/raid1/www/Hosts/bankrupt/TCRLA_Public/120109.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, January 9, 2012, Vol. 13, No. 006
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Owner is Suicidal, Can Never Recover, Doctor Says
A R G E N T I N A
GENES RETIRO: Moody's Withdraws B2/A1.ar IFS Ratings
B E R M U D A
MAN GLENWOOD: Creditors' Proofs of Debt Due Jan. 13
MAN GLENWOOD: Member to Receive Wind-Up Report on Jan. 31
MAN MONEY: Creditors' Proofs of Debt Due Jan. 13
MAN MONEY: Member to Receive Wind-Up Report on Jan. 31
MARTIN CURRIE MASTER: Members' Final Meeting Set for Jan. 30
MARTIN CURRIE OFFSHORE: Members' Final Meeting Set for Jan. 30
MGS MULTI: Creditors' Proofs of Debt Due Jan. 13
MGS MULTI: Member to Receive Wind-Up Report on Jan. 31
MGS MULTI NF: Creditors' Proofs of Debt Due Jan. 13
MGS MULTI NF: Member to Receive Wind-Up Report on Jan. 31
NEW CASTLE: Members' Final Meeting Set for Feb. 3
BRMALLS PARTICIPACOES: Fitch Holds Rating on Local IDR at 'BB'
C A Y M A N I S L A N D S
ALTERNATIVEFOCUS PERENNIUS: Placed Under Voluntary Wind-Up
AQUARI FUTURES: Commences Liquidation Proceedings
ARGONAUT SPC: Placed Under Voluntary Wind-Up
ASTERION CAPITAL: Commences Liquidation Proceedings
BT SPECIAL: Placed Under Voluntary Wind-Up
CAELUS RE: Creditors' Proofs of Debt Due Jan. 9
CAVU CAPITAL: Placed Under Voluntary Wind-Up
DISTRESSED FOCUS: Commences Liquidation Proceedings
LHL CARIBBEAN: Placed Under Voluntary Wind-Up
MONTEGO BAY: Placed Under Voluntary Wind-Up
NEVSKY CAPITAL: Commences Liquidation Proceedings
PEARL SEAS: Placed Under Voluntary Wind-Up
SENTINEL REDEMPTION: Commences Liquidation Proceedings
THAMES RIVER LEGION: Commences Liquidation Proceedings
THAMES RIVER MAINSTAY: Commences Liquidation Proceedings
TREES (CAYMAN): Placed Under Voluntary Wind-Up
TVR HOLDINGS: Placed Under Voluntary Wind-Up
VERMONT FUND: Placed Under Voluntary Wind-Up
WARRIOR II REDEMPTION: Commences Liquidation Proceedings
WARRIOR REDEMPTION: Commences Liquidation Proceedings
D O M I N I C A N R E P U B L I C
* DOMINICAN REP: Fitch Affirms Issuer Default Ratings at Low-B
J A M A I C A
DIGICEL GROUP: LIME Backs FTC on Opposition to Claro Merger
P U E R T O R I C O
HOSPITAL DAMAS: Court OKs Fiddler Gonzalez as Special Counsel
T R I N I D A D & T O B A G O
HINDU CREDIT UNION: Former Minister to Testify at Court
PETROTRIN: To Take Wage Negotiations With OWTU to Labor Minister
X X X X X X X X
* BOND PRICING: For the Week January 2, to January 6, 2012
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Owner is Suicidal, Can Never Recover, Doctor Says
-----------------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Dr. Ralph
Lilly, a neurologist who examined Robert Allen Stanford,
testified that the indicted businessman is suicidal and may never
recover sufficiently from a jailhouse beating to stand trial on
charges he ran a US$7 billion Ponzi scheme.
Dr. Lilly said that Mr. Stanford sustained "a major injury that
required major surgery" in the 2009 inmate assault. Stanford is
delusional and believes the government is out to destroy him,
Lilly said, according to Bloomberg. The doctor, Bloomberg
relates, said he couldn't predict when Stanford might be ready
for trial.
"He's at risk for suicide . . . . His memory is like a crossword
puzzle that's fallen to the ground and doesn't come together
anymore," Bloomberg quoted Dr. Lilly as saying. Bloomberg
relates that Dr. Lilly told the judge he didn't know when or
whether Stanford would be able to go on trial.
As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Caribarena Antigua News said that Robert Allen
Stanford has again asked for a postponement of his upcoming
trial, this time citing the withdrawal of his expert witnesses.
The experts reportedly quit after the U.S. Court of Appeals
decided to modify and limit the budget for experts, and withhold
payments until the trial is completed, according to Caribarena
Antigua News. The report related that the Court has control over
Mr. Stanford's defense, since it is publicly funded. Caribarena
Antigua News relayed that Mr. Fazel, citing court documents, said
that prosecutors would not oppose a one-week delay in the
deadline for filing expert reports. The report recalled that U.S
Attorney Gregg Costa said that he would be willing to wait six to
eight weeks to give Mr. Stanford more time to review documents in
his case with his attorneys.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement. Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.
On Feb. 16, 2009, the U.S. District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of
Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on a
US$8 billion Certificate of Deposit program.
A criminal case was also pursued against Mr. Stanford in June
2009 before the U.S. District Court in Houston, Texas. Mr.
Stanford pleaded not guilty to 21 charges of multi-billion dollar
fraud, money-laundering and obstruction of justice. Assistant
Attorney General Lanny Breuer, as cited by Agence France-Presse
News, said in a 57-page indictment that Mr. Stanford could face
up to 250 years in prison if convicted on all charges. Mr.
Stanford surrendered to U.S. authorities after a warrant was
issued for his arrest on the criminal charges.
The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The
civil case is SEC v. Stanford International Bank, 09-cv-00298
(N.D. Tex.).
=================
A R G E N T I N A
=================
GENES RETIRO: Moody's Withdraws B2/A1.ar IFS Ratings
----------------------------------------------------
Moody's Latin America has withdrawn Genes Seguros de Retiro's B2
global local currency and A1.ar Argentine national scale
insurance financial strength ratings.
Ratings Rationale
The ratings were withdrawn due to the reorganization of the
company following its merger into Origenes Seguros de Retiro S.A.
(unrated by Moody's).
Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.
=============
B E R M U D A
=============
MAN GLENWOOD: Creditors' Proofs of Debt Due Jan. 13
---------------------------------------------------
The creditors of Man Glenwood Asset Holdings Ltd are required to
file their proofs of debt by Jan. 13, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MAN GLENWOOD: Member to Receive Wind-Up Report on Jan. 31
---------------------------------------------------------
The member of Man Glenwood Asset Holdings Ltd will receive on
Jan. 31, 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. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MAN MONEY: Creditors' Proofs of Debt Due Jan. 13
------------------------------------------------
The creditors of Man Money Markets Access Ltd are required to
file their proofs of debt by Jan. 13, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MAN MONEY: Member to Receive Wind-Up Report on Jan. 31
------------------------------------------------------
The member of Man Money Markets Access Ltd will receive on
Jan. 31, 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. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MARTIN CURRIE MASTER: Members' Final Meeting Set for Jan. 30
------------------------------------------------------------
The members of Martin Currie Dedicated Investor Master Fund
Limited will hold their final meeting on Jan. 30, 2012, 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:
Wanda Mello
Ernst & Young Ltd.
3 Bermudiana Road, Hamilton HM11
Bermuda
MARTIN CURRIE OFFSHORE: Members' Final Meeting Set for Jan. 30
--------------------------------------------------------------
The members of Martin Currie Dedicated Investor Offshore Fund
Limited will hold their final meeting on Jan. 30, 2012, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Wanda Mello
Ernst & Young Ltd.
3 Bermudiana Road, Hamilton HM11
Bermuda
MGS MULTI: Creditors' Proofs of Debt Due Jan. 13
------------------------------------------------
The creditors of MGS Multi Style Limited are required to file
their proofs of debt by Jan. 13, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGS MULTI: Member to Receive Wind-Up Report on Jan. 31
------------------------------------------------------
The member of MGS Multi Style Limited will receive on Jan. 31,
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. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGS MULTI NF: Creditors' Proofs of Debt Due Jan. 13
---------------------------------------------------
The creditors of MGS Multi NF Style Limited are required to file
their proofs of debt by Jan. 13, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
MGS MULTI NF: Member to Receive Wind-Up Report on Jan. 31
---------------------------------------------------------
The member of MGS Multi NF Style Limited will receive on Jan. 31,
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. 23, 2011.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
NEW CASTLE: Members' Final Meeting Set for Feb. 3
-------------------------------------------------
The members of New Castle Reinsurance Holdings Ltd. will hold
their final meeting on Feb. 3, 2012, at 9:30 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 Dec. 21, 2011.
The company's liquidator is:
Robin J. Mayor
Clarendon House, 2 Church Street
Hamilton HM 11
Bermuda
BRMALLS PARTICIPACOES: Fitch Holds Rating on Local IDR at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of BRMALLS Participacoes
S.A. (BRMALLS) as follows:
-- Foreign currency Issuer Default Rating (IDR) at 'BB';
-- Local currency IDR at 'BB';
-- Long-term national scale rating at 'AA-(Bra)';
-- BRL320 million local debentures, first and second tranches
due in 2014 and 2016, respectively, at 'AA-(Bra)'.
BR Malls International Finance Limited (Finco):
-- Foreign currency IDR at 'BB';
-- USD175 million perpetual notes at 'BB';
-- USD230 million perpetual notes at 'BB';
Fitch has also assigned an expected 'AA-(Bra)' rating to BRMALLS'
proposed issuance of up to BRL300 million in local debentures.
This issuance will consist of two series. The first and second
series will have tenors of five and seven years, respectively.
Proceeds from the proposed issuance will primarily be used to
refinance existing debt and to improve the company's liquidity
position.
The Rating Outlook is Stable.
The BRMALLS' ratings reflect its dominant business position as
the largest Brazilian shopping center operator with participation
in 45 shopping centers by the end of 2011, stable and predictable
cash flow generation, geographical and property revenue base
diversification, and low working capital requirements with
renters responsible for most maintenance expenses. The ratings
also factors in BRMALLS' aggressive growth strategy and the
potential affects of delays of turning around recently acquired
assets and/or leasing new developments. These risks are
partially mitigated by the company's adequate cash position,
large pool of unencumbered assets, and successful track record in
selecting and integrating its acquisitions while keeping a stable
credit profile.
The Stable Outlook reflects the view that BRMALLS will continue
to deliver positive operating results based on its strong market
position, the quality of its assets, and its proven ability to
pursue its acquisition strategy without compromising its capital
structure. BRMALLS has built a good track record during the last
four years of consistently implementing its growing strategy and
increasing cash flow generation levels while maintaining adequate
liquidity and leverage relatively stable. The Stable Outlook
also incorporates the expectation that the company's 2012 capex -
- including acquisitions, developments and expansions -- will be
around BRL1 billion, significant higher levels of capex are
expected to come with a balanced combination of equity and debt.
The ratings considers BRMALLS' strong market position; the
company is the largest owner of shopping malls in Brazil and the
largest provider of management services in Brazil for shopping,
commercial, and business centers, as well as leasing and
merchandising services in shopping malls in terms of gross
commercial area. The company ended 2011 with an interest in 45
malls, with a total gross leasable area (GLA) of 1,433.5 thousand
square meters and owned GLA of 798.2 thousand square meters.
BRMALLS' cash flow stability and growing EBITDA are positive
rating factors. The company's revenues are stable given the
characteristics of its lease portfolio, which provide it with a
stable base of fixed-rent income and staggered lease expirations.
The company's revenues for 2009, 2010, and LTM September 2011
were BRL392 million, BRL546 million, and BRL784 million,
respectively. BRMALLS' EBITDA for the LTM period ended September
2011 was BRL609 million, which positively compares with its
EBITDA levels of BRL431 million and BRL319 million in 2010 and
2009, respectively. In addition, the company's EBITDA margins
have maintained positive trend, reaching margin levels in the 77%
- 80% range during the last three years ended in September 2011.
BRMALLS' lease structure consists of fixed rent payments (70%)
and tenant reimbursements (10%), which represent about 80% of
total revenues and make the company's revenues stable and
predictable. The lease portfolio has staggered lease expiration
dates with about of 73% of the company's rental income contracts
have expiration dates longer than two years. Over the next 12
months and 24 months, lease expirations are somewhat high at
12.4% and 14.8%, respectively; the vast majority of these leases
are expected to be renewed.
Sound diversification strategy, the company's geographic, income,
and tenant diversification makes it less prone to fluctuations in
the domestic economy. BRMALLS has operations in all five regions
of Brazil; the largest mall represents approximately 13% of its
total revenue. The company's diversification spreads over to its
customer base as it looks to serve all income segments. In
addition, approximately 10% of the company's total annual revenue
from rent and services is derived from anchor stores, and none of
those stores, individually, are responsible for more than 2% of
the company's annual total revenue from rent and services. In
addition, the company's tenant composition offer a good degree of
diversification in terms of tenant concentration as the 20 most
important tenants represent approximately 20% of the company's
total annual rent revenue.
High levels of acquisitions constrain the ratings. The ratings
are constrained by the aggressive trend in the company's capex
levels through acquisitions. During the LTM period ended in
September 2011, the company's capex level was BRL2.3 billion
including approximately BRL1.7 billion, BRL351 million, and
BRL161 million in acquisitions, developments, and expansions,
respectively. The company's free cash flow (FCF) during LTM
September 2011 was negative in BRL1.5 billion; FCF calculation
during the period considers cash flow from operation less capex
and distributed dividends. The company's 2011 capex level should
be around BRL2 billion, which includes recent acquisition of
Shopping Jardim Sul for BRL460 million. It also includes
developments and expansion for BRL144 million scheduled during
the fourth quarter of 2011 (4Q'11). Counterbalancing the high
capex levels is the company's good balance in the funding of its
capex as it recently completed an equity increase of
approximately BRL 731 million, allowing the company to maintain
its credit profile stable. The company is expected to reach
capex levels of around BRL1 billion during 2012, which includes a
target amount in acquisitions of approximately BRL500 million.
BRMALLS' adequate liquidity and flexible debt maturity schedule
are also positive rating factors. The company ended September
2011 with a cash position of BRL766 million, considering recent
acquisition occurred during 4Q'11 and the BRL300 million proposed
debenture, the company's cash position is expected to remain
between BRL300 million and BRL500 million during 2012. Including
liabilities related to shopping malls acquisitions, BRMALLS faces
debt amortizations of approximately BRL180 million, BRL285
million, and BRL389 million during (4Q'11), and fiscal years
2012, and 2013, respectively. These should be comfortably
covered with the company's expected levels of cash and marketable
securities balance. Further, the company maintains good levels
of unencumbered assets; approximately 40% of the company's owned
GLA (360 thousand square meters) are available and free of any
lien that the company could use in the future to access
liquidity; this level of unencumbered assets also presents a good
recovery prospect for the unsecured debt in a default scenario,
with LTV levels in the 40% to 35% range.
BRMALLS' gross leverage is stable. The company's gross and net
leverage ratios -- including liabilities related to shopping mall
acquisitions -- were 5.4 times (x) and 4.2x at the end of
September 2011. The ratings incorporate the view that BRMALLS'
gross leverage would remain in the 5x to 6x range in the medium
term. By the end of September 2011, the company's total debt was
BRL3.3 billion. The main components of the company's total debt
were BRL1.2 billion in bank loans (37%), perpetual bonds
denominated in U.S. dollars equivalent to BRL758 million (23%),
Real Estate Credit Certificates (CRI) with maturities up to 2021
of BRL503 million (15%); local debentures maturing in 2014 and
2016 totaling BRL359 million (11%), and liabilities related to
shopping mall acquisitions (due installments payments) for BRL468
million (14%).
The ratings factored in the expectation that BRMALLS will
maintain adequate leverage and liquidity at the above-mentioned
levels. Fitch will view as a positive to credit quality that
could trigger a positive rating action a combination of the
following factors: solid liquidity reflected in cash position
consistently covering above 2.5x times the company's debt
payments due during the next 24 months (including liabilities
related to shopping mall acquisitions), improving FCF generation
trending to neutral levels; and, a significant improvement in the
company's interest coverage and debt service coverage ratios
measured as EBITDA to gross interest expenses and EBITDA to debt
service (gross interest expenses plus next 12 months debt
payments including liabilities related to shopping mall
acquisitions), respectively. The company's interest coverage and
debt service coverage ratios reached levels of 0.9x and 0.6x,
respectively, during LTM September 2011. Conversely, a
combination of the following factors could lead to a negative
rating action: aggressive capex and adverse macroeconomic trends
leading to weaker credit metrics and significant distributed
dividends and increasing vacancy rates financed by debt.
===========================
C A Y M A N I S L A N D S
===========================
ALTERNATIVEFOCUS PERENNIUS: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On Nov. 23, 2011, the shareholder of Alternativefocus Perennius
Ltd resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
AQUARI FUTURES: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 25, 2011, the shareholder of Aquari Futures Fund resolved
to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 3, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
ARGONAUT SPC: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 21, 2011, the sole shareholder of Argonaut SPC resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 26, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
ASTERION CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 8, 2011, the shareholders of Asterion Capital Fund Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Clifton House, 75 Fort Street
PO Box 1350 Grand Cayman KY1-1108
Cayman Islands
BT SPECIAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 25, 2011, the sole member of BT Special Opps Fund
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 28, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
CAELUS RE: Creditors' Proofs of Debt Due Jan. 9
-----------------------------------------------
The creditors of Caelus Re Ltd are required to file their proofs
of debt by Jan. 9, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 22, 2011.
The company's liquidators are:
Kevin Poole
Audrey Dixon
P.O. Box 10233 171 Elgin Avenue
The Pavilion Building
Grand Cayman
Cayman Islands
Telephone: 914-2256 / 949-5263
Facsimile: 949-6021 / 949-6021
CAVU CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 22, 2011, the sole shareholder of Cavu Capital 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. 26, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
DISTRESSED FOCUS: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 21, 2011, the sole shareholder of Distressed Focus
Redemption Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
LHL CARIBBEAN: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011, the
shareholder of LHL Caribbean (Cayman) Limited resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
MONTEGO BAY: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 19, 2011, the shareholder of Montego Bay Investment Fund
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 6, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: +1 (345) 815-1793
Facsimile: +1 (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
NEVSKY CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 15, 2011, the shareholders of Nevsky Capital Holdings
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
PEARL SEAS: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 25, 2011, the sole shareholder of Pearl Seas Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 27, 2011, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Kim Smith
Telephone: (345) 949-9876
Facsimile: (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SENTINEL REDEMPTION: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 21, 2011, the sole shareholder of Sentinel Redemption
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
THAMES RIVER LEGION: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 15, 2011, the sole shareholder of Thames River Legion
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
THAMES RIVER MAINSTAY: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 22, 2011, the sole shareholder of Thames River Mainstay
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
TREES (CAYMAN): Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011, the
shareholder of Trees (Cayman) Limited resolved to voluntarily
wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
TVR HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Nov. 24, 2011, the
shareholder of TVR Holdings Limited resolved to voluntarily wind
up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 4, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
VERMONT FUND: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 24, 2011, the shareholders of Vermont Fund SPC resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 3, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
David P.M. Blair
Custom House Fund Services (Ireland) Limited
Telephone: +353 1 878 08907
Facsimile: +353 1 878 00827
25 Eden Quay, Dublin
Ireland
WARRIOR II REDEMPTION: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 21, 2011, the sole shareholder of Warrior II Redemption
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
WARRIOR REDEMPTION: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2011, the sole shareholder of Warrior Redemption
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 5, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REP: Fitch Affirms Issuer Default Ratings at Low-B
--------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and
Country Ceiling for the Dominican Republic as follows:
-- Foreign currency IDR at 'B';
-- Local currency IDR at 'B';
-- Foreign currency short-term IDR at 'B';
-- Country ceiling at 'B+'.
The Rating Outlook is maintained as Positive.
The Positive Outlook reflects the Dominican Republic's good
macroeconomic performance, improving prospects for higher export
earnings due to the development of the mining sector, and
increased availability of external and domestic financing
sources. However, Fitch notes that the uncertainty surrounding
the IMF program and the upcoming electoral cycle, as well as
risks stemming from the global economy presently detract from the
sovereign's improving credit profile.
The Dominican Republic' ratings are underpinned by moderate debt
levels, higher GDP per capita than peers, relatively strong
social development indicators, and a competitive business
environment that supports foreign direct investment inflows.
In spite of growth slowing down to an estimated 4.4% in 2011, the
Dominican Republic's five-year average growth performance remains
in line with peers. Inflation, averaging approximately 8.5% in
2011, is lower than the 'B' category median. The expected move
to a formal inflation-targeting regime in 2012 could further
enhance macroeconomic stability over the medium term.
'Rising mining export volumes are strengthening the capacity of
the economy to generate larger and more resilient current
external receipts, mitigating long-standing external balance
sheet vulnerabilities,' said Cesar Arias, Associate Director in
Fitch's Sovereign Group. As a result, Fitch expects the current
account deficit to fall below the 'B' median of 5% of GDP by
2013.
'The sovereign has benefited from broad multilateral financial
support, sustained access to international capital markets and
the rapid development of the domestic bond market,' added Arias.
Moreover, the Treasury has pre-funded its entire 2012 external
market issuance program and secured USD1 billion in budget
support and project financing for 2012.
Buoyed by multilateral disbursements, reserves remain at historic
highs and above the adequacy targets agreed with the IMF,
supporting the sustainability of the managed exchange rate.
Nevertheless, external liquidity ratio, at 97% in 2012, is
significantly weaker than peers, and the country's external
financing needs are among the highest in the 'B' category.
Thus, Fitch notes that preserving macroeconomic stability and the
continued support from multilaterals remains important for
anchoring investor confidence and reducing external
vulnerabilities.
A narrow revenue base and burdensome electricity subsidies have
slowed fiscal consolidation and delayed the full implementation
of the IMF's Stand-By Arrangement and the concomitant
disbursements. Yet, Fitch estimates that fiscal deficit was
moderate in 2011 owing to expenditure restraint and additional
receipts from the tax reform. Moreover, government debt, at 29%
of GDP, remains lower than peers, and amortization payments are
manageable in comparison to 'B' and 'BB' peers.
Moving forward, greater confidence in the ability of the next
government to maintain macroeconomic stability and broad
multilateral financing support would be positive for
creditworthiness. A sustained reduction in the country's
external vulnerabilities would also put upward pressure on the
ratings. On the other hand, a sharp decline in non-debt-creating
capital inflows or a confidence shock as a result of the
electoral process resulting in currency pressures and a marked
erosion of international reserves would be negative for the
ratings.
=============
J A M A I C A
=============
DIGICEL GROUP: LIME Backs FTC on Opposition to Claro Merger
-----------------------------------------------------------
Jamaica Observer reports that telecommunications company, LIME,
endorses the lawsuit filed in the Supreme Court against the
Digicel Limited Group and Claro Jamaica merger by the Fair
Trading Commission and supports the Commission's position that
the deal is anti-competitive.
The FTC suit follows on legal action taken by LIME last year to
compel the Commission to oppose the merger in the interest of
Jamaican consumers, according to Jamaica Observer.
"We fully support the FTC as we have always believed that the
merger is detrimental to competition in the telecoms market and
has the potential to reverse much of the gains of liberalization.
We also take note of the hurried and token rate adjustment by our
remaining competitor, one of the defendants in the suit, as an
aftermath of the FTC lawsuit, but this small gesture falls short
of the decisive action needed to give consumers real relief in
the harsh economic climate. . . . We are calling on the incoming
government to push through the emergency telecoms legislation
tabled at the last session of parliament and to act swiftly and
decisively under that important legislation given the actions
needed to protect Jamaican consumers," the report quoted LIME
Jamaica Managing Director Garry Sinclair as saying.
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 based in Jamaica. It 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.
=====================
P U E R T O R I C O
=====================
HOSPITAL DAMAS: Court OKs Fiddler Gonzalez as Special Counsel
-------------------------------------------------------------
Hospital Damas, Inc., sought and obtained permission from the
U.S. Bankruptcy Court for the District of Puerto Rico to tap
Fiddler, Gonzalez & Rodriguez, P.S.C., as its special counsel to
assist its appointed labor law special counsel, Jorge P. Sala Law
offices.
The Debtors wishes to pay Fiddler Gonzalez US$200 per hour for
attorneys and $70 per hour for paralegals, plus reimbursement of
expenses.
Alicia Figueroa Llinas, Esq., shareholder at Fiddler Gonzalez,
attests to the Court that the firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.
About Hospital Damas
Ponce, Puerto Rico-based Hospital Damas, Inc., operates a general
acute care hospital, providing critical care, general medical and
skilled nursing services. Debtor is a wholly owned subsidiary of
Fundacion Damas Inc.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 10-08844) on Sept. 24, 2010. According to its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities.
Attorneys at Charles A. Cuprill, P.S.C., in San Juan, Puerto
Rico, represent the Debtor as counsel. Attorneys at Kilpatrick
Townsend & Stockton LLP, in Atlanta, Ga., represent the Official
Committee of Unsecured Creditors as counsel.
===============================
T R I N I D A D & T O B A G O
===============================
HINDU CREDIT UNION: Former Minister to Testify at Court
-------------------------------------------------------
Keino Swamber at Trinidad Express reports that former Finance
Minister Karen Nunez-Tesheira is expected to be among the
witnesses testifying at the Commission of Enquiry into the
collapse of the Hindu Credit Union.
The fourth evidence hearing is scheduled to resume Jan. 3, 2012,
at Winsure Building located at Level Two 24-28 Richmond Street,
Port of Spain. The last sitting was held on Nov. 18, 2011. The
Commission is being chaired by British Queen's Counsel Sir
Anthony Coleman.
As reported in the Troubled Company Reporter-Latin America on
Jan. 5, 2012, Trinidad and Tobago Newsday said that Hindu Credit
Union depositors are pleading with Government to meet with them
to resolve the issue of payments. Hindu Credit Union Depositors
and Shareholders Group President Robert Nandlal said this was the
fourth Christmas since the failed credit union was put into
liquidation in 2009 and members are still suffering, according to
Trinidad and Tobago Newsday. The report noted that Mr. Nandlal
said that the Ministry of Finance's "Offer of Relief" advisory
was the same one that was sent out seven months ago and nothing
was done then.
About HCU
Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.
* * *
The failed credit union was put into liquidation by the
government in 2009. As reported in the Troubled Company
Reporter-Latin America on July 28, 2008, the High Court of
Trinidad and Tobago granted the government full control of Hindu
Credit as the company faces financial difficulties, leaving
depositors in limbo despite requests from lawyers. In June 2008,
chartered accountants Ernst and Young inspected Hindu Credit's
books, accounts, and records after a public outcry and calls for
an internal audit. Charles Mitchell, the Commissioner for Co-
Operative Development, represents Hindu Credit's depositors.
PETROTRIN: To Take Wage Negotiations With OWTU to Labor Minister
----------------------------------------------------------------
Camille Bethel at Trinidad Express reports state-owned Petroleum
Company of Trinidad and Tobago and the Oilfields Workers' Trade
Union will take wage negotiations to Labor Minister Errol McLeod,
although they signed off on five Memoranda of Understanding.
The company said in a statement that the MOUs reflected a genuine
commitment by both parties to resolve outstanding issues in the
best interest of employees, according to Trinidad Express.
"To date, agreement has been reached across the board on over 20
key issues but in each case, there are some five items about
which no agreement has been reached. . . . The parties mutually
agreed that negotiations have reached a critical stage and that
the interests of both parties would best be served under
conciliation by the Minister of Labor," the company said in a
statement obtained by the news agency.
Trinidad Express notes that Petrotrin stated that for the past
two years it has engaged in lengthy negotiations in the interest
of providing compensation and better working conditions for
employees covered by the five bargaining units.
As reported in the Troubled Company Reporter-Latin America on
Aug. 4, 2011, Trinidad & Tobago Newsday said that OWTU President
General Ancel Roget said Petrotrin contract workers are not
receiving any benefits even if they have worked for the company
for years. "What they are doing is setting the contract for one
price to which workers 'wages' would be tied, then renegotiating
for a high bid through the back door. The OWTU is calling on
Petrotrin to reveal all contracts that are 80% higher than the
original amount agreed on," T&T Newsday quoted Mr. Roget as
saying.
T&T Newsday notes that Mr. Roget said the issue of the contract
workers would be the catalyst for mobilizing public sector
employees for strike action over the stalemate in wage
negotiations with Government. Union leaders stood firm in
opposing any 5% settlement from State enterprises, he added, the
report relays.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe- Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express said that four members of
Petrotrin submitted their resignation letters. According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards. The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned. Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT. The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade. The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 2, to January 6, 2012
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 74.5
ARGENT-PAR 1.18 12/31/2038 ARS 45.43
ARGENT- DIS 7.82 12/31/2033 EUR 55
ARGENT- DIS 7.82 12/31/2033 EUR 56
ARGENT- DIS 7.82 12/31/2033 EUR 59.25
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- PAR 0.45 12/31/2038 JPY 15
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
PROV BUENOS AIRE 9.62 4/18/2028 USD 65.74
BRAZIL
------
BANCO BONSUCESSO 9.25 11/3/2020 USD 71
BANCO BONSUCESSO 9.25 11/3/2020 USD 74.75
BANCO CRUZEIRO 8.87 9/22/2020 USD 64.75
BANCO CRUZEIRO 8.87 9/22/2020 USD 61.75
BANCO CRUZEIRO 8.25 1/20/2016 USD 72.75
BANCO CRUZEIRO 8.25 1/20/2016 USD 72.25
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 34.875
BCP FINANCE BANK 5.01 3/31/2024 EUR 37.625
BCP FINANCE BANK 5.31 12/10/2023 EUR 39.625
BCP FINANCE CO 5.543 EUR 30.125
BCP FINANCE CO 4.239 EUR 32.75
BES FINANCE LTD 5.58 EUR 34
BES FINANCE LTD 4.5 EUR 44.5
BES FINANCE LTD 6.625 EUR 46.5
CAM GLOBAL FIN 6.08 12/22/2030 EUR 60.25
CHINA AUTOMATION 7.75 4/20/2016 USD 67.036
CHINA FORESTRY 10.25 11/17/2015 USD 67
CHINA FORESTRY 10.25 11/17/2015 USD 67
CHINA HUIYUAN JU 4 4/29/2016 USD 65.99
CHINA MED TECH 6.25 12/15/2016 USD 35.92
CHINA MED TECH 4 8/15/2013 USD 56.37
CHINA NICKEL 10 12/12/2012 HKD 74.80
CHINA SUNERGY 4.75 6/15/2013 USD 61.5
DUBAI HLDNG COMM 6 2/1/2017 GBP 72.55
EFG ORA FUNDING 1.7 10/29/2014 EUR 49.39
ESFG INTERNATION 5.75 EUR 34.16
EVERGRANDE REAL 9.25 1/19/2016 CNY 71.83
FANTASIA HOLDING 14 5/12/2015 USD 74
FANTASIA HOLDING 14 5/12/2015 USD 74.25
GLORIOUS PROPERT 13 10/25/2015 USD 71.54
GREENTOWN CHINA 9 11/8/2013 USD 66.25
GREENTOWN CHINA 9 11/8/2013 USD 66.25
HOME INNS 2 12/15/2015 USD 73.493
HOME INNS 2 12/15/2015 USD 72.547
JINKOSOLAR HOLD 4 5/15/2016 USD 38.167
KAISA GROUP 8 12/20/2015 CNY 72.347
LDK SOLAR CO LTD 4.7 4/15/2013 USD 63.25
LDK SOLAR CO LTD 4.7 4/15/2013 USD 53.69
LDK SOLAR CO LTD 4.75 4/15/2013 USD 65
LUPATECH FINANCE 9.87 USD 75
MANILA CAVIT TOL 12 9/15/2022 USD 75
MBPS FINANCE 11.25 11/15/2015 USD 72
MBPS FINANCE 11.25 11/15/2015 USD 71.5
MINGFA GROUP INT 5.25 5/23/2016 HKD 70.06
POWERLONG RE HLD 13.75 9/16/2015 USD 67.62
POWERLONG RE HLD 11.5 3/17/2014 CNY 67.95
POWERLONG RE HLD 13.75 9/16/2015 USD 68
PUNCH TAVERNS 4.7 6/30/2033 GBP 65.40
RENHE COMMERCIAL 13 3/10/2016 USD 72
RENHE COMMERCIAL 13 3/10/2016 USD 69.12
RENHE COMMERCIAL 11.75 5/18/2015 USD 69.75
RENHE COMMERCIAL 11.75 5/18/2015 USD 68.78
SOLARFUN POWER H 3.5 1/15/2018 USD 50
SOLARFUN POWER H 3.5 1/15/2018 USD 49.40
SPG LAND HOLDING 13.5 4/8/2016 USD 63.62
SUNTECH POWER 3 3/15/2013 USD 45.95
SUNTECH POWER 3 3/15/2013 USD 43.58
TEXHONG TEXTILE 7.62 1/19/2016 USD 73.62
TEXHONG TEXTILE 7.62 1/19/2016 USD 75.5
YUZHOU PROPERTIE 13.5 12/15/2015 USD 68.37
YUZHOU PROPERTIE 13.5 12/15/2015 USD 69.00
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 0.62
CGE DISTRIBUCION 3.25 12/1/2012 CLP 19.54
COLBUN SA 3.2 5/1/2013 CLP 73.1
ESVAL S.A. 3.8 7/15/2012 CLP 25.3
INVERSIONES ALSA 8 8/18/2018 USD 77.9
MASISA 4.2 10/15/2012 CLP 19.8
QUINENCO SA 3.5 7/21/2013 CLP 24.9
PANAMA
------
NEWLAND INT PROP 9.5 11/15/2014 USD 52
PUERTO RICO
-----------
BANCO SANTANDER 6.1 6/1/2032 USD 52.647
BANCO SANTANDER 6.3 6/1/2032 USD 61.523
PUERTO RICO CONS 6 12/15/2034 USD 0.01
PUERTO RICO CONS 6.3 11/1/2033 USD 0.01
PUERTO RICO CONS 6.2 5/1/2017 USD 53
PUERTO RICO CONS 6.5 4/1/2016 USD 62
VENEZUELA
---------
ELEC DE CARACAS 8.5 4/10/2018 USD 59.53
PETROLEOS DE VEN 5.5 4/12/2037 USD 48.91
PETROLEOS DE VEN 5.3 4/12/2027 USD 50.15
PETROLEOS DE VEN 5.2 4/12/2017 USD 64.50
PETROLEOS DE VEN 5.1 10/28/2016 USD 65.67
PETROLEOS DE VEN 5 10/28/2015 USD 71.63
VENEZUELA 7 3/31/2038 USD 59.00
VENEZUELA 7 3/31/2038 USD 59
VENEZUELA 6 12/9/2020 USD 62
VENEZUELA 7.65 4/21/2025 USD 63
VENEZUELA 8.25 10/13/2024 USD 67
VENEZUELA 9.25 5/7/2028 USD 70.25
VENEZUELA 7 12/1/2018 USD 72
VENEZUELA 9 5/7/2023 USD 71.75
VENEZUELA 9.25 9/15/2027 USD 72.35
VENEZUELA 9.25 9/15/2027 USD 72.6
VENEZUELA 7.75 10/13/2019 USD 73
VENZOD - 189000 9.37 1/13/2034 USD 70.25
***********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *