/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101124.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 Wednesday, November 24, 2010, Vol. 11, No. 232 Headlines A N T I G U A & B A R B U D A DIGICEL GROUP: Denies Multi-Million Dollar Bill A R G E N T I N A FAVIKAL SA: Creditors' Proofs of Debt Due December 27 LA AGROPECUARIA: Creditors' Proofs of Debt Due February 7 RIVADAVIA 6766: Creditors' Proofs of Debt Due December 16 TECNOPROM SA: Creditors' Proofs of Debt Due February 11 UNIMEK SRL: Creditors' Proofs of Debt Due February 16 XUR PRODUCCIONES: Creditors' Proofs of Debt Due February 22 B E R M U D A GEORGIA-PACIFIC: Creditors' Proofs of Debt Due December 8 GEORGIA-PACIFIC: Members' Final Meeting Set for December 29 GRUNDY WORLDWIDE: Creditors' Proofs of Debt Due December 8 GRUNDY WORLDWIDE: Members' Final Meeting Set for December 29 INTERNATIONAL STRUCTURED: Creditors' Proofs of Debt Due December 8 INTERNATIONAL STRUCTURED: Members' Final Meeting Set for Dec. 29 B R A Z I L ENERGISA SA: Moody's Upgrades Corporate Family Rating to 'Ba2' INDEPENDENCIA SA: Seeks Debt Freeze to Avert Bankruptcy REDE ENERGIA: Fitch Affirms 'B-' Issuer Default Ratings C A Y M A N I S L A N D S ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8 ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8 ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on December 8 CIC MICROCAP: Shareholders' Final Meeting Set for December 29 CIC TECHNOLOGY: Shareholders' Final Meeting Set for December 29 DELTA US: Shareholder to Hear Wind-Up Report on December 16 HAGEMEYER TCI: Shareholders' Final Meeting Set for December 17 HFH RANGER: Shareholders' Final Meeting Set for December 10 HFH RANGER: Shareholders' Final Meeting Set for December 10 MINERVA CAPITAL: Shareholders' Final Meeting Set for December 13 MINERVA MACRO: Shareholders' Final Meeting Set for December 9 MINERVA MACRO: Shareholders' Final Meeting Set for December 10 OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 SOLENT GENERAL: Shareholders' Final Meeting Set for December 1 SOTRADA (CAYMAN): Shareholders' Final Meeting Set for December 10 TRAFELET CAYMAN: Shareholder to Hear Wind-Up Report on December 16 WCIP CAYMAN: Shareholders' Final Meeting Set for December 10 WIJO CAYMAN: Shareholders' Final Meeting Set for December 10 C O L O M B I A BANCOLOMBIA SA: Moody's Holds 'D+' Bank Financial Strength Rating EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: To Sell US$700 Million in Bonds Next Year M E X I C O MEXICANA AIRLINES: Employees Accept Restructuring Plan VITRO SAB: Ad Hoc Noteholders Express Concerns on Exchange Offer * MEXICO: Moody's Withdraws 'B1' Rating on Tezoyuca Municipality * MEXICO: Moody's Withdraws 'Ba2' Rating on Tampico Municipality V I R G I N I S L A N D S TRANSFIELD ER: Seeks Protection From Suits in the U.S. - - - - - =============================== A N T I G U A & B A R B U D A =============================== DIGICEL GROUP: Denies Multi-Million Dollar Bill ----------------------------------------------- Caribbean360.com reports that Digicel Group has denied claims by Antigua and Barbuda's state-owned public utilities company that it owes millions of dollars in unpaid bills and has told its customers not to worry because "it's business as usual". As reported in the Troubled Company Reporter-Latin America on November 22, 2010, Caribbean360.com said that the Antigua Public Utilities Authority is threatening to cut off Digicel Group, unless it settles millions of dollars in arrears by the beginning of next month. According to Caribbean360.com, in letters sent to Digicel Group's OECS General Manager John Delves, the APUA, which provides interconnect capacity for the mobile phone provider, demanded payment of the EC$5,329,514 (US$1,984,921) that has been racked up in services provided over the past seven years. Caribbean360.com notes that APUA has given Digicel until Dec. 1 to resolve the issue or face partial or full disconnection. However, Caribbean360.com relates, the company responded in a statement that it "does not believe that APUA is correct in its claim that Digicel has an outstanding bill of EC$5 million owing to them." The souring relations between the two were highlighted last week when Digicel blamed APUA for congestion problems on its network, Caribbean360.com discloses. APUA, Caribbean360.com relates, then responded with the threat to disconnect unless the outstanding payments were made. But in a release issued, the Ministry of Information, Broadcasting, Telecommunications, Science and Technology said it has been concerned since last year, about the issue of congestion across networks, particularly the networks that connect Digicel with APUA and, by extension, LIME and PCS, Caribbean360.com notes. Caribbean360.com adds that the Minister of State in the Office of the Prime Minister, Dr. Edmond Mansoor noted that with the introduction of liberal 'talk away' plans by both Digicel and LIME, the degree of congestion across all the networks has increased four-fold. About Digicel Group Digicel Group -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state-of-the-art handsets. By offering innovative wireless services and community support, Digicel has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barths. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of January 14, 2010, the company continues to carry Moody's "Caa1" senior unsecured debt rating. ================= A R G E N T I N A ================= FAVIKAL SA: Creditors' Proofs of Debt Due December 27 ----------------------------------------------------- Carlos Felix Juncal, the court-appointed trustee for Favikal SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 27, 2010. Mr. Juncal will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, 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: Carlos Felix Juncal Lavalle 1710 Argentina LA AGROPECUARIA: Creditors' Proofs of Debt Due February 7 --------------------------------------------------------- Maria del Pilar Enrique, the court-appointed trustee for La Agropecuaria SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 7, 2010. Ms. Enrique will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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: Maria del Pilar Enrique Alsina 1495 Argentina RIVADAVIA 6766: Creditors' Proofs of Debt Due December 16 --------------------------------------------------------- Horacio Jorge Czban, the court-appointed trustee for Rivadavia 6766 SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 16, 2010. Mr. Czban 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. The Trustee can be reached at: Horacio Jorge Czban Uruguay 660 TECNOPROM SA: Creditors' Proofs of Debt Due February 11 ------------------------------------------------------- Gerardo Miguel Seghezzo, the court-appointed trustee for Tecnoprom SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 11, 2010. Mr. Seghezzo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 32, 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: Gerardo Miguel Seghezzo Combate de los Pozos 129 Argentina UNIMEK SRL: Creditors' Proofs of Debt Due February 16 ----------------------------------------------------- Mario Adrian Narisma, the court-appointed trustee for Unimek SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 16, 2010. Mr. Narisma will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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: Mario Adrian Narisma Avenida Corrientes 1628 Argentina XUR PRODUCCIONES: Creditors' Proofs of Debt Due February 22 ----------------------------------------------------------- Gustavo Aran, the court-appointed trustee for Xur Producciones SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 22, 2010. Mr. Aran will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, 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: Gustavo Aran Viamonte 1464 Argentina ============= B E R M U D A ============= GEORGIA-PACIFIC: Creditors' Proofs of Debt Due December 8 --------------------------------------------------------- The creditors of Georgia-Pacific Britain Limited are required to file their proofs of debt by December 8, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda GEORGIA-PACIFIC: Members' Final Meeting Set for December 29 ----------------------------------------------------------- The members of Georgia-Pacific Britain Limited will hold their final meeting on December 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 commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda GRUNDY WORLDWIDE: Creditors' Proofs of Debt Due December 8 ---------------------------------------------------------- The creditors of Grundy Worldwide Limited are required to file their proofs of debt by December 8, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda GRUNDY WORLDWIDE: Members' Final Meeting Set for December 29 ------------------------------------------------------------ The members of Grundy Worldwide Limited will hold their final meeting on December 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 commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda INTERNATIONAL STRUCTURED: Creditors' Proofs of Debt Due December 8 ------------------------------------------------------------------ The creditors of International Structured Investments Limited are required to file their proofs of debt by December 8, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda INTERNATIONAL STRUCTURED: Members' Final Meeting Set for Dec. 29 ---------------------------------------------------------------- The members of International Structured Investments Limited will hold their final meeting on December 29, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 18, 2010. The company's liquidator is: Jennifer Y. Fraser Canonae's Court, 22 Victoria Street Hamilton Bermuda =========== B R A Z I L =========== ENERGISA SA: Moody's Upgrades Corporate Family Rating to 'Ba2' -------------------------------------------------------------- Moody's Investors Service upgraded Energisa S.A.'s corporate family rating to Ba2 from Ba3 on the global scale and to A1.br from A2.br on the National Scale. At the same time, Moody's upgraded to Ba2 from Ba3 the rating of the US$250 million unsecured note units jointly but not severally issued by Energisa Sergipe - Distribuidora de Energia S.A. and Energisa Paraiba -- Distribuidora de Energia S.A. due 2013 which are guaranteed by Energisa. The outlook is stable for all ratings. Ratings Rationale The Ba2 corporate family rating reflects Energisa's solid credit metrics for the rating category, sound liquidity position, experienced management, and the inherently stable and predictable cash flow nature of the electricity distribution business. A relatively fairly sizeable capital expenditures program that will increase Energisa's participation in the unregulated electricity generation business constrains the ratings. Additional constraints on the ratings are the evolving Brazilian regulatory framework and Energisa's recent profit volatility that is a result of a previous somewhat aggressive hedging policy. The rating upgrade reflects Moody's expectation that Energisa will continue to post solid credit metrics with lower profit and cash flow volatility going forward with the implementation of a more conservative hedging policy, which the company's board of directors approved last year. Despite relatively stable and predictable operating margins, cash from operations is expected to reduce somewhat as a percentage of total debt from 2011 through 2013 as the company contends with last year's tariff reduction and the sizeable capital expenditures associated with constructing new power generation facilities. This decline is expected to be partly tempered by a growing volume of sales mainly in the northeast region of the country, where electricity consumption has consistently outpaced the country's electricity consumption average, and by additional revenues from the generation business. Moody's expects the third periodic tariff review, to start in 2011, to further reduce electricity tariffs for Energisa's distribution companies, its main subsidiaries, which will have a major impact on operating margins and cash flow in 2012 and 2013. However, the expected higher cash flow from the generation business will partly offset the lower cash flow from distribution companies that will occur mainly after 2013. In addition to the three small hydro plants that are scheduled to start operating in the first half of 2011, Energisa forecasts new electricity production in 2013 as a result of the completion of two major wind power projects. Energisa plans to invest around BRL 1.3 billion over the next three years mainly to expand the generation business, meet performance targets set by the regulator and reduce energy losses. Out of this amount, around BRL 900 million will go to construct two wind power farms with an installed capacity of 236 MW that are scheduled to come on stream in 2013. Energisa is negotiating the borrowing of long-term funding for the construction of these generation projects with two major federal-owned investment banks, BNDES and Banco do Nordeste do Brasil BNB. Once the generation projects are completed, Moody's believes that the distribution business will still represent more than 75% of the consolidated cash flow. Energisa's stable rating outlook reflects Moody's expectation that the company will continue to produce solid credit metrics for the rating category, that the mix of business will continue to remain largely focused around distribution activities, that the new hedging strategy will reduce cash flow and earnings volatility and that the company will secure financing to fund its generation projects. In light of the upgrade and the large capital investment program anticipated over the three years, near-term prospects of rating upgrade appear limited. The rating could be downgraded if the company is not able to secure financing at reasonable terms for its generation projects, if the construction activity results in material delays negatively impacting cash flow and costs, or if the company's chooses to finance its growth strategy with higher than anticipated leverage. The last rating action for Energisa was on March 24, 2010, when Moody's upgraded Energisa's corporate family rating to A2.br from A3.br on the national scale and affirmed the Ba3 corporate family rating on the global basis. At the same time, Moody's changed the outlook of all ratings to positive from stable. Energisa, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states (Para�ba, Sergipe, Minas Gerais and Rio de Janeiro), serving approximately 2.3 million consumers. In the first nine months of 2010, Energisa distributed 5,704 GWh, which is equivalent to around 2% of the country's electricity consumption. In the twelve month period ended September 30, 2010. Energisa posted net sales of BRL1.9 billion and net profit of BRL 174 million. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. INDEPENDENCIA SA: Seeks Debt Freeze to Avert Bankruptcy ------------------------------------------------------- Lucia Kassai at Bloomberg reports that Independencia SA is seeking to suspend debt payments for 60 days and convert US$800 million of liabilities into stock of a new company to avert bankruptcy. According to Bloomberg, representative Alfredo Chang said that investors seeking to restructure the company are asking for a so- called standstill agreement with bondholders, suppliers and other creditors while they conduct due diligence. Creditors, Bloomberg relates, agreed to start talks with the investors to discuss the plan and hold another meeting on Jan. 31. As reported in the Troubled Company Reporter-Latin America on November 10, 2010, Bloomberg said that Independencia SA, whose creditors include Citibank Inc. and JPMorgan Chase & Co., said Oct. 13 it halted production and cut senior management jobs after failing to generate enough cash to cover costs. The company filed for bankruptcy protection in February 2009. In September, Bloomberg noted, the company missed a US$12 million interest payment on US$165 million of its 15 percent bonds due in 2015. Independencia SA lawyer Luiz Fernando Paiva said "Independencia's bankruptcy will be almost inevitable if creditors don't approve the recovery plan we are presenting," Bloomberg adds. About Independencia SA Independencia SA -- http://www.independencia.com.br/-- is Brazil's fourth largest meat exporter. It filed for bankruptcy protection earlier this year after the global economic crisis caused exports to slump. Independencia S.A. filed its Chapter 15 petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903). Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the Debtor's counsel. * * * As reported in the Troubled Company Reporter-Latin America on October 4, 2010, Fitch Ratings downgraded Independencia S.A's local and foreign currency issuer default rating to 'D' from 'C'; and National scale rating to 'D(bra)' from 'C(bra)'. REDE ENERGIA: Fitch Affirms 'B-' Issuer Default Ratings ------------------------------------------------------- Fitch Ratings has affirmed the ratings of Rede Energia S.A. foreign and local currency Issuer Default Ratings at 'B-' and its subsidiaries Centrais Eletricas do Para and Centrais Eletricas Matogrossenses S.A.'s foreign and local currency IDRs at 'B'. The Rating Outlook is Stable. Fitch has affirmed these ratings: Rede Energia -- Local and Foreign Currency Issuer Default Rating at 'B- '; -- Long-Term National Scale Rating at 'B(bra)'; -- US$575 million perpetual notes Long-Term International Rating at 'B-/RR4'; -- BRL370 million debenture issuance due in 2015 at 'B(bra)'. Celpa and Cemat -- Local and Foreign Currency IDRs at 'B'; -- Long-Term National Scale Rating at 'BBB (bra)'; -- US$100 million notes units due in 2012 long-term -- International Rating at 'B/RR4'. The ratings assigned to Rede Energia and its subsidiaries reflect the group's high refinancing risk, especially of the holding company (Rede Energia), due to high leverage, large short-term debt and limited liquidity. The ratings also reflect the group's poor operating performance and its need for operational performance improvement, especially the reduction of Celpa's energy losses. Fitch has incorporated to the ratings the improved business environment for Brazilian electric power companies as the sector has shown resilience during economic downturns and the perception of lower exposure to regulatory risk. However, the ratings of Group Rede's companies have not been significantly benefited and the effect on its ratings was neutral due to the limited credit profile of the group. The difference between the ratings of Rede and its operational subsidiaries reflects the significantly weaker credit profile of the holding company compared to the operational companies and the strong challenge of the holding company to obtain a capital structure sustainable in the long term. Rede Energia depends on dividends distribution from its subsidiaries, which, in practice, have not been sufficient to meet its debt service. In Fitch's opinion existing total debt at the holding company level is not compatible with the future dividends flow estimates, even if in the coming years Rede manages to successfully reduce losses and maximize dividends flow. Fitch believes that only restructuring measures such as a capital injection or sale of assets with relevant amounts would position the holding company in a sustainable credit position. Capital injection from FI-FGTS is positive, however, does not solve High Refinancing issues in the long term: Rede Group presents a tight liquidity position compared to its short-term financial obligations and the expected continuity of reduced future operational cash flow. The group has been efficient in obtaining and renewing credit lines, which has allowed it a reasonable financial flexibility. As of Sept. 30, 2010 Rede Group reported BRL1.2 billion in cash, compared to BRL2.2 billion in adjusted short term debt and BRL7.6 billion in total adjusted debt. Debt is adjusted by rescheduled taxes, intercompany loans, labor settlements and derivatives, among others. At the holding company level, Rede had BRL119 million in cash and equivalents, compared to BRL267 million in adjusted short-term debt and BRL1.8 billion in total adjusted debt. The group depends on constant roll-overs of debt maturities which makes it more vulnerable to scenarios of more restrictive market liquidity. The group has benefited from its new shareholder, FI-FGTS which is a fund managed by Caixa Economica Federal, a government owned entity. During the third quarter of 2010, FI-FGTS injected BRL600 million of new capital into the holding company. Minority shareholders matched FI-FGTS injection with an additional BRL30 million. These proceeds will be used for capital expenditures of two operational subsidiaries, Celpa (BRL 530 million) and Enersul (BRL 70 million), within a three-year period. Some proceeds should be temporarily hold as cash, however, the amount is relatively low in comparison with the group's estimated refinancing needs. A More Effective Solution for Leverage and Refinancing Risks Is Still Required: Due to the characteristics of the Brazilian energy distribution segment, operating cash flow has very limited growth potential and might not be sufficient to support debt service. Alternative liquidity sources could be a comprehensive debt lengthening or another equity injection. Fitch believes that the first alternative is not likely to happen at the necessary volume, even though Rede Group has demonstrated ability to maintain access to long-term financing. A capital injection would be a more positive for the company's credit quality. However, this could prove challenging. High Leverage to Continue; F/X Risk Is a Concern: Rede Group's capital structure is characterized by high consolidated leverage. In the last 12 months ended Sept. 30, 2010, total adjusted debt/EBITDA was 6.2x and net adjusted debt/EBITDA was 5.2x. The latter was benefited by a higher cash position due to the capital injection made by FI-FGTS in the third quarter of 2010. Interest coverage measured by FFO were low at 1.3x. Fitch does not expect significant changes in Rede Energia's consolidated credit metrics over the coming years. FFO would likely continue to be impacted by high interest and capital expenditures. This would likely result in negative Free Cash Flow (FCF) over the next few years. For the last 12 months ended Sept. 30, 2010 EBITDA was BRL1.2 billion, FFO was BRL215 million and FCF was BRL974 million negative. As of Sept. 30, 2010 approximately 19% of total adjusted debt on a consolidated basis was exposed to foreign currency movements. Currency protection is deemed partial due to the usage of currency swaps to protect only principal payments on some dollar denominated obligations. Interest payments on the perpetual notes, at the holding company level, are not protected. Consumption Growth to Benefit Revenues; Third Tariff Review Cycle Could Impact Cash Flow: Rede Group's concession areas show growth potential in comparison with the national average, yet, they are also subject to high energy losses, especially Celpa. Rede's energy loss reduction program will be a key driver for profitability evolution in the coming years. Fitch believes that EBITDA and FFO should benefit from energy consumption growth in the captive concession areas, which was 8.5% in the first half of 2010, and by the group's cost control measures. However, the tariff review cycle that starts in 2011 with Celpa could offset these improvements. Consolidated net revenues increased by 7% in the last 12 months ended Sept. 30, 2010 in comparison with December 2009. This was primarily driven by the increase in the energy sales due to the expansion of the customer base and annual tariff adjustments. ========================== C A Y M A N I S L A N D S ========================== ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8 ------------------------------------------------------------- The sole shareholder of Altima Asia Fund Limited will receive on December 8, 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 Jonathan McLean Telephone: (345) 815 1805 Facsimile: (345) 949-9877 ALTIMA ASIA: Shareholder to Hear Wind-Up Report on December 8 ------------------------------------------------------------- The sole shareholder of Altima Asia Master Fund Limited will receive on December 8, 2010, at 10:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 815 1805 Facsimile: (345) 949-9877 ALTIMA GLOBAL: Shareholder to Hear Wind-Up Report on December 8 --------------------------------------------------------------- The sole shareholder of Altima Global Emerging Markets Fund Limited will receive on December 8, 2010, at 10:20 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 815 1805 Facsimile: (345) 949-9877 CIC MICROCAP: Shareholders' Final Meeting Set for December 29 ------------------------------------------------------------- The shareholders of CIC Microcap Securities Fund will hold their final meeting on December 29, 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: Avalon Management Limited Landmark Square 1st Floor 64 Earth Close West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 CIC TECHNOLOGY: Shareholders' Final Meeting Set for December 29 --------------------------------------------------------------- The shareholders of CIC Technology Fund will hold their final meeting on December 29, 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: Avalon Management Limited Landmark Square 1st Floor 64 Earth Close West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 DELTA US: Shareholder to Hear Wind-Up Report on December 16 ----------------------------------------------------------- The sole shareholder of Delta U.S. Partners, Ltd. will receive on December 16, 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 Danielle Walker Telephone: (345) 815-1880 Facsimile: (345) 949-9877 HAGEMEYER TCI: Shareholders' Final Meeting Set for December 17 -------------------------------------------------------------- The shareholders of Hagemeyer TCI Limited will hold their final meeting on December 17, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Glen Trenouth Rodney Graham Telephone: (345) 943 8800 Facsimile: (345) 943 8801 P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands HFH RANGER: Shareholders' Final Meeting Set for December 10 ----------------------------------------------------------- The shareholders of HFH Ranger Master Fund Ltd. will hold their final meeting on December 10, 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 HFH RANGER: Shareholders' Final Meeting Set for December 10 ----------------------------------------------------------- The shareholders of HFH Ranger Fund, Ltd. will hold their final meeting on December 10, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands MINERVA CAPITAL: Shareholders' Final Meeting Set for December 13 ---------------------------------------------------------------- The shareholders of Minerva Capital Management (Cayman) Limited will hold their final meeting on December 13, 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: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 MINERVA MACRO: Shareholders' Final Meeting Set for December 9 ------------------------------------------------------------- The shareholders of Minerva Macro Master Fund Limited will hold their final meeting on December 9, 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: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 MINERVA MACRO: Shareholders' Final Meeting Set for December 10 -------------------------------------------------------------- The shareholders of Minerva Macro Fund Limited will hold their final meeting on December 10, 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: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 ----------------------------------------------------------------- The shareholders of Ospraie (Cayman) GP Ltd will hold their final meeting on December 17, 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: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 ----------------------------------------------------------------- The shareholders of Ospraie (Cayman) GP II Ltd will hold their final meeting on December 17, 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: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands OSPRAIE (CAYMAN): Shareholders' Final Meeting Set for December 17 ----------------------------------------------------------------- The shareholders of Ospraie (Cayman) GP III Ltd will hold their final meeting on December 17, 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: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands SOLENT GENERAL: Shareholders' Final Meeting Set for December 1 -------------------------------------------------------------- The shareholders of Solent General Partner Limited will hold their final meeting on December 1, 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: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8240 Facsimile: (345) 949 7120 SOTRADA (CAYMAN): Shareholders' Final Meeting Set for December 10 ----------------------------------------------------------------- The shareholders of Sotrada (Cayman) Limited will hold their final meeting on December 10, 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 TRAFELET CAYMAN: Shareholder to Hear Wind-Up Report on December 16 ------------------------------------------------------------------ The sole shareholder of Trafelet Cayman Ltd. will receive on December 16, 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 Danielle Walker Telephone: (345) 815-1880 Facsimile: (345) 949-9877 WCIP CAYMAN: Shareholders' Final Meeting Set for December 10 ------------------------------------------------------------ The shareholders of WCIP Cayman, Ltd. will hold their final meeting on December 10, 2010, at 10:45 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 WIJO CAYMAN: Shareholders' Final Meeting Set for December 10 ------------------------------------------------------------ The shareholders of Wijo Cayman Inc. will hold their final meeting on December 10, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands =============== C O L O M B I A =============== BANCOLOMBIA SA: Moody's Holds 'D+' Bank Financial Strength Rating ----------------------------------------------------------------- Moody's Investors Service affirmed Bancolombia S.A.'s bank financial strength rating at D+, local currency deposit ratings at Baa2/Prime-3, and foreign currency subordinated debt ratings at Baa3. The outlook on all these ratings remains stable. In affirming Bancolombia's BFSR at D+, Moody's took into consideration the bank's ability to generate adequate core earnings despite the Colombian economic deceleration, supported by ample net interest margins and manageable credit costs, which reflect its well established business franchise. As a result, Bancolombia's capitalization has improved. The bank's good risk management ensured that asset quality indicators reported only slight deterioration, supported by sizable loan loss reserves. Credit costs as such have decreased to represent 25% of core earnings, a sharp reduction from the 42% reported a year ago, thus boosting net income. Moody's note that Bancolombia's core earnings have declined over the first nine months of 2010 because of weaker securities gains and interest income as a result of lower interest rates. Nevertheless, improving macroeconomic conditions in Colombia should provide opportunities for healthy loan growth, which together with the bank's efforts to shift towards more inexpensive, domestically- sourced funding, are likely to contribute to rising net interest margins and increased profitability. In that respect, Moody's view Bancolombia as well placed to benefit from a rebound in lending activity, with particular growth expected in the mortgage and corporate lending segments. Moody's has assessed Bancolombia's core capitalization and its ability to absorb losses both in anticipated and stress scenarios. The bank's Tier 1 capital ratio, after adjusting for goodwill deductions as per international standards, appears resilient to potential stress, also owing to its robust reserves. Management's appetite for further inorganic expansion, however, could add pressure to the bank's capital ratios. Along with the affirmation of its BFSR at D+, Moody's now places Bancolombia's unsupported baseline credit assessment at Baa3. Moody's also notes that Bancolombia's Baa2 local currency deposit rating benefits from one notch of uplift owing to Moody's assessment of the high probability of systemic support that could be available to the bank in situation of stress. The last rating action on Bancolombia occurred on 14 July 2010, when Moody's assigned a Baa3 foreign currency debt rating to the bank's ten-year subordinated debt issuance of US$620 million. On 10 September 2010, Moody's changed the outlook on Bancolombia's long term foreign currency deposit ratings of Ba2 to positive, from stable. Headquartered in Medell�n, Antioquia, Colombia, Bancolombia had COP 64.7 trillion (US$35 billion) in assets, COP 45.4 trillion in loans, COP 42.3 trillion in deposits, COP 7.5 trillion in shareholders' equity, and accumulated net income of COP 1 trillion, as of 30 September 2010. EMPRESA DE ENERGIA: Fitch Affirms 'BB' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed Empresa de Energia de Bogota S.A. ESP's foreign and local currency Issuer Default Ratings at 'BB'. The rating action applies to US$610 million of outstanding senior unsecured notes due 2014. Concurrently, Fitch has affirmed EPM's national scale rating at 'AA(col)' The Rating Outlook has been revised to Stable from Negative. EEB's ratings reflect the company's diversified portfolio of assets with low business risk and stable and predictable cash flow generation. The ratings also reflect the company's moderate leverage and strong liquidity as well as the potential need for third-party financing to fund capital expenditures. The Stable Outlook reflects the expectation of a stable capital structure going forward, as cash flow from new projects could offsets possible increases in debt needed to fund capital investments. Stable Cash Flow Generation and Solid Business Position: EEB's ratings reflect the company's diversified portfolio of assets, which have a low business-risk profile, and stable and predictable cash flow generation. EEB's low business-risk profile stems from its diversified portfolio of energy assets, which for the most part operate as regulated natural monopolies. EEB owns non-controlling majority participations in Colombia's largest electric generation company, Emgesa (Fitch IDR of 'AAA(col')), as well as in the country's largest electric distribution company, Codensa (IDR of 'AAA(col')), which operates in the city of Bogota. The company also owns a majority participation in Transportadora de Gas Internacional S.A. ESP (IDR of 'BB'), Colombia's largest natural gas pipeline transportation company, which provides natural gas to the country's major cities. Also, during 2010, the company acquired a majority participation in Empresa de Energia de Cundinamarca, a distribution company that operates in Bogota adjacent to Codensa. All of EEB's assets are in a strong competitive position, which bodes well for the company's credit profile. The electricity and gas distribution and transmission/transportation businesses are regulated natural monopolies with stable cash flow generation and low leverage. The electricity generation business in Colombia is competitive, given the country's significant low-cost hydroelectric generation and overcapacity. EEB's energy generation business is also competitively well-positioned, given its low-cost profile and capacity generation mix of 85% hydro and 15% thermo. Growth Strategy Demand for Funds: EEB's growth strategy is considered aggressive and will require approximately US$750 million of capital investment over the next five years to carry it out. EEB has been funding a portion of its capital expenditures with cash on hand, which as of Sept. 30, 2010 amounted to approximately US$490 million. Yet, EEB is expected to either issue new debt, possibly at project level, or raise equity through an initial public offering at TGI to fund the remaining capital expenditures. EEB's capital structure is now forecast to remain relatively stable given that the company has financed the initial phase of its capital investment program with cash on hand. This, together with the rapid entrance of new projects, will increase cash flow generation, which will support the company's ratings while it raises debt to finance other projects. Moderate Leverage and Liquidity Position: EEB's leverage is moderate and its liquidity is manageable. As of Sept. 30, 2010, the company reported approximately US$490 million of cash on hand and a manageable debt profile, as most of its debt matures in 2014. As of the last 12 months ended Sept. 30, 2010, EEB's consolidated leverage as measured by total consolidated debt to EBITDA plus dividends received was 3.3 times. During this period, LTM consolidated EBITDA (US$195 million) plus dividends (US$310 million) equaled approximately US$505 million, and debt totaled US$1,649 million. EEB's debt primarily consists of US$780 million at the holding company and US$869 million at TGI as Codensa and Emgesa are not consolidated. Going forward, the company might require third-party financing to fund its expansion projects, i.e. its incursion into Peruvian gas transportation and Guatemala's electric transmission infrastructure. Holding company debt at Sept. 30, 2010 totaled US$863 million, consisting mainly of US$610 million notes due 2014 and a US$100 million loan from Corporacion Andina de Fomento. The vast majority of the holding company's cash flow is generated from dividends received from investments in Emgesa and Codensa. Annual dividends to the holding company approximate US$210 million; TGI does not, and is not expected to, pay dividends to EEB for the foreseeable future, yet it transfers funds to EEB through intercompany loan interest payments. Capital expenditures are expected to increase, which will pressure credit metrics. TRANSPORTADORA DE GAS: Fitch Affirms 'BB' Issuer Default Ratings ---------------------------------------------------------------- Fitch Ratings has affirmed Transportadora de Gas Internacional S.A. E.S.P.'s foreign and local currency Issuer Default Ratings at 'BB'. The rating action applies to US$750 million of outstanding senior unsecured notes due 2017. The Rating Outlook has been revised to Stable from Negative. TGI's ratings reflect the company's stable and predictable cash flow supported by regulated and contracted revenues. The company's ratings also reflect TGI's strong competitive position as well as parent support and strong consolidated liquidity at its parent company Empresa de Energia de Bogota S.A. (IDR 'BB'). TGI's ratings are tempered by the company's high leverage and moderate exposure to regulatory risk. Solid Contracted Position Adds to Cash Flow Predictability: TGI's ratings reflect the company's low business risk profile, which stems from its stable and predictable cash flow generation, as well as its strong competitive position. TGI has favorable long-term take-or-pay contracts with approximately 70% of revenues coming from regulated, fixed capacity payments from a diversified portfolio of offtakers, which add to cash flow stability. The company has low exposure to volume risk as only 20% of revenue is linked to volume throughput. TGI's pipeline location and the importance of its service area, where 70% of the Colombian population resides, represent great growth potential and help support the company's credit profile and credit rating. Higher Leverage and Parent Support: TGI's leverage level is moderately high with debt to EBITDA of approximately 4.0x in dollar terms as of Sept. 30, 2010. Including a US$370 million deeply subordinated intercompany loan from the parent company EEB, leverage would be approximately 5.8x in dollar terms. Going forward, TGI's leverage might decline as a result of the incremental cash flow coming from new assets, some of which recently entered commercial operations. As of the LTM ended Sept. 30, 2010, the company reported an EBITDA of approximately US$215 million and total senior debt of approximately US$869 million. TGI benefits from its parent company's explicit and implicit support. EEB owns 97.91% of TGI, and, in turn, the District Capital of Bogota (rated 'BB+' by Fitch) owns 81.5% of EEB. TGI's covenant package includes a maintenance covenant stipulating that net senior debt to EBITDA cannot exceed 4.8x after 2012. The company is well below this level given the method by which the ratio is calculated, which excludes deeply subordinated intercompany debt. TGI's ratings also incorporate its exposure to regulatory risk, as the bulk of its revenue comes from contract tariffs, which are set by the regulator. TGI's revenue is determined by the maximum allowable income set by the regulator every five years and adjusted by inflation every year. Strong Liquidity and Low Refinancing Risk: Liquidity is strong with no debt coming due before 2017. On Sept. 30, 2010, TGI's cash and marketable securities were US$85 million, and consolidated cash at EEB was US$490 million. Capital expenditures are expected to be high over the next few years, limiting debt reductions over the medium term. TGI is not expected to pay dividends over the medium term. TGI's regulated revenues are partially indexed to the U.S. dollar (approximately 60% of revenue are indexed to US$), which mitigates the risk from currency fluctuations as US$ denominated revenues satisfactorily cover interest expenses. Furthermore, the company has swapped US$300 million of debt principle into peso debt. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: To Sell US$700 Million in Bonds Next Year --------------------------------------------------------------- Blake Schmidt and Eric Sabo at Bloomberg News reports that Dominican Republic President Leonel Fernandez plans to sell US$700 million in bonds overseas next year to help finance energy purchases and ease an electricity crisis that threatens to curb growth in the economy. Bloomberg relates that President Fernandez said the sale may occur in January or February after officials meet with investors to determine interest. According to Bloomberg, the Caribbean nation last sold debt in international markets in April, when it issued US$750 million of bonds due in 2021 to yield 7.5%. Financing Agreement The Dominican Republic owes Venezuela US$1.75 billion for oil received through a financing agreement between President Hugo Chavez and Caribbean nations to help cover an electricity deficit that reached US$700 million this year and threatens to slow economic growth, Rafael Espinal, a finance ministry official, told the news agency in an interview. Espinal, the local manager for the Venezuelan program known as Petrocaribe, said the debt will increase to US$2 billion next year as this nation of 9.8 million struggles with power shortages and electricity theft, Bloomberg adds. * * * As of October 20, 2010, the country continues to carry Moody's B2 country ceiling long-term foreign bank deposit rating and Ba2 country ceiling long-term foreign currency debt rating. The country also continues to carry Fitch's B long-term issuer default rating. =========== M E X I C O =========== MEXICANA AIRLINES: Employees Accept Restructuring Plan ------------------------------------------------------ Pilots and flight attendants of Compania Mexicana de Aviacion or Mexicana Airlines agreed to the reorganization proposed by PC Capital, even though the plan implies the elimination of 75% of the airline's workforce, Latin American Herald Tribune reports. According to the Latin American Herald Tribune, three investor groups expressed an interest in acquiring Mexicana, but PC Capital emerged earlier this month as the only applicant deemed suitable by the court-appointed conciliator and administrator, the Mexican government and the carrier's main creditors. "The advantages and disadvantages of the business plan proposed by PC Capital, which aims to initiate operations by mid-December, were debated," the head of the ASSA flight attendants union, Lizette Clavel, told Efe, the Latin American Herald Tribune notes. Ms. Clavel, the report says, acknowledged her union's reluctance to accept that only 375 of Mexicana's 995 flight attendants would be rehired by the revived airline and that those laid off would have to wait to receive their severance. In a separate vote, the Latin American Herald Tribune relates, the ASPA pilots union agreed to a plan that will see more than half of Mexicana's 1,010 pilots lose their jobs. But the union representing the airline's ground employees said it would wait for a formal decision by the conciliator before signing on to PC Capital's plan, the Latin American Herald Tribune notes. About Mexicana Airline 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). VITRO SAB: Ad Hoc Noteholders Express Concerns on Exchange Offer ---------------------------------------------------------------- The Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately $650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro S.A.B. de C.V. -- believes that the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The Ad Hoc Noteholder Group has been engaged in discussions with other Noteholders who hold in excess of $100 million of Senior Notes, who have confirmed that they oppose and are not participating in the Consent Solicitation and Exchange Offer dated November 1, 2010. As previously disclosed, the Ad Hoc Noteholder Group opposes Vitro's proposed Concurso restructuring and has determined not to tender their notes because, among other things, it does not provide an appropriate economic recovery for holders of Senior Notes. In the event that Vitro waives the conditions of its Solicitation, which Vitro is entitled to do, the Ad Hoc Noteholder Group believes that any consenting Noteholder could be forced to take the new notes offered in the Consent Solicitation, regardless of whether Vitro files or completes its proposed Concurso plan in Mexico. If Vitro were to pursue this option, Noteholders that do not give their consent in the Solicitation would keep their original Senior Notes with their original terms, while consenting Noteholders could receive the consideration offered in the Solicitation, which includes substantially inferior terms to the Senior Notes. Even if Vitro did not exercise its option to waive all conditions to the Solicitation, Noteholders may be tied up indefinitely if they act to accept the Solicitation. The Solicitation generally does not provide Noteholders with withdrawal rights unless Vitro fails to file its Concurso plan in Mexico prior to December 31, 2010. The Ad Hoc Noteholder Group believes that Noteholders who give their consent in the Solicitation may not be able to sell or trade Senior Notes prior to the completion of the Concurso plan in Mexico, if and when this occurs. The foregoing won't be construed as tax, legal, business, financial, accounting or other advice, and Noteholders are encouraged to consult their own advisors. The Ad Hoc Noteholder Group can be reached through: John Cunningham WHITE & CASE LLP Phone: (305) 995-5252 E-mail: jcunningham@whitecase.com Richard Kebrdle WHITE & CASE LLP Phone: (305) 995-5276 E-mail: rkebrdle@whitecase.com About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P., commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. -- aka American Asset Holding Corp., Imperial Arts Corp., VK Corp., and Oriental Glass, Inc. -- on November 17, 2010 (Bankr. N.D. Tex. Case No. 10-47470). Affiliates Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485) are also subject to involuntary petitions by the petitioning creditors. * MEXICO: Moody's Withdraws 'B1' Rating on Tezoyuca Municipality ---------------------------------------------------------------- Moody's de Mexico has withdrawn the issuer rating of Baa1.mx (Mexican National Scale) assigned to the Municipality of Tezoyuca. Moody's Investors Service has withdrawn the issuer rating of B1 (Global Scale, local currency) assigned to the Municipality of Tezoyuca. Ratings Rationale Moody's Investors Service has withdrawn the credit rating for its own business reasons. * MEXICO: Moody's Withdraws 'Ba2' Rating on Tampico Municipality ---------------------------------------------------------------- Moody's de Mexico has withdrawn the issuer rating of A2.mx (Mexican National Scale) assigned to the Municipality of Tampico. Moody's Investors Service has withdrawn the issuer rating of Ba2 (Global Scale, local currency) assigned to the Municipality of Tampico. Ratings Rationale Moody's Investors Service has withdrawn the credit ratings for its own business reasons. ========================== V I R G I N I S L A N D S ========================== TRANSFIELD ER: Seeks Protection From Suits in the U.S. ------------------------------------------------------ Transfield ER Cape Ltd., an operator of bulk cargo ships liquidating in British Virgin Islands courts, sought protection from claims and lawsuits in the United States by filing a Chapter 15 petition in Manhattan (Bankr. S.D.N.Y. Case No. 10-16270). Casey McDonald, Bob Yap Cheng Ghee and Patrick Cowley, as foreign representatives, filed the Chapter 15 petition. James H. Power, Esq., at Holland & Knight, LLP, in New York, serves as counsel to the foreign representatives. The Debtor has assets of $273.1 million and liabilities of $432 million, according to its financial statements. TERC has pending liquidation proceedings in a British Virgin Islands court. In September, TMT Bulk Corporation, trading as TMT Bulk Co. Ltd., applied to the BVI Court for a winding-up order against TERC and the appointment of a liquidator. Later in the month, the BVI Court issued an order directing that (i) TERC be wound up by the BVI Court in accordance with the provisions of the 2003 Act and (ii) appointing Casey McDonald, Bob Yap Cheng Ghee and Patrick Cowley, as Joint Liquidators of TERC. The Joint Liquidators requested recognition of the BVI Liquidation as a foreign main proceeding primarily to obtain the U.S. Bankruptcy Court's assistance in enforcing the automatic stay of proceedings that came into effect, under BVI law (the 2003 Act), when the BVI Liquidation was ordered by the BVI Court. Despite the BVI stay, five of TERC's creditors have continued with pending suits against TERC in the United States in the Supreme Court, New York County, and in the District Court for the Southern District of New York. "Recognition of the BVI Liquidation as a foreign main proceeding would confer" upon TERC the protection of sections 362 and 1520 of the Bankruptcy Code, thereby preventing one creditor from gaining an advantage over similarly situated creditors and preventing one creditor from otherwise interfering with the BVI Liquidation of the TERC estate," Mr. McDonald said in a court filing. TERC's main bankruptcy in the British Virgin Islands is already recognized by the English High Court of Justice, Chancery Division. In addition, TERC has received a winding up order from a Singapore court, which also appointed Messrs. McDonald, Cowley, and Yap as liquidators. TERC blamed its woes on the dramatic collapse for transportation of bulk cargo in 2008 as a result of the global economic downturn. At that time, the Baltic Dry Index, which measures average global freight prices for the transportation of bulk goods, collapsed, and the price of carrying bulk goods and the demand for carriage of bulk goods dropped significantly. As a result, TERC's profitability deteriorated from late-2008 onwards. *********** 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. Agravante, 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 * * *