/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120209.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, February 9, 2012, Vol. 13, No. 028 Headlines A R G E N T I N A ANDBRAVA SRL: Asks for Bankruptcy Proceedings AXG GROUP: Applies for Bankruptcy Protection CAPEX SA: Fitch Affirms Issuer Default Ratings at 'B' CEDEBA SA: Creditors' Proofs of Debt Due March 5 CLUB DEL VINO: Requests Opening of Bankruptcy Proceedings CONSULTORA INTEGRAL: Creditors' Proofs of Debt Due March 9 DALVE SRL: Creditors' Proofs of Debt Due Feb. 15 FYMA SA: Creditors' Proofs of Debt Due March 23 HOGAR DEL SOL: Creditors' Proofs of Debt Due Feb. 23 * ARGENTINA: IDB OKs US$300 Million Loan for Road Projects B R A Z I L BRAZILIAN FINANCE: Fitch Puts 'BB-' IDR on Positive Watch CIMENTO TUPI: Fitch Rates US$50 Million Bonds Due 2018 at 'B/RR4' C A Y M A N I S L A N D S AA PORTFOLIO: Placed Under Voluntary Wind-Up CEOS LIMITED: Placed Under Voluntary Wind-Up ET GP I: Placed Under Voluntary Wind-Up FITZROY LTD: Commences Liquidation Proceedings GEM QUA 1: Commences Liquidation Proceedings GEM QUA 2: Commences Liquidation Proceedings GOLDEN FALCON: Placed Under Voluntary Wind-Up IBEX SELECTION: Placed Under Voluntary Wind-Up KALLISTA MASTER: Commences Liquidation Proceedings PROFESSIONAL LIABILITY: Commences Liquidation Proceedings SUNSHINE FUND: Placed Under Voluntary Wind-Up MEGA BUSINESS FUND: Placed Under Voluntary Wind-Up MEGA BUSINESS FUND ONE: Placed Under Voluntary Wind-Up MUTEKI LTD: Placed Under Voluntary Wind-Up OFGP 2 LIMITED: Commences Liquidation Proceedings PROSPERITY CAPITAL: Placed Under Voluntary Wind-Up PRS GLOBAL: Placed Under Voluntary Wind-Up TOPIARY CAPITAL: Placed Under Voluntary Wind-Up WMT GLOBAL FUNDING I: Placed Under Voluntary Wind-Up WMT GLOBAL FUNDING II: Placed Under Voluntary Wind-Up J A M A I C A * JAMAICA: Government Accepts New Subscriptions on 2017 Notes * JAMAICA: Fitch Affirms Issuer Default Rating at 'B-' M E X I C O MEXICANA AIRLINES: Could Restart Operations in March, Judge Says X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= ANDBRAVA SRL: Asks for Bankruptcy Proceedings --------------------------------------------- Andbrava SRL asked for bankruptcy proceedings. The company has defaulted on its payments last Dec. 22. AXG GROUP: Applies for Bankruptcy Protection -------------------------------------------- AXG Group SA applied for bankruptcy protection. The company has defaulted on its payments last Dec. 14. CAPEX SA: Fitch Affirms Issuer Default Ratings at 'B' ----------------------------------------------------- Fitch Ratings has affirmed the following ratings of Capex S.A.: -- Foreign currency Issuer Default Rating (IDR) at 'B'; -- Local currency IDR at 'B'; -- US$200 million senior unsecured notes due 2018 at 'B/RR4'; -- National scale rating at 'A+(arg)'; -- National scale senior unsecured notes at 'A+(arg)'. The Rating Outlook is Stable. Capex's 'B' IDR reflects the company's operating efficiencies as an integrated thermoelectric generating company in Argentina, the operating flexibility from having its own natural gas reserves and its adequate financial profile. In the oil & gas business, Capex is amongst the 12 largest producers of gas and liquefied petroleum gas (LPG) in the country. Ratings are constrained by the high regulatory risk, exposure to devaluation risk (currency mismatch between peso denominated cash flows and dollar denominated debt), and the need to pursue an aggressive capital expenditure plan in the long term to sustain the vertically integrated business model. Capex is an integrated thermoelectric generating company. Originally formed as an oil exploration and production company, its large discoveries of natural gas in 1991 coupled with the liberalization of Argentina's electricity sector, spurred Capex to transform itself into an electric generation company. The company also continues to explore, develop and produce petroleum on its existing properties. For the fiscal year ended (FYE) April 2011, 71% of sales were derived from electric sales, and 29% from oil and other liquids sales. Ratings are restricted by the high regulatory risk associated with operating in the electricity sector in Argentina. Electricity and gas prices remain sub-optimal compared with other countries in the region. This has discouraged investments in both sectors. Capital investments for maintenance in the power generation industry depend on discretional approvals by the regulatory authority. In addition, the increasing deficit between electricity tariffs and industry costs is funded through subsidies, being dependent on public funding. The government has recently announced changes in tariffs and subsidies for the industry, yet the final outcome is still uncertain. Capex's cash flow generation is volatile; power generation is among others subject to regulatory issues and weather conditions. Operating cash flow generation is concentrated in Argentina. For the latest-12-month (LTM) as of Oct. 31, 2011, Capex had cash flow from operations (CFFO) of US$52 million and capital expenditures of US$54 million. The company has some flexibility to manage capital expenditures in the short term. In the long run, however, investments are vital to continue a high degree of vertical integration. Proven gas reserves cover approximately six to eight years of the electric plant's needs depending upon the percentage bought in the market and the power generation. Capex benefits from its vertical integration, with approximately 80% of gas needs at the electric plant being self supplied. This gives the company an advantage against other players in the industry, especially given existing gas restrictions in Argentina. Capex's generating units are efficient, and the proximity to its natural gas reserves in the Agua del Cajon field reduces the gas supply risk. For the LTM as of Oct. 31, 2011, Capex had US$181 million of sales, an improvement from the US$177 million during the FYE April 2011 and the US$127 million during the FYE April 2010. This was the result of both higher prices and volumes sold (electricity, +10%; oil & liquids, +23%). Capex generated US$38.2 million of EBITDA, being affected by the disruption of one of its turbines in June 2011. The estimated impact of this extraordinary event over EBITDA was approximately US$5 million. Fitch considers Capex's leverage needs to remain moderate to mitigate regulatory risks. For the latest twelve months (LTM) ended October 31, 2011, Capex had a total debt-to-FFO ratio of 3.4 times (x) and FFO-to-interests of 2.4x. The company's liquidity position was adequate. As of Oct. 31, 2011, Capex had US$48.1 million of cash and marketable securities and US$26.2 million of short term debt. In March 2011, Capex issued US$200 million of notes maturing in 2018. Proceeds were used to cancel existing loans, extending the average debt life. Potential Rating and Outlook Drivers: The Stable Outlook reflects Fitch's expectations that Capex will manage its balance sheet to a targeted FFO adjusted leverage ratio below 3.5x. Under a conservative scenario, Fitch estimates the company's interest coverage to be around 2.5x. Any significant increase in Capex's targeted leverage ratio would threaten credit quality and could result in a negative rating action. Also, ratings could be negatively impacted by a sustained decline in gas reserves and production or failure to further develop new fields, threatening the integrated business model in the long term. Conversely, ratings could be positively impacted by a significant and sustain improvement in the regulatory environment. CEDEBA SA: Creditors' Proofs of Debt Due March 5 ------------------------------------------------ Isaac Jozpe, the court-appointed trustee for Cedeba SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 5, 2012. Mr. Jozpe will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 15, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Isaac Jozpe Uriburu 1054 Argentina CLUB DEL VINO: Requests Opening of Bankruptcy Proceedings --------------------------------------------------------- Club del Vino SA requested the opening of bankruptcy proceedings. The company has defaulted on its payments last Dec. 20. CONSULTORA INTEGRAL: Creditors' Proofs of Debt Due March 9 ---------------------------------------------------------- Haydee Alicia Lypka, the court-appointed trustee for Consultora Integral de Comunicaciones Coinco SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 9, 2012. Ms. Lypka will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Haydee Alicia Lypka Avenida Corrientes 1628 Argentina DALVE SRL: Creditors' Proofs of Debt Due Feb. 15 ------------------------------------------------ Juan Carlos Gabriel Toledo, the court-appointed trustee for Dalve SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 15, 2012. Mr. Toledo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 46, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Juan Carlos Gabriel Toledo Paraguay 729 FYMA SA: Creditors' Proofs of Debt Due March 23 ----------------------------------------------- Armando Luis Molinari, the court-appointed trustee for FYMA SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until March 23, 2012. Mr. Molinari will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Armando Luis Molinari Sarmiento 1474 Argentina HOGAR DEL SOL: Creditors' Proofs of Debt Due Feb. 23 ---------------------------------------------------- Carlos Enrique Wolff, the court-appointed trustee for Hogar del Sol SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Feb. 23, 2012. Mr. Wolff will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 27, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Carlos Enrique Wolff Virrey del Pino 2354 Argentina * ARGENTINA: IDB OKs US$300 Million Loan for Road Projects ---------------------------------------------------------- The Inter-American Development Bank approved a US$300 million loan to finance the expansion, rehabilitation and improvement of roads in Argentina's Norte Grande region, connecting major production areas with local and foreign markets. The program aims to improve the accessibility, efficiency and safety on priority corridors of the National Road Network as well as feeder roads of the Provincial Road Network. Among the program's goals are to increase the Norte Grande's share of the country's total exports, reduce the number of road accident deaths, and cut travel times and vehicle operating costs. "With this operation, the IDB continues to support Argentina's efforts to close the development gap between the Norte Grande region and the rest of the country," said Fernando Orduz, IDB project team leader. The Norte Grande region comprises the provinces of Catamarca, Corrientes, Chaco, Formosa, Jujuy, Misiones, Tucuman, Salta and Santiago del Estero. It accounts for one third of the Argentine mainland and is home to approximately 8.3 million people, or 21% of the total population. The new program was preceded by the Norte Grande Road Infrastructure Program, which was supported by a US$1.2 billion IDB loan approved in February 2007. Some of its components include engineering works for the expansion, rehabilitation and improvement of national highways and provincial roads; the implementation of measures and construction of road safety countermeasures; and strengthening the management of provincial transport agencies well as the National Roads Directorate. This second operation will expand activities to Norte Grande provinces that were not covered by the first project. In addition, it will substantially expand road safety efforts. The US$300 million IDB loan is for a 25-year term, with a 5-year grace period and a variable interest rate based on LIBOR. Local counterpart financing will contribute US$33.5 million to the program. =========== B R A Z I L =========== BRAZILIAN FINANCE: Fitch Puts 'BB-' IDR on Positive Watch --------------------------------------------------------- Fitch Ratings has affirmed Brazilian Finance & Real Estate (BFRE) and its subsidiaries' ratings and placed them on Rating Watch Positive. The rating action follows the announcement of their sale to Banco Panamericano S.A. and to Banco BTG Pacual S.A. (BTG Pactual), which still is pending the approval from local regulators and Panamericano's shareholders. At the same time, Fitch has affirmed BTG Pactual and Panamericano's ratings. Fitch expects that upon completion of the proposed acquisition, BFRE and its subsidiaries' Issuer Default Ratings (IDRs) and National Ratings will be upgraded since these companies will become fully owned subsidiaries of Panamericano. Panamericano's ratings, in turn, reflect the support from its controlling shareholder BTG Pactual (51% of ordinary shares) as well as the benefits from Caixa Economica Federal (49% of ordinary shares) (Caixa, National Rating 'AAA(bra)'), which is the country's fifth largest bank in terms of total assets and is fully controlled by the Brazilian government. BTG Pactual's ratings reflect its strong franchise as a investment bank in Brazil, success in developing activities and good performance track. The bank's ratings also take into account the high quality and experience of its executives, its strong risk controls and its recurring earnings flow, which have consistently covered its fixed operational costs. However, ratings are constrained by the limited though increasing balance sheet and revenues diversification. A larger and more diversified business and revenues volume, which is already one of BTG Pactual strategic aims, may benefit its ratings in the medium and/or long term. On the other hand, the bank's ratings could be negatively impacted by large trading losses or by a deterioration on its asset quality and consequently on its capitalization. Fitch also notes with concern growing pressure on BTG Pactual's capitalization indicators; while regulatory capital indicators continue to compare well locally and internationally, these benefit from significant holdings of low and zero risk weighted assets, mainly American and Brazilian sovereign debts, and by the inclusion of subordinated debt in the regulatory capital base. Fitch's Core Capital, its primary capital indicator, has seen a sustained drop from 20% in December 2010 to 14% in September 2011; while some pressure on capitalization indicators was expected and considered in current ratings, significant further pressure would be a credit negative. The rapid growth in the bank's loan portfolio, which is expected to continue to grow to around 3 times equity will bring potentially significant concentrations, and the concentrations in the securities portfolio, while of solid credit profile, are also notable; in Fitch's view, a solid level of capitalization is important in light of existing and potential future concentrations. BTG Pactual's franchise attracted international shareholders, which injected US$ 1.55 billion and acquired 16.04% of its shares in December 2010. This additional capital injection has enabled the bank to become more competitive and continue its development pace by taking advantage of opportunities offered by both the local and foreign economy. Good examples of such opportunities include the acquisition of Panamericano and the negotiation to acquire Celfin Capital S.A., Chile's largest brokerage house and BFRE. This acquisition will increase the bank's business diversification. Created in 1983, BTG Pactual is controlled by Mr. Andre Esteves, main executive of UBS Pactual up to 2008 and one of the controllers of the former Banco Pactual. Under the terms of the proposed acquisition, Panamericano will acquire the origination, financing and securitization assets by BRL940 million, with a goodwill of roughly BRL140 million. On its turn, the BRL2.3 billion of assets under management, BRL4.6 billion related to the fiduciary administration and the BRL179 million of investment in real estate funds (FIIs) and other investment vehicles will be segregated prior to the sale to Panamericano and acquired directly by BTG Pactual by BRL275 million, given that they fall within the latter activities as an investment bank and asset manager. In Fitch's opinion, this transaction will strongly benefit BFRE, given the complementary nature of its activities, the lower funding costs and consequently better results. Fitch also believes that the acquisition will add new and very promising business line that will increase Panamericano's earnings generation, mainly through fee income with low capital allocation. This business line is comprised by real estate loans, which may be subsequently securitized. Moreover, since Caixa is the largest player in real estate loans, holding a local market share of roughly 70% and counting on a wide distribution network, which may additionally benefit BFRE's securitization business. BFRE's current ratings reflects the strong expertise of the group in the real estate financing market, its experienced and conservative team, and well controlled and identified risks. The ratings also reflect its good asset quality and satisfactory performance. On the other hand, the ratings consider its concentrations in the real estate market and its dependence on institutional funding. BFRE group is a financial services company, solely focused on the Brazilian real estate market, BS being the largest securitization company in Brazil, holding a roughly 31% market share in the domestic market. BFRE group is controlled by Ourinvest Real Estate Holding S.A., which holds 70.56% of its voting shares and 34% of the total. The remaining shares belong to two international investors. Panamericano's ratings will not be affected by this transaction, as they remain based mainly on the support from BTG Pactual, even though its credit profile will benefit from the higher capitalization as a result of the announced capital injection of up to R$ 1.8 billion. According to Panamericano, this capital injection will be carried out by both shareholders, with no changes on its ownership structure. Panamericano's ratings also benefit from the recurring support provided by Caixa through BRL10 billion in credit limits, valid up to 2019, which strongly benefit its liquidity and funding. Changes in BTG Pactual's propensity or capacity of offering support to Panamericano may affect their ratings. Fitch has taken the following rating actions: BFRE -- Foreign and local currency long-term Issuer Default Rating (IDR) affirmed at 'BB-'; placed on Rating Watch Positive; -- Foreign and local currency short-term affirmed at 'B'; -- National long-term rating affirmed at 'A-(bra)'; placed on Rating Watch Positive; -- National short-term rating affirmed at 'F2(bra)'; placed on Rating Watch Positive. Brazilian Mortgages Cia. Hipotecaria (BM) -- Foreign and local currency long-term IDR affirmed at 'BB-'; placed on Rating Watch Positive; -- Foreign and local currency short-term affirmed at 'B'; -- National long-term rating affirmed at 'A-(bra)'; placed on Rating Watch Positive; -- National short-term rating affirmed at 'F2(bra)'; placed on Rating Watch Positive. Brazilian Securities Cia. de Securitizacao (BS) -- Foreign and local currency long-term IDR affirmed at 'BB-'; placed on Rating Watch Positive; -- Foreign and local currency short-term affirmed at 'B'; -- National long-term rating affirmed at 'A-(bra)'; placed on Rating Watch Positive; -- National short-term rating affirmed at 'F2(bra)'; placed on Rating Watch Positive. -- Debentures issuance due October 2014 affirmed at 'A-(bra)'; placed on Rating Watch Positive. BTG Pactual -- Foreign and local currency long-term IDR affirmed at 'BBB-'; Outlook Stable; -- Foreign and local currency short-term affirmed at 'F3'; -- Viability rating affirmed at 'bbb-'; -- Support rating affirmed at '5'; -- Support rating floor affirmed at 'No Floor'; -- National long-term rating affirmed at 'AA(bra)'; Outlook Stable; -- National short-term rating affirmed at 'F1+(bra)'; -- Senior notes unsecured due June 2016 affirmed at 'BBB-'. Panamericano -- National long-term rating affirmed at 'AA-(bra)'; Outlook Stable; -- National short-term rating affirmed at 'F1+(bra)'. CIMENTO TUPI: Fitch Rates US$50 Million Bonds Due 2018 at 'B/RR4' ----------------------------------------------------------------- Fitch Ratings has assigned a 'B/RR4' rating to the US$50 million reopening of Cimento Tupi S.A.'s bonds due 2018. The reopening is an additional offering of the US$100 million, 9.75% bond due May 11, 2018. Proceeds from this transaction will be used for expansion of the Pedra do Sino and general corporate purposes, including the repayment of debt. Fitch currently rates Tupi as follows: -- Foreign Currency Issuer Default Rating (IDR) 'B'; -- Local Currency IDR 'B'; -- Long-Term National Rating 'BBB-(bra)'. The Rating Outlook is Stable. Tupi's 'B' ratings reflect the volatility of its cash flow generation due to the cyclicality of the cement industry. As a small producer of cement, Tupi lacks geographic diversification, heightening the risk of this exposure. Tupi's cost structure is higher than the largest integrated Brazilian cement producers. The strong credit profile of these large companies may allow them to pressure prices during a downturn in the industry in an attempt to sustain volumes, which would negatively affect Tupi's ability to service its debt. Tupi has a challenge to shift its business model. The company is currently implementing a new operating model due to the termination of a supply agreement effective April 2012 for slag from CSN, a large Brazilian steel company, which is increasing its presence in cement. Tupi's strategy is to expand its unit at its Pedra do Sino plant, which will significantly reduce the company's reliance on slag and increase total overall nominal production to 3.2 million tons of cement per year by 2014 from 2.4 million. The success of this expansion is crucial to the company's ongoing activities. Absent this expansion, Fitch estimates that the company's nominal annual capacity would be reduced to 1.6 million tons. Tupi's credit metrics will be under pressured until 2013 due to the aforementioned capital expenditure plan (US$150 million). In May 2011, the company issued a US$100 million, and this current add-on issuance is key to support the capex program and avoid higher refinancing risks. For the 12 months ended Sept. 30, 2011, Tupi generated BRL72.4 million of EBITDA. The company had BRL55.2 million of cash and marketable securities and BRL291.3 million of total debt, including taxes refinancing, with BRL62.7 in the short term. These figures result in a total debt-to- EBITDA ratio of 4.0 times (x) and a net debt-to-EBITDA ratio of 3.3x. Net leverage is expected to return to less than 3.0x during 2013 once the project is complete. A ratings downgrade or Negative Outlook could result from significant deterioration in the company's cash generation and operating margins due to a downward turn in the Brazilian market. A rating upgrade could result from a successful change in Tupi's business profile with the concentration of its operations at Pedra do Sino and a subsequent increase in operating cash flows. A more conservative capital structure with lower leverage and a more robust liquidity =========================== C A Y M A N I S L A N D S =========================== AA PORTFOLIO: Placed Under Voluntary Wind-Up -------------------------------------------- At an extraordinary general meeting held on Dec. 21, 2011, the members of AA Portfolio Management Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 23, 2012, will be included in the company's dividend distribution. The company's liquidator is: H&J Corporate Services (Cayman) Ltd Telephone: (345) 949-7555 (ext.618) Anderson Square, 5th Floor Shedden Road PO Box 866 Grand Cayman KY1-1103 Cayman Islands CEOS LIMITED: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 22, 2011, the sole shareholder of CEOS Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 2, 2012, will be included in the company's dividend distribution. The company's liquidator is: Clive Philip Le Brun Tomes PO Box 771 St. Helier Jersey, Channel Islands ET GP I: Placed Under Voluntary Wind-Up --------------------------------------- On Oct. 21, 2011, the sole shareholder of ET GP I, Inc. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor, 64 Earth Close West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands FITZROY LTD: Commences Liquidation Proceedings ---------------------------------------------- On Dec. 9, 2011, the shareholders of Fitzroy Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 31, 2012, will be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o Saskia Lawrence 10 Market Street #765, Camana Bay Grand Cayman KY1 9006 Cayman Islands Telephone: +1 345 769 7212 Facsimile: +1 345 949 7120 GEM QUA 1: Commences Liquidation Proceedings -------------------------------------------- On Dec. 15, 2011, the shareholders of Gem Qua 1 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GEM QUA 2: Commences Liquidation Proceedings -------------------------------------------- On Dec. 15, 2011, the shareholders of Gem Qua 2 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GOLDEN FALCON: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 13, 2011, the shareholders of Golden Falcon Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 3, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ammar Alsaad Telephone: + 974 17338877 Facsimile: + 974 17332356 c/o Thorp Alberga Harbour Place, 2nd Floor 103 South Church Street, George Town Grand Cayman KY1-1106 Cayman Islands IBEX SELECTION: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 10, 2011, the sole member of Ibex Selection Ltd. 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: Gene Dacosta c/o Richard Finlay Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands KALLISTA MASTER: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 25, 2011, the shareholder 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 KY1 9006 Cayman Islands Telephone: +1 345 769-7219 Facsimile: +1 345 949-7120 e-mail: james.drury@uk.gt.com PROFESSIONAL LIABILITY: Commences Liquidation Proceedings --------------------------------------------------------- At an extraordinary meeting held on Dec. 8, 2011, the members of Professional Liability Underwriting Services SPC Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: Nick Gale Marsh Management Services Cayman Ltd. Management Services Cayman Ltd. P.O. Box 1051 Grand Cayman KY1-1102 Cayman Islands SUNSHINE FUND: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 8, 2011, the sole shareholder of Sunshine Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 25, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Daniella Skotnicki Telephone: (345) 815-1861 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands MEGA BUSINESS FUND: Placed Under Voluntary Wind-Up -------------------------------------------------- On Dec. 14, 2011, the sole member of Mega Business Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 25, 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 MEGA BUSINESS FUND ONE: Placed Under Voluntary Wind-Up ------------------------------------------------------ On Dec. 14, 2011, the sole member of Mega Business Fund One Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 25, 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 MUTEKI LTD: Placed Under Voluntary Wind-Up ------------------------------------------ At an extraordinary general meeting held on Dec. 12, 2011, the shareholder of Muteki Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 31, 2012, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109 Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 OFGP 2 LIMITED: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 9, 2011, the shareholder of OFGP 2 Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Hideki Sakai 6-10-16, Ginza, Chuo-ku Tokyo 104-0061 Japan PROSPERITY CAPITAL: Placed Under Voluntary Wind-Up -------------------------------------------------- At an extraordinary general meeting held on Dec. 15, 2011, the shareholder of Prosperity Capital Management (Africa) Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands PRS GLOBAL: Placed Under Voluntary Wind-Up ------------------------------------------ On Dec. 7, 2011, the sole shareholder of The PRS Global Diversified Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 25, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Michael Lubin Telephone: +1 (345) 815-1793 Facsimile: +1 (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands TOPIARY CAPITAL: Placed Under Voluntary Wind-Up ----------------------------------------------- At an extraordinary general meeting held on Dec. 12, 2011, the shareholder of Topiary Capital Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 31, 2012, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109 Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 WMT GLOBAL FUNDING I: Placed Under Voluntary Wind-Up ---------------------------------------------------- At an extraordinary general meeting held on Dec. 12, 2011, the shareholder of WMT Global Funding I Inc resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 31, 2012, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109 Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 WMT GLOBAL FUNDING II: Placed Under Voluntary Wind-Up ----------------------------------------------------- At an extraordinary general meeting held on Dec. 12, 2011, the shareholder of WMT Global Funding II Inc resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 31, 2012, will be included in the company's dividend distribution. The company's liquidators are: David Preston Beverly Bernard P.O. Box 1109 Grand Cayman KY1-1102 Cayman Islands c/o Nicola Eccleston Telephone: 949-7755 Facsimile: 949-7634 ============= J A M A I C A ============= * JAMAICA: Government Accepts New Subscriptions on 2017 Notes ------------------------------------------------------------- RJR News reports that the Jamaican government said it will be accepting new subscriptions on its existing variable rate bond which is due in 2017. Subscriptions will be opened between Wednesday and Friday with the government willing to take any amount investors can lend, according to RJR News. The report notes that the bond will pay an initial interest of 7.595% through to February 24 and thereafter the payments will be calculated at 1.375% above the 3-month Treasury bill yield. Analysts said they expect the bond to perform moderately as current "uncertainties" may increase investors preference to hold cash, RJR News notes. * JAMAICA: Fitch Affirms Issuer Default Rating at 'B-' ------------------------------------------------------ Fitch Ratings has affirmed Jamaica's ratings as follows: -- Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-'; -- Short-term IDR at 'B'; -- Country Ceiling at 'B'. The Rating Outlook is Stable. Jamaica's ratings are supported by improving macroeconomic stability and its relative high level of institutional strength, which has allowed the sovereign to respond to significant fiscal and balance of payments pressures over the years. Jamaica also compares favorably with peers in terms of GDP per capita and Human Development Indicators (HDI). Key credit weaknesses include one of the highest debt burdens of all sovereigns rated by Fitch, weak external and fiscal solvency indicators, continued growth underperformance, and high vulnerability to external and confidence shocks. In 2011, the central bank, the Bank of Jamaica (BOJ), has been able to maintain, and even reduce, historically low interest rates in the context of broad exchange rate stability and reduced inflationary pressures. Inflation averaged 7.5% in 2011, while the exchange rate was stable in spite of the absence of reviews under the IMF Stand-By Arrangement (SBA) since December 2010. The new PNP administration has announced that it intends to negotiate a new agreement with the IMF (as the 2010 SBA ends in May 2012), reign in expenditure pressures, and move forward with policies to reform the tax system, bring public sector salaries under control and contain rising pension costs. 'Maintaining the credibility of fiscal policy and multilateral support will be key given Jamaica's sizeable twin deficits and limited buffers, which leave the economy vulnerable to swings in investor confidence and a variety of shocks ranging from a weaker global growth to natural disasters,' said Erich Arispe, Director in Fitch's Sovereign Group. Jamaica's current account deficit (CAD) rose to an estimated 11.7% of GDP in 2011, reflecting still soft demand for exports and a large imported fuel bill. With Fitch projecting the CAD to be near 10% of GDP in 2012, continued multilateral support would be necessary to mitigate Jamaica's external accounts vulnerability to shifts in investor confidence and international oil price shocks. Fitch forecasts Jamaica's central government deficit to reach 5.2% of GDP in fiscal year (FY) 2011 (April 2011 until March 2012), down from 6.2% in FY 2010. The domestic debt exchange and low domestic interest rates have supported fiscal consolidation in spite of the lackluster growth performance and continued expenditure pressures, especially in terms of public sector salaries. As the 2010 domestic debt restructuring (JDX) did not involve haircut on principal, Jamaica's burdensome debt stock, estimated at 131% of GDP, is the fourth highest among all sovereigns rated by Fitch. Moreover, in spite of improvements in recent years, debt dynamics are highly sensitive to currency and interest rate risks. Government financing needs, at 16% for FY 2012, are among the highest in the 'B' category. After three years of recession, Fitch expects the Jamaican economy to grow by 1.2% and 1% in 2011 and 2012, respectively. Higher growth is currently constrained by structural weaknesses such as crime and the high cost of energy. 'Reforms designed to improve the structure of public finances by either increasing government revenues or reducing expenditure rigidities, as well higher growth are key to achieve sustainable fiscal consolidation and positive debt dynamics,' added Arispe. Continued fiscal consolidation and higher economic growth that ensures medium-term debt sustainability as well as further reduction in the country's external vulnerabilities could benefit sovereign creditworthiness. On the other hand, increased external and fiscal financing risks as well as destabilizing fiscal dynamics would be negative for Jamaica's ratings. =========== M E X I C O =========== MEXICANA AIRLINES: Could Restart Operations in March, Judge Says ---------------------------------------------------------------- Latin American Herald Tribune reports that Mexican Judge Felipe Consuelo Soto said that a consortium has deposited US$300 million to recapitalize Compania Mexicana de Aviacion or Mexicana Airlines, which could return to the skies next month. Judge Soto said that Med Atlantica, which is 80% controlled by Mexican investors, has shown it has the necessary funds and is now the best option for rescuing the beleaguered carrier, according to Herald Tribune. "The group brings together the elements to be awarded Mexicana de Aviacion. It's shown me that it has the money and the willingness to restructure Mexicana," Herald Tribune quoted Judge Soto as saying. The report notes that Judge Soto said he has petitioned the Communications and Transportation Secretariat to reactivate Mexicana's operating permit. Herald Tribune relates that the carrier's bankruptcy proceedings will conclude after a few administrative formalities have been completed. "This is wonderful news for the (airline's) 8,000 workers," the judge said, adding that the secretariat still must decide if Med Atlantica meets the technical requirements, the report discloses. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's largest airline, filed for bankruptcy in the U.S. and Mexico on Aug. 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. =============== 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 * * *