/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120326.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 26, 2012, Vol. 13, No. 061 Headlines A R G E N T I N A * Moody's Cuts Global LC Rating on 6 Argentine Oil/Gas Companies B A R B A D O S REDJET: Financial Woes Intensifies B E R M U D A LEHMAN BROTHERS: Seeks to Sell Local Reinsurance Arm for US$14MM B R A Z I L BANCO BGN: Moody's Affirms 'D-' BFSR; Outlook Remains Stable MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds * BRAZIL: Toll Roads Not Immune to Changing Concession Structures C A Y M A N I S L A N D S A.F.M. CAPITAL: Shareholder to Receive Wind-Up Report on April 12 AWAS CAYMAN A330-I: Members' Final Meeting Set for April 3 CONCORDANCE EVENT: Shareholders' Final Meeting Set for April 12 CONCORDANCE EVENT MASTER: Shareholders' Meeting Set for April 12 DRV FUND: Shareholder to Receive Wind-Up Report on April 11 FLORIN FSU: Shareholders' Final Meeting Set for April 12 FOCUS 100: Members' Final Meeting Set for April 12 FOCUS 150: Members' Final Meeting Set for April 12 FOCUS 350: Members' Final Meeting Set for April 12 FOCUS 600: Members' Final Meeting Set for April 12 GEM DIF 1: Members' Final Meeting Set for April 6 PIRARUKU FUND: Members' Final Meeting Set for April 13 SANTA MARGHERITA: Members' Final Meeting Set for April 13 SILVER CREEK: Shareholders' Final Meeting Set for April 13 TAMPONE INVESTMENT: Members' Final Meeting Set for April 13 J A M A I C A SUGAR COMPANY: Donna Scott-Mottley to Head Board M E X I C O SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'B3' X X X X X X X X * BOND PRICING: For the Week March 19 to March 23, 2012 - - - - - ================= A R G E N T I N A ================= * Moody's Cuts Global LC Rating on 6 Argentine Oil/Gas Companies ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of the following Argentine oil and gas companies and related companies: - Pan American Energy LLC (PAE): Global Local Currency Rating downgraded to Ba3 from Ba2; negative outlook - Pan American Energy LLC, Argentine Branch: Global Local Currency Rating downgraded to Ba3 from Ba2, Foreign Currency Rating downgraded to B1 from Ba3, National Scale Rating downgraded to Aa1.ar from Aaa.ar; negative outlook - Petrobras Argentina S.A. (PASA): Global Local Currency Rating downgraded to Ba3 from Ba2, Foreign Currency Rating downgraded to B1 from Ba3, National Scale Rating confirmed at Aa2.ar; negative outlook; ratings unaffected by this action include the A3 Foreign Currency Rating and Aaa.ar National Scale Rating on US$300 million of Series S senior unsecured notes due 2017 supported by a standby purchase agreement with Petroleo Brasileiro S.A. - YPF Sociedad Anonima (YPF): Global Local Currency Rating downgraded to Ba3 from Ba2, National Scale Rating downgraded to Aa2.ar from Aaa.ar; ratings remain on review for downgrade - Petersen Energia S.A. (PESA): Foreign Currency Rating downgraded to Caa2 from B2; rating remains on review for downgrade - Petersen Energia Inversora, S.A.U. (PEISA): Foreign Currency Rating downgraded to Caa2 from B2; rating remains on review for downgrade Ratings Rationale The rating actions reflect increased overall Argentine country risk for these companies. The Argentine government has a history of interference in the oil and gas sector and has taken a number of actions recently that demonstrate both increased interference in the sector, as well as a high level of unpredictability. Most notably, in February of this year, the government suspended the Petroleo Plus and Refinacion Plus programs. And in October, 2011, the government mandated that oil, natural gas and mining companies repatriate 100% of their foreign-currency proceeds, contrary to the previous policy allowing the oil and gas companies to keep 70% of export proceeds offshore. The federal government and certain provinces have also put more pressure on producers, notably YPF, to increase production and investment levels in the country. The rating actions reflect Moody's assessment of the degree of correlation between these entities' credit profiles and the Argentine sovereign, which is rated B3, a view that is further discussed in the rating implementation guidance "How Sovereign Credit quality May Affect Other Ratings," published on Feb. 12, 2012. While these downgrades more closely align the companies' ratings and rising Argentine systemic risk, these companies also benefit from other factors that support their ratings above the government's B3 rating. The ratings of PAE consider the company's strong track record in servicing its foreign currency debt obligations during past Argentine financial crises, healthy foreign currency liquidity profile, sizable exports, limited reliance on domestic markets for funding, and strong shareholders that operate outside of Argentina, including BP p.l.c. (A2 stable) and CNOOC (Aa3 stable, indirect state through Bridas Corporation). In addition, the ratings are supported by the company's substantial reserve and production profile, low cost structure and conservative financial leverage metrics, which are indicative of a low investment-grade rated E&P company. These factors help to offset PAE's concentration in Argentina and high degree of foreign currency convertibility and transfer risk, with the bulk of its debt denominated in foreign currency. PASA also has an external majority owner in Petroleo Brasileiro S.A. (A3 stable), which in recent years has increasingly directed the subsidiary's focus on operations and investments in Argentina. PASA in fact has a relatively limited export profile, primarily in chemicals and refined products, and will be relatively less affected by the government's currency initiatives. In addition, PASA has been reducing debt and has a strong external liquidity profile in the form of cash and other assets available to service its predominantly foreign currency debt. A portion of its debt is also guaranteed by Petrobras. PASA has been increasing its investment in exploration and production in Argentina. With declining reserves and a relatively short reserve life, its primary operational challenge will be to extend a largely mature asset base and show rising production and reserve growth over the next few years. YPF's ratings consider its strong track record in servicing its foreign currency debt obligations during past Argentine financial crises and its majority ownership by Repsol YPF S.A. (Baa2 stable) operating outside of Argentina. YPF 's ratings are further supported by its status as the largest industrial corporation and energy company in Argentina, the benefits of upstream/downstream integration and other business diversification; its sizeable oil and gas reserves, including sizeable shale gas resources in the longer-term; and a modest export profile. However, restraining YPF's ratings are its Argentine concentration, high degree of foreign currency convertibility and transfer risk, with the majority of its debt denominated in foreign currency, high levels of short-term debt, only modest foreign currency liquidity, and a moderate reliance on domestic markets for funding. Moody's is keeping YPF's ratings on review for downgrade reflecting heightened risk of further government interference specifically targeted at the company. A number of provinces have already cancelled certain concession contracts for YPF, although Moody's notes the impact on production and reserves is limited. In addition, Moody's believes YPF faces increased nationalization risk, but currently believe this risk is low. The ratings downgrades and continuing review for downgrade of PESA and PEISA are driven by YPF's downgrade, as well as expected restrictions on YPF's cash dividend payout. Moody's believes that YPF will be subject to increased currency controls in remitting cash dividends to its owners. YPF appears to be moving forward with a script dividend, subject to shareholders' approval in April. PESA and PEISA are solely dependent on the YPF dividend stream in order to meet debt service obligations. While PESA and PEISA benefit from a first lien interest in a portion of YPF's shares outstanding, the share price is exposed to substantial valuation risk. Collateral coverage of the loans under stress case valuation scenarios is assumed to be insufficient to cover remaining debt outstanding, particularly with PESA's looming May maturity and refinancing risk. In addition, due to the receipt of only limited information on PESA and PEISA, the ratings could be withdrawn in the near-term should Moody's determines that the rating agency lacks adequate information in order to monitor the entities' credit profiles. The rating outlook is negative for PAE and PASA, as Moody's believes that the Argentine operating environment for the oil and gas sector has not stabilized and is subject to further negative intervention. The principal methodology used in rating PAE and PASA was the Global Independent Exploration and Production Industry Methodology published in December 2011. The principal methodology used in rating YPF was the Global Integrated Oil & Gas Industry Methodology published in November 2009. PESA and PEISA's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Petersen's core industry and believes Petersen's ratings are comparable to those of other issuers with similar credit risk. =============== B A R B A D O S =============== REDJET: Financial Woes Intensifies ---------------------------------- RJR News reports that REDjet (Airone Caribbean/Airone Ventures Limited) could lose its license to fly to Trinidad. Trinidad Minister of Transport Devant Maharaj reportedly said the airline should not take its air operation license from Trinidad lightly, and suggested that now may be the time for the Civil Aviation Authority to revoke REDjet's license, according to RJR News. The report notes that REDjet's decision to suspend all flights came a day after the airline announced the addition of its new route to Antigua and Barbuda. REDjet officials are calling on the Barbadian government for close to $8,000,000 in assistance, and to receive the same subsidies as other airlines, RJR News notes. The report discloses that Mr. Maharaj said governments cannot continue to expose themselves as a guarantor to private enterprises. As reported in the Troubled Company Reporter-Latin America on March 21, 2012, Jamaica Gleaner related that REDjet suspended all its flights indefinitely in a bid to protect the long term interests of the business. In the email signed by REDjet director Robbie Burns, the airline outlined a three-week process for travellers to get refunds and urged travellers to check the company's Web site and call center for updates, according to Jamaica Gleaner. The report noted that the airline did not give specific reasons for the shutdown, but suggested that it was expecting state assistance to continue operations and blamed "subsidized" competitors for its troubles. About REDjet REDjet (Airone Caribbean/Airone Ventures Limited) is a startup low-cost carrier (LCC) based at the Grantley Adams International Airport in Christ Church, Barbados, near Bridgetown. Incorporated in Barbados, the privately owned airline features a fleet of McDonnell Douglas MD-82 and MD-83 aircraft. ============= B E R M U D A ============= LEHMAN BROTHERS: Seeks to Sell Local Reinsurance Arm for US$14MM ---------------------------------------------------------------- Marcia Breen at The Royal Gazette Online reports that Lehman Brothers Holdings Inc. is looking to sell its Bermuda reinsurance arm, Congress Life Insurance, for US$14 million. The Bermuda unit is seeking bankruptcy court approval to close on the sale of Congress Life as a part of the wind-down of Lehman Re Ltd, which is being overseen by the Bermuda courts, according to The Royal Gazette. It is one of the many loose ends, the report relates, yet to be tied up for the failed investment bank. The Royal Gazette Online notes that court records indicate Tennessee Farmers Life Insurance Co, the buyer in the deal, wants the U.S. Bankruptcy Court of Manhattan to approve the deal to ensure none of Lehman's liabilities haunt them. The Lehman reinsurance division bought Congress Life from an affiliate of JP Morgan Chase & Co. in 2007 for about US$9.1 million, the report recounts. The division, The Royal Gazette Online cites, provided US$50 million in capital to Congress Life, which was supposed to strengthen Lehman's reinsurance business. The report notes that Congress Life is one of the assets caught up in Lehman's battle with Magnetar Capital's Pulsar Re Ltd, a court fight that continues in Bermuda. The proceeds of the sale, plus an additional $45 million used to capitalized Congress Life, will be held in a segregated account until there is a ruling or settlement in the dispute, the report discloses. The Royal Gazette Online notes that Pulsar Re claims Lehman used Pulsar's money to buy and capitalize Congress Life. It has nevertheless agreed to let the sale go through, the report adds. A Bermuda court is scheduled to review the deal before the Manhattan bankruptcy court takes it up in early April. 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. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. 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 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. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. Lehman is set to make its first payment to creditors under its $65 billion payout plan on April 17, 2012. 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 =========== BANCO BGN: Moody's Affirms 'D-' BFSR; Outlook Remains Stable ------------------------------------------------------------ Moody's Investors Service affirmed all ratings assigned to Banco BGN S.A. (BGN), including the D- bank financial strength rating (BFSR), the global local currency deposit ratings of Ba1 and Not Prime, the foreign currency deposit ratings of Ba1 and Not Prime and the national scale deposit ratings on the Brazilian national scale of Aa2.br and BR-1. The outlook on all ratings remains stable. Ratings Rationale In affirming BGN's D- standalone rating and Ba3 baseline credit assessment, Moody's noted the strong ties between the operations of BGN and its parent, BNP Paribas, in Brazil. Having a specialized franchise in the segment of payroll loans, the bank acts as BNP Paribas' exclusive vehicle for credit origination in that market, leveraging the extensive expertise that it first established under the tenure of the bank's previous controllers. Moody's also highlighted that the rating reflects the small size of the bank's franchise, its relatively tight, though stable, profit margins, and limited earnings diversification, a consequence of BGN's monoline operation. Moody's also noted that the high integration between BGN and its parent allows the bank to overcome funding- and capital-related challenges common to other banks focused on payroll lending. Almost the entire funding structure of BGN is provided by BNP Paribas and related companies, which enables management to achieve an improved matching between the tenure of loans and deposits, as well as more attractive funding costs. As a result, the bank does not rely on the sale of credit operations or the issuance of special time deposits guaranteed by the insurance deposit fund (DPGEs) as complementary sources of funding. Moreover, loan origination is not constrained by the bank's capitalization because BGN reports solvency ratios on a consolidated basis with the BNP Paribas Group. Finally, BGN's credit profile also benefits from the application of risk management and corporate governance policies that mirror those of BNP Paribas Personal Finance. According to the rating agency, the growth potential for BGN's operation is currently limited by the intense competitive environment present in the segment of payroll loans. Moreover, its growth prospects remain challenged by high operating expenses, as demonstrated by an efficiency ratio of 81% in year- end 2011 as compared with an average of 67% for peers, thus keeping profitability indicators at modest levels. BGN's Ba1 global local currency deposit rating incorporates a moderate probability of support from BNP Paribas, but does not incorporate systemic support given its limited participation in the Brazilian deposit market, added Moody's. The last rating action on Banco BGN was on September 22, 2009 when Moody's upgraded the bank's long-term foreign currency deposit rating to Ba1 from Ba2, in line with the upgrade of the sovereign ceiling for foreign currency deposit. After this upgrade, BGN's foreign currency deposit rating was no longer constrained by the ceiling. Other ratings remained unchanged. Banco BGN S.A. is headquartered in Recife, Brazil and reported consolidated assets of R$3.46 billion (US$1.86 billion) and equity of R$878 million (US$313 million) as of December 31, 2011. The following ratings of Banco BGN were affirmed: Bank Financial Strength Rating: D-, with stable outlook Global Local Currency Deposit Ratings: Ba1 and Not Prime, with stable outlook Foreign Currency Deposit Ratings: Ba1 and Not Prime, with stable outlook Brazilian National Scale Deposit Ratings: Aa2.br and BR-1, with stable outlook MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds ---------------------------------------------------------------- Moody's Investors Service assigned a B2 foreign currency rating to Minerva S.A.'s reopening of its 2022 senior unsecured notes in order to issue an additional US$100 million. The ratings outlook is stable. The proposed notes, issued by its subsidiary Minerva Luxembourg S.A, will be unconditionally and irrevocably guaranteed by Minerva S.A. Proceeds from the proposed notes will be used to refinance existing debt. Ratings Rationale "The B2 rating reflects the company's track record of stable operating margins, despite the difficult environment for the sector in 2011, with higher cattle prices and FX volatility, factors that negatively impacted the overall meat processing sector in Brazil", said Moody's local market analyst Marianna Waltz. In addition, it also considers the significant improvement in debt profile after the US$350 million issuance in February. Moody's has also incorporated in Moody's assumptions that Minerva will (i) focus on deleveraging; (ii) only make modest acquisitions over the near term; (iii) continue to successfully execute the strategies of its beef trading operations that has delivered above average margins; and (iv) turn free cash flow positive in 2012 and beyond. Moody's is also considering the improvement in Minerva's liquidity levels, as evidenced by the company's unwritten policy of keeping a minimum BRL500 million in cash (BRL740 million as of December 2011). Offsetting some of the positive attributes is Minerva's relatively small size compared to local and global peers, based on consolidated net revenues, its still high leverage, as well as the sales concentration in live cattle, beef and beef related products and the volatile nature of the protein business. The stable outlook reflects Moody's view that the company will be able to sustain its operating margins, make further progress in reducing its financial leverage and maintain liquidity at current levels. The ratings could suffer a downgrade if Minerva's liquidity deteriorated, if market conditions causes operating margins to decline sharply or if total adjusted debt to EBITDA is sustained above 5.0x. The company's inability to keep CFO/Net Debt above 10% or deliver positive free cash flow in 2012 could add to negative ratings pressure. Minerva's ratings could be upgraded if Minerva makes additional progress in deleveraging its balance sheet and is able to deliver greater diversification of revenue and cash flow streams. Upwards pressure would depend on the company's ability to reduce adjusted total debt to EBITDA ratio to below 4.5x and increase EBITA to Interest Expense to above 1.5x and CFO to Net Debt to above 15%. The principal methodology used in rating Minerva was the Global Food - Protein and Agriculture Industry Methodology published on September 2009. Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's leaders in the production and sale of fresh beef and live cattle. With net revenues of BRL3.98 billion (approximately US$2.27 billion) at FY2011 and installed slaughtering capacity of 10.480 heads of cattle per day, Minerva is the second largest Brazilian exporter of beef and beef byproducts and has ten own beef production facilities in Brazil as well as presence in Paraguay and Uruguay. * BRAZIL: Toll Roads Not Immune to Changing Concession Structures ----------------------------------------------------------------- Brazil's road system stretches over 1.1 million miles and is ripe for development ahead of the 2014 Soccer World Cup and the 2016 Olympics, but credit quality remains uneven in the Latin American country says Moody's Investors Service in a new report on toll road credit quality. "Credit quality among toll roads in Brazil depends on the financial and legal structure of each road, as well as its basic features, ownership structures, service area, vehicle flow and operating history," said Cristiane Spercel, a Moody's analyst and author of the report. The market is ripe for future development with only half of the currently paved 13% of roads considered to be in good condition. "The large toll road concession groups in Brazil, including CCR, Ecorodovias and OHL Brasil, are well positioned in terms of liquidity and corporate governance to benefit from these growth opportunities" said Ms. Spercel. Moody's says the most important issues when assessing toll road credit quality include the presence of strong governance and autonomy over tariff-setting, which provides road operators with a financial buffer against economic and political pressures. Other key factors include the security and visibility of concession contracts -- where private investors are responsible for operation and maintenance -- and whether Brazilian regulators continue their hands-off approach. As Brazil's regulatory environment is not yet fully independent from political influence, adverse changes to concessions remain a potential hazard. Moody's notes, however, that much of this risk has been mitigated for existing concessions by protections already mandated in current contracts. Moody's expects a risk increase from political pressure over the next 12 to 18 months as the municipal elections take place in the second half of this year and certain investments approach the deadlines for completion in 2014. While the competitive environment for new auctions remains fierce, the framework for new concessions will gradually evolve to increase the risk allocation to private investors. Still, toll road concession and construction activity will rise but increased competition may hamper profits from any new projects, says the report. =========================== C A Y M A N I S L A N D S =========================== A.F.M. CAPITAL: Shareholder to Receive Wind-Up Report on April 12 ----------------------------------------------------------------- The shareholder of A.F.M. Capital Limited will receive on April 12, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1803 Facsimile: (345) 949-9877 AWAS CAYMAN A330-I: Members' Final Meeting Set for April 3 ---------------------------------------------------------- The members of AWAS Cayman A330-I Ltd. will hold their final meeting on April 3, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands CONCORDANCE EVENT: Shareholders' Final Meeting Set for April 12 --------------------------------------------------------------- The shareholders of Concordance Event Fund Ltd. will hold their final meeting on April 12, 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 P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands CONCORDANCE EVENT MASTER: Shareholders' Meeting Set for April 12 ---------------------------------------------------------------- The shareholders of Concordance Event Master Fund Ltd. will hold their final meeting on April 12, 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 P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands DRV FUND: Shareholder to Receive Wind-Up Report on April 11 ----------------------------------------------------------- The shareholder of DRV Fund will receive on April 11, 2012, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1803 Facsimile: (345) 949-9877 FLORIN FSU: Shareholders' Final Meeting Set for April 12 -------------------------------------------------------- The shareholders of Florin FSU Credit Opportunities Fund will hold their final meeting on April 12, 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 P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands FOCUS 100: Members' Final Meeting Set for April 12 -------------------------------------------------- The members of Focus 100 Ltd. will hold their final meeting on April 12, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands FOCUS 150: Members' Final Meeting Set for April 12 -------------------------------------------------- The members of Focus 150 Ltd. will hold their final meeting on April 12, 2012, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands FOCUS 350: Members' Final Meeting Set for April 12 -------------------------------------------------- The members of Focus 350 Ltd. will hold their final meeting on April 12, 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: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands FOCUS 600: Members' Final Meeting Set for April 12 -------------------------------------------------- The members of Focus 600 Ltd. will hold their final meeting on April 12, 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: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands GEM DIF 1: Members' Final Meeting Set for April 6 ------------------------------------------------- The members of GEM DIF 1 Ltd. will hold their final meeting on April 6, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PIRARUKU FUND: Members' Final Meeting Set for April 13 ------------------------------------------------------ The members of Piraruku Fund Limited will hold their final meeting on April 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: 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 SANTA MARGHERITA: Members' Final Meeting Set for April 13 --------------------------------------------------------- The members of Santa Margherita Investment Ltd. will hold their final meeting on April 13, 2012, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands SILVER CREEK: Shareholders' Final Meeting Set for April 13 ---------------------------------------------------------- The shareholders of Silver Creek Currency Hedged SPC, Ltd. will hold their final meeting on April 13, 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 TAMPONE INVESTMENT: Members' Final Meeting Set for April 13 ----------------------------------------------------------- The members of Tampone Investment Holding Ltd. will hold their final meeting on April 13, 2012, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands ============= J A M A I C A ============= SUGAR COMPANY: Donna Scott-Mottley to Head Board ------------------------------------------------ RJR News reports that attorney-at-law Donna Scott Mottley has been appointed to head the Board of the Sugar Company of Jamaica Holdings Limited. Desmond Leakey is the Deputy Chairman, according to RJR News. RJR News notes that the other members are: -- Paul Wilson, -- Robert Henriques, -- Reverend Hartley Perrin, -- Vincent Morrison, -- Morais Wallen, -- Hopeton Morrison, -- George Callaghan, and -- a representative of the Finance Ministry. The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on August 3, 2010, RadioJamaica said that the Jamaican government and Complant International Sugar Company has closed the deal on the sale of SCJ's three remaining state-run sugar factories -- Bernard Lodge, Monymusk and Frome Sugar -- to the Chinese firms. According to the report, the government will collect US$774 million from the sale of SCJ's assets. The report noted Dr. Christopher Tufton, Minister of Agriculture, said that Complant International will immediately begin taking control of some of the sugar assets. TCRLA reported on June 22, 2009, that the Jamaica Gleaner said that Agriculture and Fisheries Minister Christopher Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. =========== M E X I C O =========== SARE HOLDING: Moody's Cuts Senior Unsecured Debt Rating to 'B3' --------------------------------------------------------------- Moody's de Mexico downgraded the national scale senior unsecured debt rating of Sare Holding, S.A.B. de C.V. to B3.mx, from Ba3.mx. Moody's also affirmed Sare's global local currency senior unsecured debt rating at B3. The rating outlook remains negative. Ratings Rationale The rating actions reflect Sare's significant reduction in sales, which has placed considerable stress on its earnings, credit metrics and liquidity. The company's large exposure in middle and higher income high rise developments coupled with stricter underwriting by banks for mortgage funding in these sectors has led to a slowdown in sales for the company. In addition, the company's prospective clients have become more cautious when making real estate investment decisions. Furthermore, the earnings deterioration during the first nine months of 2011 was exacerbated by the company's debt rescheduling process with its banks, started in October 2011. The debt restructuring caused the temporary suspension of cash flows to the company by its creditors, and the suspension of Sare's land sales program. This debt restructuring process also limited Sare's ability to generate enough cash flow to continue the development of its housing projects in the low income housing segment, which in turn did not allow it reduce debt levels and generate stronger earnings as expected. Thus, the company's credit metrics substantially deteriorated in the 4Q11 and for the full year 2011. The company's viability and liquidity is tied to the timely execution of its land sale program. The negative outlook reflects the stress on Sare's cash flows and its limited liquidity, and the uncertainty as to how quickly the company can start developing and selling homes in 2012. Furthermore, the negative rating outlook reflects Moody's expectation that the company will continue to experience deterioration in its operating profits and credit metrics. Its liquidity and development capabilities remain strained as they are completely tied to its land sale program. Nevertheless, Moody's acknowledges that the completion of the debt restructuring process with bank creditors (the rescheduling of maturities and the program for divesting of land) should give Sare the financial flexibility and some free cash flow to boost their housing projects earnings, meet debt service obligations and lower its debt levels. Moody's B3 global local currency and B3.mx national scale issuer ratings continue to reflect Sare's current position as a medium size homebuilder in Mexico in terms of housing units sold. Sare is a publicly traded company, listed on the Bolsa Mexicana de Valores (BMV), which enhances transparency and corporate governance. Moody's stated that a return to a stable would require progress in the company's land sale program, coupled with deleveraging and the re-start of its low-income housing development projects. Any further deterioration in Sare's current liquidity and credit metrics coupled with any further debt restructuring or debt covenant compliance issues will lead to a multiple notch downgrade. The following ratings were downgraded with a negative outlook: Sare Holding, S.A.B. de C.V. - national scale senior unsecured debt rating to B3.mx, from Ba3.mx; national scale issuer rating to B3.mx, from Ba3.mx The following ratings were affirmed with a negative outlook: Sare Holding, S.A.B. de C.V. - global scale local currency senior unsecured debt rating at B3; and global scale local currency issuer rating at B3 Moody's last action with respect to Sare took place on November 30, 2011, when Moody's downgraded the national scale senior unsecured debt rating of Sare Holding, S.A.B. de C.V. to Ba3.mx, from Ba1.mx. Moody's also downgraded Sare's global local currency senior unsecured debt rating to B3, from B2. The rating outlook was revised to negative, from stable. Sare Holding, S.A.B de C.V, based in Mexico City, Mexico, is a fully integrated, diversified homebuilder engaged in the development, construction, marketing, consulting, and sales of affordable, middle- and upper-income housing developments in Mexico. Sare was founded in 1967 and first developed single- family homes and office buildings in 1977. Sare has an important presence in Mexico City and nine different states in the country: State of Mexico, Jalisco, Puebla, Michoacan, Guanajuato, Queretaro, Quintana Roo, Guerrero and Morelos. Sare Holding, S.A.B. de C.V. is one of the top eight home developers in Mexico. As of Dec. 31, 2011 Sare reported approximately US$7.2 billion Mexican pesos in assets and US$3.5 billion Mexican pesos in shareholders equity. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 19 to March 23, 2012 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 72.15 ARGENT-PAR 1.18 12/31/2038 ARS 46.92 ARGENT- DIS 7.82 12/31/2033 EUR 56 ARGENT- DIS 7.82 12/31/2033 EUR 65 ARGENT- DIS 7.82 12/31/2033 EUR 66 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 73.5 EMP DISTRIB NORT 9.75 10/25/2022 USD 61 EMP DISTRIB NORT 9.75 10/25/2022 USD 62.88 PROV BUENOS AIRE 9.625 4/18/2028 USD 68.91 BRAZIL ------ REDE EMPRESAS 11.125 USD 42.5 REDE EMPRESAS 11.125 USD 38.02 REDE EMPRESAS 11.125 USD 42.63 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 46.38 BCP FINANCE BANK 5.01 3/31/2024 EUR 54.63 BCP FINANCE BANK 5.31 12/10/2023 EUR 56.75 BCP FINANCE CO 5.543 EUR 32.5 BCP FINANCE CO 4.239 EUR 33.25 BES FINANCE LTD 6.625 EUR 96.88 BES FINANCE LTD 5.58 EUR 44.33 BES FINANCE LTD 4.5 EUR 51 CAM GLOBAL FIN 6.08 12/22/2030 EUR 67.25 CHINA FORESTRY 10.25 11/17/2015 USD 60 CHINA FORESTRY 10.25 11/17/2015 USD 57.5 CHINA SUNERGY 4.75 6/15/2013 USD 46 EFG ORA FUNDING 1.7 10/29/2014 EUR 51.08 ESFG INTERNATION 5.753 EUR 34.5 JINKOSOLAR HOLD 4 5/15/2016 USD 55.97 LDK SOLAR CO LTD 4.75 4/15/2013 USD 48.01 LDK SOLAR CO LTD 4.75 4/15/2013 USD 48.01 LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32 LDK SOLAR CO LTD 10 2/28/2014 CNY 67 LUPATECH FINANCE 9.875 USD 72 PUBMASTER FIN 5.943 12/30/2024 GBP 73 PUNCH TAVERNS 4.767 6/30/2033 GBP 72.08 SOLARFUN POWER H 3.5 1/15/2018 USD 64.5 SOLARFUN POWER H 3.5 1/15/2018 USD 63.48 SUNTECH POWER 3 3/15/2013 USD 75.25 SUNTECH POWER 3 3/15/2013 USD 74.32 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 1.265 CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.1 ESVAL S.A. 3.8 7/15/2012 CLP 12.6 MASISA 4.25 10/15/2012 CLP 20.42 QUINENCO SA 3.5 7/21/2013 CLP 25.54 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 73.26 PUERTO RICO CONS 6 12/15/2034 USD 0.01 PUERTO RICO CONS 6.5 4/1/2016 USD 63.5 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 62.11 PETROLEOS DE VEN 5.375 4/12/2027 USD 56 VENEZUELA 7 3/31/2038 USD 71.61 VENEZUELA 7 3/31/2038 USD 71.75 *********** 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 * * *