/raid1/www/Hosts/bankrupt/TCRLA_Public/110414.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, April 14, 2011, Vol. 12, No. 74
Headlines
B A H A M A S
CLICO (BAHAMAS): Creditors to Recover $50MM++ From Assets Sale
B E R M U D A
GLOBAL CROSSING: To Merge With Level 3 in $1.9BB All-Stock Deal
GLOBAL CROSSING: Acquisition by Level 3 Cues Moody's Rating Review
B R A Z I L
BANCO BMG: S&P Assigns 'BB-' Rating on $300MM Sr. Secured Notes
BANCO BONSUCESSO: Moody's Puts Ba2 Rating on Proposed Senior Notes
CIMENTO TUPI: Fitch Puts B Foreign & Local Issuer Default Ratings
CIMENTO TUPI: S&P Assigns 'B' Corporate Credit Rating
C A Y M A N I S L A N D S
ADIC CAPITAL: Creditors' Proofs of Debt Due May 11
AER COMMODITY: Creditors' Proofs of Debt Due May 12
CEDEC FINANCIAL: Creditors' Proofs of Debt Due May 2
CGP EUROPE: Creditors' Proofs of Debt Due May 2
F.W. LTD: Creditors' Proofs of Debt Due May 2
JHJ INTERNATIONAL: Creditors' Proofs of Debt Due May 11
JHJ INTERNATIONAL: Creditors' Proofs of Debt Due May 11
KAZBARGE LIMITED: Placed Under Voluntary Wind-Up
MARATHON PETROLEUM: Creditors' Proofs of Debt Due May 11
MC CREDIT: Creditors' Proofs of Debt Due May 9
QUANTICA ALLOCATION: Creditors' Proofs of Debt Due May 11
ROSENTHAL COLLINS: Creditors' Proofs of Debt Due May 6
ROSENTHAL COLLINS: Shareholders' Final Meeting Set for May 9
ROSENTHAL COLLINS: Creditors' Proofs of Debt Due May 6
ROSENTHAL COLLINS: Shareholders' Final Meeting Set for May 9
SPARK FUND: Creditors' Proofs of Debt Due May 6
SPARK FUND: Shareholders' Final Meeting Set for May 9
SPARROWHAWK CAPITAL: Creditors' Proofs of Debt Due May 11
THL PARALLEL: Creditors' Proofs of Debt Due May 11
YANG ACQUISITION: Placed Under Voluntary Wind-Up
M E X I C O
AMR CORP: BlackRock Discloses 3.25% Equity Stake
CABLEMAS SA: Moody's Withdraws 'Ba3' Issuer Rating
COMMERCIAL VEHICLE: To Offer $225MM of Sr. Secured Notes Due 2019
COMMERCIAL VEHICLE: Refinances Substantially All of Existing Debt
SATELITES MEXICANOS: Taps Rubio Villegas as Mexican Counsel
SEAHAWK DRILLING: Court Approves Hirings of Duff & Phelps, Simons
VITRO SAB: Mexican Appellate Court Reinstates Prepack Case
P U E R T O R I C O
BORDERS GROUP: Publishers Not Impressed With Business Plan
BORDERS GROUP: Sec. 341 Meeting Continued to May 3
BORDERS GROUP: Court Sets June 1, 2011 Claims Bar Date
HORIZON LINES: Customers Unfazed by Going Concern Qualification
V E N E Z U E L A
BANESCO: Fitch Puts 'B' Long-term Issuer Default Ratings
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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B A H A M A S
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CLICO (BAHAMAS): Creditors to Recover $50MM++ From Assets Sale
--------------------------------------------------------------
Neil Hartnell at the Tribune Business reports that the liquidator
for CLICO (Bahamas) creditors has signed an agreement for the
$10 million sale of one-fifth of CLICO's acreage. According to
the report, Craig A. 'Tony' Gomez, the Baker Tilly Gomez
accountant and partner, is also in negotiations with another
potential buyer to sell the remaining 400-plus acres of the
Wellington Preserve project for a similar per acre price, which
could raise $40 million to $50 million.
Documents obtained by Tribune Business from the U.S. Bankruptcy
Court revealed that on April 4, Mr. Gomez signed an agreement to
sell a 102.74-acre Wellington Preserve land parcel to Zacara Farm
LLC, a Delaware-incorporated company, for $10 million. This
prices the project's real estate at around $100,000 per acre.
As for the remainder of Wellington Preserve, the Chapter 11
reorganization plan said: "The debtor [Wellington Preserve] is
presently engaged in negotiations with Michael B. Collins and his
assigns for the sale of its remaining real estate -- 420.841 acres
of land in the village of Wellington, Florida."
The Tribune Business notes that the largest of CLICO (Bahamas)'s
creditors is 100%-owned affiliate, CLICO Enterprises. CLICO
Enterprises ranks only fourth on the list of Wellington Preserve's
creditors, with some $7.056 million worth of claims lying ahead of
it.
According to the Tribune Business, once administrative expenses
and closing costs are deducted, the balance will then be available
for distribution to Wellington Preserve's creditors. Once these
are deducted from the sales process pot, it is likely that
somewhere between $40 million to $50 million will be 'upstreamed'
from Wellington Preserve to CLICO (Bahamas), a sum equivalent to
between 54.8% and 68.5% of the $73 million invested in the project
via CLICO Enterprises.
The Tribune's Neil Hartnell says Mr. Gomez has been unable to find
better deals as he has been hampered by the depressed state of the
Florida and U.S. real estate market, due to the credit crunch and
subsequent recession.
The Tribune Business reports that CLICO (Bahamas) has reached a
settlement to resolve Brennan Financial's $1.445 million claim.
Mr. Gomez reached an agreement to settle the dispute between the
liquidation and Brennan, which saw the latter obtain permission to
file a competing plan for Wellington Preserve's dissolution, and
part of the deal was to move the company to the front of the queue
as a secured creditor.
The Tribune Business notes that following the sale of the key
assets, Mr. Gomez, to wrap up the liquidation, needs to obtain
Insurance Commission and Supreme Court approval for the
sale/transfer of the insolvent insurer's remaining policy
portfolio to another carrier, likely Colina Insurance Ltd.
About CLICO (Bahamas)
CLICO (Bahamas) Limited, also known as British Fidelity Insurance
Company, Limited, is a Bahamian company that was involved in life
and health insurance, pensions and annuities.
CLICO has insolvency proceedings pending before the Commercial
Division of the Supreme Court of the Bahamas. The proceedings
were commenced February 2009. Craig A. Gomez, at Fowler White
Burnett, P.A., was appointed by the Bahamian court as liquidator
of CLICO.
Mr. Gomez filed a Chapter 15 bankruptcy petition for CLICO on
April 28, 2009 (Bankr. S.D. Fla. Case No. 09-17829), to seek the
U.S.'s recognition of the insolvency proceedings in the Bahamas as
the "foreign main proceeding." Judge A. Jay Cristol presides over
the case. Ronald G Neiwirth, Esq., represents Mr. Gomez. Mr.
Gomez estimated both assets and debts of between US$100 million
and US$500 million for CLICO.
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B E R M U D A
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GLOBAL CROSSING: To Merge With Level 3 in $1.9BB All-Stock Deal
---------------------------------------------------------------
Level 3 Communications, Inc., and Global Crossing Limited have
entered into a definitive agreement under which Level 3 will
acquire Global Crossing in a tax-free, stock-for-stock
transaction. The combined company will operate a unique global
services platform anchored by fiber optic networks on three
continents, connected by extensive undersea facilities. The
combined network will serve a worldwide customer set with owned
network in more than 50 countries and connections to more than 70
countries. This transaction will create a company with pro forma
combined 2010 revenues of $6.26 billion and pro forma combined
2010 Adjusted EBITDA of $1.27 billion before synergies and $1.57
billion after expected synergies.
Under the terms and subject to the conditions of the agreement,
Global Crossing shareholders will receive 16 shares of Level 3
common stock for each share of Global Crossing common stock or
preferred stock that is owned at closing. Based on Level 3's
closing stock price on April 8, 2011, the transaction is valued at
$23.04 per Global Crossing common or preferred share, or
approximately $3.0 billion, including the assumption of
approximately $1.1 billion of net debt as of Dec. 31, 2010.
Global Crossing has approximately 79 million basic and preferred
shares outstanding and approximately 83 million shares outstanding
on a fully diluted basis, giving effect to outstanding stock
awards, but excluding performance-based stock grants.
The transaction will create a company with a unique capability to
meet local, national and global customer requirements in a wide
range of markets. By combining the strengths of each company, the
new entity will offer enterprise, government, wholesale, content,
and web-based customers a comprehensive portfolio of end-to-end
data, video and voice solutions.
"This is a transformational combination that we believe will
deliver significant value to the investors, customers and
employees of both Level 3 and Global Crossing," said Jim Crowe,
chief executive officer of Level 3. "The complementary fit between
the two companies' networks, service portfolios and customers is
compelling. By leveraging the respective strengths and extensive
reach of both companies, we are creating a highly efficient and
more extensive global platform that is well-positioned to meet the
local and international needs of our customers."
"This transaction will provide Global Crossing shareholders with
an attractive premium and significant participation in the upside
potential of a leading communications company with industry-
leading scale and capabilities. The combined service
capabilities, extensive network assets and talented employees of
the two companies will create a stronger global communications
competitor with compelling offerings in the marketplace," said
John Legere, chief executive officer of Global Crossing. "Each of
our companies has a reputation for being nimble and flexible in
meeting customers' communications needs, and we expect that to
continue -- with the added benefit of offering customers
significantly greater reach, products and services."
"We're looking forward to welcoming Singapore Technologies
Telemedia, Global Crossing's largest shareholder, as a significant
investor," said Mr. Crowe. "They are exceptionally sophisticated
managers, with holdings in telecommunications and information
companies in a number of countries. They know the technology and
they know the industry. The breadth of their communications
experience and their knowledge of international markets will be a
great asset to us."
"This strategic combination is an important milestone for both
Global Crossing and Level 3, and a value-creating proposition for
all stakeholders," said Lee Theng Kiat, president and chief
executive officer of Singapore Technologies Telemedia (ST
Telemedia). "Going forward, we believe the combined strengths of
the two companies will position it in a very favorable,
competitive position to expand in the U.S. and compete globally."
"We are committed to creating a high-performing combined business
through a carefully managed integration plan executed by a select
team from both companies," said Jeff Storey, president and chief
operating officer of Level 3. "We will begin integration planning
immediately and bring an aggressive, disciplined approach to the
process. After the closing, as we integrate the two operations
and work to achieve our expected synergies, we will be dedicated
to maintaining our focus on providing excellent customer service
and growing our combined revenues."
"The combination improves our balance sheet and credit profile
immediately upon closing with further improvement as we achieve
the benefits of integration. Additionally, the transaction
accelerates the achievement of Level 3's target leverage ratio of
three to five times debt to Adjusted EBITDA," said Sunit Patel,
chief financial officer of Level 3. "Including the benefit of
synergies and the cost of integration, we expect the transaction
to be accretive to Level 3's Free Cash Flow per share in 2013 and
to give us the financial strength to capitalize on the many
opportunities available in the global market."
Benefits of the Transaction
(A) Significant Synergy Opportunities
Through integration of the combined businesses, the transaction is
expected to create substantial annualized Adjusted EBITDA
synergies of approximately $300 million and annualized capital
expenditure reduction of approximately $40 million. Level 3
expects to realize approximately two-thirds of the run rate
Adjusted EBITDA synergies within 18 months of closing. The
company estimates that the net present value of the potential
synergies will be approximately $2.5 billion. Of the total
expected synergies, approximately 39% are from network expense
savings, approximately 49% from operating expense savings, and
approximately 12% are from reductions in capital expenditures. The
company expects to incur approximately $200 to $225 million of
integration costs associated with this transaction. Approximately
55% of those costs are expected to be from operating expenses, and
45% are expected to be from capital expenditures to support
integration activities.
(B) Improved Financial Strength of Combined Business
Including the benefit of synergies and the cost of integration,
the transaction is expected to be accretive to Level 3's Free Cash
Flow per share in 2013. As a result of potential revenue growth
and synergies, over the longer term, Level 3 expects to have
significant Free Cash Flow available for investment in high-return
opportunities, including U.S. and international network
expansions, and potential repurchase of the company's securities.
(C) Improvement to Level 3's Credit Profile
The transaction is expected to improve Level 3's credit profile as
well as significantly strengthen the company's balance sheet. On a
pro forma basis and including the benefit of expected synergies,
the ratio of net debt (including capital leases) to Adjusted
EBITDA is expected to improve from 6.8x to 4.4x as of Dec. 31,
2010.
(D) Expanded Global Footprint
Existing customers will benefit from expanded geographic reach and
a combination of intercity networks and metro networks throughout
North America, Latin America and Europe connected by extensive
global subsea networks. The combined business will leverage Global
Crossing's long-term IRU's on the PC1 and EAC cable systems,
focusing on telecom operators based in Asia. The combined network
will serve a worldwide customer set with owned network in more
than 50 countries and reach to more than 70 countries.
(E) Enhanced and Expanded Service Portfolio
The combined business will offer an extensive portfolio of
transport, IP and data solutions, content delivery, data center,
colocation and voice services, delivered globally. Global Crossing
will bring important additions to Level 3's service portfolio,
including managed services, collaboration services and inter-
continental virtual private networking capability. The combined
service portfolio and distribution channels will allow Level 3 to
better address the needs of enterprises, content providers,
carriers and governments throughout North America, Latin America
and Europe.
(F) Expanded Enterprise Service Capabilities
Global Crossing's enterprise service portfolio and proven sales
expertise together with the improved cost structure and
performance achievable by combining the extensive international,
intercity and metro networks will enable opportunities for
improved growth by giving enterprises better options to meet their
local, national and international communications needs.
Committed Financing
Level 3 Financing, Inc., a wholly owned subsidiary of Level 3, has
received committed financing for $1.75 billion in connection with
this acquisition.
Bloomberg News reports that a person briefed on the transaction
said Bank of America Corp. and Citigroup Inc. agreed to provide
$1.75 billion of debt to Level 3 Communications Inc. as part of
its acquisition of Global Crossing Ltd.
The source has told Bloomberg that BofA and Citi committed to a
12-month bridge financing that backs $650 million in term loans
and $1.1 billion of senior unsecured debt. The source declined to
be identified because the terms haven't been publicly released.
Voting Agreement and
Stockholder Rights Agreement
In conjunction with this transaction, Level 3 has signed a Voting
Agreement with ST Telemedia, the company which owns approximately
60% of Global Crossing's stock, whereby ST Telemedia has agreed to
vote its shares in favor of the transaction, subject to certain
terms and conditions. Level 3 and ST Telemedia have also signed a
Stockholder Rights Agreement, which becomes effective upon closing
and which allows ST Telemedia to designate members to the Level 3
board of directors, proportionate to their stock ownership. In
addition, the Stockholder Rights Agreement contains a standstill
provision which imposes limitations on ST Telemedia's ability to
purchase or sell Level 3 common stock.
Approvals and Timing of Transaction
In addition to customary closing conditions, the transaction is
subject to regulatory approvals relating to competition law,
licensing, financing, and foreign ownership, including approvals
by the U.S. Department of Justice, the U.S. Federal Communications
Commission and other regulatory agencies in the U.S. and in
countries where the companies do business. The transaction is also
subject to the approval of the stockholders of each company. The
transaction is expected to close before the end of this year.
Stockholder Rights Plan
Level 3 is adopting a Stockholder Rights Plan. The Rights Plan is
designed to protect Level 3's federal Net Operating Losses from
the effect of Internal Revenue Code Section 382, which can
restrict the use of NOLs. The completion of the business
combination with Global Crossing would move Level 3 significantly
closer to the 50% ownership change outlined in Section 382, and
increase the likelihood of a loss of Level 3's valuable NOLs. The
rights under the Rights Plan will expire under the circumstances
described in the separate release announcing its adoption. In
addition, Level 3's board of directors intends, from time to time
-- and in particular upon the closing of the transaction -- to
consider whether maintaining the Rights Plan continues to be in
the best interests of Level 3.
Advisors
BofA Merrill Lynch, Citi and Morgan Stanley acted as advisors to
Level 3, and Rothschild provided a fairness opinion. Willkie Farr
& Gallagher LLP acted as legal counsel to Level 3. Goldman, Sachs
& Co. acted as financial advisor and Latham & Watkins acted as
legal counsel to Global Crossing. Credit Suisse Securities (USA)
LLC acted as financial advisor to ST Telemedia.
Conference Call and Webcast
Level 3 and Global Crossing held a joint investor and media
conference call to discuss the announcement on April 11 at 9:00
a.m. EDT.
* * *
Roger Cheng and Spencer E. Ante, writing for The Wall Street
Journal, note that Level 3 and Global Crossing, which had market
values of more than $40 billion in early 2000, have survived an
industry shakeout but struggled to build profitable businesses
despite a surge in Internet services.
Messrs. Cheng and Ante relate that the deal is expected to close
by year-end. The combined company, the report says, will have a
3.3% share of the U.S. market for transport and Internet business
services, according to Atlantic-ACM analyst Aaron Blazar. Mr.
Blazar said the total U.S. market was valued at $30 billion last
year, and it is expected to grow by $4.5 billion through 2015.
About Global Crossing
Based in Hamilton, Bermuda, Global Crossing Limited (NASDAQ: GLBC)
-- http://www.globalcrossing.com/-- is a global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network.
The Company's balance sheet at Dec. 31, 2010 showed $2.31 billion
in total assets, $2.79 billion in total liabilities and $477
million in total stockholders' deficit.
* * *
As reported by the Troubled Company Reporter on March 31, 2010,
Standard & Poor's Ratings Services raised all its ratings on
Global Crossing, including the corporate credit rating to 'B' from
'B-'. The outlook is stable. S&P assigned its 'CCC+' issue-level
rating and '6' recovery rating to Global Crossing's proposed $150
million of senior unsecured notes due 2019. The '6' recovery
rating indicates S&P's expectation for negligible (0%-10%)
recovery in the event of a payment default.
About Level 3 Communications
Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc. (NASDAQ: LVLT) -- http://www.level3.com/-- is a publicly
traded international communications company with one of the
world's largest communications and Internet backbones.
The Company's balance sheet at Dec. 31, 2010, showed $8.35 billion
in total assets, $8.51 billion in total liabilities and
a $157 million stockholders' deficit.
Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.
GLOBAL CROSSING: Acquisition by Level 3 Cues Moody's Rating Review
------------------------------------------------------------------
Moody's Investors Service (Moody's) will review Global Crossing
Limited's (Global Crossing) ratings in light of the company's
announcement that it has agreed to be acquired by Level 3
Communications Inc. (Level 3) in a share exchange transaction
that was announced earlier. While the transaction makes good
business sense for both Global Crossing and Level 3, since it
is not clear whether Global Crossing's unconsolidated credit
profile remains largely unchanged or improves as a result of
the transaction, the company's ratings have been placed on
review with direction uncertain. In the interim, the company's
B3 corporate family and probability of default ratings (CFR and
PDR respectively) remain unchanged, as does the B2 rating of its
senior secured notes and the Caa2 rating of its senior unsecured
notes.
It should be noted, however, that Global Crossing's notes contain
change of control provisions. Depending on net synergy
attribution and the amount of debt that remains post-closing at
Global Crossing, given their structural seniority relative to
debts at Level 3, individual instrument ratings may be subject to
change even if the consolidated CFR and PDR of the combined entity
remains unchanged. Moody's does not expect the ratings for any of
Global Crossing's debt to be downgraded, but are uncertain whether
certain of its debt ratings will remain unchanged or be upgraded.
Pending normal regulatory and shareholder approvals, the
transaction is expected to close by year-end. Moody's review
is anticipated to conclude at approximately the same time and
will focus on the magnitude and timing of synergies, the costs
of achieving them, related execution risks, liquidity planning,
and the combined entity's credit profile once steady state is
achieved. Global Crossing's debt will have preferential access
to its own cash flow and will be structurally senior to debt at
Level 3, and credit enhancement resulting from the transaction
will depend on net synergy attribution. Moody's review will
focus on this matter as well as the consolidated benefits.
Global Crossing's financial profile is more conservative
than Level 3's (4.5x Debt/EBITDA vs. 7.8x Debt/EBITDA (all
quoted metrics incorporate Moody's standard adjustments)),
but its margins are weaker (17% vs. 27%). Pre-synergies,
the transaction is margin-positive on a consolidated basis
(approximately 23%), but negative from a consolidated leverage
perspective (to approximately 6.5x) when compared to Global
Crossing's stand-alone position. Depending on synergies and
the proportion of implementation costs that may be debt-
financed, combined leverage could improve into the high 5x range.
Irrespective, Moody's thinks the key to the consolidated rating
will be resulting free cash potential. Even with full synergy
realization, Level 3's margins return only to pre-transaction
levels. However, depending on the combined entity's capital
expenditure intensity, Level 3's historically lackluster free
cash generation will be bolstered and further de-levering may be
possible.
Outlook Actions:
Issuer: Global Crossing Ltd.
-- Outlook, Changed To Rating Under Review From Stable
On Review Direction Uncertain:
Issuer: Global Crossing Ltd.
-- Probability of Default Rating, Placed on Review Direction
Uncertain, currently B3
-- Corporate Family Rating, Placed on Review Direction
Uncertain, currently B3
-- Senior Secured Regular Bond/Debenture, Placed on Review
Direction Uncertain, currently B2 (LGD3, 33%)
-- Senior Unsecured Regular Bond/Debenture, Placed on Review
Direction Uncertain, currently Caa2 (LGD5, 84%)
Summary Rating Rationale
Global Crossing's B3 ratings are influenced primarily by the
company's participation in a highly competitive telecommunications
arena, its relatively poor EBITDA margins, limited free cash
generation, and significant debt load. The business combination
implies relatively weak interest coverage and debt repayment
capacity. The rating also accounts for the company's unique
network footprint and solid internet protocol (IP) product
offering together with the expectation that demand for IP-based
broadband capacity will continue to grow and cause the company's
cash flow stream to expand.
The principal methodologies used in this rating were Moody's
Global Telecommunications Industry rating methodology, published
in December 2007 (document #106465), and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Hamilton, Bermuda and with administrative offices
in Florham Park, New Jersey, Global Crossing Limited (Global
Crossing) offers Internet Protocol (IP) and legacy
telecommunications services in most major business centers in the
world.
The ratings discussed herein are in the name of Global Crossing
Limited. Global Crossing's wholly-owned subsidiary, Global
Crossing (UK) Finance plc is rated as a discrete but related
entity since its financing arrangements substantially "ring fence"
its cash flow and assets.
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B R A Z I L
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BANCO BMG: S&P Assigns 'BB-' Rating on $300MM Sr. Secured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
senior unsecured debt rating to the issuance of $300 million in
senior unsecured notes due 2018 of Banco BMG S.A. (BB-/Stable/B).
"The rating on the notes is the same as the long-term counterparty
credit rating on BMG, reflecting our view that the notes will rank
on par with other senior unsecured debt and that they will be
direct, unsecured, unsubordinated, and unconditional obligations
of the bank," said Standard & Poor's credit analyst Suzane
Iamamoto. "The bank plans to use the proceeds for general
banking purposes."
"Our ratings on BMG incorporate the risks of a significant
product concentration and low diversification of funding sources.
Partially offsetting these weaknesses are the strong capacity of
management to adjust to challenging industry conditions, resulting
in resilient and good performance in different operating cycles
and the good asset quality of its loan portfolio," S&P added.
Ratings List
Banco BMG S.A.
Corporate Credit Rating BB-/Stable/B
New Rating
Senior Unsecured
$300 million notes due 2018 BB-
BANCO BONSUCESSO: Moody's Puts Ba2 Rating on Proposed Senior Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to Banco Bonsucesso S.A.'s (Bonsucesso)
US$200 million senior unsecured notes, due in 5 years. The
outlook on the notes' rating is negative, in line with the
negative outlook on all ratings of Bonsucesso.
Assignments:
Issuer: Banco Bonsucesso S.A.
-- Senior Unsecured Regular Bond/Debenture: Assigned Ba2, with
negative outlook
Ratings Rationale
The rating agency explained that the foreign currency senior
unsecured debt rating derives from Bonsucesso's Ba2 global local
currency deposit rating, which, in turn, is based on the bank's D
BFSR (mapping to a baseline credit assessment of Ba2). At this
rating level, the bond rating is not constrained by the country
ceiling for foreign currency bonds and notes for Brazil.
The last rating action on Bonsucesso was on December 9, 2010, when
Moody's changed to negative from stable the outlook on all ratings
of the bank.
The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology" published in
February 2007, and "Incorporation of Joint Default Analysis into
Moody's Bank Ratings: A Refined Methodology" published in March
2007.
Bonsucesso is headquartered in Belo Horizonte, Brazil, with
assets totaling R$2.5 billion (US$1.5 billion) and equity of
BRL380 million (US$229 million) as of December 31, 2010.
CIMENTO TUPI: Fitch Puts B Foreign & Local Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned these ratings to Cimento Tupi S.A.
(Tupi):
-- Foreign Currency Issuer Default Rating (IDR) 'B';
-- Local Currency IDR 'B';
-- Long-Term National Rating 'BBB-(bra)'.
The Rating Outlook is Stable.
Fitch has also assigned a 'B/RR4' rating to Tupi's proposed
US$150 million senior unsecured note issuance due 2021. The
proceeds from this issuance will be used to refinance existing
debt and to fund a portion of the company's expansion plan.
Tupi's ratings reflect the volatility of its cash flow generation
due to the cyclicality of the cement industry. The ratings also
take into consideration the highly competitive market, where the
leaders are larger integrated groups with more efficient cost
structures, greater geographic diversification and higher credit
quality. The profile of these companies could lead to pricing
pressure. While Tupi's credit metrics are currently strong for
the rating category, they should weaken in the near term due to
the company's large capital expenditure plan. This program is
largely in response to a change in Tupi's business model that will
result from Companhia Siderurgica Nacional S.A's (CSN) decision to
discontinue supplying the company with slag. This supply
agreement is currently guaranteed by a court settlement until
April 2012.
Positively, the ratings incorporate the favorable outlook for the
cement sector in Brazil during the near- and medium-term as well
as the brand recognition for Tupi's products. The high level of
demand should be driven by large infrastructure investments and
a growing housing market. These factors should result in a
favorable pricing market and high capacity utilizations. Some
of the benefits of the growth in demand to Tupi could be tempered,
however, by the aggressive expansion activities of several
competitors.
High Exposure to Competition
Competition in the Brazilian cement market is strong and should
continue to increase in the next few years. Sector leaders are
large national and foreign companies. The six largest companies
represent more than 80% of the market. The other relevant players
hold market positions from 7% to 10%. Tupi's market share is
3.5%, which prevents the company from exerting an influence on
industry prices, having to follow the prices formed by the leading
companies. The leading producer in Brazil is Votorantim Cimentos.
During 2009, Votorantim Cimentos had a market share of about 40%
and produced about 21 millions of cement in Brazil.
Success in Expansion Project is Crucial to Business
Tupi's business model has always been based on contracts with
CSN, a leading Brazilian steel company, for the supply of slag at
competitive prices. CSN has been slowly moving into the cement
industry in recent years. With the end of that supply agreement
between CSN and Tupi in April 2012, Tupi's plant near CSN's
operation may shut down, reducing production by 0.8 million tons
or approximately 33% of production. Tupi is planning to adopt
a new operating model and will replace the lost production
by expanding the unit at its Pedra do Sino plant, which will
significantly reduce the company's reliance on slag and increase
total overall production. Close to its Pedra do Sino plant, Tupi
has a limestone mine, with estimated reserves of 203 million tons.
The total investment associated with the change in operating
strategy is estimated at US$150 million. It should increase the
company's nominal cement production capacity to 3.2 million tons
per year from 2.4 million tons beginning in 2014. Absent this
expansion project, Fitch estimates that the company's capacity
would have been reduced to 1.6 million, which would have prevented
it from taking advantage of the fast-growing Brazilian cement
market.
Favorable Industry Scenario Supports Cash Generation Increment
Tupi generated BRL67 million of EBITDA and BRL37 million of
funds from operations (FFO) during 2010. These figures compare
with BRL64 million and BRL41 million in 2009, respectively, and
compare favorably versus an average EBITDA of BRL23 million and
an average FFO of BRL37 million between 2006 and 2009. Free cash
flow (FCF), defined as cash flow from operations less dividends
and investments, was BRL37 million in 2010. For 2011, Fitch
expects Tupi's EBITDA to be about BRL60 million. FCF will likely
be negative due to the large level of capital expenses.
Tupi's improved cash flow during 2010 and 2009 was primarily a
result of an improvement in prices. Between 2006 and 2007, the
prices received by the company averaged about BRL179.00 per ton.
This compares with about BRL266.00 per ton in the period from
2009 to 2010. In addition to better prices, Tupi's margins also
benefited from higher capacity utilization levels. During 2010,
Tupi's profit margin was 17.9%. This margin was in-line with the
level achieved during 2009 and above the 15.4% recorded during
2008. In 2006 and 2007, Tupi reported negative margins as a
result of the weak pricing environment.
CP Cimento's Default Has Offered Limited Growth Opportunities
In recent years, Tupi has been improving its credit profile,
reducing leverage and strengthening credit metrics. During 2006,
CP Cimento Participacoes S.A (CP), the non-operational holding
company of Tupi, defaulted on BRL319 million of debt and on
US$32 million of external notes. The default was a result of
negative EBITDA and free cash flow, which were primarily
attributable to the sharp decline in cement prices.
The group worked with the creditors and sold about
BRL577 million of assets in the process of completing its
financial restructuring. During June 2010, CP Cimento paid
off the last installment of the debt restructuring agreement
that was signed in 2007. Tupi is currently in the process of
incorporating CP. Around 91% of the holding debt is already
at Tupi. As a result, the company's debt should only increase
by about BRL25 million.
Low Leverage, Projected to Increase; Weak Liquidity
During 2010, Tupi had an FFO adjusted leverage ratio of 3.0 times
(x), a total debt-to-EBITDA ratio of 1.8x, and a net debt-to-
EBITDA ratio of 1.7x. The US$150 million investment plan should
increase Tupi's net leverage ratio to around 3.0x in 2011 and 4.3x
in 2012. Leverage should return to less than 3.0x during 2013
once the project is complete.
On Dec. 31, 2010, Tupi had BRL122 million of debt, based on
Fitch calculations. This debt consisted of BRL55 million of
banking loans, BRL44 million of taxes due, and BRL19 million
of loans with related parties. At the end of 2010, Tupi had
BRL8 million of cash and marketable securities and BRL68 million
of short-term debt. The company's short-term debt consists of
BRL36 million of bank loans, BRL19 million of debt with related
parties, BRL9 million of taxes due and BRL5 million of judicial
obligations payable. Short-term debt coverage ratios, as measured
by cash plus FFO to short-term debt, was weak at 0.7x. The
company expects to receive BRL22 million of cash during 2011 and
BRL42 million during 2012 from assets that have already been sold.
Tupi intends to repay a portion of short-term banking lines with
proceeds from the note issuance.
Key Rating Drivers
Negative rating actions could occur if the company is not able to
finance its expansion project at Pedra do Sino at terms and tenors
that are compatible with the timing and the risks associated with
the projects. A ratings downgrade or Negative Outlook could also
result from an inability to refinance a portion of short-term debt
or a significant deterioration in the company's cash generation
and operating margins. Rating upgrades could result from a
successful change of business profile with the concentration of
operations at Pedra do Sino and a consequent increase in operating
cash flows and/or a more conservative capital structure with lower
leverage and a more robust liquidity position.
CIMENTO TUPI: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
global scale corporate credit rating and its 'brBBB-' Brazilian
national scale corporate rating to Brazil-based cement company
Cimento Tupi S.A. "At the same time, we assigned a 'B' rating
to Cimento Tupi's $150 million forthcoming issuance of senior
unsecured notes due in 2021. We also raised the ratings on
Cimento Tupi's parent holding company, CP Cimento e Participacoes
S.A. (CP Cimento), to 'brBBB-' from 'brBB' and immediately
withdrew them because both companies will merge. Cimento Tupi
will succeed CP Cimento in all its rights and obligations. The
outlook is stable," S&P stated.
"The ratings on Cimento Tupi reflect operating efficiency and
cost position that are weaker than those of its competitors,
which are significantly larger and more capitalized; some
execution risk associated with its expansion investment, which
is key for it to sustain and expand production in the next few
years; its limited market position; and some inefficiencies
stemming from its current operating model," said Standard &
Poor's credit analyst Alvaro Nunes.
Positive demand fundamentals for cement in Brazil, given
favorable economic conditions and ongoing large investments
in infrastructure and homebuilding in the country, leading to
strong demand and firm cement prices in the intermediate term; a
favorable feedstock contract extending through 2012; potential
efficiency gains when its production expansion is completed;
and its manageable leverage and adequate financial metrics
partly mitigate the risks.
Cimento Tupi's business position is vulnerable. Due to its
small size and limited scope of its operations, the company is
significantly exposed to demand and price volatility -- especially
compared with its main competitors, which are larger, more
geographically diversified, and more capitalized. Although its
logistics and operating model is somewhat inefficient, Cimento
Tupi benefits from a favorable slag supply contract that improves
the cost to produce certain types of cement. This contract will
expire in 2012, when slag inventories are fully depleted. To
retain its current market position and production levels, the
company's investments in capacity expansion are critical. Cimento
Tupi will invest $150 million to expand its clinker nominal
capacity to 2.3 million tons per year (tpy) from 1.1 million tpy
at its Pedra do Sino plant, which is close to its strategic
limestone reserves in Minas Gerais. Additional clinker production
would replace slag in cement production and also provide some
price premium for quality. With these investments, which also
include expanding packaging capacity, Cimento Tupi expects to
expand its cement production nominal capacity to about 3.2 million
tpy by 2013 from 2.4 million tpy in 2010. "We expect the plant
construction to conclude by year-end 2012, in line with the
exhaustion of its slag inventories. Cimento Tupi will also
benefit from a more efficient logistics and dispatch operation
after the expansion is concluded, which we believe will result in
stronger operating profitability," S&P related.
"The stable outlook reflects our expectation that Cimento Tupi
will sustain adequate cash generation during its expansion
investment and will expand cash flows after completing the
expansion. We could lower the ratings if weaker market conditions
or operating inefficiencies cause its credit metrics to weaken to
adjusted total debt to EBITDA of more than 4.0x and FFO to
adjusted total debt of less than 15%. We could raise the ratings
if Cimento Tupi successfully completes its expansion project and
improves credit metrics to adjusted total debt of consistently
less than 2.5x and FFO to total adjusted debt of more than 25%,"
S&P stated.
==========================
C A Y M A N I S L A N D S
==========================
ADIC CAPITAL: Creditors' Proofs of Debt Due May 11
--------------------------------------------------
The creditors of Adic Capital Management Limited are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 22, 2011.
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
AER COMMODITY: Creditors' Proofs of Debt Due May 12
---------------------------------------------------
The creditors of AER Commodity Fund Ltd. are required to file
their proofs of debt by May 12, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 18, 2011.
The company's liquidator is:
Mark Bastian
c/o Daniel Priestley
Telephone: (345) 946 1577
Facsimile: (345) 947 0826
c/o PA Corporate Services Limited
P.O. Box 30310, Grand Cayman KY1-1102
Cayman Islands
CEDEC FINANCIAL: Creditors' Proofs of Debt Due May 2
----------------------------------------------------
The creditors of Cedec Financial Corp. are required to file their
proofs of debt by May 2, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 28, 2011.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
CGP EUROPE: Creditors' Proofs of Debt Due May 2
-----------------------------------------------
The creditors of CGP Europe Fund are required to file their proofs
of debt by May 2, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 31, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
F.W. LTD: Creditors' Proofs of Debt Due May 2
---------------------------------------------
The creditors of F.W. Ltd. are required to file their proofs of
debt by May 2, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 29, 2011.
The company's liquidator is:
Darryl Myers
Telephone: +1 345 949 0699
Facsimile: +1 345 949 8171
c/o Thorp Alberga
Harbour Place, 2nd Floor
103 South Church Street
George Town, Grand Cayman KY1-1106
Cayman Islands
JHJ INTERNATIONAL: Creditors' Proofs of Debt Due May 11
-------------------------------------------------------
The creditors of JHJ International Small Cap Special Situations
Master Fund are required to file their proofs of debt by May 11,
2011, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on January 13, 2011.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o 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
JHJ INTERNATIONAL: Creditors' Proofs of Debt Due May 11
-------------------------------------------------------
The creditors of JHJ International Small Cap Special Situations
Fund are required to file their proofs of debt by May 11, 2011, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on January 13, 2011.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o 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
KAZBARGE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on March 28, 2011, the
shareholders of Kazbarge Limited resolved to voluntarily wind up
the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Clifton House, 75 Fort Street
P.O. Box 1350, Grand Cayman KY1-1108
Cayman Islands
MARATHON PETROLEUM: Creditors' Proofs of Debt Due May 11
--------------------------------------------------------
The creditors of Marathon Petroleum Qatar Limited are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.
The company's liquidator is:
Y.R. Kunetka
5555 San Felipe St.
Houston, Texas 77056
U.S.A.
MC CREDIT: Creditors' Proofs of Debt Due May 9
----------------------------------------------
The creditors of MC Credit Products Fund Limited are required to
file their proofs of debt by May 9, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 29, 2011.
The company's liquidator is:
Ogier
c/o Giorgio Subiotto
Telephone: (345) 815-1872
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
QUANTICA ALLOCATION: Creditors' Proofs of Debt Due May 11
---------------------------------------------------------
The creditors of Quantica Allocation Overlay Inc. are required to
file their proofs of debt by May 11, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 2, 2011.
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
ROSENTHAL COLLINS: Creditors' Proofs of Debt Due May 6
------------------------------------------------------
The creditors of Rosenthal Collins Global Funds (Cayman) Ltd. are
required to file their proofs of debt by May 6, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on February 1, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
ROSENTHAL COLLINS: Shareholders' Final Meeting Set for May 9
------------------------------------------------------------
The shareholders of Rosenthal Collins Global Funds (Cayman) Ltd.
will hold their final meeting on May 9, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on February 1, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
ROSENTHAL COLLINS: Creditors' Proofs of Debt Due May 6
------------------------------------------------------
The creditors of Rosenthal Collins Pool Operators (Cayman) Ltd.
are required to file their proofs of debt by May 6, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 30, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
ROSENTHAL COLLINS: Shareholders' Final Meeting Set for May 9
------------------------------------------------------------
The shareholders of Rosenthal Collins Pool Operators (Cayman) Ltd.
will hold their final meeting on May 9, 2011, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on March 30, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
SPARK FUND: Creditors' Proofs of Debt Due May 6
-----------------------------------------------
The creditors of Spark Fund, Ltd. are required to file their
proofs of debt by May 6, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 28, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
SPARK FUND: Shareholders' Final Meeting Set for May 9
-----------------------------------------------------
The shareholders of Spark Fund, Ltd. will hold their final meeting
on May 9, 2011, at 9:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on March 28, 2011.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
c/o Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
SPARROWHAWK CAPITAL: Creditors' Proofs of Debt Due May 11
---------------------------------------------------------
The creditors of Sparrowhawk Capital Advisers Limited are required
to file their proofs of debt by May 11, 2011, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on March 25, 2011.
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
THL PARALLEL: Creditors' Proofs of Debt Due May 11
--------------------------------------------------
The creditors of THL Parallel Fund V (Alternative) Corp. are
required to file their proofs of debt by May 11, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 23, 2011.
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
YANG ACQUISITION: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on March 28, 2011, the
shareholders of Yang Acquisition Co resolved to voluntarily wind
up the company's operations.
The company commenced wind-up proceedings on March 28, 2011.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
===========
M E X I C O
===========
AMR CORP: BlackRock Discloses 3.25% Equity Stake
------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, BlackRock, Inc., disclosed that it
beneficially owns 10,831,866 shares of common stock of AMR Corp.
representing 3.25% of the shares outstanding. As of Feb. 9, 2011,
333,435,431 shares of the Company's common stock were outstanding.
About AMR Corporation
Headquartered in Fort Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline. As of Dec. 31, 2009, American provided scheduled jet
service to approximately 160 destinations throughout North
America, the Caribbean, Latin America, Europe and Asia.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
The Company's balance sheet at Dec. 31, 2010, showed
$25.09 billion in total assets, $29.03 billion in total
liabilities and a $3.94 billion stockholders' deficit.
AMR recorded a net loss of $471 million in the year 2010, a net
loss of $1.5 billion in 2009, and a net loss of $2.1 billion in
2008.
* * *
AMR carries a 'CCC' issuer default rating from Fitch Ratings,
'Caa1' corporate family and probability of default ratings from
Moody's, and a 'B-' corporate credit rating from Standard &
Poor's.
In November 2010, Standard & Poor's Ratings Services revised its
outlook on AMR Corp. and its major operating subsidiary, American
Airlines Inc., to stable from negative, based on AMR's improved
operating performance, which has bolstered credit quality. S&P
also affirmed its 'B-' corporate credit rating and most issue
ratings on the two companies and lowered selected ratings on
American's enhanced equipment trust certificates.
CABLEMAS SA: Moody's Withdraws 'Ba3' Issuer Rating
--------------------------------------------------
Moody's withdrew the Ba3 issuer rating of Cablemas, S.A. de
C.V., due to business reasons. There were no ratings assigned
to specific debt instruments.
Ratings Rationale
Moody's Investors Service has withdrawn the issuer rating for its
own business reasons.
Moody's last rating action on Cablemas was on May 19, 2008, when
the agency upgraded Cablemas' corporate family rating to Ba3
positive from B1.
The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.
Cablemas, headquartered in Mexico City, is the second-
largest cable television operator in Mexico based on number
of subscribers and homes passed with an estimated 20% market
share as of September 30, 2010. As of December 31, 2010,
Cablemas' network served over 997 thousand cable television
subscribers, 360 thousand high-speed internet subscribers,
and 205 thousand IP telephony lines, from over 2,829 million
homes passed. Cablemas operates in 49 cities throughout
the country. During the last-twelve-months (LTM) ending on
December 31, 2010, revenues amounted to almost MXN4.1 billion
(about US$333 million).
COMMERCIAL VEHICLE: To Offer $225MM of Sr. Secured Notes Due 2019
-----------------------------------------------------------------
Commercial Vehicle Group, Inc., announced that it intends to
offer, subject to market and other customary conditions,
$225 million in aggregate principal amount of senior secured notes
due 2019 in a private offering that is exempt from registration
under the Securities Act of 1933, as amended. The Notes will be
guaranteed, jointly and severally, on a senior secured basis by
certain of the Company's existing and future domestic subsidiaries
and any other subsidiaries that guarantee any of its senior
indebtedness, including its revolving credit facility. The Notes
and the related guarantees will be senior secured obligations of
the Company and the guarantors, secured by second-priority liens
on substantially all of the property and assets of the Company and
the guarantors.
The Company intends to use the net proceeds from the offering
primarily to repay all of the amounts currently outstanding under
its existing second lien term loan, 11%/13% Third Lien Senior
Secured Notes due 2013 and 8% Senior Notes due 2013 and for
general corporate and working capital purposes.
The Notes and the related guarantees will be offered only to
"qualified institutional buyers" in reliance on the exemption from
registration pursuant to Rule 144A under the Securities Act and to
persons outside of the United States in compliance with Regulation
S under the Securities Act. The Notes and the related guarantees
have not been registered under the Securities Act, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United States without registration or an
applicable exemption from the Securities Act and applicable state
securities or blue sky laws and foreign securities laws.
About Commercial Vehicle Group
New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:
CVGI) supplies fully integrated system solutions for the global
commercial vehicle market, including the heavy-duty truck market,
the construction and agricultural markets, and the specialty and
military transportation markets. The Company has facilities
located in the United States in Arizona, Indiana, Illinois, Iowa,
North Carolina, Ohio, Oregon, Tennessee, Virginia and Washington
and outside of the United States in Australia, Belgium, China,
Czech Republic, Mexico, Ukraine and the United Kingdom.
* * *
Commercial Vehicle carries a 'Caa2' Corporate Family Rating and
'Caa2/LD' Probability of Default Rating from Moody's. It has
'CCC+' issuer credit ratings from Standard & Poor's.
In mid-October 2010, Moody's Investors Service upgraded Commercial
Vehicle Group, Inc.'s Corporate Family Rating to Caa1 from Caa2,
and revised the ratings outlook to positive from negative. These
positive actions recognize the continuing improvement in the build
rates for commercial vehicles and the realized benefits of the
company's operating and capital restructurings. According to
Moody's, the Caa1 CFR reflects modest size, high debt leverage,
and exposure to highly cyclical commercial vehicle end markets.
Demand for commercial vehicle components is sensitive to both
economic cycles and regulatory implementation schedules.
The Company's balance sheet at Dec. 31, 2010 showed
$286.20 million in total assets, $286.31 million in total
liabilities, and a $112,000 stockholders' deficit.
COMMERCIAL VEHICLE: Refinances Substantially All of Existing Debt
-----------------------------------------------------------------
Commercial Vehicle Group, Inc., announced a series of financing
transactions designed to refinance substantially all of its
existing indebtedness. These transactions include:
* A proposed private offering of new senior secured notes,
the proceeds of which the Company intends to use primarily
to repay all of the amounts currently outstanding under its
existing second lien term loan, 8% Senior Notes due 2013
and 11%/13% Third Lien Senior Secured Notes due 2013 and
for general corporate and working capital purposes.
* An expected amendment and restatement of its existing
revolving credit facility that will, among other things,
(i) increase the revolving credit commitment from $37.5
million to $40.0 million, subject to borrowing base
availability, (ii) extend the maturity of the facility to
three years after the date of closing, (iii) remove the
availability block, (iv) reduce the interest rate by 0.50%,
(v) increase the Company's flexibility to make investments
and (vi) permit the financing transactions.
* The commencement of cash tender offers and consent
solicitations with respect to any and all of its
outstanding Notes.
Completion of the tender offers is conditioned upon, among other
things, the receipt by the Company of the proceeds from the
proposed private offering of new senior secured notes, and the
consummation of the notes offering, in turn, is conditioned upon
the concurrent amendment and restatement of the Company's existing
revolving credit facility.
In connection with the tender offers, the Company is soliciting
the consents of the holders of the Notes to proposed amendments to
each indenture governing the Notes and, in the case of the 2009
Notes, to the related security documents. The principal purpose
of the consent solicitations and the Proposed Amendments is (i) to
eliminate substantially all of the restrictive covenants, (ii) to
eliminate or modify certain events of default, (iii) to eliminate
or modify related provisions contained in the indentures governing
the Notes and (iv) with respect to the 2009 Notes, to eliminate
certain conditions to covenant defeasance contained in the
indenture governing such notes and to release the liens in respect
of such notes. In order for the Proposed Amendments to be
effective with respect to an applicable series of Notes, holders
of at least a majority of the outstanding aggregate principal
amount of such series of Notes must consent to the Proposed
Amendments, except that the Proposed Amendments related to the
release of the liens in respect of the 2009 Notes require consents
from the holders of at least two-thirds of the outstanding
aggregate principal amount of the 2009 Notes. Holders who tender
Notes are obligated to consent to the Proposed Amendments and
holders may not deliver consents without tendering the related
Notes.
Each holder who validly tenders and does not validly withdraw its
Notes and delivers and does not revoke its consent to the Proposed
Amendments with respect to such Notes prior to 5:00 p.m., New York
City time, on April 21, 2011, unless extended, will receive (i)
with respect to 2005 Notes accepted for purchase by the Company,
Total Consideration of $1,020 per $1,000 principal amount of such
Notes, which includes $990 as the Tender Offer Consideration and
$30 as a Consent Payment, and (ii) with respect to 2009 Notes
accepted for purchase by the Company, Total Consideration of
$1,110 per $1,000 principal amount of such Notes, which includes
$1,080 as the Tender Offer Consideration and $30 as a Consent
Payment. In addition, accrued interest up to, but not including,
the applicable payment date of the Notes will be paid in cash on
all validly tendered and accepted Notes.
Each of the tender offers is scheduled to expire at 11:59 p.m.,
New York City time, on May 5, 2011, unless extended. Tendered
Notes may be withdrawn and consents may be revoked at any time
prior to the Consent Date but not thereafter. Holders who validly
tender their Notes and deliver their consents after the Consent
Date will receive only the Tender Offer Consideration applicable
to such Notes and will not be entitled to receive a Consent
Payment if those Notes are accepted for purchase pursuant to the
tender offers.
The Company reserves the right, at any time or times following the
Consent Date but prior to the Expiration Date, to accept for
purchase all of the 2005 Notes or the 2009 Notes validly tendered
prior to the Early Acceptance Time. If the Company exercises this
option, it will pay the Total Consideration for the 2005 Notes or
the 2009 Notes, as applicable, accepted for purchase at the Early
Acceptance Time on a date promptly following the Early Acceptance
Time. The Company will also pay on the Early Payment Date accrued
and unpaid interest up to, but not including, the Early Payment
Date on the Notes accepted for purchase at the Early Acceptance
Time. The Company currently expects that the Early Payment Date
will be April 26, 2011.
Subject to the terms and conditions of the tender offers and
consent solicitations, the Company will, following the Expiration
Date, accept for purchase all the 2005 Notes or the 2009 Notes
validly tendered prior to the Expiration Date. The Company will
pay the applicable Total Consideration or Tender Offer
Consideration, as the case may be, for the 2005 Notes and the 2009
Notes accepted for purchase at the Final Acceptance Time on a date
promptly following the Final Acceptance Time. The Company will
also pay on the Final Payment Date accrued and unpaid interest up
to, but not including, the Final Payment Date on the Notes
accepted for purchase at the Final Acceptance Time. The Company
currently expects that the Final Payment Date will be May 6, 2011.
The consummation of the tender offers and consent solicitations is
conditioned upon, among other things, (i) the receipt by the
Company of the proceeds from the issuance of new senior secured
notes, (ii) the receipt of the consents of holders of at least a
majority of the outstanding aggregate principal amount of each of
the 2005 Notes and the 2009 Notes to the Proposed Amendments and
(iii) the execution of the supplemental indentures giving effect
to the Proposed Amendments.
If any of the conditions are not satisfied, the Company may
terminate the tender offers and consent solicitations and return
the tendered Notes. The Company has the right to waive any of the
foregoing conditions with respect to any series of Notes and to
consummate any or both of the tender offers and consent
solicitations. The Company also has the right, in its sole
discretion, to terminate the tender offers or the consent
solicitations at any time, subject to applicable law. Neither
tender offer is conditioned upon or subject to the completion of
the other tender offer.
None of the Company's board of directors, the dealer manager and
solicitation agent or any other person makes any recommendation as
to whether holders of Notes should tender their Notes or deliver
the related consents, and no one has been authorized to make such
a recommendation.
About Commercial Vehicle Group
New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:
CVGI) supplies fully integrated system solutions for the global
commercial vehicle market, including the heavy-duty truck market,
the construction and agricultural markets, and the specialty and
military transportation markets. The Company has facilities
located in the United States in Arizona, Indiana, Illinois, Iowa,
North Carolina, Ohio, Oregon, Tennessee, Virginia and Washington
and outside of the United States in Australia, Belgium, China,
Czech Republic, Mexico, Ukraine and the United Kingdom.
* * *
Commercial Vehicle carries a 'Caa2' Corporate Family Rating and
'Caa2/LD' Probability of Default Rating from Moody's. It has
'CCC+' issuer credit ratings from Standard & Poor's.
In mid-October 2010, Moody's Investors Service upgraded Commercial
Vehicle Group, Inc.'s Corporate Family Rating to Caa1 from Caa2,
and revised the ratings outlook to positive from negative. These
positive actions recognize the continuing improvement in the build
rates for commercial vehicles and the realized benefits of the
company's operating and capital restructurings. According to
Moody's, the Caa1 CFR reflects modest size, high debt leverage,
and exposure to highly cyclical commercial vehicle end markets.
Demand for commercial vehicle components is sensitive to both
economic cycles and regulatory implementation schedules.
The Company's balance sheet at Dec. 31, 2010 showed
$286.20 million in total assets, $286.31 million in total
liabilities and a $112,000 stockholders' deficit.
SATELITES MEXICANOS: Taps Rubio Villegas as Mexican Counsel
-----------------------------------------------------------
Satelites Mexicanos, S.A. de C.V., et al., ask for authorization
from the U.S. Bankruptcy Court for the District of Delaware to
employ the law firm of Rubio Villegas & Asociados, S.C., as
special Mexican corporate and regulatory counsel, effective as of
the Petition Date.
Rubio Villegas will coordinate efforts with Greenberg Traurig, LLP
-- the Debtor's proposed general bankruptcy counsel -- and clearly
delineate duties to prevent any duplication effort.
Rubio Villegas will, among other things:
a. provide advice regarding corporate matters as they relate
to Mexican law;
b. advise the Debtors on issues relating to orbital
concessions held by the Debtors as well as certain network
concessions held by Enlaces Integra, S. de R.L. de C.V.;
c. provide analysis, opinions and advice regarding legal and
regulatory matters including interpreting certain
agreements between the Debtors and certain Mexican
government agencies; and
d. provide advice regarding the preparation, filing, follow
up and delivery of regulatory approvals and regulatory
advice in connection with the restructuring process.
Rubio Villegas has advised the Debtors that the current hourly
rates applicable to the principal attorneys and paralegals
proposed to represent the Debtors in their Chapter 11 cases are:
Name of Lawyer Rate/Hour
-------------- ---------
Luis Rubio Barnetche $385
Arturo Banuelos Navarro $250
Bertha Alicia Ordaz Aviles $240
Ivonne Moreno Vera $240
Octavio Lecona Morales $240
Lilian Dorado Quijano $220
Carlos Camargo Tovar $150
Rubio Villegas' current hourly rates for this matter range:
Professional Rate/Hour
------------ ---------
Partners $250-$385
Associates $120-$240
Law Clerks, Paralegals, $85
Legal Assistants and
Project Assistants
Luis Rubio Barnetche, Esq., a partner at Rubio Villegas, assures
the Court that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
About Satmex SAB
Satelites Mexicanos, S.A. de C.V., (Satmex) is a Mexico-based
provider of fixed satellite services in the Americas, with
coverage to more than 90% of the population to the Americas,
including more than 45 nations and territories. Satmex also
provides Latin American television programming in the United
States.
One of only two privately managed FSS providers based in Latin
America, Satmex has a fleet comprised of three satellites. Satmex
5 and Satmex 6 generate the adjusted EBITDA for Satmex. A third
satellite, Solidaridad 2, is inclined orbit but does not generate
any adjusted EBITDA. Construction of Satmex 8 is expected to be
completed by July 2012. Satmex also intends to pursue plans for a
new satellite, to be named Satmex 7.
Satmex filed for Chapter 11 bankruptcy protection on April 6, 2011
(Bankr. D. Del. Case No. 11-11035).
Affiliates Alterna'TV International Corporation (Bankr. D. Del.
Case No. 11-11034) and Alterna'TV Corporation (Bankr. D. Del. Case
No. 11-11033) simultaneously filed separate Chapter 11 petitions.
Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel. Lazard Freres & Co. LLC is
the Debtors' investment banker. Ernst & Young LLP is the Debtors'
financial advisor. Epiq Bankruptcy Solutions is the Debtors'
claims and notice agent.
Jefferies & Company, Inc., is the financial advisor to supporting
2nd lien noteholders. Ropes & Gray LLP is the U.S. counsel to
supporting 2nd lien noteholders. Cervantes Sainz serves as
Mexican counsel to supporting 2nd lien noteholders.
Dechert LLP is the U.S. counsel to supporting holders of first
priority notes. Galicia Abogados, S.C., is the Mexican counsel to
supporting holders of first priority notes.
Bracewell & Giuliani LLP is the U.S. counsel to Series B.
Directors. Kuri Brena Sanchez Ugarte Y Aznar is Mexican counsel
to Series B. Directors.
Morgan, Lewis & Bockius LLP is the U.S. counsel for SCT for Mexico
Government. Casares, Castelazo, Frias, Tenorio Y Zarate, SC, is
the Mexican counsel for SCT for Mexico Government. Detente Group
is the financial advisor for SCT for Mexico Government.
Latham & Watkins LLP is the U.S. counsel to Jefferies Finance.
Creel, Garcia-Cuellar, Aiza Y Enriquez is the Mexican counsel for
Jefferies.
In its schedules, Satmex disclosed $393,427,253 in total assets
and $457,699,978 in total debts.
SEAHAWK DRILLING: Court Approves Hirings of Duff & Phelps, Simons
-----------------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Seahawk Drilling's official committee of equity security holders'
motion to retain Duff & Phelps Securities as financial advisor
and, separately, the Debtor's motions to retain Simmons & Company
International as transaction advisor and Alvarez & Marsal North
America as financial advisor.
About Seahawk Drilling
Houston, Texas-based Seahawk Drilling, Inc., engages in a jackup
rig business in the United States, Gulf of Mexico, and offshore
Mexico. It offers rigs and drilling crews on a day rate
contractual basis.
The Company and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 11-20089) on Feb. 11,
2011. Berry D. Spears, Esq., and Johnathan Christiaan Bolton,
Esq., at Fullbright & Jaworkski L.L.P., serve as the Debtors'
bankruptcy counsel. Jordan, Hyden, Womble, Culbreth & Holzer,
P.C., serves as the Debtors' co-counsel. Alvarez and Marsal North
America, LLC, is the Debtors' restructuring advisor. Simmons And
Company International is the Debtors' transaction advisor.
Kurtzman Carson Consultants LLC is the Debtors' claims agent.
Judy A. Robbins, U.S. Trustee for Region 7, appointed three
creditors to serve on an Official Committee of Unsecured Creditors
of Seahawk Drilling Inc. and its debtor-affiliates. Heller,
Draper, Hayden, Patrick & Horn, L.L.C., represents the creditors
committee.
The Debtors disclosed $504,897,000 in total assets and
$124,474,000 in total debts as of the Petition Date.
VITRO SAB: Mexican Appellate Court Reinstates Prepack Case
----------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Vitro SAB emerged the victor when an appellate court in Mexico
reinstated the prepackaged reorganization the company filed last
year under that country's concurso mercantile, the Mexican
equivalent of a prepackaged Chapter 11 reorganization.
Mr. Rochelle relates that Vitro's bankruptcy proceedings in Mexico
and the U.S. are being opposed by a group saying they hold more
than 60 percent of the $1.2 billion of Vitro bonds in default for
two years.
According to the Bloomberg report, Thomas Lauria, a lawyer from
White & Case LLP in Miami representing bondholders, said in an
interview that Vitro's Mexican reorganization was dismissed by a
judge in Mexico. Dismissal was upheld on appeal. Vitro was
granted rehearing where the original decision was reversed in a
ruling that Vitro has the right to be in a prepackaged concurso
despite reliance on accepting votes based on debt owing to
affiliates companies, Mr. Lauria said. Mr. Lauria said that the
ruling "only affects the ability to be in a prepackaged concurso"
and doesn't mean that the Mexican court will eventually impose the
reorganization based on insider votes, over objection from
bondholders.
Mr. Rochelle relates that in the now-revived Mexican
reorganization, Vitro was offering noteholders what it said would
be a recovery of as much as 73% by exchanging existing debt for
cash, new debt and convertible bonds. Bondholders believe Vitro
is worth enough to pay them in full.
Four U.S. Subsidiaries in Ch. 11
According to Mr. Rochelle, Vitro SAB consented early this month to
putting Vitro America LLC and three other U.S. subsidiaries into
Chapter 11. The bankruptcy judge granted the request, and the
four companies are now officially in bankruptcy reorganization in
Fort Worth, Texas.
The four U.S. subsidiaries were among the 15 Vitro U.S. companies
that were the targets of involuntary Chapter 11 petitions filed in
November by holders of some of the $1.2 billion of bonds in
default for two years.
Vitro said in a court filing that it will use Chapter 11 to sell
"substantially all" of the asset of Vitro America and Super Sky
Products Inc. to an affiliate of Grey Mountain Partners LLC from
Boulder, Colorado. The U.S. companies make glass for construction
and the auto replacement markets.
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).
Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders. The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States. Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire Dec. 7, 2010.
Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer. The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro. The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.
The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings. Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.
Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference
to its bankruptcy proceedings in Mexico.
Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Sections 1515 and 1517.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. The judge said Vitro couldn't push through
a plan based on the vote of $1.9 billion of intercompany debt when
third-party creditors were opposed. Vitro is appealing.
====================
P U E R T O R I C O
====================
BORDERS GROUP: Publishers Not Impressed With Business Plan
----------------------------------------------------------
Borders Group, Inc. presented a restructuring plan to its
creditors last April 6, 2011, that contemplates a leaner and more
efficient company poised to emerge from Chapter 11 in September,
Julie Bosman of The New York Times reported.
However, publishers, which comprise Borders' top creditors, find
the plan unrealistic and said they are more convinced that
Borders would be forced to sell itself or liquidate, Ms. Bosman
relayed.
At a lengthy meeting on Wednesday with creditors, which include
publishers Penguin Group USA, Random House, HarperCollins and the
Perseus Books Group, Borders executives tried to persuade
publishers that since its bankruptcy filing, the Company has
stabilized its operations and laid a foundation for growth, The
New York Times noted.
Under the plan, Borders intends to make a profit by the end of
2011, and that by 2015, it hopes to make about 40% from online
sales, including e-books and print books sold on its Web site,
The New York Times relayed, citing people who were briefed on the
matter but who spoke on the condition of anonymity because the
nature of the discussions is private. To boost its E-books
business, Borders plans to offer a larger selection of tablet
devices in Borders stores, and to work with manufacturers of Kobo
to make the Kobo e-reading device available more widely in other
brick-and-mortar retailers, according to The New York Times.
Border has also negotiated rent reductions of more than $30
million with its landlords and is trying to renegotiate other
contracts with vendors, people familiar with the plan told The
New York Times. Borders is liquidating 226 superstores since
filing for Chapter 11 in February and has completed liquidation
sales at about 50 stores, the news article noted.
Borders also intends to tailor its product offerings to suit
customers who frequent in the stores, Ms. Bosman related. In
conjunction, the Company has planned to make major changes in its
stores, including clearing more space for non-book merchandise
and expanding its cafes, the New York Times report noted.
Borders also mentioned that it has successfully expanded its
customer rewards program, Borders Rewards, and is counting on
further growth, The New York Times stated.
Publishers have been wary of Borders' plan for the future.
Indeed, publishers have privately complained about Borders' plan
to award bonuses to executives for as much as $8.3 million, The
New York Times noted. Borders has also tried to persuade
publishers to resume shipping new books to stores under its
prepetition terms. After last Wednesday meeting however,
publishers said it is unlikely that they will resume normal trade
terms with Borders, The New York Times related.
"We are not impressed," one publisher said of the plan, The New
York Times relayed. The publisher continued, "None of it gave us
any reason to think they can get themselves out of this. I don't
think its changed anybody's mind."
Mary Davis, spokeswoman for Borders, stated that the Company had
a productive discussion at the meeting, The New York Times
disclosed. "The business plan we are proposing represents the
best path forward for a vibrant and profitable Borders that is in
the best interests of our creditors, employees, publishers,
consumers, and other stakeholders," Ms. David said in an e-mailed
statement to The New York Times.
* * *
Jeffrey Trachtenberg and Mike Spector of The Wall Street Journal
earlier reported that Borders met with its creditors on April 6
to discuss a business plan that is the "linchpin of Borders'
efforts to make it through bankruptcy proceedings and will need
support from leading publishers and landlords on the creditors
committee . . . ."
Under the plan, Borders is projecting relatively flat total
revenue growth in 2011 and 2012, although it expects to show
significant growth in digital books and online, The Journal
relayed. "We see growth in 2013 and beyond," The Journal quoted
Borders President Mike Edwards as saying in an interview.
Mr. Edwards also saw the need for Borders to exit bankruptcy
without delay as to save legal fees and to rebuild its brand, The
Journal related.
According to The Journal, Borders will have handed out an 80-page
document to its unsecured creditors at the meeting.
The business plan will serve as preview for Borders'
reorganization plan, which it intends to file this summer with
the hopes of exiting bankruptcy in the fall, The Journal related.
Borders will likely need additional capital from outside
investors as part of its reorganization plan although the company
has not sounded them out yet, The Journal pointed out. Borders
could also put itself for sale, depending on reaction from
parties-in-interest in its Chapter 11 case, The Journal added.
Mr. Edwards said Borders executives are going to consider all
options for the company, The Journal relayed. "Our intention is
to get buy-in in our business plan," The Journal quoted Mr.
Edwards as saying.
Borders to Relocate Headquarters
In line with its business goals, Borders announced that it plans
to move its headquarters to Metro Detroit from Ann Arbor,
Michigan, Jaclyn Trop of The Detroit Free Press reported.
Borders has determined that its current headquarters does not
serve the needs of its business going forward and represents a
cost that can be reduced, Borders spokesperson Marcy Davis told
The Detroit Free Press. Borders is exploring opportunities to
relocate its headquarters to a more cost-effective location, Ms.
David added.
Borders' move will likely hurt Agree Realty Corp., which owns
Borders' current headquarters at 100 Phoenix Drive, in Ann Arbor,
The Detroit Free Press stated. Agree Realty did not comment on
the matter due to confidential and ongoing discussions with
Borders, according to Agree Chief Executive Officer and President
Joey Agree, The Detroit Free Press relayed.
Borders employs 474 workers at its Ann Arbor corporate
headquarters, down from 1,000 employees in the past, The Detroit
Free Press added.
In another report, Bill Shea of Crain's Detroit Business related
that Borders' lease on the 458,000-square foot headquarters runs
to 2023. In October, the Ann Arbor building was listed for sale
at $18.3 million by Agree, Crain's Detroit added.
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
BORDERS GROUP: Sec. 341 Meeting Continued to May 3
--------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 2, continued the
meeting of the creditors of Borders Group, Inc. and its debtor
affiliates to May 3, 2011, at 2:00 p.m. Eastern Time, at the
office of the U.S. Trustee, 4th Floor, at 80 Broad Street, in New
York.
The meeting of creditors under Section 341(a) of the Bankruptcy
Code was originally scheduled for March 23, 2011, and later
continued to April 19.
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
BORDERS GROUP: Court Sets June 1, 2011 Claims Bar Date
------------------------------------------------------
The bankruptcy court established June 1, 2011, at 5:00 p.m., as
the deadline by which all persons and entities must file proofs of
claim, other than certain exempt parties against Borders Group
Inc. and its affiliates, including requests for payment under
Section 503(b)(9) of the Bankruptcy Code.
The Court has also fixed August 15, 2011, as the deadline by
which all governmental entities must file proofs of claim against
the Debtors.
The Court ruled that any person or entity that holds a claim that
arises from an executory contract or unexpired lease must file a
proof of claim for damages in connection with the executory
contract or unexpired lease or related to the leased premises or
equipment arising prior to the Petition Date or from rejection of
the executory contract or unexpired lease, on or before the later
of (i) the General Bar Date, and (ii) 45 days after the effective
date of the rejection of that contract or lease, or be forever
barred from doing so.
Judge Glenn signed the revised proposed order submitted by the
Debtors in relation to their Bar Date Motion, a full-text copy of
which is available for free at:
http://bankrupt.com/misc/Borders_RevPropBarDateOrd.pdf
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
HORIZON LINES: Customers Unfazed by Going Concern Qualification
---------------------------------------------------------------
Horizon Lines, Inc., has begun conducting meetings with customers,
vendors and others to discuss the Company's daily operations and
its commitment to customer service excellence. In connection with
these meetings, the Company has disclosed that the vast majority
of its customers have indicated that they will continue to rely on
the Company for shipping services at the same levels as prior to
the Company's filing of its 2010 Form 10-K on March 28, 2011,
which included a going concern modification to its unqualified
audit opinion. In addition, the Company has disclosed that it is
experiencing a slight improvement in its accounts receivable aging
through the end of the first quarter. This information has not
previously been disclosed in reports filed by the Company with the
Securities and Exchange Commission.
About Horizon Lines
Horizon Lines, Inc., based in Charlotte, North Carolina, through
its wholly-owned indirect operating subsidiary, Horizon Lines,
LLC, currently operates 11 of its 15 Jones Act qualified U.S.
flag container ships in Jones Act liner services between the
continental United States and either Alaska, Hawaii, or Puerto
Rico and five U.S. flag container ships between the Far East,
U.S. west coast and Guam.
Horizon Lines reported a net loss of $57.97 million on $1.16
billion of operating revenue for the fiscal year ended Dec. 26,
2010, compared with a net loss of $31.27 million on $1.12 billion
of operating revenue for the fiscal year ended Dec. 20, 2009.
The Company's balance sheet at Dec. 26, 2010 showed
$785.75 million in total assets, $745.96 million in total
liabilities and $39.79 million in total stockholders' equity.
Ernst & Young LLP, in Charlotte, North Carolina, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results. Ernst &
Young noted that there is uncertainty that Horizon Lines will
remain in compliance with certain debt covenants throughout 2011
and will be able to cure the acceleration clause contained in the
convertible notes.
* * *
As reported in the Troubled Company Reporter on March 8, 2011,
Moody's Investors Service said Horizon Lines, Inc.'s plea
agreement regarding antitrust matters in the Puerto Rico trade
lane is credit negative but does not at this time affect its
'Caa1' Corporate Family or its other debt ratings of Horizon.
The last rating action on Horizon was on May 18, 2010 when Moody's
lowered its ratings, including the corporate family rating to
'Caa1' and maintained the negative outlook.
=================
V E N E Z U E L A
=================
BANESCO: Fitch Puts 'B' Long-term Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has published these ratings for Venezuela-based
Banesco Banco Universal, C.A. (BBU):
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) 'B'; Outlook Stable;
-- Short-term foreign and local currency ratings 'B';
-- Individual 'D';
-- Support at 5;
-- Support Floor NF;
-- Long-term national-scale rating 'A(ven)';
-- Short-term national-scale rating 'F1(ven)'.
An important market-share and well-established franchise in
Venezuela, as well as adequate asset quality and a diversified
customer base relative to local peers support Banesco Banco
Universal's (BBU) ratings. Nevertheless, relative to other
Venezuelan banks, weak profitability ratios and below local
average, albeit improving capital ratios, hinder the bank's
ratings. As is the case with other Venezuelan banks, government
intervention in the banking sector also weighs on BBU's ratings.
Improvements to capital and asset quality ratios relative to
Venezuelan banks and similarly rated international peers could be
credit positive. Conversely, a deterioration of BBU's capital and
asset quality ratios, particularly within the context of meager
profitability could detract from creditworthiness.
Although BBU has maintained its impaired loans/gross loans ratio
below 2%, this level exceeds the local peer average. This is a
challenge for the bank as its profitability and capitalization
remains below the local market average. Additionally, Fitch
believes that loan loss reserves (LLR) should be more robust given
the bank's higher than proportional exposure to unsecured consumer
lending. Similar to other banks in Venezuela, the volatility of
the operating environment and rampant government intervention in
the private sector will demand a more conservative approach in
regards of LLR.
Increasing credit and overhead costs contributed to BBU's
deteriorating profitability and undermined the bank's advances
in terms of margins and other operating income. Sustained loan
growth combined with the maintenance of a low cost funding mix
will be important in compensating for any additional pressures
coming from loan loss provisions demanded by the complex
operational and regulatory environment. Under the absence of
additional government interference, Fitch expects BBU's operating
profit/average assets ratio to remain around 1.5% over the medium
term.
Moderate asset growth since 2008 and controlled cash dividends
have enhanced BBU's capital ratios; however, these remain below
the local peer average for large Venezuelan banks. BBU's
equity/asset ratio improved to 8.4% at Sept. 30, 2010 from 7.8%
at YE09, compared to an average equity/asset ratio of 8.7% for
Venezuelan banks at YE10. Fitch eligible capital to total assets
steadily improved to 8.2% as of September 2010 from a low 6.9% in
2008. The bank reduced its investment in subsidiaries, fixed, and
foreclosure assets in terms of total equity to 23% at Sept. 30,
2010 (YE09: 33%). Fitch considers current capitalization levels
to be tight given BBU's lower profitability and higher loan
exposure to unsecured lending. Further improvement in the bank's
capitalization ratios will be challenging, but necessary
considering the inherent volatility of its operational
environment.
BBU is the result of several mergers between entities. BBU is the
largest private bank in Venezuela with an 11.7% market share in
terms of assets at the end of September 2010. The bank has been a
leader in many market segments, especially in the consumer and
middle-loan market. BBU is owned by Banesco Holding and UBC
Holding (majority owned by its founder, Juan Carlos Escotet).
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott, Chicago, IL
Contact: http://www.turnaround.org/
May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - New York City
Association of the Bar of the City of New York,
New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Hilton New York, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Canadian-American Cross-Border Insolvency Symposium
Fairmont Royal York, Toronto, Ont.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Sanctuary at Kiawah Island, Kiawah Island, S.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Dublin, Ireland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine 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 * * *