/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/111228.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 Wednesday, December 28, 2011, Vol. 12, No. 257 Headlines A R G E N T I N A AGREPEZ SA: Creditors' Proofs of Debt Due March 1 ALMIRON VILLALBA: Creditors' Proofs of Debt Due March 3 CLIMEDICA SRL: Creditors' Proofs of Debt Due Feb. 21 FIDEICOMISO FINANCIERO: Moody's Puts B2 Rating on Debt Securities INDUSTRIAS METALURGICAS: Creditors' Proofs of Debt Due Feb. 16 * ARGENTINA: Moody's Keeps 'B3' Long-term Issuer Ratings B E L I Z E * BELIZE: Moody's Maintains 'B3' Currency Ratings B E R M U D A DIGICEL GROUP: TBI Tries To Block Long Distance Service ENERGY XXI: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive B R A Z I L AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating BANCO SOFISA: Moody's Assigns 'D' Bank Financial Strength Rating C A Y M A N I S L A N D S AIO-AC LTD: Shareholders Receive Wind-Up Report BUS 529: Shareholders Receive Wind-Up Report CLP IT SOLUTIONS: Shareholders Receive Wind-Up Report ERMITAGE LEVERAGED: Shareholders Receive Wind-Up Report FEDERATED CBO: Shareholders Receive Wind-Up Report GLG MMI: Shareholder Receives Wind-Up Report GLG MMI: Shareholder Receives Wind-Up Report JLA HOLDINGS: Shareholder Receives Wind-Up Report OFFSHORE SERVICES: Shareholders Receive Wind-Up Report PROGRESS FUNDING: Shareholders Receive Wind-Up Report RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report RS VENTURES: Shareholder Receives Wind-Up Report SEACOAST SAND: Shareholder Receives Wind-Up Report SIGNUM FUCHSIA: Shareholders Receive Wind-Up Report SIGNUM OPAL: Shareholders Receive Wind-Up Report C U B A CUBA: Moody's Assigns 'Caa1' Long-term Issuer Rating D O M I N I C A N R E P U B L I C EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating G U A T E M A L A GUATEMALA: Moody's Gives 'Ba1' Long-term Issuer Ratings J A M A I C A JAMAICA: Moody's Assigns 'B3' Long-term Issuer Ratings M E X I C O COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corp. Credit Rating V E N E Z U E L A CRYSTALLEX INT'L: Gets Additional Time To Pursue Arbitration - - - - - ================= A R G E N T I N A ================= AGREPEZ SA: Creditors' Proofs of Debt Due March 1 ------------------------------------------------- Luis Miguel Riccardini, the court-appointed trustee for Agrepez SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 1, 2012. Mr. Riccardini will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 15, 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: Luis Miguel Riccardini Bartolome Mitre 1371 Argentina ALMIRON VILLALBA: Creditors' Proofs of Debt Due March 3 ------------------------------------------------------- Marta Ester Acuna, the court-appointed trustee for Almiron, Villalba y Cia. SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 3, 2012. Ms. Acuna will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, 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 Ester Acuna Combate de los Pozos 129 Argentina CLIMEDICA SRL: Creditors' Proofs of Debt Due Feb. 21 ---------------------------------------------------- Mario Jasatzky, the court-appointed trustee for Climedica SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 21, 2012. Mr. Jasatzky will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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: Mario Jasatzky Cerrito 228 Argentina FIDEICOMISO FINANCIERO: Moody's Puts B2 Rating on Debt Securities ----------------------------------------------------------------- Moody's Latin America has assigned a rating of Aa3.ar (Argentine National Scale) and of B2 (Global Scale, Local Currency) to the debt securities of Fideicomiso Financiero Secupyme XXXVI. Ratings Rationale The rated securities are backed by a pool of bills of exchange signed by agricultural producers in Argentina. The bills of exchange are guaranteed by Garantizar S.G.R., which is a financial guarantor in Argentina. Garantizar has a local currency national scale rating of Aa3.ar and a global local currency rating of B2. The rating assigned to this transaction is primarily based on the rating of Garantizar. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. The rating addresses the payment of interest and principal on or before the legal final maturity date of the securities. Banco de Valores S.A. (Issuer and Trustee) issued one class of debt securities denominated in Argentine pesos. The rated securities will bear a 5% annual interest rate. The rated securities will be repaid from cash flow arising from the assets of the Trust, constituted by a pool of fixed rate bills of exchange denominated in US dollars signed by agricultural producers and guaranteed by Garantizar S.G.R. The bills of exchange will have the same interest rate as the rated securities. The promise to investors is to receive the payment of interest and principal by the legal final maturity of the transaction. Although the rated securities (and the bills of exchange) are denominated in US dollars, they are payable in Argentine pesos at the exchange rate published by Banco de la Nacion Argentina as of the day prior to the date that the funds are initially deposited into the Trust account. As a result, the dollar is used as a currency of reference and not as a mean of payment. For that reason, the transaction is considered to be denominated in local currency. If eight days before each payment date, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Garantizar to make payment under the bills of exchange. Garantizar, in turn, will have five days to make this payment into the trust account. Under the terms of the transaction documents, the trustee has up to two days to distribute interest and principal payments to investors. Interest on the securities will accrue up to the date on which the funds are initially deposited by either Garantizar, the exporter, or the individual producers into the Trust account. The designated Trustee in this transaction is Banco de Valores S.A., rated by Moody's TQ1.ar. INDUSTRIAS METALURGICAS: Creditors' Proofs of Debt Due Feb. 16 -------------------------------------------------------------- Susana Fernandez, the court-appointed trustee for Industrias Metalurgicas Suarez SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 16, 2012. Ms. Fernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Susana Fernandez Florida 520 * ARGENTINA: Moody's Keeps 'B3' Long-term Issuer Ratings -------------------------------------------------------- Moody's Investors Service issued a release representing its summary credit opinion on Argentina, and which includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Argentina. Moody's maintains these ratings on Argentina and its affiliates: Long Term Issuer (domestic and foreign currency) ratings of B3 Senior Unsecured (foreign currency) ratings of B3/Ca Senior Unsecured MTN Program (foreign currency) ratings of (P)Ca Senior Unsecured Shelf (foreign currency) ratings of (P)B3/(P)Ca Other Short Term ratings of NP Other Short Term (domestic currency) ratings of NP Other Short Term (foreign currency) ratings of (P)NP Ratings Rationale Argentina's B3 ratings balance the country's economic development and improved debt metrics with continuing concerns about the country's policy mix and political volatility. Argentina's GDP per capita is more than twice the median of B-rated sovereigns, and its economy larger and more diversified than its peer group. The debt burden is similar to rating peers and has been trending downwards for several years. Moody's estimates that the debt-to- revenues ratio will be under 190 this year, falling from 346 in 2006. Institutional strength concerns remain the key ratings constraint for Argentina. The impact of politics in Argentina's ratings affects the government's ability to pay through a combination of unsustainable macro and micro policies and a highly contentious political process. Politics also have an impact on Moody's assessment of willingness to pay, as evidenced by the authorities' decision to underreport inflation when 23% of government debt is indexed to inflation. Continued Paris Club arrears, and the inability to resolve this, also weigh on the rating. Rating Outlook Moody's views countries in the B category as susceptible to high default risk -- even from just a single, major shock -- because of substantial political, economic, and/or fiscal weaknesses. Argentina clearly belongs in this category. Absent prospects of an imminent default, which would push the ratings lower, Argentina's ratings are appropriately positioned at the low end of the B category reflecting a balance between improved debt metrics and a questionable policy environment. What Could Change the Rating Up Reduced policy concerns and/or continued improvement in the external and debt metrics could result in a ratings upgrade. What Could Change the Rating Down A large and sustained deterioration of commodity prices; failure to make fiscal adjustments that could translate into a serious erosion of market confidence, liquidity and public finances. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. =========== B E L I Z E =========== * BELIZE: Moody's Maintains 'B3' Currency Ratings ------------------------------------------------- Moody's Investors Service issued a release representing its summary credit opinion on Belize, and which includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Belize. Moody's maintains these ratings on Belize: Long Term Issuer (domestic and foreign currency) ratings of B3 Senior Unsecured (domestic and foreign currency) ratings of B3 Ratings Rationale Belize's B3 government bond ratings reflect the government's high debt burden and weak public finances, relatively weak institutions, and an economy that remains highly vulnerable to natural disasters and external shocks. The government restructured part of its debt in 2007 but the debt-to-revenues ratio and other debt metrics remain higher than most rating peers and a key ratings constraint. Institutional concerns have surfaced most recently in the aftermath of a controversial nationalization of the national electricity company, and raising further questions about the medium and long-term fiscal position. The economy remains comparatively weak as evidenced by the $6600 per capita GDP (2010 PPP basis) and a nominal GDP of less than $1.5 billion. Economic growth has been stronger than most of the Caribbean nations with which it shares a language and history, but averaging only 2.5% annually in the last five years it remains insufficient to change the country's relative standing. Historically dependent on agriculture and tourism, the discovery of oil in 2005 led to speculation of a major shift in the economy but production peaked at only 4000 bpd and is now declining. The economy's vulnerability to natural disasters and a very limited ability to adjust in the event of adverse shocks make Belize highly susceptible to event risk. Most of the government debt is foreign currency-denominated and the exchange rate regime is a peg to the US dollar. Rating Outlook The stable outlook reflects Moody's view that government finances are manageable after the recent debt restructuring but vulnerabilities remain high, including the potential fiscal cost of recent and previous nationalizations. What Could Change the Rating Up An increase in fiscal revenues available to service debt could lead to a positive outlook or upwards ratings movement, as would an increase in trend GDP growth that reduces the overall debt burden. What Could Change the Rating Down A Negative Outlook or other downwards ratings movement could result if the government does not adjust its finances to the expected increase in debt servicing costs. Extra pressure on fiscal accounts from payments due on past nationalizations as well as the regular natural disasters Belize is prone to are further credit negatives, and could result in ratings downgrades. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. ============= B E R M U D A ============= DIGICEL GROUP: TBI Tries To Block Long Distance Service ------------------------------------------------------- Marina Mello at The Royal Gazette reports that TBI has called on the Bermudan government to take action against Digicel Group Limited after the firm relaunched its long distance service. Digicel said in a statement, "Digicel and Transact shall immediately recommence the marketing, promotion and sales of its international long distance (ILD) over VoIP offerings to all consumers in Bermuda effective 1:00 p.m. This announcement follows the decision of the Supreme Court of Bermuda last Thursday in which the Chief Justice discharged Digicel and Transact from all undertakings provided to the court in respect of the long distance services being offered by Digicel and Transact. This decision paved the way for Digicel to recommence offering international long distance through VoIP. Digicel had previously launched this service, but was compelled to suspend promotion and marketing on Oct. 27. This suspension of service has now ended." The Royal Gazette quoted TBI president and COO Greg Swan as saying, "The Chief Justice clearly indicated that the appropriate statutory body to address the issue of whether Digicel/Transact's offering of direct dial long distance is legal resides with the Telecommunications Commission. The court did not rule in favor of Digicel/Transact as there was no trial. Our position remains the same, the offering of direct dial long distance by Digicel/Transact falls outside of the scope of one or both of their operating licenses. The Telecommunications Act, the associated regulations and Ministerial directives were put in place to govern the telecommunications sector and regulatory reform was put in place to enable an orderly transition as the market is opened more fully." Digicel Group Limited said in a statement that Mr. Swan "is no longer the Director of Telecommunications and that does not have a role in dictating or framing government policy or activity. Digicel would also remind Mr. Swan that TeleBermuda was offered the opportunity to give a cross-undertaking as to damages to the Supreme Court last week if they wished to prevent Digicel/Transact from relaunching ILD. TeleBermuda, represented in Court by Mr. Swan, expressly refused to do so." The government said in a statement, "Following Digicel/Transact's announcement today (Dec. 22) that, effective immediately, it has resumed offering, selling, and marketing its International Long Distance (ILD) via Voice over Internet Protocol (VOIP) service, the government would like to state that it intends to refer the matter of whether this service is in compliance with the terms of the licenses provided to Telecommunication (Bermuda and West Indies) Ltd (TBWL) and Transact Ltd to the Telecommunications Commission, pursuant to Section 16 of the Telecommunications Act 1986. Additionally, government will soon initiate a consultation period with industry stakeholders regarding a change in policy for the provision of international long distance service." The Digicel-branded long distance service, offered through sister company Transact, is not lawful, The Royal Gazette cited government officials as saying. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. ENERGY XXI: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Hamilton, Bermuda-based Energy XXI (Bermuda) Ltd. to positive from stable, and affirmed the 'B' corporate credit rating. "At the same, we affirmed our 'B' senior unsecured debt rating and revised the recovery rating to '4' from '3', indicating our expectation that lenders will receive average (30% to 50%) recovery in the event of a payment default," S&P said. "The positive outlook reflects Energy XXI's improved debt leverage, liquidity, and solid operational performance relative to its Gulf of Mexico peers," said Standard & Poor's credit analyst Paul Harvey. "Since its December 2010 acquisition of properties from ExxonMobil, Energy XXI has lowered adjusted debt leverage to about 2x from over 3.5x, having repaid nearly $275 million of revolver debt. We expect debt leverage to remain about 2x or less in 2012 given the positive outlook for crude oil prices, as well as the expectation that the company will continue to generate positive free cash flows. The positive outlook also reflects Energy XXI's 5.5 year proved developed reserve life, good profitability, and three-year organic reserve replacement of 85%, which is above average relative to its peers." "The ratings on Energy XXI (Bermuda) Ltd. reflect its moderate reserve size, focus on the difficult Gulf of Mexico region that requires high reinvestment to maintain production and reserve levels, and an elevated cost structure. Rating factors also include the company's improved liquidity and cash flows, near- term free cash flow generation and expectations for a focus on maintaining its improved debt leverage," S&P said. "The positive outlook reflects the potential for an upgrade over the next 12 months because of Energy XXI's improved debt leverage, liquidity, and solid operational performance relative to its Gulf of Mexico peers. We could raise ratings if Energy XXI maintains historical reserve replacement levels, about 80% organic and over 100% all-in, while keeping adjusted debt leverage below 2.5x. In addition, we expect Energy XXI to maintain sufficient liquidity of $150 million to $200 million to provide a cushion against potential production stoppages, such as from the impact of a hurricane or other unplanned event. We could revise our outlook to stable if the company pursues a more aggressive financial policy such that debt leverage exceeds 2.5x for a prolonged period or reserve replacement falls short of expectations," S&P said. =========== B R A Z I L =========== AMPLA ENERGIA: S&P Affirms 'BB' Global Scale Corp. Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings, including the 'BB' global scale and 'brAA-' national scale corporate credit ratings, on Brazil-based electric utility Ampla Energia e Servi‡os S.A. The outlooks remained stable. "The ratings on Ampla reflect its somewhat weak operations with a high level of electricity losses and past due receivables, and the sizable capital expenditures and dividend distributions that result in a less-than-adequate liquidity position, in our view," said Standard & Poor's credit analyst Luisa Vilhena. "Partially offsetting these risks are Ampla's adequate credit metrics, resulting from rising consumption in its concession area and its stable debt." "The stable outlook reflects our expectation that Ampla will report steady financial metrics over the next few years, on strong cash generation and debt stability," S&P said. "We believe the company will maintain significant investments to reduce its electricity losses and improve its operations, which could gradually result in stronger margins," said Ms. Vilhena. BANCO SOFISA: Moody's Assigns 'D' Bank Financial Strength Rating ---------------------------------------------------------------- Moody's Investors Service downgraded the bank financial strength rating (BFSR) assigned to Banco Sofisa S.A. to D, from D+, and revised its stand alone baseline credit assessment (BCA) to Ba2, from Ba1. Moody's also downgraded the bank's long term global local and foreign currency deposit ratings to Ba2, from Ba1. At the same time, Moody's downgraded Banco Sofisa's long term Brazilian national scale deposit rating to Aa3.br, from Aa2.br. The ratings outlook was changed to stable. All short term ratings remained unchanged. These ratings assigned to Banco Sofisa were downgraded: Bank Financial Strength Rating to D from D+, stable outlook Long term Global Local Currency Deposit Rating to Ba2 from Ba1, stable outlook Long term Foreign Currency Deposit Rating: to Ba2 from Ba1, stable outlook Long term Brazilian National Scale Deposit Rating in Brazil to Aa3.br from Aa2.br, stable outlook The following ratings remained unchanged: Short term Global Local Currency Deposit Rating: Not Prime Short term Foreign Currency Deposit Rating: Not Prime Short term Foreign Currency Senior Unsecured Debt Rating: Not Prime Short term Brazilian National Scale Rating: BR1 Ratings Rationale In downgrading the ratings of Banco Sofisa, Moody's highlighted the challenges to the bank's business growth and earnings generation in the context of intensifying competition in its core market of commercial lending, as well as less favorable credit conditions. The rating action incorporates Moody's expectations that profitability will remain modest as management repositions Sofisa's franchise and amends its operations and funding sources to its business strategy. Moody's noted that management's decision to refocus on its core expertise and away from consumer lending is a positive ratings development given Sofisa's proven track record as a lender to small and mid-sized companies (SME). The bank, however, has a sizable legacy consumer loan book to manage, equivalent to about 23% of total loans, which will continue to demand additional provisioning and management's attention, with negative implications to its operating performance. Moreover, increasing competition, combined with decelerating economic activity, may translate into lower growth and compel the bank to defend its market position. Moody's acknowledges Banco Sofisa's robust capitalization, which at 17.7% Tier 1 ratio, could withstand considerable potential losses even in a harsh stress scenario, while supporting management's plans of expanding loans by 15% and 20%, respectively in 2012 and 2013. Sofisa's disciplined approach to risk and controls, and the largely secured nature of its loans, have supported asset quality indicators, despite the recent deterioration in its legacy portfolio. The bank's low leverage and renewed focus on short-term lending should support the liquidity of its balance sheet, together with strengthened cash cushion that serves the bank well to face potential market volatility. Moody's notes the increasing share of guaranteed deposits and other wholesale funding sources in Sofisa's liability; recent initiatives for gathering online retail deposits through Sofisa-Direto are yet to prove sustainable and economical. Moody's noted that management's ability to adequately manage asset quality and funding risk diversification is critical to sustain Banco Sofisa's specialized business model and enhance its earnings generation capability. To that effect, the stable outlook on the ratings captures Moody's expectations that efforts to expand the bank's sales force, and thus loan origination in its targeted SME market (notably among companies with total annual sales between BRL50 million and BRL500 million), will be important for their contribution to earnings and market position. Negative pressures on the ratings would derive from the bank's inability to deal with greater competition in the middle-market lending segment, which could lead to a higher risk appetite. Rapid loan growth could also pressure ratings if it is derived from any loosening of Sofisa's conventionally strict credit policies, which could affect asset quality ratios. A significant decline in liquidity or material deterioration in asset quality would represent key negative rating drivers. Reliance on expensive and volatile funding sources that would pressure margins could also lead to downward rating pressures. Conversely, positive ratings movement would derive from continuing growth of the bank's franchise, business scope and thus, profitability, as well as a balanced funding structure with lower dependence on wholesale sources on a sustained basis. In addition, adequate asset quality and profitability ratios, reflecting recurring earnings generation, could also have positive implications for the bank's ratings. The last rating action on Banco Sofisa occurred on April 14, 2010 when Moody's affirmed its BFSR rating of D+, but changed the outlook to negative, from stable. The principal methodologies used in these banks were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007. Based in Sao Paulo, Banco Sofisa had total assets of approximately BRL4.07 billion (US$2.23 billion) and equity of BRL758 million (approximately US$415 million) as of September 30, 2011. =========================== C A Y M A N I S L A N D S =========================== AIO-AC LTD: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of AIO-AC, Ltd. received on Dec. 22, 2011, 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 BUS 529: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of Bus 529 Acquisition Corp. received on Dec. 22, 2011, 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 CLP IT SOLUTIONS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of CLP IT Solutions Limited received on Dec. 22, 2011, 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 ERMITAGE LEVERAGED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Ermitage Leveraged SPC received on Dec. 22, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Morrissey c/o Ermitage Asset Management Jersey Limited 47 The Esplanade, 1st Floor St Helier Jersey JE1 9LB Channel Islands FEDERATED CBO: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Federated CBO, Limited received on Dec. 23, 2011, 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 GLG MMI: Shareholder Receives Wind-Up Report -------------------------------------------- The shareholder of GLG MMI CTA Fund received on Dec. 13, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Jenna Nicholson Telephone: 345-815-2640 Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands GLG MMI: Shareholder Receives Wind-Up Report -------------------------------------------- The shareholder of GLG MMI Select Fund received on Dec. 13, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Jenna Nicholson Telephone: 345-815-2640 Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands JLA HOLDINGS: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of JLA Holdings Inc. received on Dec. 22, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 OFFSHORE SERVICES: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Offshore Services LLC received on Dec. 23, 2011, 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 PROGRESS FUNDING: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Progress Funding received on Dec. 22, 2011, 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 RENAISSANCE RUSSIA: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Renaissance Russia Master Fund SPC received on Dec. 20, 2011, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. PO Box 1350 Clifton House 75 Fort Street Grand Cayman KY1-1108 Cayman Islands RS VENTURES: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of RS Ventures Corporation received on Dec. 22, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Cayman Islands SEACOAST SAND: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Seacoast Sand and Gravel Co. Ltd received on Dec. 22, 2011, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited Telephone: 949 8666 Facsimile: 949 0626 PO Box 694 Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 SIGNUM FUCHSIA: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Signum Fuchsia Limited received on Dec. 23, 2011, 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 SIGNUM OPAL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Signum Opal Limited received on Dec. 23, 2011, 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 ======= C U B A ======= CUBA: Moody's Assigns 'Caa1' Long-term Issuer Rating ---------------------------------------------------- Moody's Investors Service issued a release representing its summary credit opinion on the Government of Cuba, and which includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Cuba. Moody's current ratings on Cuba are: Long Term Issuer (foreign currency) rating of Caa1 Ratings Rationale Cuba's Caa1 sovereign ratings reflect a debt moratorium, in place for more than 20 years, which has led to the accumulation of principal and interest arrears. Cuba's ratings incorporate very low economic strength largely on account of the small size of its economy and low GDP per-capita. Very weak institutional strength reflecting governance problems are factored into Cuba's ratings, along with considerations related to limited availability of information and a lack of transparency. In addition to weak government financial strength, Cuba's ratings incorporate: (i) the economy's extreme dependence on imported goods, (ii) restricted access to external financing, and (iii) ongoing political uncertainties. Tourism has been a major driving force of the economy with tourism-related revenues accounting for a large share of the country's foreign exchange. With two-thirds of the population receiving family transfers from Cubans residing abroad, remittances are also an important source of foreign revenues amounting to some 4% of GDP. Rating Outlook Cuba's ratings have a stable outlook even though the country remains an economy in transition. The medium-term perspective will be strongly influenced by the government's ability to manage an intergenerational transfer of power. A nickel-based mining sector has become an important growth driver. The mining sector has become a major recipient of foreign direct investment flows coming from Canada and, more recently, China. With nickel exports making an important contribution to foreign currency earnings, mining is expected to play an increasingly important role in the coming years. Medium-term prospects appear favorable as Cuba holds the third largest reserve of nickel in the world and currently ranks among the world's top five producers. Substantial economic and financial support from Venezuela has influenced Cuba's near-term economic performance. Venezuela's most significant contribution has involved the provision of oil supplies at below-market prices that have covered nearly half of the country's energy needs -- the implicit subsidy coming from Venezuela is estimated at $1.5 billion annually. What Could Change the Rating Up Institutional changes that introduce economic reforms; a smooth political and economic transition in the post-Castro era. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. ================================== D O M I N I C A N R E P U B L I C ================================== EMPRESA GENERADORA: S&P Affirms 'B-' Corporate Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Dominican Republic-based power generation company Empresa Generadora de Electricidad Haina S.A. to positive from stable. "At the same time, we affirmed our 'B-' corporate credit rating on the company and on its senior unsecured notes," S&P said. "The positive outlook reflects our expectation that Haina will gradually improve its financial profile," said Standard & Poor's credit analyst Carolina Duran. "It is further diversifying its energy sources, expanding its capacity through large capital expenditures, and continuing to post satisfactory financial indicators and stronger cash flow generation capacity." "The 'B-' rating incorporates our opinion that there is a low likelihood of timely and sufficient extraordinary support from the Dominican Republic (B+/Stable/B) to Haina in the event of financial distress. In accordance with our criteria for government-related entities, our view is based on our assessment of Haina's limited importance to the government's key economic and political objectives, and its limited link to the government given the latter's low involvement in the company's strategy, day-to-day operations, and no controlling rights," S&P said. The Haina Investment Co. (HIC; not rated) owns 50% of the company, and the Dominican government owns 50%. "We assess Haina's stand-alone credit profile (SACP) at 'b-', to reflect the challenges of operating in the Dominican Republic's heavily subsidized electric sector with uncertain, although improving, long-term operating and financial sustainability," S&P said. Also, the SACP incorporates the company's diversified portfolio of dollar-denominated long-term energy sales contracts and its position as the country's largest electricity generator. The SACP also considers the company's improved key financial ratios due to higher average energy sales prices in 2011 as a result of higher energy demand and an increase in Fuel Oil No. 6 prices, the main driver of price escalations in Haina's power purchase agreement (PPA) pricing formula. "In our view, the Dominican Republic's institutional and regulatory framework has improved during the past two years. We believe that allowance for tariff increments, its improvements in invoicing systems, the distribution companies' ability to suspend the service to debtors, and the strengthening of the management of the state-owned distribution companies have improved the overall business environment in the sector," S&P said "However, we believe that the sector continues to face several unresolved structural, technical, and institutional deficiencies. These are total electricity theft (including technical losses) -- representing approximately 35% of total electricity generated in the Dominican Republic -- outdated equipment, dependence on fuel oil, and the distribution companies' failure to improve their overall operating and financial performance -- leading to a high dependence on the government's annual subsidy, which totaled about $800 million in 2011," S&P said. These unresolved issues continue to hinder the sector's performance and our assessment of industry risk, resulting in high operational and financial costs," S&P said. Haina's ownership of 11 generation units at seven plants and a diversified portfolio of dollar-denominated, long-term energy sales contracts, which limit its exposure to spot-market volatility and allow pass-through of fuel costs, partially offset these challenges. ================= G U A T E M A L A ================= GUATEMALA: Moody's Gives 'Ba1' Long-term Issuer Ratings ------------------------------------------------------- Moody's Investors Service issued a release representing its summary credit opinion on the Government of Guatemala and which includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Guatemala. Moody's current ratings on Guatemala are: Long Term Issuer (domestic and foreign currency) ratings of Ba1 Senior Unsecured (foreign currency) ratings of Ba1 Ratings Rationale Guatemala's Ba1 foreign currency and local currency ratings reflect the country's moderate institutional strength, which balances the commitment to macroeconomic stability and prudent fiscal and monetary policies with concerns related to government effectiveness and the country's social infrastructure. The country has a long track record of fiscal responsibility with government deficits averaging 2% of GDP during the last decade. A manageable debt burden and low debt rollover risk, given the prevalence of multilateral funding, are elements that support the rating. Guatemala's ratings are constrained by a persistent difficulty raising tax revenues over 10% of GDP coupled with substantial social and infrastructure needs. These factors limit fiscal flexibility and reduce government financial strength. Ratings are also constrained by a relatively low level of economic development. Guatemala's GDP per capita - $4760 on a PPP basis - is lower than the corresponding median for Ba peers. Despite above-trend growth in the years preceding the global crisis, Guatemala's economic performance has lagged that of similarly-rated sovereigns, a condition that limits its upside rating potential. Low income levels and limited diversification of the economic base introduce potential vulnerabilities given a somewhat limited ability to manage adverse shocks. Moderate political, economic, and financial risk support a somewhat favorable assessment of susceptibility to event risk. Rating Outlook The current outlook for Guatemala's ratings is stable. Moody's expects continued fiscal and policy stability. What Could Change the Rating Up Stronger economic growth that results in a sustained improvement of credit metrics; a significant reduction in government debt indicators relative to peers. What Could Change the Rating Down Erosion of the country's longstanding consensus economic policy. A worse-than-expected economic performance that raises debt ratios. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. ============= J A M A I C A ============= JAMAICA: Moody's Assigns 'B3' Long-term Issuer Ratings ------------------------------------------------------ Moody's Investors Service issued a release representing its summary credit opinion on Jamaica and which includes certain regulatory disclosures regarding its ratings. The release does not constitute any change in Moody's ratings or rating rationale for Jamaica. Moody's maintains these ratings on Jamaica and its affiliates: Long Term Issuer (domestic and foreign currency) ratings of B3 Senior Unsecured (domestic and foreign currency) ratings of B3 Senior Unsecured Shelf (foreign currency) ratings of (P)B3 Air Jamaica Limited BACKED Senior Unsecured (foreign currency) ratings of B3 Ratings Rationale Jamaica's B3 foreign- and local-currency government bond ratings reflect the country's low economic development, moderate institutional strength, weak government finances, and high susceptibility to shocks. Jamaica's per capita GDP is higher than the B-category median but annual growth has averaged less than 1% a year in the last decade. The country has been in recession for the past three years, only recovering in the first quarter of 2011. Lack of growth makes reducing the debt burden difficult and the country's debt-to-revenues ratio remains among the highest in its rating category, even after last year's domestic debt exchange. A high tolerance for fiscal austerity measures among its population, and the country's broad consensus on economic policies supports Moody's view of moderate institutional strength, a key support for the rating. The country's high susceptibility to event risk is the result of an economy highly vulnerable to external shocks given the importance of tourism and continued need for external financing. Jamaica's per capita GDP is higher than the B-category median but annual growth has averaged less than 1% a year in the last decade. Rating Outlook Jamaica's Stable Outlook reflects Moody's views that changes to the government's bond ratings are unlikely at this time, given the country's still high debt burden and low economic growth. The 2010 debt exchange improved the government's fiscal position by dramatically reducing the interest burden, but debt levels remain much higher than those of most of its rating peers, giving the country little room to maneuver. And while the economy will likely grow in 2011, after 3 years of recession, Moody's expects future growth to remain subdued. Fostering conditions promoting faster growth will likely remain a key policy challenge. What Could Change the Rating Up A Positive outlook or other upward ratings movement could result if fiscal consolidation efforts are successful and/or economic growth rebounds strongly, leading to a sustainable drop in the main debt metrics. It will require a combination of continued fiscal restraint and structural reforms supporting faster economic growth. This depends on policy continuity to ensure that recent efforts to improve the fiscal and debt position bear fruit. This is under the control of Jamaica's political system. But it also requires no major external shock that impacts public finances, which is not susceptible to government control. What Could Change the Rating Down A Negative outlook or other downward ratings movement would result from failure to limit debt growth and/or slower economic growth that leads to another fiscal crisis. In many ways this is the exact flip side of the positive scenarios outlined above since either an external shock (including natural disasters) or a policy shift to higher deficits could lead to downgrades. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. =========== M E X I C O =========== COLUMBUS INTERNATIONAL: S&P Affirms 'B' Corp. Credit Rating ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' ratings, including the corporate credit rating, on Barbados-based capacity services and retail broadband-enabled services provider Columbus International Inc. The outlook remains stable. "The ratings on Columbus reflect its 'weak' business and 'highly leveraged' financial profiles (as our criteria define them)," S&P said. "We also considered the competitive conditions in the telecommunications industry in the regions where it operates, the company's exposure to foreign-exchange risk, its exposure to regulatory and license renewal risk, and the rapid pace of technological change in its capital-intensive industry," said Standard & Poor's credit analyst Marcela Duenas. Positive factors include Columbus' technologically advanced subsea cable network throughout the Pan-Caribbean region; favorable growth prospects in its operating markets because of low penetration; geographic diversification in the Caribbean, Latin America, and North America; and dollar-denominated revenues, which partially mitigate its foreign-exchange exposure. "The stable outlook reflects Columbus' manageable debt maturity profile and our expectation that the company will maintain stable financial indicators in the coming year," S&P said. "Columbus is a diversified Caribbean communications company with a core operating business in cable-TV services, high-speed Internet access, digital phone and Internet infrastructure services, development of an undersea fiber optic cable network, and the sale and lease of the telecom capacity this network provides. The company operates two divisions: Columbus Networks (wholesale) and Flow (retail broadband services), representing 43% and 57%, respectively, of the company's consolidated revenues," S&P said. ================= V E N E Z U E L A ================= CRYSTALLEX INT'L: Gets Additional Time To Pursue Arbitration ------------------------------------------------------------ Crystallex International Corporation has obtained an order from the Ontario Superior Court of Justice (Commercial List) for protection under the Companies' Creditors Arrangement Act (Canada) (CCAA). Ernst & Young Inc. was appointed monitor under the order. Subject to the order, proceedings by creditors and others cannot be continued or commenced without the consent of the Company and the monitor, or leave of the court. Management of the Company has been exploring financing alternatives for some time, including a $120 million private placement disclosed on October 11, 2011, in order to deal with the liquidity crisis resulting from the $100 million senior unsecured notes issued by the Company maturing on the date hereof. Although the Company has received proposals, none have been satisfactory and discussions continue. The order obtained permits Crystallex to remain in possession and control of its property, carry on its business and retain employees while the Company obtains additional time to pursue its arbitration with the Bolivarian Republic of Venezuela and complete financings in order to enable all its creditors to be paid in full. The Company currently has cash and cash equivalents and other assets that are expected to be sufficient to fund its obligations and budgeted expenditures until it obtains debtor-in-possession financing. The Company is currently pursuing DIP financing in amounts sufficient to continue to finance the Company through the CCAA proceedings. Crystallex has received expressions of interest from several parties who are interested in providing DIP financing and intends to conclude negotiations for a DIP financing facility within the next few weeks. Effective no later than December 28, 2011, court filed documents and other information regarding the CCAA proceedings will be available on the Company's Web site at http://www.crystallex.com and on the monitor's Web site at http://www.ey.com/ca/crystallex Other Matters Crystallex has been informed that the arbitral tribunal for its claim against the Bolivarian Republic of Venezuela with respect to the Las Cristinas Project has agreed upon a schedule of written submissions from the parties and has set a hearing date of November 11, 2013. The Company is diligently advancing its arbitration claim, while remaining receptive to settlement alternatives with Venezuela. The Company will continue to vigorously pursue this claim while it remains under creditor protection. On December 7, 2011, the Toronto Stock Exchange determined that the Company did not meet the Original Listing Requirements of the Exchange and that the Company's shares will be delisted effective at the close of market on January 6, 2012. Management has no current intentions to pursue alternative exchange listing options. Crystallex shares will continue to trade in the US on the OTCQB market. About Crystallex International Based in Toronto, Canada, Crystallex International Corporation (TSX: KRY) (NYSE Amex: KRY) -- http://www.crystallex.com/-- is a Canadian-based company, which has been granted the Mine Operating Contract to develop and operate the Las Cristinas gold properties located in Bolivar State, Venezuela. The Company also reported a net loss and comprehensive loss of US$33.71 million for the nine months ended Sept. 30, 2011, compared with a net loss and comprehensive loss of US$27.66 million for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed US$19.77 million in total assets, US$115.07 million in total liabilities and a US$95.29 million total shareholders' deficiency. As at Sept. 30, 2011, the Company had negative working capital of $92.6 million, including cash and cash equivalents of $7.6 million. Most of this working capital amount is the obligation to repay the Noteholders the principal amount of the $100 million notes payable due on Dec. 23, 2011. Management estimates that its existing cash and cash equivalents and expected proceeds from additional equipment sales will be sufficient to meet its on- going requirements through 2012 assuming either a settlement or refinancing of the notes; however, without receipt of additional sources of financing, will not be sufficient to pay the notes. The unilateral cancellation of the MOC by CVG and the subsequent arbitration claim may impact on the Company's ability to raise financing. These material uncertainties raise substantial doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, as to the ultimate appropriateness of the use of accounting principles applicable to a going concern. *********** 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, Sheryl Olano, 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 * * *