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/raid1/www/Hosts/bankrupt/TCRLA_Public/110527.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 Friday, May 27, 2011, Vol. 12, No. 104 Headlines A R G E N T I N A ALIMENTOS NATURALES: Creditors' Proofs of Debt Due July 15 GRAFICA BULNES: Creditors' Proofs of Debt Due July 11 RATIO POSITIVO: Creditors' Proofs of Debt Due July 8 ROBINSA SA: Creditors' Proofs of Debt Due June 9 B R A Z I L BANCO BVA: Moody's Affirms E+ Bank Financial Strength Rating C A Y M A N I S L A N D S ACWA POWER: Creditors' Proofs of Debt Due June 14 CAPITAL TRADING: Creditors' Proofs of Debt Due June 22 CMT SEOUL: Creditors' Proofs of Debt Due June 22 EGI-SSE I: Creditors' Proofs of Debt Due June 22 FTSEHX FUND: Creditors' Proofs of Debt Due June 22 IBF CAYMAN: Creditors' Proofs of Debt Due June 4 MASTER TREND: Creditors' Proofs of Debt Due June 22 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 TIBERIUS FUND: Creditors' Proofs of Debt Due June 22 UCF FUND: Appoints Saville as Liquidator VERTEX OFFSHORE: Creditors' Proofs of Debt Due June 22 J A M A I C A INTERTRADE FINANCE: Receives Cease & Desist Order T R I N I D A D & T O B A G O BAICO: Eastern Caribbean Governments Launches Support Fund - - - - - ================= A R G E N T I N A ================= ALIMENTOS NATURALES: Creditors' Proofs of Debt Due July 15 ---------------------------------------------------------- Carlos Alberto Yacovino, the court-appointed trustee for Alimentos Naturales Independientes SA's reorganization proceedings, will be verifying creditors' proofs of claim until July 15, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Carlos Alberto Yacovino Jean Jaures 933 Argentina GRAFICA BULNES: Creditors' Proofs of Debt Due July 11 ----------------------------------------------------- Hector Miguel Falvino, the court-appointed trustee for Grafica Bulnes SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 11, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Hector Miguel Falvino Avenida Pueyrredon 468 Argentina RATIO POSITIVO: Creditors' Proofs of Debt Due July 8 ---------------------------------------------------- Norberto Kuperman, the court-appointed trustee for Ratio Positivo SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 8, 2011. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Norberto Kuperman Uruguay 1285 Argentina ROBINSA SA: Creditors' Proofs of Debt Due June 9 ------------------------------------------------ Estudio Turco y Gioa, the court-appointed trustee for Robinsa SA's reorganization proceedings, will be verifying creditors' proofs of claim until June 9, 2011. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on March 28, 2012. The Trustee can be reached at: Estudio Turco y Gioa Cochabamba 4272 Argentina =========== B R A Z I L =========== BANCO BVA: Moody's Affirms 'E+' Bank Financial Strength Rating -------------------------------------------------------------- Moody's Investors Service has affirmed all ratings of Banco BVA S.A., including the bank financial strength rating (BFSR) of E+, the global local- and foreign-currency deposit ratings and foreign-currency debt ratings of B2 and Not Prime, long- and short-term, respectively, and the Brazilian national scale deposit ratings (NSR) of Ba1.br and BR-3. Moody's also changed to stable, from positive, the outlook on all deposit and debt ratings. The outlook on the BFSR remained stable. These ratings of Banco BVA were affirmed: -- Bank financial strength rating: E+, with stable outlook -- Global local-currency deposit ratings: B2 and Not Prime, with stable outlook -- Foreign-currency deposit ratings: B2 and Not Prime, with stable outlook -- Foreign-currency debt ratings: B2 and Not Prime, with stable outlook -- Brazilian national scale deposit ratings: Ba1.br and BR-3, with stable outlook Rating Rationale In affirming BVA's ratings at E+/B2, Moody's noted the bank's undiversified funding structure, which is significantly reliant on large single depositors, and its sizable loan concentrations relative to both its capital and pre-provision profits. The lack of granularity in funding sources is a challenge for stand-alone ratings because it substantially increases liquidity risk, according to Moody's, while loan concentration may expose earnings to increased volatility. The change in outlook to stable, from positive, reflects Moody's concerns about the ongoing fast growth of BVA's balance sheet, which nearly doubled in size since 2009, in an environment of heightened competition, and increasing funding costs, all of which could negatively affect the bank's margins and asset quality. Such conditions differ from those present when the positive outlook was assigned to the ratings. Moody's also noted that such robust growth could strain the bank's controls and risk management and governance functions. While capital injections have been made to support growth, the bank's capital structure has become more complex with the establishment of a private equity investment fund that is expected to hold part of BVA's shares, for which regulatory approval is still pending. The ratings incorporate BVA's business model that is focused on loan underwriting to small and medium-sized companies, with the structuring of part of loans as asset backed credit notes and their distribution to third parties. BVA's specialization in a niche segment has contributed to the growth in revenues; nonetheless, such concentration in earnings sources is also viewed by Moody's a factor that limits the bank's stand alone rating. Moody's last rating action on BVA took place on November 3, 2010, when it assigned debt ratings to a short-term note program in the amount of US$500 million. The principal methodologies used in this rating were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007. Moody's national scale ratings (NSRs) 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." Banco BVA S.A. is headquartered in Sao Paulo, Brazil. As of December 2010, the bank had total assets of approximately R$4.5 billion (US$2.7 billion) and equity of R$503 million (US$303 million). =========================== C A Y M A N I S L A N D S =========================== ACWA POWER: Creditors' Proofs of Debt Due June 14 ------------------------------------------------- The creditors of Acwa Power Barka Holdings (Cayman) Ltd. are required to file their proofs of debt by June 14, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 19, 2011. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands CAPITAL TRADING: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of The Capital Trading Fund, Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. The company's liquidator is: Jonathan Culshaw Telephone: +44 207 842 6085 Facsimile: +44 207 353 0487 Harney Westwood & Riegels LLP 5 New Street Square, 5th Floor London, EC4A 3BF United Kingdom CMT SEOUL: Creditors' Proofs of Debt Due June 22 ------------------------------------------------ The creditors of CMT Seoul Fund Limited are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 27, 2011. 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 EGI-SSE I: Creditors' Proofs of Debt Due June 22 ------------------------------------------------ The creditors of EGI-SSE I Corp. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. 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 FTSEHX FUND: Creditors' Proofs of Debt Due June 22 -------------------------------------------------- The creditors of The FTSEHX Fund SPC are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 27, 2011. 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 IBF CAYMAN: Creditors' Proofs of Debt Due June 4 ------------------------------------------------ The creditors of IBF Cayman Ltd. are required to file their proofs of debt by June 4, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 4, 2011. 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 MASTER TREND: Creditors' Proofs of Debt Due June 22 --------------------------------------------------- The creditors of Master Trend Capital (Cayman) Limited are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 13, 2011. 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 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of Symphony Credit Partners I, Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. 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 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of Symphony Credit Partners II, Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. 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 SYMPHONY CREDIT: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of Symphony Credit Partners III, Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. 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 TIBERIUS FUND: Creditors' Proofs of Debt Due June 22 ---------------------------------------------------- The creditors of The Tiberius Fund Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 11, 2011. 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 UCF FUND: Appoints Saville as Liquidator ---------------------------------------- On April 28, 2011, the Grand Court of Cayman Islands appointed Michael Edward George Saville as liquidator of UCF Fund Limited. The Liquidator can be reached at: Michael Edward George Saville Begbies Traynor Cayman Limited Genesis Building, 5th Floor PO Box 679, Grand Cayman KY1-1107 Cayman Islands VERTEX OFFSHORE: Creditors' Proofs of Debt Due June 22 ------------------------------------------------------ The creditors of Vertex Offshore Fund, Ltd. are required to file their proofs of debt by June 22, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 3, 2011. 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 ============= J A M A I C A ============= INTERTRADE FINANCE: Receives Cease & Desist Order ------------------------------------------------- RJR News reports that restrictions have been placed on the operations of securities dealer Intertrade Finance Corporation after it was served with a cease and desist order by the Financial Services Commission (FSC). The order was issued to Joan Powell, Intertrade's Chief Executive Officer and its Directors Gavin Chen, Christopher Malcolm and Herbert Malcolm, according to RJR News. RJR News notes that FSC said the order was based on the company misrepresenting clients on the nature of the securities in which they had invested, its failure to pay over sums to certain clients in keeping with their instructions, and a review of its interim financial statements and other documents. RJR News discloses that FSC said the information showed that Intertrade Finance may have misrepresented total funds under management and its liabilities. The Commission has raised concern about the firm's liquidity, cash flow, capital as well as the protection of its clients and says the cease and desist order restricts Intertrade from doing new business, RJR News adds. =============================== T R I N I D A D & T O B A G O =============================== BAICO: Eastern Caribbean Governments Launch Support Fund -------------------------------------------------------- Caribbean360.com reports that Eastern Caribbean governments have launched the much anticipated British American Insurance Company (BAICO) Health Insurance Support Fund that will provide relief for policyholders, almost two years after the company collapsed. Applications were opened on May 25. The Eastern Caribbean Currency Union (ECCU) stressed in a statement that the Fund would deal only with health insurance claims, but said it was still working on other proposals that will help other groups of BAICO policyholders, according to Caribbean360.com. Caribbean360.com notes that medical costs that were incurred up to May 25 may be eligible for relief from the ECCU/BAICO Fund, while claims from May 26 to June 18, 2011 may be covered "only if there is sufficient funding available." Caribbean360.com recounts that the ECCU governments moved to establish the Fund after BAICO was declared insolvent by Judicial Managers in October 2009. Since then, the report relates, the ECCU Governments determined that establishment of the Fund was needed in order to bring a level of relief to health insurance policyholders in particular, whose claims could not be met by BAICO. Applications must be submitted no later than December 31, 2011. Caribbean360.com says that the ECCU/BAICO Health Insurance Support Fund has been established as a trust and ECCU Governments have appointed a special-purpose company called ECCU Health Insurance Support Inc. as trustee. Meanwhile, Caribbean360.com discloses, ECCU said it will continue to work towards implementing two other proposals that would offer them assistance. The report relates that those include recapitalization and sale of BAICO's traditional insurance business to help the approximately 22,000 policyholders; and providing compensation for about 11,000 non-traditional policyholders also remains on the agenda. Caribbean360.com notes that ECCU's original plan was to set up a new company to take over the majority of the financially troubled BAICO, but the Kamla Persad-Bissessar government in Trinidad and Tobago -- the home of BAICO's parent company CLICO -- has not committed to putting forward the necessary funds. Following the change of administration in late May 2010, the ECCU governments said they worked hard to engage the new administration on the matter, but to no avail, and therefore decided to focus on assisting various groups of policyholders individually, Caribbean360.com relates. About BAICO British American Insurance Company is a Bahamian company, which is owned by Trinidad-based parent CL Financial. Casey McDonald, the British Virgin Islands liquidator for British American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr. McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson in Miami, Fla. At the time of the filing, the liquidator estimated British American Isle of Venice (BVI), Ltd's asset at less than US$10 million and its debts at more than US$100 million. Two affiliates -- British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) -- are also subject to the jurisdiction of the U.S. Bankruptcy Court. *********** 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 * * *