/raid1/www/Hosts/bankrupt/TCRLA_Public/090212.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
Thursday, February 12, 2009, Vol. 9, No. 30
Headlines
A R G E N T I N A
ASOCIACION MUTUAL: Proofs of Claim Verification Due on April 20
FLOGIDAMA SRL: Proofs of Claim Verification Due on May 11
PRIMER OPERADOR: Proofs of Claim Verification Due on March 18
SECURITEX SRL: Proofs of Claim Verification Due on March 9
YLANA SA: Proofs of Claim Verification Due on March 10
B E L I Z E
* Moody's Upgrades Bond Rating to 'B3' on Improved Governance
B E R M U D A
FOSTER WHEELER: Bermuda Holding Co Redomisticated to Switzerland
SWISS RE: To Close Bermuda Office in June to Cut Cost
XL CAPITAL: Posts US$2.63BB Net Loss for Year Ended Dec. 31 2008
B R A Z I L
CAMARGO CORREA: Unit to Launch Residential Complex with Escom
ITSA INTERCONTINENTAL: NY Court Grants Chapter 15 Protection
C A Y M A N I S L A N D S
ANDEAN SILVER: Shareholders Receive Wind-Up Report
ASC PERU: Shareholders Receive Wind-Up Report
AXA NEW: Shareholders Receive Wind-Up Report
CASTLEROCK AIRCRAFT: Shareholders Receive Wind-Up Report
GC GLOBAL: Shareholders Receive Wind-Up Report
GLUON FUND: Members Receive Wind-Up Report
INFINITY ABSOLUTE: Shareholders Receive Wind-Up Report
LEVERAGED SHORT: Shareholders Hold Meeting
MARATHON INVESTMENT: Members Receive Wind-Up Report
NEW HARVEST: Shareholders Receive Wind-Up Report
NORMA CDO: Shareholders Receive Wind-Up Report
OFFALY LIMITED: Shareholders Receive Wind-Up Report
ORIES HOLDING: Shareholders Receive Wind-Up Report
PANGAEA CLO: Shareholders Receive Wind-Up Report
PORTICO INVESTMENTS: Members Receive Wind-Up Report
PORTMARNOCK LIMITED: Shareholders Receive Wind-Up Report
ROSCOMMON LIMITED: Shareholders Receive Wind-Up Report
SALUTO SECONDO: Members To Receive Wind-Up Report on March 14
SZ 95 A: Shareholders Receive Wind-Up Report
TITANIUM FUND: Shareholders Receive Wind-Up Report
J A M A I C A
AIR JAMAICA: Expects Final Proposal From 3 Prospective Investors
M E X I C O
GRUPO CASA: Moody's Withdraws 'Ba3' Corporate Family Rating
P A N A M A
BLADEX: To Hold Fourth Quarter 2008 Conference Call on February 13
P U E R T O R I C O
COSTA BONITA: Case Summary & 20 Largest Unsecured Creditors
JESUS CRUZ: Voluntary Chapter 11 Case Summary
JESUS CRUZ: Voluntary Chapter 11 Case Summary
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
ASOCIACION MUTUAL: Proofs of Claim Verification Due on April 20
---------------------------------------------------------------
Jorge Ernesto del Hoyo, the court-appointed trustee for Asociacion
Mutual de Empleados de Correos Privados's bankruptcy proceeding,
will be verifying creditors' proofs of claim until April 20, 2009.
Mr. del Hoyo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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:
Jorge Ernesto del Hoyo
Cerrito 484
Buenos Aires, Argentina
FLOGIDAMA SRL: Proofs of Claim Verification Due on May 11
---------------------------------------------------------
The court-appointed trustee for Flogidama S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
May 11, 2009.
The trustee will present the validated claims in court as
individual reports on June 17, 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
August 13, 2009.
PRIMER OPERADOR: Proofs of Claim Verification Due on March 18
-------------------------------------------------------------
The court-appointed trustee for Primer Operador Privado
Independiente Argentina S.A.'s reorganization proceedings, will be
verifying creditors' proofs of claim until March 18, 2009.
The trustee will present the validated claims in court as
individual reports on June 6, 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 18, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on October 22, 2009.
SECURITEX SRL: Proofs of Claim Verification Due on March 9
----------------------------------------------------------
Sara Maria Rey de Lavolpe, the court-appointed trustee for
Securitex S.R.L.'s bankruptcy proceeding, will be verifying
creditors' proofs of claim until March 9, 2009.
Ms. Lavolpe will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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:
Sara Maria Rey de Lavolpe
Cerrito 1136
Buenos Aires, Argentina
YLANA SA: Proofs of Claim Verification Due on March 10
------------------------------------------------------
Julio Salaberry, the court-appointed trustee for Ylana S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 10, 2009.
Mr. Salaberry will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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:
Julio Salaberry
Uruguay 766
===========
B E L I Z E
===========
* Moody's Upgrades Bond Rating to 'B3' on Improved Governance
-------------------------------------------------------------
Moody's Investors Service has upgraded Belize's government bond
ratings to B3 from Caa1 to reflect the improvement in debt metrics
over the past couple of years, a marginal improvement in
governance, and the expectation that bilateral and multilateral
financing will continue providing sufficient support to help
mitigate the negative impact of the global crisis. The outlook is
stable.
"Since the restructuring of commercial external obligations in
early 2007, Belize's fiscal position and external debt maturity
profile have improved," said Moody's Vice President - Senior
Analyst Alessandra Alecci. "While this has been in large part the
result of the oil windfall, reduced interest obligations and
generous bilateral grants, the government has also exercised a
degree of fiscal constraint."
She said such fiscal responsibility has been the result of a
policy-driven adherence to a medium-term macroeconomic program
intended to restore debt sustainability and is also due to the
government's borrowing constraint, particularly in the
international capital markets given the recent restructuring and
the ongoing crisis.
"Moody's expects that the current crisis will affect Belize's key
industries, including tourism, agriculture and oil," said Alecci.
"While this, in turn, will create challenges for both the fiscal
and external accounts, the fact that the government has secured
bilateral and multilateral financing alleviates concerns about
liquidity."
She said a situation in which the government would find itself on
the brink of default as occurred in 2006 is unlikely over the next
12 months.
"There are a number of structural issues that are likely to
persist in the years to come, thus limiting the scope for further
upgrades," said Alecci. "Belize's institutions are weak, as
evidenced by the few checks and balances that limited the
aggressive fiscal policies and heavy borrowing during the 1999 to
2004 period, which eventually led to a forced debt restructuring."
In addition, she said, though declining, the size of the public
debt, most of which is denominated in foreign currency, is still
very large relative to the resources available to service it,
leaving policymakers with limited adjustment options in the face
of the number of shocks that can affect Belize, whether domestic,
external or weather-related.
"Fiscal policies will need to remain very tight in the medium term
in order to limit the potential for liquidity problems given the
economy's small size, high degree of openness and limited funding
options," said Alecci. "A B3 rating incorporates these factors
and the ensuing credit risks."
In a related rating action, the foreign currency country ceiling
for bonds was upgraded to B1 from B2. All other ratings remain
unchanged and the outlook on all ratings is stable.
Moody's last rating action with respect to the Government of
Belize occurred on February 13, 2007 when the government bond
ratings were raised to Caa1 from Caa3.
=============
B E R M U D A
=============
FOSTER WHEELER: Bermuda Holding Co Redomisticated to Switzerland
----------------------------------------------------------------
Foster Wheeler AG (formerly Foster Wheeler Ltd.) has completed its
redomestication to change the place of incorporation of its group
holding company from Bermuda to Switzerland. Foster Wheeler
shares continue to trade on the NASDAQ Global Select Market under
the ticker symbol "FWLT," the same symbol under which Foster
Wheeler common shares traded before the redomestication.
The company also said that proposals from shareholders to be
considered at the company's annual general meeting of shareholders
to be held May 5, 2009 must be submitted to the Secretary of the
company by February 15, 2009. A shareholder's notice of any
proposal must specify the relevant agenda items and motions,
together with evidence that the shareholder is recorded in the
company's share register, as well as any other information
required by the company's articles of association and as would be
required to be included in a proxy statement pursuant to the rules
of the Securities and Exchange Commission.
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler AG (formerly Foster Wheeler Ltd.) -- http://www.fwc.com/
-- offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research, and
plant operation services. Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology, and healthcare
industries.
* * *
As reported by the Troubled Company Reporter on Dec. 15, 2008,
Standard & Poor's Ratings Services raised its corporate credit and
issue-level ratings on Clinton, New Jersey-headquartered Foster
Wheeler Ltd. S&P raised the long-term corporate credit rating to
'BB+' from 'BB'. The outlook is stable.
SWISS RE: To Close Bermuda Office in June to Cut Cost
-----------------------------------------------------
Swiss Re will close its Bermuda office in June this year as the
company seeks to cut cost, Jonathan Kent of The Royal Gazette
reports, citing Swiss Re spokeswoman Alayna Tagariello. The
report relates that five employees at the office will lose their
jobs in the process.
"We are focused on achieving cost efficiences. Any business going
through our Bermuda office can be handled through other offices,"
Ms. Tagariello was quoted by the report as saying.
According to the report, Swiss Re's operations is located on the
fourth floor of Mintflower Place on Par-la-Ville Road, and is
headed by Thomas Coffey.
The Gazette says Swiss Re is going through an uncertain time.
The report recounts Swiss newspaper Sonntag reported over the
weekend that the company's chief executive officer Jacques Aigrain
could be replaced as early as next month.
The Gazette relates Swiss Re's foray into trading securities such
as credit-default swaps led to more than US$5 billion of
writedowns last year, eroding capital and reducing its market
value by a third in 2008.
The company's shares fell 38% in the space of two days, as it
announced a loss ofUS$850 million for 2008, the report says.
About Swiss Re
Swiss Re (Swiss Reinsurance Company or Schweizerische
Rueckversicherungs-Gesellschaft) –- http://www.swissre.com–-is a
Swiss company, operating in the reinsurance sector. The company's
core activities are: risk transfer, risk finance, and asset
management. It operates through three business segments: Property
and Capital, Life and Health and Financial Services. It offers
reinsurance, insurance and financial products, including
traditional reinsurance for property, liability, motor, accident,
agriculture, engineering, marine and aviation; life and health
products; Admin Re, focused on acquiring closed life insurance
portfolios; risk securization and capital markets solutions;
carbon emissions trading, as well as asset management, advisory
and risk financing services. Swiss Re divides its products into
six lines: life and health, casualty, property, specialty, Admin
Re and non-traditional. In October 2008, Swiss Re completed the
acquisition of Barclays PLC's Barclays Life Assurance Company Ltd.
XL CAPITAL: Posts US$2.63BB Net Loss for Year Ended Dec. 31 2008
----------------------------------------------------------------
XL Capital Ltd reported fourth quarter and full year 2008 results.
The net loss for the quarter ended December 31, 2008 was
US$1.43 billion, or US$4.36 per ordinary share, compared with a
net loss of US$1.22 billion, or US$6.88 per ordinary share, for
the quarter ended December 31, 2007.
Operating Income for the quarter ended December 31, 2008 was
US$189.5 million, or US$0.58 per ordinary share, compared with
US$98.0 million, or US$0.55 per ordinary share, for the quarter
ended December 31, 2007. Return on Ordinary Shareholders' Equity,
based on Operating Income, was 12.4% for the quarter and 12.0% for
the full year.
Net loss for the quarter ended December 31, 2008 was largely
driven by a US$990 million non-cash charge for the partial
impairment of goodwill and other than temporary impairments of
US$608.5 million, which includes an investment portfolio
restructuring charge of US$400.0 million. The net loss for the
quarter ended December 31, 2007 included US$416.3 million for
other than temporary impairments primarily related to
deterioration in structured credit assets. Also included in the
quarter ended December 31, 2008 were US$214.2 million of net
losses from investment fund affiliates, in line with the company's
pre-announcement in December 2008, compared to net income of
US$70.6 million in the quarter ended December 31, 2007. The net
loss for the quarter ended December 31, 2007 included charges of
US$1.05 billion related to the company's investment in, and
certain reinsurance and other agreements with, Syncora.
For the twelve months ended December 31, 2008, the net loss was
US$2.63 billion, or US$11.02 per ordinary share, compared with net
income of US$206.4 million, or US$1.15 per ordinary share, for the
twelve months ended December 31, 2007.
Operating Income for the twelve months ended December 31, 2008,
was US$840.3 million, or US$3.51 per ordinary share, as compared
with US$1.73 billion, or US$9.61 per ordinary share, for the
twelve months ended December 31, 2007.
Return on ordinary shareholders' equity, based on Operating Income
was 12.0% and 18.6% for the twelve months ended December 31, 2008
and 2007, respectively.
P&C Operations
==============
P&C Operations gross premiums written for the quarter ended
December 31, 2008 included US$1,077.8 million from the Insurance
segment and US$104.5 million from the Reinsurance segment compared
with US$1,267.6 million and US$138.0 million, respectively, in the
fourth quarter of 2007. The loss ratio for the fourth quarter of
2008 was 58.0% with a combined ratio of 89.4% as compared to 62.0%
and 93.3%, respectively, in the fourth quarter of 2007. The
results for the current quarter benefited from favorable prior
year development of US$268.3 million as compared with favorable
prior year development of US$92.6 million in the fourth quarter of
2007.
Commenting on the results of the P&C Operations for the quarter
Mr. McGavick said, "We continued to have strong underwriting
performances from both our insurance and reinsurance segments.
Our combined ratio of 89.4% for the quarter is 4 points better
than the fourth quarter of 2007 and is a testament to our
excellent underwriting over a number of years. We understand the
risks we write and notably our revised estimates for Hurricanes
Ike and Gustav are at the mid-point of our original range."
Life Operations & Other Financial Lines
=======================================
The Life Operations & Other Financial Lines segments contributed
US$27.1 million and US$0.5 million, respectively, in the fourth
quarter of 2008, compared with contributions of US$4.0 million and
US$15.7 million, respectively, in the fourth quarter of 2007. The
fourth quarter 2007 contribution from the Life Operations segment
included a US$25.4 million increase in policy benefit reserves
with respect to certain novated blocks of US-based term-life
mortality reinsurance business.
Mr. McGavick said, "During the fourth quarter of 2008, we sold the
renewal rights for our Life, Accident and Health business, which
is a small block, and we continue to explore various strategic
options for the annuity book, the mortality and critical illness
book and for our US life company."
Investments and Other Operations
================================
Net investment income was US$393.1 million for the quarter as
compared to US$560.5 million in the fourth quarter of 2007. The
decrease in net investment income was driven by a decrease in net
investment income from both the company's P&C and Other Financial
Lines Operations.
The net investment income from P&C operations, excluding
investment income from structured products, was US$275.6 million
for the quarter as compared to US$326.8 million in the fourth
quarter of 2007. Net investment income from P&C structured
products in the fourth quarter of 2008 was US$24.1 million as
compared to US$33.0 million in the fourth quarter of 2007. Both
reductions were caused principally by declines in prevailing U.S.
interest rates, along with higher allocations to lower yielding US
Treasuries, Agencies and cash.
The net investment income from the Other Financial Lines segment
was US$8.2 million for the fourth quarter 2008 compared to US$99.2
million for the fourth quarter of 2007. The decrease of US$91.1
million results from the redemption of US$4 billion of Guaranteed
Investment Contracts and US$1.2 billion of maturing funding
agreements during the year. There was a corresponding decrease in
the interest expense related to these contracts.
For the Life Operations segment, investment income was US$85.2
million in the fourth quarter of 2008 as compared to US$101.4
million in the fourth quarter of 2007. This movement was caused
largely by foreign exchange movements arising from the stronger US
Dollar against Sterling in particular.
Total net realized losses on investments were US$568.9 million for
the fourth quarter of 2008 as compared to US$470.6 million in the
fourth quarter of 2007. The loss for the fourth quarter of 2008
included realized gains on securities sales of US$39.6 million and
other than temporary impairments of US$608.5 million which
included the investment portfolio restructuring charge of US$400
million. The realized loss in the fourth quarter of 2007
comprised other than temporary impairments of US$416.3 million and
realized losses on securities sales of US$54.3 million.
The fourth quarter of 2008 includes US$214.2 million of net losses
from investment fund affiliates, compared to net income of US$70.6
million in the quarter ended December 31, 2007. The principal
driver was a negative quarterly return of 12.5% on the Company's
alternative portfolio which was due to the extremely difficult
market conditions for hedge funds in September, October and
November.
Net loss from operating affiliates, was US$5.6 million as compared
to a loss of US$1.20 billion in the fourth quarter of 2007. The
net loss from operating affiliates in 2007 included a charge of
US$1.05 billion related to the company's investment in, and
certain reinsurance and other agreements with, Syncora.
The quarter ended December 31, 2008 included a foreign exchange
gain ofUS$120.7 million as compared with a gain ofUS$39.7 million
in the prior year quarter. Both gains were driven primarily by the
increase in the value of the US Dollar against most European
currencies. The overall impact of foreign exchange fluctuations in
the quarter was a reduction ofUS$196.6 million in the Company's
capital.
Operating expenses for the quarter were US$280.4 million compared
with US$287.3 million in the fourth quarter of 2007. The decrease
is due primarily to changes in foreign exchange rates, offset in
part by the inclusion of US$8.7 million of expenses related to the
actions taken last quarter to reduce the expense base of the
Company going forward.
Mr. McGavick said, "We have completed the initiatives announced in
July 2008 to reduce costs. We are on track to deliver the savings
targeted and the costs of this exercise are within our initial
estimates.
"However, the ground has shifted in the past six months for the
insurance industry, the global economy, and XL. We must recognize
these changes and adjust. We will focus on our businesses that
deliver the best return on capital. As a result, we do expect a
meaningful reduction in gross written premium for 2009 as we
reduce those activities that do not meet our hurdle rates and in
response to effects we have seen in a few long-tail lines as a
result of our new S&P rating. Therefore, we will look to trim
approximately 10% of our current global workforce this year to
streamline operations to best position XL to compete effectively.
The job eliminations will be primarily focused on the corporate
and functional areas. But efficiency means more than just job
eliminations. We have also revisited other expenses and
investments as we emphasize simplicity in our operations and
processes. These actions are expected to cost approximatelyUS$60-
80 million and will lead to a reduction in the underlying expense
base of US$100-US$120 million a year for 2010 onwards."
Capital Position
================
At December 31, 2008, book value per ordinary share was US$15.46,
as compared to US$21.65 as of September 30, 2008. This decline of
US$2.0 billion orUS$6.19 per ordinary share was due primarily to
the goodwill impairment charge of US$990 million or US$2.99 per
ordinary share, and a reduction in the value of the company's
investment portfolio, after tax, of US$858.7 million or US$2.60
per ordinary share. The decrease in the value of the company's
investment portfolio was primarily due to a continued widening of
credit spreads on both corporate and structured credit investments
in the extremely difficult capital market conditions again during
the fourth quarter.
The company's investment portfolio was US$34.3 billion as of
December 31, 2008, of which US$31.9 billion was held in fixed
income securities with an average credit quality of AA, including
approximately US$17.2 billion in AAA securities. 75% of the
portfolio was in either AAA or AA rated securities.
Mr. McGavick said, "We are continuing to de-risk the investment
portfolio and the restructuring charge that we have chosen to take
this quarter is an important step in this exercise.
"The non-cash charge against goodwill, primarily related to the
Mid-Ocean acquisition in 1998 that provided the platform for our
property catastrophe reinsurance operations, has removed any
distractions that item may have caused, and combined with other
efforts has simplified our balance sheet. This business is
strong, we remain committed to it and I fully expect it to deliver
strong ROEs going forward, as it has in the past. However, the
fall in share prices in the fourth quarter and the increased cost
of capital mean that we no longer feel it appropriate to carry the
goodwill at previous levels. It's important to note that this
non-cash charge has no impact on rating agency or regulatory
capital or tangible book value.
"Our tangible book value per ordinary share was US$12.88 at the
end of December 2008 compared to US$16.15 at the end of September
2008. It's worth mentioning that our tangible book value will
increase by approximatelyUS$1.75 per ordinary share as a result of
the scheduled conversion of our Equity Security Units on
February 17, 2009."
"XL is financially and operationally positioned to deliver for its
customers as an independent company, and that's our exclusive
focus. All indications from the rating agencies lead us to
believe we have ample capital for our ratings."
2009 Actions
============
Dividend Reduction and
Declaration of Dividend
The company also announced that XL's Board of Directors has
approved a reduction in the quarterly dividend payable on the
Company's Class A Ordinary Shares to US$0.10 per ordinary share.
In line with that reduction, the Board of Directors declared a
quarterly dividend ofUS$0.10 per ordinary share payable on
March 31, 2009 to ordinary shareholders of record as of March 13,
2009.
Mr. McGavick said, "The reduction in our dividend brings our
prospective yield much more in line with where we expect industry
yields to be in 2009. Despite the difficulties of 2008, we enter
2009 toughened by having had to compete in these challenging
circumstances. Our January renewals came out well and I am
heartened by the confidence shown in us by our customers, our
employees and by the rating agencies. The expense initiatives
noted above will only make us more efficient and we believe we are
well-positioned to capitalize on the market turn, and remain
committed to providing value to our clients and our shareholders."
Segment Highlights - Fourth Quarter &
Full Year 2008 vs. 2007
Insurance
=========
Mr. McGavick commenting on the Insurance Segment results said,
"Despite considerable challenges, XL Insurance delivered, by and
large, retentions at historical levels; 83% for 2008 versus 2007's
exceptional 86%, while at the same time pushing rate. Our January
2009 renewals, led by excellent European retentions across all
lines, are turning out to be in the same range as 2008. We've
done all this and showed our pricing power, demonstrating the
strength of our franchise."
Gross and net premiums written decreased by 15.0% and 13.9%,
respectively, during the three months ended December 31, 2008
compared with the three months ended December 31, 2007. For the
year ended December 31, 2008, gross and net written premiums
decreased 2.3% and 4.8% to US$5.3 billion and US$4.0 billion,
respectively. Gross premiums written in the fourth quarter
decreased primarily due to competitive market conditions impacting
pricing across most lines of business, lower levels of long term
agreements and changes in foreign exchange rates. This was
partially offset by new business. Net premiums written decreased
primarily as a result of the factors noted above affecting gross
premiums written.
Net premiums earned decreased by 7.2% in the three months ended
December 31, 2008 compared with the three months ended
December 31, 2007. For the year ended December 31, 2008, net
premiums earned decreased 2.9%. The decrease was mainly due to
lower net premiums written in prior periods.
The loss ratio was 60.7% and the combined ratio was 94.4% in the
fourth quarter of 2008 compared to 65.3% and 98.4%, respectively,
in the fourth quarter of 2007. The full year 2008 loss ratio was
68.4% and the combined ratio was 98.4% compared to 63.0% and 91.4%
for the same period in 2007. The 2008 fourth quarter and full
year results included favorable prior year development ofUS$183.4
million (or 19.8 loss ratio points) and US$305.5 million (or 7.6
loss ratio points), respectively, as compared to US$33.5 million
(or 3.3 loss ratio points) and US$158.1 million (or 3.9 loss ratio
points), respectively, in the fourth quarter and full year of
2007. The fourth quarter and full year of 2008 favorable prior
year development included US$80.8 million related to an agreement
with AXA Insurance Ltd (formerly Winterthur Swiss Insurance
Company). The Agreement releases the funds from the
collateralized escrow arrangement that was put in place in June
2006, as described in the company's Form 8-K filed on June 8,
2006, and releases both parties from all further obligations under
such agreement. Also included in the fourth quarter of 2008, was
the favorable impact of US$23.8 million related to current year
natural catastrophe losses, primarily Hurricane Ike. The full
year 2008 included losses of US$138.0 million related to current
year natural catastrophe losses as compared to US$37.0 million
during the full year of 2007. Excluding the impact of prior year
development and natural catastrophes, the loss ratio was 82.7% and
72.5%, respectively, in the fourth quarter and full year of 2008
as compared with 68.6% and 66.0%, respectively, in the fourth
quarter and full year of 2007. The increase was due primarily to
a higher level of large property risk losses impacting the current
quarter and full year loss ratios, the impact of higher loss
ratios in professional lines due to subprime and the related
credit crisis, and higher loss ratios in certain specialty lines.
Additionally, there was a one time adjustment that impacted the
loss ratio for the quarter by approximately 2 points, reflecting
revisions to earning patterns for certain contracts.
Reinsurance
===========
Mr. McGavick commenting on the Reinsurance Segment results said,
"XL Re achieved excellent results in 2008, evidenced by a combined
ratio of 79.6% in the quarter and 90.4% for the full year. In the
January 2009 renewal, we lost only 11% of our renewable premium to
security decisions made by clients following rating agency
actions. Overall premium written at January 1, 2009 was also
impacted due to selective cancellations by us and to industry wide
trends, such as increased retentions by clients. XL Re remains a
lead reinsurer in its chosen markets and continues to retain its
key people. Of the 75 staff who have underwriting authority in
the Reinsurance Segment, only three have left in 2008 which, I
believe, leaves us well placed to capitalize on the attractive
market conditions ahead."
Gross and net premiums written during the three months ended
December 31, 2008 decreased by 24.3% and 10.9%, respectively, as
compared to the fourth quarter in 2007. For the year ended
December 31, 2008, gross and net written premiums decreased 15.1%
and 16.9% to US$2.3 billion and US$1.8 billion, respectively. The
decrease in gross premium written is due principally to the
commutation of a large structured reinsurance contract in the
fourth quarter resulting in a US$35 million reduction in written
premium, selective treaty cancellations, increased retentions by
clients and competitive market conditions affecting rates across
most lines, partially offset by a fourth quarter 2008 positive
premium adjustment of US$23.7 million related to certain
agricultural contracts.
Net premiums earned in the fourth quarter of 2008 decreased by
18.9% as compared to the fourth quarter of 2007. For the year
ended December 31, 2008, net premiums earned decreased 13.4%.
This decrease was a reflection of the overall reduction of net
premiums written over the last 24 months including the purchase of
additional catastrophe loss protection in the second quarter of
2008, partially offset by US$40.2 million of earned premium
related to the premium adjustments on the agricultural contracts
noted above.
The loss ratio was 52.6% and the combined ratio was 79.6% in the
three months ended December 31, 2008 compared to 56.4% and 84.7%,
respectively, in the fourth quarter of 2007. The full year 2008
loss ratio was 61.7% and the combined ratio was 90.4% compared to
54.1% and 84.0% for the same period in 2007. The 2008 fourth
quarter and full year results included favorable prior year
development of US$84.9 million (or 17.9 loss ratio points) and
US$305.2 million (or 15.3 loss ratio points), respectively. The
fourth quarter and full year 2008 results also included the
adverse impact of US$31.1 million and US$251.0 million,
respectively, from current year natural catastrophe losses. The
fourth quarter and full year of 2007 included US$59.1 million (or
10.1 loss ratio points) and US$267.3 million (or 11.6 loss ratio
points), respectively, of favorable prior year development
andUS$16.7 million and US$102.4 million, respectively, from
natural catastrophe loss activity. Excluding the impact of prior
year development and natural catastrophe losses, the loss ratio
was 64.4% and 65.0%, respectively, in the fourth quarter and full
year of 2008 as compared to 63.6% and 61.4% in the fourth quarter
and full year of 2007, respectively.
Life Operations
===============
Gross written premiums for the Life Operations segment wasUS$138.6
million during the three months ended December 31, 2008 as
compared to US$154.3 million in the three months ended
December 31, 2007. Gross written premiums for the Life operations
was US$690.9 million during the twelve months ended December 31,
2008 as compared to US$743.2 million for the same period in 2007.
The decrease was due primarily to foreign exchange rate movements,
partially offset by higher premiums on the regular premium
portfolio as well as growth in U.S. business. The contribution
for the fourth quarter and full year 2008 was US$27.1 million and
US$120.2 million, respectively, as compared to US$4.0 million and
US$78.7 million in the fourth quarter and full year 2007. The
increase was driven principally by an increase in business written
and foreign exchange gains, partially offset by lower net
investment income. In addition, the fourth quarter of 2007
included a US$25.4 million increase in policy benefit reserves
with respect to certain novated blocks of US-based term-life
mortality reinsurance business.
Other Financial Lines
=====================
The Other Financial Lines segment recorded a contribution of
US$0.5 million during the three months ended December 31, 2008 as
compared to a contribution of US$15.7 million in the prior year
quarter. For the twelve months ended December 31, 2008 the
contribution from the Other Financial Lines segment was US$18.1
million as compared to US$48.1 million. The lower income in the
quarter arose from lower underlying balances as a result of the
redemption of US$4 billion of Guaranteed Investment Contracts and
US$1.2 billion of funding agreements during the year and was
partially offset by reduced operating expenses.
About XL Capital
Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters. The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate. XL's
coverage includes general and executive liability, property, and
political risk insurance. Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2008, A.M. Best Co. assigned a debt rating of "bb+"
to XL Capital Ltd's US$500 million series C preference shares
issued in connection with the company's exercise of the put
option under its Mangrove Bay Pass Through Trust contingent
capital facility. The rating is under review with negative
implications. Concurrently, A.M. Best withdrew the debt
rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust
preferred shares.
===========
B R A Z I L
===========
CAMARGO CORREA: Unit to Launch Residential Complex with Escom
-------------------------------------------------------------
Camargo Correa Imobiliaria/Angola, a unit of Camargo Correa SA,
in partnership with Escom Imobiliaria, of Portuguese Group
Espirito Santo, will launch a residential complex of 10 buildings
and 200 apartments in March, Macauhub News reports, citing Camargo
Correa Director Carlos Horacio Filho.
The report relates that the project is being built in the Mussulo
area, at an investment of a minimum of US$50 million.
According to the report, Mr. Filho said the company is also
planning to launch another commercial project, at an estimated
investment of US$70 million, in June.
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-Latin America on
Feb. 4, 2009, Standard & Poor's Ratings Services placed its 'BB'
corporate credit ratings on both Camargo Correa S.A. and its
cement company subsidiary, Camargo Correa Cimentos S.A., on
CreditWatch with negative implications.
ITSA INTERCONTINENTAL: NY Court Grants Chapter 15 Protection
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the Chapter 15 petition of ITSA Intercontinental
Telecomunicacoes Ltda., acknowledging that ITSA's bankruptcy
proceedings in Brazil is the "foreign main proceeding."
Consequently, debt holders must work out their disputes with the
company in Brazil, not in the U.S., Bloomberg's Bill Rochelle
notes.
ITSA Intercontinental Telecomunicacoes Ltda. --
http://www.itsa.com.br/-- is a Brazilian pay-television and
wireless Internet service provider. According to Bloomberg, ITSA
has been undergoing bankruptcy in Brazil since April 2008.
ITSA filed its Chapter 15 petition on Oct. 7, 2008 (Bankr. S.D.
N.Y. Case No.: 08-13927). ITSA tapped Paul N. Silverstein, Esq.,
at Andrews Kurth LLP, as counsel. In its petition, the company
listed assets and debts of US$10 million to US$50 million. Judge
Allan Gropper has entered an order recognizing Brazil as the site
of its main bankruptcy proceedings.
==========================
C A Y M A N I S L A N D S
==========================
ANDEAN SILVER: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Andean Silver Corporation LDC met on Jan. 24,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Jonathan Calley
Tax Manager
Apex Silver Mines Corporation
1700 Lincoln Street, Suite 3050
Denver, CO 80203, United States of America
ASC PERU: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of ASC Peru LDC met on Jan. 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Jonathan Calley
Tax Manager
Apex Silver Mines Corporation
1700 Lincoln Street, Suite 3050
Denver, CO 80203, United States of America
AXA NEW: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of AXA New Horizons Cayman Fund, Ltd. met on
Jan. 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CASTLEROCK AIRCRAFT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Castlerock Aircraft Limited met on Jan. 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
GC GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of GC Global Partners Offshore I, Ltd. met on
Jan. 23, 2009, and received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
GLUON FUND: Members Receive Wind-Up Report
------------------------------------------
The members of Gluon Fund International, Ltd met on Jan. 23, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
INFINITY ABSOLUTE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Infinity Absolute Fund met on Jan. 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
LEVERAGED SHORT: Shareholders Hold Meeting
------------------------------------------
The shareholders of Leveraged Short Equity Index Hedge Ltd. held
their final meeting on January 23, 2009.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
MARATHON INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Marathon Investment Managers, Ltd met on Jan. 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Bernadette Bailey-Lewis
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
NEW HARVEST: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of New Harvest Investment Limited met on Jan. 23,
2009, and received the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
NORMA CDO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Norma CDO I Ltd. met on Jan. 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
OFFALY LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Offaly Limited met on Dec. 29, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ORIES HOLDING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Ories Holding Company met on Jan. 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
PANGAEA CLO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Pangaea CLO 2007-2 Ltd. met on Jan. 23, 2009,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
PORTICO INVESTMENTS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Portico Investments Limited met on Jan. 19, 2009,
and received the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Niamh Winters
Alan Butel
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
PORTMARNOCK LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Portmarnock Limited met on Jan. 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ROSCOMMON LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Roscommon Limited met on Jan. 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
SALUTO SECONDO: Members To Receive Wind-Up Report on March 14
-------------------------------------------------------------
The members of Saluto Secondo International will meet on March 14,
2009, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
Telephone: 945-8859
Facsimile: 949-9793/4
SZ 95 A: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of SZ 95 A Limited met on January 21, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd.
c/o Philip Sutcliffe
Trident Trust Company (Cayman) Limited
P.O. Box 847, George Town
Grand Cayman KY1-1103
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
TITANIUM FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Titanium Fund met on Jan. 23, 2009, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
=============
J A M A I C A
=============
AIR JAMAICA: Expects Final Proposal From 3 Prospective Investors
----------------------------------------------------------------
The Air Jamaica Privatization Committee expects a final proposal
by the end of February, from the three airlines that have
expressed an interest in buying Air Jamaica, Go-Jamaica News
reports.
As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2009, Jamaica Gleaner said the Air Jamaica Privatization
Committee confirmed that it's now in serious discussions with
three prospective investors from three different geographic
location regarding the divestment of the national airline.
Committee Chairman Dennis Lalor, Go Jamaica relates, said two of
the three entities have expressed added interest in taking over
the national airline since it announced its new business plan.
Go-Jamaica notes that Mr. Lalor said he is confident that the deal
will be finalised with one of the companies as they are all in a
financial position to ensure the viability of Air Jamaica. The
deal could be completed before the March 31 divestment deadline,
Mr. Lalor added, as cited by the report.
Go-Jamaica says the government has been trying to divest the debt-
ridden airline, which has reportedly been costing the country
between US$10 to 15 million monthly.
Could Liquidate if No Buyer Emerges
A TCRLA report on Feb. 10, 2009, citing the Jamaica Gleaner, said
Senator Don Wehby, head of Air Jamaica Privatisation Committee, is
giving the Jamaican government an option to liquidate Air Jamaica
if no viable investor was found by the divestment deadline on
March 31.
According to The Gleaner, Senator Wehby said liquidation is a
better option than rolling out a new round of subsidies for the
struggling flagship airline in the fiscal year ahead.
"Trying to keep it could result in a forced closure because of the
lack of funds to carry the airline, especially in the context of
the present world economic downturn and the hard demands that are
being made on the budget," Senator Wehby was quoted by the Gleaner
as saying.
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.
===========
M E X I C O
===========
GRUPO CASA: Moody's Withdraws 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Grupo Casa Saba, S.A.B. de C.V. The withdrawal reflects Moody's
belief that it lacks adequate information for maintaining the
ratings.
These ratings and outlook have been withdrawn:
- Local currency corporate family rating of Ba3 - Withdrawn;
- Mexican national scale corporate family rating of A3.mx -
Withdrawn;
- Outlook: Under review for possible downgrade - Withdrawn.
Moody's does not rate any of Casa Saba's debt instruments.
Before today's rating withdrawal, the last action on Casa Saba's
ratings was on October 16, 2008, when Moody's downgraded the
company's ratings to Ba3 and A3.mx from Ba2 and A1.mx and placed
all the ratings on review for possible further downgrade.
Casa Saba's ratings had been assigned by evaluating factors that
Moody's believes are relevant to the company's risk profile, such
as (i) overall business risk and competitive position, (ii)
projected performance over the near to intermediate term, and
(iii) financial position, liquidity, and predictability of cash
flow generation. These attributes were compared against other
issuers both within and outside Casa Saba's industry.
Headquartered in Mexico City, Grupo Casa Saba, S.A.B. de C.V.
(Casa Saba) is one of Mexico's two leading distributors of
pharmaceutical products with a nation-wide presence. For the 12
months ended September 30, 2008, the company's revenues reached
about MXN27.7 billion, of which 88% derived from the distribution
of pharmaceuticals (including 3% to government entities), 9% from
health and beauty aids, consumer goods, general merchandise and
other, and 3% from publications. Casa Saba is controlled by the
Saba family, which owns 85% of the company's stock listed on the
Mexican and New York stock exchanges.
===========
P A N A M A
===========
BLADEX: To Hold Fourth Quarter 2008 Conference Call on February 13
------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA ("Bladex") will hold a
conference call for its its fourth quarter results on Friday,
February 13, 2009 11:00 a.m. Eastern at
http://www.videonewswire.com/event.asp?id=56045.
Ms. Melanie Carpenter
Mr. Peter Majeski
i-advize Corporate Communications, Inc.,
212-406-3690
bladex@i-advize.com.
Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region. The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors. Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.
* * *
As of January 23, 2008, the company continues to carry Moody's
"C+" bank financial strength rating.
====================
P U E R T O R I C O
====================
COSTA BONITA: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Costa Bonita Beach Resort Inc.
PO Box 1788
Sabana Seca, PR 00052
Bankruptcy Case No.: 09-00699
Type of Business: The Debtor owns and operates a beach resort.
Chapter 11 Petition Date: February 3, 2009
Court: District of Puerto Rico (Old San Juan)
Debtor's Counsel: Antonio I. Hernandez Rodriguez, Esq.
ahernandezlaw@yahoo.com
Hernandez Law Office
PO Box 8509
San Juan, PR 00910-0509
Tel: (787) 250-0575
Estimated Assets: US$10 million to US$50 million
Estimated Debts: US$10 million to US$50 million
The Debtor's Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Prime Contractors trade debt US$450,000
MSC 213
Ave. Winstone Churchill #1 38
San Juan, PR 00926
ECTON services $181,250
PO Box 19063
San Juan, PR 00919
Dev. S.E. lawsuit action $100,000
LCDO, Harold D. Vicente
Colon
Fajardo, PR
Modesto Torres trade debt $80,000
SSS insurance $55,000
Specco trade debt $30,000
Marie Bochetti deposit $25,000
Jose Chaves deposit $17,500
Cesar Irizarry deposit $17,500
Vazman Realth Inc. services $10,000
Flagship trade debt $10,000
Javier Cela deposit $5,000
Internal Revenue Services taxes $5,000
Eladis Vega deposit $5,000
Fondo Del Seguro Estado taxes $3,000
Nestor Pabon Tolentino services $3,000
Olga Rivera services $2,000
Anibal Lopez services $2,000
Departmento de Hacienda taxes $1,000
Dept. Turismo de P.R. taxes $1,000
Municipio de Culebra taxes $1,000
The petition was signed by Carlos Escribano Miro, president.
JESUS CRUZ: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Jesus Antonio Soto Cruz
dba JZ Rental
aka Cano Soto
Zoraida Vazquez Rodriguez
dba Imagen 2000
aka Zory Vazquez
Calle Barbosa 124
Las Piedras, PR 00771
Bankruptcy Case No.: 09-00673
Chapter 11 Petition Date: February 2, 2009
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Gerardo Carlo Altieri
Debtor's Counsel: Victor Gratacos Diaz, Esq.
P O Box 7571
Caguas, PR 00726
Tel: (787) 746-4772
Email: vgratacd@coqui.net
Total Assets: US$3,631,702
Total Debts: US$1,887,502
A full-text copy of the Debtor's petition, including its largest
unsecured creditors, is available for free at:
http://bankrupt.com/misc/prb09-00673.pdf
The petition was signed by Jesus Antonio Soto Cruz and Zoraida
Vazquez Rodriguez.
JESUS CRUZ: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Jesus Antonio Soto Cruz
dba JZ Rental
aka Cano Soto
Zoraida Vazquez Rodriguez
dba Imagen 2000
aka Zory Vazquez
Calle Barbosa 124
Las Piedras, PR 00771
Bankruptcy Case No.: 09-00673
Chapter 11 Petition Date: February 2, 2009
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Gerardo Carlo Altieri
Debtor's Counsel: Victor Gratacos Diaz, Esq.
P O Box 7571
Caguas, PR 00726
Tel: (787) 746-4772
Email: vgratacd@coqui.net
Total Assets: US$3,631,702
Total Debts: US$1,887,502
A full-text copy of the Debtor's petition, including its largest
unsecured creditors, is available for free at:
http://bankrupt.com/misc/prb09-00673.pdf
The petition was signed by Jesus Antonio Soto Cruz and Zoraida
Vazquez Rodriguez.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
Chicago Regional Conference
Union League Club of Chicago, Chicago, Illinois
Contact: 1-541-858-1665; http://www.airacira.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
2009 Chicago/Spring Meeting
Westin Hotel on Michigan Ave., Chicago, Ill.
Contact: (312) 781-2000; http://www.clla.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners
Alexander Hamilton Custom House, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
6th Annual Conference on
Distressted Investing - Europe
The Le Meridien Piccadilly Hotel, London, U.K.
Contact: 1-903-595-3800 or
http://www.renaissanceamerican.com/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
***********
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 * * *