/raid1/www/Hosts/bankrupt/TCRLA_Public/120810.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
Friday, August 10, 2012, Vol. 13, No. 159
Headlines
A R G E N T I N A
CONSULTORIA PRIETO: Creditors' Proofs of Debt Due Sept. 10
EDENOR SA: To Negotiate Sale of Argentina Assets to Former CFO
OLIVER STREET: Creditors' Proofs of Debt Due Sept. 14
PVCRED SERIE XIII: Moody's Rates ARS2.9MM Certificates 'C'
VISION BANCO: S&P Keeps 'BB-' Counterparty Credit Rating on Watch
B E RM U D A
FLETCHER INTERNATIONAL: Injunction Extended on Bermuda Bankruptcy
B R A Z I L
BANCO SAFRA: Fitch Affirms 'B+' Support Floor Rating
CELPA: Creditor Meeting Postponed to Aug. 21, Brazil Judge Says
EDP ENERGIAS: Moody's Assigns Ba1 Rating to BRL450MM Debentures
C A Y M A N I S L A N D S
APIS GLOBAL: Creditors' Proofs of Debt Due Aug. 30
ARTIO GLOBAL: Creditors' Proofs of Debt Due Aug. 29
BKX PETROLEUM: Creditors' Proofs of Debt Due Aug. 30
CREEK SIDE: Creditors' Proofs of Debt Due Aug. 30
DB SIRIUS: Creditors' Proofs of Debt Due Aug. 31
EDGEHURST LIMITED: Creditors' Proofs of Debt Due Aug. 30
PACIFIC ESPLANADE: Creditors' Proofs of Debt Due Aug. 28
PLATINUM EMANCIPATION: Creditors' Proofs of Debt Due Aug. 20
SHINHAN MORTGAGE: Creditors' Proofs of Debt Due Aug. 29
SPRINGBOK CAPITAL: Creditors' Proofs of Debt Due Aug. 21
P U E R T O R I C O
SABANA DEL PALMAR: Case Summary & 20 Largest Unsecured Creditors
T R I N I D A D & T O B A G O
CARIBBEAN CEMENT: Viability Gets Questioned by Board
- - - - -
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A R G E N T I N A
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CONSULTORIA PRIETO: Creditors' Proofs of Debt Due Sept. 10
----------------------------------------------------------
Horacio Jose Eugenio Caliri, the court-appointed trustee for
Consultoria Prieto y Asociados SRL's bankruptcy proceedings, will
be verifying creditors' proofs of claim until Sept. 10, 2012.
Mr. Caliri 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:
Horacio Jose Eugenio Caliri
Lavalle 1206
Argentina
EDENOR SA: To Negotiate Sale of Argentina Assets to Former CFO
--------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that an unnamed source
revealed that Empresa Distribuidora y Comercializadora Norte SA
(Edenor) is negotiating the sale of assets to a group led by a
former company executive as it seeks funds for debt payments, said
a person with direct knowledge of the sale.
The source said Salta Inversiones Electricas SA, created by
Edenor's former Chief Financial Officer Rogelio Pagano and
Venezuelan businessman Miguel Mendoza, is a prospective buyer of
Empresa Distribuidora de Energia Norte SA and Empresa
Distribuidora de Electricidad de La Rioja SA, or Edelar, according
to Bloomberg News.
Bloomberg News says that Edenor, owned by Pampa Energia SA, is
attempting to sell assets for capital spending and to avoid a debt
default after a decade-old freeze on utility rates and inflation
that economists estimate at 24% caused Standard & Poor's to cut
its rating to CCC in June.
The company, which must make interest payments in October, may
make a decision on the sale in the coming days, Bloomberg News
notes.
Bloomberg News discloses that the company had a net loss of
ARS89.4 million (US$20.6 million) in the first quarter of the year
compared with a profit of ARS252 million a year ago.
Bloomberg News recalls that Edenor sold Empresa Distribuidora San
Luis SA for US$27 million to Rovella Carranza in September and
Empresa Distribuidora de Electricidad de Salta SA to Salta
Inversiones Electricas, known as Siesa, in April.
Andes Energia, which has an option to buy 78% of Edelar for
US$20.2 million, last month sought a second extension of the
option period, Bloomberg News relates. Edenor's board is
scheduled to discuss the extension request in a meeting next week.
Siesa may buy Edelar if the Andes arrangement fails, the source
said, Bloomberg News adds.
Mendoza is a former Ashmore Group Plc executive.
About Edenor S.A.
Based in Buenos Aires, Argentina, Edenor S.A. is the largest
electricity distribution company in Argentina in terms of number
of customers and electricity sold (both in GWh and Pesos).
Through a concession, Edenor distributes electricity exclusively
to the northwestern zone of the greater Buenos Aires metropolitan
area and the northern part of the city of Buenos Aires, which has
a population of approximately 7 million people and an area of
4,637 sq. km. In 2011, Edenor sold 20,077 GWh of energy and
purchased 23,004 GWh of energy, with net sales of approximately
Ps. 2.3 billion and net loss of Ps. 435.4 million.
OLIVER STREET: Creditors' Proofs of Debt Due Sept. 14
-----------------------------------------------------
Carlos Daniel Brezinski, the court-appointed trustee for Oliver
Street SRL's reorganization proceedings, will be verifying
creditors' proofs of claim until Sept. 14, 2012.
Mr. Brezinski will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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:
Carlos Daniel Brezinski
Lambare 1140
Argentina
PVCRED SERIE XIII: Moody's Rates ARS2.9MM Certificates 'C'
----------------------------------------------------------
Moody's Latin America has rated the debt securities and
certificates of Fideicomiso Financiero Pvcred Serie XIII to be
issued by Equity Trust Company (Argentina) S.A., acting solely in
its capacity as issuer and trustee.
Moody's notes that as of Aug. 8, 2012, the securities contemplated
by this transaction have not yet settled. If any assumptions or
factors considered by Moody's in assigning the ratings change
before closing, Moody's could change the ratings assigned to the
notes.
- ARS23,972,000 in Class A Fixed Rate Debt Securities (VRDA TF)
of "Fideicomiso Financiero Pvcred Serie XIII", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS54,937,000 in Class A Floating Rate Debt Securities (VRDA
TV) of "Fideicomiso Financiero Pvcred Serie XIII", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS17,979,000 in Class B Debt Securities (VRDB) of "Fideicomiso
Financiero Pvcred Serie XIII", rated Ca.ar (sf) (Argentine
National Scale) and Ca (sf) (Global Scale, Local Currency)
- ARS2,997,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XIII", rated C.ar (sf) (Argentine National Scale)
and C (sf) (Global Scale, Local Currency).
Ratings Rationale
The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,795 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.
The VRDA TF will bear a fixed interest rate of 13%. The VRDA TV
will bear a floating interest rate (BADLAR plus 400bps). The VRDA
TV's interest rate will never be higher than 24% or lower than
14%. The VRDB will bear a fixed interest rate of 23%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 73.84% and
13,89% for the VRDA TF and the VRDA TV respectively, calculated
over the pool's principal balance. The subordination levels will
increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 38.40% annual
excess spread, before considering losses or prepayments and
calculated at the cap of 24% for Class A floating rate securities.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to June 2012. In assigning the rating to this
transaction, Moody's assumed a triangular distribution of losses
for each one of the different securitized subpools: (a) for the
PVCred and the "Staff" loans, a most likely scenario of 20%, with
a minimum of 10% and a maximum of 30%; (b) for the "Cuota Ya"
loans, a most likely scenario of 30%, with a minimum of 20% a
maximum of 40%; (c) for "Refinanced" loans, a most likely scenario
of 50%, with a minimum of 40% and a maximum of 60%, and (d) for
loans with a discounted installment, a most likely scenario of
18%, with a maximum of 28% and a minimum of 8%. Also, Moody's
assumed a triangular distribution for prepayments centered around
a most likely scenario of 40%, with a minimum of 30% and a maximum
of 50%.
Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
B2/A1.ar. In the scenarios where the servicer defaults, Moody's
assumed that the defaults on the pool would increase by 20
percentage points.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities and a 1.00% for the Floating Rate Debt
Securities, 60.43% expected loss for Class B Fixed Rate Debt
Securities and 99.99% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario, the ratings of the Class A Fixed Rate
would be unchanged. The ratings of the Class A Floating Rate be
likely downgraded to B1(sf) and the ratings of the Class B be
likely downgraded to C (sf). The ratings of Class A Fixed Rate,
and the CP would remain unchanged.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi will be appointed as the back-up collection agent.
The main source of uncertainty for this transaction is the default
level of the securitized pool. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
VISION BANCO: S&P Keeps 'BB-' Counterparty Credit Rating on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
counterparty credit rating on Vision Banco S.A.E.C.A. remains on
CreditWatch negative due to the CreditWatch listing on the
Republic of Paraguay. The stand-alone credit profile (SACP) of
Vision Banco is 'bb-'.
"The June 26, 2012, CreditWatch placement of the rating on the
bank reflects the possibility of a downgrade of the Republic of
Paraguay. We could lower the ratings on Vision if we downgraded
Paraguay. This is because we believe a sovereign downgrade is
normally associated with, or could lead to, a weaker operating
environment for financial institutions, which would very likely
erode their creditworthiness. We rarely rate financial
institutions above the long-term sovereign rating because we
consider it unlikely that these institutions would remain immune
to changes in the national economic position," S&P said.
"We intend to resolve the CreditWatch on Vision after the
resolution of the CreditWatch on Paraguay," S&P said.
============
B E RM U D A
============
FLETCHER INTERNATIONAL: Injunction Extended on Bermuda Bankruptcy
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that master fund Fletcher International Ltd. won an
extension of an injunction preventing investors in a feeder fund
from having the master fund thrown into an involuntary liquidation
in Bermuda, where the master fund is incorporated.
According to the report, Fletcher International, after seeking
Chapter 11 protection in New York, immediately started a lawsuit
in bankruptcy court to stop the involuntary bankruptcy in Bermuda.
U.S. Bankruptcy Judge Robert E. Gerber signed a temporary
injunction on July 5 stopping liquidators appointed in the Cayman
Islands from proceeding in Bermuda.
The report relates Gerber held another hearing last week where he
extended the injunction until Sept. 25.
About Fletcher International
Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan. The Bermuda exempted company estimated assets and
debts of $10 million to $50 million. The bankruptcy documents
were signed by its president and director, Floyd Saunders.
David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.
Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.
Fletcher Asset Management was founded in 1991. During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.
The Debtor is a master fund in the Fletcher Fund structure. As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.
The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively. Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.
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B R A Z I L
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BANCO SAFRA: Fitch Affirms 'B+' Support Floor Rating
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco Safra S.A. (Safra)
and Safra Leasing S.A. - Arrendamento Mercantil as follows:
Banco Safra S.A.
-- Foreign currency long-term Issuer Default Rating (IDR) at
'BBB-'; Stable Outlook;
-- Foreign currency short-term IDR at 'F3';
-- Local currency long-term IDR at 'BBB-'; Stable Outlook;
-- Local currency short-term IDR at 'F3';
-- Viability rating at 'bbb-'
-- Support rating at '4';
-- Support rating floor at 'B+';
-- National long-term rating at 'AA+(bra)'; Stable Outlook;
-- National short-term rating at 'F1+(bra)'.
Banco Safra senior notes due 2016
-- Long-term foreign currency rating at 'BBB-(emr)'.
Banco Safra senior notes due 2017
-- Long-term foreign currency rating at 'BBB-(emr)'.
Safra Leasing S.A. Arrendamento Mercantil
-- National long-term rating at 'AA+(bra)'; Stable Outlook;
-- National short-term rating at 'F1+(bra)'.
Safra Leasing S.A. Arrendamento Mercantil - 12th, 13th, 14th and
15th Debenture Issuances
-- National long-term rating at 'AA(bra)'.
The affirmation of Safra's ratings reflects the continued good
performance during 2011 and the first half of 2012 (1H'12) in an
environment of greater uncertainty and credit costs. The bank has
addressed these challenges by slowing 2012 loan growth, increasing
provision levels which were already above the Central Bank
requirements and controlling expenses in order to still show
satisfactory results. The ratings also reflect its conservative
nature with regard to liquidity and risk controls while at the
same time considering its relative dependence on institutional and
large corporate funding, its dependence on net interest income,
and its strategy of maximizing the use of its capital base.
Safra had grown its balance sheet significantly in 2010 and 2011,
however, an increase in impaired loans led to higher credit costs
and a significant reduction in the growth level. The impact of
the high 2011 credit costs (R$808 million) caused a deterioration
in the operating profit to average assets ratio from 2.2% at
fiscal year-end (FYE) 2010 to 1.4% at FYE 2011. The impact of
these credit costs was offset by a R$959 million non-recurring
gain from a long awaited legal settlement which the bank used
mainly to bolster its loan loss reserves. In 2012, high credit
costs (R$406 million) continued to offset earnings, however, the
bank was still able to improve its operating profit to average
assets ratio to 1.9% at June 30, 2012. The level of impaired
loans, while higher than historical levels, still remains better
than peers with nonperforming loans (NPLs) over 90 days past due
representing only 1.4% at June 30, 2012 with Loan Loss Reserve
coverage of nearly 210%.
Safra continues to focus on its core business of mainly providing
credit facilities and services to corporate clients and SMEs while
limiting growth to single digits during the 1H'12. The bank
continues to focus on ensuring good liquidity through strong asset
liability management policies to eliminate gaps through hedging
and funding diversification including the use of longer term
funding instruments.
In the short term, Fitch expects future returns to not be as
robust as those seen in previous years due to a more challenging
operating environment and the likelihood of continued high credit
costs (in part due to the slower economy) and tighter spreads due
to competition from peers and larger players that have reduced
their credit pricing.
With regard to capitalization, as of June 30, 2012, Fitch Core
Capital ratio improved slightly to nearly 9.5%. However, Safra
continues to operate with a relatively leveraged balance sheet,
which also partially explains its traditionally strong ROAE
ratios. Safra's total regulatory capital ratio remained
satisfactory at 13.3% as of June 30, 2012. This ratio was
slightly higher than the FYE 2011 ratio but below historical
levels of the three prior fiscal year ends. Safra mitigates this
relatively higher leverage with strong liquidity levels as cash
and marketable securities well-exceed total deposits. The bank's
capitalization ratios could be improved if Safra was less
conservative and recognized nearly R$1.1 billion of tax deferred
assets as of June 30, 2012.
A lower concentration within its funding sources combined with an
improved Fitch Core Capital ratio could lead to an improvement in
the bank's ratings. However, Fitch believes that a near term
ratings upside is limited as the bank is unlikely to significantly
alter its business model in the near term. On the other hand,
higher leverage that would significantly lower the Fitch Core
Capital ratio below 9% could result in a decrease in the bank's
ratings or a revision in outlook. This would also be the case if
the operating income to average assets ratio fell to below 1%
especially if these future ratios do not compare well to other
local and international peers.
Safra Leasing S.A.'s national ratings are the same as Safra's
ratings as this reflects Fitch's view of its role to the
consolidated operation and that it shares the same ownership,
management and strategies.
Safra is 100% controlled by Joseph Safra and his family and was
the sixth largest private bank in Brazil in terms of total assets
as of March 2012.
CELPA: Creditor Meeting Postponed to Aug. 21, Brazil Judge Says
---------------------------------------------------------------
Rodrigo Orihuela at Bloomberg News reports that Centrais Eletricas
do Para SA, the Brazilian utility operating under bankruptcy
protection, had a meeting of creditors delayed until Aug. 21, said
Judge Maria Filomena De Almeida Buarque.
Certain procedures haven't been completed, De Almeida Buarque said
in a phone interview with the news agency from Belem, Brazil.
* * *
As reported in the Troubled Company Reporter on March 5, 2012,
Moody's downgraded the Issuer ratings of Centrais Eletricas do
Para (CELPA) to Ca from B3 on the global scale and to Ca.br from
B1.br on the Brazilian national scale. At the same time, Moody's
downgraded to Ca from B3 the rating of the senior unsecured 5-
year US$250 million bonds issued by CELPA. Following this rating
action, Moody's will withdraw both ratings given that CELPA filed
for court protection under the Brazilian bankruptcy and
reorganization law (Judicial Recovery).
EDP ENERGIAS: Moody's Assigns Ba1 Rating to BRL450MM Debentures
---------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 local currency rating
on the global scale and Aa2.br rating on the national scale to 18-
month BRL450 million debentures to be issued by EDP Energias do
Brasil S.A. (EDB) in the local market. At the same time, Moody's
affirmed the EDB's issuer ratings at Ba1 on the global scale and
Aa2.br on the national scale. The outlook is stable for all
ratings.
Ratings Rationale
EDB's ratings reflect the group's strong credit metrics for the
rating category, resilient access to the local capital and banking
markets, conservative management and the relatively stable cash
flows from the distribution business of its operating subsidiaries
Bandeirante Energia S.A ( Bandeirante) and Espirito Santo Centrais
Eletricas S.A. (Escelsa).
The ratings are constrained by high payment of dividends at the
level of the parent company, which has been around 80% of the net
profit obtained over the past eighteen months, a fairly sizeable
capital expenditure program and the inherent risks associated with
the completion of the 720MW Pecem I thermoelectric power plant
project.
EDB's Ba1/Aa2.br issuer ratings are one notch lower than the
Baa3/Aa1.br issuer ratings of its subsidiaries, Bandeirante,
Escelsa and Energest S.A., to reflect the potential structural
subordination of its debt to the existing debt at the level of its
operating subsidiaries.
EDB will use the proceeds of the debentures primarily to fund
equity contributions in some subsidiaries to meet their capital
expenditure programs and, in Moody's opinion, to a lesser extent
help the payment of dividends. Unlike in previous years, EDB will
not count on the receipt of sizeable dividends from its
distribution subsidiaries, Bandeirante and Escelsa, which over the
past 12 months have generated lower cash flow than management had
anticipated.
Both companies have faced unfavorable market conditions in their
respective concession areas, mainly from low industrial
electricity consumption. Bandeirante's cash flow has been further
impaired by the tariff freeze since October 2011 as part of the
operational procedures of the third tariff review to come into
effect this October along with higher cost with the acquisition of
energy. Conversely, Escelsa is slated to post stronger cash
generation through August 2013 and decreasing thereafter when its
electricity tariffs will be subject to the third tariff review.
The PECEM 1 project is now expected to start operations just
before the end of the year. It was originally scheduled to come on
stream last January, then an agreement was reached with the
regulator to start operations in July.
So far, financial losses from the PECEM 1 project's delays have
been restricted to the non-recognition of the revenues that the
company would have been entitled to since January 2012 if PECEM 1
had commenced operations as scheduled.
Potentially, additional losses may come from the company's
obligation to honor the purchase power agreements that PECEM
signed in the regulated market. The magnitude of these losses will
depend on a combination of the length of time required to complete
the project and the energy spot price over the next few months.
Moody's will continue to closely monitor the completion of the
PECEM I project to evaluate the impact that potential losses would
have on EDB's financial condition.
Rating Outlook
The stable outlook reflects Moody's expectation that EDB will
continue to prudently manage capital expenditures and the
distribution of dividends in tandem with its cash flow and funding
capacity and efficiently handle its liquidity position so that RCF
remains above 12% of total debt on a consistent basis.
What Could Change the Rating - Up
The rating or the outlook could be upgraded should there be
greater clarity as to the successful completion of the PECEM 1
project. Completion would need to be followed by an improvement in
credit metrics so that retained cash flow to total debt exceeds
25% and interest coverage is higher than 4.5x on a sustainable
basis. Moody's also expects that EDP Portugal would undertake no
action that would materially alter the current capital structure
of EDB.
What Could Change the Rating - Down
A downgrade could be triggered by declines in the RCF over debt
ratio to below 10% and interest coverage to below 3.5x for a
prolonged period. A perceived deterioration in the company's
liquidity position would increase the pressure for a negative
rating action . Such a deterioration could arise should the
company be unable to upstream timely and adequate dividends from
its subsidiaries or there is an unexpected requirement for
additional capital expenditures.
Headquartered in Sao Paulo, Brazil, EDP - Energias do Brasil S.A.
(EDB) is a holding company controlled by EDP - Energias de
Portugal (EDP, Ba1; negative outlook) with activities in
generation, distribution and commercialization of electricity. In
2011, EDB's power distribution business represented 47.3% of the
consolidated EBITDA, the power generation business represented
50.5% and the commercialization of energy represented the
remaining 2.2%.
The two distribution subsidiaries, Bandeirante and Escelsa,
distributed, together 12.5 GWh in the first half of 2012
(approximately 5.8% of the electricity consumed in the Brazilian
electricity integrated system). The generation business totaled
1,832 MW of installed capacity as at June 30,2012, which accounted
for approximately 1.5% of the country's electricity installed
capacity. In the 12-month period ended June 30, 2012, EDB reported
consolidated net revenues of BRL5.5 billion (USD3.1 billion) and
net profit of BRL356 million (USD199 million).
===========================
C A Y M A N I S L A N D S
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APIS GLOBAL: Creditors' Proofs of Debt Due Aug. 30
--------------------------------------------------
The creditors of Apis Global Deep Value Offshore, Ltd. are
required to file their proofs of debt by Aug. 30, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 19, 2012.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
ARTIO GLOBAL: Creditors' Proofs of Debt Due Aug. 29
---------------------------------------------------
The creditors of Artio Global Balanced (Cayman) Fund Ltd. are
required to file their proofs of debt by Aug. 29, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 9, 2012.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
BKX PETROLEUM: Creditors' Proofs of Debt Due Aug. 30
----------------------------------------------------
The creditors of BKX Petroleum (Europe) Inc. are required to file
their proofs of debt by Aug. 30, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 13, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CREEK SIDE: Creditors' Proofs of Debt Due Aug. 30
-------------------------------------------------
The creditors of Creek Side Properties II are required to file
their proofs of debt by Aug. 30, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 18, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
DB SIRIUS: Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------
The creditors of DB Sirius (Cayman) Limited are required to file
their proofs of debt by Aug. 31, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 2, 2012.
The company's liquidator is:
Jeremy Simon Spratt
KPMG LLP
8 Salisbury Square
London
EC4Y 8BB United Kingdom
c/o Jacqueline Edwards
Telephone: +44 (0) 20 7311 8563
Facsimile: +44 (0) 20 7694 3533
KPMG
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
FAO: David Thacker
Telephone: 345-949-4800
Facsimile: 345-949-7164
EDGEHURST LIMITED: Creditors' Proofs of Debt Due Aug. 30
--------------------------------------------------------
The creditors of Edgehurst Limited are required to file their
proofs of debt by Aug. 30, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 17, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
PACIFIC ESPLANADE: Creditors' Proofs of Debt Due Aug. 28
--------------------------------------------------------
The creditors of Pacific Esplanade Investment Fund G.P. are
required to file their proofs of debt by Aug. 28, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 13, 2012.
The company's liquidator is:
Wing Sze Wong Tiffany
KPMG
8th Floor, Prince's Building
10 Chater Road
Central
Hong Kong
PLATINUM EMANCIPATION: Creditors' Proofs of Debt Due Aug. 20
------------------------------------------------------------
The creditors of Platinum Emancipation Fund Limited are required
to file their proofs of debt by Aug. 20, 2012, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 17, 2012.
The company's liquidator is:
Ogier
c/o Jo-Anne Maher
Telephone: (345) 815-1762
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SHINHAN MORTGAGE: Creditors' Proofs of Debt Due Aug. 29
-------------------------------------------------------
The creditors of Shinhan Mortgage First International Limited are
required to file their proofs of debt by Aug. 29, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 10, 2012.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
SPRINGBOK CAPITAL: Creditors' Proofs of Debt Due Aug. 21
--------------------------------------------------------
The creditors of Springbok Capital Offshore, Ltd are required to
file their proofs of debt by Aug. 21, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 12, 2012.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: (345) 815-1790
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
=====================
P U E R T O R I C O
=====================
SABANA DEL PALMAR: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Sabana Del Palmar, Inc.
dba Project Name: Mirabella Village & Club
250 West Main, PR 2
Intersection PR 871
Sierra Bayamon Hato Tejas
Bayamon, PR 00957
Bankruptcy Case No.: 12-06177
Chapter 11 Petition Date: August 5, 2012
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Carmen D Conde Torres, Esq.
C.CONDE & ASSOC.
254 San Jose Street
5th Floor
San Juan, PR 00901-1523
Tel: (787) 729-2900
Fax: (787) 729-2203
E-mail: notices@condelaw.com
Scheduled Assets: US$262,415
Scheduled Liabilities: US$49,594,964
A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/prb12-06177.pdf
The petition was signed by Michael J. Scarfia, president.
===============================
T R I N I D A D & T O B A G O
===============================
CARIBBEAN CEMENT: Viability Gets Questioned by Board
----------------------------------------------------
RJR News reports that Caribbean Cement Company Limited's viability
has been called into question by the company's board, as losses
accumulated to more than $5.3 billion at the end of June, and now
the company is banking on positive outcomes in new contracts to
help keep it open.
Carib Cement in financials released said things are improving, but
there are uncertainties over its "ability to continue as a going
concern," according to RJR News. The report relates that the
company is now hoping that its parent company, Trinidad Cement,
will seal a three year supply contract that will allow it to boost
production.
RJR News notes that Carib Cement Managing Director Anthony Haynes
was coy on giving details on the negotiation. The report relays
that Mr. Haynes said with the debt restructured, things are
looking much better for the company than earlier this year.
Caribbean Cement Company Limited manufactures and sells cement.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010. Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.
***********
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 * * *