/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120206.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, February 6, 2012, Vol. 13, No. 026 Headlines A R G E N T I N A BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Global LC Debt Ratings B A R B A D O S FOUR SEASONS: Resort Project Hit With Another Lawsuit C A Y M A N I S L A N D S ADAC GLOBAL: Shareholders Receive Wind-Up Report ALTERNATIVE INVESTMENTS: Shareholders Receive Wind-Up Report ANCHORAGE CROSSOVER: Shareholders Receive Wind-Up Report AUAM GP I: Shareholders Receive Wind-Up Report C & D WOOD: Shareholders Receive Wind-Up Report CHEYNE VALUE: Shareholders Receive Wind-Up Report CRESCENT ARABIAN ADVISORS: Shareholders Receive Wind-Up Report CRESCENT ARABIAN SERVICES: Shareholders Receive Wind-Up Report CRESCENT BROTHERS: Shareholders Receive Wind-Up Report CRESCENT POINT: Shareholders Receive Wind-Up Report ENHANCEMENT FUND: Shareholders Receive Wind-Up Report FIFTH AVENUE: Shareholders Receive Wind-Up Report FREE LODGE: Shareholders Receive Wind-Up Report GOLDMAN SACHS GLOBAL: Shareholders Receive Wind-Up Report GOLDMAN SACHS QUANTITATIVE: Shareholders Receive Wind-Up Report GOTHAM ASSET: Shareholders Receive Wind-Up Report H&F INTERGRAPH: Shareholders Receive Wind-Up Report JC CO-INVESTMENT: Shareholders Receive Wind-Up Report JPMORGAN GLOBAL: Shareholders Receive Wind-Up Report KOROMAS FUND: Members Receive Wind-Up Report MILLENNIUM INDIA GP: Members Receive Wind-Up Report MILLENNIUM INDIA LP: Members Receive Wind-Up Report MILLENNIUM PRIVATE: Members Receive Wind-Up Report MILLENNIUM TMT INVESTORS: Members Receive Wind-Up Report MILLENNIUM TMT S TEL: Members Receive Wind-Up Report NEW VISION: Shareholders Receive Wind-Up Report RYE SELECT: Shareholders Receive Wind-Up Report TRAFALGAR MULTI-STRATEGY: Shareholders Receive Wind-Up Report TREMONT LONG/SHORT: Shareholders Receive Wind-Up Report VIRADOURO FUND: Shareholder Receives Wind-Up Report J A M A I C A DIGICEL GROUP: Court to Hear Firm's Suit Against FTC on Feb. 28 * JAMAICA: Government's Money Woes Deepen in December M E X I C O COMAPA: Moody's Assigns 'Ba1' Global Local Currency Rating ELEKTRA SAB: Fitch Assigns 'BB-' Rating on US$150MM Senior Notes P U E R T O R I C O BMF INC.: Files for Chapter 11 in Puerto Rico V E N E Z U E L A PETROLEOS DE VENEZUELA: To Shutdown HOVENSA Refinery, Cuts Jobs T R I N I D A D & T O B A G O CL FIN'L: ECCU Still Negotiating With Trinidad for Policyholders X X X X X X X X * BOND PRICING: For the Week January 30 to February 3, 2012 - - - - - ================= A R G E N T I N A ================= BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Global LC Debt Ratings ---------------------------------------------------------------- Moody's Investors Service assigned a Ba2 global local currency senior debt rating to Banco de Servicios Financieros's third bond issuance for an amount up to ARS30 million, which will be due in 9 months, as well as to the fourth issuance for an amount of ARS100 million, which will be due in 18 months. At the same time, on the National Scale, Moody's assigned Aa1.ar local currency debt rating to both issuances. The outlook on all ratings is stable. The following ratings were assigned to Banco de Servicios Financieros S.A.: ARS30 million senior unsecured debt issuance: Ba2 Global Local Currency Debt Rating Aa1.ar Argentina National Scale Local Currency Debt Rating ARS100 million senior unsecured debt issuance: Ba2 Global Local Currency Debt Rating Aa1.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Banco de Servicios Financieros is headquartered in Buenos Aires, Argentina, with assets of ARS757.3 million and equity of ARS103.8 million as of September 2011. =============== B A R B A D O S =============== FOUR SEASONS: Resort Project Hit With Another Lawsuit ----------------------------------------------------- Caribbean360.com report that the Irish Media said that the Four Seasons project in Barbados is facing yet another lawsuit. Irish media reported that TULLOW Oil chief Aidan Heavey is suing the developers of Four Seasons hotel after construction stalled following the credit crunch, according to Caribbean360.com. The report notes that Mr. Heavey from Castlerea, Co Roscommon, was among several high-profile figures who invested millions of euro in properties at the planned Four Seasons resort at Clearwater Bay in Barbados. Caribbean360.com discloses that legislation was required to guarantee the liabilities of Clearwater Bay Ltd, a company controlled by the government, to facilitate the resumption of the Four Seasons Development project. The report relates that the Guarantee of Loan Act allowed the repayment of some US$34m to the Bank of Scotland, which pulled out of the deal in 2009. Most recently the new man at the helm, Professor Avinash Persaud, disclosed that Paradise Beach Limited was on the verge of securing the last US$5 million needed to restart construction at Four Seasons, Caribbean360.com notes. As reported in the Troubled Company Reporter-Latin America on Jan. 20, 2012, Caribbean360.com said that Barbados Minister of Finance and Economic Affairs Christopher Sinckler has confirmed that the Barbados National Insurance Scheme (NIS) will invest in the beleaguered Four Seasons resort project. Paradise Beach Limited, the company seeking to restart Four Seasons, had sought last year a BDS$60 million investment from the NIS, and Minister Sinckler confirmed that the entity would join the national insurance schemes of Dominica and St Vincent and the Grenadines as minority investors in the Barbados-based tourism project, according to Caribbean360.com. Jamaica Observer related that that a Four Seasons Hotel project in Barbados has run into problems after the US$20 million government guarantee that has kick-started the stalled project is said to be not enough to complete the planned luxury facility. About Four Seasons Four Seasons Hotels -- http://www.fourseasons.com/-- manages some 75 luxury hotels and resorts in more than 30 countries. Most properties are operated under the Four Seasons name, but some are Regent hotels. It has ownership interests in only about half of its properties, having shifted from a hotel owner to a hotel operator in the 1990s. In 2007, Four Seasons Hotels board members took the company private. =========================== C A Y M A N I S L A N D S =========================== ADAC GLOBAL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Adac Global Arbitrage Fund received on Jan. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Amanda Yang Telephone: (852) 9400-2605 Facsimile: (852) 3753-3337 Ogier Fiduciary Services (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman Cayman Islands KY1-9007 Cayman Islands ALTERNATIVE INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Alternative Investments Institutional Euro Ltd. received on Jan. 20, 2012, 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 ANCHORAGE CROSSOVER: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Anchorage Crossover Credit Finance, Ltd. received on Jan. 20, 2012, 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 AUAM GP I: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of AUAM GP I, Inc. received on Jan. 20, 2012, 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 C & D WOOD: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of C & D Wood Holdings C.A. received on Jan. 20, 2012, 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 CHEYNE VALUE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Cheyne Value Fund Inc. received on Jan. 20, 2012, 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 CRESCENT ARABIAN ADVISORS: Shareholders Receive Wind-Up Report -------------------------------------------------------------- The shareholders of Crescent Arabian Advisors Limited received on Jan. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands CRESCENT ARABIAN SERVICES: Shareholders Receive Wind-Up Report -------------------------------------------------------------- The shareholders of Crescent Arabian Services Ltd. received on Jan. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands CRESCENT BROTHERS: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Crescent Brothers, Ltd. received on Jan. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands CRESCENT POINT: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Crescent Point Arabian Opportunities Investments Limited received on Jan. 26, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 Cayman Islands ENHANCEMENT FUND: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Enhancement Fund Limited received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lisa Clarke c/o Lisa Clarke or Jean Ebanks Telephone: (345) 945-2187/ (345) 945-2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands FIFTH AVENUE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Fifth Avenue Tower, Inc. received on Jan. 20, 2012, 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 FREE LODGE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Free Lodge Limited received on Jan. 11, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: UBS Nominees Ltd. c/o Stephen R. Nelson Telephone: 949-4544 Facsimile: 949-7073 e-mail: stephen.nelson@card.com.ky Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands GOLDMAN SACHS GLOBAL: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Goldman Sachs Global Volatility Fund Offshore, Ltd. received on Jan. 20, 2012, 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 GOLDMAN SACHS QUANTITATIVE: Shareholders Receive Wind-Up Report --------------------------------------------------------------- The shareholders of Goldman Sachs Quantitative Commodities Alpha Fund Offshore, Ltd. received on Jan. 20, 2012, 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 GOTHAM ASSET: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Gotham Asset Management (International), Ltd. received on Jan. 5, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gotham Funds G.P. LLC c/o Bernard Seibert 535 Madison Avenue, 30th Floor New York, New York 10022 United States of America Telephone: 212-319-4100 Facsimile: 212-319-4419 H&F INTERGRAPH: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of H&F Intergraph (Bentley) Blocker Ltd. received on Jan. 20, 2012, 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 JC CO-INVESTMENT: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of JC Co-Investment Co. Ltd. received on Jan. 20, 2012, 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 JPMORGAN GLOBAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of JPmorgan Global Select Equity Fund, Ltd. received on Jan. 20, 2012, 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 KOROMAS FUND: Members Receive Wind-Up Report -------------------------------------------- The members of Koromas Fund Limited received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Turner & Roulstone Management Ltd PO Box 2636 Strathvale House 90 North Church Street Grand Cayman, KY1-1102 Cayman Islands c/o Gavin Lowe Telephone: 1 345 943 5555 MILLENNIUM INDIA GP: Members Receive Wind-Up Report --------------------------------------------------- The members of Millennium India II Fund G.P. received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot Macinnis c/o Jeremy Anderson Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 MILLENNIUM INDIA LP: Members Receive Wind-Up Report --------------------------------------------------- The members of Millennium India II Fund L.P. received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot Macinnis c/o Jeremy Anderson Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 MILLENNIUM PRIVATE: Members Receive Wind-Up Report -------------------------------------------------- The members of Millennium Private Equity (TMT) received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot Macinnis c/o Jeremy Anderson Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 MILLENNIUM TMT INVESTORS: Members Receive Wind-Up Report -------------------------------------------------------- The members of Millennium TMT Fund Investors Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot Macinnis c/o Jeremy Anderson Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 MILLENNIUM TMT S TEL: Members Receive Wind-Up Report ---------------------------------------------------- The members of Millennium TMT Fund S Tel Investment Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Margot Macinnis c/o Jeremy Anderson Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 NEW VISION: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of New Vision Investment Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 RYE SELECT: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Rye Select Fund Series SPC Limited received on Jan. 20, 2012, 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 TRAFALGAR MULTI-STRATEGY: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Trafalgar Multi-Strategy Fund received on Jan. 20, 2012, 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 TREMONT LONG/SHORT: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Tremont Long/Short Equity Portfolio Limited received on Jan. 20, 2012, 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 VIRADOURO FUND: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Viradouro Fund Limited received on Jan. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Ben Gillooly Telephone: (345) 815-1764 Facsimile: (345) 949-9877 ============= J A M A I C A ============= DIGICEL GROUP: Court to Hear Firm's Suit Against FTC on Feb. 28 --------------------------------------------------------------- RJR News reports that Digicel Group Limited's lawsuit challenging the legal standing of the Fair Trading Commission to oppose its merger with telecoms provider Claro Jamaica will be heard in the Supreme Court on February 28. The merger between Digicel Group and Claro Jamaica is slated to take effect on March 1 when Claro Jamica will cease operating in Jamaica, according to RJR News. RJR News notes that if Digicel Group's application is successful, the FTC's opposition to the merger will be thrown out. As reported in the Troubled Company Reporter-Latin America on Jan. 9, 2012, Jamaica Observer said that telecommunications company, LIME, endorsed the lawsuit filed in the Supreme Court against the Digicel Group and Claro Jamaica merger by FTC 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. 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. * JAMAICA: Government's Money Woes Deepen in December ----------------------------------------------------- RJR News reports that Jamaica government's total revenues and grants fell JM$7 billion below target in December. The lower revenues add to the revenue fallout the government has been seeing so far, this fiscal year, and push the accumulated shortfall to JM$15.5 billion, according to RJR News. The report relates that the shortfall comes as imports fell below expectations, yielding lower-than-planned import taxes in the process. RJR News notes that other shortfalls came from corporate tax receipts, general consumption tax, and the tax authorities missed target with respect to delinquent tax payers. With the lower-than-planned-for revenues, spending was cut by 9 billion dollars over the period, the report discloses. RJR News relates that despite the cutbacks, the fiscal deficit at the end of December was 6 and a half billion dollars above target, at more than JM$56 billion. * * * As of Jan. 2, 2012, Jamaica continues to carry Standard and Poor's "B-" long-term debt ratings and "C" short-term debt ratings. =========== M E X I C O =========== COMAPA: Moody's Assigns 'Ba1' Global Local Currency Rating ---------------------------------------------------------- Moody's de Mexico assigned first-time issuer ratings of A1.mx (Mexico National Scale) and Ba1 (Global Scale, local currency) to the Comision Municipal de Agua Potable y Alcantarillado de la Zona Conurbada de la Desembocadura del Rio Panuco en el Estado de Tamaulipas (COMAPA). The ratings outlook is stable. Ratings Rationale "The issuer ratings assigned to COMAPA reflect very low debt levels compared to national peers, offset by COMAPA's volatile consolidated financial results and net working capital with a negative trend from 2006 to 2010 that was redressed in 2011," says Roxana Munoz, lead analyst for COMAPA. The ratings also take into account the strong likelihood that the State of Tamaulipas (Baa3/Aa3.mx, negative outlook) would act to prevent a default by COMAPA. During the 2006-2009 period, COMAPA recorded cash financing results averaging 3.8% of total revenues, nevertheless in 2010 it posted a cash financing requirement equivalent to -16.4%. This deterioration was mainly driven by an increase in both operating and capital expenditures, which grew by 18% from 2009 to 2010. During 2011, COMAPA redressed the deterioration with the implementation of cost-cutting measures. The company also made efforts to increase revenues. These measures helped COMAPA register a cash financing surplus of 12.6% of total revenues in 2011 according to preliminary results. COMAPA's liquidity measured by net working capital (current assets minus current liabilities as a percentage of total expenditures) had a negative trend, decreasing from 28% in 2006 to -5.8% in 2010 as a result of the financial deterioration that year. Despite this trend, the new administration took several measures to decrease its current liabilities during 2011, which helped improve COMAPA's liquidity position. Net working capital as of December 2011 was equivalent to 14.7% of total expenditures. "We expect COMAPA to register positive liquidity going forward, as the current administration is planning to continue with the measures recently implemented to improve its balance sheet position," said Munoz. COMAPA has registered very low debt levels compared to national peers during the last six years, registering peak debt levels equivalent to 24.8% of total revenues in 2010. In 2011, COMAPA registered 6.3% of debt to total revenues, as it paid off approximately MXN 95 million of short term debt. Moody's expects that debt levels will remain at a very low level, as it does not have plans to contract additional debt in the near future. COMAPA is governed by a Board of Directors, which includes one representative from each of the two municipalities and five state representatives. The Director is appointed by the State Governor and attends all Board meetings. Moody's assigns a strong likelihood that the State of Tamaulipas (rated Baa3/Aa3.mx, negative outlook) would act to prevent a default by COMAPA. "The strong likelihood reflects the governance linkages noted above and a guarantee provided by the State of Tamaulipas on COMAPA's long term debt," said Mrs. Munoz. While Tamaulipas provides a guaranteed on existing long term debt, no such guarantee exists for general obligations of COMAPA. What Could Change The Rating Up/Down Continued and sustained cash financing surpluses and low debt levels reflecting the company's capacity to finance its capital investments with own source revenues as well as a sustained improvement in its liquidity position, could exert upward pressure on the ratings. In addition, an uplift on Tamaulipas' issuer ratings might lead to an upgrade of COMAPA's issuer ratings. A deterioration of financial performance resulting in debt increases and a tightening of liquidity, and/or a shift in management practices, could exert downward pressure on the ratings. In addition a downgrade on Tamaulipas' issuer ratings may lead to a downgrade in COMAPA's issuer ratings. ELEKTRA SAB: Fitch Assigns 'BB-' Rating on US$150MM Senior Notes ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating to Elektra S.A.B. de C.V's US$150 million reopening of its senior notes due 2018. The notes are unsecured and have the guarantee of all non-regulated subsidiaries, among others: -- Elektra del Milenio, S.A. de C.V.; -- Salinas y Rocha, S.A. de C.V.; -- Comercializadora de Motocicletas de Calidad, S.A. de C.V.; -- Inmuebles Ardoma, S.A. de C.V.; -- Procuraduria de Cobranza Judicial, S.A. de C.V.; -- Elektra Guatemala S.A. de C.V.; -- Servicios de Telecomunicaciones Viva, S.A. de C.V.; and -- GS Distribucion, S.A. de C.V. Proceeds from the reopening are expected to be used primarily for potential acquisitions, domestic or international, and, to a lesser extent, for general corporate uses. Fitch currently rates Grupo Elektra as follows: -- Foreign & Local Currency Issuer Default Rating (IDR) 'BB-'; -- Long-term National Scale Rating 'A(mex)'; -- Short-term National Scale Rating 'F2(mex)'; -- US$400 million senior notes due 2018 'BB-'; -- MXN3,000 million long-term Certificados Bursatiles issuances (ELEKTRA10-2 y ELEKTRA11) 'A(mex)'; -- MXN5,000 million short- and long-term Certificados Bursatiles program 'F2(mex)' and 'A(mex)', respectively. The Rating Outlook is Stable. Elektra's ratings reflect its operation's geographical diversification, its market position both in the retail and finance business, the latter including Banco Azteca (BAZ; rated 'A(mex)' by Fitch), as well as the strong linkage between both operations. On the retail side, the ratings are supported by its market share, being one of the leading chains in its sector, with considerable brand equity (Elektra), supported by an extensive retail network across Mexico and, increasingly, in countries such as Guatemala, Honduras, Panama, El Salvador, Peru, Brazil and Argentina. Grupo Elektra's retail operations are strongly linked to those of Banco Azteca, a result of the retail business strategy of selling on credit. BAZ's credit quality is supported by its management expertise in consumer credit, asset quality, strong liquidity and the credit risk of its portfolio. The ratings incorporate the company's approach of offering financial services to low-income retail customers, a retail division's leverage (retail division's total debt to EBITDA) of 2.5 times(x) over the long term, controlling ownership by the Salinas family and track record of transactions with related entities. Fitch believes that the retail operation, by focusing on consolidating operations under the Elektra banner over the last few years, in introducing new products (such as motorcycles), and in diversifying geographically across Latin America, tempers its business risk (operations in Mexico, both retail and financial, generate about 87% of the Group's consolidated revenues). The company competes in a highly competitive market, in which other participants have increased their footprint. Fitch expects solid sales and EBITDA generation for 2012, based on moderate growth of the Mexican economy. Over the last few years, a better business climate, the discontinuation of low profitability product lines, and changes in marketing strategies, have resulted in revenues increasing for the retail division. As of 3Q'11, measured over Last Twelve Months (LTM), retail sales grew by 13% above previous year's levels. Operating margins climbed to 21% in 3Q'11 LTM, above the 19% registered the previous year. This is in contrast with the stable sales and decreasing operating margins between 2007 and 2009. BAZ's ratings reflect its broad experience and competitive advantage in consumer finance, an ample stream of recurring revenues, adequate capitalization, as well as an ample, stable and diversified base of core customer deposits that allow the bank to maintain a good operating performance and robust liquidity. The ratings also consider the challenges associated to maintain asset quality metrics amid a less favorable economic environment (although impairment levels and reserve coverage ratios have improved steadily in 2010 and the first nine months of 2011), as well as the weak operating efficiency ratios arising from the high management costs in the consumer finance business (cost-to-income ratio of 87.3% in 9M11). Core profitability has recovered to some extent, although most ratios remain relatively volatile, given the better contained credit costs (9M11: 66.3% of pre-impairment operating profits) and a higher contribution of other revenues such as fees and trading income. This has allowed Banco Azteca to gradually rebuild the performance ratios since the very weak metrics reported in the 2008 period. BAZ's loan portfolio has gradually diversified, reducing the relative contribution of consumer loans (66.7% of total as of 3Q'11) and increasing the share of commercial loans, although these remain highly concentrated by borrower. Despite the adverse operating environment in recent years, the bank management has successfully contained the impact on overall asset quality. Impairments loans as of 3Q'11 were 3.74% (2010: 4.60%), although this is still reliant on a high level of charge offs. Borrower concentration is high, although this risk is partially mitigated by conservative collateral requirements. Capital ratios remain reasonable despite material lending resumption in 2010 and 2011 (Fitch core capital accounted for 10.85% of risk weighted assets as of 3Q'11, while the equivalent Mexican regulatory capital ratio was 12.74% of risk weighted assets for the same period). The securities portfolio (28.9% of total assets at the same date) had moderate credit and market risk, but further enhanced the bank's sound funding and liquidity profile. For the LTM ended Sept. 30, 2011 and in consolidated terms, debt to EBITDA (including bank deposits), has kept constant at 10.2 times (x), compared to 10.1x over the same period the previous year. Nonetheless, with regards to the retail operation's leverage (which excludes BAZ and other financial businesses); Fitch estimates that total debt to EBITDA (LTM September 2011) is about 3.0x, higher than the same period the previous year. Nonetheless, Fitch estimates that this ratio should be around 2.7x (2.3x for covenant purposes) when the offering and several debt payments made by ELEKTRA during the 4Q'11 and 1Q'12 are taken into account. Fitch expects that, over the long term, total debt to EBITDA, excluding BAZ, should converge towards 2.5x. The prospect of leverage remaining over 2.5x would pressure the ratings. As of September 2011, the retail business' total debt (excluding BAZ and other financial businesses) amounted to MXN$14.8 billion, 75% above the same period in 2010 (57% when taking into account the aforementioned debt amortizations in 4Q'11). This increase was primarily driven by the issuance in 2011 of Certificados Bursatiles for MXN2 billion and Senior Notes, due 2018, for US$400 million. Proceeds from these issues were used to refinance debt and increase cash and marketable securities' levels, to fund future Capex in Mexico and Latin America. Debt is made up of bank loans, debt issuances and structured issuances. Elektra has paid annual dividends of about MXN350 million and Fitch expects that this amount will increase moderately. ===================== P U E R T O R I C O ===================== BMF INC.: Files for Chapter 11 in Puerto Rico --------------------------------------------- BMF, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. P.R. Case No. 12-00658) on Jan. 31, 2012. BMF, a water bottler and distributor based in Caguas, Puerto Rico, disclosed US$12.3 million in assets and US$8.9 million in liabilities. C. Conde & Associates will charge the Debtor US$150 to US$300 per hour for services provided by its paralegals and attorneys. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Shutdown HOVENSA Refinery, Cuts Jobs --------------------------------------------------------------- Caribbean360.com reports that Petroleos De Venezuela S.A. will shutdown its HOVENSA oil refinery -- a joint venture between the Hess Corporation and Petroleos de Venezuela SA -- in the Caribbean. Officials at the refinery, which is one of the 10 largest in the world, disclosed that losses totalling US$1.3 billion in the past three years, and which were projected to continue, were the major reason for the closure, according to Caribbean360.com. The report notes that the United States Virgin Islands government officials are assuring the public that it has a plan to assist the thousands of people who will lose their jobs when the oil refinery closes. However, Cariibean360.com relates that Labor Department Commissioner Albert Bryan Jr. has been candid in his assessment of what the closure of the refining operations of the plant will mean for the USVI. Caribbean360.com discloses that the closure of the refinery, which is the largest employer in the territory, will mean the termination of employment for 1,018 employees, and up to 1,200 who work for HOVENSA's contractors. The report relates that it could mean an additional 10 percent of the territory's workforce is put out of work, and raising St Croix's unemployment rate to 18.7%. Caribbean360.com notes that after formal shutdown of the refinery, most of those employed at HOVENSA will continue working through a transition period. Thereafter, approximately 100 people will remain to work at the oil storage terminal, the report adds. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: ECCU Still Negotiating With Trinidad for Policyholders ---------------------------------------------------------------- Caribbean360.com reports that St. Kitts and Nevis Prime Minister Dr. Denzil Douglas has stated that the Eastern Caribbean Currency Union (ECCU) is looking to redress from the Trinidad and Tobago government over the fallout from the collapses of Colonial Life Insurance Company (Trinidad) Limited (CLICO) and British-American Insurance Company (BAICO). Both companies are subsidiaries of CL Financial Limited. Dr. Douglas revealed that the ECCU continues to seek financial relief from the Government of Trinidad and Tobago, both in support of policy holders as well as in support of regional institutions whose investments in BAICO now pose a risk to the member countries, according to Caribbean360.com. The report notes that Dr. Douglas noted that a Health Insurance Fund was in place for most of last year in order to assist affected BAICO health insurance policy holders. "Even as we continue to pursue the best possible outcomes for policy holders, however, it should be understood that final outcomes for BAICO and CLICO will not be the same -- due to the assets held by CLICO," the report quoted Prime Minister Douglas as saying. The report notes that Dr. Douglas said that the complex and highly technical undertaking of recapitalizing and selling BAICO is now underway. Caribbean360.com relays that Dr. Douglas said that at the end of this process, which could last until the third quarter of this year, regional Governments wish to see "policy holders having received some relief, and a significantly strengthened ECCU insurance marketplace." The Prime Minister said it was anticipated that some 2 out of every 3 of BAICO's remaining policy holders will be assisted as a result of the efforts of the Eastern Caribbean Currency Union, Caribbean360.com adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 30 to February 3, 2012 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 8.28 12/31/2033 USD 71.58 ARGENT- AR 1.18 12/31/2038 ARS 46.27 ARGENT- DIS 7.82 12/31/2033 EUR 55 ARGENT- DIS 7.82 12/31/2033 EUR 59.25 ARGENT- DIS 7.82 12/31/2033 EUR 56 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 9.625 4/18/2028 USD 71.28 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 42.13 BCP FINANCE BANK 5.01 3/31/2024 EUR 42.75 BCP FINANCE BANK 5.31 12/10/2023 EUR 44.75 BCP FINANCE CO 5.543 EUR 29 BCP FINANCE CO 4.239 EUR 29.67 BES FINANCE LTD 5.58 EUR 35.33 BES FINANCE LTD 4.5 EUR 44 CAM GLOBAL FIN 6.08 12/22/2030 EUR 60.25 CHINA FORESTRY 10.25 11/17/2015 USD 59.85 CHINA FORESTRY 10.25 11/17/2015 USD 58.13 CHINA HUIYUAN JU 4 4/29/2016 USD 74 CHINA MED TECH 4 8/15/2013 USD 19.88 CHINA SUNERGY 4.75 6/15/2013 USD 46 EFG ORA FUNDING 1.7 10/29/2014 EUR 49.3 ESFG INTERNATION 5.753 EUR 36.25 FANTASIA HOLDING 14 5/12/2015 USD 74.38 FANTASIA HOLDING 14 5/12/2015 USD 74.5 GREENTOWN CHINA 9 11/8/2013 USD 70.5 GREENTOWN CHINA 9 11/8/2013 USD 70.5 JINKOSOLAR HOLD 4 5/15/2016 USD 51.43 LDK SOLAR CO LTD 4.75 4/15/2013 USD 60 LDK SOLAR CO LTD 4.75 4/15/2013 USD 63.25 LDK SOLAR CO LTD 4.75 4/15/2013 USD 80 LDK SOLAR CO LTD 10 2/28/2014 CNY 66.05 LUPATECH FINANCE 9.875 USD 74 LUPATECH FINANCE 9.875 USD 72.25 MBPS FINANCE 11.25 11/15/2015 USD 73 MBPS FINANCE 11.25 11/15/2015 USD 73.88 POWERLONG RE HLD 13.75 9/16/2015 USD 74 POWERLONG RE HLD 13.75 9/16/2015 USD 74.18 PUBMASTER FIN 8.44 6/30/2025 GBP 58 PUBMASTER FIN 5.943 12/30/2024 GBP 67.92 PUNCH TAVERNS 4.767 6/30/2033 GBP 66.88 SOLARFUN POWER H 3.5 1/15/2018 USD 62.28 SOLARFUN POWER H 3.5 1/15/2018 USD 60 SPG LAND HOLDING 13.5 4/8/2016 USD 68 SUNTECH POWER 3 3/15/2013 USD 73 SUNTECH POWER 3 3/15/2013 USD 72.2 YUZHOU PROPERTIE 13.5 12/15/2015 USD 75.25 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.878 CGE DISTRIBUCION 3.25 12/1/2012 CLP 19.85 COLBUN SA 3.2 5/1/2013 CLP 74.33 ESVAL S.A. 3.8 7/15/2012 CLP 12.51 MASISA 4.25 10/15/2012 CLP 20.13 QUINENCO SA 3.5 7/21/2013 CLP 25.24 PANAMA ------ NEWLAND INT PROP 9.5 11/15/2014 USD 51 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 63.72 BANCO SANTANDER 6.3 6/1/2032 USD 72.79 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 68.71 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 63.44 PETROLEOS DE VEN 5.5 4/12/2037 USD 51.92 PETROLEOS DE VEN 5.375 4/12/2027 USD 53.96 PETROLEOS DE VEN 5.25 4/12/2017 USD 71.61 PETROLEOS DE VEN 5.125 10/28/2016 USD 73.26 PETROLEOS DE VEN 9 11/17/2021 USD 74.58 VENEZUELA 7 3/31/2038 USD 63.61 VENEZUELA 7 3/31/2038 USD 63.36 VENEZUELA 6 12/9/2020 USD 67.5 VENEZUELA 7.65 4/21/2025 USD 68.75 VENEZUELA 8.25 10/13/2024 USD 74 *********** 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 * * *