/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110704.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, July 4, 2011, Vol. 12, No. 130 Headlines A N T I G U A & B A R B U D A * ANTIGUA & BARBUDA: Receives Positive Review From Paris Club A R G E N T I N A CLEANER SA: Creditors' Proofs of Debt Due September 28 CONSOLIDAR ART: Moody's Lowers National Scale IFS Rating to B2 DESARROLLO PESQUERO: Creditors' Proofs of Debt Due August 2 HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B' SERVICIOS REZUR: Creditors' Proofs of Debt Due August 4 SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable TALLERES METALURGICOS: Creditors' Proofs of Debt Due August 2 B E L I Z E BELIZE BANK: In the Red With $33-Million Loss in 2010-11 C A Y M A N I S L A N D S ABSOLUTE RETURN: Shareholders' Final Meeting Set for July 22 B767 OWNER: Shareholders' Final Meeting Set for July 20 CAYMAN LIFE: Shareholders' Final Meeting Set for July 12 CYCLADIC ARCHIPELAGO: Members' Final Meeting Set for July 25 MONZA FUND: Shareholder to Hear Wind-Up Report on July 20 MONZA MASTER: Shareholder to Hear Wind-Up Report on July 20 PHZ LONG/SHORT: Shareholders' Final Meeting Set for July 19 SHINHAN CARD: Shareholders' Final Meeting Set for July 22 SHINHAN CARD: Shareholders' Final Meeting Set for July 22 SILVERSTONE FUND: Shareholder to Hear Wind-Up Report on July 20 SILVERSTONE MASTER: Shareholder to Hear Wind-Up Report on July 20 TRITON 245: Members' Final Meeting Set for July 22 TRITON 250: Members' Final Meeting Set for July 22 TRITON 575: Members' Final Meeting Set for July 22 J A M A I C A AIR JAMAICA: Operates Under Caribbean Airlines "BW" Code M E X I C O GMAC FINANCIERA: Moody's Says No Rating Impact on Proposal V I R G I N I S L A N D WESTFORD SPECIAL: Wins Dismissal of Liquidation Petition X X X X X X X X * BOND PRICING: For the Week June 27 to July 1, 2011 - - - - - =============================== A N T I G U A & B A R B U D A =============================== * ANTIGUA & BARBUDA: Receives Positive Review From Paris Club ------------------------------------------------------------- Caribbean360.com reports that Rafael Molina of Newstate Partners said the Paris Club has advised international private sector institutions that Antigua and Barbuda has turned a corner and begun to service its debt obligations. Newstate Partners has been assisting the Debt Unit in the Ministry of Finance to implement the Antigua and Barbuda government's debt strategy, which includes restructuring negotiations to place the public sector debt position on a sustainable footing, according to Caribbean360.com. The report notes that Mr. Molina said the meeting reviewed the agreement concluded in September 2010, to restructure over US$118 million of the Government of Antigua and Barbuda's obligations to Paris Club creditors. Caribbean360.com says that Mr. Molina said the feedback from the Club during discussions on Antigua and Barbuda was positive. "During the discussion, reference was made on the impressive efforts undertaken by the Government to implement far reaching fiscal consolidation measures and meet its financial obligations, despite the continued challenging global economic situation," a statement from the Antigua and Barbuda Government said, Caribbean360.com notes. Paris Club creditors is an informal group of financial officials from 19 of some of the world's biggest economies, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. ================= A R G E N T I N A ================= CLEANER SA: Creditors' Proofs of Debt Due September 28 ------------------------------------------------------ Lidia Roxana Martin y Juan Ramon Mugica, the court-appointed trustee for Cleaner SA's reorganization proceedings, will be verifying creditors' proofs of claim until September 28, 2011. Ms. Mugica will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 37, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on July 3, 2012. The Trustee can be reached at: Lidia Roxana Martin y Juan Ramon Mugica Avenida Scalabrini Ortiz 2851 Argentina CONSOLIDAR ART: Moody's Lowers National Scale IFS Rating to B2 -------------------------------------------------------------- Moody's Latin America downgraded the global local currency (GLC) and Argentine national scale insurance financial strength (IFS) ratings of Consolidar Aseguradora de Riesgos del Trabajo S.A. to B2 from B1 and to A1.ar from Aa3.ar, respectively. The rating outlook is now stable. Ratings Rationale Consolidar ART, owned by Banco Bilbao Vizcaya Argentaria (BBVA), is a leading monoline insurer in the Argentine workers' compensation market. According to Moody's, the downgrade of Consolidar ART's ratings mainly reflects deterioration in the company's capital levels and in the credit quality of its investments, while it continues to maintain an adequate market position and earnings profile. "The company's stand-alone credit profile -- that is, not considering the benefit of its support from the BBVA group -- has deteriorated, largely as a result of its increasing operating leverage," added analyst Alejandro Pavlov. Specifically, the rating agency noted that Consolidar ART's gross underwriting leverage grew to almost 19 times as of March 31, 2011, from about 13 times at the end of the last fiscal year, while its local regulatory surplus in excess of requirements has fallen from 44% as of June 30, 2010 to 22% over the past three quarters. In terms of investments, over the past year, Consolidar ART has reduced its exposure to investment-grade instruments, lowering the average credit quality of its assets. The company has increased its investment returns, however, and overall profitability is growing, as reflected by an annualized return on capital of 24% for the nine months ended March 31, 2011. The rating agency noted that Consolidar ART has effectively shifted the incremental costs associated with the increased workers' compensation benefit levels -- resulting from the Argentine's government decree issued in November of 2009 -- to policyholders through increased premiums. Moody's notes that Consolidar ART's B2 GLC IFS rating still receives one notch of uplift from its stand-alone credit profile, given the company's ownership by and implicit support from the BBVA Group. Consolidar ART's B2/A1.ar IFS ratings are now comparable with many of its peers, which also generally have high operating leverage and a high dependence on investments to deliver profitability. Headquartered in Buenos Aires, Argentina, Consolidar ART reported total assets of AR$1.4 billion, net income of AR$38.3 million, and gross premiums written of AR$836 million for the nine-month period ended March 31, 2011. As of that date, shareholders' equity was up 20% over the June 30, 2010 fiscal year-end, and totaled AR$234.3 million. DESARROLLO PESQUERO: Creditors' Proofs of Debt Due August 2 ----------------------------------------------------------- Alfredo Oscar Legnazzi, the court-appointed trustee for Desarrollo Pesquero Maritimo Atlantico Sur SA's reorganization proceedings, will be verifying creditors' proofs of claim until August 2, 2011. Mr. Legnazzi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Alfredo Oscar Legnazzi Cerrito 1136 Argentina HILLVIEW ENTERPRISES: S&P Rates Corp. Credit & Secured Debt 'B' --------------------------------------------------------------- Standard & Poor's Rating Services assigned a 'B' long-term corporate credit rating to Panama-based gaming holding company Hillview Enterprises and a 'B' senior secured debt rating to its proposed five-year US$100 million 144A bond issuance. The outlook is stable. "The ratings on Hillview reflect mainly its asset concentration in Argentina and the risks inherent to operating in that country, such as the volatile regulatory environment, high inflation levels, and currency volatility," said Standard & Poor's credit analyst Diego Ocampo. The company somewhat mitigates those factors with its relatively good competitive position, which is backed by a benign regulatory framework that presents high entry barriers for new players, and its relatively high profitability, supported by its efficient cost structure. "An ample ability to generate discretionary cash flows, based on its positive cash cycle and low operating leverage levels, together with a conservative indebtedness and an adequate liquidity position underpin Hillview's financial risk profile, which we characterize as aggressive under our criteria. Partially counterbalancing those positives are the company's limited track record with debt markets and its focus on shareholder value creation that might reduce flexibility on dividends, investments, and financing," S&P stated. Because Hillview is a holding company that has no material assets other than the interests in three operating subsidiaries, holders of debt issued at the parent would be structurally subordinated to priority claims at the subsidiaries. "However, we rate Hillview's senior secured debt at the same level as the corporate credit rating because of the low level of subsidiary liabilities. We expect third-party debt at the subsidiary level to remain low. Furthermore, the terms and conditions of the new bonds include covenants that limit the ability of restricted subsidiaries to take on additional debt," S&P related. Hillview is majority owned by an investment fund that controls 60.241% of the company's voting stock. In 2007, the company acquired the 99.6% of three Argentine gaming halls in the Buenos Aires province through a US$77.5 million loan from its main shareholder and US$24.1 million in equity contributions. Two gaming halls are located in Avellaneda neighborhood, and the third in Florencio Varela, covering a densely populated area of about 1.8 million inhabitants. The gaming facilities have an aggregated capacity of 1,363 slot machines, 221 electronic roulette positions, 20 electronic poker seats, and approximately 2,828 bingo seats. During fiscal 2010, 93% of the revenues came from slot machines, 5% from bingo operations, and the rest from food and beverage sales. "The stable outlook reflects our expectation that the company should sustain relatively good free cash-flow generation throughout the bond's life and will be able to achieve some degree of cash build up that would mitigate its exposure to refinancing risk in 2016. In that respect we expect dividends to remain flexible to buffer any potential deterioration in cash-generation capacity. Upside potential will remain closely linked to our opinion on Argentina's business environment and transfer and convertibility risks, unless geographic diversification increases. On the contrary, a downgrade may follow a deterioration of the business environment that significantly hurts Hillview's financial flexibility," S&P stated. SERVICIOS REZUR: Creditors' Proofs of Debt Due August 4 ------------------------------------------------------- Antonio Sayago, the court-appointed trustee for Servicios Rezur SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 4, 2011. Mr. Sayago will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Antonio Sayago Viamonte 1636 Argentina SOCIEDAD CONCESIONARIA: S&P Affirms 'BB' SPUR; Outlook Stable ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' underlying rating (SPUR) on Sociedad Concesionaria Vespucio Norte Express S.A. (VNE). The outlook is stable. The 'BB' senior secured debt rating on VNE reflects the higher of the project's SPUR and the rating on bond insurance provider MBIA Insurance Corp. (B/Negative/--). "The affirmation of the SPUR reflects our expectation that the project would get substantial insurance coverage for property damages and business interruption under its existing policies. The affirmation also reflects our expectation that the final financial effect of the damage would not materially affect the project's liquidity provisions," S&P said. "In addition, although the damage will delay previously expected revenue improvements, VNE's long-term traffic fundamentals remain adequate," said Standard & Poor's credit analyst Javier Cobas. The stable outlook on the SPUR reflects the project's strong liquidity provisions that would provide adequate protection against potential cash shortfalls in the medium term. "We could lower the SPUR if we find evidence of poor long-term traffic fundamentals, if final insurance coverage for earthquake-related effects results in well-below-actual reconstruction costs or if the DSCR falls below 1.05x, excluding insurance compensations. However, we could raise the SPUR if the project shows significant progress in matching original revenue expectations," S&P stated. TALLERES METALURGICOS: Creditors' Proofs of Debt Due August 2 ------------------------------------------------------------- Elsa Z. Rodriguez, the court-appointed trustee for Talleres Metalurgicos Arcar SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 2, 2011. Ms. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Elsa Z. Rodriguez =========== B E L I Z E =========== BELIZE BANK: In the Red With $33-Million Loss in 2010-11 -------------------------------------------------------- Adele Ramos at Amandala Online reports that Michael Coye, deputy group chief financial officer of Belize Bank, confirmed that the bank's accounts for the quarter ended March 31, 2011, indicated that the bank lost $33 million, and the end-of-year report records $32 million "in the red." Amandala Online relates that the bank's largest annual loss on record was due to a large pool of non- performing loans, especially large commercial loans. The year before, the bank showed a profit of just over $4 million, according to Amandala News. In 2009, when it wrote off the $20 million from the Venezuelan loan proceeds, put towards the $33 million debt of Universal Health Services, it registered a loss of $1.3 million, Amandala News relates. The report notes that BCB Holdings Limited, Belize bank's parent company, said it has incurred a net loss of US$7.3 million for 2010-2011 and a net loss per share of US$0.07. Amandala News notes that Belize Bank said that Financial Services reported an operating loss of US$21.9 million for the year after an exceptional charge of US$36.4 million in respect of loan provisions against a total loan portfolio of US$864 million. The problem with loan performance has spanned at least the past two to three years, but it was highlighted in 2010, when the level of loan non-performance in at least two commercial banks in Belize remained more than five times above the prudential benchmark, Amandala News discloses. Mr. Coye, the report relates, said that the latter part of 2010 that the bank had set up a Remedial Management Unit (RMU), headed by Mario Sabido, to help bring back the accounts to a performing status and that definitive improvement was expected by the following quarter. The report notes that at the time, the rate of non-performing loans was 28%, but the situation had worsened slightly at last report, to a rate of nearly 30%, Amandala News adds. Belize Bank is Belize's largest bank. =========================== C A Y M A N I S L A N D S =========================== ABSOLUTE RETURN: Shareholders' Final Meeting Set for July 22 ------------------------------------------------------------ The shareholders of Absolute Return Cayman PA, Limited will hold their final meeting on July 22, 2011, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands B767 OWNER: Shareholders' Final Meeting Set for July 20 ------------------------------------------------------- The shareholders of B767 Owner Limited will hold their final meeting on July 20, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Charles Meyer 777 Long Ridge Road Bldg C, Stamford Connecticut 06927 U.S.A. CAYMAN LIFE: Shareholders' Final Meeting Set for July 12 -------------------------------------------------------- The shareholders of Cayman Life Settlements I will hold their final meeting on July 12, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: William Reeves c/o Anchin Block & Anchin LLP 1375 Broadway, New York New York 10018 USA CYCLADIC ARCHIPELAGO: Members' Final Meeting Set for July 25 ------------------------------------------------------------ The members of Cycladic Archipelago Fund will hold their final meeting on July 25, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 Cayman Islands MONZA FUND: Shareholder to Hear Wind-Up Report on July 20 --------------------------------------------------------- The sole shareholder of Monza Fund will receive on July 20, 2011, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 MONZA MASTER: Shareholder to Hear Wind-Up Report on July 20 ----------------------------------------------------------- The sole shareholder of Monza Master Fund will receive on July 20, 2011, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 PHZ LONG/SHORT: Shareholders' Final Meeting Set for July 19 ----------------------------------------------------------- The shareholders of PHZ Long/Short Trading Ltd. will hold their final meeting on July 19, 2011, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre, Third Floor 42 North Church Street George Town P.O. Box 1348, Grand Cayman KY1-1108 Cayman Islands SHINHAN CARD: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Shinhan Card 2007-1 International Ltd will hold their final meeting on July 22, 2011, at 11:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands SHINHAN CARD: Shareholders' Final Meeting Set for July 22 --------------------------------------------------------- The shareholders of Shinhan Card 2007-2 International Ltd will hold their final meeting on July 22, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands SILVERSTONE FUND: Shareholder to Hear Wind-Up Report on July 20 --------------------------------------------------------------- The sole shareholder of Silverstone Fund will receive on July 20, 2011, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 SILVERSTONE MASTER: Shareholder to Hear Wind-Up Report on July 20 ----------------------------------------------------------------- The sole shareholder of Silverstone Master Fund will receive on July 20, 2011, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 TRITON 245: Members' Final Meeting Set for July 22 -------------------------------------------------- The members of Triton 245 Ltd. will hold their final meeting on July 22, 2011, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands TRITON 250: Members' Final Meeting Set for July 22 -------------------------------------------------- The members of Triton 250 Ltd. will hold their final meeting on July 22, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands TRITON 575: Members' Final Meeting Set for July 22 -------------------------------------------------- The members of Triton 575 Ltd. will hold their final meeting on July 22, 2011, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Operates Under Caribbean Airlines "BW" Code -------------------------------------------------------- RRR News reports that Air Jamaica Limited flights will operate under Caribbean Airlines Limited 'BW' code as part of the ongoing integration of the carriers. As reported in the Troubled Company Reporter, Anna Ramdass at Trinidad Express reports that the merger between state carrier Caribbean Airlines and Air Jamaica was sealed on May 26, 2011, with the signing of the shareholder agreement which gives CAL legal access to all routes operated by Air Jamaica. Robert Corbie, acting Chief Executive Officer of Caribbean Airlines, said the airline continues to pursue its philosophy of 'one airline, two brands,' according to RJR News. The report relates that in addition to operating under the same flight code, Caribbean Airlines and Air Jamaica are moving towards one fleet type. Meanwhile, RJR News relates that two members of the Caribbean Airlines, Allan Clovis and Susan Smith, were terminated from the entity. The report relates that one of the vacancies will be filled by a Jamaican representative. RJR News notes that as part of Caribbean Airlines' acquisition last month of Air Jamaica's assets and routes, a provision was made for Air Jamaica Chairman Dennis Lalor to be on the board of Caribbean Airline replacing an existing director. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. * * * As reported in the Troubled Company Reporter-Latin America on June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1, 2010, acquired Air Jamaica for US$50 million and operated six Air Jamaica aircraft and eight of its routes. Jamaica got a 16% stake in the merged operation, with CAL owning 84%. According to a TCR- LA report on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. RadioJamaica related the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, RadioJamaica said, Air Jamaica currently has over US$600 million in loans outstanding. As of Aug. 18, 2010, the airline continues to carry Moody's "B3" long-term corporate family, and senior unsecured debt ratings. =========== M E X I C O =========== GMAC FINANCIERA: Moody's Says No Rating Impact on Proposal ---------------------------------------------------------- Moody's de Mexico opines that GMAC Financiera S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada (GMAC Financiera's) proposal to cancel the Financial Guaranty Insurance Company (FGIC) financial guarantee insurance policies benefiting the senior certificates MXMACFW 06U and MXMACFW 07U, would not, as of this date, and in and of itself, result in a change or withdrawal of the certificates' current ratings. The FGIC policies cover timely payment of interest and ultimate payment of principal on the certificates. Moody's did not express an opinion as to whether the amendments could have other, non credit-related effects. Moody's opinion does not preclude the possible future withdrawal of the current ratings for any reason. The affected senior certificates are: Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, Division Fiduciaria, acting solely as trustee. -- MXMACFW 06U, rated Caa3.mx (sf) (Mexican National Scale), Caa3 (sf) (Global Scale, Local Currency) -- MXMACFW 07U, rated Ba2.mx (sf) (Mexican National Scale), B2 (sf) (Global Scale, Local Currency) On March 25, 2009, Moody's withdrew FGIC's insurance financial strength rating (Caa3 at the time of withdrawal). As a result, the ratings assigned to the above-named securities already reflect the transaction's underlying rating, absent any consideration of the FGIC guaranties. Under Moody's approach to rating structured finance securities wrapped by financial guarantors, detailed in the press release dated November 10, 2008 and titled "Moody's modifies approach to rating structured finance securities wrapped by financial guarantors", if a structured finance security is wrapped by a financial guarantor, the Moody's rating will be the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security, regardless of whether the underlying rating is published or not. Per GMAC Financiera, the trust would not incur any early termination fees payable to FGIC as a result of the policy cancellations. The expected legal expenses associated with the preparation of the amendments would not negatively impact the ratings. Once the policies are cancelled, the trust would no longer pay the ongoing fees due to FGIC under the policies. ========================= V I R G I N I S L A N D ========================= WESTFORD SPECIAL: Wins Dismissal of Liquidation Petition -------------------------------------------------------- The British Virgin Islands Court of Appeal has unanimously reversed a lower court ruling and dismissed a petition by McKinsey & Co. to liquidate Westford Special Situations Fund Ltd. McKinsey had filed the petition in an attempt to redeem its investment. McKinsey, which had invested in a feeder fund to Westford Special Situations Master Fund, L.P., attempted to liquidate Westford after the fund suspended redemptions -- even though Westford had made partial payments to McKinsey. In denying McKinsey's motion, the Court upheld Westford's argument that, as a redemption creditor, McKinsey did not have the legal standing to force the appointment of a liquidator. About Westford Special Westford Special Situations Fund Ltd is an investment fund incorporated in the British Virgin Islands. The Westford Special Situations Fund Ltd. and Westford Special Situations Master Fund L.P. are part of the Westford-Epsilon family of funds managed by Steve G. Stevanovich. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 27 to July 1, 2011 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ---- ARGENTINA --------- ARGENT- DIS 5.83 12/31/2033 ARS 162.5 ARGENT-PAR 1.18 12/31/2038 ARS 56.8 ARGENT-DIS 7.82 12/31/2033 EUR 70 ARGENT-DIS 7.82 12/31/2033 EUR 71.2 ARGENT-DIS 4.33 12/31/2033 JPY 42 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 BODEN 2014 2 9/30/2014 ARS 32.5 BOGAR 2018 2 2/4/2018 ARS 30.6 PRO12 2 1/3/2016 ARS 117.7 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 39.0 BANCO BPI (CI) 4.15 11/14/2035 EUR 35.4 BCP FINANCE BANK 5.01 3/31/2024 EUR 42.9 BCP FINANCE BANK 5.31 12/10/2023 EUR 45.3 BCP FINANCE CO 4.23 EUR 55.5 BCP FINANCE CO 5.54 EUR 54.3 BES FINANCE LTD 5.77 2/7/2035 EUR 52.8 BES FINANCE LTD 5.58 EUR 55 BES FINANCE LTD 4.5 EUR 57.5 BES FINANCE LTD 6.62 EUR 63 CHAODA MOD AGRI 3.7 9/1/2015 USD 72.9 CHINA MED TECH 4 8/15/2013 USD 72.9 EFG ORA FUNDING 1.7 10/29/2014 EUR 51.2 ESFG INTERNATION 5.75 EUR 54.8 IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.1 PUBMASTER FIN 6.96 6/30/2028 GBP 54.7 SOLARFUN POWER H 3.5 1/15/2018 USD 67.9 CHILE ----- AGUAS NUEVAS 3.4 5/15/2012 CLP 0.4 CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.2 ESVAL S.A. 3.8 7/15/2012 CLP 37.8 LA POLAR SA 3.8 10/10/2017 CLP 72.3 MASISA 4.25 10/15/2012 CLP 29.5 QUINENCO SA 3.5 7/21/2013 CLP 38.2 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 53.2 PUERTO RICO CONS 6.5 4/1/2016 USD 59.5 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 46.1 PETROLEOS DE VEN 5.375 4/12/2027 USD 47.3 PETROLEOS DE VEN 5.25 4/12/2017 USD 59.3 PETROLEOS DE VEN 5.125 10/28/2016 USD 61.9 PETROLEOS DE VEN 5 10/28/2015 USD 65.2 PETROLEOS DE VEN 8.5 11/2/2017 USD 69.3 PETROLEOS DE VEN 8.5 11/2/2017 USD 60.0 PETROLEOS DE VEN 4.9 10/28/2014 USD 73.1 VENEZUELA 7 3/31/2038 USD 53.7 VENEZUELA 7 3/31/2038 USD 54.3 VENEZUELA 6 12/9/2020 USD 58 VENEZUELA 7.65 4/21/2025 USD 59.5 VENEZUELA 8.25 10/13/2024 USD 62.3 VENEZUELA 9.25 5/7/2028 USD 65.5 VENEZUELA 9 5/7/2023 USD 65.5 VENEZUELA 7.75 10/13/2019 USD 66.2 VENEZUELA 7 12/1/2018 USD 67.2 VENEZUELA 9.25 9/15/2027 USD 68.2 VENEZUELA 9.25 9/15/2027 USD 79.3 VENEZUELA 5.75 2/26/2016 USD 73.8 VENZOD - 189000 9.375 1/13/2034 USD 65.7 *********** 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. Castillo, 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 * * *