/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120705.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 Thursday, July 5, 2012, Vol. 13, No. 132 Headlines A R G E N T I N A ACEITES LA CRIOLLA: Creditors' Proofs of Debt Due Aug. 2 COBRANTIA COLLECTION: Creditors' Proofs of Debt Due Aug. 2 INFOFIN SA: Applies for Bankruptcy Protection LOS DESTINOS: Creditors' Proofs of Debt Due Aug. 27 METROGAS SA: Posts ARS18 Million Net Loss in Q1 2012 SOLUCIONES IMPRESAS: Requests Opening of Bankruptcy Proceedings TOTAL NET: Creditors' Proofs of Debt Due Aug. 7 TU TAXI: Creditors' Proofs of Debt Due Aug. 7 B E R M U D A WHITE & SONS: IBC Files Petition to Wind Up Firm B A H A M A S BAICO: Sagicor to Acquire BAICO Life Business B R A Z I L BROOKWATER VENTURES: Brazilian Unit Receives Notice of Default COSAN SA: Fitch Affirms Low-B IDR; Rating Outlook Stable OGX PETROLEO: Moody's Affirms 'B1' Rating; Outlook Negative OGX PETROLEO: Low Production Volumes Cue Fitch to Lower Ratings C A Y M A N I S L A N D S 1908 HOLDINGS: Members' Final Meeting Set for July 20 CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10 DB KAMCHATKA: Shareholders' Final Meeting Set for July 23 LF CAPITAL: Members' Final Meeting Set for July 9 PARKWOOD HOLDINGS: Members' Final Meeting Set for July 19 QT ALTERNATIVES: Shareholders' Final Meeting Set for July 31 REMITTANCE LTD: Shareholders' Final Meeting Set for July 20 SPARE GROUP: Shareholders' Final Meeting Set for July 13 YELLOW HAMMER: Shareholders' Final Meeting Set for July 23 ZEBRA FINANCE: Shareholders' Final Meeting Set for July 23 M E X I C O CEMEX SAB: Presents Refinancing Proposal to Lenders CEMEX SAB: S&P Puts B- GS Rating on CreditWatch Negative CI CASA DE BOLSA: Moody's Corrects June 29 Ratings Release CIMENTO TUPI: S&P Affirms 'B' Global Scale Rating P U E R T O R I C O ADVANCED COMPUTER: Wants to Employ Cuprill as Bankruptcy Counsel ADVANCED COMPUTER: Taps Carrasquillo as Financial Consultant U R U G U A Y BANK LATIN AMERICA: S&P Affirms 'BB+/B' Global Scale IDR X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= ACEITES LA CRIOLLA: Creditors' Proofs of Debt Due Aug. 2 -------------------------------------------------------- Maria Cecilia Mori, the court-appointed trustee for Aceites la Criolla SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 2, 2012. Ms. Mori will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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: Maria Cecilia Mori Joaquin V. Gonzalez 3156 Argentina COBRANTIA COLLECTION: Creditors' Proofs of Debt Due Aug. 2 ---------------------------------------------------------- Guillermo Ruiz, the court-appointed trustee for Cobrantia Collection Services SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 2, 2012. Mr. Ruiz will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 43, 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: Guillermo Ruiz Olavarria 939 Argentina INFOFIN SA: Applies for Bankruptcy Protection --------------------------------------------- Infofin SA applied for bankruptcy protection. The company has defaulted its payments last May 3. LOS DESTINOS: Creditors' Proofs of Debt Due Aug. 27 --------------------------------------------------- Zulma Gloria Ghigliano, the court-appointed trustee for Los Destinos SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 27, 2012. Ms. Ghigliano will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 48, 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: Zulma Gloria Ghigliano Pasaje Cipolletti 554 Argentina METROGAS SA: Posts ARS18 Million Net Loss in Q1 2012 ---------------------------------------------------- MetroGAS S.A. reported a net loss of ARS18.0 million on ARS256.6 million of sales for the three months ended March 31, 2012, compared with a net loss of ARS26.3 million on ARS233.3 million of sales for the same period of 2011. The Company's balance sheet at March 31, 2012, showed total assets of ARS2.533 billion, total liabilities of ARS1.796 billion, minority interest of ARS1.7 million, and shareholders' equity of ARS734.8 million. Going Concern Doubt Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina, expressed substantial doubt about MetroGas S.A.'s ability to continue as a going concern, following the Company's 2011 results. The independent auditors noted of the uncertainties related to the suspension of the original regime for tariff adjustments and the Company's petition for voluntary reorganization in an Argentine Court on June 17, 2010. In its limited review report to the shareholders, President and directors of the Company, Price Waterhouse cited, among other things, that the changes in the economic conditions in Argentina and the changes to the License under which the Company operates made by the Argentine National Government, mainly related to the suspension of the original regime for tariff adjustments, have affected the Company's economic and financial equation. Management is in the process of renegotiating certain terms of the License with the Argentine National Government to counteract the negative impact caused by the above mentioned circumstances. The adverse financial conditions that MetroGAS faces as a result of the situation mentioned above led to MetroGAS' Board of Directors to approve the Company's filing of a petition for voluntary reorganization (concurso preventivo) in an Argentine court on June 17, 2010, which was decreed by such court hearing the case on July 15, 2010. This circumstance generated an event of default under the Negotiable Obligation Issue Program of the Company which resulted in the automatic acceleration of the outstanding financial debt obligations. Nevertheless, upon the reorganization filing, an automatic stay was put into place on the payment of principal and interest on its outstanding debt obligations. A copy of the Company's unaudited consolidated interim financial statements for the three months ended March 31, 2012, is available for free at http://is.gd/cXvpK9 About MetroGas Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution company, was incorporated on Nov. 24, 1992, and began operations on Dec. 29, 1992, when the privatization of Gas del Estado S.E. ("GdE") (an Argentine Government-owned enterprise) was completed. Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the Argentine Government granted MetroGAS an exclusive license to provide the public service of natural gas distribution in the area of the Federal Capital and southern and eastern Greater Buenos Aires, by operating the assets allocated to the Company by GdE for a 35 year period from the Takeover Date (Dec. 28, 1992). This period can be extended for an additional 10 year period under certain conditions. MetroGAS' controlling shareholder is Gas Argentino S.A. ("Gas Argentino") who holds 70% of the Common Stock of the Company. The 20%, which was originally owned by the National Government, was offered in public offering and the remaining 10% is under the Employee Stock Ownership Plan ("Programa de Propiedad Participada" or "PPP"). SOLUCIONES IMPRESAS: Requests Opening of Bankruptcy Proceedings --------------------------------------------------------------- Soluciones Impresas SA requested the opening of bankruptcy proceedings. The company defaulted its payments last Nov. 16, 2011. TOTAL NET: Creditors' Proofs of Debt Due Aug. 7 ----------------------------------------------- Omar Sergio Luis Vazquez, the court-appointed trustee for Total Net SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 7, 2012. Mr. Vazquez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 22, 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: Omar Sergio Luis Vazquez Bartolome Mitre 1970 Argentina TU TAXI: Creditors' Proofs of Debt Due Aug. 7 --------------------------------------------- Moises Gorelik, the court-appointed trustee for Tu Taxi SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until Aug. 7, 2012. Mr. Gorelik 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: Moises Gorelik Lavalle 1675 Argentina ============= B E R M U D A ============= WHITE & SONS: IBC Files Petition to Wind Up Firm ------------------------------------------------ The Royal Gazette reports that shipping and courier company IBC Ltd filed a petition with the Supreme Court to wind up troubled White & Sons. An official with IBC had no comment on the legal action, or how much money it was owed by White's, saying it was in the hands of lawyers, according to The Royal Gazette. The report notes that the petition will be heard in the Supreme Court at 9:30 a.m. on July 20 when any other creditors can come forward to make their case. Sources in the food industry say White's may be able to find the cash to pay off creditors-via bank financing or other means- which could possibly keep the company going, the report notes. Earlier this month, The Roygal Gazette recalls that Pitt & Company Ltd and BGA Ltd took out writs against White's "carrying on business as White & Sons Supermarket, Southside Supermarket and Haywards Supermarket". ============= B A H A M A S ============= BAICO: Sagicor to Acquire BAICO Life Business --------------------------------------------- Jamaica Gleaner reports that the governments of the Organization of Eastern Caribbean States have struck a deal with Barbados-based Sagicor Life Inc, which will acquire the traditional life insurance business of British American Insurance Company (BAICO). The sub-regional group said the agreement was reached with the court appointed BAICO judicial managers to sell the life insurance sector of the Trinidad-based financially strapped company to Sagicor, according to Jamaica Gleaner. The report relates that the Governments of the Eastern Caribbean Currency Union (ECCU) will provide funding of up to US$38 million to assist in restoring value to the transferring policies. There were initially seven interested investors, four of which were shortlisted, the group said, the report notes. Jamaica Gleaner says that the business being sold spans comprises group pensions and traditional life policies issued by BAICO in Anguilla, Antigua, Dominica, Grenada, Montserrat, St Lucia, St Kitts and Nevis and St Vincent and the Grenadines as well as universal life, term life, whole life, endowment and home service life policies. The deal will affect approximately 17,500 policyholders and is expected to restore the policy values for nearly two in every three BAICO policyholders, Jamaica Gleaner discloses. "It should be noted that under the terms of the sale, all valid and in-force life policies as at the Scheme Effective Transfer Date will be transferred to Sagicor without any amendment or change to the respective policy, allowing policyholders to benefit from the terms they historically agreed with BAICO . . . . The life insurance business will be transferred to Sagicor once all necessary approvals for the scheme of transfer from the relevant courts and insurance regulators in The Bahamas (where BAICO is incorporated) and throughout the ECCU countries are received," said a statement obtained by the news agency. Sagicor Life Inc is a wholly owned subsidiary of Sagicor Financial Corporation. The report notes that the regional governments said that the approvals for all countries will take three to six months at which point the transfer of the business can be finalized. Policyholders who need clarity on the status of the policies are advised to contact their local BAICO office, the report adds. 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. =========== B R A Z I L =========== BROOKWATER VENTURES: Brazilian Unit Receives Notice of Default -------------------------------------------------------------- Brookwater Ventures Inc. disclosed that its wholly owned subsidiary, Agua Grande Exploracao e Producao de Petroleo Ltda., has been issued a notice of default from the operator of Block 166 in the Reconcavo Basin in Brazil for its failure to pay outstanding cash calls related to the farmout agreement and joint operating agreement within the period of time specified under the JOA. Under the terms of the JOA, Brookwater has 60 days to remedy the default by paying the full amount of the outstanding balance to the operator. In the event that the default continues for more than 60 days, the operator has the option to require that Brookwater withdraw its interest in the JOA and Block 166. Brookwater is working with the operator to resolve the default and satisfy the outstanding cash calls. Brookwater Ventures Inc. is a Canadian independent oil exploration company focused on growing its asset base primarily in Brazil. The Company believes that a tremendous opportunity exists in Brazil, where only approximately 6% of the sedimentary basins have been titled for exploration and development. The country remains underexploited and the Company believes that to capitalize on these opportunities requires investing in and leveraging a domestic team with basin knowledge, technical expertise and a network of relationships to optimize risk adjusted returns. COSAN SA: Fitch Affirms Low-B IDR; Rating Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed the following ratings of Cosan S.A. Industria e Comercio (Cosan) and its subsidiary Cosan Overseas Limited (Cosan Overseas): Cosan: -- Foreign and local currency Issuer Default Ratings (IDRs) at 'BB+'; -- National scale rating at 'AA-(bra)'. Cosan Overseas: -- Foreign currency at IDR 'BB+'; -- Perpetual notes at 'BB+'. Fitch has also removed the Rating Watch Negative for Cosan, Cosan Overseas, the subsidiary Cosan Lubrificantes e Especialidades (CLE) and for the perpetual notes issued by Cosan Overseas. The Rating Outlook of the corporate ratings is Stable. In conjunction with these rating actions, Fitch has withdrawn the ratings of CLE due to the lack of public interest (including the foreign and local currency IDR's at 'BB+' and national scale rating at 'AA-'). Fitch will no longer provide analytical view on this issuer. The rating actions reflect Fitch's expectations that Cosan will present a gradual de-leveraging trend and a return to credit indicators more consistent with its rating category within a medium term horizon. Cosan's robust liquidity position and manageable debt profile further supports this rating action. Currently, Cosan shows weak credit metrics for the rating category as a result of the acquisition of 60.1% of the shares of Companhia de Gas de Sao Paulo (Comgas)'s acquisition, occurred in May 2012 and which involved BRL3.4 billion, being BRL3.3 billion debt- funded. Should net leverage exceed Fitch expectations and remain above 3.5 times (x) on a recurring basis, it should trigger a negative rating action. The ratings are strongly supported by Cosan's increasing contribution of a more diversified asset portfolio and more predictable cash flow businesses on a consolidated basis, in order to partially soften the impacts of the volatility of the sugar and ethanol industry. Cosan's ratings fundamental has been positively enhanced by the creation of a joint-venture with Shell Brazil Holdings BV (Raizen), under conservative financial terms, and it is strongly linked to Raizen's credit profile, given the relevance of this joint venture compared to Cosan's consolidated performance (55% of 2013 EBITDA, as per Fitch estimates). Fitch estimates Cosan 2013 EBITDA breakdown by segment as follows: 35% natural gas distribution, 32% sugar and ethanol, 19% fuel distribution, 8% logistics, 4% cogeneration and 2% lubes. The high volatile sugar & ethanol industry fundamentals, exposure to climatic conditions and challenges related to the ethanol's industry dynamics in Brazil, currently strongly linked to gasoline regulated prices and governmental policies related to this issue, are further incorporated into the ratings. Broader Business Diversification, Reducing Exposure To The Volatility Of The Sugar and Ethanol Industry: Comgas' acquisition is strategically positive for Cosan, as it contributes to broader business diversification and should lessen its cash flow volatility. This transaction would also enhance Cosan's presence in the energy segment, which, together with logistics, are the main focus on the company's business plan going forward. As per Fitch estimates, the contribution of more stable business for Cosan's cash flow should range from current 52% to the 65%-75% range in the next three years, depending on the sugar and ethanol prices behavior and speed of planned expansion projects. Robust Liquidity Is Also Essential To Support The Ratings: Cosan has maintained robust liquidity. As of March 31, 2012, its consolidated cash position amounted to BRL1.6 billion and covered its short-term debt of BRL704 million by 2.3x. Considering also cash flow from operations (CFFO), the cash+CFFO/short-term debt ratio would be strong at 5.1x. Debt maturity profile was adequately distributed, with concentration in the long term. Fitch expects that Cosan will continue to adequately manage its short-term debt maturities and to preserve a robust liquidity, in order to be prepared for occasional market downturns. The favorable terms of the new financing line obtained to finance the Comgas acquisition, characterized by a eight-year tenor with a two-year grace period, as well as the last tranche of Shell's cash contributions related to Raizen's creation which is scheduled for the first half of 2013 and will be proportionally consolidated by Cosan (USD270 million equivalent) were also positively factored in the ratings. Leverage To Be Gradually Reduced: As of March 31, 2012, Cosan's leverage on a consolidated basis, measured by total debt/adjusted EBITDA and net debt/adjusted EBITDA, excluding the non-recurring accounting effects of creation of Raizen (BRL3.2 billion), was 3.2x and 2.5x, similar to the 3.0x and 2.5x reported in the previous year, as per Fitch criteria. After the acquisition of Comgas' shares occurred in May 2012, Cosan's pro forma net debt/EBITDA considering the acquired company's respective debt and cash generation as well as excluding the non-recurring effect of the creation of Raizen in Cosan's EBITDA, would be 3.7x. Fitch calculations also consider rescheduled taxes and intercompany loans. This ratio was negatively affected by lower than historical EBITDA margins of Comgas in the latest 12 months (LTM) period ended in March 2012, due to some cost mismatches to be passed through its tariffs. Considering a normalized EBITDA for Comgas and Cosan's proportional cash contribution of Shell, expected for March 2013, Cosan's pro forma net leverage on a consolidated basis would be around 3.3x. As per Fitch financial projections, Cosan should be able to gradually reduce its leverage levels. Considering the mid-point of the sugar and ethanol price cycle, the agency estimates that Cosan should maintain its net leverage around 3.0x while preserving a robust liquidity position to reduce the risks related to the inherent cyclicality of some of its businesses. Pending Negotiations On The Acquisition Of ALL Shares: Cosan is also negotiating the purchase of a 5.7% stake on America Latina Logistica - ALL, for BRL896.5 million, which was not incorporated in Fitch's financial projections. The transaction is still dependent upon the approval of other signatories of ALL's shareholders agreement and also from the Brazilian Transport Regulatory Agency (ANTT) and the Brazilian Antitrust Council (CADE). In case the acquisition is concluded, Fitch estimates that Cosan's consolidated net debt/EBITDA ratio on a pro forma basis would reach around 3.6x, compared to 3.3x without this effect. Key Rating Drivers: Any action related to Raizen's ratings could have an impact on Cosan's ratings. Factors that could lead to a negative rating action include further acquisitions or investments not contemplated in the current business plan that could result in leverage levels beyond expectations and material refinancing needs. A positive rating action is unlikely in the medium term horizon considering current high leverage levels. Later on, it could be driven by lower than expected leverage, coupled with the maintenance of more stable and predictable cash flows. OGX PETROLEO: Moody's Affirms 'B1' Rating; Outlook Negative ----------------------------------------------------------- Moody's Investors Service affirmed the B1 ratings of OGX Petroleo e Gas Participacoes S.A. (OGX) and OGX Austria GmbH and changed the rating outlook to negative from stable. "The negative rating outlook reflects lower than expected performance from OGX's first two producing wells, negatively impacting cash flows and capital productivity," commented Gretchen French, Moody's Vice President. "OGX's latest setback follows higher debt levels and moderate project delays and cost increases incurred over the past year, which had already diminished flexibility within the B1 rating." Ratings Rationale OGX recently announced the results of extended well tests on its first two production wells in the Tubarao Azul field (formerly known as the Waimea Accumulation). The production flow rate of the two wells, OGX-26 and OGX-68, have been restricted to 5,000 barrels of oil equivalent per day (boe/d), which is materially below management's original estimated range of 10,000 - 20,000 boe/d. The lower well performance highlights one of the many risks of bringing contingent oil and gas resources onto production. The main reason for the lower well productivity is a weaker than expected water drive in the reservoir and significant well interference between these first two wells. The compartmentalized and unpredictable nature of the carbonate reservoir could contribute to increased costs to fully develop the field. OGX's position as an owner of world class hydrocarbon resources remains strong. However, the company's growth rates and returns have been negatively affected by reduced production rates from the initial wells, which will result in lower cash flow and debt capacity for future projects. Furthermore, if OGX is not able to successfully manage its funding needs, cash levels could materially decline by the end of 2013, resulting in constrained liquidity and potentially further reliance on debt funding. A key consideration will be the results of the drilling of its third producing well in the Tubarao Azul field. Field-wide production is estimated to reach around 15,000 boe/d by year end 2012, far short of the previous expectations of nearly 40,000 boe/d. To address the expected cash flow shortfall, the company is reducing its exploration capital spending in 2013 and 2014 by about $2.1 billion, which will entail reducing its drilling rig commitments to three rigs from six currently and reducing seismic spending. However, the expected reduction in the drilling rig program will not be complete until the fourth quarter of 2013. OGX's B1 rating could be downgraded if production levels decline, liquidity becomes constrained or debt levels materially rise in order to fund cash flow shortfalls. While unexpected over the near-term given the negative outlook, the B1 rating could be upgraded if OGX is successful in growing production (to over 20,000 barrels of oil equivalent per day) and has made substantial progress on the construction of the two additional FPSOs and wellhead platforms. The principal methodology used in rating OGX was the Global Independent Exploration and Production Industry Methodology published in December 2011. Based in Rio de Janeiro, Brazil, OGX is one of the largest independent exploration and production companies in Latin America. OGX PETROLEO: Low Production Volumes Cue Fitch to Lower Ratings --------------------------------------------------------------- Fitch Ratings has downgraded OGX Petroleo e Gas Participacoes S.A.'s (OGX) foreign and local currency Issuer Default Rating (IDR) to 'B' from 'B+' and its long-term national scale rating to 'BBB-(br)' from 'BBB(br)'. Fitch has also downgraded the rating of its USD2.6 billion and USD1.1 billion notes to 'B/RR4' from 'B+/RR4 and 'BBB(br)', respectively. OGX's wholly owned subsidiary, OGX AUSTRIA GMBH, is the issuer of both notes. These notes are unconditionally and irrevocably guaranteed by OGX, OGX Petroleo e Gas Ltda. and OGX Campos Petroleo e Gas S.A. The Rating Outlook is Stable. The rating downgrade reflects the recent announcement by the company that production volumes will be significantly lower than initially projected, which will delay OGX from becoming cash flow positive and will prolong its deleveraging process. The projected cuts are consistent with downgrade guidelines set in one of Fitch's original stress scenarios. Positively, OGX has pre-funded and secured the equipment for its capex program which should allow it to achieve production volumes consistent with its highly speculative rating. OGX is now forecasting a production volume of 5,000 barrels of oil equivalent per day (boepd) for its first two wells in Tubarao Azul field (previously known as Waimea), which is well below the 10,000-13,000 boepd initially projected. The adjustment in the ideal targeted production volumes reflects the identification of natural fractures in the reservoir that connect the first two wells, which reduces the optimal level of pressure at each individual well. As a result, the ramp-up curve of the initial production volume is anticipated to be well below OGX's initial expectations. Following the addition of two producing wells and two injections wells to FPSO OSX-1, the new production volumes are now expected to be approximately 20,000-25,000 boepd compared to the 40,000 boepd initially planned. By 21013, OGX is expected to have approximately 8 production wells, each producing approximately 6,000-8,000 boepd, which is below the initially projected 10,000- 20,000 boepd. Within the next five years, OGX's production is expected to be below one-half of the initially projected volumes of 730,000 boepd by 2016. As a result of lower production volume prospects, Fitch has reduced its EBITDA projection to approximately USD 2 billion by 2015 from approximately USD6 billion, using Fitch's published mid- cycle price deck. The company has also reduced its capital investments to approximately USD3.3 billion in 2012 and 2013, and is expected to be to below USD1 billion from 2014. Should production volumes materialize at the new indicated level, Fitch expects OGX to report negative free cash flow over the next three years. Cash deficits are expected to be funded with current liquidity with no material increases in debt levels. As of June 2012, OGX's liquidity was USD3.6 billion and its pro forma debt was USD3.9 billion, and includes the USD2.6 billion bond issued last June, USD320 million of OGX Maranhao financing and USD1.1 billion recently issued. Fitch's net adjusted debt for operating leases will increase total adjusted obligations to slightly greater than USD10 billion by 2016. Fitch expects leverage should substantially decline to below 4.0x after adjusting debt for operating leases in 2015 as production comes on line and operating cash flow increases. Fitch also expects the vast majority of incremental total adjusted debt will be associated with operating leases for production equipment with affiliate company, OSX. Leverage based on debt to proven reserves is expected to be below USD3 per barrel assuming 4 billion boe are proved out over the next few years. These estimates may vary depending on eventual production rates/levels, the level of proven reserves, and ultimately, crude prices. Catalysts for a negative rating action include a significant delay in bringing production online, coupled with lower than expected discovery levels and incorporating reserves, which could result in increased funding needs and a deterioration in OGX's credit quality. A positive rating action could result from satisfactory production volumes, coupled with lower uncertainties regarding reserves. OGX is a Brazilian oil and gas company created in 2007, 61.2% owned by EBX Group. OGX has a portfolio of 35 blocks, of which 30 are located in Brazil (22 are offshore) and five onshore blocks in Colombia, covering an area of 44,000 square kilometers. In Brazil, OGX's blocks are located in the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins -- covering an area of 31,500 square kilometers. =========================== C A Y M A N I S L A N D S =========================== 1908 HOLDINGS: Members' Final Meeting Set for July 20 ----------------------------------------------------- The members of 1908 Holdings Ltd will hold their final meeting on July 20, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: H&J Corporate Services (Cayman) Ltd. Anderson Square, 5th Floor Shedden Road PO Box 866, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7555 CRYPTOLEX LTD: Shareholders' Final Meeting Set for July 10 ---------------------------------------------------------- The shareholders of Cryptolex Ltd. will hold their final meeting on July 10, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Clovis Najm 101 24416A St SW Calgary, AL Canada T2T 4K5 Telephone: 1 778 588 7659 Facsimile: 1 800 776 3589 DB KAMCHATKA: Shareholders' Final Meeting Set for July 23 --------------------------------------------------------- The shareholders of DB Kamchatka Limited will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands LF CAPITAL: Members' Final Meeting Set for July 9 ------------------------------------------------- The members of LF Capital Holdings Ltd. will hold their final meeting on July 9, 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 PARKWOOD HOLDINGS: Members' Final Meeting Set for July 19 --------------------------------------------------------- The members of Parkwood Holdings Ltd will hold their final meeting on July 19, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: H&J Corporate Services (Cayman) Ltd. Anderson Square, 5th Floor Shedden Road PO Box 866, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7555 QT ALTERNATIVES: Shareholders' Final Meeting Set for July 31 ------------------------------------------------------------ The shareholders of QT Alternatives, LLC will hold their final meeting on July 31, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lisa Clarke c/o Lisa Clarke or Jane Fleming Telephone: (345) 945-2187 Facsimile: (345) 945-2197 PO Box 30464 Grand Cayman KY1-1202 Cayman Islands REMITTANCE LTD: Shareholders' Final Meeting Set for July 20 ----------------------------------------------------------- The shareholders of Remittance, Ltd. will hold their final meeting on July 20, 2012, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SPARE GROUP: Shareholders' Final Meeting Set for July 13 -------------------------------------------------------- The shareholders of Spare Group Limited will hold their final meeting on July 13, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Harbour Centre 42 North Church Street, George Town P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands YELLOW HAMMER: Shareholders' Final Meeting Set for July 23 ---------------------------------------------------------- The shareholders of Yellow Hammer Limited will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ZEBRA FINANCE: Shareholders' Final Meeting Set for July 23 ---------------------------------------------------------- The shareholders of Zebra Finance Company Limited will hold their final meeting on July 23, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands =========== M E X I C O =========== CEMEX SAB: Presents Refinancing Proposal to Lenders --------------------------------------------------- CEMEX, S.A.B. de C.V. disclosed that during the meetings with its lenders to be held in New York and in Madrid on July 2, 2012, CEMEX will outline a refinancing proposal to its full syndicate of lenders under the Financing Agreement, dated as of August 14, 2009, as amended. The Proposed Transaction had been previously discussed and negotiated with a number of CEMEX's banks which hold approximately 50% of the existing exposures under the Existing Financing Agreement. The principal terms of the Proposed Transaction, which includes an exchange offer and a consent request, are as follows: Exchange Offer and Exchanging Participating Creditor Fee: CEMEX is proposing that creditors exchange their existing exposures under the Existing Financing Agreement into one or a combination of the following: (a) new loans (the "New Loans") or, for private placement notes, new private placement notes (the "New USPP Notes"), or (b) up to U.S.$500 million in new high yield notes (the "New HY Notes") to be issued by CEMEX, bearing interest at an annual rate of 9.5% and maturing in June 2018, having terms substantially similar to those of senior secured notes previously issued by CEMEX and/or its subsidiaries. The New HY Notes will be callable in 2016 and will be guaranteed by CEMEX Mexico, S.A. de C.V., CEMEX Espana, S.A., CEMEX Corp., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de Mexico, S.A. de C.V., New Sunward Holding B.V. and the New Guarantors referred to below. In the case of over-subscription, New HY Notes will be allocated pro rata, and the remaining balance of any subscription would be re-allocated to New Loans or New USPP Notes, as applicable. There will be priority allocation for tenders received within a 10 business day early tender period, and if, as a result of over-subscription due to tenders submitted during the early tender period, a tendering holder was not allocated at least 75% of its requested subscription to the New HY Notes, it will have the option to revoke its tender. The Exchange Offer will remain open for 30 business days. Creditors that participate in the Exchange Offer will receive an exchange fee of 80 basis points calculated on the amount of their existing exposures under the Existing Financing Agreement exchanged for New Loans or New USPP Notes. New Maturity, Initial Paydown, Springing Maturities and Intermediate Amortizations: The Proposed Transaction effectively treats the exposures of accepting participating creditors who elect to receive New Loans or New USPP Notes as being extended from Feb. 14, 2014 to February 14, 2017 under a new facilities agreement. In addition, the New Facilities Agreement will have the following required amortization payments: (i) U.S.$500 million on February 14, 2014, (ii) U.S.$250 million on June 30, 2016 and (iii) U.S.$250 million on Dec. 16, 2016. If CEMEX does not paydown U.S.$1.0 billion by March 31, 2013, the maturity date of the New Facilities Agreement will revert to February 14, 2014. CEMEX may, with a..." participating creditor approval under the New Facilities Agreement, obtain a 90-day extension of the March 31, 2013 milestone date. In addition, the Feb. 14, 2017 maturity date will be reset to earlier dates if any capital markets debt of CEMEX and/or its subsidiaries maturing prior to February 14, 2017 is not entirely refinanced prior to the maturity of such capital markets debt. CEMEX has stated that sources for the initial U.S.$1.0 billion paydown may include select asset sales. CEMEX has identified a number of assets that could be sold for this purpose, including the potential sales of: (i) a minority stake in CEMEX operations in select countries; (ii) selected U.S. assets; (iii) selected European assets; and/or (iv) other non-core assets. The option to engage in any of these potential asset sales will be at the sole discretion of CEMEX. In addition, if at any date after April 1, 2015 the volume weighted average closing sale price of CEMEX's ADS's listed on the New York Stock Exchange exceeds U.S.$14.50 during the preceding 90-day period, the holders of the New Loans and the New USPP Notes will be entitled to an additional cash fee, payable 120 days after such date and at the end of each quarter thereafter, equal to 0.50% of the new exposures under the New Facilities Agreement held by them at the time. If the New Facilities Agreement Exposures have been repaid in an aggregate amount equal to (or exceeding) U.S.$2.0 billion and up to U.S.$3.0 billion prior to the date of payment, such fee will be reduced pro rata based on the amount between U.S.$2.0 billion and U.S.$3.0 billion by which the New Facilities Agreement Exposures have been repaid, with no fee being payable at any time total exposures have been reduced by at least U.S.$3.0 billion. New Guarantors and Security Package: The New Facilities Agreement will benefit from guarantees on the same terms and from the same CEMEX companies as under the Existing Financing Agreement, which guarantees will remain in place, and, in addition, will also receive (together with the New HY Notes and all other senior capital markets debt issued or guaranteed by CEMEX other than the notes issued in connection with the perpetual securities) guarantees from the following subsidiaries (the "New Guarantors") owned directly or indirectly by CEMEX Espana, S.A.: CEMEX Research Group AG, CEMEX Shipping B.V., CEMEX Asia B.V., CEMEX France Gestion, CEMEX UK and CEMEX Egyptian Investments B.V. The 2014 Eurobonds and the Existing Financing Agreement will not benefit from guarantees from the New Guarantors. The New Facilities Agreement and the New HY Notes (together with all other senior capital markets debt issued or guaranteed by CEMEX, the notes issued in connection with the perpetual securities and long-term Certificados Bursatiles) will also benefit from a security package consisting of a first-priority security interest in (a) substantially all the shares of CEMEX Mexico, S.A. de C.V.; Centro Distribuidor de Cemento, S.A. de C.V.; Corporacion Gouda, S.A. de C.V.; Mexcement Holdings, S.A. de C.V.; New Sunward Holding B.V.; CEMEX Trademarks Holding Ltd. and CEMEX Espana, S.A. (the "Collateral"), and (b) all proceeds of such Collateral. Intercompany Claims: In the event of any insolvency or similar proceeding in relation to CEMEX, any amount payable under any intercompany claim by an obligor under the New Facilities Agreement will be subordinated to claims under the New Facilities Agreement and all other senior debt of such obligors. In addition, the New Facilities Agreement will also benefit from a Mexican-law regulated voting trust mechanism, whereby intercompany claims of CEMEX entities incorporated in Mexico at any time would be voted in a concurso mercantil proceeding by a trustee instructed by the lenders under the New Facilities Agreement (the "New Facilities Agreement Lenders"). Prepayments: The New Facilities Agreement will contain different prepayment provisions from those contained in the Existing Financing Agreement. CEMEX will be permitted to refinance debt maturing prior to Feb. 14, 2017 or after such date by issuing new indebtedness that has the same security and obligors (including 2014 Eurobond refinancing with senior secured debt) as the debt being refinanced and will be permitted to refinance its subordinated optional convertibles with similar securities or equity-like instruments. After $1.5 billion is paid under the New Facilities Agreement, certain proceeds from asset sales, debt and equity issuances, securitizations and excess cash flows can be used to reduce capital markets debt of CEMEX and/or its subsidiaries maturing prior to February 14, 2017. After such indebtedness has been repaid or refinanced, certain of such funds may be used to reduce indebtedness maturing after February 14, 2017 or for other purposes as permitted under the New Financing Agreement. Revised financial and other covenants: The New Facilities Agreement will contain revised financial covenants, including the requirement that CEMEX maintain a consolidated leverage ratio not to exceed 7.00x through Dec. 31, 2013, reducing to 4.25x by Dec. 31, 2016 and a consolidated coverage ratio of at least 1.50x through June 30, 2014, increasing to 2.25x by December 31, 2016. With respect to other covenants, the New Facilities Agreement will generally contain the same covenants and exceptions as the Existing Financing Agreement, with some amendments, including amendments to accommodate the potential sale of minority stakes mentioned above and the refinancing of all capital markets debt of CEMEX and/or its subsidiaries maturing prior to February 14, 2017. Consent Request and Participating Creditor Amendment Fee: The proposed Consent Request includes: (A) the consent of the majority participating creditors (under the Existing Financing Agreement) (66.67%) to certain amendments to the Existing Financing Agreement, including deletion of all mandatory prepayment provisions, representations, information and general undertakings, financial covenants and covenant reset date provisions, and events of default other than payment, insolvency and insolvency proceedings; and (B) the consent of the super majority participating creditors (under the Existing Financing Agreement) (85%) and the super majority instructing group (under the existing intercreditor agreement) (85%) to release, on the date of closing of the Proposed Transaction, all of the security created or granted in favor of the secured parties under the Existing Financing Agreement documentation. Participating creditors that consent to the proposed amendments in the Consent Request will receive a consent fee equal to 20 basis points calculated on the amount of their existing exposures under the Existing Financing Agreement. In the event that at least one holder of existing private placement notes provides the consent to the proposed amendments in the Consent Request, all holders of existing private placement notes will receive the Participating Creditor Amendment Fee as required under the Existing USPP Note Purchase Agreement. Conditions to the Proposed Transaction: Completion of the Proposed Transaction will be subject to the satisfaction or waiver of, among others, the following conditions: (A) the requisite consent levels for the proposed amendments under the Consent Request being obtained from the participating creditors; and (B) participating creditors representing at least 95% of existing exposures accepting the Exchange Offer. The Proposed Transaction includes an offering of securities that is being conducted pursuant to Section 4(2) of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and applicable exemptions under the laws of foreign jurisdictions. Participation in the Proposed Transaction is limited: (a) in the United States, to persons who are "qualified institutional buyers" (as defined in Rule 144A under the Securities Act or institutional "accredited investors" as that term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, and (b) outside the United States, to persons other than "U.S. persons" in reliance upon Regulation S under the Securities Act and who are "qualified investors" (within the meaning given at Article 2 of Directive 2003/71/EC (the Prospectus Directive)) or hold an equivalent status under applicable local laws and regulations. The securities to be offered have not been and will not be registered under the Securities Act and may not be offered or sold in the United States About CEMEX SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. CEMEX SAB: S&P Puts B- GS Rating on CreditWatch Negative -------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings, including the 'B-' global scale and 'mxBB/mxB' national scale corporate credit ratings, on CEMEX S.A.B. de C.V. and its key operating subsidiaries -- CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., Cemex Corp. and CEMEX Inc. -- on CreditWatch with negative implications. The CreditWatch listing follows the company's recently announced proposal to refinance its financing agreement--the $7.25 billion debt--due February 2014. The proposal includes a three-year extension of the 2014 maturity and an initial $1 billion payment to lenders by March 31, 2013. Sources of payment may include select asset sales. "If lenders approve the proposal, in our view, CEMEX would face a tight schedule for raising the required resources, before the company faces an increase in short-term risk related to the March 2013 payment, which would pressure the ratings downward," S&P said. The announcement confirms Standard & Poor's expectations that CEMEX management would focus on pursuing refinancing alternatives to its financing agreement. "In our view, the refinancing proposal on the $7.25 billion due 2014 under that agreement is crucial for CEMEX to avoid a default. However, the proposed payment in 2013 could add significant short- term risks to the company as it is mostly dependent on the completion of asset sales, because discretionary cash flow that we estimate at about $200 million during 2012 would not be sufficient to meet the 2013 proposed payment. "We believe that CEMEX is committed to raising the required resources, but volatile market conditions due to the eurozone debt crisis make it uncertain if the company can successfully fulfill it," S&P said. The refinancing proposal considers that if CEMEX does not pay down $1 billion by March 31, 2013, the maturity date of the new financing agreement will revert to Feb. 14, 2014. Also, under the new agreement CEMEX may, with a two-thirds participating creditor approval, obtain a 90-day payment extension. "If lenders agree with the refinancing proposal, we will maintain the CreditWatch listing for approximately three months--a period during which we expect the company to put forward its asset sales plan. If we have very clear evidence by the fourth quarter of this year that CEMEX will be able to raise the resources needed to meet the proposed 2013 payment, we will affirm our ratings on the company. However, if we are still uncertain about its capacity to successfully raise the required resources, which may include the implementation of an asset sales plan, we will downgrade CEMEX by two or more notches, as the likelihood of default under our criteria would increase significantly," S&P said. "Also, if lenders decide not to accept CEMEX's proposal and the financing agreement retains its original conditions, we will affirm the issuer rating at 'B-' and assign a negative outlook to reflect the significant challenge that the company would face to meet its 2014 maturity," S&P said. CI CASA DE BOLSA: Moody's Corrects June 29 Ratings Release ---------------------------------------------------------- Moody's Investors Service issued a correction to the June 29, 2012 ratings release of to CI Casa de Bolsa, S.A de C.V. Moody's assigned long and short term B3/Not Prime global local currency issuer ratings CI Casa de Bolsa. At the same time, Moody's de M�xico assigned long and short term Mexican National issuer ratings of B1.mx and MX-4, respectively. The outlook for all ratings is stable. The following ratings were assigned to CI Casa de Bolsa: - Long term global local currency issuer rating of B3 - Short term global local currency issuer rating of Not Prime - Long term Mexican National Scale issuer rating of B1.mx - Short term Mexican National Scale issuer rating of MX-4 Ratings Rationale CI Casa de Bolsa's B3 issuer rating takes into account a standalone credit assessment (BCA) of b3. The ratings reflect the company's very short track record of operations. Though the brokerage house began operations in 2007, it has been only seven months since its new owner management has taken control, initiating a corporate reorganization. Management's goal is to shift CI Casa de Bolsa's business away from its historic focus on FX trading-- an activity that has in the past experienced serious control problems and losses - and to diversify the operation into agency trading in the money and capital markets. Moody's noted that risk management, risk infrastructure and controls represent key areas for improvement because of the firm's track record of weak risk controls that resulted in significant losses and extraordinary regulatory penalties. Management's efforts to implement new risk management practices remain largely untested, and could expose the firm to , execution, trading, and operational risks. The ratings are also constrained by CI Casa de Bolsa's limited business scope. The brokerage house is a one-product firm that expects to develop a low-risk, fee-based agency trading business in the money and capital markets. CI Casa de Bolsa's operations are still small in absolute and relative terms as reflected by a market share of less than 0.05% of the industry's assets under management. Therefore, achieving scale remains another important ongoing challenge, more so in light of CI Casa de Bolsa's poor market reputation, weak brand name and highly competitive environment. CI Casa de Bolsa's financial metrics still reflect its startup profile. Its poor operating efficiency is the result of high initial operating costs as well as of large regulatory fines, onerous employee layoff processes and the restructuring of risk management and controls systems. The firm's still weak and unstable earnings generation, in line with its developing franchise, reflects in operating losses, and show high dependence on non-core, extraordinary events (e.g. expenses and tax refunds); which also limit CI Casa de Bolsa's ratings. The brokerage house's modest capital base and weak liquidity profile also constrain its financial profile overall. Moody's noted that CI Casa de Bolsa may benefit from potential synergies with its sister bank CI Banco (unrated), particularly in terms of sharing of infrastructure, systems, client base, and more importantly, risk management practices; these should facilitate business development. Yet, Moody's also notes that CI Banco's track record is in turn short and its intrinsic strength limited, resulting in a limited support capacity. CI Casa de Bolsa is headquartered in Mexico City. As of March 2012 it had US$2.81 million in equity. CIMENTO TUPI: S&P Affirms 'B' Global Scale Rating ------------------------------------------------- Standard & Poor's Ratings Services its 'B' global scale and 'brBBB-' national scale corporate credit ratings and its 'B' issue rating on Cimento Tupi S.A. (Tupi). The outlook is stable. The ratings on Tupi reflect its aggressive financial profile, with a relatively high debt and less-than-adequate liquidity stemming from its expansion strategy. The ratings also reflect Tupi's vulnerable business profile due to the company's limited scope of operations in a highly competitive industry. The partly offsetting factors are Tupi's well-known brand in regional markets and the positive industry fundamentals in Brazil for the next couple of years, despite the recent economic slowdown in the country. ===================== P U E R T O R I C O ===================== ADVANCED COMPUTER: Wants to Employ Cuprill as Bankruptcy Counsel ---------------------------------------------------------------- Advanced Computer Technology, Inc., seeks permission from the Bankruptcy Court to employ Charles A. Cuprill, P.S.C., Law Offices, as its counsel. The Debtor has retained Cuprill on the basis of a $35,000 retainer, against which the law firm will bill on the basis of $350 per hour, plus expenses, for work performed or to be performed by Charles A. Cuprill-Hernandez, Esq. The firm's other professionals are billed at $225 per hour for senior associates, $150 per hour for junior associates and $85 per hour for paralegals. The firm can be reached at: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 The Debtor believes that Cuprill is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. San Juan, Puerto Rico-based Advanced Computer Technology, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in Old San Juan on June 6, 2012. The Debtor, an information system consulting firm, disclosed $10.34 million in assets and $6.176 million in liabilities in its schedules. It said software and licenses rights are worth $6.30 million. The value of its 100% ownership of Sprinter Solutions, Inc., is unknown. Bankruptcy Judge Brian K. Tester presides over the case. Charles Alfred Cuprill, PSC Law Office, serves as the Debtor's counsel. The petition was signed by Osvaldo Karuzic, chief executive officer. ADVANCED COMPUTER: Taps Carrasquillo as Financial Consultant ------------------------------------------------------------ Advanced Computer Technology, Inc., seeks permission from the Bankruptcy Court to employ CPA Luis R. Carrasquillo & Co., PSC, as its financial consultant. The duties of Carrasquillo will consist of strategic counseling advice, pro forma modeling preparation, financial/business assistance, preparation of documentation as requested for and during the Debtor's Chapter 11 case, as well as recommendation and financial/business assessments regarding issues related to the Debtor. The Debtor has retained Carrasquillo on the basis of $20,000 advance, against which Carrasquillo will bill as per the firm's hourly billing rates. The Debtor believes that Carrasquillo and its members are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: CPA LUIS R. CARRASQULLO RUIZ 28th Street, # TI-26 Turabo Gardens Ave. Caguas, P.R. 00725 Tel: 787-746-4555,787-746-4556 San Juan, Puerto Rico-based Advanced Computer Technology, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-04454) in Old San Juan on June 6, 2012. The Debtor, an information system consulting firm, disclosed $10.34 million in assets and $6.176 million in liabilities in its schedules. It said software and licenses rights are worth $6.30 million. The value of its 100% ownership of Sprinter Solutions, Inc., is unknown. Bankruptcy Judge Brian K. Tester presides over the case. Charles Alfred Cuprill, PSC Law Office, serves as the Debtor's counsel. The petition was signed by Osvaldo Karuzic, chief executive officer. ============= U R U G U A Y ============= BANK LATIN AMERICA: S&P Affirms 'BB+/B' Global Scale IDR -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+/B' global scale issuer credit rating (ICR) on Discount Bank Latin America S.A. (DBLA). The outlook is stable. "At the same time, we raised the bank's stand-alone credit profile (SACP) to 'bb' from 'bb-'. We have raised the bank's SACP to 'bb' from 'bb-' following our revision of Uruguay Banking Industry Country Risk Assessment to group '7' from '8' which resulted in an improvement in our anchor for commercial banks operating only in Uruguay to 'bb' from 'bb-'," S&P said. "Our bank criteria use our BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an ICR. Our anchor SACP for a commercial bank operating only in Uruguay is 'bb'. Our economic risk assessment reflects our opinion that rapid economic growth, prudent macroeconomic policies, and greater political consensus have helped reduce many of Uruguay's historical vulnerabilities. At the same time, the likelihood of an economic imbalance has decreased, given the reduction of net external debt and the expectation that foreign direct investment inflows will keep exceeding current account deficits. However, the persistent high dollarization still imposes high credit risks on the financial system. The Uruguayan banking system's delays in implementing Basel II and International Financial Reporting Standards increase the industry risk," S&P said. Partially mitigating this is the central bank's close monitoring of the banking system's liquidity and its quality of information. Uruguay has a profitable and competitive financial system with some market distortions given the public sector's relatively large presence. The undiversified funding of the system is one of the main weaknesses, because we regard customer deposits as a potentially unstable funding source based on past runs on deposits. "We believe there are few alternative funding sources in the country," S&P said. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800 ; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800 http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800 http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** 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 * * *