/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111216.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, December 16, 2011, Vol. 12, No. 249 Headlines A R G E N T I N A MIRGOR S.A.: Moody's Affirms 'B3' Corporate Family Rating B E R M U D A LONE STAR: Creditors' Proofs of Debt Due Dec. 21 LONE STAR: Members' Final Meeting Set for Jan. 10 MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due Dec. 21 MAN-GLENWOOD SELECT: Member to Hear Wind-Up Report on Jan. 19 MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 21 MAN MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 20 MULTI-STRATEGY GUARANTEED: Creditors' Proofs of Debt Due Dec. 21 MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 18 SWISSBULK LTD: Creditors' Proofs of Debt Due Dec. 21 SWISSBULK LTD: Member to Receive Wind-Up Report on Jan. 19 B R A Z I L BANCO BVA: Fitch Affirms & Withdraws Ratings HYPERMARCAS SA: S&P Affirms 'BB-' GS Corp. Credit Rating PDG REALTY: Moody's Gives 'Ba2' Rating to Local Currency C A Y M A N I S L A N D S BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19 BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19 COMPASS FUND: Placed Under Voluntary Wind-Up EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21 EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21 HARBERT EMERGING: Placed Under Voluntary Wind-Up HARBERT EMERGING: Placed Under Voluntary Wind-Up KC II SPECIAL: Creditors' Proofs of Debt Due Dec. 21 LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22 LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22 LUX FUNDS: Creditors' Proofs of Debt Due Dec. 22 MATTERHORN ADVISORY: Creditors' Proofs of Debt Due Dec. 22 MURRAY LIMITED: Creditors' Proofs of Debt Due Dec. 28 NOVA ADVISORY: Creditors' Proofs of Debt Due Dec. 22 PAMPLONA FOF: Creditors' Proofs of Debt Due Dec. 21 SPIRIT CREDIT: Placed Under Voluntary Wind-Up UNIVERSAL STRUCTURED: Creditors' Proofs of Debt Due Dec. 22 VAM BRAZIL: Placed Under Voluntary Wind-Up VAM INTERNATIONAL: Placed Under Voluntary Wind-Up VOTORANTIM OVERSEAS: Placed Under Voluntary Wind-Up C H I L E CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-' C O L O M B I A FABRICATO SA: Pays Down Bankruptcy Debt to COP2.2 Billion J A M A I C A JAMAICA RAILWAY CORP: Opposition Calls for Financial Disclosures M E X I C O BANCA MIFEL: S&P Retains 'BB-' Global Scale Corp. Credit Rating P U E R T O R I C O CAPARRA HILLS: Fitch Affirms 'BB' Issuer Default Rating EMPRESAS INTEREX: Hires Cuprill Law Office as Bankr. Counsel EMPRESAS INTEREX: Sec. 341 Creditors' Meeting Set for Jan. 13 MIRAMAR REAL: Court OKs C. Agosto & FVP & Galindez as Auditors T R I N I D A D & T O B A G O * TRINIDAD & TOBAGO: To Receive US$130-Million Loan From IDB U R U G U A Y * URUGUAY: To Get US$80MM IDB Loan to Finance Government Project - - - - - ================= A R G E N T I N A ================= MIRGOR S.A.: Moody's Affirms 'B3' Corporate Family Rating --------------------------------------------------------- Moody's Latin America affirmed the B3 corporate family rating and Baa1.ar national scale rating of Mirgor S.A. and revised the outlook to stable from negative. Ratings Rationale The outlook change reflects Mirgor's improved operating performance and prospects for improved cash flow metrics. The company's resiliency during 2011 also contributed to the outlook stabilization. Other key drivers for the outlook stabilization include the restoration of Mirgor's margins to more adequate levels. Moody's expects the company's operating performance will continue to benefit from the 2010 tax amendment, that benefits the local electronic products manufacturing industry. The B3/Baa1.ar ratings reflect Mirgor's position as one of the leaders in the Argentine domestic auto parts business and long- established, coordinated, operations with local automakers. The B3 also incorporates relatively low leverage for the rating category. The ratings are constrained by Mirgor's small size and limited financial and operating flexibility. The ratings also incorporate Moody's expectation that Mirgor's credit metrics are subject to potential deterioration if revenues or margins decline in its two main business segments, air conditioning systems for vehicles (35% of revenues for the last twelve months as of September, 2011) and air conditioning units for residential use as well as electronic products (65% of revenues). The stable outlook considers that Mirgor will be able to sustain its improved margins and operating performance and continue to grow and diversify its revenues. The stable outlook also incorporates Moody's expectations of debt reduction if growth trends decelerate. The ratings could be upgraded if Mirgor is able to post higher and more stable operating margins on a sustained basis and to generate positive free cash flow. Sufficient cash to cover short-term debt or longer term debt maturities could also have a positive rating impact. Quantitatively, an upgrade of ratings or outlook would require an EBIT margin consistently higher than 5.0% on a sustained basis and EBIT interest coverage of above 3.5x. The ratings could be downgraded if Mirgor is not able to sustain the recently recovered operating margins. Quantitatively, if Mirgor's EBIT margin returns to below 3.0% and EBIT interest coverage below 1.0x, the ratings could be downgraded. Headquartered in Tierra del Fuego, Argentina, Mirgor primarily produces climate control equipment for the auto industry in Argentina. In addition, through its wholly-owned subsidiaries, Mirgor is also involved in the production and sale of residential air conditioning units and other electronic products (microwaves, cell phones, etc.). Consolidated revenues for the last twelve months ending on September 30, 2011, reached ARS 3,161 million (approximately USD 790 million). ============= B E R M U D A ============= LONE STAR: Creditors' Proofs of Debt Due Dec. 21 ------------------------------------------------ The creditors of Lone Star Asia-Pacific, Ltd. are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 30, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LONE STAR: Members' Final Meeting Set for Jan. 10 ------------------------------------------------- The members of Lone Star Asia-Pacific, Ltd. will hold their final meeting on Jan. 10, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Nov. 30, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MAN-GLENWOOD SELECT: Creditors' Proofs of Debt Due Dec. 21 ---------------------------------------------------------- The creditors of Man-Glenwood Select Limited are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 2, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN-GLENWOOD SELECT: Member to Hear Wind-Up Report on Jan. 19 ------------------------------------------------------------- The member of Man-Glenwood Select Limited will receive on Jan. 19, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 2, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 21 --------------------------------------------------------- The creditors of Man Multi-Strategy Guaranteed (Series Q) Ltd are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 20 ------------------------------------------------------------ The member of Man Multi-Strategy Guaranteed (Series Q) Ltd will receive on Jan. 20, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MULTI-STRATEGY GUARANTEED: Creditors' Proofs of Debt Due Dec. 21 ---------------------------------------------------------------- The creditors of Multi-Strategy Guaranteed (Series Q) Trading Ltd are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MULTI-STRATEGY: Member to Hear Wind-Up Report on Jan. 18 -------------------------------------------------------- The member of Multi-Strategy Guaranteed (Series Q) Trading Ltd will receive on Jan. 18, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda SWISSBULK LTD: Creditors' Proofs of Debt Due Dec. 21 ---------------------------------------------------- The creditors of SwissBulk Ltd. are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda SWISSBULK LTD: Member to Receive Wind-Up Report on Jan. 19 ---------------------------------------------------------- The member of SwissBulk Ltd. will receive on Jan. 19, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 5, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== BANCO BVA: Fitch Affirms & Withdraws Ratings -------------------------------------------- Fitch Ratings has affirmed the ratings of Banco BVA S.A. (BVA). In addition, Fitch has withdrawn the ratings as they are no longer considered relevant to the agency's coverage. The following ratings have been affirmed and withdrawn: -- Foreign currency Issuer Default Rating (IDR) at 'B-'; Stable Outlook; -- Short-term foreign currency IDR at 'B'; -- Local currency IDR at 'B-'; Stable Outlook; -- Short-term local currency IDR at 'B'; -- Individual rating at 'D/E'; -- Viability rating at 'B-'; -- Support rating at '5'; -- Support rating floor at 'No floor'; -- National long-term rating at 'BB(bra)'; Stable Outlook; -- National short-term rating at 'B(bra)'; -- Senior unsecured debt at 'B-'; Recovery Rating '4'. HYPERMARCAS SA: S&P Affirms 'BB-' GS Corp. Credit Rating -------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Brazil- based consumer products company Hypermarcas S.A. to negative from stable. "At the same time, we affirmed our 'BB-' global-scale ratings on the company. We also lowered our long-term national- scale corporate credit rating to 'brA-' from 'brA+'. The outlook on this rating is negative," S&P said. "The change in outlook indicates that we could downgrade Hypermarcas if its liquidity weakens or cash generation does not improve during the first half of 2012," said Standard & Poor's credit analyst Debora Confortini. "The company's operating and financial performance over the past few quarters has been weak, and we believe the company's margin will remain under pressure until the inventory in the distribution chain decreases, which is expected by the beginning of 2012. Hypermarcas has taken several steps to adjust its distribution strategy, especially in the pharmaceutical segment (over-the-counter and prescription drugs), and is trying to rebalance its product portfolio by divesting weaker-margin businesses. The global-scale rating affirmation reflects the company's use of asset sale proceeds -- R$445 million -- to lower debt levels, its more prudent working capital management, and our expectation that margins should improve in 2012." PDG REALTY: Moody's Gives 'Ba2' Rating to Local Currency -------------------------------------------------------- Moody's America Latina has assigned Ba2 local currency and Aa3.br national scale ratings to PDG Realty S.A. Empreendimentos e Participacoes' BRL 250 million 5-year senior secured CCBs (Cedula de Credito Banc�rio). At the same time, Moody's affirmed PDG's Ba2/Aa3.br corporate family ratings ("CFR"). The outlook for the ratings is stable. Ratings Rationale PDG's Ba2 ratings reflects its position as the largest homebuilder in Brazil in terms of revenues, launches and contracted sales. The rating also benefits from the company's strong brand name, long track record of operations through its wholly owned subsidiaries Goldfarb, CHL and Agre, good geographic diversity, and product offering, that ranges from the low to high income segments. Over the past periods, PDG has been able to significantly reduce its exposure to the Minha Casa Minha Vida housing program, as company's focus continues to shift to the mid-income segment from the low-income. In September 2011, only 23% of PDG's low income units were eligible for the MCMV program. Moody's see this strategy as credit positive since middle income projects tend to grant higher margins especially during rising labor cost scenarios. The inclusion of the middle class in the second phase of Minha Casa Minha Vida as well as the Brazilian construction market solid long term fundamentals, should continue to benefit PDG's operations. PDG has also been able to reduce its land bank geographic concentration in the Southeast region of Brazil to 54% in September 2011, from 95% in 2007, which ensures a forward diversification. PDG's cash generation, that has been affected by the financial cycle of the housing project funding system in Brazil, became positive during the 3Q'11 as more projects launched in 2007 and 2008 were delivered to their buyers and converted into cash. Moody's expect the company to be able to maintain its free cash flow positive through delivery of finished units and slower growth pace going forward. On the other hand, PDG's ratings are constrained by the company's aggressive acquisition strategy, as proven by Agre acquisition in 2010 that doubled its size and the still observed concentration on the high rise segment, that accounts for 90% of PDG's current backlog. Moody's acknowledge that the acquisitive nature of PDG was what ensured its current size through the Goldfarb and CHL acquisition in 2007 and Agre acquisition in 2010 and that the company's good financial management kept credit metric under acceptable levels for its rating category after the acquisitions, but Moody's see the aggressive strategy as credit negative due to all risks involved in these kind of transactions. In September 2011, PDG had BRL 1.3 billion in cash and equivalents, and around BRL 2.1 billion of debt coming due on the following twelve months, mostly related to SFH lines that will disappear once the projects are delivered. Despite its rapid growth, PDG has been able to maintain an adequate capital structure and coverage with total adjusted Debt to Book Capitalization of around 47% and EBIT to Interest of 2.7 times in September 2011. It is important to mention that some 56% or BRL 3.6 billion of the total adjusted debt of BRL 6.5 billion is comprised by debt related to construction, which are repaid once the construction is finished and the homebuyer signs the mortgage with a commercial bank or CEF. PDG's average annual working capital consumption has been around BRL 1.2 billion, making its cash available on its balance sheet seem low, but all of the projects are already tied to signed loans, while PDG also has around BRL 8.7 billion in available approved lines for construction including SFH lines to cover part of its working capital needs. According to the company's written minimum cash policy, cash on balance sheet should cover at least financial expenses, debt amortization and net operating expenses for the six months ahead. The proposed CCBs will be secured by the pledge of receivables related to the construction of specific projects that will always need to cover 105% of the outstanding amount. Despite the collateral being provided there are no real assets being pledged. Moody's, therefore, views the CCBs at the same seniority level as PDG's unsecured debt. While PDG's unsecured indebtedness is structurally subordinated to its existing secured debt, in its vast majority (86%) comprised by SFH and other construction loans, these loans are collateralized by specific assets and have no residual claim on the remaining assets of the company. There would be also a high amount of remaining unencumbered assets that in case of a default should provide good recovery for the unsecured instruments. For these reasons they are rated at the same level as PDG's CFR. The proceeds from the proposed CCB will be used in the financing of specific construction projects. The stable outlook assumes that PDG will maintain a comfortable liquidity position to execute its growth plan while preserving a minimum cash balance on its balance sheet to face weaker economic environments and difficult capital market conditions. PDG's rating or outlook could experience upward pressure if the company is able to reduce its leverage metrics on a sustained basis while strengthen its cash flow metrics. Upward pressure could also arise from improved cash-flow based credit metrics, through reduced working capital requirements over time and higher volume of projects achieving their delivery dates. Mortgage availability at an earlier point of the construction cycle and use of internal generated cash for reducing debt, not linked to construction would also be credit positive. Quantitatively, positive pressure could arise from sustainable positive CFO ("Cash Flow from Operations") and FCF ("Free Cash Flow") to total debt above 10%, total debt to capitalization below 40% (47.2% in the end of September 2011), FFO ("Funds From Operations") to total debt above 25% (16.1% for the last twelve months ended in September 2011) and interest coverage (EBIT to Interest expense) above 4.5 times (2.7 times for the last twelve months ended in September 2011) on a sustainable basis. PDG's ratings would likely be downgraded if Total Debt to Capitalization increased above mid 50% (47.2% in the end of September 2011) on a sustained basis or if the company were to face a significant deterioration in its liquidity profile due to a reduction in the availability and timeliness of disbursements from credit lines that the company has available with commercial banks through the SFH. While Moody's view this scenario as unlikely in the near term, it could occur due to a change in government's support towards the homebuilding industry or due to a significant increase in indebtedness unrelated to construction. Quantitatively, negative pressure could arise if the company diverged from the written minimum cash policy mentioned before. The principal methodology used in rating PDG was the Global Homebuilding Industry Methodology published in March 2009. =========================== C A Y M A N I S L A N D S =========================== BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19 ------------------------------------------------------ The creditors of Blackrock Fixed Income Global Opportunities (Offshore) Fund II Yen Feeder are required to file their proofs of debt by Dec. 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2011. The company's liquidator is: Peter Stafford c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands BLACKROCK FIXED: Creditors' Proofs of Debt Due Dec. 19 ------------------------------------------------------ The creditors of Blackrock Fixed Income Global Opportunities (Offshore) Fund are required to file their proofs of debt by Dec. 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2011. The company's liquidator is: Peter Stafford c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands COMPASS FUND: Placed Under Voluntary Wind-Up --------------------------------------------- On Nov. 9, 2011, the sole member of Compass Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 12, 2011, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Tania Dons Telephone: (345) 814 7766 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21 --------------------------------------------------- The creditors of Edmond Macro Fund Limited are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands EDMOND MACRO: Creditors' Proofs of Debt Due Dec. 21 --------------------------------------------------- The creditors of Edmond Macro Master Fund Limited are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2011. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands HARBERT EMERGING: Placed Under Voluntary Wind-Up ------------------------------------------------ On Nov. 9, 2011, the sole shareholder of Harbert Emerging Markets Master Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 12, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham Telephone: (345) 815 1750 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands HARBERT EMERGING: Placed Under Voluntary Wind-Up ------------------------------------------------ On Nov. 9, 2011, the sole shareholder of Harbert Emerging Markets Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 12, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Madeleine Welham Telephone: (345) 815 1750 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands KC II SPECIAL: Creditors' Proofs of Debt Due Dec. 21 ---------------------------------------------------- The creditors of KC II Special Opportunities SPV are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 1, 2011. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: NDL Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre 42 North Church Street P.O. Box 1348 George Town Grand Cayman KY1-1108 Cayman Islands LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------------- The creditors of Loeb Marathon Offshore Fund, Ltd. are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 9, 2011. The company's liquidator is: David S. Hampson Loeb Partners Corporation, 61 Broadway 24th Floor, New York New York 10006 U.S.A. LOEB MARATHON: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------------- The creditors of Loeb Marathon Offshore Partners, Ltd. are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 9, 2011. The company's liquidator is: David S. Hampson Loeb Partners Corporation 61 Broadway, 24th Floor New York New York 10006 U.S.A. LUX FUNDS: Creditors' Proofs of Debt Due Dec. 22 ------------------------------------------------ The creditors of Lux Funds SPC are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 31, 2011. The company's liquidator is: Banque Privee Edmond De Rothschild Europe 20 Boulevard Emmanuel Servais L-2535 Luxembourg MATTERHORN ADVISORY: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------------------- The creditors of Matterhorn Advisory Ltd. are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 8, 2011. The company's liquidator is: Banque Privee Edmond De Rothschild Europe 20 Boulevard Emmanuel Servais L-2535 Luxembourg MURRAY LIMITED: Creditors' Proofs of Debt Due Dec. 28 ----------------------------------------------------- The creditors of Murray Limited are required to file their proofs of debt by Dec. 28, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 10, 2011. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170 Grand Cayman KY1-1102 Cayman Islands NOVA ADVISORY: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------------- The creditors of Nova Advisory Ltd. are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 8, 2011. The company's liquidator is: Banque Privee Edmond De Rothschild Europe 20 Boulevard Emmanuel Servais L-2535 Luxembourg PAMPLONA FOF: Creditors' Proofs of Debt Due Dec. 21 --------------------------------------------------- The creditors of Pamplona FOF EM Limited are required to file their proofs of debt by Dec. 21, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2011. 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 SPIRIT CREDIT: Placed Under Voluntary Wind-Up --------------------------------------------- On Nov. 4, 2011, the sole shareholder of Spirit Credit Management, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 13, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands UNIVERSAL STRUCTURED: Creditors' Proofs of Debt Due Dec. 22 ----------------------------------------------------------- The creditors of Universal Structured Products Fund are required to file their proofs of debt by Dec. 22, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 7, 2011. The company's liquidator is: Nico Thuler Traugott Meyer-Strasse 11 4147 Aesch Switzerland VAM BRAZIL: Placed Under Voluntary Wind-Up ------------------------------------------ On Nov. 10, 2011, the sole shareholder of VAM Brazil SPC Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 14, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands VAM INTERNATIONAL: Placed Under Voluntary Wind-Up ------------------------------------------------- On Nov. 10, 2011, the sole shareholder of Vam International SPC Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 14, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands VOTORANTIM OVERSEAS: Placed Under Voluntary Wind-Up --------------------------------------------------- On Nov. 10, 2011, the sole shareholder of Votorantim Overseas Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 14, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands ========= C H I L E ========= CORPBANCA: Fitch Affirms Support Rating Floor at 'BB-' ------------------------------------------------------ Fitch Ratings has placed the following ratings for Corpbanca on Rating Watch Negative: -- Foreign and local currency Long-term Issuer Default Rating (IDR) of 'BBB+'; -- Viability Rating of 'bbb+'; -- Individual Rating of 'C'; -- USD200 million bonds programme foreign currency long-term rating at 'BBB+'. In addition, Fitch has placed on Rating Watch Negative the ratings of Corp Group Interhold S.A.'s Long-term IDR of 'BBB-' and National Long-term Rating of 'A+(cl)', and the 'BBB- '/'A+(cl)' of its USD130 million senior unsecured notes. Corp Group Interhold S.A. is a holding company under which Corpbanca is held through other holding companies; its ratings are derived from those of its principal operating company, Corpbanca. At the same time Fitch has affirmed the bank's other ratings as listed at the end of this release. The rating action follows the bank's announcement of its agreement to acquire a 95% stake of Banco Santander Colombia (BSC). While Fitch considers this transaction to be positive for Corpbanca from a business point of view as it is entering a market with higher growth potential than Chile, it will be challenging due to the tough competition in Colombia and, in Fitch's opinion, will place Corpbanca's capitalization under pressure while its capacity to regenerate capital from earnings and after dividend payments will be challenging. On completion of the acquisition under the announced conditions, Fitch will downgrade Corpbanca's above mentioned ratings. Corpbanca will pay USD1.15 billion for the acquisition, which will be funded with its own resources and a capital increase of USD450 million, in addition to the recent USD370 million of fresh capital received in 3Q2011. BSC has total assets of roughly USD4 billion and equity of USD398 million. After deducting the goodwill of around USD722 million, Fitch calculates that Corpbanca's Fitch Core capital ratio will decline to around 6.45% from 10.03% at Sep. 30, 2011, which is also significantly lower than its historic level before the recent capital increase. These levels of capitalization compare poorly against similarly rated banks regionally and internationally, especially in the context of the bank's aggressive growth strategy in Chile and considering that the profitability of BSC is similar to that of Corpbanca (ROA of 1.7% at Sep. 30, 2011 and 1.6% respectively. While under Fitch's methodology the main indicator of a bank's capitalization is the Fitch Core Capital ratio, Fitch recognizes that Corpbanca's Fitch Eligible Capital ratio of around 10.7% after the acquisition (14.33% at Sep. 30, 2011) will be closer to that of similarly rated banks given the equity credit Fitch gives to the subordinated debt issued in Chile. The transaction is subject to regulatory approvals in Chile and Colombia and is expected to close in the first half of 2012. The stake to be purchased by Corpbanca is the maximum stake allowed to an individual shareholder by Colombian regulations. Corpbanca's shareholders will purchase at least an additional 2.85% stake. The acquisition also includes Santander Investment Securities Colombia SA (stock brokerage), Santander Insurance Agency Ltd (insurance) and Santander Colombia SA Investment Trust (trustee). The ratings assigned to Corp Group Interhold are supported by an adequate expected dividend flow from the company's largest operating subsidiaries, especially those from Corpbanca. Interhold's expected cash flow is also enhanced by the recurrent dividend stream from its insurance subsidiaries. The Rating Watch Negative reflects the weakening of the ratings of Interhold's principal subsidiary. Fitch does not expect additional increases in the financial debt of the holding company or other mezzanine holdings without the proper increase in the expected revenue and capital ratios. Interhold's total financial debt is considered adequate, with a double leverage ratio of 113.4% as of June 30, 2011. According to the entity's projections, the transaction impact over this ratio would be neutral and in Fitch's opinion, a material increase of this ratio will probably place downward pressure on Interhold's ratings. Corpbanca is Chile's fourth largest private sector bank that operates in almost all market segments. At Oct. 31, 2011 it had 7.5% of the Chilean financial system's loans and 7.2% in deposits. It is 51.23% owned by Corp Group Banking S.A. (CGB), 9.22% by Cia. Inmobiliaria y de Inversiones SAGA (entity controlled by Alvaro Saieh Bendeck and his family), and the balance is widely held by domestic and foreign institutional investors. In turn, CGB is controlled by a group of Chilean businessmen, in which the main individual shareholder is Alvaro Saieh, who together with his family indirectly control a 75.64% of Corpbanca. Fitch has affirmed Corpbanca's following ratings: -- Foreign and local currency Short-term IDR at 'F2'; Outlook Stable; -- Support Rating at '3'; -- Support Rating Floor at 'BB-'; =============== C O L O M B I A =============== FABRICATO SA: Pays Down Bankruptcy Debt to COP2.2 Billion ---------------------------------------------------------- Blake Schmidt at Bloomberg News, citing a regulatory filing, reports that Fabricato SA said it paid down its debt under Colombian bankruptcy law to COP2.2 billion pesos (US$1.1 million). Fabricato SA is a textile maker company in Colombia. ============= J A M A I C A ============= JAMAICA RAILWAY CORP: Opposition Calls for Financial Disclosures ---------------------------------------------------------------- RJR News reports that Dr. Omar Davies, opposition spokesman on transport, is calling for full disclosure on the financial affairs of the Jamaica Railway Corporation. Mr. Davies call for the investigation comes in the wake of reports that the cash strapped corporation, which has been trying to revive passenger rail service, has been left in the red, according to RJR News. Documents obtained by RJR News revealed that the JRC's operational costs have been exceeding revenue. Dr. Davies, the report discloses, said it is time for the Transport Ministry to tell the country the extent of the JRC's financial woes. "I'm not surprised because there have been rumblings on different occasions but nothing has really been brought to parliament or to the public explaining the situation. It's in a sense typical of how the whole ministry has operated; a personal freedom is the best way to describe it. I look forward to not only seeing the General Manager's report but getting a formal statement from the new minister or the acting Permanent Secretary," RJR News quoted Dr. Davies as saying. About Jamaica Railway Corporation The Jamaica Railway Corporation was established under the Jamaica Railway Corporation Act. The corporation is established to control the expenditure of the corporation whether on revenue or capital account; to ensure that the annual revenues of the corporation are sufficient to meet all charges properly chargeable to revenue; and to direct and control any expansion or extension of the railway and the construction of any new railway. * * * As reported in the Troubled Company Reporter-Latin America on August 20, 2010, RadioJamica said that the Transport Minister has confirmed the resignation of Harold Brady, as Chairman of the Board of the Jamaica Railway Corporation. The report related that Mr. Brady's departure comes more than two months before the October 31 expiration of the life of the Board of the JRC. According to RadioJamiaca, Mr. Brady's resignation caused some concern among government officials, as his departure brought an abrupt halt to the Transport Ministry's plans to divest the "failing" JRC as quickly as possible. The report recounts that the Railway Corporation ceased operations several years ago and is now on the list of entities to be merged and retained by the Transport Ministry. =========== M E X I C O =========== BANCA MIFEL: S&P Retains 'BB-' Global Scale Corp. Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services raised or affirmed its ratings on 33 Latin American financial institutions and related entities by applying its new ratings criteria for banks and its revised group methodology criteria and assumptions, which were published on Nov. 9, 2011. Although this is the last wave of criteria implementation for Latin American financial institutions, which started on Nov. 29, 2011, there could be additional rating actions stemming from recent actions on some Latin American banks' European parent companies. "We will publish individual research updates on each bank, including a list of ratings on affiliated entities, as well as the ratings by debt type -- senior, subordinated, junior subordinated, and preferred stock. The research updates will be available at www.standardandpoors.com/AI4FI and on RatingsDirect. Ratings on specific issues will be available on RatingsDirect and www.standardandpoors.com," S&P said. Ratings List The ratings are issuer credit ratings. To From Banca Afirme S.A. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 Afirme Grupo Financiero S.A. de C.V. mxA-/Stable/mxA-2 mxBBB+/Stable/mxA-2 Almacenadora Afirme S.A. de C.V. mxA-/Stable/mxA-2 mxBBB+/Stable/mxA-2 Arrendadora Afirme S.A. de C.V. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 Factoraje Afirme S.A. de C.V. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 Seguros Afirme S.A. de C.V. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 Banca Mifel S.A. Global Scale BB-/Stable/B BB-/Stable/B National Scale mxBBB+/Stable/mxA-2 mxBBB+/Stable/mxA-2 BANCO AHORRO FAMSA S.A INSTITUCION DE BANCA MULTIPLE Global Scale B/Stable B/Stable National Scale mxBBB-/Stable/mxA-3 mxBBB-/Stable/mxA-3 Banco Base, S.A. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 Banco BMG S.A. Global Scale BB-/Stable/B BB-/Stable/B National Scale brA-/Stable brA-/Stable Banco de la Provincia de Buenos Aires B/Stable B/Stable Banco G & T Continental S.A. BB/Negative/B BB-/Stable/B Banco Industrial e Comercial S.A. Global Scale BB+/Stable/B BB+/Stable/B National Scale brAA/Stable brAA/Stable Banco Industrial S.A. BB/Negative/B BB-/Stable/B Banco Indusval S.A. Global Scale BB/Stable/B B+/Positive/B National Scale brA+/Stable/brA-1 brBBB+/Positive/brA-3 Banco Intermedium S.A. brBBB/Stable brBB+/Stable Banco Internacional de Costa Rica S.A. BB/Stable/B BB/Stable/B Banco Internacional del Peru-Interbank BBB/Stable BBB-/Stable Banco Invex S.A. Institucion de Banca Multiple mxA/Stable/mxA-2 mxA/Stable/mxA-2 Invex Casa de Bolsa S.A. de C.V. mxA/Stable/mxA-2 mxA/Stable/mxA-2 Banco JBS S.A. brBBB-/Watch Pos/brA-3 brBBB-/Stable/brA-3 Banco Mercantil Do Brasil S.A. Global Scale BB-/Stable/B B+/Stable/B National Scale brA-/Stable brBBB/Stable Banco Monex S.A. mxA+/Stable/mxA-1 mxA/Stable/mxA-2 Monex Casa de Bolsa S.A. mxA+/Stable/mxA-1 mxA/Stable/mxA-2 Banco Rural S.A. Global Scale B/Stable B-/Positive National Scale brBB+/Stable brBB/Positive Banco Toyota do Brasil S.A. brAAA/Stable brAAA/Stable Banco Volkswagen S.A. brAAA/Stable brAAA/Stable Bansi S.A. mxA/Stable/mxA-2 mxA-/Stable/mxA-2 CI Banco S.A. mxA-/Stable/mxA-2 mxA-/Stable/mxA-2 Corporacion Financiera de Desarrollo S.A. BBB/Stable/A-3 BBB/Stable/A-3 Discount Bank Latin America S.A. BB+/Stable/B BB+/Stable/B Inter Banco, S.A., Institucion de Banca Multiple mxA-/Stable/mxA-2 mxA-/Stable/mxA-2 Intercam Casa de Bolsa S.A. de C.V. mxA-/Stable/mxA-2 mxA-/Stable/mxA-2 MiBanco, Banco de La Microempresa S.A. BBB/Stable/A-3 BB+/Stable/B Grupo ACP Inversiones y Desarrollo BB+/Stable BB-/Stable National Commercial Bank Jamaica Ltd. B-/Negative/C B-/Negative/C Scotiabank Inverlat, S.A. Global Scale BBB/Stable/A-3 BBB/Stable/A-3 National Scale mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+ Scotia Inverlat Casa de Bolsa S.A de C.V. mxAAA/Stable/mxA-1+ mxAAA/Stable/mxA-1+ Scotiabank Peru S.A.A. BBB/Stable/A-3 BBB/Stable/A-3 Union de Credito Alpura S.A. de C.V. mxBBB/Stable/mxA-3 mxBBB/Stable/mxA-3 Union de Credito de la Industria Litografica S.A. mxBBB+/Stable/mxA-2 mxBBB/Stable/mxA-3 Vision Banco S.A.E.C.A. BB-/Stable B+/Positive ===================== P U E R T O R I C O ===================== CAPARRA HILLS: Fitch Affirms 'BB' Issuer Default Rating ------------------------------------------------------- Fitch Ratings has affirmed Caparra Hills, Inc.'s 'BB' Issuer Default Rating (IDR), Fitch has also affirmed the company's US$59.3 million secured bonds rating at 'BBB-'. The secured bonds are payable solely from payments made to The Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA) by Caparra Hills. AFICA serves solely as an issuing conduit for local qualified borrowers for purpose of issuing bonds pursuant a trust agreement between AFICA and a trustee. The secured bonds are not guaranteed by AFICA, do not constitute a charge against the general credit of AFICA, and do not constitute an indebtedness of the Commonwealth of Puerto Rico or any of its political subdivisions. The Rating Outlook is Stable. The ratings reflect the stable cash flow generated by the company's lease portfolio, which passes the vast majority of its operating expenses on to its tenants. Caparra Hills' properties have relatively low vacancy rates and solid collateral values backing its secured debt. The ratings are also supported by the company's manageable debt maturity schedule, adequate cash position of US$5.7 million and stable EBITDA margins of over 60% during the last five years ended Sept. 30, 2011, which result in adequate debt service coverage ratios. Also factored in the ratings is Caparra Hills' capacity to generate consistently positive free cash flow (FCF) with an average FCF margins around 19% during the last four years ended September 2011. The 'BBB-' rating for the secured bonds positively incorporates the collateral support included in the transaction structure as the payments of the bonds are secured by a first mortgage on the company's real estate properties and an assignment of leases. In addition, the ratings consider as part of the transaction structure the inclusion of a debt-service reserve fund permanently covering an equivalent of 18-month debt service related to the secured bonds, by the end of September 2011 the total amount in the reserve fund was USD7 million. The Stable Outlook reflects Caparra Hills' consistent and stable operating performance and its track record of maintaining positive free cash flow, stable leverage and solid liquidity during the last several years. Fitch would consider a negative rating action if deterioration in the company's financial profile occurs, leading to weaker credit metrics resulting from declining revenues coupled with significant distributed dividends and increasing vacancy rates that would move the company's capital structure away from the levels Fitch understands to be compatible with the rating category assigned. Stable and Predictable Results: The ratings incorporate Caparra Hills' stable revenues stream from its lease portfolio and adequate credit profile of its main tenants. The lease revenues are predominately fixed in nature and also provide for the pass-through of ongoing maintenance and operating expenses for Caparra Hills' properties, which lowers business risk. The company's lease portfolio has an adequate maturity profile with staggered expirations of 17.2% and 6.7% of its rental income expiring in the next 12 and 24 months, respectively. About 10.8% of Caparra Hills' rental income contracts have expiration dates over the next 24-48 months, while 66.4% of the portfolio expires beyond 48 months. Caparra Hills' revenues structure is mostly based on fixed rent, which represent about of 60% total revenues, making the company's revenues very predictable. The other significant component in Caparra Hills' revenue structure is tenant reimbursements, which represent about of 25% of total revenues, covering costs associated with property management and taxes. Incorporated in the ratings is the company's tenant concentration risk. Caparra Hills' five most important anchor tenants are University of Phoenix, Banco Santander, General Electric Consumer Fin., United Surety & Indemnity Co, and Kimberly Clark Corp. These tenants generate annual revenues of about US$6.2 million and represent approximately 60% of the company's total annual rent revenues. Due to challenging operating environment during the last three years, Caparra Hills' vacancy rates have deteriorated as it increased from 4% to 8.6% during the last two years ended in September 2011. Solid Liquidity Expected to Continue: Caparra Hills' liquidity position is solid resulting from its capacity to consistently generate positive cash flow from operations (CFFO) and its good credit access. During the last three years, Caparra Hills' CFFO reached an annual average of US$3.6 million. By the end of September 2011, Caparra Hills' cash position was US$5.7 million. In addition, the company maintains a debt service reserve fund of approximately US$7 million covering 18 months of debt service. Excluding the reserve fund, the company's maintains liquidity that represents approximately 51% of Caparra Hills' LTM revenue (US$11.3 million) and 4.5 times (x) the company's short-term debt (US$1.3 million) by the end of September 2011. In addition, Caparra Hills maintains US$1 million available in unused committed bank credit facility. The ratings incorporate the view that Caparra Hills will maintain a solid liquidity, with a cash position above 30% the company's revenue and more than 2x its short-term debt on a consistent basis. A Positive Free Cash Flow Business: The ratings factor in a continued trend in the company's free cash flow, which has been positive during the last five years. For the LTM period ended September 2011, FYE June 2010, and FYE June 2009, Caparra Hills' free cash flow was positive reaching levels of US$2.3 million; US$2.2 million; and, US$ 2.0 million, respectively. Caparra Hills' free cash flow is expected to continue to be positive during the next following years due to the company's stable cash flow from operations, low level of capital expenditures (approximately US$0.3 million per year), and level of dividends of approximately in the US$0.8 million to US$1.5 million range that Caparra Hills is planning to distribute per year. Factored into the ratings is the view that Caparra Hills does not plan to execute any major investments that could place additional pressure in its cash flow. Adequate Leverage, Manageable Debt Schedule A Positive: By the end of September 2011, Caparra Hills' total debt was US$59.3 million. This compares to US$50.7 million by the end of June 2010. The increase in the company's total debt reflects the proceeds the company took to implement the reserve fund of US$7 million during the debt refinancing completed early this year. By the end of September 2011, Caparra Hills' debt was composed entirely by US$59.3 million secured bonds. The company does not maintain any off-balance debt associated with operating leases obligations. Caparra Hills' EBITDA margin was 63% by the end of September 2011, which has been in line with the company's average EBITDA margin for the last three years (2010-2008) of 62%. Caparra Hills' net leverage, as measured by net debt/EBITDA, was 7.6x by the end of September 2011, higher than the levels of 5.8x at the end of June 2010. Considering the reserve fund, the company's adjusted leverage is estimated at 6.6x. The ratings incorporate the expectation that Caparra Hills' net leverage will remain stable. Positively factored into the ratings is Caparra Hills' manageable debt maturity schedule. The company faces debt principal payments of US$1.3 million, US$1.3 million, and US$1.4 million during FY2012, FY2013, and FY2014, respectively. Main Credit Concerns: The ratings are constrained by the negative business environment and the concentration risk affecting Caparra Hills' operations. The ratings incorporate the negative business environment affecting the economy of Puerto Rico, which has been in recession since the fourth quarter of FY 2006. Additionally, the ratings factor the concentration risk in Caparra Hills' operations related to three contiguous properties, which limits the company's diversification and growth strategies. Further, Caparra Hills' operations are highly dependent from its main tenants, with five tenants representing approximately 60% of the company's total revenues. The concentration risk is counter balanced by the adequate credit profile of Caparra Hills' main tenants and the company's good track-record of maintaining positive FCF and solid liquidity. Negatively incorporated in the ratings is Caparra Hills' high dividend payout ratio. During the last five years, ended in fiscal 2011, Caparra Hills has distributed more than US$4.6 million in dividends, and the company expects to maintain a dividend payout ratio of approximately 60% to 80% over its excess of cash flow for the next years. Caparra Hills conducts its operations in Puerto Rico, which Fitch views as a positive in terms of enforceability of the company's secured debt in the event of default. The relationship between the United States and Puerto Rico is referred to as commonwealth status. Puerto Rico's constitutional status is that of a territory of the United States, and, pursuant to the territorial clause of the U.S. Constitution, the ultimate source of power over Puerto Rico is the U.S. Congress. EMPRESAS INTEREX: Hires Cuprill Law Office as Bankr. Counsel ------------------------------------------------------------ Empresas Interex Inc. said it is not sufficiently familiar with the law to be able to plan and conduct its bankruptcy proceedings without competent legal counsel. Accordingly, Empresas Interex seeks Bankruptcy Court permission to hire as counsel: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 E-mail: ccuprill@cuprill.com The Debtor proposes to pay Charles A. Cuprill-Hernandez, Esq., US$350 per hour; senior associates US$225; junior associates US$150; and paralegals US$85. The Debtor will also reimburse the firm for actual necessary expenses. The Debtor has provided the firm US$15,000 as retainer. Mr. Cuprill-Hernandez attests that his firm is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14). San Juan, Puerto Rico-based Empresas Interex Inc. filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred Caban Flores presides over the case. Empresas Interex scheduled $10,372,712 in assets and $9,668,801 in debts. The petition was signed by Hector Alvarez, president. EMPRESAS INTEREX: Sec. 341 Creditors' Meeting Set for Jan. 13 ------------------------------------------------------------- The United States Trustee in San Juan, Puerto Rico, will hold a meeting of creditors in the Chapter 11 case of Empresas Interex Inc. pursuant to Sec. 341(a) of the Bankruptcy Code on Jan. 13, 2012, at 2:00 p.m. at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, San Juan. Proofs of claim are due April 12, 2012. Government proofs of Claim are due by June 9, 2012. San Juan, Puerto Rico-based Empresas Interex Inc. filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred Caban Flores presides over the case. Charles Alfred Cuprill PSC Law Office serves as the Debtor's counsel. Empresas Interex scheduled US$10,372,712 in assets and US$9,668,801 in liabilities. The petition was signed by Hector Alvarez, president. MIRAMAR REAL: Court OKs C. Agosto & FVP & Galindez as Auditors -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico authorized Miramar Real Estate Management Inc. to employ FPV & Galindez, CPAs, PSC, and its principal, Marcos A. Claudio Agosto, as its external auditors and restructuring advisors. The Debtor asserts that services are required in its reorganization process in the areas of Plan Development, Liquidation Analysis, Claims Administration, Feasibility, Negotiations, Investment, Financing and other matters. Miramar wishes to retain Mr. Agosto and FPV as its external auditors and insolvency and restructuring advisors, in the exercise of their powers and duties, on all financial matters pertaining to the reorganization in its Chapter 11 proceedings. FPV has served as external auditors for the Debtor and Debtor's stockholder since Dec. 31, 2005. Mr. Agosto assures the Court that his firm is a disinterested party within the meaning of Sections 101(3) and 327 of the Bankruptcy Code. San Juan, Puerto Rico-based Miramar Real Estate Management Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 11-01786) on March 2, 2011. Fausto D. Godreau Zayas, Esq., at Latimer, Biaggi, Rachid & Godreau, LLP, serves as the Debtor's bankruptcy counsel. The Debtor estimated its assets and debts at US$100 million to US$500 million. ================================= T R I N I D A D & T O B A G O ================================= * TRINIDAD & TOBAGO: To Receive US$130-Million Loan From IDB ------------------------------------------------------------ Trinidad Express reports that Inter-American Development Bank has approved two loans loan agreements for a total of US$130 million to Trinidad and Tobago government. The loans comprise of US$80 million in support of climate change policy, legislative and institutional reform and US$50 million to ensure strengthening of the financial sector, according to Trinidad Express. The report notes that the Ministry of Finance will be the agency responsible for the execution of both projects. The loans are for a 20-year term, with a four-year grace period respectively, at a variable interest rate, the ministry said in statement obtained by Trinidad Express. ============= U R U G U A Y ============= * URUGUAY: To Get US$80MM IDB Loan to Finance Government Project ---------------------------------------------------------------- The Inter-American Development Bank approved a US$80 million loan to finance rehabilitation of Uruguay's road network, improve road safety in the intercity network, and help increase the role of rail transport in the freight sector. The Highway Infrastructure Program II aims to support maintenance and efficient management of Uruguay's transport infrastructure to meet the urgent needs created by the country's sharp economic growth in the agriculture and forestry industries. This growth has resulted in a significant increase in heavy traffic and impact on the country's road network. The IDB loan was extended for a 25-year term with a five-year grace period and a variable interest rate based on LIBOR. Counterpart funding totals US$20 million. * * * Fitch Ratings has assigned a long-term foreign currency rating of 'BB+' to the Oriental Republic of Uruguay US$2 billion (inflation indexed) bond (4.375% coupon) maturing in 2028. The UI bond is part of liability management transaction to improve the sovereign's external debt profile. *********** 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 * * *