/raid1/www/Hosts/bankrupt/TCRLA_Public/130116.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, January 16, 2013, Vol. 14, No. 11
Headlines
A R G E N T I N A
* ARGENTINA: Former Central Banker Allowed to File Bond Argument
B E R M U D A
DOLPHIN OPPORTUNITY: Members' Final Meeting Set for Jan. 15
SUN GOD: Member to Receive Wind-Up Report on Jan. 17
VOSTOK ENERGO: Member to Receive Wind-Up Report on Jan. 16
B R A Z I L
ATENTO INVERSIONES: Moody's Assigns 'Ba3' CFR; Outlook Stable
BANCO DO ESTADO: Fitch Affirms 'BB+' LC Issuer Default Rating
COMPANHIA DE SECURITIZACAO: S&P Assigns Preliminary 'BB-' Rating
MINERVA LUXEMBOURG: S&P Assigns 'B+' ICR to Planned Senior Notes
MINERVA SA: Moody's Raises Rating on US$500-Mil. Notes to 'B1'
REDE D'OR SAO: S&P Assigns 'BB-' Corporate Credit Rating
C A Y M A N I S L A N D S
APEX EQUITY: Commences Liquidation Proceedings
CHESTER EMERGING: Commences Liquidation Proceedings
COTTONROSE HOLDINGS: Commences Liquidation Proceedings
DURENDAL GLOBAL: Commences Liquidation Proceedings
F. LEE HOLDINGS: Placed Under Voluntary Wind-Up
FLINTLOCK COMMODITY: Commences Liquidation Proceedings
GARA INTERNATIONAL: Commences Liquidation Proceedings
GENI MCF: Commences Liquidation Proceedings
GINZA BRIDGE: Commences Liquidation Proceedings
HALEIWA CAPITAL: Commences Liquidation Proceedings
HP GROUP: Commences Liquidation Proceedings
LABOR READY: Placed Under Voluntary Wind-Up
MAJOR TREND: Commences Liquidation Proceedings
MARCO INVESTMENT: Commences Liquidation Proceedings
MIL ASIA: Placed Under Voluntary Wind-Up
MSREF VI: Commences Liquidation Proceedings
OCTAGON INVESTMENT: Placed Under Voluntary Wind-Up
RAJMON LTD: Commences Liquidation Proceedings
SES INTERMEDIATE: S&P Assigns 'B' Corporate Credit Rating
SONSOME HOLDING: Commences Liquidation Proceedings
STARTS (CAYMAN): S&P Withdraws 'CCC-' Rating on A1-G Notes
SUPERVIEW HOLDINGS: Placed Under Voluntary Wind-Up
C O S T A R I C A
BANCO DE COSTA RICA: Fitch Affirms 'BB+' LT Issuer Default Rating
J A M A I C A
* JAMAICA: Scrap Metal Earnings Plunge, SIJ Says
- - - - -
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A R G E N T I N A
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* ARGENTINA: Former Central Banker Allowed to File Bond Argument
----------------------------------------------------------------
Karen Gullo at Bloomberg News reports that Alfonso Prat-Gay, a
former governor of Argentina's central bank, was granted
permission by a U.S. appeals court to file a brief supporting his
country's effort to overturn a ruling that it must pay
$1.33 billion to holders of defaulted bonds.
Mr. Prat-Gay, now a congressman representing Buenos Aires, said
bondholders who haven't sold the new bonds they received in a 2005
bond exchange have made a 58% profit, while Argentina's per capita
real GDP has risen 46% since 2005, according to Bloomberg News.
"This means that the average Argentine citizen is worse off than
the average participating bondholder. . . . And the GDP warrant
clock continues to click relatively more in the latter's favor,"
Prat-Gay said in a filing in the U.S. Court of Appeals in New
York.
Bloomberg News notes that a U.S. judge ruled that Argentina must
pay the holders of its defaulted bonds if it proceeds with
scheduled payments of more than $3 billion to owners of its
restructured bonds.
U.S. District Judge Thomas Griesa in Manhattan ruled that
Argentina must pay the money into an escrow account while an
appeals court considers his rulings in the case, Bloomberg News
relays. The appeals court ruled Oct. 26 that Argentina must pay
holders of the defaulted notes if it pays off on its restructured
debt, Bloomberg News says.
Bloomberg News discloses that Mr. Prat-Gay supports his country's
bid for a rehearing of that ruling, according to a court filing.
Argentina defaulted on a record $95 billion of debt in 2001,
Bloomberg News recalls. In 2005 and 2010, the country offered to
let holders of the defaulted bonds exchange them for new bonds at
a discount of more than 70%, according to a brief filed in
November in federal court in Manhattan by holders of the exchanged
bonds, Bloomberg News adds.
The case is NML Capital Ltd. v. Republic of Argentina, 12-00105,
U.S. Court of Appeals for the Second Circuit (Manhattan).
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B E R M U D A
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DOLPHIN OPPORTUNITY: Members' Final Meeting Set for Jan. 15
-----------------------------------------------------------
The members of Dolphin Opportunity Management Ltd. will hold their
final general meeting on Jan. 15, 2013, at 11:00 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 Dec. 10, 2012.
The company's liquidator is:
John O'Kelly-Lynch
Williams House, 20 Reid Street
Hamilton
Bermuda
SUN GOD: Member to Receive Wind-Up Report on Jan. 17
----------------------------------------------------
The member of Sun God Insurance Company Ltd. will receive on
Jan. 17, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 10, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
VOSTOK ENERGO: Member to Receive Wind-Up Report on Jan. 16
----------------------------------------------------------
The member of Vostok Energo Investment Ltd. will receive on
Jan. 16, 2013, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on Dec. 10, 2012.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton
Bermuda
===========
B R A Z I L
===========
ATENTO INVERSIONES: Moody's Assigns 'Ba3' CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Atento Inversiones y Teleservicios S.A.U. At the same time,
Moody's has rated the company's proposed USD 250 million senior
secured notes due 2019 and assigned a Ba3 rating. This is the
first time Moody's has rated Atento.
Ratings assigned as follows:
Atento Inversiones y Teleservicios S.A.
Corporate Family Rating -- Ba3
BC Luxco 1 S.A.
USD 250 million senior secured notes due 2019 -- Ba3 foreign
currency rating
The outlook for all ratings is stable.
Ratings Rationale
Atento's Ba3 ratings are supported primarily by its size and
scale, as the second largest provider of outsourced customer care
services globally in terms of revenues (with net revenues of
EUR1.9 billion in the last twelve months ended September 2012) ,
its good geographic and product diversity and the company's
leadership position in all markets where it operates. In addition,
Atento's adequate liquidity, predictable cash flow generation and
stable margins, ensured by the existence of long-term service
contracts with clients and the 9-year framework agreement with
Telefonica, also benefit the ratings. Lastly, the ratings
incorporates the good prospects of consumer spending in Latin
America, supportive of higher demand for customer service, and the
still low penetration of outsourced services in the region.
Constraining the ratings are Atento's limited track record
operating away from Telefonica ownership and the debt burden that
was added to the company's balance sheet as a result of Bain
Capital's acquisition, which will immediately increase leverage
metrics. Another credit risk arises from Atento's large client
concentration with the Telefonica group (Baa2/negative), its
single largest client, which represents 50% of revenues. This
credit risk is partially mitigated by the mutual reliance of
Atento and the Telefonica Group as expressed by the 9-year
framework agreement that provides a minimum revenue threshold and
therefore certain revenue predictability. The ratings are also
constrained by the high component of labor in the cost structure
of this industry.
The US$250 million senior secured notes were rated at the same
level as Atento's CFR given the limited amount of liabilities with
a priority claim over the bonds. Bain Capital Partners (not rated)
will use the proceeds of the issuance to refinance all existing
debt of Atento, including the debt issued to fund the acquisition.
The bonds will be guaranteed by all Atento's subsidiaries with the
exception of Argentina and Brazil, and secured by share pledges
and liens. The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assumes that
these agreements are legally valid, binding and enforceable.
The stable outlook incorporates Moody's expectations that Atento
will continue to benefit from the good prospects of the customer
service industry in Latin America, while the company pursues its
expansion plans towards a more diversified client base.
Atento's ratings could be upgraded if the company is able to
diversify its customer base while maintaining profitability at
current levels and gradually deleverage. Quantitatively, the
ratings could be upgraded if the company is able to maintain Total
Adjusted Debt to Ebitda below 3.0 times (3.1 times for the last
twelve months ended September 2012) and Free Cash Flow to Total
Adjusted Debt above 8.0% (0.6% in the last twelve months ended
September 2012) in a consistent basis.
Conversely, the ratings could be downgraded if Atento is unable to
deleverage its balance sheet or if company's profitability
deteriorates considerably. The ratings would suffer downwards
pressure if Atento's Total Adjusted Debt to EBITDA rises above 4.0
times (3.1 times for the last twelve months ended September 2012)
on a sustained basis and if the company's Free Cash Flow to Total
adjusted Debt remains negative for an extended period of time
(0.6% in the last twelve months ended September 2012). Negative
pressures could also arise from high dividend payouts that result
in liquidity shortfalls.
Headquarter in Madrid, Spain, Atento is the world's second largest
customer service provider in terms of revenues and the largest in
terms of number of employees, with net revenues of EUR 1.9 billion
in the last twelve months ended September 2012, and 157.000
employees in 2011. The company offers customer care, telesales and
other back office outsourced services to mainly telecom and
financial institution customers. Atento's operations are focused
on Latin America, and Brazil alone accounts for 51% of total
revenues (in the last twelve months ended September 2012). Spain
is the second largest contributor, with 14% of total revenues in
the period. The company is market leader in all markets it
operates, with the exception of Brazil, where is has the second
largest market share.
The principal methodology used in rating Atento was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.
BANCO DO ESTADO: Fitch Affirms 'BB+' LC Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco do Estado do Rio
Grande do Sul (Banrisul) as follows:
-- Foreign and local currency Long-term Issuer Default Ratings
(IDRs) at 'BB+'; Outlook Stable;
-- Foreign and local currency Short-term IDRs at 'B';
-- Support Rating at '4';
-- Support Rating Floor at 'B';
-- National long-term rating at 'AA- (bra)'; Outlook Stable;
-- National short-term rating at 'F1+ (bra)';
-- Viability Rating at 'bb+';
-- Tier II USD Subordinated Notes 'BB-'.
Rating Action Rationale
Banrisul's IDRs are based on its viability rating (VR). The VR
reflects its regional importance, its sound profitability and
liquidity levels that are compatible with its retail profile as
well as its stable funding structure. The ratings also consider
the bank's modest market share nationwide, fierce competition with
large Brazilian banks, and focus on the state of Rio Grande do Sul
(RS), the fourth largest Brazilian economy.
Fitch does not rate RS and does not consider its support.
Nevertheless, Fitch believes that under a stress scenario, federal
government support would be possible, but limited, considering
Banrisul's economic relevance to RS and its stature as the seventh
largest Brazilian bank in terms of total deposits. The support
rating also reflects the absence of any explicit guarantees of a
potential support from the federal government.
Banrisul holds a 33% market share stake in time deposits within
the state being present in 84.5% of the state's municipalities.
The acquisition of Bem-Vindo Promotora de Vendas e Servicos in
December 2011 has allowed for the generation of payroll-deductible
loans and financial products and services nationwide. As of
September 2012, roughly 27% of credit operations were related to
clients outside the state of RS.
Impaired loans greater than 60 days past due deteriorated to 3% of
total credit operations (2.8% in December 2011 and 2.5% in
December 2010), with a low volume of renegotiated loans (2.1%) and
charge-offs (1.5%). This compared fairly well with large Brazilian
retail peers. Credits classified from 'D' to 'H' are worse than
peers, reaching 11.1% of loans. Fitch does not expect further
credit deterioration following improving economic conditions, even
considering the fact that the economic performance of the region
is highly correlated with the performance of the agriculture
sector and the relatively fast pace of credit growth.
Following the subordinated issuance amounting to BRL926 million
(Tier 2 capital) in April 2012 with a re-opening amounting to USD
302.1 million in December 2012, liquidity increased, covering 50%
of total deposits. The Fitch core capital (FCC) Ratio was
satisfactory at 14.8% considering its worsened asset quality and
retail portfolio.
KEY RATING DRIVERS AND SENSITIVITIES
The bank's VR is sensitive to a change in Fitch's assumptions
regarding exposure to regional risk, minimum Fitch core capital
and profitability. Although Fitch believes that there is no near-
term upside, the VR could benefit over the medium term provided
that its FCC ratio is equal or higher than 15%, its ROA is above
2% along with the maintenance of current credit quality metrics.
It could be downgraded if capital weakens and/or credit
deteriorates.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Banrisul subordinated notes due January 2022 are rated 'BB-'. The
notes rank at least equally with similar subordinated debt and
carry a cumulative coupon deferral mechanism that can be
exercised. This deferral would only occur if Banrisul is in
noncompliance with its regulatory capital requirement.
As per Fitch's rating criteria, the rating of this Tier II
subordinated debt is two notches below Banrisul's Viability Rating
(VR) of 'bb+', one notch reflecting loss severity features and its
subordinated status and one notch due to the moderate risk of non-
performance.
Controlled by the State of Rio Grande do Sul, Banrisul is the
largest bank within the state with substantial market share in
credits and deposits. With 469 branches, Banrisul operates as a
retail bank, focusing primarily on individuals.
COMPANHIA DE SECURITIZACAO: S&P Assigns Preliminary 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB-
(sf)' global scale rating and 'brA- (sf)' Brazilian National scale
rating to Brazilian Securities Companhia de Securitizacao's first
issuance/289th series real estate certificates.
The issuance is a repackaged pass-through security whereby all
cash flows are derived from the underlying debentures issued by
Rede D'Or Sao Luiz S.A. (Brazilian National scale rating brA-
/Stable/--; global scale rating BB-/Stable/--).
The preliminary ratings are based on information as of Jan. 14,
2013. Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings. Before
assigning a final rating, S&P expects to receive the executed
documents, including a legal opinion covering the true sale of
assets, the perfect constitution of instruments and relevant tax
issues regarding the transaction.
The preliminary ratings reflect S&P's view of:
-- The corporate issuer rating on the debenture;
-- The structural features that support the pass-through of the
rating on Rede D'Or Sao Luiz S.A.;
-- The legal analysis covering the true sale of the assets and
the issuer's bankruptcy remoteness; and
-- Rede D'Or Sao Luiz S.A.'s obligation to cover all of the
transaction's operational expenses, including the funding
and maintenance of a reserve account.
The certificate interest will be equivalent to the accumulated
variation of the Brazilian National Bureau of Statistics Price
Index (Indice de Precosao Consumidor - Amplo), plus a spread to be
defined in the book-building process and capped to 6.05% per year.
Interest will be paid annually. Principal will be paid in four
annual payments after a four-year grace period.
According to S&P's definitions, an obligation rated 'BB' is less
vulnerable to nonpayment than other speculative issues. However,
it faces major ongoing uncertainties or exposure to adverse
business, financial, or economic conditions that could lead to the
obligor's inadequate capacity to meet its financial commitment on
the obligation.
An obligation rated 'brA' is somewhat more susceptible to the
adverse effects of changing circumstances and economic conditions
than higher-rated debt. Still, the obligor's capacity to meet its
financial commitments on the obligation, relative to other
Brazilians obligors, is strong.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.
There is no Standard & Poor's 17g-7 Disclosure Report included in
this credit rating report. In S&P's understanding there are no
representations, warranties and enforcement mechanisms available
to investors.
MINERVA LUXEMBOURG: S&P Assigns 'B+' ICR to Planned Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating to Minerva Luxembourg S.A.'s planned senior unsecured notes
due 2023. The rating on the issue reflects the credit quality of
Brazil-based beef producer Minerva S.A. (Minerva; B+/Positive/--),
which will irrevocably and unconditionally guarantee the notes.
"In our view, the proposed notes issuance is part of Minerva's
liability management to reduce interest rates and extend its debt
maturities. We assume that Minerva will only issue the notes if
there is investors' appetite to exchange them for its existing
2017 and part of its 2019 and 2022 bonds, according to the
proposed terms and conditions that include a premium price over
the principal amount of the titles," S&P said.
"We do not expect this notes issuance to increase the company's
debt. The positive outlook reflects our belief that Minerva will
use all excess cash to pay down debt. Management is showing a
strong commitment to reduce debt, as seen in its recently
announced debenture amortization, which was due 2015, and
successful equity offering," S&P added.
"In our view, the company's willingness to reduce gross debt,
coupled with the positive trends in Brazilian beef industry,
should improve its credit metrics, which could result in an
upgrade. Credit metrics, as of Dec. 31 2012, are likely to be
still weak for the rating category. However, the recent equity
offering will boost liquidity by around R$500 million," S&P noted.
MINERVA SA: Moody's Raises Rating on US$500-Mil. Notes to 'B1'
--------------------------------------------------------------
Moody's Investors Service upgraded Minerva S.A.'s ratings to B1
from B2.At the same time, Moody's assigned a B1 rating to Minerva
Luxembourg S.A.'s proposed US$500 million global notes due 2023;
the notes are guaranteed by Minerva S.A. The proceeds will be used
to prepay portion of its 2017, 2019 and 2022 bonds. The ratings
outlook is stable.
Ratings Rationale
The upgrade in Minerva's ratings reflects the improvement in the
company's capital structure following the equity issuance of BRL
457 million in early December. "As a result of the equity offering
adjusted leverage is expected to decline meaningfully to about
4.5x at the end of 2012 as most of the proceeds were used to repay
debt", said Moody's analyst Marianna Waltz. Going forward, further
deleveraging is expected during 2013 in line with the projected
increase in EBITDA levels.
Moreover, the upgrade is supported by Moody's view that the
company's credit metrics will continue to improve over the medium
term thanks to the favorable fundamentals for the beef segment in
Brazil, which should also translate into a more robust and stable
free cash flow generation going forward. Additionally, the upgrade
considers Minerva's very comfortable liquidity profile. As of
September 2012, the cash position of BRL 920 million was enough to
cover all debt maturing until 2017.
Moody's analysis also takes into consideration Minerva's track
record of stable operating margins in the volatile protein
industry and the expectation that the company will (i) keep
focusing on deleveraging; (ii) make only modest acquisitions and
lower its capex over the near term; and (iii) consistently
generate positive free cash flow.
Offsetting some of these positive attributes is Minerva's
relatively small size compared to local and global peers based on
consolidated net revenues, its still limited free cash flow
generation, as well as the sales concentration in live cattle,
beef and beef related products and the volatile nature of the
protein business. With regards to the recent discussions related
to the Bovine Spongiform Encephalopathy (BSE) in Brazil, the
country is still recognized by World Organization for Animal
Health OIE as having a negligible BSE risk, which is the most
favorable category. Trade blocks from countries such as Japan,
Egypt, Saudi Arabia, South Africa and China represent about 4.5%
and 3% of Brazilian and Minerva's exports, respectively.
The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage and maintain liquidity at near
current levels.
Minerva's current business profile limits further positive
movement on ratings. An upgrade would require further geographic
and portfolio diversification or a significant increase in the
share of value added products in the company's mix.
Quantitatively, it would also depend on the company's ability to
reduce adjusted total debt to EBITDA ratio to below 3.5x and
increase EBITA to Interest Expense to above 2.5x and CFO to Net
Debt to above 25%. The continued buildup of its large cash balance
from positive free cash generation and maintenance of a healthy
liquidity profile are also an important ratings consideration.
The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions cause operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 4.5x. The company's inability to keep CFO/Net Debt above 15%
or deliver positive free cash flow in 2013 would add to negative
ratings pressure.
The principal methodology used in this rating was Global Food -
Protein and Agriculture Industry published in September 2009.
Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL4.3 billion (approximately US$2.2 billion)
at LTM September, 2012 and installed slaughtering capacity of
10.480 heads of cattle per day, Minerva is the second largest
Brazilian exporter of beef and beef byproducts and has ten own
beef production facilities in Brazil as well as presence in
Paraguay and Uruguay.
REDE D'OR SAO: S&P Assigns 'BB-' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Rede D'Or Sao Luiz S.A. (Rede D'Or). At the same
time, S&P has assigned its 'BB-' global scale and 'brA-' national
scale rating to the company's debentures of up to R$270 million.
The outlook is stable.
The ratings on Rede D'Or reflect S&P's view of the company's
"fair" business risk profile, "aggressive" financial risk profile,
and "adequate" liquidity. S&P's assessment of Rede D'Or's "fair"
business risk profile recognizes the company's leading position in
Brazil's private hospital market, as well as its efficient
operations and positive track record in turning over acquired
assets. However, its limited geographic diversification and
revenue concentration in its five largest hospitals offset these
strengths. "Under our assumptions, which incorporate increasing
occupancy rates, diversification of services and gains of scale,
Rede D'Or may post increasing EBITDA margins of about 20% over the
next few years," said Standard and Poor's credit analyst Luisa
Vilhena.
==========================
C A Y M A N I S L A N D S
==========================
APEX EQUITY: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 6, 2012, the sole shareholder of Apex Equity Opportunity,
Ltd. resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
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
CHESTER EMERGING: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 29, 2012, the sole shareholder of Chester Emerging Markets
SPV resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 20, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ian D. Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
COTTONROSE HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 5, 2012, the sole member of Cottonrose Holdings Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 31, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Lion International Management Limited
P.O. Box 71 Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
c/o Philip C Pedro
DURENDAL GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 6, 2012, the shareholder of Durendal Global Opportunities
Fund Limited resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
F. LEE HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 6, 2012, the shareholders of F. Lee Holdings Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
FLINTLOCK COMMODITY: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 5, 2012, the members of Flintlock Commodity Opportunities
Fund, Ltd. resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
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
HSBC International Trustee Limited
Compass Point, Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
GARA INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 30, 2012, the members of Gara International Ltd. resolved
to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Hans Rudolf Steiner
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
GENI MCF: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 5, 2012, the sole shareholder of GENI MCF SPV Ltd.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897
Windward 1, Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
GINZA BRIDGE: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 6, 2012, the shareholder of Ginza Bridge Holdings Inc.
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Rebecca Hume
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
HALEIWA CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 6, 2012, the shareholder of Haleiwa Capital Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Rebecca Hume
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
HP GROUP: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 7, 2012, the sole member of HP Group Limited resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 31, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands
c/o Mr. Philip C Pedro
HSBC International Trustee Limited
Compass Point
9 Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 279-5832
LABOR READY: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 5, 2012, the sole shareholder of Labor Ready Assurance
Corporation resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Darren McCallon
c/o Willis Management (Cayman) Ltd.
Governors Square
62 Forum Lane, 3rd Floor
Camana Bay P.O. Box 30600
Grand Cayman KY1-1203
Cayman Islands
Telephone: (345) 949 6039
Facsimile: (345) 949 6621
MAJOR TREND: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 6, 2012, the members of
Major Trend Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
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
MARCO INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 30, 2012, the shareholders of Marco Investment resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Masato Ogawa
4-2, Ohtemachi 1-Chome
Chiyoda-ku, Tokyo 100-0004
Japan
MIL ASIA: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 5, 2012, the sole member of MIL Asia Fund resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
MSREF VI: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 5, 2012, the shareholder of MSREF VI River Two, Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Rebecca Hume
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
P.O. Box 709 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
OCTAGON INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 6, 2012, the shareholders of Octagon Investment Partners
II (Offshore) Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
Dec. 19, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Darren Riley
c/o Ellen J. Christian
Telephone: 345 945 9208
Facsimile: 345 945 9210
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road George Town
Grand Cayman
Cayman Islands
RAJMON LTD: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 5, 2012, the shareholder of RAJMON Ltd. resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 10, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
SES INTERMEDIATE: S&P Assigns 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to Cayman Islands-based contract
drilling company SES Intermediate Holdings Ltd. (Saxon). The
outlook is positive. At the same time, Standard & Poor's assigned
its 'B' issue-level rating and '3' recovery rating to the proposed
US$425 million term loan B issued by Saxon, Saxon Energy Services
Inc., and Saxon Enterprises LLC. The '3' recovery rating
indicates S&P's expectation of meaningful (50%-70%) recovery for
debtholders in a default scenario. (For the complete corporate
credit rationale, see the research report to be published on
RatingsDirect on the Global Credit Portal immediately following
this media release.)
"The ratings reflect Standard & Poor's view of the company's
'vulnerable' business risk profile and 'highly leveraged'
financial risk profile," said Standard & Poor's credit analyst
Aniki Saha-Yannopoulos. The ratings also reflect S&P's view of
Saxon's over-leveraged balance sheet, weak profitability, and
operations in the contract land-drilling industry.
"We believe the company's strategic relationship with Schlumberger
Ltd. (A+/Stable/A-1), long-term contracts, and geographic
diversity partially offset these weaknesses. We also believe
Saxon's strategic relationship with Schlumberger provides a
significant advantage to its operations, benefiting the ratings,"
S&P said.
Saxon is a small international contract land drilling company
(with 76 land rigs and 18 work-over rigs) that operates in
multiple countries. It is jointly owned by Schlumberger Oilfield
Holdings Ltd. (a wholly owned subsidiary of Schlumberger) and
First Reserve Corp. (not rated). Each owns 49.5%, with management
owning the remaining 1.0%. Pro forma for the proposed
refinancing, the company will have about US$440 million in
adjusted debt (S&P's adjustments include about $14 million in
operating leases).
The positive outlook reflects S&P's view that Saxon's EBITDA and
adjusted debt-to-EBITDA will improve through 2013, because S&P
expects the company's Australian operations to generate additional
cash flows over 2012 levels. However, at current EBITDA and debt
levels, Saxon does not have the debt capacity to borrow the full
commitment under its revolving credit facility without affecting
the ratings.
A positive rating action would depend on the company executing its
growth plans. If Saxon generates at least US$130 million in
EBITDA for 2013 while improving its adjusted debt-to-EBITDA
measure below 3.5x, S&P would consider an upgrade. In the case
where S&P expects the company to end 2013 with debt-to-EBITDA of
more than 3.5x, but improving, S&P would maintain the positive
outlook.
"We could revise the outlook to stable if Saxon is unable to
improve its cash flow and we believe that debt-to-EBITDA will
remain above 4x in 2013. This could occur if average dayrates
fall below US$23,500 or utilization below 75%. Also, aggressive
financing of growth initiatives--either acquisition or capital
expenditures--that cause leverage to remain above 4x without
prospects for rapid deleveraging would lead S&P to revisit its
ratings and outlook," S&P added.
SONSOME HOLDING: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 6, 2012, the shareholder of Sonsome Holding Limited
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Dec. 18, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Rebecca Hume
Telephone: (345) 949.4544
Facsimile: (345) 949.8460
Charles Adams Ritchie & Duckworth
PO Box 709, 122 Mary Street
Grand Cayman KY1-1107
Cayman Islands
STARTS (CAYMAN): S&P Withdraws 'CCC-' Rating on A1-G Notes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
class A1-G notes issued by STARTS (Cayman) Ltd.'s series 2007-14,
a synthetic corporate investment-grade CDO (see list).
The rating withdrawal follows the repurchase and cancellation of
the notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATING WITHDRAWN
STARTS (Cayman) Limited 2007-14
Rating
Class To From
A1-G NR CCC- (sf)
NR-Not rated.
SUPERVIEW HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 6, 2012, the shareholders of Superview Holdings Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 11, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Buchanan Limited
c/o Allison Kelly
Telephone: (345) 949-0355
Facsimile: (345)949-0360
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
==================
C O S T A R I C A
==================
BANCO DE COSTA RICA: Fitch Affirms 'BB+' LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's long-term Issuer
Default Rating (IDR) at 'BB+', and Viability Rating (VR) at 'bb+'.
The Rating Outlook is Stable.
Key Rating Drivers
BCR's IDRs are driven by the explicit sovereign guarantees for all
its liabilities, common to all Costa Rican state-owned banks. This
explicit sovereign guarantee allows the bank's IDRs to be aligned
with Costa Rica's sovereign ratings. In turn, BCR's VR considers
the bank's solid franchise, ample deposit base, sufficient capital
generation and its challenged efficiency ratios.
The customer's perception of the sovereign guarantee, combined
with BCR's extensive branch network and solid deposit base, place
BCR as one of the strongest competitors in the Costa Rican banking
system. At the same time, its subsidiaries allow BCR to further
diversify its revenues and to extend its business outside of Costa
Rica.
Profitability is below its peer, but capital generations remain
sufficient to sustain asset growth and maintain adequate capital
ratios. With the exception of compulsory contributions, all
profits are retained. In Fitch's opinion, BCR's capital ratios
will remain at their current levels in the foreseeable future,
provided that no additional compulsory contributions are required
from state owned banks, and that asset growth remains moderate.
Loan portfolio diversification has improved while keeping asset
quality ratios under control and a moderate exposure to exchange
rate risk generated by loans granted in USD to non-dollar earners.
The non-performing loans to total loans ratio has been
consistently below the 'bb+' median and in line with the domestic
market average. Reserves coverage is limited compared to the 'bb+'
median of 113% an unlikely to increase under the current
regulatory guidelines.
What Could Trigger A Rating Action
Changes in the bank's IDRs are contingent on sovereign rating
actions for Costa Rica (rated 'BB+', Stable Outlook by Fitch).
Given BCR's current financial profile, the potential for an
upgrade of the bank's VR over the medium term is limited. In turn,
though not Fitch's base case scenario, an unexpected material
deterioration in efficiency or asset quality that places the
bank's capital ratios below its peer's median might trigger a
downgrade in BCR's VR. However, the bank's IDRs would not be
affected as long as Costa Rica's sovereign rating remains at its
current levels.
Credit Profile
BCR is the second largest bank in Costa Rica, with a market share
of 24% of total assets. BCR has grown toward a more diversified
commercial bank profile by increasing its participation in
consumer financing along with its traditional corporate
orientation. The bank complements its services with five
subsidiaries: four wholly owned subsidiaries in regulated non-
credit activities in Costa Rica and a 51% participation in the
Panamanian general licensed bank Banco Internacional de Costa Rica
(BICSA, rated 'BB+' with Stable Outlook by Fitch).
Fitch has affirmed BCR's ratings as follows:
International ratings
-- Long-term IDR at 'BB+', Outlook Stable;
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB+', Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability Rating at 'bb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+'.
National ratings
-- Long-term national rating at 'AA+(cri)', Outlook Stable;
-- Short-term national rating at 'F1+(cri)';
-- Long-term senior unsecured bonds at 'AA+(cri)';
-- Commercial paper at 'F1+(cri)'.
=============
J A M A I C A
=============
* JAMAICA: Scrap Metal Earnings Plunge, SIJ Says
------------------------------------------------
RJR News reports that data from the Statistical Institute of
Jamaica, are shedding light on the value of waste and scrap metal
exports last year when exports were limited.
The data show waste and scrap metal exports over the period,
January to September last year were valued at US$17 million,
according to RJR News. The report relates that was down from
US$30 million over the same period in 2011.
RJR News relates that at the height of the scrap metal trade
before it was banned, scrap metal exports reached as high as
US$100 million per annum.
Anthony Hylton, Minister of Industry, Investment and Commerce,
announced that the waste and scrap metal trade is to be reopened
later this year under greater regulation to prevent theft, RJR
News notes.
RJR News says that increased incidents of scrap metal theft led to
imports being restricted to only a few players in the market in
the last two years.
***********
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., Washington, D.C.,
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 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *