/raid1/www/Hosts/bankrupt/TCRLA_Public/120210.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, February 10, 2012, Vol. 13, No. 029
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Ex-Finance Chief Points R. Allen As Ponzi Head
A R G E N T I N A
EMGASUD SA: Moody's Assigns B3/Baa1.ar Ratings to Proposed Notes
B E R M U D A
CEUCO LTD: Placed Under Voluntary Wind-Up
CEUCO LTD: Member To Receive Wind-Up Report on Feb. 20
IRC RE: Court Appoints Morrison & Thresh as Liquidators
JMI INTERNATIONAL: Placed Under Voluntary Wind-Up
JMI INTERNATIONAL: Members' Final Meeting Set for Feb. 17
MERCK SHARP: Placed Under Voluntary Wind-Up
MERCK SHARP: Members To Hear Wind-Up Report on Feb. 28
MERCK SHARP (IRELAND): Placed Under Voluntary Wind-Up
MERCK SHARP (IRELAND): Members To Hear Wind-Up Report on Feb. 28
PILAR INVESTMENTS: Placed Under Voluntary Wind-Up
PILAR INVESTMENTS: Member To Receive Wind-Up Report on Feb. 22
RIO BRAVO: Placed Under Voluntary Wind-Up
RIO BRAVO: Member To Receive Wind-Up Report on Feb. 22
RSL COMMUNICATIONS: Court Appoints Garth Calow as Liquidator
STAR REOC: Placed Under Voluntary Wind-Up
STAR REOC: Members' Final Meeting Set for Feb. 17
TYRE EXPORT-(BERMUDA): Placed Under Voluntary Wind-Up
C A Y M A N I S L A N D S
ARKLOW MASTER: Placed Under Voluntary Wind-Up
ARKLOW OFFSHORE: Placed Under Voluntary Wind-Up
ATTICUS TRADING: Placed Under Voluntary Wind-Up
ATTICUS TRADING (CAYMAN): Placed Under Voluntary Wind-Up
AURORA OVERSEAS: Placed Under Voluntary Wind-Up
GALLEON INTERNATIONAL: Commences Liquidation Proceedings
GALLEON INTERNATIONAL FUND: Commences Liquidation Proceedings
GALLEON INTERNATIONAL MASTER: Commences Liquidation Proceedings
GEMINI FUTURES: Placed Under Voluntary Wind-Up
HUAYNA INVESTMENT: Commences Liquidation Proceedings
LAZARD MAC: Commences Liquidation Proceedings
LV INVESTMENT: Commences Liquidation Proceedings
MEINL INVESTMENT I: Placed Under Voluntary Wind-Up
MEINL INVESTMENT III: Placed Under Voluntary Wind-Up
PANGU OPPORTUNITY: Placed Under Voluntary Wind-Up
RMF ALTERNATIVE: Commences Liquidation Proceedings
SANDIFORD LIMITED: Placed Under Voluntary Wind-Up
SOLERA INTERNATIONAL: Commences Liquidation Proceedings
Z-LINE LTD: Placed Under Voluntary Wind-Up
J A M A I C A
DIGICEL LTD: Fitch Rates Proposed $250-Mil. Sr. Notes at 'B'
M E X I C O
CONTROLADORA MABE: Fitch Cuts Rating on Sr. Unsec. Notes to 'BB+'
- - - - -
===============================
A N T I G U A & B A R B U D A
=====================--========
STANFORD INT'L: Ex-Finance Chief Points R. Allen As Ponzi Head
--------------------------------------------------------------
Elizabeth Amon at Bloomberg News reports that James M. Davis,
Stanford Financial Group's former finance chief, testified during
the Feb. 7 fraud trial in a Houston federal court that Robert
Allen Stanford was the mastermind and prime beneficiary of a
$7 billion Ponzi scheme built on bogus certificates of deposit at
Stanford International Bank.
Laurel Brubaker Calkins, in a separate Bloomberg News report,
relates that Mr. Stanford's attorneys have told the jury that
their client left the details of running his companies primarily
to Mr. Davis. According to report, Mr. Davis denied that claim.
Mr. Davis, Bloomberg News cites, testified for the government
under a plea deal, under which he faces as long as 30 years in
prison. Mr. Davis hopes that his cooperation will lead to
leniency when he is sentenced, the report relays.
Accountants were consolidating companies Mr. Stanford funded with
$2 billion in secret bank loans onto Stanford International's
portfolio when regulators stepped in and stopped the process,
Bloomberg News relates, citing Mr. Stanford's attorneys. Mr.
Davis said that "it would've been a last-ditch effort to hide the
fraud that had been going on and plug the hole" between Stanford
International's reported and actual assets, Bloomberg News
reports.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement. Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.
On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control. The Feb. 16 order, as amended on March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice. Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges. Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is
SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S.
District Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
EMGASUD SA: Moody's Assigns B3/Baa1.ar Ratings to Proposed Notes
----------------------------------------------------------------
Moody's Latin America assigned a B3 global local currency rating
and Baa1.ar National Scale Rating to Emgasud S.A.'s up to
ARS90 million (approximately US$20 million) proposed Class 8
notes with a positive outlook. At the same time, Moody's affirmed
the B3/Baa1.ar ratings on Emgasud's Class 2 and Class 3 notes and
changed their outlooks to positive. Emgasud will use proceeds
from Class 8 notes to repay outstanding short-term debt and for
working capital needs.
Ratings Rationale
Moody's is raising the outlook mainly because Emgasud has
successfully completed its 80 MW wind farm project in Rawson,
which initiated commercial operations earlier this year. The fact
that Emgasud's other main business line, EnergĦa Distribuida (ED)
is now fully operational and generating revenues of approximately
US$150 million per year, also supports the positive outlook.
The B3/Baa1.ar ratings take into consideration Emgasud's improved
operating performance after the initial delays in the
implementation of its ED project, the challenges of a relatively
new ED program under the Res. 220 framework and the concentration
of its operations in only the Argentinean market, which has been
highly unpredictable in recent years.
The ratings also consider the outstanding prospects for wind
generation in Argentina, although the technology was challenging
for a company that had no previous experience working with this
source of energy. The successful implementation of its wind farm
project in Rawson has not only diversified Emgasud's in terms of
fuel but has also provided it with an additional degree of cash
flow predictability.
The wind farm project just started commercial operations in
January 2012, slightly ahead of the original construction plan
and in line with the budget. The project will supply
approximately 290 GWh annually to the electrical system in
Argentina, under a 15-year term contract at a fixed price of
approximately US$127/MWh.
The B3/Baa1.ar ratings also consider the various payment
mechanisms that will be available for debt repayment. Most of
Emgasud's outstanding debt is payable from direct transfers to a
trustee arising from collections under the Res. 220 ED contracts.
In addition, debt repayment will also be secured by payments
under the off-take contract with Cammesa for the wind farm
production, which has a fixed price per MWh for a 15-year period.
ED contracts have an average maturity of three years (and are
likely to be renewed for a similar period). While ED contracts
and the 15-year wind project contract may provide some cash flow
predictability, in both cases the off-taker is Cammesa, an
federal agency that administers the wholesale electricity market
in Argentina. Cammesa administers not only the operation of the
system but also manages collections and payments. Since the price
paid for electricity by most consumers is not enough to cover
electricity production costs, Cammesa faces an ongoing operating
deficit that is currently financed with federal government
resources to facilitate payments to the producers. In Moody's
view, this represents a high degree of exposure to the Argentine
government (B3, Stable) which adds a constraint to the ratings.
The positive outlook incorporates Emgasud's improved prospects
for cash generation after ED's full completion under different
generation scenarios as well as from the initiation of wind
operations with its recently constructed wind farm in Rawson, in
Chubut Province.
A rating upgrade would require Emgasud to continue to generate
stable cash flows from its ED business and for the wind
generation business to operate according to expectations with
capacity realizations of around 40%. Quantitatively, a rating
upgrade would require Emgasud to generate CFO (pre WC) to debt of
above 20%, and positive levels of FCF on a sustainable basis.
The ratings or outlook could be downgraded if payments from
Cammesa begin to experience significant delays. In addition, if
Emgasud's financial policy becomes more aggressive than expected,
the ratings could come under downward pressure. Specifically,
Moody's will become concerned should debt to EBITDA exceed 4.0x
times; interest coverage (CFO pre WC + Interest/Interest) falls
below 1.5x or RCF /Debt becomes lower than 15% for an extended
period.
Emgasud S.A., headquartered in the province of Buenos Aires,
Argentina, initiated operations in 1991, in the gas distribution
business. It also operates in gas transportation but since 2008
power generation has been its main business, contributing more
than 80% of total revenues. For the last 12 months ending
September 2011, Emgasud reported revenues of approximately US$130
million.
=============
B E R M U D A
=============
CEUCO LTD: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 16, 2012, the members of Ceuco 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:
Roderick M. Forrest
Victoria Place, 31 Victoria Street
Hamilton
Bermuda
CEUCO LTD: Member To Receive Wind-Up Report on Feb. 20
------------------------------------------------------
The member of Ceuco Ltd. will receive on Feb. 20, 2012, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Roderick M. Forrest
Victoria Place, 31 Victoria Street
Hamilton
Bermuda
IRC RE: Court Appoints Morrison & Thresh as Liquidators
-------------------------------------------------------
On Jan. 6, 2012, Mike Morrison and Charles Thresh of KPMG
Advisory Limited were appointed as liquidators of IRC Re Limited.
JMI INTERNATIONAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 10, 2012, the members of JMI International Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
JMI INTERNATIONAL: Members' Final Meeting Set for Feb. 17
---------------------------------------------------------
The members of JMI International Limited will hold their final
meeting on Feb. 17, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MERCK SHARP: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 13, 2012, the members of Merck Sharp & Dohme Biologics
(Ireland) Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Feb. 1, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MERCK SHARP: Members To Hear Wind-Up Report on Feb. 28
------------------------------------------------------
The members of Merck Sharp & Dohme Biologics (Ireland) Ltd. will
receive on Feb. 28, 2012, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MERCK SHARP (IRELAND): Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 13, 2012, the members of Merck Sharp & Dohme (Ireland)
Ltd. resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 1, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
MERCK SHARP (IRELAND): Members To Hear Wind-Up Report on Feb. 28
----------------------------------------------------------------
The members of Merck Sharp & Dohme (Ireland) Ltd. will receive on
Feb. 28, 2012, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
PILAR INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 4, 2012, the members of Pilar Investments Holding, Ltd.,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 1, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11
Bermuda
PILAR INVESTMENTS: Member To Receive Wind-Up Report on Feb. 22
--------------------------------------------------------------
The member of Pilar Investments Holding, Ltd., will receive on
Feb. 22, 2012, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11
Bermuda
RIO BRAVO: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 10, 2012, the members of Rio Bravo GenPar, Ltd., resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 1, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11
Bermuda
RIO BRAVO: Member To Receive Wind-Up Report on Feb. 22
------------------------------------------------------
The member of Rio Bravo GenPar, Ltd., will receive on Feb. 22,
2012, at 2:30 p.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11
Bermuda
RSL COMMUNICATIONS: Court Appoints Garth Calow as Liquidator
------------------------------------------------------------
On Jan. 12, 2012, the Supreme Court of Bermuda appointed Garth
Calow as liquidator of RSL Communications Ltd to replace Nigel
Chatterjee.
STAR REOC: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 10, 2012, the members of Star REOC HoldCo, Ltd., resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
STAR REOC: Members' Final Meeting Set for Feb. 17
-------------------------------------------------
The members of Star REOC HoldCo, Ltd., will hold their final
meeting on Feb. 17, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Robin J. Mayor
Clarendon House
2 Church Street, Hamilton HM 11
Bermuda
TYRE EXPORT-(BERMUDA): Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 12, 2012, the members of Tyre Export-(Bermuda), 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:
Ernest A. Morrison
Cox Hallett Wilkinson Limited
Bermuda
===========================
C A Y M A N I S L A N D S
===========================
ARKLOW MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 19, 2011, the sole shareholder of Arklow Master 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 Bradley Kruger
Telephone: (345) 949-9876
Fax: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ARKLOW OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 19, 2011, the sole shareholder of Arklow Offshore 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 Bradley Kruger
Telephone: (345) 949-9876
Fax: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ATTICUS TRADING: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 15, 2011, the sole shareholder of Atticus Trading, 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
Fax: (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
ATTICUS TRADING (CAYMAN): Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Dec. 15, 2011, the sole shareholder of Atticus Trading
(Cayman), 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
Fax: (345) 949-9877
89 Nexus Way Camana Bay
Grand Cayman KY1-9007
Cayman Islands
AURORA OVERSEAS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 14, 2011, the sole shareholder of Aurora Overseas
Holdings resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Feb. 6, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Transcontinental Fund Administration
c/o Claudia Woerheide
Telephone: (345) 949-5013
Fax: (345) 946-4654
Governors Square Office Suite 4-213-6
23 Lime Tree Bay Avenue, West Bay
Grand Cayman
Cayman Islands
GALLEON INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 20, 2011, the sole shareholder of Galleon International
Multistrategy Fund, Ltd., resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Delta Group Limited
c/o J. Aljadir
Telephone: (345) 743 6626
103 South Church Street, Harbour Place, 2nd Floor
P.O. Box 11820, George Town
Grand Cayman KY1-1009
Cayman Islands
GALLEON INTERNATIONAL FUND: Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 20, 2011, the sole shareholder of Galleon International
Fund, Ltd., resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Delta Group Limited
c/o J. Aljadir
Telephone: (345) 743 6626
103 South Church Street, Harbour Place, 2nd Floor
P.O. Box 11820, George Town
Grand Cayman KY1-1009
Cayman Islands
GALLEON INTERNATIONAL MASTER: Commences Liquidation Proceedings
---------------------------------------------------------------
On Dec. 20, 2011, the sole shareholder of Galleon International
Master Fund, SPC Ltd., resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 30, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Delta Group Limited
c/o J. Aljadir
Telephone: (345) 743 6626
103 South Church Street, Harbour Place, 2nd Floor
P.O. Box 11820, George Town
Grand Cayman KY1-1009
Cayman Islands
GEMINI FUTURES: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 15, 2011, the sole shareholder of Gemini Futures Fund,
Ltd., resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 6, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Transcontinental Fund Administration
c/o Claudia Woerheide
Telephone: (345) 949-5013
Fax: (345) 946-4654
Governors Square Office Suite 4-213-6
23 Lime Tree Bay Avenue, West Bay
Grand Cayman
Cayman Islands
HUAYNA INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 21, 2011, the sole shareholder of Huayna Investment
Company 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:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
LAZARD MAC: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 20, 2011, the sole shareholder of Lazard MAC Limited
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
LV INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 21, 2011, the sole shareholder of LV Investment Company
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:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MEINL INVESTMENT I: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 21, 2011, the sole shareholder of MEINL Investment
Funding I Limited 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
Alex Johnston
P.O. Box 1109 Grand Cayman KY1-1102
Cayman Islands
c/o Isabel Mason
Telephone: 949-7755
Fax: 949-7634
MEINL INVESTMENT III: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 21, 2011, the sole shareholder of MEINL Investment
Funding III Limited 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
Alex Johnston
P.O. Box 1109 Grand Cayman KY1-1102
Cayman Islands
c/o Isabel Mason
Telephone: 949-7755
Fax: 949-7634
PANGU OPPORTUNITY: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 5, 2011, the sole shareholder of Pangu Opportunity Fund
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:
Anthony Tse
Telephone: + 852 3521 1896
Fax: + 852 3521 1895
Flat A, 33/F, Blk T3
Bellagio
33 Castle Peak Road Sham Tseng
NT Hong Kong
RMF ALTERNATIVE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 20, 2011, the sole shareholder of RMF Alternative Real
Estate Alpha (Master) 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
SANDIFORD LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 13, 2011, the sole member of Sandiford Limited resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Claudio Zapata Bakas
Telephone: (345) 949 7555
c/o Higgs & Johnson
Anderson Square, 5th Floor
Shedden Road
P.O. Box 866 Grand Cayman KY1-1103
Cayman Islands
SOLERA INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 20, 2011, the sole shareholder of Solera International
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:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
Z-LINE LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 13, 2011, the sole member of Z-Line Ltd. resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 27, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Fernando Adrian Ramirez Gallegos
Telephone: (345) 949 7555
c/o Higgs & Johnson
Anderson Square, 5th Floor
Shedden Road
P.O. Box 866 Grand Cayman KY1-1103
Cayman Islands
=============
J A M A I C A
=============
DIGICEL LTD: Fitch Rates Proposed $250-Mil. Sr. Notes at 'B'
------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR4(exp)' rating to Digicel
Limited (DL) proposed US$250 million senior notes due 2020.
Proceeds from the notes are expected to be used for general
corporate uses including acquisitions.
Fitch currently rates Digicel Group Limited (DGL), DL and Digicel
International Finance Limited (DIFL), collectively referred to as
'Digicel':
DGL
-- Long-term Issuer Default Rating (IDR) at 'B';
-- US$1 billion 8.875% senior subordinated notes due 2015 at
'B-/RR5';
-- US$415 million 9.125/9.875% senior subordinated toggle notes
due 2015 at 'B-/RR5';
-- US$775 million 10.5% senior subordinated notes due 2018 at
'B-/RR5'.
DL
-- Long-term IDR at 'B';
-- US$800 million 8.25% senior notes due 2017 at 'B/RR4';
-- US$510 million 12% senior notes due 2014 at 'B/RR4'.
DIFL
-- Long-term IDR at 'B';
-- Senior secured credit facility at 'B+/RR3'.
The Rating Outlook is Stable.
Digicel's ratings incorporate a solid operating performance,
increasingly diversified revenue and cash flow generation,
improved free cash flow generation and expectation for stable
credit metrics. In addition, the ratings are supported by its
position as the leading provider of wireless services in most of
its markets and strong brand recognition. Digicel's credit
quality is tempered by continued high leverage, medium term
refinancing risk and exposure of operations to low rated
countries.
Under Fitch's approach to rating entities within a corporate
group structure, the IDRs of DGL, DL and DIFL are the same and
viewed on a consolidated basis as they have a weaker parent and
the degree of linkage between parent and subsidiaries is
considered strong. For issue ratings, Fitch rates debt at DIFL
one notch higher than DL reflecting its above average recovery
prospects. DL ratings reflect the increased burden the DGL
subordinated notes place on the operating assets and the loss of
financial flexibility. The ratings of DGL incorporate their
subordination to debt at DIFL and DL, as well as the subordinated
notes' below-average recovery prospects in the event of default.
Fitch views as positive to credit quality the overall long term
effect of the transaction with America Movil. In Fitch's
opinion, Digicel will strengthen its competitive position in
Jamaica which is the most important country in terms of EBITDA
generation of the company, despite losing some cash flow
diversification. Digicel has concluded the sale of Honduran
operation and the acquisition of the operation in Jamaica. The
transaction in El Salvador is in the process of receiving
approvals by local authorities. The economics of the overall
transaction still remain at US$355 million, which Fitch estimates
that the biggest part of this will be received by Digicel after
the sale of the operation in El Salvador is finished.
Over the past several years, DGL has diversified its cash flow
generation and asset base leading to lower business risk. The
EBITDA lost from the sale of the El Salvador asset sale is
expected to be offset over the medium to long term with the
integration of Claro Jamaica. Additionally, Fitch expects that
growth in EBITDA from Papua New Guinea (PNG) should further
diversify cash flow generation from Jamaica and Haiti in the
coming years. Pro forma cash flow coming from Jamaica and Haiti
remains material at a Fitch estimated 45%, although lower than in
the past as DPL EBITDA grows. These economies are more
vulnerable than others where Digicel operates. The most
important contributors to EBITDA are Jamaica, Haiti, Trinidad &
Tobago, Eastern Caribbean operations and PNG.
Fitch expects positive free cash flow (FCF) in the coming years
as funds from operations (FFO) modestly grows, even considering
higher capex than previous years. FCF should be driven by
slightly growing EBITDA in the next few years and regular
dividend payments should remain close to US$40 million. Digicel
expects that for the near future the company will not raise its
43.4% stake in DHCAL, which will only remain with the operation
in Panama after the deal with America Movil is closed.
Leverage at DGL remains high but expected to gradually decline in
the medium term, as EBITDA grows and indebtedness remains
relatively stable. Considering the DIFL extension, AMX
transaction, indebtedness as of Sept. 30, 2011 and last 12 months
(LTM) EBITDA, the pro forma total debt to EBITDA is close to 5.0
times (x) and net debt to LTM EBITDA should be close to 4.2x.
Total pro forma debt of approximately US$4.9 billion is not
expected to not materially change its allocation over the medium
term. Pro forma debt is allocated as follows: US$2,190 million
at DGL, US$1,560 million at DL, US$919 million at DIFL and US$247
million at DPL.
Digicel does not face any material debt maturity over the next
two years, however refinancing risk starts to rise as 2014 and
2015 approaches. The company faces bullet maturities at DL of
US$510 million in April 2014 and DGL of US$1.4 billion in notes
maturing January 2015. Inability to refinance in advance these
maturities will pressure liquidity and the ratings.
===========
M E X I C O
===========
CONTROLADORA MABE: Fitch Cuts Rating on Sr. Unsec. Notes to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded these ratings of Controladora Mabe,
S.A. de C.V. (Mabe):
-- Foreign currency Issuer Default Rating (IDR) to 'BB+' from
'BBB-';
-- Local currency IDR to 'BB+' from 'BBB-';
-- 6.5% senior unsecured notes due 2015 to 'BB+' from 'BBB-';
-- 7.875% senior unsecured notes due 2019 to 'BB+' from 'BBB-'.
The Rating Outlook has been revised to Stable from Negative.
The ratings downgrade reflects a decline in the company's credit
metrics from historical levels and from Fitch's previous
expectations. EBITDA generation and margins have been pressured
by the realignment of the Brazilian operations which have
required more time than expected, as well as extraordinary
charges since the BSH acquisition in 2009. Additional pressures
on the company's profitability are related to external factors,
such as increased commodity prices and currency fluctuations.
Mabe's management has implemented strong initiatives to optimize
working capital which in turn allowed the company to reduce debt;
nevertheless, this reduction was offset by lower EBITDA
generation.
The Stable Outlook incorporates Fitch's view that Mabe's
financial profile and main credit metrics will remain relatively
similar in current levels.
Mabe's ratings factor in its product and geographic
diversification, leading market shares in the countries where it
operates, as well as the company's long relationship and joint
venture with General Electric (GE). Fitch expects Mabe will
invest to optimize its manufacturing capacity during the year.
In addition, Fitch expects Mabe's Brazilian operations to start
contributing positive results during 2012 once investments and
operating rationalization is completed.
On a comparable basis, reflecting only the company's proportional
participation in Mabe Brazil (58.6%), during the last 12 months
(LTM) ended Sept. 30 2011, Mabe's revenues were US$3.2 billion,
similar to year-end 2010 but below US$4.2 billion registered in
2008. Similarly, according to Fitch's calculations EBITDA for
2011 will be of approximately US$230million, down from US$392
million in 2008. EBITDA Margin has followed the same trend and
for the LTM in September 2011 was 7.7% compared to 7.8% at year
end 2010 and 9.3% in 2008.
Mabe's cash flow management efforts allowed it to reduce working
capital during 2011 and in turn, reduce debt levels to US$700
million from US$798 million at year end 2010. On the other hand,
Fitch estimates the company's leverage measured by Total Debt to
EBITDA for 2011 to be approximately 3.0 times (x), compared to
3.2x and 2.7x in December 2010 and 2009, respectively. Fitch
expects that Mabe's leverage ratio will remain around 3.0x
reflecting a challenging operating environment and the company's
capex plan.
Mabe's liquidity and refinancing risk is low. During 2011 the
company signed a US$150 million bilateral bank facility with
final maturity in 2014 that was used to refinance short term debt
and extend its debt maturity profile. As of Sept. 30, 2011,
Mabe's total debt was comprised by this facility, US$200 million
in senior notes due in 2015 and US$350 million in senior notes
due in 2019. The debt amortization schedule is manageable for
the company with only US$26 million due in 2012 and US$86 million
in 2013. Cash balances at the same date were US$90 million.
Factors that could result in positive rating actions include a
combination of consistent improvement in credit metrics of
interest coverage and gross leverage, in addition to maintaining
good liquidity. Conversely, further deterioration in
profitability, cash flow generation and credit metrics could
pressure the company's ratings.
***********
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
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Information contained herein is obtained from sources believed to
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contact Peter Chapman at 240/629-3300.
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