/raid1/www/Hosts/bankrupt/TCRLA_Public/120323.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, March 23, 2012, Vol. 13, No. 060
Headlines
A R G E N T I N A
ANDBRAVA SA: Requests Opening of Bankruptcy Proceedings
ARCOR: Fitch Assigns 'BB-' Local Currency Issuer Default Rating
ARCOR: Senior Notes Reopening No Impact on Moody's 'Ba2' LC CFR
EDUARDO BLANCO: Creditors' Proofs of Debt Due April 16
EUROCINE SA: Creditors' Proofs of Debt Due April 19
LEVEINIM SA: Creditors' Proofs of Debt Due April 17
MATBA S.A.: Moody's Reviews 'Ba3' Issuer Rating for Downgrade
OGNI ORA: Creditors' Proofs of Debt Due April 16
B A R B A D O S
REDJET: Grounding Will Lead to Higher Regional Fares
B R A Z I L
BANCO ABC: Fitch Affirms Issuer Default Rating at Low-B
C A Y M A N I S L A N D S
ARCAPITA BANK: Asks Court to Bar Creditors' Enforcement Actions
ARWA IAM: Shareholders' Final Meeting Set for May 29
CARIBBEAN OIL: Shareholders' Final Meeting Set for April 13
CEDAR FUND: Members' Final Meeting Set for April 10
FLEX HOLDING: Shareholders' Final Meeting Set for April 13
GIPPER IAM SP: Shareholders' Final Meeting Set for May 29
INVESTCORP OPPORTUNISTIC: Shareholders' Meeting Set for May 29
MACRO VOLATILITY: Shareholders' Final Meeting Set for April 13
MVC FUND 2: Shareholders' Final Meeting Set for April 13
OCELOT RUSSIAN: Members' Final Meeting Set for April 11
OUCHY CORPORATION: Members' Final Meeting Set for April 13
PHI RUSSIA: Shareholders' Final Meeting Set for April 18
POINT-PLUS FIRST: Shareholders' Final Meeting Set for April 13
PRODIGY OPPORTUNITIES: Shareholders' Meeting Set for April 13
SFR LTD: Shareholders' Final Meeting Set for April 13
WITTENHAM LATIN: Shareholders' Final Meeting Set for April 2
M E X I C O
BANCO PINE: Moody's Issues Summary Credit Opinion
* MEXICO: Moody's Cuts State of Nayarit's Issuer Ratings to 'Ba3'
P E R U
TERMINALES PORTUARIOS: To Offer Up to US$110 Million in Bonds
TERMINALES PORTUARIOS: Fitch to Rate US$110MM Sr Sec. Notes 'BB-'
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: Hard Hit by Cement Shortage
- - - - -
=================
A R G E N T I N A
=================
ANDBRAVA SA: Requests Opening of Bankruptcy Proceedings
-------------------------------------------------------
Andbrava SA requested the opening of bankruptcy proceedings.
ARCOR: Fitch Assigns 'BB-' Local Currency Issuer Default Rating
---------------------------------------------------------------
Arcor is planning the reopening of its 7.25% fixed-rate notes due
2017. The reopening will carry the same rating as the original
deal at 'B+/RR4'. This add-on issuance for up to US$100 million
(to US$300 million) is expected to be primarily used to refinance
short-term indebtedness and fund working capital needs. Fitch
expects Arcor will continue to manage its balance sheet to a
targeted ratio of debt-to-EBITDA of around 2 times (x).
Fitch rates Arcor's Foreign Currency Issuer Default Rating (IDR)
at 'B+' and Local Currency IDR at 'BB-', with a Stable Outlook.
Arcor's 'BB-' local currency IDR reflects the company's strong
business position as a leading Latin American producer of
confectionary and cookie products, as well as its solid capital
structure. The company's positive track record during the 2002
financial crisis in Argentina is also factored into the ratings.
Arcor's 'BB-' Local Currency IDR is constrained by the high
correlation of its cash flow with the strength of the Argentine
economy and its exposure to variations in commodity prices.
ARCOR: Senior Notes Reopening No Impact on Moody's 'Ba2' LC CFR
---------------------------------------------------------------
Moody's Latin America commented that the proposed reopening of
the 2017 senior unsecured notes has no immediate impact on Arcor
S.A.I.C.'s Ba2 global local currency Corporate Family Rating
(CFR) and B1 foreign currency senior unsecured rating. The B1 CFR
pierces Argentina's B2 foreign currency country ceiling by one
notch. The outlook for the ratings is stable.
Ratings Rationale
The proposed new notes will be an add-on to the US$200 million
senior unsecured notes due in 2017 issued by the company in
November 2010. Proceeds from the proposed reopening, which is
expected to up to US$100 million, will be used in full to
refinance short term debt as part of the company's liability
management strategy.
The B1 CFR pierces Argentina's B2 foreign currency country
ceiling by one notch, reflecting, among others, a strong
liquidity cushion account available in the U.S.; Arcor's sizeable
international business that currently generates more than US$1
billion in revenues annually.
While foreign currency exposure will increase slightly after the
add-on transaction, the company's debt maturity profile will
improve, thus reducing refinancing risk.
Pro-forma for the transaction, consolidated liquidity is
adequate, as cash on hand plus expected cash generation for 2012
cover interest payments, taxes, and working capital needs. With
the add-on, Arcor will not have any material debt maturing before
November 2017. Additionally, Arcor's liquidity is supported by
available cash balances and short-term investments of around
US$100 million at December 2011. The company also has an ample
amount of US$380 million revolving credit available through
facilities in different countries including Argentina, Brazil and
Chile.
As of the fiscal year ended Dec. 31, 2011, Arcor posted revenue
growth of 24.4% driven by higher average prices and the
appreciation of local currencies relative to US dollar. In terms
of margins, the company generated EBITDA margin of 10.4% for the
fiscal year ended Dec. 31, 2011, somewhat above the 9.4% recorded
in the previous year, driven by improved pricing, offsetting
increased costs of commodities. Leverage was reduced as compared
to 2010, with adjusted Debt / EBITDA of 1.6 times for the fiscal
year ended Dec. 31, 2011, as compared with 2.1 times the previous
year.
Arcor SAIC, Cordoba, Argentina, is one of the largest
confectionary, cookies and food companies in the country with
over US$3 billion in sales as of the fiscal year ended
Dec. 31, 2011. Arcor's well-known brands include: Butter Toffees,
Bon o Bon, Cofler, Rocklets, Menthoplus, La Campagnola, Poosh,
Topline, Bigtime, Mr. Pop's, Mogul and Sapito.
EDUARDO BLANCO: Creditors' Proofs of Debt Due April 16
------------------------------------------------------
Juan Marcelo Villoldo, the court-appointed trustee for Eduardo
Blanco y Cia. SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 16, 2012.
Mr. Villoldo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, 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 Marcelo Villoldo
Uruguay 651
EUROCINE SA: Creditors' Proofs of Debt Due April 19
---------------------------------------------------
Alejandro Alberto Margulis, the court-appointed trustee for
Eurocine SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 19, 2012.
Mr. Margulis will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:
Alejandro Alberto Margulis
Parana 426
Argentina
LEVEINIM SA: Creditors' Proofs of Debt Due April 17
---------------------------------------------------
Aldo Ruben Maggiolo, the court-appointed trustee for Leveinim
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 17, 2012.
Mr. Maggiolo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, 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:
Aldo Ruben Maggiolo
Jufre 250
Argentina
MATBA S.A.: Moody's Reviews 'Ba3' Issuer Rating for Downgrade
-------------------------------------------------------------
Moody's Investors Service announced it was placing on review for
downgrade the Ba3 long term local currency issuer rating of MATba
S.A., following its global assessment of linkages between
financial institutions and sovereign credit risk.
The review will be focused on the sensitivity and degree to which
certain issuers' standalone credit profiles that are currently
above the B3 rating of the Argentinean sovereign are correlated
with sovereign credit quality.
MATba's Aa2.ar local currency national scale issuer rating is
unaffected by this rating action.
Review Rationale
During the review, Moody's will assess the degree to which
MATba's standalone credit profile is correlated with that of the
Argentinean sovereign. The review will take into account (i) the
extent to which the entity's business is dependent on the
domestic macroeconomic and financial environment, (ii) reliance
on market-based and therefore more confidence-sensitive funding,
and (iii) direct or indirect exposures to domestic sovereign
debt. This review reflects Moody's assessment of the correlation
between sovereign and financial institutions' credit risk
globally, a view that is further discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on Feb. 13, 2012.
The following rating of MATba S.A. is placed on review for
downgrade:
Global local currency issuer rating: Ba3
OGNI ORA: Creditors' Proofs of Debt Due April 16
------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for Ogni Ora
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 16, 2012.
Ms. Giambone 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. 28, 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:
Silvia Beatriz Giambone
Avenida Presidente Roque Saenz Pena 651
Argentina
===============
B A R B A D O S
===============
REDJET: Grounding Will Lead to Higher Regional Fares
----------------------------------------------------
RJR News reports that President of the Barbados Hotel & Tourism
Association Colin Jordan, says with the absence of REDjet (Airone
Caribbean/Airone Ventures Limited) airfares for travel within the
region will increase.
Mr. Jordan also expressed concern that the number of persons
flying to Barbados from Trinidad and other Caribbean countries
will decline sharply, according to RJR News.
RJR News notes that REDjet Chief Executive Officer Ian Burns said
the airline was suspending flights until further notice, since it
could no longer provide affordable transport across the Caribbean
in the absence of government assistance.
As reported in the Troubled Company Reporter-Latin America on
March 21, 2012, Jamaica Gleaner related that REDjet suspended all
its flights indefinitely in a bid to protect the long term
interests of the business. In the email signed by REDjet
director Robbie Burns, the airline outlined a three-week process
for travellers to get refunds and urged travellers to check the
company's Web site and call center for updates, according to
Jamaica Gleaner. The report noted that the airline did not give
specific reasons for the shutdown, but suggested that it was
expecting state assistance to continue operations and blamed
"subsidized" competitors for its troubles.
About REDjet
REDjet (Airone Caribbean/Airone Ventures Limited) is a startup
low-cost carrier (LCC) based at the Grantley Adams International
Airport in Christ Church, Barbados, near Bridgetown. The
privately-owned airline, incorporated in Barbados features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.
===========
B R A Z I L
===========
BANCO ABC: Fitch Affirms Issuer Default Rating at Low-B
-------------------------------------------------------
Fitch Ratings has affirmed Banco ABC Brasil S.A.'s (ABCBr;
Foreign and Local Currency Issuer Default Ratings (IDRs) and
other ratings as follows:
-- Long-Term Foreign and Local Currency IDRs at 'BB+', Outlook
Stable;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Viability Rating at 'bb+';
-- Support Rating at '3';
-- Long-Term National Rating at 'AA-(bra)', Outlook Stable;
-- Short-Term National Rating at 'F1+(bra)'.
ABCBr's IDRs are based on the bank's Viability Rating which
reflects the bank's solid asset quality, comfortable liquidity
position and adequate, albeit modestly declining capitalization.
While Fitch's ratings are based on the individual strengths and
challenges of this subsidiary, the agency believes that, in a
stress scenario, ABCBr could receive support from majority
parent, Arab Banking Corporation (ABC; rated with an IDR of
'BB+', Stable Outlook by Fitch) as ABCBr remains a major revenue
contributor to the group although it is not a core unit. Given
that the IDR of ABC and ABCBr are at the same level, Fitch's
rating of ABCBr's IDR is derived from its own strengths.
Profitability continued to improve over the past four years as
evidenced by the strong returns which are driven by positive
trends seen in both net interest income and operating fees while
controlling both operating and credit expenses. ABCBr has been
able to generate consistently strong earnings, in part due to its
experienced management team which has shown its agility in
responding to market changes.
ABCBr continues to show strong asset quality. After the
significant 36% growth of the total credit portfolio (including
guarantees) during 2010, the bank took a more conservative tack
in 2011 and limited growth to 11%. Despite the recent
significant growth, asset quality remained good and compares well
with its peers. Impaired loans (classified as 'D'-'H')
represented only 2.4% of gross loans, and net chargeoffs to
average gross loans averaged 0.5% during the last two fiscal
years. This good asset quality derives from its niche position
of working with high-quality corporates (85%) and well-secured
middle-market clients.
While the bank is dependant on wholesale funding, its sources
have become more well-diversified. Currently there are
significant positive gaps as the average tenor of corporate
lending is close to one year and the average tenor of lending to
the middle market is seven months, while ABCBr has been able to
source longer-term funding at attractive prices mainly in the
local markets.
International funding is still available but, currently, at less
attractive rates. ABCBr does not use the DPGE program (time
deposit lines guaranteed by the Fundo Garantidor de Credito) to
attract deposits nor does it sell its loans. Although already
very liquid, the bank has also recently benefited from low-cost
deposits from large Brazilian banks stimulated by a new
government program to increase liquidity to mid-sized banks.
Fitch Core Capital to Risk Weighted Assets at December 2011 was
an adequate 10.7% despite the recent growth in risk assets. The
Total Regulatory Capital Ratio stood at 15.6%, of which, 72%
consisted of Tier I capital. Both ratios exceed the minimum
requirements and compare well to its peers.
The Stable Outlook reflects consistently good performance while
maintaining strong asset quality, liquidity and quality of
capital. The maintenance of these positive indicators and a
continued expansion of its funding sources could lead to an
improvement in its ratings, although a significant improvement in
the Viability rating is limited due to ABCBr's dependence on
wholesale funding. On the other hand, depending on its
materiality, a negative change in ABC's ratings, combined with a
material deterioration in the subsidiary's funding abilities or
asset quality could result in a downgrade in ABCBr's ratings.
The bank's planned growth in the middle-market segment may lead
to higher levels of impaired loans; however, Fitch believes the
bank will continue its strict underwriting policies to mitigate
such risks.
===========================
C A Y M A N I S L A N D S
===========================
ARCAPITA BANK: Asks Court to Bar Creditors' Enforcement Actions
---------------------------------------------------------------
Arcapita Bank B.S.C.(c) and certain of its debtor-subsidiaries
ask the U.S. Bankruptcy Court in Manhattan to enter an order
enforcing, restating, and restraining any action taken in
contravention of the automatic stay and the provisions in the
Bankruptcy Code and preventing the enforcement of ipso facto
clauses against the Debtors. Such an order, the Debtors said,
will ensure that their operations are not disrupted by
enforcement actions or the exercise of self-help remedies
initiated by foreign creditors outside the United States.
The Debtors said they have borrowed more than US$1 billion from
financial and other institutions. While many of these
institutions have connections with the United States, man y do
not. In addition, the Debtors have foreign operations with
potentially large numbers of foreign creditors and counterparties
to contracts who may be unaware of the global-reaching
prohibitions and restrictions of the Bankruptcy Code. In
particular, the Foreign Creditors may be unfamiliar with the
operation of the automatic stay and other provisions of the
Bankruptcy Code, including the stay on enforcement of ipso facto
clauses.
Due to this unfamiliarity, on or after the Petition Date, certain
Foreign Creditors may attempt to seize assets located outside of
the United States to the detriment of the Debtors, their estates,
and creditors, or take other actions in contravention of the
automatic stay under section 362 of the Bankruptcy Code. In
addition, upon learning of the Chapter 11 cases, Foreign Creditor
counterparties to unexpired leases and executory contracts may
attempt to terminate those leases or contracts due to the
commencement of the Chapter 11 cases.
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March
19, 2012. The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.
The Debtors have tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG, Inc., as notice and claims
agent.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group currently has roughly US$7 billion in assets
under management. On a consolidated basis, the Arcapita Group
owns assets valued at roughly US$3.06 billion and has liabilities
of roughly US$2.55 billion. The Debtors owe US$96.7 million
under two secured facilities made available by Standard Chartered
Bank.
Arcapita explored out-of-court restructuring scenarios. The
Debtors, however, have been unable to achieve 100% lender consent
required to effectuate the terms of an out-of-court
restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases. AIHL sought the appointment of Zolfo
Cooper as a provisional liquidator.
ARWA IAM: Shareholders' Final Meeting Set for May 29
----------------------------------------------------
The shareholders of Arwa Iam Limited will hold their final
meeting on May 29, 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:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
CARIBBEAN OIL: Shareholders' Final Meeting Set for April 13
-----------------------------------------------------------
The shareholders of Caribbean Oil Purchase Company Ltd will hold
their final meeting on April 13, 2012, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CEDAR FUND: Members' Final Meeting Set for April 10
---------------------------------------------------
The members of Cedar Fund will hold their final meeting on
April 10, 2012, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
FLEX HOLDING: Shareholders' Final Meeting Set for April 13
----------------------------------------------------------
The shareholders of Flex Holding Ltd will hold their final
meeting on April 13, 2012, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Ronald Fuccillo is the company's liquidator.
GIPPER IAM SP: Shareholders' Final Meeting Set for May 29
---------------------------------------------------------
The shareholders of Gipper IAM SP Limited will hold their final
meeting on May 29, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
INVESTCORP OPPORTUNISTIC: Shareholders' Meeting Set for May 29
--------------------------------------------------------------
The shareholders of Investcorp Opportunistic Investments PFIC SPV
Limited will hold their final meeting on May 29, 2012, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Bonnie Willkom
Telephone: (345)-949-5122
Facsimile: (345)-949-7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
MACRO VOLATILITY: Shareholders' Final Meeting Set for April 13
--------------------------------------------------------------
The shareholders of Macro Volatility Convexity Fund will hold
their final meeting on April 13, 2012, at 9:10 a.m., to receive
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
MVC FUND 2: Shareholders' Final Meeting Set for April 13
--------------------------------------------------------
The shareholders of MVC Fund 2 will hold their final meeting on
April 13, 2012, to receive 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
OCELOT RUSSIAN: Members' Final Meeting Set for April 11
-------------------------------------------------------
The members of Ocelot Russian Power Investments Ltd. will hold
their final meeting on April 11, 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 liquidators are:
Philip Mosely
J.S. de Jager
Cayman Management Ltd.
Harbour Centre, Ground Floor
42, North Church Street, George Town
Grand Cayman KY1-1110
Cayman Islands
Telephone: +1 345 949 4018
Facsimile: +1 345 949 7891
OUCHY CORPORATION: Members' Final Meeting Set for April 13
----------------------------------------------------------
The members of Ouchy Corporation will hold their final meeting on
April 13, 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:
Ricardo Novillo Astrada
Fox & Horan, Camerini LLP
825 Third Avenue, 12th Floor
New York
New York 10022
United States of America
PHI RUSSIA: Shareholders' Final Meeting Set for April 18
--------------------------------------------------------
The shareholders of Phi Russia Property II GP Ltd will hold their
final meeting on April 18, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
POINT-PLUS FIRST: Shareholders' Final Meeting Set for April 13
--------------------------------------------------------------
The shareholders of Point-Plus First International Limited will
hold their final meeting on April 13, 2012, at 8:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
PRODIGY OPPORTUNITIES: Shareholders' Meeting Set for April 13
-------------------------------------------------------------
The shareholders of Prodigy Opportunities Fund Limited will hold
their final meeting on April 13, 2012, at 9:00 a.m., to receive
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
SFR LTD: Shareholders' Final Meeting Set for April 13
-----------------------------------------------------
The shareholders of SFR Ltd. will hold their final meeting on
April 13, 2012, at 9:20 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
WITTENHAM LATIN: Shareholders' Final Meeting Set for April 2
------------------------------------------------------------
The shareholders of Wittenham Latin America Fund Ltd. will hold
their final meeting on April 2, 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:
Peter Douglas
GFIA Pte Ltd
59 Club Street
Singapore 069434
Telephone: + 65 6222 3289
===========
M E X I C O
===========
BANCO PINE: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Banco Pine S.A. and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for Banco Pine S.A..
Moody's current ratings on Banco Pine S.A. are:
Senior Unsecured (foreign currency) ratings of Ba2
Senior Unsecured MTN Program (foreign currency) ratings of (P)Ba2
Long Term Bank Deposits (domestic and foreign currency) ratings
of Ba2
Bank Financial Strength ratings of D
Subordinate (foreign currency) ratings of Ba3
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
Other Short Term (foreign currency) ratings of (P)NP
NSR LT Bank Deposits (domestic currency) ratings of A1.br
NSR ST Bank Deposits (domestic currency) ratings of BR-1
Rating Rationale
Banco Pine has a bank financial strength rating (BFSR) of D,
reflecting the bank's limited scale franchise with focus on
middle market lending , supported by discipline in controls, with
a portfolio largely secured. In light of intensified competition
for consumer credits, at the end of 2007, Pine decided to
reinforce its strategy of being a middle market lender to a broad
scope of clients, including upper-middle market companies, while
at the same time exiting the retail banking activities, which the
bank briefly operated from 2006 to 2008. While this strategic
reshuffling is complete, Pine has to prove its ability to sustain
its brand as a middle market lender to large companies, a segment
that requires sophisticated products, under adequate credit
underwriting policies to maintain low levels of default and
adjusting the competencies of its operating structure, especially
in times of challenging liquidity and fierce competition with the
entrance of many new international rivals. Capital level is
adequate for Brazilian higher standards.
After several changes in the management team over the last two
years, there has been an improvement in the bank's governance
structure with increased transparency; this is expected to
enhance the overall competitiveness of the bank.
The financial strength rating is constrained by the harsh
competitive environment of its main business lines, with the bank
up against both other mid-sized banks as well as large and
powerful players. Another constraint is the adequacy and
diversification of funding structure and financial flexibility to
support the bank's consolidation in its core market, a segment
that should require tenor extension over the next periods. In
addition, the bank is challenged to enhance earnings
sustainability.
The D BFSR assigned to Pine translates to a Baseline Credit
Assessment of Ba2. The long-term local currency deposit rating is
Ba2, in the absence of any lift from systemic support, given that
Pine occupies a niche position and holds very limited share of
the banking system's deposits.
Rating Outlook
The outlook for Pine's ratings is stable.
What Could Change the Rating - Up
Positive pressure on the BFSR rating would be associated with the
bank showing its ability to sustain core earnings and
profitability ratios, as well as its asset quality, in what is a
competitive credit environment. The continued efforts towards
funding diversification to improve costs should also benefit the
ratings. These efforts support the bank's capacity to retain
loans, thereby building a more robust and consistent balance
sheet. The rating could then gain from the management of assets
and liabilities as the loan book lengthens.
What Could Change the Rating - Down
Pine's bank financial strength rating could be pressured by
regulatory changes on weighting assets and also by harsh
competition in a lower rates environment. Such conditions could
require management to adopt aggressive lending practices, which
would lower the bank's profitability levels as well as asset
quality indicators. In addition, funding disruption and
increasing costs are factors that could also drive the ratings
down.
* MEXICO: Moody's Cuts State of Nayarit's Issuer Ratings to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service downgraded State of Nayarit's (Mexico)
issuer ratings to Ba3 from Ba2 (Global Scale, local currency) and
to A3.mx from A2.mx (National Scale). The outlook on the issuer
ratings remains negative.
At the same time Moody's downgraded Nayarit's debt ratings of the
following three enhanced loans to A1.mx (Mexico National Scale)
and Ba1 (Global Scale, local currency) from Aa3.mx and Baa3,
respectively:
1. Banorte MXN 300 million (original face value)
2. Banorte MXN 200 million (original face value)
3. Bancomer MXN 200 million (original face value)
Moody's also downgraded the debt ratings of the following
enhanced loan to A3.mx (Mexico National Scale) and Ba3 (Global
Scale, local currency) from A2.mx and Ba2, respectively:
1. Banamex, Banorte and Santander's Syndicated MXN 1.25 billion
(original face value)
Ratings Rationale
The rating action reflects State of Nayarit's continuous trend of
deterioration over the last five years. Nayarit has posted
consecutive cash financing deficits over this period which have
led to rapid debt growth and the tightening of the liquidity
position.
Nayarit posted three sizable cash financing requirements over the
period 2009-2011 averaging 9.3% of total revenues. These were
driven by the misalignment of revenue and expenditure growth.
Total revenues grew at a CAGR07-11 (Compound Annual Growth Rate)
of 9.9%, reflecting federal revenues growing at 9.5% in
conjunction with a solid own-source revenue growth of 15.5%.
However own-source revenues only account for 6.3% of total
revenues, a low level compared to rated Mexican States. Total
expenditures grew at a CAGR07-11 of 11% driven by the rapid
growth of operating expenditures at a CAGR07-11 of 13% and
volatile levels of capital expenditures.
As a result, net direct and indirect debt grew very rapidly
reaching 31.4% of total revenues in 2011, higher than the median
of the Nayarit's peers, from a low 4.1% in 2007.
Liquidity, as measured by net working capital (current assets
minus current liabilities), started to drop sharply in 2009
(-4.4% of total expenses). In 2010 and 2011 the balance shows
ratios of -14% and -3.9%, very low levels that limit the State's
capacity to absorb unforeseen shocks.
The negative outlook assigned to Nayarit's issuer ratings
reflects the uncertainty regarding its ability to achieve
balanced results and reduce debt growth. Further recording of
sizable cash financing requirements, the tightening of the
liquidity position or significant additional increases in total
debt levels could exert downward pressure on the ratings.
Moody's does not expect upward pressure on the ratings in the
near to medium term. Notwithstanding, Moody's acknowledges that
the State has started to take some measures to improve its
financial position. In 2011 capital expenditures were cut by
20%. Also, Nayarit recently announced a significant cut in
personnel which is expected reduce operating expenditures.
Finally, the State is in the process to restructure a significant
part of its debt obligations and other short-term liabilities.
If these and other measures allow Nayarit to reduce its annual
borrowing requirements and significantly improve the State's
tight liquidity position, the outlook could be revised to stable.
The ratings downgrades of the four enhanced loans reflect the
downgrade of Nayarit's issuer ratings. While these have shown
strong coverage ratios and adequate performance, according to
Moody's methodology, the credit quality of the loans is directly
linked to the credit quality of the issuer, which ensures that
all underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a
proxy) are embedded in the enhanced loans ratings. Thus, the
one-notch downgrade to Nayarit's four rated enhanced loans mirror
the one-notch downgrade to the state's issuer rating.
The ratings assigned to the enhanced loans could face upward or
downward rating pressure if actual debt service coverages are
materially better or worse than Moody's projections. Given the
links between the loans and the credit quality of the obligor, a
downgrade of Nayarit's issuer ratings could also exert downward
pressure on debt ratings for the loans. Conversely, an upgrade
of Nayarit's issuer ratings could result in an upgrade of the
ratings on the loans.
=======
P E R U
=======
TERMINALES PORTUARIOS: To Offer Up to US$110 Million in Bonds
-------------------------------------------------------------
Alexander Emery at Bloomberg News reports that Terminales
Portuarios Euroandinos Paita SA said it plans to sell as much as
US$110 million in bonds as early as next month.
The debt offering, to be managed by units of Goldman Sachs Group
Inc (GS) and Bank of Nova Scotia (BNS), will be used together
with US$50 million in capital to finance expansions, the Lima-
based group known as TPE said in an e-mailed statement obtained
in the news agency.
Terminales Portuarios Euroandinos SA is the operator of Peru's
northern port of Paita.
TERMINALES PORTUARIOS: Fitch to Rate US$110MM Sr Sec. Notes 'BB-'
-----------------------------------------------------------------
Fitch Ratings expects to rate Terminales Portuarios Euroandinos
Paita SA's (Paita) US$110 million senior secured notes 'BB-'.
The Rating Outlook is Stable.
Completion Risk: the project is to undertake a significant
expansion throughout the life of the concession. Construction of
Phase I is expected to be the most extensive of the four stages.
According to the concession agreement, Phase I must be completed
within 24 months after reaching financial closing (with a maximum
of a six-month delay);
Material Exposure to Cargo Volatility: the Port of Paita is a
second port of call with considerable concentration in cargo
type, business lines, and customers. Distant from major economic
centers, the port is exposed to cargo volatility, with limited
multimodal capabilities and access to infrastructure;
Elevated Exposure to Volume Risk: the port is significantly
exposed to volume risk and economic cycles, as formal contractual
agreements with shipping lines are limited;
Reliable Facilities Renovation Program: the project has a well-
defined redevelopment plan and an adequate pre-funding schedule
to complete further construction works. The facilities'
conditions are expected to reach favorable levels, given that
construction timetables for Phase II and III are in line with
demand growth. Construction costs for the four phases are
predetermined in the concession agreement, and budgeted in the
financial projections;
Adequate Structural Protections: the project's financial
flexibility is mainly sustained by the existence of adequate
liquidity reserves available for debt service and for
construction costs of Phase II and III. The structure
additionally provides a five-year grace period, 100% fixed-rate
debt, incorporates a strong provision to trap cash to pre-fund
construction costs of Phase II and III, and includes a dividend
distribution test;
Considerable Level of Debt: the financing presents a sizable debt
burden of over 10 times (x) Net Debt to EBITDA, with dependence
on cash flow growth to maintain healthy financial ratios. The
concession agreement allows for an adequate cash flow generation
term. The required investments for phases II, III, and IV
(additional investments), significantly reduce the project's
financial flexibility.
Significant Construction Delays: In accordance with the
concession agreement, a termination is possible if phase I
construction works exceed 30 months;
Substantial Decrease in Revenues: limited contractual agreements
and weaker customer diversification elevates merchant risk,
subjecting prices to market volatility.
The notes are secured by the pledge of all capital stock of the
issuer, the mortgage between the issuer and sub-collateral agent,
and a perfected security interest in all of the issuer's assets.
Terminales Portuarios Euroandinos SA is issuing US$110 million
senior secured notes with legal maturity in 2037. The notes are
to be structured with a five-year grace period of interest
payment only, under a scheduled amortization and a fixed interest
rate payable quarterly.
Proceeds from the issuance, in accordance with the Payment and
Guarantee Trust Agreement, are projected to fund the Debt Service
Reserve Account (DSRA) and the Operation and Maintenance (O&M)
Reserve Account on the closing date, and to pay the fees,
premiums and expenses related to the offering of the notes. In
addition, the issuer is to use the proceeds of the notes, along
with equity contributions, to fund the construction cost accounts
and make a deposit into the additional investment trust account
to prefund certain payments required for phase IV.
The estimated cost for the entire project is US$293 million
broken down into three phases and includes additional investments
(Phase IV) as required by the concession agreement. Stage I is
mandatory and consists of the construction of a new terminal,
dredging to 13 meters and purchase of various gantries for a cost
of US$131 million. To the extent that volumetric levels are
reached, there are two other investment phases required by the
concession agreement. Phase II is expected to cost US$19.3
million, and Phase III is estimated at US$19.8 million.
Additional investments are required throughout the life of the
concession, totaling US$100 million (to be adjusted at a 1.19%
annual rate, equivalent to US$123 million).
It is in Fitch's view that Paita has reasonable financial
flexibility to sustain volume and price stresses, given the
liquidity reserves and cash-trap mechanisms built into the
structure. Reserve accounts notably contribute to offset cash
flow shortfalls in periods of distress.
Fitch assumed 20-foot equivalent units (TEUs) compounded annual
growth rate (CAGR) at 4.1% and 3.7% in its base and rating case,
respectively. In addition, it included declines of 11% and 10%
in two different years followed by a full recovery the year after
in the base case. In the rating case, a reduction of TEU growth
by 9% and 4% was included with marginal recoveries.
In Fitch's base case, the minimum debt service coverage ratio
(DSCR) was calculated at 1.70x including liquidity reserves and
annual cash balances. In the rating case, the minimum DSCR
resulted at 0.78x in 2027. Based on the information provided,
Fitch assumes that a working capital line of credit of up to US$5
million will be available to cover the US$2.1 million deficit in
2027, which mitigates this risk. If the short-term debt is
drawn, Paita will have to repay the financial institution on a
pari-passu basis.
Located in Piura, the North-western region of Peru, the Port of
Paita is a small container port with the second highest activity
in container movements in the country, in terms of TEUs. The port
currently handles over 150,000 TEUs. The port is predominantly
an export-driven facility focused on hydro-biologic products
(pota calamari, and fish flour), agro-industrial products (mango,
coffee, banana, and grape), fish meal and oil. In contrast, the
main import-products are fertilizers and grains.
In March 2009, TPE was granted a 30-year concession to operate
and improve Puerto Paita under a design, build, finance, operate,
transfer (DBFOT) scheme. The concession was granted by the
government of Peru through the Ministry of Transportation and
Communications (MTC) to TPE, a company jointly owned by Mota -
Engil and Cosmos Agencia Maritima.
===============================
T R I N I D A D & T O B A G O
===============================
* TRINIDAD & TOBAGO: Hard Hit by Cement Shortage
------------------------------------------------
Elizabeth Williams at Trinidad Express reports that the cement
shortage in Tobago and Tobago is starting to affect the country's
economy as a number of workers have been sent home and some
hardwares in the sister island are closing their doors.
Building contractors in Tobago have also been affected by strike
action at the Trinidad Cement Ltd manufacturing plant at Claxton
Bay, according to Trinidad Express.
Hardware owners told the news agency in an interview that sales
were slow for Christmas and the market only recently started to
improve but the impasse between TCL and the Oilfields Workers'
Trade Union (OWTU) over wage increases for TCL employees have
placed business owners back "square one".
"We have contractors sending home all their staff, because they
can't get cement. So everything is on a standstill right now,"
the report quoted hardware owner Demi John-Cruickshank as saying.
The report relates that Mr. John-Cruickshank said that if the
strike does not end within weeks, 50% of his staff will have to
be sent home. Trinidad Express notes that another hardware
owner, Sunny Craig of CAJ Hardware at Carnbee, said every day
customers were being turned away due to the lack of cement.
President of the Contractors Association in Tobago Trevor James
said the Tobago House of Assembly should negotiate with the
government to ensure cement is stockpiled on the island, the
report adds.
***********
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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* * * End of Transmission * * *