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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, March 4, 2011, Vol. 12, No. 45
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
C A Y M A N I S L A N D S
ARTEMUS STRATEGIC: Shareholders' Final Meeting Set for April 1
BLISS INVESTMENTS: Shareholder to Hear Wind-Up Report on March 22
CAPITAL TRADING: Shareholders' Final Meeting Set for May 3
CAUSEWAY AUSTRALASIAN: Shareholders' Meeting Set for April 1
CHEYNE LEVERAGE: Shareholders' Final Meeting Set for April 1
CMG CAPITAL: Shareholders' Final Meeting Set for March 28
CMG CAPITAL: Shareholders' Final Meeting Set for March 28
COMPREHENSIVE INDEMNITY: Shareholders' Meeting Set for April 15
DEVELOPMENT PARTNERS: Members' Final Meeting Set for March 22
DGC VISION: Members' Final Meeting Set for March 22
DGC VISION: Members' Final Meeting Set for March 22
EDGEN MURRAY: Members' Final Meeting Set for March 29
ENERCO INTERNATIONAL: Members' Final Meeting Set for March 15
FAIRFIELD EFM: Members' Final Meeting Set for April 7
GALLE GLOBAL: Shareholders' Final Meeting Set for March 28
LIU CHONG: Members' Final Meeting Set for March 31
RAB EMERGING: Shareholders' Final Meeting Set for March 22
STRONGBOW CAPITAL: Shareholder to Hear Wind-Up Report on April 8
VESTIN INC: Sole Member to Receive Wind-Up Report on March 15
WESTHARBOR EVENT: Members' Final Meeting Set for March 21
J A M A I C A
* JAMAICA: Government Sinks Deeper Into the Red
M E X I C O
CENTRAL AMERICAN: Moody's Withdraws 'B1' Corporate Family Rating
MEXICANA AIRLINES: Planned Return Suffers Setback
- - - - -
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A R G E N T I N A
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FIDEICOMISO FINANCIERO: Moody's Rates Various Debt Securities
-------------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Supervielle Creditos Banex
XLIII issued by Deutsche Bank Argentina S.A. -- acting solely in
its capacity as Issuer and Trustee.
-- ARS30,000,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos Banex XLIII",
rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
(Global Scale, Local Currency)
-- ARS55,000,000 in Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos Banex XLIII",
rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf)
(Global Scale, Local Currency)
-- ARS10,000,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos Banex XLIII",
rated Baa3.ar (sf) (Argentine National Scale) and B3 (sf)
(Global Scale, Local Currency)
-- ARS5,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos Banex XLIII", rated B1.ar (sf)
(Argentine National Scale) and Caa2 (sf) (Global Scale,
Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 22,270 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS100,000,360.92.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
The Class A Fixed Rate Debt Securities will bear a fixed interest
rate of 12.25%. The Floating Rate Debt Securities will bear a
BADLAR interest rate plus a spread of 360 bp. The Floating Rate
Debt Securities' interest rate will never be higher than 21% or
lower than 12%. The Class C Fixed Rate Securities will bear a
fixed interest rate of 21%.
Overall credit enhancement is comprised of subordination: 70% for
the Class A Fixed Rate Debt Securities, 15% for the Floating Rate
Securities and 5% for the Class C Fixed Rate Securities. In
addition the transaction has various reserve funds and excess
spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed a
triangular distribution for defaults on the main pool centered
around a most likely scenario of 10%, a minimum of 5% and a
maximum of 20%. Also, Moody's assumed a triangular distribution
for prepayments centered around a most likely scenario of 20%, a
minimum of 15% and a maximum of 35%. These assumptions are
derived from the historical performance to date of the Banex's
pools.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and Floating Rate Debt Securities, 2.20%
expected loss for Class C Fixed Rate Debt Securities and 27.41%
for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 10%
from the base case scenario for the pool (i.e., most likely
scenario of 20%, a minimum of 15% and a maximum of 30%), the
ratings of the Classes A and Floating Rate would be unchanged.
The ratings for Class C Fixed Rate debt securities would be likely
downgraded to Ca (sf) and to C (sf) for the Certificates.
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Deutsche Bank Argentina S.A. will be appointed as the back-up
servicer.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
===========================
C A Y M A N I S L A N D S
===========================
ARTEMUS STRATEGIC: Shareholders' Final Meeting Set for April 1
--------------------------------------------------------------
The shareholders of Artemus Strategic Asian Credit Fund Limited II
will hold their final meeting on April 1, 2011, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
David Dyer
Telephone: (345)949-8244
Facsimile: (345)949-5223
P.O. Box 1984, Grand Cayman KY1-1104
Cayman Islands
BLISS INVESTMENTS: Shareholder to Hear Wind-Up Report on March 22
-----------------------------------------------------------------
The shareholder of Bliss Investments Limited will receive on
March 22, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Galaxy Chan Mei Lan
KPMG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
c/o Graham Kot
Telephone: +852 2847 5130
Facsimile: +852 2869 7357
CAPITAL TRADING: Shareholders' Final Meeting Set for May 3
----------------------------------------------------------
The shareholders of The Capital Trading Fund Offshore, Ltd. will
hold their final meeting on May 3, 2011, at 2:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Jonathan Culshaw
Telephone: +44 207 842 6085
Facsimile: +44 207 353 0487
Harney Westwood & Riegels LLP
5 New Street Square, 5th Floor
London, EC4A 3BF
United Kingdom
CAUSEWAY AUSTRALASIAN: Shareholders' Meeting Set for April 1
------------------------------------------------------------
The shareholders of Causeway Australasian Private Debt
Opportunities (Cayman) Fund will hold their final meeting on
April 1, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
CHEYNE LEVERAGE: Shareholders' Final Meeting Set for April 1
------------------------------------------------------------
The shareholders of Cheyne Leverage Fund Inc. will hold their
final meeting on April 1, 2011, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
CMG CAPITAL: Shareholders' Final Meeting Set for March 28
---------------------------------------------------------
The shareholders of CMG Capital, Ltd will hold their final meeting
on March 28, 2011, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
CMG CAPITAL: Shareholders' Final Meeting Set for March 28
---------------------------------------------------------
The shareholders of CMG Capital Master Fund, Ltd will hold their
final meeting on March 28, 2011, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
COMPREHENSIVE INDEMNITY: Shareholders' Meeting Set for April 15
---------------------------------------------------------------
The shareholders of Comprehensive Indemnity, Ltd. will hold their
final meeting on April 15, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Steven R. Butler
Financial Director
Chandler Insurance Management, Ltd.
Waterfront Centre, 2nd Floor
North Church Street
P. O. Box 1854, Grand Cayman KY1-1110
Cayman Islands
Telephone: (345) 949 8177
Facsimile: (345) 949 8376
DEVELOPMENT PARTNERS: Members' Final Meeting Set for March 22
-------------------------------------------------------------
The members of Development Partners (Cayman) Limited will hold
their final meeting on March 22, 2011, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814 7366
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
DGC VISION: Members' Final Meeting Set for March 22
---------------------------------------------------
The members of DGC Vision Euro Holdings Ltd. will hold their final
meeting on March 22, 2011, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Gene DaCosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
DGC VISION: Members' Final Meeting Set for March 22
---------------------------------------------------
The members of DGC Vision INT. Ltd. will hold their final meeting
on March 22, 2011, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Richard Finlay
c/o Gene DaCosta
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
EDGEN MURRAY: Members' Final Meeting Set for March 29
-----------------------------------------------------
The members of Edgen Murray Cayman Corporation will hold their
final meeting on March 29, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
David Kemp
c/o Alan G. de Saram
Telephone: 949-4544
Facsimile: 949-8460
Charles Adams Ritchie & Duckworth
Zephyr House, 122 Mary Street
P.O. Box 709, Grand Cayman KY1-1107
Cayman Islands
ENERCO INTERNATIONAL: Members' Final Meeting Set for March 15
-------------------------------------------------------------
The members of Enerco International Inc. will hold their final
meeting on March 15, 2011, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
P.O. Box 71, Road Town
Tortola VG1110
British Virgin Islands
FAIRFIELD EFM: Members' Final Meeting Set for April 7
-----------------------------------------------------
The members of Fairfield EFM, Ltd will hold their final meeting on
April 7, 2011, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
P.O. Box 258, Grand CaymanKY1-1104
Cayman Islands
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
GALLE GLOBAL: Shareholders' Final Meeting Set for March 28
----------------------------------------------------------
The shareholders of Galle Global Macro Offshore Fund, Ltd will
hold their final meeting on March 28, 2011, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Cayman Islands
LIU CHONG: Members' Final Meeting Set for March 31
--------------------------------------------------
The members of Liu Chong Hing Banking Corporation, Cayman will
hold their final meeting on March 31, 2011, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Darach E. Haughey
Deloitte Touche Tohmatsu
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
Telephone: + (852) 2852 1659
Facsimile: + (852) 2850 8362
e-mail: darhaughey@deloitte.com.hk
RAB EMERGING: Shareholders' Final Meeting Set for March 22
----------------------------------------------------------
The shareholders of RAB Emerging Markets Opportunities Fund
Limited will hold their final meeting on March 22, 2011, at
11:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Avalon Management Limited
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Facsimile: 1 345 769-9351
STRONGBOW CAPITAL: Shareholder to Hear Wind-Up Report on April 8
----------------------------------------------------------------
The shareholder of Strongbow Capital, Ltd. will receive on
April 8, 2011, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: (345) 815 1793
Facsimile: (345) 949-9877
VESTIN INC: Sole Member to Receive Wind-Up Report on March 15
-------------------------------------------------------------
The sole member of Vestin Inc. will receive on March 15, 2011, at
10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
P.O. Box 71, Road Town
Tortola VG1110
British Virgin Islands
WESTHARBOR EVENT: Members' Final Meeting Set for March 21
---------------------------------------------------------
The members of Westharbor Event Driven Mac 64 Ltd. will hold their
final meeting on March 21, 2011, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: Government Sinks Deeper Into the Red
-----------------------------------------------
RadioJamaica reports that the Jamaican government sank deeper in
the red in January, as targets for tax collection and grants fell
behind schedule. The report relates that a shortfall of almost
US$6 billion in tax collection has left the government with a huge
gap to fill.
The US$6 billion gap resulted from payroll taxes falling below
expectations, lower than planned collections from the Special
Consumption Tax (SCT) and a drop in customs duties, according to
RadioJamaica.
RadioJamaica notes that payroll taxes fell as unemployment rose to
12%, depriving the government of much needed PAYE. The report
relates that despite a hike in the SCT during December on
alcoholic beverages and tobacco products and its implementation on
energy drinks, that tax brought in almost a billion dollars less
than needed.
However, the report notes, hefty spending cuts of JM$9.5 billion
and falling interest rates on the national debt, prevented the
government from bursting the fiscal deficit target.
RadioJamaica says that the savings on the interest paid on the
national debt to the end of January was almost JM$9 billion.
Those spending cuts were crucial in helping the government's
fiscal deficit to come out better than planned, the report
discloses.
RadioJamaica adds that the government borrowed JM$2 billion more
than planned.
* * *
As of February 16, 2011, Jamaica continues to carry Standard and
Poor's "B-" currency long-term debt ratings and "C" currency
short-term debt ratings. The country continues to carry Moody's
"B3" country ceiling foreign bank deposit rating and "Ba3" country
ceiling long-term foreign currency debt rating.
===========
M E X I C O
===========
CENTRAL AMERICAN: Moody's Withdraws 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's withdrew the B1 corporate family rating of Central
American Bottling Corp. due to business reasons. There were no
ratings assigned to specific debt instruments.
Ratings Rationale
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.
Moody's last rating action on CABCORP was on October 21, 2008 when
Moody's confirmed its senior unsecured debt and corporate family
ratings at B1 and changed the ratings outlook to stable,
concluding the review for possible upgrade initiated on June 2,
2008.
MEXICANA AIRLINES: Planned Return Suffers Setback
-------------------------------------------------
Anthony Harrup at Dow Jones Newswires reports that the planned
return to the air of Compania Mexicana de Aviacion or Mexicana
Airlines suffered another setback when the private equity group
that had secured agreements for a restructuring failed to come up
with the capital to buy the shares from the current owners.
PC Capital said that the transfer of funds to buy Mexicana's
holding company Nuevo Grupo Aeronautico (NGA) wasn't made by the
deadline set by current owner Tenedora K, according to Dow Jones'
Newswires. The report recounts that Tenedora K took over Mexicana
last year after the airline filed for bankruptcy protection and
was grounded, but failed to secure labor and other agreements that
would have made the airline viable.
Dow Jones' Newswires discloses that PC Capital came up with a
business plan which government authorities approved, and secured
agreements with pilots, flight attendants and ground staff that
included significant layoffs. The report relates that PC Capital,
which hasn't publicly identified the would-be investors, said it
would facilitate the transfer of the restructuring process to any
other group of investors interested in capitalizing the airline.
Dow Jones' says that the Labor Ministry and the Communications and
Transport Ministry said in a joint statement that they "deplored"
the fact PC capital failed to comply with its commitment to
identify investors solvent enough to complete the process, and
that talks with the firm's representatives were terminated.
The ministries said the conciliator in the restructuring process
will analyze other investment proposals, the report adds.
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion. William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.
***********
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
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The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
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contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *