/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120201.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, February 1, 2012, Vol. 13, No. 023 Headlines A N T I G U A & B A R B U D A LIAT: Shareholder Governments and Unions Hold Closed-Door Talks C A Y M A N I S L A N D S ADRC (CAYMAN): Members Receive Wind-Up Report ASHPLANT INVESTMENTS: Shareholders Receive Wind-Up Report BERKELEY QUANTITATIVE: Shareholders Receive Wind-Up Report BLACKROCK FUNDS: Shareholders Receive Wind-Up Report BLACKSQUARE CAPITAL ACCESS: Shareholders Receive Wind-Up Report BLACKSQUARE CAPITAL FUND: Shareholders Receive Wind-Up Report BLUECOAST LTD: Shareholder Receives Wind-Up Report CL QUATTRO FUND: Shareholders Receive Wind-Up Report CL QUATTRO OFFSHORE: Shareholders Receive Wind-Up Report DUKE ENERGY: Shareholders Receive Wind-Up Report EASTBRIDGE ALMAL: Shareholders Receive Wind-Up Report EASTBRIDGE (CAYMAN): Shareholders Receive Wind-Up Report EQUILIBRIUM ASSET: Shareholders Receive Wind-Up Report GOFFE CAPITAL: Shareholders Receive Wind-Up Report HSBC AMANAH: Shareholders Receive Wind-Up Report LOCK&LOCK (CAYMAN): Shareholders Receive Wind-Up Report LW MODERATE: Shareholders Receive Wind-Up Report LYDIAN GLOBAL FUND: Shareholders Receive Wind-Up Report LYDIAN GLOBAL MASTER: Shareholders Receive Wind-Up Report MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report NAUTICAL PLEASURE: Shareholder Receives Wind-Up Report NORTH STREET 2000-1: Shareholders Receive Wind-Up Report NORTH STREET 2000-2: Shareholders Receive Wind-Up Report PANAGORA EMERGING: Shareholders Receive Wind-Up Report PLEASURE MARINE: Shareholder Receives Wind-Up Report POST DISTRESSED: Shareholders Receive Wind-Up Report S.AM HEALTHCARE/BIOTECH: Shareholders Receive Wind-Up Report SAB OVERSEAS: Shareholders Receive Wind-Up Report STRUCTURED INVESTMENTS: Shareholders Receive Wind-Up Report SUCCESSOR X: Moody's Assigns 'B2' Rating to US$40MM Series Notes UNIVERSAL MONEY: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: IDB Readies US$300MM Loans in 2012 J A M A I C A IBEROSTAR HOTELS: Supreme Court to Labor Case on May P U E R T O R I C O EMPRESAS BASTARD: Wants U.S. Trustee's Dismissal Bid Denied U R U G U A Y * URUGUAY: Moody's Assigns 'Ba1' Long Term Issuer Ratings - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Shareholder Governments and Unions Hold Closed-Door Talks --------------------------------------------------------------- Caribbean360.com reports that the prime ministers of the three major governments that hold a major stake in Leeward Islands Air Transport aka LIAT are holding closed-door talks on Feb. 1 with unions on the future of the regional carrier. The meeting involved Trinidad & Tobago Prime Minister Freundel Stuart, Vincentian Prime Minister Dr. Ralph Gonsalves, and Antigua & Barbuda Prime Minister Baldwin Spencer. The discussions are focused on a strategic plan developed for the airline by the Business Unit of the University of the West Indies (UWI), according to Caribbean360.com. LIAT, according to the report, has proposed staff cuts as it considers outsourcing some aspects of its operations. Caribbean360.com relays that this has been strongly resisted by unions. In November, the unions refused to attend a meeting in Antigua requested by the airline's management to discuss the proposal, the report notes. Caribbean360.com discloses that the financially-troubled airline lost EC$21.5 million (US$7.9 million) during the first half of last year; reintroduced a fuel surcharge in August the same year due to the increasing price of fuel; closed its City Ticketing Offices across the region to save US$3 million annually; and offered workers voluntary severance and early retirement packages. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. =========================== C A Y M A N I S L A N D S =========================== ADRC (CAYMAN): Members Receive Wind-Up Report --------------------------------------------- The members of ADRC (Cayman) Limited received on Jan. 23, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert Appleby Telephone: +852 2536 4567 Facsimile: +852 2147 2813 ADM Capital 1008 ICBC Tower, 3 Garden Road Central, Hong Kong ASHPLANT INVESTMENTS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Ashplant Investments received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Charles Spencer Keeble Telephone: +44 870 460 0763 Facsimile: +44 870 458 2568 P.O. Box 2 Port St. Mary Isle of Man, IM99 7PB BERKELEY QUANTITATIVE: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Berkeley Quantitative Performance Fund Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street, George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands BLACKROCK FUNDS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Blackrock Funds of Alternatives SPC received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BLACKSQUARE CAPITAL ACCESS: Shareholders Receive Wind-Up Report --------------------------------------------------------------- The shareholders of Blacksquare Capital Access Fund Inc. received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BLACKSQUARE CAPITAL FUND: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Blacksquare Capital Fund Inc. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 BLUECOAST LTD: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Bluecoast Ltd received on Dec. 22, 2011, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: David Preston Beverly Bernard Telephone: 949-7755 Facsimile: 949-7634 CL QUATTRO FUND: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of CL Quattro Fund, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CL QUATTRO OFFSHORE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of CL Quattro Offshore Fund, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 DUKE ENERGY: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Duke Energy International Argentina Holdings received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elizabeth C. De La Rosa 5555 San Felipe Road Houston, TX 77056 USA EASTBRIDGE ALMAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Eastbridge Almal Holdings Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EASTBRIDGE (CAYMAN): Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Eastbridge (Cayman) Ltd. received on Jan. 27, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EQUILIBRIUM ASSET: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Equilibrium Asset Management Limited received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GOFFE CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Goffe Capital Offshore Fund, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HSBC AMANAH: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of HSBC Amanah Investments SPC received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LOCK&LOCK (CAYMAN): Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Lock&Lock (Cayman) Holdings Limited received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LW MODERATE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of LW Moderate Volatility Master Fund received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LYDIAN GLOBAL FUND: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Lydian Global Opportunities Fund Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LYDIAN GLOBAL MASTER: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Lydian Global Opportunities Master Fund Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MEDICAL ENTERPRISES: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Medical Enterprises Finance 3 Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. 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 NAUTICAL PLEASURE: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Nautical Pleasure Ltd. received on Jan. 19, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Company Secretaries Ltd. P.O. Box 1350, Clifton House, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands NORTH STREET 2000-1: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of North Street Referenced Linked Notes, 2000-1 Limited received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 NORTH STREET 2000-2: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of North Street Referenced Linked Notes, 2000-2 Limited received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PANAGORA EMERGING: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Panagora Emerging Markets Multi-Alpha Fund, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PLEASURE MARINE: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Pleasure Marine Ltd. received on Jan. 19, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Company Secretaries Ltd. P.O. Box 1350, Clifton House, 75 Fort Street Grand Cayman KY1-1108 Cayman Islands POST DISTRESSED: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Post Distressed Offshore Fund, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 S.AM HEALTHCARE/BIOTECH: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of S.AM Healthcare/Biotech Equity Fund, Ltd. received on Jan. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Gene DaCosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SAB OVERSEAS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of SAB Overseas Holdings Limited received on Jan. 10, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. 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 STRUCTURED INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Structured Investments, Ltd. received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SUCCESSOR X: Moody's Assigns 'B2' Rating to US$40MM Series Notes --------------------------------------------------------------- Moody's Investors Service has assigned a rating to this class of notes issued by Successor X Ltd., a Cayman Islands exempted company: US$40,000,000 Series 2012-1 Class V-D3 Principal At-Risk Variable Rate Notes due January 27, 2015 (the "Notes"), Definitive Rating Assigned B2 (sf) Ratings Rationale Moody's rating of the Notes is based primarily on the expected loss posed to noteholders. The rating reflects the risks relating to certain hurricane events that occur in the covered area during the specified risk period, the transaction's legal structure, the credit strength of the counterparty and the underlying collateral. The Issuer is a catastrophe bond program sponsored by Swiss Reinsurance Company Ltd. and the Notes will be one of several series of notes outstanding. The risks of the Notes are linked to the occurrences of a PCS North Atlantic Hurricane Event in the North Atlantic Covered Area during a risk period of three years beginning Jan. 27, 2012. Potential losses to the noteholders are calculated per occurrence and are tied to the PCS Insured Industry Residential and Commercial Property Loss Amount as reported by Property Claim Services. The initial collateral securing the Notes are U.S. Treasury money market funds rated Aaa-mf and are segregated from other outstanding series of notes. Moody's quantitative analysis of the transaction is based primarily on the risk analysis performed by AIR Worldwide. Taking the exceedance probability curves generated and provided by AIR for a Covered Event in the Covered Area as direct inputs to Moody's model, Moody's simulated the occurrence of Covered Events, determined whether the calculated index value exceeded the Trigger Level and losses to the notes had occurred, and calculated the expected loss to the noteholders. As of the closing date, the Trigger Level for PCS North Atlantic Hurricane Event is 505 and the Exhaustion Level is 612. These levels correspond to the Initial One-Year Attachment Probability of 3.22% and the Initial One-Year Expected Loss of 2.66% estimated by AIR. In terms of the modeled industry losses, these estimates correspond to US$60.111 billion for the Trigger Level and US$70.259 billion for the Exhaustion Level for a single event. Both qualitative and quantitative analysis was conducted when analyzing the counterparty and collateral default risks. With regard to collateral risk, the idealized expected loss of the three-year Aaa collateral exposure was added to the modeled expected losses. Because the counterparty makes payments that will constitute interest on the notes, Moody's incorporated a one year default probability of A1 (current Swiss Re Insurance Financial Strength Rating) multiplied by the fraction of interest divided by the total rated promise. V SCORE The V Score for this transaction is Medium/High, driven by Performance Variability and Analytic Complexity. While there exists more than 100 years of hurricane occurrence data, future hurricane events or the magnitude of loss caused by such events are difficult to predict or forecast. It is uncertain whether historic performance data is a good indicator of future performance. The analytical complexity of modeling hurricane risks also adds to uncertainty and variability around the modeled parameters. Moody's V Scores provide a relative assessment of the quality of available credit information and the potential variability around the various inputs to a rating determination. The V Score ranks transactions by the potential for significant rating changes owing to uncertainty around the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, the modeling and the transaction governance that underlie the ratings. V Scores apply to the entire transaction, rather than individual tranches. Parameter Sensitivity For parameter sensitivity, Moody's analyzed scenarios stressing the key model input assumption to determine the potential model- indicated ratings impact. The key model input is the exceedance probability and the applied stresses are 110%, 130%, 150%, 175% and 200% of the loss index value associated with the exceedance probability. Using such assumptions, the model output for the Notes changed to B3 (-1) for 150% and 175%, Caa1 (-2) for 200%. The model output did not change for 110% and 130% stressed scenarios. Parameter Sensitivities provide a quantitative, model-indicated calculation of the number of notches that a Moody's-rated structured finance security may vary if certain input parameters used in the initial ratings process differed. The analysis assumes that the deal has not aged. It is not intended to measure how the rating of the security might migrate over time, but rather, how the initial rating of the security might differ as certain key parameters vary. Parameter Sensitivities only reflect the ratings impact of each scenario from a quantitative/model-indicated standpoint. Qualitative factors are also taken into consideration in the ratings process, so the actual ratings assigned in each case could vary from the information presented in the Parameter Sensitivity analysis below. UNIVERSAL MONEY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Universal Money Market Fund received on Jan. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: IDB Readies US$300MM Loans in 2012 -------------------------------------------------------- Dominican Today reports that the Inter-American Development Bank representative Manuel Labrado said the entity doesn't have any loans pending from 2011 for Dominican Republic and works in this year's portfolio of US$300 million. "Last year, there weren't any problems, because everything there was to disburse was disbursed, the last one we did was of US$200 million in December," Dominican Today quoted Mr. Labrado as saying. Mr. Labrado said that none of this year's financings are linked to the agreements with the International Monetary Fund, adding that the credits being prepared are for the Solidarity Program, for Santiago's Aqueducts Agency CORAASAN; and another for the education sector, according to Dominican Today. ============= J A M A I C A ============= IBEROSTAR HOTELS: Supreme Court to Labor Case on May ---------------------------------------------------- RJR News reports that the case involving the more than 300 employees of the Iberostar Rose Hall Beach Hotel whose services were terminated three years ago is to be heard in the Supreme Court in May. The date was set following a case management hearing, according to RJR News. The report relates that the court will first hear the hotel's appeal against the ruling by the Industrial Disputes Tribunal that the workers be reinstated. RJR News notes that it will then be the University and Allied Workers Union's turn to presents its case to the court. As reported in the Troubled Company Reporter-Latin America on July 2, 2010, RadioJamaica related that the dispute between the Iberostar Rose Hall Beach Hotel and the University and Allied Workers Union has been referred to the Industrial Disputes Tribunal. The dispute surrounds the dismissal of more than 2,000 employees. According to the report, the UAWU and the management of Iberostar have been at odds since August 2009, when the hotel's management closed down operations, citing a downturn in the global economy. The report noted that as a result, the position of all the employees in the bargaining unit represented by the UAWU were made redundant. TCR-LA reported on Sept. 1, 2009, RadioJamaica related that the IBEROSTAR Hotels & Resorts, one of three hotels on the Spanish chain's property in Montego Bay, closed Sept. 1 due to low occupancy. IberoStar opened in 2007. About IBEROSTAR Hotels & Resorts IBEROSTAR Hotels & Resorts -- http://www.iberostar.com/-- is the hotel division of Iberostar Group, is one of the most renowned Spanish hotel chains at the global level. Founded by the Fluxa family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it has come to offer top-level accommodation in major travel destinations around the world. As a brand name, IBEROSTAR is synonymous with quality in the fifteen countries where it operates, providing outstanding service and personal assistance to ensure full guest satisfaction. With a star as its symbol, the chain has managed to win over customers with its philosophy and values, and its efficient, professional staff. ===================== P U E R T O R I C O ===================== EMPRESAS BASTARD: Wants U.S. Trustee's Dismissal Bid Denied ----------------------------------------------------------- Empresas Bastard Incorporado opposes the U.S. Trustee's motion to dismiss its Chapter 11 case. Donald F. Walton, the United States Trustee for Region 21, is seeking dismissal of the Debtor's case due to: a) the Debtor's unexcused failure to timely satisfy any filing or reporting requirement established under the Bankruptcy Code or by applicable rules; and b) the Debtor's failure to timely provide information or attend meetings reasonably requested by the U.S. Trustee. The Debtor denies it is abusing the bankruptcy process. The Debtor said in court papers that its president, Antonio Bastard Rodriguez, may be suffering from some mental health issues that may be bordering on Alzheimer's or dementia, causing him to fail to provide the necessary documents required by the U.S. Trustee. The Debtor noted that its asset consists of plots of land and thus, an issue of loss or diminution of the estate is not at issue. The Debtor stated that the reorganization and implementation of a project it Debtor proposed may increase rather than diminish the value of the properties. About Empresas Bastard Empresas Bastard Incorporado, based in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 11- 08736) on Oct. 8, 2011. Robert Millan, Esq., at Millan Law Offices, represented the Debtor. The petition was signed by Antonio Bastard Rodriguez, president. The Debtor disclosed US$42,700,000 in assets and US$21,067,331 in liabilities as of the Chapter 11 filing. In December 2011, Robert Millan, Esq., sought authority from the U.S. Bankruptcy Court to withdraw as counsel. Mr. Millan related that on Nov. 11, 2011, the Debtor informed that a new counsel was being sought. ============= U R U G U A Y ============= * URUGUAY: Moody's Assigns 'Ba1' Long Term Issuer Ratings --------------------------------------------------------- Moody's Investors Service has revised its rating outlook to positive from stable for the Ba1 rating of the government of Uruguay. Moody's current ratings of the Government of Uruguay are: Long Term Issuer (domestic and foreign currency) ratings of Ba1 Senior Unsecured (domestic and foreign currency) ratings of Ba1 Senior Unsecured Shelf (foreign currency) ratings of (P)Ba1 The positive outlook is based on: A steady improvement in Uruguay's sovereign credit profile as a result of a strong and continued commitment by the government to fiscal discipline, a condition that has led to moderate deficits and declining debt metrics. The authorities' ability to reduce credit vulnerabilities embedded in the government debt structure through liability management operations that have lowered refinancing risks by extending average maturities while simultaneously decreasing the share of foreign currency-denominated debt. Additional contributing factors to Uruguay's positive credit outlook include: (i) sustained economic growth supported by structural elements that have reinforced medium-term potential growth prospects, (ii) increased government financial buffers backed by an ample cash reserve, (iii) a transition toward a more diversified export structure, and, last but not least (iv) a track record of policy continuity coupled with increased policy predictability. "Along with an enhanced ability to manage adverse economic and financial conditions, the government's credit profile has been improving gradually -- but steadily -- moving closer in line with that present in higher-rated sovereigns," says Moody's. Even though Uruguay's sovereign credit profile is much stronger than in the past, certain elements give rise to potential credit vulnerabilities that pose important challenges, according to Moody's. Accordingly, as the external environment is likely to be associated with an extended period of low global growth and persistent global financial turmoil in the near future, Moody's will closely monitor developments during the next 12-18 months in order to assess the country's ability to manage these conditions. Particular attention will be given to regional contagion events and the potential credit implications of still-relatively high government debt dollarization (i.e., foreign currency-denominated debt) and financial dollarization (i.e., foreign currency- denominated bank deposits). Since Uruguay as well as other Latin America countries is likely to be tested in the coming months, Moody's will take the opportunity to assess the country's credit resilience during this period of time to determine if it is comparable to that typically associated with investment grade-rated sovereigns. The outlooks of Uruguay's country ceilings for foreign currency bonds and for deposits have been also changed to positive from stable. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. *********** 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 * * *