/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120821.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, August 21, 2012, Vol. 13, No. 166 Headlines A R G E N T I N A BANCO DE SERVICIOS: Moody's Assigns B3 Rating to AR$75MM Issuance SUPERVIELLE PERSONALES 6: Moody's Rates ARS5.48MM Certs. 'Ca.ar' B R A Z I L CYRELA BRAZIL: Moody's Assigns Ba2 Rating to BRL400MM Debentures MARFRIG ALIMENTOS: Moody's Cuts Ratings on Sr. Unsec. Notes to B2 MILLS ESTRUTURAS: Moody's Rates BRL200-Mil. Sr. Debentures 'Ba2' C A Y M A N I S L A N D S MSGI CHINA II: Shareholders to Hear Wind-Up Report on Aug. 21 MSGI CHINA IV: Shareholders to Hear Wind-Up Report on Aug. 21 MSGI CHINA VI: Shareholders to Hear Wind-Up Report on Aug. 21 MSGI CHINA VII: Shareholders to Hear Wind-Up Report on Aug. 21 MSGI CHINA VIII: Shareholders to Hear Wind-Up Report on Aug. 21 MSR EXODUS: Shareholders to Hear Wind-Up Report on Aug. 21 NORTHUMBERLAND: Shareholders to Hear Wind-Up Report on Aug. 28 QUANTUM PACIFIC: Shareholder to Receive Wind-Up Report on Aug. 21 ROC OIL (CASAMANCE): Shareholder to Hear Report on Sept. 6 ROC OIL (MABOQUE): Shareholder to Hear Wind-Up Report on Sept. 6 SAKELLI INVESTMENT: Members to Hear Wind-Up Report on Aug. 21 SIRE PARTNERS II: Shareholder to Get Wind-Up Report on Aug. 21 G R E N A D A LIAT LIMITED: Reinstates Barbados - Grenada Flights P E R U * LIMA: Moody's Upgrades Issuer Rating From 'Ba1' T R I N I D A D & T O B A G O CARIBBEAN AIR: Gets New Planes, to Increase Domestic Arm X X X X X X X X * Nobina Pushes 2012 Global Default Tally to 52 Issuers * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= BANCO DE SERVICIOS: Moody's Assigns B3 Rating to AR$75MM Issuance ----------------------------------------------------------------- Moody's Investors Service assigned a B3 global local-currency debt rating to the expected third issuance of Banco de Servicios y Transacciones S.A. (BST) up to the amount of Ar$75 million, which will be due in 21 months. At the same time, Moody's Latin America assigned an A2.ar national scale local currency debt rating to BST's issuance. The following ratings were assigned to Banco de Servicios y Transacciones S.A.'s issuance: AR$75 million senior unsecured debt issuance: B3 Global Local Currency Debt Rating A2.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from BST's B3 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Banco de Servicios y Transacciones S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$1.797 billion of total assets and Ar$142 million of shareholders' equity as of June 30, 2012. SUPERVIELLE PERSONALES 6: Moody's Rates ARS5.48MM Certs. 'Ca.ar' ---------------------------------------------------------------- Moody's Latin America has assigned ratings to the debt securities and certificates of Fideicomiso Financiero Supervielle Personales 6, using the updated structure. This transaction will be issued by Deutsche Bank (Argentina) S.A. -- acting solely in its capacity as Issuer and Trustee. Moody's notes that as of August 17, the securities contemplated by this transaction have not yet settled. If any assumptions or factors considered by Moody's in assigning the ratings change before closing, Moody's could change the ratings assigned to the notes. Moody's has withdrawn the ratings of the Class C Fixed Rate Debt Securities and Certificates because the liability structure of the transaction has changed before issuance and as a result the rating of the Class C Fixed Rate Debt Securities and Certificates tranche will change. Moody's has assigned new ratings to these tranches as follows. - ARS65,778,000 in Class A Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Personales 6", affirmed at Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) previously assigned on July 19th 2012 - ARS30,696,400 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Personales 6", affirmed at Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) previously assigned on July 19th 2012 - ARS7,674,100 in Class C Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Personales 6", ratings of Caa3.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale, Local Currency) withdrawn; previously rated on July 19th 2012; new ratings assigned of Ca.ar (sf) (Argentine National Scale) and Ca (sf) (Global Scale, Local Currency) - ARS5,481,500 in Certificates of "Fideicomiso Financiero Supervielle Personales 6", ratings of Ca.ar (sf) (Argentine National Scale) and Ca (sf) (Global Scale, Local Currency) withdrawn; previously rated on July 19th 2012; new ratings assigned of C.ar (sf) (Argentine National Scale) and C (sf) (Global Scale, Local Currency) The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 10,230 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Banco Supervielle, in an aggregate amount of ARS109,632,943,12. Overall credit enhancement is comprised of subordination: 40% for the Class A Fixed Rate Debt Securities, 12% for the Floating Rate Securities and 5% for the Class C Fixed Rate Debt Securities. In addition the transaction benefits from various reserve funds and excess spread. Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Supervielle's portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a triangular distribution for defaults (base default assumption) as follows: (a) on the "Plan Sueldo" loans a minimum of 10%, a most likely of 20% and a maximum of 30%, and (b) on the "Renta Alta" loans, a minimum of 7%, a most likely of 12% and a maximum of 22%. Moody's assumed a triangular distribution for prepayments with a minimum of 10% a most likely of 15% and a maximum of 20%. These assumptions are derived from the historical performance to date of the Supervielle pools. Servicer default was modeled by simulating the default of Banco Supervielle as the servicer consistent with its current rating of B2/Aa3.ar. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points compared with the base default assumption for the "Renta Alta" loans and 30 percentage points for the "Plan Sueldo" loans The model results showed 0.00% expected loss for Class A Fixed Rate Debt Securities, 2.12% for Class B Floating Rate Debt Securities, a 46.22% for the Class C Fixed Rate Debt Securities and 74.60% expected loss for the Certificates. Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 6% from the base case scenario for the pool, the ratings of the Class B and Class C would be downgraded to B1 (sf) and C (sf) respectively. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. If Banco Supervielle is removed as servicer, Deutsche Bank (Argentina) S.A. will be appointed as the back-up servicer. The main source of uncertainty for this transaction is the level of delinquency of the loans assigned to the trust. A worsening in macroeconomic conditions such as an increase in unemployment could increase the losses of the pool, especially in the "Plan Sueldo" loans. Also, the level of delinquency is correlated with Banco Supervielle's ability to retain customers with "Cuenta Sueldo"; the loss of such a customer is usually followed by a rise in delinquencies. This last factor is mitigated by commercial agreements that tend to retain customers in the bank. =========== B R A Z I L =========== CYRELA BRAZIL: Moody's Assigns Ba2 Rating to BRL400MM Debentures ---------------------------------------------------------------- Moody's America Latina assigned a Ba2 rating on the global scale and Aa2.br rating on the Brazilian National scale to the BRL400 million senior unsecured debentures issuance proposed by Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Cyrela) with final maturity in 2017. At the same time, Moody's affirmed Cyrela's corporate family ratings and the ratings assigned to its other outstanding debt issues at Ba2/Aa2.br. The outlook for all ratings is stable. The issue is being offered under CVM's Regulation 476 with a firm underwriting commitment for the whole amount from the arranging bank Caixa Economica Federal (CEF). The proceeds will be used to repay Cyrela's short-term debt maturities. Ratings assigned: - BRL400 million senior unsecured debentures due in 2017: Ba2 (global scale); Aa2.br (national scale). Ratings affirmed: - Corporate Family Ratings: Ba2 (global scale); Aa2.br (national scale); - BRL400 million senior unsecured debentures with final maturity in 2016: Ba2 (global scale); Aa2.br (national scale); - BRL300 million senior secured CCB with final maturity in 2017: Ba2 (global scale); Aa2.br (national scale). Ratings Rationale Cyrela's Ba2 rating reflects its position as one of the largest homebuilders in Brazil with a strong brand name and good diversity in terms of product offering and geographic locations, as well as an experienced and conservative management team. The long track record of Cyrela's operations in the Brazilian homebuilding sector since 1962 and its good access to capital due to a large base of unencumbered assets further support the ratings. The Ba2 rating also takes into consideration the company's adequate liquidity position as of June 30, 2012 that includes an outstanding cash balance of around BRL1.6 billion, around BRL1.9 billion in receivables from finished units and R$ 7.5 billion bank facilities approved and non-used under the Sistema Financeiro Nacional (SFH) to finance the construction of all the projects already launched by the company. The Brazilian homebuilding industry benefits from significant government support on the construction financing, large pent-up demand, increasing mortgage financing for homebuyers and the ongoing decline in the country's interest rate. On the other hand, these positive factors are balanced by Cyrela's focus on the high-rise residential construction. The high-rise segment typically has long construction periods that exceeds two years, which pressures working capital and free cash flow. The rating is also constrained by Cyrela's exposure to cost overruns due to long construction cycles, higher than expected inflation and other pressures in construction costs. The risks associated with Cyrela's large working capital needs are somewhat mitigated by the company's successful strategy of acquiring most of its land through swap agreements that involve no cash disbursement. By the end of June 2012, 80% of Cyrela's land bank had been acquired through such agreements. Cyrela's large size and brand name recognition provide it with economies of scale and strong bargaining power in the purchase of raw materials from suppliers and land, as well as in the hiring of services from third parties During the first semester of this year, Cyrela's pre-sales totaled BRL2.5 billion, representing 36.7% of the 2012 low-end guidance. The company launched 24 projects amounting BRL2.0 billion, down 29.5% from 1H11. The launches are located mainly in Sao Paulo and Rio de Janeiro regions, which is in line with company strategy of prioritizing the markets where Cyrela has a stronger presence. Despite the growth slowdown, sales speed remains above 50% (51.6% in the last twelve months ended June 2012) as a result of improvements in the company's selling strategies. These developments reflected in a positive Free Cash Flow (FCF) of BRL56 million in the last twelve months, or 1.2% of the total gross debt as of June 30 2012. Given the high volume of projects launched by the company after its IPO in 2005 and according to the company's most recent project delivery schedule, Moody's expects Cyrela to start generating higher volumes of internal cash going forward. Free cash flow (FCF) is likely to continue the positive trend since a large number of projects launched in 2007 and 2008 will be delivered to their buyers and converted into cash over the next 12 months. Moody's projections assume that the company will use part of this cash to build a stronger liquidity cushion to more comfortably face an eventual downturn in the homebuilding industry or to pay down part of its corporate debt unrelated to construction, and deleverage its balance sheet. At the end of June, Cyrela had around BRL1.6 billion in cash and marketable securities on its balance sheet compared to BRL1.3 billion in short term debt maturities. Working capital needs amounted BRL0.6 billion in the last 12 months ended June 2012. The level of cash available is relatively low since Cyrela does not have any committed credit facilities, but the considerable amount of SFH lines the company has should be sufficient to finance the construction of all the projects already launched by the company. SFH loans are linked to the construction of a specific project and are extinguished once the keys are delivered to the homebuyers. At the end of June 2012, 74% of ST debt (BRL984 million) was linked to SFH lines. Early this week, the company announced a share buy-back program of approximately 5.0% of total outstanding shares, which may represent a cash disbursement of approximately BRL350 million during the next twelve months. However, the program should not affect Cyrela's ratings at this time as the company has sufficient liquidity. Nevertheless Moody's expects the company to balance its cash outlays of the share buyback and planned dividend distributions should the scheduled unit deliveries not monetize as expected. Cyrela's outstanding unsecured debentures are structurally subordinated to its existing secured debt. Despite the structural subordination they are rated at the same level as Cyrela's CFR given the high proportion of unsecured debt in the overall capital structure. In Moody's view, only 5% of Cyrela's outstanding debt instruments can be considered senior secured, given the pledge of receivables and real assets from construction projects under development. This percentage is based on the company's outstanding debt as of June 30, 2012, pro-forma with the new proposed BRL400 million senior unsecured debentures that will be used for liability management and excluding SFH loans. SFH loans are collateralized by specific assets and have no residual claim on the remaining assets of the company As a result, the comfortable level of unencumbered assets should provide good recovery for the unsecured debt holders in case of a default. Mortgage availability at an earlier point in the construction cycle, which is more common in the lower income segments in which the company is increasing its share, will be an important factor in Cyrela's ability to reduce its investments in working capital. The stable outlook assumes that Cyrela will maintain a comfortable liquidity position preserving an adequate cash on its balance sheet to face an eventual weaker economic environment and stricter capital market conditions while executing its growth plan. Cyrela's rating or outlook could experience upward pressure if the company improves its cash-flow based credit metrics through reduced working capital requirements over time. Quantitatively, positive pressure could arise from sustainable positive cash flow from operations, total debt/capitalization below 40% and interest coverage (EBIT / Interest) above 6 times on a sustainable basis. Cyrela's ratings would likely be downgraded if Total Debt to Capitalization is sustained above mid 50% for an extended period of time or if the company were to face a significant deterioration in the quality of its receivables. A downgrade could also be triggered by deterioration in Cyrela's liquidity profile due to a reduction in the availability and timeliness of disbursements from credit lines that the company has available with commercial banks through the SFH. A meaningful change in the proportion of secured versus unsecured debt or a decrease in the amount of unencumbered assets that could be used to pay down the unsecured debentures could also result in a downgrade of Cyrela's unsecured ratings. The principal methodology used in rating Cyrela was the Global Homebuilding Industry Methodology published in March 2009. Headquartered in Sao Paulo, Brazil, and founded in 1962, Cyrela is one of the largest fully integrated homebuilders in Brazil and also one of the most diversified in terms of product offering to different income levels and geographic regions, operating in 67 cities and 16 different states across Brazil. Cyrela had net revenues of BRL6.5 billion (US$3.6 billion) during the last twelve months ended June 2012. MARFRIG ALIMENTOS: Moody's Cuts Ratings on Sr. Unsec. Notes to B2 ----------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of Marfrig Alimentos S.A. to B2 from B1. The outlook is stable. The following ratings were downgraded: Issuer: Marfrig Overseas Limited and guaranteed by Marfrig: - US$375 million 9.625% senior unsecured guaranteed notes due 2016: B2 (foreign currency) - US$500 million 9.500% senior unsecured guaranteed notes due 2020: B2 (foreign currency) Issuer: Marfrig Overseas Limited and guaranteed by Marfrig: - US$750 million 8.375% senior unsecured guaranteed notes due 2018: B2 (foreign currency) - Corporate Family Rating: B2 (global scale) Ratings Rationale "The downgrade reflects the company's continued elevated leverage and the recent deterioration in its liquidity, mainly due to the concentration of short term debt payments in the second and third quarters of 2012", said Moody's analyst Marianna Waltz. Although current cash position is still high, amounting to BRL3 billion as of June, and representing 98% of total short term debt, a large proportion (BRL1.1 billion) is restricted though linked to long- term export related debt obligation. Furthermore, as of June 2012, the company's cash balance effectively decreased by about BRL1 billion as compared to March, if Moody's considers that the funds related to the sale of Keystone assets were added in May 2012. In addition, there are still about BRL1.5 billion in debt maturing until the end of the year and another BRL2.7 billion in 2013. In this sense, Moody's sees risk of the company reducing its liquidity -- one of the main supporters for its ratings over the last few years -- to cover at least part of the maturing debt. Offsetting some of these liquidity concerns, the company holds, through its subsidiary Keystone, a US$600 million secured revolving long-term credit facility with 17 banks. Of this amount about US$300 million is being used, with the balance still available. On the positive side, the rating is supported by the company's diversified portfolio of products in five animal proteins (lamb, pork, turkey, poultry and beef) and strong brands, as well as its large geographic footprint and global distribution capabilities. In addition, Moody's sees opportunities for the Seara brand in Brazil related not only to the integration of assets exchanged with Brasil Foods, but also to the suspension of certain Perdigao products by the Anti-trust commission (CADE) for a period of three to five years. Moody's is assuming that Brasil Foods will recover the most of Perdigao's market share using the Sadia brand, but in Moody's view Seara could capture a portion of it as well. In terms of operating performance, after the recovery from the weak 2011 levels, Moody's does not expect further improvements over the short term. Brazilian beef operations should be benefited by the cattle herd expansion in the country, but higher grain prices are likely to put pressure on the poultry and pork segments' results in the second half of the year. The company's cash flow generation will depend largely on its ability to control working capital. In Moody's view, the integration of assets combined with increased grain prices could lead to higher working capital requirements. The rating also considers the company's high adjusted leverage, measured by gross debt/EBITDA, at 6.4x as of June 2012, which in part is due to the effects of BRL depreciation, since 76% of Marfrig's total debt is USD denominated. The stable outlook reflects Moody's view that Marfrig will be able to keep operating margins near current levels and avoid further significant deterioration in its liquidity over the near term. Marfrig's rating could be downgraded if liquidity were to deteriorate in a way that unrestricted cash position would represent less than 80% of short term debt. Quantitatively, downward pressure on Marfrig's B2 rating or outlook is likely if Total Debt / EBITDA is sustained above 6.0x, EBITA to gross interest expense falls below 1.0x or if Retained Cash Flow to Net Debt is below 10%. All credit metrics are according to Moody's standard adjustments and definitions. The ratings or outlook could be upgraded if Marfrig is able to improve liquidity and keep operating margins at least near current levels. In addition, it would require a CFO/ Net Debt approaching 15% and a Total Debt / EBITDA of near 4.5x. The principal methodology used in rating Marfrig was the Global Food - Protein and Agriculture Industry Methodology published in September 2009. Marfrig, headquartered in Sao Paulo, Brazil, is among the leading protein companies globally, with reported net consolidated revenues of BRL22.4 billion (US$11.2 billion) in the 12 months ended in June, 2012. With two main divisions, which are Seara Foods and Marfrig Beef, the company currently has 106 beef, poultry, pork and lamb processing plants; 14 leather industrial units and 30 distribution centers in 22 countries. The company processes, packages and delivers fresh, chilled and processed beef, chicken, pork and lamb products to customers in Brazil and abroad, with approximately 35% of global sales derived from exports. In the past few years Marfrig has focused on non-organic growth and made 18 acquisitions, the most important ones being Moy Park (2008), Seara (2009) and Keystone (2010). MILLS ESTRUTURAS: Moody's Rates BRL200-Mil. Sr. Debentures 'Ba2' ---------------------------------------------------------------- Moody's America Latina has assigned Ba2 and Aa3.br ratings to Mills Estruturas e Servicos de Engenharia ("Mills") BRL 200 million senior unsecured debentures. Simultaneously, Moody's has affirmed Mills' existing Ba2/Aa3.br ratings. The outlook for all ratings is stable. Ratings affirmed: Mills Estruturas e Servicos de Engenharia: - Corporate Family Rating: Ba2 (global scale); Aa3.br (Brazilian national scale) - BRL270 million senior unsecured debentures: Ba2 (global scale); Aa3.br (Brazilian national scale) Ratings assigned: Mills Estruturas e Servicos de Engenharia: - BRL200 million senior unsecured debentures: Ba2 (global scale); Aa3.br (Brazilian national scale) The outlook for all ratings is stable. Ratings Rationale Mills' Ba2 corporate family rating incorporates its leading position in the Brazilian concrete formwork and tubular structures sector backed by its longstanding relationship with the major local construction companies engaged in complex infrastructure, commercial, industrial and residential projects, supported by the offering of innovative solutions and updated technology based on commercial agreements with international players. Mills has diversified its operations into industrial services and rental of motorized access equipment taking advantage of cross selling opportunities to increase client loyalty. The company is well positioned to benefit from the growth in heavy construction, infrastructure and housing sector in Brazil, which is expected to last several years. The rating is also supported by Mills' strong operating margins based on a track record of high capacity utilization, and by its prudent financial management that includes a target leverage of Net Debt to EBITDA of 1x, moderate dividends and a conservative hedging policy. Mills is run by professional executives with long experience in the industry, which potentially reduces the company's execution risk, and has a good level of disclosure. The recent implementation of a permanent fiscal council and the maintenance of a human resources committee support Mills' good governance structure. Mills' small size relative to global peers, its high dependence on the cyclical construction industry, and aggressive growth plans that include capital investments of BRL256 million in 2012 causing free cash flow to remain negative are constraining factors to the rating, although the very short cycle of its investments provide flexibility to efficiently react to potential slowdowns in the construction industry. The Ba2/Aa3.br ratings of the proposed debentures assume that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. The rating of the debentures is at the same level as the Ba2/Aa3.br corporate family ratings based on the low level of secured debt pro-forma for the new issuance (around 11%) and Moody's view of fairly strong asset coverage providing good level of comfort to senior unsecured debt holders. The stable outlook considers that Mills will continue to prudently manage dividends and leverage based on its long term target of Net Debt to EBITDA of 1.0x while maintaining solid liquidity position. The outlook also considers the benefits of the booming heavy construction sector and infrastructure investments in Brazil that will allow Mills to grow its operations organically rather than through acquisitions. Mills is expected to maintain its leadership position, ensure healthy operating margins and debt protection metrics even during the down cycles of the construction industry by efficiently managing its capex program in anticipation of declining demand for its services. Despite Mills' small size relative to global peers, positive pressure on ratings could arise if the company is able to sustain its margins at the same time it expands its market position on key segments. Additionally, the ratings might be positive affected if the company generates positive free cash flow on a sustainable basis. The ratings could be negatively impacted in case the company remains significantly free cash flow negative, resulting in a substantial increase in leverage and / or liquidity deterioration. Further downgrade pressure may arise in case Mills cannot sustain current margin levels and lead market position across key lines of business. Also, a significant increase in the level of secured debt could cause a downgrade of the rated unsecured debentures. Mills Estruturas e Servicos de Engenharia S.A., headquartered in Rio de Janeiro, is a leading provider of concrete formwork and tubular structures services to construction companies, industrial services and rental of motorized access equipment in Brazil, having reported BRL779 million (around US$447 million) in net revenues during the last twelve months ended June 2012. =========================== C A Y M A N I S L A N D S =========================== MSGI CHINA II: Shareholders to Hear Wind-Up Report on Aug. 21 ------------------------------------------------------------- The shareholders of MSGI China II Limited will hold their final meeting on Aug. 21, 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: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MSGI CHINA IV: Shareholders to Hear Wind-Up Report on Aug. 21 ------------------------------------------------------------- The shareholders of MSGI China IV Limited will hold their final meeting on Aug. 21, 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: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MSGI CHINA VI: Shareholders to Hear Wind-Up Report on Aug. 21 ------------------------------------------------------------- The shareholders of MSGI China VI Limited will hold their final meeting on Aug. 21, 2012, at 10:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MSGI CHINA VII: Shareholders to Hear Wind-Up Report on Aug. 21 -------------------------------------------------------------- The shareholders of MSGI China VII Limited will hold their final meeting on Aug. 21, 2012, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MSGI CHINA VIII: Shareholders to Hear Wind-Up Report on Aug. 21 --------------------------------------------------------------- The shareholders of MSGI China VIII Limited will hold their final meeting on Aug. 21, 2012, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands MSR EXODUS: Shareholders to Hear Wind-Up Report on Aug. 21 ---------------------------------------------------------- The shareholders of MSR Exodus Holdings Ltd will hold their final meeting on Aug. 21, 2012, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rebecca Hume Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street PO Box 709 Grand Cayman, KY1-1107 Cayman Islands NORTHUMBERLAND: Shareholders to Hear Wind-Up Report on Aug. 28 -------------------------------------------------------------- The shareholders of Northumberland Investments Ltd. will hold their final meeting on Aug. 28, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daniel Klein c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands QUANTUM PACIFIC: Shareholder to Receive Wind-Up Report on Aug. 21 ----------------------------------------------------------------- The shareholder of Quantum Pacific Holdings Co., Ltd. will receive on Aug. 21, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hsiao An Tai c/o Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands ROC OIL (CASAMANCE): Shareholder to Hear Report on Sept. 6 ---------------------------------------------------------- The shareholder of Roc Oil (Casamance) Company will receive on Sept. 6, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands ROC OIL (MABOQUE): Shareholder to Hear Wind-Up Report on Sept. 6 ---------------------------------------------------------------- The shareholder of Roc Oil (Maboque) Company will receive on Sept. 6, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KYI-1102 Cayman Islands SAKELLI INVESTMENT: Members to Hear Wind-Up Report on Aug. 21 ------------------------------------------------------------- The members of Sakelli Investment Company Limited will hold their final meeting on Aug. 21, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands SIRE PARTNERS II: Shareholder to Get Wind-Up Report on Aug. 21 -------------------------------------------------------------- The shareholder of Sire Partners II Offshore, Ltd. will receive on Aug. 21, 2012, at 1:00 p.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 ============= G R E N A D A ============= LIAT LIMITED: Reinstates Barbados - Grenada Flights --------------------------------------------------- NationNews reports that Leeward Islands Air Transport (LIAT)'s flights LI 771 from Barbados to Grenada and LI 772 from Trinidad to Grenada is now operational. A release from the airline confirmed that these two flights have been reinstated after a notice stating that strike action in Grenada had forced some cancellations, according to NationNews. NationNews notes that employees of LIAT Airlines at the Maurice Bishop International Airport (MBIA) there went on strike around noon and as a result, some flights were affected. "LIAT sincerely apologises to affected passengers for any inconvenience caused as a result of the recent industrial developments in Grenada" stated the release obtained by the news agency. 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. About LIAT 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. ======= P E R U ======= * LIMA: Moody's Upgrades Issuer Rating From 'Ba1' ------------------------------------------------- Moody's Investors Service has upgraded the City of Lima's issuer rating to Baa3 from Ba1. The rating outlook remains positive. Ratings Rationale The upgrade reflects the advances that the City of Lima has made improving its own credit profile and the sustained record of positive trends in Peru's operating environment. This rating action follows the recent upgrade of the Government of Peru's foreign and local currency long-term bond ratings to Baa2, positive outlook, from Baa3, positive outlook. The sovereign upgrade reflects Peru's reduced susceptibility to political event risk, continuing robust economic growth and sound fiscal performance, sustained improvement of government debt metrics, and lower exposure to foreign currency denominated debt. "These factors have contributed to the better operating environment under which the City of Lima, Peru's capital city and nerve center for high value added economic activities, operates," said Moody's analyst Patricio Esnaola. The City of Lima has also made significant improvements in its own fiscal performance. "The upgrade to the investment grade category reflects a sustained trend of positive gross operating balances, a manageable debt burden, and a strong liquidity position," added Mr. Esnaola. Lima's financial performance is characterized by strong gross operating balances, which for the period 2005-2011 averaged 38% of operating revenues. In 2011, the GOB represented a high 43% of operating revenues, a high level compared to rated peers in the region. These strong operating margins are supported by Lima's ongoing ability to match revenue and expenditure growth at a sustained rate. Lima's debt burden has remained manageable over the last seven years, accounting for 26% of revenues in 2005 and 29% in 2011, reaching a peak of 51% in 2008. "Going forward, we expect debt-to- revenue ratios to reach almost 70% of revenues as the municipality is planning a PEN800 million bond issuance to fund its capital plan for 2013 and 2014", Mr. Esnaola said. Lima's creditworthiness is supported by a strong liquidity position. As of December 2011, cash and liquid investments amounted to PEN416 million (31% of revenues), up from PEN320 million (27% of revenues) recorded in 2010. However, Lima still faces credit challenges such as the high volatility of its consolidated cash financing balances, which is primarily explained by the volatile cycle of capital expenditures. While capital investment tends to remain at a low level in the first half of the administration period, it normally increases significantly in the second half, leading to cash financing deficits. "This is what happened in recent years, and what we expect to happen in 2013 and 2014", Mr. Esnaola said. The rating outlook is positive, in line with Peru's rating outlook, reflecting Moody's expectation that the country's favourable growth prospects will continue to positively affect the city's fiscal performance in the coming years. According to Moody's, the municipality will achieve robust gross operating margins in the next two to three years, that fiscal performance in general will remain sound, and that debt levels will remain manageable, even considering the PEN800 million bond issuance expected in 2013. The methodologies used in this rating were Regional and Local Governments Outside the US published in May 2008, and The Application of Joint-Default Analysis to Regional and Local Governments published in December 2008. What Could Move The Ratings Up/Down An upgrade on Peru's Baa2 government bond rating could trigger an upgrade of Lima's Baa3 issuer rating. In addition, balanced fiscal outcomes combined with reduced borrowing needs could exert upward pressure on the rating. On the other hand, the posting of recurring, sizable, cash financing requirements that could potentially lead to a sudden increase in debt levels or a decrease in cash, could apply downward pressure on the rating. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: Gets New Planes, to Increase Domestic Arm -------------------------------------------------------- Trinidad Newsday reports that Caribbean Airlines Limited's third ATR 72-600 aircraft has arrived allowing it to increase capacity on the domestic airbridge by offering customers more option and flexibility of travel between Trinidad and Tobago. This plane joins two other ATRs already on the domestic route where they have been proving their operational efficiency, according to Trinidad Newsday. The report relates that acting Chief Executive Officer Robert Corbie said the arrival of the third ATR is a significant milestone for the airline as it moves toward a streamlined fleet of turbo-prop, narrow-body and wide body aircraft. "While any aircraft acquisition is not a simple process, this represents the deep commitment to viable air connectivity for Tobago and the many citizens that rely on the air-bridge for their inter-island transport," the report quoted Mr. Moonan as saying. The report notes that Mr. Moonan added CAL continues to work with its industry partners to build the tourism plant and generate revenues for local reinvestment. The report adds that CAL is expected to receive the two B 767-316 ER aircraft for its London route later this month. 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. =============== X X X X X X X X =============== * Nobina Pushes 2012 Global Default Tally to 52 Issuers ------------------------------------------------------- Standard & Poor's Ratings Services on Aug. 2 lowered its issuer credit rating on Sweden-based bus operator Nobina AB to 'SD' (selective default) from 'CC'. This raised the global corporate default tally to 52 issuers this year, said an article published Aug. 17 by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Tally Increases to 52 Issuers So Far In 2012 After Sweden-Based Nobina Defaults." The rating action followed Nobina's announced temporary deferral of the coupon and principal repayments on its EUR85 million senior secured notes due Aug. 1, 2012, until Oct. 31, 2012. By region, 28 of the 52 defaulters were based in the U.S., 14 in the emerging markets, seven in Europe, and three in the other developed region. In comparison, the 2011 total (through Aug. 15) was 23. Of the defaulters in 2011, 14 were based in the U.S., two in the emerging markets, two in Europe, and five in the other developed region. So far this year, bankruptcy filings accounted for 15 defaults, missed payments for 14; distressed exchanges for 10, and eight were confidential. The remaining five entities defaulted for various other reasons. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings -- both of which were among the top reasons for defaults in 2010. Distressed exchanges -- another top reason for default in 2010 -- followed with 11 defaults in 2011. Of the remaining defaults, two issuers failed to finalize refinancing on bank loans, two were subject to regulatory action, one had its banking license revoked by its country's central bank, one was appointed a receiver, and two were confidential. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 SOC COMERCIAL PL CADN SW 231024530.5 -308335991 SOC COMERCIAL PL COME AR 231024530.5 -308335991 SOC COMERCIAL PL CVVIF US 231024530.5 -308335991 SOC COMERCIAL PL COMED AR 231024530.5 -308335991 SOC COMERCIAL PL CADN 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BZ 31374373.74 -1555470.16 CONST BETER-PF A COBE5 BZ 31374373.74 -1555470.16 CONST BETER-PR B 1009Q BZ 31374373.74 -1555470.16 CONST BETER-PF B 1COBBN BZ 31374373.74 -1555470.16 CONST BETER-PF A 1COBAN BZ 31374373.74 -1555470.16 CONST BETER SA COBE3 BZ 31374373.74 -1555470.16 BOTUCATU-PREF STRP4 BZ 27663604.95 -7174512.03 STAROUP SA STARON BZ 27663604.95 -7174512.03 BOTUCATU TEXTIL STRP3 BZ 27663604.95 -7174512.03 STAROUP SA-PREF STARPN BZ 27663604.95 -7174512.03 STEEL - RCT ORD STLB9 BZ 27168332.71 -942060.853 ALL ORE MINERACA STLB3 BZ 27168332.71 -942060.853 ALL ORE MINERACA AORE3 BZ 27168332.71 -942060.853 STEEL - RT STLB1 BZ 27168332.71 -942060.853 NUTRIPLANT NUTR3M BZ 24748712.23 -500384.099 SAUIPE-PREF PSEG4 BZ 24470538.18 -213980.042 SAUIPE SA PSEGON BZ 24470538.18 -213980.042 SAUIPE SA-PREF PSEGPN BZ 24470538.18 -213980.042 SAUIPE PSEG3 BZ 24470538.18 -213980.042 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527 NOVA AMERICA SA NOVAON BZ 21287489 -183535527 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527 BOMBRIL HOLDING FPXE3 BZ 19416015.78 -489914902 BOMBRIL FPXE4 BZ 19416015.78 -489914902 FERRAGENS HAGA HAGAON BZ 19097885.26 -54511171.5 FER HAGA-PREF HAGA4 BZ 19097885.26 -54511171.5 HAGA HAGA3 BZ 19097885.26 -54511171.5 FERRAGENS HAGA-P HAGAPN BZ 19097885.26 -54511171.5 B&D FOOD CORP BDFCE US 14423532 -3506007 B&D FOOD CORP BDFC US 14423532 -3506007 REII INC REIC US 14423532 -3506007 LATTENO FOOD COR LATF US 14423532 -3506007 NORDON METAL NORDON BZ 13825854.07 -32802043.2 NORDON MET-RTS NORD1 BZ 13825854.07 -32802043.2 NORDON MET NORD3 BZ 13825854.07 -32802043.2 CONST A LINDEN LINDON BZ 13567432.02 -4206628.17 CONST LINDEN RCT CALI10 BZ 13567432.02 -4206628.17 CONST A LIND-PRF LINDPN BZ 13567432.02 -4206628.17 CONST LINDEN RT CALI2 BZ 13567432.02 -4206628.17 CONST A LINDEN CALI3 BZ 13567432.02 -4206628.17 CONST A LIND-PRF CALI4 BZ 13567432.02 -4206628.17 CONST LINDEN RT CALI1 BZ 13567432.02 -4206628.17 CONST LINDEN RCT CALI9 BZ 13567432.02 -4206628.17 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9 CHIARELLI SA CCHON BZ 11281940.72 -81454622.1 CHIARELLI SA-PRF CCHPN BZ 11281940.72 -81454622.1 CHIARELLI SA CCHI3 BZ 11281940.72 -81454622.1 CHIARELLI SA-PRF CCHI4 BZ 11281940.72 -81454622.1 TECEL S JOSE-PRF SJOS4 BZ 11174696.21 -61473722.8 TECEL S JOSE-PRF FTSJPN BZ 11174696.21 -61473722.8 TECEL S JOSE FTSJON BZ 11174696.21 -61473722.8 TECEL S JOSE SJOS3 BZ 11174696.21 -61473722.8 F GUIMARAES-PREF FGUI4 BZ 11016542.14 -151840377 F GUIMARAES FGUI3 BZ 11016542.14 -151840377 FERREIRA GUIM-PR FGUIPN BZ 11016542.14 -151840377 FERREIRA GUIMARA FGUION BZ 11016542.14 -151840377 LARK MAQUINAS LARON BZ 6280039.909 -13860968.7 LARK SA MAQU-RTS LARK1 BZ 6280039.909 -13860968.7 LARK MAQS LARK3 BZ 6280039.909 -13860968.7 LARK SA MAQU-RTS LARK2 BZ 6280039.909 -13860968.7 LARK MAQUINAS-PR LARPN BZ 6280039.909 -13860968.7 LARK MAQS-PREF LARK4 BZ 6280039.909 -13860968.7 CHILE EMPRESA DE LOS F 2940894Z CI 1933599186 -50416405.6 LA POLAR-RT LAPOLARO CI 626658111.9 -537455813 LA POLAR SA LAPOLAR CI 626658111.9 -537455813 PUYEHUE PUYEH CI 25568725.55 -2547071.2 PUYEHUE RIGHT PUYEHUOS CI 25568725.55 -2547071.2 *********** 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 * * *