/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/121107.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 Wednesday, November 7, 2012, Vol. 13, No. 222 Headlines B E R M U D A ASSOCIATED CUISINE: Court to Hear Wind-Up Petition on Nov. 9 SCHRODER PROPERTY: Court to Hear Wind-Up Petition on Nov. 16 C A Y M A N I S L A N D S ALTAIR STARS: Creditors' Proofs of Debt Due Nov. 8 ANSHER SPC: Commences Liquidation Proceedings BRYANT PARK: Creditors' Proofs of Debt Due Nov. 8 EXCLUSIVE HOLDINGS: Placed Under Voluntary Wind-Up JEAN-PAULE INVESTMENT: Placed Under Voluntary Wind-Up KAMP RE 2005: Creditors' Proofs of Debt Due Nov. 26 KIMO.COM (CAYMAN): Creditors' Proofs of Debt Due Nov. 8 NEW STRATEGY: Creditors' Proofs of Debt Due Nov. 7 NTTL CAYMAN: Creditors' Proofs of Debt Due Nov. 8 RYAN LABS: Placed Under Voluntary Wind-Up E L S A L V A D O R * EL SALVADOR: Moody's Cuts Government Bond Rating to 'Ba3' J A M A I C A * JAMAICA: Fallen Behind Debt Payments, Minister of Finance Says M E X I C O GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR on Bond Reopening N I C A R A G U A * NICARAGUA: To Get $35MM IDB Loan to Boost Electricity Service T R I N I D A D & T O B A G O LIAT: St. Lucia Still Mulling Over Airline Investment - - - - - ============= B E R M U D A ============= ASSOCIATED CUISINE: Court to Hear Wind-Up Petition on Nov. 9 ------------------------------------------------------------ A petition to wind up the operations of Associated Cuisine Limited will be heard before the Supreme Court of Bermuda on Nov. 9, 2012, at 9:30 a.m. SCHRODER PROPERTY: Court to Hear Wind-Up Petition on Nov. 16 ------------------------------------------------------------ A petition to wind up the operations of Schroder Property Asia Advisors Ltd will be heard before the Supreme Court of Bermuda on Nov. 16, 2012, at 9:30 a.m. ========================== C A Y M A N I S L A N D S ========================== ALTAIR STARS: Creditors' Proofs of Debt Due Nov. 8 -------------------------------------------------- The creditors of Altair Stars Fund Holdings Ltd. are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 28, 2012. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 ANSHER SPC: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary meeting held on Aug. 1, 2012, the members of Ansher SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. The company's liquidator is: Nozim Kabilov 27, Dustmakhammedov Street Tashkent Uzbekistan Telephone: +998 90 321 6661 e-mail: Nozim.kabilov@ansherglobal.com BRYANT PARK: Creditors' Proofs of Debt Due Nov. 8 ------------------------------------------------- The creditors of Bryant Park CDO Ltd. are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 26, 2012. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street, George Town Grand Cayman, KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EXCLUSIVE HOLDINGS: Placed Under Voluntary Wind-Up -------------------------------------------------- On Sept. 19, 2012, the shareholders of Exclusive Holdings Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. The company's liquidator is: Stewart Walker 12-14 David Place, St. Helier, Jersey Channel Islands Great Britain, JE2 4TD Telephone: +44 (1534) 760100 Facsimile: +44 (1534) 760125 JEAN-PAULE INVESTMENT: Placed Under Voluntary Wind-Up ----------------------------------------------------- On Sept. 26, 2012, the shareholder of Jean-Paule Investment Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 30, 2012, will be included in the company's dividend distribution. 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 KAMP RE 2005: Creditors' Proofs of Debt Due Nov. 26 --------------------------------------------------- The creditors of Kamp RE 2005 Ltd are required to file their proofs of debt by Nov. 26, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 17, 2012. The company's liquidators are: Owen Dinnall Dena Thompson P.O. Box 10233 171 Elgin Avenue The Pavilion Building Grand Cayman Cayman Islands Telephone: 914-2255/ 949-5263 Facsimile: 949-6021 KIMO.COM (CAYMAN): Creditors' Proofs of Debt Due Nov. 8 ------------------------------------------------------- The creditors of Kimo.Com (Cayman) Corporation are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 28, 2012. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands NEW STRATEGY: Creditors' Proofs of Debt Due Nov. 7 -------------------------------------------------- The creditors of New Strategy Fund Limited are required to file their proofs of debt by Nov. 7, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 26, 2012. The company's liquidator is: David A.K. Walker c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258 Grand Cayman KY1-1104 Cayman Islands NTTL CAYMAN: Creditors' Proofs of Debt Due Nov. 8 ------------------------------------------------- The creditors of NTTL Cayman, Ltd. are required to file their proofs of debt by Nov. 8, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 18, 2012. The company's liquidator is: Linburgh Martin c/o Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands RYAN LABS: Placed Under Voluntary Wind-Up ----------------------------------------- On Sept. 14, 2012, the shareholders of Ryan Labs TALF Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 23, 2012, will be included in the company's dividend distribution. The company's liquidator is: Ryan Labs, Inc. dba Ryan Labs Asset Management 88 Pine Street, 32nd Floor New York, NY 10005 ==================== E L S A L V A D O R ==================== * EL SALVADOR: Moody's Cuts Government Bond Rating to 'Ba3' ----------------------------------------------------------- Moody's Investors Service has downgraded El Salvador's long-term government bond rating to Ba3 from Ba2. At Ba3, the outlook is stable. The short-term government bond rating is Not Prime and is not affected by this action. Ratings Rationale The one-notch downgrade of El Salvador's rating to Ba3 captures Moody's assessment of the sovereign credit challenges the country faces as a result of a weak growth outlook and its implications for debt ratios that, at present, are relatively high and have been on an upward trend . Real GDP has grown by just 1.9% on average over the past decade, compared to a Ba-rated median of 4.7%. Moreover, growth has been weaker over the past five years (1% on average) than the five years prior (2.8% on average). Despite a rebound in workers' remittances since 2009, growth has been structurally weak due to low and declining investment ratios, which Moody's expects will fall to 14% of GDP in 2012 from 16% in 2007. Moody's projections for GDP growth are in line with official projections at 1.3% for 2012 and 2.3% for 2013 but, given the economy's vulnerability to shocks, risks are weighted to the downside. In spite of the government's recently announced fiscal consolidation measures, continued weak investment and growth prospects will make it difficult for the government to consolidate public finances. A fiscal deficit of 3.9% of GDP in 2011 was higher than the 3.5% target contemplated in the IMF Stand-By Arrangement and Moody's expects the government to miss this year's 2.5% of GDP target, likely posting a 3.8-3.9% of GDP deficit instead, compared to the Ba-rated median of 3.2%. The government has recently announced several revenue-enhancing and expenditure- cutting measures for 2013, which it expects will lead to a narrowing of the deficit to 2.7% of GDP. Moody's projections are in line with this deficit forecast. Since growth prospects remain weak and the government has a challenging outlook in the years to come, it will be difficult to reduce debt ratios. Accordingly, Moody's anticipates that the debt-to-GDP ratio will remain at around 53% of GDP and 270% of revenues in 2012, up from 39% and 215% in 2007. These ratios compare unfavorably to Ba-rated medians of 44% and 186%, respectively. Beginning in 2013 and assuming that the budget deficit narrows as expected, government debt ratios should remain relatively stable. In summary, growth as well as fiscal metrics in El Salvador compare unfavorably relative to Ba-rated medians, making Ba3 the more appropriate rating. In conjunction with this rating action, Moody's downgraded El Salvador's foreign-currency bond and deposit ceilings to Ba1 from Baa3. Because the economy is officially dollarized, Moody's withdrew the country's Baa3 local currency bond and deposit ratings. Outlook Rationale The maintenance of a stable outlook on El Salvador's Ba3 rating reflects a credit profile that balances key challenges (e.g., weak growth and private investment, ongoing pension outlays, and vulnerability to US- and climate-related shocks) with strengths that include strong cross-party willingness to implement fiscal consolidation as well as promote growth and private investment, an extended track record of repayment, and frequent access to international capital markets. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. ============= J A M A I C A ============= * JAMAICA: Fallen Behind Debt Payments, Minister of Finance Says ---------------------------------------------------------------- RJR News reports that data from the Minister of Finance, show that the government has fallen behind in debt payments, while borrowing is running ahead of schedule. Payments on the principal portion of the debt at the end of September, were J$861 million lower than planned, according to RJR News. The report relates that most of the lower than planned payments, were on the external portion of the debt. RJR News notes that interest payments were also J$3.3 billion lower than expected. At the same time, government borrowings were J$940 million more than planned, the report adds. =========== M E X I C O =========== GRUPO EMBOTELLADOR: S&P Affirms 'BB' ICR on Bond Reopening ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' issuer credit rating on Grupo Embotellador Atic S.L. (Grupo Atic). The outlook remains stable. At the same time, Standard & Poor's affirmed its 'BB' issue rating on the company's senior unsecured debt following the proposed reopening of the notes, which were first launched in May 2012. Under the proposed reopening, the outstanding bond principal could increase to US$450 million. The notes are scheduled to mature on May 14, 2022, and carry a fixed coupon rate of 6.5%. "The ratings on Grupo Atic reflect our assessment of the company's fair business risk profile, significant financial risk profile, and adequate liquidity," said Standard & Poor's credit analyst Luis Martinez. The issuer of the notes is Ajecorp B.V., a wholly owned subsidiary of Grupo Atic that was created for the sole purpose of issuing the notes. Grupo Atic plans to use the proceeds to refinance existing debt and for general corporate purposes and 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. ================= N I C A R A G U A ================= * NICARAGUA: To Get $35MM IDB Loan to Boost Electricity Service --------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a $35 million loan to improve electricity service in Nicaragua, the third part for the National Sustainable Electrification and Renewable Energy Program (PNESER, the Spanish acronym). PNESER aims to support the transformation of the country's energy matrix and increase electricity coverage from 65 percent to 85 percent of the population, improving the quality of life for the more than 1.7 million Nicaraguans. It will also lower electricity costs for families by reducing dependence on fossil fuel-generated electrical power and by implementing energy efficiency measures. The operation brings the IDB contribution for PNESER to $87.5 million over three loans. The first was provided in 2010 and the second the following year. The total contribution for PNESER adds up to $419 million, including in addition to the IDB loans, additional funding from the Export Import Bank of Korea (KEXIM), the Latin America Investment Facility (LAIF), the European Investment Bank (EIB), the Central American Bank for Economic Integration (CABEI), the Nordic Development Fund (NDF), OPEC Fund for International Development (OFID) and the Japan International Cooperation Agency (JICA). The program's overarching objectives will address Nicaragua's lack of electricity in rural areas, insufficient transmission and grid infrastructure, systemic inefficiencies, high dependence on fossil fuels, and lack of investment in renewable sources. Over the next four years PNESER will provide service to 117,390 new users, totaling 702,000 people in 3,666 rural communities. The IDB loans will help finance electricity service connections to 6,762 of these homes. Service will also be normalized for 164,000 households, totaling 984,000 people, who currently have illegal electrical connections. The IDB financing consists of $17.5 million from the Fund for Special Operations, for a term and grace period of 40 years and an interest rate of 0.25 percent; and a $17.5 million loan from the Ordinary Capital for a 30-year term, a 5.5 year grace period, and a SCF-Fixed rate of interest =============================== T R I N I D A D & T O B A G O =============================== LIAT: St. Lucia Still Mulling Over Airline Investment ----------------------------------------------------- Jamaica Gleaner reports that Prime Minister Dr. Kenny Anthony remains doubtful whether St. Lucia can at this time participate in the redevelopment of the regional airline LIAT, which is seeking to purchase new aircraft and expand its route network. The St. Lucia government is being asked to play a greater fiscal role in the struggling carrier which has been beset by financial difficulties and misfortune, according to Jamaica Gleaner. Earlier this year, the report notes that the St. Vincent and the Grenadines government, one of three shareholders of the Antigua- based airline, called on Castries to fast track its decision to become a significant shareholder. However, despite a sales pitch by airline officials in late October, Prime Minister Anthony remains circumspect about investment in the financially strapped carrier, the report relates. The report notes that Mr. Anthony that the outlay for the new fleet of aircraft would be significant, a tall order for the carrier which has accumulated million of dollars in debt. Mr. Anthony said he was mindful of the importance of upgrading the carriers fleet and the fate of the dedicated employees, but noted that his government too was faced with economic challenges, the report adds. Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News notes that Trinidad Express reported that the arrears were built up over the last six weeks as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January 2007. *********** 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 * * *