/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090203.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, February 3, 2009, Vol. 9, No. 23 Headlines A N T I G U A & B A R B U D A CABLE & WIRELESS: Shuts Down Call Centers to Consolidate Ops A R G E N T I N A SDK SA: Proofs of Claim Verification Deadline Is February 5 B E R M U D A EMULATION FUND: Creditors' Proofs of Debt Due on February 13 EMULATION FUND: Members' Final Meeting Set for March 6 GAMMA TRADING: Creditors' Proofs of Debt Due on February 13 GAMMA TRADING: Members' Final Meeting Set for March 3 STEWARDSHIP CREDIT: Supreme Court Enters Wind-Up Order B R A Z I L BANCO ABC: Moody's Reviews 'D+' BFSR for Possible Downgrade BANCO BRADESCO: Posts R$7.620 Billion Net Income for 2008 CAMAGRO CORREA: To Buy 50% Stake in VBC Energia for BRL2.56 Bln GRUPO VOTORANTIM: Sells 50% Stake in VBC Energia for BRL2.56BB INDEPENDENCIA SA: Moody's Corrects Press Release on 'B2' Rating RIO GRANDE: Moody's Upgrades Senior Unsecured Ratings to 'Ba1' C A Y M A N I S L A N D S ASBT CAYMAN: Placed Under Voluntary Liquidation CNPC INTERNATIONAL: Placed Under Voluntary Liquidation FRESHFORD INC: Placed Under Voluntary Liquidation FRONT STREET: Placed Under Voluntary Liquidation GOLDMAN SACHS: Placed Under Voluntary Liquidation GPS MLP: Placed Under Voluntary Liquidation INDOCHINA LAND: Placed Under Voluntary Liquidation KLEROS REAL: Placed Under Voluntary Liquidation LAURUS OFFSHORE: Placed Under Voluntary Liquidation MINOLAD OFFSHORE: Placed Under Voluntary Liquidation MKP CREDIT: Placed Under Voluntary Liquidation PFW III: Placed Under Voluntary Liquidation RAMIUS HEDGED: Placed Under Voluntary Liquidation RAMIUS PORTABLE ET AL: Placed Under Voluntary Liquidation RCG AKULA: Placed Under Voluntary Liquidation RCG ASIA: Placed Under Voluntary Liquidation RCG GREENWICH: Placed Under Voluntary Liquidation RCG SENATOR: Placed Under Voluntary Liquidation SAND SPRING: Placed Under Voluntary Liquidation SPHYRA ASIA: Placed Under Voluntary Liquidation E L S A L V A D O R AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut G U Y A N A GUYSUCO: To Import Sugar to Meet Domestic Demands J A M A I C A AIR JAMAICA: Ex-CEO Supports New Business Plan ST. ANN: Labor Ministry May Intervene in Layoff Dispute With Union M E X I C O METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'CCC-' VITRO SAB: Fitch Downgrades Ratings to 'C' from 'CC' T R I N I D A D & T O B A G O CLICO INVESTMENT: Government Takes Over Bank V E N E Z U E L A PETROLEOS DE VENEZUELA: To Pay Service Providers This Week X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== CABLE & WIRELESS: Shuts Down Call Centers to Consolidate Ops ------------------------------------------------------------ Lime (formerly Cable & Wireless Jamaica) closed its contact centers in Anguilla, Antigua and Barbados, in a bid to consolidate its customer service operations, CBC.bb News reports. "As of January 31, the company will close its contact centers in Anguilla, Barbados and Antigua, after which all customer interactions will be handled through remaining centers in St Lucia and Jamaica," the company announced in a statement obtained by CBC.bb News. According to the report, with the changes in effect, all customer service-related calls from across the Caribbean will be routed through call centers in St Lucia and Jamaica. The report relates it was not immediately clear how many jobs were lost because of the decision. Last year, CBC.bb News recounts, the company embarked on a mission to change the way it conducts business in the Caribbean, including streamlining its 13 separate operations into a "pan-Caribbean" model and reducing its workforce across the region. As reported in the Troubled Company Reporter-Latin America on Dec. 22, 2008, Cayman Net News said LIME laid off one-third of its 3,700 regional workforce as part of company restructuring. A TCRLA report on Dec. 12, 2008, citing The Associated Press, said Cable & Wireless PLC is dismissing about 1,200 workers at its Caribbean operations as part of a regional restructuring. Defending the move to cut jobs, Chief Executive Officer Chris Dodd said it was a necessary step to safeguard LIME's future in an increasingly competitive market, CBC.bb News notes. "We did not arrive at this decision overnight; it is the result of proper analysis and designed to provide improved customer service and greater efficiencies," CBC.bb News quoted Patricia Walters, LIME's Interim Vice President for Customer Operations, as saying. About LIME Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/ -- is a provider of national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3" long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3" probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-" long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. ================= A R G E N T I N A ================= SDK SA: Proofs of Claim Verification Deadline Is February 5 ----------------------------------------------------------- The court-appointed trustee for S.D.K. S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until February 5, 2009. The trustee will present the validated claims in court as individual reports on March 19, 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 6, 2009. Creditors will vote to ratify the completed settlement plan during the assembly on October 22, 2009. ============= B E R M U D A ============= EMULATION FUND: Creditors' Proofs of Debt Due on February 13 ----------------------------------------------------------- The creditors of Emulation Fund Limited are required to file their proofs of debt by February 13, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 29, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda EMULATION FUND: Members' Final Meeting Set for March 6 ------------------------------------------------------ The members of Emulation Fund Limited will meet on March 6, 2009, at 9:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on January 29, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda GAMMA TRADING: Creditors' Proofs of Debt Due on February 13 ----------------------------------------------------------- The creditors of Gamma Trading Company Limited are required to file their proofs of debt by February 13, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on January 28, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda GAMMA TRADING: Members' Final Meeting Set for March 3 ----------------------------------------------------- The members of Gamma Trading Company Limited will meet on March 3, 2009, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on January 28, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda STEWARDSHIP CREDIT: Supreme Court Enters Wind-Up Order ------------------------------------------------------ On January 23, 2009, the Supreme Court of Bermuda entered an order to have Stewardship Credit Arbitrage Fund, Ltd's operations wound up. The company's liquidators are: Peter C. B. Mitchell D. Geoffrey Hunter PricewaterhouseCoopers Advisory Limited Bermuda =========== B R A Z I L =========== BANCO ABC: Moody's Reviews 'D+' BFSR for Possible Downgrade ----------------------------------------------------------- Moody's Investors Service downgraded Banco ABC Brasil S.A.'s global local currency deposit ratings to Baa3/P-3 from Baa2/P-2, with negative outlook, and the long-term national scale rating to Aa1.br from Aaa.br, with stable outlook. The BR-1 short term NSR was affirmed. At the same time, Moody's placed on review for possible downgrade BAB's D+ bank financial strength rating. The rating actions follow Moody's downgrade of its parent Arab Banking Corporation's BFSR, as well as the change in outlook to negative on its deposit ratings. Moody's noted that the downgrade of BAB's local currency deposit ratings was prompted by the lowering of the parent's BFSR and baseline credit assessment, which ultimately serves as the parental support rating for the Brazilian subsidiary. The negative outlook reflects the potential weakening of the parent's BFSR to the lower end of the D+ category. The downgrade of the NSR also reflected the lowering of the global scale deposit ratings, according to Moody's. The agency also indicated that the review for possible downgrade of BAB's BFSR reflects the potential pressure on the bank's business operations and funding in light of the parent's weakened financial strength. In that sense, a less favorable performance of the parent could have negative implications for BAB's traditional trade finance operations. Moreover, Moody's noted BAB's relative reliance on direct standby facilities from the parent as well as the low cost funding it obtains from international banks that have correspondent relationships with its parent. BAB's Ba2/Not Prime long and short-term foreign currency deposit ratings were affirmed, with stable outlook, as they remain constrained by the foreign currency country ceilings. Banco ABC Brasil is headquartered in Sao Paulo, Brazil. As of September 2008, the bank had total assets of approximately R$7.7 billion (US$4.0 billion) and equity of R$1.2 billion (US$605 million). Moody's last rating action on Banco ABC Brasil was on May 8, 2008, when Moody's changed the outlook to negative from stable on the bank's global local currency ratings and on its long-term Brazilian national scale rating, in connection with a rating action taken on its parent. These ratings of Banco ABC Brasil were downgraded: -- Global-local currency deposit ratings: to Baa3/Prime-3 from Baa2/Prime-2, negative outlook -- Long-term Brazilian national scale rating: to Aa1.br from Aaa.br, stable outlook This rating of Banco ABC Brasil was placed on review for downgrade: -- Bank Financial Strength Rating: D+ These ratings of Banco ABC Brasil were affirmed: -- Foreign currency deposit rating: Ba2/Not Prime, stable outlook -- Short-term Brazilian national scale rating: BR-1 BANCO BRADESCO: Posts R$7.620 Billion Net Income for 2008 --------------------------------------------------------- Banco Bradesco S.A. released its 2008 Earnings. -- Net Income for 2008 totaled R$7.620 billion. Net Income adjusted for non-recurring events (including an additional provision for credit in the amount of R$597 million before taxes) reached R$7.625 billion (a 5.8% increase relative to an Adjusted Net Income of R$7.210 billion in 2007), corresponding to EPS of R$2.48 and a return of 23.8% on Average Shareholders' Equity. In the 4Q08, Net Income totaled R$1.605 billion and R$1.806 billion when adjusted by non-recurring events. -- Net Income comprised R$4.972 billion from financial activities, which represented 65% of the total, and R$2.648 billion from Insurance and Private Pension Plans activities, which accounted for 35% of the Net Income. -- Market Capitalization as of December 31, 2008 stood at R$65.354 billion. -- Total Assets reached R$454.413 billion in December 2008, an increase of 33.2% in relation to December 2007. Annualized return on average Assets reached 1.9%, vis-a-vis 2.7% in the same period of 2007. -- The Expanded Loan Portfolio stood at R$215.345 billion, 33.4% higher than a year ago. Loans to individuals totaled R$73.768 billion (up 24.4%), while loans to corporations totaled R$141.577 billion (up 38.6%). -- Total Funds Raised and Managed reached R$597.177 billion, an increase of 23.6% vis-a-vis the R$482.971 billion of December 2007. -- Shareholders' Equity stood at R$34.257 billion at the end of the year, a 12.8% y-o-y growth. The Capital Adequacy Ratio stood at 16.1%, under the New Basel Capital Rules (Basel II). -- Remuneration to shareholders in the form of Interest on Shareholders' Capital and Dividends paid and provisioned in the period totaled R$2.692 billion, equivalent to 35.5% of the Net Income for the same period. -- The Efficiency Ratio in December 2008 stood at 42.0% (41.8% in December of 2007). -- In the period, investments in infrastructure, information technology and telecommunications amounted to R$2.670 billion, up 27.2% y-o-y. -- Taxes and contributions, including social security, paid or provisioned in the period, stemming from main activities developed by the Bradesco Organization, totaled R$5.661 billion, equivalent to 74.3% of the Net Income. About Banco Bradesco Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * According to Bloomberg data, Banco Bradesco S.A. continues to carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank financial strength rating with a stable outlook. CAMAGRO CORREA: To Buy 50% Stake in VBC Energia for BRL2.56 Bln --------------------------------------------------------------- Camargo Correa SA agreed to pay Grupo Votorantim BRL2.56 billion (US$1.12 billion) for the 50% it doesn�t already own of VBC Energia SA, Bloomberg News reports. According to a statement obtained by Bloomberg, VBC said the purchase will be completed by Feb. 20. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported by the Troubled Company Reporter-Asia Pacific on October 6, 2008, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit ratings on Camargo Correa S.A. and its subsidiary Camargo Correa Cimentos S.A., as well as its 'brAA' Brazilian National Scale rating on Cimentos. At the same time, S&P affirmed its ratings on the issuances either made or GRUPO VOTORANTIM: Sells 50% Stake in VBC Energia for BRL2.56BB -------------------------------------------------------------- Camargo Correa SA agreed to pay Grupo Votorantim BRL2.56 billion (US$1.12 billion) for the 50% it doesn�t already own of VBC Energia SA, Bloomberg News reports. According to a statement obtained by Bloomberg, VBC said the purchase will be completed by Feb. 20, Bloomberg News relates Votorantim Group is selling assets and cutting costs because of the credit crisis and currency derivatives losses. Votorantim Group last year spent BRL2.2 billion to settle all its currency wagers with banks after betting the real would gain in value, the report recounts. The group's pulp and paper unit Votorantim Celulose e Papel SA agreed Jan. 20 to buy Aracruz Celulose SA to cut costs and help to repay debt, the report says. As reported in the Troubled Company Reporter-Latin America on Jan. 22, 2009, Reuters said Votorantim Celulose agreed to takeover rival Aracruz Celulose SA for BRL2.71 billion. The purchase price, which will be paid in six installments, will allow Votorantim to increase its stake in Aracruz to 56% from 28%, the same report related. Bloomberg News adds that Votorantim Group also sold a 50% stake in its bank unit to Banco do Brasil SA for BRL4.2 billion. About Votorantim Group Headquartered in Sao Paulo, Brazil, the Votorantim group is one of the largest private industrial conglomerates in Latin America, with large-scale production in banking, metals and mining, pulp and paper, cement, agribusiness, and chemicals. The group also produces chemicals, frozen concentrated orange juice, energy, financial services and venture capital investments. INDEPENDENCIA SA: Moody's Corrects Press Release on 'B2' Rating --------------------------------------------------------------- Substitute June 30, 2008 for June 30, 2009 in eighth paragraph, third sentence, "Quantitatively, the ratings could be downgraded if Total Debt to EBITDA remains above 6.0 times (LTM September 2008 was 6.9 times) or EBITA to Gross Interest Expense below 1.0 time (3Q08 was 0.9 times), both on a last twelve month basis as of June 30, 2009." Revised release is: Moody's affirmed Independ�ncia S.A.'s B2 local currency corporate family rating and B2 guaranteed senior unsecured rating, but changed the outlook to negative from stable. "The negative outlook for Independ�ncia's ratings reflects Moody's expectation that the company's leverage, as measured by Total Debt to EBITDA and by Net Debt to EBITDA, is likely to continue to be above 5.0 times and 4.0 times, respectively, which are Moody's triggers for downward pressure on the company's B2 ratings," affirmed Moody's VP Senior Analyst, Soummo Mukherjee. "At the same time, the negative outlook reflects the challenges that the Brazilian industry is experiencing in terms of beef processing overcapacity in relation to the size of the Brazilian cattle herd, combined with a weaker outlook for fresh beef and leather export prices and volumes due to the adverse global economic environment and the low availability and high cost of trade finance credit for importers, added Mukherjee" Independ�ncia recently announced a consent solicitation to modify its debt incurrence covenant to allow greater flexibility in light of the devaluation of the BRL against the US$, and an amendment to its change of control provision, allowing the company to repurchase its notes in the case of a change in control only if there is a subsequent rating agency downgrade. Additionally, Independ�ncia announced a tender offer to its 2015 and 2017 bondholders for up to 27.5% or US$ 144.4 million of its bonds outstanding, at a discount to par of 37% for bondholders that tender by February 18th and a lower discount to par of 34% for bondholders that tender by February 3rd. Moody's considers this an opportunistic tender offer and not a distressed exchange in the interest of defaut avoidance since Moody's believes Independ�ncia's motivation for the offer is to reduce US$ denominated debt and consequently its forex exposure. Moody's B2 rating already considered the increase in leverage resulting from the currency devaluation, as stated in Moody's press release on November 28th, 2008. The company's debt service burden is expected to be sustainable because of the BNDESPAR capital injection and, to a lesser extent, higher margins on its US$ denominated revenues, which represent about 50% of sales. The company has stated that the tender offer will be financed with a new long-term, senior unsecured loan denominated in BRL and equivalent to up to US$ 130 million. Independ�ncia's liquidity is also expected to improve with the disbursement of the remaining BRL 200 million of the BNDESPAR equity injection by the end of March 2009. The first tranche from BNDESPAR of BRL 250 million was received in November 2008. However, with over 80% of its debt denominated in US$ as of September 30th, 2008, Independ�ncia's leverage is likely to remain high despite expected higher EBITDA due to increased utilization rates of newly installed capacity and strong domestic market performance. The BRL/US$ exchange rate ended 2008 at 2.36, representing 24% depreciation against the 1.99 rate on September 30th, 2008. According to the Brazilian Foreign Commerce Secretariat, average prices (US$ / ton) of Brazilian fresh beef exports fell 15% in the 4th quarter of 2008 compared to the 3rd quarter. At the same time, beef export volumes fell 59%, causing overall industry beef export revenues to decline by 65% in US dollar terms and 52% in BRL terms. The declines reflect reduced demand in many import markets, such as Europe, causing pressure on pricing, and difficulties in obtaining trade finance by importers in Russia, the most important export market for Brazilian beef exports. Many Russian importers are trying to renegotiate contracts and postpone new orders, causing an increase in inventories and receivables. Over the past few years, Russia has become the most important market for Brazilian beef exports, representing close to 36% of Brazil's fresh beef exports in 2008. Russia is also Independ�ncia's largest importer, representing 12.7% of the company's export revenues in the 3Q08. Independ�ncia and many of its peers are therefore likely to report much higher working capital needs in their 4th quarter 2008 results, leading to weaker cash flow from operations. Independ�ncia's rating would likely be downgraded if the March 2009 second tranche of BNDESPAR's capital increase of BRL 200 million experiences delays. Additionally, negative pressure could arise if the company experiences a significant deterioration in its ability to renew its trade finance lines, if operating margins decline sharply and/or if leverage and cash flow metrics fail to improve from current weak levels. Quantitatively, the ratings could be downgraded if Total Debt to EBITDA remains above 6.0 times (LTM September 2008 was 6.9 times) or EBITA to Gross Interest Expense below 1.0 time (3Q08 was 0.9 times), both on a last twelve month basis as of June 30, 2009. All ratios are adjusted according to Moody's standard analytic adjustments (see "Moody's Approach to Global Standard Adjustments in the Analysis of Financial Statements for Non-Financial Companies - Part I", February 2006). A stabilization of the outlook would require evidence of improved leverage and cash flow metrics. Quantitatively, the stabilization would require Total Debt to EBITDA to be sustained below 6.0 times (LTM September 2008 was 6.9 times) and Funds from Operations (FFO) to Net Debt to be sustained above 10.0% (LTM September 2008 was 1.7%). Moody's last rating action on Independ�ncia was on November 28, 2008, when Moody's affirmed Independ�ncia's B2 ratings following the announcement of the capital increase of up to BRL 450 million by BNDESPAR in Independ�ncia's parent company, Independ�ncia Participa��es S.A., and subsequently to be transferred to Independ�ncia. Ratings affirmed with a negative outlook: -- Independ�ncia S.A.'s Corporate Family Rating: B2 -- US$ 225 million 9.875% senior unsecured guaranteed notes due 2017: B2 -- US$ 300 million 9.875% senior unsecured guaranteed notes due 2015: B2 Headquartered in Cajamar, Sao Paulo, Brazil, Independ�ncia is Brazil's fourth largest producer of fresh and frozen beef and the second largest producer of wet blue leather with operations in seven Brazilian states and Paraguay. At the end of September 30th, 2008, Independ�ncia had fourteen beef slaughtering and deboning facilities, three tanneries, two dry and salted beef units, five biodiesel production modules and four cold and dry storage and distribution facilities. RIO GRANDE: Moody's Upgrades Senior Unsecured Ratings to 'Ba1' -------------------------------------------------------------- Moody's America Latina upgraded the ratings of Rio Grande Energia S.A.'s senior unsecured local currency debentures to Ba1 on the Global Scale and affirmed its Aa2.br rating on the Brazilian National Scale. At the same time Moody's assigned a Ba1 local currency corporate family rating on the global scale and an Aa2.br corporate family rating on the Brazilian National scale. All ratings remain under review for possible upgrade. This action is related to the review for upgrade initiated on August 11, 2008. Moody's action affected these debt issues: -- BRL 203.8 million - Senior Unsecured Debentures due 2009 -- BRL 26.2 million - Senior Unsecured Debentures due 2011 The upgrade of RGE's ratings results from Moody's recent upgrade of the level of supportiveness of Brazil's regulatory environment for regulated electric utilities, as explained in a Special Comment entitled "Regulatory Environment Improves For Brazilian Utilities" published on August 25, 2008. The upgrade of the SRE level is important to the ratings of RGE because Moody's ratings for electric utilities generally assign about equal importance to regulatory and other qualitative factors as they do to issuer- specific financial metrics. Moody's upgraded the level of supportiveness in Brazil to category 3. This category indicates a regulatory framework that is well developed but still has lower assurance of timely cost recovery. Previously, Brazil's SRE was category 4, which is reserved for the least supportive regulatory frameworks. The Aa2.br national scale rating assigned to the debentures reflects the standing of the company's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issuances and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Brazil are designated by the ".br" suffix. Issuers or issues rated Aa2.br demonstrate very strong creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. RGE's ratings reflect its adequate credit metrics for the Ba1 category along with the implicit support of its parent company CPFL Energia S.A. RGE has posted healthy profitability and satisfactory cash generation in the past five years. Cash drains mainly consisted of capital expenditures and distribution of dividends that have been in line with the company's internal cash generation, which has allowed the company to maintain moderate and stable leverage as measured by average Debt to EBITDA of around 2.0x during this period. With the recent increase of the dividend payout ratio in the last twelve months ending September 30, 2008, cash flow leverage as expressed by FFO to Debt slightly deteriorated to 26% from over 30% in the previous three-year period. Nevertheless, Moody's expects that FFO to Debt should remain above 20% for the next three years. The projected reduction in this cash flow coverage ratio stems from expected lower operating margins because of the 5.4% tariff reduction instituted last year, in combination with a continued high dividend payout ratio and relatively elevated capital expenditures. As a result, RGE will likely experience negative free cash flow from 2009 through 2011 that will result in an increase in indebtedness, which Moody's expects will still be compatible with the Ba1 rating category. As is the case with most Brazilian companies, RGE does not maintain committed bank lending facilities to meet unexpected cash disbursements. Moody's projections indicate that RGE will need to raise approximately BRL370 million in 2009 given forecasted negative free cash flow of around BRL100 million and short-term debt maturities of BRL320 million vis-a-vis a cash position of BRL130 million as of September 30, 2008. It should be noted that part of RGE's 2009 capital expenditures are expected to be funded by long-term debt to be provided by BNDES in an amount estimated to exceed BRL 150 million. In light of the prevailing tight liquidity environment in the local and international capital markets, this financing requirement would represent a major risk factor were not for the implicit support of CPFL, which has demonstrated resilient access to the local capital markets in providing the resources necessary in a timely and adequate manner to meet its subsidiaries' financial needs. Because of the operational and financial integration of CPFL and its subsidiaries and the cross default clauses in CPFL's existing debt agreements with the debt of its subsidiaries, Moody's believes that RGE's rating should also reflect the risk profile of its parent company, CPFL Energia S.A (not rated). Consequently, RGE's ratings remain under review for possible further upgrade while a more comprehensive analysis of the CPFL group is completed, including the development of a better understanding of its business and financial strategy going forward. The ratings or outlook could be downgraded as a result of a lower level of implicit support from CPFL or significant deterioration in the credit metrics of the CPFL group. Quantitatively, if RGE's retained cash flow to total adjusted debt slipped below 10% and interest coverage fell below 3.0x for an extended period of time a downgrade could be triggered. The rating or outlook could be upgraded if RGE efficiently manages its liquidity position and a more comprehensive analysis of the CPFL group indicates that consolidated group creditworthiness merits a higher rating category. Deterioration in the level of ongoing support from the Brazilian regulatory framework or CPFL creditworthiness could also lead to a change in the outlook or the rating. The last rating action for RGE was on August 11, 2008 when the ratings were put on review for possible upgrade after the upgrade of the level of supportiveness of Brazil's regulatory environment for regulated electric utilities. Headquartered in the city of Caxias do Sul, Brazil, Rio Grande Energia S.A. is a fully regulated electricity distribution company with net revenues of BRL1,670 million (approx. US$974 million) and net profit of BRL156 million (approx. US$91 million) reported in the last twelve months ended September 30, 2008. RGE operates a 30-year concession (2027) to distribute energy in 262 municipalities to approximately 1.2 million consumers in the northern and northeastern of Rio Grande do Sul state in southern Brazil. RGE is a fully subsidiary of CPFL Energia S.A., a holding company with interests in the distribution, generation and commercialization of electricity in Brazil. CPFL posted consolidated net sales of BRL9,807 million (US$5,721 million) and net profit of BRL1,313 million (US$766 million) in the last twelve months ended September 30, 2008. CPFL is a leading electricity distributor in Brazil, serving approximately 6.3 million customers through eight distribution companies that sold 35,245 GWh of electricity in the captive market in 2007. In the generation segment CPFL had an installed capacity of 1,588 MW in 2007. ========================== C A Y M A N I S L A N D S ========================== ASBT CAYMAN: Placed Under Voluntary Liquidation ----------------------------------------------- On December 12, 2008, a resolution was passed that voluntarily liquidate the business of: -- ASBT Cayman Sub No. 84 Limited; and -- ASBT Cayman Sub No. 85 Limited. The companies' liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands CNPC INTERNATIONAL: Placed Under Voluntary Liquidation ------------------------------------------------------ On December 2, 2008, the sole shareholder of CNPC International Marketing Ltd. passed a written resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by January 22, 2009, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited c/o Mourant du Feu & Jeune Harbour Centre, Third Floor 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands Reference: Donald Spence/Neal Lomax Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 FRESHFORD INC: Placed Under Voluntary Liquidation ------------------------------------------------- On November 27, 2008, the shareholder of Freshford Inc. passed a written resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by January 15, 2009, will be included in the company's dividend distribution. The company's liquidator is: UBS Nominees Ltd. c/o Alan G. de Saram Charles Adams, Ritchie & Duckworth P.O. Box 709, Zephyr House, Mary Street George Town, Grand Cayman KY1-1107 Tel: 949-4544 Fax: 949-8460 FRONT STREET: Placed Under Voluntary Liquidation ------------------------------------------------ On December 10, 2008, the sole shareholder of Front Street Long/Short Income Fund Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands GOLDMAN SACHS: Placed Under Voluntary Liquidation ------------------------------------------------- On December 11, 2008, the sole shareholder of Goldman Sachs Strategic Japan Partners, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands GPS MLP: Placed Under Voluntary Liquidation ------------------------------------------- On December 3, 2008, the shareholder of GPS MLP Fund (Cayman) Ltd. passed a written resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by January 5, 2009, will be included in the company's dividend distribution. The company's liquidators are: David Sargison Vijayabalan Murugesu c/o Ogier Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: 345 815 1481 Facsimile: 345 945 6265 INDOCHINA LAND: Placed Under Voluntary Liquidation -------------------------------------------------- On December 12, 2008, the sole shareholder of Indochina Land City Garden Limited passed a written resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by January 20, 2009, will be included in the company's dividend distribution. The company's liquidator is: Richmond Mayo-Smith III Tel: ++848 910 4855 Fax: +84 8 910 4860 Capital Place, 10th Floor 6 Thai Van Lung Street, District 1 HCM City, Vietnam KLEROS REAL: Placed Under Voluntary Liquidation ----------------------------------------------- On December 8, 2008, the sole shareholder of Kleros Real Estate CDO III, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands LAURUS OFFSHORE: Placed Under Voluntary Liquidation --------------------------------------------------- At an extraordinary general meeting held on December 3, 2008, the members of Laurus Offshore Fund, Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 30, 2009, will be included in the company's dividend distribution. The company's liquidator is: G. James Cleaver c/o Gemma Sherwood Kroll (Cayman) Limited Cayman Financial Centre Bermuda House, 4th Floor Dr. Roy's Drive, Grand Cayman Telephone: +1 (345) 946-0081 Fax: +1 (345) 946-0082 e-mail: gemma.sherwood@krollcayman.ky MINOLAD OFFSHORE: Placed Under Voluntary Liquidation ---------------------------------------------------- On December 10, 2008, the sole shareholder of Minolad Offshore Fund Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands MKP CREDIT: Placed Under Voluntary Liquidation ---------------------------------------------- On December 8, 2008, a resolution was passed that voluntarily liquidate the business of: -- MKP Credit II Master Fund, Ltd; and -- MKP Credit II Offshore, Ltd. The companies' liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands PFW III: Placed Under Voluntary Liquidation ------------------------------------------- On December 11, 2008, the sole shareholder of PFW III, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RAMIUS HEDGED: Placed Under Voluntary Liquidation ------------------------------------------------- On December 10, 2008, the sole shareholder of Ramius Hedged Equity Master Fund Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RAMIUS PORTABLE ET AL: Placed Under Voluntary Liquidation --------------------------------------------------------- On December 8, 2008, a resolution was passed that voluntarily liquidate the business of: -- Ramius Hedged Equity Master Fund Ltd; and -- Ramius Portable Alpha Fund, Ltd. The companies' liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RCG AKULA: Placed Under Voluntary Liquidation --------------------------------------------- On December 10, 2008, the sole shareholder of RCG Akula Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RCG ASIA: Placed Under Voluntary Liquidation -------------------------------------------- On December 10, 2008, the sole shareholder of RCG Asia Opportunity Fund, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RCG GREENWICH: Placed Under Voluntary Liquidation ------------------------------------------------- On December 10, 2008, the sole shareholder of RCG Greenwich Kahala Carola, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RCG SENATOR: Placed Under Voluntary Liquidation ----------------------------------------------- On December 11, 2008, the sole shareholder of RCG Senator Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SAND SPRING: Placed Under Voluntary Liquidation ----------------------------------------------- On December 10, 2008, the sole shareholder of Sand Spring Capital, Ltd. passed a written resolution that voluntarily liquidates the company's business. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands SPHYRA ASIA: Placed Under Voluntary Liquidation ----------------------------------------------- On December 9, 2008, the shareholder of Sphyra Asia Fund passed a written resolution that voluntarily liquidates the company's business. Only creditors who were able to file their proofs of debt by January 19, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stephen Diggle c/o 2 Battery Road #26-01 Maybank Tower, Singapore 049907 Tel: +65 6538 1998 Fax: +65 6538 8331 ==================== E L S A L V A D O R ==================== AES EL SALVADOR: Moody's Reviews 'Ba1' Rating for Possible Cut -------------------------------------------------------------- Moody's Investors Service placed the Ba1 senior unsecured rating and Ba1 Corporate Family Rating of AES El Salvador Trust on review for possible downgrade. This debt is guaranteed by four affiliated electric distribution subsidiaries that are 80% owned by The AES Corporation (B1 CFR). These operating subsidiaries which also act as guarantors are Compania de Alumbrado Electrico de San Salvador, Empresa Electrica de Oriente, AES Clesa y Compania and Distribuidora Electrica de Usulutan. The guaranteed debt matures in 2016. The review is prompted by Moody's concern that an apparent shortage in liquidity in the country and the government's limited ability to fund its electricity subsidies to residential consumers on top of a recent 14% tariff reduction for electricity distribution services provided by the guarantor utility companies recently accorded by the El Salvador government coupled with a continuation of dividend payouts by the operating companies in the face of a six-month regulatory lag in cost recoveries of energy input costs over the medium term will stress the cash flow and liquidity position of the operating companies on a consolidated basis. The new tariff rates are in effect for a period of five years through December 2012. In its review, Moody's will evaluate the availability of liquidity for the government to continue to fund its electricity subsidy program, the possibility of liquidity being provided by AES Corporation as well as the ability of Trustco's guarantors to operate their distribution business in an orderly fashion given the additional demands on their working capital for operating cash in light of the high electricity spot prices and capital expenditure needs as well as dividend payment pressures on the part of shareholders. The last rating action on Trustco was its downgrade to Ba1 for senior unsecured debt from Baa3 and the assignment of a Ba1 Corporate Family Rating on December 4, 2008. Domiciled in Panama, Trustco is a trust set up to issue debt for the benefit of four affiliated electrical distribution companies in El Salvador that together account for 80% of the distribution market share of approximately one million customers. AES Corporation in the U.S. owns and controls approximately 80% of these distribution companies. The U.S. company acquired AES CLESA utilities in 1998 as part of the privatization effort of the El Salvador government for the electrical distribution sector and the rest of the companies in 2000, when AES acquired EDC in Venezuela. =========== G U Y A N A =========== GUYSUCO: To Import Sugar to Meet Domestic Demands ------------------------------------------------- Guyana Sugar Corporation ("GuySuCo") will have to import about 14,000 tons of sugar from Guatemala to meet domestic demands, Caribworldnews reports. According to the report, the 226,000 tons of sugar produced in Guyana last year is being sent overseas to meet annual quotas in the United States and Europe. Company CEO Nick Jackson blamed heavy rains and labor strikes for the historic shortfall, the report notes. The Guyana Sugar Corporation -- http://www.guysuco.com/-- is a Guyanese sugar company owned by the government. It is the country's largest cultivator and producer of sugar, a commodity which is responsible for approximately 20% of Guyana's annual revenue and 40% of all agricultural production. They are also notable of Demerara Sugar, and also honey and sweetners. * * * As reported in the Troubled Company Reporter - Latin America on January 19, 2008, Caribbean360 News said GuySuCo will make changes in its organizational structure starting at the senior management level. Minister of Agriculture Robert Persaud, Caribbean Net News related, said the shake-up had come at a time when reports and an internal audit of the company pointed to instances of corruption and wrongdoing at different levels. ============= J A M A I C A ============= AIR JAMAICA: Ex-CEO Supports New Business Plan ---------------------------------------------- Former Air Jamaica Chief Operating Officer David Banmiller has given Air Jamaica's management high marks for the airline's new business plan, Arthur Hall of Jamaica Gleaner reports. As reported in the Troubled Company Reporter-Latin America on Feb. 2, 2009, Jamaica Information Service News said Air Jamaica is revamping its operations to reduce losses, and has unveiled a three-point business plan, which is aimed at keeping the company operating throughout this year, and to position it on a path towards financial stability. Mr. Nobles told JIS News that the business plan, which places a "singular focus on rationalizing operational, infrastructure and overhead costs" will improve productivity and bring Air Jamaica's unit costs in line with international norms. In a TCRLA report on Jan. 29, citing the Associated Press, Air Jamaica said it will eliminate six routes and cut jobs next month due to the global economic crisis. Associated Press related Mr. Nobles said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and the island of Grand Cayman will be cut in late February. The carrier had to "cut routes where we are losing money," he said. According to TCRLA, citing CaribWorldNews, the cuts will result in job losses in those areas and the reduction of the airline's fleet to nine aircraft. Mr. Banmiller, Jamaica Gleaner relates, said the route cuts and other changes announced by the airline are a step in the right direction. "What they are generally doing - and I support that - is they are trimming things down. They are going to their strengths and they are deciding between routes," Mr. Banmiller told The Sunday Gleaner in an exclusive interview. "My thought process is go to where your strengths are, perhaps increase your frequency, and take a hard look at expenses," he said. The Gleaner says Mr. Banmiller's endorsement came hours after the National Workers' Union ("NWU") expressed fresh concerns about the business plan. The Gleaner notes the NWU said: "There is an absence of comparative and analytical data which would provide the basis for understanding the decisions taken." About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported by the Troubled Company Reporter-Latin America on Nov. 6, 2008, Moody's Investors Service placed the debt ratings of Air Jamaica Limited, B1 senior unsecured notes guaranteed by the Government of Jamaica, on review for possible downgrade. The review coincides with Moody's action placing the ratings of the Government of Jamaica under review for downgrade on November 4, 2008. ST. ANN: Labor Ministry May Intervene in Layoff Dispute With Union ------------------------------------------------------------------ The Ministry of Labor may be forced to intervene in a dispute brewing between the University and Allied Workers' Union ("UAWU") and the St. Ann Bauxite Limited, Radio Jamaica News reports. The bauxite company, the report relates, said it will make good on its plans to make the position of 20% of its workforce redundant, despite a call from the UAWU for company to delay the layoffs. The report recounts UAWU President Lambert Brown had written to the company's management suggesting that a meeting held earlier this month could not be considered the start of the consultation process. In that meeting, the company reportedly said it intended to make the jobs of 150 workers redundant, the report notes. However, Radio Jamaica says, Mr. Brown is extremely unhappy with how St. Ann Bauxite Limited is going about the process. "They have not done the proper consultations required by law and to the extent that they lay off any workers, I'll be reporting a dispute to the Ministry of Labor in respect to breaches in the contract, breaches in the Labor Relations and Industrial Dispute Act and ask the Ministry to address the issue of unfair dismissal of the workers ... the labor relations code must be respected and honored," the report quoted Mr. Brown as saying. =========== M E X I C O =========== METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'CCC-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term counterparty credit rating on Metrofinanciera S.A. de C.V. SOFOM. E.N.R. to 'CCC-' from 'CCC+'. At the same time S&P lowered its long- and short-term national scale counterparty credit and senior unsecured debt ratings on Metrofinanciera to 'mxB-/mxC' from 'mxB+/mxB'. S&P affirmed the rating on its US$100 million perpetual, noncumulative subordinated step-up securities at 'C'. All ratings remain on CreditWatch with negative implications, where they were placed Nov. 28, 2008. "The rating action reflects our concerns about the company's limited liquidity position, worsening cash-flow generation, and high debt burden of Mexican pesos 3.3 billion during the next nine months, and MXN335 million on Feb. 26, 2009. "We also believe the company's inability to continue growing and its weakened financial flexibility has jeopardized the amount of unencumbered assets," said Standard & Poor's credit analyst Arturo Sanchez. In S&P's opinion, support from Sociedad Hipotecaria Federal S.N.C. (SHF; national scale: mxAAA/Stable/mxA-1+), a Mexican government- related entity, could diminish as a result of Metrofinanciera's depleted eligible assets. As a result, future funding support from SHF and other banks may be limited. The amount of assets on hand for additional financing may not be sufficient to cover Metrofinanciera's unsecured and bank debt. In such a scenario, S&P believes the company would have to restructure its debt. A distressed-debt restructuring would represent a selective default according to S&P's criteria. The ratings remain on CreditWatch, highlighting S&P's growing concerns about the company's financial standing and deteriorating asset quality. S&P plan to resolve the CreditWatch once the internal audits are concluded, at which time S&P will assess the company's asset quality and real amount of unencumbered assets that could be monetized, as opposed to debt maturities. Also, if a distressed debt exchange takes place, S&P will lower the ratings to 'CC', and upon completion to 'SD'. VITRO SAB: Fitch Downgrades Ratings to 'C' from 'CC' ---------------------------------------------------- Fitch Ratings has downgraded these ratings for Vitro, S.A.B. de C.V.: -- Long-term Issuer Default Rating to 'C' from 'CC'; -- Long-term foreign currency IDR to 'C' from 'CC'; -- National scale long-term rating to 'C(mex)' from 'CC(mex)'; -- Certificados Bursatiles issuances to 'C(mex)' from 'CC(mex)'. The Rating Outlook is Stable. In addition, Fitch has affirmed these ratings: -- US$300 million senior notes due 2012 at 'CC/RR4'; -- US$225 million senior notes due 2013 at 'CC/RR4'; -- US$700 million senior notes due 2017 at 'CC/RR4'. All ratings have been removed from Rating Watch Negative. The downgrades follow Vitro's announcement that it will not make the coupon payment due Feb. 2, 2009 on the 8.625% senior notes due 2012 and 9.125% senior notes due 2017 for approximately US$45 million; a 'C' rating indicates a default is imminent. If Vitro does not cover the coupon payments after the 30 days cured period, Fitch expects to downgrade the IDR to 'D'. The 'CC/RR4' rating on Vitro's senior notes reflects average recovery prospects given default. Vitro also indicated that a number of its counterparties in derivative instruments have demanded the payment of approximately US$293 million in accordance with these agreements. Vitro's liquidity position remains tight with unrestricted cash balances of US$103 million as of Dec. 31, 2008. =============================== T R I N I D A D & T O B A G O =============================== CLICO INVESTMENT: Government Takes Over Bank -------------------------------------------- Trinidad and Tobago seized control of Clico Investment Bank on January 30, as part of a bid to bail out a number of cash-strapped companies belonging to its parent CL Financial Ltd, Reuters reports. According to the report, Trinidad and Tobago's central bank said all third party assets and liabilities on the books of Clico Investment and its Caribbean Money Market Brokers unit would be transferred to state-owned First Citizens Bank early this week. Central Bank Governor Ewart Williams, the report relates, said the move was aimed at ensuring resources are available to meet withdrawals by bank depositors and by policyholders of the Clico Insurance company. It was prompted by liquidity concerns stemming from the impact of methanol and real estate prices on the CL Financial's finances, Mr. Williams said as cited by the report. CL Financial Chairman Lawrence Duprey said the situation at Clico Investment Bank, Clico Insurance and the British American Insurance company, another firm it owns, "threaten the interest of depositors, policyholders and creditors of these institutions," Reuters notes. "At this point, one of the views is that it may prove the danger of disruption to the financial system if it is not addressed," Mr. Duprey was quoted by Reuters as saying. Describing Clico as having a "sizeable statutory bond deficit," Mr. Williams said CL Financial had agreed to divest additional assets to help fund the deficit, the report relates. Mr. Williams, as cited by Reuters, said Trinidad and Tobago's government will provide additional funds. "Government funding will be provided in exchange for collateral and an equity interest in Clico. It will also act as a catalyst for implementing a change in the current business model and corporate governance structure of Clico," Mr. Williams was quoted by the report as saying. About CL Financial CL Financial -- http://www.clfinancial.com/--is a Trinidad-based investment holding company, founded in 1993. About Clico Investment Clico Investment Bank ("CIBS") -- http://www.cibtt.com/default.asp?id=6-- is a wholly owned subsidiary of CL Financial Limited, that began operations in 1990 and since its establishment has been at the forefront of the financial industry in Trinidad and Tobago. CIB's management comprises a team of professionals with distinctive competencies in Money and Capital Market Operations, Asset Management, Portfolio Management, Investment Research and Analysis, Credit Management, Corporate Finance, Financial Control and Accounting and Human Resource Development. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Pay Service Providers This Week ---------------------------------------------------------- Petroleos de Venezuela ("PDVSA") will begin paying off debts owed to service providers this week after contractors idled drilling rigs, Matthew Walter of Bloomberg News reports, citing Oil and Energy Minister Rafael Ramirez. Minister Ramirez, the report relates, said the company is also beginning talks with oil field service providers to lower their rates amid the plunge in oil prices in the second half of 2008. "We're paying all of the debt that's accumulated with our contractors," the report quoted Minister Ramirez as saying. "We're also starting negotiations with them to review tariffs, so that they can be adjusted, of course, to the market situation," he said. As reported in the Troubled Company Reporter-Latin America on Jan. 20, 2009, Dow Jones Newswires said PDVSA's debt to its suppliers may have risen by as much as US$3 billion as it struggles to pay its bills as cash flow dries up due to rock- bottom oil prices. According to Dow Jones Newswires, the company has fallen several months behind on payments to oil service companies and other suppliers that keep its oil business running, a source of concern for many in the industry. As of September, the report related, bills owed to suppliers stood at US$7.86 billion, a 39% jump from the same nine-month period in 2007. Dow Jones said French oil services company Schlumberger Ltd. ("SLB") and U.S. firm Halliburton Co. ("HAL") are now owed a combined US$800 million to US$1 billion by some estimates. Minister Ramirez, Bloomberg News relates, said the increased debt to contractors "isn't a problem that's gone beyond a normal situation." "We don't accept that they maintain the same rates that they had last year. The situation has abruptly changed," Minister Ramirez added. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term corporate credit rating from Standard & Poor's with stable outlook. The rating was affirmed by S&P in April 2008. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Assets Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA COMERCIAL PLAT-$ COMED AR -747305024 422118016 COMERCIAL PL-C/E COMEC AR -747305024 422118016 COMERCIAL PLAT-$ COMED AR -747305024 422118016 SOC COMERCIAL PL CVVIF US -747305024 422118016 IMPSAT FIBER NET IMPTQ US -17165000 535007008 IMPSAT FIBER-CED IMPT AR -17165000 535007008 SOC COMERCIAL PL CAD IX -747305024 422118016 SOC COMERCIAL PL CADN SW -747305024 422118016 SOC COMERCIAL PL COME AR -747305024 422118016 COMERCIAL PLA-BL COMEB AR -747305024 422118016 SOC COMERCIAL PL SCDPF US -747305024 422118016 IMPSAT FIBER NET XIMPT SM -17165000 535007008 COMERCIAL PL-ADR SCPDS LI -747305024 422118016 IMPSAT FIBER-BLK IMPTB AR -17165000 535007008 IMPSAT FIBER-C/E IMPTC AR -17165000 535007008 IMPSAT FIBER-$US IMPTD AR -17165000 535007008 IMPSAT FIBER NET 330902Q GR -17165000 535007008 BRAZIL TELEBRAS-ADR TBASY US -187984000 226080000 CIMOB PARTIC SA GAFP3 BZ -77366408 90471752 RIMET-PREF REEMPN BZ -232197008 144454000 CHIARELLI SA-PRF CCHPN BZ -85685000 42853000 TEXTEIS RENAUX RENXPN BZ -135343008 86140000 PARQUE TEM-RCT P PQTM10 BZ -388872000 152268000 TEKA-PREF TEKA4 BZ -449536992 526557984 TELEBRAS-ADR RTB US -187984000 226080000 TELEBRAS-PF BLCK TELB40 BZ -187984000 226080000 TELEBRAS-RCT RCTB33 BZ -187984000 226080000 TELEBRAS-RTS CMN TCLP1 BZ -187984000 226080000 TELEBRAS-CM RCPT RCTB31 BZ -187984000 226080000 TELEBRAS-CM RCPT RCTB32 BZ -187984000 226080000 TELEBRAS-PF RCPT RCTB40 BZ -187984000 226080000 COARI PART COAR3 BZ -56000 3270861056 BUETTNER SA BUETON BZ -54926000 148186992 TELEBRAS-PF RCPT RCTB41 BZ -187984000 226080000 TELEBRAS-PF RCPT RCTB42 BZ -187984000 226080000 SCHLOSSER SCLO3 BZ -95113000 45358000 STAROUP SA-PREF STARPN BZ -3164000 66833000 BOTUCATU TEXTIL 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DTCY9 BZ -16264999 11902000 ACO ALTONA SA EAAON BZ -31429000 170270992 ACO ALTONA-PREF EALT4 BZ -31429000 170270992 FER C ATL-RCT CM VSPT9 BZ -85429000 2074043008 *********** 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 * * *