAL PL CAD IX 138884129.5 -2.53E+08
COMERCIAL PL-C/E COMEC AR 138884129.5 -2.53E+08
SNIAFA SA-B SDAGF US 11229696.22 -2670545
SNIAFA SA-B SNIA5 AR 11229696.22 -2670545
SNIAFA SA SNIA AR 11229696.22 -2670545
BRAZIL
VARIG SA-PREF VAGV4 BZ 966298025.5 -4.7E+09
VARIG SA-PREF VARGPN BZ 966298025.5 -4.7E+09
VARIG SA VARGON BZ 966298025.5 -4.7E+09
VARIG SA VAGV3 BZ 966298025.5 -4.7E+09
AGRENCO LTD AGRE LX 542862484 -2.98E+08
AGRENCO LTD-BDR AGEN11 BZ 542862484 -2.98E+08
LAEP-BDR MILK11 BZ 432349610.3 -1.61E+08
LAEP INVESTMENTS LEAP LX 432349610.3 -1.61E+08
HABITASUL HBTS3 BZ 408678629.1 -108615.4
HABITASUL-PREF B HBTS6 BZ 408678629.1 -108615.4
HABITASUL-PREF A HSULAN BZ 408678629.1 -108615.4
HABITASUL HSULON BZ 408678629.1 -108615.4
HABITASUL-PREF B HSULBN BZ 408678629.1 -108615.4
HABITASUL-PREF A HBTS5 BZ 408678629.1 -108615.4
CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014292
CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014292
CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014292
CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014292
CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014292
CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014292
BOMBRIL CIRIO-PF BOBRPN BZ 316331264.9 -1.24E+08
BOMBRIL SA-ADR BMBBY US 316331264.9 -1.24E+08
BOMBRIL CIRIO SA BOBRON BZ 316331264.9 -1.24E+08
BOMBRIL BOBR3 BZ 316331264.9 -1.24E+08
BOMBRIL SA-ADR BMBPY US 316331264.9 -1.24E+08
BOMBRIL-PREF BOBR4 BZ 316331264.9 -1.24E+08
BOMBRIL-RIGHTS BOBR1 BZ 316331264.9 -1.24E+08
BOMBRIL-RGTS PRE BOBR2 BZ 316331264.9 -1.24E+08
BOMBRIL BMBBF US 316331264.9 -1.24E+08
TELEBRAS-ADR TBASY US 262220712.2 -16698444
TELEBRAS SA TELB3 BZ 262220712.2 -16698444
TELEBRAS-RECEIPT TLBRUO BZ 262220712.2 -16698444
TELEBRAS-PF RCPT RCTB41 BZ 262220712.2 -16698444
TELEBRAS-PF RCPT RCTB40 BZ 262220712.2 -16698444
TELEBRAS-PF RCPT CBRZF US 262220712.2 -16698444
TELEBRAS SA-PREF TLBRPN BZ 262220712.2 -16698444
TELEBRAS/W-I-ADR TBH-W US 262220712.2 -16698444
TELEBRAS-RTS CMN TCLP1 BZ 262220712.2 -16698444
TELEBRAS-PF RCPT TBAPF US 262220712.2 -16698444
TELEBRAS-CM RCPT TELE31 BZ 262220712.2 -16698444
TELEBRAS-RCT PRF TELB10 BZ 262220712.2 -16698444
TELEBRAS SA-RT TELB9 BZ 262220712.2 -16698444
TELEBRAS-CED C/E RCT4C AR 262220712.2 -16698444
TELECOMUNICA-ADR 81370Z BZ 262220712.2 -16698444
TELEBRAS-BLOCK TELB30 BZ 262220712.2 -16698444
TELEBRAS-RCT RCTB33 BZ 262220712.2 -16698444
TELEBRAS-ADR TBRAY GR 262220712.2 -16698444
TELEBRAS-PF RCPT TLBRUP BZ 262220712.2 -16698444
TELEBRAS-PF RCPT TELE41 BZ 262220712.2 -16698444
TELEBRAS-CEDEA $ TEL4D AR 262220712.2 -16698444
TELEBRAS-CM RCPT RCTB32 BZ 262220712.2 -16698444
TELEBRAS-ADR TBAPY US 262220712.2 -16698444
TELEBRAS SA-PREF TELB4 BZ 262220712.2 -16698444
TELEBRAS-ADR TBX GR 262220712.2 -16698444
TELEBRAS-ADR RTB US 262220712.2 -16698444
TELEBRAS-CM RCPT RCTB30 BZ 262220712.2 -16698444
TELEBRAS-RTS CMN RCTB1 BZ 262220712.2 -16698444
TELEBRAS-PF BLCK TELB40 BZ 262220712.2 -16698444
TELEBRAS-CEDEA $ RCT4D AR 262220712.2 -16698444
TELEBRAS-CM RCPT TBRTF US 262220712.2 -16698444
TELEBRAS-RTS PRF RCTB2 BZ 262220712.2 -16698444
TELEBRAS-ADR TBH US 262220712.2 -16698444
TELEBRAS-CEDE PF RCTB4 AR 262220712.2 -16698444
TELEBRAS SA TBASF US 262220712.2 -16698444
TELEBRAS SA TLBRON BZ 262220712.2 -16698444
TELEBRAS-PF RCPT RCTB42 BZ 262220712.2 -16698444
TELEBRAS-COM RT TELB1 BZ 262220712.2 -16698444
TELEBRAS-CEDE BL RCT4B AR 262220712.2 -16698444
TELEBRAS-CEDE PF TELB4 AR 262220712.2 -16698444
TELEBRAS-CED C/E TEL4C AR 262220712.2 -16698444
TELEBRAS-CM RCPT RCTB31 BZ 262220712.2 -16698444
TELEBRAS-RTS PRF TLCP2 BZ 262220712.2 -16698444
HOTEIS OTHON SA HOTHON BZ 255036149.9 -42606770
HOTEIS OTHON SA HOOT3 BZ 255036149.9 -42606770
HOTEIS OTHON-PRF HOTHPN BZ 255036149.9 -42606770
HOTEIS OTHON-PRF HOOT4 BZ 255036149.9 -42606770
TEKA-PREF TEKA4 BZ 246866965 -3.93E+08
TEKA-PREF TKTPF US 246866965 -3.93E+08
TEKA TEKA3 BZ 246866965 -3.93E+08
TEKA-ADR TKTPY US 246866965 -3.93E+08
TEKA TKTQF US 246866965 -3.93E+08
TEKA-ADR TKTQY US 246866965 -3.93E+08
TEKA TEKAON BZ 246866965 -3.93E+08
TEKA-ADR TEKAY US 246866965 -3.93E+08
TEKA-PREF TEKAPN BZ 246866965 -3.93E+08
SANSUY SA-PREF A SNSYAN BZ 172563384.2 -94849033
SANSUY SA-PREF B SNSYBN BZ 172563384.2 -94849033
SANSUY-PREF A SNSY5 BZ 172563384.2 -94849033
SANSUY-PREF B SNSY6 BZ 172563384.2 -94849033
SANSUY SA SNSYON BZ 172563384.2 -94849033
SANSUY SNSY3 BZ 172563384.2 -94849033
BALADARE BLDR3 BZ 159454015.9 -52992213
PET MANG-RIGHTS 3678565Q BZ 140673540.9 -1.65E+08
PET MANG-RT 4115360Q BZ 140673540.9 -1.65E+08
PET MANG-RECEIPT RPMG10 BZ 140673540.9 -1.65E+08
PETRO MANGUIN-PF MANGPN BZ 140673540.9 -1.65E+08
PET MANG-RT RPMG1 BZ 140673540.9 -1.65E+08
PETRO MANGUINHOS RPMG3 BZ 140673540.9 -1.65E+08
PET MANGUINH-PRF RPMG4 BZ 140673540.9 -1.65E+08
PETRO MANGUINHOS MANGON BZ 140673540.9 -1.65E+08
PET MANG-RECEIPT RPMG9 BZ 140673540.9 -1.65E+08
PET MANG-RT 4115364Q BZ 140673540.9 -1.65E+08
PET MANG-RT RPMG2 BZ 140673540.9 -1.65E+08
PET MANG-RIGHTS 3678569Q BZ 140673540.9 -1.65E+08
DOCAS IMBITUBA IMBION BZ 96977064.5 -42592603
DOC IMBITUBA-RTP IMBI2 BZ 96977064.5 -42592603
DOC IMBITUBA IMBI3 BZ 96977064.5 -42592603
DOC IMBITUBA-RTC IMBI1 BZ 96977064.5 -42592603
DOC IMBITUB-PREF IMBI4 BZ 96977064.5 -42592603
DOCAS IMBITUB-PR IMBIPN BZ 96977064.5 -42592603
VARIG PART EM SE VPSC3 BZ 96617351.14 -4.6E+08
VARIG PART EM-PR VPSC4 BZ 96617351.14 -4.6E+08
RENAUXVIEW SA-PF TXRX4 BZ 73095833.69 -1.04E+08
TEXTEIS RENAU-RT TXRX1 BZ 73095833.69 -1.04E+08
TEXTEIS RENAUX RENXPN BZ 73095833.69 -1.04E+08
TEXTEIS RENA-RCT TXRX10 BZ 73095833.69 -1.04E+08
TEXTEIS RENAUX RENXON BZ 73095833.69 -1.04E+08
TEXTEIS RENAU-RT TXRX2 BZ 73095833.69 -1.04E+08
RENAUXVIEW SA TXRX3 BZ 73095833.69 -1.04E+08
TEXTEIS RENA-RCT TXRX9 BZ 73095833.69 -1.04E+08
FABRICA RENAUX-P FRNXPN BZ 63865882.02 -73255215
FABRICA TECID-RT FTRX1 BZ 63865882.02 -73255215
FABRICA RENAUX-P FTRX4 BZ 63865882.02 -73255215
FABRICA RENAUX FRNXON BZ 63865882.02 -73255215
FABRICA RENAUX FTRX3 BZ 63865882.02 -73255215
MINUPAR SA-PREF MNPRPN BZ 63144533.79 -60655823
MINUPAR-RCT MNPR9 BZ 63144533.79 -60655823
MINUPAR-PREF MNPR4 BZ 63144533.79 -60655823
MINUPAR-RT MNPR1 BZ 63144533.79 -60655823
MINUPAR SA MNPRON BZ 63144533.79 -60655823
MINUPAR MNPR3 BZ 63144533.79 -60655823
VARIG PART EM TR VPTA3 BZ 49432124.18 -3.99E+08
VARIG PART EM-PR VPTA4 BZ 49432124.18 -3.99E+08
CIMOB PART-PREF GAFPN BZ 39881386.59 -41560337
CIMOB PARTIC SA GAFON BZ 39881386.59 -41560337
CIMOB PART-PREF GAFP4 BZ 39881386.59 -41560337
CIMOB PARTIC SA GAFP3 BZ 39881386.59 -41560337
SANESALTO SNST3 BZ 31044051 -1843298
STAROUP SA STARON BZ 27663604.95 -7174512
STAROUP SA-PREF STARPN BZ 27663604.95 -7174512
BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512
BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512
CONST BETER-PR B 1009Q BZ 25469474.32 -4918663
CONST BETER-PF B 1COBBN BZ 25469474.32 -4918663
CONST BETER SA COBE3 BZ 25469474.32 -4918663
CONST BETER-PR A 1008Q BZ 25469474.32 -4918663
CONST BETER-PF A COBE5 BZ 25469474.32 -4918663
CONST BETER SA COBEON BZ 25469474.32 -4918663
CONST BETER SA 1COBON BZ 25469474.32 -4918663
CONST BETER-PF A 1COBAN BZ 25469474.32 -4918663
CONST BETER-PR B COBEBN BZ 25469474.32 -4918663
CONST BETER-PR A COBEAN BZ 25469474.32 -4918663
CONST BETER SA COBE3B BZ 25469474.32 -4918663
CONST BETER SA 1007Q BZ 25469474.32 -4918663
CONST BETER-PF B COBE6 BZ 25469474.32 -4918663
STEEL - RCT ORD STLB9 BZ 23040051.4 -8699861
STEEL DO BRASIL STLB3 BZ 23040051.4 -8699861
STEEL - RT STLB1 BZ 23040051.4 -8699861
CHIARELLI SA CCHI3 BZ 22274026.77 -44537138
CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138
CHIARELLI SA CCHON BZ 22274026.77 -44537138
CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138
FER HAGA-PREF HAGA4 BZ 21299042.62 -62858771
HAGA HAGA3 BZ 21299042.62 -62858771
FERRAGENS HAGA HAGAON BZ 21299042.62 -62858771
FERRAGENS HAGA-P HAGAPN BZ 21299042.62 -62858771
CAF BRASILIA CAFE3 BZ 21097369.71 -9.04E+08
CAFE BRASILIA-PR CSBRPN BZ 21097369.71 -9.04E+08
CAFE BRASILIA SA CSBRON BZ 21097369.71 -9.04E+08
CAF BRASILIA-PRF CAFE4 BZ 21097369.71 -9.04E+08
TECEL S JOSE FTSJON BZ 19067322.24 -52580501
TECEL S JOSE SJOS3 BZ 19067322.24 -52580501
TECEL S JOSE-PRF SJOS4 BZ 19067322.24 -52580501
TECEL S JOSE-PRF FTSJPN BZ 19067322.24 -52580501
NORDON METAL NORDON BZ 16108142.83 -22352941
NORDON MET NORD3 BZ 16108142.83 -22352941
NORDON MET-RTS NORD1 BZ 16108142.83 -22352941
UNI CIDADE UNCI3 BZ 15873892.37 -6485540
GAZOLA SA GAZON BZ 12452143.07 -40298506
GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506
GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506
GAZOLA GAZO3 BZ 12452143.07 -40298506
GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506
GAZOLA SA-DVD CM GAZO11 BZ 12452143.07 -40298506
GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506
GAZOLA SA-DVD PF GAZO12 BZ 12452143.07 -40298506
ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154462
ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154462
ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154462
ARTHUR LANGE SA ALICON BZ 11642255.92 -17154462
ARTHUR LANGE ARLA3 BZ 11642255.92 -17154462
ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154462
ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154462
ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154462
ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154462
ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154462
F GUIMARAES FGUI3 BZ 11016542.14 -1.52E+08
FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -1.52E+08
F GUIMARAES-PREF FGUI4 BZ 11016542.14 -1.52E+08
FERREIRA GUIMARA FGUION BZ 11016542.14 -1.52E+08
COLOMBIA
CHILESAT CORP SA TELEX CI 953784479.1 -1.03E+08
TELMEX CORP SA CHILESAT CI 953784479.1 -1.03E+08
CHILESAT CO-ADR TL US 953784479.1 -1.03E+08
CHILESAT CO-RTS CHISATOS CI 953784479.1 -1.03E+08
TELEX-RTS TELEXO CI 953784479.1 -1.03E+08
TELEX-A TELEXA CI 953784479.1 -1.03E+08
TELMEX CORP-ADR CSAOY US 953784479.1 -1.03E+08
***********
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 * * *