/raid1/www/Hosts/bankrupt/TCRLA_Public/111024.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
Monday, October 24, 2011, Vol. 12, No. 210
Headlines
A R G E N T I N A
DICUS SRL: Creditors' Proofs of Debt Due Dec. 8
HOWELLY SA: Creditors' Proofs of Debt Due Dec. 7
MAGOD SRL: Creditors' Proofs of Debt Due Dec. 12
MUTUAL MEDICOS: Creditors' Proofs of Debt Due Dec. 5
NATURAL SAN RAFAEL: Creditors' Proofs of Debt Due Dec. 6
TEXTIL DELOS: Requests Opening of Bankruptcy Proceedings
WESTRA SA: Calls for Bankruptcy Proceedings
B A R B A D O S
* BARBADOS: Leads the Way in Outstanding Debt to UWI
B R A Z I L
INDEPENDENCIA SA: Seeks to Lease Slaughterhouses, Estado Reports
LUPATECH S.A.: Moody's Cuts Global Corp. Family Rating to 'Caa2'
MARFRIG ALIMENTOS: S&P Affirms Global Scale Rating at 'B+'
B E R M U D A
DIGICEL GROUP: To Reimburse BlackBerry Customers
C A Y M A N I S L A N D S
FINANSA CAPITAL: Shareholders' Final Meeting Set for Oct. 28
K2 DIVERSIFIED PORTABLE: Shareholders' Meeting Set for Oct. 28
MHCB CAPITAL: Shareholders' Final Meeting Set for Nov. 17
MIZUHO CAPITAL: Shareholders' Final Meeting Set for Nov. 17
ML ABERDARE: Shareholders' Final Meeting Set for Oct. 28
ML CANARY: Shareholders' Final Meeting Set for Oct. 28
ML COMPAYNE: Shareholders' Final Meeting Set for Oct. 28
ML PRIORY: Shareholders' Final Meeting Set for Oct. 28
ML ROWLEY: Shareholders' Final Meeting Set for Oct. 28
NORTHSTAR REAL: Shareholders' Final Meeting Set for Oct. 27
OASIS CBO: Shareholders' Final Meeting Set for Nov. 2
OCEANWOOD EMERGING: Shareholders' Final Meeting Set for Oct. 27
OCEANWOOD EMERGING: Shareholders' Final Meeting Set for Oct. 27
PROVIDENCEMOBILESERV 2: Shareholders' Meeting Set for Oct. 28
WESSEX ASIAN: Shareholders' Final Meeting Set for Oct. 28
D O M I N I C A N R E P U B L I C
CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
M E X I C O
CREDITO INMOBILARIO: Moody's Cuts Sr. Unsec. Debt Rating to 'B1'
X X X X X X X X
* BOND PRICING: For the Week October 17 to October 21, 2011
- - - - -
=================
A R G E N T I N A
=================
DICUS SRL: Creditors' Proofs of Debt Due Dec. 8
-----------------------------------------------
Graciela Marta Lema de Muino, the court-appointed trustee for
Mutual Medicos Municipales - La Mutua's bankruptcy proceedings,
will be verifying creditors' proofs of claim until Dec. 8, 2011.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:
Graciela Marta Lema de Muino
Basualdo 1064
Argentina
HOWELLY SA: Creditors' Proofs of Debt Due Dec. 7
------------------------------------------------
Cristina Alicia Mattioni, the court-appointed trustee for Howelly
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until Dec. 7, 2011.
Ms. Mattioni will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Sept. 13, 2012.
The Trustee can be reached at:
Cristina Alicia Mattioni
Uruguay 385
Argentina
MAGOD SRL: Creditors' Proofs of Debt Due Dec. 12
------------------------------------------------
Gustavo Ariel Fizman, the court-appointed trustee for Magod SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until Dec. 12, 2011.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, 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:
Gustavo Ariel Fizman
Emilio Mitre 435
Argentina
MUTUAL MEDICOS: Creditors' Proofs of Debt Due Dec. 5
----------------------------------------------------
Estudio Stupnik, Stupnik & Varnavoglou, the court-appointed
trustee for Mutual Medicos Municipales - La Mutua's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
Dec. 5, 2011.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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:
Estudio Stupnik, Stupnik & Varnavoglou
Parana 783
Argentina
NATURAL SAN RAFAEL: Creditors' Proofs of Debt Due Dec. 6
--------------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Natural
San Rafael SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until Dec. 6, 2011.
Mr. Grisolia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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 Julio Grisolia
Salguero 2533
Argentina
TEXTIL DELOS: Requests Opening of Bankruptcy Proceedings
--------------------------------------------------------
Textil Delos SA requested the opening of bankruptcy proceedings.
The company has defaulted on its payments last March 29, 2011.
WESTRA SA: Calls for Bankruptcy Proceedings
-------------------------------------------
Westra SA called for bankruptcy proceedings. The company has
defaulted on its payments.
===============
B A R B A D O S
===============
* BARBADOS: Leads the Way in Outstanding Debt to UWI
----------------------------------------------------
RJR News reports that Barbados is now the most indebted of the 17
participating governments on the Cave Hill campus of the
University of the West Indies.
Principal Sir Hilary Beckles revealed that the Barbados
government owes the regional University US$45 million, according
to RJR News.
RJR News notes that Sir Hilary said the recession has placed the
Government in a very difficult situation in terms of its fiscal
deficit, in terms of measuring its cash flow. The report relates
that the debt is in the form of tuition fees and economic costs
of the students.
The University receives the bulk of its funding from regional
governments who contribute annually to its upkeep, RJR News says.
===========
B R A Z I L
===========
INDEPENDENCIA SA: Seeks to Lease Slaughterhouses, Estado Reports
----------------------------------------------------------------
Lucia Kassai at Bloomberg News says that O Estado de S.
Paulo, citing a lawyer who represents cattle ranchers, reported
that Independencia SA is seeking to lease three slaughterhouses,
one tannery, two warehouses and four plots of land after failing
to sell those assets.
Independencia SA would pay cattle ranchers ahead of other
creditors, lawyer Carlo Daniel Coldibelli told the Sao Paulo-
based newspaper, according to Bloomberg.
As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2011, Bloomberg News said that creditors of
Independencia SA rejected a BRL706.9 million (US$376 million)
offer for the company's assets from investors Alfredo Kaefer &
Cia. Ltda. and Unibrax Investimentos & Participacoes SA.
Bloomberg News related that Independencia SA creditors postponed
a meeting to assess bids for the company's assets. The report
relayed that Bankruptcy Trustee Fernando Chad said the vote on
whether to accept the bids for the assets was delayed until Oct.
3. A separate TCRLA report on May 11, 2011, citing Bloomberg,
related that Independencia SA will auction assets for at least
BRL706.9 million (US$440 million) to help pay debt.
Independencia accepted bids through July 12. The sale includes
three slaughterhouses, three plots of land and two warehouses,
according to Bloomberg. Bloomberg said that under the plan,
which was approved by creditors in a meeting on March 3, bidders
will be required to inject at least BRL150 million into the
company.
About Independencia SA
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.
LUPATECH S.A.: Moody's Cuts Global Corp. Family Rating to 'Caa2'
----------------------------------------------------------------
Moody's Investors Service has downgraded the global corporate
family rating of Lupatech S.A. and Lupatech Finance Ltd. to Caa2
from Caa1. At the same time, Moody's downgraded the rating on
the senior unsecured perpetual notes of Lupatech Finance to Caa3
from Caa2. The ratings outlook remains negative.
Ratings downgraded are:
-- Issuer: Lupatech S.A.
Corporate Family Rating: to Caa2 from Caa1 (global scale); to
Caa2.br from Caa1.br (Brazil national scale)
-- Issuer: Lupatech Finance Ltd. (Cayman Islands)
US$275 million Senior Unsecured Guaranteed Perpetual Notes: to
Caa3 from Caa2 (foreign currency)
The downgrades reflect Moody's ongoing concern over the company's
very weak liquidity position and high levels of debt. Increased
uncertainty over the global economic outlook and extremely
difficult capital markets add to the concern.
The ratings also continue to consider the longer term positive
outlook Moody's has for suppliers to the Brazilian oil and gas
sector, given the significant investment that will be needed for
the development of the pre-salt discoveries over the next decade.
Additionally, the ratings reflect current local requirement
regulations, which aid Lupatech, and Moody's expectation that the
main shareholders (i.e. BNDES and PETROS) will remain supportive
of the company, and management's ongoing efforts to monetize
additional non-core assets.
The negative outlook reflects Moody's concern that increasing
levels of uncertainty are heightening the risk of a potential
debt restructuring, which could result in a material loss for
bondholders. Moody's believes, however, that Lupatech remains
fully committed to finding a solution to its unsustainable
capital structure and is vigorously pursuing options to improve
liquidity.
Lupatech has been operating in a very difficult environment since
the beginning of the global economic and financial crisis in
2008, which left the company with very high levels of leverage
(total debt over LTM EBITDA of 20.9 times) and significant
underused capacity. Last year, Lupatech embarked on a concerted
effort to improve its cost structure and reduce working capital.
During the second half of 2010 Lupatech made significant progress
in bringing down its working capital needs (during 4Q10 it
reached 39.7% of revenues, down from 54.7% during 1Q10). This
year, its success in attracting new orders for its anchoring
ropes and valves has led to a renewal in working capital
requirements. At the end of the second quarter 2011, working
capital as a percentage of revenues had increased to 47.7% of
revenues and is likely to continue to rise.
Moody's believes that Lupatech has become highly dependent on
finding new external funding sources. Lupatech ended the second
quarter of 2011 with BRL 61 million of cash. At this time,
however, global capital markets are extremely constrained in the
wake of the continued sovereign crisis in Europe and signs of a
slowing Chinese economy. Because Moody's expects only a gradual
improvement in the company's EBITDA (LTM EBITDA of BRL 56
million) and with interest expense at an estimated annual run
rate of BRL 150 million, Lupatech will need to monetize
additional assets and find new sources of external funding over
the next three-to-six months if it is both to meet its financial
obligations and fund its growing working capital needs.
During the second quarter of 2011, Lupatech again successfully
renegotiated the financial covenants under its BRL 320 million in
convertible debentures, which continue to be for the most part
held by BNDES. Also during the quarter, the company took a more
conservative approach as required under IFRS and began accruing a
higher interest rate under the debentures. As per the existing
indenture, bondholders that elect not to convert will receive at
maturity an additonal interest payment over the life of the bonds
equal to the difference between IPCA + 10% per annum and the
current IPCA +6.5 % rate (or BRL 11.2 million per annum). The
retroactive adjustment of the accrual to the date of issuance of
the debentures resulted in a onetime increase in the interest
expense during the period. Going forward, interest expense will
likely also be negatively impacted by the weaker Brazilian real.
Currently, Lupatech hedges the next 12 months of interest
payments under its US$275 million in 9.875% perpetual notes.
Given its current weak liquidity position, Moody's believes that
Lupatech will need to step up its efforts to monetize additional
non-core assets, seek additional new equity capital or negotiate
a conversion of its debentures if it is to avoid a restructuring
of its debt while it awaits a meaningful recovery in cash flow
generation. Given the current very weak asset coverage, any
restructuring of its debt would likely result in a material loss
for bondholders.
Moody's notes that Lupatech has announced a binding offer to sell
its Steelinject business for BRL14 million.
Given the rating action, Moody's does not expect upwards pressure
on the ratings over the near term unless the company is able to
improve significantly its liquidity position and capital
structure.
The last rating action on Lupatech was on December 23, 2010, when
Moody's downgraded the Corporate Family Rating of Lupatech S.A.
to Caa1 from B2 (global scale) and to Caa1.br from Ba1.br (Brazil
national scale) and Lupatech Finance Ltd. (Cayman Islands) US$275
million Senior Unsecured Guaranteed Perpetual Notes to Caa2 from
B3 (foreign currency).
Headquartered in Caxias do Sul, Brazil, Lupatech is a leading
equipment manufacturer and service provider to the oil & gas
industry in Brazil, besides producing industrial valves and
casting parts. Lupatech reported net revenues of BRL 585 million
(US$336 million using the current exchange rate) in the last 12
months ended June 30, 2011.
MARFRIG ALIMENTOS: S&P Affirms Global Scale Rating at 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Brazil-
based food producer Marfrig Alimentos S.A. to negative from
stable. "At the same time, we affirmed the 'B+' global-scale and
'brBBB+' Brazilian national-scale ratings on Marfrig," S&P
related.
The outlook revision reflects the company's weaker cash flow
performance and higher debt than originally expected, leading to
limited covenant cushion on its debt agreements. Difficult
market conditions stemming from higher feedstock costs have
considerably hurt Marfrig's gross margins and operating cash
flows, with higher inventories translating into negative free
operating cash flows. "This resulted in additional debt to fund
operations, leading to weaker-than-expected credit metrics and
less likelihood of deleveraging its highly leveraged financial
profile, as we expected for 2012," S&P stated.
=============
B E R M U D A
=============
DIGICEL GROUP: To Reimburse BlackBerry Customers
------------------------------------------------
The Royal Gazette reports that Digicel Group Limited will
reimburse those customers who were affected by the BlackBerry
outage.
Digicel Group's prepaid BlackBerry clients whose service was
active during the outage will be reimbursed for the hours of
interruption to their Internet subscription during that period in
the form of credit, according to The Royal Gazette. The report
relates that the company's postpaid BlackBerry customers will
receive a credit on their monthly bill for the equivalent
duration of the outage of BlackBerry services.
The Royal Gazette notes that this follows Research in Motion's
announcement that it would offer BlackBerry users up to $100
worth of premium applications between now and the end of the
year.
All affected Digicel BlackBerry customers will be contacted by
text message next week with the details of their individual
reimbursement and credited accordingly, The Royal Gazette says.
About Digicel Group
Digicel Group Limited -- http://www.digicelgroup.com/-- is
renowned for competitive rates, unbeatable coverage, superior
customer care, a wide variety of products and services and state-
of-the-art handsets. By offering innovative wireless services
and community support, Digicel Group has become a leading brand
across its 31 markets worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe,
Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts
Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname,
Trinidad & Tobago and Turks & Caicos. The Caribbean company also
has coverage in St. Martin and St. Barts. Digicel Pacific
comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of September 27, 2011, the company continues to carry Moody's
"Caa1" senior unsecured debt rating.
===========================
C A Y M A N I S L A N D S
===========================
FINANSA CAPITAL: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------------
The shareholders of Finansa Capital Ltd. will hold their final
meeting on Oct. 28, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
James Marshall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
K2 DIVERSIFIED PORTABLE: Shareholders' Meeting Set for Oct. 28
--------------------------------------------------------------
The shareholders of K2 Diversified Portable Alpha Fund II, Ltd.
will hold their final meeting on Oct. 28, 2011, at 12:15 p.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
c/o Jennifer Chailler
Telephone: (345) 814 6847
MHCB CAPITAL: Shareholders' Final Meeting Set for Nov. 17
---------------------------------------------------------
The shareholders of MHCB Capital Investment (EUR) 1 Limited will
hold their final meeting on Nov. 17, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MIZUHO CAPITAL: Shareholders' Final Meeting Set for Nov. 17
-----------------------------------------------------------
The shareholders of Mizuho Capital Investment (EUR) 1 Limited
will hold their final meeting on Nov. 17, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ML ABERDARE: Shareholders' Final Meeting Set for Oct. 28
--------------------------------------------------------
The shareholders of ML Aberdare (Cayman) will hold their final
meeting on Oct. 28, 2011, at 12:00 noon, 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
ML CANARY: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------
The shareholders of ML Canary (Cayman) will hold their final
meeting on Oct. 28, 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
ML COMPAYNE: Shareholders' Final Meeting Set for Oct. 28
--------------------------------------------------------
The shareholders of ML Compayne (Cayman) will hold their final
meeting on Oct. 28, 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
ML PRIORY: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------
The shareholders of ML Priory (Cayman) will hold their final
meeting on Oct. 28, 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
ML ROWLEY: Shareholders' Final Meeting Set for Oct. 28
------------------------------------------------------
The shareholders of ML Rowley (Cayman) will hold their final
meeting on Oct. 28, 2011, at 11:45 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
c/o Jennifer Chailler
Telephone: (345) 814 6847
NORTHSTAR REAL: Shareholders' Final Meeting Set for Oct. 27
-----------------------------------------------------------
The shareholders of Northstar Real Estate Securities Opportunity
Fund B, Ltd. will hold their final meeting on Oct. 27, 2011, at
10:20 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
OASIS CBO: Shareholders' Final Meeting Set for Nov. 2
-----------------------------------------------------
The shareholders of Oasis CBO, Limited, will hold their final
meeting on Nov. 2, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
PO Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
OCEANWOOD EMERGING: Shareholders' Final Meeting Set for Oct. 27
---------------------------------------------------------------
The shareholders of Oceanwood Emerging Markets Absolute Return
Fund will hold their final meeting on Oct. 27, 2011, at
10:10 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
OCEANWOOD EMERGING: Shareholders' Final Meeting Set for Oct. 27
---------------------------------------------------------------
The shareholders of Oceanwood Emerging Markets Absolute Return
Master Fund will hold their final meeting on Oct. 27, 2011, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
PROVIDENCEMOBILESERV 2: Shareholders' Meeting Set for Oct. 28
--------------------------------------------------------------
The shareholders of Providencemobileserv 2 (Cayman) Limited will
hold their final meeting on Oct. 28, 2011, at 12:30 p.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
c/o Jennifer Chailler
Telephone: (345) 814 6847
WESSEX ASIAN: Shareholders' Final Meeting Set for Oct. 28
---------------------------------------------------------
The shareholders of Wessex Asian Special Situations Fund Limited
will hold their final meeting on Oct. 28, 2011, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
CERVECERIA NACIONAL: S&P Affirms 'B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Dominican Republic-based beer and malt producer and distributor
Cerveceria Nacional Dominicana S.A. (CND) to positive from
stable. "At the same time, we affirmed our 'B' corporate credit
and senior unsecured debt ratings on the company," S&P related.
"The outlook revision reflects our expectation that the company's
focus on improving its debt maturity profile and reducing debt
will succeed. This, along with our expectation of modestly
higher EBITDA levels, will result in an improvement of CND's
leverage. We also believe that the company will continue
generating a steady level of cash flow which will allow it to
continue funding its capital expenditures," S&P stated.
===========
M E X I C O
===========
CREDITO INMOBILARIO: Moody's Cuts Sr. Unsec. Debt Rating to 'B1'
----------------------------------------------------------------
Moody's de Mexico downgraded these ratings of Credito
Inmobiliario, S.A. de C.V.'s -- national scale senior unsecured
debt rating to Baa1.mx, from A3.mx (global scale local currency
senior unsecured debt rating to B1, from Ba3) and national scale
issuer rating to Baa1.mx, from A3.mx (global scale local currency
rating to B1, from Ba3). Concurrently, Moody's affirmed Credito
Inmobilirario's national scale short-term rating at MX-2 (global
scale local currency rating at Not Prime). These actions follow
Moody's downgrade of Banco CAM's, Credito Inmobiliario's 100%
owner, standalone bank financial strength rating (BFSR) to E+
from D. The E+ standalone BFSR maps to B3 on the long-term
scale. Banco CAM's BFSR ratings are under review direction
uncertain. Credito Inmobilarios' rating outlook is now
developing.
Ratings Rationale
Credito Inmobiliario's developing rating outlook reflects the
uncertainty as to the future of Banco CAM. Moody's downgrade of
Banco CAM's BFSR reflected material deterioration on the bank's
credit profile due to its fragile liquidity position, significant
deterioration in asset quality indicators, an increase in net
losses over the past three months due to a higher than expected
level of impairments and weak solvency indicators when compared
to Moody's calculation of embedded expected losses in Banco CAM's
balance sheet. The FROB and Bank of Spain have jointly initiated
the auction process of Banco CAM, which is expected to conclude
in the following weeks. Moody's also placed the bank's BFSR on
review with direction uncertain highlighting: (i) the possibility
for the bank's rating to be upgraded if it is acquired by a
stronger peer, (ii) the possibility of being downgraded if the
resulting entity after the sale process displays a weaker credit
profile than Banco CAM's standalone financial strength and (iii)
the possibility of Banco CAM's standalone rating being downgraded
if the sale process fails to succeed and the government weakens
its current support for the bank.
Credito Inmobiliario's liquidity position remains stable for now,
reflecting over $1.9 billion Mexican pesos in available cash as
well as $5 billion Mexican pesos in equity already received from
its parent company, Banco CAM, in the past two years.
Additionally, as part of a financial institution, Credito
Inmobiliario benefits from larger loan-loss reserves, which
brings its capitalization ratio well above Sociedad Hipotecaria
Federal's (SHF) current standards of 12.5%. As of the end of
June the company's capitalization ratio was approximately 30.81%,
which provides it with committed funding from SHF. The ratings
also incorporate the company's experienced management team, good
operating margins, loan processing and servicing efficiencies,
and technology systems, as well as its good corporate
infrastructure, which includes separation of duties across
business functions.
These ratings were downgraded with a developing outlook:
Credito Inmobiliario, S.A. de C.V. -- national scale senior
unsecured debt rating to Baa1.mx, from A3.mx (global scale local
currency senior unsecured debt rating to B1, from Ba3); national
scale issuer rating to Baa1.mx, from A3.mx (global scale local
currency rating to B1, from Ba3).
The following ratings were affirmed with a developing outlook:
Credito Inmobiliario, S.A. de C.V. -- national scale short-term
rating at MX-2 (global scale local currency rating at Not Prime).
Moody's last rating action with respect to Credito Inmobiliario
was on September 1, 2011, when Moody's assigned a MX-2, national
scale and Not Prime global scale local currency rating to Credito
Inmobiliario, S.A. de C.V.'s proposed MXN$3 billion commercial
paper program and affirmed the following ratings -- national
scale senior unsecured debt rating at A3.mx (global scale local
currency senior unsecured debt rating at Ba3); national scale
issuer rating at A3.mx (global scale local currency rating at
Ba3); national scale short-term rating at MX-2 (global scale
local currency rating at Not Prime) The rating outlook was
negative.
Credito Inmobiliario's ratings were assigned by evaluating
factors Moody's believes are relevant to the credit profile of
the issuer, such as i) the business risk and competitive position
of the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term,
and iv) management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Creditio Inmobiliario's core industry and the
company's ratings are believed to be comparable to those of other
issuers of similar credit risk.
Credito Inmobiliario is a non-bank financial institution (Sofom
Mortgage Company). It is the fourth largest independent mortgage
originator of this kind in Mexico and its main activities consist
of extending mortgage loans financed by monies from SHF to low-
income individuals and providing construction financing to low-
income housing developers. The firm reported total assets of
MXN$14.9 billion and total equity of MXN$2 billion at June 30,
2011.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 17 to October 21, 2011
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-DIS 8.28 12/31/2033 USD 63.3
ARGENT-DIS 8.28 12/31/2033 USD 72.5
ARGENT-DIS 8.28 12/31/2033 USD 73.5
ARGENT-DIS 7.82 12/31/2033 EUR 59
ARGENT-DIS 7.82 12/31/2033 EUR 59.8
ARGENT-DIS 4.33 12/31/2033 JPY 42
ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8
BOGAR 2018 2 2/4/2018 ARS 26
PROV BUENOS AIRE 9.625 4/18/2028 USD 65.6
PROV BUENOS AIRE 9.375 9/14/2018 USD 76.4
PROV BUENOS AIRE 9.375 9/14/2018 USD 76.6
PROV BUENOS AIRE 10.875 1/26/2021 USD 77.4
BRAZIL
------
REDE EMPRESAS 11.125 USD 81
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 45
BCP FINANCE BANK 5.01 3/31/2024 EUR 48.3
BCP FINANCE BANK 5.31 12/10/2023 EUR 50.5
BCP FINANCE CO 4.239 EUR 32.8
BCP FINANCE CO 5.543 EUR 32
BES FINANCE LTD 5.58 EUR 34.8
BES FINANCE LTD 4.5 EUR 37
CHAODA MOD AGRI 3.7 9/1/2015 USD 76
CHINA AUTOMATION 7.75 4/20/2016 USD 65
CHINA FORESTRY 10.25 11/17/2015 USD 60
CHINA FORESTRY 10.25 11/17/2015 USD 73.5
CHINA HUIYUAN JU 4 4/29/2016 USD 73.5
CHINA MED TECH 6.25 12/15/2016 USD 54.9
CHINA MED TECH 4 8/15/2013 USD 60.2
CHINA SUNERGY 4.75 6/15/2013 USD 60
DUBAI HLDNG COMM 6 2/1/2017 GBP 70
EFG ORA FUNDING 1.7 10/29/2014 EUR 46.6
ESFG INTERNATION 5.753 EUR 36.8
EVERGRANDE REAL 13 1/27/2015 USD 74.5
EVERGRANDE REAL 13 1/27/2015 USD 78.6
FANTASIA HOLDING 14 5/12/2015 USD 61.4
FANTASIA HOLDING 14 5/12/2015 USD 65.4
FUFENG GROUP LTD 7.625 4/13/2016 USD 65
GLORIOUS PROPERT 13 10/25/2015 USD 64.9
GREENTOWN CHINA 9 11/8/2013 USD 60.4
GREENTOWN CHINA 9 11/8/2013 USD 60.4
HIDILI INDUSTRY 8.6 11/4/2015 USD 70.4
HIDILI INDUSTRY 8.62 11/4/2015 USD 58
IMCOPA INTL CAYM 5 12/19/2014 USD 33
JA SOLAR HOLD CO 4.5 5/15/2013 USD 64
JINKOSOLAR HOLD 4 5/15/2016 USD 40.4
KAISA GROUP 13.5 4/28/2015 USD 68.4
KAISA GROUP 13.5 4/28/2015 USD 68.5
KAISA GROUP 8 12/20/2015 CNY 69.4
KWG PROPERTY HOL 12.5 8/18/2017 USD 69.3
KWG PROPERTY HOL 12.5 8/18/2017 USD 70
LDK SOLAR CO LTD 4.75 4/15/2013 USD 69.7
LUPATECH FINANCE 9.87 USD 75
LUPATECH FINANCE 9.87 USD 74.4
MINGFA GROUP INT 5.25 5/23/2016 HKD 72
POLARCUS LTD 2.8 4/27/2016 USD 76.6
POWERLONG RE HLD 13.75 9/16/2015 USD 66.4
POWERLONG RE HLD 11.5 3/17/2014 CNY 67
POWERLONG RE HLD 13.75 9/16/2015 USD 66.9
PUBMASTER FIN 5.9 12/30/2024 GBP 69.6
RENHE COMMERCIAL 13 3/10/2016 USD 71
RENHE COMMERCIAL 11.75 5/18/2015 USD 71.1
RENHE COMMERCIAL 11.75 5/18/2015 USD 70
RENHE COMMERCIAL 13 3/10/2016 USD 89.3
SHIMAO PROPERTY 8 12/1/2016 USD 74.4
SHIMAO PROPERTY 8 12/1/2016 USD 70.5
SOLARFUN POWER H 3.5 1/15/2018 USD 58
SOLARFUN POWER H 3.5 1/15/2018 USD 67.8
SPG LAND HOLDING 13.5 4/8/2016 USD 59
SUNTECH POWER 3 3/15/2013 USD 49.6
SUNTECH POWER 3 3/15/2013 USD 49.7
TEXHONG TEXTILE 7.62 1/19/2016 USD 70.4
TEXHONG TEXTILE 7.62 1/19/2016 USD 68
TRINA SOLAR LTD 4 7/15/2013 USD 74
YUZHOU PROPERTIE 13.5 12/15/2015 USD 65.8
YUZHOU PROPERTIE 13.5 12/15/2015 USD 65.8
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.54
CGE DISTRIBUCION 3.25 12/1/2012 CLP 30
ESVAL S.A. 3.8 7/15/2012 CLP 25.3
INVERSIONES ALSA 8 8/18/2018 USD 77.6
LA POLAR SA 3.8 10/10/2017 CLP 51.5
MASISA 4.25 10/15/2012 CLP 19.9
QUINENCO SA 3.5 7/21/2013 CLP 24.9
PANAMA
------
NEWLAND INT PROP 9.5 11/15/2014 USD 74.6
PUERTO RICO
-----------
BANCO SANTANDER 6.1 6/1/2032 USD 56.2
BANCO SANTANDER 6.3 6/1/2032 USD 56.3
PUERTO RICO CONS 6.2 5/1/2017 USD 55
PUERTO RICO CONS 6.5 4/1/2016 USD 61
VENEZUELA
---------
PETROLEOS DE VEN 5.5 4/12/2037 USD 45
PETROLEOS DE VEN 5.37 4/12/2027 USD 46.3
PETROLEOS DE VEN 5.25 4/12/2017 USD 59.4
PETROLEOS DE VEN 5.12 10/28/2016 USD 60
PETROLEOS DE VEN 5 10/28/2015 USD 65.7
PETROLEOS DE VEN 8.5 11/2/2017 USD 70.7
PETROLEOS DE VEN 8.5 11/2/2017 USD 68.3
PETROLEOS DE VEN 4.9 10/28/2014 USD 73.4
PETROLEOS DE VEN 12.75 2/17/2022 USD 75.5
VENEZUELA 7 3/31/2038 USD 56.3
VENEZUELA 7 3/31/2038 USD 54.9
VENEZUELA 6 12/9/2020 USD 59.8
VENEZUELA 7.65 4/21/2025 USD 60
VENEZUELA 8.25 10/13/2024 USD 62.3
VENEZUELA 9.25 5/7/2028 USD 65
VENEZUELA 9 5/7/2023 USD 67
VENEZUELA 7 12/1/2018 USD 67
VENEZUELA 9.25 9/15/2027 USD 68.6
VENEZUELA 9.25 9/15/2027 USD 67.9
VENEZUELA 7.75 10/13/2019 USD 68
VENEZUELA 11.95 8/5/2031 USD 77
VENZOD - 189000 9.375 1/13/2034 USD 65.8
***********
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, 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 * * *