/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111202.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 Friday, December 2, 2011, Vol. 12, No. 239 Headlines A R G E N T I N A ABANOVA SRL: Creditors' Proofs of Debt Due March 2 CENTRAL PARK: Creditors' Proofs of Debt Due March 1 FAST ASTILLEROS: Creditors' Proofs of Debt Due Dec. 19 HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating PETACOL SA: Creditors' Proofs of Debt Due Feb. 21 VIDA TOTAL: Calls for Bankruptcy Proceedings * ARGENTINA: To Receive US$200MM IDB Loan for Road Improvements B A H A M A S BAICO: Receiver Says Creditors to Get Payout by Dec. 19 B R A Z I L ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global LC Rating C A Y M A N I S L A N D S ACM DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 6 BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6 BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6 CRANBROOK LEASING: Creditors' Proofs of Debt Due Dec. 7 CRANLEY LTD: Commences Liquidation Proceedings FIXED INCOME: Creditors' Proofs of Debt Due Dec. 6 FUCHSIA 1930: Commences Liquidation Proceedings GPS INCOME: Creditors' Proofs of Debt Due Dec. 12 GPS NEW: Creditors' Proofs of Debt Due Dec. 12 HAVELL CAPITAL: Placed Under Voluntary Wind-Up JATOCK RENTALS: Creditors' Proofs of Debt Due Dec. 7 NOROTON EVENT: Placed Under Voluntary Wind-Up NOROTON EVENT: Placed Under Voluntary Wind-Up PHOENIX DYNASTY: Commences Liquidation Proceedings SEMPERMACRO (CAYMAN): Creditors' Proofs of Debt Due Dec. 7 H O N D U R A S * HONDURAS: IDB OKs US$40MM Loan to Strengthen Finc'l. Safety Net J A M A I C A AMR CORP: AA to Maintain Jamaican Routes Despite Bankruptcy M E X I C O AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable P U E R T O R I C O COSTA DORADA: Files Debt Stipulation With Scotia de Puerto Rico PONCE DE LEON: Can Employ Doris Barroso Vicens as Accountant REITTER CORP: Seeks Dec. 16 Deadline to File Amended Plan Outline - - - - - ================= A R G E N T I N A ================= ABANOVA SRL: Creditors' Proofs of Debt Due March 2 -------------------------------------------------- Francisco Rovira, the court-appointed trustee for Abanova SRL's reorganization proceedings, will be verifying creditors' proofs of claim until March 2, 2012. Mr. Rovira will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 49, 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 Oct. 26, 2012. The Trustee can be reached at: Francisco Rovira Vallejos 4400 Argentina CENTRAL PARK: Creditors' Proofs of Debt Due March 1 --------------------------------------------------- Gerardo Miguel Seghezzo, the court-appointed trustee for Central Park Hotel SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 1, 2012. Mr. Seghezzo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, 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. FAST ASTILLEROS: Creditors' Proofs of Debt Due Dec. 19 ------------------------------------------------------ Hector C. Fridman, the court-appointed trustee for Fast Astilleros SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 19, 2011. Mr. Fridman 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 Oct. 3, 2012. The Trustee can be reached at: Hector C. Fridman Gaona 1795 Argentina HSBC-LA BUENOS AIRES: Moody's Affirms 'Ba3' Local Currency Rating ----------------------------------------------------------------- Moody's Latin America affirmed the Ba3 global local-currency and the Aa2.ar Argentina national scale insurance financial strength ratings of both HSBC-La Buenos Aires Seguros and HSBC-New York Life Seguros de Vida (Argentina) and changed their outlooks to negative from stable. This action follows the resolution issued by the Argentine National Insurance Superintendence on Oct. 26, 2011 which requires Argentine primary insurers to repatriate their holdings in foreign investments within the next 50 days. HSBC-La Buenos Aires is a leading property and casualty insurer in Argentina and is wholly owned by the HSBC Group. HSBC-NYL Vida provides life insurance products, and the third insurer of the group is HSBC-New York Life Seguros de Retiro (not rated) which provides annuities. The ownership of these last two insurers is currently jointly by the HSBC Group (60% stake) and New York Life Insurance Company (40% stake), but HSBC announced this past August an agreement to purchase New York life's interest in both companies, with the transaction expected to close in a few months. All three entities are highly integrated with HSBC Bank Argentina S.A. (Ba1/Aaa.ar long term local currency bank deposits), an important domestic bank owned by the HSBC Group. The strong integration among the three insurance companies, as well as with the bank, is evident from the number of senior management, board members, and retail and corporate customers they share. It is also evident in HSBC's overarching bancassurance distribution strategy. Ratings Rationale Moody's said that the ratings affirmation of the two insurers is based on the expectation that their current credit profile will not meaningfully be weakened by the new regulatory requirement that mandates foreign investments be repatriated to Argentina given their modest concentration in foreign assets on a combined group basis (15% of invested assets), as well as the ownership and implicit support from the HSBC group. The ratings of HSBC-La Buenos Aires and HSBC-NYL Vida are aligned at the same level given that they now share common management and distribution channels and will soon share the same brand name. The rating agency expects their combined business and financial performance will remain consistent with their current B1 intrinsic credit profile and Ba3 IFS rating. Moody's ratings on HSBC-La Buenos Aires and HSBC-NYL Vida both receive one notch of uplift from the companies' stand-alone credit profiles because of the implied support from HSBC Group due to their strong integration with the bank; their meaningful contribution to the combined earnings of the bancassurance group in Argentina; and the growing importance of the insurance and pension business in the group's overall activities in Latin America. HSBC's recent agreement to purchase New York Life's stake in HSBC-NYL Vida and HSBC-NYL Retiro and become the 100% owner of the three insurers demonstrates a strong interest in the local insurance industry. HSBC-NYL Vida: However, the rating agency changed the rating outlook to negative from stable because this company currently holds more than 30% of its total cash and investments outside of Argentina in high quality bonds and shares of mutual funds. Alejandro Pavlov, lead analyst for HSBC-NYL Vida at Moody's stated: "Although not likely to materially impact HSBC-NYL Vida's credit profile, the disposal of those foreign securities and the re-investment of the proceeds in local Argentine instruments --carrying below investment-grade ratings-- will marginally deteriorate its asset quality and capital adequacy". Moody's also added that the possible inability to match some policyholder reserves with financial instruments of high credit quality and liquidity -- going forward -- could deteriorate the company's asset and liability management. HSBC-La Buenos Aires: Although HSBC-La Buenos Aires has very limited foreign investments (0.4% of invested assets) on its own balance sheet, the concerns about asset quality and capital adequacy prompting the negative outlook on HSBC-NYL Vida are also contributing to a negative outlook on the property/casualty insurer given the possible deterioration in the credit profile of the entire insurance group. Furthermore, Moody's said the negative outlook was also prompted by the sustained increasing trend in HSBC-La Buenos Aires' gross underwriting leverage -- to over 15 times as of September 30, 2011 from 11 times as of June 30, 2009, as well as a lower solvency margin surplus, coupled with the potential for lower overall profitability going forward. Moody's said factors that could restore the company's outlook back to stable include: improvement in financial yields coupled with a reduction in its combined ratio and a general improvement in its key capitalization metrics --either on stand-alone basis or combined with the groups' affiliated HSBC-NYL Vida. Conversely, factors that could lead to a rating downgrade include: sale of company by HSBC Group, weaker combined business/financial profile of the three HSBC insurers in Argentina, a sustained deterioration in overall profitability with returns on capital consistently below 5% and/or its gross underwriting leverage steadily above 13x shareholder's equity. Based in Buenos Aires, during the first quarter of 2011/12 fiscal year, ended September 30, 2011, HSBC-La Buenos Aires reported gross premiums of AR$503 million, a net profit of AR$10.3 million and shareholder's equity of AR$273.5 million. Also based in Buenos Aires, Argentina, during the first quarter of 2011/2012 fiscal year, ended September 30, 2011, HSBC-New York Life Seguros de Vida (Argentina) reported gross premiums of AR$99 million, a net profit of AR$ 9.3 million, and shareholders' equity of AR$ 211.5 million. PETACOL SA: Creditors' Proofs of Debt Due Feb. 21 ------------------------------------------------- Fernando Agustin Decavault, the court-appointed trustee for Petacol SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 21, 2012. Mr. Decavault will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 1, 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: Fernando Agustin Decavault Avenida Belgrano 845 Argentina VIDA TOTAL: Calls for Bankruptcy Proceedings -------------------------------------------- Vida Total SRL called for bankruptcy proceedings. The company has defaulted on its payments last Oct. 20. * ARGENTINA: To Receive US$200MM IDB Loan for Road Improvements --------------------------------------------------------------- The Inter-American Development Bank approved a loan for US$200 million to finance the upgrading of priority roads in Argentina's provincial roads network and their links to the national road network, a project that will help improve competitiveness and economic and social development, as well as reduce accidents. The Productive Road Infrastructure Program II is the second operation financed with funds from a US$2.5 billion credit line for investment projects for the country that was approved in September 2009. The credit line's purpose was to finance road infrastructure in all of the country's provinces through construction, maintenance, institutional strengthening, and better road safety. The first operation, totaling US$120 million, was signed in March 2010 and it is financing the Productive Road Infrastructure Program I. The new loan will finance road infrastructure in the provinces of Mendoza, Buenos Aires, San Juan and Entre Rios, among others. The US$200 million IDB loan is for a 25-year term, with a four- year grace period, and a variable interest rate based on LIBOR. Local counterpart funding totals US$10.5 million. As of Dec. 1, 2011, the country continues to carry Moody's "Caa1" country ceiling long-term foreign bank deposit rating and "B2" country ceiling long-term foreign currency debt rating. ============= B A H A M A S ============= BAICO: Receiver Says Creditors to Get Payout by Dec. 19 ------------------------------------------------------- The Royal Gazette reports that British-American Insurance Company (BAICO) court-appointed receiver, Stephen Lowe, said that life insurance policyholders will be able to receive a payout through cheques by December 19. The liquidators were hoping to be able to give creditors their full allocation in one distribution, including their share of funds from the sale of the BAICO building, which is partly owned by the branch, according to The Royal Gazette. In April this year, the report recalls, the liquidator's agents KPMG Advisory Ltd put a $3.6 million price tag on the building. As reported in the Troubled Company Reporter-Latin America on Nov. 7, 2011, The Royal Gazette said Mr. Lowe said discussions were ongoing over the sale of 133 Front Street, and while the process had taken longer than expected, it was at an advanced stage, according to Royal Gazette. However, the report related that Mr. Lowe said that if the sale was not completed by the second week of December an interim payment would be made as soon as possible with a second and final distribution made once the proceeds from the sale were received. The building at 133 Front Street is 40% owned by BAICO and 60% owned by the BAICO Bermuda pension scheme. In an interview with the media, Mr. Lowe said that the one-off payment would maximize and proceeds that went back to the creditors and save on distribution costs, Royal Gazette disclosed. The Royal Gazette relayed that Mr. Lowe said that he anticipated that policyholders would receive about 50 cents on the dollar or slightly less of the value of their policies. A further announcement will be made on or around December 12 to confirm whether the December 19 payment will be an interim or final distribution, The Royal Gazette adds. For more information contact KPMG Advisory Ltd at infoba[AT]kpmg.bm or visit the website at www.kpmg.bm/ba or call the British American hotline on 294-2651. About BAICO British American Insurance Company is a Bahamian company, which is owned by Trinidad-based parent CL Financial. Casey McDonald, the British Virgin Islands liquidator for British American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr. McDonald is represented by Leyza F. Blanco, Esq., at Gray Robinson in Miami, Fla. At the time of the filing, the liquidator estimated British American Isle of Venice (BVI), Ltd's asset at less than US$10 million and its debts at more than US$100 million. Two affiliates -- British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-35888) -- are also subject to the jurisdiction of the U.S. Bankruptcy Court. =========== B R A Z I L =========== ALLIANZ ARGENTINA: Moody's Affirms 'Ba3' Global LC Rating --------------------------------------------------------- Moody's Investors Service has affirmed Allianz Argentina Compania de Seguros S.A.'s Ba3 global local currency (GLC) and Aa2.ar national scale insurance financial strength (IFS) ratings and changed its outlook to stable from positive. Ratings Rationale: According to Moody's, the affirmation of Allianz Argentina's Ba3 GLC and Aa2.ar national scale IFS ratings reflects the company's sustained capacity to generate internal capital and sustain excellent profitability metrics over the years. Notwithstanding, the rating agency noted that the change in the insurer's rating outlook back to stable, from positive, considers the likely negative credit implications for the company's asset quality and capital adequacy, as a result of the new regulatory changes in Argentina, particularly the mandatory repatriation of foreign investments abroad back to Argentina and, to a lesser extent, the regulatory mandate to cede risks directly to locally established reinsurance companies, in lieu of direct cessions to higher-rated foreign reinsurers. Currently, Allianz Argentina holds about 30% of its invested assets abroad, which are allocated in highly-rated instruments. The disposal of the foreign securities and the re-investment of the proceeds in local Argentine instruments, which carry below investment-grade ratings, will likely deteriorate the company's financial profile, which has been very strong among its peers. With the likely decline in the quality of its assets, Allianz Argentina's capitalization could also weaken, as the economic capitalization of the company -- reflecting the investment portfolio and reinsurance recoverables -- will weaken. Moody's notes, however, that Allianz Argentina currently has a large surplus over regulatory capital (160% above required) and, as such, the company's local solvency margin should not be materially affected. According to the rating agency, while the tangible effects of the recent regulatory changes in Argentina are still indefinite, they, nonetheless, reduce the local insurers' credit quality on a global basis. Rodolfo Nobrega, lead analyst for Allianz Argentina at Moody's added, "While Allianz Argentina has been able to differentiate itself from local peers from an overall financial performance and credit risk perspective, the uncertainty with regards to the regulatory changes outweigh the positive trends observed in the intrinsic credit considerations of the company and is a key consideration in the decision to affirm the ratings and move the outlook back to stable from positive." Allianz Argentina's distinctive credit strength is its ability to consistently generate very solid profitability and maintain its above-average capacity to generate internal capital. The company, focuses its efforts in maintaining profitable underwriting results and, differently from its peers, has reported underwriting profits in the automobile insurance segment. Moody's current Ba3 IFS rating on Allianz Argentina receives one notch of uplift from the company's stand-alone credit profile because of the ownership and implicit and explicit support from its ultimate parent company. As a subsidiary of Allianz SE, Allianz Argentina benefits from the support of a large, established worldwide company in the form of reinsurance arrangements, the sharing of a prestigious brand name, as well as the parent's expertise, experience and oversight of its local operations. Allianz Argentina's intrinsic credit strengths are tempered primarily by the company's relatively high gross underwriting leverage -- although better than local peers --, as well as some concentration of investments in Argentina government debt (rated B3). Additionally, the company's credit risk profile is substantially mitigated by Argentina's poor operating environment. Moody's commented that Allianz Argentina's ratings could be upgraded should the insurer sustain gross underwriting leverage levels (as measured by gross premiums and gross reserves relative to shareholders' equity) below 7x and improve its market presence considerably, while maintaining current earnings power. Additionally, an upgrade in Argentina's sovereign bond rating (currently at B3) and/or significant improvement in the operating environment could also lead to a rating upgrade. On the other hand, the company's ratings could be downgraded if one of the following occur: 1) significant deterioration in profitability, coupled with consistent underwriting losses (i.e. combined ratios above 100%); 2) operating leverage metric consistently above 13x shareholders' equity; and/or 3) reduced support from ultimate parent and affiliates or the disposal of the company by Allianz SE. Based in Buenos Aires, Allianz Argentina is an indirect wholly- owned subsidiary of Allianz SE, headquartered in Munich, Germany. For the first quarter of 2011/12 fiscal year, ended on September 30, 2011, the company posted total gross premiums of ARS215.6 million and net income of ARS1.8 million. As of September 30, 2011, Allianz Argentina's total assets amounted to ARS868.8 million and its shareholders' equity to ARS194.1 million. =========================== C A Y M A N I S L A N D S =========================== ACM DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 6 ----------------------------------------------------- The creditors of ACM Diversified Asset Strategy Plus Fund are required to file their proofs of debt by Dec. 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 26, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6 -------------------------------------------------------------- The creditors of Bernstein Multi-Strategy Fixed Income Hedge Fund Ltd. are required to file their proofs of debt by Dec. 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 25, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands BERNSTEIN MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 6 -------------------------------------------------------------- The creditors of Bernstein Multi-Strategy Fixed Income Master Fund Ltd. are required to file their proofs of debt by Dec. 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 25, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands CRANBROOK LEASING: Creditors' Proofs of Debt Due Dec. 7 ------------------------------------------------------- The creditors of Cranbrook Leasing Limited are required to file their proofs of debt by Dec. 7, 2011, to be included in the company's dividend distribution. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive PO Box 1043 George Town Grand Cayman KY1-1102 Cayman Islands CRANLEY LTD: Commences Liquidation Proceedings ---------------------------------------------- On Oct. 25, 2011, the shareholders of Cranley Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 29, 2011, will be included in the company's dividend distribution. The company's liquidator is: Pascal Dulau c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands FIXED INCOME: Creditors' Proofs of Debt Due Dec. 6 -------------------------------------------------- The creditors of Fixed Income Opportunities Strategy Sub-Fund are required to file their proofs of debt by Dec. 6, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 26, 2011. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 Cayman Islands FUCHSIA 1930: Commences Liquidation Proceedings ----------------------------------------------- On Oct. 25, 2011, the shareholders of Fuchsia 1930 Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 29, 2011, will be included in the company's dividend distribution. The company's liquidator is: Pascal Dulau c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands GPS INCOME: Creditors' Proofs of Debt Due Dec. 12 ------------------------------------------------- The creditors of GPS Income Fund (Cayman) Ltd. are required to file their proofs of debt by Dec. 12, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2010. The company's liquidator is: Ogier c/o Jonathan Bernstein Telephone: (345) 815 1897 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands GPS NEW: Creditors' Proofs of Debt Due Dec. 12 ---------------------------------------------- The creditors of GPS New Equity Fund (Cayman) Ltd. are required to file their proofs of debt by Dec. 12, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2010. The company's liquidator is: Ogier c/o Jonathan Bernstein Telephone: (345) 815 1897 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands HAVELL CAPITAL: Placed Under Voluntary Wind-Up ---------------------------------------------- On Oct. 14, 2011, the sole shareholder of Havell Capital Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Nov. 29, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Sarah Federspiel Telephone: (345) 815 1833 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands JATOCK RENTALS: Creditors' Proofs of Debt Due Dec. 7 ---------------------------------------------------- The creditors of Jatock Rentals Limited are required to file their proofs of debt by Dec. 7, 2011, to be included in the company's dividend distribution. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive PO Box 1043 George Town Grand Cayman KY1-1102 Cayman Islands NOROTON EVENT: Placed Under Voluntary Wind-Up --------------------------------------------- On Oct. 27, 2011, the sole shareholder of Noroton Event Driven Opportunity Master Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 1, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 815 1805 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands NOROTON EVENT: Placed Under Voluntary Wind-Up --------------------------------------------- On Oct. 27, 2011, the sole shareholder of Noroton Event Driven Opportunity Offshore Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 1, 2011, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 815 1805 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands PHOENIX DYNASTY: Commences Liquidation Proceedings -------------------------------------------------- On Oct. 25, 2011, the shareholders of Phoenix Dynasty Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 29, 2011, will be included in the company's dividend distribution. The company's liquidator is: Pascal Dulau c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands SEMPERMACRO (CAYMAN): Creditors' Proofs of Debt Due Dec. 7 ---------------------------------------------------------- The creditors of Sempermacro (Cayman) Limited are required to file their proofs of debt by Dec. 7, 2011, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 28, 2011. The company's liquidator is: Stuart Sybersma c/o Brad Kirby Deloitte & Touche P.O Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: +1(345) 814 3471 Facsimile: +1 (345) 949 8258 e-mail: bwkirby@deloitte.com =============== H O N D U R A S =============== * HONDURAS: IDB OKs US$40MM Loan to Strengthen Finc'l. Safety Net ----------------------------------------------------------------- The Inter-American Development Bank approved US$40 million to strengthen the stability of the financial system and expand access to financial services in Honduras. The package of measures aims to improve the regulatory framework and the supervision processes based on best practices. The operation also seeks to enhance the sustainability of these reforms through the improvement of the organizational structure of the National Banking and Insurance Commission of Honduras, through better supervision and an environment conducive to expanded coverage of the financial system. This is the second loan operation in a programmatic series based on policy reforms. The operation is the result of an ongoing dialogue with the country's public and private sectors. "These reforms have supported the stability of the financial system," said Rosa Matilde Guerrero, IDB project team leader and leading specialist in financial markets. "At the same time, the measures have established some essential pillars for creating a setting that promotes access to financial products and services by the lowest-income segment of the population and by micro, small and medium-size businesses." The financing consists of a 30-year Ordinary Capital loan from the IDB for US$28 million, with a grace period of 5.5 years and a fixed interest rate. The IDB's Fund for Special Operations will lend US$12 million for 40 years, with a 40-year grace period and an annual interest rate of 0.25%. * * * As of Dec. 1, 2011, the country continues to carry Standard and Poor's "B" currency long-term and short term debt ratings. ============= J A M A I C A ============= AMR CORP: AA to Maintain Jamaican Routes Despite Bankruptcy ----------------------------------------------------------- RJR News reports that American Airlines which has filed for Chapter 11 bankruptcy protection in the U.S. has assured the Jamaican government that it will continue flying to the island. Tourism Minister Ed Bartlett told the news agency that he received a letter from the airline assuring that Jamaica will not suffer any fallout from the airlines' financial woes, according to RJR News. "We are quite comfortable that American Airlines will continue to fly the routes it now has and certainly in terms of the Jamaican relationship we have no fear. We got a letter from them in which they indicated that their future with us will only grow," RJR News quoted Mr. Bartlett as saying. About American Airlines American Airlines, American Eagle and the AmericanConnection(R) carrier serve 260 airports in more than 50 countries and territories with, on average, more than 3,300 daily flights. The combined network fleet numbers more than 900 aircraft. About AMR Corporation Headquartered in Fort Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. As of Dec. 31, 2009, American provided scheduled jet service to approximately 160 destinations throughout North America, the Caribbean, Latin America, Europe and Asia. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. The Company reported a net loss of US$884 million on US$18.02 billion of total operating revenues for the nine months ended Sept. 30, 2011. AMR recorded a net loss of US$471 million in the year 2010, a net loss of US$1.5 billion in 2009, and a net loss of US$2.1 billion in 2008. The Company's balance sheet at Sept. 30, 2011, showed US$24.72 billion in total assets, US$29.55 billion in total liabilities, and a US$4.83 billion stockholders' deficit. =========== M E X I C O =========== AXTEL SAB: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings, including the corporate credit rating, on Mexican telecommunications company Axtel S.A.B de C.V. to 'B' from 'B+'. The outlook is stable. "The '3' recovery rating on the company's senior secured debt is unchanged, indicating our expectation of meaningful (50% to 70%) recovery in the event of a payment default," S&P said. "The downgrade reflects our concerns about Axtel's business profile, which we now consider as vulnerable, amid very competitive operating conditions," said Standard & Poor's credit analyst Marcela Duenas. "We also considered the company's marginal revenue growth, tight covenant headroom limiting its financial flexibility, and our belief that its hefty capital expenditure program will keep it running deficits in free operating cash flow." "The stable outlook reflects our expectation that the company will maintain stable financial indicators for the next two years," S&P said. ===================== P U E R T O R I C O ===================== COSTA DORADA: Files Debt Stipulation With Scotia de Puerto Rico --------------------------------------------------------------- Debtor Costa Dorada Apartments Corp. and secured creditor Scotiabank de Puerto Rico asks the U.S. Bankruptcy Court for the District of Puerto Rico to approve a stipulation for the payment of the Debtor's loan to Scotiabank "within the process of its Chapter 11 Plan." Scotiabank is a secured creditor of the Debtor as the holder in due course of three mortgage notes that were given in pledge to warrant a commercial loan originated for the principal sum of US$2,500,000 and later increased to US$3,150,000. The loan is secured by a first mortgage on two (2) properties of the Debtor. The agreement was reached under these terms: (a) The Debtor accepts that as of Sept. 15, 2011, it owes Scotiabank US$1,100,441 for principal, accrued interest in the amount of US$171,068, US$95,547 for escrow account and US$315,000 for prepetition attorney fees. Interest will increase at a rate of US$158.28 daily. (b) The Debtor has agreed to pay this debt thorough the Chapter 11 plan. Notwithstanding, in the event the instant case is dismissed, Scotiabank may continue with this agreement, subject to Debtor's compliance. Otherwise, Scotiabank may modify or terminate it. (c) The Debtor will have a term of twenty four (24) months, counted from the date the agreement is signed, to sell the units and complete the payment in full of Scotiabank's loan. (d) All units will be sold for a price of no less than US$150,000 unless the parties mutually agree to a different price. (f) If the Debtor is not able to sell enough units to complete the payment of Scotiabank's loan within the twenty four months period it will agree to the lifting of the stay in favor of Scotiabank on all the unsold units that are part of the collateral. The stay will be lifted to allow the bank to continue with its foreclosure action now pending on the State Court. The stay will be lifted upon a written certification to the Court that the sale period has elapsed and the loan remains unpaid. (g) A realtor will be retained for the marketing and sale of apartment units. It will be hired by mutual agreement of the parties. In case the parties are not able reach an agreement on the hiring of the realtor the matter will be taken to the consideration of the Court. Each party will submit a candidate from which the court will make a final determination. (h) While the sale of the apartment units is being completed the Debtor will make monthly post-petition adequate protection payments to Scotiabank in the amount of US$6,000 starting with the signature of this stipulation and every months thereafter. (i) All payments received by Scotiabank from the monthly payments and the proceeds of the sales will be first applied to the accrued interest of the loan. The rest will be applied to the principal of the loan. (j) This stipulation will become integral part any reorganization plan the Debtor submits for the approval of the Court and its creditors. Pursuant to Rule 4001 of the Federal Rules of Bankruptcy Procedure (FRBP), the movants request that should no objection to this agreement be filed within 21 days from notice of the same, an Order approving all the terms and conditions above stated be entered. A copy of the Secured Debt Stipulation is available for free at: http://bankrupt.com/misc/costadorada.dkt65.pdf Costa Dorada Apartments Corp., dba Villas De Costa Dorada, in Isabela, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-03960) on May 10, 2011. The Debtor disclosed US$10.7 million in assets and US$8.6 million in liabilities as of the Chapter 11 filing. The petition was signed by Carlos R. Fernandez Rodriguez, its president. Wigberto Lugo Mender, Esq., at Lugo Mender & Co., in Guaynabo, Puerto Rico, represents the Debtor as counsel. PONCE DE LEON: Can Employ Doris Barroso Vicens as Accountant ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico has granted Ponce De Leon 1403 Inc. permission to employ Doris Barroso Vicens as accountant, with compensation to be paid in such amounts as may be allowed by the Court. The Court is satisfied that Doris Barroso Vicens is a disinterested person and that the employment of said accountant is in the best interest of the estate. About Ponce De Leon San Juan, P.R.-based Ponce De Leon 1403, Inc., developed, constructed, and operates the Metro Plaza Tower condominium and commercial property project in Santurce, Puerto Rico. The Metro Plaza Tower project consists of two 15-story towers atop a base structure that serves as a parking garage, common area, and retail space. Each tower houses 87 residential units. The base structure provides approximately 567 parking spaces and has approximately 14,000 square feet of commercial space available for lease. The common areas of the project include a swimming pool, a gym, gardens and a gazebo. Ponce De Leon 1403 Inc. filed for Chapter 11 protection (Bank. D. P.R. Case No. 11-07920) on Sept. 19, 2011. The Debtor estimated both assets and debts of between US$10 million and US$50 million. Carmen Conde Torres, Esq., at C. Conde & Assoc., in Old San Juan, Puerto Rico, represents the Debtor as counsel. REITTER CORP: Seeks Dec. 16 Deadline to File Amended Plan Outline ----------------------------------------------------------------- Reitter Corporation asks the U.S. Bankruptcy Court for the District of Puerto Rico to extend until Dec. 16, 2011, its time to file its Amended Disclosure Statement and to file stipulations or oppositions to the proofs of claims filed by Treasury and IRS. The Debtor related that it has entered into a new contract with LBA Medical Services, Inc., which will increase revenues and allow it to have a feasible plan. The Debtor has submitted this information to CPA Luis Carrasquillo in order to include these additional revenues in the projections. As such, the Debtor needs an additional time to file its amended disclosure statement, including the feasibility report. About Reitter Corporation San Juan, Puerto Rico-based Reitter Corporation dba Hospital San Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No. 10-07152) on Aug. 6, 2010. In its schedules, the Debtor disclosed US$20,440,765 in total assets and US$17,250,033 in total debts. Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, in San Juan, P.R., represents the Debtor as counsel. *********** 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 * * *