/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120508.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, May 8, 2012, Vol. 13, No. 091 Headlines A R G E N T I N A EMPRESA DISTRIBUIDORA: Moody's Affirms 'B2' CFR; Outlook Stable FOXMAN FUEGUINA: Applies for Bankruptcy Protection INDUSTRIAS MD: Asks for Bankruptcy Proceedings SILLETEC SA: Creditors' Proofs of Debt Due June 18 B A H A M A S KERZNER INTERNATIONAL: Atlantis Resort Rescue Moves Forward B E R M U D A BRIDAS INTERNATIONAL: Creditors' Proofs of Debt Due May 16 BRIDAS INTERNATIONAL: Members' Final Meeting Set for June 5 EBP RE: Creditors' Proofs of Debt Due May 16 OLD MUTUAL: Creditors' Proofs of Debt Due May 23 OLD MUTUAL: Members' Final Meeting Set for June 5 TBS INTERNATIONAL: Creditors' Proofs of Debt Due May 25 TBS INTERNATIONAL: Members' Final Meeting Set for June 20 B R A Z I L CENTRAIS ELETRICAS: To Seek BRL650 Million Bond Sale GAFISA SA: Appeals to Foreign Investors Ahead of Board Vote C O L O M B I A OSAGE EXPLORATION: Issues US$10 Senior Secured Note to Apollo M E X I C O BNTECB 07-2: Moody's Cuts Rating on Sub. Debt Certs. to 'Ba3' NEWSAN: Moody's Assigns 'B2' Rating to ARS100MM Sr. Unsec. Notes P U E R T O R I C O CERTENEJAS INC: Can Employ Luis Carrasquillo as Consultant CERTENEJAS INC: Can Hire Charles Cuprill as Attorney CERTENEJAS INC: Sec. 341(a) Creditors' Meeting Set for May 21 T R I N I D A D & T O B A G O TRINIDAD CEMENT: Management Encourages Firms to Start Building X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= EMPRESA DISTRIBUIDORA: Moody's Affirms 'B2' CFR; Outlook Stable --------------------------------------------------------------- Moody's Investors Service affirmed the B2 foreign currency corporate family rating and A2.ar national scale rating of Empresa Distribuidora de Electricidad de Salta S.A. ("EDESA") following the announcement that Edenor (B3/Baa2.ar, negative) will sell and transfer the operating subsidiary to Salta Inversions Electricas S.A. (SIESA, not rated). The senior unsecured ratings on EDESA's US$63 million proposed notes are also affirmed. The outlook for all ratings is stable. The ratings were originally assigned to EDESA's USD 65 million proposed notes on November 7, 2011. The transaction was subsequently postponed and is now expected to go to market within the next couple of weeks. The note amount has been reduced to US$63 million rather than the original US$65 million previously announced. Proceeds from the US$63 million notes will be used to complete the asset transfer from Edenor to SIESA. Prior to the closing and at the same time of the issuance of the notes, EDESA should settle the intercompany loan it received from Edenor, dated March 4, 2011, for a principal amount of AR$131.3 million (approximately US$30 million) plus accrued interest. EDESA should also settle the ARS3.8 million on the 2010 notes still outstanding. Finally, the remaining portion under the proposed notes will be used to prepay a syndicated loan of approximately ARS55 million (US$12.5 million) outstanding. Ratings Rationale The affirmation takes into consideration the new shareholding group's ample experience and track record in the industry. SIESA's main shareholders include EDESA's current CEO and chairman of the board, Rogelio Pagano, who was previously Edenor's CFO and one of the board members of AEI Utilities's operations in Argentina, Miguel Mendoza. AlthoughMoody's believe that operating an isolated distribution utility in a relatively small service area without the previously expected synergies arising from being part of the largest electricity group in the country raises some concerns on the future efficacy of EDESA's operations, Moody's notes that Edenor's (EDESA's current owner) financial strength is deteriorating and that any previously expected financial support is questionable. In addition, Moody's also acknowledges that a smaller operation that is provincially regulated may be in a more flexible position to adapt to changing or adverse circumstances. In that sense, distance from Buenos Aires and a smaller client base is a credit positive in terms of the lower impact of potential tariffs increases and smoother relationships with both local unions and the local regulator in Salta. In affirming the ratings, Moody's continues to take into account the more reasonable tariff track record from the provincial regulator as compared to federally regulated utilities, as evidenced by EDESA's historical credit metrics and its ability to recover increased costs. Although on an historical basis EDESA's metrics are slightly weaker than some peers, Moody's expects them to improve while many of the peers, particularly in the federally regulated electric and gas distribution sector in Argentina, are rapidly deteriorating as demonstrated by the recent downgrades on some of EDESA's peers. The ratings are constrained by the overall regulatory uncertainty for regulated utilities in Argentina. Although provincial regulations have been more proactive than federal regulators in recent years, the overall regulatory framework n Argentinaremains uncertain and unpredictable. The ratings also factor in the small size of the company in terms of revenues, number of clients and service area. From a comparison stand point EDESA's market position is considered weaker than Edenor' and other bigger regulated utilities with operations in Buenos Aires. Finally, EDESA's notes are dollar denominated and will not be hedged, therefore they will be exposed to potential devaluation risk. Management has indicated its intention to swap one to two years of interest (and principal), although at the issuance date the swaps are not expected to be in place. The stable outlook reflects Moody's expectation that EDESA will continue to maintain a proactive relationship with the Provincial regulator and that provincial regulations will continue to be supportive in relation to cost recoveries and authorized tariff increases. The stable outlook also anticipates moderate leverage and positive free cash flow generation in the medium term. Negative pressure on the ratings or outlook could result from an unanticipated adverse change in the Province's regulations or some negative intervention from federal government/regulations in the company's business. Additionally, any downward rating action at the sovereign level would likely result in negative rating actions at EDESA. Finally, execution of a more aggressive financial policy that favors higher leverage or aggressive dividend payments which impact the cushion for debt repayment could also add downward ratings pressure. Quantitatively, a ratio of RCF to Debt lower than 25% or a debt to EBITDA ratio higher than 3.5 times could result in a negative rating action. An upgrade of the rating or the outlook could result from a substantial reduction in leverage such that debt to EBITDA falls below 1.0 time coupled with a debt profile that avoids material exposure to FX and devaluation risk. An improving business and regulatory environment in Argentina or a positive rating action at the sovereign level could also create upwards rating pressure. Edesa is the sole electricity distribution company operating in the Province of Salta in northern Argentina. On August 12, 1996, Edesa was granted a 50-year concession by theSalta provincial government to distribute electricity on an exclusive basis within the Province territory. Edesa distributes electricity to approximately 96% of the households in the Province and reported revenues for the last twelve months as of December, 2011 of ARS 415 million (approximately US$95 million). Edesa's current indirect controlling shareholder is Edenor (B3/Baa2.ar, negative) through the holding of 78.56% of Emdersa's (EDESA direct holding company parent) shares. On April 24, Edenor announced it was selling the company to SIESA (not rated), an Argentinean investment group. FOXMAN FUEGUINA: Applies for Bankruptcy Protection -------------------------------------------------- Foxman Fueguina SA applied for bankruptcy protection. The company defaulted on its payments last Aug. 1, 2011. INDUSTRIAS MD: Asks for Bankruptcy Proceedings ---------------------------------------------- Industrias MD SA asked for bankruptcy proceedings. The company defaulted on its payments last Aug. 16, 2011. SILLETEC SA: Creditors' Proofs of Debt Due June 18 -------------------------------------------------- Jorge Alberto Arias, the court-appointed trustee for Silletec SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 18, 2012. Mr. Arias will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, 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: Jorge Alberto Arias Av. Corrientes 1312 Argentina ============= B A H A M A S ============= KERZNER INTERNATIONAL: Atlantis Resort Rescue Moves Forward ----------------------------------------------------------- Caribbean360.com reports that Brookfield Asset Management must maintain at least 8,000 employees and pump a minimum US$50 million a year into Kerzner International's Atlantis Resort and One & Only Ocean Club in exchange for the Bahamas government approving its ownership transfer. The government of Bahamas has announced its approval of the ownership transfer to Brookfield Asset Management in a US$175 million debt-for-equity swap, according to Caribbean360.com. The report relates that the announcement comes almost four months after Brookfield cancelled its original deal to take over the Paradise Island properties and another resort in Mexico. Caribbean360.com notes that the government and Kerzner executives first disclosed the impending ownership transfer in November 2011. However, the report relates that in mid-January, Brookfield cancelled its offer days after a group of Kerzner creditors more senior to Brookfield filed a lawsuit alleging that the Canadian conglomerate negotiated a "sweetheart deal" that would negatively impact the interests of other lenders. Caribbean360.com says that the government said it was now "formally satisfied" that Kerzner's group of lenders had agreed to the transfer of ownership. Caribbean360.com discloses that along with the financial requirements as a condition of the ownership transfer, the government has also stipulated that Kerzner continues to market the Atlantis brand on the same level as it was previously. The new deal also mandates that existing staff will be employed by Brookfield. Under two management agreements included in the deal -- the Atlantis Management Agreement and Ocean Club Management Agreement -- Kerzner will continue to manage Atlantis for a minimum of three to six years and the One & Only Ocean Club for at least 15 years, once it meets "certain performance hurdles," Caribbean360.com notes. However, Caribbean360.com says that despite these stipulations, the Bahamian government has not outlined what, if any, repercussions Brookfield would face if it does not adhere to these conditions. George Markantonis, Kerzner International (Bahamas) managing director, said the new deal would not change the company's day- to-day operations, the report adds. The Atlantis in the Bahamas, built in 1998, is among the busiest resorts in North America, spanning 2,317 rooms, a casino, conference rooms, shops, a spa, a 40-acre water park and a dolphin habitat. Kerzner International is the owner of several luxury getaways. The Atlantis resort in the Bahamas, Kerzner's flagship property, is one of the most popular resorts in North America. ============= B E R M U D A ============= BRIDAS INTERNATIONAL: Creditors' Proofs of Debt Due May 16 ---------------------------------------------------------- The creditors of Bridas International Ltd. are required to file their proofs of debt by May 16, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street Hamilton HM 11 Bermuda BRIDAS INTERNATIONAL: Members' Final Meeting Set for June 5 ----------------------------------------------------------- The members of Bridas International Ltd. will hold their final meeting on June 5, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 30, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street Hamilton HM 11 Bermuda EBP RE: Creditors' Proofs of Debt Due May 16 -------------------------------------------- The creditors of EBP Re, Ltd. are required to file their proofs of debt by May 16, 2012, to be included in the company's dividend distribution. Stephen Lowe is the company's provisional liquidator. OLD MUTUAL: Creditors' Proofs of Debt Due May 23 ------------------------------------------------ The creditors of Old Mutual Life Assurance Company (Bermuda) Limited are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2012. The company's liquidators are: Mike Morrison Charles Thresh KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton Bermuda OLD MUTUAL: Members' Final Meeting Set for June 5 ------------------------------------------------- The members of Old Mutual Life Assurance Company (Bermuda) Limited will hold their final meeting on June 5, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 25, 2012. The company's liquidators are: Mike Morrison Charles Thresh KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton Bermuda TBS INTERNATIONAL: Creditors' Proofs of Debt Due May 25 ------------------------------------------------------- The creditors of TBS International Limited are required to file their proofs of debt by May 25, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2012. The company's liquidators are: Charles Thresh Mike Morrison KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton Bermuda TBS INTERNATIONAL: Members' Final Meeting Set for June 20 --------------------------------------------------------- The members of TBS International Limited will hold their final meeting on June 20, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on April 24, 2012. The company's liquidators are: Charles Thresh Mike Morrison KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton Bermuda =========== B R A Z I L =========== CENTRAIS ELETRICAS: To Seek BRL650 Million Bond Sale ---------------------------------------------------- Bloomberg News reports that Centrais Eletricas do Para SA will seek to sell BRL650 million (US$337 million) of bonds as part of its recovery plan, said a person with direct knowledge of the matter. The bonds would yield 15% a year and could be converted into stock in the future, said the person, who asked not to be identified because the plan isn't public yet, according to Bloomberg News. A meeting with creditors to discuss the plan will be held within 120 days, Celpa said in an e-mailed statement obtained by Bloomberg News. Bloomberg News notes that the Brazilian government is not planning to take control of Celpa to help investors, Energy Minister Edison Lobao said March 13. Bloomberg News relays that the government would only step in to help ensure power distribution if necessary, Mr. Lobao said. As reported in the Troubled Company Reporter-Latin America on March 2, 2012, Bloomberg News said that Celpa filed for bankruptcy protection amid growing debt and more than four years of frozen tariffs as the company's controller struggles to find a buyer. Some regulations issued in recent years by the Brazilian electricity regulator, Aneel, "impacted drastically" on Celpa's earnings, the company said in a regulatory filing obtained by Bloomberg. Celpa, Bloomberg relates, said it was also affected by Aneel "delaying" tariff revisions. CELPA, headquartered in Belem, owns a 30-year concession contract that expires in 2028 to distribute electricity to 143 cities in the state of Para. CELPA is controlled by Rede Energia S.A. (REDE), which has a direct and indirect participation of 61.4% of CELPA's total capital. * * * As reported in the Troubled Company Reporter on March 5, 2012, Moody's downgraded the Issuer ratings of Centrais Eletricas do Para (CELPA) to Ca from B3 on the global scale and to Ca.br from B1.br on the Brazilian national scale. At the same time, Moody's downgraded to Ca from B3 the rating of the senior unsecured 5- year US$250 million bonds issued by CELPA. Following this rating action, Moody's will withdraw both ratings given that CELPA filed for court protection under the Brazilian bankruptcy and reorganization law (Judicial Recovery). GAFISA SA: Appeals to Foreign Investors Ahead of Board Vote ----------------------------------------------------------- Gabrielle Coppola and Telma Marotto at Bloomberg News report that Gafisa SA is appealing to international shareholders, who hold 57% of the Brazilian homebuilder's stock, to support the company's slate of board nominees at a meeting next week. "An important part of our shareholders may be on the sidelines in the process . . . . The company can change without their opinion," Chief Executive Officer Alceu Duilio Calciolari told Bloomberg News in an interview. Bloomberg News discloses that investors holding about 7% of the stock, including Rio de Janeiro-based fund managers Polo Gestao de Recursos Ltda. and Rio Bravo Investimentos, are challenging Gafisa SA's nominees after the stock plunged 57% in the past year, saying current management isn't capable of turning around the company, which reported a fourth-quarter loss of US$537 million, Bloomberg News notes. Bloomberg News says that control of the board at Brazil's fifth- biggest homebuilder by revenue may change hands should international investors, many of whom are unaware of the upcoming election, fail to support the company's nominees. Investors who don't attend the meeting have until May 8 to vote. International investors are at a disadvantage because some of the challengers' board nominees will be announced only during the meeting on May 11, Mr. Calciolari said, Bloomberg News says. Polo Gestao de Recursos has nominated five new people to the board, including Claudio Andrade, a partner at the firm, according to regulatory filings, Bloomberg News relays. Rio Bravo and Funcef, the pension fund of state-controlled bank Caixa Economica Federal, have also put forth candidates to Gafisa's board, Bloomberg News adds. About Gafisa SA Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa S.A. is one of the largest fully integrated homebuilders in the country ranking second in terms of revenues and volumes, and also one of the most diversified in terms of product offering to different income levels and geographies, operating in 20 different states. With an estimated market share of 6% in Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12 months ending on March 31, 2008. * * * As reported in the Troubled Company Reporter-Latin America on April 20, 2012, Moody's America Latina downgraded Gafisa's corporate family ratings to Ba3 from Ba2 on its global scale and to A3.br from A1.br on its national scale. =============== C O L O M B I A =============== OSAGE EXPLORATION: Issues US$10 Senior Secured Note to Apollo ------------------------------------------------------------- Osage Exploration and Development, Inc., entered into a US$10,000,000 senior secured note purchase agreement with Apollo Investment Corporation. The Notes, which mature on April 27, 2015, are secured by substantially all of the assets of the company, including a mortgage on all of the Company's Oklahoma leases. The Notes have an interest rate of Libor plus 15% with a Libor floor of 2.0%, with interest payable in cash monthly. In addition, Apollo received a warrant to purchase 1,496,843 shares of common stock, US$0.0001 par value, exercisable at US$0.01 per share with an expiration date of April 27, 2017. Minimum draw downs on the Note Purchase Agreement are US$1,000,000. At closing, the Company did not draw down any funds. At closing, the Company paid US$100,000 placement fee, to CC Natural Resource Partners, LLC, and issued a warrant to purchase 250,000 shares of common stock, US$0.0001 par value, exercisable at US$0.01 per share with an expiration date of April 27, 2014. The Company will pay CCNRP an additional placement fee of 4.0% of the amount drawn, once the Company has drawn US$2,500,000 under the Note Purchase Agreement. About Osage Exploration Based in San Diego, California with production offices in Oklahoma City, Oklahoma, and executive offices in Bogota, Colombia, Osage Exploration and Development, Inc. (OTC BB: OEDV) -- http://www.osageexploration.com/-- is an independent exploration and production company with interests in oil and gas wells and prospects in the US and Colombia. The Company's balance sheet at Dec. 31, 2011, showed US$5.47 million in total assets, US$1.32 million in total liabilities, and a US$4.15 million in total stockholders' equity. GKM, LLP, in Encino, California, expressed substantial doubt about the Company's ability to continue as a going concern following the Company's 2011 financial results. The independent auditors noted that the Company has suffered recurring losses from operations and has an accumulated deficit as of Dec. 31, 2011. =========== M E X I C O =========== BNTECB 07-2: Moody's Cuts Rating on Sub. Debt Certs. to 'Ba3' ------------------------------------------------------------- Moody's de Mexico S.A. de C.V. downgraded the Global Scale, Local Currency and National Scale ratings of BNTECB 07 senior debt certificates to Baa3 (sf) / Aa2.mx (sf) from Baa1 (sf) / Aaa.mx (sf). Moody's also downgraded the Global Scale, Local Currency and National Scale ratings of BNTECB 07-2 subordinated debt certificates to Ba3 (sf) / A3.mx (sf) from Baa3 (sf) / Aa3.mx (sf). Originator: Banco Mercantil del Norte S.A., Institucion de Banca M�ltiple, Grupo Financiero Banorte Trustee: The Bank of New York Mellon S.A., Instituci�n de Banca M�ltiple Class A BNTECB 07: Downgraded to Baa3 (sf) / Aa2.mx (sf) Global Scale, Local Currency and Mexican National Scale; previously on December 4, 2007 assigned Baa1 (sf) / Aaa.mx (sf) Class B BNTECB 07-2: Downgraded to Ba3 (sf) / A3.mx (sf) Global Scale, Local Currency and Mexican National Scale; previously on December 4, 2007 assigned Baa3 (sf) / Aa3.mx (sf) Rating Rationale These rating actions are mainly driven by a lower credit quality in the securitized loan portfolio than that at the transaction closing in December 4, 2007, when Moody's assigned initial ratings. Interest and principal payments to certificate holders are backed by cash flow from a portfolio comprised of loans granted to Mexican states and municipalities by Banco Mercantil del Norte S.A., Institucion de Banca Multiple, Grupo Financiero Banorte (Banorte, rated A3 / Aaa.mx Bank Deposits, Local Currency and Mexican National Scale, respectively). Most of securitized loans are backed by federal participation revenues assigned to a trust established under the laws of Mexico. BNTECB 07 certificates have a minimum established credit enhancement of 6% of the total loan balance in the form of subordination and overcollaterization. As of April 2012, the total credit enhancement for BNTECB 07 was 12.3%. Certificates BNTECB 07-2 are subordinated to BNTECB 07 and benefit from a minimum of 2% of the total loan balance in the form of overcollateralization. In addition, Moody's ratings reflect the role of Banorte as collateral manager, the stable trend of total collections and a fully funded cash reserve equivalent to one coupon payment. These factors mitigate liquidity risks associated with this transaction's dual waterfall structure. According to the transaction documents, interest collections net of fees and expenses are used to pay interest on the certificates, and principal collections are only to be used to pay principal on the certificates. As of April 2012, the interest coverage ratio (ICR) during the last twelve months exhibited an average of 1.24 times (x) for BNTECB 07 certificates and 2.26x if the cash reserve fund is taken into account. Trust assets are currently comprised of loans (91.8%) and cash (8.2%). Total loan portfolio is relatively concentrated and includes 11 obligors representing 21 loans. Average and maximum obligor concentration are at 4.3% and 21.3%, respectively. According to the collateral manager report, all loans are current. Moody's analyzed the underlying collateral pool of loans in a base case scenario to derive a default probability taking into account the credit quality of the securitized assets and the expected average life of each loan. The expected loss for both certificates considered the resulted weighted average default probability (this is an implied weighted average rating factor -- WARF-of 799), current overcollateralization level, a 50% recovery rate, 65% correlation and the liability structure of this transaction. BNTECB 07 and BNTECB 07-2 certificates pay interest on a monthly basis and amortize at the legal final maturity date (May 15, 2037). However, if total credit enhancement is not met at any coupon date, the certificates will receive principal payments until the minimum credit enhancement is met. As of April 2012, both certificates had been paid down approximately 21.1%. In addition to the base case analysis described above, Moody's also performed sensitivity analyses to test the impact on all rated notes of various default probabilities. Assuming the default probability is adjusted by a 35% increase on the Moody's WARF to 1,084, BNTECB 07 ratings would change to Ba1 (sf) / Aa3.mx (sf) from Baa3 (sf) / Aa2.mx (sf); and BNTECB 07-2 ratings would change to B1 (sf) / Baa1.mx (sf) from Ba3 (sf) / A3.mx (sf). If the Moody's WARF is decreased by -36% to 508 (this is a lower expected loss) then, BNTECB 07 ratings would change to Baa1 (sf) / Aaa.mx (sf) from Baa3 (sf) / Aa2.mx (sf); and BNTECB 07-2 ratings would change to Ba2 (sf) / A1.mx (sf) from Ba3 (sf) / A3.mx (sf), all other factors are held equal. NEWSAN: Moody's Assigns 'B2' Rating to ARS100MM Sr. Unsec. Notes ---------------------------------------------------------------- Moody's Latin America has assigned a B2 local currency rating and an Aa3.ar NSR to Newsan's proposed new ARS100 million Class II senior unsecured notes to be issued in the local capital market. At the same time, Moody's assigned a B2 local currency rating and an Aa3.ar NSR to Newsan's proposed ARS100 million Class III senior unsecured notes. At the same time, Moody's affirmed the B2 local currency rating and an Aa3.ar NSR to Newsan's ARS 200 million bank credit lines with Banco de la Nacion Argentina. The outlook was revised to stable from positive. The following ratings were affected: -- Corporate Family Rating, B2 is affirmed. Aa3.ar National Scale Rating is affirmed -- Senior Unsecured Bank Credit Facility, B2 is affirmed. Aa3.ar National Scale Rating is affirmed Assignments: -- ARS up to 200 million Senior Unsecured notes, B2 / Aa3.ar Outlook, revised to stable from positive Rating Rationale The rating actions reflect Moody's view that Newsan ultimately cannot be completely de-linked from the credit quality of the Argentinean government (B3, stable), and thus its ratings need to more closely reflect the risk that they share with the sovereign. Moody's believes that there has been no deterioration in the intrinsic credit quality of Newsan. However, a weaker sovereign has the potential to create a credit pressure, and therefore it is appropriate to limit the extent to which these issuers are rated higher than the sovereign, in line with Moody's Rating Implementation Guidance "How Sovereign Credit Quality May Affect Other Ratings" published on February 13, 2012. Newsan remains rated above the sovereign rating at B3 as a reflection of its stronger credit quality. The B2 and Aa3.ar ratings reflect Newsan's position as one of the leading consumer electronics manufacturers in Argentina, its diversified product portfolio with market leadership in the television and residential air conditioning segments and its flexible manufacturing base, with five plants located strategically to serve the Argentine consumer market. Additionally, the ratings reflect Newsan's strong revenue growth andMoody's expectation that Newsan's sales and funds from operations will continue to benefit from the 2010 tax amendment with fiscal benefits for the local electronic products manufacturing industry, coupled with consumer financing plans offered by banks and retailers. The ratings also consider Newsan's low leverage for its rating category and its well-established relationships with parts suppliers, one of which is New San's 28.12% minority shareholder, Sanyo Electric Co., Ltd, acquired by Panasonic (rated A2). Newsan's key credit negatives include the particularly challenging competitive environment, with its exclusive focus on the Argentine consumer market, relatively small scale in relation to its global peers and high customer concentration. The company's tight liquidity profile, with most of it debt structured in the short term, is also a credit negative, although Moody's expects that Newsan may have some flexibility in managing its capital expenditures. The stable outlook reflects Moody's expectation that Newsan will be able to maintain revenues and earnings over the near term given the continuing migration from imported goods to local production, supported by the new regime to promote technological production in the province of Tierra del Fuego. The rating outlook also reflects Moody's expectation that Newsan will continue to successfully implement its business model, thus allowing the company to preserve adequate access to external financing sources to meet its short-term debt obligations while maintaining adequate levels of cash generation in relation to debt. An upgrade of the ratings could result from a continued strengthening of Newsan's revenues during 2012 and 2013 while maintaining its operating margins and low leverage. In addition, the extension period of the current credit cards installment payment scheme could bring upward pressure on the ratings. Quantitatively, upward momentum could result if Newsan's total adjusted debt to EBITDA is sustained below 1.2 times (1.3 times as of last fiscal year ended December, 2011) and EBITDA margin above 12% (9.4% as of last fiscal year end December, 2011). Additionally, a more predictable outlook for economic activity in Argentina would be important for ratings upgrade. Ratings could come under downward pressure if there is reduced availability of consumer loans in 2012 or if weaker than expected performance leads to a deterioration in operating margins. Quantitatively, a downgrade could result from a drop in Newsan's EBIT margin to below 5.0% on a three-year average basis or a significant increase in leverage, with total adjusted debt to EBITDA of above 6 times. Indications of a weakening market share in the domestic retail market could also drive negative pressure Headquartered in Buenos Aires, Argentina, New San S.A. (Newsan) is one of the leading manufacturers of digital consumer electronics products, components and audio and home appliances. With total revenues of US$620 million as of the last fiscal year ended December, 2011 and a widely known brand name in the local retail market, New San is a 71.88% family-owned company and 28.12% owned by Sanyo Electric Co, Ltd. (Japan). ===================== P U E R T O R I C O ===================== CERTENEJAS INC: Can Employ Luis Carrasquillo as Consultant ---------------------------------------------------------- The Bankruptcy Court authorized the Certenejas Incorporado to employ CPA Luis R. Carrasquillo & Co., P.S.C, as financial consultant. The Debtor said it is in need of an accountant to assist its management in the financial restructuring of its affairs by providing advice in strategic planning and the preparation of Debtor's plan of reorganization, disclosure statement and business plan, and participating in Debtor's negotiations with Debtor's creditors. In selecting CPA Luis R. Carrasquillo & Co., P.S.C, the Debtor said it made careful and diligent inquiry into the qualifications and connections and has found Carrasquillo and its members to be duly qualified to assist Debtor in the aforesaid areas by reason of their ability, integrity and professional experience. The duties of Carrasquillo will consist of strategic counseling and advice, pro forma modeling preparation, financial/business assistance, preparation of documentation as requested for and during Debtor's Chapter 11, specifically as it is related to and has an effect on Debtor, as well as recommendations and financial/business assessments regarding issues specifically related to Debtor. The Debtor paid CPA Luis R. Carrasquillo a US$30,000 retainer, against which the Firm will bill the Debtor its regular hourly rates. The regular hourly rates of the firm are: CPA Luis R. Carrasquillo US$160 per hour CPA Marcelo Gutierrez $125 per hour Other CPA's $90-$125 per hour To the best of the Debtor's knowledge, the Firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Certenejas Incorporado Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and Motel El Rio -- owns motels or short-term guest houses in Puerto Rico. It filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April 11, 2012. The Debtor disclosed US$27.68 million in assets and US$45.29 million in debts as of the Chapter 11 filing. Charles Alfred Cuprill, Esq., serves as the Debtor's counsel. The petition was signed by Luis J. Meaux Vazquez, president. Certenejas Incorporado and three affiliates also sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to 09-08473) on Oct. 2, 2009. The affiliates are Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget Development Corporation. According to the schedules filed in the 2009 case, Certenejas Incorporado had total assets of US$13,800,000, and total debts of US$41,596,637. The petition was signed by Luis J. Meaux Vazquez, the Company's president. CERTENEJAS INC: Can Hire Charles Cuprill as Attorney ---------------------------------------------------- The Bankruptcy Court authorized Certenejas Incorporado to employ Charles A. Cuprill, P.S.C., Law Offices, as attorney for the Debtor. The Debtor said it has made careful and diligent inquiry into the qualifications and connections of Charles A. Cuprill, P.S.C., Law Offices, and has found that the law firm and its members to be duly qualified to represent Debtor in the proceedings by reason of their ability, integrity and professional experience. The Debtor has paid the firm a US$30,000 retainer. As compensation, the law firm will bill the Debtor US$350 per hour, plus expenses, for work performed or to be performed by Charles A. Cuprill-Hernandez, Esq. In addition, other professionals may be needed in performing services to the Debtor. The regular rates of the Firm's professionals are: Senior Associates US$250 per hour Junior Associates $150 per hour Paralegals $85 per hour To the best of the Debtor's knowledge, the Firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Certenejas Incorporado Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and Motel El Rio -- owns motels or short-term guest houses in Puerto Rico. It filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April 11, 2012. The Debtor disclosed US$27.68 million in assets and US$45.29 million in debts as of the Chapter 11 filing. Charles Alfred Cuprill, Esq., serves as the Debtor's counsel. The petition was signed by Luis J. Meaux Vazquez, president. Certenejas Incorporado and three affiliates also sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to 09-08473) on Oct. 2, 2009. The affiliates are Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget Development Corporation. According to the schedules filed in the 2009 case, Certenejas Incorporado had total assets of US$13,800,000, and total debts of US$41,596,637. The petition was signed by Luis J. Meaux Vazquez, the Company's president. CERTENEJAS INC: Sec. 341(a) Creditors' Meeting Set for May 21 ------------------------------------------------------------- The U.S. Trustee for Region 21 will convene a meeting of creditors of Certenejas Incorporado on May 21, 2012, at 9:00 a.m. The meeting will be held at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, San Juan. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Government Proofs of Claim is due by Oct. 15, 2012. Certenejas Incorporado -- aka Hotel Flor Del Valle, Motel El Eden, Motel Molino Azul, Motel Molino Rojo, Motel Las Palmas, and Motel El Rio -- owns motels or short-term guest houses in Puerto Rico. It filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02806) in Old San Juan, Puerto Rico, on April 11, 2012. The Debtor disclosed US$27.68 million in assets and US$45.29 million in debts as of the Chapter 11 filing. Charles Alfred Cuprill, Esq., serves as the Debtor's counsel. The petition was signed by Luis J. Meaux Vazquez, president. Certenejas Incorporado and three affiliates also sought Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos. 09-08470 to 09-08473) on Oct. 2, 2009. The affiliates are Rojoazul Hotel, Inc., Jonathan Corporation, and Silvernugget Development Corporation. According to the schedules filed in the 2009 case, Certenejas Incorporado had total assets of US$13,800,000, and total debts of US$41,596,637. The petition was signed by Luis J. Meaux Vazquez, the Company's president. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Management Encourages Firms to Start Building -------------------------------------------------------------- Cecily Asson at Trinidad and Tobago Newsday reports that contractors are being encouraged by management of Trinidad Cement Limited to either resume or commence their construction projects which have been on hold since the February 27 strike by workers over wage negotiations. In a release, TCL General Manager Satnarine Bachew stated that in the just concluded month of April, TCL made available 53,226 metric tons of cement for the local market and noted that they were able to meet the demand despite ongoing industrial action at the company, according to T&T Newsday. "Full market satisfaction was attained through a combination of cement sourced from TCL's member companies, Arawak Cement Limited (Barbados) and Caribbean Cement Company Limited (Jamaica) as well as its strategic partner, CEMEX, supplemented by production at the Claxton Bay plant," the report quoted Mr. Bachew as saying. The report notes that a total of 26,592 metric tons was imported with 26,634 metric tons produced locally. T&T Newsday discloses that a recent check with hardware dealers, readymix operators and block manufacturers affirmed that there was an adequate supply. "I encourage consumers to either resume or commence their construction projects free from fear of inconsistent supply as all measures are in place for the steady ramping up of production at Claxton Bay and continued outsourcing from the group's regional operations," Mr. Bachew added, T&T Newsday discloses. 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. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA IMPTC AR IMPSAT FIBER-C/E 535007008 -17164978 IMPTD AR IMPSAT FIBER-$US 535007008 -17164978 XIMPT SM IMPSAT FIBER NET 535007008 -17164978 IMPTQ US IMPSAT FIBER NET 535007008 -17164978 IMPTB AR IMPSAT FIBER-BLK 535007008 -17164978 IMPT AR IMPSAT FIBER-CED 535007008 -17164978 330902Q GR IMPSAT FIBER NET 535007008 -17164978 CADN EO SOC COMERCIAL PL 196722660 -320946053 CAD IX SOC COMERCIAL PL 196722660 -320946053 COME AR SOC COMERCIAL PL 196722660 -320946053 SCPDS LI COMERCIAL PL-ADR 196722660 -320946053 COMEC AR SOC COMERCIAL PL 196722660 -320946053 CVVIF US SOC COMERCIAL PL 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ARLA4 BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9 ARLA2 BZ ARTHUR LANG-RT P 11642255.9 -17154461.9 ALICON BZ ARTHUR LANGE SA 11642255.9 -17154461.9 ARLA3 BZ ARTHUR LANGE 11642255.9 -17154461.9 ARLA11 BZ ARTHUR LAN-DVD C 11642255.9 -17154461.9 ARLA1 BZ ARTHUR LANG-RT C 11642255.9 -17154461.9 ARLA10 BZ ARTHUR LANG-RC P 11642255.9 -17154461.9 ARLA12 BZ ARTHUR LAN-DVD P 11642255.9 -17154461.9 ALICPN BZ ARTHUR LANGE-PRF 11642255.9 -17154461.9 ARLA9 BZ ARTHUR LANG-RC C 11642255.9 -17154461.9 FTSJON BZ TECEL S JOSE 11373137.9 -58818728.6 FTSJPN BZ TECEL S JOSE-PRF 11373137.9 -58818728.6 SJOS3 BZ TECEL S JOSE 11373137.9 -58818728.6 SJOS4 BZ TECEL S JOSE-PRF 11373137.9 -58818728.6 CCHI3 BZ CHIARELLI SA 11281940.7 -81454622.1 CCHI4 BZ CHIARELLI SA-PRF 11281940.7 -81454622.1 CCHON BZ CHIARELLI SA 11281940.7 -81454622.1 CCHPN BZ CHIARELLI SA-PRF 11281940.7 -81454622.1 FGUIPN BZ FERREIRA GUIM-PR 11016542.1 -151840377 FGUION BZ FERREIRA GUIMARA 11016542.1 -151840377 FGUI3 BZ F GUIMARAES 11016542.1 -151840377 FGUI4 BZ F GUIMARAES-PREF 11016542.1 -151840377 COLOMBIA 2940894Z CI EMPRESA DE LOS F 1933599104 -50416404 TELEX CI CHILESAT CORP SA 1156945109 -122555290 CHILESAT CI CLARO COM SA 1156945109 -122555290 CSAOY US TELMEX CORP-ADR 1156945109 -122555290 TL US CHILESAT CO-ADR 1156945109 -122555290 TELEXA CI TELEX-A 1156945109 -122555290 CHISATOS CI CHILESAT CO-RTS 1156945109 -122555290 TELEXO CI TELEX-RTS 1156945109 -122555290 PUYEHUOS CI PUYEHUE RIGHT 24447502.1 -1250905.47 PUYEH CI PUYEHUE 24447502.1 -1250905.47 *********** 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 * * *