/raid1/www/Hosts/bankrupt/TCRLA_Public/110725.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 25, 2011, Vol. 12, No. 145
Headlines
A R G E N T I N A
AMR ARGENTINA: Creditors' Proofs of Debt Due August 30
ARES FINANCE: S&P Lowers Ratings on 2 Classes of Notes to 'D'
AVIAR NAVARRO: Applies for Bankruptcy Protection
EMPRESA NACIONAL: S&P Assesses Stand-Alone Credit Profile at 'b+'
HOWELLY SA: Requests Opening of Reorganization Proceedings
LABORA SA: Creditors' Proofs of Debt Due September 6
MEDIO AMBIENTE: Creditors' Proofs of Debt Due October 27
PET'S SITE: Creditors' Proofs of Debt Due September 7
PROVINAR SRL: Creditors' Proofs of Debt Due September 19
REXCEL SA: Creditors' Proofs of Debt Due September 28
* BUENOS AIRES: S&P Retains 'B' Rating on Senior Unsecured Notes
B R A Z I L
INDEPENDENCIA SA: Creditors Meeting Postponed Until July 29
C A Y M A N I S L A N D S
ATTUNGA METALS: Shareholders' Final Meeting Set for August 5
ELLERSTON MASTER: Shareholders' Final Meeting Set for August 11
ELLERSTON OFFSHORE: Shareholders' Final Meeting Set for August 11
FRONTPOINT OFFSHORE: Shareholders' Final Meeting Set for August 9
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
JADE CBO: Shareholders' Final Meeting Set for August 11
KINGDOM 5-KR-92: Shareholders' Final Meeting Set for August 8
KONA LIMITED: Shareholders' Final Meeting Set for July 26
NORTHGATE HOLDINGS: Shareholders' Final Meeting Set for August 9
REFICO FINANCE: Shareholders' Final Meeting Set for August 12
REPUBLIC LOAN: Shareholders' Final Meeting Set for August 12
WOODPECKER INVESTMENTS: Shareholder Hears Wind-Up Report
WYSER-PRATTE EUROVALUE: Shareholders' Final Meeting Set for Aug. 5
M E X I C O
MEXICANA AIRLINE: Investor Group Formally Bids for Airline
P U E R T O R I C O
CARIBBEAN MEDICAL: Case Summary & 20 Largest Unsecured Creditors
X X X X X X X X
* BOND PRICING: For the Week July 18, to July 22, 2011
- - - - -
=================
A R G E N T I N A
=================
AMR ARGENTINA: Creditors' Proofs of Debt Due August 30
------------------------------------------------------
The court-appointed trustee for AMR Argentina SA's reorganization
proceedings will be verifying creditors' proofs of claim until
August 30, 2011.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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.
ARES FINANCE: S&P Lowers Ratings on 2 Classes of Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
ARES FINANCE 2 S.A.'s class D and E notes to 'D (sf).'
The maturity date of the notes is July 22, 2011. The rating
actions follow the receipt of notice from ARES FINANCE 2
confirming that it will not fully repay its class D and E notes.
"We have been informed too that the maturity date of the notes has
been extended to July 22, 2015," S&P said.
"Our ratings on the notes are our opinions of the issuer's ability
to meet interest payment obligations on a timely basis and
principal obligations on the original scheduled note maturity date
(July 22, 2011). Accordingly, we have lowered our ratings on these
notes to 'D (sf)'," S&P related.
ARES FINANCE 2 is a commercial mortgage-backed securities (CMBS)
transaction that securitizes a pool of secured and unsecured
nonperforming loans (NPLs) originated in Italy by Banca Nazionale
del Lavoro SpA (AA-/Negative/A-1+).
Ratings List
Rating
Class To From
ARES FINANCE II S.A.
EUR684.9 Million Asset-Backed Floating-Rate Notes
Ratings Lowered
D D (sf) CCC (sf)
E D (sf) CCC (sf)
AVIAR NAVARRO: Applies for Bankruptcy Protection
------------------------------------------------
Aviar Navarro SA applied for bankruptcy protection.
The company has defaulted on its payments due August 26, 2011.
EMPRESA NACIONAL: S&P Assesses Stand-Alone Credit Profile at 'b+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' ratings on
Chile's 100% state-owned oil and gas company, Empresa Nacional del
Petroleo (ENAP). "We also assess ENAP's stand-alone credit
profile (SACP) to be 'b+'. The outlook is positive," S&P stated.
"Our ratings on ENAP reflect our opinion that there is a very high
likelihood that the Republic of Chile (foreign currency:
A+/Positive/A-1; local currency: AA/Positive/A-1+) would provide
timely and sufficient extraordinary support to ENAP in the event
of financial distress. We also assess ENAP's stand-alone credit
profile (SACP) at 'b+', primarily as a result of its weak capital
structure and low, or even negative, free cash flow generation,"
said Standard & Poor's credit analyst Luciano Gremone.
"In accordance with our criteria for government-related entities,
our view of a very high likelihood of extraordinary government
support is based on our assessment of ENAP's very important role
as Chile's only domestic oil refiner: ENAP supplies about 70% to
75% of the local market's needs. The company also has a very
strong link with the Chilean state, particularly regarding debt
authorization, budget approval, and tax payments," S&P related.
"Our SACP on ENAP incorporates the company's strong position in
its core business as Chile's only domestic oil refiner, volatility
and cyclicality in international refining margins, weak
profitability and cash flow generation, high leverage, and
challenges of reducing debt with very limited free operating cash
flow. We assess the company's business risk profile as fair,
and its financial risk profile as highly leveraged," S&P stated.
"Despite certain improvements in the last quarters, ENAP's high
debt continues to result in weak cash flow protection measures,
and we believe the company's capital expenditures don't leave much
room for reducing debt. As a result, we expect that ENAP will
continue to post a funds from operations-to-total debt ratio of
less than 10% and a total debt-to-EBITDA ratio of more than 8x
over the next two years, incorporating still-tight refining
margins," S&P said.
"The positive outlook on ENAP reflects that on Chile. In
accordance with our criteria for government-related entities and
assuming no changes in the likelihood of extraordinary support
from the government, if we raise the local currency sovereign
rating on Chile, it would lead to a similar action on ENAP. We
could lower the ratings on ENAP if the company's stand-alone
credit quality deteriorates further and significantly, or if we
perceive that the company has become less important to the Chilean
government," S&P said.
HOWELLY SA: Requests Opening of Reorganization Proceedings
----------------------------------------------------------
Howelly SA requested the opening of reorganization proceedings.
The company defaulted on its payments due June 2010.
LABORA SA: Creditors' Proofs of Debt Due September 6
----------------------------------------------------
Angel Vello Vazquez, the court-appointed trustee for Labora SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 6, 2011.
Ms. Vazquez will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:
Angel Vello Vazquez
Parana 275
Argentina
MEDIO AMBIENTE: Creditors' Proofs of Debt Due October 27
--------------------------------------------------------
The court-appointed trustee for Medio Ambiente SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
October 27, 2011.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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 June 21, 2012.
The Trustee can be reached at:
Simon Waisberg
Avenue Cordoba 1237
Argentina
PET'S SITE: Creditors' Proofs of Debt Due September 7
-----------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Pet's Site
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 7, 2011.
Mr. Fiszman will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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:
Gustavo Ariel Fiszman
Emilio Mitre 435
Argentina
PROVINAR SRL: Creditors' Proofs of Debt Due September 19
--------------------------------------------------------
Maria Rosa Lopez, the court-appointed trustee for Provinar SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until September 19, 2011.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 June 27, 2012.
The Trustee can be reached at:
Maria Rosa Lopez
Paraguay 2081
REXCEL SA: Creditors' Proofs of Debt Due September 28
-----------------------------------------------------
Estudio Kullahian, Diaz & Asociados, the court-appointed trustee
for Rexcel SA's reorganization proceedings, will be verifying
creditors' proofs of claim until September 28, 2011.
The Trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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 2, 2012.
The Trustee can be reached at:
Estudio Kullahian, Diaz & Asociados
Uruguay 750
* BUENOS AIRES: S&P Retains 'B' Rating on Senior Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services's 'B' rating on the Province of
Buenos Aires' (B/Stable/--) senior unsecured notes due in 2015
will remain unchanged following the US$250 million add-on to the
issuance. The notes had an outstanding amount of $800 million
before the proposed reopening.
"The recovery rating on the notes remains unchanged at '3',
indicating our expectation for meaningful (50%-70%) recovery for
noteholders in the event of a payment default," S&P related.
The notes will be in the same indenture under which the province
issued and sold the US$550 million aggregate principal amount on
Oct. 5, 2010, and the additional $250 million after the first
reopening on Oct. 20, 2010. The notes will have identical terms
and conditions as the initial notes, other than the issue price,
and they will be part of the same series.
Standard & Poor's 'B' rating on the Province of Buenos Aires
remains solidly supported by the Republic of Argentina
(B/Stable/B), even though high fiscal deficits in the provincial
budget persist. In 2010, the province's deficit was close to 10%
of total revenue, despite the strong positive impact that
economic activity and high inflation had on provincial revenues.
(The 2010 deficit excludes Argentine peso (ARP) 4.09 billion in
extraordinary revenues transferred from the central government as
part of the Federal Program for Reduction of Provincial Debt.)
"We estimate that Argentina's GDP growth reached 8.7% in 2010,
while inflation is estimated at 25%. Nonetheless, the province
continues to run a substantial operating deficit, estimated at
ARP4.91 million, or 7.8% of operating revenues (again, excluding
the extraordinary transfer of revenues). We expect this situation
to persist in 2011. The recently approved provincial budget
estimates a deficit of ARP5.05 billion in 2011, a year in which
there will be both gubernatorial and presidential elections. We
estimate that financing needs (fiscal deficit plus principal
amortization) in 2011 will total ARP8.60 billion," S&P related.
Ratings List
Province of Buenos Aires
Issuer Credit Rating
Global Scale B/Stable/--
National Scale raAA-/Stable/--
Ratings Remain Unchanged
Province of Buenos Aires
Senior Unsecured
US$1.05 bil. notes due 2015
Global Scale B
National Scale raAA-
Recovery Rating 3
===========
B R A Z I L
===========
INDEPENDENCIA SA: Creditors Meeting Postponed Until July 29
-----------------------------------------------------------
Jose Sergio Osse at Bloomberg News reports that creditors of
Independencia SA postponed a meeting to assess the bids for the
company's assets.
The meeting was postponed until July 29 because the threshold for
a quorum wasn't reached at a meeting in Sao Paulo.
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 4, 2010, Fitch Ratings downgraded Independencia S.A's
local and foreign currency issuer default rating to 'D' from
'C'; and National scale rating to 'D(bra)' from 'C(bra)'.
===========================
C A Y M A N I S L A N D S
===========================
ATTUNGA METALS: Shareholders' Final Meeting Set for August 5
------------------------------------------------------------
The shareholders of Attunga Metals Trading (Offshore) Fund will
hold their final meeting on August 5, 2011, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
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
ELLERSTON MASTER: Shareholders' Final Meeting Set for August 11
---------------------------------------------------------------
The shareholders of Ellerston Master Fund (Offshore) will hold
their final meeting on August 11, 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:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ELLERSTON OFFSHORE: Shareholders' Final Meeting Set for August 11
-----------------------------------------------------------------
The shareholders of Ellerston Offshore Fund (Offshore) will hold
their final meeting on August 11, 2011, at 10:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
FRONTPOINT OFFSHORE: Shareholders' Final Meeting Set for August 9
-----------------------------------------------------------------
The shareholders of Frontpoint Offshore Leveraged Multi-Strategy
Fund Series A, Ltd. will hold their final meeting on August 9,
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:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
----------------------------------------------------------------
The shareholders of Highbridge Statistically Enhanced Equity
Portfolio-Europe, Ltd. will hold their final meeting on
August 5, 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 Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
----------------------------------------------------------------
The shareholders of Highbridge Statistically Enhanced Equity
Portfolio-U.S., Ltd. will hold their final meeting on
August 5, 2011, at 11:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
HIGHBRIDGE STATISTICALLY: Shareholders' Meeting Set for August 5
----------------------------------------------------------------
The shareholders of Highbridge Statistically Enhanced Equity
Portfolio-Japan, Ltd. will hold their final meeting on Aug. 5,
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 Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
JADE CBO: Shareholders' Final Meeting Set for August 11
-------------------------------------------------------
The shareholders of Jade CBO, Limited will hold their final
meeting on August 11, 2011, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
KINGDOM 5-KR-92: Shareholders' Final Meeting Set for August 8
-------------------------------------------------------------
The shareholders of Kingdom 5-KR-92, 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
KONA LIMITED: Shareholders' Final Meeting Set for July 26
---------------------------------------------------------
The shareholders of Kona Limited will hold their final meeting on
July 26, 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:
Jan Neveril
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
NORTHGATE HOLDINGS: Shareholders' Final Meeting Set for August 9
----------------------------------------------------------------
The shareholders of Northgate Holdings Ltd. will hold their final
meeting on August 9, 2011, at 11:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
REFICO FINANCE: Shareholders' Final Meeting Set for August 12
-------------------------------------------------------------
The shareholders of Refico Finance Inc will hold their final
meeting on August 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:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
REPUBLIC LOAN: Shareholders' Final Meeting Set for August 12
------------------------------------------------------------
The shareholders of Republic Loan Funding Ltd will hold their
final meeting on August 12, 2011, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mervin Solas
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
WOODPECKER INVESTMENTS: Shareholder Hears Wind-Up Report
--------------------------------------------------------
The sole shareholder of Woodpecker Investments Ltd. received on
July 20, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Rankin Berkower (Cayman) Ltd.
Corporate Plaza, 1st Floor, 24 Howard Street
P.O. Box 30349 Grand Cayman KY1-1202
Cayman Islands
WYSER-PRATTE EUROVALUE: Shareholders' Final Meeting Set for Aug. 5
------------------------------------------------------------------
The shareholders of Wyser-Pratte Eurovalue (Cayman), Inc. will
hold their final meeting on August 5, 2011, at 11:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
===========
M E X I C O
===========
MEXICANA AIRLINE: Investor Group Formally Bids for Airline
----------------------------------------------------------
Latin American Herald reports that Compania Mexicana de Aviacion
or Mexicana Airlines administrator Jose Gerardo Badin said that
Avanza Capital, a group of investors interested in acquiring
Mexicana Airlines, has formally joined the bidding process for the
airline, filing the required US$1 million security deposit.
"This shows the process is proceeding in a satisfactory and
orderly manner and that the administration has the necessary tools
for an objective and transparent evaluation to select the group
that can give the company the most viability and sustainability,"
American Herald quoted Mr. Badin as saying.
American Herald notes that with the government's assistance, local
investment group Tenedora K has been seeking a viable buyer for
the airline.
The allotted time for airline to reach a deal with its creditors
-- which will necessarily require a new buyer to emerge and
recapitalize the grounded, revenue-less airline -- expires next
month, American Herald says.
American Herald discloses that Mexican authorities said there had
been significant progress in selecting the group of investors that
would return Mexicana to the skies. A deal could be worked out
before the Aug. 9 deadline, they added.
American Herald relays that unnamed sources close to the bidding
process said that an announcement should be made Friday on whether
any of the participants have met the legal and financial
requirements for acquiring Mexicana.
About Mexicana Airlines
Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana
is the oldest commercial carrier in North America. Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.
Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).
Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010. In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.
Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion. William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.
Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings did
not affect the operations of Click Mexicana and Mexicana Link,
which are independent companies from Mexicana de Aviacion.
=====================
P U E R T O R I C O
=====================
CARIBBEAN MEDICAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Caribbean Medical Testing Center Inc.
P.O. Box 192071
San Juan, PR 00919-2071
Bankruptcy Case No.: 11-06124
Chapter 11 Petition Date: July 19, 2011
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Wigberto Lugo Mender, Esq.
LUGO MENDER GROUP LLC
Centro Internacional De Mercadeo
Carr 165 Torre 1, Suite 501
Guaynabo, PR 00968
Tel: (787) 707-0404
E-mail: wlugo@lugomender.com
Estimated Assets: US$1,000,001 to US$10,000,000
Estimated Debts: US$1,000,001 to US$10,000,000
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb11-06124.pdf
The petition was signed by Angel Vale, president.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 18 to July 22, 2011
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- ----
ARGENTINA
---------
ARGENT- DIS 5.83 12/31/2033 ARS 153.79
ARGENT-PAR 1.18 12/31/2038 ARS 56.84
ARGENT-DIS 7.82 12/31/2033 EUR 71.75
ARGENT-DIS 7.82 12/31/2033 EUR 70
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 33.25
BOGAR 2018 2 2/4/2018 ARS 32.15
PRO12 2 1/3/2016 ARS 116.2
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 26.86
BCP FINANCE BANK 5.01 3/31/2024 EUR 39.93
BCP FINANCE BANK 5.31 12/10/2023 EUR 42.23
BCP FINANCE CO 4.23 EUR 44.55
BCP FINANCE CO 5.54 EUR 43.62
BES FINANCE LTD 5.58 EUR 44.05
BES FINANCE LTD 4.5 EUR 44.37
BES FINANCE LTD 6.62 EUR 54.99
BES FINANCE LTD 5.77 2/7/2035 EUR 55.06
CHINA MED TECH 4 8/15/2013 USD 73.25
EFG ORA FUNDING 1.7 10/29/2014 EUR 53.61
ESFG INTERNATION 5.75 EUR 45.5
IMCOPA INTL CAYM 10.37 12/19/2014 USD 36.15
SOLARFUN POWER H 3.5 1/15/2018 USD 68.94
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 0.64
CGE DISTRIBUCION 3.25 12/1/2012 CLP 29.41
ESVAL S.A. 3.8 7/15/2012 CLP 38.03
LA POLAR SA 3.8 10/10/2017 CLP 50.03
MASISA 4.25 10/15/2012 CLP 28.85
QUINENCO SA 3.5 7/21/2013 CLP 38.33
PUERTO RICO
-----------
PUERTO RICO CONS 6.2 5/1/2017 USD 57
PUERTO RICO CONS 6.5 4/1/2016 USD 63.65
VENEZUELA
---------
PETROLEOS DE VEN 5.5 4/12/2037 USD 49.77
PETROLEOS DE VEN 5.3 4/12/2027 USD 52.01
PETROLEOS DE VEN 5.25 4/12/2017 USD 63.73
PETROLEOS DE VEN 5.12 10/28/2016 USD 64.67
PETROLEOS DE VEN 5 10/28/2015 USD 69.53
VENEZUELA 7 3/31/2038 USD 59.65
VENEZUELA 7 3/31/2038 USD 59.83
VENEZUELA 6 12/9/2020 USD 63
VENEZUELA 7.65 4/21/2025 USD 66
VENEZUELA 8.25 10/13/2024 USD 69.25
VENEZUELA 7 12/1/2018 USD 72
VENEZUELA 9.25 5/7/2028 USD 72.75
VENEZUELA 9 5/7/2023 USD 73.25
VENEZUELA 7.75 10/13/2019 USD 73
VENZOD - 189000 9.37 1/13/2034 USD 73
***********
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
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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 * * *