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/raid1/www/Hosts/bankrupt/TCRLA_Public/120620.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 Wednesday, June 20, 2012, Vol. 13, No. 121 Headlines A N T I G U A & B A R B U D A LIAT: Dominica to Give US$8 Million to Airline STANFORD INT'L: Receiver Loses US$50MM Libyan Fund Freeze Bid A R G E N T I N A INDUSTRIAS MD: Creditors' Proofs of Debt Due Aug. 1 LMX SA: Creditors' Proofs of Debt Due Sept. 3 MILA 18: Requests Opening of Bankruptcy Proceedings OTAMENDI & CO: Creditors' Proofs of Debt Due Aug. 9 SANTO CRISTO: Creditors' Proofs of Debt Due July 4 VIP ITALIA: Creditors' Proofs of Debt Due Aug. 9 YPF SA: Offers to Buy Back Dollar Debt at Full Price B R A Z I L LINHA AMARELA: Moody's Rates BRL386.7MM Sr. Sec. Debentures 'Ba3' C A Y M A N I S L A N D S BALLANCE PRINCIPALS: Shareholders' Final Meeting Set for July 17 CALIBRE TRADING: Shareholders' Final Meeting Set for July 6 CREEK IAM: Shareholders' Final Meeting Set for Aug. 20 DIKE IAM: Shareholders' Final Meeting Set for Aug. 20 MAN FOUR: Members' Final Meeting Set for June 25 MAN GLOBAL: Members' Final Meeting Set for June 25 MAN LEGENDS: Members' Final Meeting Set for June 25 MARVEL IAM: Shareholders' Final Meeting Set for Aug. 20 REFLEXION SELECT: Shareholders' Final Meeting Set for May 14 STALLION IAM: Shareholders' Final Meeting Set for Aug. 20 M E X I C O MUNICIPALITY OF CENTRO: Moody's Withdraws 'Ba3' Issuer Ratings P U E R T O R I C O SALUTARIS DIALYSIS: Case Summary & 14 Largest Unsecured Creditors - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Dominica to Give US$8 Million to Airline ---------------------------------------------- RJR News reports that the Dominica Prime Minister Roosevelt Skeritt said his government will reportedly pump US$8 million into regional carrier LIAT. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. STANFORD INT'L: Receiver Loses US$50MM Libyan Fund Freeze Bid ------------------------------------------------------------- Laurel Brubaker Calkins at Bloomberg News reports that Robert Allen Stanford's court-appointed receiver, Ralph Janvey, can't have a preliminary injunction freezing at least $50 million a Libyan sovereign wealth fund recovered during the final days of the Ponzi scheme, an appeals court ruled. "The funds sought by the receiver are property of a foreign state and are not subject to attachment," Bloomberg News quoted a three-judge panel of the U.S. Court of Appeals in New Orleans as saying. The order sought would be "functionally equivalent to an attachment," the court said, Bloomberg News notes. Bloomberg News says that Mr. Janvey sought the freeze to prevent the Libyans from repatriating the funds from a New York bank account while he sues to recover the money for the benefit of defrauded Stanford investors. During late 2008 and early 2009, the Libyans withdrew about $51.6 million of the $139.6 million they invested with Stanford Group during the previous two years, according to the filing. U.S. securities regulators seized the Texas financier's operations in February 2009, claiming Mr. Stanford was running a Ponzi scheme, paying older investors with money from new ones, Bloomberg News discloses. Kevin Sadler, Mr. Janvey's lawyer, said the receiver won't keep appealing for an injunction to prevent the Libyans from repatriating the money. He said the receiver will focus on the lower-court lawsuit seeking to recover the funds, Bloomberg News says. "The Libyan defendants received tens of millions of dollars in fraudulent transfers in the weeks prior to the mail . . . . The receiver will continue to pursue the recovery of those improper payments for the benefit of the victims of the Stanford fraud," the report quoted Mr. Sadler as saying. 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 ================= INDUSTRIAS MD: Creditors' Proofs of Debt Due Aug. 1 --------------------------------------------------- Marcelo Eduardo Mirasso, the court-appointed trustee for Industrias MD SA's reorganization proceedings, will be verifying creditors' proofs of claim until Aug. 1, 2012. Mr. Mirasso will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 49, 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: Marcelo Eduardo Mirasso Lavalle 1675 Argentina LMX SA: Creditors' Proofs of Debt Due Sept. 3 --------------------------------------------- Alberto Roizigues, the court-appointed trustee for LMX SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 3, 2012. Mr. Roizigues 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. 14, 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 Roizigues Parana 1083 Argentina MILA 18: Requests Opening of Bankruptcy Proceedings --------------------------------------------------- Mila 18 SA requested the opening of bankruptcy proceedings. The company has defaulted on its payments last March 26. OTAMENDI & CO: Creditors' Proofs of Debt Due Aug. 9 --------------------------------------------------- Carlos Daniel Grela, the court-appointed trustee for Otamendi & Co. SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 9, 2012. Mr. Grela will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, 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: Carlos Daniel Grela Cramer 3112 Argentina SANTO CRISTO: Creditors' Proofs of Debt Due July 4 -------------------------------------------------- Maria Ines Strusberg, the court-appointed trustee for Santo Cristo SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until July 4, 2012. Ms. Strusberg will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Maria Ines Strusberg Avenida Cordoba 1367 Argentina VIP ITALIA: Creditors' Proofs of Debt Due Aug. 9 ------------------------------------------------ Mario Adrian Narisma, the court-appointed trustee for Vip Italia SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 9, 2012. Mr. Narisma 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: Mario Adrian Narisma Tucuman 1455 Argentina YPF SA: Offers to Buy Back Dollar Debt at Full Price ---------------------------------------------------- Camila Russo at Bloomberg News reports that YPF SA is offering to buy back dollar-denominated bonds after the takeover triggered a change-of-control clause in the securities. Investors have until July 6 to exercise the put option on the debt due 2028 and will be paid at 100 cents on the dollar on July 20, according to a notice sent to holders dated June 1, according to Bloomberg News. Bloomberg News notes that the price on the securities has risen 2.5 cents this month to 97 cents on June 15, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. A clause in the bonds' prospectus says a put option may be exercised if the Argentine government takes control of 49% or more of the company's outstanding stock, Bloomberg News says. Bloomberg News recalls that President Cristina Fernandez de Kirchner nationalized 51% of the company in April. 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 R A Z I L =========== LINHA AMARELA: Moody's Rates BRL386.7MM Sr. Sec. Debentures 'Ba3' ---------------------------------------------------------------- Moody's America Latina assigned the ratings of Ba3 on the global scale and A2.br on the Brazilian National Scale to ("NSR") to BRL386.7 million senior secured debentures, which were issued by Linha Amarela S.A. -- LAMSA, a toll road concessionaire in the city of Rio de Janeiro, Brazil. LAMSA is a wholly owned operating subsidiary of Investimentos e Participacoes em Infraestrutura S.A. -- INVEPAR. The outlook is stable for the ratings. This was the first time that Moody's directly assigned ratings to LAMSA's securities. Moody's previously withdrew the ratings of INVEPAR's BRL450 million, senior unsecured debentures, since these were redeemed by INVEPAR on March 29, 2012. These debentures had ratings of Ba3 on the global scale, and A2.br on the Brazil national scale, and were guaranteed by LAMSA. LAMSA's debentures have a 15-year tenor, including a 3-year grace period, and were issued in one single tranche on May 31, 2012. The debentures were placed with the Carteira Administrada de Transporte Urbano (the Urban Transportation Fund), which is managed by Caixa Economica Federal ("CEF"), a bank controlled by the Brazilian Federal Government. The largest portion of the debentures' proceeds (up to BRL 232.6 million) will be used to finance LAMSA's investment (CAPEX) program, including the payment, in full, of the outstanding principal debt amount of BRL180 million, which was previously raised to finance said investments. The remaining portion (up to BRL154.2 million) will be used to finance up to 90% of the CAPEX program of its sister company, Concessao Metroviaria do Rio De Janeiro S.A. -- METRORIO (Ba3/A3.br; negative), the subway concessionaire of the city of Rio de Janeiro, which is also wholly-owned by INVEPAR. METRORIO will borrow this amount from LAMSA by issuing senior unsecured debentures, which will be fully underwritten by LAMSA. Ratings Rationale LAMSA generates strong and stable cash flows, supported by its robust asset features and long-term concession agreement. On May 14, 2010, LAMSA signed an amendment to its concession agreement, whereby the City Government of Rio de Janeiro granted an additional 15 years to the concession, until January 2038. In exchange, LAMSA committed to investing additional BRL252 million for road improvements until the end of 2012. In order to fully restore its financial-economic equilibrium, LAMSA was authorized to increase the tariff by 2.32% per year from June 2012 through June 2015, in addition to the regular pass-through of inflation provided every January. Notwithstanding LAMSA's strong concession fundamentals, the Ba3/A2.br with stable outlook assigned ratings reflect the structure that is not sufficiently ring-fenced from METRORIO's credit risk as a result of the cross-default provision in LAMSA's debentures indentures. The exposure to METRORIO derives from LAMSA's loan of up to BRL154.2 million to finance METRORIO's operations. INVEPAR has extended intercompany loans to provide cash needed by its subsidiaries for ongoing operations as well as to reduce INVEPAR's cost of debt on a consolidated basis. Despite LAMSA's loan to METRORIO, INVEPAR's new risk management policy, which is expected to be in place by the end of 2012, will restrict intercompany loans among its subsidiaries. Therefore, in order to conform with the upcoming policy, LAMSA's debentures limit LAMSA from providing/receiving intercompany loans, except when LAMSA is the recipient of funds from INVEPAR. The debentures also restrict LAMSA and METRORIO from providing guarantees, individually or in the aggregate, above BRL1 million (approx. US$530,000). LAMSA's additional cash flows provided by the incremental toll rate and the extended concession tenor will largely mitigate the financial imbalance brought by the additional CAPEX requirements in the near term. Despite the expected increase in leverage, the indicative rating for LAMSA provided by Moody's Toll Roads Rating Methodology is fairly strong, mapping to Baa3, considering historical credit metrics. LAMSA's debentures will be secured by a pledge of 40% of its present and future toll receivables. In addition, METRORIO will provide a corporate guarantee to CEF for the outstanding amount of its debentures (up to BRL154.2 million), which will be fully underwritten by LAMSA. Also, METRORIO will subrogate to the rights of LAMSA's debenture holders in case METRORIO's guarantee is called. LAMSA's debentures require that it comply with a 1.3x minimum debt service coverage ratio (DSCR) covenant. Other financial covenants require that LAMSA maintain EBITDA / Net Financial Expenses equal to or higher than 1.5, and Net Debt / EBITDA (Net Debt excludes cash and liquid investments) equal to or lower than 2.0x. Dividend distributions above the minimum required by Brazilian corporate law will be subject to the compliance by LAMSA with the debentures' covenants, which include meeting a DSCR equal or higher than 1.3x. The last rating action for INVEPAR was taken in June 2011, as Moody's downgraded INVEPAR's BRL450 million senior unsecured debentures, which were guaranteed by LAMSA, to Ba3 from Ba2 on the global scale, and to A2.br from A1.br on the Brazil national scale. These debentures were redeemed by INVEPAR on March 29, 2012 thus releasing LAMSA's corporate guarantee. On February 6, 2012, the consortium formed by INVEPAR and Airports Company South Africa Soc Limited -- ACSA (the INVEPAR -- ACSA Consortium) won the bid for the 20-year concession to expand, operate, maintain and explore the Guarulhos Airport, which is located near the city of Sao Paulo, currently the busiest airport in Latin America. INVEPAR holds a 90% participation in the Consortium, which has a 51% stake in the Special Purpose Company (SPC); the remaining 49% are owned by the Empresa Brasileira de Infraestrutura Aeroportu�ria -- INFRAERO (the Brazilian aeronautical infrastructure company). The concession contract was signed on June 14, 2012. According to the result of the Guarulhos airport bid, the SPC will pay BRL16.2 billion (in equal installments, adjusted by the IPCA inflation index) to the Government of Brazil (GOB) over the term of the concession, in addition to the near term CAPEX of approximately BRL1.4 billion required until the Soccer World Cup tournament in 2014 (out of a total CAPEX of approximately BRL4.7 billion over the life of the concession). Given INVEPAR's capital investment plans and the recent award of the airport concession, INVEPAR's leverage is expected to increase in the next 12 to 18 months as it begins to execute its ambitious business plan, which will continue to constrain its corporate family ratings. Notwithstanding, Moody's expects that INVEPAR's shareholders will continue to support INVEPAR financially. Moody's will monitor INVEPAR's liquidity, leverage as well as other relevant credit metrics as they may affect its current rating and outlook. Given LAMSA's CAPEX program and the loan provided to METRORIO, the likelihood of a rating upgrade in the short / medium term is relatively limited. Quantitatively, a rating upgrade could be considered if Funds from Operations (FFO) to Debt rises above 25%, or Interest Coverage Ratio rises above 4.5x on a sustainable basis. Conversely, the ratings could be downgraded if LAMSA's liquidity deteriorates and/or METRORIO fails to service the intercompany loan provided by LAMSA. Quantitatively, a downgrade could be considered if FFO--to-Debt and Interest Coverage Ratio fall below 14% or 2.5x, respectively, for an extended period. Linha Amarela S.A. -- LAMSA has the concession to operate the toll road services of a 20-km urban route in the city of Rio de Janeiro. The concession was granted by the City Government of Rio de Janeiro in 1998 for a 20-year period. In May 2010, LAMSA committed to additional investments, which resulted in the concession being extended for an additional 15 years, until January 2038. At the end of the concession period, the assets will revert to the City of Rio de Janeiro. In the LTM ended on December 31, 2011, LAMSA reported consolidated net revenues (excluding construction revenues) of BRL 193 million (USD 115 million) and EBITDA of BRL 132 million (USD 79 million). LAMSA is wholly owned by Investimentos e Participacoes em Infraestrutura S.A. -- INVEPAR (Ba3/A2.br; negative), a holding company controlled by three of the largest Brazilian pension funds (PREVI, FUNCEF and PETROS), which together own approximately 75% of INVEPAR, as well as the construction company OAS (unrated). INVEPAR also controls METRORIO (Ba3/A3.br; negative), which operates the subway lines 1 and 2 in the city of Rio de Janeiro, the Concessionaria Raposo Tavares S.A. (CART) in Sao Paulo, the Concessionaria Litoral Norte S.A. (CLN) in Bahia, and the toll road Via Parque Rimac in Lima, Peru. INVEPAR also has a 24.9% stake in the Concessionaria Rio Teresopolis S.A. (CRT), 50% in the Concessionaria Bahia Norte S.A., 50% in the Concessionaria Rota do Atlantico S.A., and 33.3% in the Transolimpica expressway in the City of Rio de Janeiro. Finally, in February 2012, the INVEPAR-ACSA consortium won the bid for the concession to operate and maintain the international airport ofGuarulhos, and signed the concession contract on June 14, 2012. The principal methodology used in this rating was Operational Toll Roads published in December 2006. LAMSA's A2.br national scale rating reflects the standing of the Company relative to its domestic peers. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. =========================== C A Y M A N I S L A N D S =========================== BALLANCE PRINCIPALS: Shareholders' Final Meeting Set for July 17 ---------------------------------------------------------------- The shareholders of Ballance Principals Limited will hold their final meeting on July 17, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Reverio Capital Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands CALIBRE TRADING: Shareholders' Final Meeting Set for July 6 ----------------------------------------------------------- The shareholders of Calibre Trading Limited will hold their final meeting on July 6, 2012, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CREEK IAM: Shareholders' Final Meeting Set for Aug. 20 ------------------------------------------------------ The shareholders of Creek IAM Limited will hold their final meeting on Aug. 20, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands DIKE IAM: Shareholders' Final Meeting Set for Aug. 20 ----------------------------------------------------- The shareholders of Dike IAM Limited will hold their final meeting on Aug. 20, 2012, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands MAN FOUR: Members' Final Meeting Set for June 25 ------------------------------------------------ The members of Man Four Seasons Strategies 2XL EUR (Feeder) Ltd. will hold their final meeting on June 25, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MAN GLOBAL: Members' Final Meeting Set for June 25 -------------------------------------------------- The members of Man Global Macro Strategies EUR (Feeder) Ltd. will hold their final meeting on June 25, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MAN LEGENDS: Members' Final Meeting Set for June 25 --------------------------------------------------- The members of Man Legends JPY (Feeder) SPC will hold their final meeting on June 25, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MARVEL IAM: Shareholders' Final Meeting Set for Aug. 20 ------------------------------------------------------- The shareholders of Marvel IAM Limited will hold their final meeting on Aug. 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's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands REFLEXION SELECT: Shareholders' Final Meeting Set for May 14 ------------------------------------------------------------ The shareholders of Reflexion Select Portfolio SPC will hold their final meeting on May 14, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 STALLION IAM: Shareholders' Final Meeting Set for Aug. 20 --------------------------------------------------------- The shareholders of Stallion IAM Limited will hold their final meeting on Aug. 20, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands =========== M E X I C O =========== MUNICIPALITY OF CENTRO: Moody's Withdraws 'Ba3' Issuer Ratings -------------------------------------------------------------- Moody's de Mexico has withdrawn the issuer ratings of Ba3/Baa1.mx of the Municipality of Centro (Villahermosa). Ratings Rationale Moody's Investors Service has withdrawn the issuer ratings for its own business reasons. The principal methodologies used in this rating were Regional and Local Governments Outside the US published in May 2008, The Application of Joint Default Analysis to Regional and Local Governments published in December 2008, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in March 2011. The last rating action took place on January 10, 2012 when Moody's de Mexico downgraded Centro's issuer ratings to Baa1.mx (Mexican National Scale) and Ba3 (Global Scale, local currency) from A2.mx and Ba2, respectively. In addition, the outlook on the ratings was changed to negative from stable. ===================== P U E R T O R I C O ===================== SALUTARIS DIALYSIS: Case Summary & 14 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Salutaris Dialysis & Nephrology Center Hospital Menonita De Caguas Carr 172 Turabo Gardens Caguas, PR 00725 Bankruptcy Case No.: 12-04675 Chapter 11 Petition Date: June 15, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Carlos Rodriguez Quesada, Esq. LAW OFFICE OF CARLOS RODRIGUEZ QUESADA P.O. Box 9023115 San Juan, PR 00902-3115 Tel: (787) 724-2867 E-mail: cerqlaw@coqui.net Estimated Assets: $0 to $50,000 Estimated Debts: $1,000,001 to $10,000,000 A copy of the Company's list of its 14 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-04675.pdf The petition was signed by Shakil Shafique, secretary. Affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- San Juan Bautista Medical 11-02270 03/18/11 Center Corp. *********** 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 * * *