/raid1/www/Hosts/bankrupt/TCRLA_Public/081216.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
Tuesday, December 16, 2008, Vol. 9, No. 249
Headlines
A R G E N T I N A
A & T OBRAS: Proofs of Claim Verification Due on March 31
MINERA PATAGONIA: Proofs of Claim Verification Due on April 22
PEYCA SA: Proofs of Claim Verification Due on February 25
SIDDERS SA: Proofs of Claim Verification Due on March 5
SWEET SHOP: Proofs of Claim Verification Due on February 11
VILMAX SACIFI: Proofs of Claim Verification Due on March 16
B E R M U D A
LENARD'S INTERNATIONAL: Members' Final Meeting Set for January 13
TEMPLAR HOLDINGS: Creditors' Proofs of Debt Due on December 24
TEMPLAR HOLDINGS: Final Meeting Set for January 15
THE SHOOTER: Members' Final Meeting Set for January 12
TRENT LTD: Creditors' Proofs of Debt Due on December 24
TRENT LTD: Members' Final Meeting Set for January 13
B R A Z I L
ARACRUZ CELULOSE: Fails to Settle US$2.13BB Derivative Loss
BANCO BMG: Moody's Lowers Bank Financial Strength Rating at 'D'
BNDES: Provides R$616 Million Loan to GVT (Holding) SA
CEMEX: Hits 1-Week Low After Morgan Stanley Says it May Post Loss
COMPANHIA DE SANEAMENTO: Moody's Puts 'Ba3' National Scale Ratings
FORD MOTOR: Fitch Puts Issuer Default Ratings on Negative Watch
GENERAL MOTORS: May Lose 40% of Dealers If GMAC Goes Bankrupt
RIO TINTO: Cuts 90% Jobs in Brazil as Part of Restructuring Plan
C A Y M A N I S L A N D S
AL FARAJ: Creditors' Proofs of Debt Due on Dec. 24
AMERICAN MASTERS: Creditors' Proofs of Debt Due on December 29
AMERICAN MASTERS: Creditors' Proofs of Debt Due on December 29
BLUE DRAGON: Creditors' Proofs of Debt Due on December 24
BURGUNDY PROPERTIES: Creditors' Proofs of Debt Due on Dec. 24
CARANAT LIMITED: Creditors' Proofs of Debt Due on Dec. 24
CC&L MULTI-STRATEGY: Creditors' Proofs of Debt Due on Dec. 29
CC&L MULTI-STRATEGY: Creditors' Proofs of Debt Due on Dec. 29
DEW INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
HILLSITY LIMITED: Creditors' Proofs of Debt Due on December 24
HOLLISTER INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
KASSIRER MARKET: Placed Under Voluntary Liquidation
POLAR CAPITAL: Creditors' Proofs of Debt Due on Dec. 24
RAVENSBERG LIMITED: Creditors' Proofs of Debt Due on Dec. 24
SABCO LIMITED: Creditors' Proofs of Debt Due on Dec. 24
SEA BREEZE: Creditors' Proofs of Debt Due on Dec. 24
TRINITY FUNDS: Creditors' Proofs of Debt Due on Dec. 26
TRINITY FUNDS: Creditors' Proofs of Debt Due on Dec. 26
WEALDSTONE INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
WEEPING WILLOW: Creditors' Proofs of Debt Due on Dec. 24
C H I L E
EL PASO: Files Amended Chapter 11 Plan and Disclosure Statement
D O M I N I C A N R E P U B L I C
BANCO DOMINICANO: Fitch Withdraws Junk Ratings
FALCONBRIDGE: Dominican Republic to Hire Unit's Laid-Off Miners
* DOMINICAN RPUBLIC: Transport Prices Dropped 3% in November
E C U A D O R
* ECUADOR: Pres. Asks for 'Big' Discount in Debt Restructuring
J A M A I C A
* JAMAICA: Minister Insists Economy is Stable
M E X I C O
METROFINANCIERA SA: Moody's Cuts Ratings on Nine Loans to 'C'
PRECISION PARTS: Financial & Economic Woes Cue Chapter 11 Filing
PRECISION PARTS: Case Summary & 30 Largest Unsecured Creditors
P U E R T O R I C O
HEALTHSOUTH CORP: Court to Consider UBS Settlement on January 12
V E N E Z U E L A
PDVSA: To Start Liquefied Natural Gas Production in 2014
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
* Senate Rejects Auto Aid for Detroit 3; Access to TARP Mulled
- - - - -
=================
A R G E N T I N A
=================
A & T OBRAS: Proofs of Claim Verification Due on March 31
---------------------------------------------------------
Alberto Buceta, the court-appointed trustee for A & T Obras
Civiles e Industriales SA's bankruptcy proceedings will be
verifying creditors' proofs of claim until March 31, 2009.
Mr. Buceta will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Debtor can be reached at:
A & T Obras Civiles e Industriales SA
Pichincha 105
Buenos Aires, Argentina
The Trustee can be reached at:
Alberto Buceta
Rivadavia 1342
Buenos Aires, Argentina
MINERA PATAGONIA: Proofs of Claim Verification Due on April 22
--------------------------------------------------------------
The court-appointed trustee for Minera Patagonia S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 22, 2009.
The trustee will present the validated claims in court as
individual reports on May 5, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 20, 2009.
PEYCA SA: Proofs of Claim Verification Due on February 25
---------------------------------------------------------
Norberto Alvarez, the court-appointed trustee for Peyca SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until February 25, 2009.
Mr. Alvarez will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Norberto Alvarez
Rodriguez Pena 189
Buenos Aires, Argentina
SIDDERS SA: Proofs of Claim Verification Due on March 5
-------------------------------------------------------
Maria Polisitina, the court-appointed trustee for Sidders SA's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 5, 2009.
Ms. Polisitina will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Debtor can be reached at:
Sidders SA
Esmeralda 1075
Buenos Aires, Argentina
The Trustee can be reached at:
Maria Polisitina
H. Yrigoyen 4027
Buenos Aires, Argentina
SWEET SHOP: Proofs of Claim Verification Due on February 11
-----------------------------------------------------------
The court-appointed trustee for Sweet Shop S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 11, 2009.
The trustee will present the validated claims in court as
individual reports on March 25, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 11, 2009.
VILMAX SACIFI: Proofs of Claim Verification Due on March 16
-----------------------------------------------------------
The court-appointed trustee for Vilmax S.A.C.I.F.I. y A.'s
reorganization proceeding will be verifying creditors' proofs of
claim until March 16, 2009.
The trustee will present the validated claims in court as
individual reports on May 4, 2009. The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 17, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on November 23, 2009.
=============
B E R M U D A
=============
LENARD'S INTERNATIONAL: Members' Final Meeting Set for January 13
-----------------------------------------------------------------
The members of Lenard's International Food Enterprises Limited
will hold their final meeting on January 13, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on Dec. 10, 2008.
The company's liquidator is:
Christopher C Morris
Century House, 16 Par-la-Ville Road
Hamilton HM 08
Islands of Bermuda
TEMPLAR HOLDINGS: Creditors' Proofs of Debt Due on December 24
--------------------------------------------------------------
The creditors of Templar Holdings Ltd. are required to file their
proofs of debt by December 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Dec. 9, 2008.
The company's liquidator is:
Margaret Potts
5 Bridge View Lane, Sandys
MA01 in the Islands of Bermuda
TEMPLAR HOLDINGS: Final Meeting Set for January 15
--------------------------------------------------
The sole member of Templar Holdings Ltd. will hold general meeting
on January 15, 2009, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on Dec. 9, 2008.
The company's liquidator is:
Margaret Potts
5 Bridge View Lane, Sandys
MA01 in the Islands of Bermuda
THE SHOOTER: Members' Final Meeting Set for January 12
------------------------------------------------------
The Shooter Multi-Strategy Fund Limited will hold final meeting
for its members on January 12, 2009, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Paul McCann is the company's liquidator.
TRENT LTD: Creditors' Proofs of Debt Due on December 24
-------------------------------------------------------
The creditors of Trent Ltd are required to file their proofs of
debt by December 24, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Dec. 9, 2008.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
TRENT LTD: Members' Final Meeting Set for January 13
----------------------------------------------------
The members of Trent Ltd will hold their final meeting on Jan. 13,
2009, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced liquidation proceedings on Dec. 9, 2008.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9
Bermuda
===========
B R A Z I L
===========
ARACRUZ CELULOSE: Fails to Settle US$2.13BB Derivative Loss
-----------------------------------------------------------
Aracruz Celulose SA failed to reach an agreement with banks
on how it will pay the US$2.13 billion currency-derivatives
losses, saying it will continue to talk with lenders, Bloomberg
News reports.
As reported by the Troubled Company Reporter - Latin America on
November 28, 2008, Bloomberg News said Aracruz Celulose was
accused in a lawsuit of misleading investors about "clandestine
and speculative currency wagers."
According to the report, the complaint was filed by law firm
Saxena White P.A. in the U.S. District Court for the Southern
District of Florida on behalf of holders of Aracruz American
depositary receipts.
Bloomberg News related in the complaint, Saxena White argued the
Brazilian pulp maker, which said it will lose money unwind
derivatives, failed to disclose currency derivatives "that
violated company policy in that they were far larger than
necessary to hedge normal business operations."
According to Saxena White, on October 2, 2008, Aracruz Celulose
announced that it would lose US$1 billion due to its investments
in currency-related derivative contracts that exceeded established
company policy guidelines. This resulted in the American
Depository Receipt (ADR) closing at US$23.40 per share on October
3rd, a decline of US$7.84 from the prior day's close, the law firm
said.
Bloomberg News notes Rodrigo Lopes of Banif-Nitor Asset
Management, said if Aracruz will fail to reach agreement it will
need to sell assets and seek capital from investors. "This puts
the company in a very tough position," Mr. Lopes was quoted as
saying. "They would need to solve this as quickly as possible,
but apparently talks may drag on until next year," he said.
According to Bloomberg News, citing Valor Economico newspaper,
Aracruz received a proposal from 10 banks to renegotiate the
losses from currency contracts. The banks offered to allow the
pulp maker to pay the debt over seven years with interest equal to
7 percentage points over the London interbank offered rate
(LIBOR), the newspaper said.
About Aracruz Celulose
Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp. The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers. The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake. During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Aracruz Celulose S.A. To 'BB'
from 'BBB-'. We also lowered the Brazil national scale rating on
Aracruz to 'brAA' from 'brAAA'. The ratings were removed from
CreditWatch Negative, where they were placed Oct. 3, 2008. The
outlook is stable.
As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s
Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and
Foreign currency IDR to 'BB-' from 'BB+'.
The ratings remain on Rating Watch Negative.
As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2008, Moody's Investors Service downgraded the ratings of
Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3
(issuer rating) on its global scale and to A1.br from Aa1.br on
the Brazilian national scale, and the ratings remain under review
for possible further downgrade.
BANCO BMG: Moody's Lowers Bank Financial Strength Rating at 'D'
---------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating to D from D+ and the global long-term local currency
deposit rating to Ba2 from Ba1, assigned to Banco BMG S.A.
Moody's also downgraded the senior unsecured foreign currency bond
ratings to Ba2, from Ba1.
The Brazilian long-term national scale deposit rating was also
lowered, to Aa3.br from Aa2.br. At the same time, the rating
agency affirmed the long- and short-term foreign currency deposit
ratings at Ba2 and Not Prime, respectively, as well as the short-
term local currency deposit rating at Not Prime and national scale
rating at BR-1. The outlook on the ratings is stable.
Moody's said the ratings downgrades reflect the more modest growth
and profitability prospects of Banco BMG in light of the changing
funding dynamics that have led the bank to substantially scale
down its loan origination. To conform to much reduced and more
expensive financing sources in the 3Q08, BMG reduced its loan
origination by 35%, while also increasing the sale of its loans to
face deposit outflows. Such actions are likely to limit BMG's
future revenue generation, and thus, its franchise value,
particularly as market conditions remain adverse.
The rating agency noted that a marginal growth had already been
anticipated for BMG's core product -- payroll lending -- as it was
nearing maturity. That trend is now likely to be exacerbated by
the expected economic deceleration over coming months, which may
further pressure business volumes. In response, management had
focused on reducing the bank's cost base and diversifying its
product offering since early 2008.
In placing a stable outlook on the ratings, Moody's noted that
BMG's liquidity and funding are likely to remain challenged.
However, BMG appears prepared to manage future refinancing needs
with its cash generation. Moody's believes that BMG's assets
quality indicators are adequate and supported by its conservative
provisioning policies, as well as by the low risk nature of its
loan portfolio, which is composed 75% by payroll loans.
Moody's last rating action was on October 14, 2008 when Moody's
announced the changed outlook to negative on Banco BMG's ratings.
Banco BMG S.A is headquartered in Belo Horizonte, Brazil, and it
had consolidated assets of R$ 7,911 million (US$4,163 million) and
equity of R$ 1,998 million (US$1,052 million) as of September 30,
2008.
These ratings assigned to Banco BMG S.A. were downgraded and
placed on stable outlook:
- Bank financial strength rating -- to D from D+;
- Global long-term local currency deposit rating -- to Ba2 from
Ba1;
- Long-term Brazilian national scale deposit rating -- to Aa3.br
from Aa2.br;
- Long-term foreign-currency senior unsecured debt -- to Ba2
from Ba1;
These ratings assigned to Banco BMG S.A. were affirmed:
-- Short-term local currency deposit rating at Not Prime;
-- Long-term foreign currency deposit rating at Ba2, with stable
outlook;
-- Short-term foreign currency deposit rating at Not Prime;
-- Short-term Brazilian national scale deposit rating at BR-1;
-- Short-term foreign currency senior debt rating at Not Prime.
BNDES: Provides R$616 Million Loan to GVT (Holding) SA
------------------------------------------------------
GVT (Holding) SA received approval of a new financing facility by
the National Bank for Economic and Social Development (BNDES) in
the amount of R$615.9 million.
The BNDES financing is expected to provide a fully funded business
plan for the company for the period from 2009 to 2011.
This is the second financing facility provided by BNDES to the
company. "In addition to contributing to the financing of our
current expansion plan for 2009-11, the transaction confirms the
confidence of the financial market in the fundamentals and the
strength of GVT's business model", said the Executive Chairman of
GVT, Shaul Shani.
Since the IPO of the company on the Bolsa de Valores de Sao Paulo
(BM & FBovespa) in February 2007, the company has accelerated its
growth and invested a total of more than R$1 billion expanding its
network and launching services into new areas. The company
intends to continue this expansion using the funding provided by
the BNDES facility.
"With these additional resources, combined with the strong cash
flow generation from the company's operations, GVT is fully funded
with respect to its current growth plans, as well as to meet its
existing financial obligations," said the company's CEO, Amos
Genish.
The first part of the facility in the amount of R$200 million is
expected to be available to the company before the end of 2008.
The remainder will be divided into a few tranches available for
withdrawal until the end of 2011. Actual withdrawal will be based
on the company's investment activities. The contract term will be
for a total of eight and a half years, with two and a half years
of grace period for amortization of the principal, with interest
payments only, and additional six years of principal amortization
and interest payments.
The final payment on the BNDES financing is planned for June 2017.
The interest rate will be based on two indexes, which will be used
on the different tranches: TJLP (Long Term Interest Rate) and IPCA
(Consumer Price Index), in addition to a risk spread. The average
interest rate of the transaction is equivalent to approximately
85% of the CDI (Interbank Certificate of Deposit rate), or 11.37%
per year, based on the current rate of CDI.
The guarantees provided by the company to the financing agreement
are secured only by the company's own assets. "The terms and
conditions of the financing are very favorable for a fast growing
company such as GVT, and positions us well to negotiate additional
funding alternatives to the extent needed in the future," comments
the company's CFO, Rodrigo Ciparrone.
Over the past 15 months, the company launched operations in
several new cities, such as Belo Horizonte, Contagem and Betim in
Minas Gerais, and Salvador in Bahia. In addition, GVT has
expanded its network in its existing states, including Rio Grande
do Sul, Santa Catarina, Parana, Goias, Mato Grosso do Sul, Acre,
Tocantins, Rondonia and Distrito Federal. The number of cities in
which GVT has a presence has grown from 62 in February 2007 to 80
at present.
The company's main drivers for growth will continue to be based on
network and territorial expansions, as well as additional services
based on its superior next generation network with super-high
speed Internet and IP based services. In addition, the new
regulation that allows number portability, which will be fully
implemented by the end of March 2009, is expected to eliminate a
major barrier the company has been facing in its effort to churn
its competitors' customers.
The company's net revenues reached R$955 million in the first
three quarters of this year, representing a growth rate of 34.7%
when compared to the same period of 2007. Within these three
quarters, GVT almost doubled its lines in service, reaching a
total of 1.74 million lines in service at the end of September
2008.
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services. The ratings were assigned in August and May
2007.
CEMEX: Hits 1-Week Low After Morgan Stanley Says it May Post Loss
------------------------------------------------------------------
Cemex SAB fell to a one-week low in New York trading after Morgan
Stanley said the company might report its first quarterly loss in
the fourth quarter, Fabio Alves of Bloomberg News reported Friday.
According to the report, Cemex's American depositary receipts
plunged 5.5% to US$8.16, bringing its two-day decline to 25%. The
Mexican company may post a loss of 7 cents a share including a
US$431 million loss on derivatives, Morgan Stanley analyst Nicolai
Sebrell wrote, the report relates.
Mr. Sebrell, the report disclosed, estimates Cemex will record a
US$209 million deficit on derivatives contracts tied to equities,
a US$155 million loss on currencies and a US$67 million deficit on
interest rates.
"Fourth quarter 2008 looks like the end of the derivatives story
as important risk positions have been unwound," the report cited
Mr. Sebrell as saying. "The prospect of an end of the derivatives
saga is a positive catalyst and valuation is not unreasonable.
However, debt refinancing, weak fundamentals, and a disappointing
fourth- quarter result are all overhangs that keep us equal-
weight," he said.
As reported by the Troubled Company Reporter - Latin America on
November 18, 2008, Reuters said CEMEX, S.A.B. de C.V. is in talks
with five banks to refinance part of its US$6.6 billion debt due
at the end of 2009. The report related that some investors are
concerned it will struggle to refinance amid tight global credit
conditions and falling sales volumes in its key U.S. and European
markets.
About Cemex
Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.
* * *
As reported by the Troubled Company Reporter-Latin America on
November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de
C.V.'s 'BBB-' foreign currency Issuer Default Rating to 'BB+';
'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured
debt obligations to 'BB+'. The Rating Outlook is Negative.
According to Fitch, the rating actions reflect weaker than
expected operating results and higher leverage levels than
previously anticipated due to economic weakness in most of the
company's important markets.
COMPANHIA DE SANEAMENTO: Moody's Puts 'Ba3' National Scale Ratings
------------------------------------------------------------------
Moody's placed the Ba3 global scale and A3.br national scale
ratings of SANEPAR's senior unsecured local debentures under
review for possible downgrade in light of the recent announcement
that the company's board of directors approved the conversion of
approximately BRL 760 million of existing state government
advances for future capital increase into short-term debt.
Moody's notes that the current restrictive funding environment
could substantially reduce SANEPAR's ability to refinance such
amount in the near term.
The review of SANEPAR's ratings will consider the impact of the
board's decision on the company's liquidity position and financial
profile going forward. SANEPAR's ratings could be stabilized if
significant deterioration in the liquidity profile does not
materialize or if the amortization profile of this debt is
adequately extended vis-a-vis the company's cash generation. The
potential for a possible covenant breach associated with certain
long-term debt issues and the level of ongoing government support
will be addressed along with the probability of a restoration of
an appropriate level of financial flexibility typically associated
with a Ba3 rating.
The last rating action for SANEPAR was in September 18, 2006 when
Moody's upgraded the debentures to Ba3 from B1 on the global scale
and from Baa3.br to A3.br on the Brazil National Scale.
The Senior Unsecured ratings for the BRL188 million debentures
were assigned by evaluating factors believed to be relevant to the
credit profile of SANEPAR such as the capital structure and
financial risk of the issuer, and its projected performance over
the near to intermediate term. These attributes were compared
against other issuers both within and outside of SANEPAR's core
peer group and SANEPAR's ratings are believed to be comparable to
ratings assigned to other issuers of similar credit risk.
Headquartered in Curitiba, Brazil, Companhia de Saneamento do
Parana - SANEPAR is majority owned and controlled by the
government of the State of Parana. SANEPAR provides water
treatment and distribution to 8.5 million consumers, and sewage
service to 4.4 million consumers in 344 municipalities in the
state of Parana and one municipality in the state of Santa
Catarina. In the last twelve months ending September 30, 2008,
SANEPAR reported net earnings of BRL 158 million (US$95 million)
on BRL 1,295 million (US$778 million) in net revenues.
FORD MOTOR: Fitch Puts Issuer Default Ratings on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed the Issuer Default Ratings of the U.S.
auto suppliers listed below on Rating Watch Negative, based on the
impact of a potential bankruptcy filing by General Motors (and
Fitch's view that this would be followed by a bankruptcy at Ford).
Given its smaller profile, it is unlikely that a bankruptcy filing
by Chrysler would have the same impact. Industry bankruptcies
could result from either the failure of the auto legislation
currently under consideration in the U.S. Congress, or the failure
of the Detroit Three to develop viable restructuring plans in the
several months prior to the expiration of the bridge loans
included in the current legislation.
In 2009, auto suppliers are already facing a steep global downturn
in auto production, including a deeply depressed production
forecast in the U.S. and Europe. In the event of a General Motors
bankruptcy, Fitch believes that the resulting contraction in auto
production, the supply chain, trade credit and capital-access
would cause widespread shutdowns and bankruptcies throughout the
supply chain. Given the cliff-risk nature of the risks involved,
Fitch has tried to detail below the extent of the potential rating
actions that would be taken in the event of a GM bankruptcy. In
any event, Fitch will continue to take individual rating actions
in the sector as events unfold over the next several weeks and
months. Fitch notes that even if the OEMs avoid bankruptcy, major
restructurings of their operations will occur, causing material
changes in the operations of their Tier I suppliers. These
restructurings could also lead to ratings actions, providing
further rationale for placing these suppliers on Rating Watch
Negative.
The auto suppliers placed or remain on Rating Watch Negative and
the ratings most likely to result in the event of a GM bankruptcy
are:
Companies Current IDR/Prospective IDR
-- American Axle 'B'/'CC';
-- ArvinMeritor 'B'/CCC';
-- Hayes-Lemmerz 'B'/CCC';
-- Johnson Controls 'A-'/'BBB+';
-- Tenneco 'BB-/B-';
-- TRW 'BB'/'B-';
-- Visteon 'CCC'/'CC'
-- Companies not included in the rating actions:
-- Cummins 'BBB+';
-- Goodyear 'BB-';
-- Navistar 'BB-'
Despite improved diversification by most Tier 1 suppliers, across
manufacturers, geographies and product lines, the decline in
supplier revenues and operating cash flow through 2009 resulting
from a GM bankruptcy would likely produce covenant violations
across the vast majority of suppliers. Of equal concern, Tier 2
and three suppliers are likely to experience widespread
bankruptcies through loss of volume, lack of receivables
financing, and restricted financial and trade credit. Fitch
expects that a collapse of trade credit throughout the supply
chain would put at risk the domestic operations of these
suppliers, as well as their financial viability. TRW and Tenneco
remain better positioned given their global operations, but Fitch
expects that these two companies, at a minimum, would require
renegotiations with their bank group.
Ratings on Rating Watch Negative are:
American Axle & Manufacturing Holdings, Inc.
-- IDR 'B';
American Axle & Manufacturing, Inc
-- IDR 'B';
ArvinMeritor
-- IDR 'B';
-- Secured 'BB';
-- Senior unsecured 'B/RR4'.
Hayes-Lemmerz International, Inc
-- IDR 'B'.
Hayes-Lemmerz Finance Luxembourg S.A
-- IDR 'B';
-- Senior unsecured 'B-/RR5';
-- Senior secured 'BB/RR1'.
HLI Operating Company Inc.
-- IDR 'B';
-- Senior secured 'BB/RR1'.
Johnson Controls
-- IDR 'A-'.
York International
-- IDR 'A-'.
Tenneco
-- IDR 'BB-';
-- Senior unsecured 'BB-';
-- Subordinated 'B';
-- Senior secured notes 'BB';
-- Senior secured credit facilities 'BB+'.
TRW Automotive Holdings Corp
-- IDR 'BB'.
TRW Automotive, Inc
-- IDR 'BB';
-- Secured 'BB+';
-- Senior unsecured 'BB-'.
Visteon Corp
-- IDR 'CCC';
-- Senior secured 'B/RR1';
-- senior unsecured 'CC/RR6'.
GENERAL MOTORS: May Lose 40% of Dealers If GMAC Goes Bankrupt
-------------------------------------------------------------
A bankruptcy filing by GMAC LLC may cause General Motors Corp. to
lose as many as 40% of its 6,500 U.S. dealerships, Greg Bensinger
at Bloomberg News reports, citing a retailer for GM.
Bloomberg relates that GMAC is GM dealers' largest source of
financing for purchasing vehicles, representing about 75% of U.S.
inventory. The report says that tighter GMAC loan rules
discouraged about 40% of potential buyers, helping drag GM sales
to a 22% decline this year.
Bloomberg quoted Martin NeSmith, a liaison to the lender as a
member of GM's National Dealer Council, as saying, "There's so
many dealers on the edge, if GMAC goes out of business 30 to 40
percent of dealers won't be able to get financing from anywhere
else. They'll go out of business."
As reported by the Troubled Company Reporter on Dec. 11, 2008,
GMAC Financial Services threatened bondholders that it would
abandon its effort to become a bank holding company if it doesn't
get the required support from them. GMAC failed to lure enough
bondholders to US$38 billion debt exchange offer and so the
company failed to raise enough capital for it to become a bank
holding company. GMAC must raise US$2 billion of new capital and
have at least US$30 billion in total regulatory capital. By
becoming a bank, GMAC will be able to access the Treasury's US$700
billion rescue fund. It will also allow GMAC to sell bonds backed
by the Federal Deposit Insurance Corp., giving it new funding.
GMAC was shut out of the public market for bonds backed by auto
loans for the past six months. GMAC asked bondholders in November
to tender their securities for at least 55 cents in cash or a
combination of new notes and preferred stock, which would count as
regulatory capital. GMAC's debt exchange offer is extended to
GMAC and Residential Capital LLC investors. GMAC extended for the
third time the delivery deadline for debt holders to Dec. 12.
Aparajita Saha-Bubna and Liz Rappaport at The Wall Street Journal
report that some bondholders said that the plan doesn't ask enough
sacrifice from GMAC's owners -- GM and an investor group led by
Cerberus Capital Management LP. According to the report, the
bondholders want equity holders to put in their share of new
capital.
According to WSJ, the proposed debt exchange is necessary to GMAC,
which may face bankruptcy protection if it isn't completed.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.
* * *
As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008. S&P said that
the outlook is negative.
Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position. Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default. With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels. Fitch placed these on Rating Watch Negative:
-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.
RIO TINTO: Cuts 90% Jobs in Brazil as Part of Restructuring Plan
----------------------------------------------------------------
Rio Tinto Group will cut 90% of its workforce in Brazil as part of
the company's plan to reduce debt by US$10 billion by the end of
next year, Brazzil Magazine reports.
As reported by the Troubled Company Reporter - Europe on Dec. 11,
2008, the debt-reduction plan will be done through expanding the
scope of assets targeted for divestment to include significant
assets not previously highlighted for sale.
Measures to reduce costs include:
-- Reducing global headcount by 14,000, comprising 8,500
contractor jobs and 5,500 employee roles (annual operating
cost saving of US$1.2 billion, upfront severance costs of
US$400 million)
-- Consolidation of offices around the Group, including the
London head office
-- Rapid acceleration in 2009 of outsourcing and off-shoring of
IT and procurement
-- Deferral of exploration and evaluation expenditure
According to Brazzil Magazine, Rio Tinto confirmed that starting
on December 22 until January 20, 90% of its work force will go on
compulsory vacations in its mining facilities in Corumba, in the
Brazilian state of Mato Grosso do Sul.
Two other mining companies in Corumba, the Brazzil Magazine
relates, took identical measures in recent days: MMX has stopped
all activities and Vale put 313 workers on vacation, saying the
global crisis dried up foreign steel customers.
For the moment there no plan to fire employees at Rio Tinto, the
report says.
Brazzil Magazine notes the company said, "These actions are
consistent with those from other iron ore operations of Rio Tinto
in Australia and in Canada, where the global cooling is also being
felt."
The company also stressed that expansion plans will be kept, but
reviewed continually according to market demands, the iron ore
price and changes in the project cost.
About Rio Tinto
Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.
Rio Tinto's business is finding, mining, and processing mineral
resources. Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore. Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.
==========================
C A Y M A N I S L A N D S
==========================
AL FARAJ: Creditors' Proofs of Debt Due on Dec. 24
--------------------------------------------------
The creditors of Al Faraj Minallah Limited are required to file
their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
AMERICAN MASTERS: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------------
The creditors of American Masters Market Neutral Protected 2
Limited are required to file their proofs of debt by Dec. 29,
2008, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 5, 2008.
The company's liquidators are:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT Grand Cayman
Cayman Islands
AMERICAN MASTERS: Creditors' Proofs of Debt Due on December 29
--------------------------------------------------------------
The creditors of American Masters Market Neutral Protected 3
Limited are required to file their proofs of debt by Dec. 29,
2008, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 5, 2008.
The company's liquidators are:
Jan Neveril
Giles Kerley
Maples Finance Limited
P.O. Box 1093GT Grand Cayman
Cayman Islands
BLUE DRAGON: Creditors' Proofs of Debt Due on December 24
---------------------------------------------------------
The creditors of Blue Dragon Fund Limited are required to file
their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidators are:
Susan Lo Yee Har
Tricor Services Limited
Three Pacific Place, Level 28
1 Queen's Road East, Hong Kong;
and
Linburgh Martin
Close Brothers (Cayman) Limited
P.O. Box 1034GT, Grand Cayman
Cayman Islands
BURGUNDY PROPERTIES: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------------
The creditors of Burgundy Properties Limited are required to file
their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
CARANAT LIMITED: Creditors' Proofs of Debt Due on Dec. 24
---------------------------------------------------------
The creditors of Caranat Limited are required to file their proofs
of debt by Dec. 24, 2008, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
CC&L MULTI-STRATEGY: Creditors' Proofs of Debt Due on Dec. 29
-------------------------------------------------------------
The creditors of CC&L Multi-Strategy Offshore SPC Limited are
required to file their proofs of debt by Dec. 29, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Richard Finlay
Conyers Dill & Pearman
George Town, Grand Cayman
Cayman Islands
Telephone:(345) 945 3901
Facsimile:(345) 945 3902
CC&L MULTI-STRATEGY: Creditors' Proofs of Debt Due on Dec. 29
-------------------------------------------------------------
The creditors of CC&L Multi-Strategy Offshore Fund Limited are
required to file their proofs of debt by Dec. 29, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Richard Finlay
Conyers Dill & Pearman
George Town, Grand Cayman
Cayman Islands
Telephone:(345) 945 3901
Facsimile:(345) 945 3902
DEW INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
---------------------------------------------------------
The creditors of Dew Investments Ltd. are required to file their
proofs of debt by Dec. 24, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
HILLSITY LIMITED: Creditors' Proofs of Debt Due on December 24
--------------------------------------------------------------
The creditors of Hillsity Limited are required to file their
proofs of debt by Dec. 24, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
HOLLISTER INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
---------------------------------------------------------------
The creditors of Hollister Investments Limited are required to
file their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
KASSIRER MARKET: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of Kassirer Market Neutral Fund met on Nov. 13, 2008,
and passed a resolution to voluntarily liquidate the company's
business.
POLAR CAPITAL: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------
The creditors of Polar Capital Technology Fund Limited are
required to file their proofs of debt by Dec. 24, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 6, 2008.
The company's liquidator is:
Avalon Management Limited
c/o P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Telephone:(+1) 345 946.4422
Facsimile:(+1) 345 769.9351
RAVENSBERG LIMITED: Creditors' Proofs of Debt Due on Dec. 24
------------------------------------------------------------
The creditors of Ravensberg Limited are required to file their
proofs of debt by Dec. 24, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
SABCO LIMITED: Creditors' Proofs of Debt Due on Dec. 24
-------------------------------------------------------
The creditors of Sabco Limited are required to file their proofs
of debt by Dec. 24, 2008, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
SEA BREEZE: Creditors' Proofs of Debt Due on Dec. 24
----------------------------------------------------
The creditors of Sea Breeze Investments Limited are required to
file their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
TRINITY FUNDS: Creditors' Proofs of Debt Due on Dec. 26
-------------------------------------------------------
The creditors of Trinity Funds Diversified Allocation Limited are
required to file their proofs of debt by Dec. 26, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
David L. Kallus
590 Madison Ave, 34th Floor
New York, NY 10022
TRINITY FUNDS: Creditors' Proofs of Debt Due on Dec. 26
-------------------------------------------------------
The creditors of Trinity Funds Diversified Allocation Master Fund
Limited are required to file their proofs of debt by Dec. 26,
2008, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
David L. Kallus
590 Madison Ave, 34th Floor
New York, NY 10022
WEALDSTONE INVESTMENTS: Creditors' Proofs of Debt Due on Dec. 24
----------------------------------------------------------------
The creditors of Wealdstone Investments Ltd. are required to file
their proofs of debt by Dec. 24, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on No. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
WEEPING WILLOW: Creditors' Proofs of Debt Due on Dec. 24
--------------------------------------------------------
The creditors of Weeping Willow Limited are required to file their
proofs of debt by Dec. 24, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Nov. 13, 2008.
The company's liquidator is:
Buchanan Limited
c/o Francine Jennings
P.O. Box 1170, Grand Cayman KY1-1102
Cayman Islands
Telephone:(345) 949-0355
Facsimile:(345) 949-0360
=========
C H I L E
=========
EL PASO: Files Amended Chapter 11 Plan and Disclosure Statement
---------------------------------------------------------------
El Paso Chile Company, Inc. and Desert Pepper filed with the U.S.
Bankruptcy Court for the Western District of Texas an amended
Chapter 11 Plan and Disclosure Statement explaining said Plan.
Funding of the Plan
Payments to creditors will be made from future earnings of the
Debtor and liquidation of various real properties owned by the
Debtors and United Gourmet, L.P., the land holding aspect of the
Debtors' overall operations and owner of the Fred Wilson property
from which the Debtors operate.
Treatment of Claims
All Allowed Administrative Claims, including Fee Requests, shall
be paid in full on the later of (i) the Effective Date, or (ii)
within thirty days after the Administrative Claim becomes an
Allowed Claim. Each holder of an Allowed Tax Claim arising before
the Petition Date shall be paid in equal monthly installments of
principal and interest over a period of 5 years from the date of
assessment of the taxes.
The Debtors' Amended Plan provides for 7 classes of Claims.
Except for Classes 4 and 5, all Classes are impaired under the
Plan. Class 4 consist of the Secured Claim of Berlin Packaging,
LLC in the amount of US$48,474. Berlin shall receive in full
satisfaction of its claim the molds and bottle cap inventory
securing its claim. Class 5 consist of the claims of Bank of the
West in the amount of US$19,475 secured by a lien on a 2006
Chrysler 300 automobile. Bank of the West will continue to
receive monthly payments of US$597.74 until maturity on July 12,
2011.
Class 1 claims include the secured claim of the City of El Paso in
the amount of US$11,014 for ad valorem taxes on the Debtor's
property situated in the City of El Paso, El Paso County, Texas,
covering tax year 2008. The City of El Paso's allowed claim will
be paid in full in 60 equal monthly installments, with the first
payment to be made on the Plan's Effective Date.
Class 2 consist of the secured claim of Sovereign Business Credit,
a division of Sovereign Business Capital. The full allowed amount
of Sovereign's secured claims in the approximate amount of
US$2,334,475, plus accrued unpaid interest, charges, and other
fees shall be paid by means of the sale of the real property
located at 4707 Fred Wilson Drive in El Paso, Texas, and quarterly
distributions in the amounts and on the dates set forth below:
12/31/2008 US$300,000
3/15/2009 $100,000
4/14/2009 $200,000
6/15/2009 $100,000
9/15/2009 $100,000
12/15/2009 $100,000
1/15/2010 $700,000
4/15/2010 $100,000
6/15/2010 $100,000
9/15/2010 $100,000
12/15/2010 $100,000
3/15/2011 $100,000
6/15/2011 $100,000
9/15/2011 $100,000
12/15/2011 $100,000
3/15/2012 $128,255
In the event that the Fred Wilson property is not sold within two
years of the Effective Date of the Plan of Reorganization, the
remaining balance due and owing to Sovereign will be paid out over
an additional 24 months by means of equal quarterly installments.
The outstanding indebtedness of Sovereign will be paid at a fixed
rate of interest of 6 1/2% p.a.
Class 3 consist of the claim asserted by CIT Small Business
Lending Corp ("CIT") in the amount of US$646,638. The allowed
secured claims of CIT shall be paid by means of monthly payments
in the amount of US$4,031.46 until such time as its claim is paid
in full. In addition, CIT shall receive US$2,015.73 per month
from United Gourmet, L.P.
Class 6 consist of the general unsecured claims against the Debtor
with the exception of the deficiency and claims, if any, of the
Class 1, 2 or 3 Creditors. The Class 6 creditors will be paid
approximately 50% of the allowed amount of their claims over a
period of 48 months from the Effective Date of the Plan without
interest by means of quarterly and bi-quarterly payments. The
Class 6 creditors shall receive a lien on all outstanding stock of
the Debtor until all Plan payments are completed.
Class 7 consist of the equity interests in the Debtor. The equity
interest owners shall retain their ownership interests in the
Debtor subject to the lien granted to the Class 6 creditors under
the Plan. The Class 7 equity owners shall not receive any
dividends or distributions of their shares until such time as all
allowed claims are paid in full.
As reported in the Troubled Company Reporter on Nov. 7, 2008, the
U.S. Trustee for Region 7 asked the Court to deny approval of the
Disclosure Statement of the Debtors until they have addressed each
of the concerns raised in his objection, including an explanation
for the basis for the projection that El Paso will operate at a
positive cash flow when based on El Paso's August 2008 operating
report, the company had a negative cash flow of US$151,668. The
Trustee also said that Desert Pepper should correct the
inconsistencies in the Disclosure Statement pertaining to the
monthly amounts to be paid to unsecured creditors.
A full-text copy of the Debtors' Amended Chapter 11 Plan is
available for free at:
http://researcharchives.com/t/s?3622
A full-text copy of the Disclosure Statement explaining the
Debtors' Amended Chapter 11 Plan is available for free at:
http://researcharchives.com/t/s?3623
Based in El Paso, Texas, El Paso Chile Company Inc. --
http://www.elpasochile.com/-- is a salsa, chile and margarita mix
distributor. Dessert Pepper Trading Company specializes in the
grocery side of the business. El Paso Chile and Desert Pepper
Tradihg filed for Chapter 11 protection on June 25, 2008 (Bankr.
W.D. Tex. Case Nos. 08-30949 and 08-30948). Bernard R. Given, II,
Esq., at Beck & Given, P.C., represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed assets of US$1 million to US$100
million, and debts of US$1 million to US$100 million.
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO DOMINICANO: Fitch Withdraws Junk Ratings
----------------------------------------------
Fitch Ratings has withdrawn its ratings for Banco Dominicano del
Progreso due to the absence of appropriate financial information
to continue with the surveillance of the rating.
The ratings withdrawn are:
-- Long-term Foreign and Local Currency Issuer Default Rating
'CCC';
-- Short-term Foreign and Local Currency IDR 'C';
-- Individual Rating 'E';
-- Support Rating '5';
-- National Long-term Rating 'BB(dom)';
-- National Short-term Rating 'B(dom)'.
BDP was the sixth largest Dominican bank in term of assets at
Sept. 30, 2008.
FALCONBRIDGE: Dominican Republic to Hire Unit's Laid-Off Miners
---------------------------------------------------------------
The Dominican government said it will find jobs for most of the
900 workers laid off at Falconbridge Dominicana, The Dominican
Today reports.
According to the report, President Leonel Fernandez said
developers of the Punta Perla resort have promised to hire 200
laid-off workers and most of the rest will be hired by the
government's environment, agriculture and public works
departments.
President Fernandez, the report relates, said about 90 workers
could qualify for early retirement.
Toronto-based Xstrata Nickel recently laid off about 70% of its
workers at Falconbridge Dominicana, The Dominican Today says.
* DOMINICAN RPUBLIC: Transport Prices Dropped 3% in November
------------------------------------------------------------
A plunge of 11.7% in Transport prices in Dominican Republic also
towed consumer prices an unprecedented 3.28% in November, and
trimming inflation to 6.01% since January, Dominican Today
reports, citing the country's central bank.
"This means that in only two months inflation has fallen
4.33%, reflecting a significant deceleration in the accumulated
inflation," the report quoted the bank as saying.
According to Dominican Today, annualized accumulated inflation had
been 10.7% to September, although the fall in global oil prices
spurred a deflation in November.
The central bank, the report relates, estimates the accumulated
inflation will fall below 6.0% by December. "This would be lower
than the result posted in 2007 when it was 8.9%, which amid this
unfavorable external surroundings, is a great accomplishment for
the country," it said.
The central bank said the figures show "that the Monetary
Program's goal established at the start of 2008 would be
comfortably met," the report notes.
According to Moody's Investors Service, the country continues to
carry a B2 foreign and local currency ratings.
=============
E C U A D O R
=============
* ECUADOR: Pres. Asks for 'Big' Discount in Debt Restructuring
--------------------------------------------------------------
Ecuadorean President Rafael Correa said he wants bondholders to
accept a "very big" discount in debt renegotiations triggered by
the country's second default in a decade, Stephan Kueffner of
Bloomberg News reports.
According to the The Associated Press, Ecuador says it is
defaulting on a second bond payment, interest on US$650 million in
Global 15 bonds due through 2015. The declaration, AP relates,
comes three days after President Correa said the country would not
make a similar US$30.6 million payment on Global 12 bonds.
Bloomberg News says President Correa said he wants bondholders who
had bought the debt in good faith to recoup some of their
investment. "We're preparing a restructuring plan with a very big
discount because there is a legitimate part to the debt. We want
to present a proposal where some value of the debt is recognized
but at a much lower price than what they say we owe," President
Correa was quoted by Bloomberg News as saying.
As reported by the Troubled Company Reporter - Latin America on
December 11, 2008, Bloomberg News said, citing Policy Minister
Ricardo Patino, Ecuador is seeking support from countries in Latin
America on President Correa's decision on whether to default on
US$3.9 billion in bonds that the government considers "illegal."
As published in the Troubled Company Reporter-Latin America on
Nov. 25, 2008, Reuters reported that President Correa said he
would not withdraw an international suit to suspend a Brazilian
loan repayment even if it frays diplomatic ties between the two
countries.
In that TCRLA report, Bloomberg News said Ecuador filed a lawsuit
to suspend payment on a loan owed to a Brazilian government bank,
charging that the credit's terms are unlawful.
Bloomberg News recalled the country's debt audit commission
uncovered "illegality and illegitimacy" in the country's foreign
obligations and stated that the government's global bonds due in
2012 and 2030 "show serious signs of illegality," such as a lack
of government authorization for their issuance.
Bloomberg News related Jorge Glas, head of a government fund
handling the lawsuit, said the loan granted by BNDES, Brazil's
state development bank, was linked to a construction company that
was expelled from the country over a contractual dispute.
In September, Bloomberg News recounted, President Correa
threatened not to repay the central bank, holding that the loan
was granted to Brazilian top construction firm Odebrecht to build
a plant and not to the government.
According to Bloomberg News, Minister Patino said the country is
seeking support from Argentina, Venezuela, Bolivia and Central
American countries for its decision to declare part of its
estimated US$10 billion in foreign debt illegal. The country is
also sending a delegation to Chile and Peru to seek their support
for any decision regarding those bonds, and Minister Patino with
Minister Viteri will meet U.S. legislators, the report related.
As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2008, Fitch Ratings placed Ecuador's long-term foreign
currency Issuer Default Rating of 'CCC' on Rating Watch Negative
to reflect a reasonable probability of near term downgrades.
Ecuador's IDR already incorporates the risk that default is a real
possibility in the near term, particularly in light of ongoing
concerns about the government's willingness to pay its
obligations, Fitch said.
=============
J A M A I C A
=============
* JAMAICA: Minister Insists Economy is Stable
---------------------------------------------
Jamaica Minister of Finance and the Public Service, Audley Shaw,
is insisting his country is not in crisis, despite the global
economic meltdown, Caribbean World News reports.
According to the report, Mr. Shaw said the Jamaican economy is
being severely challenged but is not in panic mode. The minister
further declared that the government is not on the verge of
accessing loan support from the International Monetary Fund, the
report relates.
Mr. Shaw, Caribbean World News notes, said the latest data
revealed private foreign exchange accounts of some US$2.3 billion;
Net International Reserve (NIR) of more than US$1.7 billion, which
is similar to the corresponding period last year; remittances are
up seven per cent over the corresponding period last year; and
tourism earnings have increased by five per cent.
However, the country's tourism sector shows a decline and job
losses begin to add up in Jamaica, the report notes.
Caribbean World News relates one hundred and fifty workers from
the Jamaica-based, West Indies Alumina Company (WINDALCO), have
already lost their jobs, and thirty more will join them on the
unemployment line due to the global economic crisis.
Cable & Wireless, now LIME, is also set to cut jobs in Jamaica and
across the Caribbean to the tune of 1,200, the report says.
As reported by the Troubled company Reporter - Latin America on
Dec. 12, 2008, Gleaner News said International Monetary Fund
(IMF) Managing Director Dominique Strauss Khann warned there will
be even more difficult economic times for Jamaica next year and
called on the government to correct policies currently
implemented.
According to the report, Mr. Strauss Khan suggested where possible
there should also be fiscal stimulus which would mean more
spending or reducing taxes. However, the report related Mr.
Strauss Khann said given Jamaica's debt problems this may not be
advisable.
Jamaica's total debt is now equal to 110 percent of the country's
total value of goods and service, TCRLA noted.
Jamaica is an island nation of the Greater Antilles, 234
kilometers in length and as much as 80 kilometers in width
situated in the Caribbean Sea. It is about 145 kilometers south
of Cuba, and 190 kilometers west of the island of Hispaniola, on
which Haiti and the Dominican Republic are situated.
According to Moody's Investor Site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.
===========
M E X I C O
===========
METROFINANCIERA SA: Moody's Cuts Ratings on Nine Loans to 'C'
-------------------------------------------------------------
Moody's de Mexico has downgraded the global scale ratings of nine
Metrofinanciera, S.A. de C.V. construction loan securitizations to
C from Caa1. Additionally, for seven domestic transactions that
were assigned national scale ratings, Moody's has also downgraded
these ratings to C.mx from Caa1.mx (Mexican National Scale).
The affected securitizations include series METROCB 02, METROCB
03-2, METROCB 03-3, METROCB 04, METROCB 05, Metrofinanciera Trust
Asset-Backed Notes Series 2005-1, METROCB 07, METROCB 07-3, and
Series 2007-1 Class A Floating Rate Notes due July 2014. The
previous rating action on the affected securities occurred on
October 14, 2008. At that time, Moody's downgraded the global
scale ratings of the nine securitizations to Caa1 from Baa1.
Additionally, for seven of the nine transactions that were placed
in the domestic market and therefore assigned national scale
ratings, Moody's also downgraded these to Caa1.mx from Aaa.mx
(Mexican National Scale). All ratings remained on review for
further possible downgrade.
The rating action is primarily based on these factors: i) recent
company statements about the diversion of collections on the
securitized construction loans away from the securitization trust
accounts, ii) serious concerns about the data integrity of the
servicer reports prepared by the company and used by Moody's to
monitor performance, iii) the continuous low level of principal
collections on the securitized portfolios, iv) the disruption in
disbursements of funds to developers as reported by the company,
and v) Moody's recent downgrade of Metrofinanciera's issuer rating
to Caa2 from B3 (Global Scale, Local Currency) and to Caa2.mx from
Ba3.mx (Mexican National Scale), which occurred on December 2,
2008.
During the announcement of its 2008 third quarter financial
statements results on November 26, 2008, Metrofinanciera revealed
that significant amounts of collections on the underlying
construction loans serving as collateral for some of the
securitized transactions had been diverted away from the
securitization trust accounts. The company stated that it had
failed to accurately report the proceeds of sales of housing units
in the underlying housing developments and had failed to transfer
those collections to the trust accounts.
In April and July 2008, Moody's reported that it had identified a
group of construction loans in each of the securitized pools with
reported balances that had had little or no change during the last
12 months. The company's reported failure to accurately report
the sale of housing units likely contributed to the observed near-
constant loan balances given that some of the sales proceeds
collected by Metrofinanciera were not remitted to the trust and
were therefore not used to amortize the corresponding construction
loans.
Furthermore, the company disclosed that very few disbursements are
being made to developers awaiting funds available under their
construction lines of credit. This is further evidenced by the
low level of disbursements reported by the trustee in recent
months across the various trusts. Unless remedied, the lack of
disbursements will likely continue to cause significant
disruptions in the construction and sales of the underlying
housing units and may further contribute to the already high level
of reported delinquencies. Moody's notes that the company
reported that it is reviewing the construction projects to
identify which ones are viable and therefore worth disbursing
additional monies to finance the completion of unfinished
construction.
In addition, credit trends continue to be very weak across the
securitized loan pools. As per the data reported in the October
and November 2008 trustee reports, the reported loan-level and
pool-level amortization continue to exhibit a very slow pace.
Finally, the rating action also reflects Moody's recent downgrade
of Metrofinanciera's issuer rating to Caa2 from B3 (Global Scale,
Local Currency) and to Caa2.mx from Ba3.mx (Mexican National
Scale). As a result of the downgrades, Moody's has heightened
concerns about Metrofinanciera's stability as a servicer, which
could negatively affect its ability to perform its duties as
servicer of the securitized loans.
Moody's believes that the company's disclosed diversion of funds
belonging to the securitized trusts and the weak level of reported
collections remitted to the trusts in recent times have
considerably increased the expected extent of losses that
certificate holders could experience.
The ratings on the certificates were assigned by evaluating
factors determined to be applicable to the credit profile of the
certificates, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class as
well as for the transaction sponsor, ii) an analysis of the type
of collateral being securitized, iii) an analysis of the policies,
procedures and alignment of interests of the key parties to the
transaction, most notably the originator and servicer, iv) an
analysis of the transaction's allocation of collateral cashflow
and capital structure, v) an analysis of the transaction's
governance and legal structure, and (vi) a comparison of these
attributes against those of other similar transactions.
In addition to the factors mentioned above, Moody's approach to
rating securitizations of construction loans in Mexico considers
i) the loan origination and underwriting process, ii) the degree
of asset diversification, iii) the loan eligibility criteria, iv)
supply and demand risk in the Mexican housing sector, v) take-out
risk, and vi) structural features and protections, including
credit enhancement and early amortization events.
The complete rating action is:
Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex
Grupo Financiero (only in its capacity as trustee of the
securitization trusts).
Originator and Servicer: Metrofinanciera S.A. de C.V., Sociedad
Financiera de Objeto Múltiple, Entidad No Regulada.
- METROCB 02 (Trust 325), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- METROCB 03-2 (Trust 374), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- METROCB 03-3 (Trust 374), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- METROCB 04 (Trust 374), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- METROCB 05 (Trust 468), downgraded to C (Global Scale, Foreign
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Foreign Currency) and Caa1.mx (Mexican National Scale).
- METROCB 07 (Trust 590), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- METROCB 07-3 (Trust 689), downgraded to C (Global Scale, Local
Currency) and C.mx (Mexican National Scale) from Caa1 (Global
Scale, Local Currency) and Caa1.mx (Mexican National Scale).
- Series 2007-1 Class A Floating Rate Notes due July 2014 (Trust
650), downgraded to C (Global Scale, Local Currency) from Caa1
(Global Scale, Local Currency).
Issuer: Banco JPMorgan, S.A. (only in its capacity as trustee of
the securitization trust).
- Metrofinanciera Trust Asset-Backed Notes Series 2005-1 (Trust
123), downgraded to C (Global Scale, Foreign Currency) from
Caa1 (Global Scale, Foreign Currency).
PRECISION PARTS: Financial & Economic Woes Cue Chapter 11 Filing
----------------------------------------------------------------
Precision Parts International Services Corp. and each of the nine
debtor-affiliates filed voluntary petitions under Chapter 11 of
the United States Bankruptcy Code in the United States Bankruptcy
Court in the District of Delaware citing the present global
financial and economic crisis.
According to the company, both domestic original equipment
manufacturers and certain suppliers have faced troubling times in
recent years caused by:
-- a steady decline in market share by domestic OEMs;
-- noncompetitive cost structures as a result of inflated union
wages and pension and legacy costs;
-- significant increases in raw materials; and
-- excess production capacity.
The company blamed the deteriorating conditions in the automotive
sector. Despite generating sufficient cost savings to offset any
price concessions made to customers and reducing cost to mitigate
against expected production slowdowns, its operational flexibility
has been severely restricted as a result of declining North
American OEM production levels and increased raw materials, the
company said.
The company pointed out that North American OEM market share and
overall production levels for both cars and light trucks has
decline significantly in recent years. As of 1999, General
Motors, Chrysler and Ford have a collective 62% U.S. market share,
which fell to about 52% in the first half of 2007, the company
related. Sales in the automotive industry in October 2008 were
down nearly 32% compared with October 2007. The big three's loss
of market share affected the automotive supply chain by decreasing
volume production while OEMs continued to pursue aggressive price-
down strategies at the same time, the company noted.
On the one hand, the company said its revenue through third
quarter 2008 declined to US$126.2 million from US$154.5 million in
the same period a year ago. The decline in revenue, the company
further said, was caused by (i) decline in domestic automobile
production volume; (ii) lower pricing; and (iii) increasing costs.
The company said that it filed for bankruptcy in order to
facilitate an orderly wind-down of its business. The Chapter 11
filing came after an exhaustive exploration of options for
continuing the business including a sale of its operations, the
company added.
The company related that it has secured a commitment from General
Electric Capital Corp. and Comerica Bank for up to US$2 million in
debtor-in-possession financing to support the wind-down. The
company said it will present to the Court several first day
motions intends to allow the Debtors to maintain their ongoing
business operations and fulfill their duties, including:
-- additional time within which to file their schedules and
statements of financial affairs;
-- authority to continue use of existing cash management system,
bank accounts and business forms;
-- authority the employ Kurtzman Carson Consultants LLC as
claim, noticing and balloting agent;
-- authority to pay prepetition premiums necessary to maintain
insurance coverage;
-- authority to pay certain prepetition wages, salaries and
other compensation, employee medical and similar Benefits,
and reimbursable employee expenses;
-- authority to pay Prepetition claims of shippers, brokers,
warehousemen and other lien claimants;
-- authority to pay the prepetition claims of certain critical
vendors.
A hearing is scheduled for on Dec. 15, 2008 at 1:30 p.m., to
consider approval of the motions.
According to the filing, the company has US$184.5 million in
secured and unsecured longterm liabilities and US$30 million in
trade debt in the aggregate trade debt as of its bankruptcy
filing. The company's prepetition, long-term debt structure was
composed of,among other things:
i) a 115.0 million in secured senior term loan, a US$19.7 million
in secured revolver and US$14.0 million in secured junior term
loan issued under a senior credit agreement dated as of
Sept. 30, 2005, with a syndicate of financial institution
led by General Electric Capital Corporation; and
ii) a US$55.0 million in loan under a subordinated note purchase
agreement dated as of Sept. 30, 2005, with Norwest Mezzanine
Partners II LP, LEG Partners Debenture SBIC LP and Golub
Capital CP Funding LLC.
The company said it owes US$89.1 million under the prepetition
senior credit agreement and US$88.5 million under the prepetition
mezzanine agreement as of its bankruptcy filing.
"[Fri]day's actions are unavoidable," said Joe Lefave, President
and Chief Executive Officer. "The current depressed conditions in
the domestic auto industry, along with the continued tightening of
credit markets created insurmountable hurdles that could not be
overcome.
"PPI will continue to operate during the wind-down in order to
ensure a successful transition for all of our customers and has
obtained liquidity to pay suppliers and employees during this
process," Mr. Lefave said. "Additionally, the company will be
accepting offers for its assets."
According to Bloomberg News, the company is at least the 10th
auto-parts maker sought Chapter 11 protection from its creditors
this year.
About Precision Parts
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com--
sell products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. The Debtors operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on the Debtors' behalf by Intermex Manufactura de Chihuahua under
a shelter and logistics agreement. The company's operations
consist of two distinct lines of business: MPI, which performs
fineblanking work and conventional metal stamping, as well as a
range of value-added finishing operations, and Skill which
performs conventional metal stamping, as well as a range of
assembly and value-added finishing operations. Four of the
Debtors are holding companies that have no employees and are not
involved in the Debtors' day-to-day operations: PPI Holdings,
Inc.; PPI Sub-Holdings, Inc.; MPI International Holdings, Inc.;
and Skill Tool & Die Holdings Corp.
PRECISION PARTS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Precision Parts International Services Corp.
2129 Austin Avenue
Rochester Hills, MI 48309
Tel: (248) 742-7232
Fax: (248) 853-5665
Bankruptcy Case No.: 08-13291
Debtor-affiliates filing separate Chapter 11 petitions:
Entity Case No.
------ --------
PPI Holdings, Inc. 08-13289
PPI Sub-Holdings, Inc. 08-13290
MPI International Holdings, Inc. 08-13292
MPI International, Inc. 08-13293
International Fineblanking Corporation 08-13294
Michigan Fineblanking, Inc. 08-13295
Skill Tool & Die Holdings Corp. 08-13296
Skill Tool & Die Corp. 08-13297
Type of Business: The Debtors sell products to major north
American automotive and non-automotive
original equipment manufacturers and Tier 1
and 2 suppliers. The Debtors operate six
manufacturing facilities throughout north
America, including a facility in Mexico
operated on the Debtors' behalf by Intermex
Manufactura de Chihuahua under a shelter and
logistics agreement.
The Debtors' operations consist of two distinct
lines of business: MPI, which performs
fineblanking work and conventional metal
stamping, as well as a range of value-added
finishing operations, and Skill which performs
conventional metal stamping, as well as a range
of assembly and value-added finishing
operations.
Four of the Debtors are holding companies that
have no employees and are not involved in the
Debtors' day-to-day operations: PPI Holdings,
Inc.; PPI Sub-Holdings, Inc.; MPI International
Holdings, Inc.; and Skill Tool & Die Holdings
Corp.
See: http://www.precisionparts.com/
Chapter 11 Petition Date: December 12, 2008
Court: District of Delaware
Judge: Kevin Gross
Debtor's Counsel: David M. Fournier, Esq.
Pepper Hamilton LLP
Hecules Plaza, Suite 5100
1313 N. Market Street
P.O. Box 1709
Tel: (302) 777-6500
Fax: (302) 421-8390
http://www.pepperlaw.com
Financial Advisor: Alvarez & Marsal North America LLC
Notice, Claims and Balloting Agent: Kurtzman Carson Consultants
LLC
Estimated Assets: US$100 million to US$500 million
Estimated Debts: US$100 million to US$500 million
The petition was signed by chief financial officer Roger Goldbaum.
The Debtor's Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Golub Capital bank loan US$42,770,053
Attn: Gregory Cashman
551 Madison Ave., 6th Floor
New York, NY 10022
Tel: (212) 750-6060
Fax: (212) 750-5505
Norwest Mezzanine Partners bank loan $42,7700,53
II LLP
Attn: Carter Balfour
80 S. 8th, Suite 3600
Minneapolis, MN 55402
Tel: (612) 215-1600
Fax: (612) 215-1602
Gestamp North America Inc. trade debt $4,825,7449
Attn: Jim Barry
755 W. Big Beaver Rd.
Ste. 1800
Troy, MI 48084
Tel: (248) 743-3404
Fax: (248) 743-3403
Chrysler LLC trade debt $3,259,742
Attn: Robert Nadellie
Holly Leese
1000 Chrysler Driver
Auburn Hills, Michigan 48326
Tel: (248) 576-5741
Fax: (248) 512-8084
Steel Warehouse Company Inc. trade debt $1,859,493
Attn: Mikre Lerman
2722 W. Tucker Drive
South Bend, IN 46624
Tel: (574) 236-5100
Fax: (574) 236-5154
Heidtman Steel Products Inc. trade debt $1,529,970
Attn: John c. Bates
2401 Front St.
Toledo, OH 43605
Tel: (419) 691-4646
Fax: (419) 698-1150
Samuel Son & Co. Inc. trade debt $1,061,191
Attn: Mark C. Samuel
2360 Dixie Road
Mississuaga, ON, Canada
L4Y 1Z7
Tel: (800) 267-2683
Fax: (905) 279-9658
General Motors Corp. trade debt $728,281
Attn: G. Richard Wagoner, Jr.
Robert S. Osborne
200 Renaissance Center
Detroit, MI 48265
Tel: (313) 556-5000
Fax: (313) 556-5108
Ford Motor Company trade debt $688,446
Attn: Alan Mullaly
David G. Leitch
1 American Road
Dearborn, MI 48126
Tel: (313) 322-3000
Fax: (313) 845-7512
Machine Concepts Inc. trade debt $542,165
Attn: John Eiting
2167 Sr. 66, PO Box 127
Minster, OH 45865
Tel: (419) 628-3498
Fax: (419) 628-2794
Worthington Steel trade debt $430,287
Independent Steel Company trade debt $370,598
(Inc.)
Perkins Products Inc. trade debt $339,573
The Minster Machine Company trade debt $257,037
Benz Oil Inc. trade debt $255,814
Hoosier Custom Plastics trade debt $243,167
New Technology Steel LLC trade debt $242,281
Motion Industries Inc. trade debt $234,150
Blair Strip Steel Company trade debt $213,487
J & B Industrial Specialties trade debt $212,354
Inc.
MST Steel Corporation trade debt $199,121
National Material of Mexico trade debt $198,143
Hi-Tech Metal Processing Inc. trade debt $193,666
Spectra-Tech Inc. trade debt $187,815
Ryeco Inc. trade debt $172,957
Amstek Metal trade debt $157,324
Keyker USA Inc. trade debt $156,420
Lap Tech Industries Inc. trade debt $153,907
Benteler Automotive trade debt $148,947
Corporation
====================
P U E R T O R I C O
====================
HEALTHSOUTH CORP: Court to Consider UBS Settlement on January 12
----------------------------------------------------------------
HealthSouth Corporation disclosed in a regulatory filing with the
Securities and Exchange Commission that it will be obligated to
pay the reasonable fees and expenses of the derivative plaintiffs'
lawyers, subject to the approval of the Circuit Court of Jefferson
County, Alabama.
On Oct. 23, 2008, HealthSouth and derivative stockholder
plaintiffs reached an agreement in principle with UBS Securities,
LLC and UBS AG, Stamford Branch, well as UBS' insurance carriers,
to settle certain claims in the litigation, captioned Tucker v.
Scrushy (CV-0205212), filed by the derivative plaintiffs on
HealthSouth's behalf in the Court.
A full-text copy of the notice of proposed partial settlement of
derivative action is available for free at
http://ResearchArchives.com/t/s?3627
On Dec. 11, 2008, the court unsealed the Petition for Fees as to
Recovery in Settlement of US$133 Million from Defendant UBS
Securities LLC filed by the derivative plaintiffs' lawyers. In
the Fee Petition, the derivative plaintiffs' lawyers ask for a fee
award of 30% of US$133 million, or US$39.9 million, plus out-of-
pocket expenses not to exceed US$1.7 million.
A full-text copy of the Fee Petition is available for free at
http://ResearchArchives.com/t/s?3628
The Court has set a hearing for Jan. 12, 2009, at 10 a.m. CST at
which time it is anticipated the Court will determine whether or
not:
i) to approve a proposed settlement of claims with UBS;
ii) to approve an Order ending a portion of this lawsuit and
barring further lawsuits over the claims made, or which
could have been made, by or against UBS in Tucker v.
Scrushy; and
iii) to award fees and expenses to derivative plaintiffs'
lawyers.
The Court issued preliminary approval of the settlement on
Nov. 13, 2008. The process by which stockholders may object to
any of these matters in advance of the hearing is set out in the
Notice of Proposed Partial Settlement of Derivative Action that
was previously sent to all stockholders. As provided in the
Notice of Proposed Partial Settlement of Derivative Action,
stockholders wishing to object to the Settlement or the Fee
Petition must do so no later than 10 days prior to the Settlement
Hearing.
The company added that this settlement agreement relates only to
UBS and does not relate to the other defendants or otherwise
affect the Tucker v. Scrushy derivative litigation.
About HealthSouth Corp.
Headquartered in Birmingham, Alabama, HealthSouth Corp. (NYSE:
HLS) -- http://www.healthsouth.com/-- provides inpatient
rehabilitation services. Operating in 26 states across the
country and in Puerto Rico, HealthSouth serves more than 250,000
patients annually through its network of inpatient rehabilitation
hospitals, long-term acute care hospitals, outpatient
rehabilitation satellites, and home health agencies.
At Sept. 30, 2008, the company's balance sheet showed total assets
of US$1.9 billion and total liabilities of US$3.3 billion,
resulting in a shareholders' deficit of about US$1.4 billion.
For three months ended Sept. 30, 2008, the company's net income
was US$6.6 million compared with net income of US$287.6 million
for the same period in the previous year.
For nine months ended Sept. 30, 2008, the company reported net
income of US$70.5 million compared with net income of US$699.2
million for the same period in the previous year.
In total and through October 2008, the company has reduced its
total debt outstanding by approximately US$208 million since
Dec. 31, 2007. Total debt outstanding approximated US$1.8 billion
as of Oct. 31, 2008.
=================
V E N E Z U E L A
=================
PDVSA: To Start Liquefied Natural Gas Production in 2014
--------------------------------------------------------
Petroleos de Venezuela S.A. plans a "gas revolution" to develop
offshore reserves for domestic needs and liquefy natural gas for
export abroad in six years time, with the help of foreign
partners, Ben Farey of Bloomberg News reports.
As reported by the Troubled Company Reporter - Latin America on
December 4, 2008, Dow Jones Newswires said the company gave
foreign oil companies access to key geological information as part
of a licensing round of heavy-oil fields.
Dow Jones related PdVSA delivered "data-packs" to 19 oil
companies, one of the initial steps in the first licensing round
for Orinoco oil blocks held in a decade, which include details of
potential deals with PdVSA as well as technical readouts of the
areas offered.
According to the report, interested companies had to pay
US$2 million each for access to the data-pack stage.
Dow Jones added that after the selection, the chosen companies
would partner with PdVSA in three separate joint venture companies
that would pump, upgrade and sell the oil. The ventures would
build three upgrading plants that would turn the heavy, sulfurous
oil into a more marketable crude for export, the report related.
Bloomberg News says the company plans to begin production of
liquefied natural gas in 2014 with plans to retain a majority
stake in all three planned projects.
Venezuela wants to extract more value from its gas reserves
following a trend among resource- holding nations in using foreign
partners to build LNG plants to reach markets too distant for
pipelines, Bloomberg News notes.
* First Plant
-- the company will have a 60% stake, and partners with Galp
Energia SGPS SA, Chevron Corp., Qatar Petroleum, Mitsubishi
Corp. and Mitsui & Co Ltd.;
-- the plant will cost US$6.41 billion; and
-- will produce 4.7 million tons of LNG a year, with
2.7 million sold to "strategic markets" and 2 million on the
open market.
* Second Plant
-- company will have a 60% stake, and partners with Energia
Argentina SA, Galp, Mitsubishi, Mitsui and Itochu Corp.;
-- the plant will cost US$5.2 billion; and
-- will produce 4.7 million tons of LNG, with 2 million sold on
the open market.
* Third Plant
-- company will partner Russia's OAO Gazprom alongside Petronas,
Eni SpA and Energias de Portugal SA.
About Petroleos de Venezuela
Headquartered in Caracas, Petroleos de Venezuela S.A. --
http://www.pdvsa.com/-- is Venezuela's state oil company in
formed to develop the petroleum, petrochemical and coal industry.
The company also plans, coordinates, supervises and controls the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term
corporate credit rating from Standard & Poor's with stable
outlook. The rating was affirmed by S&P in April 2008.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
IMPSAT FIBER NET 330902Q GR -17165000 535007008
COMERCIAL PL-ADR SCPDS LI -747305024 422118016
SOC COMERCIAL PL COME AR -747305024 422118016
IMPSAT FIBER-CED IMPT AR -17165000 535007008
SOC COMERCIAL PL CADN SW -747305024 422118016
SOC COMERCIAL PL CAD IX -747305024 422118016
COMERCIAL PLA-BL COMEB AR -747305024 422118016
COMERCIAL PL-C/E COMEC AR -747305024 422118016
SOC COMERCIAL PL CVVIF US -747305024 422118016
IMPSAT FIBER NET IMPTQ US -17165000 535007008
COMERCIAL PLAT-$ COMED AR -747305024 422118016
IMPSAT FIBER NET XIMPT SM -17165000 535007008
IMPSAT FIBER-BLK IMPTB AR -17165000 535007008
IMPSAT FIBER-C/E IMPTC AR -17165000 535007008
IMPSAT FIBER-$US IMPTD AR -17165000 535007008
SOC COMERCIAL PL SCDPF US -747305024 422118016
BRAZIL
FER C ATLANT-PRF VSPT4 BZ -85429000 2074043008
WETZEL SA-PREF MWET4 BZ -8903000 150210992
TECEL S JOSE-PRF SJOS4 BZ -37557000 79567000
SANSUY SNSY3 BZ -63134000 235182000
ESTRELA SA-PREF ESTR4 BZ -80125000 153186000
TECEL S JOSE SJOS3 BZ -37557000 79567000
SANSUY SA-PREF A SNSYAN BZ -63134000 235182000
SANSUY SA-PREF B SNSYBN BZ -63134000 235182000
PARQUE TEM-RCT P PQTM10 BZ -388872000 152268000
SANSUY-PREF B SNSY6 BZ -63134000 235182000
TELEBRAS-ADR RTB US -187984000 226080000
TELEBRAS-CM RCPT RCTB31 BZ -187984000 226080000
TECBLU-PR A RC TENE11 BZ -13127000 14637000
FER C ATL-RCT PF VSPT10 BZ -85429000 2074043008
SCHLOSSER SCLO3 BZ -95113000 45358000
SCHLOSSER-PREF SCLO4 BZ -95113000 45358000
TELEBRAS-CED C/E TEL4C AR -187984000 226080000
SCHLOSSER SA-PRF SCHPN BZ -95113000 45358000
TELEBRAS/W-I-ADR TBH-W US -187984000 226080000
TECBLU-PREF A TBLUAN BZ -13127000 14637000
HOPI HARI-PREF PQTM4 BZ -388872000 152268000
TELEBRAS-ADR TBH US -187984000 226080000
TECBLU TBLUON BZ -13127000 14637000
TELEBRAS-ADR TBRAY GR -187984000 226080000
TEKA-PREF TEKA4 BZ -449536992 526557984
TECBLU-PREF C TBLUCN BZ -13127000 14637000
STAROUP SA-PREF STARPN BZ -3164000 66833000
BOTUCATU TEXTIL STRP3 BZ -3164000 66833000
NOVA AMERICA SA NOVA3 BZ -353104000 40955000
STAROUP SA STARON BZ -3164000 66833000
TELEBRAS-ADR TBAPY US -187984000 226080000
TELEBRAS SA TBASF US -187984000 226080000
TEC TOY SA-PREF TOYB5 BZ -2539000 41684000
TELEBRAS-PF RCPT TBAPF US -187984000 226080000
PARQUE TEM-RT PF PQTM2 BZ -388872000 152268000
HOPI HARI SA PQTM3 BZ -388872000 152268000
FERROVIA CEN-DVD VSPT12 BZ -85429000 2074043008
SANSUY-PREF A SNSY5 BZ -63134000 235182000
PROMAN PRMN3 BZ -591000 24461000
SAUIPE PSEG3 BZ -16319050 17641202
TECTOY-RCT PREF TOYB10 BZ -2539000 41684000
PARQUE TEM-RCT C PQTM9 BZ -388872000 152268000
NORDON METAL NORDON BZ -33521000 36317000
SCHLOSSER SA SCHON BZ -95113000 45358000
FERRAGENS HAGA HAGAON BZ -110814000 25668954
TECTOY SA-PREF TOYBPN BZ -2539000 41684000
PARQUE TEM-DV CM PQT5 BZ -388872000 152268000
PARQUE TEM-DV PF PQT6 BZ -388872000 152268000
TELEBRAS-RECEIPT TLBRUO BZ -187984000 226080000
NOVA AMERICA-PRF NOVAPN BZ -353104000 40955000
EXCELSIOR-RCT BAUH9 BZ -3589000 20444000
TELEBRAS-RCT RCTB33 BZ -187984000 226080000
CAF BRASILIA-PRF CAFE4 BZ -1042639040 38244000
GASCOIGNE EMP-PF 1GASPN BZ -1048602048 1586146944
TELEBRAS-PF RCPT RCTB41 BZ -187984000 226080000
BUETTNER SA-RTS BUET1 BZ -54926000 148186992
DHB IND E COM DHBON BZ -555984960 209212992
TELEBRAS-PF RCPT RCTB40 BZ -187984000 226080000
SAUIPE SA-PREF PSEGPN BZ -16319050 17641202
TELEBRAS-CEDE BL RCT4B AR -187984000 226080000
CIMOB PART-PREF GAFPN BZ -77366408 90471752
SAUIPE SA PSEGON BZ -16319050 17641202
TELEBRAS-RTS CMN RCTB1 BZ -187984000 226080000
TELEBRAS-RTS PRF RCTB2 BZ -187984000 226080000
TECTOY-RCT ORD TOYB9 BZ -2539000 41684000
TELEBRAS-CEDEA $ RCT4D AR -187984000 226080000
NORDON MET-RTS NORD1 BZ -33521000 36317000
TEC TOY SA-PF B TOYB6 BZ -2539000 41684000
TELEBRAS-CED C/E RCT4C AR -187984000 226080000
TECTOY TOYB3 BZ -2539000 41684000
TECTOY-PREF TOYB4 BZ -2539000 41684000
TEC TOY SA-PREF TOYDF US -2539000 41684000
TEXTIL RENAUXVIE TXRX3 BZ -135343008 86140000
TECTOY SA TOYBON BZ -2539000 41684000
NOVA AMERICA-PRF NOVA4 BZ -353104000 40955000
TELEBRAS-PF RCPT TLBRUP BZ -187984000 226080000
TELEBRAS-PF RCPT CBRZF US -187984000 226080000
TELEBRAS SA-PREF TLBRPN BZ -187984000 226080000
NOVA AMERICA SA NOVAON BZ -353104000 40955000
TECTOY-PF-RTS5/6 TOYB11 BZ -2539000 41684000
TECTOY-BONUS RTS TOYB13 BZ -2539000 41684000
TECTOY-RTS/3 TOYB1 BZ -2539000 41684000
TELEBRAS-ADR TBASY US -187984000 226080000
FER C ATL-RCT CM VSPT9 BZ -85429000 2074043008
CAF BRASILIA CAFE3 BZ -1042639040 38244000
FER C ATLANT VSPT3 BZ -85429000 2074043008
COARI PART COAR3 BZ -56000 3270861056
TEKA-PREF TKTPF US -449536992 526557984
HAGA HAGA3 BZ -110814000 25668954
WIEST-PREF WISA4 BZ -140973008 71372000
DTC DIRECT CO SA 1DTCON BZ -16264999 11902000
VARIG SA-PREF VAGV4 BZ -10176870400 2094450944
VARIG SA VARGON BZ -10176870400 2094450944
TEXTEIS RENAU-PF TXRX4 BZ -135343008 86140000
ARTHUR LANG-RC P ARLA10 BZ -26011000 34053000
FERROVIA CEN-DVD VSPT11 BZ -85429000 2074043008
DOCA INVESTI-PFD DOCA4 BZ -23571000 206494000
VARIG SA-PREF VARGPN BZ -10176870400 2094450944
TEXTEIS RENAUX RENXPN BZ -135343008 86140000
TECBLU-RCPT PREF TEN9 BZ -13127000 14637000
PARQUE TEM-RT CM PQTM1 BZ -388872000 152268000
TELEBRAS-CEDEA $ TEL4D AR -187984000 226080000
TELEBRAS-COM RTS TELB1 BZ -187984000 226080000
TELEBRAS SA-PREF TELB4 BZ -187984000 226080000
ARTHUR LANGE-PRF ARLA4 BZ -26011000 34053000
VARIG SA VAGV3 BZ -10176870400 2094450944
TELEBRAS-CEDE PF TELB4 AR -187984000 226080000
TEKA TEKA3 BZ -449536992 526557984
BOMBRIL SA-ADR BMBPY US -485678016 442846016
TELEBRAS-ADR TBX GR -187984000 226080000
TELEBRAS-RTS CMN TCLP1 BZ -187984000 226080000
TEKA-ADR TEKAY US -449536992 526557984
SANSUY SA SNSYON BZ -63134000 235182000
TEKA TEKAON BZ -449536992 526557984
TEKA-PREF TEKAPN BZ -449536992 526557984
TECBLU-COM RCT TENE9 BZ -13127000 14637000
DTC DIRECT CO-RT 1DTCONR BZ -16264999 11902000
ARTHUR LANGE ARLA3 BZ -26011000 34053000
TECBLU-PREF C TENE7 BZ -13127000 14637000
TEKA-ADR TKTQY US -449536992 526557984
FABRICA TECID-RT FTRX1 BZ -55261000 126672000
TEKA-ADR TKTPY US -449536992 526557984
TEKA TKTQF US -449536992 526557984
TELEBRAS-RTS PRF TLCP2 BZ -187984000 226080000
TELEBRAS-RCT PRF TELB10 BZ -187984000 226080000
TELEBRAS-CM RCPT TELE31 BZ -187984000 226080000
TELEBRAS-PF RCPT TELE41 BZ -187984000 226080000
GASCOIGNE EMPREE 1GASON BZ -1048602048 1586146944
CAMBUCI SA-PREF CAMBPN BZ -42495000 177378992
TECBLU -RTS TENE1 BZ -13127000 14637000
TEXTEIS RENAUX RENXON BZ -135343008 86140000
TECBLU-PREF B TENE6 BZ -13127000 14637000
BOMBRIL SA-ADR BMBBY US -485678016 442846016
NORDON MET NORD3 BZ -33521000 36317000
CAMBUCI SA-PREF CAMB4 BZ -42495000 177378992
CAMBUCI SA CAMBON BZ -42495000 177378992
TECBLU-RCPT CMN TEN8 BZ -13127000 14637000
CHIARELLI SA CCHI3 BZ -85685000 42853000
COBRASMA CBMA3 BZ -2764018944 19346000
COBRASMA-PREF CBMA4 BZ -2764018944 19346000
EXCELSIOR-RCT BAUH10 BZ -3589000 20444000
WIEST WISA3 BZ -140973008 71372000
BUETTNER SA-PRF BUETPN BZ -54926000 148186992
ARTHUR LAN-DVD P ARLA12 BZ -26011000 34053000
CONST A LIND-PRF CALI4 BZ -13659000 51808000
ARTHUR LANG-RC C ARLA9 BZ -26011000 34053000
TELEBRAS-CM RCPT RCTB30 BZ -187984000 226080000
CONST A LINDEN CALI3 BZ -13659000 51808000
WETZEL SA-PREF MWELPN BZ -8903000 150210992
CAFE BRASILIA SA CSBRON BZ -1042639040 38244000
ARTHUR LAN-DVD C ARLA11 BZ -26011000 34053000
TELEBRAS-BLOCK TELB30 BZ -187984000 226080000
TECBLU TENE3 BZ -13127000 14637000
CAMBUCI SA-PREF CXDOF US -42495000 177378992
CAFE BRASILIA-PR CSBRPN BZ -1042639040 38244000
KUALA-PREF ARTE4 BZ -33570000 11856000
HERCULES SA-PREF HERTPN BZ -273456000 25126000
FER C ATLANT-PRF VSPT4 BZ -85429000 2074043008
CHIARELLI SA-PRF CCHI4 BZ -85685000 42853000
CHIARELLI SA CCHON BZ -85685000 42853000
MINUPAR SA-PREF MNPRPN BZ -34191000 179201008
DOC IMBITUBA IMBI3 BZ -25164000 202283008
COARI PART-PREF COAR4 BZ -56000 3270861056
AZEVEDO-PREF AZEV4 BZ -10976000 116398000
EXCELSIOR-RT BAUH1 BZ -3589000 20444000
ARTHUR LANG-RT P ARLA2 BZ -26011000 34053000
AZEVEDO E TRAVAS AZEVON BZ -10976000 116398000
AZEVEDO E TRA-PR AZEVPN BZ -10976000 116398000
EXCELSIOR-PREF BAUH4 BZ -3589000 20444000
TELEBRAS-CM RCPT RCTB32 BZ -187984000 226080000
EXCELSIOR-RT BAUH2 BZ -3589000 20444000
EXCELSIOR ALIMEN BAUH3 BZ -3589000 20444000
KUALA ARTE3 BZ -33570000 11856000
CENT AMAPA CTAP3 BZ -11996000 15000
ALL MALHA PAULIS GASC3 BZ -1048602048 1586146944
CAMBUCI SA CAMB3 BZ -42495000 177378992
AZEVEDO AZEV3 BZ -10976000 116398000
COBRASMA SA COBRON BZ -2764018944 19346000
ARTEX SA ARTXON BZ -33570000 11856000
ARTEX SA-PREF ARTXPN BZ -33570000 11856000
BOMBRIL CIRIO-PF BOBRPN BZ -485678016 442846016
TELEBRAS-PF RCPT RCTB42 BZ -187984000 226080000
BOMBRIL-PREF BOBR4 BZ -485678016 442846016
BOMBRIL CIRIO SA BOBRON BZ -485678016 442846016
BUETTNER-PREF BUET4 BZ -54926000 148186992
SAUIPE-PREF PSEG4 BZ -16319050 17641202
BUETTNER SA-RT P BUET2 BZ -54926000 148186992
BUETTNER BUET3 BZ -54926000 148186992
BOMBRIL BMBBF US -485678016 442846016
MINUPAR-PREF MNPR4 BZ -34191000 179201008
BAUMHARDT IRMAOS BAUMON BZ -3589000 20444000
BAUMHARDT IRM-PR BAUMPN BZ -3589000 20444000
BOMBRIL-RGTS PRE BOBR2 BZ -485678016 442846016
MINUPAR MNPR3 BZ -34191000 179201008
TECBLU-PREF B TBLUBN BZ -13127000 14637000
BOMBRIL-RIGHTS BOBR1 BZ -485678016 442846016
ARTHUR LANGE SA ALICON BZ -26011000 34053000
CHIARELLI SA-PRF CCHPN BZ -85685000 42853000
HERCULES SA HERTON BZ -273456000 25126000
FERRAGENS HAGA-P HAGAPN BZ -110814000 25668954
CONST A LINDEN LINDON BZ -13659000 51808000
DOC IMBITUBA-RTP IMBI2 BZ -25164000 202283008
DOC IMBITUBA-RTC IMBI1 BZ -25164000 202283008
HERCULES-PREF HETA4 BZ -273456000 25126000
TELEBRAS-PF BLCK TELB40 BZ -187984000 226080000
BUETTNER SA BUETON BZ -54926000 148186992
CIMOB PART-PREF GAFP4 BZ -77366408 90471752
CIMOB PARTIC SA GAFP3 BZ -77366408 90471752
TELEBRAS-CM RCPT TBRTF US -187984000 226080000
FER HAGA-PREF HAGA4 BZ -110814000 25668954
TECTOY-RCPT PF B TOYB12 BZ -2539000 41684000
GASCOIGNE EMP-PF GASC4 BZ -1048602048 1586146944
MINUPAR SA MNPRON BZ -34191000 179201008
TECBLU-PREF A TENE5 BZ -13127000 14637000
BOMBRIL BOBR3 BZ -485678016 442846016
CONST A LIND-PRF LINDPN BZ -13659000 51808000
ACO ALTONA EALT3 BZ -31429000 170270992
WIEST SA WISAON BZ -140973008 71372000
WETZEL SA MWELON BZ -8903000 150210992
COBRASMA SA-PREF COBRPN BZ -2764018944 19346000
HERCULES HETA3 BZ -273456000 25126000
DOCAS IMBITUB-PR IMBIPN BZ -25164000 202283008
DOCAS IMBITUBA IMBION BZ -25164000 202283008
DOC IMBITUB-PREF IMBI4 BZ -25164000 202283008
TELECOMUNICA-ADR 81370Z BZ -187984000 226080000
WIEST SA-PREF WISAPN BZ -140973008 71372000
NOVA AMERICA-PRF 1NOVPN BZ -353104000 40955000
TELEBRAS-CEDE PF RCTB4 AR -187984000 226080000
D H B DHBI3 BZ -555984960 209212992
DTCOM DIRECT-RCT DTCY9 BZ -16264999 11902000
ACO ALTONA SA EAAON BZ -31429000 170270992
DTCOM- DIR TO CO DTCY3 BZ -16264999 11902000
FABRICA RENAUX-P FRNXPN BZ -55261000 126672000
ACO ALTONA-PREF EALT4 BZ -31429000 170270992
CIMOB PARTIC SA GAFON BZ -77366408 90471752
ACO ALTONA-PREF EAAPN BZ -31429000 170270992
WETZEL SA MWET3 BZ -8903000 150210992
FABRICA RENAUX FTRX3 BZ -55261000 126672000
ESTRELA SA-PREF ESTRPN BZ -80125000 153186000
D H B-PREF DHBI4 BZ -555984960 209212992
ARTHUR LANG-RT C ARLA1 BZ -26011000 34053000
DOCAS SA DOCAON BZ -23571000 206494000
DOCAS SA-PREF DOCAPN BZ -23571000 206494000
DOCA INVESTIMENT DOCA3 BZ -23571000 206494000
TELEBRAS SA TELB3 BZ -187984000 226080000
DOCAS SA-RTS PRF DOCA2 BZ -23571000 206494000
TELEBRAS SA TLBRON BZ -187984000 226080000
DHB IND E COM-PR DHBPN BZ -555984960 209212992
FABRICA RENAUX FRNXON BZ -55261000 126672000
DTCOM- DIRECT-PR DTCY4 BZ -16264999 11902000
TECEL S JOSE-PRF FTSJPN BZ -37557000 79567000
BOTUCATU-PREF STRP4 BZ -3164000 66833000
FABRICA RENAUX-P FTRX4 BZ -55261000 126672000
TECEL S JOSE FTSJON BZ -37557000 79567000
NOVA AMERICA SA 1NOVON BZ -353104000 40955000
ARTHUR LANGE-PRF ALICPN BZ -26011000 34053000
ESTRELA SA ESTR3 BZ -80125000 153186000
ESTRELA SA ESTRON BZ -80125000 153186000
ENACAR EMPOF US -9463063552 3226756096
ENACAR ENACAR CI -9463063552 3226756096
ENACAR-RT ENACARO CI -9463063552 3226756096
CARVILE-RT CARVILEO CI -6212240384 1295758976
CARVILE CARVILE CI -6212240384 1295758976
* Senate Rejects Auto Aid for Detroit 3; Access to TARP Mulled
--------------------------------------------------------------
Greg Hitt, Jeffrey McCracken, and John D. Stoll at The Wall Street
Journal report that the U.S. Senate has rejected the
US$14 billion financial assistance for General Motors Corp.,
Chrysler LLC, and Ford Motor Co.
As reported by the Troubled Company Reporter on Dec. 11, 2008, The
House of Representatives passed the bill on the government
financial assistance being requested by GM, Ford Motor, and
Chrysler. The bill states that the U.S. president will appoint
one or more officers from the Executive Branch to facilitate the
restructuring necessary to achieve the long-term financial
viability of the automakers.
WSJ relates that the bill failed due to a dispute within the
Senate over the wages paid to the companies' workers. Citing
Senate Majority Leader Harry Reid, the report says that the Senate
would be in recess, and would stand in pro forma session until
January 2009.
According to WSJ, only a few Republicans had been willing to back
the rescue package, while others raised concerns about government
intervention in the marketplace and demanded that the bill be
strengthened to exact concessions from the industry.
Access to US$700BB Financial-Rescue Plan
John D. McKinnon, Deborah Solomon, and Greg Hitt at WSJ report
that the White House said on Friday that it would consider letting
GM, Chrysler, and Ford Motor access the US$700 billion financial-
rescue plan. The government's US$700 billion Troubled Asset
Relief Program was approved in October and was intended for
financial institutions.
Citing a person familiar with the matter, WSJ relates that the
loans to be offered could be lesser than the US$14 billion
financial assistance. According to the report, the source said
that it could be closer to US$8 billion and GM would be a
recipient. The report says that GM is hoping for about
US$10 billion.
WSJ states that Chrysler's parent Cerberus Capital Management was
criticized for not bailing out its own company, while Ford Motor
said that it doesn't need a short-term lifeline and is seeking for
loans in case the market worsens.
Canadian Gov't May Provide Financial Assistance
The Canadian government is considering providing financial aid to
units of GM, Ford Motor, and Chrysler, Alexandre Deslongchamps and
Hugo Miller at Bloomberg News report, citing Canadian Finance
Minister Jim Flaherty.
"Our government is open to helping the industry. This is a day-
by-day thing, obviously, in terms of developments in the United
States," Bloomberg quoted Minister Flaherty as saying.
According to Bloomberg, GM has asked for C$800 million assistance
from Canada by year-end, an additional C$1.2 billion line of
credit through March 2009, and then C$400 million in the second
quarter of 2009.
Bloomberg states that MF Global Ltd. broker Aaron Fennell found
the assistance as "a waste of time because they'll probably end up
in some sort of bankruptcy within weeks."
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2008. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *