/raid1/www/Hosts/bankrupt/TCRLA_Public/101206.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
Monday, December 6, 2010, Vol. 11, No. 240
Headlines
A R G E N T I N A
EL CENTRO: Creditors' Proofs of Debt Due February 8
HILLVIEW ENTERPRISES: Moody's Affirms 'B3' Rating on Senior Notes
IMPREXILON SRL: Creditors' Proofs of Debt Due February 24
ISIEM SA: Creditors' Proofs of Debt Due February 18
JULIANO SA: Creditors' Proofs of Debt Due December 20
LEGUIZA CONSTRUCCIONES: Creditors' Proofs of Debt Due February 21
MI BANCO: S&P Assigns 'BB+/B' Counterparty Credit Rating
PRAIANA SRL: Creditors' Proofs of Debt Due December 14
UNDERGROUND SA: Creditors' Proofs of Debt Due April 11
UNIMEK SRL: Creditors' Proofs of Debt Due February 16
* ARGENTINA: S&P Affirms 'B' Credit Ratings on Province of Mendoza
B R A Z I L
ANHANGUERA EDUCACIONAL: S&P Affirms 'BB-' Corporate Credit Rating
BRF BRASIL: S&P Affirms 'BB+' Corporate Credit Ratings
C A Y M A N I S L A N D S
ALCAZAR SHIPPING: Creditors' Proofs of Debt Due December 22
ALGECIRAS SHIPPING: Creditors' Proofs of Debt Due December 22
ALHAMBRA SHIPPING: Creditors' Proofs of Debt Due December 22
ALICANTE SHIPPING: Creditors' Proofs of Debt Due December 22
ALTARA SHIPPING: Creditors' Proofs of Debt Due December 22
ARTIST CAPITAL: Creditors' Proofs of Debt Due December 22
ARTIST CAPITAL: Creditors' Proofs of Debt Due December 22
CRC FINANCIALS: Creditors' Proofs of Debt Due December 23
FOUR CORNERS: Creditors' Proofs of Debt Due December 22
GP MANAGEMENT: Creditors' Proofs of Debt Due December 21
HCM CREDIT: Creditors' Proofs of Debt Due December 14
HCM HEGEMONY: Creditors' Proofs of Debt Due December 14
HCM PATHFINDER: Creditors' Proofs of Debt Due December 14
HCM PATHFINDER: Creditors' Proofs of Debt Due December 14
JLH OFFSHORE: Creditors' Proofs of Debt Due December 22
LENA S: Creditors' Proofs of Debt Due December 22
NES OFFSHORE: Creditors' Proofs of Debt Due December 12
PROTEGE DIRECT: Creditors' Proofs of Debt Due December 13
PROTEGE DIRECT: Creditors' Proofs of Debt Due December 13
WINDERMERE MORTGAGE: Creditors' Proofs of Debt Due December 22
H O N D U R A S
* HONDURAS: To Receive US$135 Million of Loans From IDB
J A M A I C A
AIR JAMAICA: Caribbean Airlines Ex-CEO Fights to Get Job Back
M E X I C O
CORPORACION GEO: Fitch Affirms 'B' Issuer Default Ratings
DESARROLLADORA HOMEX: S&P Gives Stable Outlook; Keeps 'BB-' Rating
P U E R T O R I C O
CAFE VALENCIA: Case Summary & 20 Largest Unsecured Creditors
V E N E Z U E L A
BANCO FEDERAL: Venezuela to Liquidate Firm, Official Gazette Says
X X X X X X X X
* BOND PRICING: For the Week November 29 to December 3, 2010
- - - - -
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A R G E N T I N A
=================
EL CENTRO: Creditors' Proofs of Debt Due February 8
---------------------------------------------------
The court-appointed trustee for El Centro del Cristal S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 8, 2011.
The trustee will present the validated claims in court as
individual reports on March 28, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 11, 2011.
HILLVIEW ENTERPRISES: Moody's Affirms 'B3' Rating on Senior Notes
-----------------------------------------------------------------
Moody's Latin America has affirmed a B3 foreign currency rating to
Hillview's proposed US$100 million senior secured notes due in
2015. At the same time, Moody's affirmed Hillview's corporate
family rating a B3 on its global scale. The outlook for all
ratings is stable.
The US$100 million senior notes are secured by the shares' pledge
of the company's operating subsidiaries.
Headquartered in Panama, Hillview Enterprises Inc. is a company
which started operations on April 4th, 2007 and is engaged in
investment activities. VR Global Partners L.P., a limited
partnership registered under the Exempted Limited Partnership Law
of the Cayman Islands, is its controlling company, holding an
ownership interest in Hillview of 60.2%. Holding 0.4% of shares,
Argentine Gaming Group's manages all companies operating three
gaming halls (bingos and electronic gaming machines) in Argentina.
IMPREXILON SRL: Creditors' Proofs of Debt Due February 24
---------------------------------------------------------
The court-appointed trustee for Imprexilon S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 24, 2011.
The trustee will present the validated claims in court as
individual reports on April 13, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 1, 2011.
ISIEM SA: Creditors' Proofs of Debt Due February 18
---------------------------------------------------
The court-appointed trustee for Isiem S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
February 18, 2011.
The trustee will present the validated claims in court as
individual reports on April 19, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 23, 2011.
Creditors will vote to ratify the completed settlement plan
during the assembly on November 22, 2011.
JULIANO SA: Creditors' Proofs of Debt Due December 20
-----------------------------------------------------
The court-appointed trustee for Juliano S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 20, 2010.
The trustee will present the validated claims in court as
individual reports on March 28, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 30, 2011.
LEGUIZA CONSTRUCCIONES: Creditors' Proofs of Debt Due February 21
-----------------------------------------------------------------
The court-appointed trustee for Leguiza Construcciones S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 21, 2011.
The trustee will present the validated claims in court as
individual reports on April 4, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 18, 2011.
MI BANCO: S&P Assigns 'BB+/B' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+/B' counterparty credit rating to Mi Banco. The outlook is
stable.
"The rating on MiBanco, Banco de La Microempresa S.A. reflects the
increasing competitive environment in the Peruvian financial
system, especially in the microfinance segment," said Standard &
Poor's credit analyst Delfina Cavanagh. The rating also
incorporates the bank's nonperforming loan level that is higher
than the Peruvian banking system average. The bank's strong
profitability, strong risk management capabilities, and strong
market position in the Peruvian microfinance sector counterbalance
the weaknesses.
As of September 30, 2010, the adjusted capital-to-assets ratio-
according to Standard & Poor's methodology-was adequate at 8.6%.
Given portfolio high growth prospects in the next three years, Mi
Banco may struggle to maintain its capitalization level, which
will be dependent upon the company's ability to retain earnings or
to obtain other capital injections.
The bank's total loan portfolio reached PNS3,522 million ($1,264
million) as of September 30, 2010, recording a 23% year-over-year
increase, well above the system's average growth. Mi Banco
presents NPL that is above the banking system average because of
its high participation in the microfinance institution segment,
which has historically shown above-average NPL's ratios in Peru.
Mi Banco's nonperforming loans-to-total loans ratio stood at 3.3%
as of September 30, 2010. Somehow mitigating credit risk, the
bank presents an ample loan-loss reserves policy and a well-
diversified loan portfolio by geography and clients given its
small-value and short-term lending.
Standard & Poor's believes that Mi Banco has strong risk
management capabilities based on a sound management team and
sophisticated risk management tools that allow the bank to
adequately manage risks embedded in the segment they point to.
Mi Banco presents a strong and above-market profitability based on
its ability to generate high interest margins and its strong
market position in the microfinance segment. Given that
increasing competition is already affecting profitability, the
bank is increasingly focused on improving efficiency and
increasing its share of noninterest revenues to compensate for
lower interest margins. Return on average assets stood at 2.7%
during the first nine months of 2010. Standard & Poor's believes
that the company's ability to continue increasing scale and
obtaining new sources of revenues while maintaining reasonable
costs will allow the bank to sustain its profitability-albeit
lower interest margins result from higher competition.
Mi Banco is the fifth-largest bank within the 15 banks operating
in Peru. However, it is the leader in the microfinance segment
with 40% of total MFI loans, and it has the largest client base.
The bank is largely focused on microfinance, which comprises about
70% of total loans.
The stable outlook reflects S&P's expectation that, despite higher
competition in local market, Mi Banco will continue to consolidate
its market position, especially in the microfinance market, while
maintaining adequate asset quality and liquidity. S&P could raise
the ratings if the bank improves its asset quality and
capitalization level. S&P could downgrade the ratings if there is
a major decline in Peru's economy or deterioration in Mi Banco's
asset quality or capitalization.
PRAIANA SRL: Creditors' Proofs of Debt Due December 14
------------------------------------------------------
The court-appointed trustee for Praiana S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 14, 2010.
UNDERGROUND SA: Creditors' Proofs of Debt Due April 11
------------------------------------------------------
The court-appointed trustee for Underground S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 11, 2011.
The trustee will present the validated claims in court as
individual reports on May 23, 2011. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 4, 2011.
UNIMEK SRL: Creditors' Proofs of Debt Due February 16
-----------------------------------------------------
The court-appointed trustee for Unimek S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 16, 2011.
The trustee will present the validated claims in court as
individual reports on March 31, 2011. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 16, 2011.
* ARGENTINA: S&P Affirms 'B' Credit Ratings on Province of Mendoza
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
foreign and local currency credit ratings on the Province of
Mendoza.
The 'B' rating on the Province of Mendoza, reflects the high risk
inherent to the Republic of Argentina (B/Stable/B). "Negative
factors in the local context include high inflation, a low level
of investments, and lack of predictability regarding the direction
of economic policies in Argentina," said Standard & Poor's credit
analyst Delfina Cavanagh. The province's weak liquidity position,
which has deteriorated since 2008; its still moderate debt burden;
and its limited fiscal flexibility also constrain the rating.
Somewhat offsetting these risks is a management that compares
favorably with the Argentinean standards and a stable political
environment that allowed the province to consistently reduce its
debt burden and debt service.
A declining debt service also supports the province's
creditworthiness. After an agreement with the central government
in August, debt service will be a very manageable task for the
province, especially in 2011. Debt service is estimated to be
reduced by 50% in 2011 and to slightly increase in 2012.
The local economy has been decelerating since 2006 and, according
to the province's estimates, local GDP has declined 3.7% in 2009
as a result of the worsening local economy, which strongly
impacted Mendoza given its economic base. S&P expects an
important recovery of 7% for the sovereign in 2010 and a similar
recovery for Mendoza. Economic deceleration had a significant
impact on the province's fiscal balance through a deceleration of
its own revenue collection capacity and the federal government's
transfers. However, the province has maintained a relatively good
budgetary performance despite a deceleration in revenues--mainly
in 2009--and high inflation, which impacted expenditure because of
greater demands for salary increases.
Mendoza's fiscal balance is expected to end 2010 with a deficit of
around Argentinean pesos ARP150 million, which will require the
borrowing of funds and still has to be approved by the local
legislature and is currently under discussion. Mendoza's budget
will continue to suffer certain operating expenditure pressure,
although revenues are expected to recover gradually as the economy
bounces back from recession.
Mendoza's stock debt declined to ARP4,130 million as of end-
September 2010, equivalent to a moderate 56% of operating revenues
budgeted for 2010. This significant decline is partly a
consequence of the agreement signed with the central government in
which the province benefits from an ARP424 million reduction in
its outstanding debt with the central government. The agreement
also includes a grace period of interest and amortization of most
of the debt owed to the federal government through December 2011
and, beginning in 2012, a refinancing of this debt at a fixed rate
of 6% and removing its indexation to the stabilization coefficient
of reference (the CER index, the official rate of inflation).
S&P believes the liquidity position for Mendoza in 2010 is limited
and expected to slightly improve in 2011 as long as the economic
recovery strengthens and additional funding sources arise.
Mendoza's liquidity has weakened since 2008 given the province's
more adjusted fiscal situation. The province accumulated funds in
countercyclical fund, which totaled about ARP150 million as of
end-December 2009. However, in December 2009, the local
government and local legislature decided to use the ARP135 million
from the fund to finance 2009's fiscal deficit. Funds were
distributed among the province and the municipalities.
Mendoza, like other public entities in Argentina, does not have a
strictly committed credit line, but it has established relations
with major banks, especially the main public bank.
The province debt management is prudent and relatively
sophisticated compared with other provinces in Argentina that are
much less experienced in terms of market debt.
The recovery rating on Mendoza's unsecured debt is '3', indicating
S&P's expectation of meaningful (50% to 70%) recovery in a payment
default scenario.
The stable outlook reflects S&P's expectation that Mendoza will
maintain a relatively sophisticated and conservative management--
above Argentinean standards--and stable political environment,
which will allow the province to continue with a prudent financial
policy and to maintain an adequate budgetary performance. An
upgrade on the sovereign could have a positive impact on Mendoza's
ratings.
===========
B R A Z I L
===========
ANHANGUERA EDUCACIONAL: S&P Affirms 'BB-' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
global scale corporate credit rating and its 'brA' Brazilian
national scale corporate credit and national scale debentures
rating on Anhanguera Educacional Participaciones S.A. The outlook
is stable.
The ratings on AESA reflect the integration and execution risks of
its planned expansion through organic growth, greenfield projects,
and acquisitions. S&P assume the company will finance growth
mainly with its announced follow-on equity offer. Although S&P
projects credit metrics will gradually improve, free operating
cash flow will remain negative due to acquisitions and capital
expenditures. Favorable growth prospects for undergraduate
education in Brazil partially mitigate these risks. Furthermore,
increasing participation in distance-learning centers adds to
AESA's total revenues, and allows it to grow with lower capital
commitments.
"The company's favorable track record in capturing growth
opportunities through greenfield projects or acquisitions and the
benefits of operating a large-scale and standardized business are
also positive rating factors," said Standard & Poor's credit
analyst Debora Confortini.
S&P categorize AESA's business profile as weak. AESA benefits
from its large scale, which provides it with higher margins and a
diverse product mix. However, demand is somewhat correlated with
favorable macroeconomic conditions (such as improving formal
employment). The company has reported consistent revenue growth
through acquisitions and new greenfield campuses. It has also
invested in distance-learning centers, a business that is very
profitable and requires lower capital commitments. The increasing
contribution from learning centers helped AESA to improve its
EBITDA margin to 25.1% in September 2010 from 22.5% in September
2009, even considering higher provisions for credit losses.
Average tuition per student for distance-learning is lower than
that for traditional schools, but the number of students has
increased significantly, offsetting any effects on revenues.
AESA's financial profile is aggressive, especially because of its
expansion plan, which has caused financial debt to increase,
credits measures to weaken, and liquidity to deplete. Even
assuming that AESA is successful in its equity offering, S&P
believes credit metrics will only gradually improve, as the
company uses proceeds for expansion. Higher provisions for credit
losses and the ramping up of operating results for a large number
of campuses will likely continue to affect EBITDA margins, which
S&P expects at about 26% at year-end 2011. However, S&P project
growth in revenues and EBITDA, mainly because of stronger results
from new campuses and learning centers, as these operations
mature. Credit metrics will then improve--to an adjusted total
debt to EBITDA of about 3.0x and a funds from operations-to-
adjusted total debt of about 30% by year-end 2011.
The stable outlook reflects S&P's view that AESA will reach credit
metrics that are in line with S&P's expectations, assuming it uses
the incremental liquidity to finance acquisitions. S&P project
credit metrics will improve due to higher cash flows stemming from
larger operations and stronger profitability. S&P could lower the
ratings if AESA reports higher-than-expected leverage, such as
persistent adjusted total debt to EBITDA higher than 5x and FFO to
adjusted total debt lower than 10% by 2011, if profits go down,
and if liquidity weakens, thus raising refinancing risk. An
upgrade would depend on a consistent improvement in AESA's
financial profile and a less aggressive expansion strategy that
allows it to reduce leverage to an adjusted total debt to EBITDA
of less than 3.0x and an FFO to adjusted total debt of more than
35%.
BRF BRASIL: S&P Affirms 'BB+' Corporate Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
foreign and local currency corporate credit ratings on food
producer BRF Brasil Foods S.A. The outlook remains stable.
"The affirmation reflects S&P's expectation that BRF will sustain
EBITDA margins of about 10%, even under more challenging market
conditions, particularly escalating raw material prices," said
Standard & Poor's credit analyst Flavia Bedran. "S&P believes
that the company's strong branded portfolio in the domestic
market, its dominant market position in higher value-added
processed products, and the recovery of export markets will help
it pass on costs to end clients."
Moreover, the rise in raw material prices is partially mitigated
by the company's physical hedge of part of its corn and soybean
needs, its strong bargaining power with suppliers, and the
expected record grain harvest in Brazil. All of these factors
reduce pressures for 2011.
The company's fair business profile and significant financial
profile reflect its challenges to develop strong brands abroad and
its still-high exposure to volatile fresh poultry sales, which
account for 31% of consolidated net revenues. In addition, BRF
faces the risks that are inherent in the animal protein business,
such as disease outbreaks and international trade barriers, and
its credit metrics remain tight. The company's strong branded
portfolio in the domestic market and its dominant market position
in several processed products segments--which helps it sustain
more stable cash flows than some international peers--partially
mitigate these negative factors. BRF also has adequate liquidity,
which serves as a cushion against strong market volatility, as
well as favorable domestic market fundamentals.
S&P has not factored into its ratings any further margin
improvements that are expected following the full integration of
BRF's and Sadia's operations. Once fully integrated, the group
could benefit from important operating and commercial synergies,
which could further strengthen BRF's business profile.
Credit metrics are somewhat tight for the rating category, with
total adjusted debt-to-EBITDA and funds from operations-to-total
debt ratios of 3.7x and 18.1%, respectively, as of September 2010.
However, and as expected, the company has gradually deleveraged,
primarily because of stronger internal cash flow generation, but
also as a result of some gradual debt repayment.
"S&P expects the company will continue deleveraging gradually to
reduce total adjusted debt to EBITDA to less than 3x on a
permanent basis and to produce even stronger net debt ratios,"
said Ms. Bedran. "S&P views adherence to moderate financial
policies as a positive factor in the intermediate term."
==========================
C A Y M A N I S L A N D S
==========================
ALCAZAR SHIPPING: Creditors' Proofs of Debt Due December 22
-----------------------------------------------------------
The creditors of Alcazar Shipping 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 October 25, 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 KY1-9005
Cayman Islands
ALGECIRAS SHIPPING: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------------
The creditors of Algeciras Shipping 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 October 25, 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 KY1-9005
Cayman Islands
ALHAMBRA SHIPPING: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of Alhambra Shipping 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 October 25, 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 KY1-9005
Cayman Islands
ALICANTE SHIPPING: Creditors' Proofs of Debt Due December 22
------------------------------------------------------------
The creditors of Alicante Shipping 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 October 25, 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 KY1-9005
Cayman Islands
ALTARA SHIPPING: Creditors' Proofs of Debt Due December 22
----------------------------------------------------------
The creditors of Altara Shipping 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 October 25, 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 KY1-9005
Cayman Islands
ARTIST CAPITAL: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Artist Capital Advantage 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 October 27, 2010.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Mourant Ozannes Attorneys-at-Law for the Company
JJW
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; OR
Mourant Ozannes Cayman Liquidators Limited
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108
Cayman Islands
ARTIST CAPITAL: Creditors' Proofs of Debt Due December 22
---------------------------------------------------------
The creditors of Artist Capital Advantage Plus 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 October 22, 2010.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Mourant Ozannes Attorneys-at-Law for the Company
JJW
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; OR
Mourant Ozannes Cayman Liquidators Limited
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108
Cayman Islands
CRC FINANCIALS: Creditors' Proofs of Debt Due December 23
---------------------------------------------------------
The creditors of CRC Financials Opportunity Fund Ltd are required
to file their proofs of debt by December 23, 2010, to be included
in the company's dividend distribution.
The company commenced liquidation proceedings on November 8, 2010.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946-7665
Facsimile: (345) 946-7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
FOUR CORNERS: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of Four Corners CLO IV, 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 8, 2010.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street
George Town Grand Cayman KY1-9002
Cayman Islands
GP MANAGEMENT: Creditors' Proofs of Debt Due December 21
--------------------------------------------------------
The creditors of GP Management V, Ltd. are required to file their
proofs of debt by December 21, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 8, 2010.
The company's liquidator is:
Bernard Mcgrath
c/o Caledonian House
69 Dr. Roy's Drive
P.O. Box 1043 Grand Cayman KY1-1102
Cayman Islands
Telephone: 949-0050
Facsimile: 814-4863
HCM CREDIT: Creditors' Proofs of Debt Due December 14
-----------------------------------------------------
The creditors of HCM Credit Plus Master 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 8, 2010.
The company's liquidator is:
Ogier
Jonathan McLean
Telephone: (345) 815-1805
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
HCM HEGEMONY: Creditors' Proofs of Debt Due December 14
-------------------------------------------------------
The creditors of HCM Hegemony 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 8, 2010.
The company's liquidator is:
Ogier
c/o Jonathan McLean
Telephone: (345) 815 1805
Facsimile: (345) 949-9877
Ogier 89 Nexus Waym Camana Bay
Grand Cayman KY1-9007
Cayman Islands
HCM PATHFINDER: Creditors' Proofs of Debt Due December 14
---------------------------------------------------------
The creditors of HCM Pathfinder Master 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 8, 2010.
The company's liquidator is:
Ogier
Jonathan McLean
Telephone: (345) 815-1805
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
HCM PATHFINDER: Creditors' Proofs of Debt Due December 14
---------------------------------------------------------
The creditors of HCM Pathfinder 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 8, 2010.
The company's liquidator is:
Ogier
Jonathan McLean
Telephone: (345) 815-1805
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
JLH OFFSHORE: Creditors' Proofs of Debt Due December 22
-------------------------------------------------------
The creditors of JLH Offshore 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 October 15, 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 KY1-9005
Cayman Islands
LENA S: Creditors' Proofs of Debt Due December 22
-------------------------------------------------
The creditors of Lena S 03-1 Holdings are required to file their
proofs of debt by December 22, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Bernard Mcgrath
69 Dr. Roy's Drive
PO Box 1043 Grand Cayman KY1-1102
Cayman Islands
NES OFFSHORE: Creditors' Proofs of Debt Due December 12
-------------------------------------------------------
The creditors of Nes Offshore Ltd. are required to file their
proofs of debt by December 12, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 4, 2010.
The company's liquidator is:
Transcontinental Fund Administration, Ltd.
Claudia Woerheide
Telephone: (345) 949-5013
Facsimile: (345) 946-4654
c/o Transcontinental Fund Administration
Governors Square Office, Suite 4-213-6
23 Lime Tree Bay Ave. West Bay
Grand Cayman
Cayman Islands
PROTEGE DIRECT: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------
The creditors of Protege Direct Fund, 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 wind-up proceedings on November 8, 2010.
The company's liquidator is:
Ogier
Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
PROTEGE DIRECT: Creditors' Proofs of Debt Due December 13
---------------------------------------------------------
The creditors of Protege Direct Master Fund, 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 wind-up proceedings on November 8, 2010.
The company's liquidator is:
Ogier
Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay Grand Cayman KY1-9007
Cayman Islands
WINDERMERE MORTGAGE: Creditors' Proofs of Debt Due December 22
--------------------------------------------------------------
The creditors of Windermere Mortgage 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 October 26, 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 KY1-9005
Cayman Islands
===============
H O N D U R A S
===============
* HONDURAS: To Receive US$135 Million of Loans From IDB
-------------------------------------------------------
Honduras will expand and modernize Central America's biggest port
with US$135 million of loans from the Inter-American Development
Bank.
Puerto Cortes is the main port of Honduras, handling almost 90% of
maritime traffic. Located on the northeast coast of the country,
on the Caribbean Sea, it is the biggest and deepest port in
Central America handling a large portion of the region's
containerized exports. It is the main point of entry for imports
of grains and fertilizers, among other goods essential to the
Honduran economy.
The IDB will help finance the dredging of the port basin and
slips; and works to reclaim land from sea by depositing the
material dredged from the harbor. The new space reclaimed from
the sea will accommodate a new container terminal, and serve as a
future expansion area, and an area for the future organic bulk
terminal.
The US$135 million IDB loan is comprised of a US$94 million 30-
year fixed-rate loan with a six-year grace period; and a US$40.5
million loan from the Bank's Fund for Special Operations, with
maturity and grace period of 40 years, and a 0.25% interest rate.
Both loans, which will finance about 60 % of the cost of the
project, will be disbursed in four years.
* * *
As of December 3, 2010, the country continues to carry Moody's
"B3" country ceiling long-term foreign bank deposit rating and
foreign currency debt ratings. The country also continues to
carry Moody's "B2" long-term and currency issuer ratings.
=============
J A M A I C A
=============
AIR JAMAICA: Caribbean Airlines Ex-CEO Fights to Get Job Back
-------------------------------------------------------------
RadioJamaica reports that fired Caribbean Airlines Chief Executive
Officer Captain Ian Brunton has described his dismissal as an
unnecessary act of viciousness.
As reported in the Troubled Company Reporter-Latin America on
December 1, 2010, RadioJamaica said that Robert Corbie was
appointed as the new Chief Executive Officer of Caribbean Airlines
Limited. The Trinidadian airline has a controlling stake in Air
Jamaica Limited. RadioJamaica related Caribbean Airlines has
disclosed Mr. Corbie, who is Vice President of Commercial and
Customer Experience, will hold the post for the time being. Mr.
Corbie will oversee a newly merged work force of 1,866 employees,
the report noted.
According to RadioJamaica, in an interview with Trinidad Express
newspaper, Captain Brunton said if there was a disagreement over
his performance as CEO, he would have been happy to sit down and
meet with the board to discuss any issue.
Captain Brunton's attorneys have written to Caribbean Airlines
asking it to show that the board met to dismiss their client and
that it was not a unilateral decision which they allege is
unlawful and improper, RadioJamaica says. The report relates that
the attorneys have asked that the board recant its decision and
return Captain Brunton as CEO of the airline.
About Air Jamaica
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.
===========
M E X I C O
===========
CORPORACION GEO: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings of Corporacion Geo, S.A.B. de C.V.'s at 'B+'.
Fitch has also affirmed GEO's long-term national scale rating at
'BBB+(Mex)'.
In addition, Fitch has affirmed at 'BB-/RR3' these senior
unsecured obligations of GEO:
-- US$250 million senior notes due 2014;
-- US$250 million senior notes due 2020.
The Rating Outlook is Stable.
The ratings are supported by GEO's solid market position in the
Mexican homebuilding industry, consistent business strategy
oriented toward the growing low-income housing segment, geographic
diversification, adequate land reserves, sufficient liquidity, and
moderate leverage.
The ratings are constrained by GEO's aggressive growth strategy
and high working capital requirements, which will likely lead to
negative free cash flow during the near and medium term. The
'BB-/RR3' ratings of the company's unsecured public debt reflect
good recovery prospects in the range of 50%-70% given default.
Solid Market Position in the Low-income Segment:
The ratings factor in GEO's solid market share position in the
sector, being one of the largest homebuilders in Mexico in terms
of number of units sold, with 53,364 units sold during the LTM
period ended in September 2010. In addition, the ratings reflect
GEO's consistent business strategy to focus in the low-income
housing segment with homes with selling prices of up to MXN655,000
or approximately US$50,000. Demand from this market segment has
been relatively stable due to continued mortgage availability.
During the first nine months of 2010, 84% of GEO's sales revenues
were generated by sales to the low-income segment.
Strong Geographic Diversification:
The ratings also consider GEO's geographic diversification with
presence in 19 states in Mexico, which mitigates the inherent
risks associated with operating in a specific region, reducing its
dependency on specific local and municipal governments to secure
land and permits. Further, the company benefits from large scale
and nationwide operations as the largest homebuilder in Mexico by
volume of homes sold, which allows GEO to benefits from economies
of scale, better negotiating position with suppliers, better
access to credit markets, and enhanced relationships with land
suppliers.
Resilient Business Model:
The company's growth during the recent years has been primarily a
result of its consistent business strategy to focus on the low-
income segment. GEO's positive trend in its operational results
demonstrates the resiliency of its business model. Despite the
6.5% contraction of the Mexican economy in 2009 and a 29% decrease
in housing starts for Mexican housing industry in 2009 compared to
2008, GEO's sales during 2009 increased by 21.2%. For the LTM
period ended in September 2010 they have grown an additional
10.6%.
FCF Expected to Remain Negative as Business Growth Continues to
Increase Working Capital Needs:
GEO's sales have grown to 53,364 units for the LTM ended Sept. 30,
2010 from 41,811 during 2008. GEO's EBITDA levels increased
accordingly during this period, while its EBITDA margin remained
stable at approximately 22%. Like other Mexican homebuilders, the
business growth has put pressure in GEO's capacity to generate
free cash flow, mainly due to an increase in the company's
inventory level to MXN24.1 billion as of Sept. 30, 2010 from
MXN17.2 billion at the end of 2008. GEO's FCF was negative MXN973
million for the LTM. The ratings incorporate the view that GEO
will continue with its growth strategy reaching levels of
approximately 55,000 and 65,000 units sold during 2010 and 2011.
This level of growth should increase the company's negative free
cash flow to about MXN1 billion during 2011. The company's large
land bank should result in continued growth in sales and continued
negative free cash flow through 2014.
Adequate Liquidity and Good Debt Payment Schedule Provides
Financial Flexibility:
GEO had MXN2.9 billion of short-term debt at the end of September
2009. The company's short-term debt is primarily composed by
bridge loans (MXN2.353 billion) and secured loans for land
purchases (MXN463 million). This level of short-term debt
compares with BRL6.6 billion of long-term debt and MXN4.3 billion
of EBITDA and MXN3.2 billion of funds from operations during the
LTM. This capital structure is an improvement from the one
maintained by the company during 2007 and 2008 when short-term
debt exceeded EBITDA and FFO.
With MXN1.934 billion in cash, MXN885 million short-term
receivables, and approximately MXN7 billion in unused uncommitted
credit lines available at Sept. 30, 2010, the company's liquidity
is currently satisfactory. Fitch's ratings incorporate an
expectation that GEO's cash position will be between MXN2 billion
and MXN2.5 billion during 2011 and that the company's maturity
schedule will remain manageable. The company's main debt
maturities are the US$250 million unsecured notes due in 2014 and
the US$250 million senior notes due in 2020.
Gross Leverage Expected to Remain Stable in the 2.0x-2.5x Range:
GEO's leverage, as measured by the ratio of total debt/EBITDA, has
remained in the 1.8x to 2.4x range during the last four years. As
of Sept. 30, 2010, GEO's gross leverage ratio was 2.2x. The
ratings incorporate an expectation that GEO's gross leverage will
be around 2.0x and 2.5x during 2011.
Sound Land Reserves Strategy:
Positively factored in the ratings is GEO's significant land
reserves. As of Sept. 30, 2010, the company had land reserves
equivalent to 356,000 homes, which represents around five years of
production. GEO's land reserves have been built up using
different financing alternatives. They include the company's cash
flow, outsourcing, purchase options, and a joint venture with
Prudential, among other funds. The diversified funding strategy
has improved the company's financial flexibility by reducing
working capital requirements, allowing it to use cash flow for
other purposes. Approximately 95% of the company's land reserves
are targeted toward low income housing. The company's land
reserves are also well diversified geographically with with the
Central, Northwest, West, South, Northeast, and Bajio regions
representing 41.2%, 15%, 13.2%, 12.1%, 9.5%, and 9%, respectively.
DESARROLLADORA HOMEX: S&P Gives Stable Outlook; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Mexican homebuilder Desarrolladora Homex S.A.B. de C.V.
to stable from negative. S&P also affirmed its 'BB-' long-term
corporate credit rating on the company.
"The company's aggressive growth targets and financial policy in a
highly competitive market, higher use of debt to support its
growth plans, and significant working capital requirements that
have limited free operating cash flow generation limit the rating
on the Homex," said Standard & Poor's credit analyst Laura
Martinez.
The ratings also reflect the concentration of mortgage origination
in Infonavit and Fovissste, and a degree of political risk
inherent to these institutions. Homex's position as a leading
homebuilder in Mexico, broad geographic diversity, and a
comfortable maturity schedule support the ratings.
During the first nine months of 2010, Homex continued to make
significant investments in working capital and land acquisitions
as a result of the company's strategy to accelerate its
construction-in-process inventory level to support its growth
targets for 2010 and 2011. This has led to a negative free
operating cash flow of MXN2.4 billion for the last 12 months ended
Sept. 30, 2010, and an increase in its debt levels reaching
MXN12.6 million (adjusted by operating leases and postretirement
benefit obligations), which weakened the company's key credit
metrics. For the last 12 months ended Sept. 30, 2010, Homex
posted an adjusted total debt to EBITDA, EBITDA interest coverage,
and a funds from operations -to-total-debt ratio of 3.1x, 2.9x,
and 27.7%, respectively, compared with 2.2x, 3.7x, and 33.9% a
year ago. However, by year-end 2010, S&P expects a significant
debt reduction to $10.8 billion and a total debt-to-EBITDA ratio
of 2.6x, mainly as a result of collections during the fourth
quarter. S&P also estimate the company will post a negative FOCF
generation of around MXN250 million for the year.
In 2011, Homex expects to invest around MXN1.5 billion in land
acquisitions to maintain its land reserve at 3.5 years of future
sales (from an expected investment of MXN900 million in 2010).
S&P estimates these investments, together with other working
capital needs, will lead to a negative FOCF of MXN600 million
during next year. Yet S&P believes higher revenues and relatively
stable debt levels will allow the company to maintain its debt
leverage below 3.0x.
With operations in 21 states and 34 cities, and revenues of
MXN19.4 billion for the last 12 months ended Sept. 30, 2010, Homex
is one of the largest homebuilders in Mexico focused on affordable
entry-level and low middle-income housing. Additionally, Homex
has other operating divisions under Homex International, currently
focused in Brazil, Homex Tourism, and Homex Infrastructure.
Homex's liquidity is less-than-adequate. As of Sept. 30, 2010,
the company held MXN3.3 billion in cash, from which MXN123 million
is restricted. Short-term debt was $1.8 billion, mainly composed
of bridge loans and credit lines. S&P anticipate a negative FOCF
generation of around MXN250 million and MXN600 million in 2010 and
2011, which S&P expects to be funded with some additional debt and
cash in hand.
Homex's covenant headroom has tightened as a consequence of higher
debt levels posted during the third quarter of the year. However,
S&P anticipate an improvement by year-end 2010 given a debt
reduction through strong FOCF generation in the fourth quarter.
S&P rate Homex's US$250 million senior notes maturing in 2015 and
its US$250 million notes maturing in 2019 'BB-' (the same as the
long-term corporate credit rating on the company). The recovery
rating of '3' indicates S&P's expectation of a meaningful recovery
(50% to 70%) on the Mexican recovery scale in the event of a
payment default.
The stable outlook incorporates S&P's expectation of a significant
debt reduction from current levels while Homex maintains a total
debt/EBITDA ratio of around 2.5x going forward. A negative rating
action is possible if the company's key financial and operating
metrics show a further deterioration derived from an increase in
management's tolerance for risk, specifically a total debt-to-
EBITDA above 3.0x. S&P could raise the ratings if Homex posts
positive FOCF on a consistent way, leading to a stronger liquidity
position.
=====================
P U E R T O R I C O
=====================
CAFE VALENCIA: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Cafe Valencia, Inc.
1000 Munoz Rivera Avenue
Rio Piedras, PR 00927
Bankruptcy Case No.: 10-11276
Chapter 11 Petition Date: November 30, 2010
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Carmen D. Conde Torres, Esq.
254 San Jose Street, 5th Floor
San Juan, PR 00901-1523
Tel: (787) 729-2900
Fax: (787) 729-2203
E-mail: notices@condelaw.com
Scheduled Assets: US$168,537
Scheduled Debts: US$6,147,160
A list of the Company's 20 largest unsecured creditors
filed together with the petition is available for free
at http://bankrupt.com/misc/prb10-11276.pdf
The petition was signed by Roberto Martin, vice-president.
=================
V E N E Z U E L A
=================
BANCO FEDERAL: Venezuela to Liquidate Firm, Official Gazette Says
-----------------------------------------------------------------
Venezuela ordered the liquidation of Banco Federal CA and three
related companies, Corina Rodriguez Pons at Bloomberg News
reports, citing a resolution published in the Official Gazette.
As reported in the Troubled Company Reporter-Latin America on
August 16, 2010, Dow Jones Newswires said that the Venezuela
government plans to liquidate Banco Federal, a mid-sized bank
seized by authorities in June for alleged liquidity problems.
According to Dow Jones Newswires, Bank Former President Nelson
Mezerhane claimed that the intervention was a political move. The
report related Mr. Mezerhane disputed the charge that the bank had
liquidity problems. Investigators, the report said, have been
reviewing Banco Federal's books over the past two months to
determine what to do with it. President Chavez confirmed that the
bank wouldn't go back into private hands, the report related. Dow
Jones Newswires noted that Finance Minister Jorge Giordani said
that some of the bank's assets would be sold off. Over the past
two months, the government has been paying out the deposits owed
to bank customers, he added.
Bloomberg relates President Hugo Chavez has closed 12 banks and
taken control of more than 40 brokerages since November 2009 in a
bid to increase regulation and the government's presence in the
financial sector.
President Chavez, Bloomberg discloses, accused Federal President
Nelson Mezerhane, who is also part owner of opposition television
network Globovision, of defrauding clients and building a mansion
in Miami with depositors' money.
Banco Federal CA is a mid-sized bank in Venezuela.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week November 29 to December 3, 2010
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-DIS 5.83 12/31/2033 ARS 43.65
ARGENT-PAR 1.18 12/31/2038 ARS 90
ARGENT-DIS 7.82 12/31/2033 EUR 77.25
ARGENT-DIS 7.82 12/31/2033 EUR 76.25
ARGENT-DIS 4.33 12/31/2033 JPY 42
ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8
BODEN 2014 2 9/30/2014 ARS 39
BOGAR 2018 2 2/4/2018 ARS 23.45
PRO12 2 1/3/2016 ARS 130.3
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 49.679
BANIF FIN LTD 3 12/31/2019 EUR 61.625
BCP FINANCE BANK 5.01 3/31/2024 EUR 66.812
BCP FINANCE BANK 5.31 12/10/2023 EUR 69.543
BCP FINANCE CO 4.239 EUR 63.678571
BCP FINANCE CO 5.543 EUR 66.033817
BES FINANCE LTD 4.5 EUR 73.875
BES FINANCE LTD 5.58 EUR 62.185295
BES FINANCE LTD 6.984 2/7/2035 EUR 63.44015
DUBAI HLDNG COMM 6 2/1/2017 GBP 73.88
EFG ORA FUNDING 1.7 10/29/2014 EUR 68.69
ESFG INTERNATION 5.753 EUR 67.916667
PUBMASTER FIN 5.943 12/30/2024 GBP 74.94
PUBMASTER FIN 8.44 6/30/2025 GBP 129.64756
PUNCH TAVERNS 4.767 6/30/2033 GBP 75.35
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 0.1949
ESVAL S.A. 3.8 7/15/2012 CLP 49.942973
MASISA 4.25 10/15/2012 CLP 38.402885
PUERTO RICO
-----------
PUERTO RICO CONS 6.5 4/1/2016 USD 49.7
VENEZUELA
---------
PETROLEOS DE VEN 4.9 10/28/2014 USD 62.615863
PETROLEOS DE VEN 5 10/28/2015 USD 56.711132
PETROLEOS DE VEN 5.125 10/28/2016 USD 55.070706
PETROLEOS DE VEN 5.25 4/12/2017 USD 56.727034
PETROLEOS DE VEN 5.375 4/12/2027 USD 45.609648
PETROLEOS DE VEN 5.5 4/12/2037 USD 44.539935
PETROLEOS DE VEN 8.5 11/2/2017 USD 66.986436
VENEZUELA 5.75 2/26/2016 USD 70.75
VENEZUELA 6 12/9/2020 USD 57
VENEZUELA 7 3/31/2038 USD 55.125
VENEZUELA 7 12/1/2018 USD 63
VENEZUELA 7 3/31/2038 USD 55.5
VENEZUELA 7.65 4/21/2025 USD 59.25
VENEZUELA 7.75 10/13/2019 USD 65.75
VENEZUELA 8.25 10/13/2024 USD 63
VENEZUELA 9 5/7/2023 USD 66.25
VENEZUELA 9.25 9/15/2027 USD 72.5
VENEZUELA 9.25 5/7/2028 USD 66.25
VENEZUELA 9.25 9/15/2027 USD 73.26
VENZOD - 189000 9.375 1/13/2034 USD 66.75
***********
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 * * *