/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140915.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 Monday, September 15, 2014, Vol. 15, No. 182 Headlines A N T I G U A & B A R B U D A NATIONAL SCHOOL MEALS: To Cut Jobs to Curtail Operating Costs NUTRIMEDICS SPECIALIST: Clinic to Close, Cuts 2 Jobs A R G E N T I N A ARGENTINA: Senate Passes Bond End Run Around US Courts ARGENTINA: ISDA Auction Sets Price on Credit Default Swaps BUENOS AIRES: Moody's Assigns Caa1 Rating on USD140MM Notes Issue B R A Z I L * BRAZIL: State of Sao Paulo to Get US$480MM to Upgrade Highways C A Y M A N I S L A N D S CRESSINGTON LIMITED: Member to Hear Wind-Up Report on Sept. 30 CRYSTAL SANDS: Shareholder to Receive Wind-Up Report on Oct. 6 FAIRCHILD ADVISORS: Members' Final Meeting Set for Sept. 16 HENDON INVESTMENTS: Shareholder Receives Wind-Up Report KF-AIF CORE: Shareholder to Receive Wind-Up Report on Sept. 17 LDK SOLAR: Files Schemes of Arrangement in Hong Kong QUANTIK FUND: Members' Final Meeting Set for Sept. 23 QUANTIK MASTER: Members' Final Meeting Set for Sept. 23 SIPIX TECHNOLOGY: Members' Final Meeting Set for Sept. 30 VARNA OFFSHORE: Shareholder to Receive Wind-Up Report on Sept. 25 WOOD FUND: Members' Final Meeting Set for Sept. 15 C H I L E INVERSIONES ALSACIA: Moody's Confirms Caa3 Senior Secured Rating D O M I N I C A N R E P U B L I C CAP CANA: Could Submit New Restructuring Offer to Bondholders H O N D U R A S * HONDURAS: IMF Mission Concludes Visit to Country M E X I C O CEMEX SAB: EU Approves Deal With Holcim Cement in Spain V I R G I N I S L A N D S SUNTECH POWER: Singapore Unit Barred From Selling Assets X X X X X X X X X * BOND PRICING: For the Week From September 8 to Sept. 12, 2014 - - - - - =============================== A N T I G U A & B A R B U D A =============================== NATIONAL SCHOOL MEALS: To Cut Jobs to Curtail Operating Costs ------------------------------------------------------------- Theresa Gordon at The Antigua Observer reports that some of the almost 100 workers employed by the National School Meals may soon receive walking papers as government mulls ways to curtail the costs of operating the program. Chief Executive Officer and Operations Manager Samuel Spencer told The Antigua Observer that job cuts will be made across the board from management to line staff. However, Mr. Spencer did not reveal how many workers would be placed on the breadline, or when the measure will come into effect, the report notes. "Over the years, it was felt that the school meals programme was heavily staffed and that we could be as efficient as we could be with fewer personnel," the report quoted Mr. Spencer as saying. "It's a case where we have to move towards trimming as far as the staff is concerned and in all areas from the top down," Mr. Spencer added. The report notes that the reduction, coupled with a review of items on the menu, transportation, and equipment, is among measures Mr. Spencer said, that would be taken to increase efficiency. "When we look at the bind that we have found ourselves in financially, it was only prudent that some changes were brought about and these changes we are working on them immediately," Mr. Spencer said, the report relays. The announcement came a day after the operations manager said the management team has made a recommendation for parents to provide drinking water for children, as the program could no longer afford to do so, the report discloses. Mr. Spencer, at that time said over EC$600,000 annually was being spent on drinking water and the practice would be discontinued as of September 8 when the feeding program resumes in the 23 government primary and three pre-schools it serves, the report notes. As it relates to the menu, Mr. Spencer said "minor" changes will be made but "nothing to compromise the nutritional value" of the meals offered to students, the report adds. NUTRIMEDICS SPECIALIST: Clinic to Close, Cuts 2 Jobs ---------------------------------------------------- Theresa Gordon at The Daily Observer reports that the Nutrimedics Specialist Clinic founded and operated by the late Dr. Michael Makinde will close its doors shortly, family members have said. Dr. Makinde's nephew, Owalabi Elabanjo said the business, located in Gambles Terrace, will be closed and the two people employed there will be severed, according to The Daily Observer. "It is not a business that someone can take over like that. You have to be well trained in nutritional medicine. We can't just go and mix things and tell a patient to drink that. It is a difficult area of medicine," the report quoted Mr. Elabanjo as saying. The report note that the senior extension officer in the Ministry of Agriculture is hoping local Antiguans will seek training in the area of clinical psychology in the near future to carry on the work of the former clinical nutritionist and food scientist. The medical facility, opened in the 1980s, offered bio-oxidative therapy-oxygen bath for the treatment and maintenance of any disease or disorder; Chelation therapy, using national plant extracts to draw toxins from the body; Enzymatic-using plant enzyme extracts for the treatment of many disease/disorders; and Nutritional therapy, which is clinically designed to heal disease/disorders. The clinic also offered orthomolecular therapy which is the advance use of vitamins, minerals, and trace elements molecules for the treatment of diseases or disorders. Professor Michael Makinde, the 72-year-old Nigerian native died on August 31, of what family members believed was complications from high blood pressure and brain damage. ================= A R G E N T I N A ================= ARGENTINA: Senate Passes Bond End Run Around US Courts ------------------------------------------------------ Stewart Bishop at Law360.com reports that Argentina's Senate on Sept. 4, 2014, passed a bill authorizing its government to bypass U.S. courts and pay its bondholders through local channels, in response to judicial orders blocking the payments to bondholders who agreed to restructurings unless holdout hedge funds are also paid. Following a 39-27 vote, with two abstentions, the proposal from Argentine President Cristina Fernandez now heads to Argentina's lower legislative body, the Chamber of Deputies, where Fernandez's Front for Victory party holds a majority, and passage is expected, according to Law360.com. The report notes that the plan would allow the country to pay its bondholders who agreed to debt restructurings in 2005 and 2010 through local channels, and would make payments to the holdouts demanding full repayment under the same terms agreed to by the so- called exchange bondholders. The bill also leaves open the possibility that the debt may be repaid under French jurisdiction, the report discloses. Law360.com says that the proposal would authorize Argentina's economic minister to take steps to remove the Bank of New York Mellon as the bonds' trustee, with bond payments being made through state-backed Banco de la Nacion Argentina instead. The report discloses that Argentine Cabinet Chief Jorge Capitanich cast its fight with hedge funds, which include Elliott Management Corp.-controlled NML Capital Ltd. and affiliates of Aurelius Capital Management LP, as a defense of Argentina's sovereignty. Law360.com relays that U.S. District Judge Thomas Griesa has sharply criticized the legislative proposal as illegal, but so far has declined to hold Argentina in contempt, saying it would not push the parties any closer to a settlement. The hedge funds - derided in public statements by Argentina as "vultures" - bought Argentine sovereign debt at a discount after the country defaulted on US$100 billion in bonds in 2001, the report notes. The funds refused to swap them out in restructurings in 2005 and 2010, instead suing in the U.S. for full repayment, the report relates. The report discloses that Judge Griesa has said Argentina can't pay bondholders that agreed to debt restructurings unless it also makes a ratable payment to the "holdout" hedge funds. The Second Circuit upheld that finding, and the U.S. Supreme Court declined to take up Argentina's appeal, the report notes. Law360.com relates that Argentina fell into default on July 30 after Judge Griesa blocked a US$539 million bond payment. However, the nation has denied being in default, saying that because it deposited the interest payment with BNY, its obligations were fulfilled, the report notes. That view is not widely shared, as all three big credit ratings agencies -- Moody's Investor's Service Inc., Standard & Poor's Financial Services LLC and Fitch Group Inc. -- have declared Argentina to be in default and downgraded their outlooks on the country's debt accordingly, the report relays. Daniel A. Pollack -- dpollack@mccarter.com -- of McCarter & English LLP has been appointed to oversee settlement talks between Argentina and the holdouts, but the parties have been unable to reach a deal so far, the report notes. The report recalls that the country said BNY was no longer welcome to operate there as hedge funds backed by George Soros and others sued the bank over its blocking of the US$539 million bond payment. Soros' Quantum Partners LP, J. Kyle Bass' Hayman Capital Master Fund LP and two other funds sued BNY in London's Chancery Court over the bank's court-ordered block of the July interest payment, of which EUR225.8 million (US$292 million) was destined for holders of Argentina's euro-denominated bonds. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. - Hide quoted text - As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. ARGENTINA: ISDA Auction Sets Price on Credit Default Swaps ---------------------------------------------------------- Jamie Santo at Law360.com reports that the International Swaps and Derivatives Association announced the completion of an auction to settle credit default swaps referencing Argentine debt, with the results leaving CDS sellers on the hook to pay more than 60 cents on the dollar for approximately US$1 billion in wagers. The auction, administered by Markit Group Ltd. and Creditex Group Ltd., set a final price of 39.5 on the Argentine debt, meaning CDS sellers will have to pay 60.5 percent on wagers made by investors who hedged against Argentina's sovereign debt default, according to Law360.com. Auction participants established an initial market midpoint of 40.25, according to results posted by Markit and Creditex, Law360.com notes. The report notes that the ISDA's Americas Credit Derivatives Determinations Committee unanimously determined Aug. 1 that Argentina's failure to pay bondholders constituted a "credit event," putting the South American nation in default and triggering CDS linked to its bonds. The default occurred July 30, the deadline for the South American nation to make a US$539 interest payment on its restructured bonds, the report relates. The ISDA's determination committee said last month that the auction would only cover CDS related to 11 Argentine debt issues with maturities in 2017, 2033 and 2038, the report notes. An ISDA spokeswoman stated previously that the CDS sellers' total net exposure is about US$1 billion, the report relates. Prior to the ISDA's "credit event" determination, Argentine officials placed the blame for its second default in 13 years on the U.S., leading U.S. District Judge Thomas P. Griesa on Aug. 1 to chastise the nation's officials for spreading what he said were half-truths, the report discloses. The default came after talks between Argentina and hedge funds including NML Capital Ltd., a unit of Paul Singer's Elliott Management Corp., and affiliates of Aurelius Capital Management LP broke down July 30, the last day Argentina had to make a timely payment to the so-called exchange bondholders who accepted deep cuts after the country first defaulted on US$100 billion in bonds in the early 2000s, Law360.com relays. Judge Griesa has ruled that Argentina can't pay the exchange bondholders unless it also makes a ratable payment to the holdout hedge funds that bought Argentine sovereign debt at a discount after the country's 2001 default, Law360.com discloses. That ruling was upheld by the Second Circuit, and the U.S. Supreme Court has declined to hear Argentina's appeal, the report notes. Argentina has tried to make payments to the exchange bondholders to the exclusion of the holdout funds, which the country routinely denounces as vultures, but those have been blocked by Judge Griesa, who said that payments cannot be made piecemeal, Law360.com notes. The judge in June halted US$539 million worth of payments that the country had already sent to the U.S. bank intermediary, the Bank of New York Mellon Corp, the report notes. On Aug. 21, Judge Griesa lambasted a plan by Argentina to pay holders of its sovereign debt beyond the reach of U.S. courts but stopped short of holding the country in contempt, the report recalls. Law360.com says that the judge sharply criticized a legislative proposal unveiled by Argentine President Cristina Fernandez on Aug. 19 that would authorize the country to pay bondholders who agreed to debt restructurings in 2005 and 2010 through local channels, while potentially removing the Bank of New York Mellon Corp. as the bonds' trustee. The report notes that Argentina declared Aug. 26 that BNY was no longer welcome to operate in the country as Cabinet Chief Jorge Capitanich said the bank had breached its contract as the bonds' trustee and reiterated that Argentina will attempt to remove it from the role, to be replaced by the nation's central bank. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. - Hide quoted text - As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. BUENOS AIRES: Moody's Assigns Caa1 Rating on USD140MM Notes Issue ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned Caa1 global scale local currency debt rating and Baa1.ar Argentina national scale rating in local currency to the additional amount of USD140 million of Class 4 Notes, to be issued by the City of Buenos Aires under its Local Financing Program. Ratings Rationale The creation of the Local Financing Program was authorized by Laws 4315,4431 and 4472 of 2012, Laws 4810 and 4885 of 2013 and by Law 4949 of 2014. The additional amount of notes to be issued under Class 4 constitute direct, unconditional, unsecured and unsubordinated obligations of the city, ranking at all times pari passu without any preference among themselves. They will also carry the same terms and conditions of the outstanding Class 4 notes, same final maturity date and interest rate. The assigned ratings are in line with the city's Caa1 (global scale) and Baa1.ar (Argentina's national scale) local currency debt ratings. The additional amount of Class 4 notes to be issued under the above mentioned program, will be denominated in US dollars but subscribed and payable in Argentine pesos at the specified exchange rate and sold in the local capital market. As a result, the US dollar will be a currency of reference and not a means of payment. For that reason, the transaction is considered to be denominated in local currency. According to the term sheet reviewed by Moody's, Class 4 will reach up to a total consolidated principal of USD356 million -- approximately 5% of the City's total revenues budgeted for 2014-, it pays 3.98% fixed rate and matures in May of 2019. After the issuance of these additional amount of notes, Moody's anticipates that the City of Buenos Aires' total debt will barely surpass 30% approximately of its total expected revenues for 2014 fiscal year; from 25% at the end of fiscal year 2013. 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 Given the negative outlook on the City, Moody's does not expect upward pressures in the ratings assigned in the near to medium term. A downgrade in Argentina's bond ratings and/or further systemic deterioration or idiosyncratic risks arising in this City especially a sharp increase in the debt to revenues ratio -- could continue to exert downward pressure on the ratings assigned and could translate in to a downgrade in the near to medium term. The principal methodology used in this rating was Regional and Local Governments published in January 2013. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings". =========== B R A Z I L =========== * BRAZIL: State of Sao Paulo to Get US$480MM to Upgrade Highways ---------------------------------------------------------------- The Inter-American Development Bank (IDB) announced the approval of a US$480 million loan earmarked for the state of Sao Paulo's highway investment program. With 41 million people, Sao Paulo is Brazil's most populated state. It generates a third of the country's economic output. The state is home not only to the country's largest city, Sao Paulo, but also to its biggest port, Santos, which handles a fourth of Brazilian exports. About 75 percent of goods are transported in Sao Paulo are shipped by truck. Of the state's 36,000 kilometers of paved roads, 5,000 kilometers correspond to divided (dual carriageway) highways. The state has a maintenance program but heavy use and strong growth in the number of motor vehicles make it necessary to rehabilitate and widen existing roads. Under Sao Paulo's highway investment program, to which the IDB made another US$480 million loan last year, about 500 kilometers of roads will be upgraded. The loan will also finance engineering studies, logistical planning and measures to improve road safety. The new loan is for 25 years, with a 5-year grace period and a LIBOR-based interest rate. Local counterpart funds for the program will total US$206 million. ========================== C A Y M A N I S L A N D S ========================== CRESSINGTON LIMITED: Member to Hear Wind-Up Report on Sept. 30 -------------------------------------------------------------- The member of Cressington Limited will receive on Sept. 30, 2014, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 CRYSTAL SANDS: Shareholder to Receive Wind-Up Report on Oct. 6 -------------------------------------------------------------- The shareholder of Crystal Sands Ltd will receive on Oct. 6, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Telephone: 949 8666 Facsimile: 949 0626 P.O. Box 694 Grand Cayman Cayman Islands FAIRCHILD ADVISORS: Members' Final Meeting Set for Sept. 16 ----------------------------------------------------------- The members of Fairchild Advisors Limited will hold their final meeting on Sept. 16, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Daniel Woolston Telephone: (345) 814 7782 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HENDON INVESTMENTS: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Hendon Investments Limited received on Sept. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 KF-AIF CORE: Shareholder to Receive Wind-Up Report on Sept. 17 -------------------------------------------------------------- The shareholder of KF-AIF Core Holdings, Ltd. will receive on Sept. 17, 2014, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Meshal Al-Othman Investment Department Kuwait Fund for Arab Economic Development P.O. Box 2921 Safat 13030 Kuwait LDK SOLAR: Files Schemes of Arrangement in Hong Kong ---------------------------------------------------- LDK Solar Co., Ltd., in provisional liquidation and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, announced that, subsequent to the filing on Aug. 29, 2014, by the Company and its subsidiary, LDK Silicon & Chemical Technology Co., Ltd., of the petition to commence their restructuring proceedings in the Grand Court of the Cayman Islands, the Company, LDK Silicon and LDK Silicon Holding Co., Limited have each applied to file an originating summons to commence their restructuring proceedings in the High Court of Hong Kong. The Company is awaiting confirmation of the date of the first hearing before the Hong Kong Court. At that hearing, the Company, LDK Silicon, LDK Silicon Holding and the JPLs will seek orders to convene meetings of the scheme creditors of the Company, LDK Silicon and LDK Silicon Holding on or around Oct. 17, 2014, Hong Kong time, to consider and approve their respective Hong Kong schemes of arrangement. Similarly, the Company, LDK Silicon and the JPLs will seek orders to convene meetings of the scheme creditors of the Company and LDK Silicon on or around Oct. 16, 2014, Cayman Islands time, to consider and approve their respective Cayman Islands schemes of arrangement. On Sept. 5, 2014, the Company and LDK Silicon filed evidence in support of their application to the Cayman Court for orders convening meetings of their scheme creditors, including the proposed Explanatory Statement relating to the Cayman and Hong Kong schemes of arrangement. The Company also submitted a periodic report on Form 6-K to the U.S. Securities and Exchange Commission on Sept. 8, 2014, containing such Explanatory Statement. In addition, as a result of the resignation by Mr. Xiaofeng Peng, former Chairman of the Company, on Aug. 29, 2014, Mr. Xingxue Tong, current president and chief executive officer of the Company, has since assumed the Interim Chairman position during the transition period before a permanent Chairman is identified and appointed. To enhance the corporate governance of the Company during this interim period, the Board of Directors of the Company, with the consent of the JPLs, has established an interim executive committee, effective Sept. 4, 2014, to supervise and support the work of the Interim Chairman during the provisional liquidation of the Company and to be responsible and to report to the Board, subject to the authority of the JPLs as sanctioned by the Cayman Court. The Board also approved, with the consent of the JPLs, that the Executive Committee be composed of three existing members of the Board: (1) Mr. Zhibin Liu (director of Heng Rui Xin Energy (HK) Co., Limited, a major shareholder of the Company and an affiliate of the Xinyu City government), (2) Mr. Xingxue Tong (current president and chief executive officer of the Company), and (3) Mr. Shi Chen (member of the Board nominated by Fulai Investments Limited, a major shareholder of the Company). The Executive Committee is headed by Mr. Zhibin Liu and is subject to dissolution by the Board when a permanent Chairman of the Board has been identified and appointed. A copy of the proposed Explanatory Statement is available for free at http://is.gd/7KPRhG About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. LDK Solar Co disclosed a net loss of $1.05 billion on $862.88 million of net sales for the year ended Dec. 31, 2012, as compared with a net loss of $608.95 million on $2.15 billion of net sales for the year ended Dec. 31, 2011. KPMG, in Hong Kong, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2012. The independent auditors noted that the Group has a net working capital deficit and a deficit in total equity as of Dec. 31, 2012, and is restricted from incurring additional indebtedness as it has not met a financial covenant ratio as defined in the indenture governing the RMB-denominated US$-settled senior notes. These conditions raise substantial doubt about the Group's ability to continue as a going concern. QUANTIK FUND: Members' Final Meeting Set for Sept. 23 ----------------------------------------------------- The members of Quantik Fund Limited will hold their final meeting on Sept. 23, 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: Christopher Rowland c/o Caroline Moore Fund Solution Services Limited Telephone: +1 (345) 947 5855 QUANTIK MASTER: Members' Final Meeting Set for Sept. 23 ------------------------------------------------------- The members of Quantik Master Fund Limited will hold their final meeting on Sept. 23, 2014, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher Rowland c/o Caroline Moore Fund Solution Services Limited Telephone: +1 (345) 947 5855 SIPIX TECHNOLOGY: Members' Final Meeting Set for Sept. 30 --------------------------------------------------------- The members of Sipix Technology Limited will hold their final meeting on Sept. 30, 2014, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ching-Shon Ho Telephone: +886-2-2700-4333 Facsimile: +886-2-2706-2282 CARD Corporate Services Ltd. PO Box 709 Zephyr House, 122 Mary Street Grand Cayman KY1-1107 Cayman Islands VARNA OFFSHORE: Shareholder to Receive Wind-Up Report on Sept. 25 ----------------------------------------------------------------- The shareholder of Varna Offshore Fund Ltd will receive on Sept. 25, 2014, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan Turnham Telephone: +1 (345) 815 1839 Facsimile: +1 (345) 949-9877 WOOD FUND: Members' Final Meeting Set for Sept. 15 -------------------------------------------------- The members of Wood Fund will hold their final meeting on Sept. 15, 2014, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street, PO Box 1350 Grand Cayman KY1-1108 Cayman Islands ========= C H I L E ========= INVERSIONES ALSACIA: Moody's Confirms Caa3 Senior Secured Rating --------------------------------------------------------------- Moody's Investors Service has confirmed the senior secured Caa3 rating of Inversiones Alsacia S.A. ("Alsacia") and changed the rating outlook to negative concluding the rating review that was initiated on August 20th. Ratings Rationale The rating confirmation at Caa3 reflects Moody's current assessment of the expected loss to bondholders following the payment default of required interest and principal that occurred on August 18th, and the subsequent announcement that the notes would be restructured. Specifically, the Caa3 rating incorporates the view that based upon Moody's understanding of the restructuring proposal and Moody's belief that the restructuring will be executed as contemplated, recovery prospects for current bond holders should exceed 65%. Under the restructuring, Moody's understand that Alsacia has entered into an agreement with a group of investors that holds approximately 60% of the outstanding notes to issue "New Notes" with a principal amount equivalent to the current outstanding notes plus accrued interest since the date of default. Among other modifications, the New Notes will have lower scheduled mandatory payments than the current amortization schedule and will extend the maturity of the debt by three years, contingent upon obtaining an extension of the concession for up to 3 years (to 2021 from 2018) in order to provide the company with more financial flexibility. Also, most of the excess cash flow generated over the term of the New Notes, after the payment of mandatory principal and interest, will be used to further reduce principal outstanding under the New Notes. The agreement contemplates Alsacia filing a pre-packaged bankruptcy to effectuate the restructuring. Consistent with Moody's rating policies, the rating on the existing notes will be withdrawn shortly after Alsacia files for bankruptcy contemplated in the restructuring plan. The outlook on the rating is negative reflecting the highly unlikely but still possible outcome that the contemplated restructuring does not occur which would dim recovery projects. In light of the negative outlook and the likelihood of the issuer filing for bankruptcy, Moody's do not expect upward pressure on the ratings or that the rating will stabilize in the near term. In line with the negative outlook, the rating could be downgraded if Moody's believe that prospects for bondholder recoveries decline appreciably below 65%. The principal methodology used in this rating was Generic Project Finance Methodology published in December 2010. =================================== D O M I N I C A N R E P U B L I C =================================== CAP CANA: Could Submit New Restructuring Offer to Bondholders ------------------------------------------------------------- Maria Fernanda Blaser at Dominican Today, citing two sources claiming knowledge of the situation, reports that Cap Cana SA could finally settle with its bondholders after defaulting for the second time three years ago on at least US$250 million in debt. Holders of the Cap Cana US$130 million 10% senior secured notes due 2016 and its US$126.5 million 10% senior secured recovery notes due 2016 are expecting a new restructuring offer to be presented, the sources said, according to Dominican Today. Cap Cana has been in talks with a group of bondholders and a proposal might be submitted in November, a first source said, the report notes. The company did not reply to messages seeking comment for this report. It remains unclear if Cap Cana has mandated advisors to submit the offer, the report discloses. The report notes that some investors have been trying to contact the company to learn more about the potential agreement, a second source said. Little has been done to restructure Cap Cana's debt since 2011, when it defaulted for the second time, the sources said, the report relays. Controlling shareholders, led by Ricardo Hazoury, have been "radio silent," one of the sources said. There were rumors the bonds were being consolidated into the hands of just a few holders, in anticipation of negotiations with the company, a third source said, the report relates. Cap Cana first defaulted on its US$250 million secured bonds in 2009, when it said the economic downturn and the US real estate crisis affected its operations, the report notes. At the time, the company conducted an exchange offer, offering bondholders collateralization of 135% -- compared to the previous 125%, the report discloses. It also offered receivables as part of a security package, and stricter rules to terminate mortgages, according to information that circulated among investors at the time of the exchange, the report notes. Bondholders, however, should take a different approach to the second restructuring, the first source said, the report relays. Investors should demand a cash payment instead of taking the bonds in another exchange, the same source added, the report notes. Cap Cana is interested in paying investors to release some of the collateral and continue developing its real estate projects, a fourth source said, adding there is a group of investors organized, the report relays. The company's real estate projects have been surrounded with controversy as they attracted many investors, including Donald Trump, who sued the company in 2012 for fraud and for US$14 million in unpaid license fees, according to court documents, the report notes. Trump and Cap Cana settled in 2013, and terms remain private. Investors have had difficulty in getting information from the company, the second source said, the report discloses. Its last financial report is from October 31, 2013, just before the company repaid US$4.9 million in local bonds, whose public offering and trading had been suspended in July 2013 by the Dominican financial market regulator, the report notes. At that time, Cap Cana reported it had US$614,279 in cash versus US$2.4 million in December 2012. Total liabilities, including commercial papers, bank debt, suppliers, intercompany loans and the defaulted secured bonds, amounted to US$762.8 million, the report relays. Total revenues as of the end of October 2013 stood at US$26.6 million down from US$29.03 million in December 2012. Costs, on the other hand, rose from US$5.16 million to US$10.78 million in the same period. Free cash flow was negative at US$4.16 million in October 2013, while in December 2012 Cap Cana had a positive figure of US$2.9 million. About Cap Cana Cap Cana S.A. -- http://www.capcana.com/-- is a 30,000 acre master-planned luxury resort and real estate community located on the eastern tip of the Dominican Republic in the Caribbean. The community is fully operational with championship golf and yachting facilities, a world class hotel, pristine beaches, a variety of dining and retail establishments and numerous other amenities. Since breaking ground in 2002, Cap Cana has invested approximately US$800 million in infrastructure and other improvements and has entered into contracts with aggregate value of approximately US$1.5 billion for the sale of approximately 1,500 units of real estate properties. Throughout this period, Cap Cana has delivered over 700 real estate properties to buyers, including retail and developer hotel lots, condominiums and villas. =============== H O N D U R A S =============== * HONDURAS: IMF Mission Concludes Visit to Country -------------------------------------------------- An International Monetary Fund mission, led by Lisandro Abrego, visited Honduras during September 2-12 to discuss a three-year Fund-supported program. The mission met with Minister Coordinator of the Government Jorge Hernandez Alcerro, Central Bank Governor and Head of the Economic Cabinet Marlon Tabora, Minister of Finance Wilfredo Cerrato, other senior government officials and representatives of the private sector. Mr. Abrego issued the following statement in Tegucigalpa at the conclusion of the visit: "We began discussions on a three-year program that could be supported by a financial arrangement with the IMF. These discussions have been productive and good progress has been made toward reaching agreement on the macroeconomic policies and structural reforms. The main objective of the program is to preserve macroeconomic stability in Honduras while improving conditions for sustainable economic growth and supporting efforts to reduce poverty in a fiscally affordable manner. The program would facilitate policy implementation, bolster investor confidence, and catalyze resources from multilateral institutions and donors. "The mission and the authorities agreed that to bolster the public finances it is essential to reduce the deficits of the state-owned electricity company and the central government. There was also broad agreement on the policy measures that would need to accompany these efforts, many of which are already being implemented, especially to support the ongoing process of reducing the deficit of the central government. In addition, we concurred that reductions in overall expenditure should be accompanied by changes in its composition to create room for social spending to help reduce poverty while protecting investment to support economic growth. "These negotiations often take time and the next step is for our discussions with the Honduran government to continue in Washington D.C. in the next few weeks, with the goal of reaching agreement on a Fund-supported program within the previously agreed schedule. "Finally, the mission would like to thank the authorities and private sector representatives for a cordial and productive dialogue, as well as for their excellent cooperation and hospitality." =========== M E X I C O =========== CEMEX SAB: EU Approves Deal With Holcim Cement in Spain ------------------------------------------------------- Tom Fairless at The Wall Street Journal reports that European Union antitrust authorities have unconditionally approved a Spanish deal between CEMEX, S.A.B. de C.V. and Switzerland-based Holcim Ltd., the last of three linked transactions between the cement giants under scrutiny from European regulators. The European Commission, the EU's central competition authority, said Cemex's purchase of Holcim's Spanish operations raised no concerns because the merged entity would "continue to face sufficient competition from its rivals in all markets concerned," according to The Wall Street Journal. The report notes that the commission had warned in April, when it opened an in-depth probe into the deal, that it might substantially stunt competition in the market for gray cement in eastern Spain. The commission was also worried the tie-up could make it easier for the remaining cement producers in central Spain to form a cartel, the report relates. The WSJ discloses that Cemex SAB and Holcim Cement had announced the deal in August last year as part of a series of transactions that included the Swiss-based company's acquisition of west German cement plants owned by Cemex SAB, and Cemex SAB's purchase of Holcim Cement's operations in the Czech Republic. Czech authorities cleared the latter deal in March, and the EU waved through the former deal in June, the report notes. The report discloses that the moves are part of a drastic reshaping of the European cement sector which has attracted the attention of regulators particularly after the announcement in April of the planned US$50 billion merger between Holcim Cement and Lafarge SA of France. Holcim Cement and Lafarge SA have yet to notify the EU antitrust authorities, the first formal step in the approval process. But the cement producers have pledged to sell assets that generate about EUR5 billion, or US$6.8 billion, in annual revenue to address competition concerns, the report notes. Joaquin Almunia, the EU's outgoing antitrust chief, has said the merger is sure to face an extended probe by his agency, the report relays. Since December 2010, the commission has also been investigating Holcim, Lafarge and six other companies for operating a suspected cartel in cement and cement-based products, the report adds. About CEMEX SAB CEMEX, S.A.B. de C.V., is a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 8, 2014, Fitch Ratings has assigned expected ratings of 'BB- /RR3(EXP)' to CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes due in 2025 and its proposed Euro notes due in 2022. Proceeds from the Euro notes issuance will be used for general corporate purposes, including the repayment of indebtedness under CEMEX's Facilities Agreement. Proceeds from the USD issuance will be used for general corporate purposes, including the repurchase of a portion of the company's outstanding 2018 and 2020 notes. =========================== V I R G I N I S L A N D S =========================== SUNTECH POWER: Singapore Unit Barred From Selling Assets -------------------------------------------------------- Suntech Power Holdings Co., Ltd. was informed by its subsidiary, Power Solar System Co., Ltd., organized in the British Virgin Islands that on September 4, 2014, the High Court of the Republic of Singapore granted an Injunction Prohibiting Disposal Of Assets Worldwide against Suntech Power Investment Pte. Ltd., organized in the Republic of Singapore, as part of ongoing litigation brought by PSS against Suntech Singapore, in the Republic of Singapore. On September 4, 2014, PSS filed an ex parte application with the Singapore Court for an injunction prohibiting the disposal of assets worldwide by Suntech Singapore. The Singapore Court granted the Injunction on September 4, stating (subject to certain exceptions noted therein), that Suntech Singapore must not: (i) remove from Singapore any of its assets which are in Singapore whether in its own name or not and whether solely or jointly owned up to the value of One Hundred Ninety Seven Million Five Hundred And One Thousand Seven Hundred Eighty Five United States Dollars ($197,501,785); or (ii) in any way dispose of or deal with or diminish the value of any of its assets whether they are in or outside of Singapore whether in its own name or not and whether solely or jointly owned up to the same value. The Injunction is to remain in force until the trial or further order. Forming a part of its ex parte injunction application to the Singapore Court, PSS submitted affidavits (and the exhibits referred to therein) identifying certain assets purportedly transferred by Suntech Singapore in March, 2014, which allegedly included its shares in its wholly-owned subsidiary Yangzhou Suntech Power Co., Ltd, and indirect subsidiaries Yangzhou Rietech Renewal Energy Company, Zhenjiang Rietech New Energy Science & Technology Co., Ltd, and Zhenjiang Ren De New Energy Science Technology Co., Ltd, (each of the foregoing organized in the People's Republic of China ("PRC")) to Changzhou Huihuang Investment Management Co., Ltd., organized in Jiangsu Province, PRC. The Injunction was granted on an ex parte basis, and Suntech Singapore may apply to the Singapore Court at any time to vary or discharge the Injunction. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From September 8 to Sept. 12, 2014 --------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- BES Finance Ltd 2.9 EUR 211913000 PDVSA 6 11/15/2026 USD 4500000000 ESFG International Ltd 5.8 EUR 52950000 PDVSA 6 5/16/2024 USD 5000000000 PDVSA 5.4 4/12/2027 USD 3000000000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 PDVSA 5.5 4/12/2037 USD 1500000000 Hindili Industry 8.6 11/4/2015 USD 380000000 BES Finance Ltd 4.5 EUR 95767000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 SMU SA 7.8 2/8/2020 USD 300000000 NQ Mobile Inc 4 10/15/2018 USD 172500000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Venezuela Governement 7.7 4/21/2025 USD 1599817000 Glorious Property Holdings Ltd 13 3/4/2018 USD 400000000 Renhe Commercial 13 3/10/2016 USD 600000000 Bank Austria 1.9 EUR 97608000 China Precisoin 7.3 2/4/2018 HKD 1028000000 BCP Finance Co 2.4 EUR 99063406.25 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BA-CA Finance Cayman 2 Ltd 2 EUR 51481000 Argentina Bonar Bonds 26 9/10/2015 ARS 5424358000 Inversora de Electrica 6.5 9/26/2017 USD 130263886 BCP Finance Co 4.2 EUR 72112000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 Argentina Government 4.3 12/31/2033 JPY 5840497000 PDVSA 6 5/16/2024 USD 5000000000 Argentina Boden Bonds 2 9/30/2014 ARS 930445250 PDVSA 6 11/15/2026 USD 4500000000 Greenfields Petroleum Corp 9 5/31/2017 CAD 23750000 Hindili Industry 8.6 11/4/2015 USD 380000000 Argentina Government 4.3 12/31/2033 JPY 2553017000 Argentina Bocon 2 1/3/2016 ARS 1608749924 Argentina Government 0.5 12/31/2038 JPY 21037843000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 Caixa Geral De Depositos Finance 1 EUR 44885000 SMU SA 7.8 USD 300000000 Renhe Commercial 13 3/10/2016 USD 600000000 Caixa Geral De Depositos Finance 2 EUR 65843000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BPI Capital Finance Ltd 2.9 EUR 15290000 Banif Finance Ltd 1.6 EUR 42234000 Banco BPI SA/Cayman Islands 4.2 11/14/2035 EUR 20000000 Empresas La Polar SA 3.8 10/10/2017 CLP 5000000 City of Buenos Aires Argentina 2 1/28/2020 USD 146771000 Aguas Andinas SA 4.2 12/1/2026 CLP 3289471.68 City of Buenos Aires Argentina 2 12/20/2019 USD 113229000 Venezuela Governement 7 3/31/2038 USD 1250003000 Empresa de Transporte 5.5 7/15/2027 CLP 3732799.8 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 1050000 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 644441.04 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 607142.76 Decimo Primer 4.5 10/25/2041 USD 37800000 Provincia del Chaco 4 12/4/2026 USD 10111047.85 Ruta de Bosque 6.3 3/15/2021 CLP 5062781.25 Talcan Chillan 2.8 12/15/2019 CLP 2978764.16 EMP Ferrocarriles Estado 6.5 1/1/2026 CLP 788572.14 *********** 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 * * *