/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130925.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, September 25, 2013, Vol. 14, No. 190 Headlines A R G E N T I N A BANCO SANTANDER: Moody's Rates Expected Note Issuance 'Ba3' EDENOR SA: Board Approves Pampa's Change of Payment Proposal B A H A M A S ULTRAPETROL (BAHAMAS): Prices Add-on Offering of 2021 Notes B E R M U D A TUCKER'S POINT: Ernst & Young Provides Update on Receivership B R A Z I L CEAGRO AGRICOLA: Fitch Affirms Issuer Default Ratings at 'B' HYPERMARCAS SA: Fitch Upgrades Issuer Default Rating to 'BB+' MARFRIG ALIMENTOS: Reports Early Tender Settlement of Offer C A Y M A N I S L A N D S AUDE FUND: Creditors' Proofs of Debt Due Oct. 21 BAITELL CORPORATION: Creditors' Proofs of Debt Due Sept. 30 CG LONG: Commences Liquidation Proceedings DIRCO AB: Creditors' Proofs of Debt Due Oct. 23 DIRCO EH-II: Creditors' Proofs of Debt Due Oct. 23 DIRCO EH-III: Creditors' Proofs of Debt Due Oct. 23 DIRCO G: Creditors' Proofs of Debt Due Oct. 23 ICHIKAWA ONE: Creditors' Proofs of Debt Due Oct. 15 INVESTCORP CAPITAL: Creditors' Proofs of Debt Due Nov. 26 INVESTCORP FINANCE: Creditors' Proofs of Debt Due Nov. 26 INVESTCORP PLANNING: Creditors' Proofs of Debt Due Nov. 26 INVESTCORP ACQUISITION: Creditors' Proofs of Debt Due Nov. 26 LEADUP RESOURCES: Commences Liquidation Proceedings MAISHIMA THREE: Creditors' Proofs of Debt Due Oct. 15 PALM BEACH OFFSHORE: US Bank Under Fire Again Over Ponzi Scheme PLAINFIELD CAYMAN: Creditors' Proofs of Debt Due Oct. 23 C O S T A R I C A INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' FC IDR D O M I N I C A N R E P U B L I C * DOMINICAN REP: Economy Critical, Consumer Pockets Are Hurting J A M A I C A * JAMAICA: Jampro to Provide Update on Trade Mission P U E R T O R I C O ADVANCED COMPUTER: Court Dismisses Chapter 11 Case - - - - - ================= A R G E N T I N A ================= BANCO SANTANDER: Moody's Rates Expected Note Issuance 'Ba3' ----------------------------------------------------------- Moody's Latin America assigned a Ba3 global local currency debt rating to Banco Santander Rio's fourth expected issuance of up to ARS 250 million, which will be due in 18 months, and to the fifth expected issuance up to ARS 250 million, which will be due in 36 months, both under the bank's $500 million medium-term note program. At the same time, Moody's Latin America assigned a Aaa.ar national scale local currency debt rating to both expected issuances. The outlook for all ratings is negative, following the negative outlook on the sovereign ratings. The following ratings were assigned to Banco Santander Rio S.A.'s expected issuances under the debt program: Fourth Issuance up to ARS 250 million: Ba3 Global Local Currency Debt Rating, negative outlook Aaa.ar Argentina National Scale Local Currency Debt Rating, negative outlook Fifth Issuance up to ARS 250 million: Ba3 Global Local Currency Debt Rating, negative outlook Aaa.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 the bank's Ba3 global local currency deposit rating, Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. The Ba3 global local currency deposit rating of Santander R︽ derives from the bank's b3 BCA and Moody's assessment of the moderate probability of parental support to be provided by its shareholder Santander Spain, rated Baa2 with negative outlook. The standalone rating captures Santander's well established franchise as the largest private bank in the Argentinean banking system, as well as its diversified earnings as it expands its range of business activities and customer base. The bank's well-defined footprint in the corporate and consumer lending segment ensures good asset quality. Santander's rating also incorporates its significant payroll accounts base, which provides not only a significant client base for cross selling, but supports asset quality because of the low risk nature of the product, while ensuring a significant share of core, inexpensive deposits, which lowers its cost of funding. Banco Santander Rio S.A. is headquartered in Buenos Aires, with assets of ARS 58,95 billion and equity of ARS 7,67 billion as of June 2013. The principal methodology used in this rating was Global Banks published in May 2013. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. EDENOR SA: Board Approves Pampa's Change of Payment Proposal ------------------------------------------------------------ Edenor disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that at a meeting held on September 17, the Company's Board of Directors resolved to accept the proposal received on Sept. 5, 2013, from Pampa Energia S.A. in connection with the sale of Emdersa Generacion Salta S.A. (EGSSA) made in October, 2011. Said proposal includes a change in the means of payment of the price balance. Also at the meeting, the Company's Board of Directors approved the delivery to Energia Riojana S.A. (ERSA), in its capacity as purchaser and assignee, and to the Government of the Province of La Rioja, in its capacity as the purchaser's controlling shareholder, an irrevocable offer to (i) sell EDENOR's indirect shareholding in Empresa Distribuidora Electrica Regional S.A. (EMDERSA), which is Empresa Distribuidora de Electricidad de La Rioja (EDELAR)'s parent company, and (ii) assign for a valuable consideration certain EDENOR's receivables in relation to EMDERSA and EDELAR. The effective term of this offer is 10 business days as from its date of receipt by the intended addressee. About Edenor SA Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion of revenue from sales for the year ended Dec. 31, 2012, as compared with a net loss of ARS291.38 million on ARS2.80 billion of revenue from sales for the year ended Dec. 31, 2011. The Company's balance sheet at June 30, 2013, showed Ps.7.21 billion in total assets, Ps.5.47 billion in total liabilities and Ps.1.74 billion in total equity. ============= B A H A M A S ============= ULTRAPETROL (BAHAMAS): Prices Add-on Offering of 2021 Notes ----------------------------------------------------------- Ultrapetrol (Bahamas) Limited has priced the offering of US$25 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021, which were offered as an add-on to its outstanding US$200 million aggregate principal amount of 8.875% First Preferred Ship Mortgage Notes due 2021. As a result of the offering of the Add-On Notes, the Company will have outstanding an aggregate principal amount of US$225 million of its 8.875% First Preferred Ship Mortgage Notes due 2021, which are secured by the stock of certain of the Company's subsidiaries and by first preferred mortgages on vessels owned by certain of its subsidiaries. The Add-On Notes were sold at 104.5% in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act. Ultrapetrol intends to use the net proceeds of the offering for general corporate purposes. The sale of the Add-On Notes is expected to be consummated on October 2, 2013, subject to customary closing conditions. Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), is an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business). As reported in the Troubled Company Reporter-Latin America on May 7, 2012, Moody's Investors Service downgraded Ultrapetrol (Bahamas) Limited's Corporate Family to Caa1 from B3. Concurrently, the company's $180 million senior secured notes due November 2014 were downgraded to Caa1 from B3. A speculative grade liquidity rating of SGL-3 has been assigned reflecting an adequate liquidity profile. The ratings outlook is stable. ============= B E R M U D A ============= TUCKER'S POINT: Ernst & Young Provides Update on Receivership ------------------------------------------------------------- Don Burgess at BDA SUN News reports that Ernst & Young are aiming to dig the Tucker's Point Club out from underneath a mountain of debt. Roy Bailey and Keiran Hutchison of Ernst & Young Ltd., Bermuda were appointed on Sept. 19 as joint receivers of Bermuda Properties Ltd and certain subsidiaries which own the Tucker's Point resort, according to BDA SUN News. The report notes that the receivership only affects the companies that own the property and do not affect Rosewood Hotels & Resorts, who will continue to operate the resort and golf club on a business as usual basis. The report relates that Mr. Bailey, who is the lead partner for the restructuring, said BPL has a "debt mountain" and owes in the neighborhood of US$150million, which would be more than the original senior loan. The report relays that in 2009 the Royal Gazette reported that Castle Harbour Ltd, an operating subsidiary of holding company BPL, took out a total loan of BM$142.25 million in 2007 from HSBC Bermuda (BM$111.25 million), Argus (BM$20 million) and BF&M (BM11 million). BDA SUN News notes that Mr. Bailey said "additional facilities" have been added to the original loan amounts. Mr. Bailey said what's owed to HSBC is "going to be in the region of $100m to US$120million and the balance is going to be owed to Argus and BF&M", the report relates. BDA SUN News discloses that Mr. Bailey wanted to stress that the jobs of the approximately 300 employees at Tucker's Point were safe. Review "We need to undertake a review of the various companies to which we've been appointed with the operator (Rosewood) that operates the resort. The resort is going to continue as normal and staffing levels are going to be set to the operational needs of the resort. . . . The fact that this has gone into receivership is not immediately resulting in any kind of job losses. Guests and members -- both present and future -- should have continued enjoyment of the facilities Tucker's Point has to offer and are all encouraged to do so. . . . The appointment of receivers is part of a debt restructuring and will not affect the operation of the resort. The proposed restructuring should put Tucker's Point in a better position to continue operating as a flagship Bermuda resort in future seasons," the report quoted Mr. Bailey as saying. The report relates that Mr. Bailey said it was not the intention to put Tucker's Point on the market for sale "in the immediate term". "Ultimately the challenge we have before us is largely to deal with the debt mountain that has been built up in this group of companies over a matter of years. We are not in any immediate rush or hurry to deal with any change of the ownership of this resort in terms of selling it to the market," Mr. Bailey said, the report notes. The report relates that Mr. Bailey said it is "early days" to form any views on whether or not to proceed on the controversial Special Development Order (SDO) which was approved in 2011. =========== B R A Z I L =========== CEAGRO AGRICOLA: Fitch Affirms Issuer Default Ratings at 'B' ------------------------------------------------------------ Fitch Ratings has affirmed the ratings of Ceagro Agricola Ltda (Ceagro) as follows: -- Foreign and local currency Issuer Default Ratings (IDRs) at 'B'; -- National scale rating at 'BBB (bra)'; -- USD100 million senior secured notes due 2016 at 'B/RR4'. The Rating Outlook is Stable. The ratings affirmations reflect Ceagro's well-established position in the highly competitive Brazilian agricultural services sector, its operating margins in the high single digits. Constraining factors for the ratings are inherent business risks related to external factors (logistics, weather) impacting profitability and liquidity of the company, the size of the company and its leverage ratio. Fitch anticipates that the group's net debt/ebitda will remain at about 3.5x at year-end 2013, in line with the current ratings. Key Rating Drivers Established Business Position Ceagro Agricola Ltda. (Ceagro) has established long-term relationships with grain producers, suppliers, and off-takers. The company's profile has benefited from an increase in its operating scale which has allowed it to purchase fertilizers at lower prices and increase the volume of barter originations. Cost Pressure On Ebitda Margin The group's adjusted EBITDA margin remains strong at about 8.4% at 1H13 compared to trading companies (between 3% and 4%). Fitch expects the group's EBITDA margin to slightly decline in 2013 due to recurring input costs inflation (fertilizer and logistics) and lower Corn prices. Fitch's expectation is based on volume increase (notably for Corn) and the full consolidation in Ceagro's accounts of Agroextra Insumos Agricola in 2013. Agroextra is a leading distributor of Syngenta agricultural products (fertilizers and services) with an EBITDA of approximately BRL11.0 million as of FYE11. Agroextra was acquired by Ceagro during 2012 for approximately BRL20 million. Fitch expects high digit volumes growth in 2014 thanks to transactions implemented between Ceagro and the JV C&BI Partners. HIGH COMMODITY RISK AND SMALL SIZE Ceagro's small size, lack of geographic and commodity diversification compared to its large and established competitors are constraining factors for the rating. The group's export capacity of soybeans remains constrained by Brazilian port infrastructures. In 1H13 this has negatively impacted group's volumes. Soybeans declined by 6.4% year-on-year. Despite lower commodity prices, the group has been able to maintain its adjusted EBITDA steady at BRL65.1 million excluding one-off costs of about BRL7 million. Working Capital Requirements Impediment To Growth Trades originated through Ceagro's barter system grew to 52% of revenue during 2012 from 46% in 2011.The group also implements some spot transactions. Unlike trades through the barter system, spot market trades require working capital for short periods of time and have lower profit margins. Asset Light Model Ceagro has a minimal amount of balance sheet assets. It depends on rentals for transportation and storage. While this has not been a problem in the past, the cost of renting equipment may rise in the future and compress operating margins. The company is investing in a new storage facility this year. Fitch understands that the company will increase its own storage capacity in a financial model that will not require large amount of capex in the coming years. Ceagro will arrange new long-term lease agreements with warehouse owners to accommodate its growth strategy. Increased Net Leverage Ceagro's LTM Net Debt to EBITDA increased to 3.5x at June 2013 from 3.4x at FYE12 because of the group's growth strategy and delays related to logistics issues. Fitch expects Ceagro's Net Debt to EBITDA to remain at about 3.5x at FYE13. Using Fitch RMI (readily marketable inventories adjustments) the net adjusted leverage was at 3.0x at June-2013. Short-Term Financing The liquidity situation of the company remains weak with a liquidity ratio (cash/short-term debt) at 0.4x at June 2013 (0.4x at year-end 2012). This was due to the group's growth strategy, financing through short-term export-financing transactions. However, the group's liquidity is supported by the liquidity of its commodities (corn and soybean). Using Fitch RMI, the group's liquidity score was at 1.1x at end-June 2013, and there is no other significant debt repayment before 2016 (when the USD100 bond matures) which gives Fitch comfort on the group's liquidity Rating Sensitivities Considerations that could lead to a negative rating action (Rating or Outlook) include an increase in the company's net debt/ebitda leverage above the range of 3.5 - 4.0x over a sustained period could lead to a negative rating action. Leverage could increase either by weakening profitability, the launch of a large debt- financed investment program or sudden drop in trading volumes. Changes in its risk management, resulting in a higher exposure to commodity prices and exchange rate volatility, would also be viewed negatively. Considerations that could lead to a positive rating action (Rating or Outlook) includes the group's demonstrated ability to maintain EBTIDA margins in the 8% - 10% level and an increase in trading volumes without disproportionately increasing leverage or deteriorating the liquidity profile. HYPERMARCAS SA: Fitch Upgrades Issuer Default Rating to 'BB+' ------------------------------------------------------------- Fitch Ratings has upgraded the following ratings of Hypermarcas S.A.'s (Hypermarcas): -- Long-term foreign currency Issuer Default Rating (IDR) to 'BB+' from 'BB'; -- Long-term local currency IDR to 'BB+' from 'BB'; -- Long-term national scale rating to 'AA(bra)' from 'A+(bra)'; -- Senior unsecured notes due in 2021 to 'BB+' from 'BB'; -- Third debentures issuance at 'AA(bra)' from 'A+(bra)'. The Rating Outlook is Stable. Key Rating Drivers The upgrades reflect Hypermarcas' improving profitability and credit metrics during 2013 and the expectation that this trend should continue through 2014, when the company's net leverage ratio is projected to reach 2.5x. The rating actions also take into consideration the company's more conservative approach to growing through acquisitions. Hypermarcas' ratings reflect its leading position in the competitive Brazilian market, and the strength and diversification of its brands. The pharma business resilience and Hypermarcas' low ticket and less discretionary consumer portfolio are key to its adequate business fundamental. Hypermarcas' operations are expected to continue to benefit from the long-term positive fundamentals of the under-penetrated Brazilian healthcare market. The company's still high gross leverage ratios, the ongoing challenges related to the consolidation of its several past acquisitions, as well as the arising competitive pressures from larger and well capitalized global peers, limit Hypermarcas' ratings below investment grade. Other credit limitations include its need for constant drug and product innovation. Strong Business Position; Diversified Product Portfolio Hypermarcas has one of the largest and most diversified consumer products portfolios in Brazil, with focus on the pharmaceutical, beauty and personal care segments. Hypermarcas' business strategy is to capture synergies through the integration of acquired operations into a single cost platform in terms of packaging, distribution, advertising and marketing. Currently, the company's Pharma segment accounts for 56% of revenues, while its Beauty and Personal Care segment accounts for the balance of revenues. The significant expansion of Hypermarcas' operations and product portfolio in recent years has primarily been achieved through 23 acquisitions since 2007. These transactions, which totaled approximately BRL8.1 billion, were financed through a mix of debt and equity. Operating Cash Flow Improvement Hypermarcas successfully improved its working capital cycle during 2012 and integrated several newly acquired assets, which resulted in stronger EBITDA and cash flow from operations (CFFO). During 2013, the company has been focusing on simplifying its operational platform, improving productivity, and reducing operational costs and SG&A expenses. There were significant advances in the consolidation of the Consumer division's manufacturing and logistics platform with the completion of both the new plant in Senador Canedo and the Distribution Center located at Goiania, where labor costs are 30% cheaper and productivity has been rising. During the last 12 months ended on June 30, 2013, Hypermarcas' EBITDA reached BRL935 million, an increase from BRL869 million of EBITDA in 2012 and BRL534 million in 2011. In addition, the company's EBITDA margin has improved to 23% from 16% in 2012. Despite strong CFFO generation of BRL 447 million in the period, free cash flow (FCF) dropped to BRL131 million, from BRL242 million in 2012, due to BRL102 million of dividends. Further Decline in Leverage Expected The continued recovery in the operating cash flow generation (EBITDA) and FCF generation has supported the company's deleverage trend. Net leverage is expected to reach 2.8x at the end of 2013 and 2.5x by 2014. These ratios compare with 3.1x in 2012 and 5.1x reported in 2011. During 2011, the change in commercial strategy and high integration challenges significantly deteriorated Hypermarcas' operational performance, leading to high leverage and weaker operating margins. Fitch forecasts that Hypermarcas's FCF generation will be enhanced from 2014 on due to operating cash flow improvements, lower interests payments and lower capex disbursements, which should be partially offset by a more aggressive shareholder friendly dividend policy of 50% of net income. For 2014 and 2015, Fitch foresees FCF of around BRL80 million and BRL150 million, respectively. Solid Liquidity Position Hypermarcas had BRL4.5billion of debt as of June 30, 2012, of which BRL1.2 billion is short term. The company's has a robust liquidity position with BRL1.7 billion in cash and marketable securities. As of June 30, Hypermarcas had a cash plus CFFO/short- term debt ratio of 1.8x. Its cash balance supports debt amortization through 2014 and part of 2015. Additional liquidity comes from the company recently signed stand- by credit facility of BRL750 million, which can be drawn down until 2015 and has a final maturity during 2019. The company also issued a BRL400 million local debentures in July as part of its program to rollover its debt and repay its most expensive credit lines. Fitch expects Hypermarcas to be active on its liability management strategy in 2013 and 2014. Rating Sensitivities Fitch could consider a negative rating action on an unexpected material debt-financed acquisition or deterioration in operational performance associated with a step away from the company's track record of maintaining strong liquidity levels. Ratings upgrades could occur with the combination of the following factors: robust FCF generation, on a recurring basis, allowing total leverage reduction, conservative approach on acquisitions, and the maintenance of strong liquidity and well managed debt schedule profile. MARFRIG ALIMENTOS: Reports Early Tender Settlement of Offer ----------------------------------------------------------- Marfrig Alimentos S.A., Marfrig Holdings (Europe) B.V. and Credit Suisse Securities (USA) LLC disclosed the consummation of early settlement of the Purchaser's previously-announced offer to purchase for cash and consent solicitation with respect to any and all of the outstanding 9.625% Senior Notes due 2016 issued by Marfrig Overseas Limited from each registered holder of the Notes. As previously announced, the early tender deadline for the Tender Offer and the Consent Solicitation was 5:00 p.m., New York City time, on Sept. 13, 2013. As of the Early Tender Time, US$187,574,000 in aggregate principal amount of the Notes, or approximately 50.02% of the Notes outstanding, had been validly tendered and not withdrawn pursuant to the Tender Offer and consents delivered pursuant to the Consent Solicitation. All Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date have been accepted and paid in full by the Purchaser. The terms and conditions of the Tender Offer and the Consent Solicitation are described in the offer to purchase and consent solicitation statement dated Aug. 30, 2013 and the related letter of transmittal previously distributed to the Holders. About Marfrig Alimentos Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de Alimentos SA) is a Brazil-based company engaged in the processing and distribution of meat and poultry products. Its products include cooked beef, bacon, sausages, beef cubes, minced knuckles, steaks and other food items including pre-cooked and frozen potato, frozen vegetables, canned meat, fish and ready meals. The Company operates in 13 countries, and exports its products to more than 100 destinations worldwide. * * * As reported in the Troubled Company Reporter - Latin America on May 13, 2013, Standard & Poor's Ratings Services lowered its global scale corporate credit rating to 'B' from 'B+' and its national scale rating to 'brBBB-' from 'brBBB+' on Marfrig Alimentos S.A. The outlook is negative. ========================== C A Y M A N I S L A N D S ========================== AUDE FUND: Creditors' Proofs of Debt Due Oct. 21 ------------------------------------------------ The creditors of Aude Fund are required to file their proofs of debt by Oct. 21, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 9, 2013. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands BAITELL CORPORATION: Creditors' Proofs of Debt Due Sept. 30 ----------------------------------------------------------- The creditors of Baitell Corporation are required to file their proofs of debt by Sept. 30, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2013. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CG LONG: Commences Liquidation Proceedings ------------------------------------------ On Aug. 30, 2013, the sole shareholder of CG Long Biased Offshore Fund, Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: John Milani c/o John O'Driscoll Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 4229 DIRCO AB: Creditors' Proofs of Debt Due Oct. 23 ----------------------------------------------- The creditors of Dirco AB Ltd. are required to file their proofs of debt by Oct. 23, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 29, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 DIRCO EH-II: Creditors' Proofs of Debt Due Oct. 23 -------------------------------------------------- The creditors of Dirco EH-II Ltd. are required to file their proofs of debt by Oct. 23, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 29, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 DIRCO EH-III: Creditors' Proofs of Debt Due Oct. 23 --------------------------------------------------- The creditors of Dirco EH-III Ltd. are required to file their proofs of debt by Oct. 23, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 29, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 DIRCO G: Creditors' Proofs of Debt Due Oct. 23 ---------------------------------------------- The creditors of Dirco G Ltd. are required to file their proofs of debt by Oct. 23, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 29, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 ICHIKAWA ONE: Creditors' Proofs of Debt Due Oct. 15 --------------------------------------------------- The creditors of Ichikawa One are required to file their proofs of debt by Oct. 15, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 2, 2013. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands INVESTCORP CAPITAL: Creditors' Proofs of Debt Due Nov. 26 --------------------------------------------------------- The creditors of Investcorp Real Estate Debt Capital Ltd. are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 3, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP FINANCE: Creditors' Proofs of Debt Due Nov. 26 --------------------------------------------------------- The creditors of Investcorp Real Estate Debt Finance Ltd. are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 3, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP PLANNING: Creditors' Proofs of Debt Due Nov. 26 ---------------------------------------------------------- The creditors of Investcorp Real Estate Debt Planning Ltd are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 3, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands INVESTCORP ACQUISITION: Creditors' Proofs of Debt Due Nov. 26 ------------------------------------------------------------- The creditors of Investcorp Real Estate Debt Acquisition Ltd. are required to file their proofs of debt by Nov. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 3, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands LEADUP RESOURCES: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on Aug. 26, 2013, the members of Leadup Resources Investments Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Kenneth M. Krys c/o Krys Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 Telephone: (345) 947 4700 E-mail: Noku.Mhlanga@KRyS-Global.com MAISHIMA THREE: Creditors' Proofs of Debt Due Oct. 15 ----------------------------------------------------- The creditors of Maishima Three are required to file their proofs of debt by Oct. 15, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 2, 2013. The company's liquidator is: Gene Dacosta c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands PALM BEACH OFFSHORE: US Bank Under Fire Again Over Ponzi Scheme --------------------------------------------------------------- Law360 reported that the liquidator of Palm Beach Offshore Ltd. told the Eighth Circuit on Sept. 23 that U.S. Bank NA had assisted in Thomas Petters' infamous Ponzi scheme by helping the offshore funds' managers conceal their fraudulent activity. According to the report, Geoffrey Varga, the designated liquidator of the fund ultimately used to purchase promissory notes from Petters Co. Inc., appealed to the court to reconsider the Minnesota federal court's dismissal of his allegations. PLAINFIELD CAYMAN: Creditors' Proofs of Debt Due Oct. 23 -------------------------------------------------------- The creditors of Plainfield Cayman Holdings II Limited are required to file their proofs of debt by Oct. 23, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 4, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ================== C O S T A R I C A ================== INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' FC IDR --------------------------------------------------- Fitch Ratings has affirmed the foreign currency Issuer Default Rating (FC IDR) of Instituto Costarricense de Electricidad y Subsidiarias (Grupo ICE, or ICE) at 'BB+', as well as its national scale ratings at 'AAA(cri)' and 'AAA(slv)' . The Rating Outlook is Stable. Key Rating Drivers Grupo ICE's ratings are supported by the company's linkage to the sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'; Stable Outlook by Fitch) which stems from the government ownership. The linkage between Grupo ICE and the government also reflects the company's political risk resulting from its tariff approval process and government-mandated strategy to assure the country's electric supply, which temper the ratings to align with that of the sovereign. The ratings also reflect the government's implicit and explicit support, the company's diversified portfolio of assets, and adequate financial profile. Also factored into Grupo ICE's ratings is the company's aggressive capital expenditure program aimed at maintaining a strong market share position in the telecommunications industry and an adequate installed electric generation capacity. Diversified Asset Portfolio: Grupo ICE's ratings are supported by the company's diversified portfolio of assets and its strong business position in Costa Rica's electricity and telecommunications industry. The ratings reflect the company's low business risk resulting from its business diversification and positive characteristics as a utility service provider. Grupo ICE has a legal monopoly in the electricity sector in Costa Rica. The issuer is the largest power generator and electric distribution utility company in the country. As of year-end 2012, Grupo ICE had an installed electric generation capacity of 2,172 megawatts (MW) (national capacity of 2,723MW) and was the exclusive owner of the national transmission grid. The national electric industry includes private generation, municipal distribution and electric cooperatives that can generate energy in coordination with Grupo ICE or sell their energy to Grupo ICE. The company is expected to remain a leader in the domestic telecommunications industry, notwithstanding recent changes that opened the industry to competition. Although this will increase competition, it is also expected to enhance regulatory transparency. In 2012, ICE's market share in terms of subscribers was nearly 100% in fixed telephony, 80% in mobile and 60% in broadband. For the LTM ended June 30, 2013, the company generated revenues and EBITDA of CRC1,270,331 million (CRC1,184,950 million for 2012) and CRC352,170 million (CRC315,717 million for 2012), respectively. The company's electricity segment represented approximately 60% of revenues and EBITDA, with the telecommunications division contributing the rest. Fitch expects ICE's electricity business to increase its contribution given the current and future expansion projects, as well as relatively stable results in the telecommunications segment. Financial Profile Could Be Pressured By Capex Plan: Grupo ICE's ratings reflect the company's adequate financial profile characterized by moderate leverage and satisfactory interest coverage, yet with some exposure to foreign exchange risk, which should deteriorate over the medium term as the company pursues its capex plan. During the LTM ended June 30, 2013, ICE generated EBITDA of USD705 million, from USD632 million in the same period of 2012, due to higher electricity tariffs. As of June 2013, Grupo ICE reported total debt of USD3.5 billion, of which USD318 million was short-term and almost 80% was denominated in USD. This translated into a financial leverage ratio, as measured by total adjusted debt-to-EBITDAR of approximately 5.5x. The company's interest coverage ratio as measured by EBITDAR-to-interest and rent expenses was 2.2x (3.0x EBITDA/interest). Fitch expects that the projected growth in electric demand of 2%- 3% by 2014 and 2015 will allow Grupo ICE to maintain its leverage at around 5.0x-6.0x. Aggressive Capital Expenditures Plan: Grupo ICE's capital investment plan over the next several years is considered aggressive and could weaken the company's financial profile, absent increased cash flow generation and adequate tariff adjustments. The company plans to invest approximately USD3.2 billion over the next five years in order to supply electricity to meet demand and maintain its leadership position in telecommunications in Costa Rica. Going forward, Grupo ICE's credit metrics could deteriorate significantly. Leverage could increase consistently to over 6.0x if the company finances its capital investment plan heavily with debt and the revenues associated with these investments are delayed beyond the expected ramp-up timeframe or do not receive the tariff adjustments at opportune times. Grupo ICE expects to finance its investments with a combination of internal cash flow, debt, Build Operate and Transfer (BOT) transactions, project finance vehicles, and operating leases. High Exposure to Regulatory and Political Interference: Grupo ICE is highly exposed to regulatory interference risk given the lack of clear and transparent electricity tariff schedules, and that every year it must submit an electricity tariff adjustment for end-users to the regulator for approval. In 2011 and 2012, regulatory and political interference was affected these tariff adjustments. Positive for Grupo ICE's business and financial profile is the approved mechanism to adjust tariffs to reflect fuel cost variations on a quarterly basis, starting in 2013. This change has had a positive effect on Grupo ICE's working capital and reduces its exposure to hydrology risk. Before 2013, the regulator approved tariffs that did not fully recognized the company's moderate exposure to fuel prices borne by its thermoelectric generation business (8%-10% of annual generation on average). The recent Telecom regulatory framework considers changes in tariffs and competition rules. Fitch expects that the new regulations could increase regulatory transparency. Telecommunications tariffs had not changed since 2006. In recent months, fixed telephony and some internet tariffs have been adjusted upwards. Despite the regulatory risk, Grupo ICE has managed to maintain relatively stable cash flow generation. In addition, the company is exposed to political interference given that the government appoints and removes ICE's directors and executives, sets and approves the company's tariffs, and regulates its budget. Ratings Sensitivities Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- An upgrade of Costa Rica's sovereign rating; -- If the company is materially isolated from government interference. Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- A downgrade of Costa Rica's sovereign rating; -- Any weakening of legal, operational and/or strategic ties with the government could put downward pressure on Grupo ICE's ratings; -- Regulatory intervention that would have a significant negative impact on the company's operating and financial profile. Fitch has affirmed the following ratings for Grupo ICE: -- Long-term FC IDR at 'BB+'; Stable Outlook; -- Long-term LC IDR at 'BB+'; Stable Outlook; -- Long-term national scale (Costa Rica) at 'AAA(cri)'; -- Long-term national scale (El Salvador) at 'AAA(slv); -- Senior unsecured debt at 'BB+'; -- Senior unsecured domestic long-term debt (Costa Rica) at 'AAA(cri)'; -- Senior unsecured domestic long-term debt (El Salvador) at 'AAA(slv)'; -- Short-term debt at 'F1+(cri)'. Fitch has also affirmed the following ratings for ICE Subsidiary, Compania Nacional de Fuerza y Luz S.A. (CNFL): -- Long-term national scale (Costa Rica) at 'AAA(cri)'; Stable Outlook; -- Senior unsecured domestic long-term debt (Costa Rica) at 'AAA(cri)'. =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Economy Critical, Consumer Pockets Are Hurting --------------------------------------------------------------- Dominican Today reports that retailers and other sectors of Dominican Republic's economy face critical times they affirm will hurt consumers' pockets, by paying more for many products whose prices have jumped in recent months. Retailers and other sectors said the prices in some provisions have jumped as high as 65% and have led to an around 20% fall in sales, according to Dominican Today. The report notes that the merchants and small and medium enterprises grouped in Confederation said among the products whose prices jumped recently figure: -- herring, from RD$63.50 per pound to RD$105, or 65 percent more; -- rice from RD$19 pound to RD$21, for an 11% increase; -- garlic, from RD$105 to RD$150 for an increase of 43%; -- cod from RD$125 to RD$140, a 12% increase, and -- red onion from RD$30 RD$32, or 7% more. The report relates that Confecomercio Senior Member Gilberto Luna, quoted by diariolibre.com, added that last year's tax package and the dollar's climbing rate have contributed to the increase in the price of staples. "That was basically what has contributed to the around 25% increase on these products as companies had to also readjust costs and therefore an increase on those products.", Dominicantoday.com discloses as Mr. Luna saying. ============= J A M A I C A ============= * JAMAICA: Jampro to Provide Update on Trade Mission ---------------------------------------------------- RJR News reports that Jampro is to provide an update on the results of a recent trade mission to the Dominican Republic. Diane Edwards, Jampro president, will give details, according to RJR News. The report notes that the Corporation led a delegation of 15 exporters to Santo Domingo between September 10 and 14. It was the first time that Jampro headed a trade mission to that country, the report relates. ===================== P U E R T O R I C O ===================== ADVANCED COMPUTER: Court Dismisses Chapter 11 Case -------------------------------------------------- As stated in open court on Aug. 20, 2013, Judge Brian K. Texter of the U.S. Bankruptcy Court for the District of Puerto Rico has dismissed with prejudice the Chapter 11 case of Advanced Computer Technology (Act), Inc. The Debtor is barred from refiling a bankruptcy case for a period of one year. Berrios & Longo Law Offices, in its motion to dismiss, stated that, among other things: 1. ACT has not paid all postpetition taxes. 2. ACT, its management, accountants and professionals have incurred an open breach of the duties of the DIP. 3. ACT has made unauthorized use of cash collateral. About Advanced Computer San Juan, Puerto Rico-based Advanced Computer Technology (ACT), Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12- 04454) in Old San Juan on June 6, 2012. The Debtor, an information system consulting firm, disclosed $10.34 million in assets and $6.176 million in liabilities in its schedules. It said software and licenses rights are worth $6.30 million. The value of its 100% ownership of Sprinter Solutions, Inc., is unknown. The Debtor's only shareholder is Investigacion Y Programas, S.A. Its president is Jaime Romano and its secretary and chief executive officer is Osvaldo Karuzic, none of whom hold any shares in the Debtor. Bankruptcy Judge Brian K. Tester presides over the case. Charles Alfred Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices, in San Juan, P.R., serves as the Debtor's counsel. William Santiago-Satre, Esq., at De Diego Law Offices, in Carolina, P.R., represents Banco Bilbao Vizcaya Argentaria Puerto Rico as counsel. *********** 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, Julie Anne L. Toledo, 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 * * *