/raid1/www/Hosts/bankrupt/TCRLA_Public/120402.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
Monday, April 2, 2012, Vol. 13, No. 066
Headlines
A R G E N T I N A
ASOCIACION ARGENTINA: Creditors' Proofs of Debt Due April 26
ELECTRICIDAD ARGENTINA: S&P Affirms 'CCC' Corporate Credit Rating
HUDAMI SRL: Creditors' Proofs of Debt Due April 9
NEXT PACK: Creditors' Proofs of Debt Due April 26
ROVAL SRL: Creditors' Proofs of Debt Due May 9
TRANSIMPEX SRL: Creditors' Proofs of Debt Due May 3
* ARGENTINA: Fitch Affirm Buenos Aires' "B" LT Currency Ratings
B R A Z I L
AGRO INDUSTRIAL: S&P Withdraws 'B-' Global, Nat'l. Scale Ratings
BANCO CRUZEIRO: Moody's Cuts Bank Finc'l Strength Rating to 'E+'
BANCO DAYCOVAL: Fitch Upgrades LT Issuer Default Ratings to 'BB+'
MULTIPLAN IMOBILIARIOS: S&P Ups Global Scale Ratings From 'BB+'
C A Y M A N I S L A N D S
DIF PARADOX: Shareholders' Final Meeting Set for April 27
DUMA ALPHA: Shareholder to Receive Wind-Up Report on April 17
DUMA LIQUID: Shareholder to Hear Wind-Up Report on April 17
JAPAN ASSET: Shareholders' Final Meeting Set for April 27
KAR INVESTMENTS: Shareholder to Get Wind-Up Report on April 27
LOW VOLATILITY: Shareholder to Receive Wind-Up Report on April 24
SERENDIV MASTER: Shareholder to Get Wind-Up Report on April 17
SERENDIV OFFSHORE: Shareholder to Hear Wind-Up Report on April 17
THIRTEEN AQUA: Shareholder to Receive Wind-Up Report on April 24
M E X I C O
VALUE CASA DE BOLSA: Moody's Affirms 'Ba3' Issuer Ratings
T R I N I D A D & T O B A G O
REDJET: TTCAA Revokes License After BCAD Suspends Certificate
TRINIDAD CEMENT: Strike Should be Sent to Court, Says ECA
X X X X X X X X
* BOND PRICING: For the Week March 26 to March 30, 2012
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A R G E N T I N A
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ASOCIACION ARGENTINA: Creditors' Proofs of Debt Due April 26
------------------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for
Asociacion Argentina de Albergues de la Juventud's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 26, 2012.
Ms. Muruaga 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:
Beatriz del Carmen Muruaga
Aguero 1290
Argentina
ELECTRICIDAD ARGENTINA: S&P Affirms 'CCC' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' ratings,
including the corporate credit rating, on Argentina-based holding
company Electricidad Argentina S.A. (EASA). The outlook remained
stable.
"We based our affirmation on our assessment that EASA's credit
quality is already lower than that of its subsidiary Empresa
Distribuidora Y Comercializadora Norte S.A. (EDENOR;
CCC+/Negative/--), which we downgraded to 'CCC+' on March 27,
2012. Also, we continue to see the same incentives for EASA's
parent company, Pampa Energia S.A., to support it in the short
term and under our base-case assumptions," S&P said.
"Nevertheless, in the medium-to-long term, we believe that EASA's
credit quality will mirror that of EDENOR and that Pampa will
have incentives to support temporary cash shortfalls as long as
it sees value in EDENOR," said Standard & Poor's credit analyst
Cecilia Fullone.
"The ratings on EASA continue to reflect its 'vulnerable'
business risk profile, mirroring EDENOR's. This profile
incorporates the high political and regulatory risks the company
faces in Argentina," S&P said.
"The ratings also reflect EASA's 'highly leveraged' financial
risk profile, characterized by weak debt coverage, and some
currency mismatch risk from its financial debt being denominated
in U.S. dollars. As of December 2011, its parent company, Pampa,
held a significant proportion of EASA's notes due 2022, providing
some flexibility and partially mitigating the negative factors,"
S&P said.
"EASA has a 51% interest in EDENOR. EDENOR is Argentina's largest
electricity distribution company by customers and power sales. It
has a 95-year concession contract, which started in 1992, to
distribute electricity in a densely populated area of about 7
million people in the northwest of Buenos Aires province and
north of the city of Buenos Aires.
"The stable outlook reflects our expectation that EASA's cash
generation and Pampa's support, if needed, will cover EASA's
financial obligations through 2012," S&P said.
HUDAMI SRL: Creditors' Proofs of Debt Due April 9
-------------------------------------------------
Leonor Haydee Veiga, the court-appointed trustee for Hudami SRL's
reorganization proceedings, will be verifying creditors' proofs
of claim until April 9, 2012.
Mr. Veiga will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk No.
29, 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:
Leonor Haydee Veiga
Bartolome Mitre 1711
Argentina
NEXT PACK: Creditors' Proofs of Debt Due April 26
-------------------------------------------------
Oscar Shapiro, the court-appointed trustee for Next Pack SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 26, 2012.
Mr. Shapiro will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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:
Oscar Shapiro
Virrey del Pino 1739
Argentina
ROVAL SRL: Creditors' Proofs of Debt Due May 9
----------------------------------------------
Jose Horacio Brito, the court-appointed trustee for Roval SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 9, 2012.
Mr. Brito 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.
16, 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:
Jose Horacio Brito
Avenida Callao 420
Argentina
TRANSIMPEX SRL: Creditors' Proofs of Debt Due May 3
---------------------------------------------------
Jose Luis Rubio, the court-appointed trustee for Transimpex SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 3, 2012.
Mr. Rubio will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk No.
12, 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:
Jose Luis Rubio
Uruguay 618
* ARGENTINA: Fitch Affirm Buenos Aires' "B" LT Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed its ratings on the City of Buenos
Aires (the CBA) as follows:
-- Long-term foreign and local currency ratings at 'B';
-- National long-term rating at 'AA(arg);
-- National short-term rating at 'A1+(arg)'.
Fitch has also assigned the CBA a 'B' short-term debt rating.
The city's international ratings are limited by Argentina's
sovereign rating. The Rating Outlook on the long-term ratings is
Stable.
In addition, Fitch has taken the following rating actions on the
CBA's up to US$1400 million Euro Medium-Term Note Programme
(EMTN):
-- US$ 50 million series 7: 'B' long-term rating assigned;
national long-term rating affirmed at 'AA(arg)';
-- US$ 475 million series 8: 'B' long-term rating assigned;
national long-term rating affirmed at 'AA(arg)';
-- US$ 85 million series 9: 'B' short-term rating assigned;
national short-term rating affirmed at 'A1+(arg)';
-- US$ 415 million series 10: long-term rating affirmed at 'B';
'AA(arg')' national long-term rating assigned.
Fitch has also assigned a 'B' international rating to the CBA's
Programme of Short-Term Treasury Bills up to US$ 950 million, and
affirmed the programme's short-term local rating at 'A1+(arg)'.
The ratings reflect the CBA's high financial flexibility,
adequate and sustainable level of the operative margins and a low
level of indebtedness with a reasonably debt profile. The high
proportion of the debt nominated in foreign currency and the
population's pressure on public works' needs are considered
principal risks to the ratings.
The CBA has a historically adequate and stable operating
performance that allowed meeting its debt obligations in a timely
fashion and has developed an investment expansive policy in
infrastructure. Considering preliminary year-end 2011 data, the
city has obtained a financial surplus equivalent to 1.5% of total
revenues, confirming year 2010 trend. However, if public works
continued to increase, financial surplus could deteriorate.
As of end-2011, the operative balance was AR$4.183 billion (16.3%
/operative revenues) in spite of a more rigid fiscal structure in
relation to expenses. Operative revenues increased by 32.5% in
nominal terms compared to 2010, based on improved levels of
economic activity, higher price levels and improvements in tax
administration. On the other hand, operative expenditure
increased by 31.5% due to inflation and salary pressures mainly.
Fitch expects lower operative margins in comparison with the last
two years considering that operative revenues could continue with
an increasing trend but at a lower rate and that operating
expenditure could continue to rise driven by residual inflation.
The debt indebtedness level of the city is low. As of end-2011,
the direct debt was AR$ 4.1 billion, representing 15.9% of
current revenues and 1 times (x) of the current balance. Ratios
of debt services payments represented 6.9% and 42.2% of operating
revenues and operating balance, respectively. Taking into account
the US$ 415 million-note issued in February 2012 and the still
available financing estimated for year 2012, CBA's debt stock at
end-2012 would account for 22.6% of its current revenues and 1.5x
of its current balance. Despite this expected rise in leverage
and debt payback ratio, Fitch believes that CBA's debt profile
would continue to be very appropriate in relation to the peer
group and the provincial median
As from the beginning of 2012, the transference of public
transport services (subways, pre-metro, street railway, and 33
bus lines) to the CBA has been in discussion between local and
federal authorities. This transference could impact on the
fiscal account of the city in case the local government had to
cover the deficit between transport fees and production costs.
This situation could represent approximately 5.5% of the city's
operating revenues.
The CBA is the main financial and business centre of the country,
with great economic influence on national economy. During the
year 2010, the city contributed 23.7% to the national GDP, with
outstanding real estate and business sectors, which have a
greater proportional participation in the local than in the
national economy. According to the 2010 Census, the CBA's
population was registered at 2.89 million inhabitants, accounting
for 7.5% of Argentina's total.
The CBA has an important floating population of commuters which
is calculated at approximately three times the resident
population, putting high pressure on the public works and
infrastructure's needs.
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B R A Z I L
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AGRO INDUSTRIAL: S&P Withdraws 'B-' Global, Nat'l. Scale Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' in global
scale and its 'brBB' Brazilian national scale ratings on Brazil-
based Agro Industrial Vista Alegre LTDA (Usina Vista Alegre) at
the company's request. "The company requested the rating
withdrawal because it failed to tap the capital markets, given
the adverse market conditions during the second semester of 2011,
and it does not intend to access the debt capital market in the
near future. At the time of withdrawal, we had limited access to
recent financial information; we were able to access its
unaudited and unconsolidated financial statements, which
documented data as of June 2011, and which reported deterioration
in its operating performance and credit metrics because of lower
sugarcane production due to severe weather conditions. However,
at that time, the favorable price scenario for sugar and ethanol
for the next crop, with boosted by supply and demand
fundamentals, supported its business and financial risk profiles.
Further, despite difficulty maintaining its liquidity, the
company managed to partially replace short-term debt for longer-
term bank debt and roll over its existing short-term debt," S&P
said.
BANCO CRUZEIRO: Moody's Cuts Bank Finc'l Strength Rating to 'E+'
----------------------------------------------------------------
Moody's Investors Service downgraded all ratings assigned to
Banco Cruzeiro do Sul S.A. (BCSul), including the bank financial
strength rating (BFSR) to E+, from D-, the long-term global local
and foreign currency deposit ratings to B2, from Ba3, as well as
the long and short-term Brazilian national scale deposit ratings
to Ba2.br/BR-4, from A3.br/BR-2. The long-term foreign currency
senior unsecured debt rating and the subordinated debt rating
were also downgraded to B2, from Ba3, and to B3, from B1,
respectively. The short-term global local and foreign currency
ratings remained unchanged at Not Prime.
The outlook on deposits and debt ratings is negative. The E+ BFSR
has a stable outlook at this point.
The action concludes the review process of BCSul's ratings
started on January 4, 2012.
The following ratings assigned to Banco Cruzeiro do Sul were
downgraded:
Bank Financial Strength Rating: to E+ from D-, stable outlook
Long-term Global Local Currency Deposit Rating: to B2 from Ba3,
negative outlook
Long-term Foreign Currency Deposit Rating: to B2 from Ba3,
negative outlook
Long-term Foreign Currency Senior Unsecured Debt Rating: to B2
from Ba3, negative outlook
Long-term Foreign Currency Subordinated Debt Rating: to B3 from
B1, negative outlook
Long-term Brazilian National Scale Deposit Rating: to Ba2.br from
A3.br, negative outlook
Short-term Brazilian National Scale Deposit Rating: to BR-4 from
BR-2
The following ratings remained unchanged:
Short-term Global Local Currency Deposit Rating: Not Prime
Short-term Foreign Currency Deposit Rating: Not Prime
Ratings Rationale
Moody's downgrade of BCSul's ratings takes into account the
bank's growing reliance on guaranteed funding sources to finance
its loan origination, and its weakening core profitability
metrics that continues to challenge its internal capital
generation. Moody's noted the complexity of BCSul's balance
sheet structure that includes important volume of securitization
to its own fund (FIDC) and the resulting opacity of financial
reporting as additional reasons for the ratings downgrade.
The rating agency said that BCSul maintains a high reliance on
guaranteed deposits and securitization agreements with the local
deposit insurance fund, Fundo Garantidor de Cr‚dito, FGC, which
at the end of 2011 provided more than one third of the bank's
funding. Moreover, the share of deposits sourced from BCSul's
own securitization fund in which the bank is the main investor
has increased substantially in 4Q11, making up one third of total
deposits. This funding mix, given the expensive and non-
recurrent nature of these resources, challenges the
sustainability of the bank's business growth over time, said
Moody's.
In addition, management plans to replace its September 2012
international bon maturity with committed securitization tranches
to be sold to the FGC (FIDC FACB), which may further increase the
bank's dependence on such sources. As of year-end 2011, about
25% of BCSul's funding is currently composed of bonds sold in the
international markets.
BCSul's financial performance was also negatively affected in
2011 by sizeable additional provisions for off-balance sheet
loans, which pressured its already weaker earnings. Such
adjustments to provisions raises concerns about the adequacy of
the bank's risk management policies and its capacity to absorb
further provisions, particularly in light of the significant
amount of loans that it sells to funds, said Moody's.
The negative outlook on BCSul's ratings reflects the challenges
the bank continues to face as a mono-product franchise in an
environment of moderating loan growth and increasing competition
in its target market, combined with an expensive and poorly
diversified funding structure and limited capital base. These
factors will limit the bank's earnings generation prospects.
Moody's does not expect BCSul's funding or earnings generation to
benefit from the acquisition of Banco Prosper S.A. (unrated),
given Prosper's very modest franchise.
BCSul's B2 local currency deposit rating derives from the bank's
standalone financial strength, which maps to a baseline credit
assessment of B2. Moody's does not incorporate systemic support
to the deposit rating, given the light footprint of the bank in
the deposit market, and Moody's assessment that Brazil is a low-
support country.
The last rating action on Banco Cruzeiro do Sul S.A. occurred on
Jan. 4, 2012 when Moody's placed all of the bank's ratings on
review for possible downgrade.
The principal methodologies used in Banco Cruzeiro do Sul were
"Bank Financial Strength Ratings: Global Methodology" published
in February 2007, and "Incorporation of Joint Default Analysis
into Moody's Bank Ratings: A Refined Methodology" published in
March 2007.
Based in Sao Paulo, Banco Cruzeiro do Sul S.A. had total
unconsolidated assets of R$11.5 billion (US$6.2 billion) and
equity of R$1.2 billion (US$644.5 million) as of December 31,
2011.
BANCO DAYCOVAL: Fitch Upgrades LT Issuer Default Ratings to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Banco
Daycoval S.A.:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) upgraded to 'BB+' from 'BB'; Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability rating upgraded to 'bb+' from 'bb';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'NF';
-- Long-term national rating upgraded to 'AA-(bra)' from 'A+
(bra)'; Outlook Stable;
-- Short-term national rating upgraded to 'F1+(bra)' from
'F1(bra)';
-- Senior unsecured notes due March 2015 upgraded to 'BB+' from
'BB';
-- Senior unsecured notes due January 2016 upgraded to 'BB+'
from 'BB'.
The upgrades reflect the further diversification of Daycoval's
funding and revenues generation, as well as the continuous
improvements on its operational performance and consistent
profitability track record. The ratings also reflect the
company's better than peer capitalization and prudent liquidity
management, which has helped it to maintain high cash balances,
even during stress periods. However, the ratings also consider
the fact that Daycoval is a midsized bank with asset and
liability concentrations, inherent to its size as well as its
rapid growth over the past two years. The bank faces the
challenge of seeking more diversified channels to support its
wholesale-oriented funding structure.
Further ratings uplift is limited in the short term because of
the bank's wholesale-funded liability structure and rapid growth.
On the other hand, the ratings could be negatively impacted by
continued asset quality deterioration, that would result in
pressure on its earnings and capital base.
After a decline in funding, similar to its competitors, due to
the global crisis starting in September 2008, Daycoval has been
successful in expanding its operations and increasing
profitability since mid-2009, taking advantage of the improved
local economy. Daycoval loan portfolio is mostly driven by its
services to small and medium size firms (trade finance facilities
and working capital) while secured consumer lending, albeit
relatively limited, provides additional diversification to its
portfolio. The current loan portfolio compared better in terms
of product diversification compared to other banks of similar
size but still lags the scope of larger banks.
Vigorous loan expansion has propelled Daycoval's revenues and
compensated for lower interest rates and also aided to better
dilute operating costs. Profitability remains satisfactory and
better than the peer average -- despite lower leverage -- due to
better efficiency and good management of credit risk. Daycoval's
performance outlook for 2012 and 2013 may benefit from its better
funding structure compared to peers and also from the benefits of
several macro prudential measures that may ease liquidity flows
from large banks into the rest of the system. Simultaneously,
still significant loan expansion (albeit lower compared to the
last two years) may provide additional income. However, Fitch
notes that the new exposures associated with sustained rapid loan
growth will require close monitoring in order to preserve
profitability and internal capital generation.
Although asset quality ratios have significantly improved since
2009, this largely reflects rapid loan growth as impaired loans
have increased in nominal terms. In Fitch's opinion, loan
quality tends to remain adequate, although it may suffer some
impact from an eventual reduction in portfolio expansion and/or
increased market delinquency. Recent trends on the impaired
portfolio and lower charge off needs have benefited the asset
quality profile of the bank in the last two years, although, as
expressed before the sustainability of this trend would require
close monitoring in order to avoid an undesirable deterioration
of its loan portfolio.
Daycoval has been relatively successful in building and
diversifying its liability structure, although it remains
relatively concentrated and financed by wholesale funding. New
economic turbulence could impact funding, as occurred with small
and midsized banks after the 2008 crisis, but the bank's
conservative asset and liability management (average tenor of 12
and 18 months respectively) and strong cash position, which has
been preserved even during more volatile periods, considerably
mitigates liquidity risk. Fitch expects this particular strength
of the bank should be preserved or enhanced in order to proper
fund its loan growth.
Capitalization (basically Tier 1) measures have deteriorated due
to robust balance sheet growth in 2010 and 2011 as well as a
large dividend payout in 2010 but remain adequate. Credit
portfolio growth is expected to diminish from the high levels of
previous years but remain strong. Bank management has adopted an
internal minimal capital regulatory ratio limit of 15% which has
never been breached. Fitch will continue to monitor any leverage
increase, which may weaken the bank's loss absorption capacity.
Originated in 1968, Daycoval is controlled by the Dayan family
and has been listed on the Sao Paulo's exchange (BM&FBovespa)
since 2007.
MULTIPLAN IMOBILIARIOS: S&P Ups Global Scale Ratings From 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Multiplan Empreendimentos Imobiliarios S.A. to 'BBB-' from 'BB+'
on the global scale and to 'brAAA' from 'brAA+' on the Brazilian
national scale. The outlooks are stable.
"The upgrade reflects our opinion that Multiplan has managed its
significant capital expenditures prudently," said Standard &
Poor's credit analyst Debora Confortini. "The significant
investments it has made in the past two years have only modestly
affected the company's credit metrics, which have remained
adequate for the rating category."
"The company's strong portfolio of malls, combining established
and profitable assets with high-potential greenfields, support
future growth in cash flow, in our view. Positive conditions for
shopping malls in Brazil have not only strengthened the
performance of existing malls, they have helped Multiplan's
greenfield projects ramp up, and leased area in these assets is
already filling up," S&P said.
"Our ratings on Multiplan reflect its historically conservative
credit metrics, as the company has used equity and internal cash
flows for its more-aggressive investments. The ratings also
reflect Multiplan's low debt, adequate internal cash flow, and
adequate cash reserves," S&P said.
"On the other hand, the ratings reflect the risks inherent to the
development of its sizable portfolio of projects and negative
free operating cash flow generation so far in 2012, and the early
stages of the industry--which we expect will go through
significant growth and consolidation," S&P said.
"Given the strong performance of Multiplan as an operator and
developer of new assets, we now consider the company's business
risk profile as 'satisfactory.' Multiplan's financial risk
profile is 'intermediate,'" S&P said.
"The stable outlook reflects our expectation that Multiplan will
benefit from higher cash flow as its portfolio grows, and sustain
strong credit metrics with adequate liquidity during the next few
years," S&P said.
===========================
C A Y M A N I S L A N D S
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DIF PARADOX: Shareholders' Final Meeting Set for April 27
---------------------------------------------------------
The shareholders of Dif Paradox Holdings Ltd. will hold their
final meeting on April 27, 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
DUMA ALPHA: Shareholder to Receive Wind-Up Report on April 17
-------------------------------------------------------------
The shareholder of Duma Alpha Fund Ltd. will receive on April 17,
2012, at 10:05 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: (345) 815 1790
Facsimile: (345) 949-9877
DUMA LIQUID: Shareholder to Hear Wind-Up Report on April 17
-----------------------------------------------------------
The shareholder of Duma Liquid Opportunities Offshore Fund Ltd.
will receive on April 17, 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:
Ogier
c/o Martina de Lima
Telephone: (345) 815 1790
Facsimile: (345) 949-9877
JAPAN ASSET: Shareholders' Final Meeting Set for April 27
---------------------------------------------------------
The shareholders of Japan Asset Trading Inc. will hold their
final meeting on April 27, 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
KAR INVESTMENTS: Shareholder to Get Wind-Up Report on April 27
--------------------------------------------------------------
The shareholder of Kar Investments will receive on April 27,
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:
Richard E. L. Fogerty
c/o Sarah Douglas
Zolfo Cooper
P.O. Box 1102
Building 3, 4th Floor
Cayman Financial Centre
Dr. Roy's Drive
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 946-0081
Facsimile: (345) 946-0082
LOW VOLATILITY: Shareholder to Receive Wind-Up Report on April 24
-----------------------------------------------------------------
The shareholder of Low Volatility SPC will receive on April 24,
2012, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Michael Lubin
Telephone: (345) 815 1793
Facsimile: (345) 949-9877
SERENDIV MASTER: Shareholder to Get Wind-Up Report on April 17
--------------------------------------------------------------
The shareholder of Serendiv Master Fund, Ltd will receive on
April 17, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: (345) 815 1790
Facsimile: (345) 949-9877
SERENDIV OFFSHORE: Shareholder to Hear Wind-Up Report on April 17
-----------------------------------------------------------------
The shareholder of Serendiv Offshore Fund, Ltd will receive on
April 17, 2012, at 11:05 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: (345) 815 1790
Facsimile: (345) 949-9877
THIRTEEN AQUA: Shareholder to Receive Wind-Up Report on April 24
----------------------------------------------------------------
The shareholder of Thirteen Aqua Holdings, Ltd. will receive on
April 24, 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:
J. Ira Harris
220 Sunrise Avenue
#210, Palm Beach, Florida 33480
United States of America
Telephone: +345 949 2648
Facsimile: +345 949 8613
===========
M E X I C O
===========
VALUE CASA DE BOLSA: Moody's Affirms 'Ba3' Issuer Ratings
---------------------------------------------------------
Moody's Investors Service affirmed Value, S.A. de C.V. Casa de
Bolsa's long- and short-term global local currency Ba3/Not-Prime
issuer ratings, and changed the outlook to positive from stable.
At the same time, Moody's de Mexico affirmed Value's A3.mx/MX-2
long- and short-term Mexican National Scale ratings. The outlook
on these ratings is also positive.
Ratings Rationale
The positive outlook reflects the broker dealer's ability to
consistently grow its operations following a low-risk business
model and maintaining a highly capitalized operation.
Particularly important is Value's success in leveraging its
agency trading business to support its franchise value as
reflected by its good core earnings generation and comfortable
levels of pre-tax margins over time.
The ratings are also underpinned by Value's good track record of
operations and defendable base of retail customers. Value is
primarily engaged in agency trading in the money markets, and is
also active in the distribution of mutual funds. Bond
underwriting and investment banking as well as agency trading in
capital markets follow in importance as revenue contributors.
Proprietary trading is not a relevant activity for Value thus the
firm bears a low-risk profile overall.
Among the factors that constrain the rating, Moody's cited
potential key-man risks that may result from the concentration of
decision-making processes in a handful of key executives. In
addition, the ratings are also constrained by Value's family-
based ownership structure as this raises concerns of potential
corporate governance risks. Another limiting factor is the
company's small absolute size as well its limited distribution
capacity given its high degree of geographic concentration in
only two main Mexican cities.
Value is headquartered in Monterrey, NL; Mexico.
As of Dec. 31, 2012 it reported US$61 million in pre-tax earnings
and held around MXN66.8 billion of assets under management.
===============================
T R I N I D A D & T O B A G O
===============================
REDJET: TTCAA Revokes License After BCAD Suspends Certificate
-------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
Transport Minister Devant Maharaj said REDjet (Airone
Caribbean/Airone Ventures Limited)'s license to fly has been
revoked by the Trinidad and Tobago Civil Aviation Authority
(TTCAA), since the Barbados Civil Aviation Department (BCAD) by
letter dated March 20, had advised REDjet that they were
suspending the Air Operators Certificate (AOC) issued the
airline.
Mr. Maharaj noted that the suspension of REDjet's AOC by the BCAD
would therefore invalidate Section 6 (1) (a) of the TTCAA
regulations, which states that as one of the conditions to grant
a provisional license is that the carrier has a valid AOC issued
by the foreign authority, according to Trinidad Express.
The report notes that Mr. Maharaj said the TTCAA had written to
REDjet on March 28, requesting the airline to respond within 14
days as to why the provisional license issued to REDjet should
not be revoked or cancelled. Trinidad Express relates that the
TTCAA also questioned whether REDjet had the capacity and ability
to provide a continuous and reliable service.
"However, subsequent to that letter and before REDjet's deadline
for response, the TTCAA received a copy of the letter dated March
20, 2012 by the BCAD, and therefore had to revoke REDjet's
licence with immediate effect," the report quoted Mr. Maharaj as
saying.
As reported in the Troubled Company Reporter-Latin America on
March 26, 2012, RJR News reports that REDjet's decision to
suspend all flights came a day after the airline announced the
addition of its new route to Antigua and Barbuda. REDjet
officials are calling on the Barbadian government for close to
$8,000,000 in assistance, and to receive the same subsidies as
other airlines, RJR News noted. The report disclosed that Mr.
Maharaj said governments cannot continue to expose themselves as
a guarantor to private enterprises.
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.
Incorporated in Barbados, the privately owned airline features a
fleet of McDonnell Douglas MD-82 and MD-83 aircraft.
TRINIDAD CEMENT: Strike Should be Sent to Court, Says ECA
---------------------------------------------------------
Trinidad Express reports that the ongoing strike action at the
Trinidad Cement Ltd should be referred to the Industrial Court,
according to the Employers' Consultative Association (ECA).
The ECA stated that strike/lockout action at the cement
manufacturing company will not advance the cause for social and
economic progress especially in these fragile economic times,
according to Trinidad Express. The report relates that ECA added
that the strike action has negatively impacted key stakeholders
of the nation crippling the operations of many companies in the
building and construction sector, not just TCL.
Trinidad Express says that the ECA noted that Labor Minister
Errol McLeod has declined to apply to the Industrial Court for an
ex parte injunction thus far which could have had the effect of
stopping the strike action.
As reported in the Troubled Company Reporter-Latin America on
March 5, 2012, RJR News said that Trinidad Cement Limited will
import cement from Jamaica as the strike by workers keeps its
operations closed. It will also import supplies from Barbabos,
according to RJR News. The report noted that TCL said it had
arranged to get supplies from its Caribbean Cement subsidiary in
Jamaica and Arawak plant in Barbados to minimize the impact of
the industrial impasse. The report said that TCL said it will
distribute the product throughout Trinidad and Tobago so that
customers have access.
About Trinidad Cement
Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt. The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 26 to March 30, 2012
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 71.5
ARGENT-$DIS 8.28 12/31/2033 USD 75.5
ARGENT-PAR 1.18 12/31/2038 ARS
43.97
ARGENT-EURDIS 7.82 12/31/2033 EUR 56
ARGENT-EURDIS 7.82 12/31/2033 EUR 65
ARGENT-EURDIS 7.82 12/31/2033 EUR 62.39
ARGENT-JPYDIS 4.33 12/31/2033 JPY 42
ARGENT-JPYPAR 0.45 12/31/2038 JPY 15
ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8
ARGNT BOGAR 2 2/4/2018 ARS 141
ARGNT-BOCON PRE9 2 3/15/2014 ARS 74.1
EMP DISTRIB NORT 9.75 10/25/2022 USD 58
EMP DISTRIB NORT 9.75 10/25/2022 USD 58.25
PROV BUENOS AIRE 9.625 4/18/2028 USD 65.89
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.57
PROV BUENOS AIRE 9.375 9/14/2018 USD 72.75
PROV BUENOS AIRE 10.875 1/26/2021 USD 73.59
BRAZIL
------
BANCO CRUZEIRO 8.875 9/22/2020 USD 80
REDE EMPRESAS 11.125 USD 54
REDE EMPRESAS 11.125 USD 52.88
REDE EMPRESAS 11.125 USD 38.02
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 46.38
BANCO BPI (CI) 4.15 11/14/2035 EUR 60.88
BCP FINANCE BANK 5.01 3/31/2024 EUR 54.25
BCP FINANCE BANK 5.31 12/10/2023 EUR 56.63
BCP FINANCE CO 5.543 EUR 30.83
BCP FINANCE CO 4.239 EUR 32.63
BES FINANCE LTD 6.625 EUR 97.75
BES FINANCE LTD 4.496 2/7/2035 EUR 40.94
BES FINANCE LTD 5.58 EUR 43.83
BES FINANCE LTD 4.5 EUR 53
CAM GLOBAL FIN 6.08 12/22/2030 EUR 71.5
CHINA AUTOMATION 7.75 4/20/2016 USD 75.02
CHINA FORESTRY 10.25 11/17/2015 USD 56
CHINA FORESTRY 10.25 11/17/2015 USD 55.88
CHINA SUNERGY 4.75 6/15/2013 USD 52
EFG ORA FUNDING 1.7 10/29/2014 EUR 52.42
ESFG INTERNATION 5.753 EUR 34.94
JINKOSOLAR HOLD 4 5/15/2016 USD 55.15
LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.26
LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.26
LDK SOLAR CO LTD 10 2/28/2014 CNY 57
LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32
LUPATECH FINANCE 9.875 USD 71
LUPATECH FINANCE 9.875 USD 72.5
PUBMASTER FIN 5.943 12/30/2024 GBP 73.32
PUNCH TAVERNS 4.767 6/30/2033 GBP 72.68
RENHE COMMERCIAL 11.75 5/18/2015 USD 60.05
RENHE COMMERCIAL 13 3/10/2016 USD 62
RENHE COMMERCIAL 11.75 5/18/2015 USD 60.38
RENHE COMMERCIAL 13 3/10/2016 USD 60.88
SOLARFUN POWER H 3.5 1/15/2018 USD 66.13
SOLARFUN POWER H 3.5 1/15/2018 USD 67.5
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.265
CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.1
ESVAL S.A. 3.8 7/15/2012 CLP 12.6
MASISA 4.25 10/15/2012 CLP 20.42
QUINENCO SA 3.5 7/21/2013 CLP 25.54
PUERTO RICO
-----------
PUERTO RICO CONS 6.5 4/1/2016 USD 69.98
VENEZUELA
---------
PETROLEOS DE VEN 5.5 4/12/2037 USD 59.28
PETROLEOS DE VEN 5.37 4/12/2027 USD 56
VENEZUELA 7 3/31/2038 USD 70.65
VENEZUELA 7 3/31/2038 USD 70.5
VENEZUELA 6 12/9/2020 USD 73
***********
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 * * *