/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101008.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, October 8, 2010, Vol. 11, No. 199 Headlines A R G E N T I N A ASOCIACION MUTUAL: Creditors' Proofs of Debt Due by November 18 PIR CONDUCT: Creditors' Proofs of Debt Due by November 12 STONER SRL: Creditors' Proofs of Debt Due by October 25 B R A Z I L BRMALLS PARTICIPACOES: Fitch Raises Issuer Default Rating to 'BB' C A Y M A N I S L A N D S ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 DRAKE LONG: Shareholders' Final Meeting Set for October 29 EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29 EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29 GLOBAL COMMODITIES: Shareholders' Final Meeting Set for Oct. 29 HEKLA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 27 LIPIZZANER LEASING: Shareholder to Hear Wind-Up Report on Oct. 22 LUSITANO LEASING: Shareholder to Hear Wind-Up Report on Oct. 22 MELLON OFFSHORE: Shareholders' Final Meeting Set for October 29 NOUVO CAYMAN: Shareholder to Receive Wind-Up Report on October 22 PATROPA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 27 PICTOR EQUITY: Shareholders' Final Meeting Set for October 27 PICTOR MANAGEMENT: Shareholders' Final Meeting Set for October 27 PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28 PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28 TUSCAN INVESTMENTS: Shareholders' Final Meeting Set for October 29 UNION NATIONAL: Shareholders' Final Meeting Set for December 3 UNION NATIONAL: Shareholders' Final Meeting Set for December 3 C H I L E COMPANHIA MINERA: Miners' Families Sue Bosses for GBP6.3 Million H A I T I * HAITI: IDB Provides US$20MM Grant for Credit Guarantee Program J A M A I C A RBBT BANK: Yet to Agree With BITU on Restructuring Exercise M E X I C O CABLEMAS SA: Fitch Upgrades Issuer Default Rating to 'BB' T R I N I D A D & T O B A G O CL FIN'L: Credit Unions Slam Senator Watson Over Clico EFPA Claims PETROLEUM COMPANY: ECT&T Companies Seek TT$60 Million Payment V I R G I N I S L A N D S INNOVATIVE COMMUNICATION: Caribbean Asset Takes Control of Assets - - - - - ================= A R G E N T I N A ================= ASOCIACION MUTUAL: Creditors' Proofs of Debt Due by November 18 --------------------------------------------------------------- Mauricio Mudric, the court-appointed trustee for Asociacion Mutual de Accion Solidaria's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 18, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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 The Trustee can be reached at: Mauricio Mudric Tucuman 893 Argentina PIR CONDUCT: Creditors' Proofs of Debt Due by November 12 --------------------------------------------------------- Mirta Beatriz Rotman, the court-appointed trustee for Pir Conduct SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 12, 2010. The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, 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 The Trustee can be reached at: Mirta Beatriz Rotman Charcas 3040 Argentina STONER SRL: Creditors' Proofs of Debt Due by October 25 ------------------------------------------------------- Horacio Czaban, the court-appointed trustee for Stoner SRL's reorganization proceedings, will be verifying creditors' proofs of claim until October 25, 2010. Mr. Czaban will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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. Creditors will vote to ratify the completed settlement plan during the assembly on August 8, 2011. The Trustee can be reached at: Horacio Czaban Uruguay =========== B R A Z I L =========== BRMALLS PARTICIPACOES: Fitch Raises Issuer Default Rating to 'BB' ----------------------------------------------------------------- Fitch Ratings has upgraded the ratings of BRMALLS Participacoes S.A.: -- Foreign Currency Issuer Default Rating to 'BB' from 'BB-'; -- Local currency IDR to 'BB' from 'BB-'; -- Long-term national scale rating to 'AA-(Bra)' from 'A(Bra)'; -- US$175 million perpetual notes to 'BB' from 'BB-'; Fitch has also assigned an Issuer Default Rating of 'BB' to BR Malls International Finance Limited (Finco), a BRMALLS' fully owned subsidiary incorporated under the laws of the Cayman Islands. Finco is the issuer of the US$175 million perpetual notes noted above, which are irrevocably and unconditionally guaranteed by BRMALLS. In addition, Fitch has assigned an 'AA- (Bra)' rating to BRMALLS' BRL320 million local debentures, first and second tranches due in 2014 and 2016, respectively. The Rating Outlook is Stable. The ratings of BRMALLS Participacoes S.A. reflect its dominant business position as the largest Brazilian shopping center operator with participation in 37 shopping centers, stable and predictable cash flow generation, Brazil's positive economic environment, geographical and property revenue base diversification, and low working capital requirements with renters responsible for most maintenance expenses. The ratings also factors in BRMALLS' aggressive growth strategy and the potential affects of delays of turning around recently acquired assets and/or leasing new developments. These risks are partially mitigated by the company's comfortable cash position, large pool of unencumbered assets, and successful track record in selecting and integrating its acquisitions. The rating upgrade reflects the view that BRMALLS has built a good track record during the last four years of consistently implementing its growing strategy and increasing cash flow generation levels while maintaining solid liquidity and an adequate capital structure. The Stable Outlook reflects the expectation that BRMALLS will continue to deliver positive operating results based on its strong market position, the quality of its assets, and its proven ability to pursue its acquisition strategy without compromising its capital structure through heavily debt-funded acquisitions. Strong Business Fundamentals: BRMALLS is expected to continue to benefit from the strong industry fundamentals as a result of a positive macroeconomic environment coupled with a limited supply of leasable shopping areas. Brazil's favorable economic environment during the last few years has led to an increase in disposable income, which in turn has led to an increase in retail sales at a higher rate than Brazil's inflation rate and GDP growth. The Brazilian economy is forecast to post growth rates of 7% and 4.5% during 2010 and 2011, respectively. The company's net operating income during 2009 and LTM June 2010 was BRL370 million and BRL409 million, respectively. The ratings consider the expectation that the company's NOI will be around BRL480 million in fiscal 2010. Cash Flow Stability: BRMALLS' revenues are stable given the characteristics of its lease portfolio, which provide it with a stable base of fixed-rent income and a staggered lease expirations. The company's revenues for 2008, 2009, and LTM June 2010 were BRL319 million, BRL393 million, and BRL453 million, respectively. BRMALLS' lease structure consists of fixed rent payments (70%) and tenant reimbursements (10%), which (basically covering costs associated with property management and taxes) represent about of 80% total revenues and make the company's revenues more predictable. The lease portfolio has staggered lease expiration dates with about of 70% of the company's rental income contracts have expiration dates longer than two years. Over the next 12 months and 24 months, lease expirations are somewhat high at 16% and 14%, respectively; the vast majority of these leases are expected to be renewed. Positive Trend in Operating Metrics: BRMALLS' tenant consolidated sales volume totaled BRL2.7billion and BRL3 billion during the first and second quarters of 2010, representing increases of 21.7% and 17.2% over the first quarter and second quarters of 2009, respectively, and reflect the positive business environment. In addition, BRMALLS' improving property income is reflected in the positive trend of its levels of rent per square meter (m2) and net operating income (NOI) per m2, which reflect the company's capacity to continually integrate and further develop its portfolio of assets. The company's NOI per m2 and rent per m2 for the 2Q'10 were BRL83 and BRL73, respectively, levels that represented increases of 16% and 24% and 33% and 38% over the last 12-month period and 24-month period, respectively. High Occupancy Levels, Diversified Strategy: The company's recent operational performance reflects its high portfolio quality, evidenced by the high level of occupancy, positive trending revenues per m2, and increasing lease spreads. BRMALLS achieved its highest occupancy level ever during the second quarter of 2010 (98.3%), with several malls reaching 100% occupancy, while BRMALLS' lease spreads increased 26.4% for new contracts and 22.3% for renewals. In addition, leasing spreads for existing and new contracts reached 26.4% during the 2Q'10, and the company managed to keep occupancy costs low (9.3% of sales versus 9.8% in the second quarter of 2009) with decreased default rates at 2.9% versus 3.7% in the second quarter of 2009. The ratings positively factor BRMALLS' diversification strategy. The company's geographic, income, and tenant diversification makes it less prone to fluctuations in the domestic economy. BRMALLS has operations in all five regions of Brazil; the largest mall represents only 14% of total revenue. The company's diversification spreads over to its customer base as it looks to serve all income segments. In addition, approximately 10% of the company's total annual revenue from rent and services is derived from anchor stores, and none of those stores, individually, are responsible for more than 2% of the company's annual total revenue from rent and services. In addition, the company's tenant composition offer a good degree of diversification in terms of tenant concentration as the 20 most important tenants represent approximately 21% of the company's total annual rent revenue. Improvement in Cash Flow Generation: The company's capacity to consistently improve its cash flow generation, as measured by EBITDA, during the past three years is solid. BRMALLS' EBITDA for LTM period ended June 2010 was BRL358 million, which positively compares with its EBITDA levels of BRL320 million, BRL240 million, and BRL127.1 million in 2009, 2008 and 2007, respectively. In addition, the company's EBITDA margins have maintained positive trend, reaching levels of 61.8%, 75.5%, 81.4%, and 79% during years 2007, 2008, 2009 and LTM June 2010, respectively. The ratings incorporate the expectation the company will continue improving its cash flow generation, reaching EBITDA levels of BRL420 million and BRL486 million during fiscal 2010 and fiscal 2011, respectively. Aggressive Capex, Negative Free Cash Flow: The ratings are constrained by the aggressive capex plan the company is currently implementing through acquisition as well as greenfield and expansion projects. The company is expected to reach capex levels of around BRL850 million and BRL550 million during 2010 and 2011, respectively, which will affect its liquidity and free cash flow generation. The company's cash position is expected to be around BRL500 million and BRL300 million by the end of December 2010 and December 2011, respectively, while the company's free cash flow is expected to be negative by approximately BRL535 million and BRL235 million during fiscal 2010 and fiscal 2011, respectively. BRMALLS' aggressive capex plan is counterbalanced by its positive track record of delivering good results and maintaining an adequate capital structure. During the last four years the company's growth by acquisitions, being 2007 the year with the highest level of acquisitions, was supported by a consistent financial strategy of balancing debt and equity, which allowed the company to maintain adequate levels of liquidity and leverage while improving its cash flow generation. Adequate Debt Payment Schedule: BRMALLS maintains an adequate debt maturity schedule. By the end of June 2010, only 4.8% of the company's debt was concentrated in the short term, while its debt profile presented an average duration of 12 years, more consistent with the long-term nature of its asset base. BRMALLS faces debt amortizations of BRL74.1 million, BRL101.5 million, and BRL108.5 million during 2010, 2011, and 2012, respectively, comfortably covered by its current cash and marketable securities balance of BRL846 million. Further, the company maintains good levels of unencumbered assets, approximately 41% of the company's owned GLA (200,000 m2) supports its secured debt of BRL870 million by the end of June 2010. Approximately 290,000 m2 available and free of any lien that the company could use in the future to access liquidity, this level of unencumbered assets also presents a good recovery prospect for the unsecured debt in a default scenario. Net Leverage to Increase to Modest Levels: The company's net debt/EBITDA ratio was 2.0x at the end of June 2010. The company's net leverage was 1.0x and 2.9x at the end of December 2009 and December 2008, respectively. The ratings incorporate the view that BRMALLS' net leverage would be in the 2.5x to 2.75x range during the 18 months ending December 2011. By the end of June 2010, the company's total debt was BRL1.5 billion, and it was composed mostly of public debt. The main components of the company's total debt were the perpetual bonds denominated in U.S. dollars (equivalent to BRL321 million) that account for 21% of the company's debt composition; Real Estate Credit Certificateswith maturities up to 2021 of BRL613 million that account for 40%; and debentures maturing in 2014 and 2016, totaling BRL359 million and accounting for 23%. The company's debt structure also includes bank loans totaling BRL255 million that account for 16% of the total debt. The company has secured debt of approximately BRL869 million, which represents approximately 56% of the company's total debt composition and is mainly comprised by the CRIs. BRMALLS is expected to maintain leverage and liquidity levels consistent with the rating category. Fitch would consider a negative rating action if deterioration in the company's financial profile occurs, leading to weaker credit metrics coupled with significant distributed dividends and increasing vacancy rates financed by debt that would move the company's capital structure away from the levels Fitch understands to be compatible with the rating category assigned. ========================== C A Y M A N I S L A N D S ========================== ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 --------------------------------------------------------------- The shareholder of Aladdin Relative Value Credit Master Fund Limited will receive, on October 27, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Bunn Telephone: (345) 815-1848 Facsimile: (345) 949-9877 ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 --------------------------------------------------------------- The shareholder of Aladdin Relative Value Credit Fund Limited will receive, on October 27, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Bunn Telephone: (345) 815-1848 Facsimile: (345) 949-9877 ALADDIN RELATIVE: Shareholder to Hear Wind-Up Report on Oct. 27 --------------------------------------------------------------- The shareholder of Aladdin Relative Value Credit Fund II Limited will receive, on October 27, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Bunn Telephone: (345) 815-1848 Facsimile: (345) 949-9877 DRAKE LONG: Shareholders' Final Meeting Set for October 29 ---------------------------------------------------------- The shareholders of The Drake Long Volatility Fund, Ltd will hold their final meeting, on October 29, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------------- The shareholders of European Pearl Fund Limited will hold their final meeting, on October 29, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands EUROPEAN PEARL: Shareholders' Final Meeting Set for October 29 -------------------------------------------------------------- The shareholders of European Pearl Investment Limited will hold their final meeting, on October 29, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands GLOBAL COMMODITIES: Shareholders' Final Meeting Set for Oct. 29 --------------------------------------------------------------- The shareholders of Global Commodities Beta + Fund will hold their final meeting, on October 29, 2010, at 9:15 a.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 HEKLA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 27 ------------------------------------------------------------ The shareholder of Hekla Limited will receive, on October 27, 2010, at 10:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands LIPIZZANER LEASING: Shareholder to Hear Wind-Up Report on Oct. 22 ----------------------------------------------------------------- The shareholder of Lipizzaner Leasing Limited will receive, on October 22, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 LUSITANO LEASING: Shareholder to Hear Wind-Up Report on Oct. 22 --------------------------------------------------------------- The shareholder of Lusitano Leasing Limited will receive, on October 22, 2010, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 MELLON OFFSHORE: Shareholders' Final Meeting Set for October 29 --------------------------------------------------------------- The shareholders of Mellon Offshore Enhanced Global Opportunity Fund, Ltd. will hold their final meeting, on October 29, 2010, at 9:45 a.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 NOUVO CAYMAN: Shareholder to Receive Wind-Up Report on October 22 ----------------------------------------------------------------- The shareholder of Nouvo Cayman Limited will receive, on October 22, 2010, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 PATROPA INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 27 ------------------------------------------------------------------ The shareholders of Patropa International Ltd. will hold their final meeting, on October 27, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 PO Box 707, Grand Cayman KY1-1107 Cayman Islands PICTOR EQUITY: Shareholders' Final Meeting Set for October 27 ------------------------------------------------------------- The shareholders of Pictor Equity Fund Limited will hold their final meeting, on October 27, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands PICTOR MANAGEMENT: Shareholders' Final Meeting Set for October 27 ----------------------------------------------------------------- The shareholders of Pictor Management Company Limited will hold their final meeting, on October 27, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28 ----------------------------------------------------------------- The shareholders of Plainfield Liquid Strategies Offshore Feeder Fund Limited will hold their final meeting, on October 28, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands PLAINFIELD LIQUID: Shareholders' Final Meeting Set for October 28 ----------------------------------------------------------------- The shareholders of Plainfield Liquid Strategies Master Fund Limited will hold their final meeting, on October 28, 2010, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands TUSCAN INVESTMENTS: Shareholders' Final Meeting Set for October 29 ------------------------------------------------------------------ The shareholders of Tuscan Investments Offshore Fund, Ltd. will hold their final meeting, on October 29, 2010, at 9:30 a.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 UNION NATIONAL: Shareholders' Final Meeting Set for December 3 -------------------------------------------------------------- The shareholders of Union National Brazil Opportunity Fund will hold their final meeting, on December 3, 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: Directorsplus Limited Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands UNION NATIONAL: Shareholders' Final Meeting Set for December 3 -------------------------------------------------------------- The shareholders of Union National Brazil Opportunity Master Fund will hold their final meeting, on December 3, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Directorsplus Limited Nicole Ebanks Telephone: (345) 943 2295 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855, Grand Cayman KY1-1207 Cayman Islands ========= C H I L E ========= COMPANHIA MINERA: Miners' Families Sue Bosses for GBP6.3 Million ---------------------------------------------------------------- Relatives of 27 of the 33 miners trapped in Compania Minera San Esteban Primera's Chilean gold and copper mine are suing their bosses for GBP6.3 million, The Press Association reports. The report relates that their lawyer Edgardo Reinoso said that the families of the miners, trapped since August 5, will demand a similar amount from Chile's government in the next few days. According to The Press Association, relatives accuse Compania Minera owners Alejandro Bohn and Marcel Kemeny of negligence and breaches of several workplace and mine safety regulations. The report notes that the second suit will claim the government failed to enforce the regulations. "We families want them to pay all the damages, and we want justice," The Press Association quoted Elvira Valdivia, wife of heavy equipment operator Mario Sepulveda. The report says that most of the miners' families agreed to sue last month during a meeting at Camp Hope, where they have been maintaining a vigil. Relatives of the remaining six miners will have to decide whether to pursue their own lawsuit, join this one or leave it alone, Mr. Reinoso said, The Press Association adds. About Compania Minera Compania Minera San Esteban Primera is engaged in the production of both copper and gold concentrates. ========= H A I T I ========= * HAITI: IDB Provides US$20MM Grant for Credit Guarantee Program ---------------------------------------------------------------- A US$20 million grant from the Inter-American Development Bank will help Haiti establish a partial credit guarantee fund to facilitate the restructuring of loans to businesses affected by the Jan. 12 earthquake. The program, which will be run by the Banque de la Republique d'Haiti's Industrial Development Fund, will enable banks and credit unions to restructure loans and provide additional financing to viable companies that suffered damages or losses due to the earthquake and face difficulties in servicing their current loans. Estimates of loans impaired by the earthquake range in the hundreds of millions of dollars. By aiding in the restructuring of such loans, the Haitian central bank would prevent more borrowers from going into liquidation, reduce capital losses for lenders and assist the country's economic recovery. Under the program, commercial lenders will request partial credit guarantees from the Industrial Development Fund for eligible restructured loans. The program will initially focus on loans under US$1 million, in order to facilitate the restructuring of financing for small and medium-size companies. This program reflects the IDB's strategy of promoting private sector investment and job-creation in Haiti by expanding access to credit. Through a program launched by its Multilateral Investment Fund (MIF), the IDB is relieving Haitian microfinance institutions of earthquake-impaired microcredit portfolios. The IDB's Inter- American Investment Corporation (IIC) is working on a new social financing fund aimed at SMEs. The IDB is also providing Haiti tens of millions of dollars in grants to repair key infrastructure, such as its roads network and its electricity system, and to rebuild or expand industrial parks. In addition, the IDB is advising the Haitian government on improving business conditions and assisting its efforts to attract foreign investment in manufacturing, agriculture and tourism. In preparing the partial credit guarantee program, the IDB worked closely with Haitian authorities and with officials from the World Bank and the U.S. Department of Treasury. The Haiti Reconstruction Fund is contributing US$12.5 million to the program and World Bank is providing US$2.5 million. ============= J A M A I C A ============= RBBT BANK: Yet to Agree With BITU on Restructuring Exercise ----------------------------------------------------------- An agreement has still not been reached between the management of RBTT Bank Jamaica and the Bustamante Industrial Trade Union concerning a restructuring exercise at the entity, RadioJamaica reports. According to the report, following another round of discussions, RBTT reportedly presented the union with information on its plans. RadioJamaica relates that BITU President-General Kavan Gayle said the information is being reviewed and consultations are taking place with RBTT employees. "And while we are having dialogue with our membership right across the different branches, we will continue to have discussions with the bank in relation to this matter," the report quoted Mr. Gayle as saying. "However the objective we want to arrive at is that once these discussions have been concluded, we want to ensure that our members are protected in their jobs. We are seeking job protection for the employees through any restructuring that is taking place," Mr. Gayle added. Plans by the management of RBTT to implement aspects of its restructuring without completing consultations had not gone down well with the union and workers, who were worried about their jobs, RadioJamaica relates. As reported in the Troubled Company Reporter-Latin America on September 28, 2010, RadioJamaica said that RBTT Bank's move to implement aspects of its planned restructuring without completing consultations with the union representing employees has not gone down well. According to the report, Kavan Gayle, president general of Bustamante Industrial Trade Union said that the bank's management presented its plan during a meeting a month ago. However, the report related, he said that the union requested more information which has not yet been provided. Mr. Gayle, the report noted, wrote to the management of RBTT demanding that the bank withdraw its planned intention to roll out the new structure. As reported in the Troubled Company Reporter-Latin America on August 2, 2010, RadioJamiaca said that more than 30 employees of RBTT bank could lose their jobs following the closure of three of the bank's branches. The report related that RBTT bank disclosed that following a strategic review of its operations it has decided to close it branches at Fairview in Montego Bay, St. James, Port Antonio in Portland and Southfield in St. Elizabeth =========== M E X I C O =========== CABLEMAS SA: Fitch Upgrades Issuer Default Rating to 'BB' --------------------------------------------------------- Fitch Ratings has upgraded these ratings of Cablemas, S.A. de C.V.: -- Local currency Issuer Default Rating to 'BB' from 'BB-'; -- Foreign currency IDR to 'BB' from 'BB-'; -- National scale long-term rating to 'A+(mex)' from 'A(mex)'. The Rating Outlook for these ratings is Stable. In addition, Fitch upgrades Cablemas' US$175 million 9.375% coupon senior notes due in 2015 to 'BB' from 'BB-'. The ratings upgrade reflects Cablemas' improved financial profile as a result of an increase in homes passed and subscriber base which in turn is reflected in continued growth in revenues and EBITDA. Debt levels have remained stable due to capex financed through internally generated cash flow and equity injections from Grupo Televisa, S.A.B. (rated 'BBB+/AAA(mex)' by Fitch). Fitch expects leverage measured as Total Debt to EBITDA will remain between 1.5 times and 2.0x in the medium term. In addition, the company's debt maturity schedule is manageable. Balanced against these factors is the company's historically negative free cash flow generation which is expected to become neutral or slightly positive in the future, as well as the competitive business environment where it operates. Cablemas' ratings are based on its solid operating network, geographically diverse subscriber base, stable financial position, increasing competition and continued negative cash flow generation. Cablemas continues to invest in its network development and increasing its subscriber base and service penetration, which has resulted in negative cash generation in recent years. The ratings incorporate the increased participation of Televisa in Cablemas' equity and its active role in the company's strategy, decision-making and execution processes. In February 2009 Televisa injected MXP557 million to increase its equity participation in Cablemas to 58% from 54%. Fitch believes that Televisa's participation brings long-term strategic synergies, as well as a robust partner with ample financial flexibility and growth support. Televisa consolidates Cablemas' results since June 2008; however, there is no explicit guarantee or support from Televisa to the company's debt, nor cross-defaults according to Televisa's bond indentures, as Cablemas is still not considered a material subsidiary of Televisa. Cablemas' financial position remains stable, despite current economic conditions. For the latest 12 months ended in June 30, 2010, EBITDA interest coverage was 4.6x compared to 4.1x and 2.8x at the end of 2009 and 2008, respectively. Total debt-to-EBITDA for the same period was 2.1x, down from 2.3x and 2.8x in 2009 and 2008, respectively. Taking into account Cablemas' derivative transactions to hedge the principal of the debt, total debt-to- EBITDA for year-end 2009 and LTM at June 2010 was 1.9x and 1.7x, respectively. Cablemas' liquidity is manageable and total debt remains stable. The company's cash balance at June 2010 was approximately US$8 million, with total debt of approximately US$232 million and short-term debt of US$2 million, mainly represented by interest payable. Total debt is comprised of a US$50 million bank loan maturing in 2012, capital leases for US$5.6 million, and US$175 million senior notes due 2015. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Credit Unions Slam Senator Watson Over Clico EFPA Claims ------------------------------------------------------------------ Asha Javeed at Trinidad and Tobago Guardian reports that Credit Union League is disgusted by the statements made by government Senator Prof. Patrick Watson about credit unions manipulating the rules to take part in Colonial Life Insurance Company (Trinidad) Limited's executive flexible premium annuity (EFPA). CLICO is a subsidiary of CL Financial Limited. According to Trinidad and Tobago Guardian, Mr. Watson said that credit unions manipulated the rules to take advantage of interest payments as the EFPA was only available to individuals and he questioned the legality of such an action. The report notes CUL President Brian Moore chastised Mr. Watson as making statements without knowing the full story. Trinidad and Tobago Guardian relates Mr. Moore, who's on the board of several credit unions, said Clico offered the EFPA product to credit unions and trade unions. Mr. Moore, Trinidad and Tobago Guardian discloses, said that credit unions were advised to name an official of the organization whose name would go on the product. That person, Mr. Moore said, would act as an agent to the credit union, the report says. Mr. Moore, Trinidad and Tobago Guardian relates, said that when the offer was made, the CUL sought legal advice as well as approval from the Central Bank and the Commissioner of Co- operatives. "No one raised any objections. Nobody was saying that Clico was not operating within the legal framework, that what Clico was doing was illegal. So how can they say what we did was illegal?" the report quoted Mr. Moore as saying. The CUL has more than $600 million invested in Clico. The CUL, Trinidad and Tobago Guardian states, was the first group to voice its disapproval about Clico payout as more than 40 credit unions stand to lose huge investments. Discussions are ongoing between the Ministry of Finance and the CUL, the report adds. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. PETROLEUM COMPANY: ECT&T Companies Seek TT$60 Million Payment ------------------------------------------------------------- Nadaleen Singh at Trinidad and Tobago Guardian reports that member companies of the Energy Chamber of T&T are owed TT$60 million for work on the world gas to liquid (GTL) project, under the purview of Petroleum Company of Trinidad and Tobago, and are calling on the Government to intervene so they can get paid. According to the report, President of ECTT Charles Percy said taking too long to appoint State boards can be a problem. The report relates that Mr. Percy said: "The absence of State boards means a lot of economic activity has been suspended. Many of our members are suffering from this situation as they are owed millions of dollars for work completed on various projects. Member companies alone are owed over TT$60 million for work completed on the World GTL project." On addressing the issues, Trinidad and Tobago Guardian notes, Prime Minister Kamla Persad-Bissessar said: "It is something I would prefer to discuss at another time. I can't give you a straight answer so I do not want to mislead you." Ms. Persad- Bissessar, the report relates, said that the government would make the effort to secure their payment." Meanwhile, Trinidad and Tobago Guardian relates, regarding the appointment of State boards, Ms. Persad-Bissessar said the government believed in transparency and accountability and would ensure that would be the practice by the State boards. Ms. Persad-Bissessar said State-owned Petrotrin, as well as other State entities, would have board members assigned to them by October 7, 2010, the report adds. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, given its higher labor costs. The company operates a refinery at Pointe- Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express said that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad- Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. ========================== V I R G I N I S L A N D S ========================== INNOVATIVE COMMUNICATION: Caribbean Asset Takes Control of Assets ----------------------------------------------------------------- The transfer of control of the U.S. Virgin Islands-based operating businesses of Innovative Communication Corporation to Caribbean Asset Holdings, a subsidiary of National Rural Utilities Cooperative Finance Corporation (CFC), was completed on October 6, 2010. The official transfer follows completion of required regulatory approvals and final U.S. federal bankruptcy court approval granted in an opinion and order issued by Judge Judith K. Fitzgerald on August 17, 2010. The closing also comes after satisfactory resolution of other proceedings in U.S. Virgin Islands courts. CAH now owns the telecommunications operating divisions and subsidiaries that include the local telephone company, Virgin Islands Telephone Corporation (Vitelco), St. Thomas Cable, St. Croix Cable and Vitelcom Cellular. Although regulatory and court approvals have been received, in order to ensure an orderly transition, the transfer of control of the Innovative companies located in the British Virgin Islands and St. Maarten will take place in the coming months. "This is a milestone day," CFC Chief Financial Officer Steven Lilly said. "CFC recognizes that this has been a long process for us, Innovative's employees and customers, the people of the Virgin Islands and other critical stakeholders." "CFC thanks Governor John de Jongh, the commissioners, staff and consultants of the Virgin Islands Public Services Commission and other public officials who were supportive throughout this process," Mr. Lilly continued. "We also commend Innovative Trustee Stan Springel and his team for their efforts that brought us to this day." CFC has installed a new executive management team at CAH. This team is based in the U.S. Virgin Islands and led by Seth R. Davis, who will serve as the chief executive officer. He is joined by J. Robert Gary, chief financial officer; Terry Falls, senior vice president of network operations; Michael D. Soileau, senior vice president of sales, marketing and customer experience; and Anna Marie Lanham-Brown, senior vice president of information technology. This executive team has been secured under an agreement with FTI Consulting, Inc. (FTI), a global business management firm that advised CFC during the credit bid process. "The CAH team recognizes the challenges that lay ahead for us, and we are ready to get to work alongside our valued Innovative employees to rebuild all the core components of this enterprise and better serve our customers," Mr. Davis said. "To our employees, thank you for your continued hard work and support. CAH's overall goal is to improve the infrastructure of the Innovative businesses in order to bring VI customers and businesses an upgraded network and enhanced services." In September 2007, Judge Fitzgerald placed Innovative, a holding company for a number of media and telecommunications ventures, into Chapter 11 bankruptcy and appointed Stan Springel to be the trustee of the bankrupt estate. The judge's actions followed Innovative's inability to satisfy its obligations to its creditors, including CFC's affiliate Rural Telephone Finance Cooperative. About CFC National Rural Utilities Cooperative Finance Corporation -- http://nrucfc.coop/-- is a non-governmental cooperative that provides capital and industry-leading financial products to the nation's rural utility systems. With more than US$20 billion in assets, CFC is committed to providing unparalleled industry expertise, flexibility and responsiveness to serve the needs of its member-owners. About CAH Caribbean Asset Holdings is a subsidiary of CFC created to manage and operate the Virgin Islands telecommunications assets CFC acquired through bankruptcy proceedings with Innovative Communications Corporation. CAH staff will oversee the daily management and operations of the Innovative companies. *********** 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. 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