/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100813.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, August 13, 2010, Vol. 11, No. 159 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: U.S. Court Okays Creation of Creditors Panel B E R M U D A AGRI-INSURANCE COMPANY: Commences Wind-Up Proceedings AGRI-INSURANCE COMPANY: Members' Final Meeting Set for August 24 CHINA NETCOM: Commences Wind-Up Proceedings CHINA NETCOM: Members Receive Wind-Up Report G&D INVESTMENTS: Commences Wind-Up Proceedings G&D INVESTMENTS: Members' Final Meeting Set for August 24 GLOBAL SPORTS: Commences Wind-Up Proceedings GLOBAL SPORTS: Members Receive Wind-Up Report MPF CORP: Sale-Based Chapter 11 Plan Declared Effective VANDICAMP GROUP: Members' Final Meeting Set for August 25 VANDICOMP GROUP: Commences Wind-Up Proceedings B R A Z I L BRASIL FOODS: Chicken Suspension Lifted by Government COMPANHIA SIDERURGICA: Sees Further Local Steel Price Hikes CYRELA BRAZIL: Records BRL167.4-Million Net Income in Second Qtr. C A Y M A N I S L A N D S ALTERNATIVEFOCUS ARGO: Shareholders' Meeting Set for September 2 AMERICAN GUARANTY: Shareholders' Final Meeting Set for Sept. 6 ARAKAWA HOLDING: Shareholders' Final Meeting Set for September 7 BAY HAVEN: Shareholders' Final Meeting Set for September 9 BROCADE GP: Sole Shareholder to Hear Wind-Up Report on Sept. 16 BTG BROCADE: Shareholders' Final Meeting Set for September 16 BTG BROCADE: Shareholders' Final Meeting Set for September 16 CASTLE WATER: Shareholders' Final Meeting Set for September 8 CHEYNE LATAM: Shareholders' Meeting Set for September 3 CHICHESTER FUND: Shareholders' Final Meeting Set for September 3 DOCURETAIN CAPITAL: Shareholders' Final Meeting Set for Sept. 8 DOCUSEARCH CAPITAL: Shareholders' Final Meeting Set for Sept. 8 DOCUVIEW CAPITAL: Shareholders' Final Meeting Set for Sept. 8 GEO INVESTMENT: Shareholders' Final Meeting Set for September 8 INFOCOPY CAPITAL: Shareholders' Final Meeting Set for Sept. 8 LENTIKIA CAYMAN: Shareholders' Final Meeting Set for September 16 LENTIKIA CAYMAN: Shareholder to Hear Wind-Up Report on Sept. 16 OPF CORPORATION: Shareholders' Meeting Set for September 3 PEQUOT AIS: Shareholders' Meeting Set for September 3 SUNSTONE PROPERTIES: Shareholders' Meeting Set for September 3 D O M I N I C A N R E P U B L I C AES DOMINICANA: To Build 34MW Natural Gas Plant for US$15 Million E C U A D O R * ECUADOR: Contract Delivery Delays Worry Private Oil Companies J A M A I C A CABLE & WIRELESS: LIME Makes US$100 Million Investment M E X I C O GRUPO POSADAS: Moody's Reviews 'B2' Corporate Family Rating MAXCOM TELECOMUNICACIONES: Eyes Sale of Biz to Telefonica, Vivendi MEXICANA AIRLINES: Canadian Court Recognizes Concurso Proceeding MEXICANA AIRLINES: ILFC, et al., Seek Relief From U.S. TRO MEXICANA AIRLINES: Offers Unions Stake in Airline Under New Deal - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: U.S. Court Okays Creation of Creditors Panel ------------------------------------------------------------ Andrew M. Harris at Bloomberg News reports that creditors of Robert Allen Stanford won U.S. District Judge David Godbey's approval for a committee to work with court-appointed receiver, Ralph Janvey, in recouping losses from Mr. Stanford's alleged US$7 billion fraud. According to the report, the committee will have authority to probe the Stanford Group Co.'s financial condition before the U.S. SEC suit, meet with Mr. Janvey at least once a month, and initiate its own lawsuits after consulting the receiver on division of responsibilities. "This is a very important milestone for the victims because we will now have a voice in the recovery of our savings," a representative of the creditors, Angela Shaw, said in an e-mailed statement obtained by the news agency. Bloomberg News says that the seven-member committee will be led by another Judge Godbey appointee, Dallas attorney John J. Little, who already serves as a liaison between the court, the receiver and the creditors. Meanwhile, according to the report, three investors asked Judge Godbey almost a year ago to lift a court order that barred them from filing an involuntary bankruptcy petition against the Stanford businesses. The report relates Judge Godbey said that the agreement between the investors and the receiver puts an end to that issue. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, 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. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ============= B E R M U D A ============= AGRI-INSURANCE COMPANY: Commences Wind-Up Proceedings ----------------------------------------------------- Agri-Insurance Company, Ltd. commenced wind-up proceedings on July 15, 2010. Only creditors who were able to file their proofs of debt by August 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda AGRI-INSURANCE COMPANY: Members' Final Meeting Set for August 24 ---------------------------------------------------------------- The members of Agri-Insurance Company, Ltd. will hold their final meeting, on August 24, 2010, 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 July 15, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CHINA NETCOM: Commences Wind-Up Proceedings ------------------------------------------- China Netcom Corporation International Limited commenced wind-up proceedings on July 9, 2010. Only creditors who were able to file their proofs of debt by July 28, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda CHINA NETCOM: Members Receive Wind-Up Report -------------------------------------------- The members of China Netcom Corporation International Limited received on August 11, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda G&D INVESTMENTS: Commences Wind-Up Proceedings ---------------------------------------------- G&D Investments, Ltd. commenced wind-up proceedings on July 20, 2010. Only creditors who were able to file their proofs of debt by August 4, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda G&D INVESTMENTS: Members' Final Meeting Set for August 24 --------------------------------------------------------- The members of G&D Investments, Ltd. will hold their final meeting, on August 24, 2010, 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 July 20, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda GLOBAL SPORTS: Commences Wind-Up Proceedings -------------------------------------------- Global Sports Management Limited commenced wind-up proceedings on July 12, 2010. Only creditors who were able to file their proofs of debt by July 28, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda GLOBAL SPORTS: Members Receive Wind-Up Report --------------------------------------------- The members of Global Sports Management Limited received on August 18, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda MPF CORP: Sale-Based Chapter 11 Plan Declared Effective ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas declared that the effective date of MPF Holding US LLC, et al.'s Plan of Reorganization occurred on August 9, 2010. The Plan provided for the sale of the acquired assets to Cosco Dalian Shipyard Co. Ltd., MPF's largest vendor, pursuant to the assignment and purchase agreement. The Debtors related that Cosco intends to use the acquired assets in connection with the construction of a fully commissioned drillship under a turn-key engineering, procurement, and construction contract between Cosco and a third party who will take delivery of the drillship upon completion of construction. The essential terms of the agreement includes: a) a cash payment of $104,000,000 to MPF and MPF-01 on the closing date, in full; b) assumption of assumed liabilities; and c) release MPF-01 from its obligation to pay the cure amount under the Cosco Contract. In addition, the purchaser may make an additional cash payment to MPF to the extent that the aggregate amount of the initial cash payment and any excess funds transferred to DvB, is less than (ii) the aggregate amount of the DIP Loan Claims and the DvB Secured Claim; provided, however, that the aggregate amount of the initial cash payment and the additional cash payment will not exceed $105,000,000. A full-text copy of the Amended Disclosure Statement is available for free at http://bankrupt.com/misc/MPFHOLDING_AmendedDS.pdf About MPF Corp. Bermuda-based MPF Corp. Ltd. -- http://www.mpf-corp.com/-- engages in deep water oil and gas exploration. The Company was established on April 25, 2006. The company and debtor-affiliate MPF Holding US LLC filed separate petitions for Chapter 11 relief on Sept. 24, 2008 (Bankr. S.D. Tex. Case Nos. 08-36086 and 08- 36084). MPF-01 followed on Sept. 25, 2008. D. Bobbitt Noel, Jr., Esq. at Vinson & Elkins LLP, represents the Debtors as counsel. MPF estimated assets and debts of $100 million to $500 million in its Chapter 11 petition. The Bermuda Proceedings and the Chapter 11 cases in the U.S. run as parallel proceedings, which is coordinated to effectuate the Debtors' goal of providing for a restructuring of their businesses or sale of assets as may be in the best interests of their estates and creditors. VANDICAMP GROUP: Members' Final Meeting Set for August 25 --------------------------------------------------------- The members of Vandicamp Group Ltd. will hold their final meeting, on August 25, 2010, 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 July 15, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda VANDICOMP GROUP: Commences Wind-Up Proceedings ---------------------------------------------- Vandicomp Group Ltd. commenced wind-up proceedings on July 15, 2010. Only creditors who were able to file their proofs of debt by August 4, 2010, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda =========== B R A Z I L =========== BRASIL FOODS: Chicken Suspension Lifted by Government ----------------------------------------------------- Carlos Caminada and Katia Cortes at Bloomberg News report that Brazil ended a suspension of chicken sales by BRF - Brasil Foods after they took steps to eliminate excess water that increased the weight of their meat. According to the report, Brazil has stepped up inspections to prevent companies from pumping water into meat to increase the weight, which allows them to charge more for the product. The report notes that chicken accounted for about a quarter of Brasil Foods's revenue from raw meat sales in Brazil in the first quarter. The company, the report notes, said that the restriction had "no legal basis" and questioned the government's criteria for the assessment. About BRF-Brasil Foods BRF-Brasil Foods SA is a food processor in Latin America. The company raises chickens to produce poultry products. Brasil Foods also processes frozen pasta, soybeans, and their derivatives, and distributes frozen vegetables. The company's core business is chilled and frozen food. The company has offices in the Middle East, Asia, and Europe. * * * As of August 12, 2010, the company continues to carry Moody's "Ba1" long-term corporate family rating. The company also continues to carry Standard and Poor's "BB+" long-term issuer credit ratings. COMPANHIA SIDERURGICA: Sees Further Local Steel Price Hikes ----------------------------------------------------------- Companhia Siderurgica Nacional S.A. said that prices for the commodity in the domestic market are poised to increase through the end of the year, bolstered by high demand in the civil construction and infrastructure sectors, Reuters reports. According to the report, a recent rise in the cost of imported steel could probably pave the way for another local price hike, the third this year for two of Brazil's three largest steelmakers. CSN Sales Director Luis Fernando Martinez said that some clients of the company are likely prepared to deal with higher prices. The report notes that further price increases for steel products used in construction and heavy manufacturing could pit the government against the nation's steelmakers. The report relates that government officials have repeatedly threatened to slash taxes on some imported products this year to keep domestic steel prices from rising. Meanwhile, the report discloses, CSN Chief Financial Officer Paulo Penido Marques also told analysts that the plan to spin off the company's mining unit is "taking a little longer" but will happen eventually. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of August 11, 2010, the company continues to carry moody's "Ba1" long-term and long-term corporate family ratings. The company also continues to carry Standard and Poor's "BB+" issuer credit ratings. CYRELA BRAZIL: Records BRL167.4-Million Net Income in Second Qtr. ----------------------------------------------------------------- Cyrela Brazil Realty SA Empreendimentos e Participacoes's second- quarter net income increased 6.6% to BRL167.4 million (US$94.3 million) from BRL157.1 million a year earlier as Brazil's economy improved and falling interest rates encouraged buyers to take out mortgages, Robin Stringer at Bloomberg News reports. Earnings fell short of the average estimate of BRL180.8 million in a Bloomberg survey of five analysts. According to the report, total contracted sales including partners' shares rose 83% to BRL1.54 billion, and those exclusive to Cyrela rose 77% to BRL1.1 billion. The report relates that total new projects rose 75% to BRL1.12 billion. Bloomberg News notes that sales so far this year were lower than the company forecast and reached to BRL2.6 billion, 40% of the company's 2010 sales guidance midpoint. About Cyrela Brazil Cyrela Brazil Realty S.A. Empreendimentos e Participacoes develops, rents, manages and sells residential and commercial real estate properties. The company's real estate portfolio includes shopping centers, office and apartment buildings, hotels and land. * * * As of August 12, 2010, the company continues to carry Moody's "Ba2" long-term corporate family rating. The company also continues to carry Standard and Poor's "BB-" long-term issuer credit ratings, and Fitch Ratings' "BB" issuer default ratings. ========================== C A Y M A N I S L A N D S ========================== ALTERNATIVEFOCUS ARGO: Shareholders' Meeting Set for September 2 ---------------------------------------------------------------- The shareholders of Alternativefocus Argo Special Situations Ltd will hold their final meeting, on September 2, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands AMERICAN GUARANTY: Shareholders' Final Meeting Set for Sept. 6 -------------------------------------------------------------- The shareholders of American Guaranty & Health Care Insurance Company will hold their final meeting, on September 6, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: James W. Ayers Telephone: 1-345-949-7966 c/o Global Captive Management Ltd. Governor's Square, 2nd Floor Building 3 23 Lime Tree Bay Avenue P.O. Box 1363, Grand Cayman KY1-1108 Cayman Islands ARAKAWA HOLDING: Shareholders' Final Meeting Set for September 7 ---------------------------------------------------------------- The shareholders of Arakawa Holding Cayman Co., Ltd. will hold their final meeting, on September 7, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BAY HAVEN: Shareholders' Final Meeting Set for September 9 ---------------------------------------------------------- The shareholders of Bay Haven Limited will hold their final meeting, on September 9, 2010, at 11:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BROCADE GP: Sole Shareholder to Hear Wind-Up Report on Sept. 16 --------------------------------------------------------------- The sole shareholder of Brocade GP Limited will receive, on September 16, 2010, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 BTG BROCADE: Shareholders' Final Meeting Set for September 16 ------------------------------------------------------------- The shareholders of BTG Brocade Macro Master Fund Limited will hold their final meeting, on September 16, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 BTG BROCADE: Shareholders' Final Meeting Set for September 16 ------------------------------------------------------------- The shareholders of BTG Brocade Macro Fund Limited will hold their final meeting, on September 16, 2010, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 CASTLE WATER: Shareholders' Final Meeting Set for September 8 ------------------------------------------------------------- The shareholders of Castle Water Leasing Limited will hold their final meeting, on September 8, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CHEYNE LATAM: Shareholders' Meeting Set for September 3 ------------------------------------------------------- The shareholders of Cheyne Latam Equity Fund Inc. will hold their final meeting, on September 3, 2010, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CHICHESTER FUND: Shareholders' Final Meeting Set for September 3 ---------------------------------------------------------------- The shareholders of Chichester Fund SPC will hold their final meeting, on September 3, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew Feldman c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands DOCURETAIN CAPITAL: Shareholders' Final Meeting Set for Sept. 8 --------------------------------------------------------------- The shareholders of Docuretain Capital Limited will hold their final meeting, on September 8, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands DOCUSEARCH CAPITAL: Shareholders' Final Meeting Set for Sept. 8 --------------------------------------------------------------- The shareholders of Docusearch Capital Limited will hold their final meeting, on September 8, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands DOCUVIEW CAPITAL: Shareholders' Final Meeting Set for Sept. 8 ------------------------------------------------------------- The shareholders of Docuview Capital Limited will hold their final meeting, on September 8, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands GEO INVESTMENT: Shareholders' Final Meeting Set for September 8 --------------------------------------------------------------- The shareholders of Geo Investment Management Limited will hold their final meeting, on September 8, 2010, at 9:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands INFOCOPY CAPITAL: Shareholders' Final Meeting Set for Sept. 8 ------------------------------------------------------------- The shareholders of Infocopy Capital Limited will hold their final meeting, on September 8, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Essa Zainal c/o Patricia Tricarico Telephone: (345) 949-5122 Facsimile: (345) 949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands LENTIKIA CAYMAN: Shareholders' Final Meeting Set for September 16 ----------------------------------------------------------------- The shareholders of Lentikia Cayman Management Limited will hold their final meeting, on September 16, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 LENTIKIA CAYMAN: Shareholder to Hear Wind-Up Report on Sept. 16 --------------------------------------------------------------- The sole shareholder of Lentikia Cayman Holdings Limited will receive, on September 16, 2010, at 10:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 OPF CORPORATION: Shareholders' Meeting Set for September 3 ---------------------------------------------------------- The shareholders of OPF Corporation will hold their final meeting, on September 3, 2010, at 1:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands PEQUOT AIS: Shareholders' Meeting Set for September 3 ----------------------------------------------------- The shareholders of Pequot AIS Offshore Fund, Ltd. will hold their final meeting, on September 3, 2010, at 1:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands SUNSTONE PROPERTIES: Shareholders' Meeting Set for September 3 -------------------------------------------------------------- The shareholders of Sunstone Properties Corp. will hold their final meeting, on September 3, 2010, at 1:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands ================================== D O M I N I C A N R E P U B L I C ================================== AES DOMINICANA: To Build 34MW Natural Gas Plant for US$15 Million ----------------------------------------------------------------- AES Dominicana will construct a natural gas fired power plant at a cost of US$15 million to supply 34 megawatts, in the Los Mina sector of Santo Domingo East, The Dominican Today reports. According to the report, AES Dominicana President Marco De la Rosa said that the project is part of AES Dominicana's strategy to contribute to diversify the country's energy matrix, continue to the use of efficient, cheaper and more environmentally friendly fuels such as natural gas, and trim the dependence on petroleum derivatives. About AES Dominicana AES Dominicana Energia Finance S.A. is an energy group operating in the Dominican Republic, which manages two of AES Corp.'s wholly owned generation assets, Andres and DPP. AES Dominicana, through an AES Corp subsidiary, also has a management agreement to operate EDE-Este, one of the three distribution companies in the country. Andres is a power plant with a 304MW combined cycle generation facility with duel fuel capability (gas and diesel) but with natural gas supplied through the LNG import facility serving as the primary fuel while DPP is a 236MW power plant comprising two simple cycle combustion turbines that can burn both natural gas and fuel oil Number 2. Both plants together have PPA contracts with EDE-Este for 260MW that increase over time, but Andres is currently servicing all contracts given its greater efficiency. Andres LNG terminal includes a large tanker berth and jetty, an LNG refueling pier, and one million barrel (160,000 cubic meters, m3) LNG storage tank, as well as regasification and handling facilities for both LNG and diesel. * * * As reported in the Troubled Company Reporter-Latin America on August 3, 2010, Fitch Ratings has affirmed these ratings of AES Dominicana Energia Finance, S.A. and AES Andres B.V.; AES Dominicana -- International foreign currency Issuer Default Ratings at 'B-'; -- US$160 million senior unsecured notes due 2015 at 'B-/ RR4'. The Rating Outlook is Stable. AES Andres B.V. -- National long-term IDR at 'BBB(dom)'; -- US$30 million bond due 2012 at 'BBB'. AES Dominicana's ratings reflect the company's dependence on government subsidies for its financial sustainability. Notwithstanding recent improvements in the timeliness of government payments, the risks of operating electric generation assets in the Dominican Republic remain high and reflect the distribution companies' low collections and high losses. These risks translate into high cash flow volatility for all generation companies. ============= E C U A D O R ============= * ECUADOR: Contract Delivery Delays Worry Private Oil Companies --------------------------------------------------------------- Private petrol companies in Ecuador are concerned by the delayed delivery of their new contract models, which had been expected last week, Monica Orozco at Dow Jones Newswires reports. According to the report, on July 27, 2010, Ecuador passed a new Hydrocarbons Law which aims to expropriate foreign-company operations unless they sign new service contracts increasing state control of the industry. The report relates that the law fixed a deadline of 120 days from July 27 for major operators to change over to the new service contracts. Smaller petrol companies have 180 days, the report notes. "We only have 104 days left to finalize the renegotiation of contracts and companies need the necessary time to go through the contract model and check the economic calculations, talk to headquarters, negotiate with the government and come to a final agreement," Jose Luis Ziritt, president of Ecuador's Hydrocarbon Association told Dow Jones Newswires in an interview. Mr. Ziritt, the report relates, said that 120 was already short and he was concerned by suggestions made earlier this week by Ecuador's Minister for Nonrenewable Natural Resources, Wilson Pastor, that indicated negotiations would start on August 16. * * * As of June 28, 2010, the country continues to carry Moody's "Caa2" country ceiling long-term foreign bank deposit ratings, and "Caa3" currency issuer rating and foreign currency long-term debt rating. ============= J A M A I C A ============= CABLE & WIRELESS: LIME Makes US$100 Million Investment ------------------------------------------------------ Cable & Wireless plc's LIME plans to invest US$100 million in Jamaica this year as part of a US$600 million investment in the Caribbean over the next five years, Camilo Thame at Jamaica Observer reports. According to the report, this year's spending includes a US$35 million investment in a new international cable linking Jamaica to the British Virgin Islands and the Dominican Republic. The report relates LIME Chairman Chris Dehring said that while the investment provided opportunities for cost savings derived from completing a fiber ring between Jamaica and the Eastern Caribbean, it mainly gives LIME the advantage of benefiting from data traffic between North and South America. About LIME Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/-- provides national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB- "long-term foreign and local issuer credit ratings and "B" short- term foreign and local issuer credit ratings. =========== M E X I C O =========== GRUPO POSADAS: Moody's Reviews 'B2' Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service placed Grupo Posadas, S.A.B. de C.V.'s B2 corporate family and senior unsecured debt ratings on review for possible downgrade. The review was prompted by Posadas' weaker than expected earnings trends and credit metrics year-to-date, reflective of still challenging conditions in Mexico's tourism sector despite the gradual economic recovery, and the company's tempered liquidity following dividend payments earlier this year and weak cash generation. The rating action also reflects potential effects on Posadas operations of last week's bankruptcy filing of Mexicana de Aviacion, Mexico's largest airline in terms of passenger volume. In its review, Moody's will focus on Posadas' ability and plans to boost its near to medium term performance in order to return to credit metrics more in line with the B2 rating category. The agency will also examine the company's financial policies and its plans to strengthen liquidity, along with the potential for repercussions of Mexicana's bankruptcy on Posadas' operating trends. Moody's expects to conclude the review within the next three months. The last rating action on Posadas was on January 18, 2010, when Moody's changed the outlook for the company's B2 ratings to stable from negative. Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a leading hotel chain operator in Latin America, with MXN6.8 billion (US$527 million) in revenues for the 12 months ended June 30, 2010, and 112 hotels and 19,777 rooms in operation. Posadas derives most of its revenues from Mexico, where it operates its key 5- and 4-star Fiesta Americana and Fiesta Inn formats, a 3- star format ("One") and its Vacation Club timeshare business. The company also operates hotels in Brazil, Argentina and Chile under its Caesar Park and Caesar Business brands and has a small operation in Texas. MAXCOM TELECOMUNICACIONES: Eyes Sale of Biz to Telefonica, Vivendi ------------------------------------------------------------------ Maxcom Telecomunicaciones SAB is for sale and seeking bids from Spain's Telefonica SA and France's Vivendi SA, Serena Saitto, Jeffrey McCracken and Crayton Harrison at Bloomberg News report, citing two people with knowledge of the situation. According to the report, the sources said that the auction is being run by Barclays Capital. The report relates one source said that Maxcom's market value is about US$133 million. Some preliminary offers put as much as a 40% premium on the equity, the source added. One source, the report notes, said that Maxcom plans to seek offers in September, and potential bidders may include Telefonica and Vivendi, as well as Mexican companies Megacable Holdings SAB, Axtel SAB, Alestra SA and Grupo Televisa SA, said one of the people. However, the Bloomberg News relates that Antonia Gutierrez, a spokeswoman for Maxcom, said the company has no knowledge of the matter Maxcom had about US$200 million of long-term debt at the end of the second quarter. About Maxcom Telecomunicaciones Maxcom Telecomunicaciones SA de CV offers telecommunications services. The company offers local and long distance telephone services to residences and small to medium-sized businesses, as well as conference calling, data transmission, and high-speed Internet access. Maxcom is a facilities-based telecommunications provider. * * * As of August 12, 2010, the company continues to carry Moody's "B3" long-term, long-term corporate family, and senior unsecured debt ratings. The company also carries Standard and Poor's "B" issuer credit ratings. MEXICANA AIRLINES: Canadian Court Recognizes Concurso Proceeding ---------------------------------------------------------------- Mexicana Airlines sought and obtained a ruling from the Superior Court of Canada Commercial Division in the District of Montreal that would shield the company from lawsuits and block creditors from seizing its assets. The Honorable Brian Riordan, in an order dated August 5, 2010, ruled that the insolvency case of Mexicana Airlines is recognized as a foreign main proceeding under Canada's Companies' Creditors Arrangement Act. The order also recognized Maru Johansen as the airline's foreign representative. Ms. Johansen serves as Mexicana Airlines' U.S. vice-president of legal affairs and corporate affairs. The court order imposes an injunction prohibiting Mexicana Airlines' creditors, suppliers or any entity from filing and prosecuting lawsuits or any action against the airline, its assets and the foreign representative unless there is approval from the Canadian Court, the airline or its representative. It also prohibits Mexicana Airlines from selling or disposing any of its assets in Canada without the Canadian Court's approval. The injunction is good until November 10, 2010. Justice Riordan also appointed Samson Belair Deloitte & Touche Inc. as information officer to assist the foreign representative. The firm is tasked to file a report every three months about the status of the proceeding, among other things. Both the foreign representative and the firm cannot be held accountable or be sued in connection with the performance of their duties, except with prior leave of the Canadian Court. Mexicana Airlines was required to pay the fees and reimburse the expenses of its foreign representative, Samson Belair and their counsel. To secure payment of their fees and expenses, they were granted mortgage, security interest or liens worth up to $250,000 in Mexicana Airlines' properties, except for some of its aircraft. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines Bankruptcy News. The newsletter tracks the chapter 11 proceedings and the ancillary proceedings undertaken by Compania Mexicana de Aviacion and its units. (http://bankrupt.com/newsstand/or 215/945-7000) MEXICANA AIRLINES: ILFC, et al., Seek Relief From U.S. TRO ---------------------------------------------------------- International Lease Finance Corp., Whitney Ireland Leasing Ltd. and Calliope Ltd. seek relief from the temporary restraining order issued by a U.S. bankruptcy court in favor of Mexicana Airlines. Mexicana Airlines, otherwise known as Compania Mexicana de Aviacion S.A. de C.V., earlier obtained a restraining order from the U.S. Bankruptcy Court for the Southern District of New York against creditors and other entities to ward off legal action against the airline. ILFC, Whitney Ireland and Calliope leased out some of their aircraft to the airline. Mexicana Airlines, however, allegedly breached their lease contracts after it failed to make payments, prompting the group to terminate the airline's rights under the contracts. The ILFC group earlier sent notices of termination to Mexicana Airlines requiring the airline to make the necessary payments and to return the aircraft. The group's attorney, Scott Greissman, Esq., at White & Case LLP, in New York, says the TRO should be dissolved because Mexicana Airlines has no colorable claim to the aircraft. "The imposition of the TRO does nothing to protect any legitimate property interest of Mexicana," Mr. Greissman says in a motion filed with the Court. "To the contrary, it permits Mexicana to continue to fly aircraft it has no right to fly with impunity." "Mexicana cannot continue to improperly possess the ILFC group's aircraft and the TRO should be dissolved to permit the ILFC group to repossess its aircraft," he says. Mr. Greissman further says that under bankruptcy law, the filing of a bankruptcy petition cannot revive a lease that was terminated prior to the commencement of a case. The ILFC group also asks the Court to issue a declaration that its lease contracts with Mexicana Airlines were already terminated and that the automatic stay is not applicable to the group and its aircraft if the Court issues an order recognizing the airline's insolvency case in Mexico as a "foreign main proceeding. In connection with this, the ILFC group filed two other motions seeking authorization to file under seal certain documents containing "highly sensitive information" and seeking expedited hearing on the group's request. In a related development, Pacific Fuel Trading Corp., a fuel supplier of Mexicana Airlines, filed a motion seeking either a clarification that the TRO does not prevent it from terminating its contract with the airline or relief from the TRO so that it could terminate the contract. Pacific Fuel argues that the TRO does not prohibit it from exercising its contractual rights since it would not transfer, encumber or dispose of the airline's assets. The Court will consider approval of ILFC's and Pacific Fuel's requests on August 16, 2010. The Court directed ILFC Group to file a supplemental memorandum of law. Mexicana Airlines has until August 13, 2010, to file its objection to the parties' motion. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines Bankruptcy News. The newsletter tracks the chapter 11 proceedings and the ancillary proceedings undertaken by Compania Mexicana de Aviacion and its units. (http://bankrupt.com/newsstand/or 215/945-7000) MEXICANA AIRLINES: Offers Unions Stake in Airline Under New Deal ---------------------------------------------------------------- Grupo Mexicana, otherwise known as Nuevo Grupo Aeronautico, offered Mexicana Airlines pilots and flight attendants a stake in the holding company in exchange for new labor terms. In a statement dated August 10, 2010, Grupo Mexicana, which controls the airline, said it offered pilots and flight attendants a share of its capital stock, proportionate to contributions made by their unions in their collective labor contracts. They were also offered a share in the stock of other companies including MexicanaLoyalty and MexicanaMRO, according to the statement. To provide Mexicana Airlines with the capital injection it needs, Grupo Mexicana said it will be inviting a "complementary investment group," which will also be entitled to a share of its capital stock. In addition, stockholders are willing to dilute their share participation to save the airline, according to the statement. "Given the airline's cash flow problems and precarious financial situation, time will be a determining factor," Grupo Mexicana said. "The fact that the company's unions have agreed to revise collective contracts in the interests of cost efficiency is a major step toward financial viability that will benefit not only employees and passengers in the long term but Mexico's commercial aviation industry in general," Grupo Mexicana pointed out. Fernando Perfecto, head of the pilots' union ASPA, said the union is interested in buying a stake and would modify its collective bargaining contract to secure a deal, according to an August 10, 2010 report by Bloomberg News. "Time is of the essence. We want to rescue Mexicana and if we have to assess our collective contract, without doubt we'll do it," Bloomberg News quoted Mr. Perfecto as saying. Talks between Grupo Mexicana and the pilots and flight attendants unions have progressed in the past 10 days, according to the statement. ASPA has already spoken with at least three outside investors to form a group to rescue the airline from bankruptcy, Mr. Perfecto disclosed. He refused to name the potential investors. Lizette Clavel, ASSA secretary general, also disclosed that Mexicana Airlines is in talks with "three important national groups" as possible buyers. She refused to name the investor groups but columnists and analysts have suggested AeroMexico, a rival company, as a potential buyer, according to an August 9, 2010 report by Reuters. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/-- is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on August 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines Bankruptcy News. The newsletter tracks the chapter 11 proceedings and the ancillary proceedings undertaken by Compania Mexicana de Aviacion and its units. (http://bankrupt.com/newsstand/or 215/945-7000) *********** 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 2010. 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 * * *