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/raid1/www/Hosts/bankrupt/TCRLA_Public/140108.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 8, 2014, Vol. 15, No. 5 Headlines B R A Z I L MARFRIG ALIMENTOS: To Hold General Meeting on Jan. 22 OGX PETROLEO: Has 15 Days to Pay Oil Field Investments * BRAZIL: Parana to Get US$67.2MM IDB Loan for Security Program C A Y M A N I S L A N D S CRABEL TWO: Commences Liquidation Proceedings ENSIGN MUTUAL: Placed Under Voluntary Wind-Up FB MAITREYA: Appoints Sybersma & Penner as Provisional Liquidators GOLDEN EARS: Commences Liquidation Proceedings ISAM FEEDER I: Commences Liquidation Proceedings ISAM TRADING: Commences Liquidation Proceedings JLOC 5 HOLDING: Commences Liquidation Proceedings LASAIR OFFSHORE: Placed Under Voluntary Wind-Up LEVIN TRADING: Commences Liquidation Proceedings MA CRABEL: Commences Liquidation Proceedings MA ISAM: Commences Liquidation Proceedings MA LEVIN: Commences Liquidation Proceedings ORIDUN SPECIAL: Commences Liquidation Proceedings OSAKA UNI: Commences Liquidation Proceedings SEVEN BRAND: Placed Under Voluntary Wind-Up SPECTRA OPPORTUNITIES: Placed Under Voluntary Wind-Up SPECTRA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up TRICADIA-GRANITERIDGE: Shareholders Receive Wind-Up Report TRICADIA-GRANITERIDGE MASTER: Shareholders Receive Wind-Up Report VIETNAM ENERGY: Commences Liquidation Proceedings J A M A I C A NATIONAL COMMERCIAL BANK: To Exit Remittance Business M E X I C O EMPRESAS ICA: S&P Affirms 'B+' Global Scale CCR; Outlook Neg. - - - - - =========== B R A Z I L =========== MARFRIG ALIMENTOS: To Hold General Meeting on Jan. 22 ----------------------------------------------------- Marfrig Alimentos S.A. will hold a shareholder's Extraordinary General Meeting on Jan. 22, 2014 at 11:15 a.m. in the registered office of the Company located at Avenida Chedif Jafet 222, Tower A, 5th floor, Suite 01, district of Vila Ol《pia, in the City of Sao Paulo. About Marfrig Alimentos Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de Alimentos SA) is a Brazil-based company engaged in the processing and distribution of meat and poultry products. Its products include cooked beef, bacon, sausages, beef cubes, minced knuckles, steaks and other food items including pre-cooked and frozen potato, frozen vegetables, canned meat, fish and ready meals. The Company operates in 13 countries, and exports its products to more than 100 destinations worldwide. * * * As reported in the Troubled Company Reporter - Latin America on May 13, 2013, Standard & Poor's Ratings Services lowered its global scale corporate credit rating to 'B' from 'B+' and its national scale rating to 'brBBB-' from 'brBBB+' on Marfrig Alimentos S.A. The outlook is negative. OGX PETROLEO: Has 15 Days to Pay Oil Field Investments ------------------------------------------------------ Jeff Fick, writing for The Wall Street Journal, reported that troubled Brazilian oil company Oleo e Gas Participacoes SA, founded by entrepreneur Eike Batista, said that it was seeking cash to pay for the firm's share of work at an offshore oil field before regulators revoke the concession. According to the report, Oleo e Gas Participacoes SA -- formerly known as OGX Petroleo e Gas Participacoes SA -- said that it had maintained "friendly talks" with partners and creditors to restructure the company's finances and continue operations. In December, Oleo e Gas reached a preliminary deal with creditors to exchange some $5.8 billion in debt for shares that could also include an injection of fresh capital for investments at several oil fields. Investments in the BS-4 block, which sits in Brazil's offshore Santos Basin that is home to several multibillion-barrel oil discoveries, was part of the restructuring plan, the company said, the report related. The foundering oil company has 15 days to pay the 73 million Brazilian reais ($31 million) the firm owes two partners for work done at the BS-4 offshore exploration block, which includes the Atlanta and Oliva oil fields, according to QGEP Participacoes, the report said. Oleo e Gas holds a 40% stake in the block. QGEP operates the block with a 30% share, while closely held Barra Energia retains the remaining 30%. Oleo e Gas said that it is "aware of its obligations to its partners and is seeking alternative sources of capital, as is already publicly known, in order to meet its obligations," the report further related. The company also cited three blocks it holds stakes in with France's Perenco and China's Sinochem International Corp., although no complaints about late payments have been made related to those blocks, which remain in an early, exploratory phase. About OGX Petroleo Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes S.A. is an independent exploration and production company with operations in Latin America. OGX filed for bankruptcy in a business tribunal in Rio de Janeiro on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The bankruptcy filing puts $3.6 billion of dollar bonds into default in the largest corporate debt debacle on record in Latin America. The filing by the oil company that transformed Eike Batista into Brazil's richest man followed a 16-month decline that wiped out more than $30 billion of his personal fortune. The filing, which in Brazil is called a judicial recovery, follows months of negotiations to restructure the dollar bonds, in which OGX sought to convert debt to equity and secure as much as $500 million in new funds. OGX said Oct. 29 that the talks concluded without an agreement. The company's cash fell to about $82 million at the end of September, not enough to sustain operations further than December. * BRAZIL: Parana to Get US$67.2MM IDB Loan for Security Program --------------------------------------------------------------- Brazil's state of Parana will carry out an ambitious program of police reform and early social prevention of violence for at risk youth with the support of a US$67.2 million loan from the Inter- American Development Bank (IDB). The police reforms seek to increase the effectiveness and capacity of law enforcement entities to prevent and deter crime. The initiatives directed at youths are designed to foster social and educational activities aimed at promoting the social reintegration of juvenile offenders. In the past decade, Parana has achieved strong economic performance coupled with declining rates of poverty. But these successes have been overshadowed by an increase in crime and violence, including an 86 percent rise in the state's homicide rate. Homicides occur mainly in urban centers -- including the city of Curitiba -- and in cities in border areas, affecting mostly young people. As a result, public confidence in state institutions responsible for security -- especially the police -- has been undermined. The project seeks to strengthen integration and coordination among the Military Police and Civilian Police forces, including the integration of planning and information systems and a focus on areas with the highest crime rate. In addition, the state will seek to create opportunities for providing young people with ways to make more productive use of their time. The program will fund sports activities, civic education, and training in conflict resolution. Young people also will be provided with options to complete their schooling, enabling them to better access the labor market. The "Parana Seguro" program is the first public security operation in Brazil in which the government has requested international funding. The move recognizes both the value added by the Bank and the high priority assigned to the public security sector in the three levels of the Brazilian government. The IDB loan has a repayment period of 25 years, a grace period of 5.5 years and an interest rate based on LIBOR. Local counterpart funding totals US$44.8 million. ========================== C A Y M A N I S L A N D S ========================== CRABEL TWO: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Crabel Two Plus Trading Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ENSIGN MUTUAL: Placed Under Voluntary Wind-Up --------------------------------------------- At an extraordinary meeting held on Nov. 20, 2013, the shareholders of Ensign Mutual Funds Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 20, 2013, will be included in the company's dividend distribution. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: 345 945 1830 FB MAITREYA: Appoints Sybersma & Penner as Provisional Liquidators ------------------------------------------------------------------ On Nov. 15, 2013, the Grand Court of the Cayman Islands appointed Stuart Sybersma and Michael Penner as provisional liquidators of FB Maitreya Fund. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Yvonne Lorimer Deloitte & Touche, Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2214 Facsimile: +1 (345) 949 8258 e-mail: yvlorimer@deloitte.com GOLDEN EARS: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Golden Ears Company Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ISAM FEEDER I: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on Nov. 22, 2013, the members of Isam Feeder I Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ISAM TRADING: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Isam Trading Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands JLOC 5 HOLDING: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of JLOC 5 Holding SPV Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands LASAIR OFFSHORE: Placed Under Voluntary Wind-Up ----------------------------------------------- On Nov. 20, 2013, the sole shareholder of Lasair Offshore Fund, Ltd passed a resolution to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815-1418 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands LEVIN TRADING: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on Nov. 22, 2013, the members of Levin Trading Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands MA CRABEL: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Ma Crabel Two Plus Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands MA ISAM: Commences Liquidation Proceedings ------------------------------------------ At an extraordinary meeting held on Nov. 22, 2013, the members of Ma Isam Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands MA LEVIN: Commences Liquidation Proceedings ------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Ma Levin Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ORIDUN SPECIAL: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 14, 2013, the shareholder of Oridun Special Opportunities Fund, Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Eleanor Fisher Zolfo Cooper (Cayman) Limited, 38 Market Street, 2nd Floor, Canella Court Camana Bay Grand Cayman KY1-9006 Cayman Islands c/o Kevin Guirey Telephone: +1 (345) 323 9119 OSAKA UNI: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Nov. 22, 2013, the members of Osaka Uni Basket Fund 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands SEVEN BRAND: Placed Under Voluntary Wind-Up ------------------------------------------- At an extraordinary meeting held on Nov. 20, 2013, the sole member of Seven Brand International Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Gene Dacosta c/o Ben Hart Telephone: (345) 814 7770 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SPECTRA OPPORTUNITIES: Placed Under Voluntary Wind-Up ----------------------------------------------------- On Nov. 20, 2013, the sole shareholder of Spectra Opportunities Fund Ltd. passed a resolution to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815-1418 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands SPECTRA OPPORTUNITIES MASTER: Placed Under Voluntary Wind-Up ------------------------------------------------------------ On Nov. 20, 2013, the sole shareholder of Spectra Opportunities Master Fund Ltd. passed a resolution to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815-1418 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands TRICADIA-GRANITERIDGE: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Tricadia-Graniteridge Corporate Credit Fund Ltd received on Dec. 24, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 20, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands TRICADIA-GRANITERIDGE MASTER: Shareholders Receive Wind-Up Report ----------------------------------------------------------------- The shareholders of Tricadia-Graniteridge Corporate Credit Master Fund Ltd. received on Dec. 24, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Nov. 20, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands VIETNAM ENERGY: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 21, 2013, the shareholder of Vietnam Energy Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 23, 2013, will be included in the company's dividend distribution. The company's liquidator is: Bastiaan Johan Van Rooijen c/o Maples and Calder, Attorneys-at-law The Center, 53rd Floor 99 Queen's Road Central Hong Kong ============= J A M A I C A ============= NATIONAL COMMERCIAL BANK: To Exit Remittance Business ----------------------------------------------------- go-jamaica.com reports that National Commercial Bank (NCB) Jamaica has decided to exit the remittance business to mitigate against the risk of money laundering, financing of terrorism and lottery scam activities. As a result, the Bank said that by mutual agreement, effective January 22 it will be cancelling its existing agent relationship with MoneyGram Services for NCB Remittance Services (UK) Limited, and March 31 for NCB Remittances Services (Jamaica) Limited, according to go-jamaica.com. The report relates that NCB said the decision was made because its continued provision of remittance services has negatively impacted the global risks facing the group. "This decision was taken after further review of our business models across the NCB group as we aim to ensure that we employ a solid corporate governance structure and operate within a robust compliance framework," the company said in a press release, the report notes. The report discloses that the statement added the move will also affect the operations of NCB Remittance Services (UK) Limited as effective January 22 the company will cease all other forms of remittances, except for the remittance of pension payments. "We thank our customers for their business and anticipate that they will appreciate and support the action taken," NCB said, the report relays. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2013, Standard & Poor's Ratings Services raised its issuer credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to 'B-/B' from 'CCC+/C'. The upgrade follows Jamaica's entrance into an IMF (International Monetary Fund) program, which along with additional external funding from other multilateral lenders, improved the country's external liquidity and bolstered investor confidence. S&P removed the ratings on the bank from the CreditWatch negative and assigned a stable outlook. NCBJ's 'b' stand-alone credit profile (SACP) remains unchanged. =========== M E X I C O =========== EMPRESAS ICA: S&P Affirms 'B+' Global Scale CCR; Outlook Neg. ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' global scale and 'mxBBB' national scale corporate credit ratings on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P affirmed the 'B' issue-level rating on the company's senior unsecured notes due 2017 and 2021. The recovery rating of '5' on the notes, indicating expectation of moderate (10% to 30%) recovery in the event of a payment default, remains unchanged. The outlook is negative. The 'B+' rating on ICA reflects S&P's assessment of the company's "fair" business risk profile, "highly leveraged" financial risk profile, "less-than-adequate" liquidity, and "satisfactory" management and governance. S&P's assessment of ICA's business risk profile as "fair" reflects its status as the largest engineering, procurement, and construction firm in Mexico, with a long and positive track record throughout its various business divisions. This assessment also incorporates the company's diversified portfolio mix with investments in large projects with complex designs and heavy construction, as well as participation in road and water concessions, and airports. The inherent cyclicality of the construction industry, the geographic concentration of its markets, and its substantial dependence on Mexican government spending partly offset these factors. S&P's assessment of ICA's financial risk profile as "highly leveraged" reflects its expectation that the company will continue improving its key financial metrics due to a 7.5% revenue growth in 2014 and an EBITDA of more than $640 million. Concession start-ups, including a toll road and a water-related project, will likely drive this growth. Nevertheless, S&P believes that high cash requirements to support working capital needs and accelerate top-line growth could limit debt reduction in the year ahead. *********** 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. 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, and Peter A. Chapman, Editors. Copyright 2014. 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 * * *