/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120618.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, June 18, 2012, Vol. 13, No. 119 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Gets 110 Years Sentenced A R G E N T I N A BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating CENTRO DE ARCHIVOS: Creditors' Proofs of Debt Due Aug. 13 CLEARING SA: Creditors' Proofs of Debt Due Aug. 2 GIRASOLES DEL SUR: Creditors' Proofs of Debt Due Aug. 7 MERA LATINA: Creditors' Proofs of Debt Due Aug. 16 PRAXIPHARMA SA: Creditors' Proofs of Debt Due July 17 SKLYCELL SA: Creditors' Proofs of Debt Due June 29 YPF SA: Billionaire Slim Gets 8.4% Stake From Eskenazis B E R M U D A NEWLEAD HOLDINGS: PwC Greece Raises Going Concern Doubt B R A Z I L COMPANIA LATINOAMERICANA: Fitch Affirms 'B' Issuer Default Rating C A Y M A N I S L A N D S AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15 CARFEDEMA LTD: Creditors' Proofs of Debt Due July 10 ENGELBERG HOLDINGS: Creditors' Proofs of Debt Due July 6 ENGELBERG HOLDINGS: Shareholders' Final Meeting Set for July 11 GREEN VALLEY: Creditors' Proofs of Debt Due June 25 GUARDIAN ANGEL: Creditors' Proofs of Debt Due July 6 GUARDIAN ANGEL: Shareholders' Final Meeting Set for July 11 IRIS GLOBAL: Creditors' Proofs of Debt Due June 15 JSM INDOCHINA: Creditors' Proofs of Debt Due July 6 PERA GLOBAL: Commences Liquidation Proceedings SG MICRO LIMITED: Creditors' Proofs of Debt Due June 26 TMS FUNDING: Commences Liquidation Proceedings J A M A I C A DIGICEL GROUP: Gets Double Blow From FTC M E X I C O CORPORACION ELECTRICA: S&P Gives 'B' Corporate Credit Rating T U R K S & C A I C O S ALEXANDRIA RESORT: Bank Places Resort in Receivership T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Could Drop London Route if Unprofitable CENTRIN: Workers Reject Dismissal Letters X X X X X X X X * BOND PRICING: For the Week June 11 to June 15, 2012 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Gets 110 Years Sentenced ---------------------------------------------- Jamaica Observer reports that Robert Allen Stanford was sentenced by U.S. District Judge David Hittner to 110 years in prison for bilking investors out of more than US$7 billion in over two decades. In a defiant, Mr. Stanford told the court about the injuries he suffered during a prison fight; criticized the government for its "gestapo tactics" when his companies were put in receivership and their assets sold off to pay back investors; described his financial empire as a victim of the 2008 credit collapse; and recalled riding horses with former President George W Bush, according to Jamaica Observer. "I did not run a Ponzi scheme. I didn't defraud anybody," Jamaica Observer quoted Mr. Stanford as saying. Jamaica Observer notes that prosecutor William Stellmach chastised Stanford for his lack of remorse for defrauding thousands of people of their lifesavings and preventing them from being able to send their kids to college or to get needed medical treatment. Jamaica Observer notes the judge also ordered Mr. Stanford to forfeit US$5.9 billion, but that was mostly symbolic because Mr. Stanford is penniless. Jamaica Observer says that the jury that convicted Stanford also cleared the way for US authorities to go after about $330 million in stolen investor funds sitting in the financier's frozen foreign bank accounts in Canada, England and Switzerland. But due to legal wrangling, it could be years before the more than 21,000 investors recover anything, and whatever they ultimately get will only be a fraction of what they lost, Jamaica Observer adds. As reported in the Troubled Company Reporter-Latin America on June 12, 2012, Trinidad Express said that U.S. prosecutors have asked that the convicted fraudster Mr. Stanford be given the maximum penalty of 230 years in prison at his sentencing. The report noted that prosecutors said Mr. Stanford's lawyers have asked for a prison sentence of 31 to 44 months. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= BANCO CONTINENTAL: Moody's Assigns 'Ba3' Global FC Debt Rating -------------------------------------------------------------- Moody's Investors Service assigned a Ba3 foreign currency debt rating to Banco Continental S.A.E.C.A.'s (Continental) senior debt issuance of up to US$200 million and maximum tenor of up to 10 years. The Notes will be governed by the laws of the State of New York. The outlook on the debt rating is stable. The following ratings were assigned to Banco Continental S.A.E.C.A.: Global Foreign-Currency Debt Rating: Ba3, stable outlook Ratings Rationale Moody's explained that the foreign currency senior unsecured debt rating derives from Continental's Ba2 global local currency deposit rating. However, the bond rating is constrained by Paraguay's Ba3 country ceiling for foreign currency bonds. The principal methodologies used in this rating were Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2012. Banco Continental S.A.E.C.A. is headquartered in Asunci▋, Paraguay, and it had assets of US$1.9 billion and equity of US$174 million as of December 2011. CENTRO DE ARCHIVOS: Creditors' Proofs of Debt Due Aug. 13 --------------------------------------------------------- Mirta Alicia Hernandez, the court-appointed trustee for Centro de Archivos Computados Integrales SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 13, 2012. Ms. Hernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, 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: Mirta Alicia Hernandez Sanchez de Bustamante 68 Argentina CLEARING SA: Creditors' Proofs of Debt Due Aug. 2 ------------------------------------------------- Alberto Gimenez, the court-appointed trustee for Clearing SA's reorganization proceedings, will be verifying creditors' proofs of claim until Aug. 2, 2012. Mr. Gimenez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Alberto Gimenez Rosario 814 Argentina GIRASOLES DEL SUR: Creditors' Proofs of Debt Due Aug. 7 ------------------------------------------------------- Hector Edgardo Grum, the court-appointed trustee for Girasoles del Sur SA's reorganization proceedings, will be verifying creditors' proofs of claim until Aug. 7, 2012. Mr. Grum will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on May 17, 2013. The Trustee can be reached at: Hector Edgardo Grum San Martin 551 Argentina MERA LATINA: Creditors' Proofs of Debt Due Aug. 16 -------------------------------------------------- Fernando Ezequiel Aquilino, the court-appointed trustee for Mera Latina SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 16, 2012. Mr. Aquilino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37, 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: Fernando Ezequiel Aquilino Montevideo 571 Argentina PRAXIPHARMA SA: Creditors' Proofs of Debt Due July 17 ----------------------------------------------------- Ruben Edgardo Posniak, the court-appointed trustee for Praxipharma SA's reorganization proceedings, will be verifying creditors' proofs of claim until July 17, 2012. Mr. Posniak will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on May 14, 2013. The Trustee can be reached at: Edgardo Posniak Avenida Medrano 37 Argentina SKLYCELL SA: Creditors' Proofs of Debt Due June 29 -------------------------------------------------- Valentina Maria Denda, the court-appointed trustee for Sklycell SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 29, 2012. Ms. Denda will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, 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: Valentina Maria Denda Av. Belgrano 845 Argentina YPF SA: Billionaire Slim Gets 8.4% Stake From Eskenazis ------------------------------------------------------- Rodrigo Orihuela and Crayton Harrison at Bloomberg News report that YPF SA said that Mexican billionaire Carlos Slim became the fourth largest stakeholder in the company. Mr. Slim controls 32.9 million of YPF's Class D shares, or an 8.4% stake worth US$345 million, according to a regulatory filing obtained by Bloomberg News. Bloomberg News notes that a loan default prompted Argentina's Eskenazi family to transfer the creditors. Bloomberg News relates that Arturo Elias, a spokesman for Mr. Slim, said that Grupo Financiero Inbursa SAB was among banks that received YPF SA shares as collateral after the default. "It's great that someone powerful behind this stock has seen there is a big opportunity here," Bloomberg News said Marcus Sequeira, an analyst at Deutsche Bank AG in New York. Mr. Slim's company didn't acquire the rights to Eskenazi's debt after the default, Mr. Elias said in an e-mailed response obtained by the news agency. Bloomberg News notes that two units of the Eskenazi's Petersen Group transferred shares used as collateral to a group of banks on June 11 after defaulting on a loan, Mr. Petersen related in a U.S. Securities and Exchange Commission filing. However, the report notes that the filing contradicts a previous YPF SEC filing that said the Eskenazis were forced to sell 25.9 million shares to Inbursa because of the default. The default sparked cross-defaults on three other loans, one of which had been issued by banks and the other two by Repsol, Bloomberg News discloses. Before the defaults the Eskenazis owned 25% of YPF, Bloomberg News relays. About YPF SA Headquartered in Buenos Aires, Argentina, YPF S.A. is an integrated oil and gas company engaged in the exploration, development and production of oil and gas, natural gas and electricity-generation activities (upstream), the refining, marketing, transportation and distribution of oil and a range of petroleum products, petroleum derivatives, petrochemicals and liquid petroleum gas (downstream). The company is a subsidiary of Repsol YPF, S.A., a Spanish company engaged in oil exploration and refining, which holds 99.04% of its shares. Its international operations are conducted through its subsidiaries, YPF International S.A. and YPF Holdings Inc. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's largest oil and gas producer, YPF SA, said it won't exercise an option to lift its stake in the parent company of natural gas distribution firm Metrogas SA after failing to reach an agreement with creditors. As of March 20, 2012, the company continues to carry Fitch Rating's "B+" long-term foreign currency default rating and "BB" long-term local currency issuer default rating. ============= B E R M U D A ============= NEWLEAD HOLDINGS: PwC Greece Raises Going Concern Doubt ------------------------------------------------------- PricewaterhouseCoopers S.A. in Athens, Greece, said in a May 15, 2012 audit report NewLead Holdings Ltd. has incurred a net loss, has negative cash flows from operations, negative working capital, an accumulated deficit and has defaulted under its credit facility agreements resulting in all of its debt being reclassified to current liabilities. These raise substantial doubt about its ability to continue as a going concern, PwC said. As of May 14, 2012, NewLead had a fleet of five vessels but expects further reductions in the fleet. NewLead said it continues to negotiate with Piraeus Bank in respect of (a) the sale of the vessels Hiona and Hiotissa, and (b) an agreement by which Piraeus will release the Company from all debt obligations arising under the related credit facilities in exchange for equity in the Company. According to NewLead, also included in the five vessels is one newbuilding. Due to the delay in NewLead's payment of an installment of $7.4 million, NewLead is currently in default under the shipbuilding contract of this hull and has not received delivery of this hull. NewLead is currently in discussions with the lenders, the shipyard and a potential buyer in respect of the sale of this hull and the release of its obligations under the loan agreement. NewLead also is in negotiations with WestLB to amend the terms of the parties' loan agreement, whereby the agreement will be amended and restated to enable NewLead to comply with certain of its covenants on an ongoing basis after the closing of a restructuring initiated by NewLead and enable the Newlead Victoria, a drybulk Panamax vessel, to stay within the group. This vessel is subject to a floating rate time charter which may expire as early as July 2012 or as late as October 2012. The vessel owner has the right to an earlier redelivery of the vessel, at any time within the charter duration, subject to the vessel owner tendering three months' advance notice to the charterers. NewLead also is in negotiations with Marfin to amend the terms of the loan agreement, whereby the agreement will be amended and restated to enable NewLead to comply with certain of its covenants on an ongoing basis after the closing of the Restructuring and enable the Newlead Markela, a drybulk Panamax vessel to stay within the group. Due to the economic conditions and operational difficulties of the Company, NewLead entered into restructuring discussions with each of the lenders under its facility and credit agreements, the holders of its 7% senior unsecured convertible notes and the counterparties to its capital leases. As part of those discussions, NewLead appointed Moelis & Company to act as financial advisors in respect of the overall restructuring proposal. The aim of the restructuring is to increase liquidity, normalize trade vendor payments and deleverage the Company on a going forward basis. Since June 2011, NewLead has defaulted under each of its Financing Documents in respect of certain covenants (including, in some cases, the failure to make amortization and interest payments, the failure to satisfy financial covenants and the triggering of cross-default provisions). To date, NewLead has not obtained waivers of these defaults from the lenders. From July 1, 2011 through May 14, 2012, and as part of NewLead's restructuring efforts, the lenders seized four of the Company's vessels and NewLead sold 13 vessels. The sales proceeds have been and are expected to be insufficient to fully repay the related debt and therefore, NewLead will continue to have significant debt. NewLead is also in discussions with the lenders regarding the future use of three of its five remaining vessels. During the Restructuring process, the lenders have continued to reserve their rights in respect of such defaults other than the Kamsarmax Syndicate Facility Agreements and the Northern Shipping Fund arrangement. Except for the Kamsarmax Syndicate Facility Agreements and the Northern Shipping Fund arrangement, the lenders have not exercised their remedies at this time including demand for immediate payment; however, the lenders could change their position at any time. NewLead said there can be no assurance that a satisfactory final agreement will be reached with all the lenders in the Restructuring or at all. On Nov. 8, 2011, NewLead and Moelis presented to each of the lenders under the Financing Documents a commercial presentation which set out a comprehensive global restructuring proposal. The Restructuring Proposal included, among other things, proposed amendments to the Financing Documents (including amortization relief and reset of financial covenants). The lenders have not yet approved the Restructuring Proposal and the changes have not been implemented as of the filing of the annual report. Notwithstanding, NewLead said it has made progress in completing various parts of the Restructuring Proposal and continues to remain in discussions with the remaining lenders. During 2011 and through May 15, 2012, NewLead has sold, disposed of or handed control over to the lenders a total of 17 of NewLead's vessels and hulls under construction (or its ownership of the shipowning subsidiaries) in connection with the restructuring. As of Dec. 31, 2011, NewLead's outstanding debt was $572.2 million, excluding the $71.6 million of unamortized beneficial conversion feature, or BCF, treated as a discount on the outstanding $125.0 million of NewLead's 7% Notes. From Jan. 1, 2012 through May 14, 2012, and as a result of the sale, disposal of or handing control of vessels and hulls to the lenders, NewLead's debt has been decreased by an aggregate amount of $157.1 million. NewLead said that, despite its restructuring efforts over the last several months, as of May 14, 2012, it continues to have: * $56.5 million ($31.2 million relating to the Marfin Credit Facility and $25.3 million relating to the WestLB loan agreement) of outstanding debt for vessels that NewLead expects will remain in its possession after the completion of the Restructuring; * $75.6 million ($69.8 million relating to the Piraeus Bank credit facilities and $5.8 million relating to the Handysize Syndicate Facility Agreement) of outstanding debt for vessels currently in NewLead's possession that NewLead expects to sell and apply the proceeds thereof against the related debt; * $158 million ($76.8 million relating to the Kamsarmax Syndicate Facility Agreements and $81.2 million relating to the Lemissoler Sale and Leaseback agreements) of liabilities for vessels that NewLead already handed control over to the lenders but has not yet obtained final releases; and * $125 million of 7% Notes outstanding, for which NewLead is currently in negotiations to convert such notes to equity prior to the completion of the Restructuring. Last month, NewLead said net loss for the years ended Dec. 31, 2011 and 2010 was $290.4 million and $86.3 million, respectively. This loss included loss from discontinued operations of$32.2 million and $9.1 million in the years ended Dec. 31, 2011 and 2010, respectively, which were related primarily to (i) the Company's restructuring process which resulted in the sale of certain tanker and dry bulk vessels and(ii) its strategic decision to exit from the container market. As of Dec. 31, 2011, NewLead's currents assets amounted to $33.7 million, while current liabilities amounted to $583.6 million, resulting in a negative working capital position of $549.9 million. As of Dec. 31, 2011, the Company's liquidity reflected $5.4 million of total cash ($5.1 million of unrestricted cash and $0.3 million of restricted cash), compared with $110.8 million in total cash as of Dec. 31, 2010. The decrease of $105.4 million in total cash was attributable primarily to vessel acquisitions and vessels under construction, as well as debt service and was partially offset by the proceeds from the sale and leaseback of one vessel and the proceeds from the sale of four vessels. Total debt on the balance sheet as of Dec. 31, 2011 and Dec. 31, 2010 was $500.6 million and $578.0 million, respectively, representing a $77.4 million decrease. As of Dec. 31, 2011, total assets was $396.7 million against total liabilities of $599.1 million. A copy of the Company's Annual Report filed on Form 20-F with the U.S. Securities and Exchange Commission for the fiscal year ended Dec. 31, 2011, is available at http://is.gd/D59gIY NewLead Holdings Ltd., incorporated under the Bermuda Companies Act of 1981 on Jan. 12, 2005, has been an international shipping company engaged in the transportation of refined products, such as gasoline and jet fuel, and dry bulk goods, such as iron ore, coal and grain. Based in Piraeus, Greece, the Company currently operates a fleet of two double-hulled product tankers and three drybulk carriers. =========== B R A Z I L =========== COMPANIA LATINOAMERICANA: Fitch Affirms 'B' Issuer Default Rating ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Compania Latinoamericana de Infraestructura y Servicios S.A. (CLISA) as follows: -- Foreign currency Issuer Default Rating (IDR) at 'B'; -- Local currency IDR at 'B'; -- National Scale Long Term Rating at 'A+(arg)'; -- National Scale US$120MM senior unsecured notes at 'A+(arg)'. The Rating Outlook is Stable. Fitch Ratings has simultaneously withdrawn the expected ratings on CLISA's USD250 million senior unsecured notes due 2019 of 'B(exp)/RR4' and 'A+(arg)' because the forthcoming debt issuance is no longer expected to proceed, due to unfavorable market conditions. CLISA's ratings reflect its strong market position as one of Argentina's largest privately owned industrial conglomerates, the consolidation of its operating strategy diversified among different business units, and its moderate leverage. The ratings also incorporate CLISA's sizeable backlog, which provides some certainty to the company's cash generation over the medium term. CLISA's ratings are constrained by its currency exposure, with cash flow generation in Argentinian Pesos and around 50% of its debt denominated in US Dollars. The company's ratings also incorporate the volatility of the construction industry, particularly with regard to public works projects, and regulatory risk. The ratings are further limited by the risks associated with generating most of its EBITDA in Argentina, which is also rated 'B' by Fitch. CLISA operates in four main businesses: construction and toll road concessions (through Benito Roggio e Hijos - BRH), water treatment, waste management (CLIBA), and transportation. Over the last five years, CLISA's cash flow generation grew steadily, following positive trends for construction primarily driven by public works expenditure. At fiscal year-end (FYE) 2011, the group reported sales and EBITDA of US$1,061 million and US$145 million, respectively, an improvement from the US$737 million and US$111 million at FYE 2010. Construction represented around 50% of consolidated revenues, evidence of important growth in an election year. The company's cash flow is exposed to the cyclicality of the construction industry and level of public works expenditure in Argentina. While infrastructure spending requirements in the country remain high, a deceleration in the level of public works or a slower pace of execution is expected due to limits on the government's available funding. However, BRH's construction backlog peaked at US$930 million in April 2012 (AR$4,133 million), providing the company with an important source of cash generation for the next two years. CLISA is also exposed to the collection risk derived from having the government as its main counterparty. CLISA's main activities depend on contractual agreements and government regulations at the national, provincial and municipal levels. Exposure to regulatory risk derives from the delays in the renegotiation of public service contracts. In particular, CLISA's subsidiary Metrovias (mass transportation) has heightened political risk following the National Government attempt to transfer the subway concession to Buenos Aires City. Most of Metrovias' income was derived from National Government subsidies. As of today, there is uncertainty surrounding the legal jurisdiction of the concession, and most of the legal conflicts surrounding this issue are still pending. Fitch does not expect cash support from CLISA to Metrovias to take place, but acknowledges that the legal issues are affecting the economics of the business, with this risk incorporated in the current rating. Fitch will continue to closely monitor the evolving impact of the delay in the transferability of the concession on CLISA's credit profile. CLISA's leverage reached 2.6x as of March 31, 2012 considering annualized EBITDA for the first quarter. Total debt climbed to US$317.9 million of debt, 51% of which is short term. Fitch expects that CLISA will manage its capital structure to a targeted debt-to-EBITDA ratio of around 3.0x. All debt issued at the holding level is guaranteed on a senior unsecured basis by the operating companies BRH and CLIBA, which jointly account for approximately 80% of the group's consolidated operating results. Fitch notes that the company's liquidity has deteriorated. Refinancing risk has increased for the period with US$80.9 million of cash and marketable securities and US$161.8 million of short-term debt. Fitch expects the company to successfully refinance a portion of its short-term debt. CLISA faces a challenge to turn its free cash flow positive after 2012 following the completion of two projects related to renewable energies during the second half of 2012. These projects will contribute additional EBITDA of around US$20 million from 2013 onwards, reducing volatility. Potential Rating and Outlook Drivers: A worsening of the macroeconomic and political environment that could significantly threaten existing levels of infrastructure investments could result in a negative rating action. Other factors that could affect CLISA's credit profile are a deterioration in collections from the government counterparties, the maintenance of negative free cash flow and an increase in Metrovias' political risk, affecting CLISA's operations. =========================== C A Y M A N I S L A N D S =========================== AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15 ---------------------------------------------------- The creditors of AI Systematic Management Ltd. are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2012. The company's liquidator is: Pieter Jan Van Der Pols c/o Circle Investment Support Services B.V. Utrechtseweg 31D 3811 NA, Amersfoort The Netherlands Telephone: +31 (0) 33 467 3880 Facsimile: +31 (0) 33 467 3890 CARFEDEMA LTD: Creditors' Proofs of Debt Due July 10 ---------------------------------------------------- The creditors of Carfedema Ltd. are required to file their proofs of debt by July 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 23, 2012. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands ENGELBERG HOLDINGS: Creditors' Proofs of Debt Due July 6 -------------------------------------------------------- The creditors of Engelberg Holdings Limited are required to file their proofs of debt by July 6, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 24, 2012. The company's liquidator is: C.I. Directors Ltd. Telephone: (345) 943 2237 Facsimile: (345) 949 6096 P.O. Box 1100 Grand Cayman KY1-1102 Cayman Islands ENGELBERG HOLDINGS: Shareholders' Final Meeting Set for July 11 --------------------------------------------------------------- The shareholders of Engelberg Holdings Limited will hold their final meeting on July 11, 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 liquidation proceedings on May 24, 2012. The company's liquidator is: C.I. Directors Ltd. Telephone: (345) 943 2237 Facsimile: (345) 949 6096 P.O. Box 1100 Grand Cayman KY1-1102 Cayman Islands GREEN VALLEY: Creditors' Proofs of Debt Due June 25 --------------------------------------------------- The creditors of Green Valley Ltd. are required to file their proofs of debt by June 25, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 24, 2012. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640-6712 GUARDIAN ANGEL: Creditors' Proofs of Debt Due July 6 ---------------------------------------------------- The creditors of Guardian Angel Investments Limited are required to file their proofs of debt by July 6, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 24, 2012. The company's liquidator is: C.I. Directors Ltd. Telephone: (345) 943 2237 Facsimile: (345) 949 6096 P.O. Box 1100 Grand Cayman KY1-1102 Cayman Islands GUARDIAN ANGEL: Shareholders' Final Meeting Set for July 11 ----------------------------------------------------------- The shareholders of Guardian Angel Investments Limited will hold their final meeting on July 11, 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 liquidation proceedings on May 24, 2012. The company's liquidator is: C.I. Directors Ltd. Telephone: (345) 943 2237 Facsimile: (345) 949 6096 P.O. Box 1100 Grand Cayman KY1-1102 Cayman Islands IRIS GLOBAL: Creditors' Proofs of Debt Due June 15 -------------------------------------------------- The creditors of Iris Global Fund SPC Ltd. are required to file their proofs of debt by June 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 2, 2012. The company's liquidator is: Pieter Jan Van Der Pols c/o Circle Investment Support Services B.V. Utrechtseweg 31D 3811 NA, Amersfoort The Netherlands Telephone: +31 (0) 33 467 3880 Facsimile: +31 (0) 33 467 3890 JSM INDOCHINA: Creditors' Proofs of Debt Due July 6 --------------------------------------------------- The creditors of JSM Indochina Ltd are required to file their proofs of debt by July 6, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 22, 2012. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Nicola Wright Telephone: 345-815-2621/ 345-949-4800 Facsimile: 345-949-7164/ 345-949-7164 PERA GLOBAL: Commences Liquidation Proceedings ---------------------------------------------- On May 18, 2012, the members of Pera Global Holdings Limited passed a resolution that voluntarily winds up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Guoming Zhang Building Cn08, Legend Town No.1 Balizhuangdongli, Chaoyang District Beijing People's Republic of China SG MICRO LIMITED: Creditors' Proofs of Debt Due June 26 ------------------------------------------------------- The creditors of SG Micro Limited are required to file their proofs of debt by June 26, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 21, 2012. The company's liquidator is: Susan Fan Zhonghai Fuyuan Residential Area Building 4, Unit One, Room 12D Haidian District, Beijing P R China Telephone: 15901439906 TMS FUNDING: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on May 16, 2011, the members of TMS Funding Limited passed a resolution that voluntarily winds up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Joseph R. Thom c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= DIGICEL GROUP: Gets Double Blow From FTC ---------------------------------------- RJR News reports that the Fair Trading Commission reportedly dealt Digicel Group Limited a double blow by not only slapping down the company over accusations it made in an appeal but also throwing it out calling the grounds "baseless". The Barbados Nation reports that in a ruling that included a terse rebuke of the Jamaica-headquartered telecommunications giant, the FTC denied Digicel's appeal of its 2011 ruling that allowed Cable & Wireless (C&W) to undertake a Long Run Incremental Cost (LRIC) study that would work out what costs and tariffs to charge competitors like Digicel for interconnection services, according to RJR News. RJR News reports that among its grounds of appeal, Digicel accused the FTC of being unfair, "irrational and/or unreasonable"; that it was in breach of the rules of natural justice and failed to provide Digicel with copies of all important documents and material. The FTC commissioners, headed by Chairman Sir Neville Nicholls, said it was Digicel which had to prove its case and stressed among other things that a review was "not a vehicle . . . to reargue submissions . . . because they do not agree with the decision," RJR News. Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========== M E X I C O =========== CORPORACION ELECTRICA: S&P Gives 'B' Corporate Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B' corporate credit and senior unsecured ratings to Corporacion Electrica Nacional (CORPOELEC), which the Republic of Venezuela owns. "We are also withdrawing the 'B-' corporate credit rating on C.A. La Electricidad De Caracas (EDC) following its merger into CORPOELEC. We also raised the ratings on Electricidad de Caracas Finance B.V. and EDC's notes due 2014 and 2018 to 'B' from 'B-' given that CORPOELEC has assumed all of EDC's financial obligations. The outlook is stable," S&P said. "The ratings on CORPOELEC reflect our opinion that there is an extremely high likelihood that its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), would provide timely and sufficient extraordinary support to the company in the event of financial distress. Therefore, the corporate credit rating on CORPOELEC is a notch higher than its 'b-' stand-alone credit profile," S&P said. ========================= T U R K S & C A I C O S ========================= ALEXANDRIA RESORT: Bank Places Resort in Receivership ----------------------------------------------------- RJR News reports that the bank holding the mortgage on the Alexandria Resort in Providenciales, Turks and Caicos Islands, has placed the resort into receivership. The developer and director of the corporation operating the resort, Washington Misick, has said that customers of the resort need not to be concerned, as business will be conducted as usual, according to RJR News. The report notes that shareholders in the resort are reported to include Misick, his brother and former premier Michael Misick, as well as known Progressive. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Could Drop London Route if Unprofitable ----------------------------------------------------------- RJR News reports that a warning has been issued that Caribbean Airline's new London route will be dropped if it proves to be unprofitable. Trinidad's Transport Minister, Devant Maharaj, said he would be monitoring the route on a monthly basis to ensure that it does not become a drain on taxpayers, according to RJR News reports. The report relates that Mr. Maharaj said there will be no delay in taking the appropriate action. RJR News notes that Mr. Maharaj said a decision was made to start the London route with two flights a week instead of six. British Airways has reduced its flights from London to the southern Caribbean from five to four flights per week and Mr. Maharaj said CAL can pick up that slack, RJR News notes. The report notes that Mr. Maharaj said he's also focusing on all other aspects of the airline's operations in particular some of the unprofitable Jamaican routes. The Montego Bay to Florida route has already been dropped, RJR News says. Mr. Maharaj and Civil Aviation Authority officials from Trinidad are scheduled to visit Jamaica to hold talks with Transport Minister Dr. Omar Davies, before the end of the month, RJR News adds. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. CENTRIN: Workers Reject Dismissal Letters ----------------------------------------- Trinidad Express reports that Trinidad Central Steel Mill (Centrin) workers have not accepted letters of temporary dismissal and are demanding that management find a way to rehire them. The company shut down its operations for one month due to unfavorable market conditions and high inventory of finished products, according to Trinidad Express. The workers insisted that there was work on the mill to sustain them during the month. Steel Workers Union of Trinidad and Tobago (SWUTT) representative Teemul Khan said yesterday, "There is maintenance work on the mill to be done, which can last up to a month. I believe the company can sustain these workers so they can get paid for the month." Khan said some 100 workers were temporarily laid off, with no definite date of return. The company's letter stated that it had no alternative but to shut down operations for an initial period of one month, effective June 18 to July 17. "Some workers are being forced to take vacation leave during that time, so they can get payment. But what about the workers who don't have vacation leave, or don't want vacation at that time," Khan said. The workers were addressed by SWUTT president general Lex Lovell. Centrin's human resources officer, Wayne Wong, previously stated that during the one-month period of temporary closure, management will continue to vigorously seek markets for its products. "The workers will continue their protest, by coming here on Monday morning, to again ask management to find an alternative solution to this problem," Khan said. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 11 to June 15, 2012 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 54.92 ARGENT-$DIS 8.28 12/31/2033 USD 59.18 ARGENT-$DIS 8.28 12/31/2033 USD 61.63 ARGENT-PAR 1.18 12/31/2038 ARS 36.42 ARGENT-EURDIS 7.82 12/31/2033 EUR 65 ARGENT-EURDIS 7.82 12/31/2033 EUR 52.5 ARGENT-EURDIS 7.82 12/31/2033 EUR 55 ARGENT-JPYDIS 4.33 12/31/2033 JPY 42 ARGENT-JPYPAR 0.45 12/31/2038 JPY 15 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT BODEN 7 10/3/2015 USD 89 ARGNT-BOCON PRE9 2 3/15/2014 ARS 68 BANCO DE GALICIA 8.75 5/4/2018 USD 72.75 BANCO MACRO SA 9.75 12/18/2036 USD 61.13 BANCO MACRO SA 9.75 12/18/2036 USD 61.13 BANCO MACRO SA 9.75 12/18/2036 USD 71 BONAR X 7 4/17/2017 USD 67.5 CAPEX SA 10 3/10/2018 USD 56 CAPEX SA 10 3/10/2018 USD 58.5 CITY OF BUENOS 9.95 3/1/2017 USD 70.96 CITY OF BUENOS 9.95 3/1/2017 USD 71.71 EMP DISTRIB NORT 9.75 10/25/2022 USD 43 EMP DISTRIB NORT 9.75 10/25/2022 USD 40.88 EMP DISTRIB NORT 10.5 10/9/2017 USD 50 PROV BUENOS AIRE 9.625 4/18/2028 USD 48.44 PROV BUENOS AIRE 10.875 1/26/2021 USD 52.68 PROV BUENOS AIRE 9.375 9/14/2018 USD 54.73 PROV BUENOS AIRE 10.875 1/26/2021 USD 53.22 PROV BUENOS AIRE 9.375 9/14/2018 USD 54.25 PROV BUENOS AIRE 11.75 10/5/2015 USD 71.87 PROV BUENOS AIRE 11.75 10/5/2015 USD 69.06 PROV BUENOS AIRE 9.25 4/15/2017 USD 71.41 PROV DE CORDOBA 12.375 8/17/2017 USD 58.52 PROV DE CORDOBA 12.375 8/17/2017 USD 59 PROV DE MENDOZA 5.5 9/4/2018 USD 70.57 TRANSENER 9.75 8/15/2021 USD 45.88 TRANSENER 9.75 8/15/2021 USD 50 TRANSPORT DE GAS 7.875 5/14/2017 USD 71.5 BRAZIL ------ BANCO BMG 8.875 8/5/2020 USD 70.5 BANCO BMG 8 4/15/2018 USD 72 BANCO BMG 9.95 11/5/2019 USD 74 BANCO BMG 6.5 3/14/2014 USD 75.5 BANCO BMG 9.625 3/27/2017 USD 69.9 BANCO BMG 8.875 8/5/2020 USD 75.5 BANCO BMG SA 9.15 1/15/2016 USD 69.5 BANCO BONSUCESSO 9.25 11/3/2020 USD 65 BANCO BONSUCESSO 9.25 11/3/2020 USD 69.75 BANCO CRUZEIRO 8.875 9/22/2020 USD 30 BANCO CRUZEIRO 8.875 9/22/2020 USD 29.88 BANCO CRUZEIRO 7 7/8/2013 USD 40.45 BANCO CRUZEIRO 8.25 1/20/2016 USD 41 BANCO CRUZEIRO 7.625 4/21/2014 USD 39 BANCO CRUZEIRO 8.5 2/20/2015 USD 40.75 BANCO CRUZEIRO 8.5 2/20/2015 USD 40.88 BANCO CRUZEIRO 8.25 1/20/2016 USD 40.38 BANCO CRUZEIRO 8 9/17/2012 USD 72.97 REDE EMPRESAS 11.125 USD 41.5 REDE EMPRESAS 11.125 USD 39.75 REDE EMPRESAS 11.125 USD 39.75 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 52.25 BCP FINANCE BANK 5.01 3/31/2024 EUR 49.88 BCP FINANCE BANK 5.31 12/10/2023 EUR 52.13 BCP FINANCE CO 4.239 EUR 30.89 BCP FINANCE CO 5.543 EUR 29.61 BES FINANCE LTD 5.58 EUR 39.08 BES FINANCE LTD 4.5 EUR 50.33 CAM GLOBAL FIN 6.08 12/22/2030 EUR 61.38 CHINA AUTOMATION 7.75 4/20/2016 USD 71.51 CHINA FORESTRY 10.25 11/17/2015 USD 58 CHINA FORESTRY 10.25 11/17/2015 USD 57.63 CHINA NICKEL 10 3/12/2015 HKD 53.1 CHINA SUNERGY 4.75 6/15/2013 USD 52.92 EFG HELLAS CAYMA 9 6/8/2019 EUR 31.75 EFG ORA FUNDING 1.7 10/29/2014 EUR 48.66 ESFG INTERNATION 5.753 EUR 32.25 GOL FINANCE 8.75 USD 69 GOL FINANCE 8.75 USD 69.63 HIDILI INDUSTRY 8.625 11/4/2015 USD 76 HIDILI INDUSTRY 8.625 11/4/2015 USD 75 HOME INNS 2 12/15/2015 USD 71.25 HOME INNS 2 12/15/2015 USD 70.85 JINKOSOLAR HOLD 4 5/15/2016 USD 46.82 LDK SOLAR CO LTD 10 2/28/2014 CNY 32.88 LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.5 LDK SOLAR CO LTD 4.75 4/15/2013 USD 60.98 LDK SOLAR CO LTD 4.75 4/15/2013 USD 69.59 LUPATECH FINANCE 9.875 USD 71 LUPATECH FINANCE 9.875 USD 69 PUBMASTER FIN 5.943 12/30/2024 GBP 72.4 PUNCH TAVERNS 4.767 6/30/2033 GBP 72.33 RENHE COMMERCIAL 13 3/10/2016 USD 59.5 RENHE COMMERCIAL 11.75 5/18/2015 USD 57.04 RENHE COMMERCIAL 13 3/10/2016 USD 56.38 RENHE COMMERCIAL 11.75 5/18/2015 USD 56.75 SOLARFUN POWER H 3.5 1/15/2018 USD 58 SOLARFUN POWER H 3.5 1/15/2018 USD 58.25 SPG LAND HOLDING 13.5 4/8/2016 USD 73.02 SUNTECH POWER 3 3/15/2013 USD 62.8 SUNTECH POWER 3 3/15/2013 USD 63.02 CHILE ----- CGE DISTRIBUCION 3.25 12/1/2012 CLP 9.978 COLBUN SA 3.2 5/1/2013 CLP 49.27 ESVAL S.A. 3.8 7/15/2012 CLP 12.67 MASISA 4.25 10/15/2012 CLP 10.03 QUINENCO SA 3.5 7/21/2013 CLP 25.6 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 56.63 PUERTO RICO CONS 6.5 4/1/2016 USD 69.47 VENEZUELA --------- ELEC DE CARACAS 8.5 4/10/2018 USD 70 PETROLEOS DE VEN 5.5 4/12/2037 USD 57 PETROLEOS DE VEN 5.375 4/12/2027 USD 56.79 PETROLEOS DE VEN 5.25 4/12/2017 USD 72.74 PETROLEOS DE VEN 9 11/17/2021 USD 75.44 PETROLEOS DE VEN 5.125 10/28/2016 USD 74.12 VENEZUELA 7 3/31/2038 USD 62.39 VENEZUELA 7 3/31/2038 USD 68 VENEZUELA 6 12/9/2020 USD 69 VENEZUELA 7.65 4/21/2025 USD 70.5 VENEZUELA 8.25 10/13/2024 USD 74.5 *********** 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 * * *