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/raid1/www/Hosts/bankrupt/TCRLA_Public/120914.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, September 14, 2012, Vol. 13, No. 183 Headlines A R G E N T I N A ARKEMA SA: Creditors' Proofs of Debt Due Oct. 9 ASISTENCIA ODONTOLOGICA: Creditors' Proofs of Debt Due Oct. 10 BANCO PATAGONIA: Moody's Assigns '(P)Ba3' Debt Rating DRYSUR SA: Creditors' Proofs of Debt Due Oct. 23 EZEQUIEL SOTO: Creditors' Proofs of Debt Due Oct. 26 FRACCIONADORA ESMERALDA: Creditors' Proofs of Debt Due Sept. 24 SWIMMING SA: Creditors' Proofs of Debt Due Oct. 2 VIEIRA ARGENTINA: Asks for Reorganization Proceedings C A Y M A N I S L A N D S ANITA COMPANY: Creditors' Proofs of Debt Due Oct. 8 AVON INDEMNITY: Commences Liquidation Proceedings BLACKADDER LIMITED: Creditors' Proofs of Debt Due Oct. 8 COMMODITIES ALPHA: Creditors' Proofs of Debt Due Oct. 8 DEPOSITUM 7 INC: Members' Final Meeting Set for Sept. 19 DYNALRN INC: Creditors' Proofs of Debt Due Oct. 8 FQ GLOBAL: Creditors' Proofs of Debt Due Sept. 26 IAM MINI-FUND: Creditors' Proofs of Debt Due Nov. 11 KNOLL SPECIAL: Shareholders' Final Meeting Set for Sept. 20 SULBY LIMITED: Creditors' Proofs of Debt Due Sept. 20 SULBY LIMITED: Shareholder to Hear Wind-Up Report on Sept. 21 J A M A I C A * JAMAICA: G2K Shows Concerned Over Management of Economy P U E R T O R I C O BMF INC: Disclosure Statement Hearing Moved to Sept. 26 EMPRESAS INTEREX: Arranges $700,000 of DIP Financing T R I N I D A D & T O B A G O CL FINANCIAL: Demands Answers From Howai, Yetming - - - - - ================= A R G E N T I N A ================= ARKEMA SA: Creditors' Proofs of Debt Due Oct. 9 ----------------------------------------------- Estudio Guillermo F. Fernandez y Asociados, the court-appointed trustee for Arkema SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 9, 2012. The Trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 4, 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: Estudio Guillermo F. Fernandez y Asociados Cerrito 520 Argentina ASISTENCIA ODONTOLOGICA: Creditors' Proofs of Debt Due Oct. 10 -------------------------------------------------------------- Rodolfo Alfredo Mazzarella, the court-appointed trustee for Asistencia Odontologica Integral SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 10, 2012. Mr. Mazzarella will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 47, 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: Rodolfo Alfredo Mazzarella Ortega y Gasset 1827 Argentina BANCO PATAGONIA: Moody's Assigns '(P)Ba3' Debt Rating ----------------------------------------------------- Moody's Investors Services assigned a (P) Ba3 global local currency debt rating and a (P) B2 global foreign currency debt rating to Banco Patagonia's senior debt program up to an amount of US$250 million, or its equivalent in other currencies. A Ba3 global local currency debt rating was also assigned to the expected first issuance up to ARS300 million, which is due in 18 months. At the same time, Moody's Latin America assigned local and foreign currency national scale ratings of Aa1.ar and Aa3.ar respectively to the program. A Aa1.ar national scale local currency debt rating was also assigned to the first expected issuance. The program is governed by Argentinean law. The outlook for all ratings is stable. The following ratings were assigned to Banco Patagonia S.A.: USD 250 million senior debt program: (P)Ba3 Global Local Currency Debt Rating, with stable outlook Aa1.ar Argentinean National Scale Local Currency Debt Rating (P)B2 Global Foreign Currency Debt Rating, with stable outlook Aa3.ar Argentinean National Scale Foreign Currency Debt Rating First Issuance of a maximum amount of ARS 300 million: Ba3 Global Local Currency Debt Rating, with stable outlook Aa1.ar Argentinean National Scale Local Currency Debt Rating Rating Rationale Moody's explained that the local currency senior unsecured debt rating derives from Banco Patagonia's Ba3 global local currency deposit rating that benefits from three notches of uplift from the bank's b3 baseline credit assessment reflecting Moody's assumption of a high probability of support from its parent, Banco do Brasil, if needed. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Banco Patagonia S.A. is headquartered in Buenos Aires, Argentina, and it had assets of ARS 20.5 billion and equity of ARS2.9 billion as of June 30, 2012. DRYSUR SA: Creditors' Proofs of Debt Due Oct. 23 ------------------------------------------------ Eduardo Horacio Rotger, the court-appointed trustee for Drysur SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 23, 2012. Mr. Rotger will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Eduardo Horacio Rotger Sarmiento 1169 Argentina EZEQUIEL SOTO: Creditors' Proofs of Debt Due Oct. 26 ---------------------------------------------------- Jorge Alberto Testa, the court-appointed trustee for Ezequiel Soto -Maximo Pedro Casares Sociedad de Hecho's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 26, 2012. Mr. Testa will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge Alberto Testa Maipu 459 Argentina FRACCIONADORA ESMERALDA: Creditors' Proofs of Debt Due Sept. 24 --------------------------------------------------------------- Rodrigo Javier Ibanez, the court-appointed trustee for Fraccionadora Esmeralda SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Sept. 24, 2012. Mr. Ibanez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, 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: Rodrigo Javier Ibanez Pedro Moran 3831 Argentina SWIMMING SA: Creditors' Proofs of Debt Due Oct. 2 ------------------------------------------------- Hector Jorge Garcia, the court-appointed trustee for Swimming SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Oct. 2, 2012. Mr. Garcia will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, 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: Hector Jorge Garcia Uruguay 572 VIEIRA ARGENTINA: Asks for Reorganization Proceedings ----------------------------------------------------- Vieira Argentina SA asked for reorganization proceedings. The company defaulted its payments last July 11. =========================== C A Y M A N I S L A N D S =========================== ANITA COMPANY: Creditors' Proofs of Debt Due Oct. 8 --------------------------------------------------- The creditors of The Anita Company Ltd are required to file their proofs of debt by Oct. 8, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2012. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands AVON INDEMNITY: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on July 31, 2012, the members of Avon Indemnity Co. Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: Marsh Management Services Cayman Ltd. Governors Square 23 Lime Tree Bay Avenue Building 4, Floor 2 P.O. Box 1051, Grand Cayman KY1-1102 Cayman Islands BLACKADDER LIMITED: Creditors' Proofs of Debt Due Oct. 8 -------------------------------------------------------- The creditors of Blackadder Limited are required to file their proofs of debt by Oct. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 17, 2012. The company's liquidators are: Edel Andersen Roger Priaulx Telephone: (345) 815 8532 Facsimile: (345) 945 3470 c/o Genesis Trust & Corporate Services Ltd. P.O. Box 448 Midtown Plaza Elgin Avenue, George Town Grand Cayman KY1-1106 Cayman Islands COMMODITIES ALPHA: Creditors' Proofs of Debt Due Oct. 8 ------------------------------------------------------- The creditors of Commodities Alpha Plus Fund are required to file their proofs of debt by Oct. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2012. The company's liquidator is: Stratus FoFH Liquidations Services Limited Vincenti Buildings, 29/19 (Suite 1163 Straight Street Valletta VLT 1432, Malta DEPOSITUM 7 INC: Members' Final Meeting Set for Sept. 19 -------------------------------------------------------- The members of Depositum 7 Inc. will hold their final general meeting on Sept. 19, 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: UBS Nominees Ltd. c/o Liliana Forbes Telephone: 914 6003 Facsimile: 914 4006 E-mail: liliana.forbes@ubs.com UBS Trustees (Cayman) Ltd. UBS House, 227 Elgin Avenue, George Town Grand Cayman KY1-1106 Cayman Islands DYNALRN INC: Creditors' Proofs of Debt Due Oct. 8 ------------------------------------------------- The creditors of Dynalrn Inc. are required to file their proofs of debt by Oct. 8, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2012. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands FQ GLOBAL: Creditors' Proofs of Debt Due Sept. 26 ------------------------------------------------- The creditors of FQ Global Diversified Return Fund Ltd. are required to file their proofs of debt by Sept. 26, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 16, 2012. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Reference: Christine Fletcher Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands IAM MINI-FUND: Creditors' Proofs of Debt Due Nov. 11 ---------------------------------------------------- The creditors of Iam Mini-Fund 17 Limited are required to file their proofs of debt by Nov. 11, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 17, 2012. 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 KNOLL SPECIAL: Shareholders' Final Meeting Set for Sept. 20 ----------------------------------------------------------- The shareholders of Knoll Special Opportunities Fund II will hold their final general meeting on Sept. 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: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348, Grand Cayman KY1-1108 Cayman Islands SULBY LIMITED: Creditors' Proofs of Debt Due Sept. 20 ----------------------------------------------------- The creditors of Sulby Limited are required to file their proofs of debt by Sept. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 7, 2012. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands SULBY LIMITED: Shareholder to Hear Wind-Up Report on Sept. 21 ------------------------------------------------------------- The sole shareholder of Sulby Limited will receive on Sept. 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: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= * JAMAICA: G2K Shows Concerned Over Management of Economy --------------------------------------------------------- RJR News reports that Generation 2000, G2K, said newly released information has left it gravely concerned about the country's economic management. G2K President Floyd Green says the steady decline of the Net International Reserve to US$1.3 billion is a real cause for concern he said the Minister must move to address, according to the report. "The trajectory without indicating how we're going to stop this decline is what we really have a problem with and the minister has already said that the IMF agreement will not be concluded until December. And he seems to be banking on the conclusion of the IMF agreement to bring in sufficient inflows of foreign exchange into our NIR's, the question is what happens in the interim?" RJR News quotes Mr. Green as saying. Mr. Green, according to RJR News, said that with the NIR hovering close to the international bench mark of being enough to purchase at least 12 weeks of imports, the situation is graver. That makes makes Dr. Phillips response in parliament that 'these things are seasonal' and 'it will work itself out', grossly unacceptable, Mr. Green said, the report notes. Mr. Green added that he appreciated the update given in Parliament on the start of the economy, but says such an address should have also come with the tabling of a white paper on tax reform, RJR News relates. "We believe what the minister should have done coming out of the recess period, use that first day in parliament to table the white paper on tax reform and that we believe would send a signal to our foreign partners that we're serious about tax reform and would help speed up the process of this IMF agreement," the report quoted Mr. Green as saying. ==================== P U E R T O R I C O ==================== BMF INC: Disclosure Statement Hearing Moved to Sept. 26 ------------------------------------------------------- BMF Inc. will ask the new judge assigned to its case to approve the disclosure statement explaining its Chapter 11 plan at a hearing Sept. 26, 2012, at 9:00 a.m. The hearing scheduled for Sept. 4 was cancelled. Judge Enrique S. Lamoutte Inclan was originally assigned to the case. A notice served mid-August says the case has been reassigned to Judge Brian K. Tester. As reported in the June 26, 2012 edition of the Troubled Company Reporter, the Plan of Reorganization dated May 29, 2012, considers full payment of all administrative, secured creditors and priority claims and a 20% dividend to the general unsecured creditors within seven years. According to the Disclosure Statement, the Plan will be substantially supported by the Debtor's operations. The Debtor said it has already implemented strategies to increase the sales of its most successful lines of water products while phasing out the less successful ones. The Debtor is also exploring efficiencies as using its fleet of delivery trucks to deliver product from other companies that is going to nearby addresses along with its water deliveries. About BMF Inc. BMF Inc. operates a water distillation operation to produce bottled drinking water. BMF markets the water it distills -- under the brand Pure H20 -- at various retail chains and restaurants throughout Puerto Rico and the Caribbean region. BMF Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 12-00658) on Jan. 31, 2012. BMF disclosed $12.3 million in assets and $8.9 million in liabilities. EMPRESAS INTEREX: Arranges $700,000 of DIP Financing ---------------------------------------------------- Empresas Interex Inc. has arranged postpetition financing that would fund the Chapter 11 case and help its complete development, construction and sale of the Ciudad Atlantis, its residential housing project in Arecibo, Puerto Rico. The hearing on the DIP financing scheduled for Aug. 29 has been reset to Oct. 10, 2012, at 9:00 a.m. According to a document filed with the bankruptcy court at the end of July, the Debtor's parent, Interamerican University of Puerto Rico, Inc., has agreed to provide financing of up to $700,000, which will bear interest at 4.25% per annum. The $500,000 will be used to complete construction of the residential units of the project and the balance will be used to complete the recreational facilities. The Cuidad Atlantis consists of 131 residences, of which 70 have been sold, 61 are at different termination stages, of which 18 have not been completed, 12 are in the process of termination and the remaining 31 are ready for delivery. DF Servicing, LLC, assignee of Doral Bank, is owed $6.08 million for prepetition loans provided to finance the project. DF and Doral's decision to stop funding prompted the Chapter 11 filing. The Debtor said that the 61 residential units are to be sold at an average sales price of $175,000, producing a gross sales price of $10,675,000, allowing for the payment of the $700,000 loan from the University, to pay DF's claim in full and provide Debtor with funds to pay its other creditors. The loan from the University will be repaid with the sale of 4 to 5 of the Project's residential units. San Juan, Puerto Rico-based Empresas Interex Inc. filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 11-10475) on Dec. 7, 2011. Bankruptcy Judge Mildred Caban Flores presides over the case. The company posts US$11,412,500 in assets and US$9,335,561 in liabilities. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Demands Answers From Howai, Yetming ------------------------------------------------- Andre Bagoo at Trinidad and Tobago Newsday reports that Peter Permell, a representative of the Clico Policyholders Group, called on Finance Minister Larry Howai and CL Financial Chairman Gerald Yetming to give "full disclosure" on the reported sale of Global Insurance Company of Jamaica Limited to Guardian Holdings (Trinidad) Limited (GHL). "Information reaching us, this afternoon indicates that on Friday last (September 7, 2012) CL Financial's (CLF) subsidiary Lascelles de Mercado (LDM) signed a definitive share purchase agreement with GHL for the acquisition of the insurance subsidiary through the purchase of all the issued shares of Globe Holdings St Lucia Limited," Mr. Permell said in a press release obtained by the news agency. "According to its 2011 audited financial statements, Globe is a J$5.8 billion or US$65.6 million company measured by total assets, which includes J$4.3 billion or US$49 million in cash and investments," Mr. Pemell added, the report notes. The report discloses that Mr. Pemell argued there is duty on the part of the company to disclose information. "The company has a duty and a responsibility to disclose all material information concerning its business and affairs forthwith upon the information becoming known to management, or in the case of information previously known forthwith upon it becoming apparent that the information is material. . . . Immediate release of information is absolutely necessary to ensure that it is promptly available to investors so they aren't placed at a disadvantage and to preserve the integrity of the market. In the circumstances, we are persuaded that a joint press release by both LDM and GHL would not only be in keeping with best practice but it is required," Mr. Pemell said, the report adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. *********** 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 * * *