/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/110721.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, July 21, 2011, Vol. 12, No. 143 Headlines A R G E N T I N A DAVANI SA: Applies for Bankruptcy Proceedings GARBARINO: Moody's Upgrades LC Corporate Family Rating to 'B1' GRUPO WAGER: Creditors' Proofs of Debt Due September 12 HOLDING INTERGAS: Creditors' Proofs of Debt Due August 26 METALURGICA FAEM: Creditors' Proofs of Debt Due September 1 B E R M U D A AIRCRAFT SERVICES: To Close Certain Operations, Cuts 35 Jobs B R A Z I L GOL LINHAS: Watchdog May Suspend Purchase of Webjet, Valor Says USINA VISTA: Fitch Assigns 'B-' Issuer Default Ratings C A Y M A N I S L A N D S KINGDOM 5-KR-101: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-104: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-106: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-108: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-111: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-113: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-121: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-148: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-149: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-151: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-154: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-156: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-163: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-186: Shareholders' Final Meeting Set for August 8 KINGDOM 5-KR-196: Shareholders' Final Meeting Set for August 8 M E X I C O BBVA COLOMBIA: Moody's Assigns 'D+' Bank Financial Strength Rating P U E R T O R I C O CMDA DE: Case Summary & 20 Largest Unsecured Creditors X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= DAVANI SA: Applies for Bankruptcy Proceedings --------------------------------------------- Davani SA applied for bankruptcy proceedings. The company has defaulted on its payments due March 1. GARBARINO: Moody's Upgrades LC Corporate Family Rating to 'B1' -------------------------------------------------------------- Moody's Latin America upgraded Garbarino's local currency corporate family rating to B1 from B2 and its Argentina national scale rating to Aa2.ar from Aa3.ar. The ratings outlook is stable. Ratings Rationale "The upgrade of the global scale rating to B1 from B2 and national scale rating to Aa2.ar from Aa3.ar were prompted by Garbarino's ability to translate consumers' increased spending power as a result of improved economic fundamentals and more flexible payment plans rolled out by banks and retailers into meaningful revenue and earnings growth. Also supporting the upgrade are the company's strong execution ability and efficient operations that have resulted in improved credit fundamentals "said Veronica Amendola, VP Senior Analyst at Moody's. The B1 rating now better reflects Garbarino's brand strength, dominant position in the Argentinean retail market, solid credit metrics and diversified product lines. The rating also takes into consideration the positive impact on its receivables portfolio from the use of third party credit cards where the risk of default is being borned by the card issuer rather than the retailer. Constraining the rating include Garbarino's low geographic diversity and relatively small scale when compared against its global peers. In addition, Garbarino's liquidity position depends on its ongoing ability to roll over its bank credit lines as well as the collection of its account receivables and short term investments as it had less than 50% of cash on hand to meet short term debt maturities at the end of April 2011. Continued access to external funding sources is particularly important during 2011 when most of its outstanding debt comes due. Finally, the rating also reflects Moody's expectation that Garbarino's operating margins are subject to potential downwards pressure given the country's high inflation rates and the deflationary nature of consumer electronics business. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ar" for Argentina. The stable outlook reflects Moody's expectation that Garbarino will continue to successfully implement its business model, thus allowing the retailer to preserve adequate access to external financing sources to meet its short-term debt obligations. The stable outlook also reflects Moody's expectation that Garbarino will be able to maintain adequate access to bank loans and credit card receivable discounting facilities to drive sales. An upgrade of the ratings, while unlikely over the near-to-medium term, could result from sustained improvements in operating margins, increased size and geographical diversification. Quantitatively, upward momentum could result if Garbarino's total adjusted debt to EBITDA is drops to below 2.5 times on a sustainable basis (3.1 times as of the last twelve months ended in April 30, 2011) and EBITDA margin above 15% (9.5% as of the last twelve months ended in April 30, 2011). Additionally, a more predictable outlook for economic activity in Argentina would be important for upwards ratings pressure. Downward pressure could result from reduced availability of consumer loans in 2011-2012 and a sustained deterioration in operating margins. Quantitatively, a downgrade could result from a drop in Garbarino's EBIT margin to below 3.0% on a three-year average basis or a significant increase in financial leverage, with total adjusted debt to EBITDA of above 6 times. Indications of a weakening market share in the domestic retail market could also drive negative pressure. Headquartered in Buenos Aires, Argentina, Garbarino is one of the largest home appliance retailers in Argentina. With total revenues of ARS5.6 billion (US$1.4 billion) and 5,800 employees as of the last twelve months ended in April 30, 2011, Garbarino was founded in 1951 and has developed into a widely and well-known brand name in the local retail market. GRUPO WAGER: Creditors' Proofs of Debt Due September 12 ------------------------------------------------------- Ricardo Adrogue, the court-appointed trustee for Grupo Wager SAC's bankruptcy proceedings, will be verifying creditors' proofs of claim until September 12, 2011. Mr. Adrogue will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, 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: Ricardo Adrogue Bouchard 468 Argentina HOLDING INTERGAS: Creditors' Proofs of Debt Due August 26 --------------------------------------------------------- Elsa Ester Andrade, the court-appointed trustee for Holding Intergas SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 26, 2011. Ms. Andrade will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, 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 Ester Andrade Avenida Callao 449 Argentina METALURGICA FAEM: Creditors' Proofs of Debt Due September 1 ----------------------------------------------------------- Maria Alejandro Barbieri, the court-appointed trustee for Metalurgica Faem SA's reorganization proceedings, will be verifying creditors' proofs of claim until September 1, 2011. Ms. Barbieri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, 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 August 13, 2012. The Trustee can be reached at: Maria Alejandro Barbieri Avenida Cabildo 2040 Argentina ============= B E R M U D A ============= AIRCRAFT SERVICES: To Close Certain Operations, Cuts 35 Jobs ------------------------------------------------------------ Alex Wright at The Royal Gazette Online reports that Bermuda Aviation Services (BAS) said 35 people will be made redundant at its subsidiary, Aircraft Services Bermuda Ltd (ABS), following the closure of certain parts of Aircraft Services' airport operations. ASB's commercial aircraft ramp operations, passenger and check-in services and aircraft technical services will all shut and the company is negotiating the sale of its related equipment, BAS said in a statement obtained by The Royal Gazette Online. The Royal Gazette Online discloses that the closures, which come into effect on August 31, are due to financial pressure from commercial airlines looking to contain costs and the impact of competition. "These are business segments that ASB operated on a thin or sub- marginal basis as it was a broader corporate objective to keep Bermudians employed," the statement said, The Royal Gazette Online relates. "Whil[e] we are appreciative of Government's intent to encourage competition in the aviation handling service sector, BAS has always held the view that Bermuda, as a jurisdiction, is too small for multiple service providers," the statement added. Ken Joaquin, president and chief executive officer of BAS, said that it was not possible to assimilate the 35 employees in the other parts of the company due to the different skill sets, but added that the company would retain seven staff to continue to operate its cargo customer service division providing cargo clearance and handling services, its garage service providing internal and external vehicular maintenance and the private jet base, The Royal Gazette discloses. "The commercial airlines have been putting pressure on our rates for the last couple of years as they look to cut their own costs where they can and as a result our revenue has been getting thinner and thinner," The Royal Gazette Online quoted Mr. Joaquin as saying. New rivals Renaissance Aviation, who had the contracts for British Airways, American Airlines and Air Canada, had been able to put in more competitively-priced bids due to lower labor costs and the market as being big enough for the two companies in the future, he added. =========== B R A Z I L =========== GOL LINHAS: Watchdog May Suspend Purchase of Webjet, Valor Says --------------------------------------------------------------- Guillermo Parra-Bernal at Reuters reports that local newspaper Valor Economico said Brazilian antitrust regulators, Cade, could suspend Gol Linhas Aereas' purchase of rival airline Webjet, citing potential harm to competition in the industry. Valor said Cade could better assess the real implications of the deal if it is suspended, according to Reuters. Valor, Reuters relates, said Gol Linhas and Webjet have yet to surrender key information on the deal to civil aviation and antitrust regulators. Reuters notes that Valor reported Cade opposes Gol Linhas's plan to eliminate the Webjet brand, and is growing more concerned that the civil aviation industry is slowly turning into an oligopoly. Gol Linhas will pay BRL96 million (US$60 million) to Webjet shareholders and assume about BRL214 million reais of Webjet debt, Reuters says. Cade, which evaluates whether companies gain excessive pricing control over customers and suppliers through mergers, has been long criticized for being too lenient in its analyses, Reuters discloses. About Gol Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provide airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 18, 2011, Moody's Investors Service has affirmed its Ba3 corporate family rating and senior unsecured ratings for Gol Linhas Aereas Inteligentes S.A. and Gol Finance, but revised the ratings outlook to negative from stable. At the same time, Moody's America Latina Ltda. has assigned a Ba3 global scale and A3.br national scale ratings to the BRL500 million senior unsecured debentures of VRG Linhas Aereas S.A., Gol's wholly owned subsidiary. USINA VISTA: Fitch Assigns 'B-' Issuer Default Ratings ------------------------------------------------------ Fitch Ratings has assigned foreign and local currency Issuer Default Ratings (IDR) of 'B-' to Agro Industrial Vista Alegre Ltda (Usina Vista Alegre or UVA), as well as a national scale rating of 'BBB-(bra)'. At the same time, Fitch has assigned foreign and local currency IDRs of 'B-' to UVA Overseas Ltda I. (UVA Overseas). The Rating Outlook is Stable. In conjunction with these rating actions, Fitch has assigned a 'B- /RR4' rating to UVA Overseas' proposed senior unsecured note issuance of approximately USD150 million due 2018 that will be guaranteed by UVA and Agricola Almeida (not rated by Fitch). The 'RR4' recovery rating on the company's unsecured debt issuance reflects average recovery prospects in the event of default. UVA's ratings reflect its small business scale and its exposure to the volatility of sugar and ethanol industry. The ratings also reflect UVA's high leverage, tight liquidity, refinancing risks and additional needs to finance its activity expansion and crop investments. The ratings also consider UVA's logistic advantage as it is well geographically located, close to consumer markets and to sugar's exports channels. The ratings further incorporate UVA's attractive cost structure, a result of Brazil's competitive advantage in producing sugar and ethanol and the favorable outlook for ethanol consumption in the country. Competitive Advantages Offset by Smaller Business Scale: UVA's scale is small relative to the Brazilian sugar and ethanol market, which is highly competitive. Several of its competitors are larger in size, enjoy broader geographic diversification and have greater access to credit market. UVA's business model counts on a competitive advantage in terms of logistics. Its location near the main Brazilian consumer markets for ethanol, and close location to the main exporting channel in Brazil, the port of Santos, contributes to its margin formation as it sells its products with a premium spread. UVA had recently increased its crushing capacity to around 2.3 million tons. UVA's cash flow generation is subject to volatility of the sugar and ethanol industry, as a result of supply and demand imbalances, governmental agricultural and trade restrictions or other causes. UVA counts on its affiliated company, Agricola Almeida Ltda (not rated by Fitch), to supply the majority of its crushed sugarcane, harvested in owned or leased lands, mitigating the risks of lack of raw materials, given the current high demand in the Brazilian sugarcane production driven by the high domestic consumption of ethanol and strong prices of sugar in international markets. Agricola Almeida Ltda is also a guarantor of the proposed issuance from UVA Overseas, altogether with Usina Vista Alegre. A large proportion of owned sugar cane plantations lowers vulnerability to rising sugarcane costs but also leads to a comparatively high level of fixed costs. Positively on its business profile, is the increasing presence of operating cash flow from a more stable and predictable segment (energy cogeneration). UVA has a long term contract with one of a Brazilian distributors which contributes with profitable margins and helps to minimize the volatility of the company's core activity (sugar and ethanol). Favorable Industry Fundamentals Supports Incremental Cash Flow Generation: UVA generated BRL55 million of EBITDA and BRL48 million of funds from operations (FFO) during the fiscal year ended March 31, 2011 (2010/11). These figures, respectively compare with BRL24 million and BRL8 million during the fiscal year ended March 31, 2010 (2009/10), free cash flow (FCF), defined as cash flow from operations less dividends and investments, was negative BRL35 million in 2010/11. For 2011/12, Fitch expects UVA's EBITDA to be about BRL70 million and FCF will likely be negative due to increasing needs to finance its crop investments and ethanol inventory levels. High Leverage Expected to Decrease, Tight Liquidity: UVA's high leverage mainly reflects its expansion program (BRL400 million) that was financed with a mix of own funds (BRL120 million) and debt (BRL280 million). Considering the combined financial statements of UVA and its affiliate Agricola Almeida Ltda, the leverage ratio measured by net adjusted debt to EBITDAR reached 5.3 times (x) in the fiscal year ended March 31, 2011 (2010/11) and 10.0x the previous year (2009/10). FFO adjusted leverage ratio of 5.0x in 2010/11 and 12.5x in 2009/10. This leverage reduction reflects the increase of its crushing operations in the last crop, which consequently benefited its operating cash flow generation. EBITDA margin rose to 46.2% in 2010/11 from 27.2% in 2009/10. Fitch expects leverage to decline going forward as the company increases its production under a scenario of strong price and costs fundamentals. On March 31, 2011, UVA had BRL364 million of total adjusted debt, based on Fitch calculations. This debt consisted of BRL153 million of BNDES and BRL156 million in banking loans. At this date, UVA had BRL12.8 million of cash and marketable securities and BRL124.5 million of short-term debt. Short-term debt coverage ratios, as measured by cash plus FFO to short-term debt, was weak at 0.4x. UVA intends to repay a portion of short-term banking lines with proceeds from the note issuance. Potential Rating or Outlook Drivers: The ratings could be positively affected by a faster than expected deleveraging trend of UVA in the mid-term, with sustainable adequate liquidity position. Negative rating actions could occur if the company is not able to refinance a portion of short-term debt or a significant deterioration in the company's cash generation and operating margins. About Usina Vista Usina Vista Alegre is a small sized sugarcane mill located in the state of Sao Paulo with crushing capacity of 2.3 million tons of sugar cane (1.7 million crushed in the 2010/12 crop) with capacity to produce ethanol and sugar (with flexibility to achieve 60% of total crushing capacity for each). It also has energy generation fueled by bagasse, with a nominal generation capacity of 60MWh. Its production is fully integrated and counts on sugarcane supplying from affiliate company Agricola Almeida Ltda, that supplied over 80% of UVA's needs with own produced sugarcane produced on own and leased lands. =========================== C A Y M A N I S L A N D S =========================== KINGDOM 5-KR-101: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-101, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-104: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-104, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-106: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-106, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-108: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-108, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-111: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-111, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-113: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-113, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-121: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-121, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-148: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-148, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-149: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-149, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-151: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-151, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-154: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-154, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-156: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-156, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-163: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-163, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-186: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-186, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-196: Shareholders' Final Meeting Set for August 8 -------------------------------------------------------------- The shareholders of Kingdom 5-KR-196, Ltd. will hold their final meeting on August 8, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center-Floor 66 P.O. Box 1 Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net =========== M E X I C O =========== BBVA COLOMBIA: Moody's Assigns 'D+' Bank Financial Strength Rating ------------------------------------------------------------------ Moody's Investors Service assigned Banco Bilbao Vizcaya Argentaria Colombia S.A. (BBVA Colombia) a first time D+ bank financial strength rating (BFSR), Baa1/Prime-2 long-/short-term local currency deposit ratings, and Baa3/Prime-3 long-/short-term foreign currency deposit ratings. BBVA Colombia's D+ BFSR translates into a baseline credit assessment (BCA) of Ba1. All ratings have a stable outlook. These ratings were assigned to BBVA Colombia: * Bank financial strength rating of D+ * Long term local currency deposit rating of Baa1 * Short term local currency deposit rating of Prime-2 * Long term foreign currency deposit rating of Baa3 * Short term foreign currency deposit rating of Prime-3 Ratings Rationale The D+ BFSR assigned to BBVA Colombia reflects its diversified universal banking franchise, which is supported by significant retail operations and good access to core funding. The bank's ratings also incorporate the stability of its financial fundamentals, particularly its profitability and capitalization, and adequate risk management. Moody's noted that, as the fourth largest bank in Colombia, BBVA has important market position as suggested by its 9.4% share of the banking system's deposits and loans and 18% of the mortgage finance market. Nevertheless, the ratings reflect the bank's challenges to continue expanding and strengthening its franchise presence in the context of tough competition from locally-owned much larger and more entrenched institutions. The bank reports good profitability, based on ample net interest margins and good efficiency, as well as solid capitalization. The bank's largely low risk operations include loans to large corporations, which are among the best credits in the country, and conservative mortgage lending, both of which reflect in adequate asset quality. BBVA Colombia's ample reserve coverage, proactive risk management and infrastructure, and solid earnings have proven adequate in light of limited asset quality stress experienced during the global crisis. Moreover, the bank's increasing focus on secured lending -- via payroll loans and its traditional residential mortgage business -- should support adequate performance of its loan book. Moody's notes that the bank's conservative risk profile is exhibited by its well diversified operations between retail and wholesale operations, adherence to best corporate governance practices, good liquidity management, and limited market risk appetite. BBVA Colombia's ownership by Banco Bilbao Vizcaya Argentaria, S.A. of Spain, which is rated B- for bank financial strength, is reflected in the bank's conservative risk management practices and provides the bank with products, management expertise, and access to technology. The local currency deposit rating of Baa1 assigned to BBVA Colombia, is three notches above the bank's BCA of Ba1, given that Moody's incorporates a very high probability of both parental and systemic support in case of stress, the latter in light of the bank's considerable market shares in deposits and loans and as the second largest mortgage provider in the country. BBVA Colombia's Baa3 foreign currency deposit rating is constrained by Colombia's foreign currency ceiling for deposits (Baa3). BBVA Colombia is headquartered in Bogot�, Distrito Capital and had US$11.5 billion in assets, US$ 7.59 billion in loans, US$8 billion in due to customers, US$ 1,2 billion in shareholders' equity, and US$221.8 million in net income, as of year-end 2010. ===================== P U E R T O R I C O ===================== CMDA DE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: CMDA De Puerto Rico Inc. P.O. BOX 6181 Bayamon, PR 00961 Bankruptcy Case No.: 11-05973 Chapter 11 Petition Date: July 14, 2011 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Wanda I. Luna Martinez, Esq. LUNA LAW OFFICES PMB 389 P.O. Box 194000 San Juan, PR 00919-4000 Tel: (787) 998-2356 Fax: (787) 200-8837 E-mail: quiebra@gmail.com Scheduled Assets: US$747,664 Scheduled Debts: US$2,545,365 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at: http://bankrupt.com/misc/prb11-05973.pdf The petition was signed by Jose Angel Olalde Rangel, president. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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, 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 * * *