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/raid1/www/Hosts/bankrupt/TCRLA_Public/130123.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, January 23, 2013, Vol. 14, No. 16 Headlines A R G E N T I N A BANCO ITAU: Moody's Assigns 'Ba3' Rating to AR$150MM Issuance B E L I Z E * BELIZE: To Save $33 Million in 2013 With Bond Agreement B E R M U D A ASIA NAVIGATION: Placed Under Voluntary Wind-Up FME COMPANY: Placed Under Voluntary Wind-Up FME COMPANY: Member to Receive Wind-Up Report on Feb. 4 FMO COMPANY: Placed Under Voluntary Wind-Up FMO COMPANY: Member to Receive Wind-Up Report on Feb. 4 FMR COMPANY: Placed Under Voluntary Wind-Up FMR COMPANY: Member to Receive Wind-Up Report on Feb. 4 PENTELIA DIAMOND: Placed Under Voluntary Wind-Up PENTELIA DIAMOND: Member to Receive Wind-Up Report on Feb. 6 ZEUS ASSETS: Placed Under Voluntary Wind-Up ZEUS ASSETS: Members' Final Meeting Set for Feb. 7 B R A Z I L ANGLO AMERICAN: Plan Closure Highlights Common Woes for SA Miners C A Y M A N I S L A N D S APOLLO MANHATTAN: Shareholders Receive Wind-Up Report ASHDALE LIMITED: Members Receive Wind-Up Report BAREN LIMITED: Members Receive Wind-Up Report CRYSTAL OPPORTUNITIES: Shareholder Receives Wind-Up Report CRYSTAL OPPORTUNITIES FUND: Shareholder Receives Wind-Up Report EMERGING MARKETS: Shareholders Receive Wind-Up Report ETERNAL SUMMIT: Members Receive Wind-Up Report EURISSIMO LTD: Shareholders Receive Wind-Up Report F.L.A.C.E.S. MANAGEMENT: Shareholders Receive Wind-Up Report FONDELEC C.E.E.: Shareholders Receive Wind-Up Report GCC/HOYTS BRAZIL: Shareholders Receive Wind-Up Report HUME ASIA: Shareholder Receives Wind-Up Report HUME ASIA FUND: Shareholder Receives Wind-Up Report MARATHON SPECIAL: Shareholder Receives Wind-Up Report MARATHON SPECIAL (OFFSHORE): Shareholder Receives Wind-Up Report SEVEN ARROWS: Shareholder Receives Wind-Up Report SINTEMARIE LIMITED: Members Receive Wind-Up Report TAU COMPASS: Shareholders Receive Wind-Up Report TMS HOLDINGS: Shareholders Receive Wind-Up Report J A M A I C A DIGICEL GROUP: Eyeing Entry in Myanmar S U R I N A M E * SURINAME: Partnership With IDB Grew Stronger in 2012 - - - - - ================= A R G E N T I N A ================= BANCO ITAU: Moody's Assigns 'Ba3' Rating to AR$150MM Issuance ------------------------------------------------------------- Moody's Investors Service assigned a Ba3 global local-currency debt rating to the AR$150 million expected issuance of Banco Itau Argentina S.A. (Itau), which will be due in 18 months, under the US$ 250 million multicurrency MTN Program. At the same time, Moody's Latin America assigned Aa1.ar national scale local currency debt rating to the expected issuance. The outlook for all ratings is stable. The following ratings were assigned to Itau's expected issuance: Ar$150 million senior unsecured debt issuance: Ba3 Global Local Currency Debt Rating, with stable outlook Aa1.ar Argentina National Scale Local Currency Debt Rating, with stable outlook Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from Itau's Ba3 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Banco Itau Argentina is headquartered in Buenos Aires, with assets of Ar$10 billion and deposits of Ar$6.8 billion as of September, 2012. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. =========== B E L I Z E =========== * BELIZE: To Save $33 Million in 2013 With Bond Agreement --------------------------------------------------------- Adam Williams at Bloomberg News reports that Belize Prime Minister Dean Barrow said the country's defaulted bondholders and the government agreed to restructure $544 million of the Belize's debt. The final terms, that will save Belize as much as $33 million this year, will be disclosed in the coming two weeks, Mr. Barrow said, according to the report. ============= B E R M U D A ============= ASIA NAVIGATION: Placed Under Voluntary Wind-Up ----------------------------------------------- On Dec. 24, 2012, the members of Asia Navigation International Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FME COMPANY: Placed Under Voluntary Wind-Up ------------------------------------------- On Jan. 1, 2013, the members of FME Company Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FME COMPANY: Member to Receive Wind-Up Report on Feb. 4 ------------------------------------------------------- The member of FME Company Limited will receive on Feb. 4, 2013, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FMO COMPANY: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 26, 2012, the member of FMO Company Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FMO COMPANY: Member to Receive Wind-Up Report on Feb. 4 ------------------------------------------------------- The member of FMO Company Limited will receive on Feb. 4, 2013, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FMR COMPANY: Placed Under Voluntary Wind-Up ------------------------------------------- On Jan. 1, 2013, the member of FMR Company Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda FMR COMPANY: Member to Receive Wind-Up Report on Feb. 4 ------------------------------------------------------- The member of FMR Company Ltd. will receive on Feb. 4, 2013, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda PENTELIA DIAMOND: Placed Under Voluntary Wind-Up ------------------------------------------------ On Dec. 21, 2012, the member of Pentelia Diamond Capital Management Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2013, will be included in the company's dividend distribution. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda PENTELIA DIAMOND: Member to Receive Wind-Up Report on Feb. 6 ------------------------------------------------------------ The member of Pentelia Diamond Capital Management Ltd. will receive on Feb. 6, 2013, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda ZEUS ASSETS: Placed Under Voluntary Wind-Up ------------------------------------------- On Dec. 28, 2012, the members of Zeus Assets Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 18, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda ZEUS ASSETS: Members' Final Meeting Set for Feb. 7 -------------------------------------------------- The members of Zeus Assets Limited will hold their final general meeting on Feb. 7, 2013, 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: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda =========== B R A Z I L =========== ANGLO AMERICAN: Plan Closure Highlights Common Woes for SA Miners ----------------------------------------------------------------- Anglo American Platinum's decision to mothball and/or sell higher cost operations in South Africa highlights the difficult mix of labour-intensive production and sharply rising wage costs in the country's platinum and gold mining industries, Fitch Ratings says. "If the company succeeds with its restructuring plans in the face of government and union opposition, we would expect other operators to follow suit," Fitch says. "Gold and platinum mining in South Africa is more labor intensive than in many other countries and the four shafts being closed by Anglo American fall into this category; in part because of the depth at which mining takes place. We estimate that labor costs for South African gold and platinum miners account for around 40% of the total, compared to around 20% for coal and iron ore mines. Big wage hikes, such as the 22% increase agreed between Lonmin and striking workers last year, are therefore harder for companies to absorb," Fitch states. "This mix has been a growing problem for years, but we believe cost inflation is likely to have a marked impact on mining companies' results in 2013 due to stagnant commodity prices. In previous periods of high cost inflation, the impact on results was masked by rising prices. "For Anglo American, the shutdown of four shafts at its subsidiary's Rustenburg operations and the sale of the Union mines would cut platinum production by around 20%. The plans are likely to be neutral to positive for Anglo American's credit profile, given the weaker profitability of the operations being closed. However, we expect the group to face significant political pressure to reverse or water down its plans as well as the potential for ongoing strike action and disruption at other facilities throughout the process, which could harm production in the near term. "While Anglo American has stopped short of announcing the permanent closure of the four Rustenburg shafts, we believe it is highly unlikely that they will be reopened in the foreseeable future, because of the company's desire to focus on lower-cost, long-term projects. Smaller miners that decide to shutter unprofitable mines might be more willing to reopen them if gold or platinum prices rose enough to make the operations profitable again," Fitch adds. ========================== C A Y M A N I S L A N D S ========================== APOLLO MANHATTAN: Shareholders Receive Wind-Up Report ----------------------------------------------------- On Dec. 19, 2012, the shareholders of Apollo Manhattan Holdings Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ASHDALE LIMITED: Members Receive Wind-Up Report ----------------------------------------------- On Dec. 20, 2012, the members of Ashdale Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands BAREN LIMITED: Members Receive Wind-Up Report --------------------------------------------- On Dec. 16, 2012, the members of Baren Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands CRYSTAL OPPORTUNITIES: Shareholder Receives Wind-Up Report ---------------------------------------------------------- On Dec. 21, 2012, the shareholder of Crystal Opportunities Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CRYSTAL OPPORTUNITIES FUND: Shareholder Receives Wind-Up Report --------------------------------------------------------------- On Dec. 21, 2012, the shareholder of Crystal Opportunities Fund Offshore, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EMERGING MARKETS: Shareholders Receive Wind-Up Report ----------------------------------------------------- On Dec. 21, 2012, the shareholders of Emerging Markets Macro Fund Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ETERNAL SUMMIT: Members Receive Wind-Up Report ---------------------------------------------- On Dec. 11, 2012, the members of Eternal Summit Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands EURISSIMO LTD: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Eurissimo Ltd. received on Dec. 14, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Stuart Brankin Desmond Campbell Telephone: (345) 949 5586 c/o Aston Corporate Managers, Ltd. P.O. Box 1981 Grand Cayman KY1-1104 Cayman Islands F.L.A.C.E.S. MANAGEMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------------ On Dec. 21, 2012, the shareholders of F.L.A.C.E.S. Management Corp. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 FONDELEC C.E.E.: Shareholders Receive Wind-Up Report ---------------------------------------------------- On Dec. 21, 2012, the shareholders of Fondelec C.E.E. Management Corp. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GCC/HOYTS BRAZIL: Shareholders Receive Wind-Up Report ----------------------------------------------------- On Dec. 11, 2012, the shareholders of GCC/Hoyts Brazil Holdings, Inc. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Valmir Fernandes Valmir Fernandes of 3900 Dallas Parkway Suite 500 Plano Texas 75093 Telephone: +1 972.665.1024 Facsimile: +1 972.665.1003 HUME ASIA: Shareholder Receives Wind-Up Report ---------------------------------------------- On Dec. 19, 2012, the shareholder of Hume Asia Master Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 HUME ASIA FUND: Shareholder Receives Wind-Up Report --------------------------------------------------- On Dec. 19, 2012, the shareholder of Hume Asia Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 MARATHON SPECIAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Dec. 13, 2012, the shareholder of Marathon Special Opportunity Liquidating Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 MARATHON SPECIAL (OFFSHORE): Shareholder Receives Wind-Up Report ---------------------------------------------------------------- On Dec. 13, 2012, the shareholder of Marathon Special Opportunity Liquidating (Offshore) Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 SEVEN ARROWS: Shareholder Receives Wind-Up Report ------------------------------------------------- On Dec. 18, 2012, the shareholder of Seven Arrows Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1803 Facsimile: (345) 949-9877 SINTEMARIE LIMITED: Members Receive Wind-Up Report -------------------------------------------------- On Dec. 11, 2012, the members of Sintemarie Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands TAU COMPASS: Shareholders Receive Wind-Up Report ------------------------------------------------ On Dec. 19, 2012, the shareholders of Tau Compass Investment Management Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands TMS HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------- On Dec. 21, 2012, the shareholders of TMS Holdings, Inc. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ============= J A M A I C A ============= DIGICEL GROUP: Eyeing Entry in Myanmar -------------------------------------- RJR News reports that Digicel Group Limited is seeking entry in Myanmar as that country open up to doing business with the rest of the world. Myanmar, a country of 60 million, has a cellphone penetration of 3%, according to RJR News. The report relates that Digicel Group is seeking to get one of two licenses that are to be auctioned, and is reported to be planning on spending US$1 billion to build out telecoms infrastructure in the country. Reports said Digicel Group is aiming to enter Myanmar through a joint venture with Myanmar Post and Telecom, the report relates. Digicel Group, with regional headquarters in Jamaica, entered the Panama market in 2008. * * * As reported in the Troubled Company Reporter on Sept. 7, 2012, Moody's Investors Service assigned a Caa1 rating to Digicel Group Limited's proposed US$700 million senior unsecured notes due 2020. Net proceeds will be used to repurchase the entire tranche of the DGL 9.125%/9.875% senior PIK toggle notes due 2015 (US$415 million outstanding) and a portion of the 8.875% senior notes due 2015 (US$1 billion outstanding) via tender offers. =============== S U R I N A M E =============== * SURINAME: Partnership With IDB Grew Stronger in 2012 ------------------------------------------------------ In 2011, the Inter-American Development Bank's (IDB) Board of Directors endorsed the organization's re-engagement with the Government of Suriname by approving the 2011-2015 Country Strategy with Suriname. During 2011, the IDB's Board approved the unprecedented allocation of US$300 million to Suriname, and specifically committed US$80 million of its medium-term lending envelope to Suriname for projects that would modernize the country's financial sector, strengthen its public finances, and promote its social protection mechanisms. The Government of Suriname continued to partner with the IDB in 2012 to deliver on the objectives of the Development Plan and the 2011-2015 Country Strategy. For example, the IDB's sovereign lending program with Suriname delivered two programmatic policy- based loans, totaling US$35 million, which supported structural reforms in the energy sector and public capital expenditure management. A complementary investment program of US$53.7 million financed capital works in education and transport. In addition, the Bank provided US$1.7 million in grants and technical assistance in agriculture, energy, and social protection. With respect to the private sector windows of the IDB, the Multilateral Investment Fund (MIF) recorded high approvals with US$2.7 million in technical assistance for small-scale farming, micro franchising, and rural electrification. The Bank's Trade Finance Facilitation Program formalized a line of credit of up to US$5 million with to promote economic growth through trade promotion. Suriname also received US$500,000 through the Compete Caribbean regional initiative to support its home-grown competitiveness enhancing initiatives for fostering private sector development. Knowledge generation and dissemination were also a prominent feature of the partnership in 2012. The IDB facilitated the training of more than 100 public officials, executing agencies staff, and prospective project members in project management for results, procurement and financial management. The Bank's analytical efforts concentrated around understanding the role of productivity, private sector constraints, and the effects of global price movements on the domestic economy. Going into the third year of the strategy implementation, IDB officials are optimistic about the partnership with Suriname. "We continue to see the fruits of our close collaboration with Suriname and are excited to work with such a committed partner. We are strengthening our dialogue and expanding our support to key economic sectors. Keeping up, while paying attention to development objectives is important. We have a challenging year and look forward to working with the authorities and the people of Suriname," said Marco Nicola, the IDB Representative in Paramaribo. *********** 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., Washington, D.C., 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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *