/raid1/www/Hosts/bankrupt/TCRLA_Public/120305.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, March 5, 2012, Vol. 13, No. 046
Headlines
A R G E N T I N A
AGROZONDA SA: Creditors' Proofs of Debt Due March 20
BANCO ECONOMICO: Moody's Affirms BFSR at E+ and LCDR at B1
BALVIAL SA: Asks for Bankruptcy Proceedings
BLANCAS NUBES: Requests Bankruptcy Proceedings
CABELMA SA: Creditors' Proofs of Debt Due March 15
FIELCON SRL: Creditors' Proofs of Debt Due April 3
FORTMEN SA: Creditors' Proofs of Debt Due March 19
GRAK SA: Requests Opening of Bankruptcy Proceedings
PIZZERIA DON PACO: Creditors' Proofs of Debt Due March 21
SEABOX SERVICIOS: Creditors' Proofs of Debt Due March 20
SIRIUS TANKERS: Creditors' Proofs of Debt Due April 18
* ARGENTINA: Moody's Assigns '(P)B3' GSR to Chaco Province
* ARGENTINA: Moody's Rates Cordial Compania GLC Debt 'Ba3'
B E R M U D A
LEHMAN BROTHERS: Cuts Bermuda Unit's Bankruptcy Claim to US$1BB
B R A Z I L
BRAZIL PHARMA: Moody's Assigns 'Ba2' Corporate Family Rating
CENTRAIS ELECTRICAS: Moody's Lowers Issuer Ratings to 'Ca'
REDE ENERGIA: Moody's Lowers Corporate Family Rating to 'Caa3'
C A Y M A N I S L A N D S
ASCEND FUND II: Shareholders' Final Meeting Set for March 13
BEISTAR REAL ESTATE: Shareholders' Final Meeting Set for March 14
GOLDMAN SACHS HOLDINGS: Final Meeting Set for March 16
GOLDMAN SACHS: Shareholders' Final Meeting Set for March 16
HARMONY SHIP: Shareholders' Final Meeting Set for March 13
IAM MINI-FUND 18: Shareholders Receive Wind-Up Report
INSIGHT IAM: Shareholders' Final Meeting Set for April 24
KERRSPOFA HOLDINGS: Shareholders' Final Meeting Set for March 7
MEDICAL ENTERPRISES: Shareholders' Final Meeting Set for March 16
MEDICAL ENTERPRISES EQUITY: Meeting Set for March 16
ROSE HOLDINGS: Shareholders' Final Meeting Set for March 30
SEDNA FINANCE: Shareholders' Final Meeting Set for March 16
TY ADVISERS: Shareholders' Final Meeting Set for March 13
WHARF INTERNATIONAL: Member to Hear Wind-Up Report on March 13
ZELA FINANCE: Shareholders' Final Meeting Set for March 16
J A M A I C A
* JAMAICA: Resumes Negotiations With International Monetary Fund
M E X I C O
CEMEX SAB: S&P Affirms 'B-' Global Scale Credit Rating
EMPRESA DE ENERGIA: S&P Keeps 'BB+' Corporate Credit Rating
PROGNOZ SILVER: Sent to Bankruptcy by Argentum
P A N A M A
* PANAMA: IDB Approves US$100 Million Standby Facility
P U E R T O R I C O
REITTER CORP: Amends Chapter 11 Plan Documents
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: To Import Cement From Jamaica
X X X X X X X X
* BOND PRICING: For the Week February 27 to March 2, 2012
- - - - -
=================
A R G E N T I N A
=================
AGROZONDA SA: Creditors' Proofs of Debt Due March 20
----------------------------------------------------
Ruben Eduardo Suez, the court-appointed trustee for Agrozonda
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until March 20, 2012.
Mr. Suez will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 9
in Buenos Aires, with the assistance of Clerk No. 18, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.
The Trustee can be reached at:
Ruben Eduardo Suez
General Cesar Diaz 2324
Argentina
BANCO ECONOMICO: Moody's Affirms BFSR at E+ and LCDR at B1
----------------------------------------------------------
Moody's affirmed the bank financial strength rating of E+
assigned to Banco Economico S.A., as well as its global local
currency deposit rating of B1/Not Prime and its global foreign
currency deposit ratings of B2/Not Prime (long term and short
term respectively). In addition, the local currency Aa2.bo and
the foreign currency Aa3.bo national scale ratings were affirmed,
as were the bank's B2/Aa3.bo debt ratings on a global and
national scale basis.
All the ratings have a stable outlook, with the exception of the
foreign currency deposit ratings, which have a positive outlook,
in line with the positive outlook of the sovereign ceiling for
foreign currency deposits in Bolivia.
These ratings of Banco Economico S.A. were affirmed:
Bank Financial Strength Rating: E+
Global Local Currency Deposit Rating: B1/Not Prime, stable
outlook.
Global Foreign Currency Deposit Rating: B2/Not Prime, positive
outlook.
Global Foreign Currency Debt Rating: B2/Not Prime
Local Currency National Scale Deposit Rating: Aa2.bo
Foreign Currency National Scale Deposit Rating: Aa3.bo
Foreign Currency National Scale Debt Rating: Aa3.bo
Ratings Rationale
The affirmation of Economico's E+ financial strength rating and
B1 standalone baseline credit assessment was driven by the solid
positioning of the bank within the small-and medium-sized
business (SME) segment, its niche expertise, and its strong
growth potential as a lender to SME and microfinance entities.
Ranking ninth in Bolivia, the bank held a total loan market share
of 6.6% as of year-end 2011, down from 7.2% in 2007, reflecting a
highly competitive market.
Nevertheless, during 2011, the bank enlarged its loan portfolio
by 22%, expanding all of its lines of business. Economico
reported a declining but still adequate net interest margin of 5%
and average pre-provision income to risk-weighted assets ratio
averaging 3% for the last five years derived primarily from the
bank's core lending business. Moody's also highlighted the
bank's diversified funding mix, largely comprised of time
deposits that account for 49% of total funding.
The bank's strategy in coming quarters is to continue to grow its
lending to small and medium-sized companies through the "Mi
socio" program, which was created to fill the banking needs of
SME companies typically not filled by traditional commercial
banks. The bank also plans to enter the microfinance business in
order to diversify its portfolio mix and enhance its
profitability. Economico has invested in human resources and
technology with the goal of increasing the contribution of
microfinance to 4% of the total portfolio by year end 2012.
Economico's ratings take into account the generally riskier
nature of SME and customers overall, which account for about 60%
of the total loan portfolio. The weight of the SME business
segment has increased steadily over the past five years, while
loans to less risky large corporations have declined, a trend
that is reflected in a slight uptick in non-performing loans.
The relatively unstable operating environment of Bolivia, as well
as the risks associated with keen competition across all business
segments, also constrain Economico's ratings.
Moody's nevertheless views as positive the bank's conservative
risk management practices, as shown by a high loan and deposit
granularity and a problem loan ratio of 1.4%, with 70% of the
total loan portfolio covered by tangible collateral. The bank's
Tier one ratio of 9.3% also remains adequate given the bank's
business model, and the continuation of adequate capital levels
will be critical to fostering Economico's business expansion
going forward, said Moody's.
The bank's operating efficiency is also an important challenge
for the bank, as personnel expenses have increased dramatically
during the last few quarters reflecting business expansion
efforts. The cost-income ratio reached 64% as of YE2011 up from
58.7% the year before. Moody's notes that higher income from
fees and commissions has helped mitigate the impact of these
additional operating costs as the net fees and commissions to
operating expenses ratio expanded from 15.1% in 2007 to 18.5% in
2011.
Banco Economico S.A. is located in Santa Cruz de la Sierra,
Bolivia, and has US$595 million in assets, US$488 million in
deposits and US$47 million in equity as of December 2011.
BALVIAL SA: Asks for Bankruptcy Proceedings
-------------------------------------------
Balvial SA asked for bankruptcy proceedings.
The company has defaulted on its payments last May 10, 2010.
BLANCAS NUBES: Requests Bankruptcy Proceedings
----------------------------------------------
Blancas Nubes SRL requested its own bankruptcy proceedings.
The company has defaulted on its payments last March 31, 2010.
CABELMA SA: Creditors' Proofs of Debt Due March 15
--------------------------------------------------
Estudio Gilli y Asociados, the court-appointed trustee for
Cabelma SA's reorganization proceedings, will be verifying
creditors' proofs of claim until March 15, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 20, 2013.
The Trustee can be reached at:
Estudio Gilli y Asociados
Uruguay 390
FIELCON SRL: Creditors' Proofs of Debt Due April 3
--------------------------------------------------
Jacobo Luterstein, the court-appointed trustee for Fielcon SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 3, 2012.
Mr. Luterstein will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Jacobo Luterstein
Rodriguez Pena 694
Argentina
FORTMEN SA: Creditors' Proofs of Debt Due March 19
--------------------------------------------------
Alberto Hugo Samora, the court-appointed trustee for Fortmen SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 19, 2012.
Mr. Samora will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Alberto Hugo Samora
Paraguay 435
GRAK SA: Requests Opening of Bankruptcy Proceedings
---------------------------------------------------
Grak SA requested the opening of bankruptcy proceedings by
default.
PIZZERIA DON PACO: Creditors' Proofs of Debt Due March 21
---------------------------------------------------------
Franco Brindisi, the court-appointed trustee for Pizzeria Don
Paco SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until March 21, 2012.
Mr. Brindisi will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Franco Brindisi
Peru 367
SEABOX SERVICIOS: Creditors' Proofs of Debt Due March 20
--------------------------------------------------------
Alberto Hugo Samora, the court-appointed trustee for Seabox
Servicios Maritimos Argentinos SA's bankruptcy proceedings, will
be verifying creditors' proofs of claim until March 20, 2012.
Mr. Samora will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Ricardo Agustin Sardo
Cerrito 1136
Argentina
SIRIUS TANKERS: Creditors' Proofs of Debt Due April 18
------------------------------------------------------
Estudio Bilena, Ghiglioni y Sabor Contadores Publicos, the court-
appointed trustee for Sirius Tankers SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
April 18, 2012.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Creditors will vote to ratify the completed settlement plan
during the assembly on Feb. 21, 2013.
The Trustee can be reached at:
Estudio Bilena, Ghiglioni y Sabor Contadores Publicos
Lavalle 1675
Argentina
* ARGENTINA: Moody's Assigns '(P)B3' GSR to Chaco Province
----------------------------------------------------------
Moody's Latin America has assigned local currency ratings of
(P)B3 (Global Scale) and A3.ar (Argentina National Scale) to the
Province of Chaco's AR$225 million Short-Term Treasury Notes. The
assigned ratings are in line with the province's issuer ratings
of B3/A3.ar.
The notes, which will be backed by transfers from the Government
of Argentina (B3, stable outlook) under a tax-sharing agreement
and sold under a Dutch auction scheme, are going to be issued in
five different tranches, the first of which will be of AR$42.5
million with a maturity of 63 days.
Ratings Rationale
The assigned ratings reflect Moody's view that the willingness
and capacity of the Province of Chaco to honor short-term
treasury notes is in line with the province's long-term credit
quality as captured in the B3/A3.ar issuer ratings. While the
decision to issue these short term treasury notes could reflect a
deterioration in the province's liquidity, Moody's notes that
they represent a low 4.8% of Chaco's net direct and indirect debt
as of June 2011 and that they are expected to have no significant
impact in the 2012 debt service costs. In addition, this new
issuance accounts for only 1.9% of Chaco's total revenues
expected for 2012.
"Moody's expects the province should have adequate resources to
repay the notes when they come due. As a result, the current
issuance does not create a meaningful refinancing risk for the
province or have a significant impact on its credit quality",
according to Moody's analyst Patricio Esnaola. However, Moody's
also recognizes the importance of a close monitoring of the
liquidity position of the province to determine whether a
potential liquidity constraint might have a downward pressure on
the assigned ratings. "We note that if the province incurs
additional short-term debt in the future, it could place negative
pressure on the province's issuer ratings", said Esnaola.
The ratings reflect the province's heavy reliance on federal
transfers in its revenue stream, as well as its dependence on
federal funding to cover ongoing financing needs and refinance
principal payments as they come due. As a result, the B3 rating
of the federal government acts as a constraint on the province's
rating. The ratings also reflect a heavy, albeit declining, debt
burden and a trend of cash financing requirements in recent years
driven by ongoing spending pressures, though Moody's recognizes
that the province posted a modest surplus in 2010 equal to 0.5%
of total revenues and a stronger 14.4% as of June 2011.
The ratings are also constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by a very high GDP volatility, and a very low
ranking on the World Bank's Government Effectiveness Index,
indicating a high level of systemic risk, offset by a GDP per
capita that is high for a developing country.
"This operating environment is characterized by an institutional
framework under which regional and local governments carry
significant responsibility for public services while nearly all
rely heavily on federal transfers under the country's tax sharing
regime for revenues, which results in a low level of fiscal
flexibility", said Mr. Esnaola.
* ARGENTINA: Moody's Rates Cordial Compania GLC Debt 'Ba3'
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected second issuance of Cordial Compania
Financiera S.A. up to the amount of ARS70 million, which will be
due in 270 days. At the same time, Moody's Latin America
assigned Aa2.ar national scale local currency debt rating to
Cordial's issuance.
The outlook of the global debt rating is under review for
possible downgrade, as a result of the action taken on several
Argentinean banks last Nov 22, 2011. However, the national scale
debt rating has a stable outlook.
These ratings were assigned to Cordial Compania Financiera S.A.:
ARS70 million senior unsecured debt issuance:
Ba3 Global Local Currency Debt Rating, under review for possible
downgrade
Aa2.ar Argentina National Scale Local Currency Debt Rating
=============
B E R M U D A
=============
LEHMAN BROTHERS: Cuts Bermuda Unit's Bankruptcy Claim to US$1BB
---------------------------------------------------------------
Karen Gullo at Bloomberg News, citing a court filing, reports
that bankrupt Lehman Brothers Holdings Inc., in a settlement with
its Bermuda-based Lehman Re life insurance unit, reduced the
subsidiary's US$2.3 billion in claims to US$1 billion.
The settlement between Lehman and two affiliates and Lehman Re
and a subsidiary and creditor, resolves claims connected to a
1999 repurchase agreement involving residential and commercial
mortgages and a 2007 "Net Worth Maintenance Agreement," lawyers
for the entities said in a filing in federal bankruptcy court in
Manhattan, according to Bloomberg.
Bloomberg notes that the attorneys said that the repurchase
agreement claim is now valued at US$490 million, and the
maintenance agreement is now an allowed claim of US$415 million.
Lehman, which is preparing its first payment to creditors after
more than three years in bankruptcy, has been whittling down
claims and settling disputes to boost the distribution, Bloomberg
relates. Bloomberg discloses that the former investment bank has
said it could distribute $11.9 billion to $14.7 billion
initially, depending on cash reserves for disputed claims.
Lehman has estimated disputed claims at US$112 billion, Bloomberg
notes.
Attorneys for the Lehman entities are seeking bankruptcy court
approval for the settlement, Bloomberg says.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
===========
B R A Z I L
===========
BRAZIL PHARMA: Moody's Assigns 'Ba2' Corporate Family Rating
------------------------------------------------------------
Moody's has assigned a Ba2 Corporate Family Rating to Brazilian
drugstore chain Brazil Pharma S.A. and Ba2/ Aa3.br ratings to its
proposed up to BRL 250 million senior unsecured debentures. The
outlook is stable.
The ratings assigned are as follows:
- Corporate Family Rating: Ba2/Stable outlook
- Proposed up to BRL 250 million senior unsecured debentures:
Ba2 global scale rating/ Aa3.br national scale rating /Stable
outlook
Ratings Rationale
"Brazil Pharma's ratings are supported by the solid fundamentals
of the retail drug industry in Brazil, including the aging
population, favorable macro-economic conditions and the emergence
of a new and larger middle class," says Moody's analyst Marianna
Waltz. Increasing sales of generic drugs are also viewed as
credit positive, Waltz says, since the availability of more
affordable drugs broadens the company's customer base while also
providing higher margins and strengthening drugstores' bargaining
power with pharmaceutical companies. The generics market in
Brazil has grown by 33% over the past three years, and
represented 21.5% of Brazil Pharma's sales as of 9M11.
In addition, the ratings take into account the company's sound
strategy executed by a professional management team and its well
capitalized and committed main shareholder, the BTG Pactual bank.
In Moody's opinion, the main rating constraints are the limited
operating history of the company in its current business
configuration as well as the significant integration challenges
related to combining the newly acquired operations, with
different levels of efficiency and cultures, in a dispersed
territory. Currently, Brazil Pharma has higher SG&A and working
capital requirements when compared to its main peers and there
are still synergies expected with regards to the integration of
purchases, inventories and IT systems, for example. Although
this can translate into opportunities, it also represents an
important risk, especially when considering the business's
inherent low operating margins and, thus, its limited
profitability cushion.
The Brazilian drug retail sector remains fragmented, with the top
six players having an estimated 33% of the market as of 2011. On
the other hand, there's a rapid consolidation trend that should
benefit the larger companies. Two recent cases were the mergers
of Raia and Drogasil and Pacheco with Drogaria Sao Paulo. Even
considering the competition with these large peers and the
potential entry of big international players into the Brazilian
market, Moody's believes that Brazil Pharma has the capabilities
to be one of the industry consolidators.
Brazil Pharma has an aggressive growth strategy, which involves
expanding into less competitive areas, such as the north and
northeast regions of Brazil, which are also the fastest-growing
areas of the country. While for the most part this is credit
positive, since it allows the company to post gross margins about
600 basis points higher than its peers, the purchasing power of
the population in these regions, though increasing, is far below
that of people in the state of Sao Paulo, for example, which
translates into lower sales per store.
Although the aggressive acquisition strategy is a risk factor, it
is mitigated by significant equity funding from follow-on deals
or capital injections from BTG Pactual. In addition,
acquisitions are made considering factors such as the local
competitive environment and potential overlapping with the
company's operations.
The stable outlook reflects Moody's expectations that Brazil
Pharma's growth strategy will not result in an excessive increase
in the company's leverage ratios, given the preference for
equity-funded acquisitions. It also takes into account the
company's plans to improve its efficiency and working capital
management, which should translate into higher profitability and
operating cash flows over the next few years.
The rating could experience upward pressure if the company is
able to consolidate its presence in the Brazilian drugstore
market through both organic growth and further acquisitions,
while maintaining its profitability. This will be the case if
the company delivers positive free cash flow, and if
EBITA/interest expense is more than 3.5x. Further, reported
leverage as measured by debt/EBITDA would need to remain below
2.0x.
The ratings could be lowered if the company fails to grow
organically or maintain EBITDA margins near their current level.
The ratings could also come under downward pressure if the
reported leverage ratio increases to 3.0x or higher on a
consistent basis or if liquidity deteriorates. A large debt-
funded acquisition could also put downward pressure on the
rating.
Founded in 2009 and headquartered in the state of Sao Paulo,
Brazil Pharma S.A. has the BTG Pactual bank as its main
shareholder. The company is among the three largest drugstore
chains in the country in terms of sales and had 627 stores as of
December 2011 (including recent Big Ben and Sant'Ana
acquisitions) in the south, northeast, north and central-west
regions. Brazil Pharma also runs a franchise business under the
"Farmais" brand, with 359 stores as of December 2011. The
company reported pro-forma, excluding recent Big Ben and Sant'Ana
acquisitions, net sales of BRL 1,079 million (approximately
US$600 million) at LTM end-September 2011.
CENTRAIS ELECTRICAS: Moody's Lowers Issuer Ratings to 'Ca'
----------------------------------------------------------
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$ 250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).
Ratings Rationale
This rating action follows CELPA's announcement on February 28,
2012 that the company had filed for legal protection under the
Brazilian bankruptcy and reorganization law. Although CELPA's
management informed Moody's that the company has not filed for
court protection under any international bankruptcy law, Moody's
understands that the company will apply the same financial
conditions envisaged in the Brazilian bankruptcy and
reorganization to international investors.
The steady deterioration of the company's liquidity position
along with the continuous increase of debt to the current
unsustainable level has been exacerbated by the postponement of
the electricity tariff review from August 2011 to August 2012.
Management has also been unable to achieve higher operating
margins either by streamlining operating costs, reducing energy
losses or improving the quality of services. Combined with the
tariff postponement, this inability has culminated in the
company's decision to seek court protection.
The last rating action on CELPA was on May 16, 2011 when Moody's
assigned a B3 rating to Senior Unsecured 5-year US$ 250 million
issuance with a negative outlook.
The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.
Celpa, headquartered in Belem, owns a 30-year concession contract
that expires in 2028 to distribute electricity to 143 cities in
the state of Para. Celpa is controlled by Rede Energia S.A.
(REDE), which has a direct and indirect participation of 61.4% of
Celpa's total capital.
REDE ENERGIA: Moody's Lowers Corporate Family Rating to 'Caa3'
--------------------------------------------------------------
Moody's downgraded the corporate family rating of Rede Energia
S.A. to Caa3/Caa3.br from Caa1/Caa1.br. At the same time, Moody's
affirmed the Caa3 rating on the senior unsecured US$ 497 million
perpetual bonds with a negative outlook. In addition, Moody's
downgraded the issuer ratings of Centrais Eletricas
Matogrossenses S.A. (CEMAT) and Centrais Eletricas do Estado de
Tocantins S.A. (CELTINS) to Caa1/Caa1.br from B3/B1.br with a
negative outlook.
Ratings Rationale
These rating actions are prompted by Rede's subsidiary, Centrais
Eletricas do Para (CELPA), filing for court protection under the
Brazilian bankruptcy and reorganization law on February 28 which
has resulted in the downgrade of CELPA's issuer rating and the
rating on the Senior Unsecured 5-year US$ 250 million bonds
issued by CELPA in May 2011 to Ca from B3. Please refer to
separate press release for CELPA.
The indenture of the US$497 million perpetual notes issued by
Rede contains certain cross default provisions with CELPA, which
state that any event of bankruptcy, insolvency or reorganization
of the issuer or any significant subsidiary will constitute an
event of default. While the downgrade of Rede's Corporate Family
rating to Caa3 reflects the heighten probability of a near-term
default, the existence of cross default provisions are not enough
to warrant a further downgrade at this point in time.
The downgrades of CEMAT and CELTINS reflect Moody's concern about
the potential liquidity challenges that these subsidiaries may
experience due to the filing for court protection of their
affiliate CELPA and its potential implications on the parent
REDE. Like other Brazilian issuers, CEMAT and CELTINS rely on
short-borrowings for a substantial portion of their funding.
The last rating action on Rede was on July 23, 2010 when Moody
upgraded Rede's US$497 million perpetual bonds to Caa3 from Ca
and at the same time affirmed Rede's corporate family rating at
Caa1. Moody's also affirmed the B3 issuer ratings on Rede's
operating subsidiaries and maintained the negative outlook for
all ratings within the Rede group.
The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.
Rede, headquartered in Sao Paulo, Brazil, is a holding company
with interests mostly in the electricity distribution. Through
majority-owned subsidiaries Companhia de Energia Eletrica do
Estado do Tocantins - Celtins (Celtins), Centrais Eletricas
Matogrossenses S.A. - Cemat (Cemat), Centrais Eletricas do Para
S.A. - Celpa (Celpa) and Empresa Energ. do Mato Grosso Sul --
Enersul (Enersul), the group operates concessions to distribute
electricity in the states of Tocantins, Mato Grosso, Para and
Mato Grosso do Sul, respectively.
===========================
C A Y M A N I S L A N D S
===========================
ASCEND FUND II: Shareholders' Final Meeting Set for March 13
------------------------------------------------------------
The shareholders of Ascend Fund II FP, Ltd. will hold their final
meeting on March 13, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
PO Box 1344 Grand Cayman KY1-1108
Cayman Islands
BEISTAR REAL ESTATE: Shareholders' Final Meeting Set for March 14
-----------------------------------------------------------------
The shareholders of Beistar Real Estate Holdings will hold their
final meeting on March 14, 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:
Christophe D'Orey
C.K. Lam & Co.
Fourseas Building, Unit 704
208-212 Nathan Road
Kowloon, Hong Kong
Telephone: (852) 2866 2116
Facsimile: (852) 28662203
GOLDMAN SACHS HOLDINGS: Final Meeting Set for March 16
------------------------------------------------------
The shareholders of Goldman Sachs Shared Access Offshore
Advisors, Inc. will hold their final meeting on March 16, 2012,
at 9:40 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
GOLDMAN SACHS: Shareholders' Final Meeting Set for March 16
-----------------------------------------------------------
The shareholders of Goldman Sachs Shared Access Offshore Holdings
Advisors, Inc. will hold their final meeting on March 16, 2012,
at 9:50 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
HARMONY SHIP: Shareholders' Final Meeting Set for March 13
----------------------------------------------------------
The shareholders of The Harmony Ship Chartering Fund will hold
their final meeting on March 13, 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:
Rolf Kueng
c/o Rolf Kueng or Oliver Saager
IFIT Fund Services AG
Voltastrasse 61
PO Box 2520 CH-8033 Zurich
Switzerland
Telephone: +41 44 366 4016 949 4018
Facsimile: +41 44 366 4039
e-mail: rhk@ifit.net
IAM MINI-FUND 18: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Iam Mini-Fund 18 Limited received on Feb. 2,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
INSIGHT IAM: Shareholders' Final Meeting Set for April 24
---------------------------------------------------------
The shareholders of Insight Iam Limited will hold their final
meeting on April 24, 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:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
KERRSPOFA HOLDINGS: Shareholders' Final Meeting Set for March 7
---------------------------------------------------------------
The shareholders of Kerrspofa Holdings Ltd. will hold their final
meeting on March 7, 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:
Michael L. Alberga
Thorp Alberga
Harbour Place, 2nd Floor
103 South Church Street
Grand Cayman KY1-1106
Cayman Islands
e-mail: malberga@thorpalberga.com
MEDICAL ENTERPRISES: Shareholders' Final Meeting Set for March 16
-----------------------------------------------------------------
The shareholders of Medical Enterprises Finance Ltd. will hold
their final meeting on March 16, 2012, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Shaikh Abdul Rahiman
Gulf Investment House K.S.C.
Dar Al-Awadi Towers, 27th to 30th Floors
Ahmad Al-Jaber Street, Sharq
PO Box 28808 Safat 13149
Kuwait
Telephone: (+965) 2232 2096
MEDICAL ENTERPRISES EQUITY: Meeting Set for March 16
----------------------------------------------------
The shareholders of Medical Enterprises Equity Ltd. will hold
their final meeting on March 16, 2012, at 9:20 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Shaikh Abdul Rahiman
Gulf Investment House K.S.C.
Dar Al-Awadi Towers, 27th to 30th Floors
Ahmad Al-Jaber Street, Sharq
PO Box 28808 Safat 13149
Kuwait
Telephone: (+965) 2232 2096
ROSE HOLDINGS: Shareholders' Final Meeting Set for March 30
-----------------------------------------------------------
The shareholders of Rose Holdings Limited will hold their final
meeting on March 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:
Paget-Brown Trust Company Ltd.
c/o Sydney J. Coleman
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
SEDNA FINANCE: Shareholders' Final Meeting Set for March 16
-----------------------------------------------------------
The shareholders of Sedna Finance Corporation will hold their
final meeting on March 16, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidators are:
David Dyer
Alan Corkish
Telephone: (345)949-8244
Facsimile: (345)949-5223
PO Box 1984 Grand Cayman KY1-1104
TY ADVISERS: Shareholders' Final Meeting Set for March 13
---------------------------------------------------------
The shareholders of TY Advisers will hold their final meeting on
March 13, 2012, at 4:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
PO Box 1344 Grand Cayman KY1-1108
Cayman Islands
WHARF INTERNATIONAL: Member to Hear Wind-Up Report on March 13
--------------------------------------------------------------
The shareholder of Wharf International Investments Limited will
receive on March 13, 2012, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Tan Ling Ling
501 Orchard Road, #11-01 Wheelock Place
Singapore 238880
Telephone: +011 65 6731 1850
Facsimile: +011 65 6735 8231
501 Orchard Road, #11-01 Wheelock Place
Singapore 238880
ZELA FINANCE: Shareholders' Final Meeting Set for March 16
----------------------------------------------------------
The shareholders of Zela Finance Corporation will hold their
final meeting on March 16, 2012, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidators are:
David Dyer
Alan Corkish
Telephone: (345)949-8244
Facsimile: (345)949-5223
PO Box 1984 Grand Cayman KY1-1104
=============
J A M A I C A
=============
* JAMAICA: Resumes Negotiations With International Monetary Fund
----------------------------------------------------------------
Caribbean360.com reports that negotiations for a new agreement
between the Jamaica government and the International Monetary
Fund are set to begin again from March 7 through March 20.
Minister of Finance and Planning, Dr. Peter Phillips said the IMF
team would be conducting an Article Four review, according to
Caribbean360.com. The report relates that Dr. Phillips explained
that the IMF showed a willingness to work with Jamaica to develop
a new program.
However, Caribbean360.com notes that the finance minister
admitted that such assistance will mean making difficult fiscal
adjustments to the country's budget. But he gave residents the
assurance that government's commitment to preserving social
program to protect the vulnerable and disadvantaged groups would
continue, Caribbean360.com discloses.
Caribbean360.com relays that Dr. Phillips added that all efforts
were being made to ensure that the country's debt to Gross
Domestic Product (GDP) ration fell from 130% of GDP at the end of
March 2012 to 100% in the medium term.
Caribbean360.com notes that Dr. Phillips said the Inter-American
Development Bank had also expressed concerns about the country's
fiscal and debt situation at the end of last year. And, it is
effort to give assurance to the IDB the new administration has
asked for time to set out its policy approach which includes a
new program with the IMF, the report relates
In addition, Caribbean360.com says that the finance minister
noted that the World Bank had also acknowledged the need for
Jamaica to reach an agreement with the IMF. However, the World
Bank has also pledged its continued support for the country in
the areas of pension reform, social protection program and
Information and Communication Technologies development, the
report adds.
===========
M E X I C O
===========
CEMEX SAB: S&P Affirms 'B-' Global Scale Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' global scale and 'mxBB/mxB' national scale
rating long-term corporate credit ratings, on Mexico-based cement
producer Cemex S.A.B. de C.V.
"At the same time, we assigned a 'B-' senior secured debt rating
and a recovery rating of '3', indicating expectation of
meaningful (50% to 70%) recovery in the event of a payment
default, to the proposed fixed-rate dollar- and/or euro-
denominated senior secured notes due 2019 to be issued by Spain-
based subsidiary Cemex Espana S.A. (B-/Negative/--) and
unconditionally guaranteed by Cemex, Cemex Mexico S.A. de C.V.
(B-/Negative/--), and New Sunward Holding B.V. (not rated)," S&P
said.
The outlooks remain negative.
"Our ratings on Cemex and its key subsidiaries--Cemex Inc., Cemex
Mexico, and Cemex Espana--are constrained by its 'highly
leveraged' financial risk profile, as our criteria define it,
reflecting the company's high debt and 'less-than-
adequate' liquidity position," S&P said.
"The ratings also reflect the relatively high concentration of
its cash flow generation in a few key operating markets despite
geographic diversification," S&P said.
"These factors are partially mitigated by the
company's 'satisfactory' business risk profile based on the
group's leading position in the global cement, concrete,
aggregates, and ready-mix businesses; and its operating
efficiency," S&P said.
"We have equalized the ratings on Cemex Mexico, Cemex Inc., and
Cemex Espana because of the strategic importance of each of these
subsidiaries to the group," S&P said.
"On Feb. 27, 2012, Cemex announced the voluntary exchange offer
of its currently outstanding euro-denominated notes due 2014 and
perpetual debentures for new senior secured notes due 2019," S&P
said.
"Although this exchange will be realized at less than par value,
we believe that the terms and conditions on the proposed notes--
such as a higher interest rate, the absence of a deferral option
to the issuer on interest payments, and a fixed maturity date--
help compensate for the loss of face value," said Standard &
Poor's credit analyst Laura MartĦnez.
"Also, according to our criteria, we view this exchange offer as
an opportunistic refinancing plan rather than a distressed
restructuring, as Cemex has almost completely mitigated the risk
of an insolvency or bankruptcy scenario in the near term, even if
the bondholders don't accept the offer," S&P said.
Standard & Poor's believes that, in the event that bondholders
decide not to accept the invitation to exchange, the company will
continue to pay them in accordance with the terms and conditions
of their current holdings.
"The recovery rating on Cemex's proposed senior secured notes
offered in exchange for its euro-denominated notes due 2014 and
perpetual debentures is '3', indicating expectation of meaningful
(50% to 70%) recovery in the event of a payment default," S&P
said.
"The negative outlook reflects the downside risk to our base-
case scenario for Cemex's performance in the next few years amid
weaker-than-expected global economic conditions, particularly in
its main markets," S&P said.
EMPRESA DE ENERGIA: S&P Keeps 'BB+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' ratings on
Emgesa S.A. E.S.P. The outlook remained stable.
"The rating action was part of our regular review," S&P said.
"Our ratings on Emgesa, as Colombia's second-largest power
generator by installed capacity, reflect our assessment of the
company's business risk profile as 'satisfactory' and its
financial risk profile as 'intermediate,' as our criteria define
those terms," S&P said.
"We view the company's credit quality as intertwined with that of
its sister company, CODENSA S.A. E.S.P. (not rated), because of
the high integration between the two companies including shared
management, support units, and ownership; and the existence
of intercompany loans to optimize cash allocation and diversify
financing sources. Therefore, we follow a consolidated approach
to the rating," S&P said.
"Empresa Nacional de Electricidad S.A. Chile (Endesa Chile;
BBB+/Stable/--) and Endesa Latinoamerica S.A. (not rated) jointly
hold 48.5% of Emgesa's capital stock. Endesa Chile has the right
to appoint a majority of Emgesa's board of directors pursuant to
an agreement between them, and it holds 56.4% of Emgesa's voting
shares. Endesa Chile is an indirect subsidiary of Spanish utility
Endesa S.A. (A-/Watch Neg/A-2), which is in turn controlled
by Italian group Enel SpA (A-/Watch Neg/A-2). Empresa de EnergĦa
de Bogota S.A. E.S.P. (EEB; BB+/Positive/--) holds 51.5% of the
capital stock and 43.6% of the voting shares in Emgesa," S&P
said.
Bogota Distrito Capital (BBB-/Stable/--) controls 81.5% of EEB.
CODENSA has a similar ownership structure and final controlling
stakes, but through different holding companies.
"The ratings on Emgesa reflect our view of the company's strong
competitive position, satisfactory free cash flow generation, and
relatively low leverage," said Standard & Poor's credit analyst
Javier Cobas. "Those factors are partially offset by Emgesa's
inherently volatile profitability and cash flow, given its
exposure to hydrological risk and its aggressivepractice
of paying dividends equivalent to 100% of its net profits."
"The stable outlook reflects our expectation that Emgesa and
CODENSA will be able to maintain financial performance
commensurate with our expectations for the current ratings,
supported by a strong competitive position and good near-term
economic growth prospects," S&P said.
PROGNOZ SILVER: Sent to Bankruptcy by Argentum
----------------------------------------------
High River Gold Mines Ltd. was informed that Argentum CJSC, a
joint venture partner in the Prognoz silver project, applied to
the Arbitration Court of the City of Moscow for commencing
official bankruptcy proceedings for Prognoz Silver LLC.
The formal bankruptcy proceedings have not yet been initiated by
the court. As previously disclosed, the application to put
Prognoz Silver into bankruptcy was initially filed by Prognoz
Silver itself and, as disclosed in September 2011, the bankruptcy
proceedings for Prognoz Silver had been terminated in connection
with the application of Prognoz Silver claiming that the criteria
of bankruptcy were no longer in place. As the formal proceedings
are not yet started, the Company is considering the circumstances
of the Argentum's application and evaluating its next steps.
High River holds a 50% indirect interest in Prognoz Silver, which
operates the Prognoz silver project in the Republic of Sakha
(Yakutia), Russia.
About High River
High River is an unhedged gold company with interests in
producing mines and advanced exploration projects in Russia and
Burkina Faso. Two underground mines, Zun-Holba and Irokinda, are
situated in the Lake Baikal region of Russia. Two open pit gold
mines, Berezitovy in Russia and Taparko-Bouroum in Burkina Faso,
are also in production. Finally, High River has a 90% interest
in a development project, the Bissa gold project in Burkina Faso,
and a 50% interest in an advanced exploration project with NI 43-
101 compliant resource estimates, the Prognoz silver project in
Russia.
===========
P A N A M A
===========
* PANAMA: IDB Approves US$100 Million Standby Facility
------------------------------------------------------
Panama will substantially improve its ability to respond to
natural disasters with a US$100 million Inter-American
Development Bank (IDB) standby loan.
When disasters such as earthquakes and floods strike, the
government can quickly draw from the facility to provide
immediate assistance and to resume basic services to victims.
"Rapid access to liquidity will reduce the impact that any
emergency may have on public finances, ensuring greater stability
in long-term economic growth," said Juan Jose Durante, the IDB's
project team leader.
The World Bank ranks Panama 14th among countries with the
greatest exposure to multiple natural hazards.
Among recent examples of such hazards was the severe flooding in
late 2010 that disrupted both navigation on the Panama Canal and
the supply of potable water to much of the capital. Close to
16,000 people were affected, and the cost of repairing public
infrastructure and promoting economic recovery totaled nearly
US$150 million.
Climate change may increase Panama's vulnerability to extreme
weather events. The Economic Commission for Latin America and
the Caribbean warns that damages caused by severe storms to
agriculture, tourism, and Canal traffic could exceed 14 percent
of the country's gross domestic product.
The loan approved by the IDB may be used to finance a widerange
of goods and services needed to respond to such emergencies,
including procuring medical equipment, vaccines and medicines,
facilities and equipment for temporary shelters and food for
affected populations. The loan could also be used to cover the
cost of emergency personnel to attend to victims, equipment
rental and energy facilities, transportation, communications and
storage, temporary infrastructure repair and the resumption of
basic services immediately after a disaster.
Money loaned by the IDB will be amortized over 25 years from the
date of each disbursement, including a grace period of 3 years,
also beginning with the disbursement of funds. The interest rate
will be variable, based on LIBOR. The facility will be available
for five years with an option to extend for another five years,
subject to agreement between the parties.
=====================
P U E R T O R I C O
=====================
REITTER CORP: Amends Chapter 11 Plan Documents
----------------------------------------------
Reitter Corporation dba Hospital San Gerardo has filed a First
Amended Chapter 11 Plan and a First Amended Disclosure Statement
dated Feb. 13, 2012.
Under the Amended Plan, the Debtor intends to make payments to
its creditors through the Plan primarily consisting of:
1. Payment of all administrative expenses on the later of
the Effective Date and the date the Administrative Claims
become allowed.
2. Secured Creditor Banco Popular Puerto Rico (BPPR) will be
paid by Debtor and its claim treated pursuant to a Plan
Settlement.
3. Priority Secured Creditor the IRS will be paid by Debtor
in full within 37 months from the Effective Date, plus
the statutory interest rate.
4. Payment of 100% of all allowed priority tax claims in
monthly payments to be made within the sixth year of the
date of assessment of each particular claim.
5. Payment of 100% of all claims from holders of Executory
contracts that are being assumed by Debtor within 36
months from the Effective Date.
6. Payment of approximately 1% of allowed unsecured claims
in 36 monthly payments, without interest, to begin on the
Effective Date or 30 days after the claim is allowed by a
final order.
The Plan will be funded from the Operating Margin being generated
by the ongoing operation which, since the bankruptcy filing, has
improved to the point where all payroll taxes are being paid on
time, and the operating budget submitted to the bank is running
ahead of projections. Furthermore, capital contributions from
Debtor's shareholders of at least $250,000 annually will be made
during the three years of the plan of reorganization in order to
fund the plan.
The classes and treatment of claims under the plan are:
A. Class I consists of administrative expense claims
amounting to approximately $113,254, will be paid in cash
and in full on the later of the Effective Date or as soon
as feasible after the claim becomes allowed.
B. Class II consists of priority claims totaling $2,347,918,
will receive 100% of the allowed amount of the claim in
37 monthly payments from the Effective Date to be made
within the sixth year of the date of assessment of each
particular claim plus the statutory interest rate.
C. Class III consists of The BPPR Allowed Secured Claim in
the total amount of $9,955,887.67, and secured by
substantially all of Debtor's assets, will be paid
pursuant to a settlement agreement.
D. Class IV consists of priority secured claim of the IRS in
the total estimated amount of $1,003,159 and secured by
Debtor's accounts receivable and equipment, will be paid
in full in 37 months from the Effective Date, plus the
statutory interest rate.
E. Class V consists of unsecured creditors holders of
executory contracts, which as of the Effective Date will
only include Infomedika with claims totaling
approximately $80,389.96. The Infomedika contract is
being assumed by the Debtor. The claim will be paid
arrears in 36 monthly payments concurrently with their
monthly payment.
F. Class VI consists of unsecured creditors with no
executory contracts and claims totaling approximately
$18,469,763.91. Unsecured claims will be paid
approximately 1% of their claim in 36 monthly payments
beginning on the Effective Date of the Plan.
G. Class VII consists of interests of common shareholders,
who will retain their interest.
A full text copy of the First Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/REITTER_CORPORATION_ds_1stamended.pdf
About Reitter Corporation
San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010. In its schedules, the Debtor
disclosed US$20,440,765 in total assets and US$17,250,033 in
total debts.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in San
Juan, P.R., represents the Debtor as counsel.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD CEMENT: To Import Cement From Jamaica
----------------------------------------------
RJR News reports that Trinidad Cement Limited will import cement
from Jamaica as the strike by workers keeps its operations
closed.
It will also import supplies from Barbabos, according to RJR
News.
RJR News notes that TCL said it had arranged to get supplies from
its Caribbean Cement subsidiary in Jamaica and Arawak plant in
Barbados to minimize the impact of the industrial impasse. The
report says that TCL said it will distribute the product
throughout Trinidad and Tobago so that customers have access.
As reported in the Troubled Company Reporter-Latin America on
Feb. 29, 2012, Trinidad & Tobago Newsday said that Hardware
Dealers Association President Joseph Callender, has described
strike action at Trinidad Cement Limited as "most unfortunate"
saying the construction industry, businesses and consumers would
be badly affected by any prolonged strike. The Oilfields
Workers' Trade Union (OWTU) served strike notice at TCL and its
sister company, TCL Packaging plants, as negotiations between
both parties reached a stalemate, according to T&T Newsday. The
action allows workers to engage in strike action for a period of
90 days. The report noted that Mr. Callender noted that while
the association had been aware of ongoing negotiations between
both parties he said they prefer to adopt a "wait and see
approach" to the evolving industrial dispute. Newsday disclosed
that Mr. Callender noted that unlike other products, cement could
not be hoarded by consumers.
About TCL
Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt. The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 27 to March 2, 2012
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT- DIS 8.28 12/31/2033 USD 73.52
ARGENT-PAR 1.18 12/31/2038 ARS 45.75
ARGENT- DIS 7.82 12/31/2033 EUR 55
ARGENT- DIS 7.82 12/31/2033 EUR 67
ARGENT- DIS 7.82 12/31/2033 EUR 65
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
ARGNT-BOCON PRE9 2 3/15/2014 ARS 75.6
EMP DISTRIB NORT 9.75 10/25/2022 USD 73.65
PROV BUENOS AIRE 9.625 4/18/2028 USD 68.76
BRAZIL
------
REDE EMPRESAS 11.13 USD 63.65
REDE EMPRESAS 11.13 USD 63.63
REDE EMPRESAS 11.13 USD 63.63
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 45.25
BCP FINANCE BANK 5.01 3/31/2024 EUR 48.13
BCP FINANCE BANK 5.31 12/10/2023 EUR 50.13
BCP FINANCE CO 5.543 EUR 32
BCP FINANCE CO 4.239 EUR 33.17
BES FINANCE LTD 5.58 EUR 42.5
BES FINANCE LTD 4.5 EUR 44.38
CAM GLOBAL FIN 6.08 12/22/2030 EUR 69.5
CHINA FORESTRY 10.25 11/17/2015 USD 60
CHINA FORESTRY 10.25 11/17/2015 USD 60
CHINA SUNERGY 4.75 6/15/2013 USD 46
EFG ORA FUNDING 1.7 10/29/2014 EUR 50.93
ESFG INTERNATION 5.753 EUR 33.88
JINKOSOLAR HOLD 4 5/15/2016 USD 57.79
LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32
LDK SOLAR CO LTD 4.75 4/15/2013 USD 61.04
LDK SOLAR CO LTD 4.75 4/15/2013 USD 61.04
LDK SOLAR CO LTD 10 2/28/2014 CNY 69
MBPS FINANCE 11.25 11/15/2015 USD 76
MBPS FINANCE 11.25 11/15/2015 USD 74.63
PUBMASTER FIN 5.943 12/30/2024 GBP 72.17
PUNCH TAVERNS 4.767 6/30/2033 GBP 72.51
SOLARFUN POWER H 3.5 1/15/2018 USD 63.5
SOLARFUN POWER H 3.5 1/15/2018 USD 63.15
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.145
CGE DISTRIBUCION 3.25 12/1/2012 CLP 19.97
COLBUN SA 3.2 5/1/2013 CLP 74.99
ESVAL S.A. 3.8 7/15/2012 CLP 12.53
MASISA 4.25 10/15/2012 CLP 20.26
QUINENCO SA 3.5 7/21/2013 CLP 25.41
PUERTO RICO
-----------
BANCO SANTANDER 6.1 6/1/2032 USD 75.14
PUERTO RICO CONS 6 12/15/2034 USD 0.01
PUERTO RICO CONS 6.3 11/1/2033 USD 0.01
PUERTO RICO CONS 6.5 4/1/2016 USD 68.71
VENEZUELA
---------
ELEC DE CARACAS 8.5 4/10/2018 USD 73.75
PETROLEOS DE VEN 5.5 4/12/2037 USD 61.5
PETROLEOS DE VEN 5.375 4/12/2027 USD 56
VENEZUELA 7 3/31/2038 USD 71.54
VENEZUELA 7 3/31/2038 USD 72
***********
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 * * *