/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091127.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, November 27, 2009, Vol. 10, No. 235 Headlines A R G E N T I N A LIONTI Y LOPEZ: Creditors' Proofs of Debt Due on November 30 SEFAMA SA: Creditors' Proofs of Debt Due on February 9 SOCKS SHOW: Creditors' Proofs of Debt Due on February 12 UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12 VIA NOVUS: Creditors' Proofs of Debt Due on December 21 B E R M U D A JUMPWATER LIMITED: Creditors' Proofs of Debt Due on December 2 JUMPWATER LIMITED: Members' Meeting Set for December 23 TARPON MINAS: Creditors' Proofs of Debt Due on December 2 TARPON MINAS: Members' Meeting Set for December 22 TURNMARK FUND: Creditors' Proofs of Debt Due on December 2 TURNMARK FUND: Members' Meeting Set for December 22 XL TRADING: Creditors' Proofs of Debt Due on December 2 XL TRADING: Members' Meeting Set for December 23 XL WEATHER: Creditors' Proofs of Debt Due on December 2 XL WEATHER: Members' Meeting Set for December 22 B R A Z I L CITIGROUP INC: Denies Brazil Was Offered Stake During Crisis GERDAU SA: May Revive Stricter Debt Covenants, CEO Says GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+' MARFRIG ALIMENTOS: S&P Gives Stable Outlook; Affirms 'B+' Rating C A Y M A N I S L A N D S AWAL FEEDER: Creditors' Proofs of Debt Due on November 27 AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 COAST PILOT: Commences Liquidation Proceedings LANSDOWNE EMERGING: Commences Liquidation Proceedings LANSDOWNE MACRO: Commences Liquidation Proceedings LORETO INVESTMENTS: Commences Liquidation Proceedings ML CBO: Commences Liquidation Proceedings ML CBO: Commences Liquidation Proceedings PALESTRINA FUNDING: Commences Liquidation Proceedings PAMPELONNE CDO: Commences Liquidation Proceedings PAMPELONNE CDO: Commences Liquidation Proceedings PATRICK LIMITED: Commences Liquidation Proceedings POLONIUS PORTFOLIO: Commences Liquidation Proceedings SKYER I: Commences Liquidation Proceedings SLC SECURITIZATION: Commences Liquidation Proceedings SSV CAYMAN: Commences Liquidation Proceedings VITA CAPITAL: S&P Assigns 'BB+' Debt Rating on $75 Mil. Notes J A M A I C A CLARENDON ALUMINA: Fitch Junks Issuer Default Rating from 'B-' M E X I C O AXTEL SAB: BBVA Sees Shares Drop if Firm Won't be Sold CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'SD' URBI DESARROLLOS: S&P Affirms 'B+' Global Scale Corp. Rating P U E R T O R I C O CARABEL EXPORT: Plan Now with Creditors; Conf. Hearing on Feb. 22 - - - - - ================= A R G E N T I N A ================= LIONTI Y LOPEZ: Creditors' Proofs of Debt Due on November 30 ------------------------------------------------------------ The court-appointed trustee for Lionti y Lopez y Asociados S.H.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 30, 2009. The trustee will present the validated claims in court as individual reports on February 15, 2010. 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 March 29, 2010. SEFAMA SA: Creditors' Proofs of Debt Due on February 9 ------------------------------------------------------ The court-appointed trustee for Sefama S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until February 9, 2010. The trustee will present the validated claims in court as individual reports on March 23, 2010. 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 7, 2010. SOCKS SHOW: Creditors' Proofs of Debt Due on February 12 -------------------------------------------------------- The court-appointed trustee for Socks Show S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until February 12, 2010. The trustee will present the validated claims in court as individual reports on March 29, 2010. 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 12, 2010. UNIPRES SERVICIOS: Creditors' Proofs of Debt Due on February 12 --------------------------------------------------------------- The court-appointed trustee for Unipres Servicios Graficos S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until February 12, 2010. The trustee will present the validated claims in court as individual reports on March 30, 2010. 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 14, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on November 5, 2010. VIA NOVUS: Creditors' Proofs of Debt Due on December 21 ------------------------------------------------------- The court-appointed trustee for Via Novus S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until December 21, 2009. The trustee will present the validated claims in court as individual reports on March 5, 2010. 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 22, 2010. ============= B E R M U D A ============= JUMPWATER LIMITED: Creditors' Proofs of Debt Due on December 2 -------------------------------------------------------------- The creditors of Jumpwater Limited are required to file their proofs of debt by December 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 13, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda JUMPWATER LIMITED: Members' Meeting Set for December 23 ------------------------------------------------------- The members of Jumpwater Limited will hold their final meeting on December 23, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 13, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda TARPON MINAS: Creditors' Proofs of Debt Due on December 2 --------------------------------------------------------- The creditors of Tarpon Minas Ltd. are required to file their proofs of debt by December 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda TARPON MINAS: Members' Meeting Set for December 22 -------------------------------------------------- The members of Tarpon Minas Ltd. will hold their final meeting on December 22, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda TURNMARK FUND: Creditors' Proofs of Debt Due on December 2 ---------------------------------------------------------- The creditors of The TurnMark Fund Limited are required to file their proofs of debt by December 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda TURNMARK FUND: Members' Meeting Set for December 22 --------------------------------------------------- The members of The TurnMark Fund Limited will hold their final meeting on December 22, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL TRADING: Creditors' Proofs of Debt Due on December 2 ------------------------------------------------------- The creditors of XL Trading Partners Ltd are required to file their proofs of debt by December 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL TRADING: Members' Meeting Set for December 23 ------------------------------------------------ The members of XL Trading Partners Ltd will hold their final meeting on December 23, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL WEATHER: Creditors' Proofs of Debt Due on December 2 ------------------------------------------------------- The creditors of XL Weather & Energy Ltd are required to file their proofs of debt by December 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL WEATHER: Members' Meeting Set for December 22 ------------------------------------------------ The members of XL Weather & Energy Ltd will hold their final meeting on December 22, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 16, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda =========== B R A Z I L =========== CITIGROUP INC: Denies Brazil Was Offered Stake During Crisis ------------------------------------------------------------ Bradley Keoun at Bloomberg News reports that Citigroup Inc. said it didn’t offer Brazil a stake in the company amid the credit crisis. “Regarding an alleged offer to the Brazilian government or state- owned companies to buy a stake in Citi, the bank informs that there was none and were no plans or discussions related to this matter,” Citigroup said in a statement confirmed by spokeswoman Shannon Bell, the report relates. According to the report, Brazilian Energy and Mines Minister Edison Lobao said that he was told about the offer by President Luiz Inacio Lula da Silva. The government “quickly abandoned” the idea, opting to be “cautious,” he added. However, Finance Minister Guido Mantega , the report relates, said that Mr. Lobao “must have used some kind of metaphor because there was no offer.” As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Bloomberg News, citing O Estado de S. Paulo newspaper, said that Citigroup Inc. Latin America President Gustavo Marin offered Brazil’s government a 50% stake in the U.S. bank’s local unit during the global financial crisis. The report related that the newspaper said the purchase would have been made through Banco do Brasil SA. About Citigroup Inc. Based in New York, Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. At June 30, 2009, Citigroup had total assets of $1.84 trillion and total liabilities of $1.69 trillion. As reported in the Troubled Company Reporter on November 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. The U.S. Treasury and the Federal Deposit Insurance Corporation agreed to provide protection against the possibility of unusually large losses on an asset pool of roughly $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup issued preferred shares to the Treasury and FDIC. The Federal Reserve agreed to backstop residual risk in the asset pool through a non-recourse loan. Citigroup, the third-biggest U.S. bank, received $52 billion in bailout aid. Other bailed-out banks, including Bank of America Corp., Wells Fargo & Co., have pledged to repay TARP money. JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley, repaid TARP funds in June. Citigroup is one of the banks that, according to results of the government's stress test, need more capital. GERDAU SA: May Revive Stricter Debt Covenants, CEO Says ------------------------------------------------------- Gerdau SA may agree to stricter debt covenants to lower borrowing costs as demand for its products improves, Lucia Kassai at Bloomberg News reports, citing Chief Executive Officer Andre Gerdau Johannpeter. The report relates that Mr. Johannpeter said that Gerdau agreed to “temporary flexibility.” According to the report, the rearrangement cost the company US$60 million. “If the economic recovery keeps on track, we may go back to the original covenants,” the report quoted Gerdau Johannpeter as saying. Bloomberg News notes that Gerdau SA restarted a 3 million-ton-a- year blast furnace at its Acominas unit in Brazil in July after a six-month halt, because of rising steel demand from builders and carmakers. The company, the report relates, said in August it wouldn’t shut a smaller furnace as planned for maintenance amid a rebound in Brazil and abroad. The steelmaker is also in talks with the state of Oklahoma to reopen its idled unit in Sand Springs, a Tulsa suburb, the report adds. Meanwhile, Bloomberg News says Mr. Johannpeter said that discounts for some Brazil clients of as much as 16% will continue at least until the end of the year, as it is too soon to raise prices. “We will wait until the beginning of next year to evaluate whether there is space for price increases,” the report quoted Mr. Johannpeter as saying. Moreover, Chief Financial Officer Osvaldo Schirmer, the report notes, Gerdau SA, which controls Aco Villares SA, may delist the shares of the unit. The report relates that Gerdau SA was studying options for the restructuring of Aco Villares to save costs. Aco Villares makes long-steel products in Brazil. About Gerdau SA Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. GOL LINHAS: Fitch Affirms Issuer Default Ratings at 'B+' -------------------------------------------------------- Fitch Ratings has affirmed Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings at 'B+'; -- Long-term National Rating at 'BBB(bra)'. The Rating Outlooks for the Foreign and Local Currency long-term IDRs and the Long-term National Ratings have been revised to Positive from Negative. Fitch also has upgraded the ratings of GOL's perpetual notes (US$200 million) and senior notes (US$200 million) to 'B+/RR4' from 'B/RR5'. GOL's ratings reflect the company's significant market share position in the Brazilian airline sector, its comfortable liquidity position and high leverage. GOL's current ratings contemplate Fitch's expectation that the company will maintain a competitive cost structure vis-a-vis the global industry and its significant market share position in the Brazilian airline sector. The ratings also incorporate the company's exposure to fuel cost volatility and other industry-related risks, such as revenue volatility, high correlation with the domestic economy, high operating leverage and competitive threats. The Positive Outlook reflects improvements on GOL's credit metrics as well as the more benign business environment. Fitch expects GOL, Brazil's second largest airline with a 42% domestic market share, to benefit from stronger domestic demand for domestic air travel in the business and leisure segments following the recovery in Brazil's economy. Another factor in the Positive Outlook is the company's ability to dramatically restore its liquidity position in a relative short period of time, and the reduction in the company's net leverage, which was quite high at the beginning of the year. The Positive Outlook incorporates Fitch's expectations that the company will continue lowering its net leverage, which remains high, maintaining a strong cash position. The upgrade of the company's unsecured debt to 'B+/RR4' from 'B/RR5' reflects better recovery prospects for GOL's subordinated debt resulting from the company's improved profitability. Improving Business Environment: The domestic demand has shown increasing traffic volume during the first nine months of the year, while the international demand decreased during the same period. In the third quarter of 2009 (3Q'09) and the first nine months of 2009, domestic flight demand in Brazil, measured by revenue passenger kilometers (domestic RPK) increased by 25.7% and 10.5%, respectively, over the third quarter (3Q'08) and the first nine months of 2008. Demand for international traffic fell by 2.5% and 4.6%, respectively, during the same periods. One of the factors behind the domestic market recovery is the increasing number of business travelers resulting from Brazil's improved economic environment. The decline in the international market demand reflects the impact of the global financial crisis, GOL's decision to reduce its international flights, and the swine flu outbreak affecting international routes in South America. Fitch considers that GOL should benefit from improving volume traffic in the domestic segment given its strong market position in the most important Brazil's domestic airports. Since VRG's (formally known as Varig) acquisition, the company has been the carrier with the most flights at the busiest airports in Brazil: Congonhas (Sao Paulo), Santos Dumont and Galeao (Rio de Janeiro), Juscelino Kubitschek (Brasilia), and Confins (Belo Horizonte). The company holds a participation of about 50% of the departures from these airports, which are among the most profitable routes in the domestic market, with higher yields achieved mostly from travelers in the business segment. Better Operational Results: The company has delivered positive operating performance in the last two quarters driven by positive trend in the domestic demand and lower operating expenses, mostly driven by lower fuel costs. As a result, the company's EBITDAR for the last 12 month period ended in September 2009 was BRL1.2 billion, a healthy 77% increase over the company's EBITDAR during 2008 (BRL 681.5 million). EBITDAR margin was 20.2% by the end of September 2009, compared to 10.6% by the end of December 2008. The company's load factors in the domestic market continued on a positive trend, reaching 67.2% during 3Q'09, significantly higher than the comparable figure for 3Q'08 (58%). However, the more competitive scenario during 3Q'09 negatively impacted the company's yield per passenger kilometers, averaging BRL18.92 cents versus BRL27.09 cents for 3Q'08 The lower yields during 3Q'09 was the consequence of a more competitive scenario, when airlines successfully reverted decreasing load factor. During the fourth quarter of 2009, the company expects to see a recovery in its yields, with the implementation of tariffs increase already under way. The company continues showing improvements on its cost structure mostly due to lower fuel costs, but also from synergy gains resulting from the GOL/VRG merger. The company's total operating expenses for 3Q'09 were BR1.4 billion, a reduction of 17% when compared with 3Q'08. The main drivers explaining the company's lower operating expenses during 3Q'09 were fuel cost, sales and marketing expenses; as well as maintenance expenses, which decreased 35.2%, 47.5%; and 23%, respectively, over 3Q'08. Fuel costs represented 34.7% of total operating expenses during the 3Q'09; compared to 44.4% during 3Q'08. Despite an increase of 3% of Available Seat Kilometers (ASK) during 3Q'09, operating expenses excluding fuel expenses decreased by 2.6% to BR912.1 million, when compared to 3Q'08. Strong Liquidity; Fitch considers the company has dramatically improved its liquidity during the last quarters due to its continued efforts and steps taken to achieve specific cash targets of BR800 million (13% of revenues) and BR1.2 billion (19% of revenues) by the end of 2009 and 2010. The company ended 3Q'09 with a cash position of BR662 million, 68% higher that the company's cash position by the end of 1Q'09 (BR396 million). Steps taken by GOL included a capital increase of BRL203.5 million and the issuance of BRL400 million in local debentures due in 2011. The company also raised BRL255 million, of which it had received BRL150 million as of Sept. 30, 2009, through the advance sale of miles to Bradesco and Banco do Brasil. GOL continues to pursue a strong capital structure. During the first week of October 2009, the company completed an equity offering which generated net proceeds of BR602 million. Considering the net proceeds of the recent offering, the company's cash position would be around BR1.2 billion (21% of revenues). Leverage Remains High: Fitch views as a positive the company's ability to reduce its leverage during the last quarters, however, it still remains high. Fitch expects to see further improvement in the coming quarters. During the LTM ended Sept. 30, 2009, GOL generated BRL1.2 billion of EBITDAR, an improvement from BRL474 million during the comparable period in 2008. GOL's total debt adjusted for operating leases was BRL8.1 billion at the end of September 2009, while its cash and marketable securities balance was BRL646 million. These figures result in an adjusted net debt-to- EBITDAR ration of 6.2 times for the LTM, which favorably compares with the company's net leverage by the end of December 2008 of 11.0x. GOL's on-balance sheet debt totals BRL3 billion. It primarily consists of BRL1.8 billion of secured debt and financial leases, BRL341 million in PDP loans, and BRL684 million in local public debentures and perpetual bonds. Lease expense for the LTM were BRL728 million, resulting in an off-balance-sheet debt adjustment made by Fitch of BRL5 billion. MARFRIG ALIMENTOS: S&P Gives Stable Outlook; Affirms 'B+' Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its outlook on Brazil-based meat processor Marfrig Alimentos S.A. to stable from negative and affirmed the 'B+' corporate credit rating. "The outlook revision reflects S&P's expectation that Marfrig's recently announced equity-financed acquisition of Seara Alimentos S.A. will provide the company with economies of scale in poultry and operating synergies in logistics and distribution services for its beef operations. Moreover, S&P has a positive view of Marfrig's acquisition of a leather processing plant in Uruguay and increased cattle slaughtering and processing capacity in Brazil, which will likely expand production and boost its product line diversification," said Standard & Poor's credit analyst Flavia Bedran. The ratings on Marfrig reflect the volatile demand in the commodity-oriented fresh meat export market, the risks inherent in the meat industry, and the industry's high dependence on raw material sourcing. Moreover, S&P see Marfrig's aggressive acquisitive strategy, leveraged capital structure, and the integration risks associated with its now-substantial poultry operations as relevant risks. Conversely, S&P believes the company's more-diversified meat/poultry portfolio, its increased economies of scale in poultry and beef production, and its well- built logistics and distribution network partly offset these risks. The stable outlook reflects S&P's expectation that Marfrig's cash flow generation will improve from 2010 onward, thanks to its expanded capacity and more-diversified products mix, coupled with projected logistical and operating synergies. These will provide the company with more-stable and more-robust operating margins. S&P also incorporate into S&P's expectations Marfrig's proved track record in integrating acquired companies and its adequate access to credit and capital markets. "The ratings could be raised if Marfrig captures the expected synergies in its business integration, improving its operating results as export markets recover. On the other hand, S&P could revise the ratings downward if Marfrig is not successful in integrating acquired assets, does not use free cash flow to gradually reduce indebtedness, or maintains its aggressive acquisitive strategy, leading to increasing financial leverage," Ms. Bedran added. ========================== C A Y M A N I S L A N D S ========================== AWAL FEEDER: Creditors' Proofs of Debt Due on November 27 --------------------------------------------------------- The creditors of Awal Feeder 1 Fund are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- The creditors of Awal Finance Company Limited are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- The creditors of Awal Finance Company (No. 2) Limited are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- The creditors of Awal Finance Company (No. 3) Limited are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- The creditors of Awal Finance Company (No. 4) Limited are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands AWAL FINANCE: Creditors' Proofs of Debt Due on November 27 ---------------------------------------------------------- The creditors of Awal Finance Company (No. 5) Limited are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company's liquidator is: Russell Smith Telephone: (345) 946-0820 Facsimile: (345) 946-0864 PO Box 2499, George Town KY1-1104 Grand Cayman, Cayman Islands COAST PILOT: Commences Liquidation Proceedings ---------------------------------------------- On October 8, 2009, the shareholder of Coast Pilot Strategy Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LANSDOWNE EMERGING: Commences Liquidation Proceedings ----------------------------------------------------- On October 13, 2009, the shareholder of Lansdowne Emerging Markets Master Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LANSDOWNE MACRO: Commences Liquidation Proceedings -------------------------------------------------- On October 13, 2009, the shareholder of Lansdowne Macro Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LORETO INVESTMENTS: Commences Liquidation Proceedings ----------------------------------------------------- On October 14, 2009, the shareholder of Loreto Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ML CBO: Commences Liquidation Proceedings ----------------------------------------- On October 14, 2009, the shareholder of ML CBO VIII (Cayman) Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ML CBO: Commences Liquidation Proceedings ----------------------------------------- On October 14, 2009, the shareholder of ML CBO VI (Cayman) Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PALESTRINA FUNDING: Commences Liquidation Proceedings ----------------------------------------------------- On October 14, 2009, the shareholder of Palestrina Funding 2001-A, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PAMPELONNE CDO: Commences Liquidation Proceedings ------------------------------------------------- On October 12, 2009, the shareholder of Pampelonne CDO II, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PAMPELONNE CDO: Commences Liquidation Proceedings ------------------------------------------------- On October 12, 2009, the shareholder of Pampelonne CDO I, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PATRICK LIMITED: Commences Liquidation Proceedings -------------------------------------------------- On October 14, 2009, the shareholder of Patrick Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands POLONIUS PORTFOLIO: Commences Liquidation Proceedings ----------------------------------------------------- On October 14, 2009, the shareholder of Polonius Portfolio Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SKYER I: Commences Liquidation Proceedings ------------------------------------------ On October 15, 2009, the shareholder of SKYER I Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SLC SECURITIZATION: Commences Liquidation Proceedings ----------------------------------------------------- On October 5, 2009, the shareholder of SLC Securitization Corporation resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SSV CAYMAN: Commences Liquidation Proceedings --------------------------------------------- On October 15, 2009, the shareholder of SSV Cayman Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by November 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands VITA CAPITAL: S&P Assigns 'BB+' Debt Rating on $75 Mil. Notes ------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB+' long-term debt rating to the $75 million series I, class E principal-at-risk variable-rate notes due Jan. 15, 2014, which were issued on Nov. 23, 2009, by Cayman Islands-based Vita Capital IV Ltd. The notes will provide Swiss Reinsurance Company Ltd. (A+/Stable/A-1) with a degree of protection against extreme mortality events occurring to specified age and gender distributions in the U.S. and the U.K. Swiss Re has previously securitized mortality risk through the Vita Capital Ltd., Vita Capital II Ltd., and Vita Capital III Ltd. transactions. The Vita II transaction is scheduled to expire at the end of 2009 and the new issuance by Vita Capital IV partly replaces these existing notes. Vita Capital IV was created for the sole purpose of issuing one or more series of notes out of a mortality catastrophe shelf program. Standard & Poor's has not assigned ratings to the shelf program. The noteholders are at risk from an increase in age- and gender- weighted mortality rates that exceed a specified percentage of a predefined mortality index value, for a given country, over five years from Jan. 1, 2009, to Dec. 31, 2013. The MIV self-adjusts for changes in general mortality trends over the risk period. The MIV is defined on a rolling two-calendar-year basis, and the probability of a loss attaching and the magnitude of the loss in principal depends on the extent to which the MIV for any measurement period (that is, two consecutive years) exceeds the attachment point for the notes. Unlike previous mortality catastrophe transactions, the notes are triggered upon attachment of either country in the covered area, the U.S. and the U.K., and the attachment points vary by country. The attachment points are 105% in the U.S. and 112.5% in the U.K. with the exhaustion points being 110% in the U.S. and 120% in the U.K. This is the first catastrophe mortality transaction that has utilized the modeling services of Risk Management Solutions Inc. At closing, Swiss Re will enter into an International Swaps and Derivatives Association-based contract with the issuer whereby Swiss Re will make payments to the issuer in exchange for extreme mortality protection. The issuance proceeds are to be invested in 'AAA' rated notes issued by the International Bank for Reconstruction and Development. The coupon on the notes will be paid from the payments made by Swiss Re under the ISDA contract and from investment earnings on the collateral held in trust. The rating on the notes reflects: * Standard & Poor's qualitative assessments of the potential event risk; * The low probability of default; * The frequency and severity of an event reaching the index attachment point; * The strong diversification of the underlying mortality risk exposure in terms of geographic location, age, and gender; and * The application of Standard & Poor's catastrophe bond criteria. ============= J A M A I C A ============= CLARENDON ALUMINA: Fitch Junks Issuer Default Rating from 'B-' -------------------------------------------------------------- Fitch Ratings has downgraded Clarendon Alumina Production Limited's foreign and local currency Issuer Default Rating to 'CCC' from 'B-'. The Rating Outlook remains Negative. CAP is 100% owned by the Government of Jamaica and is the holding company for its 45% ownership in a joint venture with a subsidiary of Alcoa called Jamalco, which is a bauxite mining and alumina refining operation in Jamaica. This rating action follows the downgrade of the long-term foreign currency IDR of Jamaica by Fitch to 'CCC' with a Negative Outlook. Fitch has also downgraded the US$200 million 8.5% unsecured notes due November 2021 of CAP to 'CCC/RR4' from 'B/RR4'. The 15-year notes continue to be supported by an explicit unconditional and irrevocable guarantee by the GoJ for the timely payment of interest and principal. The Government of Jamaica announced earlier this year that it is seeking to sell its 45% stake in Jamalco. Fitch notes that Alcoa has a right of first refusal on buying the shares, and could possibly end up with 100% ownership of Jamalco if it chooses to exercise this option. CAP's future rating actions are directly linked to Fitch's actions taken on Jamaica, which has a Negative Outlook. If Fitch were to further downgrade the ratings on the sovereign due to concerns regarding macroeconomic pressures, then CAP's ratings would also mirror this action. This rating linkage will continue as long as the company remains 100% owned by the GoJ. CAP was incorporated in April 1985 in Jamaica. CAP entered into a joint-venture agreement with a subsidiary of Alcoa Inc., to become partners in a bauxite mining and alumina refining operation in Jamaica called Jamalco. Jamalco is an unincorporated joint- venture association that involves the proportionate sharing of production costs and the alumina output of the Clarendon Alumina Refinery. In the financial year 2008, CAR produced 1.15 million tons of alumina and CAP's 45% share of the output generated revenues of US$117.2 million from the sale of 606,000 tons of alumina. =========== M E X I C O =========== AXTEL SAB: BBVA Sees Shares Drop if Firm Won't be Sold ------------------------------------------------------ Crayton Harrison at Bloomberg News reports that BBVA Bancomer SA said that Axtel SAB's shares may decline if the company isn’t sold. Mexican lawmakers may reach a decision by next year on whether to remove the 49% limit on foreign ownership of landline phone companies, said Andres Coello, a BBVA analyst, in a research note obtained by the news agency. A change would allow Madrid-based Telefonica SA to acquire a Mexican carrier, he added. According to the report, Mr. Coello said that Axtel and Maxcom will face new competition from Telefonica and questions about their “long-term viability” if they’re not acquired. About Axtel Headquartered in Monterrey, Mexico, AXTEL is a Mexican telecommunications company that provides local and long distance telephony, broadband Internet, data and built-to-suit communications solutions in 17 cities and long distance telephone services to business and residential customers in over 200 cities. The seventeen cities in which AXTEL currently provides local services are Mexico City, Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon (Laguna region), Veracruz, Chihuahua, Celaya and Irapuato. * * * As reported in the Troubled Company Reporter-Latin America on September 10, 2009 Fitch Ratings assigned these ratings for Axtel, S.A.B. de C.V.: -- Local currency Issuer Default Ratings at 'BB'; -- Foreign currency IDR at 'BB'; -- Proposed senior notes due 2019 for up to US$300 million at 'BB'; In addition, Fitch has affirmed Axtel national scale rating at 'A+ (mex)'. CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'SD' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term corporate credit rating on Corporacion Interamericana de Entretenimiento S.A.B. de C.V. to 'SD' from 'CC', indicating selective default. The action reflects approval by the bondholders of the amendments made to its Mexican pesos (MXN) 500 million notes, its MXN1,400 million notes in the domestic capital market, and 97% of its short-term bank loans. S&P also affirmed Ltd. 'CC' rating on the company's $200 million senior unsecured notes maturing in 2015, of which $13.6 million remains outstanding. "The downgrade reflects S&P's view that the restructure of the debt certificates in the domestic capital market is similar to a distressed debt exchange and therefore tantamount to default," said Standard & Poor's credit analyst Monica Ponce. According to S&P's criteria, the restructure of the debt certificates constitutes selective default, as it is not a purely opportunistic offer, as S&P believes that if the short-term debt is not restructured, the company will default on at least some of its obligations. Moreover, the company's operating results and key credit measures during third-quarter 2009 were weaker than S&P expected. The negotiations for the restructuring have taken place within a short time from the maturity date of some of the obligations. In addition, according to its criteria, S&P believes that with the modifications made to the debt certificates under the restructure, investors will receive less value than the promise of the original securities, as the new securities' maturities extend beyond the original. The 'SD' also reflects its expectation that the company will continue to comply with its other obligations, such as the semiannual interest payment of the $200 million senior unsecured notes rated 'CC', the next of which is due December 2009. S&P expects to assign a new corporate credit rating on CIE once &P conclude its review of the company's new capital structure and liquidity profile. However, S&P expects the rating to remain in the low investment-grade category. In S&P's opinion, CIE's highly leveraged financial profile and weak cash-flow generation -- which S&P expects to continue given the company's high working-capital requirements -- will continue to constrain the corporate credit rating on the group. URBI DESARROLLOS: S&P Affirms 'B+' Global Scale Corp. Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that it affirmed its ratings, including the 'B+' global scale and 'mxBBB' Mexican national scale corporate credit ratings, on homebuilder Urbi Desarrollos Urbanos S.A.B. de C.V. S&P removed the ratings from CreditWatch, were S&P placed them with negative implications on Nov. 4, 2009. The outlook is stable. "The rating action follows the announcement that Urbi's bondholders have agreed to amend the credit agreement on its peso- denominated bonds to increase its covenant headroom," said Standard & Poor's credit analyst Laura Martinez. "In exchange, the bondholders will receive an additional premium of 1% per year on the adjusted nominal value of the bonds." The stable outlook reflects S&P's expectation that the company will maintain similar levels of current debt, specifically, total debt-to-EBITDA ratio of less than 3.0x, and cash on hand in spite of expected investments in working capital during the next few quarters. ==================== P U E R T O R I C O ==================== CARABEL EXPORT: Plan Now with Creditors; Conf. Hearing on Feb. 22 ------------------------------------------------------------------ Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico approved the Disclosure Statement explaining the Chapter 11 Plan of Carabel Export and Import, Inc. The Debtor and parties-in-interest may solicit acceptances or rejections of the Debtor's Plan of Reorganization. The Court will consider the confirmation of the Plan on Feb. 22, 2010, at 10:30 a.m. at the U.S. Post Office and Courthouse Building, Courtroom 2, 300 Recinto Sur Street, Old San Juan, Puerto Rico. As reported in the Troubled Company Reporter on Oct. 30, 2009, under the Plan, retained professionals and the U.S. trustee fees will be paid in full. Other holders of administrative expense claims would only recover 45% of their claims and will be paid from the $300,000 carve out established by Continental Tiles Inc. and Westernbank Puerto Rico. Secured lender Westernbank Puerto Rico will receive the proceeds of the sale of Debtor's assets to Continental Tiles, Inc., amounting to $6,500,000, plus any funds arising from Debtor's accounts receivable and Debtor's balance of available cash, for an estimated 35% recovery. The balance of Westernbank's claim for $18,541,094 is dealt with under Class 5 as a General Unsecured Claim. As per the settlement agreement between Debtor and Firstbank Puerto Rico dated Aug. 13, 2009, Debtor agreed to surrender Firstbank's collateral thereto. Any deficiency in Firstbank's claim will be dealt with under Class 5 as a General Unsecured Claim. On or before the effective date, Debtor will surrender Popular Auto's collateral thereto. Any deficiency in Popular Auto's Claim will be dealt with under Class 5 as a General Unsecured Claim. Priority tax claims estimated to total $8,863,569 won't be paid. The holders of allowed general unsecured claims against Debtor also won't receive distributions and are deemed to reject the Plan. A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/CARABELEXPORT_DS.pdf Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba ItalCeramica, and its affiliates filed separate Chapter 11 petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No. 08-08956). The Hon. Enrique S. Lamoutte Inclan oversees the case. Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico, represents the Debtors. When it filed for bankruptcy, Carabel disclosed $14,544,289 in total assets, and $26,957,250 in total debts. *********** 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, Marites O. Claro, Joy A. Agravente, 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 * * *