/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111208.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, December 8, 2011, Vol. 12, No. 243 Headlines A R G E N T I N A AZAR GAMES: Creditors' Proofs of Debt Due Dec. 27 BLACK RAVEN: Creditors' Proofs of Debt Due Dec. 26 FIJO PLAST: Creditors' Proofs of Debt Due March 2 INDUSTRIAS FM: Creditors' Proofs of Debt Due Dec. 22 SOUTH AMERICAN: Creditors' Proofs of Debt Due Feb. 14 B R A Z I L BANCO PANAMERICANO: CVM Probes Stake Sale to Caixa Economica BANCO PSA: Moody's Assigns 'D-' Bank Financial Strength Rating GERDAU AMERISTEEL: Moody's Withdraws 'Ba1' Corp. Family Rating SAO PAULO CORRETORA: Brazil Orders Extrajudicial Liquidation C A Y M A N I S L A N D S AXIO FUND: Shareholder Receives Wind-Up Report BEACON HILL: Shareholders' Final Meeting Set for Dec. 9 BISHOPSGATE CDO: Shareholders Receive Wind-Up Report BISS DEAL: Shareholders' Final Meeting Set for Dec. 9 CONSECO FUNDING: Shareholders' Final Meeting Set for Dec. 9 DUSCC DEAL: Shareholders' Final Meeting Set for Dec. 9 EFES AVIATION: Shareholders' Final Meeting Set for Dec. 9 EIRENE RATED: Shareholders' Final Meeting Set for Dec. 9 EUNOMIA RATED: Shareholders' Final Meeting Set for Dec. 9 FTF CAPITAL: Shareholders' Final Meeting Set for Dec. 9 GALLERIA CDO IV: Shareholders' Final Meeting Set for Dec. 9 GULF OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 9 KAIROS ASIA: Shareholders Receive Wind-Up Report MA BLACKROCK: Shareholders' Final Meeting Set for Dec. 9 PENTWATER CREDIT: Shareholders' Final Meeting Set for Dec. 13 PENTWATER EVENT: Shareholders' Final Meeting Set for Dec. 13 PENTWATER GROWTH: Shareholders' Final Meeting Set for Dec. 13 SIGNUM CREDARIS: Shareholders' Final Meeting Set for Dec. 9 WMT HOSPITALITY: Shareholders' Final Meeting Set for Dec. 9 ZAIS INVESTMENT: Shareholders' Final Meeting Set for Dec. 9 J A M A I C A * JAMAICA: IDB OKs US$65MM Loan for Tax Collections Improvement M E X I C O PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating VITRO SAB: Arbitrator Submits Restructuring Deal to Judge P U E R T O R I C O HOTEL AIRPORT: Gets 10-Day Plan Exclusivity Extension X X X X X X X X * S&P's Global Corporate Default Tally Rises to 43 Issuers * S&P: Global Default Rate Increases After 5 Mos. of Declines * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= AZAR GAMES: Creditors' Proofs of Debt Due Dec. 27 ------------------------------------------------- Ricardo Jose Roussy, the court-appointed trustee for Azar Games SA's reorganization proceedings, will be verifying creditors' proofs of claim until Dec. 27, 2011. Mr. Roussy 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. 22, 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. 12, 2012. The Trustee can be reached at: Ricardo Jose Roussy Florida 253 BLACK RAVEN: Creditors' Proofs of Debt Due Dec. 26 -------------------------------------------------- Marta Irene Nicoletti, the court-appointed trustee for Black Raven SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 26, 2011. Ms. Nicoletti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 19 in Buenos Aires, with the assistance of Clerk No. 38, 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: Marta Irene Nicoletti Rivadavia 4526 Argentina FIJO PLAST: Creditors' Proofs of Debt Due March 2 ------------------------------------------------- Hector Jorge Garcia, the court-appointed trustee for Fijo Plast SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 2, 2012. Mr. Garcia will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, 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: Hector Jorge Garcia Uruguay 572 INDUSTRIAS FM: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------------- Ricardo Agustin Sardon, the court-appointed trustee for Industrias F.M. S.A's bankruptcy proceedings, will be verifying creditors' proofs of claim until Dec. 22, 2011. Mr. Sardon will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, 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 Agustin Sardon Cerrito 1136 Argentina SOUTH AMERICAN: Creditors' Proofs of Debt Due Feb. 14 ----------------------------------------------------- Gabriel Marcelo Ail, the court-appointed trustee for South American Trade SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 14, 2012. Mr. Ail 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: Gabriel Marcelo Ail Parana 833 Argentina =========== B R A Z I L =========== BANCO PANAMERICANO: CVM Probes Stake Sale to Caixa Economica ------------------------------------------------------------ Telma Marotto at Bloomberg News reports that local newspaper Folha de S.Paulo published that Brazilian securities regulator, CVM, is investigating a possible leak of privileged information ahead of the announcement of Caixa Economica Federal's purchase of a 36% stake in Banco Panamericano SA. The newspaper said that CVM identified a sudden increase in Banco Panamericano's trading volume in August 2009, three months before Caixa decided to buy the stake, according to Bloomberg. Folha, Bloomberg notes, reported that a few days before the announcement, on Dec. 1, 2009, trading volume surged again. CVM said it's still analyzing and investigating issues related to Panamericano, Folha added, Bloomberg relays. As reported in the Troubled Company Reporter on Nov. 25, 2011, Bloomberg News said local newspaper O Estado de S. Paulo published that a Caixa Economica Federal executive said Brazil's central bank identified signs of accounting fraud in Banco Panamericano SA before approving the sale of a stake to the company. In a testimony to the federal police, Marcio Percival, Caixa vice president of finance, said the central bank approved the deal in July 2010, paving the way for government-controlled Caixa to pay for the last installment of the acquisition, the newspaper said, according to Bloomberg. The newspaper said that the central bank approved the deal only in November. Bloomberg News noted that Banco Panamericano needs to raise BRL1 billion (US$598 million) so that it can keep making loans. Bloomberg related that the bank is under federal investigation after accounting losses totaling BRL4.3 billion sparked two bailouts since November of last year. About Banco Panamericano Banco Panamericano SA offers loans, personal credit, investments, credit cards, and lease financing. Banco Panamericano operates throughout Brazil. * * * As reported in the Troubled Company Reporter-Latin America on November 12, 2010, Bloomberg News said that Banco PanAmericano SA could have been liquidated or subjected to a central bank intervention to sell its assets if its controller had not tapped BRL2.5 billion from Brazil's deposit insurance fund to rescue the bank. According to the report, Mr. Ferreira said that talks to rescue PanAmericano started Oct. 11 and were conducted by Brazilian media mogul Silvio Santos, who controls the bank. As of Nov. 17, 2011, the company continues to carry Moody's 'Ba2' long-term supported global local currency deposit rating, long- term foreign currency deposit and senior unsecured debt ratings. It also carries Moody's 'Ba3' bank's foreign currency subordinated debt rating. BANCO PSA: Moody's Assigns 'D-' Bank Financial Strength Rating -------------------------------------------------------------- Moody's Investors Service assigned a bank financial strength rating (BFSR) of D- (D minus) to Banco PSA Finance Brasil S.A. At the same time, Moody's assigned Ba1 and Not Prime long- and short-term global local-currency deposit ratings to the entity, as well as long- and short-term foreign currency deposit ratings of Ba1 and Not Prime. Moody's also assigned to Banco PSA a Aa2.br and BR-1 long-and short-term local-currency deposit ratings in the Brazilian national scale. The outlook on all the ratings is stable. Rating Rationale Moody's said that its ratings for Banco PSA incorporate the bank's business franchise as a full financial agent for PSA Peugeot & Citroen in Brazil, which in turn has a commercial and strategic dependence on its parent, Banque PSA Finance, as part of the PSA Peugeot - Citroen Group of France. Likewise, the BFSR incorporates the entity's adequate risk-management policies and procedures that are aligned to its parent's, and which reflects in conservative lending policies and well-built asset portfolio. The ratings also capture Banco PSA's operational agreement with Banco Santander Brasil, which comprises funding and operational support, thereby benefiting the bank's loan origination capability, liquidity, and its efficiency, as it outsources its back office operations to Santander. Adequate capitalization levels at the bank reflect stable earnings generation and a policy of earnings retention, which should support future growth plans. The ratings are constrained by Banco PSA's limited banking operation in the Brazilian market, as reflected by the Group PSA's modest market share and monoline business origination focused on consumer vehicle financing, a profile that inherently results in poor earnings diversification. Just recently, the bank has added related insurance brokerage services to its product mix. Banco PSA's relatively concentrated funding profile is largely reliant on interbank lending; management's plans to diversify funding sources and conditions would benefit the bank's liquidity and margins over the medium term. However, Moody's noted that a more difficult operating environment, coupled with increasing competition in the car financing segment, could challenge the bank's financial metrics, and its profitability and asset quality in particular. Moody's Ba1 global local-currency deposit rating incorporates Banco PSA's Baseline Credit Assessment of Ba3, as well as Moody's assessment of the high probability of parental support in case of stress. Banco PSA ranks as one of the top largest earnings contributor to Banque PSA globally, and it is therefore, an integral part of the group's global strategy, aligned with the automaker's growth plans. Our support assessment results in a two-notch uplift of the local currency deposit rating to Ba1. Banco PSA is headquartered in Sao Paulo, Brazil, and it presented unconsolidated assets of BRL 1.62 billion (or approximately US$ 1.04 billion) and equity amounting to BRL 285.4 million, as of June 2011. These ratings were assigned to Banco PSA: Bank Financial Strength Rating: D-, with stable outlook Long- and short-term global local-currency deposit ratings: Ba1 and Not Prime, with stable outlook Long- and short-term foreign currency deposit ratings: Ba1 and Not Prime, with stable outlook Long-Term and short-term National Scale Local-Currency Deposit Ratings: Aa2.br and BR-1, with stable outlook GERDAU AMERISTEEL: Moody's Withdraws 'Ba1' Corp. Family Rating -------------------------------------------------------------- Moody's Investors Service upgraded to Baa3 from Ba1 the ratings of Gerdau Ameristeel's 5.3% Industrial Revenue Bonds due May 2037, issued by Jacksonville Economic Development Commission, which bonds are guaranteed by Gerdau S.A. At the same time, Moody's assigned a Baa3 Issuer Rating to Gerdau and withdrew Gerdau's corporate family rating of Ba1 on the global scale. The rating outlook is stable. This concludes the rating review which began on March 22, 2011. Ratings Rationale The upgrade reflects the improved financial condition of the company following its successful equity issuance in April 2011 through which Gerdau raised approximately BRL 3.6 bn, and the resulting improved liquidity position and declining leverage. As of Sept. 30, 2011 total cash position was BRL 4.3 bn and leverage, expressed by Net Adjusted Debt to LTM Adjusted EBITDA (considering a minimum cash position of US$1.5 bn) was at 2.9x, a level which Moody's believes will be sustained even as the company continues to execute its large investment program and faces margin pressure coming from higher costs and weaker pricing in Brazil. From a strategic perspective, the ongoing investments for greater self-sufficiency of key inputs (namely iron ore) should improve margins and the overall competitiveness of Gerdau over the near to medium term. Potential monetization of iron ore assets may benefit the company's liquidity. Gerdau's scale, business profile, and good diversification, together with its low cost minimill operating structure with a high proportion of variable costs, are also supportive of the rating. Gerdau's Baa3 rating is supported by its historically solid cash generation, which reflects its strong market position in the several markets where it operates, its good operational and geographic diversity, and cost-driven management. While Gerdau's variable cost structure, high integration level and large scale provide good operating flexibility, reducing downside risk and translating into historically solid EBITDA margins through the industry's cycles, structural changes in the Brazilian steel industry leading to increased imports should keep margins under pressure over the near term (but still comparing positively to most international peers). Moody's would expect margins to somewhat recover once ongoing investments in product mix improvement and cost reduction are completed within the next couple of years. Gerdau's liquidity position remains healthy based on robust available cash position and availability under sizable committed credit facilities, adequate debt maturity profile, and access to export-related and BNDES loans. Gerdau's exposure to the cyclicality of the steel industry, which is subject to global and regional supply-demand imbalances, trade flows and sharp price changes, and product mix that includes a high proportion of long steel, giving the group a relatively high exposure to the construction industry, are constraining factors for its rating. The stable outlook reflects Moody's expectation that structural changes in the Brazilian steel sector will result in lower (but still comfortable) margins going forward, helped by its good operational flexibility and efficient cost management. As a result, leverage as measured by Net Adjusted Debt to Adjusted EBITDA (considering a minimum cash position of US$1.5 billion) is expected to remain below 3.0x in the coming quarters. In the medium term, margins should benefit from the ongoing investments in product mix improvement and cost reduction. The stable outlook also considers that capex and liquidity will continue to be prudently managed, and that Gerdau will focus on debt reduction. Upward pressure on Gerdau's ratings or outlook could be considered if Net Adjusted Debt to EBITDA (considering a minimum cash position of US$1.5 billion) decreases further and stays below 2.0x during the execution of its capex program, with the maintenance of strong liquidity levels. An upgrade would also be considered if Free Cash Flow to Adjusted Net Debt stays in the mid-teens on a sustained basis. Though not anticipated in the near term, negative pressure on the rating or outlook could result from weaker liquidity or from persistently high leverage,with Net Adjusted Debt to Adjusted Ebitda above 3x for an extended time period or in case of a sharp deterioration in the group's liquidity position or financial performance. Upgrades: Issuer: Jacksonville Economic Development Comm., FL -- Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba1, guaranteed by Gerdau S.A. Outlook Actions: -- Issuer: Gerdau S.A. -- Outlook, Changed To Stable From Rating Under Review Withdrawals: Issuer: Gerdau S.A. -- Corporate Family Rating, Withdrawn, previously rated Ba1 Issuer: Jacksonville Economic Development Comm., FL -- Senior Unsecured Revenue Bonds, Withdrawn, previously rated LGD4, 63% Gerdau S.A. is the largest long steel producer in the Americas and the second largest globally, and also a leading player in the specialty steel industry worldwide, with total capacity of about 26 million tons per year of crude steel and 23 million tons per year of rolled products. Gerdau North America is the second largest long steel producer in North America. In the last twelve months ended Sept. 30, 2011, Gerdau reported net revenues of about US$20.7 billion. The group has operations in 14 countries, including Brazil, USA, Canada, Chile, Peru, Uruguay, Argentina, Mexico, Venezuela, Colombia, Spain, India, Guatemala and the Dominican Republic. SAO PAULO CORRETORA: Brazil Orders Extrajudicial Liquidation ------------------------------------------------------------ Telma Marotto at Bloomberg News, citing a statement, reports that Brazil's central bank ordered the extrajudicial liquidation of Sao Paulo Corretora de Valores Ltda. Central Bank President Alexander Tombini signed the act and explained that the decision was taken on the commitment and financial assets of the brokerage and the existence of serious violations of legal norms that regulate the activity of the institution. Moretsohn Jose de Castro was appointed as liquidator by the regulatory authority with broad powers of administration and liquidation. =========================== C A Y M A N I S L A N D S =========================== AXIO FUND: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Axio Fund received on Dec. 7, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Kim Smith Telephone: (345) 949-9876 Facsimile: (345) 949-9877 BEACON HILL: Shareholders' Final Meeting Set for Dec. 9 ------------------------------------------------------- The shareholders of Beacon Hill CBO, Ltd. will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands BISHOPSGATE CDO: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Bishopsgate CDO Limited received on Dec. 6, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands BISS DEAL: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------- The shareholders of Biss Deal Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CONSECO FUNDING: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------------- The shareholders of Conseco Funding Ltd. will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands DUSCC DEAL: Shareholders' Final Meeting Set for Dec. 9 ------------------------------------------------------ The shareholders of Duscc Deal Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands EFES AVIATION: Shareholders' Final Meeting Set for Dec. 9 --------------------------------------------------------- The shareholders of Efes Aviation Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands EIRENE RATED: Shareholders' Final Meeting Set for Dec. 9 -------------------------------------------------------- The shareholders of Eirene Rated Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands EUNOMIA RATED: Shareholders' Final Meeting Set for Dec. 9 --------------------------------------------------------- The shareholders of Eunomia Rated Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands FTF CAPITAL: Shareholders' Final Meeting Set for Dec. 9 ------------------------------------------------------- The shareholders of FTF Capital Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GALLERIA CDO IV: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------------- The shareholders of Galleria CDO IV. Ltd. will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GULF OPPORTUNITIES: Shareholders' Final Meeting Set for Dec. 9 -------------------------------------------------------------- The shareholders of Gulf Opportunities Fund will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands KAIROS ASIA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Kairos Asia Fund Ltd. received on Dec. 6, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 MA BLACKROCK: Shareholders' Final Meeting Set for Dec. 9 -------------------------------------------------------- The shareholders of MA Blackrock Mena Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands PENTWATER CREDIT: Shareholders' Final Meeting Set for Dec. 13 ------------------------------------------------------------- The shareholders of Pentwater Credit Partners Fund Ltd. will hold their final meeting on Dec. 13, 2011, at 9:40 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 c/o Jennifer Chailler Telephone: (345) 814 6847 PENTWATER EVENT: Shareholders' Final Meeting Set for Dec. 13 ------------------------------------------------------------ The shareholders of Pentwater Event Master Fund Ltd. will hold their final meeting on Dec. 13, 2011, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PENTWATER GROWTH: Shareholders' Final Meeting Set for Dec. 13 ------------------------------------------------------------- The shareholders of Pentwater Growth Fund Ltd. will hold their final meeting on Dec. 13, 2011, at 9:50 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 c/o Jennifer Chailler Telephone: (345) 814 6847 SIGNUM CREDARIS: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------------- The shareholders of Signum Credaris Limited will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands WMT HOSPITALITY: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------------- The shareholders of WMT Hospitality Investment I Holdings will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ZAIS INVESTMENT: Shareholders' Final Meeting Set for Dec. 9 ----------------------------------------------------------- The shareholders of Zais Investment Grade Limited VIII will hold their final meeting on Dec. 9, 2011, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= * JAMAICA: IDB OKs US$65MM Loan for Tax Collections Improvement --------------------------------------------------------------- Jamaica will modernize its fiscal administration to improve customs and tax revenue collections and better manage debt and government operations, in a program partly funded by a US$65 million loan from the Inter-American Development Bank. This program will support the Government of Jamaica's strategy to achieve a sustainable fiscal position by strengthening the Ministry of Finance's institutional capacity. It will also improve taxpayer's compliance and revenue yields through more efficient administration and collection procedures, and will help improve debt management and government payments operations. The project will also contribute reducing the percentage of large and medium taxpayers that fail to file their tax forms from 6% to 2% of the total filings. On the customs side efficiency will increase the adjusted monetary value of Post Clearance Audit assessments and raise the percentage of cargo manifests and import/export declarations processed electronically in advance from 57% to 100%. The IDB loan is for a 20-year period, with a grace period of 5 years and an interest rate based on LIBOR. * * * As of Nov. 16, 2011, the country continues to carry Standard and Poor's "C" short-term debt ratings and "B-" long-term debt ratings. =========== M E X I C O =========== PACIFIC RUBIALES: S&P Affirms 'BB' Corporate Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' rating to the US$300 million senior unsecured notes due 2021 of Pacific Rubiales Energy Corp. (PRE), while affirming the corporate credit and debt ratings on the company at 'BB'. The outlook remained stable. "The affirmation is based on our expectation that PRE will continue to show strong operating and financial performance after the anticipated conversion of 98.9% of its debentures and its new offering of US$300 million in senior unsecured notes due in 2021," said Standard & Poor's credit analyst Fabiola Ortiz. "We see this transaction as opportunistic, given that PRE has enough cash to face its debt maturities in the next 12 months." Cash on hand was US$325.5 million as of Sept. 30, 2011, and debt maturities for the next 12 months total US$7.9 million. The holders of the convertible debentures due Aug. 29, 2013, had an incentive to convert their 8% C$240 million debentures in advance. The period for anticipating the conversion of the debentures expired on Nov. 29, 2011, with a conversion rate of 98.9%. To take advantage of the current low interest rates and the good positioning of PRE in the financial markets, the company will issue an additional US$300 million in unsecured senior notes. With this, the company's total long-term debt will be US$750 million, with US$450 million due in 2016 and US$300 million due in 2021. The new notes will have a bullet payment in 2021. The old notes will continue to require amortization payments in 2014, 2015, and 2016. "Our ratings on PRE reflect our view of a "fair" business profile, given the company's short track record and heavy concentration in the Colombian region. PRE is still a small, though growing, exploration and production company when compared with other large regional and local players," S&P said. Recent and expected strong growth in production and reserves, strong liquidity, an experienced management team, and a significant financial profile support the rating. PRE, which began operations in 2007, is Colombia's second-largest producer of heavy crude oil and natural gas. "We assess the financial profile of the company as 'significant.' Our adjusted debt includes asset retirement obligations, operating leases, the ship-or-pay obligation of the company to guarantee full payment on its Oleoducto de los Llanos (ODL) and Bicentenario loans, and the proportion of convertible unsecured subordinated debentures classified as equity," S&P said. "The stable outlook reflects our opinion that PRE will continue executing on its organic and geographic diversification growth strategies," S&P said. VITRO SAB: Arbitrator Submits Restructuring Deal to Judge --------------------------------------------------------- Jonathan J. Levin at Bloomberg News reports that Vitro, S.A.B. de C.V. said that court-appointed arbitrator of its bankruptcy, Javier Navarro-Velasco, submitted its debt restructuring proposal to a judge in Monterrey. The debt restructuring deal was accepted by the company and about 850 creditors, representing more than 74% of the company's debt, the company said in an e-mailed statement obtained by the news agency. The statement said that the judge will have five days to hear from creditors before issuing a final decision, according to Bloomberg. As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2011, Bloomberg said that Mr. Navarro-Velasco said Vitro SAB probably won't conclude its debt restructuring by year-end as the company anticipates. External creditors, who oppose Vitro's restructuring proposal, will raise more legal challenges with the judge in the case, Mr. Navarro-Velasco told the news agency in a telephone interview. Mr. Navarro-Velasco, Bloomberg noted, will present the proposal to the judge by Dec. 5 and said he expects 70% of creditors, including intercompany debt controlled by subsidiaries, to approve. About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent told the Mexico stock exchange that it received sufficient acceptances of its reorganization pending in a court in Monterrey. The approval vote was evidently obtained using claims of affiliates. The bondholders are opposing the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Bondholders previously cited an "independent analyst" who estimated the Mexican plan was worth 49% to 54% of creditors' claims. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10- 47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. ====================== P U E R T O R I C O ====================== HOTEL AIRPORT: Gets 10-Day Plan Exclusivity Extension ----------------------------------------------------- The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico granted Hotel Airport Inc.'s request for a 10-day extension in its exclusive period to file plan and disclosure statement. The Court approved a 10-day extension from the Nov. 30, 2011, deadline to file its Plan. The Debtor related that it has its plan and disclosure statement almost completed, but needed 10 additional days to incorporate the results of certain negotiations with the PR Ports Authority regarding the terms for the assumption of the lease agreement between them. The Debtor discussed an agreed assumption with counsel for Ports, and sent a draft thereof. The Port's counsel has requested some time to evaluate the proposal with his client. About Hotel Airport Hotel Airport Inc., in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11-06620) on Aug. 5, 2011. Judge Enrique S. Lamoutte Inclan oversees the case. Edgardo Munoz, PSC, serves as bankruptcy counsel. Francisco J. Garrido Molina serves as its accountant, and RS& Associates as external auditors to perform auditing services. The Debtor disclosed US$8,547,993 in assets and US$171,169,392 in liabilities as of the Chapter 11 filing. The petition was signed by David Tirri, its president. =============== X X X X X X X X =============== * S&P's Global Corporate Default Tally Rises to 43 Issuers ---------------------------------------------------------- Two U.S.-based issuers defaulted last week, raising the tally of global corporate default in 2011 to 43, said an article published Dec. 1 by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Update (Nov. 23 - 30, 2011)." The first default, The PMI Group Inc., filed for Chapter 11 on Nov. 28, three months after the Arizona Department of Insurance placed the company's subsidiary, PMI Mortgage Insurance Co., under supervision. As a result, Standard & Poor's Rating Services lowered the rating on the company to 'R' -- a rating tantamount to default under Standard & Poor's criteria. Standard & Poor's lowered its rating on the second issuer, AMR Corp., to 'D' after the company and its subsidiary, American Airlines Inc., filed for Chapter 11 bankruptcy on Nov. 29. Of the total defaulters this year, 32 are based in the U.S., three are based in New Zealand, two are in Canada, and one each is in the Czech Republic, Greece, France, Israel, Italy, and Russia. Of the defaulters by this time in 2010, 56 were U.S.- based issuers, 10 were from the other developed region (Australia, Canada, Japan, and New Zealand), eight were from the emerging markets, and two were European issuers. Seventeen of this year's defaults were due to missed interest or principal payments and eight were due to distressed exchanges -- both of which were among the top reasons for defaults in 2010. Bankruptcy filings followed with nine defaults, and regulatory actions accounted for three. Of the remaining defaults, one issuer failed to finalize refinancing on its bank loan, one had its banking license revoked by its country's central bank, another was appointed a receiver, and three were confidential. By comparison, in 2010, 28 defaults resulted from missed interest or principal payments, 25 from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, one from a regulatory directive, and one from administration. Following a year of record-setting highs in terms of global corporate default statistics, 2010 provided the markets with a noticeable reversal. In 2010, 81 global corporate issuers defaulted, down from the record high of 265 in 2009. None of the 81 defaulters began the year rated investment grade. The debt amount affected by these defaults fell to $95.7 billion, which was also considerably lower than in 2009. * S&P: Global Default Rate Increases After 5 Mos. of Declines ------------------------------------------------------------- The number of global weakest links increased marginally to 128 on Nov. 15 from 124 on Oct. 21, and they have total rated debt of $193.1 billion, said an article published Dec. 2 by Standard & Poor's Global Fixed Income Research, titled "Global Weakest Links And Default Rates: The Global Default Rate Increased Slightly In October." Weakest links are issuers rated 'B-' and lower with either negative outlooks or ratings on CreditWatch with negative implications. "So far, 41 issuers have defaulted globally in 2011 through Nov. 15, six of which have defaulted since October," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "These defaulted issuers have combined outstanding debt worth $69.9 billion." By comparison, 82 issuers defaulted on debt worth $97.5 billion in 2010, and 264 issuers defaulted on debt worth $627.7 billion in 2009. "The 12-month-trailing global corporate speculative-grade default rate slightly increased to 1.68% in October from 1.65% in September," said Ms. Vazza. Regionally, the U.S. corporate speculative-grade corporate default rate increased to 2.06% from 1.94%, and the European default rate rose sharply to 1.23% from 0.86%. The default rate in the emerging markets also increased, to 0.58% from 0.52%. The U.S. has the weakest links, with 83, or 64.8% of the global total. By sector, media and entertainment, banks, and forest products and building materials have the greatest concentrations of weakest links. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 * * *