/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120410.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 Tuesday, April 10, 2012, Vol. 13, No. 071 Headlines A R G E N T I N A CHASQUI EXPRESS: Creditors' Proofs of Debt Due May 11 EDENOR SA: Posts ARS45.4-Mil. Net Loss in 2011 FRIGORIFICO GENERAL: Applies for Bankruptcy Protection GASTRONOMIA CABALLITO: Creditors' Proofs of Debt Due May 16 KAWKA SRL: Applies for Bankruptcy Protection MAGALLANES TRADE: Creditors' Proofs of Debt Due May 15 B E R M U D A OLD LYME: Creditors' Proofs of Debt Due April 20 OLD LYME: Member to Receive Wind-Up Report on May 7 OLD LYME GROUP: Creditors' Proofs of Debt Due April 20 OLD LYME GROUP: Member to Receive Wind-Up Report on May 7 B R A Z I L BANCO DO NORDESTE: Fitch Affirms Viability Rating at Low-B CAMARGO CORREA: Fitch Places All Ratings on Watch Negative CIMENTO TUPI: Fitch Affirms Issuer Default Ratings at 'B' J A M A I C A CARIBBEAN CEMENT: Sends More Supplies to TCL NATIONAL ROAD: Moody's Assigns 'B3' Rating to Debt Issuance M E X I C O EMPRESA DISTRIBUIDORA: Fitch Puts Low-B Rating on Watch Negative RODOPA INDUSTRIA: Fitch Assigns 'B-' Issuer Default Ratings P E R U DOE RUN PERU: Workers Clash With Police During Protest P U E R T O R I C O BERWIND REALTY: Files for Chapter 11 in Puerto Rico BERWIND REALTY: Case Summary & 20 Largest Unsecured Creditors MILLENIUM INSTITUTE: 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O TRINIDAD CEMENT: Hardware Dealers Complain Over Strike V E N E Z U E L A * VENEZUELA: Fitch Affirms ShortTerm Issuer Default Rating at 'B' X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= CHASQUI EXPRESS: Creditors' Proofs of Debt Due May 11 ----------------------------------------------------- Francisco Jose Eugenio Caleri, the court-appointed trustee for Chasqui Express SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 11, 2012. Mr. Caleri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 47, 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: Francisco Jose Eugenio Caleri Lavalle 1206 Argentina EDENOR SA: Posts ARS45.4-Mil. Net Loss in 2011 ---------------------------------------------- Empresa Distribuidora y Comercializadora Norte Sociedad Anonima (Edenor S.A.) filed on March 30, 2012, its annual report for the fiscal year ended Dec. 31, 2011. Price Waterhouse & Co. S.R.L., in Buenos Aires, said that the delay in obtaining tariff increases, the cost adjustments recognition, requested in the presentations made until now by the Company in accordance with the terms of the Adjustment Agreement and the continuous increase in operating expenses significantly affected the economic and financial position of the Company and raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of ARS435.40 million on net sales of ARS3.565 billion for 2011, compared with a net loss of ARS49.05 million on ARS2.174 billion for 2010. The Company's balance sheet at Dec. 31, 2011, showed ARS5.744 billion in total assets, ARS4.373 billion in total liabilities, ARS56.87 million of minority interest, and stockholders equity of ARS1.314 billion. A copy of the annual report is available for free at: http://is.gd/9NgzBW Based in Buenos Aires, Argentina, Edenor S.A. is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires, which has a population of approximately 7 million people and an area of 4,637 sq. km. In 2011, Edenor sold 20,077 GWh of energy and purchased 23,004 GWh of energy, with net sales of approximately Ps. 2.3 billion and net loss of Ps. 435.4 million. FRIGORIFICO GENERAL: Applies for Bankruptcy Protection ------------------------------------------------------ Frigorifico General Belgrano SA applied for bankruptcy protection. The company has defaulted on its payments last Sept. 11, 2010. GASTRONOMIA CABALLITO: Creditors' Proofs of Debt Due May 16 ----------------------------------------------------------- Carmen Beatriz Santa Maria, the court-appointed trustee for Gastronomia Caballito SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 16, 2012. Ms. Maria will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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: Carmen Beatriz Santa Maria Avenida Corrientes 1557 Argentina KAWKA SRL: Applies for Bankruptcy Protection -------------------------------------------- Kawka SRL applied for bankruptcy protection. The company has defaulted on its payments last Dec. 14, 2011. MAGALLANES TRADE: Creditors' Proofs of Debt Due May 15 ------------------------------------------------------ Juan Carlos Sosa, the court-appointed trustee for Magallanes Trade SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 15, 2012. Mr. Sosa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, 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: Juan Carlos Sosa Viamonte 713 Argentina ============= B E R M U D A ============= OLD LYME: Creditors' Proofs of Debt Due April 20 ------------------------------------------------ The creditors of Old Lyme Insurance Company, Ltd. are required to file their proofs of debt by April 20, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 3, 2012. The company's liquidator is: Ernest Morrison Cox Hallett Wilkinson Limited Bermuda OLD LYME: Member to Receive Wind-Up Report on May 7 --------------------------------------------------- The member of Old Lyme Insurance Company, Ltd. will receive on May 7, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 3, 2012. The company's liquidator is: Ernest Morrison Cox Hallett Wilkinson Limited Bermuda OLD LYME GROUP: Creditors' Proofs of Debt Due April 20 ------------------------------------------------------ The creditors of Old Lyme Insurance Group, Ltd. are required to file their proofs of debt by April 20, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 3, 2012. The company's liquidator is: Ernest Morrison Cox Hallett Wilkinson Limited Bermuda OLD LYME GROUP: Member to Receive Wind-Up Report on May 7 --------------------------------------------------------- The member of Old Lyme Insurance Group, Ltd. will receive on May 7, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 3, 2012. The company's liquidator is: Ernest Morrison Cox Hallett Wilkinson Limited Bermuda =========== B R A Z I L =========== BANCO DO NORDESTE: Fitch Affirms Viability Rating at Low-B ---------------------------------------------------------- Fitch Ratings has affirmed all ratings of Banco do Nordeste do Brasil S.A (BNB), as follows: -- Foreign and Local Currency Long-Term Issuer Default Rating (IDR) at 'BBB'; Outlook Stable; -- Foreign and Local Currency Short-Term IDR at 'F2'; -- Viability Rating at 'bb-' -- Support Rating at '2'; -- Support Rating Floor 'BBB' -- National Long-Term Rating at 'AAA(bra)'; Outlook Stable; -- National Short-Term Rating at 'F1+(bra)'. The IDRs and National ratings of Banco do Nordeste do Brasil S.A. (BNB), which are equal to the Federal Republic of Brazil's Sovereign foreign currency IDR are derived from the support of its main shareholder, the National Treasury, an entity fully controlled by the Brazilian Federal Government. This support also reflects the importance of BNB for the development of Brazil's northeast region. A change in the sovereign rating of Brazil would directly influence the IDRs of the bank. BNB's Viability Rating (VR) reflects the ongoing support the bank receives from holding full and exclusive managerial control over the Constitutional Fund of the Northeast (FNE, BRL37.7 billion of equity at FY2011). This support supersedes the bank's weak financial profile as exhibited by poor asset quality and risk management, worsening capitalization, and below-average profitability. The VR also incorporates the bank's exposure to political influence. Even though the bank does not directly own the fund, the Brazilian Constitution grants the bank power to manage the fund's resources. Therefore, any changes on the bank's exclusivity to control FNE, the fund's financial capacity to absorb assets transferred from the bank, or to continue supporting BNB could lead to a downgrade in the VR. No near-term improvement in the VR is foreseen by Fitch. Created by federal law in 1952, BNB is one of the main organizations controlled by the government with the mission to develop Brazil's northeast region, involving the states of Maranhao, Piaui, Ceara, Rio Grande do Norte, Paraiba, Pernambuco, Alagoas, Sergipe, Bahia, and the north of Minas Gerais and Espirito Santo. CAMARGO CORREA: Fitch Places All Ratings on Watch Negative ---------------------------------------------------------- Fitch Ratings has placed all of the ratings of Brazilian Conglomerate Camargo Correa S.A.'s and its subsidiaries on Rating Watch Negative. These rating actions follow Camargo's announcement that it intends to buy full control of Cimpor Cimentos de Portugal. Camargo currently owns 33% of Cimpor and has extended a public offer for the remaining 67% of Cimpor for EUR5.5 per share, equivalent to 2.5 billion euros (approximately US$3.3 billion or BRL6 billion). Fitch views the proposed transaction as negative to Camargo's credit quality considering potential leverage being added to the business through this strategic acquisition. Camargo's capital structure was already under pressure from high leverage and weak results, and this transaction, as proposed would likely not allow the company to deleverage to the degree that was previously anticipated by Fitch. Strategically, the proposed transaction would increase Camargo's presence in the global cement market and broaden its geographic diversification. It would also generate synergies with Camargo's highly correlated core businesses of cement, engineering and construction. As of June 30, 2011, the company had BRL16.4 billion and BRL4.4 billion (consolidated figures) in gross debt and cash, respectively, resulting in Camargo's net debt of BRL12.1 billion. The company's consolidated gross and net leverage by the end of June 2011 reached high levels of 7 times (x) and 5.1x, respectively, negatively affected by poor operational performance in the company's engineering & construction businesses. Fitch views it as unlikely that Votorantim, which owns about 21.21% of CIMPOR, would tender its shares. As a result, the successful completion of the public offer could result in Camargo having a majority participation in Cimpor's shareholder structure but not complete ownership. This type of structure could require incremental debt in the range of BRL3 billion to BRL3.3 billion to finance the acquisition. A negative rating action could be triggered by a deterioration of the company's consolidated credit protection measures and liquidity following the closing of the proposed transaction. Expectations by Fitch of total adjusted net debt to EBITDA being consistently at or beyond 3 times(x) will likely result in a downgrade. Conversely, the expectation that total net debt to EBITDA will remain below 3.0x over time, coupled with solid liquidity, can trigger a revision of the Rating Watch Negative to Outlook Stable. Camargo: -- Foreign currency IDR 'BB+'; -- Local currency IDR 'BB+'; -- National scale rating 'AA(bra)'; -- National short-term credit rating 'F1+(bra)'; -- BRL300 million debentures series 1 (due 2014) 'AA(bra)'; -- BRL700 million debentures series 2 (due 2014) 'AA(bra)'; -- BRL850 million debentures 4a Issuance: (due 2020) 'AA(bra)'; -- BRL600 million debentures 6a Issuance: (due 2015) 'AA(bra)'. CCSA Finance Limited: -- Foreign currency IDR 'BB+'; -- Local currency IDR 'BB+'; -- US$250 million senior unsecured bonds due 2016 'BB+'; Camargo Correa Investimentos Em Infra-Estructura S.A. (CCII): -- National scale rating 'AA(bra)'; -- BRL325 million 2a issuance, debentures series 1 (due 2020) 'AA(bra)'; -- BRL325 million 2a issuance, debentures series 2 (due 2020) 'AA(bra)'; VBC ENERGIA S.A. (VBC): -- National scale rating 'AA(bra)'; -- BRL1.2 billion BNDES Loan (due 2014) 'AA(bra)'; CIMENTO TUPI: Fitch Affirms Issuer Default Ratings at 'B' --------------------------------------------------------- Fitch Ratings has affirmed the following ratings of Cimento Tupi S.A.'s: -- Foreign currency Issuer Default Rating (IDR) at 'B'; -- Local currency IDR at 'B', -- Senior Unsecured Notes Due 2018 at 'B/RR4'; -- Long-Term National Rating 'BBB-(bra)'. The Rating Outlook is Stable. Tupi's 'B' ratings reflect its small business position, execution risks related to the change in its business model, and the volatility of its cash flow generation due to the cyclicality of the cement industry. The ratings incorporate the company's success at raising USD150 million to fund its expansion plan. The ability to complete this project within the budget and on time (by 1Q'13) will be key to avoiding pressure on the ratings. Tupi's low liquidity position going forward and working capital refinancing risks are also factored in the ratings. Weak Business Profile Tupi's small production scale and its lack of geographic diversification heighten the risk of its exposure to the volatility of the cement industry. Tupi's cost structure is higher than the largest integrated Brazilian cement producers. The strong credit profile of these large companies could allow them to pressure prices during a downturn in the industry in an attempt to sustain volumes, which would negatively affect Tupi's ability to service its debt. Business Model Shift a Challenge; Schedule On Time The company is currently implementing a new operating model. This is a result of the termination of a supply agreement effective April 2012 for slag from Companhia Siderurgica Nacional S.A. (CSN), a large Brazilian steel company, which is increasing its presence in cement. Tupi's strategy is to expand its unit at its Pedra do Sino plant, which will significantly reduce the company's reliance on slag and increase total overall nominal production capacity to 3.2 million tons of cement per year by 2013 from 2.4 million. The success of this expansion is crucial to the company's ongoing activities. Absent this expansion, Fitch estimates that the company's nominal annual capacity would be reduced to 1.6 million tons. Limited Short Term Cash Flow Expansion Tupi generated BRL64 million of EBITDA and BRL70 million of funds from operations (FFO) during 2011. These figures compare with BRL54 million and BRL53 million in 2010, respectively, and compare favorably versus an average EBITDA of BRL38 million and an average FFO of BRL37 million between 2007 and 2009. Free cash flow (FCF), defined as cash flow from operations less dividends and investments, was BRL14 million in 2011. For 2012, Fitch expects Tupi's EBITDA to be about BRL65 million, considering the limited production capacity. FCF will likely be negative in 2012 due to the large level of capital expenditures (BRL171 million). Leverage Trending Up; FX Risks Tupi's credit metrics will be under pressured until 2013 due to the aforementioned capital expenditure plan (USD150 million). In May 2011, the company issued a USD100 million note. During 2012, they did an add-on issuance of USD50 million, which was key to supporting the capex program and diminishing refinancing risks. In 2011, Tupi's FFO adjusted leverage ratio was 3.2 times (x), while its total debt/EBITDA ratio was 4.3x and its net debt/EBITDA ratio was 3.5x. Fitch expects leverage to increase to around 4.5x in 2012 and return to below 4.0x in 2013 when the expansion project should be completed. Tupi is exposed to currency mismatch risks. About 65% of its debt is denominated in USD, and 100% of its cash flow generation is in local currency. As of Dec. 31, 2011 Tupi's total debt was BRL277 million. This debt basically consists of BRL179 million (USD100 million) of unsecured notes due during 2018, BRL59 million of banking loans and BRL38 million of tax refinancing. The additional USD50 million of debt associated with the reopening will further increase the company's exposure to a strengthening U.S. dollar. In the short-term, the company partially mitigates this risks with cash held abroad, but as soon as it disburses this cash for the project it will not have this protection. Shrink in Liquidity Position Expected Tupi's liquidity position should show deterioration going forward in 2012. In December 2011, Tupi had BRL52 million in cash and marketable securities and BRL49 million of short-term debt. Out of the short-term portion, BRL43 million is related to banking loans and BRL6 million of taxes financing. The levels of short- term debt coverage, as measured by cash plus funds from operations (FFO) to short-term debt and cash plus CFFO to short- term debt, were 2.2x and 2.9x, respectively. Favorable Prospects for the Sector Should Sustain Cement Prices The positive outlook for the cement sector in Brazil, reflecting the expansion of the real estate segment and infrastructure projects, should also favor Tupi operations, which are largely dependent upon favorable prices and high capacity utilization levels. Profitability margins should remain relatively flat, however, as a lot of new capacity is being added by the leading cement producers. Tupi's end market, which is highly oriented toward the refurbishment and construction of homes, should not be impacted materially by the high level of infrastructure projects in Brazil, as it is more linked with unemployment and income levels. Key Rating Drivers A ratings downgrade or Negative Outlook could result from a delay in the expected timing of the expansion program. A significant deterioration in the company's cash flow generation and operating margins due to a downturn in the Brazilian market would also pressure the ratings. Given current challenges related to a shift in its business model, an upgrade of Tupi's ratings is unlikely in the short to medium term. ============= J A M A I C A ============= CARIBBEAN CEMENT: Sends More Supplies to TCL -------------------------------------------- RJR News reports that Caribbean Cement Company is getting ready to send off its fourth shipment of supplies to Trinidad which is now in the fifth week of a strike at its biggest distributor of cement. Caribbean Cement General Manager Anthony Haynes said the shipment is scheduled to leave soon, according to RJR News. As reported in the Troubled Company Reporter-Latin America on March 5, 2012, RJR News said that Trinidad Cement Limited will import cement from Jamaica as the strike by workers keeps its operations closed. It will also import supplies from Barbados, according to RJR News. The report noted 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 said that TCL said it will distribute the product throughout Trinidad and Tobago so that customers have access. About Caribbean Cement Caribbean Cement Company Limited manufactures and sells cement. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 18, 2011, Caribbean Cement Company Limited has incurred a JM$608.08 million loss in the three months ended April to June 2011 from JM$217.95 million loss in the same period last year. The company incurred JM$857.56 million loss in the six months ended January to June 2011 from a JM$213.40 million in the same period 2010. Caribbean Cement posted a JM$1.58 billion loss in the year ended 2010. NATIONAL ROAD: Moody's Assigns 'B3' Rating to Debt Issuance ----------------------------------------------------------- Moody's Investors Service has assigned a long-term rating of B3 to the debt issuance of Jamaica's National Road Operating and Constructing Company Limited (NROCC). The rated debt benefits from a full guarantee by the government of Jamaica. The rating outlook is stable, in line with the issuer rating of the government. Ratings Rationale The NROCC's payment obligations carry an explicit, irrevocable and unconditional credit guarantee of the government of Jamaica. Since Moody's considers that the commitment of the Jamaican government to back the issuer's obligations is no lower than its commitment to service its own bonds, the NROCC's debt is ranked pari passu with other senior, unsecured debt issuances of the government of Jamaica, justifying a rating at the same level as the government of Jamaica. Rating Support Factors Jamaica's B3 foreign- and local-currency government bond ratings reflect the country's low economic development, moderate institutional strength, weak government finances, and high susceptibility to shocks. Jamaica's per capita GDP is higher than the B-category median but annual growth has averaged less than 1% a year in the last decade. The country has been in recession for the past three years, only recovering in the first quarter of 2011. Lack of growth makes reducing the debt burden difficult and the country's debt-to-revenues ratio remains among the highest in its rating category, even after last year's domestic debt exchange. A high tolerance for fiscal austerity measures among its population, and the country's broad consensus on economic policies supports Moody's view of moderate institutional strength, a key support for the rating. The country's high susceptibility to event risk is the result of an economy highly vulnerable to external shocks given the importance of tourism and continued need for external financing. What Could Change The Rating - Up A Positive outlook or other upward ratings movement for the government (and therefore for the NROCC's government-guaranteed debt) could result if fiscal consolidation efforts are successful and/or economic growth rebounds strongly, leading to a sustainable drop in the government's main debt metrics. What Could Change The Rating - Down A Negative outlook or other downward ratings movement would result from failure to limit government debt growth and/or slower economic growth that leads to another fiscal crisis. =========== M E X I C O =========== EMPRESA DISTRIBUIDORA: Fitch Puts Low-B Rating on Watch Negative ---------------------------------------------------------------- Fitch Ratings has placed the following ratings for Empresa Distribuidora de Electricidad de Salta S.A. (EDESA) on Rating Watch Negative: -- Foreign currency IDR at 'B'; -- Local currency IDR at 'B'; -- USD65 million Class 1 notes 'B(exp)/RR4'; national scale rating 'A+ (arg)'. These ratings have subsequently been withdrawn. The issue rating withdrawal reflects the fact that the forthcoming debt issuance is no longer expected to proceed as previously envisaged. Fitch will no longer provide issuer coverage on the international scale. In addition Fitch placed EDESA's National Long-Term Rating at 'A+(arg)', and Series IV notes at A+(arg) on Rating Watch Negative. RODOPA INDUSTRIA: Fitch Assigns 'B-' Issuer Default Ratings ----------------------------------------------------------- Fitch Ratings has assigned 'B-' foreign and local currency Issuer Default Ratings (IDRs) and 'BBB-(bra)' National Scale Rating to Rodopa Industria e Comercio de Alimentos Ltda (Rodopa). Fitch has also assigned 'B-/RR4' rating to the proposed senior unsecured notes due in 2017 to be issued by Rodopa Finance S.A. (Rodopa Finance), a wholly owned subsidiary of Rodopa, incorporated in Luxembourg. The notes will be jointly and severally guaranteed by Rodopa and its direct shareholder Forte Empreendimentos e Participacoes Ltda. The proceeds from the bonds issuance will be used by Rodopa to repay its short-term debt, to finance part of its projected capital expenditures and for general corporate purposes. In conjunction with this rating action, Fitch has assigned a 'B-' local currency (LC) and foreign currency (FC) IDRs to Rodopa Finance. The ratings of Rodopa Finance have been linked to that of Rodopa in accordance with Fitch's parent-subsidiary rating methodology. The corporate Rating Outlook is Stable. The ratings reflect Rodopa's small revenue base, its low and volatile operational margins and weak cash flow generation as a result of the high working capital requirements inherent to the protein industry in Brazil. Also considered in the ratings are the company's small size and low operational diversification within the competitive Brazilian beef sector, which may exacerbate Rodopa's earnings volatility during challenging periods of the meat industry in Brazil. The ratings further reflect the uncertainties related to a lack of relevant history during investment consolidation cycles. Fitch also considered Rodopa's tight liquidity and high refinancing risk. Despite the plan to use part of the proceeds from its proposed notes to lengthen its debt profile, Rodopa's current capital structure is still based on short-term debt. Cash balances and marketable securities are low at BRL35.5 million, as of December 2011. Although Rodopa's leverage metrics are strong for the rating category the ratings consider that leverage is likely to increase due to the company's expansion strategy. Limited Diversification and Small Scale Aggravate Industry Risks The company operates in a very competitive market characterized by volatile earning and low EBITDA margins. Protein prices are vulnerable to the imbalances between local and international demand and supply, and to factors such as diseases and climatic conditions; expansion/contraction of global and local economy; fluctuation in consumers' income, changes in consumer habits; health and trade restrictions imposed by governments; and competitive pressures from other Brazilian or international producers. Although the company's balance sheet increases and contracts depending on the meat and cattle prices, the main source of profits comes from the efficient use of the company's production capacity and the ability to pass to consumers the increased cost of the raw material. These risks are exacerbated by the company's small base of operation. Measured by slaughtering capacity, Rodopa is a distant fourth largest beef processor in Brazil, but it is relatively small compared to the three largest companies in Brazil, that represent approximately half of the country slaughtering capacity. Rodopa operates with limited operational flexibility, as it relies on only four plants in three Brazilian states and about 85% of its revenues come from the domestic market. Although the company has benefited from its domestic market focus during the global economic crisis that affected more severely the exporters, the company's profitability will be under pressure in a possible contraction of the local or the international meat market. Also, sanitary restrictions or cattle scarcity tend to affect more severely Rodopa's business, if compared with its larger competitors that benefit from a more diversified operational base. Improving EBITDA Generation Capacity In 2011, on a consolidated basis (including the subsidiaries' earnings), Rodopa generated, BRL72 million EBITDAR and BRL1.2 million of funds from operation (FFO). These compares positively to BRL30 million EBITDAR, as per Fitch's methodology, and negative FFO of BRL4.1 million in 2010 and reflects the company's decision to shut down unprofitable production lines and its ability to realize economies of scale from the opening of its Ipua plant during 2010, and Goias Velho during 2011. These new plants increased the slaughter capacity by about 25% since 2009. The EBITDAR margin also increased to 8.8% in 2011, compared to 3.9% in 2010. Fitch believes that Rodopa will generate more than BRL70 million EBITDAR in 2012 and closer to BRL100 million by 2013, provided it succeeds in implementing its business expansion during the next 12 months. Rodopa's EBITDAR margin of 8%-9% is expected to be sustainable, as a result of the gains of scale combined with strategy to keep only profitable operations. Negative Free Cash Flow Driven by Growth Plans Rodopa's ratings reflect a weak cash flow generation due to high interests cost and large working capital needs. In 2011, Rodopa's cash flow from operations (CFFO) was negative BRL37.5 million, after close to BRL13 million of interest expense, BRL30 million in tax payments, and BRL39 million in working capital requirements due to its growing business. In 2010, CFFO was also negative BRL33.3 million. The company's free cash flow generation was further depressed by its investment program -- about BRL40 million in the past two years. Investments are expected to remain at an elevated level -- about BRL30 million per year over the next three years, related to the opening of new plants and debone facilities, which will almost double slaughter capacity to 4.5 thousand head/day in 2013, from 2.5 thousand at the end of 2010. As a result, free cash flow generation is expected to remain negative in 2012 and will not become positive until the investments consolidate. Leverage is Manageable But Increases are Expected Rodopa's leverage is moderated, but is expected to increase. In 2011, leverage as measured by total debt/EBITDA was 2.3 times (x) and net debt/EBITDA was 1.8x. These metrics are strong for the current rating category but shall rise to close to 2.5x at the end of 2012, as debt will increase to finance planned investments and for working capital purposes. Once investments consolidate, Rodopa's leverage shall gradually reduce, approaching 2.0x in late 2014. As of Dec. 31, 2011, Rodopa's consolidated adjusted debt was BRL165.2 million. Liquidity is Tight Rodopa's liquidity is limited and the refinancing risk is high. At the end of 2011, BRL35.5 million cash and marketable securities covered only 34% of BRL106 million of short-term debt. The ratings already incorporate the assumption that the company will be successful in issuing long-term debt which will refinance great part of the current short-term debt and provide liquidity for the company's growth plans. If the bond issuance fails, the company will need to address its more immediate financial liabilities and to finance its investment plan with credit. Key Rating Drivers The ratings may be positively impacted by a sustainable improvement in Rodopa's business profile, combined with consistent improvements in both liquidity and debt amortization schedule and the maintenance of conservative leverage. A downgrade may occur in cases of increased leverage over and above Fitch's expectations, deterioration in the operational margins or failure to refinance its short-term debt. ======= P E R U ======= DOE RUN PERU: Workers Clash With Police During Protest ------------------------------------------------------ Dorothy Kosich at Mineweb reports that hundreds of unemployed workers at Doe Run Peru's La Oroya mining complex fought with police on April 4, 2012, as they blocked the traffic on the Central Highway demanding the resumption of operations at the complex and payment of back wages. Four people were arrested as 200 police responded with tear gas and fired shots into the air to disperse the protestors, according to Mineweb. The report relates that after three hours of negotiations, the Doe Run Peru protestors and regional authorities reached an agreement to create a high-level commission in exchange for unblocking the highway, which had been obstructed with sticks and stones. Mineweb notes that Junin Regional Vice President Americo Mercado said the purpose of the commission will be to find a solution to the problem of Doe Run Peru's activities to reopen the complex being halted until they comply with the implementation of La Oroya's Program of Compliance and Environmental Management. Meanwhile, the report notes that Pedro Martinez, president of Peru's national society of mining, petroleum and energy (SNMPE) asked the Peruvian government not to fall for the "blackmail" of Doe Run Peru. Mineweb says that Doe Run Peru said it would not re-open the La Oroya complex unless the Peruvian government assumes responsibilities for third-party claims and the costs of litigation filed against Doe Run Peru parent Renco in U.S. Courts due to environmental contamination caused by the polymetallic smelters at La Oroya. In an interview with Radio Nacional, Mr. Martinez stressed that the workers must let the company's creditors decide if they accept Doe Run Peru's restructuring plan, Mineweb discloses. Moreover, Mineweb adds that Peru's Minister of Energy and Mines Jorge Merino Tafur said, "Renco has submitted a plan that is not feasible because it requires US$65 million in funding of a total US$200 million and it expects the Peruvian government to attend the [legal] proceedings that Renco has in the United States." As reported in the Troubled Company Reporter on April 18, 2011, Bloomberg News said Peru's Finance Minister Ismael Benavides said the government will defend its rights in arbitration initiated by the closed Doe Run Peru smelter. Citing a government official, Patricia Velez at Reuters related that Doe Run Peru's parent, Renco Group, filed for arbitration against Peru to resolve a longstanding dispute over its Doe Run Peru metals smelter. According to newspaper Peru 21, Renco had demanded a $800 million payment for cancelling Doe Run Peru's operating license for the La Oroya smelter in July 2010 after it failed to complete an environment cleanup project. The plant was privatized in 1997. Reuters related that under the terms of the sale, Renco will put filters on the smelter and the government will remove contaminants from the hills and the town surrounding the plant. According to Peruvian newspapers, Renco claimed that the government has not followed through on its own cleanup effort or honored the terms of the privatization agreement. About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. According to Reuters, Peruvian mining minister said earlier this year that creditors were looking at taking over the smelter or liquidating it under a bankruptcy process overseen by regulator Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding before INDECOPI. ===================== P U E R T O R I C O ===================== BERWIND REALTY: Files for Chapter 11 in Puerto Rico --------------------------------------------------- Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012. Berwin Realty, a real estate firm, estimated assets and debts of US$50 million to US$100 million. A partial schedule attached to the petition says that the Debtor owes US$52.95 million to Banco Popular De Puerto Rico on account of mortgage loans collateralized by various commercial facilities and real estate. The Debtor also owes US$1.91 million to Banco Bilbao Vizcaya on account of secured mortgage loans. BERWIND REALTY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Berwind Realty, LLC P.O. Box 29166 San Juan, PR 00926-9166 Bankruptcy Case No.: 12-02701 Chapter 11 Petition Date: April 5, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) About the Debtor: The Debtor is a real estate firm. Debtor's Counsel: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICES 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 E-mail: cacuprill@cuprill.com Estimated Assets: US$50 million to US$100 million. Estimated Debts: US$50 million to US$100 million. The petition was signed by Saleh Yassin, president. Debtor's List of Its 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Banco Popular de Puerto Rico Mortgage Loans US$52,955,219 Bankruptcy Department GPO Box 366818 San Juan, PR 00936 Kim-Sam PR Retail LLC Land Lease Arrears $227,328 P.O. Box 6203 Hicksville, NY 11802-6203 Star Wireless Note Payable $110,010 Avenye Jesus T. Pinero, #276 San Juan, PR 00927 L.M. Services y/o Victor Baez Maintenance Costs $84,000 Puerto Rico Barceloneta LLC Land Lease Arrears $56,288 Imperial Credit Corp. Insurance Financing $40,881 (IPFS Corp.) Agreement Perfect Security Corp. Security Services $19,567 Hilario Plumbing Plumbing Services $13,000 Scherrer Hernandez & Co. Accounting and $11,070 Auditing Services PR Electric Power (PREPA) Electric Power $10,990 Services Qui�ones & Arbona Law Offices Legal Services $10,363 Carmen Arana Martir Architectural Work $8,500 Jaca & Sierra Testing Lab. Soil Testing $7,388 Silk Roma Dress Lease Deposit $6,493 Berlitz PR Lease Deposit $5,974 Andres Reyes Burbos Waste Disposal $3,210 Services Municipio de Guaynabo Municipal Taxes $2,828 Ithamar Castro Lease Deposit $2,665 ZZ Maintenance Service, Corp. Maintenance Costs $2,400 Municipio de Carolina Municipal Taxes $2,149 MILLENIUM INSTITUTE: 20 Largest Unsecured Creditors --------------------------------------------------- Debtor: Millenium Institute For ADN Inc. Calle Cosme#8 Reparto San Lucas Parcelas Canejas San Juan, PR 00926 Bankruptcy Case No.: 12-02689 Chapter 11 Petition Date: April 5, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Isabel M. Fullana, Esq. GARCIA ARREGUI & FULLANA PSC 252 Ponce De Leon Avenue, Suite 1101 San Juan, PR 00918 Tel: (787) 766-2530 Fax: (787) 756-7800 E-mail: isabelfullana@gmail.com Scheduled Assets: US$4,550,939 Scheduled Liabilities: US$5,491,943 The Company's list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb12-02689.pdf The petition was signed by Juan Jose Rodriguez, president. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Hardware Dealers Complain Over Strike ------------------------------------------------------ Asha Javeed at Trinidad Express reports that hardware dealers are complaining that the ongoing strike at Trinidad Cement Ltd (TCL) is multiplying hardship across the construction industry. They believe the construction sector is being held ransom to high cement prices and have decided to curtail construction work until the industrial action at the Claxton Bay cement factory ends, according to Trinidad Express. As a result, hardware stores are feeling the pinch in their bottom line, said Salic Reesal, the public relations officer of the Hardware Dealers Co-operative Society of Trinidad and Tobago, the report notes. "This on-going strike is multiplying hardship in all areas that affect the construction industry. Delayed construction impacts on not just us but also on suppliers as well as construction workers. . . . There's been less sales at the hardwares. And the volume of sales is usually married to the construction industry. So we can often gauge how the industry is performing by the volume of sales we get," the report quoted Mr. Reesal as saying. Mr. Reesal insists a resolution to the almost six-week old strike should be arrived as soon as possible, the report adds. As reported in the Troubled Company Reporter-Latin America on March 5, 2012, RJR News said that Trinidad Cement Limited will import cement from Jamaica as the strike by workers keeps its operations closed. It will also import supplies from Barbados, according to RJR News. The report noted 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 said that TCL said it will distribute the product throughout Trinidad and Tobago so that customers have access. About Trinidad Cement 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. ================= V E N E Z U E L A ================= * VENEZUELA: Fitch Affirms ShortTerm Issuer Default Rating at 'B' ----------------------------------------------------------------- Fitch Ratings has affirmed Venezuela's ratings as follows: -- Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'; -- Short-term IDR at 'B'; -- Country Ceiling at 'B+'. The Rating Outlooks on the Long-term IDRs have been revised to Negative from Stable. The revision of the Outlook to Negative reflects Venezuela's weakening policy framework, which has resulted in increased vulnerability to commodity price shocks and deterioration in fiscal and external credit metrics as well as rising political uncertainty related to the 2012 electoral cycle. Venezuela's ratings are presently supported by its manageable debt-service profile and relative financing flexibility. The current environment of high oil prices reduces the probability of near-term financing stress. In addition to international reserves, the sovereign held approximately US$18.8 billion (19.4% of CXR) in liquid FC assets in at the end of 2011. 'An exchange rate regime that leads to macroeconomic distortions and rising FC indebtedness, a markedly expansionary fiscal policy and the transfer of the country's oil-windfall to opaque off- budget funds have weakened Venezuela's external and fiscal credit metrics as well as increased its dependence on high oil prices,' said Erich Arispe, Director in Fitch's Sovereign Group. While considerable resources in terms of international reserves, proceeds from bilateral borrowing and oil-derived revenues have been directed to discretionary off-budget mechanisms such as the National Development Fund (Fonden), the available information to assess the flows, administration and use of assets diverted to this parallel fiscal structure is limited. As a result, external liquidity and the sovereign's net external position have deteriorated vis-a-vis peers in the 'B' category and oil exporters in spite of large current account surpluses in recent years. The sovereign has turned into a net external debtor from a creditor position a few years ago. In addition, the rising importance of gold as part of international reserves, 66.7% at the end of 2011, further increase the country's vulnerability to commodity price shocks. The risk for political and social instability remains present due to the high concentration of power in the hands of the president, weak institutional framework and the high degree of political polarization in Venezuela. The likelihood of a close presidential election and concerns about the President Chavez health add further uncertainty to the political environment. After three years of recession, growth has recovered due to a vigorous fiscal stimulus. According to Fitch, Venezuela could expand by 5.1% in 2012. 'The economy is unlikely to retain momentum over the medium term in the absence of policies that lead to increased private investment, improved competitiveness of the non-oil economy and reduced macroeconomic distortions such as real exchange rate overvaluation and high inflation,' said Arispe. Fitch estimates that election-related spending could push the central government deficit to 6.8% of GDP, thus leading to further debt build up. While government debt levels (25.2% of GDP in 2011) and amortizations remain lower than peers, interest payments, measured in terms of revenues, have risen relatively to peers due to fast paced debt growth and higher borrowing costs in spite of high oil prices. An oil price shock and the continuation of policies that lead to further deterioration of Venezuela's external and fiscal credit metrics would be negative for Venezuela's ratings. Fitch would also view negatively significant increase in social and political instability. On the contrary, policy adjustments that result in reduced macroeconomic distortions, higher growth, strengthening and greater transparency of fiscal and external accounts could stabilize the rating. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ AGRENCO LTD AGRE LX 637647275 -312199404 AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9 B&D FOOD CORP BDFCE US 14423532 -3506007 B&D FOOD CORP BDFC US 14423532 -3506007 BATTISTELLA BTTL3 BZ 303229842.3 -16386957.7 BATTISTELLA-PREF BTTL4 BZ 303229842.3 -16386957.7 BATTISTELLA-RECE BTTL9 BZ 303229842.3 -16386957.7 BATTISTELLA-RECP BTTL10 BZ 303229842.3 -16386957.7 BATTISTELLA-RI P BTTL2 BZ 303229842.3 -16386957.7 BATTISTELLA-RIGH BTTL1 BZ 303229842.3 -16386957.7 BOMBRIL BOBR3 BZ 367760079 -20156714.7 BOMBRIL BMBBF US 367760079 -20156714.7 BOMBRIL CIRIO SA BOBRON BZ 367760079 -20156714.7 BOMBRIL CIRIO-PF BOBRPN BZ 367760079 -20156714.7 BOMBRIL SA-ADR BMBPY US 367760079 -20156714.7 BOMBRIL SA-ADR BMBBY US 367760079 -20156714.7 BOMBRIL-PREF BOBR4 BZ 367760079 -20156714.7 BOMBRIL-RGTS PRE BOBR2 BZ 367760079 -20156714.7 BOMBRIL-RIGHTS BOBR1 BZ 367760079 -20156714.7 BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03 BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03 BUETTNER BUET3 BZ 97195113.53 -13140028.8 BUETTNER SA BUETON BZ 97195113.53 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BZ 27663604.95 -7174512.03 STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03 TECEL S JOSE SJOS3 BZ 11373137.92 -58818728.6 TECEL S JOSE FTSJON BZ 11373137.92 -58818728.6 TECEL S JOSE-PRF FTSJPN BZ 11373137.92 -58818728.6 TECEL S JOSE-PRF SJOS4 BZ 11373137.92 -58818728.6 TEKA TEKAON BZ 278124700.7 -447124084 TEKA TEKA3 BZ 278124700.7 -447124084 TEKA TKTQF US 278124700.7 -447124084 TEKA-ADR TKTQY US 278124700.7 -447124084 TEKA-ADR TEKAY US 278124700.7 -447124084 TEKA-ADR TKTPY US 278124700.7 -447124084 TEKA-PREF TKTPF US 278124700.7 -447124084 TEKA-PREF TEKA4 BZ 278124700.7 -447124084 TEKA-PREF TEKAPN BZ 278124700.7 -447124084 TEKA-RCT TEKA9 BZ 278124700.7 -447124084 TEKA-RCT TEKA10 BZ 278124700.7 -447124084 TEKA-RTS TEKA1 BZ 278124700.7 -447124084 TEKA-RTS TEKA2 BZ 278124700.7 -447124084 TELEX-A TELEXA CI 1156945109 -122555290 TELEX-RTS TELEXO CI 1156945109 -122555290 TELMEX CORP-ADR CSAOY US 1156945109 -122555290 TEXTEIS RENA-RCT TXRX9 BZ 133619337.9 -68177415.4 TEXTEIS RENA-RCT TXRX10 BZ 133619337.9 -68177415.4 TEXTEIS RENAU-RT TXRX1 BZ 133619337.9 -68177415.4 TEXTEIS RENAU-RT TXRX2 BZ 133619337.9 -68177415.4 TEXTEIS RENAUX RENXON BZ 133619337.9 -68177415.4 TEXTEIS RENAUX RENXPN BZ 133619337.9 -68177415.4 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290396 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290396 VARIG SA VAGV3 BZ 966298025.5 -4695211316 VARIG SA VARGON BZ 966298025.5 -4695211316 VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316 VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316 WIEST WISA3 BZ 34108201.43 -126997429 WIEST SA WISAON BZ 34108201.43 -126997429 WIEST SA-PREF WISAPN BZ 34108201.43 -126997429 WIEST-PREF WISA4 BZ 34108201.43 -126997429 *********** 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 * * *