/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120120.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 20, 2012, Vol. 13, No. 013 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Liquidators Ask Victims to File Claims for Money A R G E N T I N A COMPANIA GENERAL: S&P Lowers Corporate Credit Rating to 'BB+' SUPERVIELLE PERSONALES: Moody's Gives Ba3 Rating to ARS30.3 Notes B A R B A D O S FOUR SEASONS: NIS to Invest in Resort, Minister Confirms B R A Z I L COMPANHIA DE SANEAMENTO: Moody's Gives 'Ba1' Global Scale Rating C A Y M A N I S L A N D S AGRIFIRMA HOLDINGS: Commences Liquidation Proceedings BEIJING JASMINE: Commences Liquidation Proceedings BKX INTERNATIONAL: Commences Liquidation Proceedings CHEYNE GENERAL: Commences Liquidation Proceedings COMMERCIAL LIMITED: Commences Liquidation Proceedings EXTENDED HOTEL: Commences Liquidation Proceedings FARALLON FCOI: Commences Liquidation Proceedings FLASH ELECTRONICS: Placed Under Voluntary Wind-Up GLENRIDGE INVESTMENTS: Commences Liquidation Proceedings HEALTHCARE EQUITY: Commences Liquidation Proceedings HEALTHCARE FINANCE: Commences Liquidation Proceedings KALLISTA MASTER: Commences Liquidation Proceedings KD BLUE: Commences Liquidation Proceedings KROS MASTER: Commences Liquidation Proceedings KROS SPECTRUM: Commences Liquidation Proceedings LAS BRISAS: Commences Liquidation Proceedings LB CAPITAL: Commences Liquidation Proceedings LINDSELL TRAIN: Commences Liquidation Proceedings LOOMIS SAYLES: Commences Liquidation Proceedings MEDICAL EQUITY: Commences Liquidation Proceedings MEDICAL FINANCE: Commences Liquidation Proceedings MTF SPV V: Commences Liquidation Proceedings RICHARDSON INVESTMENTS: Commences Liquidation Proceedings SSTI TAIWAN: Commences Liquidation Proceedings UBS GLOBAL: Commences Liquidation Proceedings US DIVERSIFIED: Commences Liquidation Proceedings YELLOWSTONE NATURAL: Commences Liquidation Proceedings M E X I C O AVANCE Y FORTALECIMIENTO: Moody's Gives 'Caa1' Issuer Ratings P U E R T O R I C O COOPERATIVA DE SEGUROS: A.M. Best Affirms FSR at 'B-' EUROCLASS MOTORS: Plan Filing Period Extended Until Jan. 30 V I R G I N I S L A N D S GREENWICH SENTRY: U.S. Court Confirms Repayment Plans HOVENSA REFINERY: To Close Down Operations on Reduce Demands X X X X X X X X * LATAM: IDB Approves US$30 Million Investment in Green Fund - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Liquidators Ask Victims to File Claims for Money ---------------------------------------------------------------- Kit Chellel at Bloomberg News reports that Stanford International Bank Limited liquidators said creditors and victims needed to complete and submit a claim form if they wanted to receive distributions from the liquidators. Grant Thornton LLP, appointed by an Antiguan court to wind up Stanford International Bank, hopes to release funds held in the U.K., Canada and Switzerland and proceeds from the sale of Stanford property in Antigua, according to Bloomberg. ". . . . we can't say that either is imminent, but we continue pushing forward on both fronts as hard as we can to make distribution to depositor victims," Grant Thornton liquidator Hugh Dickson said in an e-mailed statement obtained by the news agency. Liquidators in Antigua and the U.S. are seeking control of Stanford's assets to return money to his alleged victims, including those who bought worthless certificates of deposit from Stanford International Bank. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On Feb. 16, 2009, the U.S. District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission on Feb. 17, 2009, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on a US$8 billion Certificate of Deposit program. A criminal case was also pursued against Mr. Stanford in June 2009 before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342 (S.D. Tex.). The civil case is SEC v. Stanford International Bank, 09-cv-00298 (N.D. Tex.). ================= A R G E N T I N A ================= COMPANIA GENERAL: S&P Lowers Corporate Credit Rating to 'BB+' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Chile-based Compania General de Electricidad S.A. (CGE) to 'BB+' from 'BBB-'. The outlook is stable. "We subsequently withdrew the corporate credit rating on CGE at its request," S&P said. "The downgrade is based on the company's ongoing 'less-than- adequate' liquidity and weak financial performance. Nevertheless, we believe CGE will continue benefitting from strong power demand in Chile, a strong business position, and good access to the local capital markets," S&P said. SUPERVIELLE PERSONALES: Moody's Gives Ba3 Rating to ARS30.3 Notes ----------------------------------------------------------------- Moody's Latin America has assigned ratings to the debt securities and certificates of Fideicomiso Financiero Supervielle Personales 5. This transaction will be issue by Deutsche Bank (Argentina) S.A., acting solely in its capacity as Issuer and Trustee. Moody's notes that the securities contemplated by this transaction have not yet settled. If any assumptions or factors considered by Moody's in assigning the ratings change before closing, Moody's could change the ratings assigned to the notes. -- ARS30,303,000 in Class A Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Personales 5", rated Aaa.ar (sf) (Argentine National Scale) and Ba2 (sf) (Global Scale, Local Currency) -- ARS35,579,000 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Personales 5", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale, Local Currency) -- ARS16,018,000 in Certificates of "Fideicomiso Financiero Supervielle Personales 5", rated Caa2.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale, Local Currency) Ratings Rationale The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 8,691 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Banco Supervielle, in an aggregate amount of ARS 81,908,295,83. Overall credit enhancement is comprised of subordination: 63% for the Class A Floating Rate Debt Securities and 20% for the Floating Rate Securities. In addition the transaction has various reserve funds and excess spread. Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Supervielle's portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market. These factors were incorporated in a cash flow model in order to determine the expected loss for the rated securities. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. In assigning the rating to this transaction, Moody's assumed a lognormal distribution for defaults on the main pool with a mean of 14% and a coefficient of variation of 50%. Also, Moody's assumed a lognormal distribution for prepayments with a mean of 15% and a coefficient of variation of 70%. These assumptions are derived from the historical performance to date of the Supervielle pools. The model results showed 0.14% expected loss for Class A Floating Rate Debt Securities,1.59% for Class B Floating Rate Debt Securities and 33.94% expected loss for the Certificates. Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased 6% from the base case scenario for the pool (i.e., 20% of mean), the ratings of the Classes A, Class B and CP would be downgraded to B1, B2 and Ca respectively. Finally, Moody's also evaluated the back-up servicing arrangements in the transaction. If Banco Supervielle is removed as servicer, Deutsche Bank (Argentina) S.A. will be appointed as the back-up servicer. The main source of uncertainty for this transaction would be an increase in the level of delinquency of the loans assigned to the trust over the historic performance. =============== B A R B A D O S =============== FOUR SEASONS: NIS to Invest in Resort, Minister Confirms -------------------------------------------------------- Caribbean360.com reports that Barbados Minister of Finance and Economic Affairs Christopher Sinckler has confirmed that the Barbados National Insurance Scheme (NIS) will invest in the beleaguered Four Seasons resort project. Paradise Beach Limited, the company seeking to restart Four Seasons, had sought last year a BDS$60 million investment from the NIS, and Minister Sinckler confirmed that the entity would join the national insurance schemes of Dominica and St Vincent and the Grenadines as minority investors in the Barbados-based tourism project, according to Caribbean360.com. The report notes that Mr. Sinckler said that while the project had become an international failure following the inability of the original developers to complete the project on time and within budget; by the failure occurring on Barbadian soil, the island became negatively associated. Mr. Sinckler added that the controversial hotel and residencies that had attracted some of the world's wealthiest but this had also led to "a certain circus" in the international media because these powerful people had invested a considerable amount of money in that project and have nothing to show for it, Caribbean360.com relays. The report discloses that following the settlements of outstanding debts of US$60 million to suppliers in November 2010, there was an air of optimism that work would have commenced in full. However, this was not to be, the report notes Nonetheless, it is expected that with the injection of funds from the Inter-American Development Bank (IDB), Four Seasons should be on its way in 2012, Caribbean360.com says. "We are in the process to move ahead. The IDB, ANSA Merchant Bank and Four Seasons Company have agreed to put US$180 million into the project to get it going again," the report quoted Mr. Sinckler as saying. As reported in the Troubled Company Reporter-Latin America on Oct. 6, 2011, NationNews.com said that unnamed sources said the stalled Four Seasons hotel project in Barbados seems set to get a new financial lease on life as Inter-American Development Bank in Washington reached an agreement with the country for a US$65 million loan to investors in the project. Jamaica Observer said that a Four Seasons Hotel project in Barbados has run into problems after the US$20 million government guarantee that has kick-started the stalled project is said to be not enough to complete the planned luxury facility. About Four Seasons Four Seasons Hotels -- http://www.fourseasons.com/-- manages some 75 luxury hotels and resorts in more than 30 countries. Most properties are operated under the Four Seasons name, but some are Regent hotels. It has ownership interests in only about half of its properties, having shifted from a hotel owner to a hotel operator in the 1990s. In 2007, Four Seasons Hotels board members took the company private. =========== B R A Z I L =========== COMPANHIA DE SANEAMENTO: Moody's Gives 'Ba1' Global Scale Rating ---------------------------------------------------------------- Moody's assigned the Ba1 rating on the global scale, and the Aa2.br Brazilian National Scale Rating to Companhia de Saneamento de Minas Gerais S.A.'s BRL400 million 5 and 7 year senior unsecured debentures. The outlook is stable for both ratings. In December 2011, COPASA was assigned a Corporate Family Rating of Ba1 and Aa2.br on the global and NSR, respectively. This is the first time that Moody's has assigned ratings to COPASA's securities. The proceeds of the issuance will be used by COPASA to carry out its CAPEX program as well as refinance short-term maturing financial debt. The securities may be issued in two tranches, depending on market conditions. The first tranche will mature in February 2017, and the second in February 2019. Ratings Rationale The Ba1 and Aa2.br ratings reflect COPASA's credit metrics for the rating category along with its stable cash flow derived from long- term concession contracts executed with 72% of the municipalities of the State of Minas Gerais, high operating efficiency, low delinquency rates, secure access to water supply, diversified customer base, and strong support from the MG's State Government, given COPASA's role as provider of essential services in MG. The stable outlook reflects Moody's assessment that COPASA will continue to grow its portfolio of water and sewage customers, and will continue to meet their expectations in terms of quality of services delivered while maintaining high operating performance. The ratings are constrained by: (i) the relatively young and untested sector regulatory framework in MG; (ii) the lack of definition concerning the implementation of the methodology for tariff revisions and the productivity factor affecting tariff adjustments, which still need to be defined by MG's regulatory agency (ARSAE-MG); (iii) COPASA's ability to fund its investment requirements (new and maintenance CAPEX); and (iv) the potential political interference given the importance of the services provided to 69% of MG's population. The recent track record of tariff adjustments shows that, at least since 2005, MG's State Government has granted adjustments indexed to domestic inflation (as measured by the IGPM rate). In 2009, the adjustment was suspended by MG's courts until MG's State regulatory agency was created (August 2009). In 2010, the tariff adjustment defined by ARSAE-MG for COPASA was 3.96%. In February 2011, ARSAE-MG published the Normative Resolution 03/2011 and the Technical Note 03/2011, which defined the parametric formula for tariff adjustments but not the formula for tariff revisions. In March 2011, the tariff adjustment was 7.02%, following the aforementioned Resolution and Note. The tariff adjustment formula also includes the productivity factor; however, this factor still needs to be defined. Consequently, the regulatory agency temporarily set the value of the productivity factor for the tariff adjustments to zero, until the first tariff revision takes place. Therefore, Moody's has confirmed that the final tariff adjustment formula and the formula for tariff revisions still need to be defined. The CAPEX program is another factor that constrains the rating, given that historically COPASA has made large investments (around BRL800 million per year). Given that the water and sewage sectors in Brazil require significant investments, which typically carry low margins, there is a clear need for low cost, long tenor financing. The debentures have financial covenants such as minimum EBITDA / Debt Service ratio of 1.5x, and maximum EBITDA / Net Debt of 3.0x. These covenants are expected to limit the Company's indebtedness, and also restrict dividend payments so that the covenants can be met. A rating upgrade would require that ARSAE-MG define the market- based tariff revision methodology and the productivity factor in the tariff adjustment methodology in the short term, coupled with ARSAE-MG's positive track record of administering the water and sewage regulatory framework in MG, along with improved metrics as a result of, for example, stronger cash flow generation and lower leverage resulting in Funds from Operations ("FFO") / Net Debt above 25%, and FFO Interest Coverage above 4.5x. Conversely, downward rating pressure could result from: (i) tariff revisions that do not remunerate current and/or future investments in a fair manner; (ii) political interference that could affect COPASA's operating and financial performance; and (iii) deteriorating metrics as a result of, for example, increased leverage to finance CAPEX or high dividend payout, and/or lower cash generation resulting in FFO/Net Debt below 15%, and FFO Interest Coverage below 2.5x. Companhia de Saneamento de Minas Gerais S.A. -- COPASA was founded in 1963. COPASA serves 13.5 million people, which corresponds to 69% of the total population of MG, through its 43,538 km water distribution and 16,850 km sewerage collection networks. COPASA is controlled by the Government of MG, which owns 53% of COPASA's shares; the remaining shares are listed on BM&FBOVESPA's stock exchange (Symbol: CSMG3); 92% of the floated shares are held by foreign investors. In the LTM period ended in September 2011, COPASA reported net sales related to water and sewerage services of BRL2.5 billion (US$1.5 billion), EBITDA of BRL1.1billion (US$682million) and net income of BRL683million (US$414 million). =========================== C A Y M A N I S L A N D S =========================== AGRIFIRMA HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 30, 2011, the sole shareholder of Agrifirma Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Peter Anderson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands BEIJING JASMINE: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on Nov. 28, 2011, the members of Beijing Jasmine 1 Ltd resolved to voluntarily liquidate the company's business. The company's liquidators are: Kenneth Krys Timothy Le Cornu KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue PO Box 31237, Grand Cayman Cayman Islands Telephone: +1 345 815 8419 Facsimile: +1 345 946 6728 e-mail: andrea.kellow@KRyS-Global.com BKX INTERNATIONAL: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 30, 2011, the sole shareholder of BKX International Holdings Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CHEYNE GENERAL: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 18, 2011, the sole shareholder of Cheyne General Partner II Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMMERCIAL LIMITED: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Commercial Limited Co. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 EXTENDED HOTEL: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Extended Hotel Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 FARALLON FCOI: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 25, 2011, the sole shareholder of Farallon FCOI II, Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 FLASH ELECTRONICS: Placed Under Voluntary Wind-Up ------------------------------------------------- On Nov. 30, 2011, the sole member of Flash Electronics International resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 10, 2012, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Noel Webb Telephone: (345) 814 7394 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands GLENRIDGE INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------------- On Nov. 30, 2011, the sole shareholder of Glenridge Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HEALTHCARE EQUITY: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Healthcare Enterprises Equity 3 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 HEALTHCARE FINANCE: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Healthcare Enterprises Finance 3 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 KALLISTA MASTER: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 25, 2011, the members of Kallista Master Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 10, 2012, will be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o James Drury 10 Market Street #765, Camana Bay Grand Cayman Cayman Islands KY1 9006 Telephone: +1 345 769-7219 Facsimile: +1 345 949-7120 e-mail: james.drury@uk.gt.com KD BLUE: Commences Liquidation Proceedings ------------------------------------------ On Nov. 28, 2011, the sole shareholder of KD Blue Sky Technologies Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 KROS MASTER: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 30, 2011, the sole shareholder of Kros Master Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 KROS SPECTRUM: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 30, 2011, the sole shareholder of Kros Spectrum Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 LAS BRISAS: Commences Liquidation Proceedings --------------------------------------------- On Dec. 1, 2011, the sole shareholder of Las Brisas Investment Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. PO Box 31106 Grand Cayman KY1-1205 Cayman Islands LB CAPITAL: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary general meeting held on Nov. 29, 2011, the members of LB Capital Corporation III Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Timothy Le Cornu KRyS Global Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue PO Box 31237 Grand Cayman KY1-1205 Cayman Islands c/o Andrea Kellow Telephone: +1 345 815 8419 Facsimile: +1 345 946 6728 e-mail: Andrea.Kellow@KRyS-Global.com LINDSELL TRAIN: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Lindsell Train (General Partner) Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 LOOMIS SAYLES: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 1, 2011, the sole shareholder of Loomis Sayles Credit Asset Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 MEDICAL EQUITY: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Medical Enterprises Equity 3 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 MEDICAL FINANCE: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 24, 2011, the sole shareholder of Medical Enterprises Finance 3 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 MTF SPV V: Commences Liquidation Proceedings -------------------------------------------- On Nov. 29, 2011, the sole shareholder of MTF SPV V Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 RICHARDSON INVESTMENTS: Commences Liquidation Proceedings --------------------------------------------------------- On Dec. 1, 2011, the sole shareholder of Richardson Investments resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SSTI TAIWAN: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 25, 2011, the sole shareholder of SSTI Taiwan Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Graham Robinson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands UBS GLOBAL: Commences Liquidation Proceedings --------------------------------------------- On Nov. 28, 2011, the sole shareholder of UBS Global Alpha Strategies (Euro) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Graham Robinson c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands US DIVERSIFIED: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 24, 2011, the sole shareholder of U.S. Diversified Real Estate Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Shaikh Abdul Rahiman Gulf Investment House K.S.C. Dar Al-Awadi Towers, 27th to 30th Floors Ahmad Al-Jaber Street, Sharq PO Box 28808 Safat 13149 Kuwait Telephone: (+965) 2232 2096 YELLOWSTONE NATURAL: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 2, 2011, the sole shareholder of Yellowstone Natural Resource Holdings Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Island c/o Jennifer Chailler Telephone: (345) 814 6847 =========== M E X I C O =========== AVANCE Y FORTALECIMIENTO: Moody's Gives 'Caa1' Issuer Ratings ------------------------------------------------------------- Moody's Investors Service assigned Avance y Fortalecimiento Integral, S.A. de C.V. Sociedad Financiera de Objeto Multiple Entidad No Regulada (Avance) long and short term global local currency (GLC) issuer ratings of Caa1 and Not Prime. At the same time, Moody's de Mexico assigned long and short term Mexican National Scale issuer ratings of Caa1.mx and MX-4 to Avance. All assigned ratings have a stable outlook. Ratings Rationale Avance's Caa1 issuer ratings are based on an unsupported baseline credit assessment (BCA) of Caa1, reflecting a simple business focus on agriculture and microcredit lending, good asset quality, proven commitment from its stakeholders, and the company's close links to Mexican government development entities on which it depends for funding and capital resources. Financiera Rural and Fideicomiso del Programa Nacional de Financiamiento al Microempresario (FINAFIM) are the sole funding providers to Avance. Financiera Rural also sponsors trusts to finance Avance's loan generation. Avance's ratings are constrained by the company's absolute small size and limited market presence. Furthermore, Avance is not regulated by Mexico's bank regulators, the Comision Nacional Bancaria y de Valores (CNBV), a factor that Moody's views as potentially limiting the current good transparency and quality of financial information relative to other financial institutions. Avance's short track record as a finance company also means that its emerging corporate governance structure, risk management policies and procedures, and control systems are still untested. The company's very short track record of operations since 2007 translates into still low levels of recurring earnings generation and low operating efficiency, which reflects its small scale and highly granular loan portfolio. Also, Avance's very high loan growth (41% average since inception) may result in future asset quality deterioration, particularly in light of both strong competition from much larger entities that are active in all of its business segments and its geographic concentration in the state of Chihuahua. The assigned Caa1 local currency issuer rating is directly mapped from the company's Caa1 stand-alone baseline credit assessment, and as such, it does not incorporate Moody's assessment of the probability of external support either from shareholders or from the Mexican authorities. Avance is headquartered in Chihuahua, Chihuahua, Mexico. As of September 30, 2011, Avance reported total assets of Mx$42.7 million and an annual accumulated income of Mx$480,354. These ratings were assigned to Avance: Long term global local currency issuer rating of Caa1 Short term global local currency issuer rating of Not Prime Long term Mexican National Scale issuer rating of Caa1.mx Short term Mexican National Scale issuer rating of MX-4 ===================== P U E R T O R I C O ===================== COOPERATIVA DE SEGUROS: A.M. Best Affirms FSR at 'B-' ----------------------------------------------------- A.M. Best Co. has revised the outlook to stable from positive and affirmed the financial strength rating of B- (Fair) and issuer credit rating of "bb-" of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, PR). COSVI is a cooperative life insurance company owned by cooperative organizations in Puerto Rico. The revised outlook reflects COSVI's negative statutory operating results in 2011, lower than expected risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio and high, albeit decreasing, exposure to common stocks, real-estate and mortgages relative to capital. A.M. Best believes there is uncertainty surrounding COSVI's ability to generate consistent and sustainable positive earnings from its core lines of business. However, a number of initiatives geared toward administrative efficiencies are expected to stabilize operating results in the medium term. While improved, the balance sheet strength remains a challenge for COSVI due to leverage represented by borrowed money and a capital structure, which despite restructuring, retains a small amount of surplus notes. Partially offsetting these negative rating factors are COSVI's improved quality of capital, mostly due to a program that converts the high level of surplus notes to common equity, a decrease in investment risk due to changes in the company's investment strategy and a well-established presence in the cooperative and life insurance marketplace in Puerto Rico, where it offers a diversified product portfolio. During 2011, COSVI was able to convert almost 70% of its interest bearing surplus notes to common stock capital. A.M. Best expects the remaining scheduled conversion to be completed in the near future. In addition, COSVI has the commitment of its members to support the entity's financial flexibility. Key rating factors that could result in a positive rating action include a measurable track record of sustained profitability, growth in risk-adjusted and absolute capital, reduced volatility in operating results and continued reduction in COSVI's investment margin balances. Key rating factors that could result in a negative rating action include further deterioration of COSVI's operating results, erosion in capital or changes to investment strategy that result in increases in margin investing or additional investment losses. EUROCLASS MOTORS: Plan Filing Period Extended Until Jan. 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has granted Euroclass Motors, Inc.'s third motion for the extension of its exclusive periods to file and solicit acceptances of a filed plan through and including Jan. 30, 2012, and May 3, 2012, respectively. The extension will be the final extension of the Debtor's exclusive periods per order of the Bankruptcy Court. The Debtor will use the extension to reconcile claims filed in its Chapter 11 case and for the preparation of its audited financial statements. About Euroclass Motors San Juan, Puerto Rico-based Euroclass Motors, Inc. filed for Chapter 11 protection (Bankr. D. P.R. Case No. 11-05772) on July 6, 2011. Ramon Vega Diaz, president of the Debtor, filed the petition. The Chapter 11 case of Euroclass Motors, Inc., has been reassigned to the Hon. Mildred Caban Flores. The Debtor estimated assets between US$1 million and US$10 million and estimated debts between US$10 million and US$50 million. Charles Alfred Cuprill, at Charles A Cuprill, PSC Law Office, in San Juan, Puerto Rico, represents the Debtor in this case. Affiliate Autos Vega, Inc., is a car dealership engaged in the sales of new and used cars and trucks car parts, accessories and providing vehicle repair and maintenance, based in San Juan, Puerto Rico. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 11-05773) on July 6, 2011. The Debtor disclosed US$22,959,296 in assets and US$34,224,323 in liabilities. ========================== V I R G I N I S L A N D S ========================== GREENWICH SENTRY: U.S. Court Confirms Repayment Plans ----------------------------------------------------- On Dec. 22, 2010, the Bankruptcy Court for the Southern District of New York confirmed the First Amended Chapter 11 Plan of Reorganization for Greenwich Sentry, L.P., and the First Amended Chapter 11 Plan for Greenwich Sentry Partners, L.P. Holders of BLMIS trustee claims (Class 3), limited partnership interests (Class 5) of both GS and GSP voted to accept the Plans in accordance with Section 1126(c) and (d) of the Bankruptcy Code. All objections received, if any, have been overruled in their entirety or withdrawn. A copy of the Order confirming the Plans is available for free at: http://bankrupt.com/misc/greenwichsentry.doc306.pdf As reported in the Troubled Company Reporter on Oct. 18, 2011, the central feature of the Greenwich Sentry Partners Plan is the BLMIS trustee settlement, wherein the Debtor believing, pursuant to its good faith business judgment, that avoidance action claims of the BLMIS trustee would be difficult to defend, has agreed, in sum, to allow the BLMIS trustee a claim and judgment in the amount of US$5,985,000 and the BLMIS trustee has agreed to seek recovery of his claim only from certain specified assets of the Debtor, to allow the Debtor's customer claim against BLMIS in the amount of US$2,011,304, to share recovery on certain litigation claims with the Debtor, and to provide for the distribution of the retained assets to creditors and limited partners free and clear of the BLMIS trustee claims. The BLMIS trustee agreed to support the Plans and Disclosure Statement and to vote his claim in favor of the Plans pursuant to the settlement agreements. BLMIS is a broker-dealer registered with the Securities and Exchange Commission, though customer accounts maintained by the Debtors at BLMIS. The Debtors have been informed that holder of not less than US$60 million in limited partner interests in GS also favor the Court's approval of the Disclosure Statements and confirmation of the Plans. The Plans provide the Debtors' creditors with substantial recoveries and allows for recovery of equity. Full-text copies of the Disclosure Statements are available for free at http://ResearchArchives.com/t/s?7730 About Greenwich Sentry Liquidators of Fairfield Sentry Limited, filed a Chapter 15 petition for Fairfield in June 2010 (Bankr. S.D.N.Y. Case No. 10-13164). In July 2010, Kenneth Krys and Christopher Stride of Krys & Associates (BVI) Limited, the liquidators of Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited obtained cross-border recognition as foreign main proceedings by the U.S. Bankruptcy Court of the funds' insolvency proceedings, pending in the British Virgin Islands. The liquidators are represented in the U.S. by Brown Rudnick LLP. Fairfield Sentry Limited was the largest "feeder fund" to Bernard L. Madoff Investment Securities LLC, and invested approximately 95% of its assets with BLMIS. BLMIS was placed into liquidation proceedings in the United States in December 2008, after it was revealed that Bernard Madoff operated BLMIS as a Ponzi scheme for many years. Fairfield Sigma Limited and Fairfield Lambda Limited were both feeder funds of Fairfield Sentry Limited, and invested all of their assets with Fairfield Sentry Limited. Greenwich Sentry, L.P., and an affiliate filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010, hoping to settle lawsuits filed against it in connection with its investments with Bernard L. Madoff. Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, in New York, represents the Debtors in the Chapter 11 cases. Bernard L. Madoff was charged by the Securities and Exchange Commission in December 2008 of orchestrating the largest Ponzi scheme in history, with losses topping US$50 billion. In March 2009, Mr. Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a Ponzi scheme. A trustee was appointed to liquidate and has been filing clawback suits against investors who withdrew phony profits from Mr. Madoff. On May 18, 2009, Irving H. Picard, the trustee liquidating the estate of Mr. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC, filed a lawsuit against Fairfield Sentry and Greenwich, seeking the return of US$3.55 billion that Fairfield withdrew from Madoff during the period from 2002 to Madoff's arrest in December 2008. Since 1995, the Fairfield funds invested about US$4.5 billion with BLMIS. Mr. Picard claims that Fairfield knew or should have known about the fraud give that it received from BLMIS unrealistically high and consistent annual returns of between 10% and 21% in contrast to the vastly larger fluctuations in the S&P 100 Index. In schedules filed with the Court, Greenwich Sentry disclosed US$317,073,770 in total assets and US$206,337,244 in total liabilities. HOVENSA REFINERY: To Close Down Operations on Reduce Demands ------------------------------------------------------------ Caribbean News Now reports that Hovensa refinery will close down its operation by mid-February because of reduced fuel demand and increased international competition. The Hovensa refinery is a joint venture between the Hess Corporation and Petroleos de Venezuela SA, according to Caribbean News Now. Losses at the 350,000 barrel-a-day facility have totaled US$1.3 billion in the past three years, the company said in a statement obtained by the news agency. Caribbean News Now notes that Brian Lever, president and chief operating officer of Hovensa LLC, said the refinery will be converted to an oil storage terminal. "We deeply regret the closure of the Hovensa refinery and the impact on our dedicated people. . . . We explored all available options to avoid this outcome, but severe financial losses left us with no other choice," the report quoted Mr. Lever as saying. The report notes that Alex Moorhead, a Hovensa spokesman, said that Hovensa refinery employs 1,200 workers with another 950 contract employees at the site but only 100 people will be retained to operate the terminal. Hovensa refinery is Caribbean's largest oil refinery in St Croix, U.S. Virgin Islands. =============== X X X X X X X X =============== * LATAM: IDB Approves US$30 Million Investment in Green Fund ------------------------------------------------------------ The Inter-American Development Bank has approved a US$30 million loan for the Emerging Energy Latin America Fund II, designed to boost the private sector as a driving force in clean technologies and renewable energy in the region. "This financing is part of the IDB's commitment to develop mechanisms to support long-term funding of renewable energy and clean technology projects in the region, which stimulates innovation, job creation and green economic growth," said Daniela Carrera-Marquis, head of the Financial Markets Division at the IDB's Structured and Corporate Finance Department (SCF). Latin America and the Caribbean are expected to see their energy demand increase by 75% by 2030, and renewable energy could account for half of that total demand, according to Andres Ackermann, the IDB project team leader. The new fund will invest in renewable energy projects including wind, solar, small hydropower and geothermal, and in energy services companies using clean technologies, including waste- management, biomass, energy efficiency and smart-grid projects. The IDB's support of the fund fits in with the Bank's commitment to help mitigate the impact of climate change. The fund will be managed by Stamford, Connecticut-based Emerging Energy and Environment, LLC (EEE), which specializes in clean and renewable energy, clean technologies, climate change and environment and low-carbon infrastructure investments and advisory services. The IDB loan is expected to be supplemented by contributions from equity investors to include International Finance Institutions and other local and international capital sources. The eventual size of the Emerging Energy Latin America Fund II is targeted at approximately US$150 million. The Emerging Energy Latin America Fund II is the successor to a previous CleanTech Fund, an earlier stage US$25.2 million fund that had a similar focus on renewable energy and clean technology and was supported by the IDB's Multilateral Investment Fund. "We are pleased to partner once again with the IDB Group and work together to provide important resources to reach a common objective of promoting green investments, supporting a more sustainable region," said John Paul Moscarella, Founder and Senior Managing Director of Emerging Energy Latin America Fund II. About SCF The IDB's Structured and Corporate Finance Department (SCF) manages all IDB non-sovereign loan guarantee loan operations for large-scale projects, companies, and financial institutions in Latin America and the Caribbean. Through its syndicated loan program, SCF plays a catalytic role in helping to mobilize third party resources through partnerships with commercial banks, institutional investors, co-guarantors and other co-lenders for projects with high developmental impact. *********** 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *