/raid1/www/Hosts/bankrupt/TCRLA_Public/081110.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, November 11, 2008, Vol. 9, No. 224
Headlines
A R G E N T I N A
BERRIES DE LA: Proofs of Claim Verification Deadline Is Feb. 2
CASARES MEAT: Proofs of Claim Verification Deadline Is Dec. 23
GIUX SA: Trustee Verifying Proofs of Claim Until February 27
HORIZONS DE FRANCE: Proofs of Claim Verification Due on Feb. 11
YAC SERVI: Proofs of Claim Verification Deadline Is April 13
B E R M U D A
HOME RE: Proofs of Claim Filing Deadline Is November 21
HOME RE: Final Member's Meeting Is on December 12
REFCO CAPITAL: Proofs of Claim Filing Deadline Is November 21
REFCO CAPITAL: Final Members' Meeting Is on December 12
SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS
SEA CONTAINERS: Can Access US$150MM DIP Funding from Fortis Bank
WHITE MOUNTAINS: Proofs of Claim Filing Deadline Is November 21
WHITE MOUNTAINS: Final Member's Meeting Is on December 9
C A Y M A N I S L A N D S
ANSLEY PARKS: Proofs of Claim Filing Deadline is on Nov. 27
ARCA FUNDING: Proofs of Claim Filing Deadline is on November 27
BELVOIR PREMIUM: Proofs of Claim Filing Deadline is on November 27
BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
BUNGE FERTILIZANTES: Proofs of Claim Filing Deadline is on Nov. 27
BUNGE TRADE: Proofs of Claim Filing Deadline is on November 27
M E X I C O
ALL AMERICAN: Files Amended Disclosure Statement and Ch. 11 Plan
P U E R T O R I C O
CENTENNIAL COMM: AT&T Will Acquire Firm for US$944 Million
- - - - -
=================
A R G E N T I N A
=================
BERRIES DE LA: Proofs of Claim Verification Deadline Is Feb. 2
--------------------------------------------------------------
The court-appointed trustee for Berries de la Peninsula S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 2, 2009.
The trustee will present the validated claims in court as
individual reports on March 17, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 30, 2009.
The trustee is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
CASARES MEAT: Proofs of Claim Verification Deadline Is Dec. 23
--------------------------------------------------------------
The court-appointed trustee for Casares Meat S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
December 23, 2008.
The trustee will present the validated claims in court as
individual reports on March 10, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 21, 2009.
The trustee is also in charge of administering Casares Meat's
assets under court supervision and will take part in their
disposal to the extent established by law.
GIUX SA: Trustee Verifying Proofs of Claim Until February 27
------------------------------------------------------------
The court-appointed trustee for Giux S.A.'s reorganization
proceeding will be verifying creditors' proofs of claim until
February 27, 2009.
The trustee will present the validated claims in court as
individual reports on April 16, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 1, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on November 25, 2009.
HORIZONS DE FRANCE: Proofs of Claim Verification Due on Feb. 11
---------------------------------------------------------------
The court-appointed trustee for Horizons de France S.A.'s
bankruptcy proceeding, will be verifying creditors' proofs of
claim until February 11, 2009.
The trustee will present the validated claims in court as
individual reports on March 25, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 8, 2009.
The trustee is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
YAC SERVI: Proofs of Claim Verification Deadline Is April 13
------------------------------------------------------------
The court-appointed trustee for Yac Servi S.R.L.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
April 13, 2009.
The trustee will present the validated claims in court as
individual reports on May 27, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Yac Servi's accounting
and banking records will be submitted in court on July 8, 2009.
The trustee is also in charge of administering the company's
assets under court supervision and will take part in their
disposal to the extent established by law.
=============
B E R M U D A
=============
HOME RE: Proofs of Claim Filing Deadline Is November 21
-------------------------------------------------------
Home Re Limited's creditors are given until November 21, 2008, to
prove their claims to John C. McKenna, the company's liquidator,
or be excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Home Re's members agreed on November 4, 2008, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.
The Liquidator can be reached at:
John C. McKenna
Finance & Risk Services, Ltd.
P.O. Box HM 321, Hamilton HM BX
Bermuda
HOME RE: Final Member's Meeting Is on December 12
-------------------------------------------------
Home Re Limited will hold its final member's meeting on Dec. 12,
2008, at 9:30 a.m., at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, in Hamilton, Bermuda.
These matters will be taken up during the meeting:
-- receiving an account showing the manner in which
the winding-up of the company has been conducted
and its property disposed of and hearing any
explanation that may be given by the liquidator;
-- determination by resolution the manner in
which the books, accounts and documents of the
company and of the liquidator shall be
disposed; and
-- passing of a resolution dissolving the
company.
The company's liquidator is:
John C. McKenna
Finance & Risk Services, Ltd.
P.O. Box HM 321, Hamilton HM BX
Bermuda
REFCO CAPITAL: Proofs of Claim Filing Deadline Is November 21
-------------------------------------------------------------
Refco Capital Markets International, Ltd.'s creditors are given
until November 21, 2008, to prove their claims to William B.
Flynn, the company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
The company's members agreed on November 4, 2008, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The company's liquidator is:
William B. Flynn
19 W 44th Street - 12th Floor
New York, N.Y. 10036 U.S.A.
REFCO CAPITAL: Final Members' Meeting Is on December 12
-------------------------------------------------------
Refco Capital Markets International, Ltd. will hold its final
members' meeting on December 12, 2008, at 9:30 a.m., at the
offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, in Hamilton, Bermuda.
These matters will be taken up during the meeting:
-- receiving an account showing the manner in which
the winding-up of the company has been conducted
and its property disposed of and hearing any
explanation that may be given by the liquidator;
-- determination by resolution the manner in
which the books, accounts and documents of the
company and of the liquidator shall be
disposed; and
-- passing of a resolution dissolving the
company.
SEA CONTAINERS: Files 18 Supplementary Documents to Amended DS
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware 18 documents as
additional supplement to their Second Amended Disclosure Statement
explaining their Second Amended Joint Plan of Reorganization:
(1) Constitutional and organizational documents of Newco;
(2) Newco transfer agreement;
(3) Section 1129(a)(5) disclosures with respect to directors
and officers;
(4) U.K. Scheme of Arrangement of Sea Containers Services
Ltd.;
(5) GE SeaCo definitive settlement documents;
(6) Executory contracts and unexpired leases to be assumed;
(7) Executory contracts and unexpired leases to be assumed as
amended;
(8) Executory contracts and unexpired leases to be rejected;
(9) Causes of action to be transferred to Newco;
(10) Causes of action to be retained by the Reorganized
Debtors;
(11) Equalization escrow agreement;
(12) Non-Debtor subsidiary trust deed;
(13) Equalization-related employee claim trust deed;
(14) Newco repatriation note;
(15) No objection letter;
(16) Agreement with respect to pension protection fund
eligibility procedures;
(17) Newco director and officer equity incentive plan; and
(18) Plan administrator agreement.
The Debtors note that pursuant to the Plan, counterparties to
assumed or rejected contracts and leases may file an objection to
a cure amount by filing a proof of claim 30 days after the earlier
of the (i) date of any assumption, and (ii) the Plan's effective
date. Failure to file an objection by the deadline will be deemed
an acceptance of the cure amounts proposed by the Debtors.
About Sea Containers Ltd.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.
(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
SEA CONTAINERS: Can Access US$150MM DIP Funding from Fortis Bank
---------------------------------------------------------------
To successfully emerge from bankruptcy and consummate the
transactions contemplated under their Second Amended Joint Plan of
Reorganization, Sea Containers Ltd. and its debtor-affiliates need
to secure exit financing, relates Robert S. Brady, Esq., at Young
Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware.
For this reason, the Debtors seek authority from the United States
Bankruptcy Court for the District of Delaware to enter into a
$150,000,000 exit financing with Fortis Bank (Nederland) N.V. and
DVB Bank S.E. pursuant to a commitment letter.
In addition to repaying the DIP loan, the Plan provides that the
Debtors use Exit Financing proceeds to fund certain payments
under the Plan, and provide working capital for SeaCo Finance
Ltd., the entity to which Sea Containers Ltd.'s container
interests will be transferred.
A copy of the Commitment Letter is available for free at:
http://ResearchArchives.com/t/s?34b6
The Exit Facility
Under the Commitment Letter, the Exit Lenders will provide SCL
with exit financing consisting of a term loan facility of up to
$150,000,000.
Borrower SeaCo Finance Ltd.
Guarantors Sea Containers SPC Ltd, Quota Holdings Ltd.
and Newco America
Administrative Fortis Bank
Agent
Term Loan Aggregate principal amount of up to
Facility US$150,000,000 will be available pursuant to a
five-year term loan facility.
Maturity The fifth anniversary after the Funding Date.
The Funding Date is expected to occur on or
prior to January 31, 2009.
Fees * Upfront fee of 1.75% of the initial
principal amount under the Term Loan
Facility;
* Administrative Agent fee of $75,000 fixed
annual fee;
* Commitment fee of 3% per annum of the
facility amount;
* Work fee of US$250,000; and
* Termination fee equal to (i) 75% of the
Upfront Fee, minus (ii) the Work Fee.
Events of The usual and customary events in transaction
Default of this type, including nonpayment of
principal, interest and fees, and failure to
perform covenants, and subject to carveout,
materiality and knowledge qualifiers, and cure
provisions.
Remedies upon an Upon an Event of Default, the Exit Lenders
Event of Default will be entitled to (i) accelerate the payment
of all obligations owing under the Facility,
and (ii) instruct the Borrower to sell or
liquidate the owned containers, any finance
leases, and repatriation note with any
proceeds received being applied first to
satisfy the obligations owing under the
Facility.
Mr. Brady declares that a limited purpose entity, currently named
Topco, may be formed on or prior to the loan's funding date to
acquire the shares of the Borrower. Topco will be an additional
guarantor, and will pledge its shares in the Borrower.
To secure the Loan, the Borrower and Sea Containers SPC Ltd. will
grant the Administrative Agent valid and perfected first priority
liens and security interests in all of their present and future
property and assets, subject to customary and negotiated
exceptions.
The terms of the Facility are reasonable, and the best one
available to the Debtors, Mr. Brady tells the Court. He adds
that terms were finalized after lengthy negotiations and thorough
consideration of numerous financing arrangements. Absent the
Court's approval, the Debtors will be hard-pressed to maintain
their exit timetable, he continues.
To recall, the Debtors' voting and plan objection deadline is on
Nov. 10, 2008. The plan confirmation hearing will commence
on Nov. 24.
* * *
Judge Kevin J. Carey authorized the Debtors to enter into the
$150,000,000 exit financing with Fortis Bank and DVB Bank. The
Court also approved the Commitment Letter, and directed the
Debtors to make payments of obligations pursuant to the Commitment
Letter as administrative claims under Sections 503(b) and
507(a)(1) of the Bankruptcy Code.
About Sea Containers Ltd.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S. Sea
Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083.
(Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
WHITE MOUNTAINS: Proofs of Claim Filing Deadline Is November 21
---------------------------------------------------------------
White Mountains Holdings Bermuda Ltd.'s creditors are given until
November 21, 2008, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
The company's shareholders agreed on November 26, 2008, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The Liquidator can be reached at:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
WHITE MOUNTAINS: Final Member's Meeting Is on December 9
--------------------------------------------------------
White Mountains Holdings Bermuda Ltd. will hold its final member's
meeting on December 9, 2008, at 9:30 a.m., at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, in
Hamilton, Bermuda.
These matters will be taken up during the meeting:
-- receiving an account showing the manner in which
the winding-up of the company has been conducted
and its property disposed of and hearing any
explanation that may be given by the liquidator;
-- determination by resolution the manner in
which the books, accounts and documents of the
company and of the liquidator shall be
disposed; and
-- passing of a resolution dissolving the
company.
The company's liquidator is:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
==========================
C A Y M A N I S L A N D S
==========================
ANSLEY PARKS: Proofs of Claim Filing Deadline is on Nov. 27
-----------------------------------------------------------
Ansley Parks ABS CDO, Ltd.'s creditors have until Nov. 27, 2008,
to prove their claims to Chris Marett and Prashant Veturkar, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Ansley Parks's shareholders agreed on October 16, 2008, to place
the company into voluntary liquidation.
The Liquidators can be reached at:
Chris Marett
Prashant Veturkar
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
ARCA FUNDING: Proofs of Claim Filing Deadline is on November 27
---------------------------------------------------------------
ARCA Funding 2006-11, Ltd's creditors have until November 27,
2008, to prove their claims to Chirs Marett and Jagjit (Bobby)
Toor, the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
ARCA Funding's Liquidators can be reached at:
Chris Marett
Bobby Toor
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
BELVOIR PREMIUM: Proofs of Claim Filing Deadline is on November 27
------------------------------------------------------------------
Belvoir Premium Fund Limited's creditors have until November 27,
2008, to prove their claims to Jagjit (Bobby) Toor and Giles
Kerley, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Belvoir Premium's shareholders agreed on October 2, 2008, to place
the company into voluntary liquidation.
Belvoir Premium's Liquidators can be reached at:
Jagjit (Bobby) Toor
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT Grand Cayman
Cayman Islands
BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
----------------------------------------------------------------
Bridgnorth Global Banks Fund Limited's creditors have until
November 26, 2008, to prove their claims to Tommaso Cascella, Mark
Hoge and Christopher Williams, the company's liquidators, or be
excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bridgnorth's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.
The Liquidators can be reached at:
Tommaso Cascella
Mark Hoge
Christopher Williams
c/o Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
BRIDGNORTH GLOBAL: Proofs of Claim Filing Deadline is on Nov. 26
----------------------------------------------------------------
Bridgnorth Global Banks Master Fund Limited's creditors have until
November 26, 2008, to prove their claims to Tommaso Cascella, Mark
Hoge and Christopher Williams, the company's liquidators, or be
excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bridgnorth's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.
The Liquidators can be reached at:
Tommaso Cascella
Mark Hoge
Christopher Williams
c/o Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
BUNGE FERTILIZANTES: Proofs of Claim Filing Deadline is on Nov. 27
------------------------------------------------------------------
Bunge Fertilizantes International Participation Ltd.'s creditors
have until November 27, 2008, to prove their claims to Jan Neveril
and Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bunge Fertilizantes's shareholders agreed on September 22, 2008,
to place the company into voluntary liquidation.
The Liquidators can be reached at:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
BUNGE TRADE: Proofs of Claim Filing Deadline is on November 27
--------------------------------------------------------------
Bunge Trade Participation Ltd.'s creditors have until Nov. 27,
2008, to prove their claims to Jan Neveril and Giles Kerley, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bunge Trade's shareholders agreed on September 22, 2008, to place
the company into voluntary liquidation.
The Liquidators can be reached at:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
===========
M E X I C O
===========
ALL AMERICAN: Files Amended Disclosure Statement and Ch. 11 Plan
----------------------------------------------------------------
All American Semiconductor Inc. delivered to the Hon. Laurel
Isicoff of the United States Bankruptcy Court for the Southern
District of Florida a first amended Chapter 11 plan of liquidation
dated Nov. 5, 2008, and a first amended disclosure statement
explaining the plan.
A hearing is set for Jan. 5, 2008, at 2:00 p.m., to consider the
adequacy of the Debtor's disclosure statement. The hearing will
take place at 51 S.W. First Avenue, Room 1409 in Miami, Florida.
Objections, if any, are due Dec. 26, 2008.
Overview of the Plan
The Plan contemplates the continuation of the investigation and
liquidation process including the prosecution of litigation claims
in favor of the consolidated estate and the holders of allowed
claims. On the plan's effective date, the liquidating trust will
pursue the liquidation of the liquidating trust assets with the
proceeds from the liquidation to be distributed to holders of
allowed claims in accordance to the terms of the plan.
Under the plan and the liquidating trust, Kenneth A. Welt, will be
appointed as the liquidating trustee. Mr. Welt is expected to
liquidate all of the liquidating trust assets and distribute the
proceeds to holders of allowed claims.
No assets of the consolidated estate, including the liquidating
trust assets, will vest in the Debtors. The Liquidating Trust
will be under the full control of Mr. Welt as provided in the
plan. The liquidation of property of the consolidated estate is
intended to provide creditors with maximum distributions on their
allowed claims.
The plan classifies interests against and liens in the Debtor in
six classes. The classification of treatment of interests and
claims are:
Treatment of Interests and Claims
Type Estimated Estimated
Class of Claims Treatment Amount Recovery
----- --------- --------- --------- ---------
unclassified superpriority US$8,926,370 100%
claims
unclassified administrative 2,602,463 100%
claims
unclassified priority tax 321,443 100%
claims
1 allowed unimpaired 468,580 100%
priority
claim
2A lender secured unimpaired 0 100%
claim
2B allowed other unimpaired 0 100%
secured claim
3 allowed impaired 32,378,192 32.2%
unsecured
claims
4 lender impaired 15,213,701 32.2%
deficiency
claim
5 allowed impaired 0
subordinated
claim
6 allowed impaired 0%
interests
Classes 3 and 4 are entitled to vote for the plan.
Each allowed priority claim against the consolidated estate will
be paid in full on (i) the plan's effective date; (ii) the date of
a final order allowing the priority claim; or (iii) other date and
terms as may be agreed by the Official Committee of Unsecured
Creditors.
At the option of the liquidating trustee, the lenders shall
receive on account of their lender secured claim (i) cash in an
amount equal to the unpaid amount of the lender secured claim,
(ii) the proceeds of the sale or disposition of the collateral
securing lender secured claim, to the extent of the value of the
lenders' secured interest in the lender secured claim, (iii) the
collateral securing the lender secured claim, (iv) treatment that
leaves unaltered the legal, equitable and contractual rights to
which the Lenders are entitled, or (v) such other distribution as
agreed by Committee.
Each allowed other secured claim against the Debtors will be
classified in a separate sub-class within this Class 2B
and will be satisfied by each holder of an allowed other secured
claim receiving from the Debtors or their estates one or more of
the following, at the option of the liquidating trustee,
either (i) cash in an amount equal to the unpaid amount of the
other secured claim, (ii) the proceeds of the sale or disposition
of the collateral securing such Allowed Other Secured Claim
to the extent of the value of the holder's secured interest in the
Allowed Other Secured Claim, (iii) the collateral securing the
allowed other secured claim, (iv) a note with periodic cash
payments having a present value equal to the amount of the Allowed
Other Secured Claim, (v) such treatment that leaves unaltered the
legal, equitable and contractual rights to which the holder of
such Allowed Other Secured Claim is entitled, or (vi) other
distribution as agreed to by the Committee.
Each allowed unsecured claim against the Debtors will be satisfied
by distributions on each distribution date of cash on deposit from
time to time in the collected cash amounts to the holder of each
such Allowed Unsecured Claim on a pro rata basis with (i) the
other holders of Allowed Unsecured Claims in this Class 3 and (ii)
the Lenders on account of the Lender Deficiency Claim; provided,
that the holders of the Lender Deficiency Claim shall not be
entitled to receive any distribution on account thereof from the
proceeds of the Certain Specified Assets.
The Lender Deficiency Claim against the Debtors will be satisfied
by distributions to the lenders on a pro rata basis with
the holders of all allowed unsecured claims in Class 3. The
distributions to the lenders under the plan will be made on each
distribution date and will be made from cash on deposit from
time to time in the collected cash accounts.
Each allowed subordinated claim against the consolidated estate
will be satisfied by distributions to the holder of each allowed
subordinated claim on a pro rata basis with the holders of all
allowed subordinated claims in Class 5.
The holders of interests will not receive or retain any property
or interest in property on account thereof. All interests shall
be canceled as of the effective date.
Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes
electronic components manufactured by others. The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products. All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets. The company also offers complete solutions
for flat panel display products.
In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers. The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.
The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors. Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee. William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel. Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel. As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of US$117,634,000 and total debts of $106,024,000.
====================
P U E R T O R I C O
====================
CENTENNIAL COMM: AT&T Will Acquire Firm for US$944 Million
----------------------------------------------------------
AT&T Inc. will acquire Centennial Communications Corp. for
US$944 million in cash. The transaction will enhance AT&T's
wireless coverage for customers in largely rural areas of the
Midwest and Southeast United States and in Puerto Rico and the
U.S. Virgin Islands. With the addition of Centennial
Communications' wired network in Puerto Rico, AT&T will also be
able to better serve the company's business customers who operate
there.
As a result of the acquisition, Centennial Communications'
1.1 million wireless subscribers -- many of them in rural areas --
will have access to the wireless network with the best global
coverage and to the nation's premier lineup of innovative wireless
devices, including iPhone 3G, an AT&T exclusive. Centennial
Communications' customers who choose select smartphones -- such as
the BlackBerry(R) Bold(TM), another AT&T exclusive -- and AT&T
LaptopConnect cards will also enjoy free access to the nation's
largest Wi-Fi network.
"Mobility is a vital investment area for AT&T and our company's
biggest growth driver," said Ralph de la Vega, president and chief
executive officer of AT&T Mobility and Consumer Markets. "This
transaction enhances network coverage for our consumer and
business customers and is expected to create long-term value for
AT&T's stockholders," he added.
Mr. de la Vega stated, "This acquisition offers important benefits
for wireless customers of both AT&T and Centennial. Our existing
customers will enjoy a better on-network calling experience in the
current Centennial roaming areas. And Centennial customers will
have access to a mobile-to-mobile network of nearly 75 million
subscribers, AT&T's national and international roaming
capabilities, our terrific device offerings and our great
portfolio of applications and services."
The Centennial Communications acquisition demonstrates AT&T's
commitment to continuously enhance network quality and coverage
for its wireless customers. The addition of Centennial
Comunications' high-quality 850 megahertz spectrum will improve
service quality for AT&T customers in parts of Indiana, Louisiana,
Michigan, Mississippi, Ohio, and Texas.
Centennial Communications also provides switched voice and high-
capacity data and Internet Protocol solutions for business
customers in Puerto Rico. The transaction gives AT&T a network
presence in Puerto Rico and will allow the company to better serve
its multinational business customers with a presence in this U.S.
territory.
"Centennial has a 20-year history of doing what is best for our
customers, and this transaction is a natural next step for us,"
said Michael J. Small, CEO of Centennial Communications. "As a
result of this merger, our wireless customers will enjoy greatly
expanded network coverage and access to AT&T's wide range of
innovative products and services. Our business customers will
benefit from AT&T's expertise in delivering networking services
and solutions to businesses of all sizes. I thank our associates
for their dedication and hard work in always rising to the
challenges of our rapidly changing industry, and I take pride that
our company will become part of a world-class organization like
AT&T," he added.
Under terms of the agreement, Centennial Communications
stockholders will receive $8.50 per share for a total equity price
of $944 million. Including net debt, the total enterprise value is
approximately $2.8 billion. AT&T expects the proposed transaction
to deliver significant value to its stockholders. The acquisition
offers opportunities for synergies in areas including corporate
overhead, advertising, customer care and network operations. In
the first year after the transaction closes, AT&T expects minimal
dilution to EPS and cash flow, driven by upfront integration
costs.
The acquisition is subject to regulatory approval, the approval of
Centennial's stockholders and other customary closing conditions.
Welsh, Carson, Anderson & Stowe -- Centennial Communications'
largest stockholder -- has agreed to vote in support of this
transaction. AT&T is working to obtain approvals by the end of
the second quarter of 2009.
Centennial Communications' 1.1 million wireless customers are in
Puerto Rico and the U.S. Virgin Islands as well as in:
-- Kalamazoo, Cass City, Newaygo, Battle Creek, Benton
Harbor, Jackson, Roscommon, Allegan, Grand Rapids,
Lansing, Muskegon and Saginaw-Bay City, Mich.;
-- Miami, Kosciusko, Huntington, Kokomo, Muncie, Anderson
and Lafayette, Indiana;
-- Lima and Findlay-Tiffin and Williams County, Ohio;
-- Lafayette, Alexandria, Iberville, Bastrop and Lake
Charles and Caldwell, West Feliciana, Beauregard and
DeSoto parishes, Los Angeles;
-- Beaumont-Port Arthur, Texas; and
-- Claiborne and Copiah counties, Mississippi.
About AT&T
AT&T Inc. is a premier communications holding company. Its
subsidiaries and affiliates, AT&T operating companies, are the
providers of AT&T services in the United States and around the
world. Among their offerings are the world's most advanced
Internet protocol-based business communications services and the
nation's leading wireless, high speed Internet access and voice
services. In domestic markets, AT&T is known for the directory
publishing and advertising sales leadership of its Yellow Pages
and YELLOWPAGES.COM organizations, and the AT&T brand is licensed
to innovators in such fields as communications equipment.
About Centennial Communications
Based in Wall, New Jersey, Centennial Communications Corp.
(Nasdaq: CYCL) - http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 582,200 access
lines and equivalents. The US business owns and operates wireless
networks in the Midwest and Southeast covering parts of six
states. Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions. Welsh, Carson, Anderson & Stowe is a significant
shareholder of Centennial.
* * *
Centennial Communications Corp. continues to carry Moody's
Investor Services' 'Caa1' senior unsecured debt rating, which was
placed in September 2006.
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
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