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/raid1/www/Hosts/bankrupt/TCRLA_Public/120425.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 Wednesday, April 25, 2012, Vol. 13, No. 082 Headlines A R G E N T I N A AGUAS CLARAS: Asks for Bankruptcy Proceedings GIRASOLES DEL SUR: Asks for Bankruptcy Proceedings PRAXIPHARMA SA: Applies for Bankruptcy Protection RAUL MATAN: Files for Bankruptcy Proceedings SAMAGO SRL: Creditors' Proofs of Debt Due May 14 YPF SA: Cuba Backs Expropriation by Argentina B A H A M A S BAHAMAS PETROLEUM: Value Drops After Prime Minister's Statement C A Y M A N I S L A N D S BIG WING: Creditors' Proofs of Debt Due May 23 CALYPSO NO 1: Creditors' Proofs of Debt Due May 23 CARA LTD: Creditors' Proofs of Debt Due May 23 DIAPASON GLOBAL: Creditors' Proofs of Debt Due May 23 DRYDEN VI-LEVERAGED: Creditors' Proofs of Debt Due May 23 EL PALMAR: Creditors' Proofs of Debt Due May 23 FOREIGN INVESTOR: Creditors' Proofs of Debt Due May 23 MAN LONG SHORT: Creditors' Proofs of Debt Due May 15 MANGOUSTA FUND: Creditors' Proofs of Debt Due May 15 ONCA 2007-1: Creditors' Proofs of Debt Due May 22 J A M A I C A DIGICEL GROUP: Back in Court as Providers Await Decision M E X I C O BANCO DEL BAJIO: Moody's Confirms 'D+' BFSR; Outlook Stable CREDITO REAL: S&P Raises GS Ratings to 'BB'; Outlook Stable P U E R T O R I C O HACIENDA ANA: Case Summary & 3 Largest Unsecured Creditors T R I N I D A D & T O B A G O TRINIDAD CEMENT: Assures Minister of Enough Cement Supply - - - - - ================= A R G E N T I N A ================= AGUAS CLARAS: Asks for Bankruptcy Proceedings --------------------------------------------- Aguas Claras SA asked for bankruptcy proceedings. The company defaulted on its payments last June 25, 2011. GIRASOLES DEL SUR: Asks for Bankruptcy Proceedings -------------------------------------------------- Girasoles del Sur SA asked for bankruptcy proceedings. The company defaulted on its payments last Feb. 2, 2012. PRAXIPHARMA SA: Applies for Bankruptcy Protection ------------------------------------------------- Praxipharma SA applied for bankruptcy protection. The company has defaulted on its payments last January 2012. RAUL MATAN: Files for Bankruptcy Proceedings -------------------------------------------- Raul Matan SA filed for bankruptcy proceedings. The company defaulted on its payments last Dec. 15, 2011. SAMAGO SRL: Creditors' Proofs of Debt Due May 14 ------------------------------------------------ Mirta Beatriz Rotman, the court-appointed trustee for Samago SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 14, 2012. Ms. Rotman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 27, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Mirta Beatriz Rotman Charcas 3040 Argentina YPF SA: Cuba Backs Expropriation by Argentina --------------------------------------------- Caribbean News Now reports that Cuba reiterated on its solidarity with the Argentinean government's decision to expropriate a 51% controlling stake in the YPF SA oil company, a subsidiary of the Spanish group Repsol. "Cuba reiterates its solidarity with the Republic of Argentina and that this nation has a permanent sovereign right over all its natural resources, including hydrocarbons," read a statement from the Cuban Foreign Ministry, according to Caribbean News Now. The report relates that the statement noted that "YPF, originally an Argentinean state company, was one of the many companies privatized and sold for less than their value by former president Carlos Saul Menem during his mandate from 1989 to 1999 as part of a series of neoliberal measures that, at the instance of and in collusion with the United States, were imposed in Latin America during that period." The note added that Argentina's decision is backed by international law and resolutions approved by the General Assembly of the United Nations, Caribbean News Now discloses. 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. ============= B A H A M A S ============= BAHAMAS PETROLEUM: Value Drops After Prime Minister's Statement --------------------------------------------------------------- Candia Dames at Nassau Guardian News reports that Bahamas Petroleum Company stock has lost a fourth of its market value on the heels of a declaration by Prime Minister Hubert Ingraham that his government would not allow BPC to drill for oil. The report relates that the company recently said it would seek to renew its licenses with The Bahamas government. BPC wants government approval to drill an oil well in Bahamian waters by April 2013, according to Nassau Guardian News. In 2005, the report recalls that BPC began its negotiations with the Christie administration for its various permits and licenses to look for oil in the country's territorial waters. Nassau Guardian News relays that since then, the company has only done 2D and 3D underwater seismic testing to figure out the best areas to drill for oil and get a better handle on the country's oil potential. BPC lists the law firm Davis & Co., run by PLP deputy leader Philip Brave Davis, as part of its Bahamian legal team. Mr. Ingraham also suggested that attorney Sean McWeeney, a former PLP attorney general, is also tied to BPC, Nassau Guardian News notes. =========================== C A Y M A N I S L A N D S =========================== BIG WING: Creditors' Proofs of Debt Due May 23 ---------------------------------------------- The creditors of Big Wing Holdings are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 2, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CALYPSO NO 1: Creditors' Proofs of Debt Due May 23 -------------------------------------------------- The creditors of Calypso No 1 Limited are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 2, 2012. The company's liquidator is: Dieter Kindlimann Zollikerstrasse 181 8034 Zurich Switzerland Telephone: +41 44 384 7740 CARA LTD: Creditors' Proofs of Debt Due May 23 ---------------------------------------------- The creditors of Cara Ltd. are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2012. The company's liquidator is: Jeffrey D. Johnstone c/o Broadhurst LLC P.O. Box 2503 40 Linwood Street Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-7237 Facsimile: (345) 949-7725 DIAPASON GLOBAL: Creditors' Proofs of Debt Due May 23 ----------------------------------------------------- The creditors of Diapason Global Biofuel Index Fund are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 DRYDEN VI-LEVERAGED: Creditors' Proofs of Debt Due May 23 --------------------------------------------------------- The creditors of Dryden VI-Leveraged Loan CDO 2004 are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2012. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EL PALMAR: Creditors' Proofs of Debt Due May 23 ----------------------------------------------- The creditors of El Palmar, Inc. are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 29, 2012. The company's liquidator is: Mark Goodman PO Box 2636 Strathvale House, 90 North Church Street Grand Cayman KY1-1102 Cayman Islands Telephone: 1 345 943 5555 FOREIGN INVESTOR: Creditors' Proofs of Debt Due May 23 ------------------------------------------------------ The creditors of Foreign Investor Holdco #3 Ltd. are required to file their proofs of debt by May 23, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 28, 2012. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MAN LONG SHORT: Creditors' Proofs of Debt Due May 15 ---------------------------------------------------- The creditors of Man Long Short Equity Europe (Master) Ltd are required to file their proofs of debt by May 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2012. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MANGOUSTA FUND: Creditors' Proofs of Debt Due May 15 ---------------------------------------------------- The creditors of Mangousta Fund Limited are required to file their proofs of debt by May 15, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 4, 2012. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ONCA 2007-1: Creditors' Proofs of Debt Due May 22 ------------------------------------------------- The creditors of Onca 2007-1 Ltd. are required to file their proofs of debt by May 22, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 30, 2012. The company's liquidator is: Robin Lee Mcmahon c/o Robert Crockett Ernst & Young Ltd 62 Forum Lane, Camana Bay PO Box 510 Grand Cayman KY1 -1106 Cayman Islands Telephone: +1 345 814 8962 ============= J A M A I C A ============= DIGICEL GROUP: Back in Court as Providers Await Decision -------------------------------------------------------- Lindsay Kelly at The Royal Gazette News reports that Digicel Group Limited won a small step in court in their quest to continue providing long-distance service when Chief Justice Ian Kawaley approved the company's application to seek judicial review of the Ministry of Environment, Planning and Infrastructure's decision to refer matter to the Telecoms Commission. Digicel Group was initially denied this request in February by the former Chief Justice Richard Ground, requesting to have their case heard in court rather than decided by a commission and the Ministry, according to The Royal Gazette News. The report notes that the dispute over Digicel Group /Transact international long distance was sent to the Telecoms Commission, which has yet to report its findings to the Ministry, despite completing its inquiry in February, on whether the new ILD service offered by Digicel Group /Transact is in compliance with the two companies' licenses. The Royal Gazette News relays that the company has been offering long distance service since December. The Royal Gazette News notes that the Chief Justice deferred ruling on the company's legal bid to have the court stay any decision from the Ministry of Infrastructure. The report says that Digicel Group requested a 'pre-emptive prohibitive interim injunction' allowing the Chief Justice to suspend any Ministry decision, pending appeal, because they felt that there is evidence the Ministry has already come to a conclusion on the case. Digicel Group argued that the Ministry officials, through sworn affidavits, stated that their opposition to Transact's ILD service and also in a letter dated March 9, 2012 to BTC stating that they could not provide connectivity to Transact on the grounds that they opposed the service, The Royal Gazette News says. Based on this evidence, Digicel Group argued that the Ministry had clear bias and if a decision was rendered that stopped them from offering the service until they could appeal, it would cause "considerable damage," The Royal Gazette News discloses. In court, Chief Justice also ruled that Digicel could seek judicial review of the March 9 letter, the report adds. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state- of-the-art handsets. By offering innovative wireless services and community support, Digicel Group has become a leading brand across its 31 markets worldwide. Digicel is based in Jamaica. It has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St. Kitts Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barts. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of September 27, 2011, the company continues to carry Moody's "Caa1" senior unsecured debt rating. =========== M E X I C O =========== BANCO DEL BAJIO: Moody's Confirms 'D+' BFSR; Outlook Stable ----------------------------------------------------------- Moody's Investors Service confirmed its ratings for Banco del Bajio, S.A., Institucion de Banca Multiple (BanBajio). These include the D+ bank financial strength rating, the long term local and foreign currency deposit ratings of Baa3, and the short term local and foreign currency deposit ratings of Prime-3. At the same time, Moody's de Mexico confirmed BanBajio's long term Mexican National Scale deposit rating of Aa3.mx and short term Mexican National Scale deposit rating of MX-2. All ratings have a stable outlook. This rating action concludes Moody's review for downgrade of BanBajio's rating initiated on October 18, 2011. Ratings Rationale Moody's said that the confirmation of the ratings of BanBajio incorporates its growth strategy that is focused on its main area of expertise of commercial loans, and which supports recurrent and robust earnings generation and asset quality. Moody's noted that the bank's high capitalization ratio appears to be an adequate cushion against the volatility in asset quality or earnings that BanBajio's large single credit exposures could bring. BanBajio's growth plans include a de novo branch expansion to other areas of Mexico beyond its regional focus, and have resulted in loans to small and medium sized entities (SMEs) growing by 18% in 2011, with expectations that growth in 2012 will remain well above the system's. The bank's portfolio continues to be dominated by commercial loans, which account for 67% of total loans, followed by loans to states and municipalities (17%), most of which are supported by federal tax participations. Moody's nevertheless notes that states and municipalities continue to represent a sizable 62% of total top 20 exposures, despite amortizations that reduced outstanding by 2% on a year-over-year basis. As a result of its loan mix, BanBajio's asset quality has been good, underscored by a low past due loan ratio of less than 3%. Moody's rating action also incorporates BanBajio's profitability metrics, including an ample and stable net interest margin at levels of 4.4% in 2011, which benefits from a strong market positioning in the Bajio region, where it is a major commercial and mortgage lender with a growing deposit base. The bank's operating efficiency has been hurt as a result of its expansion project over the last two years, which has brought the cost to income ratio to 66%, up from 54% three years ago. Moody's notes the continued challenge of BanBajio's high single concentrations to states and municipalities, as measured against earnings and Tier 1 capital, which could expose the bank to tenor mismatches and potentially rapid asset quality deterioration. BanBajio nevertheless continues to maintain capitalization levels that are resilient against scenarios of stress within both the states and municipalities and traditional portfolio as well as within its investment securities holdings. Moody's will continue to monitor the bank's expansion outside of the Bajio, where the bank will compete against much larger and more diversified commercial banks with long track records of operation in these geographic areas. The robust planned expansion of its loan book and the prospects of lending beyond its regional footprint are additional concerns for the ratings going forward, as they could potentially change the bank's risk profile. Management is challenged to execute its growth strategy by achieving breakeven at its new branches without negative effects on the bank's profitability and asset quality. On 30 March 2012, BanBajio announced Banco Sabadell's (C-/Baa2 review for downgrade; A3 review for downgrade) intention to sell its 20% ownership in the bank to Temasek Holdings (Private) Limited (Aaa stable), which is to acquire 13.3%, and existing Mexican shareholders. Regulatory approvals are still pending. The expected swap is credit positive for BanBajio because it incorporates a new shareholder with a strong fundamental credit profile. The inclusion of Temasek comes at an auspicious time for BanBajio, given that Banco Sabadell's attention is back in Spain. In addition to Temasek's expected 13.3% ownership, another highly rated shareholder, the International Finance Corporation (IFC, Aaa stable), holds a 10% ownership. BanBajio's standalone credit assessment of ba1 benefits from one notch of uplift that results in a global local currency deposit rating of Baa3, based on the assumption of a moderate probability of systemic support from the Mexican government in case of need given the bank's important regional market shares in loans and deposits in the Bajio. CREDITO REAL: S&P Raises GS Ratings to 'BB'; Outlook Stable ----------------------------------------------------------- Standard & Poor's Ratings Services raised its global-scale ratings on Credito Real S.A.P.I. de C.V. SOFOM E.N.R. (Credito Real) to 'BB' from 'BB-' and national-scale counterparty credit and debt ratings to 'mxA' from 'mxA-'. "We also raised the rating on the company's $210 million five-year senior unsecured notes to 'BB' from 'BB-'. At the same time, we affirmed our 'mxA- 2' short-term national scale rating. The outlook is stable," S&P said. "The upgrade on Credito Real is based on rising profitability levels and adequate asset quality despite the significant growth of its portfolio in 2011. In that year, the company acquired a minority stakes in two of its distributors of payroll loans and signed the exclusivity and noncompete agreements with them. We believe that these agreements will support the growth of Credito Real's portfolio and bolster income generation. The company has positioned itself as one of the main consumer finance entities in the country,particularly in the payroll discount lending sector in Mexico," S&P said. ===================== P U E R T O R I C O ===================== HACIENDA ANA: Case Summary & 3 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Hacienda Ana Coffe Estate Inc. Carr. 143, Km 11.0 Bo. Jauca Sector La Pico Jayuya, PR 00664 Bankruptcy Case No.: 12-03001 Chapter 11 Petition Date: April 20, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Brian K. Tester Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq. MS LOZADA LAW OFFICE 254 San Jose St., Suite 3 San Juan, PR 00901 Tel: (787) 520 6002 Fax: (787) 520 6003 E-mail: lcdamslozada@gmail.com Estimated Assets: US$1,000,001 to US$10,000,000 Estimated Debts: US$500,001 to US$1,000,000 A copy of the Company's list of its three largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb12-03001.pdf The petition was signed by Angel R. Santiago Colon, president/owner. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Assures Minister of Enough Cement Supply --------------------------------------------------------- Trinidad and Tobago Newsday reports that Trinidad and Tobago Labor Minister Errol McLeod has been assured by the Trinidad Cement Limited (TCL) that there is sufficient cement available to prevent any major disruption within the construction sector. This assurance was contained in a statement issued by the Labour Ministry after a meeting between Mr. McLeod and TCL officials at the ministry's head office at Tower C of the Port-of-Spain International Waterfront Centre, according to Trinidad and Tobago Newsday. The report relays that TCL Managing Director Satnarine Bachew said Mr. McLeod was satisfied with plans outlined by the company to improve the overall performance of the TCL Group of Companies. 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. *********** 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 * * *