/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121205.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, December 5, 2012, Vol. 13, No. 242 Headlines A R G E N T I N A * ARGENTINA: Default Swap Traders Lose 81% as Risk Recedes B R A Z I L CAMIL ALIMENTOS: S&P Raises Global Scale Rating to 'BB' SUL AMERICA SA: S&P Raises Issuer Credit Rating to 'BB+' ULTRAPETROL LTD: S&P Puts 'B-' ICR on Watch on Capital Injection C A Y M A N I S L A N D S ANTHRACITE BALANCED: Shareholder Receives Wind-Up Report BERXANDER INTERNATIONAL: Shareholder Receives Wind-Up Report CAIRN REAL: Shareholder Receives Wind-Up Report CSOF II FUND: Shareholder Receives Wind-Up Report EURUS II: Shareholder Receives Wind-Up Report FAIRWAYS LIMITED: Shareholder Receives Wind-Up Report GLOBAL MDA: Shareholders Receive Wind-Up Report GOLDEN SKY: Shareholder Receives Wind-Up Report GREENWICH HARBOUR: Members Receive Wind-Up Report GSP WORLDWIDE: Shareholder Receives Wind-Up Report M E X I C O FINANCIERA INDEPENDENCIA: S&P Cuts Rating on $200MM Notes to 'B+' SERVICIOS CORPORATIVOS: Moody's Puts 'B1' Rating Under Review P A R A G U A Y SCOTIABANK PERU: Moody's Says Outlook on D+ BFSR Remains Stable P U E R T O R I C O BANCO SANTANDER: S&P Cuts Rating on Preferred Stock to 'BB' DOE RUN PERU: La Oroya Smelter to Restart Production by Nov. 28 PABELLON DE LA VICTORIA: Hiring Justiniano as Counsel PABELLON DE LA VICTORIA: Sec. 341 Meeting Continued to Dec. 10 PABELLON DE LA VICTORIA: Claims Bar Date Set for Feb. 17 S U R I N A M E * SURINAME: Carries Out Expenditure Reform With $20MM IDB Loan - - - - - ================= A R G E N T I N A ================= * ARGENTINA: Default Swap Traders Lose 81% as Risk Recedes ---------------------------------------------------------- Katia Porzecanski & Camila Russo at Bloomberg News report that traders who bought three-month protection against an Argentine default lost 81% of their money in the two days after a U.S. court delayed a ruling that could have blocked payments to bondholders. SW Asset Management LLC said the cost to insure $10 million of Argentine debt against non-payment through March has plunged to $651,389 from $3.5 million on Nov. 28, Bloomberg News cites. Bloomberg News notes that the selloff came after a U.S. federal appeals court stayed District Judge Thomas Griesa's decision that would have forced the country to pay so-called holdout creditors from its $95 billion default in 2001 before holders of its restructured bonds. Bloomberg News notes that speculation that Argentina would opt to default for a second time in 11 years rather than settle with the holdouts caused the nation's bonds to tumble by the most in emerging markets last month. The report relates that while President Cristina Fernandez de Kirchner said her country will pay its performing debt, she has vowed never to give in to the demands of investors including billionaire Paul Singer she has dubbed "vultures." Argentina is still more likely to renege on payments than any country in the world, according to the credit-default swaps trading, Bloomberg News relays. "People that bought protection due to the unnecessary volatility and extremely aggressive stance by Griesa's mandate suffered significant losses based on the second court's move . . . . The three-month collapsed," Ray Zucaro, who helps manage about $240 million of emerging- market debt at SW Asset, told Bloomberg News in a telephone interview from Miami. Bloomberg News relays that the court's decision to stay the judge's orders and set a Feb. 27 hearing for the government's appeal ensures investors will be paid this month, according to Zucaro. Argentina was scheduled to make a $42 million interest payment on Dec. 4, 2012, on bonds due in 2017. Bloomberg News relates that Argentina will also pay about $3 billion on securities linked to economic growth on Dec. 15 and has a $600 million interest payment due for holders of bonds maturing in 2033. Bloomberg News discloses that the upfront price of one-year protection with credit- default swaps rose to a record 51 percentage points on Nov. 26, according to data provider CMA, which is owned by McGraw-Hill Cos. and compiles prices quoted by dealers in the privately negotiated market. Contracts tied to Argentine bonds were the seventh-most actively traded sovereign swaps in the week ended Nov. 23, according to the latest data from the Depository Trust & Clearing Corp., which runs a central credit-swaps repository, Bloomberg News notes. Investors bought 127 contracts, about seven times the average amount among single-name contracts traded that week, with a gross notional value of $595.7 million, according to the DTCC, Bloomberg News relays. Bloomberg News adds that banks, hedge funds and other institutional investors had bought or sold a net $1.68 billion of default protection for Argentine debt as of Nov. 23, according to DTCC. That compares with $17.2 billion for Brazil and $2.01 billion for Venezuela, Bloomberg News says. =========== B R A Z I L =========== CAMIL ALIMENTOS: S&P Raises Global Scale Rating to 'BB' ------------------------------------------------------- Standard & Poor's Ratings Services raised its global scale rating on Camil Alimentos S.A. to 'BB' from 'BB-' and its Brazilian national scale rating to 'brAA-' from 'brA+'. The outlook on the ratings is stable. "The upgrade reflects our opinion that Camil's has been able to continuously improve its 'fair' business risk profile through the acquisitions of strong branded food producers in Brazil and in other Latin American countries. Although the company still hasn't achieved our targeted ratios for the upgrade, such as a debt to EBITDA close to 3.5x and funds from operations (FFO) to debt of about 20%, we expect it to achieve those ratios in the next 12-18 months. It has increased its diversification into products that have strong brands and leading positions in all markets Camil operates. EBITDA contribution is currently stronger from its rice operations, though we estimate Camil will streamline canned fish and the somewhat lower margins in its sugar operations," S&P said. SUL AMERICA SA: S&P Raises Issuer Credit Rating to 'BB+' -------------------------------------------------------- Standard & Poor's Ratings Services raised its issuer credit rating on Sul America Companhia Nacional de Seguros S.A. (SulAmerica) to 'BBB' from 'BBB-'. Standard & Poor's also said that it raised its issuer credit rating on Sul America S.A. (SASA; the holding company) to 'BB+' from 'BB' and its national scale rating on SASA to 'brAA+' from 'brAA'. The outlook is stable. "The rating action on SulAmerica is based on the company's good operating performance despite strong competition in its existing markets," said Standard & Poor's credit analyst Suzane Iamamoto. "The company has maintained its written premium level after losing a large customer and sustained good results despite the pressures on its health business' loss ratio due to readjustments prices set by the ANS (Brazil's National Health Insurance Agency). SulAmerica and SASA's combined ratio has also remained at 101% levels due to the good management of loss ratio, especially in the group's auto insurance business." "The ratings on both companies reflect the combined operations of SulAmerica's multiline insurance business. The rating on SulAmerica reflects the company's well-established competitive position in local insurance markets, which result in resilient market shares. We believe that the group has maintained a prudent financial policy and good liquidity. The group's capitalization is also good for the rating level, in our view, since it receives further support from its conservative investment policy. The upgrade is consistent with the group's longer and more consistent track record of good operating margins in Brazil's health and auto insurance businesses. However, the stiff competition in the insurance industry, especially in the health segment, partially offsets these strengths. In addition, since ANS regulates health product prices, profitability could be pressured if insurance companies are not able price their products to reflect increased risks," S&P said. SulAmerica is a multiline insurer and the largest independent insurance company in the Federative Republic of Brazil (foreign currency rating BBB/Stable/A-2, local currency rating A-/Stable/A- 2), holding a good competitive position in terms of gross written premium (GWP). The health and auto insurance segments represent 90% of the group's total premiums, and osition it among Brazil's five largest insurers in both segments. "The stable outlook is based on our expectation that SulAmerica will maintain its good competitive position," said Ms. Iamamoto. "We expect the company's loss ratio to gradually improve as a result of higher profitability, particularly in its health and auto insurance businesses. We also expect SulAmerica's consolidated ROR and return on assets to be about 6%-8% in 2012 and 2013, with a consolidated combined ratio of less than 101% in 2012 and 2013. We estimate that the company's GWP to increase about 10%-15% in 2012 and 2013, mostly fueled by growth in the health and auto insurance segments, without any major change in product mix." "We could lower the rating if SulAmerica's capital levels deteriorate to below the 'BBB' range, according our risk-based capital model, if the consolidated combined ratio increases to more than 101%, or if SulAmerica's competitive positions in its core health and auto insurance businesses deteriorate due to a substantially lower market share," S&P said. ULTRAPETROL LTD: S&P Puts 'B-' ICR on Watch on Capital Injection ---------------------------------------------------------------- Standard & Poor's Rating Services placed its 'B-' issuer credit rating on South American shipping company Ultrapetrol (Bahamas) Ltd. on CreditWatch with developing implications. "Our rating on Ultrapetrol reflects the company's 'weak' (as our criteria define the term) business risk profile and 'highly leveraged' financial risk profile. Ultrapetrol's business risk profile reflects its river-based business' exposure to climate conditions, which may affect the amount of cargo transported (mainly soybeans) and the navigability of the upper side of the river system. The company is also highly leveraged--more so in 2012 because of weak cash flows due to climate conditions. Partially offsetting these factors is the increased revenues from the company's offshore services business, which present more stable cash flows due to the long-term contracts with Petroleo Brasileiro S.A. - Petrobras (BBB/Stable/--), despite the required significant capital expenditures," S&P said. "Ultrapetrol announced on Nov. 13, 2012, that it has reached an agreement with an investment vehicle that is ultimately managed by private equity fund Southern Cross Group (not rated). Under the deal, Ultrapetrol will issue additional 110 million shares, for which Southern Cross would pay $2 per share, effectively injecting $220 million into Ultrapetrol. The agreement is subject to certain closing conditions, including but not limited to a waiver by holders of certain repurchase rights related to Ultrapetrol's convertible senior notes due 2017," S&P said. "Although we view the transaction, if closed, as positive for Ultrapetrol's financial profile, we also believe that the positive implications to the rating depend on the effective improvement of the company's liquidity and overall capital structure and the agreement's impact on the company's several stakeholders, including the existing noteholders," said Standard & Poor's credit analyst Marcus Fernandes. "We will closely monitor those factors as the negotiations unfold." "We expect to resolve the CreditWatch listing when the uncertainties surrounding the announced agreement with Southern Cross have been dissipated and as we obtain more clarity on the impact the deal will have on Ultrapetrol's stakeholders. Considering the information available so far, we could affirm or raise the rating (possibly by one notch) if the transaction closes successfully, depending on the magnitude of liquidity and capital structure improvement due to the capital injection, assuming no negative impact to existing debtholders. We could lower the rating by one notch if the agreement does not go through because Ultrapetrol's financial position would continue to weaken, in our view. We will closely monitor any possible changes to the existing proposal as the negotiations with the stakeholders unfold," S&P said. ========================== C A Y M A N I S L A N D S ========================== ANTHRACITE BALANCED: Shareholder Receives Wind-Up Report -------------------------------------------------------- On Nov. 21, 2012, the shareholder of Anthracite Balanced Company (R-25) Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands BERXANDER INTERNATIONAL: Shareholder Receives Wind-Up Report ------------------------------------------------------------ On Nov. 23, 2012, the sole shareholder of Berxander International Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands CAIRN REAL: Shareholder Receives Wind-Up Report ----------------------------------------------- On Nov. 29, 2012, the shareholder of Cairn Real Estate Fund Limited received 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 CSOF II FUND: Shareholder Receives Wind-Up Report ------------------------------------------------- On Nov. 20, 2012, the sole shareholder of CSOF II Fund (Cayman), Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Colin Berryman Telephone: (345) 815-1896 Facsimile: (345) 949-9877 EURUS II: Shareholder Receives Wind-Up Report --------------------------------------------- On Nov. 20, 2012, the shareholder of Eurus II Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 814-6712 FAIRWAYS LIMITED: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Nov. 23, 2012, the sole shareholder of Fairways Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands GLOBAL MDA: Shareholders Receive Wind-Up Report ----------------------------------------------- On Nov. 21, 2012, the shareholders of Global MDA, SPC received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven Lencke 870 Commercial Lane Palmer Lake, Colorado 80133 USA GOLDEN SKY: Shareholder Receives Wind-Up Report ----------------------------------------------- On Nov. 15, 2012, the sole shareholder of Golden Sky Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matasuke Egashira c/o EOS Accountants LLP 500 Ala Moana Blvd. # 7-421 Honolulu, Hawaii 96813 GREENWICH HARBOUR: Members Receive Wind-Up Report ------------------------------------------------- On Nov. 19, 2012, the members of Greenwich Harbour MAC 52 Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GSP WORLDWIDE: Shareholder Receives Wind-Up Report -------------------------------------------------- On Nov. 23, 2012, the sole shareholder of GSP Worldwide, Ltd received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Samantha McAnulty 6 North Street, Goshen Connecticut 06756, USA Telephone: 1860 491 32188 Facsimile: 1 860 491 9460 11 Dr. Roy's Drive George Town Grand Cayman Cayman Islands KY1-1107 Telephone: 1 345 949 8600 Facsimile: 1 345 949 0626 =========== M E X I C O =========== FINANCIERA INDEPENDENCIA: S&P Cuts Rating on $200MM Notes to 'B+' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered its counterparty credit ratings to 'B+' from 'BB-' on global scale and to 'mxBBB/mxA-3' from 'mxA-/mxA-2' on national scale on Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. (Findep). "At the same time, we lowered our rating on Findep's $200 million senior unsecured notes to 'B+' from 'BB-'. The outlook is stable," S&P said. "The downgrade follows the deterioration of Findep's financial performance, which is no longer consistent with a 'BB-' rating. A more competitive environment, which resulted in higher indebtedness for Findep's target clients, and the reliance on external agents for collections management increased charge-offs and the default probability of its loan portfolio since late 2011. As Findep has been cleaning-up its loan portfolio, loan loss provisions (LLPs) have risen in recent months, hurting its profitability metrics. New loan originations have slowed down in 2012 due to stricter underwriting standards, and the company has enhanced its collection strategies. These measures could gradually strengthen Findep's internal capital generation in the long term, but we don't expect its historical profitability ratios to return," S&P said. SERVICIOS CORPORATIVOS: Moody's Puts 'B1' Rating Under Review ------------------------------------------------------------- Moody's Investors Service placed the senior unsecured debt rating of Servicios Corporativos Javer, S.A.P.I. de C.V. ("Javer") under review direction uncertain. Ratings Rationale This rating action is a result of Javer's announcement that it has signed a definitive agreement to acquire most of the low-income housing developments of ViveICA, S.A. de C.V. ("ViveICA") from Empresas ICA S.A.B. de C.V. via an equity distribution and the assumption of $600 million Mx pesos of debt. Post acquisition, Javer would become the third largest homebuilder in the country and, more importantly, will gain more geographic diversification by increasing its presence in Central and Southern Mexico and reducing its reliance in Nuevo Leon, a market that has struggled in the past two years. In addition, this transaction provides market segment diversification, as the ViveICA portfolio is mostly low-income housing units with mortgage financing from INFONAVIT and FOVISSSTE. However, on standalone basis Javer continues to struggle with meeting its sales volume and EBITDA targets, which has placed negative pressure on margins. The company has faced several challenges over the past two years with slower sales volumes, much of which can be attributed to the company's concentrated geographic exposure to North Eastern Mexico. Certain cities within this region have faced drug-related violence which has negatively affected employment due to an exodus of companies to safer areas in Mexico, thus translating to slower homes sales pace. In addition, the North East has not benefited much from subsidy allocation as has other areas of the country, placing further strain on sales. However, should the transaction with ViveICA close Javer will have 46 developments in 11 states nationwide, 20 of them from ViveICA. Furthermore, post acquisition the company's leverage metrics and interest coverage would remain flat to slightly positive. In its review Moody's will continue to monitor the progress and consummation of the proposed ViveICA acquisition, as well as the final capital structure and the resulting corporate and legal structure. Moody's expects to conclude its analysis in late 1Q13 after the expected closing of the transaction. Moody's stated that should the transaction close as expected it will most likely confirm Javer's rating with a stable outlook. Upward rating movement is unlikely in the intermediate term until the entity has successfully completed the integration of the portfolio and established a new track record. Should the transaction not close, Javer's rating will be negatively pressured as the company's operating metrics, particularly debt/EBITDA and fixed charge coverage continue to deteriorate as a result of weaker than expected earnings. The company continues to be challenged in meeting its earnings and sales volume guidance for 2012 as a result of fewer than anticipated subsidies for vertical housing in its target markets. Moody's anticipates that a downward rating action will range from a change in outlook to negative to a one notch downgrade. The following rating was placed under review direction uncertain: Servicios Corporativos Javer, S.A.P.I. de C.V. -- Senior Unsecured Debt Rating at B1 The last rating action with respect to Javer was on November 30, 2011 when Moody's downgraded the senior unsecured debt rating of Javer to B1, from Ba3. The rating outlook was revised to stable from negative. The principal methodology used in this rating was Moody's Rating Methodology for the Global Homebuilding Industry published in March 2009. Servicios Corporativos Javer, S.A.P.I. de C.V., headquartered in Monterrey, Mexico is one of the largest privately-owned, fully integrated homebuilders engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately US$6,734 million Mx pesos and equity of approximately US$1,470 million Mx pesos at September 30, 2012. =============== P A R A G U A Y =============== SCOTIABANK PERU: Moody's Says Outlook on D+ BFSR Remains Stable --------------------------------------------------------------- Moody's Investors Service has assigned a Baa2 foreign currency subordinated debt rating to up to US$400 million of US dollar- denominated notes due in 2027 to be issued by Scotiabank Peru S.A.A. The notes are expected to be eligible for Tier II regulatory capital treatment under Peruvian banking regulations and will be governed by the laws of the State of New York. The Baa2 subordinated debt rating is on review for possible downgrade in line with the review for downgrade on the bank's Baa1 long term local currency deposit rating, following a similar action on the standalone ratings of its 97.7% parent, The Bank of Nova Scotia (BNS). Please refer to "Moody's places Scotiabank Peru's Baa1 local currency deposit rating on review for downgrade," dated October 29, 2012. The outlook on all other ratings assigned to Scotiabank Peru, including the D+ bank financial strength rating, Prime-2 short term deposit ratings and Baa2 long term foreign currency deposit rating, remains stable. The following rating has been assigned to Scotiabank Peru: Foreign currency subordinated debt rating: Baa2, on review for possible downgrade Ratings Rationale The Baa2 foreign currency subordinated debt rating is assigned at one notch below Scotiabank Peru's Baa1 local currency deposit rating, and takes into account the standard notching for subordination, in line with "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt," published in November 2009. The deposit rating is based on the bank's baa3 standalone baseline credit assessment (BCA) and derives two notches of uplift as a result of Moody's assumption of a high probability of parental support from BNS, based on the latter's standalone BCA of aa3. Moody's also noted that the review for downgrade on the new subordinated debt rating is only due to the review on the parent's ratings. Because the rating only benefits from parental support and is already anchored on the bank's adjusted BCA, it would not be subject to further review or rating action as a result of Moody's ongoing global reassessment of systemic support in bank subordinated debt ratings. Please refer to "Moody's reviews the subordinated debt ratings of certain Latin American bank issuers for downgrade," dated November 27, 2012. The last rating action on Scotiabank Peru was on October 29, 2012, when Moody's placed the Baa1 long-term local currency deposit rating on review for downgrade, following the same action on the standalone ratings of BNS. As a result of the review on the local currency rating, Moody's also changed the outlook on the bank's Baa2 foreign currency deposit rating to stable from positive. The principal methodology used in rating Scotiabank Peru was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Based in Lima, Scotiabank Peru reported consolidated assets of US$13 billion (PEN33.7 billion), loans of US$8.6 billion and shareholders' equity of US$1.7 billion as of Sept. 30, 2012. ===================== P U E R T O R I C O ===================== BANCO SANTANDER: S&P Cuts Rating on Preferred Stock to 'BB' ----------------------------------------------------------- Standard & Poor's Ratings Services corrected its ratings on two subsidiaries of Santander BanCorp. "We lowered the long- and short-term issuer credit ratings on Banco Santander Puerto Rico to 'BBB-/A-3' from 'BBB/A-2'. The outlook is negative. We also lowered the preferred issue rating on Santander PR Capital Trust I to 'BB' from 'BB+'. Due to an error, these ratings were not lowered contemporaneously with the Oct. 16, 2012, lowering of our issuer credit ratings on Santander BanCorp," S&P said. RATINGS LIST Ratings Corrected To From Banco Santander Puerto Rico Issuer Credit Rating BBB-/Negative/A-3 BBB/Stable/A- 2 Preferred Stock BB BB+ Santander PR Capital Trust I Preferred Stock BB BB+ DOE RUN PERU: La Oroya Smelter to Restart Production by Nov. 28 --------------------------------------------------------------- Alex Emery at Bloomberg News reports that Peru's bankrupt La Oroya zinc smelter, which will be put up for sale by UBS AG next year, will restart lead production Nov. 28. The former Renco Group Inc. unit, which restarted zinc operations in July after three years, will take 15-20 days to reach full lead production, said Rocio Chavez, representative for Right Business, which operates La Oroya, according to Bloomberg News. The report relates that Ms. Chavez said that testing began at the lead division. ". . . . we're starting up the machinery and will start processing ore . . . . We've had a lot of problems, but we keep working," Ms. Chavez told Bloomberg News in a telephone interview from Lima. As reported in the Troubled Company Reporter-Latin America on April 16, 2012, Bloomberg News related that Doe Run Peru Vice President Jose Mogrovejo said creditors unanimously rejected a debt restructuring plan and will seek the liquidation of its closed zinc smelter in La Oroya. The creditors included Glencore International Plc, Trafigura Beheer BV and Pan American Silver Corp. Mr. Mogrovejo said the creditors had a 30-day "window" to take a final decision. Carlos Galvez, chief financial officer at precious metals miner Buenaventura, said the plan was rejected because creditors found that it lacked clear financing commitments from parent company Renco Group Inc. and a timetable for a $160 million environmental clean-up, Bloomberg News stated. Citing Peruvian Minister of Energy and Mines Jorge Merino Tafur, local newspaper La Republica related that Doe Run Peru submitted new conditions to complete environmental cleanup at the smelter, including a new restructuring plan in the hopes to restart operations this year. About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. According to Reuters, Peruvian mining minister said earlier this year that creditors were looking at taking over the smelter or liquidating it under a bankruptcy process overseen by regulator Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding before INDECOPI. PABELLON DE LA VICTORIA: Hiring Justiniano as Counsel ----------------------------------------------------- Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc. seeks Bankruptcy Court authority to employ Gloria M. Justiniano Irizarry, Esq., from Justiniano's Law Office as Chapter 11 counsel. The Debtor said it requires the assistance of counsel to perform property its duties as debtor-in-possession. The firm will assist in, among others, the preparation of the disclosure statement andplan of reorganization, and prosecution of claims and causes of action. The firm has agreed with the Debtor to be paid on an hourly rate of $200 plus $125 for associates and $50 for paralegal, and reimbursement of expenses incurred. The firm has received a $5,800 retainer from the Debtor. The firm attests it is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14). About Pabellon De La Victoria Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in Ponce, Puerto Rico, on Oct. 16, 2012. Bankruptcy Judge Edward A. Godoy oversees the case. Gloria M. Justiniano Irizarry, Esq., at Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as counsel. The Debtor estimated assets and debts of $10 million to $50 million. Banco Popular De Puerto Rico has $14 million in unsecured claims. The petition was signed by Evelyn Dominguez Ramos, president. PABELLON DE LA VICTORIA: Sec. 341 Meeting Continued to Dec. 10 -------------------------------------------------------------- The meeting of creditors under 11 U.S.C. Sec. 341(a) in the Chapter 11 case of Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc., has been continued to Dec. 10, 2012, at 9:00 a.m. at 341 Meeting Room, Ochoa Building, 500 Tanca Street, First Floor, in San Juan. The U.S. Trustee first conducted the meeting of creditors on Nov. 19. About Pabellon De La Victoria Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in Ponce, Puerto Rico, on Oct. 16, 2012. Bankruptcy Judge Edward A. Godoy oversees the case. Gloria M. Justiniano Irizarry, Esq., at Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as counsel. The Debtor estimated assets and debts of $10 million to $50 million. Banco Popular De Puerto Rico has $14 million in unsecured claims. The petition was signed by Evelyn Dominguez Ramos, president. PABELLON DE LA VICTORIA: Claims Bar Date Set for Feb. 17 -------------------------------------------------------- Creditors are required to file proofs of claim in the Chapter 11 case of Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc. by Feb. 17, 2013. Governmental entities have until April 20, 2013, to file proofs of claim. About Pabellon De La Victoria Pabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) in Ponce, Puerto Rico, on Oct. 16, 2012. Bankruptcy Judge Edward A. Godoy oversees the case. Gloria M. Justiniano Irizarry, Esq., at Justiniano's Law Office, in Mayaguez, Puerto Rico, serves as counsel. The Debtor estimated assets and debts of $10 million to $50 million. Banco Popular De Puerto Rico has $14 million in unsecured claims. The petition was signed by Evelyn Dominguez Ramos, president. =============== S U R I N A M E =============== * SURINAME: Carries Out Expenditure Reform With $20MM IDB Loan -------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a $20 million policy-based loan for Suriname to support public expenditure management reforms that aim to diversify the country's economic base, raise growth potential and alleviate poverty. To achieve these goals effective planning, managing, executing and monitoring of public resources are needed to create the infrastructure for a modern, inclusive and competitive economy. This program is expected to improve the quality, efficiency and effectiveness of public expenditure management systems such as public investment, public procurement, public financial management and audit and control. In the area of public investment, the program aims to improve the growth contribution of capital spending in line with policy goals, while maintaining fiscal and debt sustainability. This will include a stronger regulatory framework, modern tools for the public investment cycle, and training of public investment officials. In public procurement, the program will generate greater value for money, quality of spending, competition and transparency in the procurement cycle. This will include the introduction of modern tools and practices, including a functional procurement portal. This is the second in a series of programmatic policy-based loans the IDB has approved for Suriname's public expenditure reform. The first was approved on December 2011. The IDB loan amortization is for a 20-year term, with a 5,5-year grace period, at a variable interest rate based on LIBOR. *********** 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 *********** 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 * * *