/raid1/www/Hosts/bankrupt/TCRLA_Public/120403.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
Tuesday, April 3, 2012, Vol. 13, No. 067
Headlines
A N G U I L L A
BARNES BAY: Delaware Superior Court Rules in Anguilla Re Lawsuit
A R G E N T I N A
CONSOLIDAR ASEGURADORA: Moody's Withdraws 'B3' IFS Rating
GPAT COMPANIA: Moody's Rates Class A Debt Issuance 'Ba2'
PDG REALTY: Moody's Rates BRL140-Mil. Unsecured Debentures 'Ba3'
YPF SA: To Lose Most Productive Oil Field as Dispute Intensifies
C A Y M A N I S L A N D S
BLACK'S LINK: Members' Final Meeting Set for April 23
BLACK'S LINK ASIA: Members' Final Meeting Set for April 23
BLACK'S LINK EVENT: Members' Final Meeting Set for April 23
BLACK'S LINK OFFSHORE: Members' Final Meeting Set for April 23
BLACKROCK MULTI-STRATEGY: Shareholders' Meeting Set for April 27
J. MAR: Shareholder to Hear Wind-Up Report on April 27
MITSUI QATARGAS: Shareholders' Final Meeting Set for April 27
OFFSHORE GROUP: Moody's Rates US$775MM Senior Secured Notes 'B3'
SAM YIELD: Shareholders' Final Meeting Set for April 27
TECH HEAD: Shareholder to Receive Wind-Up Report on April 27
YF TEKNIKO: Shareholders' Final Meeting Set for May 3
D O M I N I C A N R E P U B L I C
ASTER: Punta Cana-Macao Acquires Firm for US$27 Million
M E X I C O
BANCO INTERACCIONES: Moody's Cuts BFSR to 'E+'; Outlook Stable
T R I N I D A D & T O B A G O
CL FIN'L: OECS Leaders for CLICO/BAICO Fund for Policyholders
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A N G U I L L A
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BARNES BAY: Delaware Superior Court Rules in Anguilla Re Lawsuit
----------------------------------------------------------------
Judge Mary M. Johnston of the Superior Court of Delaware, New
Castle County, ruled in the lawsuit, Anguilla Re, LLC, a Delaware
limited liability company and successor by assignment from David
B. Mr. Small and David B. Mr. Small 2004 Annuity Trust U/A/D
7/21/04, Anguilla Re and Counterclaim Defendant, v. Lubert-Adler
Real Estate Fund IV, L.P., a Delaware limited partnership,
Lubert-Adler Capital Real Estate Fund IV, L.P., a Delaware
limited partnership, and Lubert-Adler Real Estate Parallel Fund
IV., L.P., a Delaware limited partnership, Defendants,
Counterclaim Anguilla Res and Third-Party Anguilla Res, v. David
B. Mr. Small, an individual, Third-Party Defendant, C.A. No.
N11C-10-061 MMJ CCLD (Del. Super. Ct.).
Anguilla Re sued Lubert-Adler Real Estate Fund IV, L.P., Lubert-
Adler Capital Real Estate Fund IV, L.P., and Lubert-Adler Real
Estate Parallel Fund IV, L.P., claiming breach of contract. The
Defendants counterclaimed against Anguilla Re and filed a Third-
Party Complaint against Mr. Small.
Pursuant to Superior Court Rule of Civil Procedure 12(b)(6),
Anguilla Re and Mr. Small seek to dismiss the claims brought by
the Defendants. In addition, the Defendants have moved that the
Superior Court sit by designation as a member of the Court of
Chancery.
On May 21, 2005, Mr. Small and Barnes Bay Development Ltd.
entered into a Purchase and Sale Agreement -- Original PSA -- for
the purchase of Unit 6 of The Villas at Anguilla, located in the
British West Indies. Pursuant to the Original PSA, Mr. Small
agreed to purchase the Villa for US$6,250,000, less a 10%
incentive subject to additional terms and conditions. The
Original PSA provided that the sum was to be paid in incremental
deposits, and that Barnes Bay would deliver the Villa in May
2007.
That same day, on May 21, Mr. Small and the Barnes Bay also
executed the following documents: (i) Incentive Addendum to
Purchase and Sale Agreement The Villas at Anguilla; (ii)
Furnishings Addendum to Purchase and Sale Agreement The Villas at
Anguilla; (iii) Addendum to Purchase and Sale Agreement The
Villas at Anguilla; and (iv) Non-Deed Use Restricted Addendum to
Purchase and Sale Agreement The Villas at Anguilla.
On Feb. 20, 2006, Mr. Small, Barnes Bay, and the Guarantors
executed Rider A which modified the Original PSA. Rider A
required Mr. Small to make two additional deposits, totaling
US$1,175,050. Rider A further provided that the Villa would be
delivered by December 2008.
In accordance with the Original PSA and Rider A, Mr. Small paid
all deposits due to Barnes Bay. These deposits totaled
US$3,425,050.
Because of delays in construction of the Villa, Barnes Bay
offered Mr. Small what Mr. Small has characterized as
"complimentary" stays at the Resort. The Defendants claim that
Mr. Small and his family members stayed at the Resort on eight
separate occasions for a total of 68 nights. The value of those
stays, the Defendants contend, totals US$707,500.
On Aug. 2, 2008, by assignment, Anguilla Re acquired Mr. Small's
interest and obligations under the Original PSA, Addenda and
Rider A.
On May 4, 2009, Mr. Small, Barnes Bay, and the Guarantors
executed a letter agreement, which further modified the Original
PSA, Addenda, and Rider A. The letter agreement expressly
provided that: "Buyer has the right to terminate the transaction
contemplated by the Purchase Agreement at any time and for any
reason prior to Closing."
On March 17, 2011, Barnes Bay filed for Chapter 11 bankruptcy
protection. Thereafter, the Bankruptcy Court entered an order
authorizing Barnes Bay to take the necessary steps to transfer
title to the Resort to SOF-VIII-Hotel II Anguilla Holdings LLC.
By a letter dated Aug. 15, 2011, Anguilla Re notified the
Guarantors that Barnes Bay was in default of its obligations
under the PSA: "Defaults and events of defaults have occurred and
are continuing under the Purchase and Sale Agreement because,
among other things, the transaction contemplated by the agreement
has not yet closed." Anguilla Re demanded the immediate return
of the deposits which totaled US$3,425,050.
A second demand letter was sent to the Guarantors on Oct. 5,
2011, by which Anguilla Re expressly terminated the PSA,
effective that date.
The Guarantors did not refund the deposits.
On Oct. 6, 2011, Anguilla Re filed suit in the Court against
Defendants, alleging breach of contract against each of the
Guarantors.
On Nov. 17, 2011, the Defendants filed an Answer to Anguilla Re's
Complaint and asserted three counterclaims, alleging: (1) breach
of contract; (2) breach of the implied covenant of good faith and
fair dealing; and (3) entitlement to a declaratory judgment that
the Defendants are not obligated to make payment.
That same day, the Defendants filed a Third-Party Complaint
against Mr. Small, alleging: (1) breach of contract; (2) breach
of the implied covenant of good faith and fair dealing; (3)
unjust enrichment; (4) quantum meruit; and (5) entitlement to a
declaratory judgment that the Defendants are not obligated to
make payment.
Anguilla Re has moved to dismiss the defendants' counterclaims.
Mr. Small has moved to dismiss the Third-Party Complaint. The
Defendants have opposed both motions and have moved to have the
Superior Court sit by designation in the Court of Chancery for
purposes of addressing the equitable relief sought by the
Defendants.
In her ruling, Judge Johnston held that the Defendants have
waived their right to assert choice of law by failing to include
any choice of law argument in their briefing. Additionally, by
citing extensively to Delaware case law and statutory law, the
Defendants have conceded that Delaware law governs these motions.
The Court further held that denial, with leave to re-plead, is
appropriate as to the Defendants' counterclaims and third-party
complaint. In order to determine whether the insolvency (or
another) exception applies, Judge Johnston said the Defendants
must allege information regarding the transfer of the Resort,
including what interests were transferred to the new owner and
the identity of that entity. If the Defendants are not able to
do so, they will be barred from asserting setoff or prosecuting
the principal's affirmative claims, unless an exception to the
general rule is applicable.
Unless or until a determination is made regarding the adequacy of
the remedies at law, the judge said the Superior Court will not
be in a position to sever and transfer any equitable claim to the
Court of Chancery.
A copy of the Court's March 28, 2012 Opinion is available at:
http://is.gd/Ej7ai6from Leagle.com
Anguilla Re is represented by Michael R. Lastowski, Esq., and
Sommer L. Ross, Esq. -- MLastowski@duanemorris.com and
slross@duanemorris.com -- at Duane Morris LLP, in Wilmington,
Delaware.
Stuart M. Brown, Esq., K. Tyler O'Connell, Esq., Aleine
Porterfield, Esq. -- stuart.brown@dlapiper.com and
aleine.porterfield@dlapiper.com -- at DLA Piper LLP (US), in
Wilmington; Gregory S. Otsuka, Esq. --
gregory.otsuka@dlapiper.com -- at DLA Piper LLP (US), in Chicago,
argue for the Defendants.
About Barnes Bay
Beverly Hills, California-based Barnes Bay Development Ltd., owns
the Viceroy Anguilla Resort & Residences on the British West
Indies island of Anguilla. Barnes Bay and two affiliates filed
for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case
No. 11-10792) on March 17, 2011, to facilitate the sale of the
resort. Barnes Bay disclosedUS$3,331,282 in assets
andUS$481,840,435 in liabilities as of the Chapter 11 filing.
Akin Gump Straus Hauer & Feld LLP is the Debtors' bankruptcy
counsel, and Keithley Lake & Associates is the Debtors' special
Anguillan counsel. Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing, solicitation and balloting agent.
The U.S. Trustee appointed five members to the official committee
of unsecured creditors in the Debtors' cases. Brown Rudnick LLP
serves as the Committee's co-counsel, and Womble Carlyle
Sandridge & Rice, PLLC, as its Delaware co-counsel. C.R. Hodge &
Associates is the Committee's foreign counsel. FTI Consulting,
Inc., serves as the Committee's financial advisors.
U.S. Bankruptcy Judge Peter J. Walsh in Delaware in September
said that he wouldn't approve the resort's reorganization plan
because it unfairly discriminated among creditors who put down
deposits to buy units. Barnes Bay has not filed a revised plan.
Starwood Capital Group LLC was the winner of a July auction to
determine who would sponsor the reorganization plan. It called
for Starwood to assume ownership on account of its US$370 million
secured claim. When the plan failed, Starwood took ownership
through foreclosure.
=================
A R G E N T I N A
=================
CONSOLIDAR ASEGURADORA: Moody's Withdraws 'B3' IFS Rating
---------------------------------------------------------
Moody's Latin America has withdrawn the B3 global-local currency
and the Baa1.ar Argentine national scale insurance financial
strength (IFS) ratings of Consolidar Aseguradora de Riesgos del
Trabajo S.A. (Consolidar ART) with stable outlook.
GPAT COMPANIA: Moody's Rates Class A Debt Issuance 'Ba2'
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 global local-currency
debt rating to the expected seventh issuance of GPAT Compania
Financiera (GPAT) Class A, up to the amount of ARS50 million
which will be due in 180 days, and Class B, up to the amount of
ARS150 million which will be due in 18 months. At the same time,
Moody's Latin America assigned Aa1.ar national scale local
currency debt rating to GPAT's issuances.
The outlook of the debt ratings is under review for possible
downgrade, as a result of the action taken on several Argentinean
banks last March 16, 2012.
The following ratings were assigned to GPAT Compania Financiera
S.A.'s issuances:
Class A: ARS50 million senior unsecured debt issuance:
Ba2 Global Local Currency Debt Rating
Aa1.ar Argentina National Scale Local Currency Debt Rating
Class B: ARS 150 million senior unsecured debt issuance:
Ba2 Global Local Currency Debt Rating
Aa1.ar Argentina National Scale Local Currency Debt Rating
Ratings Rationale
GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS972 million of total assets and ARS231
million of shareholders' equity as of Dec. 31, 2011.
===========
B R A Z I L
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PDG REALTY: Moody's Rates BRL140-Mil. Unsecured Debentures 'Ba3'
----------------------------------------------------------------
Moody's America Latina has assigned Ba3 and A2.br ratings to PDG
Realty S.A. Empreendimentos e Participacoes' BRL140 million
senior unsecured debentures, with 7-year maturity. At the same
time, Moody's affirmed PDG's Ba2/Aa3.br corporate family ratings.
Ratings Affirmed:
PDG Realty S.A. Empreendimentos e Participacoes
-- Corporate Family Rating: Ba2 (global scale); Aa3.br
(Brazilian national Scale)
-- BRL 250 million 5-year senior secured CCB (Cedula de Credito
Bancario): Ba2 (global scale); Aa3.br (Brazilian national
Scale)
Ratings Assigned :
PDG Realty S.A. Empreendimentos e Participacoes
-- BRL 140 million 7-year senior unsecured debentures: Ba3
(global scale); A2.br (Brazilian national Scale)
The outlook for all ratings is stable.
Ratings Rationale
PDG's Ba2 CFR reflects its positions as the largest homebuilder
in Brazil in terms of revenues, launches and contracted sales.
The rating also benefits from company's strong brand name, large
track record of operations through its fully owned subsidiary
Goldfarb (founded in 1952), good geographic diversity and good
product offering, that ranges from the low to high income
segments.
Over the past periods, PDG has been able to significantly reduce
its exposure to the Minha Casa Minha Vida housing program, as
company's focus continues to shift to the mid-income segment from
the low-income. In September 2011, only 23% of PDG's low income
units were eligible for the MCMV. Moody's sees the strategy as
credit positive since middle income projects tend to grant higher
margins especially during rising labor cost scenarios. The
inclusion of the middle class in the second phase of Minha Casa
Minha Vida as well as the Brazilian construction market's solid
long term fundamentals, should continue to benefit PDG's
operations. PDG has also been able to reduce its land bank
geographic concentration in the Southeast region of Brazil to 54%
in September 2011, from 95% in 2007, which ensures a forward
diversification.
PDG's cash generation that has been affected by the financial
cycle of the housing project funding system in Brazil, became
positive during the 3Q'11 as more projects launched in 2007 and
2008 were delivered to their buyers and converted into cash.
Moody's expects the company to be able to maintain its positive
free cash flow generation through profitable launches from now
on.
On the other hand, PDG's ratings are constrained by company's
aggressive acquisition strategy, as proven by Agre acquisition in
2010 that doubled company's size and the still observed
concentration on the high rise segment, that accounts for 90% of
PDG's current backlog. Moody's acknowledges that the acquisitive
nature of PDG was what contributed to its current size through
the Goldfarb and CHL acquisition in 2007 and Agre acquisition in
2010 and that the company had a good financial management that
kept company's credit metric under acceptable levels for its
rating category during the acquisitions, but Moody's sees the
aggressive strategy as credit negative due to all risks involved
in it.
On September 2011, PDG had BRL1.3 billion in cash and
equivalents, and around BRL2.1 billion of debt coming due on the
next twelve months, mostly related to SFH lines that will
disappear once the projects are delivered.
Despite its rapid growth, PDG has been able to maintain an
adequate capital structure and coverage with total adjusted Debt
to Book Capitalization of around 47% and EBIT to Interest of 2.7
times in September 2011. It is important to mention that some
56% or BRL3.6 billion of the total adjusted debt of BRL6.5
billion is comprised by debt related to construction, which are
repaid once the construction is finished and the homebuyer signs
the mortgage with a commercial bank or CEF.
PDG's average annual working capital consumption has been around
BRL 1.2 billion, making its cash available on its balance sheet
seem low, but all of the projects are already tied to signed
loans, while PDG also has around BRL8.7 billion in available
approved lines for construction including SFH lines to cover part
of its working capital needs.
According to the company's written policy, cash on balance sheet
should cover at least financial expenses, debt amortization and
net operating expenses for the six months ahead.
Moody's views the senior unsecured debentures at the same
seniority level as PDG's unsecured debt but effectively
subordinated to PDG's CCB, which are secured by the pledge of
receivables related to the construction of specific projects. For
this reason, the debentures are rated one notch below PDG's CFR.
PDG's unsecured indebtedness is also subordinated to its existing
secured debt, in its vast majority (90%) comprised by SFH and
other construction loans in relation to the affected projects.
The proceeds from the proposed debentures will be used to finance
specific construction projects, to strength its cash position and
to corporate purposes.
The stable outlook assumes that PDG will maintain a comfortable
liquidity position to execute its growth plan while preserving a
minimum cash balance on its balance sheet to face weaker economic
environments and difficult capital market conditions.
PDG's rating or outlook could experience upward pressure if the
company is able to reduce its leverage metrics on a sustained
basis while strengthen its cash flow metrics. Upward pressure
could also arise from improved cash-flow based credit metrics,
through reduced working capital requirements over time and higher
volume of projects achieving their delivery dates. Mortgage
availability at an earlier point of the construction cycle and
use of internal generated cash for reducing debt, not linked to
construction would also be credit positive. Quantitatively,
positive pressure could arise from sustainable positive CFO
("Cash Flow from Operations") and FCF ("Free Cash Flow") to total
debt above 10%, total debt to capitalization below 40% (47.2% in
the end of September 2011), FFO ("Funds From Operations") to
total debt above 25% (16.1% for the last twelve months ended in
September 2011) and interest coverage (EBIT to Interest expense)
above 4.5 times (2.7 times for the last twelve months ended in
September 2011) on a sustainable basis.
PDG's ratings would likely be downgraded if Total Debt to
Capitalization increased above 50% (47.2% in the end of September
2011) on a sustained basis or if the company were to face a
significant deterioration in its liquidity profile due to a
reduction in the availability and timeliness of disbursements
from credit lines that the company has available with commercial
banks through the SFH. While Moody's views this scenario as
unlikely in the near term, it could occur due to a change in
government's support towards the homebuilding industry or due to
a significant increase in indebtedness unrelated to construction.
Quantitatively, negative pressure could arise if the company
diverged from the written minimum cash policy mentioned before.
Headquartered in Rio de Janeiro, PDG is the largest real estate
developer in Brazil in terms of revenues, contracted sales and
PSV. It operates through its wholly owned subsidiaries, Goldfarb,
CHL, and Agre or through minority investments in other companies.
The company's portfolio of products is diverse and includes
projects in virtually all of the homebuilding segments.
YPF SA: To Lose Most Productive Oil Field as Dispute Intensifies
----------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that YPF SA is set to
lose its most productive field after Chubut province said it
plans to revoke more of the company's licenses.
Chubut decided to end four more concessions, starting with the
company's Manantiales Behr field, because of YPF SA's failure to
comply with contracts in the province, Governor Martin Buzzi said
in a March 31 statement obtained by Bloomberg.
Bloomberg notes that the field accounted for about 9.6% of YPF
SA's production last year, according to figures from Argentina's
Energy Secretariat.
YPF SA has lost 12 licenses in five provinces since March 14
after President Cristina Fernandez de Kirchner's government
demanded higher investment to curb output declines and help cut
imports, Bloomberg notes.
Bloomberg, citing Newspaper Pagina/12, relates that Argentina is
preparing to take control of YPF, citing officials it didn't
identify. That followed similar local media reports that the
government is weighing a takeover, Bloomberg relays.
Prior to March 14, YPF, which accounts for about 30% of
Argentina's crude output, held 104 licenses in the country,
Energy secretariat data show, Bloomberg discloses.
YPF on March 28 filed a lawsuit with the Supreme Court against
Chubut for having revoked two licenses, according to a company
official who cannot be named because the lawsuit was not yet
announced publicly, Bloomberg relays. The province has taken
away the most productive fields from YPF of the licenses revoked,
Bloomberg adds.
As reported in the Troubled Company Reporter-Latin America on
March 27, 2012, Bloomberg News said that Argentina's Mendoza
province revoked two concessions from YPF SA, raising the number
of fields lost by the company this month to nine as the
government seeks increased investments. Ceferino and Cerro
Mollas were the fields withdrawn in Mendoza, YPF said. Economic
growth in recent years has led to "larger demand for energy and
fuel," which hasn't been met by YPF investments, Francisco Perez,
governor of the western province of Mendoza, said, according to
Bloomberg. The provincial government dismissed a proposal by YPF
to repair a well and invest in a new one, Mr. Perez relayed,
Bloomberg added.
About YPF SA
Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream). The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares. Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.
As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.
===========================
C A Y M A N I S L A N D S
===========================
BLACK'S LINK: Members' Final Meeting Set for April 23
-----------------------------------------------------
The members of Black's Link Asia OC Fund Limited will hold their
final meeting on April 23, 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
BLACK'S LINK ASIA: Members' Final Meeting Set for April 23
----------------------------------------------------------
The members of Black's Link Asia OC Offshore Fund Limited will
hold their final meeting on April 23, 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
BLACK'S LINK EVENT: Members' Final Meeting Set for April 23
-----------------------------------------------------------
The members of Black's Link Asia Event Driven Fund Limited will
hold their final meeting on April 23, 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
BLACK'S LINK OFFSHORE: Members' Final Meeting Set for April 23
--------------------------------------------------------------
The members of Black's Link Asia Event Driven Offshore Fund
Limited will hold their final meeting on April 23, 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
BLACKROCK MULTI-STRATEGY: Shareholders' Meeting Set for April 27
----------------------------------------------------------------
The shareholders of Blackrock Multi-Strategy (Liquidity) Fund
Limited will hold their final meeting on April 27, 2012, at
9:40 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
J. MAR: Shareholder to Hear Wind-Up Report on April 27
------------------------------------------------------
The shareholder of J. Mar Investments Ltd. will receive on
April 27, 2012, at 1:00 p.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
Cayman Financial Centre
4th Floor, Building 3
Dr. Roy's Drive
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 946-0081
Facsimile: (345) 946-0082
MITSUI QATARGAS: Shareholders' Final Meeting Set for April 27
-------------------------------------------------------------
The shareholders of Mitsui Qatargas 3 Ltd. will hold their final
meeting on April 27, 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 Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
OFFSHORE GROUP: Moody's Rates US$775MM Senior Secured Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Offshore Group
Investment Limited's (OGIL) proposed US$775 million senior
secured notes. OGIL's other ratings remained unchanged. The
outlook is stable.
Net proceeds from this note issue will be applied towards
financing the approximately US$800 million acquisition cost of
Dragonquest -- an ultra-deepwater drillship that is scheduled for
an April 2012 delivery from the Daewoo Shipbuilding & Marine
Engineering's shipyard in South Korea.
Assignments:
Issuer: Offshore Group Investment Limited
Senior Secured Regular Bond/Debenture, Assigned a B3 (LGD3,
33%)
LGD point estimate change:
Issuer: Offshore Group Investment Limited
Senior Secured Regular Bond/Debenture, Upgraded to LGD3, 33%
from LGD3, 34%
Ratings Rationale
The new secured notes will rank pari passu with OGIL's existing
US$1.225 billion secured notes and issued under the same
indenture governing the existing notes. Given the preponderance
of a single class of debt in the capital structure, these notes
are rated B3, the same level as the B3 Corporate Family Rating.
The secured notes have upstream guarantees from OGIL's four
premium jack-up rigs as wells as from its two drillships --
Platinum Explorer and Dragonquest. The notes also have a
downstream guarantee from Vantage Drilling Corporation -- the
parent holding company, as well as guarantees from certain
Vantage subsidiaries.
While the cash purchase price is high and this transaction will
significantly raise OGIL's near term leverage, the virtually
complete Dragonquest does not pose construction or contracting
risk. Once mobilized and fully functional in late third quarter
2012 following successful acceptance testing by Petrobras,
Dragonquest should generate roughly US$140 million of incremental
annual EBITDA and lower OGIL's overall leverage to about 6.1x
over the subsequent twelve months. However, this incremental
debt combined with the likelihood of additional debt incurrence
in 2013 associated with the delivery of its third drillship
(Tungsten Explorer), will leave little room for operational
hiccups and contract or re-deployment delays in 2012 and 2013.
OGIL's B3 CFR reflects its small size, limited operating history
and very high financial leverage. The rating also considers the
capital intensive and highly cyclical nature of the offshore
drilling industry, the short term nature of its jack-up rig
contracts that limits revenue visibility, and the construction
and financing risk involving the OGIL's third drillship that is
slated for a mid-2013 delivery. The rating is supported by
OGIL's high quality assets and the company's short but good
operating track record to date that have facilitated strong
utilization and better-than-average dayrates. The rating is also
underpinned by the long term drilling contracts of Platinum
Explorer and Dragonquest.
OGIL is a wholly owned subsidiary of Vantage -- an offshore
drilling contractor headquartered in the Cayman Islands. OGIL
owns all of Vantage's rigs including four ultra-premium jack-ups,
the Platinum Explorer drillship, and the Tungsten Explorer
drillship that is currently under construction.
SAM YIELD: Shareholders' Final Meeting Set for April 27
-------------------------------------------------------
The shareholders of Sam Yield Enhancement Fund will hold their
final meeting on April 27, 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 Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
TECH HEAD: Shareholder to Receive Wind-Up Report on April 27
------------------------------------------------------------
The shareholder of Tech Head Consulting Inc. will receive on
April 27, 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:
Richard E. L. Fogerty
c/o Sarah Douglas
Zolfo Cooper
P.O. Box 1102
Cayman Financial Centre
4th Floor, Building 3
Dr. Roy's Drive
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 946-0081
Facsimile: (345) 946-0082
YF TEKNIKO: Shareholders' Final Meeting Set for May 3
-----------------------------------------------------
The shareholders of YF Tekniko Fund SPC will hold their final
meeting on May 3, 2012, at 2:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.
The company's liquidator is:
Avalon Management Limited
Reference: GL
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor
64 Earth Close, West Bay Beach
P.O. Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
ASTER: Punta Cana-Macao Acquires Firm for US$27 Million
-------------------------------------------------------
Dominican Today reports that CLAB, the commission that liquidated
failed bank Baninter's assets (CLAB), disclosed that the energy
group Punta Cana-Macao, S.A. has outbid Codetel-Claro, Tricom,
and Wind Telecom for the acquisition of Aster. Punta Cana-Macao
acquired the firm for US$27 million, according to the report.
Aster is Banister's cable TV provider.
It said notary publics witnessed opening of the sealed envelopes
with the bids on March 27, in the presence of members of the
Monetary Board, the Controller of the Central Bank, Banks
Superintendence, and Aster, according to Dominican Today.
The report notes that CLAB revealed however that there's been an
effort to question the process with slanderous accusations, for
which it has put the case in the hands of the Monetary and
Financial Administration's attorneys.
Baninter's fraudulent collapse in 2003 cost Dominican taxpayers
US$2.5 billion, for which then president Ramon Baez Figueroa was
convicted to spend 10 years in prison, the report recalls.
===========
M E X I C O
===========
BANCO INTERACCIONES: Moody's Cuts BFSR to 'E+'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded Banco Interacciones, S.A.'s
bank financial strength rating to E+, from D- and changed the
baseline credit assessment to B1, from Ba3. Moody's also
downgraded its global local and foreign currency deposit ratings
to Ba3, from Ba2, as well as the bank's long term global local
currency senior debt ratings to Ba3, from Ba2, and the
subordinated debt ratings to B1, from Ba3. The outlook on the
ratings is stable. The short-term ratings remained unchanged at
Not Prime.
On the Mexican National Scale, Moody's de Mexico downgraded the
bank's long term deposit rating to A3.mx from A2.mx. The bank's
long term senior debt rating was also downgraded to A3.mx from
A2.mx, while the long and short term subordinated debt ratings
were downgraded to Baa1.mx/MX-3, from A3.mx/MX-2. The outlook on
all these ratings is also stable.
The long term issuer rating of Interacciones Casa de Bolsa, S. A.
de C.V. (CB Interacciones) was also downgraded to Ba3 form Ba2;
and the long term Mexican National Scale issuer rating to A3.mx
from A2.mx. These ratings also have stable outlooks.
Ratings Rationale
In downgrading Interacciones' BFSR to E+ and in lowering the
baseline credit assessment (BCA) to B1, Moody's cited as a key
concern the bank's high industry and single credit concentrations
relative to its capital and earnings that exacerbate its risk
profile, as suggested by the fact that more than 80% of its loans
are in the hands of only a few borrowers. Moreover, the bank has
limited opportunities to reduce such exposures, in Moody's view.
The bank's funding and liquidity profile is also a concern,
particularly because of the limited access to long term funding
that would be needed to support the growing average duration of
its loan book. In this regard, the restructuring of its largest
credit exposure, Coahuila, last year, has substantially changed
the bank's asset and liability management.
Moody's rating action also incorporates the challenges the bank's
business model is expected to face when new proposed regulations
on lending limits to sub-sovereign entities are enforced in
Mexico later this year. Although details are yet to be defined,
the new regulations are likely to set limits on individual
exposures to states and municipalities based on a bank's
capitalization. This is negative for Interacciones because it
would limit its ability to grow in its current target market, and
possibly require the bank to expand its target borrower universe,
with potential for higher credit and operational risks.
Going forward, Moody's will continue to monitor, in particular:
(a) the effect of any regulatory changes on Interacciones' future
business growth viability, (b) progress in the bank's proposed
initiatives to reduce its loan concentration levels and high
exposure to single borrowers, and (c) progress in improving the
bank's long-term funding profile.
Downgrade of Interacciones Casa de Bolsa, S.A. de C.V. (CB
Interacciones):
The downgrade considers the effects the weaker intrinsic strength
of Interacciones could have on its sister company. As long as
Moody's ratings on CB Interacciones continue to consider a high
level of integration between the brokerage firm and the bank,
including sharing of infrastructure, risk management structure
and practices, technological platforms and staff among other
factors, Moody's believes that CB Interacciones' franchise and
core earnings generation could be affected by the bank's
heightened risk profile.
Interacciones is headquartered in Mexico City, Mexico. As of 31
December 2011, the bank reported MXN85.2 billion in total assets.
The last rating action on Interacciones was on Oct. 5, 2011 when
Moody's downgraded the bank's financial strength, deposit and
debt ratings.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: OECS Leaders for CLICO/BAICO Fund for Policyholders
-------------------------------------------------------------
Caribbean360.com reports that the Organization of Eastern
Caribbean States (OECS) is continuing to engage the Trinidad and
Tobago government on the establishment of a special fund to
assist policyholders affected by the collapse of Colonial Life
Insurance Company (Trinidad) Limited (CLICO). CLICO is a
subsidiary of CL Financial Limited.
Following the recent 23rd Inter-sessional meeting of CARICOM
leaders in Suriname, Dominica Prime Minister Roosevelt Skerrit
revealed that a meeting was held discussed between OECS leaders
and Prime Minister Kamla Persad-Bissessar in Suriname to help the
OECS address the issue of the collapse of British American
Insurance Company (BAICO) and CLICO, according to
Caribbean360.com.
The report notes that Prime Minister Skerrit said the target for
the fund was EC$150 million (US55.5 million), for which OECS had
"gotten some form of commitment" from Trinidad and Tobago, which
he put at around EC$74 million (US$27.4 million).
Prime Minister Skerrit, the report notes, said that the
governments were now looking at options to raise the other
EC$76 million (US$28.1 million). Mr. Skerrit added that the OECS
would put in about EC$75 million dollars (US$27.7 million) to
create this special fund in an effort to assisting its people,
Cariibean360.com adds.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
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SOC COMERCIAL PL COMEC AR 167911092 -342440147
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BELIZE
------
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F GUIMARAES FGUI3 BZ 11016542 -151840377
CHILE
-----
EMPRESA DE LOS F 2940894Z CI 1.934E+09 -50416404
CHILESAT CORP SA TELEX CI 1.157E+09 -122555290
TELEX-RTS TELEXO CI 1.157E+09 -122555290
CHILESAT CO-ADR TL US 1.157E+09 -122555290
CLARO COM SA CHILESAT CI 1.157E+09 -122555290
CHILESAT CO-RTS CHISATOS CI 1.157E+09 -122555290
TELMEX CORP-ADR CSAOY US 1.157E+09 -122555290
TELEX-A TELEXA CI 1.157E+09 -122555290
PUYEHUE RIGHT PUYEHUOS CI 24447502 -1250905.47
PUYEHUE PUYEH CI 24447502 -1250905.47
***********
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.
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