/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120130.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 30, 2012, Vol. 13, No. 021 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner was Successful Without Fraud, Defense Says B A H A M A S KERZNER INT'L: Atlantis Resort Still Hopeful on Possible Buyout C A Y M A N I S L A N D S AVENUE EQUITY: Shareholders Receive Wind-Up Report BAM OPPORTUNITY: Shareholders Receive Wind-Up Report BANYAN ASSET: Placed Under Voluntary Wind-Up CAC CAPITAL: Commences Liquidation Proceedings CALICO PARTNERS: Shareholders Receive Wind-Up Report CLINTON MULTISTRATEGY FUND: Commences Liquidation Proceedings CLINTON MULTISTRATEGY MASTER: Commences Liquidation Proceedings CLOSE INTERNATIONAL: Commences Liquidation Proceedings COMALCO (TASMAN): Shareholders' Final Meeting Set for Jan. 30 CONOCOPHILLIPS EASTERN: Shareholders Receive Wind-Up Report CONSUL 20242: Members Receive Wind-Up Report JEFFERIES FOUNDERS FUND: Commences Liquidation Proceedings JEFFERIES FOUNDERS MASTER: Commences Liquidation Proceedings K2 HOLDINGS: Shareholders Receive Wind-Up Report KAVAK INVESTMENTS: Members Receive Wind-Up Report KUREE INTERNATIONAL: Shareholders Receive Wind-Up Report LEEHILL FUND: Shareholders Receive Wind-Up Report LINDSELL TRAIN ACCUMULATOR: Shareholders Receive Wind-Up Report LINDSELL TRAIN DISTRIBUTOR: Shareholders Receive Wind-Up Report LINDSELL TRAIN GLOBAL: Shareholders Receive Wind-Up Report LINDSELL TRAIN MEDIA: Shareholders Receive Wind-Up Report LOMBARD/APIC ADVISORS: Shareholders Receive Wind-Up Report MADISON EQUITY: Shareholders Receive Wind-Up Report NATURAL WAVE: Shareholders Receive Wind-Up Report SEA VIEW: Placed Under Voluntary Wind-Up TURNSTONE ASIAN: Shareholders Receive Wind-Up Report UBS (CAY) ISLAMIC FUND: Shareholders Receive Wind-Up Report UBS (CAY) ISLAMIC MASTER: Shareholders Receive Wind-Up Report UPPER EQUITY: Shareholders Receive Wind-Up Report G U A T E M A L A CABCORP: Fitch Rates Proposed US$150 Million Sr. Notes at 'BB+' P A N A M A * PANAMA: Posts Preliminary Results of Its Exchange Invitation X X X X X X X X * BOND PRICING: For the Week January 23 to January 27, 2012 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner was Successful Without Fraud, Defense Says ---------------------------------------------------------------- Caribbean360.com reports that Robert Allen Stanford's attorneys have mounted a defense that contends their client was a savvy businessman whose financial empire was legitimate and who never failed to pay what was owed to investors. Mr. Stanford is the owner of Stanford International Bank Limited. This is the hand that the court-appointed defense lawyers played when Mr. Stanford's court case went to trial after several years of delays, according to Caribbean360.com. The report notes that prosecutor Gregg Costa told jurors in the Houston federal court that Mr. Stanford used investors' money to buy homes and yachts and fund cricket matches, stealing their hard-earned savings so he could live the lavish lifestyle of a billionaire. Caribbean360.com notes that the prosecution said Mr. Stanford's business empire was built on smoke and mirrors and he bilked investors out of more than US$7 billion over 20 years as part of a massive Ponzi scheme centered on sales of certificates of deposit from an Antiguan bank he owned. However, the report discloses, Mr. Stanford denies the claims and says his businesses were legitimate. He is charged with 14 counts, including wire and mail fraud. He faces up to 20 years in prison if convicted. Robert Scardino, one of Mr. Stanford's attorneys, told jurors the financier was a clever and resourceful businessman who for 22 years paid investors every penny that he promised them, Caribbean360.com relays. Mr. Scardino told jurors that Stanford didn't need to steal depositors' money and use it as personal loans, the report cites. Mr. Scardino suggested to jurors that the chief financial officer for Stanford's company, James Davis, is the real culprit behind the financial fraud alleged by prosecutors, Caribbean360.com notes. Mr. Davis has pleaded guilty and is expected to testify on behalf of prosecutors during the trial, the report recalls. Caribbean360.com, citing court documents filed earlier this month, Mr. Stanford's attorneys argued that he intended to pay CD investors through his other companies if authorities hadn't seized them and begun selling them off. 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 United States 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, 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 an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 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, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ============= B A H A M A S ============= KERZNER INT'L: Atlantis Resort Still Hopeful on Possible Buyout --------------------------------------------------------------- Caribbean360.com reports that despite all the uncertainty surrounding the ownership of the Atlantis Resort and its ongoing operations, accommodation rates are continuing to climb. "Probably we'll run about 12% better than 2011. In 2011, we were about 35 percent better than 2010," Caribbean360.com quoted George Markantonis, the property's managing director, as saying. The report relates that Mr. Markantonis disclosed that Brookfield Asset Management may present a reformatted bid to take ownership of the Atlantis Resort on Paradise Island. Mr. Markantonis, Caribbean360.com relays, said the legal battle between Brookfield and other Kerzner lenders showed just how valuable an asset Atlantis was. Mr. Markantonis also dismissed the idea that there might be any possible layoffs or major changes in Atlantis' operation structure because of an ownership change, the report adds. As reported in the Troubled Company Reporter-Latin America on Jan. 19, 2012, The Nassau Guardian said that Brookfield Asset Management has cancelled a landmark debt-for-equity swap agreement with Kerzner International, the owner of the Atlantis Resort. Paradise Island is now in limbo as creditors must return to the table and continue the restructuring of Kerzner International's US$2.5 billion in mortgage debt, according to The Nassau Guardian. The Nassau Guardian disclosed that a legal battle is being waged in the U.S. between Brookfield Asset and senior lenders in Kerzner International's US$2.5 billion mortgage debt. The report related that senior lenders were suing Brookfield Asset to stop what they called "brazen self-dealing" that resulted in the apparent acquisition of Kerzner International's assets in The Bahamas and Mexico on November 30. The plaintiffs alleged that Brookfield Asset colluded with junior lender PCCP and special servicer Wells Fargo, exploiting certain administrative powers to carry out the transfer of assets without approval and in violation of the loan agreement, The Nassau Guardian added. About Kerzner International Kerzner International is the owner of several luxury getaways. Atlantis Resort on the Paradise Island, Kerzner's flagship property, is one of the most popular resorts in North America and is the largest resort in the Bahamas. =========================== C A Y M A N I S L A N D S =========================== AVENUE EQUITY: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Avenue Equity Limited held their final meeting on Jan. 27, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. Name: Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands BAM OPPORTUNITY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Bam Opportunity Offshore Fund, Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BANYAN ASSET: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec 9, 2011, the sole shareholder of Banyan Asset Management (Cayman) Ltd. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Florence Lo Telephone: (852) 6291 8989 Facsimile: (852) 3602 3051 Flat 2, 5th Floor Block C, King Shan Court Ngau Chi Wan Kowloon Hong Kong CAC CAPITAL: Commences Liquidation Proceedings ---------------------------------------------- On Dec. 8, 2011, the shareholders of CAC Capital Holdings General Partner Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Tony Tuo Zheng c/o Maples and Calder Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands CALICO PARTNERS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Calico Partners, Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CLINTON MULTISTRATEGY FUND: Commences Liquidation Proceedings ------------------------------------------------------------- At an extraordinary meeting held on Dec. 9, 2011, the members of Clinton Multistrategy Fund, Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. 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 CLINTON MULTISTRATEGY MASTER: Commences Liquidation Proceedings --------------------------------------------------------------- At an extraordinary meeting held on Dec. 9, 2011, the members of Clinton Multistrategy Master Fund, Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. 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 CLOSE INTERNATIONAL: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 7, 2011, the sole shareholder of Close International Asset Management (Cayman) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Warren Keens 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 COMALCO (TASMAN): Shareholders' Final Meeting Set for Jan. 30 ------------------------------------------------------------- The shareholders of Comalco (Tasman) Limited will hold their final meeting on Jan. 30, 2012, at 8:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Warren Keens Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands CONOCOPHILLIPS EASTERN: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Conocophillips Eastern Venezuela Gas Ltd. held their final meeting on Dec. 28, 2011, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847 George Town Grand Cayman KY1-1103 Cayman Islands CONSUL 20242: Members Receive Wind-Up Report -------------------------------------------- The members of Consul 20242 Ltd. held their final meeting on Jan. 9, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands JEFFERIES FOUNDERS FUND: Commences Liquidation Proceedings ---------------------------------------------------------- At an extraordinary meeting held on Dec. 12, 2011, the members of Jefferies Founders Fund (Cayman), Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2012, will be included in the company's dividend distribution. 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 JEFFERIES FOUNDERS MASTER: Commences Liquidation Proceedings ------------------------------------------------------------ At an extraordinary meeting held on Dec. 21, 2011, the members of Jefferies Founders Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2012, will be included in the company's dividend distribution. 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 K2 HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of K2 Holdings (Cayman) Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KAVAK INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------- The members of Kavak Investments Ltd. held their final meeting on Jan. 9, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands KUREE INTERNATIONAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Kuree International Inc. held their final meeting on Jan. 24, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Feng Xin Shouxiangkeji Building, 13th Floor No. 51 Xueyuan Rd. Haidian District Beijing, 100191, P.R. China Telephone: +010-62309066 Facsimile: +010-62309066-5555 LEEHILL FUND: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Leehill Fund Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN ACCUMULATOR: Shareholders Receive Wind-Up Report --------------------------------------------------------------- The shareholders of Lindsell Train Japan (Accumulator) Inc. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN DISTRIBUTOR: Shareholders Receive Wind-Up Report --------------------------------------------------------------- The shareholders of Lindsell Train Japan (Distributor) Inc. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN GLOBAL: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Lindsell Train Global Media (Accumulator) Inc. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN MEDIA: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Lindsell Train Global Media (Distributor) Inc. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LOMBARD/APIC ADVISORS: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Lombard/Apic Advisors LDC held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MADISON EQUITY: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Madison Equity Limited held their final meeting on Jan. 27, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. Name: Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands NATURAL WAVE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Natural Wave, Inc. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SEA VIEW: Placed Under Voluntary Wind-Up ---------------------------------------- On Dec 8, 2011, the shareholders of Sea View Holdings Limited passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: C.I. Directors Ltd. Telephone: (345) 943 2237 Facsimile: (345) 949 6096 P.O. Box 1100 Grand Cayman KY1-1102 Cayman Islands TURNSTONE ASIAN: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Turnstone Asian Fund SPC held their final meeting on Dec. 29, 2011, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847 George Town Grand Cayman KY1-1103 Cayman Islands UBS (CAY) ISLAMIC FUND: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of UBS (Cay) Islamic Fund Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 UBS (CAY) ISLAMIC MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of UBS (CAY) Islamic Master Fund Ltd. held their final meeting on Jan. 20, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 UPPER EQUITY: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Upper Equity Limited held their final meeting on Jan. 27, 2012, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. Name: Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands ================= G U A T E M A L A ================= CABCORP: Fitch Rates Proposed US$150 Million Sr. Notes at 'BB+' --------------------------------------------------------------- Fitch Ratings has assigned the following ratings to The Central America Bottling Corporation (CABCORP): -- Foreign currency long-term Issuer Default Rating (IDR) 'BB+'; -- Local currency long-term IDR 'BB+'; -- Proposed up to USD150 million senior notes due up to 2022 'BB+(exp)'. The Rating Outlook is Stable. CABCORP's ratings are supported by the company's long track record of operations as an anchor bottler of PepsiCo system in Central America and the Caribbean, diversified product portfolio of leading beverages brands across its franchised territories, and broad distribution network. The ratings also benefit from the company's good operating performance, characterized by positive and stable cash flow generation, and solid credit metrics. In addition, the company has the implied operative and technical support of PepsiCo that owns an 18% of its equity. The ratings of CABCORP are constrained by strong competition within the beverage industry, the volatility in the cost of its main raw materials which pressure the company's margins and some exposure of cash generation to low rated countries. Proceeds from the proposed issuance are expected to be used for debt refinancing and potential acquisitions. The company has a relevant market share position in the carbonated soft drink category, which accounts around 75% of its total sales volume, while in other categories such as isotonic, fruit juices, energy drinks and tea, holds the leading position in most of its markets. These market share positions are mainly based on a recognized brand portfolio, and an extensive distribution network, that covers around 262 thousand points of sale and works as an important entry barrier to new competitors. Fitch considers that these elements combined with the management's abilities to design and execute commercial strategies contribute to maintain its business position in the long term. Fitch expects that CABCORP should gradually improve its profitability margins in the next few years as a result of the continuous implementation of production and distribution efficiency initiatives and the consolidation of the Caribbean operations. CABCORP's operating performance has followed a positive trend despite the challenging economic environment in its territories. For the last 12 months (LTM) ended Sept. 30, 2011, the company generated net sales and EBITDA of around USD850 million and USD82 million, respectively. These figures represented an increase of 9% of revenues and 10% in EBITDA as compared to 2010's end of year figures. In terms of profitability, EBITDA margin was 9.7% which was slightly lower than 10.3% at the end of 2010. Higher raw material costs related to sugar and packaging contributed mainly to this deterioration. The diversification of the company's cash flows was factored into its ratings. In 2010, EBITDA generation from Guatemala (Country Ceiling 'BBB-') and El Salvador (Country Ceiling 'BBB-') represented around 45% and 25% of its total EBITDA, while other key markets as Honduras, Nicaragua, and Jamaica (Country Ceiling 'B') contributed with around 30%. The risks associated to the political and economic environment where the company operates could have unfavorable implications to CABCORP. The company's free cash flow (FCF) after capital expenditures (capex) and dividends has been positive during the last years and it is expected to maintain this trend going forward. Fitch estimates a FCF of around USD10 million at year-end 2011, after considering USD39 million of capital expenditures and USD15 million of dividends. Historically, CABCORP's internal cash flow generation has been sufficient to cover its working capital needs and capex requirements. CABCORP's credit metrics are solid for the rating category. For the LTM ended Sept. 30, 2011, CABCORP's EBITDA to gross interest expenses was 5.3 times (x), while total debt adjusted by preferred capital to EBITDA was 2.2x and adjusted net debt to EBITDA was 1.1x. These ratios compare favorably with 4.6x, 2.5x and 1.6x, respectively, at the end of 2010. As of Sept. 30, 2011, total adjusted debt was USD177 million, which included USD8.5 million related to preferred capital. As part of its financial strategy the company plans to issue up to USD150 million of senior notes to refinance around USD75 million of its current indebtedness and use the rest of the proceeds for general corporate purposes and potential acquisitions. The planned issuance, considering LTM as of Sept. 30, 2011, increases the company's pro forma adjusted total debt to EBITDA to around 3.1x and adjusted net debt to LTM EBITDA to 1.1x. Fitch expects CABCORP's total adjusted debt to EBITDA to gradually decrease to levels around 2.0x in the medium term. CABCORP's liquidity position is strong. As of Sept. 30, 2011, the company had USD85 million of cash and marketable securities and USD19 million of short-term debt. The company does not face significant maturities in the following two years. Fitch expects that the company will continue managing adequately its liquidity as the proposed issuance will improve its debt profile. Factors considered positive to credit quality include a combination of better operative results, higher cash flow generation, turnaround of Puerto Rican operations and stronger credits metrics on a sustained basis. The ratings could be negatively pressured by a deterioration of the company's capital structure resulting in higher debt level and leverage ratios, as well as a decline in its operating results due to adverse market conditions. CABCORP is the exclusive bottler of PepsiCo products in Guatemala, Honduras' southern territory, Nicaragua, El Salvador, Jamaica, Puerto Rico, Trinidad and Tobago and Barbados. Through Livsmart, its Salvadorian subsidiary, the company produces juices and nectars that are distributed to CABCORP's territories as well as to other countries such as Costa Rica, Panama, Haiti, Dominican Republic, Mexico and United States. The company has a joint venture with Ambev Centroamerica to produce and distribute the Brahva and Extra beer brands in Guatemala, El Salvador, Honduras and Nicaragua. =========== P A N A M A =========== * PANAMA: Posts Preliminary Results of Its Exchange Invitation -------------------------------------------------------------- The Republic of Panama revealed the preliminary results of its previously announced invitation to eligible holders of its 7.250% Global Bonds due 2015 to submit, in a modified Dutch auction, offers to exchange 2015 Bonds for its 6.700% U.S. Dollar- Denominated Amortizing Global Bonds due 2036 and cash, if any. The Exchange Invitation expired on Jan. 24, 2012, as scheduled. Pursuant to the terms of the Exchange Invitation, for each US$1,000 principal amount of 2015 Bonds accepted for exchange, Panama will issue US$962.01 principal amount of 2036 Bonds, which is equal to the previously announced Exchange Ratio. Panama has determined, in its sole discretion, that the Clearing Cash Premium will be zero. Approximately US$258 million aggregate principal amount of 2015 Bonds have been submitted in noncompetitive offers, which, if accepted, will not be subject to proration. No competitive offers will be accepted. Accordingly, none of the 2015 Bonds submitted with an Offer Premium above zero will be accepted for exchange. Panama expects to issue approximately US$249 million aggregate principal amount of 2036 Bonds in exchange for approximately US$258 million aggregate principal amount of 2015 Bonds, subject to the satisfaction or waiver of the Financing Condition. The principal amount of 2036 Bonds issued to each holder pursuant to the Exchange Invitation will be rounded down to the nearest US$1,000. Holders will receive a cash payment in respect of the principal amount not issued as a result of that rounding. The terms and conditions of the Exchange Invitation are set forth in the Prospectus Supplement dated Jan. 17, 2012, to the Prospectus dated Dec. 16, 2009, attached thereto. Capitalized terms used but not defined in this notice are defined in the Prospectus. Panama priced an issue of local Panamanian bonds. The settlement of this issuance of local Panamanian bonds or another financing, in either case, satisfactory to Panama, is referred to as the "Financing Condition," which may be waived by Panama in its sole discretion. At or around 5:00 P.M., New York City time, on Jan. 30, 2012, or as soon thereafter as practicable, Panama will announce whether the Financing Condition has been satisfied or waived and, accordingly, whether it will complete the exchange of 2015 Bonds for 2036 Bonds pursuant to the Exchange Invitation. Panama announced that the settlement date for the 2015 Bonds exchanged pursuant to the Exchange Invitation is expected to be Feb. 1, 2012. If the actual settlement date turns out to be later than that Expected Settlement Date, Panama will not adjust the principal amount of 2036 Bonds that holders of 2015 Bonds will receive pursuant to the Exchange Invitation. Application will be made to list the newly issued 2036 Bonds on the Official List of the Luxembourg Stock Exchange and to have the 2036 Bonds trade on the Euro MTF Market, when and if issued. Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting as Joint Dealer Managers for the Exchange Invitation. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 23 to January 27, 2012 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$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 * * *