/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120126.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, January 26, 2012, Vol. 13, No. 19 Headlines A R G E N T I N A SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' GSR to Class A Notes B R A Z I L BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating JBS USA: Moody's Assigns 'B1' Rating to Proposed US$400MM Notes C A Y M A N I S L A N D S ALTERNATIVE INVESTMENTS: Commences Liquidation Proceedings ANCHORAGE CROSSOVER: Commences Liquidation Proceedings AUAM GP I: Commences Liquidation Proceedings BEAVAN SOMUA: Commences Liquidation Proceedings BLACKROCK ELITE I: Commences Liquidation Proceedings BLACKROCK ELITE II: Commences Liquidation Proceedings BLACKROCK ELITE III: Commences Liquidation Proceedings C & D WOOD: Commences Liquidation Proceedings CHEYNE VALUE: Commences Liquidation Proceedings COSMIC LAND: Commences Liquidation Proceedings CRESCENT ARABIAN ADVISORS: Placed Under Voluntary Wind-Up CRESCENT ARABIAN SERVICES: Placed Under Voluntary Wind-Up CRESCENT BROTHERS: Placed Under Voluntary Wind-Up CRESCENT POINT: Placed Under Voluntary Wind-Up EMIRATES NBD: Commences Liquidation Proceedings ENHANCEMENT FUND: Placed Under Voluntary Wind-Up FIFTH AVENUE: Commences Liquidation Proceedings FREE LODGE: Commences Liquidation Proceedings GOLDMAN SACHS GLOBAL: Commences Liquidation Proceedings GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings GOTHAM ASSET: Commences Liquidation Proceedings H&F INTERGRAPH: Commences Liquidation Proceedings JC CO-INVESTMENT: Commences Liquidation Proceedings KERRSPOFA HOLDINGS: Commences Liquidation Proceedings KOROMAS FUND: Placed Under Voluntary Wind-Up NEW VISION: Commences Liquidation Proceedings RYE SELECT: Commences Liquidation Proceedings SILVER HOLDINGS: Commences Liquidation Proceedings VIRADOURO FUND: Placed Under Voluntary Wind-Up XE SELECT: Commences Liquidation Proceedings J A M A I C A DIGICEL GROUP: Customers Saved Billions on Competition, FTC Says M E X I C O GRUPO IUSACELL: Watchdog Makes Decision on Televisa-Iusacell Deal VITRO SAB: Court Orders Arbitrator to Pay US$124MM to U.S. Units * MEXICO: Moody's Assigns 'Ba1' Issuer Rating to Jalisco State T R I N I D A D & T O B A G O CL FIN'L: CLICO Declares TT$24 Billion in Liabilities X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= SUPERVIELLE CREDITOS: Moody's Gives 'Ba1' GSR to Class A Notes -------------------------------------------------------------- Moody's Latin America has assigned ratings to the debt securities and certificates of Fideicomiso Financiero Supervielle Creditos 56. This transaction will be issued 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. - ARS33,600,000 in Class A Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos 56", rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local Currency) - ARS62,400,000 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos 56", rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale, Local Currency) - ARS19,200,000 in Class C Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos 56", rated B1.ar (sf) (Argentine National Scale) and Caa2 (sf) (Global Scale, Local Currency) - ARS4,800,000 in Certificates of "Fideicomiso Financiero Supervielle Creditos 56", rated C.ar (sf) (Argentine National Scale) and C (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 26,194 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Banco Supervielle, in an aggregate amount of ARS120,002,096.16. These personal loans are granted to pensioners that receive their monthly pensions from ANSES (Argentina's National Governmental Agency of Social Security - Administracion Nacional de la Seguridad Social). The pool is also constituted by loans granted to government employees of the Province of San Luis. Banco Supervielle is the payment agent entity and automatically deducts the monthly loan installment directly from the employee's paycheck and pensioner's payment. Overall credit enhancement is comprised of subordination: 72% for the Class A Floating Rate Debt Securities, 20% for the Floating Rate Securities and 4% for the Class C Fixed 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 triangular distribution for defaults on the main pool centered around a most likely scenario of 10%, a minimum of 5% and a maximum of 20%. Also, Moody's assumed a triangular distribution for prepayments centered around a most likely scenario of 20%, a minimum of 15% and a maximum of 35%. These assumptions are derived from the historical performance to date of the Banex's pools. The model results showed 0.00% expected loss for Class A Floating Rate Debt Securities and Floating Rate Debt Securities, 19.48% expected loss for Class C Fixed Rate Debt Securities and 91.17% 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., most likely scenario of 16%, a minimum of 11% and a maximum of 26%), the ratings of the Classes A, Class B and CP would be unchanged. The ratings for Class C Fixed Rate debt securities and Certificates would be likely downgraded to Ca (sf). Moody's also considered the risk that a disruption in the flow of payments from ANSES or the Government of San Luis to pensioners and employees respectively, could severely affect the performance of the pool. Moody's believes that the ratings assigned are consistent with this risk. 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 is the regulatory and legal framework for the automatic deduction loans in Argentina. =========== B R A Z I L =========== BANCO MERCANTIL: Moody's Affirms 'D' Bank Finc'l. Strength Rating ----------------------------------------------------------------- Moody's Investors Service affirmed all ratings assigned to Banco Mercantil do Brasil S.A. (BMB), including the D bank financial strength rating (BFSR), the global local and foreign currency deposit ratings of Ba2 and Not Prime, the national scale deposit ratings on the Brazilian national scale of Aa3.br and BR-1 and the foreign currency senior unsecured and subordinated debt ratings of Ba2 and Ba3, respectively, assigned to the notes issued by BMB. The outlook on all ratings remains stable. Rating Rationale Moody's affirmation of BMB's standalone BFSR reflects the bank's relatively stable profitability indicators over time as well as BMB's ongoing credit strengths such as competitive funding costs relative to those of other Brazilian mid-sized banks. Though weaker than peers', BMB's margins are influenced positively by the bank's access to stable and low cost retail deposits, a competitive advantage that derives from the bank's well- established retail-oriented branch network in the state of Minas Gerais, as well as from its role as the payment agent for pensioners of the state government. The bank's loyal client base offers opportunities for business expansion and potential cross selling, and ensures a good regional market share and access to consumer deposits. Moody's acknowledges that high credit costs, as measured by provisions for loan losses as a percentage of pre-provision profits, have persistently challenged BMB's profits, as has an expensive operating structure that has led to efficiency ratios that are higher than those of peers. As a consequence, the rating agency notes that a modest generation of profits is likely to constrain the replenishment of the capital base through income retention, a fact that could slow down future growth. This is particularly relevant because growing competition in BMB's target markets from large banks in the retail segment, as well as from mid-sized institutions in commercial lending, could hurt margins. Moody's noted that although BMB's delinquency ratios showed little oscillation in 2011, they remained higher than the ratios reported by similar regional mid-sized banks in Brazil, a negative rating factor. Nevertheless, the bank's credit risk profile benefits from the sizable share of low-risk payroll loans on the bank's on-balance sheet credit portfolio, equivalent to 30% of total loans, and also from the short-term and granular nature of BMB's lending operations. The last rating action on BMB was on July 12, 2010, when Moody's assigned a long-term foreign currency debt rating of Ba3 to BMB's US$200 million subordinated notes. All other ratings remained unchanged. Banco Mercantil do Brasil S.A. is headquartered in Belo Horizonte, Brazil and reported consolidated assets of R$10.9 billion (US$5.9 billion) and equity of R$748 million (US$403 million) as of September 30, 2011. These ratings of Banco Mercantil do Brasil were affirmed: Bank Financial Strength Rating: D, with stable outlook Global Local Currency Deposit Ratings: Ba2 and Not Prime, with stable outlook Foreign Currency Deposit Ratings: Ba2 and Not Prime, with stable outlook Long-term Foreign Currency Senior Unsecured Debt Rating: Ba2, with stable outlook Long-term Foreign Currency Subordinated Debt Rating of Ba3, with stable outlook Brazilian National Scale Deposit Ratings: Aa3.br and BR-1, with stable outlook JBS USA: Moody's Assigns 'B1' Rating to Proposed US$400MM Notes --------------------------------------------------------------- Moody's Investor's Service has assigned a B1 long-term debt rating to US$400 million of proposed 144A senior unsecured notes due 2020 to be issued by JBS USA LLC and JBS USA Finance, Inc. The rating outlook is stable. Rating assigned: JBS USA, LLC: JBS USA Finance, Inc. US$400 proposed senior unsecured notes due 2020 at B1 Proceeds from the private notes offering will be used to fund a cash distribution to the issuing companies' ultimate parent, JBS S.A., and for general corporate purposes. The notes will be guaranteed by JBS S.A., and two intermediate holding companies, JBS Hungary Holdings Kft. and JBS USA Holdings, and will rank equally to the existing senior unsecured debt at JBS USA, LLC including $650 million of 7.25% notes due 2021 and $700 million of 11.625% notes due 2014. The notes will be effectively subordinated to the existing senior secured debt at JBS USA, LLC including an $850 million asset-backed revolving credit facility ($56 million outstanding as of Sept. 30, 2011) expiring 2016 and a $475 million bank term loan due 2018. The most restrictive financial covenant is a debt incurrence test that requires net debt to EBITDA leverage at JBS S.A. to be less than 4.75 times versus 4.0 times as of Sept. 30, 2011. Separately, JBS USA Holdings intends to purchase between US$134 million and US$200 million of Pilgrim's Pride Corporation shares (JBS Holdings currently owns 67%) in connection with a planned $200 million rights offering announced in December 2011. This amount would be partially funded through the retirement of a US$50 million intercompany note that JBS Holdings purchased from Pilgrims last year, and Moody's assumes that the balance will come from JBS USA, its principal operating company. The rights offering is expected to be completed in the first quarter of fiscal 2012. Ratings Rationale JBS USA's ratings are driven primarily by the Corporate Family Rating of JBS S.A (B1, stable), which controls Holdings and JBS USA LLC in all material aspects. However, the ratings also reflect JBS USA's modest debt/EBITDA leverage (about 2.2 times), solid free cash flow generation before distributions, and the growing global demand for protein. In addition, the ratings take into consideration JBS USA's diversification among beef, pork and chicken (indirectly through its parent ownership stake in Pilgrim's Pride) and geographic supply diversity among the Brazil, USA, and Australia. Moody's would expect to upgrade JBS USA's ratings if JBS S.A.'s Corporate Family rating is upgraded. Conversely, Moodys would expect to downgrade JBS USA's ratings if JBS S.A.'s Corporate Family rating is downgraded. Refer to JBS S.A.'s credit opinion on moodys.com for the factors that could lead to a downgrade. JBS USA, LLC operates the U.S. beef and pork segments and the Australian beef and small cattle operations of JBS S.A., one of the largest protein operators in the world. JBS USA is owned by an intermediate holding company, JBS USA Holdings, which also owns a controlling 67% equity interest in Pilgrim's Pride Corporation, one of the leading poultry producers in the United States. Reported sales for JBS S.A., Holdings, and JBS USA for the twelve months ended September, 2011 were approximately BRL59.5 billion, US$26 billion, and US$19 billion, respectively. JBS USA Finance, Inc., the co-issuer of the notes, is a special purpose entity wholly-owned by JBS USA LLC. It has no subsidiaries and no operations or assets other than that incidental to maintaining its corporate existence. =========================== C A Y M A N I S L A N D S =========================== ALTERNATIVE INVESTMENTS: Commences Liquidation Proceedings ---------------------------------------------------------- On Dec. 7, 2011, the sole shareholder of Alternative Investments Institutional Euro 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ANCHORAGE CROSSOVER: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 8, 2011, the sole shareholder of Anchorage Crossover Credit Finance, 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 AUAM GP I: Commences Liquidation Proceedings -------------------------------------------- On Dec. 7, 2011, the sole shareholder of AUAM GP I, 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 BEAVAN SOMUA: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 6, 2011, the sole shareholder of Beavan Somua Fund resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2012, will be included in the company's dividend distribution. The company's liquidator is: Linda M. Johnson KPMG Channel Islands Limited 20 New Street St Peter Port Guernsey, GY1 4AN Channel Islands c/o Stuart Gardner Telephone: +44 (0)1534-608447 Facsimile: +44 (0)1534-888892 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands FAO: David Thacker Telephone: +1 345-949-2631 Facsimile: +1 345-949-7164 BLACKROCK ELITE I: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 5, 2011, the sole shareholder of Blackrock Elite Portfolio I (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: 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 BLACKROCK ELITE II: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 5, 2011, the sole shareholder of Blackrock Elite Portfolio II (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: 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 BLACKROCK ELITE III: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 5, 2011, the sole shareholder of Blackrock Elite Portfolio III (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: 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 C & D WOOD: Commences Liquidation Proceedings --------------------------------------------- On Dec. 5, 2011, the sole shareholder of C & D Wood Holdings C.A. 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 VALUE: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 8, 2011, the sole shareholder of Cheyne Value Fund 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 COSMIC LAND: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 30, 2011, the sole shareholder of Cosmic Land Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2012, will be included in the company's dividend distribution. The company's liquidator is: Robin Lee Mcmahon c/o Robert Crockett Ernst & Young Ltd 62 Forum Lane, Camana Bay PO Box 510 Grand Cayman KY1 -1106 Cayman Islands Telephone: +1 345 814 8962 e-mail: robert.crockett@ky.ey.com CRESCENT ARABIAN ADVISORS: Placed Under Voluntary Wind-Up --------------------------------------------------------- On Dec. 7, 2011, the shareholders of Crescent Arabian Advisors Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands CRESCENT ARABIAN SERVICES: Placed Under Voluntary Wind-Up --------------------------------------------------------- On Dec. 6, 2011, the shareholders of Crescent Arabian Services Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands CRESCENT BROTHERS: Placed Under Voluntary Wind-Up ------------------------------------------------- On Dec. 6, 2011, the shareholders of Crescent Brothers, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands CRESCENT POINT: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 6, 2011, the shareholders of Crescent Point Arabian Opportunities Investments Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands EMIRATES NBD: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 21, 2011, the shareholders of Emirates NBD Investment Partners International G.P. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ian Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands ENHANCEMENT FUND: Placed Under Voluntary Wind-Up ------------------------------------------------ On Dec. 7, 2011, the sole shareholder of Enhancement Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 20, 2012, will be included in the company's dividend distribution. The company's liquidator is: Lisa Clarke c/o Lisa Clarke or Jean Ebanks Telephone: (345) 945-2187/ (345) 945-2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands FIFTH AVENUE: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 7, 2011, the sole shareholder of Fifth Avenue Tower, 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 FREE LODGE: Commences Liquidation Proceedings --------------------------------------------- On Dec. 8, 2011, the sole shareholder of Free Lodge Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2012, will be included in the company's dividend distribution. The company's liquidator is: UBS Nominees Ltd. c/o Stephen R. Nelson Telephone: 949-4544 Facsimile: 949-7073 e-mail: stephen.nelson@card.com.ky Charles Adams Ritchie & Duckworth Zephyr House 122 Mary Street PO Box 709 Grand Cayman KY1-1107 Cayman Islands GOLDMAN SACHS GLOBAL: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 5, 2011, the sole shareholder of Goldman Sachs Global Volatility Fund Offshore, 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings ------------------------------------------------------------- On Dec. 7, 2011, the sole shareholder of Goldman Sachs Quantitative Commodities Alpha Fund Offshore, 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GOTHAM ASSET: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 5, 2011, the sole shareholder of Gotham Asset Management (International), 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: Gotham Funds G.P. LLC c/o Bernard Seibert Telephone: 212-319-4100 Facsimile: 212-319-4419 e-mail: seibert@gothamassetmanagement.com 535 Madison Avenue, 30th Floor New York New York 10022 H&F INTERGRAPH: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 5, 2011, the sole shareholder of H&F Intergraph (Bentley) Blocker 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 JC CO-INVESTMENT: Commences Liquidation Proceedings --------------------------------------------------- On Dec. 6, 2011, the sole shareholder of JC Co-Investment Co. 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KERRSPOFA HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 30, 2011, the sole shareholder of Kerrspofa 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: Michael Alberga Telephone: (345) 949-0699 Facsimile: (345) 949-8171 Thorp Alberga Harbour Place, 2nd Floor 103 South Church Street Grand Cayman KY1-1106 Cayman Islands KOROMAS FUND: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 9, 2011, the sole member of Koromas Fund Limited resolved to voluntarily wind up the company's operations. 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: Turner & Roulstone Management Ltd. PO Box 2636 Strathvale House 90 North Church Street Grand Cayman, KY1-1102 Cayman Islands c/o Gavin Lowe Telephone: 1 345 943 5555 NEW VISION: Commences Liquidation Proceedings --------------------------------------------- On Dec. 7, 2011, the sole shareholder of New Vision Investment 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 RYE SELECT: Commences Liquidation Proceedings --------------------------------------------- On Dec. 2, 2011, the sole shareholder of Rye Select Fund Series SPC 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SILVER HOLDINGS: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 8, 2011, the sole shareholder of Silver Holdings LDC 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 VIRADOURO FUND: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 25, 2011, the sole shareholder of Viradouro Fund Limited resolved to voluntarily wind up the company's operations. 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: Ogier c/o Ben Gillooly Telephone: (345) 815-1764 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands XE SELECT: Commences Liquidation Proceedings -------------------------------------------- On Dec. 8, 2011, the sole shareholder of XE Select 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 Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ============= J A M A I C A ============= DIGICEL GROUP: Customers Saved Billions on Competition, FTC Says ---------------------------------------------------------------- RJR News reports that the Fair Trading Commission released information in which it estimates Digicel Group customers have saved $16 billion in recent years, because of competition. The FTC, which highlights the savings as part of its suit against the merger of Digicel Group and Claro Jamaica, said the savings were accumulated between 2007 and 2011, according to RJR News. RJR News notes that the FTC said the savings came through more talk time for less money which was due to the competition from Claro Jamaica to Digicel Group. The report notes that FTC said Jamaica Claro's entry forced Digicel Group to make the concessions for customers. With Claro merged with Digicel Group, competitive environment is lost and consumers will be harmed by it, FTC added, RJR News relays. 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. =========== M E X I C O =========== GRUPO IUSACELL: Watchdog Makes Decision on Televisa-Iusacell Deal ----------------------------------------------------------------- Crayton Harrison at Bloomberg News reports that Mexico's antitrust agency, Cofeco, made a decision on Grupo Televisa SAB's investment of US$1.6 billion in Grupo Iusacell SA. Cofeco didn't disclose the nature of its decision and said it must notify the parties involved in the transaction, according to an e-mailed statement obtained by the news agency. Grupo Iusacell SA is the Mexican mobile-phone carrier owned by billionaire Ricardo Salinas. * * * As reported in the Troubled Company Reporter-Latin America on July 8, 2011, Crayton Harrison at Bloomberg News said that Grupo Iusacell SA said holders of US$206 million in bonds due in 2013 agreed to a restructuring plan in which they will get US$103 million in notes due 2017, plus additional fees. The plan was approved in Mexican bankruptcy court in April, and the new notes were to be issued around June 30 of this year, Iusacell said in a U.S. regulatory filing, according to Bloomberg. VITRO SAB: Court Orders Arbitrator to Pay US$124MM to U.S. Units ---------------------------------------------------------------- Jose Enrique Arrioja at Bloomberg News reports that Vitro, S.A.B. de C.V. said an arbitrator ordered to pay as much as US$124.1 million to several investment funds in a case against some of its U.S. units. The U.S. arbitrator's order will not have a significant impact on Vitro SAB since the glassmaker doesn't have "relevant assets in the United States," Vitro said in the statement obtained by the news agency. The report relates that the case against the company is under review in a New York state court. Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent told the Mexico stock exchange that it received sufficient acceptances of its reorganization pending in a court in Monterrey. The approval vote was evidently obtained using claims of affiliates. The bondholders are opposing the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Bondholders previously cited an "independent analyst" who estimated the Mexican plan was worth 49% to 54% of creditors' claims. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No.10-47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10- 47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10- 47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10- 47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 0-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. * MEXICO: Moody's Assigns 'Ba1' Issuer Rating to Jalisco State -------------------------------------------------------------- Moody's de Mexico assigned issuer ratings of A1.mx (Mexico National Scale) and Ba1 (Global Scale, local currency) to the State of Jalisco. The outlook on the ratings is stable. Ratings Rationale The issuer ratings of A1.mx (Mexico National Scale) and Ba1 (Global Scale, local currency) assigned to the State of Jalisco reflect a strong and diversified economy, as well as, the absence of unfunded pension liabilities, a unique situation under the Mexican context, that reflects strong governance and management practices. The ratings also take into account the recording of unbalanced consolidated results and increasing, although still moderate, debt levels. In recent years, the state faced operating pressures linked to the Pan-American games that took place in the Metropolitan Area of Guadalajara, as well as, increases in capital expenditures. As a result, between 2006 and 2010, the state recorded cash financing requirements that averaged -3.7% of total revenues. During this period, net direct and indirect debt increased to 21.5% of total revenues in 2010 from 9.6% in 2006. "While cash financing requirements have been decreasing from a maximum of -10.0% recorded in 2009, Moody's considers that this situation may persist in 2012, given the state elections and lack of revenue from the vehicle tax that may exert pressure on the state's finances. However, Moody's anticipates a low cash financing requirement that may drive debt levels to around 25% of total revenues, a still moderate level" said Mar�a del Carmen Mart�nez-Richa, a Moody's sub-sovereign analyst. Jalisco, with a population of 7.4 million inhabitants, is the fourth largest economy in Mexico. Jalisco contributes to 6.6% of the national GDP and the state's GDP is well diversified: the primary sector contributes to 6.8% of the state's GDP, while manufacturing and commerce and services share are 28.2% and 65% respectively. What Can Change The Rating Up/Down The structural alignment of revenue and expenditure growth that leads to decreasing debt levels and an improvement in liquidity could exert upward pressure on the ratings. The absence of fiscal measures to regain balanced fiscal outcomes, leading to increases in debt levels and/or a further weakening in the state's liquidity position, could exert downward pressure on the ratings. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO Declares TT$24 Billion in Liabilities ----------------------------------------------------- Trinidad Express reports that Colonial Life (CLICO) presented its consolidated financial statements for Dec. 31, 2009, showing a balance sheet ravaged by massive liabilities of TT$24.5 billion and a 34% decline in income. This is the first published financial statements in several years by CLICO, a subsidiary of CL Financial Limited. CLICO's 2009 operating results "present a grim picture indeed as the board and management team grappled with the nonperformance of related party investments and the withdrawal demands of clients holding short-term investment and mutual fund products," according to Trinidad Express. As of Dec. 31, 2009, CLICO's balance sheet showed assets of TT$15.1 billion (of which TT$1.9 billion was pledged as security to various loans) compared to liabilities of TT$24.5 billion, resulting in a deficit of TT$9.5 billion, the report notes. Trinidad Express discloses that the company's comprehensive income statement showed a loss of TT$4.8 billion. "The loss for 2009 was mainly caused by significant impairments on related party investments totaling TT$3.1 billion and a 34 per cent decline in investment income," current CLICO Chairman Gerald Yetming said in his CLICO chairman's statement obtained by the news agency. Since its restructuring started in 2009, Mr. Yetming said the company has concentrated on retaining its client base and has kept the "majority of our client portfolio," the report adds. About CL Financial CL Financial Group Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company by Cyril Duprey, Colonial Life Insurance Company was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCR-LA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, 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 * * *