/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121120.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, November 20, 2012, Vol. 13, No. 231 Headlines A R G E N T I N A ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca' BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund ETEBA SA: Creditors' Proofs of Debt Due Dec. 5 FRAEN SA: Creditors' Proofs of Debt Due Dec. 13 SEISPUNTOSCERO SA: Asks for Reorganization Proceedings STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12 B R A Z I L * BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability C A Y M A N I S L A N D S CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22 DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22 KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22 MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22 OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22 PCR INVESTMENT: Commences Liquidation Proceedings RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22 RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22 M E X I C O CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable P A N A M A BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable P U E R T O R I C O SUNSET MARINE: Case Summary & 8 Unsecured Creditors WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors C&C FOOD: Case Summary & 8 Unsecured Creditors MARMOTECH INC: Case Summary & 11 Unsecured Creditors T R I N I D A D & T O B A G O CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22 X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ALBANESI GAS: Moody's Rates ARS22.35-Mil. Certificates 'Ca' ----------------------------------------------------------- Moody's Latin America has rated the Debt Securities and Certificates of Fideicomiso Financiero Albanesi Gas Clase 03, to be issued by Equity Trust Company (Argentina) S.A., acting solely in its capacity as issuer and trustee. ARS77,00,000 in Class A Debt Securities of "Fideicomiso Financiero Albanesi Gas Clase 03", rated A1.ar (sf) (Argentine National Scale) and B2 (sf) (Global Scale, Local Currency) ARS33,000,000 in Class B Debt Securities of "Fideicomiso Financiero Albanesi Gas Clase 03", rated Caa3.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale, Local Currency) ARS22,359,715 in Certificates of "Fideicomiso Financiero Albanesi Gas Clase 03", rated Ca.ar (sf) (Argentine National Scale) and Ca (sf) (Global Scale, Local Currency) Moody's notes that as of Nov. 16, the securities for this transaction have not yet been placed in the market. If any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. Ratings Rationale The ratings are based on the following factors: -- The credit enhancement provided through an initial overcollateralization for the Class A, of approximately 41.81%. -- The partial mitigation of the regulatory risks when compared to other similar transactions issued in the Argentine market. -- The absence of construction risk, as the construction of the pipelines corresponding to this transaction has been finalized. -- The ability of Rafael G. Albanesi S.A. (RGA) to act as the technical operator in the transaction, provide the gas transportation capacity on an ongoing basis and suspend the gas transportation service if carriers default. -- The mitigation of commingling risk as the carriers will be paying directly into the trust account. -- The structural protections of the transaction, such as a turbo sequential payment structure and the availability of various reserve accounts, including a fixed-amount expense reserve fund and a liquidity reserve fund equivalent to the next interest payment on the Class A securities. RGA, a gas and electricity broker located in Buenos Aires, Argentina, entered into take-or-pay gas transmission agreements (Ofertas de Servicio de Transporte Firme) with industrial companies located in Argentina (the carriers), which are also clients of RGA. Under these agreements, the carriers receive gas transportation capacity and are obliged to make certain fixed payments on a monthly basis ("Amortization"), which are the main underlying assets that back the repayment of the rated debt. Class A will bear a floating interest rate of BADLAR plus a spread, with a minimum of 17% and a maximum of 25%. Class A will have monthly principal amortizations. The credit enhancement in this transaction is provided mainly through overcollateralization (OC). The initial OC for the benefit of Class A holders is of approximately 41.81% resulting from discounting the fixed cashflow owned by the trust using an annual discount rate of 25%, which has been defined in the transaction's documents. The transaction has a turbo sequential payment structure and no interest or principal will be paid to the subordinated Certificates until Class A and Class B are paid in full. The transaction will also benefit from a liquidity reserve fund equivalent to one monthly interest payment on the outstanding VRD A, calculated for a month of 31 days at the maximum interest rate. The gas industry in Argentina is highly regulated. The Argentine Government -through ENARGAS, the gas industry regulator- has the authority to determine gas transmission and distribution systems, prices, required investments and fundamentally the gas charges that were established to repay infrastructure projects. Although the underlying assets in this transaction are not the gas charges established by ENARGAS but the repayment of the advances on the above mentioned gas charges made by RGA, Moody's believes that there is a risk that changes in the regulatory framework of the gas industry in Argentina could affect this transaction. Moody's evaluated the sufficiency of the credit enhancement by stressing the cashflows under several scenarios, including the default of the carriers. In the cashflow model, the carriers will default based on their current (or estimated) rating levels. Moody's assumed that defaulting carriers in the pool would not be substituted with another carrier. The model applies a haircut to the future payments from the carriers based on their current rating level. Moody's run a Montecarlo simulation with 30,000 iterations to determine the expected loss for each of the rated tranches. The factors that could lead to a downgrade of the transaction include: changes to the regulatory and legal framework of the gas industry in Argentina that could affect the underlying assets, an increase of the defaults of the carriers over Moody's expectations, and a decline in the credit quality of RGA. However, Moody's believes that the dependence of the transaction on RGA's performance is mitigated by the following factors: (i) first, obligors have been notified to pay directly into the trust account; as a result, there is no commingling of funds with funds in RGA accounts, (ii) second, the role of RGA is limited to dispatch and order the gas transportation capacity, and (iii) RGA's role could be assumed by a different company in the future. The main source of uncertainty for this transaction is the regulatory and legal framework for the gas industry in Argentina. As discussed above, ENARGAS determines the gas charges that were established to repay infrastructure projects. Although the underlying receivables backing the rated debt are not the gas charges themselves but the repayment of the advances on the gas charges made by RGA, there is a risk that changes in the regulatory framework could affect this transaction. BALANZ CAPITAL: Moody's Assigns '(P) B-bf' Rating to Bond Fund -------------------------------------------------------------- Moody's assigned provisional bond fund ratings of (P)B-bf/A-bf.ar to Balanz Capital Ahorro and Balanz Capital Pymes, funds managed by Balanz SGFCI S.A. The ratings are expressed on a global and national scale and reflect Moody's expectation that the funds will maintain a weighted average credit quality in the B/A-bf.ar range. This is supported by the fund's investment parameters and their expected asset allocation. Both funds are expected to be launched during next two weeks. The Balanz Capital Ahorro's objective is to invest in domestic asset backed securities,Tbill, Tbonds, government and corporate bonds. This portfolio will attempt to provide a return similar to the Argentine BADLAR interest rate index with an average duration not exceeding 1.5 years. "The Balanz Capital Ahorro's bond fund rating assigned is indicative of the portfolio's credit quality given the expected 60% asset allocation to corporates securities and private ABS securities issued in the local market rated with a a minimum rating of B3", said Moody's fund analyst, Carlos De Nevares. The fund's expected shareholders will be institutional investors, such as local insurance companies, and retail clients which have a existing relationships with Balanz SGFCE S.A. The bond fund rating for Balanz Capital PyMe is based on Moody's expectations that the fund will maintain a minimum of 60% in investments in listed checks issued by local SME's and guaranteed by local financial guarantors (SGR), the majority of them are rated B2 by Moody's. The balance of the assets are expected to have exposure to Valores de Corto Plazo (Commercial Paper) and asset-backed securities, all issued by Argentinean SMEs with an average rating of B3/A3.ar-Baa3.ar. " A significant investor in Balanz Capital Pyme is expected to be the ANSES, which is the Nationalized Pension Fund, which is looking to access investments in the Argentinean SME's to promote their development" commented Carlos de Nevares. BALANZ SGFI is a new Argentinean asset manager part of the local group BALANZ Financial group which started as a local brokerage agency in 2003. As of September 2012, BALANZ S.A managed investments of approximately AR$ 74.6 million or approximately $15.7 million. ETEBA SA: Creditors' Proofs of Debt Due Dec. 5 ---------------------------------------------- Adolfo Horsmann, the court-appointed trustee for Eteba SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 5, 2012. Mr. Horsmann will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Adolfo Horsmann Acevedo 246 Argentina FRAEN SA: Creditors' Proofs of Debt Due Dec. 13 ----------------------------------------------- Ines Etelvina Clos, the court-appointed trustee for Fraen SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 13, 2012. Ms. Clos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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: Ines Etelvina Clos Sarmiento 944 Argentina SEISPUNTOSCERO SA: Asks for Reorganization Proceedings ------------------------------------------------------ Seispuntoscero SA asked for reorganization proceedings. The company defaulted its payments last July 7. STANDARD BANK: Moody's Confirms 'Ba3' Deposit & Debt Ratings ------------------------------------------------------------ Moody's Investors Service confirmed the local currency ratings of Standard Bank Argentina (Standard Argentina) following the regulatory approval for the acquisition of 80% of its control by Industrial and Commercial Bank of China Limited (ICBC), from Standard Bank London Holding Limited and Holding W-S. The ratings confirmed are the bank's Ba3 local currency deposit and debt ratings. At the same time Moody's Latin America confirmed Standard Argentina's Aaa.ar national scale local currency deposit and debt ratings. All the local currency ratings carry a negative outlook given the negative outlook on the bank's standalone E+ BFSR, which in turn reflects the negative outlook on the Argentine government's ratings because of close linkages between sovereign and bank credit risks. The following ratings were confirmed and placed on negative outlook: Long term global local currency deposit rating at Ba3, negative outlook Long term national scale local currency deposit rating at Aaa.ar, negative outlook Global local currency senior unsecured debt rating at (P)Ba3, negative outlook National scale local currency senior unsecured debt rating at Aaa.ar, negative outlook Ratings Rationale Moody's concluded the review for downgrade and confirmed the bank's ratings following the Argentina's Central Bank's approval on November 8, 2012 of the acquisition of 80% of Standard Bank Argentina S.A. by ICBC. The remaining 20% will remain on hands of Standard Bank London Holding Limited (unrated). Moody's does not expect the new owner's strategic plan to differ from the bank's current strategy and growth plans, and assesses a high probability of support from ICBC to its new Argentine subsidiary, which Moody's currently rates ba1 for standalone financial strength. Thus, the assessment of high probability of parental support results in a three-notch uplift from Standard Argentina's b3 baseline credit assessment (mapped from the E+ BFSR). Moody's noted that the new ownership is likely to enhance the bank's franchise value, as well as add product and client diversification; it expects the bank to benefit from ICBC's strong franchise position and connections. ICBC's involvement in Standard Argentina will also help the bank in financing new infrastructure related projects in the segments of oil, gas, and natural resources, given the strategic relationship between Argentina and China, while the bank continues to develop its local corporate and retail businesses. Moreover, the bank's shareholders, ICBC and Standard Bank London Holding Ltd, plan to inject $100 million in new capital in Standard Argentina right after the Comisi�n Nacional de Defensa de la Competencia approves the deal, which will bolster the local operations and provide a larger platform for further growth. The development of the Argentinean operation will also be underpinned by ICBC's strong financial muscle, the bank having an asset base of around $2.7 trillion as of September 2012. However, Moody's notes that under the new shareholders the bank will redefine its strategy and growth plans, and that the level and probability of financial support of the new owner is uncertain. Execution and implementation risks in light of ICBC's relative lack of experience in the Argentinean market, are also captured in the bank's rating. Standard Bank Argentina S.A. is headquartered in Buenos Aires, with assets of Ar$ 18.4 billion and loans of Ar$ 10.8 billion as of June, 2012. TANANA Y CIA: Creditors' Proofs of Debt Due Dec. 12 --------------------------------------------------- Hector Pedro Bazzini, the court-appointed trustee for Tanana y Cia. SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 12, 2012. Mr. Bazzini will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 25, 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 Pedro Bassin Uruguay 652 =========== B R A Z I L =========== * BRAZIL: Bahia to Get $600MM IDB Loan to Consolidate Stability --------------------------------------------------------------- Brazil's state of Bahia will receive a loan for $600 million from the Inter-American Development Bank (IDB) to consolidate the fiscal stability through reforms to strengthen the financial and revenue management, and to better control expenditures. The project should contribute to increased revenues, paving the way for an increase in state investments over the next two years. The operation a Policy-Based Loan (PBL), which provides flexible support for institutional and policy reforms through fast- disbursing funds. The project, complementary to a first phase, will support reforms in four areas. The first area is management of public revenue, with the restructuring of the operating model of tax administration and the adoption of a new regulatory framework to encourage voluntary compliance with tax obligations. The second refers to financial management and public expenditure control, from the review of accounting and financial processes to the regulation of use of the system of public costs in all secretariats of the State. The third deals with management of public policies and programs, with by setting the standards for the new governance model of the planned investments in the Multiyear Plan (PPA), which guides government investment every four years. Finally, the fourth area deals with macroeconomic stability and fiscal sustainability, by providing for greater the expansion of public investment to supporting the State to fulfill it's the fiscal targets agreed upon with the federal government. Among other results, revenue is expected to rise from its expected an increase in revenue of $14.2 million in 2011 to $18.4 million in 2014. Investment volumes by the State are regarding the volume of investments made by the state, it is expected to increase from that the $ 1.7 billion recorded in 2011 to reach $2.5 billion in 2012. "For the past 15 years, the Bank has supported investment programs to strengthen fiscal management. From 2009, we began to implement programs based on policies, focused on sustainability and the fiscal balance of the States. This combination of policies and investments programs has been valuable to address the impacts of the global economic crisis, as well as to improve the debt profile and the quality of public spending," said Fatima Cartaxo, the IDB's project team leader. The IDB financing has a 20-year term, a grace period of five and a half years, and an interest rate based on LIBOR. ========================== C A Y M A N I S L A N D S ========================== CASTAWAY INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 22 ------------------------------------------------------------- The creditors of Castaway International Limited are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 3, 2012. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707 Grand Cayman KY1-1107 Cayman Islands DEME INSTITUTIONAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On Oct. 4, 2012, the sole shareholder of Deme Institutional Class, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Nov. 13, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Joanne Steven Telephone: (345) 815-1895 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands JUNIOR PREFERENCE: Placed Under Voluntary Wind-Up ------------------------------------------------- On Oct. 4, 2012, the sole member of Junior Preference Share Company (Taiwan) II Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Nov. 13, 2012, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands KBAL I LIMITED: Creditors' Proofs of Debt Due Nov. 22 ----------------------------------------------------- The creditors of KBAL I Limited are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 2, 2012. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KGOP I LIMITED: Creditors' Proofs of Debt Due Nov. 22 ----------------------------------------------------- The creditors of KGOP I Limited are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 2, 2012. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MESIROW FINANCIAL: Creditors' Proofs of Debt Due Nov. 22 -------------------------------------------------------- The creditors of Mesirow Financial Investment Fund (Cayman), Ltd - G2 are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 14, 2012. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 OPS LIMITED: Creditors' Proofs of Debt Due Nov. 22 -------------------------------------------------- The creditors of OPS Limited are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 3, 2012. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707 Grand Cayman KY1-1107 Cayman Islands PCR INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------- On Sept. 28, 2012, the sole shareholder of PCR Investment Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Oct. 31, 2012, will be included in the company's dividend distribution. The company's liquidator is: Kenneth Krys KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 Cayman Islands Telephone: (345) 947 4700 RESOURCES INVESTMENT: Creditors' Proofs of Debt Due Nov. 22 ----------------------------------------------------------- The creditors of Resources Investment Managers are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 26, 2012. The company's liquidator is: Victor Murray MG Management Ltd. PO Box 2745 Landmark Square, 2nd Floor 64 Earth Close, Seven Mile Beach Grand Cayman KY1-1111 Cayman Islands RIGHT CHOICE: Creditors' Proofs of Debt Due Nov. 22 --------------------------------------------------- The creditors of Right Choice Investments Limited are required to file their proofs of debt by Nov. 22, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 3, 2012. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707 Grand Cayman KY1-1107 Cayman Islands =========== M E X I C O =========== CONSUBANCO SA: Fitch Puts Rating on IDR at 'BB-'; Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating to Consubanco, S.A., Institucion de Banca Multilpe (Consubanco). At the same time, Fitch has affirmed and withdrawn the ratings of Consupago, S.A. de C.V., a non-bank predecessor of Consubanco, following the migration of most operations into the bank. Consubanco's Issuer Default Ratings (IDRs), viability, and national-scale ratings are driven by its strong capitalization, sound and recurring profitability driven by ample margins, well- contained provisions and strong efficiency levels, and reasonable asset quality and loan loss reserve coverage, that Fitch expects will remain roughly unchanged despite its conversion into a bank. However, the ratings also factor in the limited flexibility of its funding structure, the challenging operating and competitive environment in this sector, and portfolio concentrations by region and employer. Material improvements on the profile, diversification and flexibility of Consubanco's funding mix, coupled with smaller asset liability tenor mismatches, could potentially trigger a revision of the abovementioned ratings; however, Consubanco's ratings could be downgraded if core and/or tangible common capital falls below 20% of total assets, and/or if asset quality weakens to an extent that materially diminishes its loss absorption capacity, and/or if core earnings decline materially (operative ROA below 5%). In turn, Consubanco's support rating of '5' and the support rating floor of 'NF' reflect Fitch's opinion that external support for the bank in case of need, although possible, cannot be relied upon. Given the limited systemic importance of the bank, these ratings are unlikely to change in the foreseeable future. Despite its conversion into a bank, Consubanco will focus on the current business model, as it does not plan in the near future to expand its array of financial products or attend different sectors, neither developing a network of bank branches, although a moderate portion of its funding will be sourced from customer deposits. Given the small size of the banking entity into which Consupago's activities are being transferred, Fitch does not expect a material change on the company's financial profile or performance upon its completion. Strong and recurring net interest margin (NIM) of 51.45% and sound efficiency of 34.8% during the first nine months of 2012 are major drivers of its sound and ample core earnings. Fitch considers that Consubanco will maintain robust earnings, comfortably absorbing its high credit costs. Given its exceptionally high profitability and the slowdown in loan growth in recent years, the capital base is ample and has continued growing steadily. Fitch's measurement of core capital remained at a robust 44.3% of total assets as of September 2012. Given the payroll deduction mechanism, effective credit losses are relatively moderate. The negative recent trends in impairment levels by lower charge-offs and a tough economic environment. Loans are diversified by borrower, although certain concentrations by regions and employers remain. In Fitch's opinion, improving its funding structure is one of Consubanco's major challenges, which remains concentrated in a few secured banking facilities, as well as unsecured local and global debt issues that have shorter tenors than its loan portfolio; additionally, the sector is exposed to operational, political, and event risk related to the properly execution of the agreements with employers, and potential unwillingness or inability from the latter to timely or fully disburse retained collections. Fitch rates Consubanco as follows: -- Long-term IDR 'BB-'; -- Short-term IDR 'B'; -- Long-term local currency IDR 'BB-'; -- Short-term local currency IDR 'B'; -- Viability rating 'bb-'; -- Support rating '5'; -- Support rating floor 'NF'; -- Senior unsecured global debt for up to MX$750 million 'BB-'; -- Long-term national-scale rating 'A-(mex)'; -- Short-term national-scale rating 'F2(mex)'; -- Long-term national-scale rating for MX$500 million local senior unsecured debt 'A-(mex)'. The Rating Outlook is Stable. Consupago's ratings have been affirmed and simultaneously withdrawn as indicated below: -- Long-term IDR at 'BB-'; -- Short-term IDR at 'B'; -- Long-term local currency IDR at 'BB-'; -- Short-term local currency IDR at 'B'; -- Senior unsecured debt for up to MX$750 million at 'BB-'; -- Long-term national-scale rating at 'A-(mex)'; -- Short-term national-scale rating at 'F2(mex)'; -- Short-term national-scale rating for local MX$1,000 million senior unsecured debt at 'F2(mex)'. -- Long-term national-scale rating for local MX$500 million senior unsecured Debt at 'A-(mex)'. =========== P A N A M A =========== BANCO NACIONAL: Fitch Holds 'BB' Viability Rating; Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Banco Nacional de Panama's (Banconal)Issuer Default Rating (IDR) at 'BBB'. The rating Outlook is Stable. Fitch's assessment of the Panamanian government's willingness and capacity to provide timely and sufficient support drive Banconal's IDRs, which are aligned with those of the sovereign (rated 'BBB', Stable Outlook by Fitch). Although the Panamanian government does not explicitly guarantee Banconal's liabilities, Fitch views the entity as an important vehicle for the government given its role as financial agent in charge of tax and social security collections, payroll services, pension payments, and debt services. Banconal's IDRs should move in line with those of Panama. The downside potential for the bank's IDRs is considered limited given Panama's sound economic prospects. Banconal's Viability Rating (VR) is driven by its sound capital ratios, ample liquidity, stable deposit base, good asset quality, and increasing profitability, while also factoring in the concentrations on the balance sheet. Banconal's VR would benefit from improved loan loss reserves and risk management policies, higher revenue diversification, and lower concentration on both sides of the balance sheet. On the other hand, weaker profitability which would erode the capital/reserve cushion, and/or declining asset quality would place downward pressure on VR. Banconal's capital levels provide a good cushion to absorb unexpected losses, despite they declined slightly due to credit growth in the first half of the year. As of second quarter 2012 (2Q'12), Fitch Core Capital stood at 18.5%, below the four-year average of 20.5%. Capital ratios are underpinned by the low weighted risk of the bank's assets. Capital should remain sound to support moderate credit growth rates. Concentrations are structurally high at Banconal, due to the large exposure to the government in its investment and loan portfolios and its funding mostly from government entities. However, government concentrations carry some benefits, as those loans bear relatively low risk and deposits are stable and low cost. The bank has shown significant progress on key IT platforms in 2012, after years of a non-competitive position in the technological ground, and which should meet privately-owned banking standards in the short term. The bank has launched a massive project to overhaul its core banking systems and is investing significant funds and human resources in this multiyear project that should finish in 2013. Fitch affirms Banconal's ratings as follows: -- Long-term IDR at 'BBB'; Outlook Stable; -- Short-term IDR at 'F3'; -- Viability Rating at 'bb+'; -- Support Rating at '2'; -- Support Rating Floor at 'BBB' -- National Long Term Rating at 'AA+(Pan)'; Outlook Stable; -- National Short Term Rating at 'F1+(Pan)'. ==================== P U E R T O R I C O ==================== SUNSET MARINE: Case Summary & 8 Unsecured Creditors --------------------------------------------------- Debtor: Sunset Marine of Puerto Rico, Inc. dba Sunset Marine Charters PMB 224 35 JC Borbon, Suite 67 Guaynabo, PR 00969 Bankruptcy Case No.: 12-09083 Chapter 11 Petition Date: November 14, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Juan Manuel Suarez Cobo, Esq. LEGAL PARTNERS PSC 138 Winston Churchill Ave., Suite 316 San Juan, PR 00926-6023 Tel: (787) 791-1818 Fax: (787) 791-4260 E-mail: suarezcobo@gmail.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A copy of the Company's list of its eight unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-09083.pdf The petition was signed by Juan Carlos Nieto Rodriguez, president. WESTERN HOST: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Western Host Associates, Inc. dba Plaza De Armas Hotel P.O. Box 9024050 Viejo San Juan San Juan, PR 00902 Bankruptcy Case No.: 12-09093 Chapter 11 Petition Date: November 14, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Victor Gratacos Diaz, Esq. P.O. Box 7571 Caguas, PR 00726 Tel: (787) 746-4772 E-mail: bankruptcy@gratacoslaw.com Scheduled Assets: $3,978,375 Scheduled Liabilities: $6,879,841 A copy of the Company's list of its 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-09093.pdf The petition was signed by Luis Alvarez, president. C&C FOOD: Case Summary & 8 Unsecured Creditors ---------------------------------------------- Debtor: C&C Food Inc. aka Emma's Food & Meat Market P.O. Box 338 Moca, PR 00676-0338 Bankruptcy Case No.: 12-09066 Chapter 11 Petition Date: November 13, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Mildred Caban Flores Debtor's Counsel: Homel Antonio Mercado Justiniano, Esq. Calle Ramirez Silva #8 Ensanche Martinez Mayaguez, PR 00680 Tel: (787) 831-2577 Fax: (787) 805-7350 E-mail: hmjlaw@yahoo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 The Company's list of its eight unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-09066.pdf The petition was signed by Nabil Jose Caban Rodriguez, president. Affiliate that filed separate Chapter 11 petition: Entity Case No. Petition Date ------ -------- ------------- Memphis Caban and Marili Quinones 12-8282 10/17/12 MARMOTECH INC: Case Summary & 11 Unsecured Creditors ---------------------------------------------------- Debtor: Marmotech, Inc. P.O. Box 7886, Suite 422 Guaynabo, PR 00970 Bankruptcy Case No.: 12-09071 Chapter 11 Petition Date: November 13, 2012 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Enrique S. Lamoutte Debtor's Counsel: Antonio I. Hernandez Rodriguez, Esq. HERNANDEZ LAW OFFICE P.O. Box 8509 San Juan, PR 00910-0509 Tel: (787) 250-0575 E-mail: ahernandezlaw@yahoo.com Estimated Assets: $500,001 to $1,000,000 Estimated Debts: $1,000,001 to $10,000,000 A copy of the Company's list of its 11 unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/prb12-09071.pdf The petition was signed by Maximino Diaz Delgado, president. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Bourse Securities to Host Seminars on CIF on Nov. 22 -------------------------------------------------------------- Trinidad Express reports that Bourse Securities Ltd will be hosting two seminars to address the opportunities and risks that are inherent in the CLICO Investment Fund (CIF). Bourse was listed as a distributor and broker for the exchange of bonds for units in the CIL in a press release from the Ministry of Finance on November 1, according to Trinidad Express. The report relates that Managing Director Subhas Ramkhelawan, along with other members of the Bourse Team, will seek to address and clarify questions from bondholders at the seminars. Attendees will benefit from the group's discussions and a presentation on the CIF, Mr. Bourse said, the report relates. Mr. Ramkhelawan noted, "Bourse will continue to play its pivotal role in advising investors in matters which are of critical interest to them from an unbiased and independent platform." The seminars are scheduled to take place on November 22 at 5:15 p.m. at the Capital Plaza hotel on Wrightson Road, Port of Spain, and on November 29 at 5:15 p.m. at Cara Suites Hotel and Conference Centre, Southern Main Road, Claxton Bay. For information, contact any of the Bourse offices at (868) 628- 9100 or e-mail admin@boursefinancial.com (Att: Elyse Mohammed). 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$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ ARGENTINA ----------- SOC COMERCIAL PL SCDPF US 222756992 -310302930 SNIAFA SA-B SDAGF US 11229696.2 -2670544.88 CENTRAL COSTAN-B CRCBF US 410955501 -20459083 SOC COMERCIAL PL CAD IX 222756992 -310302930 SOC COMERCIAL PL CVVIF US 222756992 -310302930 SOC COMERCIAL PL CADN EO 222756992 -310302930 SOC COMERCIAL PL CADN EU 222756992 -310302930 COMERCIAL PL-ADR SCPDS LI 222756992 -310302930 ENDESA COSTAN-A CECO1 AR 410955501 -20459083 ENDESA COSTAN- CECO2 AR 410955501 -20459083 CENTRAL COST-BLK CECOB AR 410955501 -20459083 ENDESA COSTAN- CECOD AR 410955501 -20459083 ENDESA COSTAN- CECOC AR 410955501 -20459083 ENDESA COSTAN- EDCFF US 410955501 -20459083 CENTRAL COSTAN-C CECO3 AR 410955501 -20459083 CENTRAL COST-ADR CCSA LI 410955501 -20459083 ENDESA COST-ADR CRCNY US 410955501 -20459083 CENTRAL COSTAN-B CNRBF US 410955501 -20459083 SOC COMERCIAL PL COME AR 222756992 -310302930 SOC COMERCIAL PL CADN SW 222756992 -310302930 COMERCIAL PLA-BL COMEB AR 222756992 -310302930 SOC COMERCIAL PL COMEC AR 222756992 -310302930 SOC COMERCIAL PL COMED AR 222756992 -310302930 SNIAFA SA SNIA AR 11229696.2 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 BRAZIL ------ TELECOMUNICA-ADR 81370Z BZ 470957698 -17289190.9 FABRICA TECID-RT FTRX1 BZ 71426302.5 -70883547.3 TEKA-ADR TEKAY US 341291511 -388484677 BOMBRIL BMBBF US 351909380 -20217403.6 TELEBRAS-PF RCPT CBRZF US 470957698 -17289190.9 TEKA TKTQF US 341291511 -388484677 TEKA-PREF TKTPF US 341291511 -388484677 BATTISTELLA-RIGH BTTL1 BZ 251786497 -39723897.3 BATTISTELLA-RI P BTTL2 BZ 251786497 -39723897.3 BATTISTELLA-RECE BTTL9 BZ 251786497 -39723897.3 BATTISTELLA-RECP BTTL10 BZ 251786497 -39723897.3 AGRENCO LTD-BDR AGEN11 BZ 640440282 -323456366 REII INC REIC US 14423532 -3506007 PET MANG-RIGHTS 3678565Q BZ 287903103 -170622863 PET MANG-RIGHTS 3678569Q BZ 287903103 -170622863 PET MANG-RECEIPT 0229292Q BZ 287903103 -170622863 PET MANG-RECEIPT 0229296Q BZ 287903103 -170622863 BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902 BOMBRIL FPXE4 BZ 19416015.8 -489914902 SANESALTO 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287903103 -170622863 PET MANGUINH-PRF RPMG4 BZ 287903103 -170622863 PETRO MANGUIN-PF MANGPN BZ 287903103 -170622863 RIMET REEM3 BZ 103098361 -185417655 RIMET REEMON BZ 103098361 -185417655 RIMET-PREF REEM4 BZ 103098361 -185417655 RIMET-PREF REEMPN BZ 103098361 -185417655 SANSUY SNSY3 BZ 183826187 -133218258 SANSUY SA SNSYON BZ 183826187 -133218258 SANSUY-PREF A SNSY5 BZ 183826187 -133218258 SANSUY SA-PREF A SNSYAN BZ 183826187 -133218258 SANSUY-PREF B SNSY6 BZ 183826187 -133218258 SANSUY SA-PREF B SNSYBN BZ 183826187 -133218258 BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03 STAROUP SA STARON BZ 27663604.9 -7174512.03 BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03 STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03 TEKA TEKA3 BZ 341291511 -388484677 TEKA TEKAON BZ 341291511 -388484677 TEKA-PREF TEKA4 BZ 341291511 -388484677 TEKA-PREF TEKAPN BZ 341291511 -388484677 TEKA-ADR TKTPY US 341291511 -388484677 TEKA-ADR TKTQY US 341291511 -388484677 F GUIMARAES FGUI3 BZ 11016542.1 -151840377 FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377 F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377 FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377 VARIG SA VAGV3 BZ 966298048 -4695211008 VARIG SA VARGON BZ 966298048 -4695211008 VARIG SA-PREF VAGV4 BZ 966298048 -4695211008 VARIG SA-PREF VARGPN BZ 966298048 -4695211008 BATTISTELLA BTTL3 BZ 251786497 -39723897.3 BATTISTELLA-PREF BTTL4 BZ 251786497 -39723897.3 SAUIPE SA PSEGON BZ 15164420.8 -2756081.99 SAUIPE PSEG3 BZ 15164420.8 -2756081.99 SAUIPE SA-PREF PSEGPN BZ 15164420.8 -2756081.99 SAUIPE-PREF PSEG4 BZ 15164420.8 -2756081.99 CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72 CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72 CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72 CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72 LATTENO FOOD COR LATF US 14423532 -3506007 VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396 VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396 VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700 VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700 COLOMBIA --------- LA POLAR SA LAPOLAR CI 605994833 -543186477 PUYEHUE RIGHT PUYEHUOS CI 24251713.9 -3390038.99 LA POLAR-RT LAPOLARO CI 605994833 -543186477 LA POLAR-RT LAPOLAOS CI 605994833 -543186477 PUYEHUE PUYEH CI 24251713.9 -3390038.99 *********** 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 * * *