/raid1/www/Hosts/bankrupt/TCRLA_Public/110607.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, June 7, 2011, Vol. 12, No. 111
Headlines
A R G E N T I N A
ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'
GALENICA SRL: Creditors' Proofs of Debt Due June 24
NEO FAMILY: Creditors' Proofs of Debt Due September 14
ORO SANRAFAELINO: Applies Reorganization Proceedings
PUBLICIDAD ENRIQUE: Creditors' Proofs of Debt Due July 11
WEHA SRL: Creditors' Proofs of Debt Due July 11
C A Y M A N I S L A N D S
DEEPHAVEN MAC 89: Members' Final Meeting Set for June 14
GALAXY CHINA: Shareholders Receive Wind-Up Report
GALAXY CHINA: Shareholders Receive Wind-Up Report
GESTIELLE CASH: Shareholders' Final Meeting Set for July 11
HAR LAVAN: Shareholder to Receive Wind-Up Report on June 24
ONE EAST: Members' Final Meeting Set for June 28
QARAVEL INVESTMENTS: Shareholders' Final Meeting Set for June 24
ROARING BROOK: Shareholders' Final Meeting Set for June 27
ROARING BROOK: Shareholders' Final Meeting Set for June 27
SEER CAPITAL: Shareholders' Final Meeting Set for June 24
SERRA-SECA INVESTMENTS: Shareholders' Meeting Set for June 24
SOLSONA INVESTMENTS: Shareholders' Final Meeting Set for June 24
TEXEL MACRO: Shareholders' Final Meeting Set for June 16
TEXEL MACRO: Shareholders' Final Meeting Set for June 16
J A M A I C A
SUGAR COMPANY OF JAMAICA: Theft Affects Frome Sugar Factory
M E X I C O
RDS ULTRA-DEEPWATER: S&P Gives 'B-' Rating on US$270MM Sr. Notes
VITRO SAB: Sun Capital Affiliate Wins Auction for U.S. Units
S T K I T T S & N E V I S
* ST KITTS & NEVIS: Government to Restructure US$1-Billion Debt
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: NEDCO Owed Millions for Business Loans
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ALTO PARANA: S&P Affirms Corporate Credit Rating at 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Argentina-based forest product company Alto
Parana S.A. The outlook is stable.
"At the same time, we affirmed our senior unsecured 'BBB' rating
on the company's US$270 million notes guaranteed by its 99.97%-
shareholding parent, Celulosa Arauco y Constitucion S.A. (ARAUCO;
BBB/Stable/--)," S&P stated.
"The 'BB-' corporate credit rating on Alto Parana reflects our
belief that ARAUCO has sufficient economic incentives to support
the subsidiary," said Standard & Poor's credit analyst Luciano
Gremone. "This is mainly because of its strategic importance as a
significant foreign presence in Latin America."
The company's 'b' stand-alone credit profile, in turn, reflects
the inherent risks of operating in Argentina; the company's
narrow, mostly commodity-oriented product mix; and its modest
scale compared with rated peers.
Alta Parana's competitive cost position in forest management, pulp
production, sawmill products, and panels partially mitigate these
factors.
"We assess the company's business risk profile as weak and its
financial risk profile as aggressive," S&P noted.
"Our local-currency rating on Alto Parana is two notches above
that on the Republic of Argentina (B/Stable/B). This reflects our
opinion that, in a severe sovereign default scenario, Alto Parana
would be able to generate sufficient local-currency resources to
meet its financial obligations in both local and foreign currency,
without the risk of direct sovereign intervention," S&P continued.
"Our foreign currency rating on Alto Parana is also two notches
above our foreign currency rating on Argentina and two notches
above our transfer and convertibility risk assessment for the
country, reflecting the company's partial insulation from risk,"
according to S&P.
"Mitigating factors include the formal guarantees the company has
from ARAUCO, what we believe are strong incentives for the firm to
continue paying its foreign debt even in a sovereign stress
scenario, the company's substantial foreign-currency generation,
and its extended debt maturity profile," S&P added.
GALENICA SRL: Creditors' Proofs of Debt Due June 24
---------------------------------------------------
Jose Maria Fernandez Alonso, the court-appointed trustee for
Galenica SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until June 24, 2011.
Mr. Alonso will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 April 6, 2012.
The Trustee can be reached at:
Jose Maria Fernandez Alonso
Estados Unidos 2552
Argentina
NEO FAMILY: Creditors' Proofs of Debt Due September 14
------------------------------------------------------
Adolfo Horsmann, the court-appointed trustee for Neo Family SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 14, 2011.
Mr. Horsmann will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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:
Adolfo Horsmann
Acevedo 246
Argentina
ORO SANRAFAELINO: Applies Reorganization Proceedings
----------------------------------------------------
Oro Sanrafaelino SA applied for reorganization proceedings.
The company has defaulted on its payments due October 1, 2010.
PUBLICIDAD ENRIQUE: Creditors' Proofs of Debt Due July 11
---------------------------------------------------------
Andrea Isabel Sita, the court-appointed trustee for Publicidad
Enrique C. Silvetti SA's reorganization proceedings, will be
verifying creditors' proofs of claim until July 11, 2011.
Ms. Sita 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:
Andrea Isabel Sita
Hipolito Yrigoyen 4027
Argentina
WEHA SRL: Creditors' Proofs of Debt Due July 11
-----------------------------------------------
Daniel Ruben Moiron, the court-appointed trustee for Weha SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 11, 2011.
Mr. Moiron will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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:
Daniel Ruben Moiron
Av. Santa Fe 1821
Argentina
===========================
C A Y M A N I S L A N D S
===========================
DEEPHAVEN MAC 89: Members' Final Meeting Set for June 14
--------------------------------------------------------
The members of Deephaven Mac 89 Ltd. will hold their final meeting
on June 14, 2011, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
GALAXY CHINA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Galaxy China Deep Value Master Fund received
on May 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Tse Tim
Unit 603, 6th Floor, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
GALAXY CHINA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Galaxy China Deep Value Fund SPC received on
May 11, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Tse Tim
Unit 603, 6th Floor, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
GESTIELLE CASH: Shareholders' Final Meeting Set for July 11
-----------------------------------------------------------
The shareholders of The Gestielle Cash Enhanced Fund will hold
their final meeting on July 11, 2011, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ronald Tompkins
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
HAR LAVAN: Shareholder to Receive Wind-Up Report on June 24
-----------------------------------------------------------
The sole shareholder of Har Lavan International S.A. will receive
on June 24, 2011, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier Fiduciary Services (Cayman) Limited
c/o Colin J. MacKay
Telephone: (345) 949 9876
Facsimile: (345) 949-9877
ONE EAST: Members' Final Meeting Set for June 28
------------------------------------------------
The members of One East Liquidity International, Ltd. will hold
their final meeting on June 28, 2011, to receive 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
QARAVEL INVESTMENTS: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Qaravel Investments (Cayman) Ltd. will hold
their final meeting on June 24, 2011, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
ROARING BROOK: Shareholders' Final Meeting Set for June 27
----------------------------------------------------------
The shareholders of Roaring Brook Capital Offshore, Ltd will hold
their final meeting on June 27, 2011, at 4:00 p.m., to receive 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
ROARING BROOK: Shareholders' Final Meeting Set for June 27
----------------------------------------------------------
The shareholders of Roaring Brook Capital Master Fund, Ltd will
hold their final meeting on June 27, 2011, at 4:00 p.m., to
receive 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
SEER CAPITAL: Shareholders' Final Meeting Set for June 24
---------------------------------------------------------
The shareholders of Seer Capital Offshore Credit Fund Ltd. will
hold their final meeting on June 24, 2011, at 11:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
SERRA-SECA INVESTMENTS: Shareholders' Meeting Set for June 24
-------------------------------------------------------------
The shareholders of Serra-Seca Investments Limited will hold their
final meeting on June 24, 2011, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
SOLSONA INVESTMENTS: Shareholders' Final Meeting Set for June 24
----------------------------------------------------------------
The shareholders of Solsona Investments Limited will hold their
final meeting on June 24, 2011, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
TEXEL MACRO: Shareholders' Final Meeting Set for June 16
--------------------------------------------------------
The shareholders of Texel Macro Master Fund Limited will hold
their final meeting on June 16, 2011, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Christopher D. Johnson is the company's liquidator.
TEXEL MACRO: Shareholders' Final Meeting Set for June 16
--------------------------------------------------------
The shareholders of Texel Macro Fund Limited will hold their final
meeting on June 16, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Christopher D. Johnson is the company's liquidator.
=============
J A M A I C A
=============
SUGAR COMPANY OF JAMAICA: Theft Affects Frome Sugar Factory
-----------------------------------------------------------
RJR News reports that Sugar Company of Jamaica officials and
Complan, the Chinese company set to take over the Frome Sugar
Factory in Westmoreland, are concerned about the more than JM$50
million in losses suffered by the entity. Frome Sugar Factory is
one of the factories owned by Sugar Company of Jamaica.
Scrap metal thieves, two of whom have since been caught, made off
with several miles of power cables from cane farms owned by Frome,
according to RJR News. The report relates that the cables were
stolen along with transformer parts, poles and bridge parts.
RJR News notes that Complan and SCJ officials held a meeting to
address the multi-million dollar loss and were pondering their
next move.
RJR News understands that Complan is disgruntled with the
situation.
Frome has been affected by theft over the past few months which
led to the crop which ended last month being partially disrupted,
the report says.
About SCJ
The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited. The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica. In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts. The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.
===========
M E X I C O
===========
RDS ULTRA-DEEPWATER: S&P Gives 'B-' Rating on US$270MM Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings assigned its 'B-' rating to US$270
million in senior secured notes due 2017 issued by RDS Ultra-
Deepwater Ltd. (RDS) The outlook is stable.
The rating on the notes issued by RDS reflects that the notes are
subordinated to a senior bank loan in interest and principal
payments. "The rating also considers the expected exposure to
recontracting and refinancing risk given their seven-year tenor
compared with a five-year charter contract with Mexican
oil company Petroleos Mexicanos (Pemex; foreign currency
BBB/Stable/--; local currency A/Stable/--) and our expectation
that at maturity there will be US$132 million outstanding under
the notes. Furthermore, the financial structure does not
contemplate a debt service reserve account for bondholders, and
the project's legal structure is complex and entails several
special-purpose vehicles in different geographic regions. The
rating also considers the support from Grupo R through equity
contributions, and its longstanding business relationship with
Pemex. The rating also reflects our view that the drilling rig is
considered a valuable asset as collateral," S&P stated.
"The stable outlook reflects our expectation that the project will
post an adequate operating and financial performance through the
notes' remaining life. An upgrade, which we do not expect at this
time, may occur if the rig maintains a 95% efficiency rate and
only once the project fully prepays the senior bank loan. A rating
downgrade could occur if the project significantly underperforms
our estimates and/or if support from Grupo R weakens," S&P
related.
VITRO SAB: Sun Capital Affiliate Wins Auction for U.S. Units
------------------------------------------------------------
David McLaughlin at Bloomberg News reports that a Sun Capital
Partners Inc. affiliate won a bankruptcy auction for U.S. assets
of Vitro, S.A.B. de C.V., with a bid of US$55.1 million.
American Glass Enterprises LLC beat an affiliate of private-equity
firm Grey Mountain Partners LLC, Vitro SAB said in court papers in
the U.S. Bankruptcy Court in Dallas, according to Bloomberg.
Bloomberg recalls that Vitro SAB defaulted on $1.2 billion of
bonds in 2009 and is pursuing a debt restructuring in Mexico.
Bloomberg relates that the company put its Vitro America LLC and
Super Sky Products Inc. units into bankruptcy in April and agreed
to sell them to Grey Mountain while seeking higher bids at an
auction.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization. Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.
On April 12, 2011, an appellate court in Mexico reinstated the
reorganization. Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
Chapter 11 Proceedings
A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. Together, they held US$75 million, or approximately 6%
of the outstanding bond debt. The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11. The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.
============================
S T K I T T S & N E V I S
============================
* ST KITTS & NEVIS: Government to Restructure US$1-Billion Debt
---------------------------------------------------------------
Caribbean360.com reports that the Government of St. Kitts and
Nevis said it is to seek the cooperation of its creditors in the
restructuring of its public debt stock, which is approximately
US$1 billion.
It said the exercise will address the severe payment challenges
associated with servicing this debt and will seek to place the
country's high debt burden firmly on a sustainable footing along
with a series of economic measures being introduced by the
authorities, according to Caribbean360.com.
Caribbean360.com notes that at almost 200% of GDP, the public debt
burden of St Kitts and Nevis is among the highest Debt to GDP
Ratio in the world, and it is expected that the majority of this
debt will be affected by the restructuring. Caribbean360.com
relates that treasury bills, however, will be excluded from this
exercise and Treasury Bill holders have been assured that their
investments will not be affected.
Caribbean360.com discloses that St Kitts and Nevis has been
severely affected by the global financial crisis.
Caribbean360.com notes that sharp declines in tourism revenue and
Foreign Direct Investment dependent activities triggered a
contraction in government revenue, and a deep, economy-wide
recession in 2009-2010. These adverse economic conditions
contributed to a further deterioration of the country's public
debt levels in 2010, Caribbean360.com says.
"Over the last 12 months, the Government has responded to a very
difficult external environment by introducing a series of
corrective measures designed to stabilise the public finances,"
Caribbean360.com quotes Denzil Douglas, Prime Minister and
Minister of Finance, as saying.
Caribbean360.com notes that the Government has appointed White Oak
Advisory to act as its financial advisor in its consultations with
affected creditors.
===============================
T R I N I D A D & T O B A G O
===============================
* TRINIDAD & TOBAGO: NEDCO Owed Millions for Business Loans
-----------------------------------------------------------
Caribbean360.com reports that millions of dollars are now owed to
the National Entrepreneurship Development Company by persons who
borrowed funds to start their own businesses and never paid back,
according to Errol Mc Leod, Trinidad and Tobago minister of labor
and small and micro enterprise development. The report relates
that Mr. Mc Leod said in some cases the funds were not used for
what they were intended.
Mr. Mc Leod said efforts are now being made to recover the monies,
according to Caribbean360.com.
Caribbean360.com notes that the loans disbursed would have ranged
from TT$250,000 (US$39,370) to TT$500,000 (US$78,740) each.
The report says that Mr. Mc Leod expressed dissatisfaction with
the operations of NEDCO because of improprieties which he said
came to his attention a year ago, when he took office. However,
he said he could divulge any details because of an ongoing
investigation, Caribbean360.com adds.
NEDCO was established in 2002 as the implementing agency for
government's policy on small and micro-enterprise development.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
330902Q GR IMPSAT FIBER NET 535007008 -17164978
IMPTD AR IMPSAT FIBER-$US 535007008 -17164978
IMPT AR IMPSAT FIBER-CED 535007008 -17164978
IMPTB AR IMPSAT FIBER-BLK 535007008 -17164978
IMPTQ US IMPSAT FIBER NET 535007008 -17164978
XIMPT SM IMPSAT FIBER NET 535007008 -17164978
IMPTC AR IMPSAT FIBER-C/E 535007008 -17164978
COMEB AR COMERCIAL PLA-BL 143096734 -251846058
COME AR SOC COMERCIAL PL 143096734 -251846058
CADN EO SOC COMERCIAL PL 143096734 -251846058
CVVIF US SOC COMERCIAL PL 143096734 -251846058
SCDPF US SOC COMERCIAL PL 143096734 -251846058
CADN EU SOC COMERCIAL PL 143096734 -251846058
SCPDS LI COMERCIAL PL-ADR 143096734 -251846058
COMEC AR SOC COMERCIAL PL 143096734 -251846058
CAD IX SOC COMERCIAL PL 143096734 -251846058
CADN SW SOC COMERCIAL PL 143096734 -251846058
COMED AR SOC COMERCIAL PL 143096734 -251846058
SNIA5 AR SNIAFA SA-B 11229696 -2670544.88
SDAGF US SNIAFA SA-B 11229696 -2670544.88
SNIA AR SNIAFA SA 11229696 -2670544.88
BRAZIL
VAGV3 BZ VARIG SA 966298026 -4695211316
VAGV4 BZ VARIG SA-PREF 966298026 -4695211316
VARGPN BZ VARIG SA-PREF 966298026 -4695211316
VARGON BZ VARIG SA 966298026 -4695211316
AGRE LX AGRENCO LTD 637647275 -312199404
AGEN11 BZ AGRENCO LTD-BDR 637647275 -312199404
LEAP LX LAEP INVESTMENTS 439175082 -60172005
MILK11 BZ LAEP-BDR 439175082 -60172005
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NOVAON BZ NOVA AMERICA SA 21287489 -183535527
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CSBRON BZ CAFE BRASILIA SA 21097370 -903951461
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BDFCE US B&D FOOD CORP 14423532 -3506007
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REIC US REII INC 14423532 -3506007
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FGUI4 BZ F GUIMARAES-PREF 11016542 -151840377
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FGUIPN BZ FERREIRA GUIM-PR 11016542 -151840377
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CHILE
2940894Z CI EMPRESA DE LOS F 1.934E+09 -50416404
TELEXO CI TELEX-RTS 1.075E+09 -61844614.3
TELEX CI CHILESAT CORP SA 1.075E+09 -61844614.3
TELEXA CI TELEX-A 1.075E+09 -61844614.3
TL US CHILESAT CO-ADR 1.075E+09 -61844614.3
CHILESAT CI TELMEX CORP SA 1.075E+09 -61844614.3
CSAOY US TELMEX CORP-ADR 1.075E+09 -61844614.3
CHISATOS CI CHILESAT CO-RTS 1.075E+09 -61844614.3
***********
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 * * *