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/raid1/www/Hosts/bankrupt/TCRLA_Public/121012.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, October 12, 2012, Vol. 13, No. 204 Headlines A R G E N T I N A COMPANIA DE INSUMOS: Creditors' Proofs of Debt Due Nov. 9 EMPRENDIMIENTOS CAFE: Requests Opening of Bankruptcy Proceedings FNB SA: Creditors' Proofs of Debt Due Nov. 13 INVERSIONES CORPGROUP: S&P Assigns 'BB' Issuer Credit Rating NPL LOGISTIC: Creditors' Proofs of Debt Due Nov. 16 RUSH SOLUTIONS: Creditors' Proofs of Debt Due Nov. 8 B E R M U D A BURROWS CONSTRUCTION: Hearing on Wind-Up Petition Set for Oct. 26 B R A Z I L BANCO INDUSTRIAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings BROOKFIELD INCORPORACOES: Moody's Reviews 'Ba2' Ratings RODOPA INDUSTRIA: S&P Rates $100MM Unsecured Notes 'B-' C A Y M A N I S L A N D S ABBA MULTISTRATEGY: Shareholder Receives Wind-Up Report BT INTERNATIONAL: Shareholders Receive Wind-Up Report GREEN VALLEY: Shareholder Receives Wind-Up Report HIGHGATE GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 19 HIGHGATE GLOBAL (USD): Member to Hear Wind-Up Report on Oct. 19 PI MULTI-STRATEGY: Shareholders Receive Wind-Up Report SUBCO V CAYMAN: Shareholders Receive Wind-Up Report TIME TRANSPORTATION: Shareholders' Final Meeting Set for Oct. 12 TWIN ELITE: Shareholders Receive Wind-Up Report G R E N A D A * GRENADA: Government Says S&P Credit Rating "Premature" M E X I C O BANCO MULTIVA: Moody's Withdraws 'E+' Financial Strength Rating CEMEX SAB: S&P Affirms 'B-' Global Corp. Credit Rating; Off Watch - - - - - ================= A R G E N T I N A ================= COMPANIA DE INSUMOS: Creditors' Proofs of Debt Due Nov. 9 --------------------------------------------------------- Jorge Czaban, the court-appointed trustee for Compania de Insumos SRL's reorganization proceedings, will be verifying creditors' proofs of claim until Nov. 9, 2012. Mr. Czaban will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jorge Czaban Uruguay 660 EMPRENDIMIENTOS CAFE: Requests Opening of Bankruptcy Proceedings ---------------------------------------------------------------- Emprendimientos Cafe SRL requested the opening of bankruptcy proceedings. The company defaulted its payments last Feb. 3. FNB SA: Creditors' Proofs of Debt Due Nov. 13 --------------------------------------------- Norberto Manuel Palmeiro, the court-appointed trustee for FNB SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 13, 2012. Mr. Palmeiro will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Norberto Manuel Palmeiro Arcos 4033 Argentina INVERSIONES CORPGROUP: S&P Assigns 'BB' Issuer Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'BBB+' ratings on Corpbanca and 'BB' rating on Inversiones CorpGroup Interhold S.A. on CreditWatch with negative implications. "The rating action followed the announcement of the agreement to acquire 100% of Helm Bank for $1.28 billion. The acquisition would occur through Corpbanca's subsidiary, Banco CorpBanca Colombia, and will be financed with an equity issuance of about $1 billion and own resources. Following the acquisition, Banco Corpbanca Colombia would become the fifth-largest bank in Colombia with a market share of about 7% in terms of loans and deposits and an asset base of $11.8 billion. Corpbanca will own 64% of merged operations in Colombia," S&P said. "The CreditWatch listings reflect the acquisition's potential impact on both Corpbanca and Inversiones CorpGroup Interhold. We will evaluate the impact on Corpbanca's anchor stand-alone credit profile, capital charges, and risk-adjusted capital ratios due to higher exposure to Colombia (which faces higher economic risks than Chile) and resulting capital structure after the acquisition," S&P said. NPL LOGISTIC: Creditors' Proofs of Debt Due Nov. 16 --------------------------------------------------- Juan Roque Treppo, the court-appointed trustee for NPL Logistic International SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 16, 2012. Mr. Treppo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 42, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Juan Roque Treppo Sarmiento 1183 Argentina RUSH SOLUTIONS: Creditors' Proofs of Debt Due Nov. 8 ---------------------------------------------------- Sergio Diego Hernan Gomez Marti, the court-appointed trustee for Rush Solutions SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until Nov. 8, 2012. Mr. Marti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 18, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Sergio Diego Hernan Gomez Marti Viamonte 1546 Argentina ============= B E R M U D A ============= BURROWS CONSTRUCTION: Hearing on Wind-Up Petition Set for Oct. 26 ----------------------------------------------------------------- The Royal Gazette reports that a petition to wind up Burrows Construction Ltd has been filed in Supreme Court. The hearing will take place October 26. Any creditor or contributory is urged at that time to make their case, according to The Royal Gazette. Troy Burrows, the owner of Burrows Construction, The Royal Gazette in an interview that Burrows and Bermuda Public Storage were "two separate companies" and the legal action "will all be sorted out" Burrows Construction was behind Bermuda Public Storage, a 50,000- square-foot, eight-storey complex on Elliott Street, which opened in March. =========== B R A Z I L =========== BANCO INDUSTRIAL: S&P Affirms 'BB+/B' Counterparty Credit Ratings ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+/B' global scale and 'brAA' national scale counterparty credit ratings on Banco Industrial e Comercial S.A. (Bicbanco). The outlook on both scales is stable. Standard & Poor's Ratings Services' ratings on Bicbanco reflect its "moderate" business position, "adequate" capital and earnings, "adequate" risk position, "below average" funding, and "adequate" liquidity. BROOKFIELD INCORPORACOES: Moody's Reviews 'Ba2' Ratings ------------------------------------------------------- Moody's America Latina has placed Brookfield Incorporacoes S.A. (Brookfield) Ba2 global scale ratings and Aa3.br national scale ratings under review for downgrade. The ratings review was triggered by a significant deterioration in the company's credit metrics due to weaker than expected profitability and Moody's expectation that an improvement in leverage will only be gradual. Ratings placed under review for downgrade: - Corporate Family Rating: Ba2 (global scale) and Aa3.br (national scale) - BRL300 million senior unsecured debentures due in 2015 and 2016: Ba2 (global scale) and Aa3.br (national scale) Ratings Rationale Brookfield experienced an accelerated growth pace during the last five years with an annual average revenue growth rate of 56% from 2007 to the 2Q12 (LTM), primarily through acquisitions. The aggressive growth strategy led to cost overruns and delayed launches impacting gross margins and profitability. At the same time, large working capital needs pressured the company's capital structure leading to significant increase in leverage. Adjusted gross margins shrunk to 21.9% LTM June 2012 from 31.3% in 2011 and 32.8% in 2010, while total debt capitalization increased to 60.9% in the end of June 2012 from 53.8% in December 2011 and 44.9% in December 2010. The ratings review process, which Moody's expects to conclude swiftly, will focus on prospects for Brookfield to improve its current margins, deleverage within a reasonable timeframe and support its market position in an evolving competitive environment. The review will also focus on a detailed evaluation of Brookfield's capital structure after the completion of the planned equity increase of BRL400 million along with other management initiatives to promote leverage reduction. Moody's will also review the company's evolving debt structure to assess the potential impact on the subordination level of unsecured creditors. The principal methodology used in rating Brookfield was the Global Homebuilding Industry Methodology published in March 2009. Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A. (Brookfield) is the result from the combination of Brascan, Company and MB Engenharia, all strong brand names with over 25 year experience in the Brazilian homebuilding market. Brookfield develops, builds and sells residential projects in virtually all price segments, as well as, office buildings. The largest shareholder is Brookfield Asset Management (Baa2/Stable) with an indirect stake of 44.17% of the shares. The company currently has 102 projects under development to be delivered between 2012 and 2014, mainly in the states of Sao Paulo, Rio de Janeiro, Parana and the mid-west region of Brazil, including the Federal District. In last twelve months ending June 30, 2012, Brookfield generated net revenues of BRL3.5 billion (USD2.0 billion) and net losses of BRL197 million (USD110 million). RODOPA INDUSTRIA: S&P Rates $100MM Unsecured Notes 'B-' ------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' rating to Rodopa Industria e Comercio de Alimentos Ltda's planned $100 million senior unsecured notes due 2017. "We expect the company to use most of the notes to improve its capital structure, refinance more expensive short-term maturities, and fund part of its expansion capital expenditures. At the same time, the company announced that there was a change in its control, following the current CEO's acquisition of it. The CEO is already in charge of company's daily decisions. We don't foresee any different guidance, as the board of directors will remain unchanged. While details of the acquisition are not yet clear, we expect that part of the proceeds from the notes issuance will help fund the buyout," S&P said. "Rodopa plans to double its slaughtering capacity within five years, and the notes issuance will help to finance the related working-capital requirements and capital expenditures to accomplish the expansion. We already incorporated into our forecast additional debt, but the long-term notes issuance will help extend maturities and reduce the company's refinancing risks," S&P said. RATINGS LIST Rodopa Industria e Comercio Alimentos Ltda Corporate Credit Rating B-/Positive/-- Brazilian Rating Scale brBB/Positive/-- Rating Assigned Rodopa Industria e Comercio Alimentos Ltda $100 million senior unsecured notes due 2017 B- ========================== C A Y M A N I S L A N D S ========================== ABBA MULTISTRATEGY: Shareholder Receives Wind-Up Report ------------------------------------------------------- The sole shareholder of Abba Multistrategy Partners received on Oct. 2, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Chris Van de Water Telephone: 345-815-2645/ 345-949-4800 Facsimile: 345-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands BT INTERNATIONAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of BT International Fund, Ltd. received on Aug. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Titan Advisors LLC 2 International Drive Suite 200 Rye Brook, NY 10573 USA GREEN VALLEY: Shareholder Receives Wind-Up Report ------------------------------------------------- The sole shareholder of Green Valley Ltd. received on Oct. 9, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Carl Gosselin Wilmington Trust (Cayman), Ltd. P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 814-6712 HIGHGATE GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 19 -------------------------------------------------------------- The shareholder of Highgate Global Quant Fund will receive on Oct. 19, 2012, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Roger Priaulx J. Paul Drake Midtown Plaza, 2nd Floor Elgin Avenue, George Town Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 945 3466 Facsimile: (345) 945 3470 HIGHGATE GLOBAL (USD): Member to Hear Wind-Up Report on Oct. 19 -------------------------------------------------------------- The shareholder of Highgate Global Dynamic Fund (USD) will receive on Oct. 19, 2012, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Edel Andersen Roger Priaulx Midtown Plaza, 2nd Floor Elgin Avenue, George Town Grand Cayman Cayman Islands KY1-1106 Telephone: (345) 945 3466 Facsimile: (345) 945 3470 PI MULTI-STRATEGY: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of PI Multi-Strategy Fund II LDC received on Aug. 20, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Titan Advisors LLC 2 International Drive Suite 200 Rye Brook, NY 10573 USA SUBCO V CAYMAN: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Subco V Cayman Argentina received on Oct. 4, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Roberto Alarcon c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands TIME TRANSPORTATION: Shareholders' Final Meeting Set for Oct. 12 ---------------------------------------------------------------- The shareholders of Time Transportation Limited will hold their final meeting on Oct. 12, 2012, at 2:00 p.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 TWIN ELITE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Twin Elite Access Fund, Ltd. received on Oct. 5, 2012, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Vincent King PO Box EE-17758 4th Floor One Montague Place, East Bay Street Nassau Bahamas ============= G R E N A D A ============= * GRENADA: Government Says S&P Credit Rating "Premature" -------------------------------------------------------- Guardian Media reports that the Government of Grenada has described the decision by Standard and Poor's to lower foreign currency sovereign credit ratings on Grenada to 'SD' from 'B-/B' as premature. "Government considers the action by Standard & Poor's as premature considering the terms of the agreement for the 2025 notes which provide a grace period of thirty (30) days after the due date and the notice duly issued by Government to note-holders before the due date. This 30-day grace period has not yet expired," the government said, according to the report. Guardian Media relates that the 30-day grace period for Grenada expires on Oct. 8. In a release, the Tillman Thomas-led administration sought to assure investors that it will continue to meet its obligations "as and when they fall due on the Regional Government Securities Market (RGSM)," the report relays. "The Government fully understands the importance of the RGSM for Grenada and other member Governments of the Eastern Caribbean Currency Union and is deeply committed to the RGSM," the report quoted the Finance Ministry as saying. In 2005, following the devastation caused by Hurricanes Ivan and Emily, Grenada undertook debt restructuring of its long-term liabilities, however, Grenada's treasury bills on the RGSM were unaffected, the report discloses. As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2012, Standard & Poor's Ratings Services lowered its foreign currency sovereign credit ratings on Grenada to 'SD', selective default, from 'B-/B'. "At the same time, we lowered our local currency sovereign credit ratings on Grenada to 'CCC+/C' from 'B-/B'. The outlook on the long-term local currency rating is negative," S&P said. "The downgrade to 'SD' follows the government's failure to pay the coupon due Sept. 15, 2012, on its US$193 million bond due in 2025," said Standard & Poor's credit analyst Richard Francis. "In its Sept. 12, 2012, statement to bondholders, the government of Grenada stated its intention to use its best efforts to pay the coupon within a 30-day grace period. However, according to our criteria (cited below), we consider an obligation in default unless payment is made within five business days of the due date, regardless of any grace period." "The government's difficulty in servicing its U.S. dollar debt and paying public-sector wages may presage servicing risks to its Eastern Caribbean dollar-denominated bond, as well as its Eastern Caribbean dollar-denominated treasury bills. The local currency bond was also part of the 2005 debt restructuring. Accordingly, we have lowered the long-term local currency rating to 'CCC+' with a negative outlook and the short-term local currency rating to 'C'," S&P said. =========== M E X I C O =========== BANCO MULTIVA: Moody's Withdraws 'E+' Financial Strength Rating --------------------------------------------------------------- Moody's Investors Service has withdrawn Banco Multiva, S.A. (Banco Multiva)'s ratings including: (i) bank financial strength rating (BFSR) of E+, mapping from a standalone baseline credit strength of b3; (ii) long and short term global local currency (GLC) deposit ratings of B3 and Not-Prime, respectively; (iii) long and short term foreign currency deposit ratings of B3 and Not-Prime, respectively. Moody's de Mexico has also withdrawn Banco Multiva's long and short term Mexican National Scale ratings of Ba2.mx and MX-4, respectively. The outlook on all the ratings before the withdrawal was stable. RATINGS RATIONALE Moody's has withdrawn the ratings for business reasons. The last rating action on Banco Multiva was on October 13, 2011, when Moody's downgraded the bank's global local currency ratings (for details please refer to Moody's press release "Moody's downgrades Banco Multiva' deposit ratings to B3, outlook stable"). The following ratings on Banco Multiva were withdrawn: Bank Financial Strength Rating of E+ Long term global local currency deposit rating of B3 Short term global local currency deposit rating of Not-Prime Long term foreign currency deposit rating of B3 Short term foreign currency deposit rating of Not-Prime Long term National Scale deposit rating of Ba2.mx Short term National Scale deposit rating of MX-4 CEMEX SAB: S&P Affirms 'B-' Global Corp. Credit Rating; Off Watch ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings, including the 'B-' global scale and 'mxBB/mxB' national scale corporate credit ratings, on CEMEX S.A.B. de C.V. and its key operating subsidiaries--CEMEX Espa�a S.A., CEMEX Mexico S.A. de C.V., Cemex Corp., and CEMEX Inc. "In addition, we removed the ratings from CreditWatch with negative implications. We had placed the ratings on CreditWatch on July 3, 2012, after CEMEX announced a refinancing proposal for its Financing Agreement that included a $1 billion payment to lenders by March 2013. The outlook is stable," S&P said. "The rating action follows CEMEX's recent debt issuance for $1.5 billion in bonds due 2022. The company plans to use the net proceeds from this issuance to prepay principal outstanding under the new Facilities Agreement, allowing the company to satisfy the March 31, 2013, $1 billion prepayment milestone and the Feb. 14, 2014, $500 million amortization payment. In our view, CEMEX's ability to raise $1.5 billion in cash through this debt issuance improves its liquidity and addresses our previous concerns the company's risk of nonpayment in the short term," S&P said. *********** 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 * * *