/raid1/www/Hosts/bankrupt/TCRLA_Public/110503.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
Tuesday, May 3, 2011, Vol. 12, No. 86
Headlines
A R G E N T I N A
BANCO COMAFI: Moody's Rates Senior Local Currency Debt at 'Ba3'
B R A Z I L
BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Finc'l. Strength Rating
C A Y M A N I S L A N D S
ANTHRACITE MASTER: Creditors' Proofs of Debt Due May 26
ARMADILLO CAPITAL: Creditors' Proofs of Debt Due May 26
BORDER INVESTMENTS: Creditors' Proofs of Debt Due May 23
BRIGADIER CAPITAL: Creditors' Proofs of Debt Due May 26
ELGE INVESTMENTS: Creditors' Proofs of Debt Due May 18
EVOLUTION SPECIAL: Creditors' Proofs of Debt Due May 26
GORDON MANAGEMENT: Placed Under Voluntary Wind-Up
ICARUS INTERNATIONAL: Creditors' Proofs of Debt Due May 26
IDU ASSET: Creditors' Proofs of Debt Due May 26
LVP (CAYMAN): Creditors' Proofs of Debt Due May 17
MSR ASIA: Creditors' Proofs of Debt Due May 17
OASIS FUNDS: Creditors' Proofs of Debt Due May 30
PORTREE INVESTMENTS: Creditors' Proofs of Debt Due May 23
QUEENSFERRY INVESTMENTS: Creditors' Proofs of Debt Due May 23
SERENA FINANCE: Creditors' Proofs of Debt Due May 26
J A M A I C A
AUBREY SMITH: Ends Up With JM$15 Million in Bad Debt
LORRESTON BAILEY: Secures Bankruptcy Order Over Entity Assets
M E X I C O
HIPOTECARIA SU: S&P Keeps 'D/mxD' Corporate Credit Rating
P U E R T O R I C O
CARIBBEAN PETROLEUM: Plan Filing Exclusivity Extended Until June 8
CARIBBEAN PETROLEUM: Court Adjourns Confirmation Hearing to May 9
U R U G U A Y
DISCOUNT BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BANCO COMAFI: Moody's Rates Senior Local Currency Debt at 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected third issuance of Banco Comafi up to
the amount of ARS80 million under the program of US$200 million.
The outlook for the rating is stable.
At the same time, Moody's Latin America assigned a Aa2.ar national
scale local currency debt rating to Comafi's expected third
issuance.
These ratings were assigned to Banco Comafi S.A.:
-- Third Issuance of a maximum amount of ARS 80 million:
-- Ba3 Global Local Currency Debt Rating, with stable outlook
-- Aa2.ar Argentina National Scale Local Currency Debt Rating
RATINGS RATIONALE
Moody's explained that the local currency senior unsecured debt
rating derives from Comafi's Ba3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
Banco Comafi is headquartered in Buenos Aires, Argentina, and had
assets of AR$ 4.2 billion (US$ 1.1 billion) and deposits for
AR$3.2 billion (US$0.8 billion) as of December 2010.
===========
B R A Z I L
===========
BANCO INDUSTRIAL: Moody's Affirms 'D' Bank Finc'l. Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco Industrial S.A.
(BI)'s D bank financial strength rating (BFSR) and changed the
outlook to positive from stable. At the same time, Moody's
affirmed the bank's Baa3 local and Ba2 foreign currency long term
deposit ratings, with stable outlooks.
These ratings were affirmed:
-- Bank financial strength rating: D, outlook changed to
positive from stable
-- Long term global local currency deposit rating: Baa3, stable
-- Short term global local currency deposit rating: Prime-3
-- Long term foreign currency deposit rating: Ba2, stable
-- Short term foreign currency deposit rating: Not Prime
Moody's said that Banco Industrial's D BFSR and Ba2 stand-alone
baseline credit assessment reflect the bank's leading franchise in
Guatemala, capable management, and supportive shareholder group,
with a successful track record of growth and diversification
during the past several years. The stand-alone ratings also
reflect the bank's resilient profit and asset quality metrics,
solid customer funding, and good liquidity and capital management.
BI continues to display a disciplined and well-executed expansion
strategy in the context of the recent financial crisis and
domestic downturn, including the opening of new branches and other
points of sale and the establishment of a new microfinance line of
business. The bank's new Salvadoran subsidiary, Banco Industrial
S.A. El Salvador will begin operations in 2011.
The change in the BFSR outlook to positive reflects the bank's
increasing franchise value and resulting improving profitability
as well as BI's favorable prospects for further growth within its
home country and target markets of Central America, a natural
footprint for the bank and its clients. BI's enhanced franchise
and financial performance also position the bank favorably
relative to other banks rated D for financial strength by Moody's.
Moreover, Moody's sees positively the repayment by the
shareholders in 2010 of the holding company's loan for the 2007
acquisition of Honduras' Banpais which has alleviated the
financial burden of both the group and the bank as its largest
cash flow generator and signals clear support of the bank's
expansion strategy by its owners.
Nevertheless, BI's capitalization ratios relative to peers coupled
with its aggressive dividend distribution policy, remain
challenges to BI's ratings at this juncture, particularly in light
of the bank's growth strategy, said Moody's. The bank's high
single borrower concentrations are also a key risk factor that
while endemic to its largely corporate lending focus represent the
potential for earnings and asset quality volatility. These risks
are mitigated in large part by the bank's strong earnings
generating ability, proactive and conservative risk management
practices, and adequate reserve coverage of problem loans.
Competition from larger regional and international banks, either
through existing operations or new acquisitions in the region,
also pose a tangible threat to BI's dominance in Guatemala and its
regional strategy. BI's entrenched positioning with the Guatemalan
corporate and retail segment and deep knowledge of and commitment
to the market as an indigenous bank represent strong mitigants to
this encroachment and remain a challenge to newcomers. Over the
longer term, however, the bank's still limited access to diverse
inexpensive long term funding sources, including reliable foreign
currency funding to support its expanding operations, could
restrict its ability to compete effectively particularly in a
scenario of heightened competition.
Moody's noted that BI's Baa3 and Prime-3 long- and short-term
local currency deposit ratings incorporate two notches of uplift
from its baseline credit assessment due to the assessment of a
very high probability of systemic support for the bank's local
currency obligations because of its dominant deposit market shares
and key role as a local paying bank and tax collector. The bank's
Ba2 and Not Prime long- and short-term foreign currency deposit
ratings remain constrained by the Guatemalan country ceilings for
foreign currency deposits.
Based in Guatemala City, BI was the largest bank in the country as
of December 31, 2010, reporting total consolidated assets of
approximately US$6.3 billion, shareholders' equity of US$546
million, and annual net income of US$95.4 million.
===========================
C A Y M A N I S L A N D S
===========================
ANTHRACITE MASTER: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Anthracite Master Company (7) Limited are
required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 31, 2011.
The company's liquidator is:
Simon Conway
c/o Priscilla Connor
Telephone: (345) 914 8745
Facsimile: (345) 945 4237
P.O. Box 258, Grand Cayman KY1-1104
Cayman Islands
ARMADILLO CAPITAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Armadillo Capital Offshore Partners, Ltd. are
required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 12, 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
BORDER INVESTMENTS: Creditors' Proofs of Debt Due May 23
--------------------------------------------------------
The creditors of Border Investments Limited are required to file
their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 11, 2011.
The company's liquidators are:
Robin Lee McMahon
Elizabeth Anne Bingham
c/o Barry MacManus
Telephone: (+1 345) 814 8997
Facsimile: (+1 345) 814 8529
Ernst & Young Ltd, 62 Forum Lane
Camana Bay
PO Box 510, Grand Cayman, KY1-1106
Cayman Islands
BRIGADIER CAPITAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Brigadier Capital Offshore Holding Company Ltd.
are required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 13, 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
ELGE INVESTMENTS: Creditors' Proofs of Debt Due May 18
------------------------------------------------------
The creditors of Elge Investments Limited are required to file
their proofs of debt by May 18, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 11, 2011.
The company's liquidator is:
Eagle Holdings Ltd.
c/o Barclays Private Bank & Trust (Cayman) Limited
FirstCaribbean House, 4th Floor
P.O. Box 487, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345 949-7128
EVOLUTION SPECIAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of Evolution Special Opportunities Master Fund Ltd.
are required to file their proofs of debt by May 26, 2011, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on April 13, 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
GORDON MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on April 13, 2011, the
shareholders of Gordon Management Ltd. resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694, Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
ICARUS INTERNATIONAL: Creditors' Proofs of Debt Due May 26
----------------------------------------------------------
The creditors of Icarus International Limited are required to file
their proofs of debt by May 26, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 11, 2011.
The company's liquidator is:
Royhaven Secretaries Limited
c/o Julie Reynolds
Telephone: 945 4777
Facsimile: 945 4799
P.O. Box 707, Grand Cayman KY1-1107
Cayman Islands
Telephone: 945-4777
Facsimile: 945-4799
IDU ASSET: Creditors' Proofs of Debt Due May 26
-----------------------------------------------
The creditors of IDU Asset are required to file their proofs of
debt by May 26, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on April 13, 2011.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House
87 Mary Street, George Town
Grand Cayman, KY1-9005
Cayman Islands
LVP (CAYMAN): Creditors' Proofs of Debt Due May 17
--------------------------------------------------
The creditors of LVP (Cayman) Limited are required to file their
proofs of debt by May 17, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on April 12, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
MSR ASIA: Creditors' Proofs of Debt Due May 17
----------------------------------------------
The creditors of MSR Asia Acquisitions XVIII, Inc. are required to
file their proofs of debt by May 17, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 16, 2011.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
Cayman Islands
OASIS FUNDS: Creditors' Proofs of Debt Due May 30
-------------------------------------------------
The creditors of Oasis Funds SPC are required to file their proofs
of debt by May 30, 2011, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on April 8, 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
PORTREE INVESTMENTS: Creditors' Proofs of Debt Due May 23
---------------------------------------------------------
The creditors of Portree Investments Limited are required to file
their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 11, 2011.
The company's liquidators are:
Robin Lee McMahon
Elizabeth Anne Bingham
c/o Barry MacManus
Telephone: (+1 345) 814 8997
Facsimile: (+1 345) 814 8529
Ernst & Young Ltd, 62 Forum Lane
Camana Bay
PO Box 510, Grand Cayman, KY1-1106
Cayman Islands
QUEENSFERRY INVESTMENTS: Creditors' Proofs of Debt Due May 23
-------------------------------------------------------------
The creditors of Queensferry Investments Limited are required to
file their proofs of debt by May 23, 2011, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 11, 2011.
The company's liquidators are:
Robin Lee McMahon
Elizabeth Anne Bingham
c/o Barry MacManus
Telephone: (+1 345) 814 8997
Facsimile: (+1 345) 814 8529
Ernst & Young Ltd, 62 Forum Lane
Camana Bay
PO Box 510, Grand Cayman, KY1-1106
Cayman Islands
SERENA FINANCE: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
The creditors of Serena Finance Limited are required to file their
proofs of debt by May 26, 2011, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on April 11, 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
=============
J A M A I C A
=============
AUBREY SMITH: Ends Up With JM$15 Million in Bad Debt
----------------------------------------------------
RJR News reports that Kingston businessman, Aubrey Smith, told the
Financial Sector Adjustment Company (FINSAC) Commission of Enquiry
that although he had no outstanding debt with Century National
Bank (CNB) when it was taken over in 1996, he has ended up owing
more than JM$15 million in bad debts.
Mr. Smith has taken the matter to court, seeking a judgment
preventing the Jamaican Redevelopment Foundation (JRF), which
bought the bad debts from the FINSAC, from selling a property he
owns in downtown Kingston, according RJR News. However, RJR News
relates that Mr. Smith admitted that he has already lost an
attempt to get an interlocutory injunction to stop the sale of the
property pending a court hearing.
Three companies belonging to Mr. Smith were all victims of the
1990s financial meltdown, which led to the establishment of
FINSAC, RJR News recounts.
RJR discloses that Mr. Smith said he believes that he is owed
JM$3.7 million which was overpaid on a demand loan from CNB as
well as JM$2. 5 million, which he claims, was overpaid to Eagle
Merchant Bank after the sale of properties.
Commission attorney Judith Clarke said JRF ignored his pleas that
he owed nothing, on the basis that documents they received from
FINSAC, after purchasing the debts, showed otherwise, RJR News
adds.
The FINSAC Enquiry will resume next week.
LORRESTON BAILEY: Secures Bankruptcy Order Over Entity Assets
-------------------------------------------------------------
Jamaica Observer reports that the Financial Services Commission
(FSC) has reported that although the whereabouts of licensed
securities dealer Lorreston Bailey are unknown, it has secured a
bankruptcy order over the assets of his self-titled entity.
The terms of the provisional order, filed in the Supreme Court by
the FSC on Feb. 7, 2011, require that Lorreston Bailey be given
the opportunity to outline why he should not be declared bankrupt,
according to Jamaica Observer. Lorreston Bailey will have the
opportunity to respond to the Petition in June this year.
As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2011, RadioJamaica said that the FSC will place the
securities dealership operated by Lorreston Bailey into
bankruptcy. According to a separate TCR-LA report on Dec. 8,
2010, RadioJamaica said that FSC has been granted by the Supreme
Court to continue its temporary management of Lorreston Bailey's
securities dealership. FSC first assumed temporary management of
the company in September. A notice from the FSC said an extension
of the period of temporary management has been granted by the
Supreme Court, the report said. RadioJamaica noted that this
followed concerns that the licensee had given false statements
concerning its affairs and the value of its assets was
substantially less than its liabilities. The FSC, RadioJamaica
noted, said that the securities dealer also contravened directions
which it issued under the Financial Services Act. RadioJamaica
disclosed that client liabilities are said to be in the region of
JM$685 million while available assets amount to little over JM$14
million. The FSC, the report related, said that the Supreme Court
has given it the green light to file a bankruptcy notice against
the securities dealership. Proceedings commenced on December 28,
2010. RadioJamaica added that it has been proposed that the
Trustee in Bankruptcy be appointed the Manager/Receiver. Clients
have been asked to submit claims to the FSC.
Lorreston Bailey is a securities dealer.
===========
M E X I C O
===========
HIPOTECARIA SU: S&P Keeps 'D/mxD' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rankings on
Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita;
'D/mxD') to below average from average as a construction loan and
residential mortgage servicer. "At the same time, it removed
these rankings from CreditWatch with negative implications, where
it had originally placed them on Oct. 5, 2010. The outlook for
both rankings is now negative," S&P stated.
"At the same time, S&P lowered its subrankings for loan
administration and management and organization to below average
from average. It continues to maintain its insufficient financial
position," S&P noted.
According to S&P, "The lowered rankings reflect that, in our
opinion, there has been observable deterioration of Su Casita's
servicing capabilities due to the company's delicate financial
position since mid-2010."
On Sept. 30, 2010, Standard & Poor's lowered its global and
Mexican national scale long-term counterparty ratings on the
company to 'CC/mxCC' following the company's announcement of its
intended debt restructuring. "We viewed this restructuring as
distressed. Subsequently, we further lowered our ratings on
Su Casita to 'SD/mxSD' on Oct. 15, 2010, and to 'D/mxD' on
March 23, 2011. These downgrades reflected the company's
March 17, 2011, announcement that it would fail to pay all of its
obligations as they came due. the bondholders have not approved
the company's restructuring plan," S&P stated.
Outlook
"The negative outlook reflects our belief that Su Casita's
operational performance could further deteriorate, affected by its
delicate financial position. Portfolio delinquency and
nonperforming ratio trends reveal that the company's collections
processes and operations, in our opinion, are currently
not sufficiently robust to maintain the servicer's adequate
performance," S&P stated.
"Our assessment of the servicer's financial position has been
Insufficient since July 19, 2010, when we last lowered the
rankings to AVERAGE from ABOVE AVERAGE. Standard & Poor's
believes that Su Casita's weak financial position has affected its
capabilities as a servicer, because a number of managers have
left the company and the observed performance on its serviced
portfolios has continually deteriorated. Furthermore, we are
concerned about operational faults, which are more likely to occur
as the company's financial position continues to weaken," S&P
added.
=====================
P U E R T O R I C O
=====================
CARIBBEAN PETROLEUM: Plan Filing Exclusivity Extended Until June 8
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
extended Caribbean Petroleum Corp. and its debtor affiliates'
exclusive period to file a Chapter 11 plan from March 10, through
and including June 8, 2011.
The Debtors' exclusive period for soliciting acceptances of a
Chapter 11 plan is also extended for approximately 90 days from
May 9, through and including Aug. 8, 2011.
About Caribbean Petroleum
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products. Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations. The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.
John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.
Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as lead
counsel to the Debtors, and Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., serve as local
counsel. The Debtors' financial advisor is FTI Consulting Inc.
The Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc. Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent.
In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million. Puma
obtained Capeco's entire retail network which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.
CARIBBEAN PETROLEUM: Court Adjourns Confirmation Hearing to May 9
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware adjourned
the hearing to consider confirmation of the Third Amended Joint
Plan of the Liquidation proposed by Caribbean Petroleum Corp., the
Statutory Committee of Unsecured Creditors, and Banco Popular De
Puerto Rico to May 9, 2011, at 10:00 a.m.
The confirmation hearing was previously set for April 28, 2011.
Instead, only a status conference was to have taken place on that
date.
As reported in the Troubled Company Reporter on April 1, 2011,
under the liquidation plan, FirstBank, owed $12.2 million, will
recover 94% of its allowed claim, and BPPR, owed $146.8 million,
will get 19%.1 of its allowed claim. Holders of unsecured claim,
owed between $150 million and $3.7 billion, will recover between
0.78% and 19.3%.
On the Plan's effective date, the Debtors will cause the
liquidation trust assets to be transferred to the liquidation
trust and, the liquidation trust will assume all obligations of
the Debtors under the Plan.
About Caribbean Petroleum
San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico for the import, offloading, storage and distribution of
petroleum products. Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations. The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.
Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.
John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq.. at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors. Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Del., serve as local counsel. The
Debtors' financial advisor is FTI Consulting Inc. The Debtors'
chief restructuring officer is Kevin Lavin of FTI Consulting Inc.
Kurtzman Carson Consultants LLC serves as the noticing, claims and
balloting agent.
In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million. Puma
obtained Capeco's entire retail network which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.
=============
U R U G U A Y
=============
DISCOUNT BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB/B'
counterparty credit ratings on Uruguay-based Discount Bank Latin
America (DBLA). The outlook remained stable.
"Our ratings on Uruguay-based DBLA reflect its relatively small
presence in the country and limited potential for growth based on
low financial intermediation there," said Standard & Poor's credit
analyst Ricardo Brito.
The ratings also consider the bank's volatile profitability,
dependent on international interest rates.
DBLA's good asset quality indicators, and conservative management
and the low implicit risk in its type of business, partially
offset the weaknesses.
The ratings also incorporate the flexibility that DBLA's strategic
foothold in Uruguay provides for Israel Discount Bank Ltd. (BBB-
/Stable/A-3), its ultimate holding company. "Our sovereign
ratings on the Oriental Republic of Uruguay (BB/Stable/B)
constrain our global scale ratings on DBLA," S&P noted.
The stable outlook reflects S&P's sovereign outlook on Uruguay.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER-US IMPTD AR 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
SOC COMERCIAL PL CADN EU 143096734 -251846058
SOC COMERCIAL PL CVVIF US 143096734 -251846058
SOC COMERCIAL PL COME AR 143096734 -251846058
COMERCIAL PLA-BL COMEB AR 143096734 -251846058
SOC COMERCIAL PL SCDPF US 143096734 -251846058
SOC COMERCIAL PL CADN EO 143096734 -251846058
SOC COMERCIAL PL CAD IX 143096734 -251846058
COMERCIAL PL-C/E COMEC AR 143096734 -251846058
SOC COMERCIAL PL CADN SW 143096734 -251846058
COMERCIAL PLAT-$ COMED AR 143096734 -251846058
COMERCIAL PL-ADR SCPDS LI 143096734 -251846058
SNIAFA SA SNIA AR 11229696 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696 -2670544.88
SNIAFA SA-B SDAGF US 11229696 -2670544.88
BRAZIL
VARIG SA-PREF VAGV4 BZ 966298026 -4695211316
VARIG SA-PREF VARGPN BZ 966298026 -4695211316
VARIG SA VARGON BZ 966298026 -4695211316
VARIG SA VAGV3 BZ 966298026 -4695211316
AGRENCO LTD AGRE LX 637647275 -312199404
AGRENCO LTD-BDR AGEN11 BZ 637647275 -312199404
LAEP-BDR MILK11 BZ 439175082 -60172005
LAEP INVESTMENTS LEAP LX 439175082 -60172005
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
BOMBRIL SA-ADR BMBBY US 316331265 -123554206
BOMBRIL-RGTS PRE BOBR2 BZ 316331265 -123554206
BOMBRIL SA-ADR BMBPY US 316331265 -123554206
BOMBRIL BOBR3 BZ 316331265 -123554206
BOMBRIL CIRIO-PF BOBRPN BZ 316331265 -123554206
BOMBRIL-PREF BOBR4 BZ 316331265 -123554206
BOMBRIL CIRIO SA BOBRON BZ 316331265 -123554206
BOMBRIL-RIGHTS BOBR1 BZ 316331265 -123554206
BOMBRIL BMBBF US 316331265 -123554206
TELEBRAS-CM RCPT RCTB32 BZ 269372906 -13465060.7
TELEBRAS-ADR TBX GR 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4D AR 269372906 -13465060.7
TELEBRAS-PF RCPT TLBRUP BZ 269372906 -13465060.7
TELEBRAS-RECEIPT TLBRUO BZ 269372906 -13465060.7
TELEBRAS-CEDEA $ TEL4D AR 269372906 -13465060.7
TELEBRAS-ADR RTB US 269372906 -13465060.7
TELEBRAS-ADR TBRAY GR 269372906 -13465060.7
TELEBRAS-RCT RCTB33 BZ 269372906 -13465060.7
TELEBRAS/W-I-ADR TBH-W US 269372906 -13465060.7
TELEBRAS-ADR TBAPY US 269372906 -13465060.7
TELEBRAS-RTS CMN TCLP1 BZ 269372906 -13465060.7
TELEBRAS-PF RCPT TBAPF US 269372906 -13465060.7
TELEBRAS-CM RCPT TBRTF US 269372906 -13465060.7
TELEBRAS SA-RT TELB9 BZ 269372906 -13465060.7
TELEBRAS-BLOCK TELB30 BZ 269372906 -13465060.7
TELECOMUNICA-ADR 81370Z BZ 269372906 -13465060.7
TELEBRAS SA-PREF TELB4 BZ 269372906 -13465060.7
TELEBRAS-PF BLCK TELB40 BZ 269372906 -13465060.7
TELEBRAS-RTS PRF RCTB2 BZ 269372906 -13465060.7
TELEBRAS-CEDE PF RCT4C AR 269372906 -13465060.7
TELEBRAS SA TBASF US 269372906 -13465060.7
TELEBRAS-CEDE PF RCTB4 AR 269372906 -13465060.7
TELEBRAS-ADR TBH US 269372906 -13465060.7
TELEBRAS-RTS CMN RCTB1 BZ 269372906 -13465060.7
TELEBRAS-COM RT TELB1 BZ 269372906 -13465060.7
TELEBRAS-CEDE BL RCT4B AR 269372906 -13465060.7
TELEBRAS-RTS PRF TLCP2 BZ 269372906 -13465060.7
TELEBRAS-RCT PRF TELB10 BZ 269372906 -13465060.7
TELEBRAS-CEDE PF TELB4 AR 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB42 BZ 269372906 -13465060.7
TELEBRAS-CED C/E TEL4C AR 269372906 -13465060.7
TELEBRAS-CM RCPT RCTB31 BZ 269372906 -13465060.7
TELEBRAS SA TELB3 BZ 269372906 -13465060.7
TELEBRAS-ADR TBASY US 269372906 -13465060.7
TELEBRAS-PF RCPT CBRZF US 269372906 -13465060.7
TELEBRAS SA TLBRON BZ 269372906 -13465060.7
TELEBRAS-PF RCPT RCTB41 BZ 269372906 -13465060.7
HOTEIS OTHON SA HOOT3 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOOT4 BZ 255036150 -42606769.7
HOTEIS OTHON-PRF HOTHPN BZ 255036150 -42606769.7
HOTEIS OTHON SA HOTHON BZ 255036150 -42606769.7
TEKA-PREF TKTPF US 246866965 -392777063
TEKA-ADR TEKAY US 246866965 -392777063
TEKA-PREF TEKA4 BZ 246866965 -392777063
TEKA-ADR TKTPY US 246866965 -392777063
TEKA TEKA3 BZ 246866965 -392777063
TEKA-PREF TEKAPN BZ 246866965 -392777063
TEKA TEKAON BZ 246866965 -392777063
TEKA TKTQF US 246866965 -392777063
TEKA-ADR TKTQY US 246866965 -392777063
PET MANG-RECEIPT RPMG10 BZ 231024467 -184606117
PET MANGUINH-PRF RPMG4 BZ 231024467 -184606117
PET MANG-RT 4115360Q BZ 231024467 -184606117
PET MANG-RT RPMG1 BZ 231024467 -184606117
PET MANG-RIGHTS 3678565Q BZ 231024467 -184606117
PET MANG-RECEIPT RPMG9 BZ 231024467 -184606117
PETRO MANGUINHOS RPMG3 BZ 231024467 -184606117
PET MANG-RIGHTS 3678569Q BZ 231024467 -184606117
PET MANG-RT RPMG2 BZ 231024467 -184606117
PET MANG-RT 4115364Q BZ 231024467 -184606117
PETRO MANGUINHOS MANGON BZ 231024467 -184606117
PETRO MANGUIN-PF MANGPN BZ 231024467 -184606117
SANSUY-PREF A SNSY5 BZ 172563384 -94849032.9
SANSUY SA-PREF A SNSYAN BZ 172563384 -94849032.9
SANSUY SNSY3 BZ 172563384 -94849032.9
SANSUY-PREF B SNSY6 BZ 172563384 -94849032.9
SANSUY SA SNSYON BZ 172563384 -94849032.9
SANSUY SA-PREF B SNSYBN BZ 172563384 -94849032.9
DOC IMBITUBA IMBI3 BZ 96977064 -42592602.5
DOCAS IMBITUB-PR IMBIPN BZ 96977064 -42592602.5
DOCAS IMBITUBA IMBION BZ 96977064 -42592602.5
DOC IMBITUB-PREF IMBI4 BZ 96977064 -42592602.5
DOC IMBITUBA-RTC 8174503Q BZ 96977064 -42592602.5
DOC IMBITUBA-RT 8218594Q BZ 96977064 -42592602.5
DOC IMBITUBA-RTP 8174507Q BZ 96977064 -42592602.5
DOC IMBITUBA-RT IMBI1 BZ 96977064 -42592602.5
VARIG PART EM-PR VPSC4 BZ 83017829 -495721700
VARIG PART EM SE VPSC3 BZ 83017829 -495721700
TEXTEIS RENAU-RT TXRX2 BZ 73095834 -103943206
TEXTEIS RENAUX RENXON BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX10 BZ 73095834 -103943206
TEXTEIS RENAU-RT TXRX1 BZ 73095834 -103943206
TEXTEIS RENAUX RENXPN BZ 73095834 -103943206
TEXTEIS RENA-RCT TXRX9 BZ 73095834 -103943206
RENAUXVIEW SA-PF TXRX4 BZ 73095834 -103943206
RENAUXVIEW SA TXRX3 BZ 73095834 -103943206
FABRICA RENAUX-P FTRX4 BZ 63865882 -73255215.1
FABRICA RENAUX FRNXON BZ 63865882 -73255215.1
FABRICA TECID-RT FTRX1 BZ 63865882 -73255215.1
FABRICA RENAUX-P FRNXPN BZ 63865882 -73255215.1
FABRICA RENAUX FTRX3 BZ 63865882 -73255215.1
MINUPAR-RT MNPR1 BZ 63144534 -60655823.4
MINUPAR SA MNPRON BZ 63144534 -60655823.4
MINUPAR MNPR3 BZ 63144534 -60655823.4
MINUPAR SA-PREF MNPRPN BZ 63144534 -60655823.4
MINUPAR-RCT MNPR9 BZ 63144534 -60655823.4
VARIG PART EM TR VPTA3 BZ 49432124 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124 -399290396
CIMOB PARTIC SA GAFON BZ 44047412 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047412 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047412 -45669963.6
CIMOB PARTIC SA GAFP3 BZ 44047412 -45669963.6
BOTUCATU-PREF STRP4 BZ 27663605 -7174512.03
STAROUP SA STARON BZ 27663605 -7174512.03
BOTUCATU TEXTIL STRP3 BZ 27663605 -7174512.03
STAROUP SA-PREF STARPN BZ 27663605 -7174512.03
CONST BETER-PF B COBE6 BZ 25469474 -4918659.9
CONST BETER SA 1COBON BZ 25469474 -4918659.9
CONST BETER-PF A 1COBAN BZ 25469474 -4918659.9
CONST BETER-PR A COBEAN BZ 25469474 -4918659.9
CONST BETER SA COBEON BZ 25469474 -4918659.9
CONST BETER-PR B COBEBN BZ 25469474 -4918659.9
CONST BETER-PF A COBE5 BZ 25469474 -4918659.9
CONST BETER SA 1007Q BZ 25469474 -4918659.9
CONST BETER SA COBE3B BZ 25469474 -4918659.9
CONST BETER-PF B 1COBBN BZ 25469474 -4918659.9
CONST BETER SA COBE3 BZ 25469474 -4918659.9
STEEL - RCT ORD STLB9 BZ 23040051 -8699861.07
STEEL - RT STLB1 BZ 23040051 -8699861.07
STEEL DO BRASIL STLB3 BZ 23040051 -8699861.07
FERRAGENS HAGA HAGAON BZ 21299043 -62858780.7
HAGA HAGA3 BZ 21299043 -62858780.7
FERRAGENS HAGA-P HAGAPN BZ 21299043 -62858780.7
FER HAGA-PREF HAGA4 BZ 21299043 -62858780.7
CAFE BRASILIA SA CSBRON BZ 21097370 -903951461
CAFE BRASILIA-PR CSBRPN BZ 21097370 -903951461
CAF BRASILIA-PRF CAFE4 BZ 21097370 -903951461
CAF BRASILIA CAFE3 BZ 21097370 -903951461
TECEL S JOSE-PRF SJOS4 BZ 19067323 -52580501.1
TECEL S JOSE SJOS3 BZ 19067323 -52580501.1
TECEL S JOSE-PRF FTSJPN BZ 19067323 -52580501.1
TECEL S JOSE FTSJON BZ 19067323 -52580501.1
NORDON MET NORD3 BZ 16108143 -22352940.6
NORDON METAL NORDON BZ 16108143 -22352940.6
NORDON MET-RTS NORD1 BZ 16108143 -22352940.6
REII INC REIC US 14423532 -3506007
B&D FOOD CORP BDFCE US 14423532 -3506007
LATTENO FOOD COR LATF US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
CHIARELLI SA-PRF CCHI4 BZ 14300741 -46729432.5
CHIARELLI SA CCHI3 BZ 14300741 -46729432.5
CHIARELLI SA-PRF CCHPN BZ 14300741 -46729432.5
CHIARELLI SA CCHON BZ 14300741 -46729432.5
GAZOLA-RCPT PREF GAZO10 BZ 12452144 -40298531.2
GAZOLA SA GAZON BZ 12452144 -40298531.2
GAZOLA SA-DVD PF GAZO12 BZ 12452144 -40298531.2
GAZOLA SA-PREF GAZPN BZ 12452144 -40298531.2
GAZOLA-RCPTS CMN GAZO9 BZ 12452144 -40298531.2
GAZOLA-PREF GAZO4 BZ 12452144 -40298531.2
GAZOLA GAZO3 BZ 12452144 -40298531.2
GAZOLA SA-DVD CM GAZO11 BZ 12452144 -40298531.2
ARTHUR LANG-RT P ARLA2 BZ 11642256 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642256 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642256 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642256 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642256 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642256 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642256 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642256 -17154461.9
FERREIRA GUIM-PR FGUIPN BZ 11016542 -151840377
FERREIRA GUIMARA FGUION BZ 11016542 -151840377
CHILE
CHILESAT CORP SA TELEX CI 1.075E+09 -61844614.3
CHILESAT CO-ADR TL US 1.075E+09 -61844614.3
TELMEX CORP SA CHILESAT CI 1.075E+09 -61844614.3
CHILESAT CO-RTS CHISATOS CI 1.075E+09 -61844614.3
TELEX-A TELEXA CI 1.075E+09 -61844614.3
TELMEX CORP-ADR CSAOY US 1.075E+09 -61844614.3
TELEX-RTS TELEXO CI 1.075E+09 -61844614.3
***********
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 * * *