/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110117.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, January 17, 2011, Vol. 12, No. 11 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner's Psychiatric Test Should be at Prison B E R M U D A 68 BERMUDA: Creditors' Proofs of Debt Due January 21 68 BERMUDA: Members' Final Meeting Set for February 11 B R A Z I L AGROPECUARIA NOSSA: Moody's Rates Proposed US$250 Mil. Notes at B3 ENERGISA SA: Moody's Puts Rating on US$200 Million Notes at Ba2 ENERGISA SA: Fitch Rates Proposed US$200MM Perpetual Notes at BB- C A Y M A N I S L A N D S AM DIVERSIFIED: Placed Under Voluntary Liquidation CDROMULUS CORPORATION: Creditors' Proofs of Debt Due January 20 COMPANIA MEXICANA: Commences Liquidation Proceedings DEVELOPMENT CREDIT: Creditors' Proofs of Debt Due January 19 ECF SPECIAL: Creditors' Proofs of Debt Due January 19 ECF SPECIAL: Creditors' Proofs of Debt Due January 19 EUROPEAN ENERGY: Commences Liquidation Proceedings GERMEX LTD: Commences Liquidation Proceedings GLOBAL MARITIME: Creditors' Proofs of Debt Due January 19 GMFF ARES: Creditors' Proofs of Debt Due January 19 GYLDMARK LIQUID: Creditors' Proofs of Debt Due January 19 HB COMMODITY: Creditors' Proofs of Debt Due January 19 HIGHBRIDGE CONVERTIBLE: Creditors' Proofs of Debt Due January 19 ISLAND SEA: Placed Under Voluntary Wind-Up IVY EQUITY: Creditors' Proofs of Debt Due January 19 IVY FIXED: Creditors' Proofs of Debt Due January 19 NEW ELLINGTON: Creditors' Proofs of Debt Due January 19 ORGANON HOLDINGS: Creditors' Proofs of Debt Due January 19 P.G.P. COMPANY: Placed Under Voluntary Wind-Up PALANTIR OFFSHORE: Creditors' Proofs of Debt Due January 19 PBL MH: Creditors' Proofs of Debt Due January 19 PBL MH2: Creditors' Proofs of Debt Due January 19 RRE INVESTORS: Creditors' Proofs of Debt Due January 19 RUSSIAN ENTERTAINMENT: Creditors' Proofs of Debt Due January 19 SHELTER COVE: Creditors' Proofs of Debt Due January 20 SHUAA FUND: Commences Liquidation Proceedings SL NISHINAKASU: Creditors' Proofs of Debt Due January 19 UTSTARCOM INC: To Change Place of Incorporation to Cayman Islands TURKEY ADVANTAGE: Commences Liquidation Proceedings WCOP LTD: Creditors' Proofs of Debt Due January 19 WDB CAPITAL: Creditors' Proofs of Debt Due January 19 WOODPECKER CO: Creditors' Proofs of Debt Due January 20 J A M A I C A CASH PLUS: Bailiffs Return Assets Taken From Liquidator's Office M E X I C O GMAC FINANCIERA: Moody's Cuts Rating on 06U Class A Cert. to Caa3 X X X X X X X X * BOND PRICING: For the Week January 10 to January 14, 2011 - - - - - ================================= A N T I G U A & B A R B U D A ================================= STANFORD INT'L: Owner's Psychiatric Test Should be at Prison ------------------------------------------------------------ Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News report federal prosecutors said that Stanford International Bank owner, Robert Allen Stanford, should be sent to a U.S. Bureau of Prisons medical facility for psychiatric evaluation. The report relates that in a proposed order submitted to U.S. District Judge David Hittner in Houston, government attorneys said Mr. Stanford should be confined to such a facility for as long as 30 days, during which he would also be examined for residual effects of a head injury suffered in a jailhouse fight and be treated for a prescription drug dependency. "Such an evaluation will allow for the reduction in [Mr.] Stanford's medications at an appropriate psychiatric Bureau of Prisons facility with medical supervision," Bloomberg quoted the U.S. prosecutors as saying. As reported in the Troubled Company Reporter-Latin America on January 11, 2011, Houston Chronicle said U.S. District Judge David Hittner ruled that Mr. Stanford cannot be tried until he undergoes detoxification from addictions to medications he's received in jail. The report related that Mr. Stanford's trial, which was scheduled on January 24, 2011, is delayed indefinitely. According to Bloomberg, Judge Hittner told each side at the time to submit a proposed order addressing where the financier should receive medical treatment. Bloomberg notes that while prosecutors asked for an order keeping Stanford in the federal lock-up nearest the court, defense attorneys rejected that concept in their filing. Mr. Stanford's attorneys argued that the drug wasn't medically necessary and that the present facility lacks a full-time medical staff, Bloomberg notes. The defense said that they have asked the judge to consider home confinement with electronic monitoring or hospitalization at a Houston hospital formerly known as the Institute for Rehabilitation and Research, now called TIRR Memorial Hermann, part of the Texas Medical Center, Bloomberg relates. Meanwhile, Bloomberg says that prosecutors oppose Mr. Stanford's removal from the federal prison system, maintaining that he is a flight risk. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June 2009, before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money- laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57- page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ============= B E R M U D A ============= 68 BERMUDA: Creditors' Proofs of Debt Due January 21 ---------------------------------------------------- The creditors of 68 Bermuda Limited are required to file their proofs of debt by January 21, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 5, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda 68 BERMUDA: Members' Final Meeting Set for February 11 ------------------------------------------------------ The members of 68 Bermuda Limited will hold their final meeting on February 11, 2011, 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 January 5, 2011. The company's liquidator is: Robin J. Mayor Clarendon House, 2 Church Street Hamilton HM 11 Bermuda =========== B R A Z I L =========== AGROPECUARIA NOSSA: Moody's Rates Proposed US$250 Mil. Notes at B3 ------------------------------------------------------------------ Moody's Investors Service has assigned first-time B3 corporate family rating to Agropecuaria Nossa Senhora do Carmo S.A. and B3 to its proposed US$250 million 7-year senior unsecured notes issued by its Cayman Island based offshore subsidiary, Virgolino de Oliveira Finance Limited, with an unconditional guarantee from Agropecuaria Nossa Senhora do Carmo S.A., and its subsidiaries Virgolino de Oliveira S.A. A‡ucar e Alcool, A‡ucareira Virgolino de Oliveira S.A., and Agropecuaria Terras Novas S.A. The outlook for both ratings is stable. The B3 rating reflects Virgolino's enhanced operating performance boosted by the partnership with Copersucar, as well as the lengthened debt profile after the proposed issuance that would be more in line with company's operating cash generation. This is the first time Moody's has rated Virgolino. "Despite the volatile nature of the sugar and ethanol industry and the susceptibility of its earnings to currency fluctuations, the profitability and cash flow of Virgolino's operations improved in the fiscal year end 2009/2010 (April/2010) as a result of significant operating efficiencies after the startup of two newest sugar and ethanol plants Jose Bonifacio, initiated in 2006 and Moncoes in 2008, still high international sugar prices and the absence of non-recurring events, including the cost of a new energy generator in the previous year," says Ricardo Kovacs, a Moody's Vice President and lead analyst for Virgolino. The positive trend with respect to sugar prices was evidenced in Virgolino's 2Q11 increased revenues. The company also benefited from the flexible product mix between sugar and ethanol segments that allows management to shift mix of its 12 million tons of crushing capacity between 40% and 60% depending on the prevailing market conditions. Moody's expects Virgolino's sugar and ethanol businesses to deliver more stable earnings once all four production units anticipate elevated capacity utilization given expectations that demand for sugar and ethanol would remain higher than supply over the next 12 months, with lower global inventory levels and international prices trending above historical averages. "The completion of the US$250 million issuance is key to align Virgolino's debt maturity schedule to current cash flow generation level", says Ricardo, adding that "Moody's expects further efforts from the management to deleverage its balance sheet over the next 18 months and on cost reduction efforts in order to better manage the segment's volatility without damaging future cash inflows". The company currently has only four operating mills: The concentration of operations in these four plants increases exposure to event risks like accidents and labor strikes, which could cause business interruptions and impact cash flow unexpectedly. With 12 million tons of crushing capacity and approximately US$600 million of net revenues, Virgolino is significantly smaller in terms of net revenues than its international rated peers Suedzucker (Baa2, US$8.1 billion), Tate&Lyle (Baa3, US$5.5 billion) and Tereos (Ba3, US$4.3 billion), as well as its Brazilian peer Cosan (rated Ba2, US$8.8 billion), which has crushing capacity of 62 million tons through 23 sugar-cane mills. Virgolino's smaller size, however, is partially mitigated by its ability to report higher operating margins than most of its peers. Its EBITDA margin of 28.4% in FY 4/10(according to Moody's standard adjustments) is somewhat higher than its international peers' and compares favorably against its Brazilian peer, Cosan. The company benefits from the significant cost advantages of operating in one of the highest yielding sugar cane regions of the world. Virgolino further benefits from its Copersucar exclusivity partnership agreement which assures full acquisition of production and more stable cash flow while allowing relatively lower transportation costs. Virgolino's tight control over cost of production, and the fact that 50% of its sugarcane is from its own or leased land from its shareholders and third parties, and the remaining 50% coming from third-parties with no concentration are also credit positives. A Corporate Family Rating is an opinion on the expected loss associated with the debt obligations of a group of companies assuming that it had one single class of debt and is a single consolidated legal entity. Specific debt instruments for the same corporate family may be rated differently, depending on their seniority and guarantors, as compared to other debt instruments issued by the group. The B3 rating assigned to the senior unsecured notes is at the same level of Virgolino's corporate family rating given the limited amount of secured debt in the capital structure. The company plans to use the proceeds to prepay short term secured indebtedness as described in the offering memorandum. Moody's has reviewed preliminary draft legal documentation for the transaction. The rating assumes there will be no material variation from the drafts reviewed and that all legal agreements are legally valid, binding and enforceable. The stable outlook reflects Moody's expectation that Virgolino's management will remain focused on improving its debt maturity profile, reduce leverage and improve cash flow metrics. In addition, Moody's expects earnings to grow double digits in the 2011 fiscal year due to the recent historical pickup in sugar prices, keeping in mind the inherent volatility of commodity prices, and that excess cash generation will be used to pay-down maturing debt. Moody's expect Virgolino to remain free cash flow positive and maintain conservative financial policies. Positive pressure could develop if debt to EBITDA fell below 4.0x, RCF to net debt was above 20% and EBITA to interest expense went above 1.5x, on a sustained basis. Negative pressure could develop on the rating if FCF went negative, EBITA to interest expense fell below 1.0x and EBITDA margin was reduced to below 20% on a sustainable basis. Although unlikely in our view, if Virgolino were to leave Copersucar for any reason, it would also pressure the rating. The principal methodology used in this rating was Global Food - Protein and Agriculture Industry published in September 2009. Founded in the 1930's and based in Sao Paulo state, Brazil, Virgolino is a family owned business still headed by the founding Oliveira family. It operates in the sugar and ethanol production through 4 production plants, all located in Sao Paulo state, and posted BRL1.0 billion revenues for the fiscal year ending April 2010. ENERGISA SA: Moody's Puts Rating on US$200 Million Notes at Ba2 --------------------------------------------------------------- Moody's Investors Service assigned a Ba2 foreign currency rating to the US$200 million senior unsecured perpetual notes to be issued by Energisa S.A. The outlook is stable. The net proceeds of the issuance will be used for general purposes. The Ba2 foreign currency rating assigned to the perpetual issuance reflects the Ba2 global local currency corporate family rating of Energisa as well as the senior unsecured nature of this obligation. Energisa's Ba2 corporate family rating reflects solid credit metrics for the rating category, sound liquidity position, experienced management, and the inherently stable and predictable cash-flow nature of the electricity distribution business. Energisa's fairly sizeable capital expenditures program, intended to increase Energisa's participation in the unregulated electricity generation business, is a constraint on the ratings. Energisa plans to invest around BRL1.3 billion over the next three years mainly to expand the generation business, meet performance targets set by the regulator, and reduce energy losses. Of this amount, around BRL900 million will go to construct two wind power farms with an installed capacity of 236 MW scheduled to come on stream in 2013. Energisa is negotiating the borrowing of long- term funding for the construction of these generation projects with two major federal-owned investment banks, BNDES and Banco do Nordeste do Brasil BNB. Once the generation projects are completed, Moody's believes that the distribution business will still represent more than 75% of the consolidated cash flow. Additional constraints on Energisa's ratings are the evolving Brazilian regulatory framework and Energisa's recent profit volatility resulting from a somewhat aggressive hedging policy. Moody's observes that Energisa has made revisions to its hedging and financial policies which we believe reduces the likelihood of such reoccurring volatility. Energisa's stable rating outlook reflects Moody's expectation that the company will continue to produce solid credit metrics for the rating category, which the mix of business will continue to remain largely focused around distribution activities, that the new hedging strategy will reduce cash flow and earnings volatility and that the company will secure financing to fund its generation projects. In light of the November 2010 upgrade of Energisa's corporate family rating and the large capital investment program anticipated over the next three years, near-term prospects of rating upgrade appear limited. The rating could be downgraded if the company is not able to secure financing at reasonable terms for its generation projects, if the construction activity results in material delays that negatively impacts cash flow and costs, or if the company's chooses to finance its growth strategy with higher than anticipated leverage. Quantitatively, a downgrade could result should the ratio of retained cash flow to debt drops below 10% or its cash flow interest coverage falls below 2.5x for an extended period. Moody's observes the securities being offered has specific hybrid- like features, including cumulatively deferred interest and under certain circumstances, a dividend stopper. However, such features do not alter our view of the rating for this unsecured debt obligation. Moody's assumes that there is no material variation from the draft documents reviewed for the notes being issued and that all legal agreements are legally valid, binding and enforceable. The last rating action on Energisa was on November 19, 2010, when Moody's upgraded Energisa's corporate family rating to Ba2 from Ba3 on the global scale. At the same time, Moody's changed the outlook of all ratings to stable from positive. The principal methodology used in this rating was Regulated Electric and Gas Utilities published in August 2009 coupled with "Revisions to Moody's Hybrid Tool Kit". Energisa, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states, serving approximately 2.3 million consumers. In the first nine months of 2010, Energisa distributed 5,704 GWh, which is equivalent to around 2% of the country's electricity consumption. In the twelve month period ended September 30, 2010, Energisa posted net sales of BRL1.9 billion and net profit of BRL174 million. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. ENERGISA SA: Fitch Rates Proposed US$200MM Perpetual Notes at BB- ----------------------------------------------------------------- Fitch Ratings affirmed Energisa S.A.'s 'BB-' ratings and upgraded its subsidiaries' ratings to 'BB' from 'BB-'. Concurrently, Fitch assigned a 'BB-' rating to Energisa's proposed US$200 million senior perpetual notes. The proceeds will be used to general corporate purpose. The Rating Outlook for all corporate ratings is Stable. The rating actions reflect the strengthening of the Brazilian electric power sector as well as its resilience during the recent global economic crisis. The Brazilian electricity regulatory framework is now considered mature and stable, which lowers participants' exposure to regulatory risk. The current regulatory framework, which has been in place for seven years, has proven to be balanced and efficient in attracting much needed investment to increase generation capacity and strengthen transmission and distribution infrastructure. Energisa's ratings reflect the company's adequate consolidated financial profile, characterized by moderate leverage, robust liquidity, and lengthened debt maturity profile. The company also benefits from a resilient and predictable operating cash flow from its subsidiaries that operate essentially in the energy distribution segment as regulated natural monopolies and have benefited from a diversified and growing client base. Energisa's credit profile is bolstered by its low business risk profile due to the diversified power distribution concessions, with further improvements once the investments in power generation mature and become more representative. The ratings incorporate the group's exposure to foreign exchange movements and hydrological risk. The one notch difference between Energisa's ratings and those of its subsidiaries is based on the increased relevance and structural subordination of the holding company's debt compared to that of the operational companies. Considering the new senior perpetual notes issuance, the holding company debt will represent more than 30% of consolidated debt, compared to 24% as of Sept. 30, 2010. Energisa's cash flow has been benefited by the increased energy consumption in the group's concession areas and, to a lesser extent, the gradual reduction of the group's energy losses. These factors have offset the negative impact of the tariff review process, concluded in 2009. For the last 12 months ended Sept. 30, 2010, consolidated EBITDA reached BRL508 million, according to Fitch criteria, representing a 26.7% EBITDA margin, which compares positively with its peers. Fitch believes that for 2011 and 2012, Energisa should continue to gradually improve its operational indicators, including energy losses, which, combined with the start-up of some generation projects could partly offset the effects of the next tariff review process, scheduled to start in 2012. Negative Free Cash Flow for the Coming Two Years: Energisa's free cash flow (FCF) is expected to stay negative in the coming two years as a result of high capital expenditures and dividends distribution. Fitch believes that the generation segment, after commencing operations, will improve Energisa's business profile and provide more stability to its operational cash flow. Cash flow from operations increased by approximately 18% to BRL464 million for the LTM ended Sept. 30, 2010. Cash generation was used to fund ongoing capital expenditures program and the dividend distribution, resulting in a negative FCF of BRL77 million. Energisa presents comfortable liquidity levels on a consolidated basis. As of Sept. 30, 2010, the group reported BRL553 million of cash and marketable securities on short-term, which covered 2.3 times (x) its short-term debt. For the same period, cash + FFO- to-short-term debt ratio was solid at 4.0x, evidencing its adequate debt repayment schedule. Debt is concentrated in the long term, with maturities well distributed over time, with some concentration in 2013 and average maturity profile of 4.9 years as of Sept. 30, 2010. The proposed perpetual notes are unsecured and unsubordinated. The perpetual notes have not received any equity credit despite having cumulative and deferrable coupon payments at issuer's discretion, which are at discretionary. If coupon payments are deferred, the company should make all efforts, in accordance with the law, to not pay dividends. In accordance with its 'Equity Credit for Hybrids & Other Capital Securities' and 'Rating Hybrid Securities' methodologies as well as the weakest-link approach, Fitch will allocate the total amount of hybrid perpetual notes as debt when analysing Energisa's consolidated financial leverage. Key factor supporting this decision is the senior unsecured nature of the issuance and the conditional deferability. Energisa's consolidated net leverage is considered moderate for the rating. Net debt-to-EBITDA ratio was 2.6x for the period of LTM ended in Sept. 30, 2010, slightly higher than the 2.5x recorded in 2009. Fitch expects that net leverage will slightly decreased to around 2.4x in 2011 and 2012, in spite of the maintenance of strong investments in energy generation. For the coming two years, as the group obtains efficiency gains, reduces losses and starts reaping the benefits of the generation projects, leverage should start a decreasing trend. The ratings could be negatively impacted by a significant drop in energy consumption within its concession area, an energy rationing scenario, and/or higher than anticipated leverage ratios. Additional new investments beyond those envisioned and that may demand significant amount of capital could pressure credit quality. A rating upgrade may be driven by greater cash flow from operations and more conservative leverage and credit protection measures. Energisa -- Foreign currency Issuer Default Rating (IDR) affirmed at 'BB-'; -- Local Currency IDR affirmed at 'BB-' -- Long-term national scale rating affirmed at 'A(bra)'; -- Long-term national rating of the 3rd debentures issuance, in the amount of BRL150 million, due in 2014, affirmed at 'A(bra)'; -- Long-term international rating of the senior perpetual notes assigned at 'BB-'. Energisa Paraiba -- Foreign currency IDR upgraded to 'BB' from 'BB-'; -- Local Currency IDR upgraded to 'BB' from 'BB-'; -- Long-term national scale rating upgraded to 'A+(bra)' from 'A(bra)'; -- Long-term international rating of the notes units, in the amount of US$83 million, due in 2013, upgraded to 'BB' from 'BB-'; -- Long-term national rating of the 1st debentures issuance, in the amount of BRL80 million, due in 2014, upgraded to 'A+ (bra)' from 'A(bra)'. Energisa Sergipe -- Foreign currency IDR upgraded to 'BB' from 'BB-'; -- Local currency IDR upgraded to 'BB' from 'BB-'; -- Long-term national scale rating upgraded to 'A+(bra)' from 'A(bra)'; -- Long-term international rating of the notes units, in the amount of US$167 million, due in 2013, upgraded to 'BB' from 'BB-'; -- Long-term national rating of the 1st debentures issuance, in the amount of US$42 million, due in 2015, affirmed at 'A(bra)'; -- Long-term national rating of the 2nd debentures issuance, in the amount of BRL60 million, due in 2014, upgraded to 'A+ (bra)' from 'A(bra)'. Energisa Minas Gerais -- Foreign currency IDR upgraded to 'BB' from 'BB-'; -- Local currency IDR upgraded to 'BB' from 'BB-'; -- Long-term national scale rating upgraded to 'A+(bra)' from 'A(bra)'; -- Long-term national rating of the 2nd debentures issuance, in the amount of BRL60 million, due in 2014, upgraded to 'A+ (bra)' from 'A(bra)'. =========================== C A Y M A N I S L A N D S =========================== AM DIVERSIFIED: Placed Under Voluntary Liquidation -------------------------------------------------- On December 3, 2010, the sole shareholder of AM Diversified Relative Value Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations Only creditors who were able to file their proofs of debt by January 10, 2011, will be included in the company's dividend distribution. 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 CDROMULUS CORPORATION: Creditors' Proofs of Debt Due January 20 --------------------------------------------------------------- The creditors of Cdromulus Corporation are required to file their proofs of debt by January 20, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on December 10, 2010. The company's liquidator is: Linburgh Martin c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands COMPANIA MEXICANA: Commences Liquidation Proceedings ---------------------------------------------------- At an extraordinary general meeting held on December 7, 2010, the shareholder of Compania Mexicana de Leasing Internacional resolved to voluntarily liquidate the company's business. The company's liquidator is: Societe Generale S.A. 29, boulevard Haussmann, 75009 Paris, France DEVELOPMENT CREDIT: Creditors' Proofs of Debt Due January 19 ------------------------------------------------------------ The creditors of Development Credit Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 ECF SPECIAL: Creditors' Proofs of Debt Due January 19 ----------------------------------------------------- The creditors of ECF Special Securities II, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 ECF SPECIAL: Creditors' Proofs of Debt Due January 19 ----------------------------------------------------- The creditors of ECF Special Securities, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 EUROPEAN ENERGY: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on December 6, 2010, the sole shareholder of European Energy Fund resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 10, 2011, will be included in the company's dividend distribution. The company's liquidator is: Kurt Frohlicher Sihlstrasse 24 8001 Zurich GERMEX LTD: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary general meeting held on October 29, 2010, the shareholders of Germex Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 10, 2011, will be included in the company's dividend distribution. The company's liquidator is: Albert Pirotte c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands GLOBAL MARITIME: Creditors' Proofs of Debt Due January 19 --------------------------------------------------------- The creditors of Global Maritime Futures Fund Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 GMFF ARES: Creditors' Proofs of Debt Due January 19 --------------------------------------------------- The creditors of GMFF Ares Fund are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 3, 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 GYLDMARK LIQUID: Creditors' Proofs of Debt Due January 19 --------------------------------------------------------- The creditors of Gyldmark Liquid Macro Fund Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 3, 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 HB COMMODITY: Creditors' Proofs of Debt Due January 19 ------------------------------------------------------ The creditors of HB Commodity Strategies Fund, Ltd are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 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 HIGHBRIDGE CONVERTIBLE: Creditors' Proofs of Debt Due January 19 ---------------------------------------------------------------- The creditors of Highbridge Convertible Opportunities Fund, Ltd are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 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 ISLAND SEA: Placed Under Voluntary Wind-Up ------------------------------------------ At an extraordinary general meeting held on December 8, 2010, the shareholder of Island Sea Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 Cayman Islands IVY EQUITY: Creditors' Proofs of Debt Due January 19 ---------------------------------------------------- The creditors of Ivy Equity Alpha Transport Fund, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 8, 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 IVY FIXED: Creditors' Proofs of Debt Due January 19 --------------------------------------------------- The creditors of IVY Fixed Income Alpha Transport Fund, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 8, 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 NEW ELLINGTON: Creditors' Proofs of Debt Due January 19 ------------------------------------------------------- The creditors of New Ellington Credit Overseas, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 ORGANON HOLDINGS: Creditors' Proofs of Debt Due January 19 ---------------------------------------------------------- The creditors of Organon Holdings are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 KY1-9005 Cayman Islands P.G.P. COMPANY: Placed Under Voluntary Wind-Up ---------------------------------------------- At an extraordinary general meeting held on December 8, 2010, the shareholder of P.G.P. Company Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 Cayman Islands PALANTIR OFFSHORE: Creditors' Proofs of Debt Due January 19 ----------------------------------------------------------- The creditors of Palantir Offshore Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 8, 2010. The company's liquidator is: Graham Robinson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands PBL MH: Creditors' Proofs of Debt Due January 19 ------------------------------------------------ The creditors of PBL MH Investments No. 1 (CI) Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 PBL MH2: Creditors' Proofs of Debt Due January 19 ------------------------------------------------- The creditors of PBL MH2 Holdings No.1 (CI) Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 RRE INVESTORS: Creditors' Proofs of Debt Due January 19 ------------------------------------------------------- The creditors of RRE Investors Fund, LDC are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 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 RUSSIAN ENTERTAINMENT: Creditors' Proofs of Debt Due January 19 --------------------------------------------------------------- The creditors of Russian Entertainment Fund are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 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 SHELTER COVE: Creditors' Proofs of Debt Due January 20 ------------------------------------------------------ The creditors of Shelter Cove Capital Management are required to file their proofs of debt by January 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 6, 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 SHUAA FUND: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary general meeting held on December 6, 2010, the sole shareholder of Shuaa Fund Management Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 10, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ghassan Hitti c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands SL NISHINAKASU: Creditors' Proofs of Debt Due January 19 -------------------------------------------------------- The creditors of SL Nishinakasu Holdings Inc. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 KY1-9005 Cayman Islands UTSTARCOM INC: To Change Place of Incorporation to Cayman Islands ----------------------------------------------------------------- UTStarcom, Inc., announced a proposed reorganization to change its place of incorporation from Delaware to the Cayman Islands. The reorganization is expected to involve the Company's merger with a newly formed subsidiary, as a result of which the Company will become a wholly owned subsidiary of a Cayman Islands holding company. It is expected that each outstanding share of common stock of the Company will be converted into the right to receive one ordinary share of UTStarcom Cayman, which will be issued by UTStarcom Cayman in connection with the merger pursuant to a registered offering. Following the merger, UTStarcom Cayman, together with its subsidiaries, is expected to own and continue to conduct UTStarcom's business in substantially the same manner as is currently being conducted by UTStarcom and its subsidiaries. While UTStarcom Cayman will be taxed as a United States corporation, it is expected to qualify as a foreign private issuer for purposes of its reporting obligations with the SEC, which the Company expects will reduce its compliance operating costs. The shares of UTStarcom Cayman are expected to be listed on the NASDAQ Stock Market. The merger requires the affirmative vote of a majority of the Company's outstanding common stock. Notice of the special meeting and a proxy statement/prospectus describing the reorganization will be mailed to UTStarcom's stockholders of record on the record date selected by the Board of Directors. The record date and special meeting are expected to occur during the first half of 2011. About UTStarcom, Inc. UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The Company's headquarters are currently in Alameda, California, with its research and design operations primarily in China. The Company's balance sheet at Sept. 30, 2010, showed US$810.98 million in total assets, US$557.68 million in total liabilities, and stockholders' equity of US$253.31 million. * * * In its Form 10-K, the Company noted that it has recorded operating losses in 19 of the 20 consecutive quarters in the period ended December 31, 2009. At December 31, 2009, the Company had an accumulated deficit of US$1.067 billion. While operating results are expected to improve in 2010 compared with prior years, management expects the Company to continue to incur losses in 2010. TURKEY ADVANTAGE: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary general meeting held on December 6, 2010, the sole shareholder of Turkey Advantage Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 10, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ghassan Hitti c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands WCOP LTD: Creditors' Proofs of Debt Due January 19 -------------------------------------------------- The creditors of WCOP, Ltd. are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 WDB CAPITAL: Creditors' Proofs of Debt Due January 19 ----------------------------------------------------- The creditors of WDB Capital UK Equity Fund Limited are required to file their proofs of debt by January 19, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 7, 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 WOODPECKER CO: Creditors' Proofs of Debt Due January 20 ------------------------------------------------------- The creditors of Woodpecker Co, Ltd are required to file their proofs of debt by January 20, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 2, 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 ============= J A M A I C A ============= CASH PLUS: Bailiffs Return Assets Taken From Liquidator's Office ---------------------------------------------------------------- RadioJamaica reports that the equipment and furniture that were removed from the office of Hugh Wildman, the liquidator for Cash Plus Limited, are being returned after he formally lodged a complaint with the Half Way Tree Police Station about bailiffs who removed the items illegally from his office. The report relates that Mr. Wildman was told to provide a list itemizing what was taken. Bailiffs, under the instruction of attorney Minett Lawrence, turned up at the Mr. Wildman's office to execute a seize-and-sale order from the Supreme Court, according to RadioJamaica. The report notes that the order specified that assets for Cash Plus should be seized to pay off almost JM$9 million in debt owing to a company named Catalyst Limited. However, RadioJamica discloses, despite protests that assets for Cash Plus were not at the liquidator's office, the items were still removed leading Mr. Wildman to file a complaint against the men who took them. Meanwhile, the report says, Mr. Wildman is in discussions with representatives of the company, with a view to securing money to repay investors who lost funds. However, RadioJamaica relates, when Mr. Wildman was asked to give an update on the progress of the talks, he declined to comment because he said it could compromise the talks and cause the Cash Plus representatives to pull out of the negotiations. Despite the talks, Mr. Wildman said he is still in the process of trying to liquidate assets Cash Plus owned, in an effort to repay some of the money that was lost when the entity collapsed, RadioJamaica adds. About Cash Plus Cash Plus Limited is an investment club in Jamaica. It collapsed in 2007 after the Financial Services Commission moved to regulate its operations. The company is a financial arm of the Cash Plus Group of Companies, a business conglomerate established in 2002 by mortgage banker Carlos Hill. The company offers its participants the opportunity to participate in the group's ventures which include mergers and numerous acquisitions. In April 2008, the Supreme Court of Jamaica placed Cash Plus in receivership. Cash Plus admitted that it wouldn't be able to pay its lenders until April 14, 2008. The firm has 40,000 lenders with loans totaling JM$4 billion. Cash Plus was unable to repay its investors. The Financial Services Commission said it was informed by the attorney acting on behalf of Cash Plus that the investment club lacked the funds to start the repayment of the principal and interest owing to its investors. PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as joint receiver-manager for Cash Plus. =========== M E X I C O =========== GMAC FINANCIERA: Moody's Cuts Rating on 06U Class A Cert. to Caa3 ----------------------------------------------------------------- Moody's de Mexico has downgraded four certificates from Mexican RMBS issued by GMAC Financiera S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada. The underlying collateral consists of first-lien, fixed-rate mortgage loans denominated in UDIS and granted primarily to low-income borrowers in Mexico. This concludes the review for possible downgrade for MXMACCB 06U Class A, MXMACFW 07U Class A, and MXMACFW 07-3U Class A that was initiated on April 30, 2009, and for MXMACFW 06U Class A that was initiated on September 21, 2010. Master Servicer: GMAC Financiera S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada. Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, Division Fiduciaria, acting solely as trustee. -- MXMACFW 06U Class A, ratings downgraded to Caa3.mx (sf) from Caa1.mx (sf) (Mexican National Scale) and to Caa3 (sf) from Caa1 (sf) (Global Scale, Local Currency). -- MXMACFW 07U Class A, ratings downgraded to Ba2.mx (sf) from A3.mx (sf) (Mexican National Scale) and to B2 (sf) from Ba3 (sf) (Global Scale, Local Currency). -- MXMACFW 07-3U Class A, ratings downgraded to B1.mx (sf) from Ba2.mx (sf) (Mexican National Scale) and to B3 (sf) from B2 (sf) (Global Scale, Local Currency); underlying rating downgraded to Caa1 (sf) from B2 (sf) (Global Scale, Local Currency). Issuer: Banco J.P. Morgan, S.A. Institucion de Banca Multiple, J.P. Morgan Grupo Financiero, Division Fiduciaria, acting solely as trustee. -- MXMACCB 06U Class A, ratings downgraded to A2.mx (sf) from Aa3.mx (sf) (Mexican National Scale) and to Ba2 (sf) from Baa3 (sf) (Global Scale, Local Currency). The downgrades were based on the continuing deterioration of the collateral's performance and Moody's updated projection of lifetime cumulative gross defaults and expected losses on the pools. These projections consider an additional stress factor to account for possible further deterioration related to servicing quality and the potential for disruptions following servicing transfers. The affected loan pools have varying percentages that are either i) serviced by Hipotecaria Su Casita, which is currently restructuring its operations, or ii) serviced by Patrimonio S.A. de C.V. as of November 1, 2010 following a servicing transfer away from Hipotecaria Credito y Casa (a servicer that is liquidating its operations). In addition, the MXMACFW 07-3U Class A certificates benefit from a financial guaranty provided by MBIA Insurance Corporation which covers timely payment of interest and ultimate payment of principal on the certificates. The MXMACFW 07-3U Class A certificates' B3 (sf) rating is in-line with MBIA Insurance Corporation's B3 insurance financial strength rating. The certificates' current ratings are consistent with Moody's practice of rating structured finance securities wrapped by financial guarantors at the higher of (1) the guarantor's insurance financial strength rating and (2) the underlying rating. As of December 2010, delinquencies greater than 90 days, including real estate owned (REO), as a percent of the original pool balance for each of the underlying pools were as follows: -- MXMACCB 06U: 20.2% after 57 months since closing, versus 14.5% as of 12 months ago -- MXMACFW 06U: 38.7% after 50 months since closing, versus 29.8% as of 12 months ago -- MXMACFW 07U: 24.4% after 45 months since closing, versus 17.5% as of 12 months ago -- MXMACFW 07-3U: 29.0% after 41 months since closing, versus 19.6% as of 12 months ago Further, the transactions have relatively high outstanding pool balances ranging between 64% and 80% of the original balances. Given the transactions' weak performance trends to date and their high pool factors, Moody's expects significantly higher lifetime cumulative gross defaults as a percent of the original pools as compared to the level of defaults observed to date. Moody's projected lifetime cumulative gross defaults in each transaction is as follows: -- MXMACCB 06U: 31% of original balance, or 49% of current balance -- MXMACFW 06U: 50% of original balance, or 70% of current balance -- MXMACFW 07U: 41% of original balance, or 52% of current balance -- MXMACFW 07-3U: 47% of original balance, or 59% of current balance After estimating projected lifetime gross default rates as a percent of the current pool balances including REOs, Moody's determined the pool expected losses by applying a severity of loss assumption on the projected defaulted loan balance. Moody's updated expected net loss projections are as follows: -- MXMACCB 06U: 22% of current balance -- MXMACFW 06U: 43% of current balance -- MXMACFW 07U: 36% of current balance -- MXMACFW 07-3U: 40% of current balance Moody's then compared these net loss projections with the estimated lifetime available credit enhancement by certificate, which is as follows: -- MXMACCB 06U Class A: 26% of current balance -- MXMACFW 06U Class A: 20% of current balance -- MXMACFW 07U Class A: 35% of current balance -- MXMACFW 07-3U Class A: 31% of current balance Regarding the variability of the MXMACFW 07-3U Class A certificates' B3 (sf) rating, if Moody's were to downgrade MBIA Insurance Corporation's insurance financial strength rating by one notch to Caa1 from B3, the MXMACFW 07-3U Class A certificates' would also likely experience a one-notch downgrade to Caa1 (sf). Regarding the variability of the MXMACCB 06U Class A, MXMACFW 06U Class A, and MXMACFW 07U Class A ratings, if Moody's were to instead assume the following cumulative gross defaults as a percent of the current pool balance, the certificates' would also likely experience a one-notch downgrade: -- MXMACCB 06U Class A, 51% (instead of 49%) -- MXMACFW 06U Class A, 90% (instead of 70%) -- MXMACFW 07U Class A, 55% (instead of 52%) The primary sources of assumption uncertainty are related to the macroeconomic environment, the timing of recovery of the Mexican economy and labor market, the severity of loss assumption given the limited market data related to historical recoveries for REOs, and Su Casita's ultimate strategic direction and solvency and the extent of any potential servicing disruptions resulting from servicing transfers away from Su Casita and Patrimonio. The principal methodology used in these ratings was "Moody's Approach to Monitoring Residential Mortgage-Backed Securitizations in Mexico" published August, 2009. Further, Moody's considered that a loan servicer's capabilities can have a significant effect - either positive or negative - on realized loss levels in residential mortgage loan securitizations. Moody's assesses a servicer's ability to affect residential mortgage losses today and into the future. A servicer's financial stability could negatively affect its ability to properly perform its duties as primary servicer of securitized mortgage loans. Furthermore, any negative impact on the servicing function may in turn adversely affect the performance of the loans serviced by the company. Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of these transactions in the past six months. =============== X X X X X X X X =============== * BOND PRICING: For the Week January 10 to January 14, 2011 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 187.5 ARGENT-PAR 1.18 12/31/2038 ARS 71 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8 BANCO MACRO SA 10.75 6/7/2012 USD 71.85852 BODEN 2014 2 9/30/2014 ARS 152 BOGAR 2018 2 2/4/2018 ARS 164 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 48.873 BANIF FIN LTD 3 12/31/2019 EUR 65.625 BCP FINANCE BANK 5.01 3/31/2024 EUR 52.752 BCP FINANCE BANK 5.31 12/10/2023 EUR 55.337 BCP FINANCE CO 4.239 EUR 49.5352 BCP FINANCE CO 5.543 EUR 50.6797 BES FINANCE LTD 5.58 EUR 50.0477 BES FINANCE LTD 4.5 EUR 55.268 DUBAI HLDNG COMM 6 2/1/2017 GBP 73.0407 EFG ORA FUNDING 1.7 10/29/2014 EUR 63.590 ESFG INTERNATION 5.75 EUR 53.6 IMCOPA INTL CAYM 10.37 12/16/2014 USD 38 PUBMASTER FIN 6.96 6/30/2028 GBP 47.533 PUBMASTER FIN 8.44 6/30/2025 GBP 55.052 PUBMASTER FIN 5.943 12/30/2024 GBP 75.08 PUNCH TAVERNS 4.767 6/30/2033 GBP 77.45 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.5465 CGE DISTRIBUCION 3.25 12/1/2012 CLP 38.739 ESVAL S.A. 3.8 7/15/2012 CLP 50.271 MASISA 4.25 10/15/2012 CLP 38.831 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 47 PUERTO RICO CONS 6.5 4/1/2016 USD 50 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 45.848 PETROLEOS DE VEN 5.37 4/12/2027 USD 46.903 PETROLEOS DE VEN 5.12 10/28/2016 USD 53.250 PETROLEOS DE VEN 5.25 4/12/2017 USD 56.369 PETROLEOS DE VEN 5 10/28/2015 USD 56.301 PETROLEOS DE VEN 4.9 10/28/2014 USD 61.806 PETROLEOS DE VEN 8.5 11/2/2017 USD 66.838 VENEZUELA 7 3/31/2038 USD 56.313 VENEZUELA 7 3/31/2038 USD 58 VENEZUELA 6 12/9/2020 USD 59 VENEZUELA 7.65 4/21/2025 USD 62.5 VENEZUELA 8.25 10/13/2024 USD 65.5 VENEZUELA 7 12/1/2018 USD 67.5 VENEZUELA 7.75 10/13/2019 USD 69 VENEZUELA 9.25 5/7/2028 USD 69 VENEZUELA 9 5/7/2023 USD 69.5 VENEZUELA 5.75 2/26/2016 USD 72 VENEZUELA 9.25 9/15/2027 USD 70.851 VENEZUELA 9.25 9/15/2027 USD 75 VENZOD - 189000 9.375 1/13/2034 USD 70 *********** 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 T. Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G. Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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 * * *