/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130125.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 25, 2013, Vol. 14, No. 18 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Former CFO Jailed in Ponzi Scheme A R G E N T I N A CATERPILLAR FINANCIAL: Moody's Assigns 'B3' CFR; Outlook Stable CCF CREDITOS SERIE 2: Moody's Affirms 'Ba3' Debt Ratings CORDIAL COMPANIA: Moody's Assigns 'B2' Senior Debt Rating * SAO PAULO: Moody's Corrects Dec. 17 Ratings Release B E R M U D A ARGYLL II: Creditors' Proofs of Debt Due Jan. 25 ARGYLL II: Members' Final Meeting Set for Feb. 15 JURA II: Creditors' Proofs of Debt Due Jan. 25 JURA II: Members' Final Meeting Set for Feb. 15 JURA III: Creditors' Proofs of Debt Due Jan. 25 JURA III: Members' Final Meeting Set for Feb. 15 JURA IV: Creditors' Proofs of Debt Due Jan. 25 JURA IV: Members' Final Meeting Set for Feb. 15 PANGAEA REINSURANCE: Creditors' Proofs of Debt Due Jan. 25 PANGAEA REINSURANCE: Members' Final Meeting Set for Feb. 15 B R A Z I L * BRAZIL: Power Firms Ratings to Withstand Tariff, Fitch Says C A Y M A N I S L A N D S ACACIA ASIA: Shareholders Receive Wind-Up Report CURA FIXED: Shareholders Receive Wind-Up Report DAVIDSON KEMPNER: Shareholder Receives Wind-Up Report HAV2 (VIII): Shareholder Receives Wind-Up Report HCP CHONGQING: Shareholder Receives Wind-Up Report HCP HONG KONG: Shareholder Receives Wind-Up Report IVY PARTNERS: Shareholders Receive Wind-Up Report IVY SENTINEL 2/09: Shareholders Receive Wind-Up Report IVY SENTINEL 3/09: Shareholders Receive Wind-Up Report IVY SENTINEL 12/08: Shareholders Receive Wind-Up Report MUMBAI HOLDINGS: Shareholders Receive Wind-Up Report MYSTIC RE II: Shareholder Receives Wind-Up Report OCTAGON INVESTMENT: Shareholders Receive Wind-Up Report PALO ALTO: Shareholders Receive Wind-Up Report SORIN MASTER: Shareholder Receives Wind-Up Report SORIN OFFSHORE: Shareholder Receives Wind-Up Report SORIN PLAN: Shareholder Receives Wind-Up Report TATECH FUNDING: Shareholder Receives Wind-Up Report TEMPUS ASIAN: Shareholders Receive Wind-Up Report WITTENHAM INVESTMENT: Shareholder Receives Wind-Up Report J A M A I C A DIGICEL JAMAICA: New Software to Save US$1.4 Million Annually * JAMAICA: Faces Deficit of 450,000 Housing Solutions M E X I C O DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Currency Rating P A R A G U A Y * PARAGUAY: Fitch Assigns 'BB-' Rating to US$500MM Bond Issue P U E R T O R I C O COSTA BONITA: DF Servicing Fails in Bid to Dismiss Case MUEBLERIA LA: Case Summary & 17 Largest Unsecured Creditors - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Former CFO Jailed in Ponzi Scheme ------------------------------------------------- Caribbean360.com reports that the former chief financial officer for jailed Texas financier Robert Allen Stanford has been jailed for five years. The Justice Department said that James M. Davis, who formerly worked with the Houston-based Stanford Financial Group and the Antigua-based Stanford International Bank Limited, was sentenced for his role in helping Mr. Stanford perpetrate a Ponzi scheme involving SIB, and for conspiring to obstruct a U.S. Securities and Exchange Commission investigation into SIB, according to Caribbean360.com. The report relates that U.S. District Judge David Hittner also sentenced Davis to serve three years of supervised release. Caribbean360.com notes that assistant Attorney General Lanny A. Breuer said as part of Davis' sentence, the court also imposed a personal money judgment of one billion (US) dollars *which is an ongoing obligation for Davis to pay back criminal proceeds*. The report discloses that during the sentencing proceeding, Judge Hittner noted that Davis began cooperating with the government in early 2009, shortly after SIBL's collapse. The judge also noted that over the following three years, Davis provided "substantial assistance" to the authorities in the investigation and prosecution of others, including testifying at Stanford's trial, the report says. In addition, the judge noted that Mr. Davis prepared to testify against Laura Pendergest-Holt, Stanford's chief investment officer, who eventually pleaded guilty and jailed for three years, Caribbean360.com relates. Mr. Stanford is currently serving 110 years in prison, respectively, while two other former employees are in federal custody and await sentencing, scheduled for February 14, the report says. As part of his 2009 guilty plea, Mr. Davis admitted that he was aware of Stanford's misuse of SIB's assets, kept the misuse hidden from the public and from almost all of Mr. Stanford's other employees and worked to prevent the misuse from being discovered, Caribbean360.com recalls. In addition, the report relays that Mr. Davis acknowledged that in January 2009, when the SEC sought testimony and documents related to SIBL's entire investment portfolio, he conspired with others in an effort to impede the SEC's investigation and help SIB continue operating. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. ================= A R G E N T I N A ================= CATERPILLAR FINANCIAL: Moody's Assigns 'B3' CFR; Outlook Stable --------------------------------------------------------------- Moody's Investors Service has assigned a Ba3 local currency corporate family rating (CFR) to Caterpillar Financial Services Argentina S.A. (CFSA). The rating was assigned with a stable outlook, and is based on the full, unconditional and irrevocable guarantee of its parent, Caterpillar Financial Services Corporation, rated A2. The rating action reflects the implementation of Moody's revised global rating methodology for finance companies titled, "Finance Company Global Rating Methodology," published in March 2012, and is not driven by any company-specific credit development. The following rating was assigned to Caterpillar Financial Services Argentina S.A.: Local currency corporate family rating: Ba3, stable outlook Ratings Rationale The assignment of the corporate family rating follows the implementation of Moody's revised global rating methodology for finance companies, which establishes the key operational, financial and environmental factors Moody's considers when rating this type of company. The CFR incorporates the standalone credit profile of a finance company as well as any parental or affiliate support. Moody's has assigned a CFR of Ba3 to CFSA, which is equal to the company's Ba3 long term global local currency issuer rating. The Ba3 CFR is based on a caa1 standalone credit assessment that receives four notches of uplift as a result of the parent's guarantee. In contrast to a finance company's issuer ratings, which represent Moody's opinion of credit risk equivalent to the companies' senior unsecured debt obligations, the CFRs represent the rating agency's opinion of a company's consolidated credit risk, equivalent to the weighted average of all debt classes within the company's capital structure. Using the CFR as a reference point, the methodology codifies Moodys' framework for assigning ratings to the various classes of debt issued by non-investment grade finance companies on the basis of expected differences in loss given default. This framework considers the proportionality, seniority and level of asset protection associated with various debt classes, both nominally and in relation to each other. CFSA's Ba3 CFR is equal to its issuer ratings as it reflects the predominance of senior unsecured obligations in the company's debt structure. CFSA is a finance company headquartered in Buenos Aires, Argentina, and reported total assets of Ar$82.6 million and equity of Ar$23 million as of September 30, 2012. The principal methodology used in this rating is Moody's Finance Company Global Rating Methodology published in March 2012. CCF CREDITOS SERIE 2: Moody's Affirms 'Ba3' Debt Ratings -------------------------------------------------------- Moody's Latin America has affirmed the ratings of the debt securities and certificates of Fideicomiso Financiero CCF Creditos Serie 2 after a change in the transaction strucutre and the securitized pool. This transaction will be issued by Equity Trust Company (Argentina) S.A. -- acting solely in its capacity as issuer and trustee. Moody's notes that as of Jan. 23, the securities contemplated by this transaction have not yet settled. If any assumptions or factors considered by Moody's in assigning the ratings change before closing, Moody's could change the ratings assigned to the notes. Moody's has affirmed the ratings of all rated classes, as follows: - ARS71,343,300 in Class A Fixed Rate Debt Securities (VDF TFA) of Fideicomiso Financiero CCF Creditos Serie 2, Affirmed Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency); previously on Nov 2, 2012 Assigned Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) - ARS25,479,750 in Class B Floating Rate Debt Securities (VDF TVB) of Fideicomiso Financiero CCF Creditos Serie 2, Affirmed Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency); previously on Nov 2, 2012 Assigned Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) - ARS5,095,950 in Certificates (CP) of Fideicomiso Financiero CCF Creditos Serie 2, Affirmed A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local Currency); previously on Nov 2, 2012 Assigned A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale, Local Currency) The rating of the VDF TFA and VDF TVB securities addresses the expected loss posed to investors related to the payment of interest and principal by the legal final maturity date. The rating of the CP addresses the expected loss posed to investors related to the repayment of the principal only by the legal final maturity date. The rating of the CP does not address any other interest or residual payments. RATINGS RATIONALE The ratings are mainly based on the following factors: - The initial subordination of the VDF TFA and VDF TVB securities of 5% (calculated over the principal amount of the underlying loans, and considering the occurrence of an Special Event) - The turbo sequential payment structure which captures all the available excess spread in the transaction to pay down the VDF securities (approximately 63.50% annually, assuming 0% defaults and 0% prepayments, before expenses and taxes) - The ability of Cordial Compania Financiera S.A. (CCF) (B2/Aa3.ar) to act as primary servicer of the pool - The ability of Banco Supervielle S.A. (B2/Aa3.ar) to act as master servicer and backup servicer - The credit quality of the underlying loans - The availability of several reserve funds The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of 25,831 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Cordial Compania Financiera S.A. (CCF), in an aggregate amount of ARS 101,919,912.32. Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of CCF's portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. In assigning the rating to this transaction, Moody's assumed a lognormal distribution for defaults as follows: a mean of 14% and a coefficient of variation of 70%. Moody's also assumed a lognormal distribution for prepayments with a mean of 30% and a coefficient of variation of 70%. These assumptions are derived from the historical performance to date of the CCF pools. Servicer default was modeled by simulating the default of CCF as the servicer consistent with its current ratings. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points compared with the base default assumption. The model results showed 0.15% expected loss for the VDF TFA securities, 1.66% for the VDF TVB and 6.19% for the CP certificate. Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 3% from the base case scenario, the ratings of the VDF TVB and the CP would be downgraded to B1 (sf) and Caa1 (sf) respectively. The rating of the VDF TFA securities would remain unchanged. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. The transaction is linked to the credit quality of the servicer, which will transfer collections to the trust account every 72 hours. Therefore, there are three days of commingling risk at the servicer level. If CCF is removed as servicer, Banco Supervielle S.A. will be appointed as the backup servicer. However, Banco Supervielle belongs to the same economic group than the primary servicer. This is mitigated by the fact that collections are initially received by two collection agents before flowing into CCF's account. Borrowers should be able to continue making payments at any of these two collection agents if the servicer needs to be replaced. As a result, any potential servicer replacement should be simpler in this case than in other Argentine transactions. CCF, the originator and primary servicer in the transaction, is a financial company owned by Banco Supervielle (B2/Aa3.ar) which holds 95% of CCF's shares. CCF offers financial products such as credit cards, personal and consumer loans to Wal-Mart customers in Argentina, based on a commercial agreement with Wal-Mart Argentina S.R.L. signed in July 2010. CCF current deposit ratings are Aa3.ar (national scale rating) and B2 (global scale, local currency). The main source of uncertainty for this transaction is the level of delinquency of the loans assigned to the trust. A worsening in macroeconomic conditions such as an increase in unemployment could increase the losses of the pool. Obligors in this transaction belong to low or middle income socioeconomic segments, therefore they may be more affected by a slowdown in the economic activity or higher unemployment. However, Moody's believes CCF's has in place solid collection and loss mitigation practices that should mitigate this risk to some extent. The principal methodology used in this rating was Moody's Approach to Rating Consumer Loan ABS transaction published in October 12, 2012. CORDIAL COMPANIA: Moody's Assigns 'B2' Senior Debt Rating --------------------------------------------------------- Moody's Investors Service assigned a B2 global local currency senior debt rating to Cordial Compania Financiera S.A.'s fourth bond expected issuance for an amount up to Ar$120 million, which will be due in 270 days, as well as to the fifth issuance for an amount up to Ar$120 million, which will be due in 360 days. Both expected issuances together should not exceed Ar$120 million. At the same time, on the National Scale, Moody's assigned Aa3.ar local currency debt rating to both expected issuances. The outlook on all ratings is negative, following the negative outlook on the sovereign ratings. The following ratings were assigned to Cordial Compania Financiera S.A.: Fourth Issuance of a maximum amount of Ar$ 120 million: B2 Global Local Currency Debt Rating, negative outlook. Aa3.ar Argentina National Scale Local Currency Debt Rating, negative outlook. Fifth Issuance of a maximum amount of Ar$ 120 million: B2 Global Local Currency Debt Rating, negative outlook. Aa3.ar Argentina National Scale Local Currency Debt Rating, negative outlook. Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from Cordial's B2 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. Cordial Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$ 1001 million of total assets and Ar$ 156 million of shareholders' equity as of September 30, 2012. * SAO PAULO: Moody's Corrects Dec. 17 Ratings Release ----------------------------------------------------- Moody's Investors Service upgraded by one notch the global scale issuer ratings of the State of Sao Paulo to Baa2 from Baa3. The outlook of the State of Sao Paulo is revised to positive. At the same time, Moody's Investors Service upgraded the global scale issuer rating of the State of Minas Gerais to Baa3 from Ba1. The outlook of the State of Minas Gerais remains stable. In addition, Moody's revised the outlook to positive from stable on the global scale issuer ratings of the city of Rio de Janeiro. Revised release follows. ISSUERS AND RATINGS AFFECTED - State of Sao Paulo: upgraded to Baa2 (Global Scale) with positive outlook from Baa3 with stable outlook; - State of Minas Gerais: upgraded to Baa3 (Global Scale) from Ba1, the outlook remains stable; - City of Rio de Janeiro: revised outlook to positive from stable on the global scale rating. Issuer ratings remain at Baa2 (Global Scale) and Aaa.br (Brazil National Scale). RATINGS RATIONALE The State of Sao Paulo's issuer rating was upgraded to Baa2 with positive outlook reflecting a solid track record of balanced financial performance underpinned by conservative fiscal policies. The state's diversified economy supports a strong own-source revenue base - the highest among rated peers - that allows the state to exercise a high degree of revenue flexibility. Sao Paulo's positive outlook follows the positive outlook on Brazil's Sovereign bond ratings (as the largest state in the country by population and GDP contribution) and reflects Moody's expectation that the positive fiscal trend will continue in the near future. *Over the medium term, Moody's expects the state's prudent financial management and economic growth to support continued positive margins*, said Moody's analyst Patricio Esnaola. As of September 2012, the state's gross operating balance and cash financing surplus represented 21.5% of operating revenues and 19.1% of total revenues, respectively. Medium-term fiscal challenges remain and include pressures to meet demands for social services, and significant requirements in infrastructure. The State of Minas Gerais' issuer rating was upgraded to Baa3 with stable outlook reflecting a sustained track record of positive gross operating balances and modest cash financing surpluses, underpinned by strong revenue growth and a proven capacity to match expenditures to revenue growth. *Over the medium term, Moody's anticipates that the state's prudent policy framework should continue to sustain positive gross operating balances and roughly balanced cash financing results*, added Esnaola. Challenges facing the state include a relatively narrow economy, ongoing demands for social services, and significant infrastructure requirements. The rating also incorporates the state's sizeable but slowly declining debt to revenue levels. A recent restructuring on a debt owed to CEMIG (the state-owned electric utility company) helped the state to improve its debt profile. The methodologies used in this rating were Regional and Local Governments Outside the US, published in May 2008, The Application of Joint Default Analysis to Regional and Local Governments, published in December 2008, and Mapping Moody's National Scale Ratings to Global Scale Ratings published in October 2012. The outlook change to positive from stable in the global scale rating of the City of Rio de Janeiro reflects Moody's assessment on the beneficial impact that the positive trends seen in the Brazilian economy exert over this entity. *The positive developments at the Sovereign level, combined with a high degree of federal fiscal oversight, have also contributed to the better fiscal and debt performance of the City of Rio de Janeiro*, said Esnaola. WHAT COULD CHANGE THE RATING UP/DOWN For the State of Sao Paulo and the city of Rio de Janeiro, an upgrade of Brazil's Baa2 government bonds ratings could exert upward pressure on the assigned ratings. For the State of Minas Gerais, a sustained continuation of positive fiscal results combined with a decline in debt-to-revenue levels, could exert upward pressure on the ratings. While unlikely in the short term given its positive outlook, a downgrade of Brazil's government bond ratings could translate in a downgrade of these issuers. Also, a significant deterioration in the financial performance of any of these entities including diminishing gross operating balances and increases in their debt to revenue levels, could move the ratings down. ============= B E R M U D A ============= ARGYLL II: Creditors' Proofs of Debt Due Jan. 25 ------------------------------------------------ The creditors of Argyll II Limited are required to file their proofs of debt by Jan. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda ARGYLL II: Members' Final Meeting Set for Feb. 15 ------------------------------------------------- The members of Argyll II Limited will hold their final meeting on Feb. 15, 2013, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA II: Creditors' Proofs of Debt Due Jan. 25 ---------------------------------------------- The creditors of Jura II Limited are required to file their proofs of debt by Jan. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA II: Members' Final Meeting Set for Feb. 15 ----------------------------------------------- The members of Jura II Limited will hold their final meeting on Feb. 15, 2013, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA III: Creditors' Proofs of Debt Due Jan. 25 ----------------------------------------------- The creditors of Jura III Limited are required to file their proofs of debt by Jan. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA III: Members' Final Meeting Set for Feb. 15 ------------------------------------------------ The members of Jura III Limited will hold their final meeting on Feb. 15, 2013, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA IV: Creditors' Proofs of Debt Due Jan. 25 ---------------------------------------------- The creditors of Jura IV Limited are required to file their proofs of debt by Jan. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda JURA IV: Members' Final Meeting Set for Feb. 15 ----------------------------------------------- The members of Jura IV Limited will hold their final meeting on Feb. 15, 2013, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda PANGAEA REINSURANCE: Creditors' Proofs of Debt Due Jan. 25 ---------------------------------------------------------- The creditors of Pangaea Reinsurance III, Ltd. are required to file their proofs of debt by Jan. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 9, 2013. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda PANGAEA REINSURANCE: Members' Final Meeting Set for Feb. 15 ----------------------------------------------------------- The members of Pangaea Reinsurance III, Ltd. will hold their final meeting on Feb. 15, 2013, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Jan. 9, 2013. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda =========== B R A Z I L =========== * BRAZIL: Power Firms Ratings to Withstand Tariff, Fitch Says ------------------------------------------------------------- While expected tariff reductions will negatively impact Brazilian power distributors, ratings will likely withstand the downward pressure, according to a new Fitch Ratings report. 'Moderate to high reductions in cash flow generation are expected as a result of the third tariff-review cycle, but the ratings already incorporate this volatility,' said Mauro Storino, Senior Director. 'We expect the industry will be able to manage their capital structures to withstand the cash flow reductions, though some uncertainty remains present and downgrades can't completely be ruled out.' Over time, it will be increasingly difficult for a power distribution company to achieve a greater degree of efficiency in each tariff review cycle. As a result, Fitch expects tariffs to reach more optimal levels and be more sensitive to the tariff review process. Efficient cost management becomes even more important after the tariff review. State-owned power distributors will have a reduced ability to lower costs, primarily due to high personnel expenses. Maintaining adequate profitability going forward will be challenging for Brazilian power distributors, as the regulator seeks to transfer a significant portion of efficiency gains to end users in each tariff review cycle. In general, Brazilian power distributors are expected to benefit from government initiatives to lower the price of electricity to end-users through the concession renewal proposal, as this could boost electricity demand and increase the overall amount of electricity distributed. The full report, titled 'Brazilian Power Distributors Tariff Review', is available on the Fitch Ratings web site at 'www.fitchratings.com'. ========================== C A Y M A N I S L A N D S ========================== ACACIA ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ On Dec. 21, 2012, the shareholders of Acacia Asia Panthera Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Highwater Limited c/o Nicole Weins Telephone: (345) 640 2279 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 1st Floor, 802 West Bay Road P.O. Box 31855, Grand Cayman, KY1-1207 Cayman Islands CURA FIXED: Shareholders Receive Wind-Up Report ----------------------------------------------- On Dec. 19, 2012, the shareholders of Cura Fixed Income Arbitrage Master Fund, Ltd. 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 Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands DAVIDSON KEMPNER: Shareholder Receives Wind-Up Report ----------------------------------------------------- On Dec. 21, 2012, the shareholder of Davidson Kempner Event Driven Equities International 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 HAV2 (VIII): Shareholder Receives Wind-Up Report ------------------------------------------------ On Dec. 21, 2012, the shareholder of HAV2 (VIII) Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HCP CHONGQING: Shareholder Receives Wind-Up Report -------------------------------------------------- On Dec. 21, 2012, the shareholder of HCP Chongqing QBS CO 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 HCP HONG KONG: Shareholder Receives Wind-Up Report -------------------------------------------------- On Dec. 21, 2012, the shareholder of HCP Hong Kong Fully Co Ltd 1 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 IVY PARTNERS: Shareholders Receive Wind-Up Report ------------------------------------------------- On Dec. 4, 2012, the shareholders of Ivy Partners Fund I SPV 12/09, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IVY SENTINEL 2/09: Shareholders Receive Wind-Up Report ------------------------------------------------------ On Dec. 4, 2012, the shareholders of Ivy Sentinel International Fund SPV 2/09, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IVY SENTINEL 3/09: Shareholders Receive Wind-Up Report ------------------------------------------------------ On Dec. 4, 2012, the shareholders of Ivy Sentinel International Fund SPV 3/09, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands IVY SENTINEL 12/08: Shareholders Receive Wind-Up Report ------------------------------------------------------- On Dec. 4, 2012, the shareholders of Ivy Sentinel International Fund SPV 12/08, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MUMBAI HOLDINGS: Shareholders Receive Wind-Up Report ---------------------------------------------------- On Dec. 21, 2012, the shareholders of Mumbai Holdings Limited 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 MYSTIC RE II: Shareholder Receives Wind-Up Report ------------------------------------------------- On Dec. 17, 2012, the shareholder of Mystic RE II Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Kevin Poole Damien Austin Telephone: 914-2265/ 914-2249 Facsimile: 949-6021 PO Box 10233 171 Elgin Avenue, George Town The Pavilion Building, Cricket Square Grand Cayman KY1 -1002 Cayman Islands Telephone: 914-2264 Facsimile: 949-6021 OCTAGON INVESTMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------- On Dec. 19, 2012, the shareholders of Octagon Investment Partners II (Offshore) Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Darren Riley c/o Ellen J. Christian Telephone: 345 945 9208 Facsimile: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road George Town Grand Cayman PALO ALTO: Shareholders Receive Wind-Up Report ---------------------------------------------- On Dec. 19, 2012, the shareholders of Palo Alto Energy Offshore Ltd 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 Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands SORIN MASTER: Shareholder Receives Wind-Up Report ------------------------------------------------- On Dec. 11, 2012, the shareholder of Sorin Master 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 Susan Lock Telephone: (345) 815-1889 Facsimile: (345) 949-9877 SORIN OFFSHORE: Shareholder Receives Wind-Up Report --------------------------------------------------- On Dec. 12, 2012, the shareholder of Sorin 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 Susan Lock Telephone: (345) 815-1889 Facsimile: (345) 949-9877 SORIN PLAN: Shareholder Receives Wind-Up Report ------------------------------------------------- On Dec. 11, 2012, the shareholder of Sorin Plan 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 Susan Lock Telephone: (345) 815-1889 Facsimile: (345) 949-9877 TATECH FUNDING: Shareholder Receives Wind-Up Report --------------------------------------------------- On Dec. 21, 2012, the shareholder of Tatech Funding Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 TEMPUS ASIAN: Shareholders Receive Wind-Up Report ------------------------------------------------- On Dec. 27, 2012, the shareholders of Tempus Asian Strategies Fund received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Schofield 48 Luk Tei Tong Tsuen, Mui Wo, Lantau Island, NT Hong Kong SAR Telephone: +852 2521 1726 WITTENHAM INVESTMENT: Shareholder Receives Wind-Up Report --------------------------------------------------------- On Dec. 27, 2012, the shareholder of Wittenham Investment Management Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paul Henry Smith Flat A-B, 3rd Floor Wyndham Mansion Wyndham Street Hong Kong Telephone: 852 3655 0578 Facsimile: 852 3655 0501 ============= J A M A I C A ============= DIGICEL JAMAICA: New Software to Save US$1.4 Million Annually ------------------------------------------------------------- RJR News reports that Digicel Jamaica is projected to save US$1.4 million dollars annually in energy costs following the installation of new software across its network. The software slashes energy consumption at Digicel's cellular tower system, according to RJR News. The report notes that known as the Smart Energy Solution (SES), the software deactivates base stations during low traffic demand, while ensuring that subscribers have continued service. The report discloses Digicel began testing the SES in early 2012, achieving significant reductions in energy consumption. In October, the company fully commissioned the SES network-wide, becoming the world's first mobile phone operator with such a software, the report adds. * JAMAICA: Faces Deficit of 450,000 Housing Solutions ----------------------------------------------------- RJR News reports that Dr. Morais Guy, Minister without Portfolio in the Ministry of Housing, on Tuesday said recent surveys have revealed that Jamaica is facing a deficit of 450,000 housing solutions, with the sector averaging fewer than 3,000 units per year. Dr. Guy said this will require a program involving the construction of 12,000 to 15,000 units annually to bridge the gap, according to RJR News. In response to this dilemma, the Minister disclosed that there was a plan in place to proceed with two projects, the report relates. RJR News notes that the first, which is funded by the PetroCaribe Development Fund in partnership with Food for the Poor, is for the indigent as well as persons living in substandard housing conditions. It will result in the construction of 1, 200 units annually over the next five years, the report relays. The second project involves the building of a number of concrete structures under the Jamaica Emergency Employment Programme (JEEP) for National Housing Trust contributors, who are considered minimum wage earners, the report adds. =========== M E X I C O =========== DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Currency Rating ----------------------------------------------------------- Moody's de Mexico assigned a A3.mx national scale and Ba3 global scale local currency rating to Desarrolladora Homex, S.A.B. de C.V.'s (*Homex's*) second proposed senior unsecured debt issuance of up to $700 million Mexican pesos. This will be the second issuance from the company's senior unsecured debt program of up to $2 billion Mexican pesos. The rating outlook is stable. Ratings Rationale The unsecured debt issuance will have a maturity of three years. The issuance will rank pari passu with other unsecured debt and will have a guarantee from Proyectos Inmobiliarios de Culiac�n, S.A. de C.V. (*PICSA*) and Desarrolladora de Casas del Noroeste, S.A. de C.V. (*DECANO*), jointly with PICSA. Proceeds from the issuance will be used to refinance existing debt. Moody's ratings continue to reflect Desarrolladora Homex's position as one of the largest homebuilders in Mexico in terms of housing units titled, as well as its geographic diversification with presence in most states, solid land reserve strategy, operational efficiencies through the use of aluminum moulds during construction and a solid liquidity profile. Challenges still include the high costs of land and infrastructure in Homex's markets, and some speculative homebuilding by Homex and its competitors. Moody's notes that although the penitentiary projects add diversity it is still a new business with inherent construction and managing risks. Furthermore, the long-term viability of Homex's Brazilian homebuilding platform is as of yet unproven with few homes titled due to inherent administrative constraints in the collection process, although the demographics and financing availability are similar to those in Mexico. The stable outlook reflects Moody's expectation that Homex will at least maintain its current credit metrics and continue to improve efficiencies in land development. Furthermore, Moody's also expects that Homex will continue to focus on targeting its current product mix, while maintaining high quality construction and its market leadership. Moody's stated that rating improvements could result from bringing Total Debt/EBITDA closer to 1.5X, Total Debt/Total Assets under 15%, fixed charge coverage over 3.75X (including capitalized interest and with the adoption of NIC 23) on a consistent basis, while at a minimum maintaining EBITDA margins in the low to mid 20% range. Continued improvement in its industry leadership in the sector would also be a plus. Downward rating pressure would result from substantial missteps in its strategic plan, which includes some international expansion and its tourist division, as well as total debt to total asset levels approaching 35% on a sustained basis, while EBITDA margins fall below 15% and fixed charge coverage falls consistently below 2.0X (including capitalized interest and with the adoption of NIC 23). Increased costs of land and land development would also result in negative rating pressure, as would an adverse shift in governmental housing policy. The following ratings were assigned with a stable outlook: Desarrolladora Homex, S.A.B. de C.V. -- senior unsecured notes of up to $700 Million Mexican Pesos at A3.mx national scale, Ba3 global scale local currency The last rating action with respect to Homex was on November 27, 2012 when Moody's assigned a A3.mx national scale and (P)Ba3 global scale local currency rating to the company's senior unsecured debt program of up to $2 billion Mexican Pesos and a A3.mx national scale and Ba3 global scale local currency rating to the company's first issuance from this program of up to $500 million Mexican pesos. Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is based in Culiacan, Sinaloa, Mexico. The firm reported assets of approximately $52.1 billion Mexican Pesos and equity of approximately $15.0 billion Mexican Pesos as of September 30, 2012. Homex is a homebuilder engaged in the development, construction, marketing and sale of mostly affordable housing in Mexico. =============== P A R A G U A Y =============== * PARAGUAY: Fitch Assigns 'BB-' Rating to US$500MM Bond Issue ------------------------------------------------------------- Fitch Ratings has assigned the Republic of Paraguay's US$500 million bond issuance maturing in 2023 a 'BB-' rating. The ratings are in line with Paraguay's long-term foreign currency Issuer Default Rating (IDR) of 'BB-', with a Stable Outlook. The proceeds will be used to finance infrastructure and energy projects. On Jan. 10, 2012, Fitch initiated the sovereign coverage of the Republic of Paraguay. ===================== P U E R T O R I C O ===================== COSTA BONITA: DF Servicing Fails in Bid to Dismiss Case ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has denied the motion of DF Servicing LLC for the dismissal of Costa Bonita Beach Resort Inc.'s Chapter 11 case. DF Servicing in its motion says the Debtor lacks adequate insurance coverage over property of the estate given to it as collateral to secure its claim. The Debtor countered that DF's allegations are completely unfounded, meritless and made without any basis or supporting evidence and asked the Court to enter an order recognizing the adequacy of its insurance policy on its Project at Culebra, Puerto Rico and denying the motion to dismiss by DF, with prejudice. The Debtor pointed out that: 1. DF does not appear as Certificate Holder in any of the submitted insurance policies. Debtor requested the insurer to substitute DF for Doral Bank, which provided the financing for the construction of the Project, as Certificate Holder but the insurer replied that DF must submit a written authorization from Doral, authorizing the substitution of Doral for DF as loss payee. 2. Building No. 42 of the Project is covered under the Policy. 3. The Debtor has maintained adequate insurance on the Project. About Costa Bonita Beach Resort Costa Bonita Beach Resort, Inc., owns 50 apartments at the Costa Bonita Beach Resort in Culebra, Puerto Rico. It filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code for the first time (Bankr. D.P.R. Case No. 09-00699) on Feb. 3, 2009. During this case, the Court entered an Opinion and Order finding that the Debtor satisfied all three (3) prongs of the Single Asset Real Estate, and, as such is a SARE case subject to 11 U.S.C. Sec. 362(d)(3). The Court also entered an Order modifying the automatic stay to allow creditor DEV, S.E., to continue in state court proceedings for the removal of the illegal easement and the restoration of DEV, S.E.'s land to its original condition by the Debtor. The first bankruptcy petition was dismissed on May 10, 2011 on the grounds that the Debtor failed to comply with an April 21, 2011 Order and the Debtor's failure to maintain adequate insurance. The case was subsequently closed on Oct. 11, 2011. Costa Bonita Beach Resort filed a second bankruptcy petition (Bankr. D. P.R. Case No. 12-00778) on Feb. 2, 2012, in Old San Juan, Puerto Rico. In the 2012 petition, the Debtor said assets are worth $15.1 million with debt totaling $14.2 million, including secured debt of $7.8 million. The apartments are valued at $9.6 million while a restaurant and some commercial spaces at the resort are valued at $3.67 million. The apartments serve as collateral for the $7.8 million while the commercial property is unencumbered. Bankruptcy Judge Enrique S. Lamoutte presides over the 2012 case. Charles Alfred Cuprill, Esq., serves as counsel in the 2012 case. The petition was signed by Carlos Escribano Miro, president. MUEBLERIA LA: Case Summary & 17 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Muebleria La Providencia Inc. 37 Calle Jose de Diego Cidra, PR 00739 Bankruptcy Case No.: 13-00394 Chapter 11 Petition Date: January 22, 2013 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Brian K. Tester Debtor's Counsel: Lyssette A Morales Vidal, Esq. LA MORALES & ASSOCIATES LAW FIRM 76 Calle Aquamarina Urb Villa Blanca Caguas, PR 00725-1908 Tel: (787) 746-2434 E-mail: lamoraleslawoffice@gmail.com Scheduled Assets: $1,975,680 Scheduled Liabilities: $3,113,332 A copy of the Company's list of its 17 largest unsecured creditors, filed together with the petition, is available for free at http://bankrupt.com/misc/prb13-00394.pdf The petition was signed by Miguel Santos Ruiz, president. *********** 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 * * *