/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/101202.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 2, 2010, Vol. 11, No. 238 Headlines A R G E N T I N A AEROPUERTOS ARGENTINA: Moody's Assigns 'B2' Rating to Notes AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27 DE BIASE: Asks for Declaration of Bankruptcy DISTRIBUIDORA L & L: Creditors' Proofs of Debt Due February 14 DOCES SA: Requests for Preventive Contest EL EXOTICO: Creditors' Proofs of Debt Due March 18 INSTITUTO SUPERIOR: Asks for Preventive Contest B E R M U D A LATOT (BERMUDA): Creditors' Proofs of Debt Due December 1 LATOT (BERMUDA): Member to Receive Wind-Up Report December 31 LATOT JDZ: Creditors' Proofs of Debt Due December 1 LATOT JDZ: Member to Receive Wind-Up Report December 30 LSF IV: Creditors' Proofs of Debt Due December 1 LSF IV: Members' Final Meeting Set for December 21 TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1 TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22 B R A Z I L BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings M-WISE INC: Incurs US$430,064 Net Loss in September 30 Quarter TRANSAX INTERNATIONAL: Posts US$460,800 Net Loss in Q3 2010 * BRAZIL: Moody's Upgrades Ratings on Local Governments C A Y M A N I S L A N D S ANCHOR MAC: Creditors' Proofs of Debt Due December 13 ARCAS MAC: Creditors' Proofs of Debt Due December 13 AXIS-JJM: Creditors' Proofs of Debt Due December 22 BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 BLUEFIN CAPITAL: Placed Under Voluntary Liquidation BUNIAS INVESTMENTS: Commences Wind-Up Proceedings ENDEAVOUR INTERNATIONAL: Creditors' Proofs of Debt Due December 22 ENDEAVOUR SECURITIES: Creditors' Proofs of Debt Due December 22 FOCUS FUND: Creditors' Proofs of Debt Due December 14 FORT MAC: Creditors' Proofs of Debt Due December 13 LAMIUM INVESTMENTS: Commences Wind-Up Proceedings OCEAN CAPITAL: Creditors' Proofs of Debt Due December 22 ORCHIS INVESTMENTS: Commences Wind-Up Proceedings PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22 PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22 PICO FUND: Commences Liquidation Proceedings ROYALCAP VALUE: Creditors' Proofs of Debt Due December 22 UNITAS CAPITAL: Creditors' Proofs of Debt Due December 22 J A M A I C A AIR JAMAICA: Government Saves JM$4 Billion From Divestment RBTT BANK: Closure of Some Branches Complete M E X I C O VITRO SAB: To Vote US$1.9 Billion of Loans to Win Debt Offer P A N A M A BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D' P E R U IFH PERU: Moody's Assigns 'Ba3' Rating to Proposed Debt Issuance V I R G I N I S L A N D S EQUIVEST ST. THOMAS: V.I. Court Dismisses Suit vs. Ex-Managers X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AEROPUERTOS ARGENTINA: Moody's Assigns 'B2' Rating to Notes ----------------------------------------------------------- Moody's Latin America has assigned a B2 global scale rating and Aa3.ar national scale rating to Aeropuertos Argentina 2000 S.A.'s proposed US$300 million notes due in 2020. Additionally, Moody's changed the outlook to positive from stable and affirmed a B1 global local currency rating and an Aa2.ar National Scale Rating on AA2000's Class "A" and Class "B" senior unsecured notes and a B2 global local currency rating and a Aa3.ar National Scale Rating on AA2000's Class "C" senior unsecured notes. The Argentine country ceiling constrains the ratings on the notes, given that they are denominated in US dollars. Simultaneously, Moody's changed the outlook to positive from stable and affirmed AA2000's B1 global local currency corporate family rating and an Aa2.ar Argentina national scale rating and to its ARS 75 million bank credit loan with Banco de la Naci¢n Argentina (not rated). The rating outlook for the dollar denominated debt is stable. Ratings are: Issuer: Aeropuertos Argentina 2000 S.A. -- B1 / Aa2.ar (Global Local Currency Corporate Family Rating and national scale rating, respectively), Positive outlook -- B2 / Aa3.ar to the US$300 million proposed notes due in 2020. Stable outlook -- B1 / Aa2.ar ARS 75 million bank credit loan. Positive outlook US$38 million Senior Unsecured Notes: -- B1 / Aa2.ar (Global Local Currency Rating and national scale rating, respectively): Class "A". Positive outlook -- B1 / Aa2.ar (Global Local Currency Rating and national scale rating, respectively): Class "B" . Positive outlook -- B2 / Aa3.ar (Global Local Currency Rating and national scale rating, respectively): Class "C". Stable outlook Ratings Rationale "The B1 and Aa2.ar ratings principally reflect AA2000's recent improvements in credit quality and overall credit metrics due to the final agreement with the national government to increase the aeronautical tariffs that began in March 2009. Aeronautical tariffs had been frozen since the last economic crisis in 2002," said Veronica Amendola, AVP-analyst at Moody's. "AA2000's ratings reflect a number of credit factors that include the company's dominant position in its business and the structure and length of the 1998 concession agreement under which the company operates. In addition, the downturns in passenger traffic that began in 2001 and 2002 as a result of a convergence of various economic crises and the impact of the events of 9/11, SARs and the wars in the Middle East have basically ended and the airport is experiencing some modest growth" said Amendola. With two main airports generating 94% of its revenues, AA2000 has limited geographical diversification, which offsets the company's key strengths. The evolving global macroeconomic situation has softened the passenger growth rate, as Moody's anticipated in January 2009. In addition, within AA2000's portfolio of airports, only Ezeiza is currently equipped to service present levels of international flight traffic. Moody's acknowledges that any event affecting EZE's capacity to service international flights could adversely affect the company's business and financial condition overall. Key challenges facing AA2000 include the current run-up in operating costs and some fundamental issues such as the political risks inherent in operating in Argentina, along with the country's shrinking and volatile economy. AA2000's B1 global local currency rating reflects its global default and loss expectation, while the Aa2.ar national scale rating reflects the standing of AA2000's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Argentina are designated by the ".ar" suffix Issuers or issues rated Aa2.ar present above-average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country The positive rating outlook reflects the bondholder protections embedded in AA2000's debt structure and Moody's expectations for low revenue volatility. Additionally, Moody's assumes that the evolving global macroeconomic situation in Latin America will probably have positive impact on the company's credit performance. The stable outlook for the dollar denominated notes reflect the stable outlook for Argentina, given that Class "C" and the US$300 million proposed notes are constrained by the B2 and stable outlook assigned to the Argentina country ceiling Sustained higher than projected passenger traffic, resulting in higher than expected revenue collections, might exert upward pressure on the ratings. Additional sources of upward pressure could result from expansion of AA2000's market size or geographic diversification, as well as from an improving business environment in Argentina that leads to growth of both aeronautical and non- aeronautical revenues. Finally, sustainable political and economic stability in Argentina could put upward pressure on ratings Possible developments that could have negative implications for the rating include passenger traffic flows that are substantially less than projected on a sustained basis, a prolonged inability to adjust rates and tariffs as needed going forward, and/or unfavorable changes to the terms of the Concession Agreement. Headquartered in Buenos Aires, Argentina, AA2000 was incorporated in 1998 after winning the national and international bid for the concession rights related to the "Group A" airports of the Argentine National Airport System. The concession agreement expires in 2028. AA2000's shareholders are Societ… per Azioni Esercizi Aeroportuali S.E.A (10%), Corporaci¢n Am‚rica Sudamericana S.A (35%), Corporaci¢n America S.A (54%) and Riva SAICFyA (1%). AUTOPISTA MORON: Creditors' Proofs of Debt Due December 27 ---------------------------------------------------------- Haydee Alicia Lypka, the court-appointed trustee for Autopista Moron SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 27, 2010. Ms. Lypka will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 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: Haydee Alicia Lypka Avenida Corrientes 1628 Argentina DE BIASE: Asks for Declaration of Bankruptcy -------------------------------------------- De Biase SAICeI asked for the declaration of bankruptcy by cessation of payments. DISTRIBUIDORA L & L: Creditors' Proofs of Debt Due February 14 -------------------------------------------------------------- Juan Marcelo Espinera, the court-appointed trustee for Distribuidora L & L SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 14, 2011. Mr. Espinera will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, 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: Juan Marcelo Espinera Quirno Costa 1256 Argentina DOCES SA: Requests for Preventive Contest ----------------------------------------- Doces SA requested for preventive contest. The company stopped making payments last October 11. EL EXOTICO: Creditors' Proofs of Debt Due March 18 -------------------------------------------------- Reynaldo Munich, the court-appointed trustee for El Exotico SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 18, 2011. Mr. Munich 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: Reynaldo Munich Maipu 509 Argentina INSTITUTO SUPERIOR: Asks for Preventive Contest ----------------------------------------------- Instituto Superior de Carreras Empresariales SRL asked for preventive contest. The company stopped making payments last March 10, 2010. ============= B E R M U D A ============= LATOT (BERMUDA): Creditors' Proofs of Debt Due December 1 --------------------------------------------------------- The creditors of Latot (Bermuda) JDZ Limited were required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LATOT (BERMUDA): Member to Receive Wind-Up Report December 31 ------------------------------------------------------------- The member of Latot (Bermuda) JDZ Limited will receive on December 31, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LATOT JDZ: Creditors' Proofs of Debt Due December 1 --------------------------------------------------- The creditors of Latot JDZ Limited were required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LATOT JDZ: Member to Receive Wind-Up Report December 30 ------------------------------------------------------- The member of Latot JDZ Limited will receive on December 30, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on November 17, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF IV: Creditors' Proofs of Debt Due December 1 ------------------------------------------------ The creditors of LSF IV TMK Derivatives I, Ltd., were required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda LSF IV: Members' Final Meeting Set for December 21 -------------------------------------------------- The members of LSF IV TMK Derivatives I, Ltd. will hold their final meeting on December 21, 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 16, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda TIMICUAN HOLDINGS: Creditors' Proofs of Debt Due December 1 ----------------------------------------------------------- The creditors of Timicuan Holdings Ltd. were required to file their proofs of debt by December 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda TIMICUAN HOLDINGS: Members' Final Meeting Set for December 22 ------------------------------------------------------------- The members of Timicuan Holdings Ltd. will hold their final meeting on December 22, 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 9, 2010. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== BANCO BRASCAN: Fitch Affirms 'BB+' Issuer Default Ratings --------------------------------------------------------- Fitch Ratings has affirmed these ratings for Banco Brascan S.A.: -- Foreign and Local Currency long-term Issuer Default Ratings at 'BB+'; -- Foreign and Local Currency short-term IDRs at 'B'; -- Support Rating at '3'; -- National long-term rating at 'AA-(bra)'; -- National short-term rating at 'F1+(bra)'. The Rating Outlook for the long-term ratings is Stable. Fitch has also assigned an Individual Rating of 'D' to Brascan. The affirmation of Brascan's IDRs and National ratings reflects the support of its majority shareholder, Brookfield Asset Management ('BBB' IDR with a Stable Outlook). Brazil is a strategic market, and the activities developed by the bank complement the group's businesses in the region, even though the bank is not very representative within the group's total business volume. The assignment of the Individual rating incorporates the investment bank's small size, with relevant asset and liability concentrations and volatile results, reflecting its lower leveraging and losses in recent years, attributable to its opportunistic approach and dependency on treasury since 2001. Brascan has intensified its operational synergies with the group in Brazil, using the latter's experience in the real estate sector and funds management to generate a larger base of recurring business. In 2010, the asset management executive group was strengthened, with more concrete results expected in terms of strategy starting in 2011. Fitch believes the bank's results will continue to be pressured in the medium term as long as more consistent business and revenue are not generated, despite a lean structure. Performance in 2010 tends to be modest, reflecting smaller treasury gains and the shifting of the maturation of some revenue and capital market activities to 2011, in addition to the expected reduction in credit activities. Brascan's treasury area generates the largest risk exposures, inasmuch as credit activities are not relevant for the bank and have been cut back since 2009. Market risk limits are seen as conservative, and usage of the limits has been modest in 2009 and 2010, while the bulk of the bank's securities portfolio is invested in Brazilian government securities. In October 2010, loan and guarantee operations totaled a modest BRL85 million and were concentrated in exposure to the real estate sector and mainly backed by receivables. Given the recovery of the economy and the larger volume of write-offs, the performance of the loan portfolio has shown improvement and the bank foresees a return of its ratios to more adequate levels in the medium term. In 2003, Brascan was fined by the Federal Revenue Department (SRF) for the amount of BRL155 million, as adjusted at 3Q'10, and, in January 2006, received a favorable ruling from the SRF Taxpayer Board. In November 2010, Brascan obtained another favorable ruling, which was unanimous. Thus, in the bank's opinion, the process will be shelved. Its capitalization ratios have been adequate due to its lower leveraging in recent years. Brascan and its affiliates provide services to the Brookfield Group in Brazil and focus on treasury, financial consulting services, brokerage, asset management and corporate finance. M-WISE INC: Incurs US$430,064 Net Loss in September 30 Quarter -------------------------------------------------------------- m-Wise Inc. filed its quarterly report on Form 10-Q, reporting a net loss of $430,064 on $530,464 of sales for the three months ended Sept. 30, 2010, compared with net income of $28,540 on $910,522 of sales for the same period a year ago. The Company's balance sheet at Sept. 30, 2010, showed $686,394 in total assets, $1.56 million in total liabilities, and a stockholders' deficit of $868,610. A full-text copy of the quarterly report on Form 10-Q is available for free at http://ResearchArchives.com/t/s?6ffc About m-Wise, Inc. Based in Herzeliya Pituach, Israel, m-Wise, Inc. is a Delaware corporation that develops interactive messaging platforms for mobile phone-based commercial applications, transactions, and information services with internet billing capabilities. The Company's wholly-owned subsidiaries are: m-Wise Ltd., which is located in Israel and was incorporated in 2000 under the laws of Israel; and m-Wise Tecnologia LTDA., which is located in Brazil and was incorporated in 2009 under the laws of Brazil. TRANSAX INTERNATIONAL: Posts US$460,800 Net Loss in Q3 2010 ----------------------------------------------------------- Transax International Limited filed its quarterly report on Form 10-Q, reporting a net loss of US$460,813 on $1.21 million of revenue for the three months ended September 30, 2010, compared with net income of US$1.78 million on US$1.16 million of revenue for the same period last year. Since inception, the Company has incurred cumulative net losses of US$19.04 million, has a stockholders' deficit of US$9.54 million, and a working capital deficit of US$7.77 million at September 30, 2010. The Company's balance sheet at September 30, 2010, showed US$1.13 million in total assets, US$10.68 million in total liabilities, and a stockholders' deficit of US$9.54 million. As reported in the Troubled Company Reporter on April 21, 2010, MSPC Certified Public Accountants and Advisors, P.C., in New York, expressed substantial doubt about Transax International Limited's ability to continue as a going concern, following the Company's 2009 results. The independent auditors noted that the Company has accumulated losses from operations of roughly US$17.21 million, a working capital deficiency of roughly US$6.16 million and a stockholders' deficiency of roughly US$7.39 million at December 31, 2009. A full-text copy of the Form 10-Q is available for free at: http://researcharchives.com/t/s?701f Transax International Limited -- http://www.transax.com/-- primarily through its 55% owned subsidiary, Medlink Conectividade em Saude Ltda is an international provider of information network solutions specifically designed for healthcare providers and health insurance companies. The Company's MedLink Solution enables the real time automation of routine patient eligibility, verification, authorizations, claims processing and payment functions. The Company has offices located in Plantation, Florida and Rio de Janeiro, Brazil. The Company currently trades on the OTC Pink Sheet market under the symbol "TNSX" and the Frankfurt and Berlin Stock Exchanges under the symbol "TX6". * BRAZIL: Moody's Upgrades Ratings on Local Governments ------------------------------------------------------- Moody's Investors Service has upgraded the rating of four regional and local governments in Brazil to reflect the improved operating environment in Brazil and progress these RLGs have made improving their own credit profiles. The upgrades bring the ratings close to or just below Brazil's Baa3 sovereign rating with a positive outlook. They include: -- State of Sao Paulo to Baa3 with a stable outlook from Ba2 with a stable outlook -- State of Minas Gerais to Ba1 with a stable outlook from a Ba3 with a stable outlook -- City of Rio de Janeiro to Baa3 with a positive outlook from Ba2 with a stable outlook and the national scale rating to a Aa1.br from Aa3.br -- City of Belo Horizonte to Baa3 with a stable outlook from Ba1 with a stable outlook and its national scale rating to Aa1.br. from Aa2.br. Ratings Rationale "These rating actions reflect the stability and continuity of macroeconomic policies and trends over many years that helped solidify improvements in the country's credit profile, leading to the upgrade of the Brazilian national government to Baa3/positive last year," said Moody's Vice President Debra Roane. "Those same factors have also contributed to the better fiscal and debt performance of the two states and two municipalities affected by Moody's latest action." She said the federal government's long-standing policy stance in favor of meeting fiscal targets and respecting "fiscal responsibility" has been in place for many years. "These fiscal policies extend to the continued oversight and control over RLG finances and debt". "Each of the states and municipalities being upgraded has also shown significant improvement in their debt and financial metrics as well as their management practices leading to the rating adjustments." The rating rational for each of these governments is indicated below: The State of Sao Paulo's issuer ratings have been upgraded to Baa3 with a stable outlook reflecting a long track record of healthy operating surpluses and, when capital expenditures are included, small financing surpluses which are supported by the state's prudent fiscal management practices and the strong performance of its own source tax revenues. The favorable financial performance has allowed Sao Paulo to internally finance an increased level of capital expenditures which are of key importance to the state's economic progress. The state's role as the country's industrial engine and the presence of the national financial centre located in the capital city of Sao Paulo provides significant support to the state's tax revenues and budget operations. Ongoing fiscal reforms including measures to reduce tax evasion have also bolstered budget outcomes. The rating also incorporates a still high, albeit declining, debt burden which is a credit weakness. In addition, Sao Paulo's financial performance will remain challenged by the rigidity in the state's expenditure base related to inflexible personnel costs, large social service responsibilities and significant infrastructure requirements. The State of Minas Gerais' issuer ratings have been upgraded to Ba1 with a stable outlook reflecting an improving trend of financial operations that is due to significant fiscal reforms and tax evasion reduction measures implemented over the past seven years. The state was able to minimize the impact of the economic downturn on its revenues through the exercise of expenditure controls in 2009 resulting in a still healthy operating surplus. Some weakening in budget outcomes is anticipated in 2010, as personnel expenditures are estimated to have risen significantly, but improvement is anticipated in 2011 with renewed spending constraints likely to be applied. The state's large and diverse economy is recovering strongly from the downturn in 2009, which should underpin further improvements to its financial performance over the medium term. The rating also incorporates the state's high, although declining debt burden; debt ratios are expected to stabilize over the medium term. Demand pressures for social services and critically needed infrastructure development are expected to continue to challenge financial outcomes. The City of Rio de Janeiro's issuer ratings have been upgraded to a Baa3 with a positive outlook (national scale rating upgraded to Aa1.br from Aa3.br) reflecting a strong track record of financial performance, solidified by the city's demonstrated resilience to the economic downturn in 2009--during which time budget outcomes strengthened. These trends are underpinned by prudent fiscal management that includes ongoing improvements to tax administration and expenditure controls. Predictable and stable transfers from the federal and state government also underpin positive performance. The rating also incorporates the steady decline in the city's now more manageable debt burden and the recent improvement in the debt structure through a refinancing of debt at better terms. An enhanced liquidity position and plans to capitalize the pension fund also bolster credit quality. Risks include rigidities in the city's budget, pressures to meet demands for social services and significant capital requirements; the latter includes potential exposure to expenditure overruns in the transport infrastructure built to service the 2016 Olympics. However, the city is not responsible for facilities related to the games themselves which limits exposure to cost overruns. The City of Belo Horizonte's issuer ratings have been upgraded to Baa3 with a stable outlook (national scale rating upgraded to Aa1.br from Aa2.br) reflecting the city's favorable financial performance supported by a large service based economy, prudent financial management and predictable and stable state and federal transfers. The city weathered the economic downturn in 2009 well with operating surpluses maintained at healthy levels despite the impact of less favorable trends in the city's taxes and state transfers. Of key importance to the rating is the city's relatively low debt burden which reflects historical practices including prudently not engaging in the issuance of domestic bonds in prior decades, a practice that spurred rapid debt accumulation in many other Brazilian local and regional governments. While the debt burden may rise over the medium term, to finance needed infrastructure, the low starting position creates room for further indebtedness. The last rating action on the State of Sao Paulo was taken on 14 November 2006, when Moody's affirmed the Ba2 issuer rating. The last rating action on the State of Minas Gerais was taken on 4 October 2007, when Moody's upgraded the issuer rating to Ba3 from B1. The last rating action on the City of Rio de Janeiro was taken on 15 February 2008, when Moody's upgraded the issuer ratings to Ba2 from Ba3 (Global Scale) and to Aa3.br from A2.br (Brazil National Scale). The last rating action on the City of Belo Horizonte was taken on 18 July 2008, when Moody's assigned issuer ratings of Ba1 (Global Scale) and Aa2.br (Brazil National Scale). ========================== C A Y M A N I S L A N D S ========================== ANCHOR MAC: Creditors' Proofs of Debt Due December 13 ----------------------------------------------------- The creditors of Anchor Mac Limited are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 4, 2010. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands ARCAS MAC: Creditors' Proofs of Debt Due December 13 ---------------------------------------------------- The creditors of Arcas Mac 79 Ltd. are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 4, 2010. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands AXIS-JJM: Creditors' Proofs of Debt Due December 22 --------------------------------------------------- The creditors of AXIS-JJM Inc. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 1, 2010. The company's liquidator is: Christopher P. Meyering c/o Charles Lee Telephone: +44 (0)1534 700 864 Facsimile: +44 (0)1534 700 800 Walkers Walker House 28 - 34 Hill Street St Helier Channel Islands JE4 8PN Sciens Hedge Fund Management LLC 667 Madison Avenue New York, NY 10065 USA BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of The Blackhorse Asia Master Fund NT are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of The Blackhorse Asia Fund NT are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2010. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9002 Cayman Islands BLACKHORSE ASIA: Creditors' Proofs of Debt Due December 22 ---------------------------------------------------------- The creditors of The Blackhorse Asia (US) Fund NT are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands BLUEFIN CAPITAL: Placed Under Voluntary Liquidation --------------------------------------------------- At an extraordinary general meeting held on October 13, 2010, the members of Bluefin Capital Management Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: Kenneth Krys Governors Square Building 6 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237, KY1-1205 George Town, Grand Cayman Cayman Islands BUNIAS INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------- At an extraordinary general meeting held on October 19, 2010, the shareholders of Bunias Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker FCM LTD. Governor's Square Ground Floor West Bay Road PO Box 1982 Grand Cayman KY-1104 Cayman Islands ENDEAVOUR INTERNATIONAL: Creditors' Proofs of Debt Due December 22 ------------------------------------------------------------------ The creditors of Endeavour International Services Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands ENDEAVOUR SECURITIES: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------------- The creditors of Endeavour Securities Corporation are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands FOCUS FUND: Creditors' Proofs of Debt Due December 14 ----------------------------------------------------- The creditors of Focus Fund, Ltd. are required to file their proofs of debt by December 14, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on November 1, 2010. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 949-9876 Facsimile: (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands FORT MAC: Creditors' Proofs of Debt Due December 13 --------------------------------------------------- The creditors of Fort Mac 84 Ltd are required to file their proofs of debt by December 13, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 4, 2010. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands LAMIUM INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------- At an extraordinary general meeting held on October 19, 2010, the shareholders of Lamium Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker FCM LTD. Governor's Square Ground Floor West Bay Road PO Box 1982 Grand Cayman KY-1104 Cayman Islands OCEAN CAPITAL: Creditors' Proofs of Debt Due December 22 -------------------------------------------------------- The creditors of Ocean Capital China Macro Fund Limited are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 6, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands ORCHIS INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------- At an extraordinary general meeting held on October 19, 2010, the shareholders of Orchis Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Raymond E. Whittaker FCM LTD. Governor's Square Ground Floor West Bay Road PO Box 1982 Grand Cayman KY-1104 Cayman Islands PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------- The creditors of Pequot Dynamic Strategies Master Fund, Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands PEQUOT DYNAMIC: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------- The creditors of Pequot Dynamic Strategies Offshore Fund, Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands PICO FUND: Commences Liquidation Proceedings -------------------------------------------- Pico Fund Limited commenced liquidation proceedings on February 20, 2009. Only creditors who were able to file their proofs of debt by October 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Wilton Mcdonald Telephone:(345) 325-4040 c/o PO Box 32338 Genesis Building George Town, 3rd Floor Grand Cayman KY1-1209 Cayman Islands ROYALCAP VALUE: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------- The creditors of Royalcap Value Fund II, Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 1, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands UNITAS CAPITAL: Creditors' Proofs of Debt Due December 22 --------------------------------------------------------- The creditors of Unitas Capital Consulting Company Ltd. are required to file their proofs of debt by December 22, 2010, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 2, 2010. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Government Saves JM$4 Billion From Divestment ---------------------------------------------------------- The Government managed to save JM$4 billion from the divestment of Air Jamaica Limited, RadioJamaica reports. According to the report, this was evident in the revised Estimates of Expenditures tabled in Parliament. RadioJamaica relates the government had allocated JM$22.5 billion to deal with costs associated with the divestment of the airline. However, final figures show that only JM$18.5 billion was actually spent, the report notes. Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCRLA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. Radio Jamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. * * * As of August 18, 2010, the airline continues to carry Moody's "B3" long-term, long-term corporate family, and senior unsecured debt ratings. RBTT BANK: Closure of Some Branches Complete -------------------------------------------- The Port Antonio Branch, branch of the RBTT Bank in Portland closed its doors for the final time on November 30, 2010, RadioJamaica reports. The report relates that this comes four months after RBTT first announced the closure of three of its 20 branches islandwide. Branches in Fairfield, St. James, and Southdale in St Elizabeth, were also closed, the report notes. According to RadioJamaica, Clive Grayson, Manager of the RBTT Port Antonio branch, the closure of accounts and relocation of others proceeded in an orderly manner over the past four months, with a particularly busy period on November 29-30, 2010. Meanwhile, the report says, an undisclosed number of port Antonio based RBTT employees, who have given outstanding customer service through the banks transition from Citizens Bank to Union Bank and then to RBTT, are expected to join the ranks of Portland's unemployed. 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 =========== VITRO SAB: To Vote US$1.9 Billion of Loans to Win Debt Offer ------------------------------------------------------------ Thomas Black at Bloomberg reports that Vitro, S.A.B. de C.V. plans to ensure creditors approve a debt-restructuring offer by voting US$1.9 billion of its intercompany loans in favor of the deal. The majority of the US$1.9 billion of loans among Vitro's subsidiaries was created in December 2009 after the company defaulted on its debt and counts toward the debt restructuring under Mexican bankruptcy law, Alejandro Sanchez, Vitro's legal director, told Bloomberg in an interview. "This debt is obviously properly based," the report quoted Mr. Sanchez as saying. "Mexican law allows intercompany debt to be voted in bankruptcy proceedings," he added. According to Bloomberg, Vitro SAB said it will take its final debt offer to Mexican bankruptcy court after a December 7 deadline for bondholders to participate. The company said then it has the required majority support of creditors to implement the plan, the report notes. Vitro SAB, Bloomberg says, is offering US$850 million of new bonds that mature in 2019 and US$100 million of debt convertible to shares in exchange for US$1.5 billion of total debt in default. The company will pay an incentive of US$75 million to creditors that accept the offer, the report adds. Vitro SAB hired U.S. law firm Haynes & Boone LLP to handle creditors' votes. Bloomberg says that bondholders will challenge the use of intercompany loans in the offer and Mexican bankruptcy, said Thomas Lauria, a partner at White & Case LLP in Miami, who represents holders of about US$650 million of bonds. There's never been a contested bankruptcy case that involves third-party debt, the report notes. Creditors holding at least US$750 million of the bonds have said they will vote against the restructuring offer, which makes it unlikely Vitro will get a majority of third-party debt, Bloomberg says. Bondholders filed involuntary Chapter 11 petitions on Nov. 17 in a Texas court against 15 Vitro units in the U.S. and that case will proceed outside of Mexican bankruptcy proceedings, Bloomberg adds. 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. =========== P A N A M A =========== BANCO NACIONAL: Fitch Affirms Individual Rating at 'C/D' -------------------------------------------------------- Fitch Ratings has affirmed Banco Nacional de Panama's ratings: -- Foreign currency long-term Issuer Default Rating at 'BBB-'; -- Foreign currency short-term IDR at 'F3'; -- Individual rating at 'C/D'; -- Support rating at '2'; -- Support Floor at 'BBB-'. The Rating Outlook is Positive. At the same time, Fitch has affirmed these national ratings: -- National long-term foreign Currency Rating at 'AA+(Pan)'; -- National short-term foreign Currency Rating at 'F1+(Pan)'. The Rating Outlook is Stable. Banco Nacional de Panama's Issuer Default Ratings reflect the support it would receive from its sole shareholder, the Republic of Panama, should it be required. The IDRs consider the bank's strong franchise, ample liquidity, low cost and stable deposit base, and sound capitalization; they also factor in its outdated but improving IT systems, improving portfolio quality, loan concentration, and low revenue diversification. Banconal's Positive Rating Outlook is in line with Panama's sovereign debt rating ('BBB-'). Given its systemic importance and the explicit provision in its inception law - which Fitch considers an implicit guarantee - Banconal would certainly receive support from the Panamanian government, whose ability to provide such support is moderate. Should Panama's sovereign rating be upgraded, Banconal's IDRs would be upgraded accordingly. Downside potential for its IDRs is considered limited given Panama's sound economic prospects. Banconal's individual rating would benefit from better IT systems and higher operative efficiency, improved asset quality and risk management policies, higher revenue diversification and lower balance sheet concentration. Banconal's performance stabilized in 2010 after declining in 2009 as loan growth stalled and the bank maintained a large liquidity position that hurt its revenue generation. Interest revenues declined during 2009, as margins narrowed - in spite of lower funding costs - then stabilized. Non-interest revenues remained quite stable but continue to be relatively low. Operating expenses, on the other hand, stabilized with personnel expenses increasing while administrative expenses stalled. Credit cost remained negligible, thus net income showed a welcome stabilization in 2010 with profitability recovering to reach an ROAE of 18% and an ROAA of 1.6% at 2Q'10. Asset quality continued to improve but remains below the industry average and reserves and capital (BIS ratio stood at 22% at June 2010) create a sound cushion while Banconal boasts a very liquid balance sheet. As the economy resumes its strong growth, Banconal intends to expand its loan portfolio, targeting corporate and retail customers. Operating expenses should continue growing moderately as the bank will continue to expand its network and overhauls its IT systems; on the other hand, overall credit cost should remain very moderate. Banconal should see a gradual improvement of its performance as its asset mix changes to a higher proportion of loans; accordingly, overall efficiency and profitability should gradually improve with ROAE in the mid to high teens and ROAA in the 1.4%-1.6% range. In the long run, the bank's performance will greatly depend on its ability to obtain a higher yield from its loan and investment assets, diversify its revenues and achieve higher efficiency through the overhaul of its processes and its IT platform. Banconal is Panama's largest state-controlled commercial bank and the fourth largest bank in the country by assets; it held about 7.5% of the system's assets at end of 2Q'10. Banconal serves customers in the public sector, corporate and retail segments through a network of 66 branches; it is 100% owned by the Republic of Panama. ======= P E R U ======= IFH PERU: Moody's Assigns 'Ba3' Rating to Proposed Debt Issuance ---------------------------------------------------------------- Moody's Investors Service has assigned a Ba3 global scale foreign currency bond rating to IFH Peru Ltd.'s proposed debt issuance of approximately US$100 million 10-year senior notes. The rating outlook is stable. The rating is subject to receipt and review of final documentation related to the note program. The notes represent the second series of IFH's 8.625% senior notes due 2019 denominated and payable in US dollars. With this issuance, the total amount of notes outstanding would be US$250 million. The notes will be sold under Regulation S of the Securities Act, listed on the Luxembourg stock exchange and governed under New York Law. These ratings were assigned to IFH Peru Ltd's US$100 million senior notes: -- Unsecured senior debt: Ba3, with stable outlook Rating Rationale: Moody's said that the assignment of the Ba3 rating was based on these considerations: 1) robust and improving dividend contributions expected for IFH under both expected and highly stressed earnings scenarios, reflecting the strong franchise value and financial metrics of IFH's main operating subsidiaries, particularly Interbank and Interseguro; 2) IFH's moderate debt levels and leverage as a stand-alone holding company; and 3) present and potential cash needs of the group's existing and start-up retail operations over the life of the financing. These operations are not likely to generate material dividends for the next couple of years. The rating also assumes that IFH will continue the group's disciplined approach towards its investments in both retail and real estate-related ventures. The Ba3 rating for the IFH notes is anchored on the Ba1 stand- alone credit assessment of Interbank, the group's largest earnings and dividend generator. However, Interbank is highly regulated by the Peruvian Superintendency of Banks, Insurance, and Pension Funds and subject to minimum capital requirements that could affect the upstreaming of dividends to IFH. Moody's said that the two-notch differential between the Ba3 bond rating and the Ba1 rating for the bank also reflects the structural subordination of the holding company's bondholders to all liability holders of the operating companies, particularly bank depositors and insurance policy holders, and to all other creditors of the operating companies, given that the notes are not guaranteed by any of IFH's subsidiaries. Although the notes will be secured by a first priority lien on a portion of IFH's shares of the common stock of IFS, the holding for the financial services companies, Moody's said this collateral does not enhance its rating of the IFH notes and thus the rating agency views the notes as unsecured obligations of IFH. The notes will rank pari passu in right of payment with all of the present and future obligations of IFH (other than obligations preferred by statute, such as tax and labor obligations) that are not otherwise expressly subordinated. The Ba3 rating for the IFH notes also takes into account the lack of restrictions on holding company dividends. Moody's said that this risk is not significantly mitigated by the transaction's modest financial covenants or by restrictions on additional debt and new ventures. In that regard, Moody's noted that the Ba3 rating could come under downward pressure if IFH's stand alone liquidity weakens, either because of weak performance at the subsidiary level or because of higher than anticipated interest costs, such that interest coverage -- as measured by net dividends received relative to financial expenses -- falls below 3.0 times. Moody's also expects IFH to hold at least 12 months of annual debt service in cash or highly liquid securities at all times at the holding company level, in addition to the pre-funding of interest through the Payment Account as provided for in the bond documentation, in order to maintain adequate internal liquidity. Proceeds from the IFH notes are being used to finance the expansion of IFH's retail and real estate operations. Retail operations are organized under IFH Retail, a wholly-owned intermediate holding company, and include Supermercados Peruanos, a food and general merchandise retailer controlled by IFH since 2003, Tiendas Peruanas, a small department store chain that started operations in 2008, and Financiera Uno, a consumer finance company. Incorporated in the Bahamas, IFH is also the ultimate holding company for a group of financial services companies, including Banco Internacional del Peru-Interbank, Peru's fourth largest bank, and Interseguro, the leading provider of annuities, the fastest growing product segment of the Peruvian insurance industry. The main challenges facing IFH in the near term center on the financial risks related to the group's increasing penetration of the retail segment in Peru. Peru's resilient performance through the global financial crisis and positive economic outlook, however, provides a solid platform for continued growth of the group's various operating entities. The IFH group is also well positioned in terms of risk management and distribution which will allow it to take advantage of more robust growth through its well established brands in the sectors in which it operates, said Moody's. IFH Peru Ltd reported unconsolidated assets of US$993.1 million, equity of $813.8 million, and net income of $128.3 million as of September 30, 2010. On a consolidated basis, the group reported total assets of US$7.2 billion and equity of $ 860.4 million as of December 31, 2009. IFH is majority owned and controlled by the Rodriguez Pastor family group with a 58.76% stake. ========================== V I R G I N I S L A N D S ========================== EQUIVEST ST. THOMAS: V.I. Court Dismisses Suit vs. Ex-Managers -------------------------------------------------------------- The Hon. Judith K. Fitzgerald dismissed BOARD OF DIRECTORS, BLUEBEARD'S CASTLE HILLTOP VILLA CONDOMINIUM ASSOCIATION, an unincorporated association in its own behalf and on behalf of its members, et al., Plaintiffs, v. JOHN CAVANAUGH and WILLIAM F. REIGHLEY, Defendants, (Bankr. D. Virgin Islands Lead Adv. Proc. No. 07-3004), at the Defendants' behest. The adversary proceeding was initiated by the Board of Directors of three condominium associations which represented the owners of timeshare condominium units at Bluebeard's Castle Resort. The Plaintiffs are resorts and timeshare developments located on the island of St. Thomas in the United States Virgin Islands. The Defendants are former equity holders and managers of the Resort. The Plaintiffs assert various tort claims against the Defendants, including common law fraud, breach of fiduciary duty, negligence and developer liability, as well as a claim under the Virgin Island's Criminally Influenced and Corrupt Organizations Act. Judge Fitzgerald held that the appropriate statute of limitations for each of the Plaintiffs' claims has expired, and both the discovery rule and the doctrine of equitable tolling is inapplicable in this matter. A copy of Judge Fitzgerald's Nov. 1 Memorandum Opinion is available at http://is.gd/hZ90hfrom Leagle.com. About Equivest St. Thomas Equivest St. Thomas Inc. is headquartered in Orlando, Florida. The Debtor operates, rents and leases resorts namely Bluebeard's Castle, Bluebeard's Beach Club Resort and Elysian Beach Resort, each located in St. Thomas, Virgin Islands. The Debtor filed for Chapter 11 bankruptcy protection on July 2, 2007 (Bankr. D. Virgin Islands Case No. 07-30011). Daniel M. Eliades, Esq., at Forman Holt Eliades & Ravin LLC, and Gregory H. Hodges, Esq., at Dudley, Topper & Feuerzeig LLP, represented the Debtor in its restructuring efforts. The Debtor's amended schedule disclosed $12,702,117 in assets and $13,808,691 in liabilities. The Court confirmed Equivest St. Thomas Inc.'s chapter 11 plan of reorganization on June 18, 2008, according to Jamie Mason of The Deal. The plan, The Deal said, contemplated on paying in cash and in full the secured claims of the U.S. and Virgin Islands governments, as well as other creditors, within 30 days of the effectivity date. Equivest Finance kept its equity stake in the Debtor, under the plan. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Jan. 27-28, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 3-5, 2011 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casuarina Resort & Spa, Grand Cayman Island Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 24-25, 2011 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 4, 2011 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Hyatt Regency Century Plaza, Los Angeles, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 7-9, 2011 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition Duberstein U.S. Courthouse, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - Florida Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 10-12, 2011 AMERICAN BANKRUPTCY INSTITUTE SUCL/ Alexander L. Paskay Seminar on Bankruptcy Law and Practice Marriott Tampa Waterside, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 17-19, 2011 AMERICAN BANKRUPTCY INSTITUTE Byrne Judicial Clerkship Institute Pepperdine University School of Law, Malibu, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ April 27-29, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott, Chicago, IL Contact: http://www.turnaround.org/ May 5, 2011 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - New York City Association of the Bar of the City of New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ May 6, 2011 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Hilton New York, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ June 6, 2011 AMERICAN BANKRUPTCY INSTITUTE Canadian-American Cross-Border Insolvency Symposium Fairmont Royal York, Toronto, Ont. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 27-30, 2011 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Sanctuary at Kiawah Island, Kiawah Island, S.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. __, 2011 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Dublin, Ireland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, 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 * * *