/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090423.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 Thursday, April 23, 2009, Vol. 9, No. 79 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Owner Seeks US Appeals Court's Intervention A R G E N T I N A AGENCIA KEYSTONE: Verifying Proofs of Claim Until June 26 BANCO MACRO: Argentine Government Gains Board Seat in Bank DOS AVENIDAS: Trustee Verifying Proofs of Claim Until June 3 EDATER SRL: Verifying Proofs of Claim Until June 16 FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating FRANQUICIAS ARGENTINAS: Verifying Proofs of Claim Until June 2 GARAVANO PUBLICIDAD: Verifying Proofs of Claim Until June 17 HOTELNET SRL: To Preventive Contest Changes MIRGOR SA: Moody's Assigns Corporate Family Ratings at 'B3' RAMON ALBERTO: Verifying Proofs of Claim Until June 3 TELECOM ARGENTINA: Argentina Rejects Voting Right Block Appeal C A Y M A N I S L A N D S AESCULAPIUS INSURANCE: Shareholders' Final Meeting Set for June 1 ARIANE CAYMAN: Members to Hear Wind-Up Report on May 15 BRIGHTON CDO: Members to Hear Wind-Up Report on May 15 COLONIAL ADVISORY: Members to Hear Wind-Up Report on May 15 CT CHINA: Members to Hear Wind-Up Report on June 15 GREYWOLF SPC ET AL: Liquidator to Present Wind-Up Report on May 15 HYPPCO FINANCE: Members to Hear Wind-Up Report on May 15 KINGSLAND VI: Members to Hear Wind-Up Report on May 15 LOGAN FINANCE: Members to Hear Wind-Up Report on May 15 PADDLE BRIDGE: Members to Hear Wind-Up Report on May 14 PAM CAPITAL: Members to Hear Wind-Up Report on May 15 PERPETUAL REINSURANCE: Member to Hear Wind-Up Report on July 15 PIVOT CAPITAL: Shareholder to Hear Wind-Up Report on May 26 E C U A D O R BNDES: To Offer BRL10 Bln Credit Line for Agribusiness * ECUADOR: President Offers 30 Cents on Dollar for Bonds J A M A I C A SAGICOR LIFE: To Cut Jobs by Months End M E X I C O MULTIBANK INC: S&P Affirms 'BB-/B' Counterparty Credit Ratings P A N A M A STANFORD INT'L BANK: Panama Receives Offers for Stanford Assets P U E R T O R I C O GREEN WOOD: Case Summary & 16 Largest Unsecured Creditors V I R G I N I S L A N D S KINGATE: Madoff Trustee Sues Firm in US$255-Mln Recovery Bid X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Owner Seeks US Appeals Court's Intervention ---------------------------------------------------------------- Stanford International Bank Limited (SIBL) owner Robert Allen Stanford asked a U.S. appeals court to intervene in a civil fraud case filed against him by the U.S. Securities and Exchange Commission (SEC), Reuters reports. Citing documents filed with U.S. Court of Appeals for the Fifth Circuit, the report relates among other things, Mr. Stanford is challenging the lower court judge's orders freezing his assets and appointing Ralph Janvey as receiver. The SEC on Feb. 17, 2009, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include SIBL, Stanford Group Company (SGC), and investment adviser Stanford Capital Management. As reported in the Troubled Company Reporter-Latin America on April 8, 2009, Bloomberg News said U.S. District Judge David Godbey seized all of Mr. Stanford’s corporate and personal assets and placed them under the control of court-appointed SGC receiver Ralph Janvey. About Stanford International 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. ================= A R G E N T I N A ================= AGENCIA KEYSTONE: Verifying Proofs of Claim Until June 26 --------------------------------------------------------- The court-appointed trustee for Agencia Keystone Servico de Imprensa Limitada (Sucursal Argentina)'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 26, 2009. BANCO MACRO: Argentine Government Gains Board Seat in Bank ---------------------------------------------------------- Argentina state social security agency gained a board seat at Banco Macro SA, Drew Benson of Bloomberg News reports. The report relates Banco Macro named government nominee Hugo Alvarez to its board in a shareholder meeting in Buenos Aires. As reported in the Troubled Company Reporter-Latin America on April 20, 2009, Dow Jones Newswires said the Argentine government notified Banco Macro SA that it plans to exercise its right to vote for board members at the company's April 21 shareholder meeting. According to DJ Newswires, the notification is the latest in a series of moves by the state to exert more control over companies whose stock it acquired by taking over private pension funds last year. The report noted according to a letter sent to the bank by the social security agency Anses, the government holds a 26.6% stake in Banco Macro. Banco Macro shareholders, as cited by DJ Newswires, agreed to limit Anses’s voting rights to 5%, a percentage that allowed the agency one board director, citing a law that seeks to avoid the concentration of ownership. However, the report notes, Anses' lawyers at the shareholder meeting objected to the 5% limit. The report relates an Anses spokesman said the government is following the law and seeking board members to protect its investments. About Banco Macro Headquartered in Buenos Aires, Argentina, Banco Macro SA -- http://www.macro.com.ar/-- had consolidated assets of ARS11.6 billion (US$3.7 billion) and consolidated deposits of ARS6 billion (US$2 million) as of June 2007. * * * The bank continues to carry Moody's Caa1 foreign long-term bank deposits rating and Fitch's CCC+ subordinate debt rating. DOS AVENIDAS: Trustee Verifying Proofs of Claim Until June 3 ------------------------------------------------------------ The court-appointed trustee for Dos Avenidas S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until June 3, 2009. The trustee will present the validated claims in court as individual reports on July 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 September 11, 2009. Creditors will vote to ratify the completed settlement plan during the assembly on March 22, 2010. EDATER SRL: Verifying Proofs of Claim Until June 16 --------------------------------------------------- The court-appointed trustee for Edater S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 16, 2009. FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating ----------------------------------------------------------------- Moody's Latin America has assigned a rating of Aaa.ar (Argentine National Scale) and Ba3 (Global Scale, Local Currency) to the Debt Securities of Fideicomiso Financiero Tarjeta Privada XV, issued by Banco de Valores S.A. (acting solely in its capacity as Trustee). Moody's also assigned a rating of Ca.ar (Argentine National Scale) and Ca (Global Scale, Local Currency) to the subordinated Certificates. The securities are backed by a pool of credit card receivables originated by Banco Privado de Inversiones S.A. located in Argentina. Interest and principal on the VDF are payable from the cash flow of the credit card receivables. The ratings assigned are based on These factors: * The credit quality of the securitized pool; * The credit enhancement provided through the 20% initial subordination level; * The ability of Banco Macro Bansud to act as backup servicer in the transaction; * The availability of several reserve funds; and, * The legal structure of the transaction. Structure Banco de Valores S.A. (Issuer and Trustee) issued one class of peso-denominated, floating-rate bonds and a residual certificate, all of them backed by a pool of credit card receivables originated by BPI. The VDF original balance is equal to 80% of the original issuance amount. The transaction has an expected maturity of 7 months and a legal maturity date of 24 months. At closing, the VDF were backed by credit card outstanding balances generated by eligible accounts. The ownership of those accounts remains with the originator but the receivables are assigned to the trust. The transaction has five reserve funds: an expense fund, a liquidity reserve fund, a backup servicer replacement fund, and sinking funds for interest and principal. The VDF will bear a floating interest rate (Badlar + 400 bps) with a minimum rate of 20% and a maximum rate of 28%. If an early amortization event occurs, the revolving period will terminate automatically. After the grace period of two months and beginning in the third month after closing, scheduled interest and principal will be paid in that order, on each payment date. Principal is scheduled to be paid in five monthly installments. If the scheduled principal is not paid on time, it will not constitute an event of default under the terms of the transaction documents, given that the promise to investors is to receive ultimate principal before the legal final maturity date. During the revolving period, the originator will sell new receivables to the trust. These receivables will be purchased from the cash flow coming from collections. The documents of the transaction allow for a direct offset of these two cashflows. By having this procedure no cash has to be transferred back and forth to the trust account and as a result, trust expenses are minimized. Seller And Servicer BPI is the seller of the receivables and the primary servicer of the transaction. The bank was founded in 1993 to provide financial services to the middle-high and high income segment of the market. In 1996, BPI began issuing MasterCard and Visa credit cards to its customers. Banco Macro S.A. is the designated backup servicer. If a servicer replacement trigger is hit, the trustee is obligated to immediately notify BM and Visa and MasterCard. The trustee, who receives pool and borrower data from the servicer on a monthly basis, will transfer this information to the backup servicer. In addition, Visa and MasterCard will also have duplicate data which they can transfer to BM, if necessary. Given that BM is a member of the Visa and MasterCard system, the transfer of data should be straightforward. BM will be entitled to receive this information as the new owner of the accounts according to the conditional assignment contract which will become effective upon the occurrence of a servicer replacement event. Thus, even if BPI's membership in the Visa and MasterCard networks is terminated, credit card customers will not have their credit lines suspended. The servicer will transfer collections to the trust account on a weekly basis. As a result, there is one week of commingling risk at the originator/servicer level which may affect the deal should the originator/servicer enter into a reorganization procedure. This risk is mitigated by the ability of BM, once it is appointed as backup servicer, to service the receivables, and by the servicer replacement reserve account that will be funded at closing with 0.5 times the next interest payment. This reserve account can be used to pay interest during the transition process. In addition, there is another reserve account equivalent to 1.5 times the next interest payment. These aggregated funds provide a total coverage of two monthly interest payments. Rating Action Originator: Banco Privado de Inversiones S.A. -- $24 Million Pesos in Floating Rate Securities of "Fideicomiso Financiero Tarjeta Privada XV", VDF rated Aaa.ar (National Scale Rating) and Ba3 (Global Scale, Local Currency). -- $6 Million Pesos in Certificates of "Fideicomiso Financiero Tarjeta Privada XV", CP rated Ca.ar (National Scale Rating) and Ca (Global Scale, Local Currency). FRANQUICIAS ARGENTINAS: Verifying Proofs of Claim Until June 2 -------------------------------------------------------------- The court-appointed trustee for Franquicias Argentinas S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until June 2, 2009. The trustee will present the validated claims in court as individual reports on July 15, 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 September 9, 2009. Creditors will vote to ratify the completed settlement plan during the assembly on April 21, 2010. GARAVANO PUBLICIDAD: Verifying Proofs of Claim Until June 17 ------------------------------------------------------------ The court-appointed trustee for Garavano Publicidad S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 17, 2009. The trustee will present the validated claims in court as individual reports on August 13, 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 September 25, 2009. HOTELNET SRL: To Preventive Contest Changes ------------------------------------------- Hotelnet S.R.L. opened the preventive contest changes and modifications on February 27, 2009. MIRGOR SA: Moody's Assigns Corporate Family Ratings at 'B3' ----------------------------------------------------------- Moody's Latin America has assigned corporate family ratings of B3 on its global scale and A3.ar on the Argentina national scale to Mirgor S.A. At the same time, Moody's assigned B3 local currency and A3.ar Argentina national scale ratings to Mirgor's ARS 30 million bank credit line with Banco de la Nación Argentina (BNA -- Unrated). This is the first time that Moody's has assigned a debt rating to Mirgor. All ratings have a stable outlook. The B3/A3.ar ratings reflect Mirgor's position as one of the leaders in the Argentine domestic auto parts business, its relatively flexible operating platform, which can help it to adapt to changing circumstances in the auto parts industry, and long- established and coordinated operations with local automakers. The ratings are constrained by Mirgor's limited financial flexibility and weak liquidity profile. The ratings also incorporate Moody's expectation that Mirgor's credit metrics are subject to potential deterioration if revenues and margins decline in its two main business segments -- air conditioning systems for vehicles (70% of revenues) and air conditioning units for residential use (30% of revenues). Both segments have benefited from strong economic growth and consumer spending in recent years, but will be impacted by a weaker Argentine economy in the near and medium term. "Auto sales in Argentina have weakened more than expected in the first quarter of 2009 and therefore Mirgor's 2009 margins and credit metrics will likely be under pressure," said Moody's Vice President / Senior Analyst Daniela Cuan. Mirgor's B3 rating reflects its global default and loss expectation, while the A3.ar national scale rating reflects the standing of Mirgor's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Argentina are designated by the ".ar" suffix. Issuers or issues rated A3.ar present above-average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. Mirgor`s recent strong growth has required an increase in working capital, which was financed with short-term bank debt. Moody's views Mirgor's financial flexibility as limited due to its exposure to short term debt maturities. In Moody's view, the relatively short term amortization profile of the new credit lines does not substantially enhance the company's liquidity profile. However, this additional financing will help Mirgor to better manage its exposure to short term bank debt. Moody's acknowledges that Mirgor has developed solid bank relationship and that it is common for Latin American corporate issuers to rely on uncommitted bank lending. Moody's also recognizes that the company's free cash flow has been negative in recent years because it has invested its cash flow in plant expansion and working capital. The need for such investments in support of a high growth strategy is likely to decrease in the near to medium term. Finally, also constraining the ratings are Mirgor's small scale in comparison with global peers, and its geographic and product concentration. Although Moody's views Mirgor's diversification into residential air conditioning as a credit positive, it does not provide substantial diversification benefits since it is also a cyclical business dependant upon consumer spending. In the auto business, Mirgor's high exposure to a small number of OEM clients and lack of after-market revenues also constrain the ratings. The stable outlook considers that Mirgor will be able to reduce its working capital and short term debt to help it to manage its business in a more adverse economic environment. The ratings or outlook could be downgraded if Mirgor fails to reduce its short term debt exposure or improve its liquidity profile. Deterioration of Mirgor's EBIT margin to below 3.0% and EBIT interest coverage below 1.0x could also generate downward pressure on the ratings or outlook. The ratings or outlook could be upgraded if Mirgor is able to generate positive free cash flow and maintain sufficient cash and cash equivalents to cover short term debt. The company's ability to maintain strong credit metrics during an economic downturn would also be important for an upgrade. Quantitatively, an upgrade would require EBIT margin higher than 8% on a sustained basis and EBIT interest coverage of above 3.0x. Headquartered in Tierra del Fuego, Argentina, Mirgor primarily produces climate control equipment for the auto industry in Argentina. In addition, through a wholly-owned subsidiary, Mirgor manufactures residential air conditioners, with an estimated 25% Argentine market share in that segment. Consolidated revenues for the fiscal year ending on December 31, 2008 reached ARS 1 billion (US$300 million considering the average annual exchange rate). RAMON ALBERTO: Verifying Proofs of Claim Until June 3 ----------------------------------------------------- The court-appointed trustee for Ramon Alberto Forti S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 3, 2009. The trustee will present the validated claims in court as individual reports on July 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 September 11, 2009. TELECOM ARGENTINA: Argentina Rejects Voting Right Block Appeal -------------------------------------------------------------- The Argentine Competition Commission, the country's antitrust agency, has rejected an appeal filed by Telecom Italia SpA that challenged the agency's ruling earlier this month, locking Telecom Italia directors from exercising voting powers in the company's local unit, Telecom Argentina SA, Shane Romig of Dow Jones Newswires reports. "The rejection of our appeal was foreseeable, but we're not discouraged," said Telecom Italia spokesman Massimiliano Paolucci in an email sent to Dow Jones Newswires. "Legal recourse is one of the ways to resolve the situation, but not the company's preferred solution ... we're working on all angles," Mr. Paolucci said. As reported in the Troubled Company Reporter-Latin America on April 15, 2009, Bloomberg News said Telecom Italia appealed to the Argentine Competition Commission's anti trust ruling. The company argued that the ruling was an unconstitutional violation of its property rights, according to a copy of the appeal obtained by Dow Jones Newswires. Bloomberg News recalled Telecom Italia's directors on Telecom Argentina's board were told to abstain from exercising voting powers while the regulator investigates Telco SpA's purchase of a controlling stake in Telecom Italia. According to Bloomberg News, Telefonica SA, Assicurazioni Generali SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family gained control of Telecom Italia, through holding company Telco, in October 2007. Telco owns 24.5 percent of the Milan-based company. The same report related the Argentine regulator ordered Telefonica, which also runs Telefonica de Argentina SA, and its partners to provide documents on their stake in Telecom Italia. Telecom Italia said it plans to exercise an option to increase its stake in Sofora Telecomunicaciones SA, the holding company that controls Telecom Argentina, Bloomberg News noted. In December, the commission ordered Telecom Italia not to exercise the option to raise its stake in Sofora until the regulator issues a final decision, the same report said. Meanwhile, Gialluca Semeraro of Reuters reports an unnamed source said Argentina's Planning Ministry has rejected an appeal by Telecom Italia against the appointment of two antitrust observers at unit Telecom Argentina. "The ministry has rejected the appeal on the observers. At the moment I am not aware of any pronouncement on the April 13 appeal against the voting rights freeze," the source was quoted by Reuters as saying. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As reported in the Troubled Company reporter-Latin America on Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom Argentina SA's foreign currency rating to B-/Stable/ and local currency rating to B/Stable/. The outlook on both ratings is stable. ========================== C A Y M A N I S L A N D S ========================== AESCULAPIUS INSURANCE: Shareholders' Final Meeting Set for June 1 ----------------------------------------------------------------- The shareholders of Aesculapius Insurance Company will receive the liquidator's report on the company's wind-up proceedings and property disposal on June 1, 2009. The company's liquidators are: Nick Gale Pierre Amparado c/o Marsh Management Services Cayman Ltd. P.O. Box 1051 G.T. Governors Square, 23 Lime Tree Bay Avenue George Town, Grand Cayman ARIANE CAYMAN: Members to Hear Wind-Up Report on May 15 ------------------------------------------------------- The members of Ariane Cayman Limited will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidators are: Carlos Farjallah Jan Neveril Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands BRIGHTON CDO: Members to Hear Wind-Up Report on May 15 ------------------------------------------------------ The members of Brighton CDO 2007-1, Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidator is: Prashant Veturkar Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands COLONIAL ADVISORY: Members to Hear Wind-Up Report on May 15 ----------------------------------------------------------- The members of Colonial Advisory Services CDO I Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidator is: Onson Mukwedeya Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands CT CHINA: Members to Hear Wind-Up Report on June 15 --------------------------------------------------- The members of CT China Fund Limited will receive the liquidator's report on the company's wind-up proceedings and property disposal on June 15, 2009, at 4:00 p.m. The company's liquidator is: Lau Yiu Wai c/o Taifook Asset Management Limited New World Tower, 25th Floor 16-18 Queen's Road Central Hong Kong GREYWOLF SPC ET AL: Liquidator to Present Wind-Up Report on May 15 ------------------------------------------------------------------ On May 15, 2009, Onson Mukwedeya will present the companies' wind- up report and property disposal to the members of: -- Greywolf SPC 1; -- Greywolf SPC 2; -- Greywolf SPC 3; and -- Greywolf SPC 4 The Liquidator can be reached at: Onson Mukwedeya Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands HYPPCO FINANCE: Members to Hear Wind-Up Report on May 15 -------------------------------------------------------- The members of Hyppco Finance Company A2 Restructured CDO, Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidators are: Jan Neveril Onson Mukwedeya Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands KINGSLAND VI: Members to Hear Wind-Up Report on May 15 ------------------------------------------------------ The members of Kingsland VI, Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidator is: Prashant Veturkar Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands LOGAN FINANCE: Members to Hear Wind-Up Report on May 15 ------------------------------------------------------- The members of Logan Finance CLO I Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidators are: Phillip Hinds Jan Neveril Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands PADDLE BRIDGE: Members to Hear Wind-Up Report on May 14 ------------------------------------------------------- The members of Paddle Bridge Limited will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 14, 2009. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 PAM CAPITAL: Members to Hear Wind-Up Report on May 15 ----------------------------------------------------- The members of Pam Capital Funding Corp. 1998-1 Class A Restructured CDO, Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 15, 2009. The company's liquidators are: Jan Neveril Onson Mukwedeya Maples Finance Limited P.O. Box 1093 GT, Grand Cayman Cayman Islands PERPETUAL REINSURANCE: Member to Hear Wind-Up Report on July 15 --------------------------------------------------------------- The sole member of Perpetual Reinsurance Company will receive the liquidator's report on the company's wind-up proceedings and property disposal on July 15, 2009, at 10:00 a.m. The company's liquidator is: Dugald Macleod Caledonian House, 69 Dr Roy’s Drive PO Box 1043, George Town Grand Cayman KY1-1102 Tel: 345-914-0050 Fax: 345-814-4875 PIVOT CAPITAL: Shareholder to Hear Wind-Up Report on May 26 ----------------------------------------------------------- The sole shareholder of Pivot Capital Offshore Fund Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on May 26, 2009, at 10:00 a.m. The company's liquidator is: Ogier c/o Hayden Isbister Telephone: (345) 949 9876 Facsimile: (345) 949 1986 ============= E C U A D O R ============= BNDES: To Offer BRL10 Bln Credit Line for Agribusiness ------------------------------------------------------ Banco Nacional de Desenvolvimento Economico e Social SA (BNDES) will offer BRL10 billion credit line to support activities in agribusiness following Brazil National Monetary Council's approval during an extraordinary meeting, Brazzil Magazine reports, citing Brazil Finance Minister Guido Mantega. The report relates Mr. Mantega said the funds would go mostly to support Brazil's ailing meatpacking sector and would be offered at an annual interest rate of 11.25%. According to the report, the move is the latest of a series of Brazilian government initiatives to boost local credit circulation. Brazil's meatpacking industry, Brazzil Magazine notes, has been particularly hard hit by falling demand during a slowdown of the global economy. With the credit line "the government aims to avoid further deterioration in the production chain, which has been under pressure" due to weak global demand, high debt levels and costlier credit, Credit Suisse AG analyst Marcel Morares wrote in a press column obtained by Brazzil Magazine. The report relates Banco Bradesco SA analyst Fabio Monteiro, citing a note, said the credit line will likely provide the most benefit to the most indebted companies. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * As of April 22, 2009, Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. The rating was assigned in August 2007. * ECUADOR: President Offers 30 Cents on Dollar for Bonds -------------------------------------------------------- Ecuador President Rafael Correa offered to repay holders of Ecuador’s defaulted bonds as little as 30 cents on the dollar as the country’s foreign reserves plunge amid slumping oil prices, Stephan Kueffner of Bloomberg News reports. “Ecuador is launching its proposal for a resolution for the 2012 and 2030 bonds,” the report quoted Finance Minister Maria Elsa Viteri as saying. “The bonds will be exchanged for cash.” According to the report, Mr. Viteri said the government, represented by Lazard Freres & Co., will hold a modified Dutch auction ending May 15 that will determine the clearing price for the bonds, which have a face value of US$3.2 billion. The results will be announced around May 26, and the deadline may be extended, she added. Ecuador won’t offer to pay overdue interest to holders of the defaulted bonds, the finance ministry said in an e-mail sent to Bloomberg News. On March 16, 2009, the Troubled Company Reporter-Latin America, citing Bloomberg News, reported Ecuador Economy Minister Diego Borja said the government will make a buyback offer to holders of its defaulted debt in March. The report related Mr. Borja said officials would review a plan and reach out to owners of US$3.2 billion in debt in the “coming days.” Bloomberg News recalled President Rafael Correa skipped a US$30.6 million payment for the country’s 12% bonds due in 2012, calling the debt “illegal” and “illegitimate.” The move also sent its bonds due 2015 and 2030 into default, the same report noted. According to a Jan. 15 TCRLA report, citing Bloomberg News, Ecuador made an interest payment on its bond due 2015 after defaulting on other debt for the second time in a decade. The Associated Press related Mr. Correa considered the Global 2015 bond series as different from the Global 2012 and 2030 bonds because Ecuador wasn't pressured into agreeing to it. Bloomberg News said Ecuador, in February, invoked a 30-day grace period on the bond that matures in 2030, which grace period expired on March 14. ============= J A M A I C A ============= SAGICOR LIFE: To Cut Jobs by Months End --------------------------------------- Sagicor Life Jamaica (formerly Life of Jamaica) has informed the Bustamante Industrial Trade Union (BITU) that the company will be cutting 75 jobs by April 30, Radio Jamaica News reports. The report relates BITU President General said clerical and administrative employees are among those to be let go. "They have written to us indicating that by April 30 they intend to terminate 75 positions. We have raised some concerns with that. We have written to them demanding that they rescind that letter and meet with us urgently to discuss the matter," the report quoted Mr. Gayle as saying. "We are not in agreement with the intended plans of the company and we are having amicable discussions at the level of the Ministry of Labour in relation to the same employees about improving their conditions of employment." Radio Jamaica News recalls last month several positions were cut following Sagicor's acquisition of Blue Cross. =========== M E X I C O =========== MULTIBANK INC: S&P Affirms 'BB-/B' Counterparty Credit Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-/B' counterparty credit ratings on Multibank Inc. y Subsidiarias. The outlook is stable. "The ratings on Multibank reflect the credit, funding, and market risks resulting from the relatively high concentration of a few customers in its loan portfolio and certain mismatches on its balance sheet. The bank's overall improving financial performance over the past three years and its successful business strategy support the rating," said Standard & Poor's credit analyst Leonardo Bravo. Multibank is a midsize niche bank in Panama. It is focusing on becoming a full-service bank, comparable with other niche banks in Latin America having similar business profiles that have also grown considerably in the past three years. The bank has developed aggressive and challenging growth strategies. Through both organic and inorganic growth, Multibank expects to become one of the most important banks in Panama, which has a very competitive banking sector. In S&P's view, the bank's growth strategy of building teams merging experienced executives from competitor banks with Multibank's own executives has proven successful. The stable outlook reflects S&P's expectation that the bank will continue expanding its loan portfolio adequately and that it will continue its financial performance trends from 2008. If the bank is able to achieve business diversification and further diversifies the correspondent bank lines, while maintaining its current levels of profitability, capitalization, and nonperforming assets, the ratings could be revised upward. If these levels deteriorate significantly, the ratings could be revised downward. =========== P A N A M A =========== STANFORD INT'L BANK: Panama Receives Offers for Stanford Assets --------------------------------------------------------------- Panama banking superintendent said it has received an offer from an unnamed group interested in acquiring the country's Stanford bank assets, which is valued at US$228.6 million, Latin France reports. The report recalls, on February 17, the superintendent took over the bank and named a trustee after clients began withdrawing their funds from the bank. The Securities and Exchange Commission (SEC), on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include Stanford International Bank Limited (SIBL), Stanford Group Company (SGC), and investment adviser Stanford Capital Management. As reported in the Troubled Company Reporter- Latin America on April 8, 2009, Bloomberg News said U.S. District Judge David Godbey seized all of Mr. Stanford’s corporate and personal assets and placed them under the control of court- appointed SGC receiver Ralph Janvey. The superintendent, as cited by Latin France, said other potential bidders, including banks, have also shown interest in the assets but have not presented offers. According to the report, a spokesman said the superintendent has not set a deadline for offers. About Stanford International 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. ==================== P U E R T O R I C O ==================== GREEN WOOD: Case Summary & 16 Largest Unsecured Creditors --------------------------------------------------------- Debtor: GREEN WOOD DEVELOPMENT INC. PO BOX 9066632 SAN JUAN, PR 00906 787-722-7380 Bankruptcy Case No.: 09-02684 Chapter 11 Petition Date: April 3, 2009 Court: U.S. Bankruptcy Court District of Puerto Rico Debtor's Counsel: Carlos Rodriguez Quesada, Esq. P O BOX 9023115 San Juan, PR 00902-3115 787 724-2867 Email: cerqlaw@coqui.net Total Assets: $3,573,221 Total Debts: $485,382 A list of the Debtor's 16 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb09-02684.pdf The petition was signed by Frank Dominguez, the Company's president. ========================== V I R G I N I S L A N D S ========================== KINGATE: Madoff Trustee Sues Firm in US$255-Mln Recovery Bid ------------------------------------------------------------ Bernard L Madoff Investment Securities LLC trustee Irving Picard -- appointed under the Securities Investor Protection Act to liquidate the company -- has sued Kingate Management Limited for the return of US$255 million transferred to the firm's British Virgin Islands-registered funds in the months before Madoff's collapse, Bloomberg News reports. The report relates Mr. Picard filed a complaint in US Bankruptcy Court in New York stating that transfers of US$100 million to Kingate Global Fund Ltd. and US$155 million to Kingate Euro Fund Ltd. from Madoff firm accounts in October and November were improper. "This complaint seeks the return of the Kingate Global transfers and the Kingate Euro transfers," Bloomberg News quoted Mr. Picard's lawyers at Baker & Hostetler LLP as saying. "Both the Kingate Global transfers and the Kingate Euro transfers are and continue to be customer property." Bloomberg News notes that according to the complaint, Kingate Global invested US$963.5 million with Madoff from March 1994 to December 11, while Kingate Euro invested US$767.4 million with Madoff beginning in January 1996, through 155 wire transfers to an account at JPMorgan Chase & Co. in New York. The report says Mr. Picard's complaint also names Bank of Bermuda Ltd., a unit of HSBC Holdings plc., as a defendant. Based on the court papers, the report relates, Bank of Bermuda wired the money from Madoff to Kingate. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC was a market maker in U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq stocks. The firm moved large blocks of stock for institutional clients by splitting up orders or arranging off-exchange transactions between parties. It also performed clearing and settlement services. Clients included brokerages, banks, and other financial institutions. In addition, Madoff Securities managed assets for high-net-worth individuals, hedge funds, and other institutional investors. The firm is being liquidated in the aftermath of a fraud scandal involving founder Bernard L. Madoff. As reported by the Troubled Company Reporter on Dec. 15, 2008, the Securities and Exchange Commission charged Mr. Madoff and his investment firm with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm. The estimated losses from Madoff's fraud were allegedly at least 50 billion. Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. istrict Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. Irving H. Picard, Esq., was appointed as trustee for the liquidation of BLMIS, and Baker & Hostetler LLP was appointed as counsel. Mr. Madoff, if found guilty of all counts, would be imprisoned for 150 years, but legal experts expect the actual sentence to be much lower and would still be an effective life sentence for the 70- year-old defendant, WSJ notes. Mr. Madoff, WSJ relates, would also face millions of dollars in possible criminal fines. The report says that Mr. Madoff has been free on bail since his arrest on December 11, 2008. There was no plea agreement with Mr. Madoff in which leniency in sentencing might be recommended, the report states, citing prosecutors. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Apr. 16-19, 2009 COMMERICAL LAW LEAGUE OF AMERICA 2009 Chicago/Spring Meeting Westin Hotel on Michigan Ave., Chicago, Ill. Contact: (312) 781-2000; http://www.clla.org/ Apr. 17-18, 2009 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES NABT Spring Seminar The Peabody, Orlando, Florida Contact: http://www.nabt.com/ Apr. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference John Adams Courthouse, Boston, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 27-28, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org Apr. 28-30, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org May 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners Alexander Hamilton Custom House, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 4, 2009 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference New York Marriott Marquis, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 7-8, 2009 RENASSANCE AMERICAN MANAGEMENT, INC. 6th Annual Conference on Distressted Investing - Europe The Le Meridien Piccadilly Hotel, London, U.K. Contact: 1-903-595-3800 or http://www.renaissanceamerican.com/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ May 12-15, 2009 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, La. Contact: http://www.abiworld.org/ May 14-16, 2009 ALI-ABA Chapter 11 Business Reorganizations Langham Hotel, Boston, Massachusetts Contact: http://www.ali-aba.org June 11-14, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ July 29-Aug. 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Westin Hilton Head Island Resort & Spa, Hilton Head Island, S.C. Contact: http://www.abiworld.org/ Aug. 6-8, 2009 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Conference Hotel Hershey, Hershey, Pa. Contact: http://www.abiworld.org/ Sept. 10-11, 2009 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 2, 2009 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Oct. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Paris Las Vegas, Las Vegas, Nev. Contact: http://www.abiworld.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 2009. 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. * * * End of Transmission * * *