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/raid1/www/Hosts/bankrupt/TCRLA_Public/120817.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 Friday, August 17, 2012, Vol. 13, No. 164 Headlines B E R M U D A ADAMANTINE FUND: Creditors' Proofs of Debt Due Aug. 30 ADAMANTINE FUND: Member to Receive Wind-Up Report on Oct. 19 ARIA INVESTMENTS: Creditors' Proofs of Debt Due Aug. 24 ARIA INVESTMENTS: Member to Receive Wind-Up Report on Sept. 14 MAN MAC BIRE 3A: Creditors' Proofs of Debt Due Aug. 24 MAN MAC BIRE 3A: Member to Receive Wind-Up Report on Sept. 14 REFCO CAPITAL: Court to Hear Wind-Up Petition on Sept. 7 B R A Z I L BANCO CRUZEIRO: Urged to Form 'Alternative Plan' by Bingham GOL LINHAS: S&P Places 'B+' Corporate Credit Rating on Watch Neg NATIONAL COMMERCIAL BANK: S&P Raises Issuer Credit Rating to 'B' C A Y M A N I S L A N D S APIS GLOBAL: Member to Hear Wind-Up Report on Aug. 30 ARTIO GLOBAL: Shareholders' Final Meeting Set for Sept. 6 CREEK SIDE: Shareholders' Final Meeting Set for Aug. 31 DRAFNA LTD: Shareholders' Final Meeting Set for Aug. 31 IGEA LTD: Shareholders' Final Meeting Set for Aug. 31 MEDIA GLORY: Shareholders' Final Meeting Set for Aug. 31 METAGE SPECIAL: Shareholders' Final Meeting Set for Sept. 6 PLATINUM EMANCIPATION: Member to Hear Wind-Up Report on Aug. 31 SHINHAN MORTGAGE: Shareholders' Final Meeting Set for Aug. 31 SPRINGBOK CAPITAL: Member to Hear Wind-Up Report on Sept. 4 C H I L E CENTURY MINING: Defaults on Deutsche Bank Deal, Receiver Named D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Government Owes generators US$903 Million - - - - - ============= B E R M U D A ============= ADAMANTINE FUND: Creditors' Proofs of Debt Due Aug. 30 ------------------------------------------------------ The creditors of Adamantine Fund Limited are required to file their proofs of debt by Aug. 30, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2012. The company's liquidator is: James Keyes 101 Front Street Hamilton HM12 Bermuda ADAMANTINE FUND: Member to Receive Wind-Up Report on Oct. 19 ------------------------------------------------------------ The member of Adamantine Fund Limited will receive on Oct. 19, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: James Keyes 101 Front Street Hamilton HM12 Bermuda ARIA INVESTMENTS: Creditors' Proofs of Debt Due Aug. 24 ------------------------------------------------------- The creditors of Aria Investments Ltd. are required to file their proofs of debt by Aug. 24, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2012. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda ARIA INVESTMENTS: Member to Receive Wind-Up Report on Sept. 14 -------------------------------------------------------------- The member of Aria Investments Ltd. will receive on Sept. 14, 2012, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Robin J Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda MAN MAC BIRE 3A: Creditors' Proofs of Debt Due Aug. 24 ------------------------------------------------------ The creditors of Man MAC Bire 3A Limited are required to file their proofs of debt by Aug. 24, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2012. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda MAN MAC BIRE 3A: Member to Receive Wind-Up Report on Sept. 14 ------------------------------------------------------------- The member of Man MAC Bire 3A Limited will receive on Sept. 14, 2012, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9 Bermuda REFCO CAPITAL: Court to Hear Wind-Up Petition on Sept. 7 -------------------------------------------------------- A petition to wind up the operations of Refco Capital Markets Ltd. will be heard before the Supreme Court of Bermuda on Sept. 7, 2012, at 9:30 a.m. =========== B R A Z I L =========== BANCO CRUZEIRO: Urged to Form 'Alternative Plan' by Bingham ----------------------------------------------------------- Boris Korby at Bloomberg News reports that Bingham McCutchen LLP, a Boston-based law firm, is organizing a conference call with creditors of Banco Cruzeiro do Sul SA after the deposit-insurance fund overseeing the Brazilian bank offered to repurchase its dollar bonds at a discount. Bingham McCutchen decided to set up the call after it was contacted by "a number of" Cruzeiro do Sul bondholders, Timothy DeSieno, a partner at the firm, said in an e-mailed statement obtained by Bloomberg. "Experience shows that investors are best served to be well- organized with a credible alternative plan at a very early time," Mr. DeSieno said in the statement, Bloomberg News relates. Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total unconsolidated assets of R$11.5 billion (US$6.2 billion) and equity of R$1.2 billion (US$644.5 million) as of December 31, 2011. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2012, Standard & Poor's Ratings Services lowered our long-and short-term ratings on Banco Cruzeiro do Sul to 'CC/C' from 'B+/B' and its national scale long- and short-term ratings to 'brCC/brC' from 'brBBB/brA-3'. "We have also placed the ratings on CreditWatch with developing implications," S&P said. GOL LINHAS: S&P Places 'B+' Corporate Credit Rating on Watch Neg ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' corporate credit rating on Gol Linhas Aereas Inteligentes S.A. (GOL) on CreditWatch with negative implications. "The CreditWatch is based on our view that GOL's financial risk profile may deteriorate beyond our assumptions for the current rating because of its weaker-than-expected performance during the first half of 2012 and tepid recovery prospects for the remainder of the year," S&P said. "The CreditWatch placement follows the announcement of GOL's results for the second quarter of 2012 and its revised performance guidance for the whole year. While domestic demand is still growing, the passenger air transportation industry in Brazil suffers from overcapacity and a significant increase in operating costs due to higher fuel and lease costs. These factors have hurt GOL's profitability and cash generation further in the second quarter of 2012, weakening its credit metrics. Despite efforts to reduce its fleet and cancel unprofitable routes, the currency depreciation on both fuel and aircraft lease costs have eroded the company's operating profitability and cash flows. We believe these effects may be longer lasting than we expected, as the competition and weaker-than-expected demand growth restrict GOL's ability to raise air fares and improve yields. Although we acknowledge that GOL's second-quarter performance is seasonally the weakest for any given year and its results tend to improve for the remainder of the year, the company has also revised its market guidance for 2012 and now expects EBIT margin to be negative for the year," S&P said. "We believe GOL's liquidity, which remains adequate with cash reserves of R$1.8 billion as of June 2012 (net of restricted cash) and low debt maturities in the next few quarters, will allow it to withstand depressed margins and negative cash flows for the next few quarters. However, we are concerned that operating losses may linger in 2013 amid intense competition--in particular, if domestic economic activity slows down further--and high fuel costs. GOL's efforts to streamline operations may not be enough to reverse cash flow trends in the next year, resulting in a more permanent, highly-leveraged financial profile. We assume GOL will obtain waivers for covenant breaches in 2012, but they will be a concern in 2013," S&P said. "We aim to resolve the CreditWatch placement after completing our projections for GOL's performance 2012 and beyond, with a particular focus on possible scenarios for 2013. We could downgrade the company by one or two notches if we conclude that it will not be able to reverse its losses and improve cash flows in 2013," S&P said. NATIONAL COMMERCIAL BANK: S&P Raises Issuer Credit Rating to 'B' ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its short-term issuer credit rating on National Commercial Bank Jamaica Ltd. (NCB) to 'B' from 'C'. "We also affirmed our 'B-' long-term foreign and local currency issuer credit ratings on the bank. The outlook remains negative," S&P said. "The upgrade reflects the revision of Standard & Poor's criteria on the linkage between long- and short-term ratings on corporate and sovereign issuers and NCB's higher stand-alone credit profile (SACP) than the sovereign rating, which caps the ratings on the bank. Currently, the bank's SACP is 'b' and the long-term sovereign rating on Jamaica is 'B-'. This reflects our belief that the bank's significant exposure to the government and public entities represents a constraint on the issuer credit rating, and the upgrade does not reflect an improvement in our view of the bank's short-term creditworthiness," S&P said. "The negative outlook reflects the sovereign outlook and our opinion that NCB might suffer due to its high exposure to the government and public entities. Any positive rating action would depend on the sovereign rating on Jamaica. A negative rating action could occur if there's a negative action on the sovereign or if current economic conditions in the country significantly pressure the bank's liquidity or capital or if its nonperforming assets ratio rises above 10%," S&P said. =========================== C A Y M A N I S L A N D S =========================== APIS GLOBAL: Member to Hear Wind-Up Report on Aug. 30 ----------------------------------------------------- The member of Apis Global Deep Value Offshore, Ltd. will receive on Aug. 30, 2012, at 4:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ARTIO GLOBAL: Shareholders' Final Meeting Set for Sept. 6 --------------------------------------------------------- The shareholders of Artio Global Balanced (Cayman) Fund Ltd. will hold their final meeting on Sept. 6, 2012, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands CREEK SIDE: Shareholders' Final Meeting Set for Aug. 31 ------------------------------------------------------- The shareholders of Creek Side Properties II will hold their final meeting on Aug. 31, 2012, at 11:30 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 DRAFNA LTD: Shareholders' Final Meeting Set for Aug. 31 ------------------------------------------------------- The shareholders of Drafna Ltd. will hold their final meeting on Aug. 31, 2012, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 IGEA LTD: Shareholders' Final Meeting Set for Aug. 31 ----------------------------------------------------- The shareholders of Igea Ltd. will hold their final meeting on Aug. 31, 2012, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MEDIA GLORY: Shareholders' Final Meeting Set for Aug. 31 -------------------------------------------------------- The shareholders of Media Glory International Limited will hold their final meeting on Aug. 31, 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 SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 METAGE SPECIAL: Shareholders' Final Meeting Set for Sept. 6 ----------------------------------------------------------- The shareholders of Metage Special Emerging Markets Fund Limited will hold their final meeting on Sept. 6, 2012, at 2:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands PLATINUM EMANCIPATION: Member to Hear Wind-Up Report on Aug. 31 --------------------------------------------------------------- The member of Platinum Emancipation Fund Limited will receive on Aug. 31, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 SHINHAN MORTGAGE: Shareholders' Final Meeting Set for Aug. 31 ------------------------------------------------------------- The shareholders of Shinhan Mortgage First International Limited will hold their final meeting on Aug. 31, 2012, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SPRINGBOK CAPITAL: Member to Hear Wind-Up Report on Sept. 4 ----------------------------------------------------------- The member of Springbok Capital Offshore, Ltd will receive on Sept. 4, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Martina de Lima Telephone: (345) 815 1790 Facsimile: (345) 949-9877 ========= C H I L E ========= CENTURY MINING: Defaults on Deutsche Bank Deal, Receiver Named -------------------------------------------------------------- White Tiger Gold Ltd disclosed the filing of its interim financial statements and management's discussion and analysis for the three and six month periods ended June 30, 2012, which are both available on White Tiger's Web site and have been filed on SEDAR. Century Default On May 25, 2012, the Company announced that its wholly-owned subsidiary, Century Mining Corporation, received a notice from Deutsche Bank AG, London Branch, advising that Deutsche Bank had elected to terminate its forward gold purchase agreement with Century as a result of the occurrence of an event of default. In connection with the Default, Deutsche Bank enforced its security on the properties of Century, including Century's Lamaque project in Val d'Or, Quebec and its San Juan project in Arequipa Department, Peru, and these projects were placed under the control of a receiver. Century determined to accept and not take steps to remedy the Default, following a review of the viability of the Lamaque project in light of ongoing operating losses and continued lower than anticipated gold production, combined with Century's continuing obligations to deliver gold and/or make cash payments under the Forward Agreement. As a result of these events, the Company concluded that it ceased to have the ability to exert control over, and has effectively disposed of, Century. Accordingly, the Company's investment in Century has been deconsolidated from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2012, and presented as discontinued operations on the statements of comprehensive loss and cash flows. Key Milestones for 2012/2013 For the remainder of 2012 and through 2013 the Company is planning to achieve a number of key milestones as part of the strategy of production growth to a medium term production target of 130,000 ounces of gold per annum. At its Savkino mine the Company plans to complete the Savkino phase 2 expansion projects and bring a new pit into operation in 2013. In addition, in 2013 the Company plans to complete construction of the crushing and screening unit 2, install pump stations, complete the expansion of heap leaching pads and finish the construction of new accommodation facilities for 116 people. Concurrently, the Company plans to expand the gold recovery plant and to start the installation of additional equipment. Savkino remains on target to produce the planned 20,000 ounces of gold in 2012. At its Nasedkino project the Company plans to complete, in the third quarter of 2012, metallurgical tests of one bulk sample and an updated National Instrument 43-101 compliant technical report. Depending on the results of the updated technical report, the Company may start construction design of a mine and preparatory work on supplying grid power to the site. In addition, in conjunction with its activities at the Nasedkino license area, the Company intends to continue prospecting on the areas adjacent to the Nasedkino license area that form part of the Uryum license area. About White Tiger White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation and Peru. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: Government Owes generators US$903 Million --------------------------------------------------------------- Dominican Today reports that the Dominican Electricity Industry Association (ADIE) is concerned about the high accumulated debt and the delays in paying the generating companies. The report relates that the amount owed currently surpass the $903 million mark. The association stated that the level of the current expired debt is four months, taking into account the debt that will expire next week, according to Dominican Today. Dominican Today notes that ADIE believes that the current administration of the Dominican Corporation of State Electricity Companies (CDEEE) has made an effort to reduce the debt accumulated to date, but so far this has been fruitless. "Meeting the debt commitments is the only guarantee for ensuring the sustainability of the electricity system in the short term, as well as allowing for new investments to be made in the electricity subsector," declared the entity, Dominican Today says. Dominican Today discloses that ADIE is calling on the electricity sector authorities to fulfill the promises made on paying the debt. They recall that as part of the agreement with the International Monetary Fund (IMF) the government committed to paying the generating companies within 45 days, Dominican Today adds. The CDEEE was complying with this agreement. *********** 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 * * *