/raid1/www/Hosts/bankrupt/TCRLA_Public/120820.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, August 20, 2012, Vol. 13, No. 165
Headlines
A R G E N T I N A
COMPANIA SUD AMERICANA: S&P Affirms 'B-' Issuer Credit Rating
B E L I Z E
* BELIZE: Unable to Make Payment on US Dollar Step-Up Bond
B E R M U D A
WHITE & SONS: Southside & Hayward Stores In Receivership
B R A Z I L
BANCO CRUZEIRO: Moody's Cuts Long-Term Deposit Ratings to 'Ca'
C A Y M A N I S L A N D S
ASIAN OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 30
CLIPPER INVESTMENTS: Shareholder to Hear Report on Sept. 3
FIELD POINT II: Shareholders' Final Meeting Set for Aug. 31
FIELD POINT IV: Shareholders' Final Meeting Set for Aug. 31
GOLDINVEST LIMITED: Shareholders Receive Wind-Up Report
IVY LANE: Shareholders' Final Meeting Set for Aug. 31
MAN ASIAN: Members Receive Wind-Up Report
NEW LAKE 17: Shareholders' Final Meeting Set for Aug. 31
S1 NOTES: Members' Final Meeting Set for Aug. 27
SKYLGE LTD: Shareholders' Final Meeting Set for Aug. 31
X X X X X X X X
* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2012
- - - - -
=================
A R G E N T I N A
=================
COMPANIA SUD AMERICANA: S&P Affirms 'B-' Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' ratings on
Compania Sud Americana de Vapores (CSAV). The outlook remains
stable.
"The rating affirmation reflects our expectation that the company
will return to positive results in the second half of 2012, which
will partly reduce, but not entirely reverse, the operating losses
in the first half of the year. As a result, we project CSAV to
report negative EBITDA for 2012 and $90 million in 2013
(unadjusted)," S&P said.
"The stable outlook assumes that the turnaround process and
improving industry conditions will allow CSAV to return to
profitability in the second half of 2012, substantially reducing
its cash deficits. We could lower the ratings if industry
conditions do not continue improving as expected or even
deteriorate or if the covenant breach occurs and threatens future
financial flexibility. Although the rating is subject to change
due to the volatile industry conditions, an upgrade is not likely
in the short term. In order for an upgrade to occur, the company's
financial performance and flexibility would have to significantly
improve," S&P said.
===========
B E L I Z E
===========
* BELIZE: Unable to Make Payment on US Dollar Step-Up Bond
----------------------------------------------------------
Dean Barrow at RJR News reports that the government of Belize said
it is unable to make an Aug. 20, 2012, coupon payment on the
country's US dollar Step-Up Bonds due 2029.
The amount due to be paid on August 20 is $23 million on its
$546.8 million bonds due 2029, according to RJR News.
The report notes that Prime Minister of Belize and Minister of
Finance and Economic Development Dean Barrow said the Step-Up Bond
alone represents approximately one-half of Belize's total recorded
public indebtedness.
This sets up a potential default if the country is not able to
restructure its debt, the report notes.
RJR News says that following the announcement, Standard & Poor's
Ratings Services said it lowered its long-term foreign currency
sovereign credit rating on Belize to 'CC' from 'CCC-'.
The interest rate steps up to 8.5% on the accrued interest due
this month, the report adds.
=============
B E R M U D A
=============
WHITE & SONS: Southside & Hayward Stores In Receivership
--------------------------------------------------------
Don Burgees at BDA SUN News reports that White & Son's Southside
and Hayward's is now under receivership.
The company now has all three stores in liquidation after the
Supreme Court appointed KPMG Advisory Limited to close out White's
at Southside and Hayward's, according to BDA SUN News.
BDA SUN News relates that KPMG's Mike Morrison --
mmorrison@kpmg.bm -- and Charles Thresh -- ctresh@kpmg.com -- were
appointed as Joint Provisional Liquidators (JPL) of the two
stores.
The report notes that KPMG was appointed liquidator of the main
White's store in Warwick and ran a sale on Aug. 15 to 16 to sell
off the stock.
KPMG said the JPLs are currently assessing a variety of options,
including continuing to operate the businesses while a potential
sale of the businesses is explored, BDA SUN News notes.
===========
B R A Z I L
===========
BANCO CRUZEIRO: Moody's Cuts Long-Term Deposit Ratings to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local and foreign currency deposit ratings of Banco Cruzeiro do
Sul S.A. (BCSul) to Ca, from Caa1, and lowered the bank's foreign
currency senior and subordinated debt ratings to Ca and C,
respectively, from Caa1 and Caa2. At the same time Moody's lowered
the bank's long-term Brazilian national scale deposit rating to
Ca.br from Caa.br. The outlook on these ratings remains negative.
The E bank financial strength rating (BFSR) assigned to BCSul was
affirmed with a stable outlook, however, the standalone baseline
credit assessment (BCA) was lowered to ca from caa1.
The rating actions follow the announcement of the tender offer by
the bank's administrator, Fundo Garantidor de Credito (FGC, the
Brazilian deposit insurance corporation) to purchase all of
BCSul's outstanding debt securities totaling approximately BRL5.66
billion subject to discounts ranging from 39% to 74% of their
nominal value depending on (i) the maturity of each series of
outstanding debt, (ii) the size and relevance to the liabilities
of BCSul, and (iii) their seniority.
The following ratings were downgraded and remain with negative
outlook:
Long-term global local currency deposit rating: to Ca from Caa1
Long-term foreign currency deposit rating: to Ca from Caa1
Long-term foreign currency senior unsecured debt rating: to Ca
from Caa1
Long-term foreign currency subordinated debt rating: to C from
Caa2
Long-term foreign currency senior unsecured debt program rating:
to (P)Ca from (P)Caa1
Long-term foreign currency subordinated debt program rating: to
(P)C from (P)Caa2
Long-term Brazilian national scale deposit rating: to Ca.br from
Caa1.br
The following ratings remained unchanged:
Bank Financial Strength Rating: E, with stable outlook
Short-term global local currency deposit rating: Not Prime
Short-term foreign currency deposit rating: Not Prime
Short-term foreign currency debt program rating: (P)Not Prime
Short-term Brazilian national scale deposit rating: BR-4
Rating Rationale
Moody's notes that the downgrade of BCSul's global local currency
deposit and senior debt ratings to Ca from Caa1 reflects the
proposed discount on all the bank's uninsured deposits and
unsecured debt obligations averaging 49.3% of their nominal value.
The lowering of the standalone baseline credit assessment
incorporates Moody's view of the bank's highly speculative
standalone financial strength and negative equity, as well as
uncertainties related to its recapitalization and potential
liquidation should the tender offer not be successful. The
downgrade to C from Caa2 of the bank's subordinated debt
obligations reflect the higher discount assigned to those
obligations relative to senior debt of up to 74% of their nominal
value.
The continuing negative outlook on the ratings reflects the
uncertainty regarding the ultimate recovery value of the
securities if the tender offer is not accepted by the required 90%
of creditors and depositors by September 12 and/or if a qualified
buyer of the bank is not identified.
Since June 4, 2012, BCSul has been administered by the FGC under a
Temporary Special Management Regime decreed by the Brazilian
Central Bank which entailed the intervention and replacement of
management because of accounting irregularities and regulatory
violations. On August 15, 2012, the FGC published a Special
Opening Balance Sheet as of June 4, 2012, which presents a
negative equity position of BRL2.237 billion after adjustments of
BRL3.11 billion largely related to non-existent assets,
insufficient provisions for loan losses and contingencies, and the
reversal of profits on repurchased loans. According to the
Material Fact also published on August 15, once the bank's debts
are restructured, the FGC expects to sell the bank to an eligible
buyer contingent upon an initial capitalization that allows BCSul
to meet Basel requirements.
The last rating action on Banco Cruzeiro do Sul took place on June
5, 2012, when Moody's downgraded the bank financial strength
rating to E from E+, both local and foreign currency deposit
ratings to Caa1 from Ba3, as well as the foreign currency senior
unsecured and subordinated debt ratings to Caa1 and Caa2,
respectively. The long-term Brazilian national scale rating was
also downgraded to Caa1.br. The outlook on the ratings remained
negative.
Banco Cruzeiro do Sul S.A. is headquartered in Sao Paulo, Brazil
and had total unconsolidated assets of BRL9.48 billion (US$4.67
billion) and negative shareholders' equity of BRL2.24 billion
(US$1.1 billion) as of June 4, 2012 per the Special Opening
Balance Sheet published by FGC.
===========================
C A Y M A N I S L A N D S
===========================
ASIAN OPPORTUNITY: Shareholders' Final Meeting Set for Aug. 30
--------------------------------------------------------------
The shareholders of Asian Opportunity Fund 1998 - I 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:
Rainier Hok Chung Lam
c/o Jodi Jones
Telephone: (345) 914 8694
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
CLIPPER INVESTMENTS: Shareholder to Hear Report on Sept. 3
----------------------------------------------------------
The shareholder of Clipper Investments Limited will receive on
Sept. 3, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
PO Box 694 Grand Cayman
Telephone: 949 8666
Facsimile: 949 0626
FIELD POINT II: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------------
The shareholders of Field Point II, Ltd. will hold their final
meeting on Aug. 31, 2012, at 11:00 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
FIELD POINT IV: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------------
The shareholders of Field Point IV, Ltd. will hold their final
meeting on Aug. 31, 2012, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
GOLDINVEST LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Goldinvest Limited received on Aug. 10, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
IVY LANE: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------
The shareholders of Ivy Lane CDO, Ltd. will hold their final
meeting on Aug. 31, 2012, at 12:45 p.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
MAN ASIAN: Members Receive Wind-Up Report
-----------------------------------------
The members of Man Asian Multi-Strategies (Master) Limited
received on July 20, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
NEW LAKE 17: Shareholders' Final Meeting Set for Aug. 31
--------------------------------------------------------
The shareholders of New Lake 17 Ltd. will hold their final meeting
on Aug. 31, 2012, at 12:15 p.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
S1 NOTES: Members' Final Meeting Set for Aug. 27
------------------------------------------------
The members of S1 Notes Limited will hold their final meeting on
Aug. 27, 2012, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Beverly Mathias
c/o Citco Trustees (Cayman) Limited
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SKYLGE LTD: Shareholders' Final Meeting Set for Aug. 31
-------------------------------------------------------
The shareholders of Skylge Ltd. will hold their final meeting on
Aug. 31, 2012, at 12:30 p.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
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2012
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
ARGENT-$DIS 8.28 12/31/2033 USD 58.99
ARGENT-$DIS 8.28 12/31/2033 USD 64
ARGENT-$DIS 8.28 12/31/2033 USD 66
ARGENT-PAR 1.18 12/31/2038 ARS 39.22
ARGENT- DIS 7.82 12/31/2033 EUR 53.25
ARGENT- DIS 7.82 12/31/2033 EUR 53
ARGENT- DIS 7.82 12/31/2033 EUR 52.5
ARGENT- DIS 4.33 12/31/2033 JPY 42
ARGENT- PAR 0.45 12/31/2038 JPY 15
ARGENT- PAR&GDP 0.45 12/31/2038 JPY 8
ARGNT-BOCON PRE9 2 3/15/2014 ARS 63.5
BANCO MACRO SA 9.75 12/18/2036 USD 69
BANCO MACRO SA 9.75 12/18/2036 USD 68.75
BANCO MACRO SA 9.75 12/18/2036 USD 60
BONAR X 7 4/17/2017 USD 74.5
CAPEX SA 10 3/10/2018 USD 61.2
CAPEX SA 10 3/10/2018 USD 59.38
CHUBUT RGLS HIDR 7.75 7/1/2020 USD 74.05
EMP DISTRIB NORT 9.75 10/25/2022 USD 35
EMP DISTRIB NORT 9.75 10/25/2022 USD 34.75
EMP DISTRIB NORT 10.5 10/9/2017 USD 42.54
PROV BUENOS AIRE 9.625 4/18/2028 USD 52.15
PROV BUENOS AIRE 9.625 4/18/2028 USD 52.25
PROV BUENOS AIRE 9.375 9/14/2018 USD 57.42
PROV BUENOS AIRE 10.875 1/26/2021 USD 58.59
PROV BUENOS AIRE 9.375 9/14/2018 USD 56.88
PROV BUENOS AIRE 10.875 1/26/2021 USD 58.07
PROV BUENOS AIRE 11.75 10/5/2015 USD 73.75
PROV BUENOS AIRE 9.25 4/15/2017 USD 75.45
PROV BUENOS AIRE 11.75 10/5/2015 USD 74.45
PROV BUENOS AIRE 9.25 4/15/2017 USD 74.5
PROV DE CORDOBA 12.375 8/17/2017 USD 66.02
PROV DE CORDOBA 12.375 8/17/2017 USD 65.83
PROV DE FORMOSA 5 2/27/2022 USD 60.38
PROV DE MENDOZA 5.5 9/4/2018 USD 70.51
PROV DE MENDOZA 5.5 9/4/2018 USD 71.88
PROV DEL CHACO 4 12/4/2026 USD 27
PROV DEL CHACO 4 11/4/2023 USD 53
RAGHSA CONSTRUCC 8.5 2/16/2017 USD 80
TRANSENER 9.75 8/15/2021 USD 45
TRANSENER 9.75 8/15/2021 USD 35.88
TRANSPORT DE GAS 7.875 5/14/2017 USD 73.5
BRAZIL
------
BANCO BONSUCESSO 9.25 11/3/2020 USD 67.5
BANCO BONSUCESSO 9.25 11/3/2020 USD 65.25
BANCO CRUZEIRO 8.875 9/22/2020 USD 39.75
BANCO CRUZEIRO 8.875 9/22/2020 USD 39.63
BANCO CRUZEIRO 8.5 2/20/2015 USD 56.5
BANCO CRUZEIRO 7.625 4/21/2014 USD 58
BANCO CRUZEIRO 7 7/8/2013 USD 56.5
BANCO CRUZEIRO 8.25 1/20/2016 USD 58
BANCO CRUZEIRO 8.5 2/20/2015 USD 56.5
BANCO CRUZEIRO 8.25 1/20/2016 USD 58
BANCO CRUZEIRO 8 9/17/2012 USD 69.62
CESP 9.75 1/15/2015 BRL 72.27
REDE EMPRESAS 11.125 USD 47.5
REDE EMPRESAS 11.125 USD 47
REDE EMPRESAS 11.125 USD 47
CAYMAN ISLAND
-------------
BANCO BPI (CI) 4.15 11/14/2035 EUR 57.63
BCP FINANCE BANK 5.01 3/31/2024 EUR 54.75
BCP FINANCE BANK 5.31 12/10/2023 EUR 57.38
BCP FINANCE CO 5.543 EUR 25.02
BCP FINANCE CO 4.239 EUR 25.02
BES FINANCE LTD 5.58 EUR 38.67
BES FINANCE LTD 4.5 EUR 50.17
CAM GLOBAL FIN 6.08 12/22/2030 EUR 55.5
CHINA FORESTRY 10.25 11/17/2015 USD 58.38
CHINA FORESTRY 10.25 11/17/2015 USD 58.2
CHINA SUNERGY 4.75 6/15/2013 USD 74
EFG HELLAS CAYMA 9 6/8/2019 EUR 52.38
EFG ORA FUNDING 1.7 10/29/2014 EUR 51.1
ESFG INTERNATION 5.753 EUR 33.13
GOL FINANCE 8.75 USD 72.75
GOL FINANCE 8.75 USD 71.38
JINKOSOLAR HOLD 4 5/15/2016 USD 42.81
LDK SOLAR CO LTD 4.75 4/15/2013 USD 49.5
LDK SOLAR CO LTD 4.75 4/15/2013 USD 65.1
LUPATECH FINANCE 9.875 USD 63.5
LUPATECH FINANCE 9.875 USD 66.5
MARFRIG OVERSEAS 9.5 5/4/2020 USD 77
RENHE COMMERCIAL 13 3/10/2016 USD 59.5
RENHE COMMERCIAL 13 3/10/2016 USD 50.88
RENHE COMMERCIAL 11.75 5/18/2015 USD 52.99
RENHE COMMERCIAL 11.75 5/18/2015 USD 52.75
SHINSEI FIN CAYM 6.418 USD 73.75
SHINSEI FIN CAYM 6.418 USD 73.75
SHINSEI FINANCE 7.16 USD 73.75
SHINSEI FINANCE 7.16 USD 73.75
SOLARFUN POWER H 3.5 1/15/2018 USD 72.25
SOLARFUN POWER H 3.5 1/15/2018 USD 72.12
SUNTECH POWER 3 3/15/2013 USD 69.44
SUNTECH POWER 3 3/15/2013 USD 69
CHILE
-----
CGE DISTRIBUCION 3.25 12/1/2012 CLP 9.984
COLBUN SA 3.2 5/1/2013 CLP 49.73
QUINENCO SA 3.5 7/21/2013 CLP 12.41
PUERTO RICO
-----------
PUERTO RICO CONS 6.2 5/1/2017 USD 63
PUERTO RICO CONS 6.5 4/1/2016 USD 65.63
VENEZUELA
---------
ELEC DE CARACAS 8.5 4/10/2018 USD 71.75
PETROLEOS DE VEN 5.5 4/12/2037 USD 57.15
PETROLEOS DE VEN 5.375 4/12/2027 USD 58.1
PETROLEOS DE VEN 9.75 5/17/2035 USD 70.54
PETROLEOS DE VEN 5.25 4/12/2017 USD 72.26
PETROLEOS DE VEN 5.125 10/28/2016 USD 73.93
PETROLEOS DE VEN 9 11/17/2021 USD 76.25
VENEZUELA 7 3/31/2038 USD 64.27
VENEZUELA 7 3/31/2038 USD 66.5
VENEZUELA 6 12/9/2020 USD 68.25
VENEZUELA 7.65 4/21/2025 USD 70.5
VENEZUELA 8.25 10/13/2024 USD 74.5
***********
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 * * *