/raid1/www/Hosts/bankrupt/TCRLA_Public/120430.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 30, 2012, Vol. 13, No. 085
Headlines
A R G E N T I N A
ARCOR SAIC: Moody's Downgrades CFR to 'B1'; Outlook Stable
ARGENTINA CALLING: Creditors' Proofs of Debt Due June 7
AUTOLUBE SRL: Creditors' Proofs of Debt Due June 4
BANCO COMAFI: Moody's Issues Summary Credit Opinion
BANCO DE INVERSION: Moody's Issues Summary Credit Opinion
BANCO DE GALICIA: Moody's Issues Summary Credit Opinion
BANCO MACRO: Moody's Issues Summary Credit Opinion
BANCO SAENZ: Moody's Issues Summary Credit Opinion
COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Global LC Debt Rating
B R A Z I L
INDEPENDENCIA SA: JBS SA Bids to Pay BRL268 Million for Assets
LUPATECH SA: To Raise Up to US$383 Million
C A Y M A N I S L A N D S
CAMARGUE EQUITY: Creditors' Proofs of Debt Due May 21
CAMARGUE EQUITY MASTER: Creditors' Proofs of Debt Due May 21
COPPERHEAD HOLDINGS: Creditors' Proofs of Debt Due May 23
ISOMETRIC ASIA: Creditors' Proofs of Debt Due May 21
ISOMETRIC ASIA MASTER: Creditors' Proofs of Debt Due May 14
NORTH RIVER: Creditors' Proofs of Debt Due May 23
PINPOINT RISING: Creditors' Proofs of Debt Due May 22
SALUTE OPPORTUNITY: Creditors' Proofs of Debt Due May 14
SALUTE OPPORTUNITY GENERAL: Creditors' Proofs of Debt Due May 14
TL VENTURES III: Creditors' Proofs of Debt Due May 21
T R I N I D A D & T O B A G O
BRITISH AMERICAN: Rescue Plan Makes Firm Look More Attractive
CARIBBEAN AIRLINES: Board Member Expresses Optimism After Meeting
X X X X X X X X
* S&P's 2012 Global Corporate Default Tally Rises to 29
* BOND PRICING: For the Week April 23 to April 27, 2012
- - - - -
=================
A R G E N T I N A
=================
ARCOR SAIC: Moody's Downgrades CFR to 'B1'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has downgraded Arcor's local currency
Corporate Family Rating to B1 from Ba2. At the same time, Moody's
affirmed the B1 foreign currency rating and the Aa2.ar Argentina
National Scale Rating on Arcor S.A.I.C.'s US$300 million senior
unsecured notes due in 2017. The outlook for all ratings is
stable.
Ratings Rationale
The rating actions reflect Moody's view that Arcor ultimately
cannot be completely de-linked from the credit quality of the
Argentinean government (B3, stable), and thus its ratings need to
more closely reflect the risk that they share with the sovereign.
Moody's believes that there has been no deterioration in the
intrinsic credit quality of Arcor. However, a weaker sovereign
has the potential to create a ratings drag, and therefore it is
appropriate to limit the extent to which these issuers are rated
higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012.
Arcor remains rated above the sovereign rating at B3 as a
reflection of its stronger credit quality, although the gap has
been reduced.
"In order to be rated significantly above the sovereign, an issuer
needs not only be fundamentally stronger than the sovereign from a
credit perspective, but also demonstrate a degree of insulation
from the domestic macroeconomic and financial disruption, which
generally accompanies a sovereign default," says Veronica
Amendola, a Moody's Vice President, Senior Analyst and Local
Market Analyst for Arcor.
"We continue to take into account Arcor's superior fundamental
credit quality, evidenced by the company's strong track record in
servicing its foreign currency debt obligations during past
Argentine financial crises, adequate backup liquidity available in
the U.S., the company's sizeable international business that
currently generates more than US$1.3 billion in revenues annually
and limited reliance on domestic markets for funding. Therefore,
we position its rating two notches above the sovereign's rating.
However, we believe de-linking it further from the sovereign is
not appropriate because of the material exposure to domestic
business, banks and counterparties," Ms. Amendola adds.
Moody's cautions that any downward rating action at the sovereign
level would likely result in negative rating actions at Arcor, as
the agency would seek to maintain the current notching gap in the
absence of any significant change in credit quality at Arcor.
Arcor SAIC, Cordoba , Argentina, is one of the largest
confectionary, cookies and food companies in the country with over
US$3 billion in sales as of the fiscal year ended
Dec. 31, 2011. Arcor's well-known brands include: Butter Toffees,
Bon o Bon, Cofler, Rocklets, Menthoplus, La Campagnola, Poosh,
Topline, Bigtime, Mr. Pop's, Mogul and Sapito.
ARGENTINA CALLING: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
Ana Maria Calzada Perciavale, the court-appointed trustee for
Argentina Calling SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 7, 2012.
Ms. Perciavale will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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:
Ana Maria Calzada Perciavale
Sarmiento 2437
Argentina
AUTOLUBE SRL: Creditors' Proofs of Debt Due June 4
--------------------------------------------------
Alicia Rita Romero, the court-appointed trustee for Autolube SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 4, 2012.
Ms. Romero will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Alicia Rita Romero
Parana 26
Argentina
BANCO COMAFI: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
Comafi S.A. and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Banco Comafi S.A.
Moody's current ratings on Banco Comafi S.A. are:
Senior Unsecured (domestic currency) ratings of Ba3, on review for
downgrade
Senior Unsecured MTN Program (foreign currency) ratings of (P)B2
Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade
Long Term Bank Deposits (foreign currency) ratings of Caa1
Bank Financial Strength ratings of D-, on review for downgrade
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
NSR Senior Unsecured (domestic currency) rating s of Aa2.ar, on
review for downgrade
NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar,
on review for downgrade
NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar
NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar
Rating Rationale
Moody's maintains a bank financial strength rating (BFSR) of D- to
Banco Comafi S.A. (Comafi). The BFSR derives from Comafi's
improved financial fundamentals, mainly profitability and
liquidity and its increasing franchise in retail and corporate
sector. The rating also incorporates its relatively low deposit
market share as well as the risks inherent in the operating
environment. The current score reflects the bank's challenges:
expanding its franchise, and underpinning core earnings in order
to solidify the bank's competitive position.
Comafi's long-term global local-currency (GLC) deposit rating is
Ba3. This is based on the bank's Ba3 baseline credit assessment
and also on Moody's view of a moderate probability of systemic
support on its local currency deposit obligations. The bank's
foreign-currency deposit rating of Caa1 remains constrained by the
Argentine sovereign ceiling for foreign-currency deposits.
Rating Outlook
Comafi's BFSR and local currency deposit and debt ratings are on
review for downgrade. The outlook on the FC deposit rating is
stable.
What Could Change the Rating - Up
Any upward pressure on Comafi's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade. The foreign
currency deposit and senior unsecured debt ratings are currently
constrained by the country ceilings of the respective instruments
and have a stable outlook aligned to the outlook of the ceilings.
These ratings could be upgraded following an upgrade of the
ceilings.
What Could Change the Rating - Down
A decline from its indicator as well as a decline in the
operational environment in which the bank performs its activity
may put downward pressure on the financial strength rating.
BANCO DE INVERSION: Moody's Issues Summary Credit Opinion
---------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
de Inversion y Comercio Exterior S.A. and includes certain
regulatory disclosures regarding its ratings. The release does
not constitute any change in Moody's ratings or rating rationale
for Banco de Inversion y Comercio Exterior S.A.
Moody's current ratings on Banco de Inversion y Comercio Exterior
S.A. are:
Senior Unsecured (domestic currency) ratings of B1
Senior Unsecured MTN Program (domestic currency) ratings of (P)B1
Senior Unsecured MTN Program (foreign currency)ratings of (P)B2
Long Term Bank Deposits (domestic currency) ratings of B1
Long Term Bank Deposits (foreign currency) ratings of Caa1
Bank Financial Strength ratings of E+
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
NSR Senior Unsecured (domestic currency) ratings of Aa2.ar
NSR Senior Unsecured MTN Program (domestic currency) ratings of
Aa2.ar
NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar
NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar
NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar
Rating Rationale
Moody's has assigned a bank financial strength rating (BFSR) of E+
to Banco de InversiOn y Comercio Exterior (BICE). The rating
reflects BICE's ownership structure and dependence on the National
Government of Argentina, as well as its good franchise as a
development bank. It was also assessed BICE's good core earnings
generation and sound capitalization. The rating also reflects
BICE's limited granularity in terms of loans, as well as the
unstable Argentine operating environment.
BICE's long-term global local-currency deposit rating is B1, which
is based on its baseline credit assessment of b1 and takes into
account the high probability of systemic support for its local-
currency deposit obligations given by the government in the event
of stress. In addition, the bank's foreign-currency deposit rating
of Caa1 is constrained by the foreign-currency deposit ceiling for
Argentina.
Rating Outlook
All the ratings have a stable outlook.
What Could Change the Rating - Up
Any upward pressure on BICE's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade. The foreign
currency deposit and senior unsecured debt ratings are currently
constrained by the country ceilings of the respective instruments
and have a stable outlook aligned to the outlook of the ceilings.
These ratings could be upgraded following an upgrade of the
ceilings.
What Could Change the Rating - Down
The BFSR would be put under stress if the bank suffered a
substantial deterioration in its asset quality or in its core
earning profile, as well as if the operating environment weakened.
A downgrade of Argentina's deposit ceilings would of course affect
its deposit ratings.
BANCO DE GALICIA: Moody's Issues Summary Credit Opinion
-------------------------------------------------------
Moody's Investors Service issued summary credit opinion on Banco
de Galicia y Buenos Aires S.A. and includes certain regulatory
disclosures regarding its ratings. This release does not
constitute any change in Moody's ratings or rating rationale for
Banco de Galicia y Buenos Aires S.A.
Moody's current ratings on Banco de Galicia y Buenos Aires S.A.
are:
Senior Unsecured (foreign currency) ratings of B2
Senior Unsecured MTN (domestic currency) ratings of (P)Ba3, on
review for downgrade
Senior Unsecured MTN (foreign currency) ratings of (P)B2
Long Term Bank Deposits (foreign currency) ratings of Caa1
Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade
Bank Financial Strength ratings of D-, on review for downgrade
Subordinate (foreign currency) ratings of B2
Short Term Bank Deposits ratings of NP
NSR Senior Unsecured MTN (domestic currency) ratings of Aa2.ar, on
review for downgrade
NSR Long Term Bank Deposits (domestic currency) ratings of Aa2.ar,
on review for downgrade
NSR Senior Unsecured (foreign currency) ratings of Aa3.ar
NSR Senior Unsecured MTN Program (foreign currency) ratings of
Aa3.ar
NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar
NSR Subordinate (foreign currency) ratings of Aa3.ar
Rating Rationale
Moody's assigns a bank financial strength rating (BFSR) of D- to
Banco de Galicia y Buenos Aires (Galicia), which corresponds to a
baseline credit assessment of ba3. The rating is based on
Galicia's bold franchise in retail and corporate lending, a well-
managed asset quality and good profitability and capitalization
indicators. On the other hand, the rating also incorporates the
risks inherent in the group's operating environment. Galicia's
long-term global local-currency deposit rating is Ba3. While the
rating currently does not benefit from uplift due to systemic
support, it may do so following Moody's ratings review, given
Moody's assessment of a very high probability of systemic support
in case of need. Galicia's foreign currency deposit rating of
Caa1 is constrained by Argentina's foreign currency ceiling for
deposits and continues with a stable outlook.
Rating Outlook
The BFSR and the local currency deposit and debt ratings were
placed on review for downgrade. The outlook on the remaining
ratings is stable.
What Could Change the Rating - Up
Any upward pressure on the entity's BFSR and on global local
currency and debt ratings is currently unlikely given the existing
review for downgrade. The foreign currency deposit rating is
currently constrained by the country ceiling and has a stable
outlook aligned to the outlook of the ceilings. These ratings
could be upgraded following an upgrade of the ceilings.
What Could Change the Rating - Down
The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage to sovereign risk. The BFSR would
also be put under stress if the bank suffered a substantial
deterioration in its asset quality or in its core earning profile,
as well as if the operating environment weakened. A downgrade of
the country's deposit ceilings would result in a downgrade in the
bank's foreign currency deposit rating.
BANCO MACRO: Moody's Issues Summary Credit Opinion
--------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
Macro S.A. and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Banco Macro S.A..
Moody's current ratings on Banco Macro S.A. are:
Senior Unsecured (foreign currency) ratings of B2
Senior Unsecured MTN Program (foreign currency) ratings of (P)B2
Long Term Bank Deposits (domestic currency) ratings of Ba2, on
review for downgrade
Long Term Bank Deposits (foreign currency) ratings of Caa1
Bank Financial Strength ratings of D, on review for downgrade
Subordinate (foreign currency) ratings of B2 (hyb)
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
NSR Long Term Bank Deposits (domestic currency) ratings of Aa1.ar,
on review for downgrade
NSR Senior Unsecured (foreign currency) ratings of Aa3.ar
NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar
NSR Subordinate (foreign currency) ratings of Aa3.ar (hyb)
Rating Rationale
Moody's assigns a bank financial strength rating (BFSR) of D to
Banco Macro S.A. (Macro), which corresponds to a baseline credit
assessment of ba2. The rating is based on Moody's view that the
bank's acquisition strategy has enhanced the overall potential of
its franchise, particularly in terms of diversifying its revenues,
increasing its access to core funding, and improving economies of
scale. However, the rating also incorporates the risks inherent
in the group's operating environment.
Macro's long-term global local-currency deposit rating is Ba2.
This is based on the bank's ba2 baseline credit assessment and on
the very high probability of systemic support for the bank's local
currency deposit obligations, should the need arise. The support
provider's rating of B1 does not provide any lift to Macro's
deposit rating currently, however, it may do so following the
ratings reviews. Macro's foreign currency deposit rating of Caa1
is constrained by Argentina's foreign currency ceiling for
deposits.
Rating Outlook
The BFSR and the LC deposit and debt ratings of Macro and TucumAn
were placed on review for downgrade. The outlook on the FC ratings
is stable.
What Could Change the Rating - Up
Any upward pressure on Macro's BFSR and GLC ratings is currently
unlikely given the existing review for downgrade. The foreign
currency deposit and senior unsecured debt ratings are currently
constrained by the country ceilings of the respective instruments
and have a stable outlook aligned to the outlook of the ceilings.
These ratings could be upgraded following an upgrade of the
ceilings.
What Could Change the Rating - Down
The BFSR could be downgraded following Moody's review which will
re-assess the degree of linkage of the bank to sovereign risk.
Other negative pressure on Macro's BFSR could ultimately result
from a severe erosion of asset quality and profitability,
exacerbated by the Argentine volatile operating environment.
BANCO SAENZ: Moody's Issues Summary Credit Opinion
--------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Banco
Saenz S.A. and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Banco Saenz S.A.
Moody's current ratings on Banco Saenz S.A. are:
Senior Unsecured (domestic currency) ratings of B2
Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)B2
Long Term Bank Deposits (domestic currency) ratings of B2
Long Term Bank Deposits (foreign currency) ratings of Caa1
Bank Financial Strength ratings of E+
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
NSR Senior Unsecured (domestic currency) ratings of Aa3.ar
NSR Senior Unsecured MTN Program (domestic and foreign currency)
ratings of Aa3.ar
NSR Long Term Bank Deposits (domestic currency) ratings of Aa3.ar
NSR Long Term Bank Deposits (foreign currency) ratings of Ba1.ar
Rating Rationale
Moody's assigns a bank financial strength rating (BFSR) of E+ to
Banco Saenz S.A (Saenz). The rating derives from the bank's
specialized franchise, its major role within the Fravega group (a
local chain of home appliances), as well as from good
profitability and capitalization indicators. Key risks include
Saenz's weak asset quality and its higher reliance on wholesale
funding, mainly from securitizations.
The E+ BFSR translates to a Baseline Credit Assessment (BCA) of b2
(currently being reassessed), equal to the global local currency
deposit rating, as the bank's deposit ratings do not benefit from
any systemic support uplift. Saenz's global foreign currency
deposit rating of Caa1 remains constrained by Argentina's foreign
currency deposit ceiling.
Rating Outlook
All ratings now have a stable outlook.
What Could Change the Rating - Up
Any upward pressure on Saenz's BFSR is currently unlikely given
the existing reassessment of the BCA. The foreign currency deposit
and senior unsecured debt ratings are currently constrained by the
country ceilings of the respective instruments and have a stable
outlook aligned to the outlook of the ceilings.
What Could Change the Rating - Down
Loan book deterioration might put Saenz's equity at risk and
evaporation of liquidity could affect its financial strength
rating. The latter could also be downgraded if capitalization
erodes the bank's franchise. In addition, a lowering of the
sovereign risk ceiling would undermine both the foreign currency
deposit and debt ratings.
COMPANIA FINANCIERA: Moody's Assigns 'Ba3' Global LC Debt Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global local-currency
debt rating to the expected sixth issuance of Compania Financiera
Argentina S.A. (CFA)'s up to Ar$200 million to be issued in two
branches under the program of US$250 million. At the same time,
Moody's Latin America assigned Aa2.ar national scale local
currency debt rating to CFA'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 Compania Financiera
Argentina S.A.'s issuances:
Sixth Issuance of a maximum amount of Ar$200 million in to two
tranches:
Ba3 Global Local Currency Debt Rating
Aa2.ar Argentina National Scale Local Currency Debt Rating
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from CFA's Ba3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.
Compania Financiera Argentina S.A. is headquartered in Buenos
Aires, Argentina, and reported Ar$2.303 million of total assets
and Ar$934 million of shareholders' equity as of December 31,
2011.
===========
B R A Z I L
===========
INDEPENDENCIA SA: JBS SA Bids to Pay BRL268 Million for Assets
--------------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA said it made a
non-binding offer to buy assets from bankrupt Brazilian meatpacker
Independencia SA for BRL268 million in shares and cash, without
assuming any of the company's debt.
JBS's offer includes four slaughterhouses, 2 tanneries and
other assets from Independencia SA, according to a regulatory
filing obtained by the news agency.
Independencia SA -- http://www.independencia.com.br/-- is
Brazil's fourth largest meat exporter. It filed for bankruptcy
protection in 2010, after the global economic crisis caused
exports to slump. Independencia S.A. filed its Chapter 15
petition on March 27, 2009 (Bankr. S.D. N.Y., Case No. 09-10903).
Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, is the
Debtor's counsel.
LUPATECH SA: To Raise Up to US$383 Million
------------------------------------------
Jeff Fick at MarkerWatch reports that Lupatech SA said that it
would raise much-needed capital through an investment agreement
with the Brazilian National Development Bank (BNDES) and local
pension fund Petros.
Lupatech SA will raise as much as BRL700 million Brazilian
(US$383 million) through a private placement of new shares with
investors, the company said in a filing with local stock
regulators, according to MarkerWatch. The report relays that the
investment arm of BNDES, BNDESpar, and Petros, the pension fund
for workers at federal oil company Petroleo Brasileiro (Petrobras)
will buy up to BRL300 million of the shares, Lupatech said, the
report notes.
MarkerWatch says that the company reported that it lost BRL241
million in 2011 and canceled an oilfield-services contract with
key client Petrobras because of order delays. Lupatech SA has
struggled under a heavy debt load after it boosted investment to
meet expected demand from oil companies in need of offshore
services, the report points out.
Petrobras was forced to curtail offshore drilling last year
because of delays in the delivery of new drilling rigs, leading to
lower-than-expected production.
Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments: Energy
Products, Flow Control and Metallurgy. In the Energy Products
segment, the company provides such products as deepwater platform
anchoring ropes, valves, tools for oil exploration and tube
coating. In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others. In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry. Lupatech SA's
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others. During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 27, 2012, Standard & Poor's Ratings Services lowered its
global corporate credit rating on Lupatech S.A. to 'SD' from 'B-'
and its national scale rating to SD from brBB. "At the same time,
we are affirming our 'CCC' issue rating on Lupatech Finance Ltd.'s
guaranteed perpetual bonds," S&P said.
===========================
C A Y M A N I S L A N D S
===========================
CAMARGUE EQUITY: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of Camargue Equity Fund Limited are required to file
their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 28, 2012.
The company's liquidator is:
Highwater Limited
c/o Nicole Weins
Telephone: (345) 640 2279
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
802 West Bay Road, 1st Floor
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
CAMARGUE EQUITY MASTER: Creditors' Proofs of Debt Due May 21
------------------------------------------------------------
The creditors of Camargue Equity Master Fund Limited are required
to file their proofs of debt by May 21, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on March 28, 2012.
The company's liquidator is:
Highwater Limited
c/o Nicole Weins
Telephone: (345) 640 2279
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
802 West Bay Road, 1st Floor
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
COPPERHEAD HOLDINGS: Creditors' Proofs of Debt Due May 23
---------------------------------------------------------
The creditors of Copperhead Holdings 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 wind-up proceedings on April 11, 2012.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949-8666
Facsimile: 949-0626
ISOMETRIC ASIA: Creditors' Proofs of Debt Due May 21
----------------------------------------------------
The creditors of Isometric Asia Catalyst Fund I are required to
file their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on April 13, 2012.
The company's liquidator is:
Highwater Limited
c/o Nicole Weins
Telephone: (345) 640 2279
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
802 West Bay Road, 1st Floor
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
ISOMETRIC ASIA MASTER: Creditors' Proofs of Debt Due May 14
-----------------------------------------------------------
The creditors of Isometric Asia Catalyst Master Fund are required
to file their proofs of debt by May 14, 2012, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on April 13, 2012.
The company's liquidator is:
Highwater Limited
c/o Nicole Weins
Telephone: (345) 640 2279
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
802 West Bay Road, 1st Floor
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
NORTH RIVER: Creditors' Proofs of Debt Due May 23
-------------------------------------------------
The creditors of North River 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 wind-up proceedings on April 12, 2012.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949-8666
Facsimile: 949-0626
PINPOINT RISING: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Pinpoint Rising Commodity Fund are required to
file their proofs of debt by May 22, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 10, 2012.
The company's liquidator is:
Wang Qiang
Two International Finance Centre, Level 33
8 Finance Street, Central
Hong Kong
Telephone: +852 25235990
SALUTE OPPORTUNITY: Creditors' Proofs of Debt Due May 14
--------------------------------------------------------
The creditors of Salute Opportunity Fund Inc. are required to file
their proofs of debt by May 14, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 3, 2012.
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
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
SALUTE OPPORTUNITY GENERAL: Creditors' Proofs of Debt Due May 14
----------------------------------------------------------------
The creditors of Salute Opportunity General Partner Ltd. are
required to file their proofs of debt by May 14, 2012, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 3, 2012.
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
PO Box 715, George Town
Grand Cayman KY1-1107
Cayman Islands
TL VENTURES III: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------
The creditors of TL Ventures III Offshore Ltd. are required to
file their proofs of debt by May 21, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 30, 2012.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Mrs. Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847 One Capital Place
Shedden Road George Town
Grand Cayman KY1-1103
Cayman Islands
===============================
T R I N I D A D & T O B A G O
===============================
BRITISH AMERICAN: Rescue Plan Makes Firm Look More Attractive
-------------------------------------------------------------
Caribbean360.com reports that a decision taken to recapitalize the
eastern Caribbean operations of the collapsed British American
Insurance Company (BAICO) has made it more attractive to
investors.
Dr. Denzil Douglas, prime minister and minister of finance for St
Kitts and Nevis, reported that the decision to pump US$30 million
from the Liquidity Support Fund into recapitalizing BAICO's
traditional insurance business and preparing it for sale was
bearing fruit, according to Caribbean360.com.
The report relates that Dr. Douglas said a number of bidders had
demonstrated an interest in purchasing the recapitalized
portfolios of BAICO's business, and they were now being engaged
with a view to concluding the sale transaction during the course
of the current year. Caribbean360.com relays that the
recapitalization decision was taken by the governments of the
Eastern Caribbean Currency Union (ECCU), led by the Eastern
Caribbean Central Bank (ECCB), to assist policy-holders who
suffered immensely as a consequence of BAICO's collapse.
The report notes that Dr. Douglas reported that 18,700 policy-
holders would benefit from this important step taken by the
governments of the ECCU, with St Kitts and Nevis having 3,960
beneficiaries, the second largest number of beneficiaries in any
one country in the ECCU. In assessing the kinds of insurance
policies which were to be recapitalized and sold, traditional
policies including whole life, endowments and term life policies
were identified, Caribbean360.com says.
However, Home Life Service, Ordinary Life and Universal Life
policies have also been included, Mr. Douglas noted,
Caribbean360.com adds.
The Liquidity Support Fund derived from the CARICOM Petroleum Fund
that was established by Trinidad and Tobago in 2004 to provide
relief to CARICOM Member States experiencing economic hardship
resulting from persistently high international prices for crude
oil and petroleum products.
About BAICO
British American Insurance Company is a Bahamian company, which
is owned by Trinidad-based parent CL Financial.
Casey McDonald, the British Virgin Islands liquidator for British
American Isle of Venice (BVI), Ltd, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 10-21627) on April 29, 2010. Mr.
McDonald is represented by Leyza F. Blanco, Esq., at Gray
Robinson in Miami, Fla. At the time of the filing, the
liquidator estimated British American Isle of Venice (BVI), Ltd's
asset at less than US$10 million and its debts at more than
US$100 million. Two affiliates -- British American Insurance
Company Limited (Bankr. S.D. Fla. Case No. 09-31881) and British
American Insurance Company Limited (Bankr. S.D. Fla. Case No. 09-
35888) -- are also subject to the jurisdiction of the U.S.
Bankruptcy Court.
CARIBBEAN AIRLINES: Board Member Expresses Optimism After Meeting
-----------------------------------------------------------------
RJR News reports that a member of the Board of Caribbean Airlines
Limited is expressing optimism that a meeting held addressed the
concerns of pilots in Jamaica who are in the process of being
rehired by the Trinidadian air carrier.
Officials of Caribbean Airlines met with members of the Jamaica
Airline Pilots Association, JALPA, following an announcement that
the local subsidiary which employed them is to be closed,
according to RJR News. The report relates that more than 60
pilots will be offered new employment contracts.
The report notes that CAL Director Dennis Lalor said the meeting
was a cordial one.
As reported in the Troubled Company Reporter-Latin America on
April 24, 2012, Trinidad Express said that Caribbean Airlines
Limited said it will offer new contracts to the Jamaican pilots
that were recently made redundant following the closure of
Caribal Ltd, the subsidiary of CAL which was the employment
company for the pilots in Jamaica. Caribal was responsible for
the recruitment processes of the airline in Jamaica. CAL said it
informed the Jamaican Airline Pilots Association and the pilot
body of its intention to offer contracts of employment with CAL,
according to Trinidad Express.
About Caribbean Airlines
Caribbean Airlines Limited -- http://http://www.caribbean-
airlines.com/ -- provides passenger airline services. It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.
* * *
As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum. Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News. However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account. RJR News notes
that Trinidad Express reported that the arrears were built up
over the last six weeks as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations in January 2007.
===============
X X X X X X X X
===============
* S&P's 2012 Global Corporate Default Tally Rises to 29
-------------------------------------------------------
The 2012 global corporate default tally increased by one last week
after Brazil-based Lupatech S.A. selectively defaulted, said an
article published April 26 by Standard & Poor's Global Fixed
Income Research, titled Global Corporate Default Update (April 19
-- 25, 2012).
On April 23, Standard & Poor's Ratings Services lowered the
ratings on the capital goods company to 'SD' after it postponed
its debentures' interest payment due on April 15, 2012. This
raises the global corporate default tally to 29 so far in 2012.
Of the total defaulters this year, 18 were based in the U.S., six
in the emerging markets, three in Europe, and two in the other
developed region (Australia, Canada, Japan, and New Zealand). In
comparison, last year, only 13 issuers -- seven based in the U.S.,
two in New Zealand, two in the emerging markets, one in Europe,
and one in Canada -- defaulted during the same period (through
April 25).
So far this year, missed payments accounted for 12 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential. Of
the remaining defaults, one was the result of a notice of
acceleration by the issuer's lender, one was due to the company's
placement under regulatory supervision, and the last was due to a
judicial organization filing.
In 2011, 21 issuers defaulted because of missed interest or
principal payments, and 13 because of bankruptcy filings -- both
of which were among the top reasons for defaults in 2010.
Distressed exchanges -- another top reason for default in 2010 --
followed with 11 defaults in 2011. Of the remaining defaults, two
issuers failed to finalize refinancing on bank loans, two were
subject to regulatory action, one had its banking license revoked
by its country's central bank, one was appointed a receiver, and
two were confidential.
* BOND PRICING: For the Week April 23 to April 27, 2012
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 70.75
ARGENT-$DIS 8.28 12/31/2033 USD 63.87
ARGENT-$DIS 8.28 12/31/2033 USD 67.25
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- PAR 0.45 12/31/2038 JPY 15
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
ARGENT- DIS 7.82 12/31/2033 EUR 59
ARGENT- DIS 7.82 12/31/2033 EUR 65
ARGENT- DIS 7.82 12/31/2033 EUR 56
ARGENT-PAR 1.18 12/31/2038 ARS 40.68
ARGNT BOGAR 2 2/4/2018 ARS 117
ARGNT-BOCON PRE9 2 3/15/2014 ARS 71.5
BANCO MACRO SA 9.75 12/18/2036 USD 72.1
BANCO MACRO SA 9.75 12/18/2036 USD 72.1
BANCO MACRO SA 9.75 12/18/2036 USD 75.05
CAPEX SA 10 3/10/2018 USD 72.75
CAPEX SA 10 3/10/2018 USD 77
EMP DISTRIB NORT 10.5 10/9/2017 USD 95
EMP DISTRIB NORT 9.75 10/25/2022 USD 57.5
EMP DISTRIB NORT 9.75 10/25/2022 USD 57.63
PROV BUENOS AIRE 9.375 9/14/2018 USD 69.99
PROV BUENOS AIRE 9.375 9/14/2018 USD 69.75
PROV BUENOS AIRE 10.875 1/26/2021 USD 70.86
PROV BUENOS AIRE 10.875 1/26/2021 USD 70.85
PROV BUENOS AIRE 9.625 4/18/2028 USD 64.52
TRANSENER 9.75 8/15/2021 USD 71.25
TRANSENER 9.75 8/15/2021 USD 66.38
BRAZIL
------
BANCO CRUZEIRO 8.875 9/22/2020 USD 70
BANCO CRUZEIRO 8.875 9/22/2020 USD 70
REDE EMPRESAS 11.125 USD 52.5
REDE EMPRESAS 11.125 USD 51.25
REDE EMPRESAS 11.125 USD 38.02
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 58.13
BCP FINANCE BANK 5.31 12/10/2023 EUR 51.5
BCP FINANCE BANK 5.01 3/31/2024 EUR 49.13
CAM GLOBAL FIN 6.08 12/22/2030 EUR 66.88
CHINA AUTOMATION 7.75 4/20/2016 USD 74.88
CHINA FORESTRY 10.25 11/17/2015 USD 50.25
CHINA FORESTRY 10.25 11/17/2015 USD 56
CHINA SUNERGY 4.75 6/15/2013 USD 52
EFG ORA FUNDING 1.7 10/29/2014 EUR 58.54
ESFG INTERNATION 5.753 EUR 35
GOL FINANCE 8.75 USD 81
HOME INNS 2 12/15/2015 USD 74.97
HOME INNS 2 12/15/2015 USD 76.26
JINKOSOLAR HOLD 4 5/15/2016 USD 52.25
LDK SOLAR CO LTD 4.75 4/15/2013 USD 50.96
LDK SOLAR CO LTD 4.75 4/15/2013 USD 50.96
LDK SOLAR CO LTD 4.75 4/15/2013 USD 85.32
LDK SOLAR CO LTD 10 2/28/2014 CNY 48.05
LUPATECH FINANCE 9.875 USD 73.38
LUPATECH FINANCE 9.875 USD 79
PUBMASTER FIN 5.943 12/30/2024 GBP 73.02
PUNCH TAVERNS 4.767 6/30/2033 GBP 72.03
RENHE COMMERCIAL 11.75 5/18/2015 USD 60.51
RENHE COMMERCIAL 11.75 5/18/2015 USD 60.75
RENHE COMMERCIAL 13 3/10/2016 USD 60.5
RENHE COMMERCIAL 13 3/10/2016 USD 60
SOLARFUN POWER H 3.5 1/15/2018 USD 65.9
SOLARFUN POWER H 3.5 1/15/2018 USD 66.5
SUNTECH POWER 3 3/15/2013 USD 67.78
SUNTECH POWER 3 3/15/2013 USD 67
CHILE
-----
AGUAS NUEVAS 3.4 5/15/2012 CLP 1.648
CGE DISTRIBUCION 3.25 12/1/2012 CLP 20.15
ESVAL S.A. 3.8 7/15/2012 CLP 12.6
MASISA 4.25 10/15/2012 CLP 9.993
QUINENCO SA 3.5 7/21/2013 CLP 25.52
PUERTO RICO
-----------
PUERTO RICO CONS 6.5 4/1/2016 USD 69.47
PUERTO RICO CONS 6.2 5/1/2017 USD 56.63
VENEZUELA
---------
ELEC DE CARACAS 8.5 4/10/2018 USD 76.74
PETROLEOS DE VEN 5.375 4/12/2027 USD 61.25
PETROLEOS DE VEN 5.5 4/12/2037 USD 59.58
VENEZUELA 6 12/9/2020 USD 74.5
VENEZUELA 7 3/31/2038 USD 70.5
VENEZUELA 7 3/31/2038 USD 71.09
***********
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 * * *