/raid1/www/Hosts/bankrupt/TCRLA_Public/120816.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, August 16, 2012, Vol. 13, No. 163
Headlines
A N G U I L L A
BINGO.COM LTD: Restates Form 10-K for Year Ended Dec. 31, 2011
A R G E N T I N A
LOMA NEGRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
B E L I Z E
* BELIZE: S&P Cuts Sovereign Credit Rating to 'CC'; Outlook Neg
B R A Z I L
BANCO RURAL: Moody's Affirms 'B1' Global Scale Deposit Ratings
QUANTIA DISTRIBUIDORA: Liquidated on Trading Irregularities
C A Y M A N I S L A N D S
ASIAN INFRASTRUCTURE: Members' Final Meeting Set for Aug. 30
BKX PETROLEUM: Shareholders' Final Meeting Set for Aug. 31
BLUEFIN HOLDINGS: Shareholders' Final Meeting Set for Aug. 31
DRAGONFLY CAPITAL: Members' Final Meeting Set for Aug. 30
EDGEHURST LIMITED: Shareholders' Final Meeting Set for Aug. 31
IRONBOUND ASIA: Members' Final Meeting Set for Aug. 30
IRONBOUND PARTNERS BRAZIL: Members' Meeting Set for Aug. 30
IRONBOUND PARTNERS ONSHORE: Final Meeting Set for Aug. 30
IRONBOUND PARTNERS OVERSEAS: Members' Meeting Set for Aug. 30
UNIFORTUNE MARKET: Members' Final Meeting Set for Aug. 30
J A M A I C A
* JAMAICA: IMF Talks Set for Sept. 25 as S&P Downgrade Looms
M E X I C O
CREDITO INMOBILIARIO: Moody's Affirms Caa3 Sr. Unsec. Debt Rating
GRUPO EMBOTELLADOR: S&P Rates $300MM Sr. Unsecured Notes 'BB'
KRYSTAL INFINITY: Limousine Maker Files for Chapter 11
VITRO SAB: Files Opening Brief in 5th Cir. Appeal
VITRO SAB: Takes Appeal From Court Ruling Denying Mexican Plan
P U E R T O R I C O
ADVANCED COMPUTER: Can Hire Carrasquillo as Financial Consultant
ADVANCED COMPUTER: Has Court OK to Hire Cuprill as Bankr. Counsel
EVT HOTEL: Case Summary & 13 Unsecured Creditors
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
===============
A N G U I L L A
===============
BINGO.COM LTD: Restates Form 10-K for Year Ended Dec. 31, 2011
--------------------------------------------------------------
Bingo.com, Ltd. filed with the U.S. Securities and Exchange
Commission Amendment No. 1 to amend its Annual Report on Form 10-
K/A for the fiscal year ended Dec. 31, 2011. The original filing
is dated March 30, 2012.
The following sections of the Original Filing have been revised:
* The Consolidated balance sheet, which has been amended for
the years ended Dec. 31, 2011, and 2010, to expense the
purchase of the remaining 4% Domain Name Purchase payments
for $900,000, in accordance with ASC Topic 420-10-25-11.
This had the effect to reduce the intangible asset and to
increase the retained deficit by $900,000 for the years ended
Dec. 31, 2011, and 2010.
* The Consolidated Statement of Operations, which has been
amended:
-- for the year ended Dec. 31, 2010, to expense the purchase
of the remaining 4% Domain Name Purchase payments for
$900,000, in accordance with ASC Topic 420-10-25-11; and
-- for the year ended Dec. 31, 2010, the profit from the
reversal of progressive jackpots was amended to adjust the
opening retained deficit in accordance with ASU 2010-16.
* The Consolidated Statement of Stockholders' Equity, which has
been amended:
-- for the year ended Dec. 31, 2010, the Consolidated
Statement of Stockholders' Equity was amended to include
the provision for progressive jackpots balance in the
opening retained deficit in accordance with ASU 2010-16;
and
-- the retained deficit for the years ended Dec. 31, 2011,
and 2010, was amended to expense the purchase of the
remaining 4% Domain Name Purchase payments for $900,000,in
accordance with ASC Topic 420-10-25-11.
* The Consolidated Statement of Cash flows, which has been
amended:
-- for the year ended Dec. 31, 2010, to expense the purchase
of the remaining 4% Domain Name Purchase payments for
$900,000, in accordance with ASC Topic 420-10-25-11.
The Company reported a net loss of $689,016 for 2011, compared to
a net loss $1.97 million for 2010. The decrease in net loss,
compared to the prior year, is due to the Company expensing the
Domain Name Purchase payments of $900,000 during the year ended
Dec. 31, 2010. In addition, the net loss decreased due to the
reduction in expenses as a result of migrating to the Unibet's
Partner platform during fiscal 2010.
Total revenue decreased to $1.42 million for 2011, a decrease of
22% over revenue of $1.82 million for 2010. Gaming revenue
decreased to $1.35 million for 2011, a decrease of 21% over gaming
revenue of $1.72 million for 2010. This decrease compared to the
prior year is due to a change in strategy and the resulting
migration during the second quarter of fiscal 2010 of the
Company's players to the Unibet Partner Program. Advertising
Revenue decreased to $66,705 for 2011, a decrease of 32% over
revenue of $98,547 for the same period in the prior year. During
the first quarter of fiscal 2010 the Company suspended sales of
new advertising.
The Company's restated balance sheet at Dec. 31, 2011, showed
$2.44 million in total assets, $96,291 in total liabilities, and
stockholders' equity of $2.34 million.
A copy of the Form 10-K/A is available for free at:
http://is.gd/XGQpMw
About Bingo.com
Based in The Valley, Anguilla, B.W.I., Bingo.com, Ltd. is in the
business of owning and marketing a bingo based entertainment
website that provides a variety of Internet games plus other forms
of entertainment, including an online community, chat rooms, and
more.
* * *
Davidson & Company LLP's report on the Company's consolidated
financial statements for the years ended Dec. 31, 2011, and 2010,
dated July 30, 2012, included an explanatory paragraph stating
that the Company's negative cash flows from operating activities
during the past year and accumulated deficit of $15.92 million as
of Dec. 31, 2011, raise substantial doubt about the Company's
ability to continue as a going concern.
=================
A R G E N T I N A
=================
LOMA NEGRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Argentina-based cement producer Loma Negra
C.I.A.S.A. The outlook is negative.
The rating action is part of S&P's regular review.
"The rating on Loma Negra continues to reflect our expectation
that the company's main shareholder, InterCement Brasil S.A.
(BB/Stable/--), would provide further support to the company, if
necessary, because of Loma Negra's strategic importance as a key
foreign subsidiary," said Standard & Poor's credit analyst Cecilia
Fullone.
InterCement Brasil unconditionally guarantees approximately 60% of
Loma Negra's debt.
"As a result, our rating on Loma Negra is one notch above that of
the Republic of Argentina (B/Negative/--) and its transfer and
convertibility risk assessment because of our consideration of
Loma Negra's strategic status to InterCement Brasil," S&P said.
"Our ratings on Loma Negra are also one notch above the company's
stand-alone credit profile (SACP), which we currently assess at
'b'. The SACP assessment reflects, in turn, the inherent risks of
operating in Argentina, the volatile nature of the cement
industry, limited product diversification, and a certain level of
currency mismatch. Loma Negra's good market position as the
largest cement producer in Argentina in terms of market share and
installed capacity, and competitive cost structure, due to
convenient access to raw materials and logistics integration,
partially mitigate these factors. We continue to assess Loma
Negra's business risk profile as 'vulnerable' and its financial
risk profile as 'aggressive'," S&P said.
===========
B E L I Z E
===========
* BELIZE: S&P Cuts Sovereign Credit Rating to 'CC'; Outlook Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency sovereign credit rating on Belize to 'CC' from 'CCC-'.
"We also lowered our foreign currency issue rating on Belize's
US$546.8 million bond due in 2029 to 'CC' from 'CCC-'. At the same
time, we affirmed our 'C' short-term foreign currency and 'CCC+/C'
local currency sovereign credit ratings on Belize. Our '4'
recovery rating and 'B-' transfer and convertibility assessment
remain unchanged," S&P said.
"The rating action follows the government's announcement that it
will not pay the $23 million semiannual coupon due on Aug. 20,
2012, on its $546.8 million bonds due 2029. The interest rate
steps up to 8.5% on the accrued interest due this month," said
Standard & Poor's credit analyst Kelli Bissett. "On March 19,
2012, the government of Belize initiated a review of its external
public debt, and on Aug. 8, the government published indicative
restructuring scenarios. Under our criteria, either a missed
payment or an exchange that we view as distressed constitutes a
default."
"Belize, which has per capita GDP of approximately $4,500, had net
general government debt of 68% of GDP at year-end 2011. We had
projected the country's 2012 gross external financing requirements
at $210 million. We believe that Belize will fund this gap through
the exceptional financing of default, import compression, and a
drawdown of reserves, which the central bank reported at $282
million on a gross basis as of July 25, 2012," S&P said.
"The negative outlook reflects the prospect that we will lower our
foreign currency ratings to 'SD' if the government misses its Aug.
20 payment as announced, or if it proposes a debt exchange to
investors. The ratings could stabilize at this level if the
government makes the payment and forgoes debt rescheduling
negotiations," S&P said.
===========
B R A Z I L
===========
BANCO RURAL: Moody's Affirms 'B1' Global Scale Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed Banco Rural S.A.'s B1 long-term
global local and foreign currency deposit ratings but changed the
outlook on the ratings to negative from stable. At the same time,
Moody's downgraded Rural's long-term Brazilian national scale
deposit rating to Baa3.br from Baa2.br, with a negative outlook.
The Not Prime short-term global deposit rating and the BR-3 short-
term Brazilian national scale deposit rating were not affected by
the rating action. Rural's E+ bank financial strength rating
(BFSR) and b1 standalone baseline credit assessment were affirmed,
with stable outlook on the BFSR.
Ratings Rationale
In affirming the global local and foreign currency deposit and
bank financial strength ratings assigned to Rural, Moody's notes
it expects the bank to return to profitability after posting
primarily provision-related losses during 2011 by refocusing its
strategy on its core business of lending to small and mid-sized
companies as well as through a gradual reduction of both funding
and operating costs. The bank reported net losses in 2011 due to
increased provisioning expenses in response to a higher volume of
non-performing loans as well as to a regulatory request for
additional provisioning. Rural is in a position to leverage its
well-established banking relationships with companies in its
region and has been increasing the volume of short-term,
collateralized loans that now generate the majority of the bank's
recurrent revenues. The rating affirmation also reflects the
commitment of the principal shareholders to Rural's operations and
growth strategy through a series of capital injections made during
the last two years, said Moody's.
The negative outlook placed on Rural's deposit ratings and the
downgrade of the long-term Brazilian national scale deposit rating
incorporate Moody's expectations that the bank's profitability
will remain modest and below its historical averages through 2012
and 2013 and in light of the bank's modest capital ratios, which
are weakest among those of its peers. Moody's also said that
Rural's dependence on expensive funding such as secured time
deposits (DPGEs) and wholesale deposits also puts pressure on the
bank's ratings because they constrain credit growth and earnings.
Rural's profitability is also challenged by current economic
conditions in Brazil, which may lead to higher loan delinquencies,
as well as low benchmark interest rates and stiff competition
among banks for commercial loans to mid-sized companies which may
result in margin compression.
Moody's noted that the return to a stable outlook would hinge on
the bank improving its core profitability and asset and funding
mix in order to deliver profitability and asset quality metrics
that are sustainable and more consistent with the bank's
historical levels. A fortified capital position, either through
retained earnings or further capital infusions by shareholders
would also favor a stable outlook.
The last rating action on Rural occurred on July 15, 2010, when
Moody's assigned a BFSR of E+ to the bank. Moody's also assigned
global local- and foreign-currency deposit ratings of B1 and Not
Prime, long- and short-term, respectively; and Brazilian national
scale deposit ratings of Baa2.br and BR-3, long- and short-term,
respectively.
The principal methodology used in rating this bank was "Moody's
Consolidated Global Bank Rating Methodology" published on 29 June
2012.
Banco Rural S.A. is headquartered in Belo Horizonte, Brazil. As of
December 2011, the bank had total assets of approximately R$4.83
billion (US$2.59 billion) and equity of R$374 million (US$201
million).
The following ratings of Banco Rural S.A. had the outlook changed
to negative from stable:
Long-term global local-currency deposit rating of B1
Long-term foreign-currency deposit rating of B1
The following rating of Banco Rural S.A. was downgraded and the
outlook was changed to negative from stable:
Long-term Brazilian national scale deposit rating: to Baa3.br from
Baa2.br
The following ratings of Banco Rural S.A. were not affected:
Bank financial strength rating of E+, stable outlook
Short-term global local-currency deposit rating of Not Prime
Short-term foreign-currency deposit rating of Not Prime
Short-term Brazilian national scale deposit rating of BR-3
QUANTIA DISTRIBUIDORA: Liquidated on Trading Irregularities
-----------------------------------------------------------
By Francisco Marcelino and Andre Soliani at Bloomberg News reports
that Brazil's central bank ordered the liquidation of two of the
nation's broker-dealers after uncovering what it said were
irregularities in trading prices.
Quantia Distribuidora de Titulos e Valores Mobiliarios Ltd
and Diferencial Corretora de Titulos de Valores Mobiliarios SA
"managed transactions with prices that fell outside market
standards," the central bank said in an e-mailed statement
obtained by the news agency.
Diferencial Corretora, a mid-sized fixed-income and equities
broker-dealer, didn't have enough capital to operate as of
March, the statement said, Bloomberg News notes.
Diferencial Corretora's capital "isn't negative," Darcio Vieira
Marques, a lawyer representing the Porto Alegre-based brokerage
Told Bloomberg News says in a telephone.
The firm doesn't know what trading prices the central bank is
referring to, Mr. Marques added, Bloomberg News relays.
===========================
C A Y M A N I S L A N D S
===========================
ASIAN INFRASTRUCTURE: Members' Final Meeting Set for Aug. 30
------------------------------------------------------------
The members of The Asian Infrastructure Fund will hold their final
meeting on Aug. 30, 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:
Darach E. Haughey
Deloitte Touche Tohmatsu
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
Telephone: + (852) 2852 1659
Facsimile: + (852) 2850 8362
BKX PETROLEUM: Shareholders' Final Meeting Set for Aug. 31
----------------------------------------------------------
The shareholders of BKX Petroleum (Europe) Inc. will hold their
final meeting on Aug. 31, 2012, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
BLUEFIN HOLDINGS: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------------
The shareholders of Bluefin Holdings Limited will hold their final
meeting on Aug. 31, 2012, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
DRAGONFLY CAPITAL: Members' Final Meeting Set for Aug. 30
---------------------------------------------------------
The members of Dragonfly Capital Growth Fund. will hold their
final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
EDGEHURST LIMITED: Shareholders' Final Meeting Set for Aug. 31
--------------------------------------------------------------
The shareholders of Edgehurst Limited will hold their final
meeting on Aug. 31, 2012, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
IRONBOUND ASIA: Members' Final Meeting Set for Aug. 30
------------------------------------------------------
The members of Ironbound Asia Overseas Ltd. will hold their final
meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
IRONBOUND PARTNERS BRAZIL: Members' Meeting Set for Aug. 30
-----------------------------------------------------------
The members of Ironbound Partners Brazil Overseas Ltd. will hold
their final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
IRONBOUND PARTNERS ONSHORE: Final Meeting Set for Aug. 30
---------------------------------------------------------
The members of Ironbound Partners Brazil Onshore Ltd. will hold
their final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
IRONBOUND PARTNERS OVERSEAS: Members' Meeting Set for Aug. 30
-------------------------------------------------------------
The members of Ironbound Partners Overseas Ltd. will hold their
final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
UNIFORTUNE MARKET: Members' Final Meeting Set for Aug. 30
---------------------------------------------------------
The members of Unifortune Market Neutral Fund Ltd. will hold their
final meeting on Aug. 30, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: IMF Talks Set for Sept. 25 as S&P Downgrade Looms
------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
said that the International Monetary Fund (IMF) has confirmed the
date for the commencement of talks with Jamaica on a new deal.
The announcement comes as ratings agency Standard and Poor's
threatens to downgrade the country if a deal is not hammered out
soon, according to RJR News.
The report notes that the stark warning came from Standard and
Poor's is that Jamaica's credit worthiness will be downgraded in
the near term if the country cannot get a deal with the IMF.
RJR News notes that this comes eight months after the cornerstone
of the new government's program was predicated on getting such a
deal.
RJR News understands that negotiations are yet to start . . . .
as previous visits by the government to Washington and the IMF to
Jamaica, were only to get the preliminaries done as a precursor to
formal talks.
However, the report relates that Dr. Phillips indicated to our
news centre last night that those talks are to start on
September 25.
The report discloses that Standard and Poor's says an IMF deal
could result in the country getting an upgrade and lifting the
gloom that has led it to maintain a negative outlook on the
country.
===========
M E X I C O
===========
CREDITO INMOBILIARIO: Moody's Affirms Caa3 Sr. Unsec. Debt Rating
-----------------------------------------------------------------
Moody's de Mexico affirmed the following ratings of Credito
Inmobiliario, S.A. de C.V. ("CI") -- national scale senior
unsecured debt rating at Caa3.mx (global scale local currency
senior unsecured debt rating at (P)Caa3); national scale short-
term rating at MX-4 (global scale local currency short-term rating
at Not Prime); national scale issuer rating at Caa3.mx (global
scale local currency rating at Caa3).
Concurrently, Moody's announced that it would withdraw all of
Credito Inmobiliario ratings.
Ratings Rationale
The rating actions related to the company's senior unsecured debt
rating and short-term rating reflect the company's restructuring
of Moody's rated debt. The debt holders received 65% of the
outstanding balance in cash, pursuant to Sociedad Hipotecaria
Federal's cash payment of its guarantee. The remainder of the debt
was received as a payment in kind with CI's assets. Moody's has
withdrawn CI's issuer rating for its own business reasons.
The following ratings were affirmed and concurrently withdrawn:
Credito Inmobiliario, S.A. de C.V. -- national scale senior
unsecured debt rating to at Caa3.mx (global scale local currency
senior unsecured debt rating at (P)Caa3); national scale issuer
rating at Caa3.mx (global scale local currency rating at Caa3);
national scale short-term rating at MX-4 (global scale local
currency short-term rating at Not Prime).
Moody's last rating action with respect to Credito Inmobiliario
was on May 09, 2012, when Moody's downgraded the following ratings
of Credito Inmobiliario, S.A. de C.V. ("CI") -- national scale
senior unsecured debt rating to Caa3.mx, from Baa1.mx (global
scale local currency senior unsecured debt rating to (P)Caa3, from
(P)B1); national scale issuer rating to Caa3.mx, from Baa1.mx
(global scale local currency rating to Caa3, from B1); national
scale short-term rating to MX-4, from MX-2. The rating outlook was
revised to negative.
Credito Inmobiliario is a non-bank financial institution (Sofom
Mortgage Company). It was one of the largest independent mortgage
originators of this kind in Mexico and its main activities
consisted of extending mortgage loans financed by monies from SHF
to low-income individuals and providing construction financing to
low-income housing developers. The firm reported total assets of
$12.4 billion Mexican pesos and total equity of $0.8 billion
Mexican pesos at March 31, 2012.
Credito Inmobiliario's ratings were assigned by evaluating factors
Moody's believes are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Creditio Inmobiliario's core industry and the company's
ratings are believed to be comparable to those of other issuers of
similar credit risk.
GRUPO EMBOTELLADOR: S&P Rates $300MM Sr. Unsecured Notes 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Grupo Embotellador Atic S.L.'s (Grupo Atic) $300 million
senior unsecured notes due 2022. "The rating is at the same level
as the preliminary rating we assigned on May 7, 2012, as the final
documentation supporting the enforceability of the subsidiary
guarantees is in line with our expectations," S&P said.
"The issuer of the notes is Ajecorp B.V., a wholly owned
subsidiary of Grupo Atic created for the sole purpose of issuing
the notes. The company will use the proceeds to refinance existing
debt, for general corporate purposes, and for capital
expenditures. Grupo Atic and its subsidiaries jointly, severally,
and unconditionally guarantee the notes. The issue-level rating is
at the same level as the corporate credit rating, reflecting the
upstream guarantees from Grupo Atic's operating subsidiaries,
which mitigate the company's structural subordination relative to
operating-company liabilities," S&P said.
RATINGS LIST
Grupo Embotellador Atic S.L.
Corporate credit rating BB/Stable/--
Ajecorp B.V.
$300 million senior unsecured notes BB
(Guaranteed by Grupo Embotellador Atic S.L. and subsidiaries)
KRYSTAL INFINITY: Limousine Maker Files for Chapter 11
------------------------------------------------------
Krystal Infinity LLC filed a Chapter 11 petition (Bankr. C.D.
Calif. Case No. 12-19701) on Aug. 14, 2012, in Santa Ana,
California.
Krystal Infinity manufactures and sells stretch limousines,
limousine vans, shuttle buses, limousine busses and hearses. The
business was acquired by the Debtor through a 11 U.S.C. Sec. 363
sale conducted by Krystal Koach, Inc. (Case No. 10-26547) in
January 2011.
In the new Chapter 11 case, the Debtor estimated assets and debts
of $10 million to $50 million as of the Chapter 11 filing. The
formal schedules of assets and liabilities are due Aug. 28.
The Debtor's primary secured creditor is East West Bank. The
Debtor owes EWB $5.3 million on an asset based revolving line of
credit and $1.19 million on an equipment note.
"A number of factors have caused the Debtor to run out of the
liquidity necessary to enable the Debtor to purchase new chassis
from which to build new vehicles and to pay all of its debts at
this time, which has necessitated the filing of the Debtor's
Chapter 11 case," says Walter Bowser, CFO of Krystal Infinity.
According to Mr. Bowser, the Debtor is continuing with its efforts
to try to find a buyer for its business or an investor to provide
the Debtor with additional liquidity. The Debtor does not
currently have sufficient capital available to it to purchase new
chassis from which to build new vehicles.
The Debtor had total revenue in 2011 of roughly $54 million, and
has had total revenue in 2012 year-to-date of roughly $30 million.
Production to Continue
The Debtor currently owns roughly 51 chassis which are in various
stages of production to convert them into finished vehicles for
sales to customers, according to a court filing.
Mr. Bowser relates that if the Debtor completes production on its
existing vehicles and sells the real estate owned by its
subsidiary, the Debtor will be able to repay all of its secured
debt in full and have a sizeable sum available for distribution to
its unsecured creditors.
On the other hand, he says, if the Debtor ceases operations, the
creditors would suffer an economic catastrophe as the liquidation
value of the current assets would be a tiny fraction of the
revenue the Debtor will be able to generate from completing
production of existing vehicles.
Mexico Operations
Roughly 85% of the Debtor's vehicle manufacturing work is
completed in Mexico through an affiliate Krystal International.
All of the existing 51 chassis have already been transported to
the U.S. and no further manufacturing in Mexico is contemplated
unless and until the secured creditors have been paid in full.
The Debtor though still utilizes certain employees in the country.
A list says Krystal has 19 employees with weekly payroll totaling
MXN67,285 ($5,176).
First Day Motions
On the petition date, the Debtor filed emergency motions to use
cash collateral, grant adequate assurance of payment to utilities,
honor prepetition obligations to customers, pay prepetition wages,
and use cash collateral.
The Debtor said that as adequate protection of the use of cash
collateral, the Debtor will grant EWB replacement liens will make
weekly payments of EWB in the amount of $150,000, which will serve
to pay down the outstanding balance on the revolver. The weekly
payments are expected to continue through the week ending Oct. 19,
2012, at which point the Debtor projects paying off the remaining
balance (projected to be in the amount of $4.65 million).
The Debtor intends to pay wages of 34 employees in the U.S. as
well as wages and severance payments for employees in Mexico.
The Debtor said the Mexico employees are owed wages and severance,
which, if not paid, could severely disrupt the Debtor's and its
affiliate's ability to wind down operations in Mexico, which in
turn will severely impact the Debtor's ability to implement its
restructuring goals.
The Debtor is represented by Ron Bender, Esq., at Levene, Neale,
Bender, Yoo & Brill LLP, in Los Angeles.
VITRO SAB: Files Opening Brief in 5th Cir. Appeal
-------------------------------------------------
Casey Neeley at glassBYTEs reports that Vitro SAB has filed its
opening brief to appeal a recent decision by the U.S. Bankruptcy
Court for the District of Northern Texas not to enforce the
company's Mexican plan of reorganization in the U.S. The appeal
brief was filed in the U.S. Court of Appeals for the Fifth Circuit
last week. The company had announced its intention to appeal the
case in late June.
According to the report, counsel for Vitro argues in the brief
that, "because the Bankruptcy Court misinterpreted and misapplied
chapter 15 in its consideration of the enforceability of the
Concurso Plan, this court must reverse the enforcement denial
order, direct entry of an order enforcing the Concurso Approval
Order and the Concurso Plan in the United States, and grant Vitro
SAB such further relief as it deems just and proper."
"It should not impede enforcement of a foreign reorganization plan
in a chapter 15 case when it would not even impede confirmation of
the same plan in a chapter 11 case," the report quotes Vitro as
saying in the appeal brief. "Whether the Bankruptcy Court erred
as a matter of law when, after it concluded that the Concurso
Approval Order was the product of a process that was not corrupt
or unfair to the appellees, it refused to enforce the Concurso
Approval Order solely because the Concurso Plan novated guarantee
obligations of non-debtor parties and replaced them with new
obligations of substantially the same parties."
The report notes the company further argues that "the relevant
policies and provisions of chapter 15 mandate that the Concurso
Plan and the Concurso Approval Order be enforced."
The report relates the appeal also discusses the weight of the
court's decision. "This appeal -- the culmination of the most
heavily litigated case under Bankruptcy Code chapter 15 since
Congress adopted the Model Law on Cross-Border Insolvency 'to
facilitate cooperation between U.S. courts and foreign bankruptcy
proceedings' -- presents this Court with the opportunity to
embrace the immutable truth expressed by Justice Cardozo a century
ago," writes Vitro. "The outcome of this appeal is crucial to
international cooperation in cross-border insolvency proceedings,
which the United States has long championed, and to the continued
survival of one of Mexico's largest manufacturing enterprises with
more than 17,000 employees worldwide."
The report adds Vitro officials are hopeful about the strength of
the appeals argument since the company previously was granted
injunctive relief by the appeals court.
The noteholders must file their reply brief by August 30. Vitro
will have until September 7 to respond. Oral arguments are
scheduled for the first week of October, the report says.
The appellate case follows a June ruling by a Texas bankruptcy
court, which ruled against the enforcement of Vitro's Mexican Plan
of Reorganization in the United States in June, according to the
report. In his ruling, the judge stated, "such [an] order
manifestly contravenes the public policy of the United States and
is also precluded from enforcement under 1507, 1521 and 1522 of
the Bankruptcy Code."
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders. The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States. Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. But an appellate court in Mexico
reinstated the reorganization in April 2011. Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).
The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders. The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.
Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
Chapter 11 Proceedings
A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P. Together, they held US$75 million, or
approximately 6% of the outstanding bond debt. The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer. The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro. The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel. Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.
The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.
U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7. The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.
On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S. The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds. The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.
VITRO SAB: Takes Appeal From Court Ruling Denying Mexican Plan
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB urged a federal circuit court of appeals to
reverse a ruling by a U.S. bankruptcy judge in Fort Worth, Texas,
to avoid a "far reaching negative effect" on relations with
Mexico.
According to the report, Vitro is appealing a June ruling from the
bankruptcy judge who concluded that Vitro's Mexican reorganization
plan was "manifestly contrary" to U.S. law and public policy
because it reduced the liability of subsidiaries on $1.2 billion
in defaulted bonds even though the subsidiaries weren't in
bankruptcy in the U.S. or Mexico.
The report relates Vitro appealed to the 5th U.S. Circuit Court of
Appeals in New Orleans and filed its brief on Aug. 10. The
company opened its brief by quoting Benjamin Cardozo, an early
20th century Supreme Court justice, who said that "we are not so
provincial as to say that every solution to a problem is wrong
because we deal with it otherwise at home."
The report discloses that Vitro proceeded to explain why, in its
view, it was permissible for the court in Mexico to reduce the
debt of non-bankrupt subsidiaries even if the same result might
not have been possible in the U.S. unless the subsidiaries
likewise filed bankruptcy. Vitro made a point numerous times in
its filing that objecting bondholders were afforded due process in
"extensively but unsuccessfully fighting approval" of the
company's Mexican reorganization plan.
Vitro, according to the report, argues that sophisticated
creditors, like the bondholders who bought the bonds in the
secondary market, shouldn't be allowed to appeal to U.S. courts
"to shield themselves from the effects" of Mexican law that
allowed non-bankrupt subsidiaries to ride the coattails of the
parent.
The report relates the appeal is scheduled for argument in New
Orleans during the week of Oct. 1. The bondholders will file
their brief supporting the ruling by the bankruptcy court on
Aug. 30. Vitro can file another brief in reply on Sept. 7.
According to the report, the appeal in the Circuit Court is Vitro
SAB de CV v. Ad Hoc Group of Vitro Noteholders (In re Vitro SAB de
CV), 12- 10689, U.S. 5th Circuit Court of Appeals (New Orleans).
The suit in bankruptcy court where the judge decided not to
enforce the Mexican reorganization in the U.S. is Vitro SAB de CV
v. ACP Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S.
Bankruptcy Court, Northern District Texas (Dallas). The
bondholders' previous appeal in the circuit court is Ad Hoc Group
of Vitro Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV),
11-11239, U.S. 5th Circuit Court of Appeals (New Orleans).
Opening Brief
Casey Neeley at glassBYTEs reports that Vitro SAB has filed its
opening brief to appeal a recent decision by the U.S. Bankruptcy
Court for the District of Northern Texas not to enforce the
company's Mexican plan of reorganization in the U.S. The appeal
brief was filed in the U.S. Court of Appeals for the Fifth Circuit
last week. The company had announced its intention to appeal the
case in late June.
According to the report, counsel for Vitro argues in the brief
that, "because the Bankruptcy Court misinterpreted and misapplied
chapter 15 in its consideration of the enforceability of the
Concurso Plan, this court must reverse the enforcement denial
order, direct entry of an order enforcing the Concurso Approval
Order and the Concurso Plan in the United States, and grant Vitro
SAB such further relief as it deems just and proper."
"It should not impede enforcement of a foreign reorganization plan
in a chapter 15 case when it would not even impede confirmation of
the same plan in a chapter 11 case," the report quotes Vitro as
saying in the appeal brief. "Whether the Bankruptcy Court erred
as a matter of law when, after it concluded that the Concurso
Approval Order was the product of a process that was not corrupt
or unfair to the appellees, it refused to enforce the Concurso
Approval Order solely because the Concurso Plan novated guarantee
obligations of non-debtor parties and replaced them with new
obligations of substantially the same parties."
The report notes the company further argues that "the relevant
policies and provisions of chapter 15 mandate that the Concurso
Plan and the Concurso Approval Order be enforced."
The report relates the appeal also discusses the weight of the
court's decision. "This appeal -- the culmination of the most
heavily litigated case under Bankruptcy Code chapter 15 since
Congress adopted the Model Law on Cross-Border Insolvency 'to
facilitate cooperation between U.S. courts and foreign bankruptcy
proceedings' -- presents this Court with the opportunity to
embrace the immutable truth expressed by Justice Cardozo a century
ago," writes Vitro. "The outcome of this appeal is crucial to
international cooperation in cross-border insolvency proceedings,
which the United States has long championed, and to the continued
survival of one of Mexico's largest manufacturing enterprises with
more than 17,000 employees worldwide."
The report adds Vitro officials are hopeful about the strength of
the appeals argument since the company previously was granted
injunctive relief by the appeals court.
The noteholders must file their reply brief by August 30. Vitro
will have until September 7 to respond. Oral arguments are
scheduled for the first week of October, the report says.
The appellate case follows a June ruling by a Texas bankruptcy
court, which ruled against the enforcement of Vitro's Mexican Plan
of Reorganization in the United States in June, according to the
report. In his ruling, the judge stated, "such [an] order
manifestly contravenes the public policy of the United States and
is also precluded from enforcement under 1507, 1521 and 1522 of
the Bankruptcy Code."
About Vitro SAB
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).
Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders. The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States. Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.
Concurso Mercantil & Chapter 15 Proceedings
Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.
Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings. But an appellate court in Mexico
reinstated the reorganization in April 2011. Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).
The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders. The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.
Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.
In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.
Chapter 11 Proceedings
A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P. Together, they held US$75 million, or
approximately 6% of the outstanding bond debt. The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.
Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.
A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer. The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro. The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.
A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries. On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.
Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al. Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel. Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.
The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.
U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7. The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.
On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S. The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds. The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.
=====================
P U E R T O R I C O
=====================
ADVANCED COMPUTER: Can Hire Carrasquillo as Financial Consultant
----------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico granted Advanced Computer Technology,
Inc., permission 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.
About Advanced Computer
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: Has Court OK to Hire Cuprill as Bankr. Counsel
-----------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico granted Advanced Computer Technology,
Inc., authorization to employ Charles A. Cuprill, P.S.C., Law
Offices, as its counsel.
The Debtor 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.
About Advanced Computer
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.
EVT HOTEL: Case Summary & 13 Unsecured Creditors
------------------------------------------------
Debtor: EVT Hotel, Inc.
PMB 300, P.O. Box 4956
Caguas, PR 00726
Bankruptcy Case No.: 12-06358
Chapter 11 Petition Date: August 13, 2012
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Luis D. Flores Gonzalez, Esq.
LUIS D. FLORES GONZALEZ LAW OFFICE
80 Calle Georgetti, Suite 202
San Juan, PR 00925-3624
Tel: (787) 758-3606
Fax: (787) 753-5317
E-mail: ldfglaw@coqui.net
Scheduled Assets: $1,860,000
Scheduled Liabilities: $5,061,445
The Company's list of its 13 unsecured creditors filed with the
petition is available for free at:
http://bankrupt.com/misc/prb12-06358.pdf
The petition was signed by Ezequiel Vazquez Toro, president.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 26, 2012
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York City
Contact: 1-240-629-3300
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,
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* * * End of Transmission * * *