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/raid1/www/Hosts/bankrupt/TCRLA_Public/120921.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, September 21, 2012, Vol. 13, No. 189 Headlines B E R M U D A MOMENTUM PERFORMANCE II: Creditors' Proofs of Debt Due Sept. 28 MOMENTUM PERFORMANCE II: Members' Final Meeting Set for Oct. 22 MOMENTUM PERFORMANCE III: Creditors' Proofs of Debt Due Sept. 28 MOMENTUM PERFORMANCE III: Members' Final Meeting Set for Oct. 22 SOUTH OF ENGLAND: Contributories to Hold Meeting on Sept. 26 C A Y M A N I S L A N D S BLACKSTONE VANDERBILT: Shareholders' Meeting Set for Oct. 8 CO-INVESTMENT XV: Members Receive Wind-Up Report DIAPASON COMMODITIES: Final Meeting Set for Sept. 28 ELLIS ISLAND: Members Receive Wind-Up Report HT (IH) LTD: Shareholders' Final Meeting Set for Sept. 21 INVESTCORP LEVERAGED: Shareholders' Final Meeting Set for Oct. 1 OTTOBRE INVESTMENT: Members Receive Wind-Up Report RETROETECH INTERNATIONAL: Shareholders' Meeting Set for Sept. 26 RIO CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 1 TLP SPECIAL: Members' Final Meeting Set for Sept. 27 J A M A I C A * JAMAICA: STATIN Shows Slow Down in Productive Sector M E X I C O ALESTRA S DE RL DE CV: S&P Affirms 'B+' Local Currency Rating CEMEX SAB: To Target Latin America Unit IPO for October CHG-MERIDIAN MEXICO: S&P Raises Long-term Local Rating to 'mxBB+' GRUPO GICSA: Moody's Places 'B1' Issuer Rating Under Review P U E R T O R I C O JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4 - - - - - ============= B E R M U D A ============= MOMENTUM PERFORMANCE II: Creditors' Proofs of Debt Due Sept. 28 --------------------------------------------------------------- The creditors of Momentum Performance Strategies Series II Limited are required to file their proofs of debt by Sept. 28, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda MOMENTUM PERFORMANCE II: Members' Final Meeting Set for Oct. 22 --------------------------------------------------------------- The members of Momentum Performance Strategies Series II Limited will hold their final general meeting on Oct. 22, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Sept. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda MOMENTUM PERFORMANCE III: Creditors' Proofs of Debt Due Sept. 28 ---------------------------------------------------------------- The creditors of Momentum Performance Strategies Series III Limited are required to file their proofs of debt by Sept. 28, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda MOMENTUM PERFORMANCE III: Members' Final Meeting Set for Oct. 22 ---------------------------------------------------------------- The members of Momentum Performance Strategies Series III Limited will hold their final general meeting on Oct. 22, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on Sept. 12, 2012. The company's liquidator is: Robin J. Mayor Clarendon House 2 Church Street, Hamilton HM 11 Bermuda SOUTH OF ENGLAND: Contributories to Hold Meeting on Sept. 26 ------------------------------------------------------------ The contributories of The South of England Protection and Indemnity Association (Bermuda) Limited will hold their first meeting on Sept. 26, 2012, at 10:00 a.m. Mike Morrison and Charles Thresh are the company's joint provisional liquidators. ========================== C A Y M A N I S L A N D S ========================== BLACKSTONE VANDERBILT: Shareholders' Meeting Set for Oct. 8 ----------------------------------------------------------- The shareholders of Blackstone Vanderbilt Avenue Offshore Fund Ltd. will hold their final general meeting on Oct. 8, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Patrick Agemian Harbour Place, 2nd Floor 103 South Church Street PO Box 10034 Grand Cayman KY1-1001 Cayman Islands CO-INVESTMENT XV: Members Receive Wind-Up Report ------------------------------------------------ The members of Co-Investment XV (Oger Telecom) Limited received on Sept. 18, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Cititrust (Bahamas) Limited c/o Citigroup Fund Services (Cayman), Ltd. Cayman Corporate Centre, Fifth Floor 27 Hospital Road, George Town Grand Cayman KY1-1003 Cayman Islands c/o Schell Stubbs Telephone: (242) 302-8714 DIAPASON COMMODITIES: Final Meeting Set for Sept. 28 ---------------------------------------------------- The shareholders of Diapason Commodities Value Fund will hold their final general meeting on Sept. 28, 2012, at 11:45 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 ELLIS ISLAND: Members Receive Wind-Up Report -------------------------------------------- The members of Ellis Island Holdings Inc received on Sept. 18, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Timothy Le Cornu c/o Declan Magennis Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 345 947 4700 Facsimile: +1 345 946 6728 HT (IH) LTD: Shareholders' Final Meeting Set for Sept. 21 --------------------------------------------------------- The shareholders of HT (IH) Ltd. will hold their final general meeting on Sept. 21, 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: Ying Hing Chiu Telephone: (852) 2980 1988 Facsimile: (852) 2882 6700 Three Pacific Place, Level 28 1 Queen's Road East Hong Kong INVESTCORP LEVERAGED: Shareholders' Final Meeting Set for Oct. 1 ---------------------------------------------------------------- The shareholders of Investcorp Leveraged Diversified Strategies Fund Limited SPC will hold their final general meeting on Oct. 1, 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: Craig Sinfield-Hain c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands OTTOBRE INVESTMENT: Members Receive Wind-Up Report -------------------------------------------------- The members of Ottobre Investment Ltd. received on Aug. 16, 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 RETROETECH INTERNATIONAL: Shareholders' Meeting Set for Sept. 26 ---------------------------------------------------------------- The shareholders of Retroetech International Limited will hold their final general meeting on Sept. 26, 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: Quah Chee Teong No. 1 Lorong Jintan Manis, Taman Supreme Cheras, 56100 Kuala Lumpur Malaysia Telephone: 603-51229689 Facsimile: 603-51219689 RIO CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 1 ------------------------------------------------------------ The sole shareholder of Rio Capital Brazil Funds will receive on Oct. 1, 2012, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Ben Gillooly Telephone: (345) 815-1764 Facsimile: (345) 949-9877 TLP SPECIAL: Members' Final Meeting Set for Sept. 27 ---------------------------------------------------- The members of TLP Special Opportunity Fund, Ltd. will hold their final general meeting on Sept. 27, 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 House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands ============= J A M A I C A ============= * JAMAICA: STATIN Shows Slow Down in Productive Sector ------------------------------------------------------ RJR News reports that trade figures from the Statistical Institute of Jamaica confirm a slowdown in the productive sector in the first five months of the year. The data was held in the value of raw material and intermediate good imports between January and May, according to RJR News. The report relates that imports of raw materials and intermediate goods which are used in the production process, declined by 4.3% to US$1.6 billion. RJR News reports that all category of raw materials excepting crude oil. The biggest declines were recorded for "other fuel and lubricants" and "industrial supplies," RJR News says. =========== M E X I C O =========== ALESTRA S DE RL DE CV: S&P Affirms 'B+' Local Currency Rating ------------------------------------------------------------- Standard & Poor's Ratings Services revised its rating outlook on Mexico-based telecommunication company Alestra S. de R.L. de C.V to stable from negative. Standard & Poor's also said that it affirmed its 'B+' foreign and local currency ratings and the '3' recovery rating on the company. "The outlook revision reflects the lower-than-expected revenue loss that resulted from the absence of AT&T Inc.'s (A-/Stable/A-2) global network agreement (AGN) services and our expectation that higher growth in the value-added services (VAS) segment will offset the revenue losses as the contracts with AT&T phase out due to Alestra's intense focus on information technology (IT) services and its infrastructure leasing to AT&T," S&P said. "The ratings on Alestra mainly reflect the company's weak business risk profile due to strong competition from stronger and better capitalized companies, such as Telefonos de Mexico S.A.B. de C.V. (A-/Stable/--), in an industry subject to increasing pricing pressures and declining revenues from traditional long-distance services; and the loss of its key strategic partner, AT&T, which limits further growth after the contracts phase out in 2012," S&P said. "The ratings also reflect Alestra's significant financial risk profile, given its exposure to foreign exchange risk derived from its 100% U.S. dollar-denominated debt and the near maturity of its bond in 2014. The factors that offset these weaknesses include Alestra's niche competitive strategy of targeting services to multinational companies; its large and midsize enterprises and high-end residential users; the support from its parent company, Alfa S.A.B. de C.V (not rated); its well-established network, with significant market share in Mexico (foreign currency BBB/Stable/A- 2, local currency A-/Stable/A-2); and its margin stability and positive free operating cash flow (FOCF) generation. The '3' recovery rating on the company indicates our expectation of meaningful (50%-70%) recovery in the event of a payment default," S&P said. "The stable outlook reflects our expectation of modest revenue growth in 2013 and beyond and a gradual improvement in the company's metrics," said Standard & Poor's credit analyst Marcela Duenas. "We could consider raising the ratings if the company meets our expectation for revenue growth by maintaining EBITDA margins of more than 30% and stable key credit metrics coupled with its ability to refinance its 2014 bond before the scheduled maturity date. Conversely, we could lower the ratings if business pressures stunts growth in the IT services segment, if the absence of AT&T's global network services hurt revenue and profitability, leading to EBITDA margins of less than 30%, or if the company's debt maturities hurt its liquidity position," S&P said. CEMEX SAB: To Target Latin America Unit IPO for October ------------------------------------------------------- Bloomberg News reports that CEMEX, S.A.B. de C.V. told investors in Bogota that it plans to carry out the initial public offering of its Central and South America unit as soon as next month, according to three people who attended the presentations. Unnamed sources said that the company said the listing of Cemex Latam Holdings SA in Colombia may take place in about five weeks, according to Bloomberg News. Bloomberg News relates that Cemex SAB may seek to raise about $1 billion by listing the unit, a person familiar with the matter who asked not to be identified because the process is private said earlier this month. Bloomberg News notes that Jorge Perez, a Cemex spokesman, declined to comment on the timing of the share sale. Bloomberg News relates that the company said last month that it planned to sell a minority stake in its Central and South American businesses. Cemex SAB must make a $1 billion payment to banks next year under a proposed new refinancing agreement, Bloomberg News notes. Sources said that Cemex SAB hired Banco Bilbao Vizcaya Argentaria SA and Citigroup Inc. to lead the sale in Colombia, Bloomberg News relates. Bloomberg News adds that sources said Bank of America Merrill Lynch and Banco Santander SA are also involved in the sale. About CEMEX SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on July 10, 2012, Fitch Ratings has assigned a 'B+/RR3' rating to CEMEX, S.A.B. de C.V.'s proposed senior secured high yield note issuance. These notes will be issued in an amount up to $500 million. These exchange notes are being offered to holders of the company's Financing Agreement debt in a cashless transaction and will have a maturity date of June 2018. CHG-MERIDIAN MEXICO: S&P Raises Long-term Local Rating to 'mxBB+' ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its financial position for CHG-Meridian Mexico S.A.P.I. de C.V. (formerly known as CHG-El Camino S.A.P.I. de C.V.) as an equipment leasing servicer for the Mexican market to Sufficient from Insufficient. "Our BELOW AVERAGE ranking and positive outlook on the company remain unchanged," S&P said. "On Sept. 18, 2012, Standard & Poor's raised its Mexican long-term rating on CHG-Meridian Mexico to 'mxBB+' from 'mxSD' and its Mexican short-term rating to 'mxB' from 'mxSD'. Based on our servicer evaluation criteria, these ratings correspond with a sufficient financial position for the company," S&P said. "Our servicer rankings incorporate a servicer's financial position into the analysis, which can only be regarded as Sufficient or Insufficient. Given the new financial position, we believe, that CHG-Meridian Mexico's management, organizational, and loan administration capabilities as an equipment leasing servicer could be strengthened by its current adequate capital levels," S&P said. "The overall BELOW AVERAGE ranking is supported by our BELOW AVERAGE subranking for management and organization. This subranking is limited by delays pertaining to the internal auditing and training programs and the documentation of several procedures that have been ongoing since December 2011," S&P said. "The overall ranking is also supported by our AVERAGE subranking for loan administration, which reflects the reestablishment of the company's loan administration capabilities after a recently concluded legal conflict among the company's main shareholders and portfolio performance that, despite an increase in balance-sheet nonperforming ratios (6.3% in June 2012 vs. 2.1% in June 2011:), remains in line with our AVERAGE subranking," S&P said. Outlook "The outlook remains positive. In our opinion, CHG-Meridian's Mexico sufficient financial position, operational capabilities, and the strong support that its parent company could provide may enable CHG-Meridian Mexico to continue with reestablishing its servicing operations over the next 12 months. This could include updating its internal audit and training programs and developing the servicing procedures that it has not documented previously," S&P said. GRUPO GICSA: Moody's Places 'B1' Issuer Rating Under Review ----------------------------------------------------------- Moody's de Mexico placed Grupo GICSA, S.A. de C.V.'s (GICSA) MX-2 national scale short-term rating, Not Prime global scale local currency short-term rating, Baa1.mx national scale issuer rating, and its B1 global scale local currency issuer rating under review direction uncertain. Ratings Rationale On August 31, 2012 Fibra Uno, the first REIT in Mexico, signed a contract to acquire a portfolio of 15 properties and the rights to operate and use commercial space at a marine terminal and port area from Grupo GICSA in exchange for an equity interest in Fibra Uno valued at approximately US$11.6 billion pesos. Under the terms of the contract Fibra Uno will assume US$8.4 billion pesos of debt associated with the properties and Grupo GICSA will get a seat on the board of directors of Fibra Uno. Fibra Uno will acquire the assets from GICSA and assume General Electric Real Estate's debt, who is the lender of the debt. The sale of these assets represents a significant portion of GICSA's portfolio and will reposition the company away from being one of the largest owner/operators of real estate in Mexico. The company's leverage will also be reduced and GICSA will continue to operate the assets in exchange for a management fee. In its review, Moody's will focus on the ultimate size of the company's portfolio, the cash flows generated by the portfolio and GICSA's ultimate capital structure. Moody's expects to conclude its review once the transaction is closed, which should happen by the end of this year. Going forward Moody's will monitor GICSA's business model as an owner and operator of a smaller portfolio of shopping centers, offices and industrial properties and how these assets will generate recurring lease revenues and free cash flow, as well as its existing development pipeline. A return to stable would be predicated on more visibility with respect to the company's future strategy, both from a funding and cash flow generation perspective. Stability and/or improvement in the company's credit profile, specifically the coverage of Debt to Assets, remaining at least at current levels as a result of deleveraging would also lead to a stable outlook. A downgrade would result should cash flows generated from the expected smaller asset base cause a reduction in operating margins below current levels without significant improvement in credit metrics. The following ratings were placed under review direction uncertain: Grupo GICSA, S.A. de C.V. -- MX-2 national scale short-term rating; Not Prime global scale local currency short-term rating; Baa1.mx national scale issuer rating, and a B1 global scale local currency issuer rating. In its most recent rating action with respect to GICSA, Moody's affirmed its MX-2 national scale rating, Not Prime global scale local currency short-term rating, Baa1.mx national scale issuer rating, and its B1 global scale local currency issuer rating on March 2, 2011. The rating outlook remained stable. GICSA, based in Mexico City, Mexico is an owner, operator and developer of real estate in Mexico. The company owns a portfolio of shopping centers, offices and industrial properties with recurring leases as well as an existing development pipeline. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. ===================== P U E R T O R I C O ===================== JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4 ----------------------------------------------------------- The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico granted JMR Development Group Corp. an extension until Oct. 4, 2012, of its exclusive period to file the proposed chapter 11 plan. The Debtor, in its July 6 motion, stated that it needed more time to conclude negotiations with Built Rite Enterprises of NY, Inc. The Debtor is negotiating to obtain postpetition (exiting) financing for the completion of the construction of its hotel and casino facilities. JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D. P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico. CPA Luis R. Carrasquillo & CO., P.S.C serves as financial accountant. The Debtor scheduled assets of US$12,732,474 and debts of US$48,587,611. An affiliate, JMR Tourist Development Group Corp. sought Chapter 11 protection (Case No. 11-07911) on the same day. *********** 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 * * *