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/raid1/www/Hosts/bankrupt/TCRLA_Public/130424.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, April 24, 2013, Vol. 14, No. 80 Headlines B R A Z I L * BRAZIL: Acre Gets US$72MM IDB Loan for Development Program C A Y M A N I S L A N D S AOF II: Commences Liquidation Proceedings AQUA TURKISH: Creditors' Proofs of Debt Due April 25 CAFFEBENE PHILIPPINES: Placed Under Voluntary Wind-Up CAFFEBENE VIETNAM: Placed Under Voluntary Wind-Up CAPITAL TACTICS: Commences Liquidation Proceedings COPIA MARKET: Creditors' Proofs of Debt Due April 25 COPIA MARKET (CAYMAN): Creditors' Proofs of Debt Due April 25 GOLDENTREE CLO: Creditors' Proofs of Debt Due April 24 GOLDENTREE CLO MASTER: Creditors' Proofs of Debt Due April 24 GRAND CAYMAN ESTATES: Placed Under Voluntary Wind-Up IPSWICH VI-A: Creditors' Proofs of Debt Due April 25 LINCOLN CORPORATION: Commences Liquidation Proceedings LOTUS PEAK: Creditors' Proofs of Debt Due April 25 MIRABILIS MULTI STRATEGY: Placed Under Voluntary Wind-Up MSGI HOLDINGS: Commences Liquidation Proceedings RDL LIMITED: Commences Liquidation Proceedings SANTA FEE: Creditors' Proofs of Debt Due April 25 TELEOS INTERNATIONAL: Placed Under Voluntary Wind-Up TELEOS MASTER: Placed Under Voluntary Wind-Up TESSERA CAYMAN: Creditors' Proofs of Debt Due April 25 M E X I C O URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'C' P E R U BANCO INTERNACIONAL: Fitch Lowers Support Rating Floor to 'BB+' V E N E N Z U E L A PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Rating & Revises Outlook - - - - - =========== B R A Z I L =========== * BRAZIL: Acre Gets US$72MM IDB Loan for Development Program ------------------------------------------------------------ The Brazilian Amazon state of Acre will receive a $72 million loan from the Inter-American Development Bank (IDB) to finance the second phase of its sustainable development program, which seeks to boost the contribution of the forestry and agroforestry sectors to economic growth and poverty reduction, while keeping deforestation under control. The program, whose first phase also received IDB financing, will support measures to generate business opportunities in the protected areas that have been created to enable an environmentally sustainable supply of forest products (timer, and non-timber) and ecosystem services. Measures to be supported by the project include land tenure regularization and development of a forest concession system. The project will also provide technical assistance, financial support and basic infrastructure (rehabilitation of secondary roads) to help rural producers gain access to viable forestry value chains. Moreover, the project will support the development of a $60 million private equity fund, the first in the country to be supported by a state government. The fund will finance commercial reforestation projects, paving the way for the creation of partnerships among the public sector, smallholders, and competitive value chains to leverage resources to fund land recovery projects. In order to ensure sustainability, the program will improve the capacity building activities of the state government to improve land titling and administration, environmental licensing, monitoring and law enforcement, and management of the state forests. The project will support the streamlining of legislation and regulations, improvements in administrative processes, and strengthening technical capacities and facilities as well as the adoption of new technologies. As many as 300.000 hectares of state forests are expected to be auctioned in sealed tender biddings for sustainable forest management. The bidding conditions will be tailored to support the state industrial and environmental strategies. In addition, the project will support 8,000 rural producers to join sustainable agroforestry value chains by the end of the project. The project is expected to boost the contribution of the forestry sector to economic growth by 6 percent and income of rural households by 12 percent. The IDB loan is for a 25-year term, with a 5.5-year grace period and an interest rate based on LIBOR. Local counterpart funds total $48 million. The program will be carried out by the state's Secretariat for Planning and Coordination (SEPLAN). ========================== C A Y M A N I S L A N D S ========================== AOF II: Commences Liquidation Proceedings ----------------------------------------- On March 8, 2013, the shareholders of AOF II (Cayman Holdings) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by April 22, 2013, will be included in the company's dividend distribution. The company's liquidator is: Mr Robin Lee Mcmahon c/o Aisling Clarke Ernst & Young Ltd 62 Forum Lane, Camana Bay PO Box 510 Grand Cayman KY1-1106 Cayman Islands Telephone: +1 (345) 814 8986 E-mail aisling.clarke@ky.ey.com AQUA TURKISH: Creditors' Proofs of Debt Due April 25 ---------------------------------------------------- The creditors of Aqua Turkish Equities Long/Short Fund are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 8, 2013. The company's liquidator is: Jagjit K. Comins c/o BNP Paribas Bank & Trust Cayman Limited PO Box 10632, Grand Cayman KY1-1006 Royal Bank House, 3rd Floor 24 Shedden Road, George Town Cayman Islands CAFFEBENE PHILIPPINES: Placed Under Voluntary Wind-Up ----------------------------------------------------- On March 6, 2013, the sole shareholder of Caffebene Philippines Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by April 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Jae-Hee Lim Trade Center ASEM Tower 704 Samseong 1-dong Gangnam-gu, Seoul, Korea Telephone: +8 (223) 438 6858 Facsimile: +8 (226) 001 1057 CAFFEBENE VIETNAM: Placed Under Voluntary Wind-Up ------------------------------------------------- On March 6, 2013, the sole shareholder of Caffebene Vietnam Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by April 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Jae-Hee Lim Trade Center ASEM Tower 704 Samseong 1-dong Gangnam-gu, Seoul, Korea Telephone: +8 (223) 438 6858 Facsimile: +8 (226) 001 1057 CAPITAL TACTICS: Commences Liquidation Proceedings -------------------------------------------------- On March 14, 2013, the sole shareholder of Capital Tactics Opportunity Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: William Chesley Davis Parr 100 Crescent Court, Suite 575 Dallas Texas 75201 United States of America Telephone: +1 (214) 273 5209 COPIA MARKET: Creditors' Proofs of Debt Due April 25 ---------------------------------------------------- The creditors of Copia Market Neutral Fund Ltd. are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 10, 2013. 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 COPIA MARKET (CAYMAN): Creditors' Proofs of Debt Due April 25 ------------------------------------------------------------- The creditors of Copia Market Neutral Fund (Cayman) Ltd. are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 10, 2013. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Grand Cayman KY1-1103 Windward 1, Regatta Office Park Cayman Islands GOLDENTREE CLO: Creditors' Proofs of Debt Due April 24 ------------------------------------------------------ The creditors of Goldentree Clo Debt Recovery Offshore Fund Ltd. are required to file their proofs of debt by April 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 6, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 GOLDENTREE CLO MASTER: Creditors' Proofs of Debt Due April 24 ------------------------------------------------------------- The creditors of Goldentree CLO Debt Recovery Master Fund Ltd. are required to file their proofs of debt by April 24, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 6, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 GRAND CAYMAN ESTATES: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Feb. 11, 2013, the shareholders of Grand Cayman Estates Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by April 12, 2013, will be included in the company's dividend distribution. The company's liquidator is: Naul Bodden c/o Travers Thorp Alberga Harbour Place 2nd Floor 103 South Church Street, George Town Grand Cayman KY1-1106 Cayman Islands Telephone: +1 345 946 9622 IPSWICH VI-A: Creditors' Proofs of Debt Due April 25 ---------------------------------------------------- The creditors of Ipswich VI-A Holdings Cayman Ltd are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 11, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 LINCOLN CORPORATION: Commences Liquidation Proceedings ------------------------------------------------------ On March 11, 2013, the sole shareholder of Lincoln Corporation resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by April 22, 2013, will be included in the company's dividend distribution. The company's liquidator is: Huynh Van Hon c/o 549/66, Xo Viet Nghe Tinh Street Ward 26, Bihn Thanh District Ho Chi Minh City Viet Nam Telephone: +8 (490).279.3223 LOTUS PEAK: Creditors' Proofs of Debt Due April 25 -------------------------------------------------- The creditors of The Lotus Peak Fund are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 12, 2013. The company's liquidator is: Ronan Guilfoyle 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 MIRABILIS MULTI STRATEGY: Placed Under Voluntary Wind-Up -------------------------------------------------------- On Feb. 18, 2013, the sole shareholder of Mirabilis Multi Strategy SPC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by April 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Appleby Trust (Cayman) Ltd Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands MSGI HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------ On March 25, 2013, the shareholders of MSGI Holdings Limited resolved to voluntarily liquidate the company's business. 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 RDL LIMITED: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on March 11, 2013, the shareholders of RDL Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by April 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands SANTA FEE: Creditors' Proofs of Debt Due April 25 ------------------------------------------------- The creditors of Santa Fee Limited are required to file their proofs of debt by April 25, 2013, to 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 TELEOS INTERNATIONAL: Placed Under Voluntary Wind-Up ---------------------------------------------------- On March 6, 2013, the sole shareholder of Teleos International, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Daniel Gressel 88 Cedar Cliff Road, Riverside, CT 06878 United States of America TELEOS MASTER: Placed Under Voluntary Wind-Up --------------------------------------------- On March 6, 2013, the sole shareholder of Teleos Master Fund, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Daniel Gressel 88 Cedar Cliff Road, Riverside, CT 06878 United States of America TESSERA CAYMAN: Creditors' Proofs of Debt Due April 25 ------------------------------------------------------ The creditors of Tessera Cayman are required to file their proofs of debt by April 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 8, 2013. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 =========== M E X I C O =========== URBI DESARROLLOS: Fitch Cuts Issuer Default Rating to 'C' --------------------------------------------------------- Fitch Ratings has downgraded the following ratings for Urbi Desarrollos Urbanos, S.A.B. de C.V. (Urbi): -- Foreign currency Issuer Default Rating (IDR) to 'C' from 'CCC'; -- Local currency IDR to 'C' from 'CCC'; -- National long-term rating to 'C(Mex)' from 'CCC(Mex)'; -- US$150 million senior notes due 2016 to 'C/RR4' from 'CCC/RR4'; -- US$300 million senior notes due 2020 to 'C/RR4' from 'CCC/RR4'; -- US$500 million senior notes due 2022 to 'C/RR4' from 'CCC/RR4'; -- MXN600 million in Certificados Bursatiles (CBs) due in 2014 to 'C(mex)' from 'CCC(mex)'; Urbi's national short-term rating was affirmed at 'C(mex)'. KEY RATING DRIVERS The downgrades follow Urbi's announcement that it did not make the interest payment due April 19, 2013 on its senior notes due 2016. The notes contain a 30-day grace period. As a result of the company's actions, a default or a distressed debt exchange (DDE) is highly likely, which would likely impose a material reduction of principal and/or interest vis-a-vis the original contractual terms of the company's capital markets debt. The Recovery Rating of 'RR4' reflects an anticipated recovery in the event of default of between 30% and 50%. RATING SENSITIVITY Failure to pay in full the due amount at the end of the grace period and/or the execution of a DDE will result in a downgrade to Restricted Default (RD). ======= P E R U ======= BANCO INTERNACIONAL: Fitch Lowers Support Rating Floor to 'BB+' --------------------------------------------------------------- Fitch Ratings has upgraded Interbank's Viability Rating (VR) to 'bbb' and its Issuer Default Ratings (IDRs) to 'BBB'. The Rating Outlook was revised to Stable from Positive. In addition, Fitch revised Interbank's support Rating Floor to 'BB+' from 'BB'. Fitch upgraded Interbank's VR and IDR ratings because the bank continued to show strong performance while maintaining excellent asset quality metrics, strong loan loss reserve coverage and sound capital levels, while stabilizing its funding profile. Higher reserve requirements and the need for longer term funding led to some increase in the bank's loan/deposit ratios, but this has stabilized at adequate levels, especially in view of better tenor matches between assets and liabilities. In Fitch's view, given the strong economic backdrop, significant growth potential and adequate credit policies and risk management tools, the bank will maintain its structural strengths and performance in the foreseeable future. Interbank's support floor rating was upgraded because over time the bank heightened its systemic importance (increasing its market share to about 11% of the banking system's assets) and Peru improved its ability to support local bank (reflected in the sovereign rating of 'BBB/BBB+'). KEY RATING DRIVERS Banco Internacional del Peru S.A.A. (Interbank) has built an efficient retail franchise and positioned itself as a top contender in most retail products. Moreover, the bank has not neglected its corporate lending business, which appears well focused and competitive, bringing balance and diversification to Interbank's balance sheet and revenue stream. Interbank's performance over the last few years and through the global crisis of 2008 has been consistently strong driven by high margins, adequate expense control, and moderate credit costs. Risk management is considered sound, and the portfolio is diversified into high margin segments. Interbank has developed and fine-tuned information-intensive credit scoring models and modern monitoring tools. Credit policies and origination are conservative while collection efforts are proactive and effective. An autonomous and dedicated risk management team helps the bank to maintain a very sound asset quality. Conservatively defined past-due loans stood at 1.85% at YE12; this is likely to deteriorate moderately in 2013 due to portfolio seasoning. Besides bolstering its capital in 2009 and consistently retaining 55% of its net income, the bank maintains ample reserve coverage thus creating a strong capital/reserves cushion against unexpected losses. Along with its strong profitability, this allows Interbank to confidently face an eventual downturn. Peru's economy shows strong growth momentum based on sound macro fundamentals. In addition, a proactive regulator has created a strong regulatory environment that fosters cautious credit policies. Interbank does not have as diversified a deposit base as its larger competitors; hence, funding costs are somewhat higher. In addition, the bank shows some concentration from its institutional funding and relies more on bond issues to fund its loan growth as a consequence of heavy regulatory reserve requirements on deposits. Larger financial institutions and smaller, specialized and quite aggressive banks and consumer finance companies have somewhat curbed margin growth. Competition in this high growth market has heightened, and Interbank competes without compromising its credit criteria. Growth potential remains sound due to Peru's still low banking penetration. Competition and government's efforts to tame growth and curb inflation prevent margins from returning to pre-crisis levels. Interbank seeks to underpin its margins and bottom line by cross- selling its existing customers and seeking operating efficiency. RATING SENSITIVITIES Given today's upgrade, further improvement in the bank's ratings is unlikely in the near term; over the medium to long term, the ratings could benefit from more diversified funding sources, while continuing to produce a sound performance and maintaining the strength of its balance sheet, maintaining adequate asset quality, capital and reserves. On the other hand, Interbank's ratings could be downgraded if a severe decline in asset quality or weak profitability erode its capital and reserve cushion. Fitch has taken these rating actions on Interbank: -- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-'; Outlook to Stable from Positive; -- Short-term foreign currency IDR upgraded to 'F2' from 'F3'; -- Long-term local currency IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable; -- Short-term local currency IDR upgraded to 'F2' from 'F3'; -- Viability Rating upgraded to 'bbb' from 'bbb-'; -- Support Rating affirmed at '3'; -- Support Floor revised to 'BB+' from 'BB'; -- Senior Unsecured Debt upgraded to 'BBB' from 'BBB-'; -- Junior Subordinated Debt upgraded to 'BB-' from 'B+'. =================== V E N E N Z U E L A =================== PETROLEOS DE VENEZUELA: S&P Affirms 'B+' Rating & Revises Outlook ------------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Petroleos de Venezuela S.A. (PDVSA) to negative from stable. At the same time, S&P affirmed its 'B+' foreign and local currency ratings on PDVSA. In accordance with S&P's our criteria on government-related entities and assuming no changes in the current likelihood of extraordinary support from the government, the outlook revision on PDVSA reflects the fact that a potential downgrade of Venezuela would lead to a similar rating action on the company. This is due to S&P's assessment that there is an almost certain likelihood that the government would provide timely and extraordinary support to PDVSA, in case of financial distress. S&P continues to assess PDVSA's stand-alone credit profile (SACP) at 'b+'. S&P's assessment of an almost certain likelihood of extraordinary support is based on: -- PDVSA's "critical" role as it contributes about 50% of Venezuela's revenues and 90% of the country's exports, and plays a key role in meeting the sovereign's political and economic objectives; and -- Its "integral" link with the government, given its full and stable ownership of the company. S&P also believes that the government will provide sufficient and timely credit support to the company in all circumstances. The negative outlook on PDVSA reflects that the outlook on Venezuela. S&P could lower the ratings on the company if it downgrades the sovereign. A positive rating action is unlikely at this point. "We don't expect PDVSA's relationship with the government to change significantly in the next two to three years," said Standard & Poor's credit analyst Fabiola Ortiz. S&P also believes that the government won't significantly reduce its strong involvement in the sector or in the company. Therefore, the rating on PDVSA rating would likely follow the rating trajectory on the sovereign. *********** 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, Julie Anne L. Toledo, 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 * * *