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/raid1/www/Hosts/bankrupt/TCRLA_Public/140219.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, February 19, 2014, Vol. 15, No. 35 Headlines A R G E N T I N A RIO CUARTO: Moody's Assigns (P)B3 Rating to 2014 Note Program B R A Z I L GOL LINHAS: Discloses Code-Share Deal With Aerolineas Argentinas OGX PETROLEO: Will Auction Natural-Gas Unit OSX BRASIL: In Talks with Cerberus, Others Over DIP Financing C A Y M A N I S L A N D S ARINEE LIMITED: Members Receive Wind-Up Report CARDO INTERNATIONAL: Shareholders Receive Wind-Up Report CAVALLO INTERNATIONAL: Shareholders Receive Wind-Up Report DAYTONIA HOLDINGS: Shareholders Receive Wind-Up Report ERENSIA INVESTMENTS: Shareholders Receive Wind-Up Report EYAS FUND: Shareholders to Hold Final Meeting on March 14 FRUJUICE COMPANY: Members Receive Wind-Up Report GCPF CAYMAN: Shareholders Receive Wind-Up Report GREEN EAGLE MASTER: Commences Liquidation Proceedings GREEN EAGLE OFFSHORE: Commences Liquidation Proceedings LUFE INVESTMENT: Shareholders Receive Wind-Up Report ODIN INVESTMENTS: Shareholders Receive Wind-Up Report ORMONT FUND: Shareholders Receive Wind-Up Report ROONEY PROPERTIES: Shareholders Receive Wind-Up Report SAMARKAND LEASING: Members Receive Wind-Up Report SCHAFFER INVESTMENT: Shareholders Receive Wind-Up Report SELSEY LTD: Shareholders Receive Wind-Up Report TRITON HOLDINGS: Shareholders Receive Wind-Up Report YGOF GP: Commences Liquidation Proceedings ZANTE INVESTMENTS: Shareholders Receive Wind-Up Report M E X I C O EMPRESAS ICA: Signs Ps. 1,139MM Contract to Build Canal Tunnel T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Execs Discuss Safer, Efficient Transportation - - - - - ================= A R G E N T I N A ================= RIO CUARTO: Moody's Assigns (P)B3 Rating to 2014 Note Program -------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned a (P)B3 (global scale local currency) and Baa2.ar (Argentina National Scale) ratings to the 2014 Short-Term Treasury Note Program of the Municipality of Rio Cuarto. The ratings are in line with the municipality's long term local currency issuer ratings, which carry a negative outlook. Ratings Rationale The 2014 program, authorized by laws N§502/13 considers a maximum issuance of ARS40 million. The assigned debt ratings reflect Moody's view that the willingness and capacity of the Municipality of R¡o Cuarto to honor these short-term treasury notes is in line with the municipality's long-term credit quality as captured in the B3/Baa2.ar issuer ratings. The first two issuances under the 2014 program (Series XX and Series XXI, for up to ARS30 million in total) will mature within a period of 365 days and the amount to be issued by these two series represents less than 4% of the municipality's 2014 expected total revenues. The assigned ratings are based on preliminary documentation received by Moody's as of the rating assignment date. Moody's does not expect changes to the documentation reviewed over this period or anticipates changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of any of the series under this program deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. What Could Change The Rating Up/Down Moody's does not expect upward pressures in the Municipality of Rio Cuarto's ratings in the near to medium term. Notwithstanding, a change of the sovereign outlook back to stable could lead to a change in the outlook of the Municipality of Rio Cuarto back to stable. The city could be downgraded if the negative outlook on the sovereign rating materializes into a rating downgrade. The principal methodology used in this rating was Regional and Local Governments published in January 2013. =========== B R A Z I L =========== GOL LINHAS: Discloses Code-Share Deal With Aerolineas Argentinas ---------------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A. disclosed that its subsidiary VRG Linhas Aereas S.A. celebrated code-share agreements with Aerolineas Argentinas S.A. and Austral Lineas Aereas - Cielos del Sur S.A., a member company of the Aerolineas Argentinas group. These agreements seek to further strengthen GOL's presence in the Argentinean market, contributing to an even closer relation between the countries and offering a great quantity of destinations for both Companies' customers. The companies also celebrated a Frequent Flyer Program agreement through which they will offer all customers the benefits of their respective mileage programs, GOL's SMILES and Aerolineas Argentinas' Aerolineas Plus. The agreement allows SMILES' customers to accrue and redeem Aerolineas Argentinas' miles, with new options for international destinations. The code-share agreements celebrated by VRG with Aerolineas Argentinas and Austral were authorized with no restrictions by the Brazilian National Civil Aviation Agency (ANAC) on Nov. 26, 2013, and by the Administrative Council of Economic Defense (CADE) on January 16, 2014, and are predicted to be implemented on the second quarter of 2014. In Argentina, both agreements have already been approved by the Argentinean National Administration of Civil Aviation. GOL Linhas Aereas Inteligentes S.A. is a low-cost and low-fare airline in Latin America, offers around 970 daily flights to 65 destinations in 10 countries in South America, Caribbean and the United States under the GOL and VARIG brands, using a young, modern fleet of Boeing. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 7, 2013, Fitch Ratings assigned an expected rating of 'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed unsecured notes. Fitch also assigned a 'B+' rating to the Company's foreign and local currency long-term Issuer Default Ratings. OGX PETROLEO: Will Auction Natural-Gas Unit ------------------------------------------- Luciana Magalhaes, writing for Daily Bankruptcy Review, reported that the distressed Brazilian oil firm controlled by businessman Eike Batista will auction its stake in subsidiary OGX Maranhao Petroleo e Gas Ltda instead of selling it directly to an announced buyer, the company confirmed on Feb. 17. According to the report, in October Brazilian private-equity fund Cambuhy Investimentos Ltda and Germany's E.ON SE, already an investor in the unit, agreed to invest a total of 250 million Brazilian reais ($104.6 million) to buy stakes in the OGX Maranhao, which explores and produces natural gas in northeastern Brazil. About Oleo e Gas Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes S.A., now known as Oleo e Gas, 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. OSX BRASIL: In Talks with Cerberus, Others Over DIP Financing ------------------------------------------------------------- Guillermo Parra-Bernal, writing for Reuters, reported that OSX Brasil SA, the bankrupt shipbuilding company controlled by former billionaire Eike Batista, is in talks with Cerberus Capital Management LP and a number of unnamed investors for a potential debtor-in-possession financing deal. According to the report, currently no agreement has been struck between OSX and potential sources of the loan, commonly known as DIP financing, the Rio de Janeiro-based company said in a securities filing on Feb. 17. OSX's focus at this point is what to do with three floating production storage and offloading vessels it owns, according to the filing. A source with knowledge of the situation said OSX, which filed for bankruptcy protection late last year, is seeking between $200 million and $215 million in financing to move ahead with a restructuring process, the report related. The source noted that talks with Cerberus, a U.S. private equity firm, were at a "more advanced stage" than with other players. OSX declined to name potential sources of the DIP loan beyond Cerberus, the report further related. Efforts to reach executives at Cerberus to comment were unsuccessful. U.S. markets were closed on Feb. 17 in observance of a national holiday. The source, who declined to be identified because of the sensitivity of the issue, said OSX wants to clinch a DIP financing deal before presenting creditors and a bankruptcy court a final restructuring plan, the report added. Currently the company is carrying out a thorough revision of its business and negotiating with creditors in order to stay afloat. About OSX Brasil Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, filed for protection from creditors on November 2013 on liabilities of BRL5.34 billion (US$2.30 billion). OSX Brasil filed for bankruptcy -- called "judicial recovery" in Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30, 2013. OSX had outstanding debts of around US2.2 billion as of June 30, 2013, including dollar-and real-denominated loans and bonds held by a mix of banks, investors and government institutions, such as Brazil's Merchant Marine Fund, according to The Wall Street Journal. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing the prior month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. ========================== C A Y M A N I S L A N D S ========================== ARINEE LIMITED: Members Receive Wind-Up Report ---------------------------------------------- The members of Arinee Limited received on Feb.17, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands CARDO INTERNATIONAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Cardo International Ltd. received on Jan. 21, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands CAVALLO INTERNATIONAL: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Cavallo International Ltd. received on Jan. 21, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands DAYTONIA HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Daytonia Holdings Limited received on Feb. 17, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands ERENSIA INVESTMENTS: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Erensia Investments, Ltd. received on Jan. 13, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Limited c/o Mrs. Eva Moore Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847 George Town Grand Cayman KY1-1103 Cayman Islands EYAS FUND: Shareholders to Hold Final Meeting on March 14 --------------------------------------------------------- The shareholders of Eyas Fund will hold their final meeting on March 14, 2014, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman, KY1-1207 Cayman Islands Telephone: (345) 943 2295 Facsimile: (345) 943 2294 FRUJUICE COMPANY: Members Receive Wind-Up Report ------------------------------------------------ The members of Frujuice Company Limited received on Jan. 20, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: UTC Management Ltd. Telephone: +1 (345) 949 8599 Facsimile: +1 (345) 949 4451 Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands GCPF CAYMAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of GCPF Cayman Holding 7 Corp. received on Jan. 29, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Russell Smith c/o BDO CRI (Cayman) Ltd Building 3, Governor's Square, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31229, Grand Cayman KY1-1205 Cayman Islands GREEN EAGLE MASTER: Commences Liquidation Proceedings ----------------------------------------------------- On Jan. 13, 2014, the shareholders of Green Eagle Credit Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 3, 2014, 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 GREEN EAGLE OFFSHORE: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 31, 2013, the shareholders of Green Eagle Credit Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 3, 2014, 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 LUFE INVESTMENT: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lufe Investment Ltd. received on Jan. 21, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands ODIN INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Odin Investments Limited received on Feb. 14, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands ORMONT FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Ormont Fund SPC received on Jan. 31, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands ROONEY PROPERTIES: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Rooney Properties Limited received on Jan. 29, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Niall Goodsir-Cullen c/o BDO CRI (Cayman) Ltd Governor's Square, Building 3, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31229 Grand Cayman KY1-1205 Cayman Islands SAMARKAND LEASING: Members Receive Wind-Up Report ------------------------------------------------- The members of Samarkand Leasing (Cayman Islands) Limited received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands SCHAFFER INVESTMENT: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Schaffer Investment Ltd. received on Jan. 21, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands SELSEY LTD: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Selsey Ltd. received on Jan. 21, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands TRITON HOLDINGS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Triton Holdings Limited received on Jan. 7, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lumbro Nominees (Jersey) Limited 47-49 La Motte Street St. Helier, Jersey Channel Islands YGOF GP: Commences Liquidation Proceedings ------------------------------------------ On Dec. 27, 2013, the shareholder of YGOF GP Ltd. resolved to voluntarily liquidate the company's business. The company's liquidator is: Robert P. Bermingham The Yucaipa Companies 9130 West Sunset Boulevard Los Angeles CA 90069 USA ZANTE INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Zante Investments Limited received on Feb. 17, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands =========== M E X I C O =========== EMPRESAS ICA: Signs Ps. 1,139MM Contract to Build Canal Tunnel -------------------------------------------------------------- Empresas ICA, S.A.B. de C.V. disclosed that it signed a Ps. 1,139 million contract with the National Water Commission (Conagua) to construct the General Canal Tunnel in the Chalco Valley. The contract was awarded through a domestic bidding process, and will be executed over 38 months. The project is an integral part of Conagua's long-term plan to end seasonal flooding in the Mexico City metropolitan area. The 7.9 km, 5 meter diameter tunnel will run parallel to the General Canal, from the Parada del Toro pumping station to the La Caldera pumping station. The project will use an EPB boring machine for the excavation and includes fabrication and installation of the pre-cast concrete segmental lining, installation of the finish lining and covering, and construction of four 12 meter diameter drop shafts, with an average depth of 25 meters each. Headquartered in Mexico City, Empresas ICA, S.A.B. de C.V. is an engineering, procurement and construction company in Mexico and the provider of construction services to both public and private- sector clients. As reported in the Troubled Company Reporter-Latin America on Jan. 8, 2014, 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. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Execs Discuss Safer, Efficient Transportation ----------------------------------------------------------------- Caribbean360.com reports that efforts to get state-owned air carriers within the Caribbean Community (CARICOM) to collaborate on providing more efficient, effective and safe transportation in the region have been discussed. A CARICOM Secretariat statement said the second meeting of the regional airlines was held in Guyana and attended by representatives from the Trinidad-based Caribbean Airlines Limited (CAL), the Antigua-based LIAT, Surinam Airways and Bahamas Airlines, according to Caribbean360.com. The Secretariat said the meeting was "to advance discussions that began on January 23, 2014 (and) preceded inaugural deliberations of the Transportation Commission." The statement said that the interaction of regional air carriers in January identified the procurement of equipment, training of personnel, scheduling of flights, and maintenance of aircrafts, as some of the areas where cooperation was possible. "The meeting agreed that while CAL and LIAT collaborated at the technical level, interaction at the corporate level would prove useful in cementing and increasing collaboration and improving efficiencies," the statement said, the report notes. "To this end, the acting chief executive officers of the two airlines met on January 31 and advanced concrete ways of collaboration in the areas identified," the statement added, the report relays. Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on May 20, 2013, Caribbean360.com said Trinidad and Tobago Finance Minister Larry Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. *********** 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 * * *