/raid1/www/Hosts/bankrupt/TCRLA_Public/090217.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 17, 2009, Vol. 9, No. 33
Headlines
A R G E N T I N A
FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
PARLEZ SA: Trustee Verifying Proofs of Claim Until April 30
RICALUX SACI: Proofs of Claim Verification Due on April 10
SEDIPLAST SA: Trustee Verifying Proofs of Claim Until March 16
SURPIEL SA: Trustee Verifying Proofs of Claim Until March 26
B E R M U D A
SEA CONTAINERS: Plan Effective; "SeaCo" Takes Maritime Interests
KIC LTD: Court to Hear Wind-Up Petition on March 6
B R A Z I L
BANCO DO BRASIL: Treasury May Provide Additional Funds to Bank
CAIXA ECONOMICA: 2008 Net Earnings Up 62.3% to BRL3.9 Billion
GOL LINHAS: Moody's Confirms Corporate Family Rating at 'B1'
C A Y M A N I S L A N D S
LIBERTYVIEW ASSET: Shareholders Receive Wind-Up Report
LIBERTYVIEW INCOME: Shareholders Receive Wind-Up Report
LIBERTYVIEW SOCIALLY: Shareholders Receive Wind-Up Report
TE ASPECT: Shareholders Receive Wind-Up Report
TE BLUETREND: Shareholders Receive Wind-Up Report
TE BPA ET AL: Shareholders Receive Wind-Up Report
TE CRABEL ET AL: Shareholders Receive Wind-Up Report
TE DEFIANCE ET AL: Shareholders Receive Wind-Up Report
TE DICKEN ET AL: Shareholders Receive Wind-Up Report
TE DIGILOG ET AL: Shareholders Receive Wind-Up Report
TE ECKHARDT ET AL: Shareholders Receive Wind-Up Report
TE FORCE ET AL: Shareholders Receive Wind-Up Report
TE HARVEST ET AL: Shareholders Receive Wind-Up Report
TE JAYCOR ET AL: Shareholders Receive Wind-Up Report
TE KARSCH ET AL: Shareholders Receive Wind-Up Report
TE LYNX ET AL: Shareholders Receive Wind-Up Report
TE OMG ET AL: Shareholders Receive Wind-Up Report
TE PEAK6 ET AL: Shareholders Receive Wind-Up Report
TE ROTELLA ET AL: Shareholders Receive Wind-Up Report
C O L O M B I A
BANCOLOMBIA: Posts Ps. 56.1BB Unconsolidated Net Income in January
E C U A D O R
* ECUADOR: Defers Interest Payment; Mulls Defaulting on Loan
J A M A I C A
AIR JAMAICA: Officials Must Appear Before Parliamentary Committee
T R I N I D A D & T O B A G O
CL FINANCIAL: BAIC Unaffected by Bailout, Company Says
CL FINANCIAL: 300 Islamic Banking Members Affected
CL FINANCIAL: Clico Plan Holders Asked to Defer Withdrawals
HCU: Gov't Says Firm is Going Bankrupt; MP Leader Begs PM for Help
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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FINCA DE MANANTIAL: Proofs of Claim Verification Due on April 1
---------------------------------------------------------------
Laura Marletta, the court-appointed trustee for Finca de Manantial
S.A.'s reorganization proceedings, will be verifying creditors'
proofs of claim until April 1, 2009.
Ms. Marletta will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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.
Creditors will vote to ratify the completed settlement plan
during the assembly on December 16, 2009.
The Trustee can be reached at:
Laura Marletta
San Jose de Calasanz 530
Buenos Aires, Argentina
PARLEZ SA: Trustee Verifying Proofs of Claim Until April 30
-----------------------------------------------------------
The court-appointed trustee for Parlez S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 30, 2009.
The trustee will present the validated claims in court as
individual reports on June 15, 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 11, 2009.
RICALUX SACI: Proofs of Claim Verification Due on April 10
----------------------------------------------------------
The court-appointed trustee for Ricalux SACI's bankruptcy
proceedings, will be verifying creditors' proofs of claim until
April 10, 2009.
The trustee will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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.
SEDIPLAST SA: Trustee Verifying Proofs of Claim Until March 16
--------------------------------------------------------------
The court-appointed trustee for Sediplast S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 16, 2009.
The trustee will present the validated claims in court as
individual reports on April 27, 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 9, 2009.
SURPIEL SA: Trustee Verifying Proofs of Claim Until March 26
------------------------------------------------------------
The court-appointed trustee for Surpiel S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 26, 2009.
The trustee will present the validated claims in court as
individual reports on May 12, 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 24, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on October 26, 2009.
=============
B E R M U D A
=============
SEA CONTAINERS: Plan Effective; "SeaCo" Takes Maritime Interests
----------------------------------------------------------------
Sea Containers Ltd. announced the implementation of its
restructuring plan and emergence from Chapter 11. On February 11,
2009, Sea Containers completed the transfer of its maritime
container interests to SeaCo Ltd., a new Bermuda registered
company and confirmed its emergence from bankruptcy with the U.S.
Bankruptcy Court for the District of Delaware.
The major shareholders in the new company will be the former Sea
Containers Ltd. bondholders and two of the group's U.K. pension
funds. SeaCo Ltd. owns a 50% share in the maritime leasing
company GE SeaCo (the other 50% is owned by GE Capital Corp.) and
a container fleet of approximately 105,000 TEU, which is managed
for SeaCo Ltd. by GE SeaCo.
SeaCo Ltd has raised a US$127-million five year exit financing
facility via a senior secured term loan from Fortis Bank Nederland
and DVB Bank. The proceeds, less retained working capital of US$5
million and financing costs of US$5 million have been used to
repay the debtor in possession (DIP) loan provided to Sea
Containers Ltd. by Mariner and Dune, two of its former
bondholders. The US$24 million balance of the DIP loan of US$141
million was repaid from SCL's own cash resources.
SeaCo Ltd. paid total consideration of US$462.3M for the container
assets of SCL including cash of US$77.7M and equity of US$384.6M.
In addition, SeaCo Ltd. has advanced US$40M to SCL as a senior,
secured loan, to be repaid in due course from cash generated from
the wind down and liquidation of the Sea Containers group.
AlixPartners LLP has been appointed as Plan Administrator to SCL
to oversee the wind down of the group.
Mark Wilson, the new CEO of SeaCo Ltd said: "We are pleased to
complete the US$127 million refinancing with Fortis and DVB, and
the Sea Containers restructuring. SeaCo has been formed at a
challenging time for the maritime container industry as it
responds to the downturn in global shipping. SeaCo will be
working closely with GE Capital to continue GE SeaCo's role as a
leading maritime container leasing company and to protect the
value of its own fleet of marine containers."
Sea Containers to Dissolve
As contemplated by the Plan, the Company anticipates the
liquidation or dissolution of the Debtors' -- and various non-
Debtor subsidiaries' -- operations following the Effective Date.
Holders of the Company's common shares will not receive any
distribution on account of interests, although the common shares
will remain outstanding until the Company is dissolved under
Bermuda law.
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware confirmed the Plan on November 24, 2008.
Since the Confirmation Date, the Debtors have been working in
earnest to consummate the Plan with the Official Committee of
Unsecured Creditors for Sea Containers Ltd., the Official
Committee of Unsecured Creditors for Sea Containers Services
Ltd., and the exit facility lenders, among others.
Sea Containers filed for Chapter 11 protection on October 15,
2006, due to insufficient cash available to meet debt
obligations.
Schemes of Arrangement
Laura Barlow, the Debtors' chief financial officer and chief
restructuring officer, disclosed in a regulatory filing with the
Securities and Exchange Commission that on February 11, 2009,
five schemes of arrangement proposed pursuant to Section 896 of
the Companies Act 2006 of England & Wales became effective
contemporaneously with the Effective Date of the Plan:
(1) scheme of arrangement between 0438490 Travel Limited and
its scheme creditor, consisting of a scheme of arrangement
and a related explanatory statement;
(2) scheme of arrangement between 1882420 Limited and its
scheme creditor, consisting of a scheme of arrangement and
a related explanatory statement;
(3) scheme of arrangement between SC Maritime Limited and its
scheme creditors, consisting of a scheme of arrangement
and a related explanatory statement;
(4) scheme of arrangement between SCSL and its scheme
creditors, consisting of a scheme of arrangement and a
related explanatory statement; and
(5) scheme of arrangement between Yorkshire Marine Containers
Limited and its scheme creditor, consisting of a scheme of
arrangement and a related explanatory statement .
SCL has notified parties-in-interest that in line with its
Plan, and its winding up proceedings in Bermuda, its scheme of
arrangement with certain of its creditors, pursuant to
Section 99 of the Companies Act 1981 of Bermuda became effective
when the order sanctioning the Bermuda Scheme of Arrangement was
delivered to the Registrar of Companies of Bermuda.
Bar Dates
The Reorganized Debtors also notified parties-in-interest that
unless otherwise agreed to by the Plan Administrator and the
entity submitting the request, and except with respect to (a)
Professional Claims, (b) Allowed Pension Schemes Administrative
Claims, (c) Equalization Determination Costs, and (d) any and all
fees and charges assessed against the Estates pursuant to Chapter
123 of Title 28 United States Code, 28 U.S.C. Sections 1911
through 1930, parties have until March 13, 2009, to file:
-- requests for payment of administrative claims;
-- requests for payment of cure claims with respect to assumed
executory contracts or unexpired leases; and
-- proofs of claim arising from rejection of executory
contracts or unexpired leases.
The Reorganized Debtors ask parties-in-interest to direct
requests for payment of Administrative Claims and Cure Claims,
and submission of Proofs of Claims to:
AlixPartners, LLP
Attn: Laura Barlow
20 North Audley Street
London WIK 6WE
United Kingdom
With a copy to:
BMC Group, Inc.
Attn: SCL Claims and Solicitation Agent
31 Southampton Row
4th Floor
Holborn, London WC1 B5HJ
United Kingdom
The Plan contemplates the transfer of the Debtors' direct and
indirect interests in their marine and land container leasing
business to Newco, the entity to which SCL will transfer its
remaining container interests, and certain additional
consideration, in exchange for Newco (i) equity, and (ii) cash,
which will be funded from an exit facility, that will be used for,
among other things, repayment of the Debtors' DIP Facility.
SCL's Container Interests include equity interests in SPC
Holdings, Ltd., and SCL's indirect ownership of Classes A and B
Quotas in GE SeaCo SRL, the joint-venture entity between SCL and
General Electric Capital Corporation.
The obligations owed to unsecured creditors of SCL will be
satisfied by the distribution by SCL of Newco Equity and the
residual value in Reorganized SCL, the Equalization-Related
Employee Claim Trust, and the Non-Debtor Subsidiary Trust.
Existing interests in SCL will not receive any distribution on
account of those interests, although they will remain outstanding
until the dissolution of Reorganized SCL under Bermuda law.
The Plan and the Bermuda Scheme of Arrangement contemplate:
(a) the issuance of Newco Equity on the Effective Date to the
Plan Administrator for distribution to the Debtors'
creditors;
(b) the transfer of Container Interests to Newco;
(c) the issuance of Newco repatriation note to Newco,
reflecting a loan from Newco to enable Reorganized SCL to
satisfy the balance of the DIP Facility and fund its
wind-down costs;
(d) the distribution of SCL unsecured distribution to holders
of allowed SCL other unsecured claims and holders of
allowed Pension Schemes' unsecured claims;
(e) the distribution of SCSL unsecured distribution to holders
of SCSL other unsecured claims, and
(f) the establishment of the Equalization Escrow Account, the
Equalization-Related Employee Claim Trust and the
Non-Debtor Subsidiary Trust.
Judge Carey recently approved a stipulation among the Debtors,
the Trustees of the Sea Containers 1983 Pension Scheme, the SCL
Committee and the SCSL Committee with respect to certain Plan
distribution mechanics, which will assist the 1983 Scheme in
entering the UK Pension Protection Fund -- a condition precedent
to consummation of the Plan.
About GE SeaCo
GE SeaCo is one of the world's leading container leasing
companies. With a diverse fleet of approximately one million TEU,
GE SeaCo offers the widest range of container equipment available
from any leasing provider, to customers in over 80 countries.
GE SeaCo was created in 1998 by Sea Containers Ltd. and General
Electric Capital Corporation, and is entirely self-funded.
Operating as a stand-alone business, GE SeaCo has its headquarters
in Barbados, with 13 sales and support offices worldwide.
About Sea Containers Ltd.
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provided passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company had regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. Through its GNER subsidiary, Sea Containers
Passenger Transport operated Britain's fastest railway, the Great
North Eastern Railway, linking England and Scotland. It also
conducts ferry operations, serving Finland and Estonia as well as
a commuter service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represented the Debtors in
their restructuring efforts. The Official Committee of Unsecured
Creditors and the Financial Members Sub-Committee of the Official
Committee of Unsecured Creditors of Sea Containers Ltd. were
represented by William H. Sudell, Jr., Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea
Containers Services, Ltd.'s Official Committee of Unsecured
Creditors was represented by attorneys at Willkie Farr & Gallagher
LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083 as of its bankruptcy filing.
(Sea Containers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
KIC LTD: Court to Hear Wind-Up Petition on March 6
--------------------------------------------------
A petition to have KIC Ltd's operations wound up will be heard
before the Supreme Court of Bermuda on March 6, 2009, at 9:30 a.m.
The petition was filed on February 9, 2009.
===========
B R A Z I L
===========
BANCO DO BRASIL: Treasury May Provide Additional Funds to Bank
--------------------------------------------------------------
Banco do Brasil SA may receive additional funds from Brazil's
treasury as the central bank and Finance Ministry are looking into
ways to reopen credit lines and bring down borrowing costs, Laura
Price of Bloomberg News reports, citing Valor Economico newspaper.
According to the report, the newspaper said the government is
considering injecting capital into Banco do Brasil, creating a
mechanism to guarantee credit to investors, or starting a credit-
guarantee fund.
Banco do Brasil SA is Brazil's federal bank and is the largest
in Latin America with some 20 million clients and more than
7,000 points of sale (3,200 branches) in Brazil, and 34 offices
and partnerships in 26 other countries. In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.
* * *
As reported by the Troubled Company Reporter - Latin America on
Jan. 20, 2009, Fitch Ratings affirmed these ratings of Banco do
Brasil S.A.:
-- Long-term foreign and local currency Issuer Default Rating at
'BBB-'
-- Short-term foreign and local currency IDR at 'F3'
-- Support Rating at '2'
-- Individual Rating at 'C/D'
-- Support Rating Floor at 'BBB-'
-- National Long-term rating at 'AA+(bra)'
-- National Short-term rating at 'F1+(bra)'
CAIXA ECONOMICA: 2008 Net Earnings Up 62.3% to BRL3.9 Billion
-------------------------------------------------------------
Caixa Economica Federal's 2008 net earnings increased 62.3% to
BRL3.9 billion (US$1.7 billion) from the previous year, Xinhua
News reports.
According to the report, credit operations totaled BRL80 billion,
showing a 43.3% increase from 2007, while corporate credit grew by
87.2% in 2008 to BRL15.1 billion (US$6.6 billion).
Caixa Economica, the report relates, said it contracted over
579,000 housing loans in 2008, producing a record loan volume of
BRL23.2 billion (US$10.1 billion dollars), up 54.6% from 2007.
The bank, the report notes, registered a 39% increase in the
number of checking accounts. Xinhua News says the number of
clients was also up 8.8% in 2008, standing at 46.9 million.
However, the report discloses that Caixa's net earnings declined
by 14.5% in the fourth quarter of 2008 compared with the previous
quarter due to the global financial crisis.
About Caixa Economica
Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches. The company has more than 32 million
accounts and controls more than US$170 billion. It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.
* * *
Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service. The rating was
assigned by Moody's in May 2008.
GOL LINHAS: Moody's Confirms Corporate Family Rating at 'B1'
------------------------------------------------------------
Moody's Investors Service confirmed all debt ratings of Gol Linhas
Aereas Inteligentes S.A. and Gol Finance -- Corporate Family
Rating of B1. The rating outlook is negative. The rating actions
conclude a review for possible downgrade of Gol's ratings that
began on August 7, 2008.
The B1 rating anticipates that Gol's earnings and cash flow
metrics should begin to strengthen during 2009 despite the
business challenges posed by a weakening economic outlook in
Brazil. Over the past year, Gol has struggled with the
integration of its acquired subsidiary, VRG Linhas Aéreas S.A.,
and the losses from VRG operations combined with significant
restructuring costs have adversely affected consolidated results.
The continued growth of capacity at the company's core Gol
operations, and record high fuel costs during 2008 also
contributed to relatively weak financial results for the year.
Looking forward into 2009, the company has slowed capacity
expansion and should benefit from integration of the VRG
operations with Gol, which should improve overall operating
efficiency. Gol's strong position at Congonhas airport in São
Paolo, after the VRG acquisition allowed it to gain control of
approximately half of the airport's slots, is expected to fortify
the company's position in the higher margin business travel
segment. Moreover, with the benefit of lower fuel costs,
financial performance should stabilize even if the weakening
economic outlook in Brazil results in pressures on revenue. The
rating confirmation also considers that with the committed
financing for new aircraft deliveries during 2009 and 2010, Gol's
liquidity profile should allow some flexibility to address
unexpected developments that might pose a challenge to the
business. Gol's costs have risen due to meaningful increases in
the size of its consolidated route network and aircraft fleet,
wage increases, and lower aircraft utilization due to weaker
demand.
Costs have also increased due to the acquisition of VRG, which has
proven more challenging to integrate than originally anticipated,
principally with regard to international routes that have now been
discontinued. Nevertheless, Moody's believes that the company's
low-cost business model and strong brand and market share in
Brazil should allow the company to rebuild margins over time. The
company has slowed its aggressive expansion plan which now
incorporates a net fleet expansion of 11 aircraft through 2010.
Gol has several planned initiatives to grow revenues by increasing
sales to customers through the expansion of its in-house
installment-purchase plan in the low income segment, which has
traditionally used bus transportation, and increasing cargo and
other ancillary revenues including from its frequent flyer mileage
program. While these initiatives might help to offset pressures
posed by a weaker economic environment, overall revenue growth is
not expected to be sustained at historic levels.
Consequently, greater focus on cost management will be critical
for the company to rebuild its performance. Completion of the
integration of the VRG and Gol operations offers important
opportunities for cost savings going into 2009, particularly with
regard to sales and marketing expenses as VRG moves over to an
internet sales platform.
A reduced fuel hedge portfolio has allowed Gol to benefit from
declines in fuel costs and the impact of fuel costs has been
further moderated by the strength of the Brazilian Real relative
to the U.S. Dollar. Nonetheless, volatility of fuel costs remains
a significant risk for the airline, particularly given the limited
hedging which the company has in place at this time. In the
absence of a robustly managed fuel hedging program, Moody's
believes that Gol's financial results could be at risk if fuel
costs were to begin to increase. If fuel prices remain low,
Moody's believes that the fuel premium incorporated into fare
prices will drop only gradually due to the duopolistic nature of
Brazil's airline market and fuel hedge losses experienced by Gol's
principal competitor.
The negative outlook considers Gol's weak credit metrics for the
B1 rating category and the potential for a slowdown in business
and leisure travel demand in Brazil in 2009 due to slower economic
growth. These factors are balanced against the prospects for
improvement in near term profitability and key credit metrics as a
result of cost reduction initiatives and improved results
following the full integration of VRG. These improvements are
expected to enable Gol to deliver improved financial performance
despite the weakening economic environment.
Downward pressure on the ratings could occur if the company is
unable to realize anticipated cost savings and revenue synergies
following the restructuring of VRG or if the company's ability to
maintain a low cost structure erodes, leading to a sustained
EBITDA margin of less than 15%, EBIT to interest expense
maintained at levels less than 2.5 times, or debt to EBITDA
maintained at levels of greater than 5 times (calculated using
Moody's standard adjustments). A significant decline in Gol's
cash balance (sustained cash plus marketable securities to gross
unadjusted debt less than 20%) could also place downward pressure
on the ratings absent strong operating and financial improvements.
Although the rating is unlikely to be raised in the near term due
to weaker economic conditions in Brazil, Gol's rating outlook
could be stabilized if the company is able to raise fares to
generate increased profitability and positive free cash flow that
result in improved financial metrics, including EBIT to interest
expense of at least 2.5 times and retained cash flow to net debt
greater than 20% (calculated using Moody's standard adjustments).
Confirmed Ratings:
Issuer: Gol Finance
-- Senior Unsecured Regular Bond/debenture, confirmed at B1
Issuer: Gol Linhas Aereas Inteligentes S.A.
-- Corporate Family Rating, confirmed at B1
The last rating actions on Gol and Gol Finance were downgrades of
the company's Corporate Family Ratings to B1 from Ba3, and
placement of all ratings under review for possible further
downgrade on August 7, 2008.
Gol's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Gol's core industry and Gol's ratings are believed to
be comparable to those of other issuers of similar credit risk.
Gol Linhas Aereas Inteligentes S.A., a Brazilian low-cost carrier
provides passenger airline service to all of Brazil's major cities
and a growing number of destinations across South America.
==========================
C A Y M A N I S L A N D S
==========================
LIBERTYVIEW ASSET: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Asset
Advantage Fund, Ltd. 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
LIBERTYVIEW INCOME: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Income Fund,
Ltd. 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
LIBERTYVIEW SOCIALLY: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On January 23, 2009, the shareholders of Libertyview Socially
Responsible Fund, Ltd. 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
TE ASPECT: Shareholders Receive Wind-Up Report
----------------------------------------------
On January 23, 2009, the shareholders of TE Aspect Investors, Ltd
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
TE BLUETREND: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, the shareholders of TE Bluetrend Investors,
Ltd. 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
TE BPA ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE BPA Investors, Ltd; and
-- TE BPA Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE CRABEL ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Crabel Investors, Ltd.;
-- TE Crabel Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE DEFIANCE ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Defiance Portfolio, Ltd; and
-- TE Defiance Investors, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE DICKEN ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- Te Dicken Investors, Ltd; and
-- TE Dicken Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE DIGILOG ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Digilog Investors, Ltd.
-- TE Digilog Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE ECKHARDT ET AL: Shareholders Receive Wind-Up Report
------------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- Te Eckhardt Investors, Ltd; and
-- TE Eckhardt Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE FORCE ET AL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Force Investors, Ltd; and
-- TE Force Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE HARVEST ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Harvest Investors, Ltd.
-- TE Harvest Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE JAYCOR ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Jaycor Investors, Ltd; and
-- TE Jaycor Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE KARSCH ET AL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Karsch Investors, Ltd; and
-- TE Karsch Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE LYNX ET AL: Shareholders Receive Wind-Up Report
--------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Lynx Investors, Ltd; and
-- TE Lynx Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE OMG ET AL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- Te OMG Investors, Ltd; and
-- TE OMG Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE PEAK6 ET AL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Peak6 Volatility Opportunities Investors Ltd; and
-- TE Peak6 Volatility Opportunities Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
TE ROTELLA ET AL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
On January 23, 2009, Walkers SPV Limited presented the companies'
wind-up report and property disposal to the shareholders of:
-- TE Rotella Investors, Ltd; and
-- TE Rotella Portfolio, Ltd.
The companies' liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
===============
C O L O M B I A
===============
BANCOLOMBIA: Posts Ps. 56.1BB Unconsolidated Net Income in January
------------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
Ps. 56.1 billion for the month ended January 31, 2009, increasing
19.2% as compared to the same period of 2008.
-- Net interest income, including investment securities,
totaled Ps.233 billion in January 2009, increasing 35.2% as
compared to the same period of 2008.
-- Net fees and income from services in January 2009 totaled
Ps. 64.3 billion, which represents an increase of 8.4% as
compared to the same period of 2008.
-- Other operating income was negative in the amount of Ps. 3.1
billion for January 2009, representing a decrease of 121.8%
as compared to the same period last year.
-- Net provisions totaled Ps. 82.3 billion in January 2009,
which represents an increase of 266.5% as compared to the
same period of 2008. Bancolombia's (unconsolidated) level of
past due loans (i.e. loans overdue for more than 30 days) as
a percentage of total loans amounted to 3.64% as of
January 31, 2009, and the ratio of allowances to past due
loans increased to 137.9% as of the same date.
-- Operating expenses totaled Ps. 156.3. billion in January
2009, increasing 15.8% as compared to the same period of
2008.
Total assets (unconsolidated) amounted to Ps. 39.7 trillion, loans
amounted to Ps. 28.1 trillion, deposits totaled Ps. 25.0 trillion
and Bancolombia's total shareholders' equity amounted to Ps. 6.0
trillion.
Market Share
============
According to Colombia's national banking association
("ASOBANCARIA"), Bancolombia's market share of the Colombian
financial system as of January 2009, was:
* 19.1% of total deposits,
* 22% of total net loans,
* 20.9% of total savings accounts,
* 22.5% of total checking accounts, and
* 14.9% of total time deposits.
About Bancolombia S.A.
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded to Ba2, stable
from Ba3, positive the foreign-currency deposit ratings assigned
to the two banks it rates in Colombia. This action is the direct
result of Moody's decision to upgrade Colombia's foreign currency
country ceilings for bonds and deposits to Baa3 and Ba2,
respectively.
At the same time, Moody's upgraded Bancolombia's foreign currency
subordinated bond rating to Baa3 from Ba1. The outlook is stable.
=============
E C U A D O R
=============
* ECUADOR: Defers Interest Payment; Mulls Defaulting on Loan
------------------------------------------------------------
Ecuador will take advantage of a 30-day grace period that allows
it to defer US$135 million in interest payments for a US$2.7
billion in so-called Global 2030 bonds, while it decides whether
to default on 27% of its foreign debt, Gabriela Molina of the
Associated Press reports, citing Minister Maria Elsa Viteri.
"When we have a defined proposal ready, Ecuador will contact
bondholders," Minister Viteri was quoted by the report as saying.
The AP recalls President Rafael Correa in December suspended a
US$30.6 million interest payment on US$510 million in bonds due in
2012, declaring a moratorium on those and the 2030 bonds after a
commission recommended he default on US$3.9 billion in foreign
debt.
As reported in the Troubled Company Reporter - Latin America on
November 21, 2008, Bloomberg News said Ecuador may halt bond
payments after its debt audit commission uncovered "illegality and
illegitimacy" in the country's foreign obligations. The
commission said the government's global bonds due in 2012 and 2030
"show serious signs of illegality," such as a lack of government
authorization for their issuance, the same report said.
* * *
According to a TCRLA report on December 17, 2008, Fitch Ratings
downgraded Ecuador's long-term foreign currency Issuer Default
Rating (IDR) to 'RD' from 'CCC' following the expiration of the
grace period for the coupon payment on the 2012 global bonds that
was due on Nov. 15 and the government's announcement that it will
selectively default on all global bonds. The short-term foreign
currency rating was downgraded to 'D' from 'C'. The country
ceiling remains at 'B-'.
=============
J A M A I C A
=============
AIR JAMAICA: Officials Must Appear Before Parliamentary Committee
-----------------------------------------------------------------
Air Jamaica's officials are given one more chance to appear before
the parliamentary committee after a no-show at the Public
Administration and Appropriations Committee meeting on
February 11, Jamaica Observer reports.
Air Jamaica, the report relates, sent a last minute response to
the commitee, saying neither Air Jamaica President Bruce Nobles
nor Chairwoman Shirley Williams could attend the assembly.
The Observer recalls the committee, since July 2008, has been
asking Air Jamaica to unveil the details of its restructuring
plans. Representatives of the airline, the report relates, had
said they would not be able to share details of the plan until it
was presented to Cabinet. However, since then, attempts to have
scheduled meetings with the airline's management have not fallen
through, the Observer notes.
According to the report, if the airline fails to respond to the
latest meeting invitation, the matter will be taken before the
Parliament which will then issue an order for Air Jamaica to
attend. Depending, the affair can also be referred to the
Privileges Committee for contempt, the report says.
The Observer notes Air Jamaica is expected to appear before the
Committee tomorrow, February 18.
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.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: BAIC Unaffected by Bailout, Company Says
------------------------------------------------------
British American Insurance Co. Limited ("BAIC") has assured that
its operations will not be affected by the government bailout of
its parent company, CL Financial Limited, Alex Wright of The Royal
Gazette reports.
As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards has signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's units and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.
According to The Gazette, citing Trinidad and Tobago Express, as
part of the Memorandum of Agreement, BAIC will restructure its
businesses to conform to traditional life insurance, which will
also include a "reconstitution of the board of directors, board
committees and senior management".
BAIC, The Gazette notes, said it is a separate entity with many
branch operations and registered under the Insurance Act in each
territory it operates in and is locally regulated, while
maintaining a separate balance sheet from the other subsidiaries
of the CL Financial Group.
About BAIC
British American Insurance Company Limited has been part of the
CL Financial Group since 1998 and has grown its portfolio
significantly not only in Trinidad but also throughout the region.
About CL Financial
According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean. Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey. CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.
CL FINANCIAL: 300 Islamic Banking Members Affected
--------------------------------------------------
Islamic banking in Trinidad and Tobago has been hit hard by the
meltdown of CL Financial, Trinidad and Tobago Express reports.
The report relates that 300 members of Clico Investment Bank
("CIB")'s Islamic Banking Window are hoping that their investment
will be guaranteed by the central bank amid the recent government
bailout of Clico's parent company, CL Financial.
As reported in the Troubled Company Reporter-Latin America on
February 10, 2009, Trinidad and Tobago Express said Trinidad and
Tobago President George Maxwell Richards has signed the bailout
bills for CL Financial Limited, giving the government the
authority to control the company's unit, CLICO, and giving the
central bank extensive powers to treat with CL Financial's
collapse and the consequent systemic crisis.
As reported by Reuters on January 30, 2009, the central bank said
all third party assets and liabilities on the books of Clico and
its Caribbean Money Market Brokers unit would be transferred to
state-owned First Citizens Bank ("FC"). Mr. Williams, the same
report related, said the move is aimed to ensuring resources are
available to meet withdrawals by bank depositors and by
policyholders of the Clico Insurance company.
According to the Express, the country's two other Islamic
financial institutions, the Takaaful Trinidad Tobago Friendly
Society and the Muslim Credit Union (MCU), are now almost stagnant
with the MCU registering very little growth from a US$50 million
asset base at the end of 2007.
However, amid the current slowdown conditions, FC was pressing
ahead with plans to get involved in Islamic Banking, the report
says. FC Deputy CEO Sharon Christopher told the Express that the
bank was looking at offering Islamic banking facilities, that the
Muslim community was a "sector of the society that needs to be
serviced".
The Express notes that of the estimated 100,000 Muslims in
Trinidad and Tobago, only about 10% have so far embraced the
available Islamic financing ventures with a total investment of
close to 100 million dollars.
About CL Financial
According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean. Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey. CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.
CL FINANCIAL: Clico Plan Holders Asked to Defer Withdrawals
-----------------------------------------------------------
Central Bank Governor Ewart Williams has pleaded with policy
holders not to withdraw money from Colonial Life Insurance Company
(Clico), a unit of CL Financial Limited, amid Clico's increasing
$10 billion debt, Rory Rostant of Trinidad and Tobago Newsday
reports, citing Central Bank Governor Ewart S. Williams.
According to a central bank statement, Central Bank Governor
Williams, with the aid of a manager appointee to CLICO, disclosed
the present financial position of CLICO:
* Based on the audited accounts, Clico had surpluses in the
Statutory Fund in 2004, 2005 and 2006; these surpluses
shifted to a deficit of about $600 million in 2007.
* Based on the un-audited accounts for 2008 the Statutory Fund
deficit (measured on the same basis as in the period 2004 -
2007) has ballooned to $5.1 billion. If this is correct, one
interpretation would be that the premium income collected in
2008, and which should have been directed to the Statutory
Fund, was otherwise utilized.
* Over the last few years Clico's statutory fund assets have
included several inter-group assets, including deposits in
CLICO Investment Bank ("CIB") and securities issued by the
parent CL Financial. Certainly at the present time, these
instruments appear to be of little value. If the central
bank exclude these from the Statutory Fund calculation of
2008, the notional deficit $16.7 billion.
* In the CL Financial business model, Clico was a major source
of cash much of which was used to finance investments held in
the name of other entities in the Group. In this model,
Clico has ended up as guarantor for many of the Group's
assets most of which are heavily pledged. Of course,
pledging limits the potential proceeds from asset sales. A
Canadian firm has been contracted to disentangle, inter alia,
a whole range of complicated financial transactions, to
review Clico's non-policyholders' liabilities and the extent
to which Clico's assets are pledged.
Immediate Situation
===================
* As at end-January 2009, Clico had policy surrender requests
on maturing obligations of $650 million; the monthly payment
for pensions and annuities is $40 million. Clico currently
has a bank balance of $15 million, in addition to a sizable
bank overdraft. In accordance with the MOU the Cabinet has
approved a first tranche of a funding package to begin to
ease the liquidity pressures on Clico and British American.
In line with the spirit of the MOU, the focus in the first
round will be on meeting policyholders' liabilities and
payments to pensioners.
As part of the MOU, the statement adds, a new Board was appointed
to run the affairs of Clico, in addition to a Manager/CEO (Mr.
Andrew Claudius Musaib-Ali) and a Chief Financial Controller (Ms
Carolyn John).
Governor William, Newsday relates, said both Clico and CIB were of
an "overly aggressive" and "risky" business model, and pointed out
that in an operation as complex as Clico over 80% of its
transactions were with inter-related parties.
Gov't to Use $1BB of Taxpayers' Money
Curtis Rampersad of Trinidad and Tobago Newsday reported on
Feb. 14, that the government used $1 billion of taxpayers money to
start, to help protect depositors and policyholders.
i955fm News related, Central bank Governor Williams said
the bailout money could be even more than a billion dollars.
The same report noted Mr. Williams revealed that there is a
deficit in the statutory fund of the insurance company, but it
does not mean there should be closure.
Meanwhile, the Central Bank also said that Feb. 13 was the last
day of work for a number of CIB employees, Newsday reported.
According to Newsday, citing Trinidad and Tobago Express,
president of the Banking, Insurance and General Workers Union
Vincent Cabrera said 37 of the 91 staff members were sent home.
The union was continuing talks with the Central Bank to get
separation benefits for them, he added.
About CL Financial
According to Wikipedia, CL Financial is the largest privately held
conglomerate in Trinidad and Tobago and one of the largest
privately held corporations in the entire Caribbean. Founded as
an insurance company, Colonial Life Insurance Company (CLICO) by
Cyril Duprey, it was expanded into a diversified company by his
nephew, Lawrence Duprey. CL Financial is now one of the largest
local conglomerates in the region, encompassing over 65 companies
in 32 countries worldwide with total assets standing at roughly
US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
February 11, 2009, Trinidad & Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies to date, showed a deficit between $6
billion and $8 billion.
According to a TCRLA report on Feb. 11, citing The Express, Tobago
President George Maxwell Richards has signed the bailout bills for
CL Financial Limited, giving the government the authority to
control the company's unit, CLICO, and giving the central bank
extensive powers to treat with CL Financial's collapse and the
consequent systemic crisis.
As reported by Reuters on January 30, 2009, the central bank said
all third party assets and liabilities on the books of Clico and
its CMMB unit would be transferred to state-owned First Citizens
Bank. Mr. Williams, the same report related, said the move is
aimed to ensuring resources are available to meet withdrawals by
bank depositors and by policyholders of the Clico Insurance
company.
HCU: Gov't Says Firm is Going Bankrupt; MP Leader Begs PM for Help
------------------------------------------------------------------
Finance Minister Karen Nunez-Tesheira said the government did not
intervene in Hindu Credit Union ("HCU")'s affairs in the same way
it did with CL Financial because although the credit union
insisted it was suffering a short-term cash flow problem, it was
actually going broke, Trinidad and Tobago Express reports.
"The auditors' assessment was that the Hindu Credit Union was
facing not a liquidity problem, but an insolvency problem, and
that all of Hindu Credit Union's assets were overestimated in
value, and encumbered," the report quoted Ms. Nunez-Tesheira as
saying.
The report relates Ms. Nunez-Tesheira said that according to
external auditors Ernst & Young, HCU "failed to comply with its
own internal controls, policies and procedures, and loans
receivable from Hindu Credit Union's subsidiaries totalling $133.7
million were all loss-making entities and or did not have any
sufficient realisable assets which could liquidate the loans or
any part of the loans made to them by" the credit union.
"Other receivables were from the Hindu Credit Union subsidiaries,
amounting to a sum of $53.9 million, were not likely to be
recovered," Ms .Nunez-Tesheira added.
Nunez-Tesheira, the report relates, noted that HCU originally
agreed to allow Ernst & Young to conduct an independent audit of
its assets after it informed the Finance Ministry that it was
experiencing a liquidity problem on April 11, 2008, and was
seeking financial assistance through a line of credit in the sum
of $71 million which would be collateralised by its real estate
assets.
Newsday notes Nunez-Tesheira said HCU eventually locked Ernst &
Young out of its head office on July 17, 2008, and then closed it
doors for business the following day.
Jack Warner Begs Prime Minister to Help HCU
Chaguanas MP and UNC Deputy Political Leader, Jack Warner on
February 13, begged Prime Minister Patrick Manning to bail out
HCU, as he accused the government of standing by for years and
doing nothing to help the institution, Trinidad and Tobago Newsday
reports.
According to the report, Mr. Warner lashed out at Prime Minister
Manning for not acting sooner on the HCU issue when it became
clear to one-time Minister in the Ministry of Finance Conrad Enill
back in 2004 that the institution was in troubled waters.
"I am suggesting that if ever anything was a dereliction of duty
this was it. For three consecutive years nothing was done," the
report quoted Mr. Warner as saying.
As reported in the Troubled Company Reporter-Latin America on Feb.
12, 2009, Trinidad and Tobago Express News said Political Leader
Jack Warner pledged to inject $1 million from his own pocket for
the rebuilding of HCU. Mr. Warner, the report related, called on
299 businessmen to follow his footsteps so that the needed funds
to save the company will be met.
According to Newsday, Mr. Warner's reconstruction plans also
involve:
-- the establishment of a new company whose shareholders will
be the existing members of the HCU, together with new
shareholders, including businessmen, who could inject the
$300 million. This company will be set up under the
Companies Act, but will be similar to a non-banking
financial institution.
-- the purchase by the new company, using cash injected by the
new shareholders, of the existing business, both the assets
and liabilities, from the receiver.
-- the appointment of a new board of directors.
However, Opposition Leader Basdeo Panday has warned party
supporters about putting their hard-earned money into any plan to
bail out HCU, Louis B Homer of Trinidad and Tobago Express
reported. According to the Express, Mr. Panday said the bailout
of HCU would require a very large sum of money, and during the
financial crisis only the government has the resources.
HCU Declined Government Bailout Package
HCU President Harnarine said the company was offered a bailout
package similar to CL Financial, before the liquidation process
began, Trinidad and Tobago News Day reported on Feb. 10.
News Day recalled Hindu Credit turned down Minister of Finance
Karen Nunez-Tesheira's proposal, which include the turnover of the
company's assets to the government and the appointment of new
managers as part of the arrangement. According to News Day,
President Harnarine said that the company agreed on a divestment
option. Under this arrangement a new holding company, which was
later called the Hindu Credit Union Depositors and Shareholders
Group Limited, would be formed to hold rights of shareholders from
HCU relinquished to it, the report related.
A TCRLA report on Feb. 12, citing The Express, said HCU sold 13 of
its vehicles to help pay off a $400 million deficit. HCU
liquidator Ramdath Rampersad, as cited by the Express, said the
money from the liquidation is being use to pay creditors; salaries
for the remaining staff members, and phone, electricity and water
bills. The Express noted that Mr. Rampersad said the liquidation
would continue until HCU President Harnarine's appeal to stop the
process is approved next month.
News Days added that President Harnarine said the DSGL has already
submitted a proposal to the Ministry of Finance, asking for a deal
to purchase the assets of HCU for US$720 million.
About Hindu Credit
Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Assets
Company Ticker (US$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 STRP3 BZ -3164000 66833000
TELEBRAS-CM RCPT TELE31 BZ -187984000 226080000
STAROUP SA STARON BZ -3164000 66833000
DOCA INVESTIMENT DOCA3 BZ -23571000 206494000
TELEBRAS SA TBASF US -187984000 226080000
TECTOY-RCPT PF B TOYB12 BZ -2539000 41684000
TELEBRAS-PF RCPT TBAPF US -187984000 226080000
TELEBRAS-ADR TBAPY US -187984000 226080000
GAZOLA SA GAZON BZ -73665296 27266214
TECEL S JOSE-PRF SJOS4 BZ -37557000 79567000
SCHLOSSER-PREF SCLO4 BZ -95113000 45358000
GAZOLA SA-DVD CM GAZO11 BZ -73665296 27266214
SANSUY SNSY3 BZ -63134000 235182000
SANSUY SA-PREF A SNSYAN BZ -63134000 235182000
SANSUY SA-PREF B SNSYBN BZ -63134000 235182000
SAUIPE PSEG3 BZ -16319050 17641202
CYRELA COMME-ADR 1049834Z LI -4282000 695033024
HERCULES-PREF HETA4 BZ -273456000 25126000
NORDON MET-RTS NORD1 BZ -33521000 36317000
TELEBRAS-CED C/E TEL4C AR -187984000 226080000
WETZEL SA MWET3 BZ -8903000 150210992
WETZEL SA-PREF MWET4 BZ -8903000 150210992
NORDON METAL NORDON BZ -33521000 36317000
PARQUE TEM-RCT C PQTM9 BZ -388872000 152268000
NOVA AMERICA-PRF NOVAPN BZ -353104000 40955000
NOVA AMERICA SA NOVA3 BZ -353104000 40955000
NOVA AMERICA-PRF NOVA4 BZ -353104000 40955000
CONST A LIND-PRF LINDPN BZ -13659000 51808000
MINUPAR MNPR3 BZ -34191000 179201008
SANSUY-PREF A SNSY5 BZ -63134000 235182000
CONST A LINDEN LINDON BZ -13659000 51808000
SAUIPE SA-PREF PSEGPN BZ -16319050 17641202
DOC IMBITUBA IMBI3 BZ -25164000 202283008
SAUIPE SA PSEGON BZ -16319050 17641202
MINUPAR SA MNPRON BZ -34191000 179201008
MINUPAR SA-PREF MNPRPN BZ -34191000 179201008
WETZEL SA-PREF MWELPN BZ -8903000 150210992
MINUPAR-PREF MNPR4 BZ -34191000 179201008
GASCOIGNE EMPREE 1GASON BZ -1048602048 1586146944
NOVA AMERICA SA NOVAON BZ -353104000 40955000
TELEBRAS-CEDE BL RCT4B AR -187984000 226080000
TELEBRAS-RTS CMN RCTB1 BZ -187984000 226080000
TELEBRAS-RTS PRFRCTB2 BZ -187984000 226080000
ARTHUR LANGE-PRF ALICPN BZ -26011000 34053000
DTC DIRECT CO-RT 1DTCONR BZ -16264999 11902000
SCHLOSSER SA SCHON BZ -95113000 45358000
PARQUE TEM-RT CM PQTM1 BZ -388872000 152268000
PARQUE TEM-DV CM PQT5 BZ -388872000 152268000
PARQUE TEM-DV PF PQT6 BZ -388872000 152268000
PARQUE TEM-RT PF PQTM2 BZ -388872000 152268000
TEC TOY SA-PREF TOYB5 BZ -2539000 41684000
PROMAN PRMN3 BZ -591000 24461000
HOPI HARI SA PQTM3 BZ -388872000 152268000
FABRICA RENAUX-P FRNXPN BZ -55261000 126672000
TECTOY TOYB3 BZ -2539000 41684000
TECTOY-PREF TOYB4 BZ -2539000 41684000
CAF BRASILIA CAFE3 BZ -1042639040 38244000
KUALA-PREF ARTE4 BZ -33570000 11856000
SAUIPE-PREF PSEG4 BZ -16319050 17641202
ARTHUR LANG-RC P ARLA10 BZ -26011000 34053000
WETZEL SA MWELON BZ -8903000 150210992
TEC TOY SA-PF B TOYB6 BZ -2539000 41684000
HERCULES HETA3 BZ -273456000 25126000
HOPI HARI-PREF PQTM4 BZ -388872000 152268000
TELEBRAS SA-PREF TLBRPN BZ -187984000 226080000
TEKA TKTQF US -449536992 526557984
TEKA-ADR TKTQY US -449536992 526557984
EXCELSIOR-RCT BAUH10 BZ -3589000 20444000
TECTOY-RCT PREF TOYB10 BZ -2539000 41684000
TECTOY-PF-RTS5/6 TOYB11 BZ -2539000 41684000
TELEBRAS-PF RCPT TLBRUP BZ -187984000 226080000
TECTOY-RTS/3 TOYB1 BZ -2539000 41684000
TEC TOY SA-PREF TOYDF US -2539000 41684000
FER C ATLANT VSPT3 BZ -85429000 2074043008
FER C ATLANT-PRF VSPT4 BZ -85429000 2074043008
FERROVIA CEN-DVD VSPT11 BZ -85429000 2074043008
TELEBRAS-RTS PRF TLCP2 BZ -187984000 226080000
TELEBRAS SA-PREF TELB4 BZ -187984000 226080000
WIEST SA-PREF WISAPN BZ -140973008 71372000
SANSUY-PREF B SNSY6 BZ -63134000 235182000
WIEST-PREF WISA4 BZ -140973008 71372000
WIEST SA WISAON BZ -140973008 71372000
TELEBRAS-RECEIPT TLBRUO BZ -187984000 226080000
VARIG SA-PREF VAGV4 BZ -10176870400 2094450944
TEXTIL RENAUXVIE TXRX3 BZ -135343008 86140000
TEXTEIS RENAU-PF TXRX4 BZ -135343008 86140000
TELEBRAS-CM RCPT TBRTF US -187984000 226080000
VARIG PART EM-PR VPTA4 BZ -867658048 107416000
FER C ATL-RCT PF VSPT10 BZ -85429000 2074043008
VARIG SA-PREF VARGPN BZ -10176870400 2094450944
DTC DIRECT CO SA 1DTCON BZ -16264999 11902000
SCHLOSSER SA-PRF SCHPN BZ -95113000 45358000
TEKA TEKAON BZ -449536992 526557984
TELEBRAS-CEDE PF RCTB4 AR -187984000 226080000
TEKA TEKA3 BZ -449536992 526557984
TEKA-PREF TEKAPN BZ -449536992 526557984
TELEBRAS-CEDEA $ TEL4D AR -187984000 226080000
TELEBRAS-COM RTS TELB1 BZ -187984000 226080000
TEKA-ADR TEKAY US -449536992 526557984
TECBLU-PREF A TENE5 BZ -13127000 14637000
TECBLU-PREF A TBLUAN BZ -13127000 14637000
ESTRELA SA ESTRON BZ -80125000 153186000
TELEBRAS-ADR TBH US -187984000 226080000
TELEBRAS/W-I-ADR TBH-W US -187984000 226080000
MARAMBAIA-PREF CTPC4 BZ -1381000 79728000
CAFE BRASILIA-PR CSBRPN BZ -1042639040 38244000
TELEBRAS-ADR TBX GR -187984000 226080000
TECBLU TBLUON BZ -13127000 14637000
TELEBRAS-ADR TBRAY GR -187984000 226080000
TELEBRAS-RCT PRF TELB10 BZ -187984000 226080000
CTM CITRUS-COM R CTPC1 BZ -1381000 79728000
ACO ALTONA-PREF EAAPN BZ -31429000 170270992
TECBLU -RTS TENE1 BZ -13127000 14637000
TECBLU-PR A RC TENE11 BZ -13127000 14637000
TECBLU-PREF B TENE6 BZ -13127000 14637000
CYRELA COMME-ADR CCPEL US -4282000 695033024
TEKA-ADR TKTPY US -449536992 526557984
TECBLU-PREF C TENE7 BZ -13127000 14637000
TECBLU-COM RCT TENE9 BZ -13127000 14637000
TELEBRAS-CEDE PF TELB4 AR -187984000 226080000
WIEST WISA3 BZ -140973008 71372000
TELEBRAS-CM RCPT RCTB30 BZ -187984000 226080000
TELEBRAS-BLOCK TELB30 BZ -187984000 226080000
VARIG PART EM TR VPTA3 BZ -867658048 107416000
TECBLU-RCPT CMN TEN8 BZ -13127000 14637000
CHIARELLI SA CCHI3 BZ -85685000 42853000
SANSUY SA SNSYON BZ -63134000 235182000
VARIG SA VAGV3 BZ -10176870400 2094450944
TECBLU-RCPT PREF TEN9 BZ -13127000 14637000
CHIARELLI SA-PRF CCHI4 BZ -85685000 42853000
COBRASMA-PREF CBMA4 BZ -2764018944 19346000
CENT AMAPA CTAP3 BZ -11996000 15000
CHIARELLI SA CCHON BZ -85685000 42853000
CYRELA COMMERCIA CCPR3 BZ -4282000 695033024
RIMET REEM3 BZ -232197008 144454000
RIMET REEMON BZ -232197008 144454000
TEKA-PREF TKTPF US -449536992 526557984
CONST A LIND-PRF CALI4 BZ -13659000 51808000
GAZOLA SA-DVD PF GAZO12 BZ -73665296 27266214
CAF BRASILIA-PRF CAFE4 BZ -1042639040 38244000
CTM CITRUS SA CTMON BZ -1381000 79728000
CAMBUCI SA-PREF CAMB4 BZ -42495000 177378992
FERRAGENS HAGA-P HAGAPN BZ -110814000 25668954
COBRASMA CBMA3 BZ -2764018944 19346000
CAMBUCI SA CAMBON BZ -42495000 177378992
ALL MALHA PAULIS GASC3 BZ -1048602048 1586146944
CTM CITRUS-ADR CTMMY US -1381000 79728000
CONST A LINDEN CALI3 BZ -13659000 51808000
TELEBRAS-PF RCPT CBRZF US -187984000 226080000
MARAMBAIA-PREF CTMMF US -1381000 79728000
CTM CITRUS-PREF CTMPN BZ -1381000 79728000
CAMBUCI SA CAMB3 BZ -42495000 177378992
CTM CITRUS-RCT P CTPC10 BZ -1381000 79728000
CTM CITRUS-RCT C CTP5 BZ -1381000 79728000
CTM CITRUS-RCT P CTP6 BZ -1381000 79728000
DHB IND E COM-PR DHBPN BZ -588646016 221336000
ARTHUR LANG-RT C ARLA1 BZ -26011000 34053000
DOCAS SA-PREF DOCAPN BZ -23571000 206494000
COBRASMA SA COBRON BZ -2764018944 19346000
DOCAS SA DOCAON BZ -23571000 206494000
BOMBRIL BOBR3 BZ -485678016 442846016
VARIG SA VARGON BZ -10176870400 2094450944
TELEBRAS-CED C/E RCT4C AR -187984000 226080000
ARTHUR LANGE SA ALICON BZ -26011000 34053000
ARTHUR LANG-RT P ARLA2 BZ -26011000 34053000
EXCELSIOR-RT BAUH1 BZ -3589000 20444000
FERRAGENS HAGA HAGAON BZ -110814000 25668954
AZEVEDO E TRAVAS AZEVON BZ -10976000 116398000
AZEVEDO E TRA-PR AZEVPN BZ -10976000 116398000
EXCELSIOR-RT BAUH2 BZ -3589000 20444000
BUETTNER-PREF BUET4 BZ -54926000 148186992
BAUMHARDT IRMAOS BAUMON BZ -3589000 20444000
EXCELSIOR ALIMEN BAUH3 BZ -3589000 20444000
EXCELSIOR-PREF BAUH4 BZ -3589000 20444000
ARTHUR LANG-RC C ARLA9 BZ -26011000 34053000
KUALA ARTE3 BZ -33570000 11856000
ARTHUR LANGE-PRF ARLA4 BZ -26011000 34053000
ARTHUR LANGE ARLA3 BZ -26011000 34053000
TECTOY-BONUS RTS TOYB13 BZ -2539000 41684000
AZEVEDO AZEV3 BZ -10976000 116398000
BUETTNER SA-RTS BUET1 BZ -54926000 148186992
ARTEX SA ARTXON BZ -33570000 11856000
ARTEX SA-PREF ARTXPN BZ -33570000 11856000
BUETTNER SA-RT P BUET2 BZ -54926000 148186992
CYRELA COMME-ADR CYRLY US -4282000 695033024
BOMBRIL CIRIO-PF BOBRPN BZ -485678016 442846016
ESTRELA SA-PREF ESTRPN BZ -80125000 153186000
EXCELSIOR-RCT BAUH9 BZ -3589000 20444000
ARTHUR LAN-DVD C ARLA11 BZ -26011000 34053000
BOMBRIL SA-ADR BMBBY US -485678016 442846016
ARTHUR LAN-DVD P ARLA12 BZ -26011000 34053000
BUETTNER SA-PRF BUETPN BZ -54926000 148186992
FABRICA RENAUX FTRX3 BZ -55261000 126672000
BOMBRIL SA-ADR BMBPY US -485678016 442846016
BAUMHARDT IRM-PR BAUMPN BZ -3589000 20444000
BOMBRIL BMBBF US -485678016 442846016
BOMBRIL-RIGHTS BOBR1 BZ -485678016 442846016
BOMBRIL-PREF BOBR4 BZ -485678016 442846016
BOMBRIL CIRIO SA BOBRON BZ -485678016 442846016
BOMBRIL-RGTS PRE BOBR2 BZ -485678016 442846016
FABRICA RENAUX FRNXON BZ -55261000 126672000
GASCOIGNE EMP-PF GASC4 BZ -1048602048 1586146944
GAZOLA-RCPT PREF GAZO10 BZ -73665296 27266214
CIMOB PART-PREF GAFPN BZ -77366408 90471752
CAMBUCI SA-PREF CAMBPN BZ -42495000 177378992
AZEVEDO-PREF AZEV4 BZ -10976000 116398000
GAZOLA-RCPTS CMN GAZO9 BZ -73665296 27266214
TECEL S JOSE SJOS3 BZ -37557000 79567000
GAZOLA GAZO3 BZ -73665296 27266214
GAZOLA-PREF GAZO4 BZ -73665296 27266214
TECTOY SA TOYBON BZ -2539000 41684000
FABRICA RENAUX-P FTRX4 BZ -55261000 126672000
TELEBRAS SA TLBRON BZ -187984000 226080000
FABRICA TECID-RT FTRX1 BZ -55261000 126672000
TECEL S JOSE FTSJON BZ -37557000 79567000
TEXTEIS RENAUX RENXON BZ -135343008 86140000
CIMOB PART-PREF GAFP4 BZ -77366408 90471752
TECEL S JOSE-PRF FTSJPN BZ -37557000 79567000
COBRASMA SA-PREF COBRPN BZ -2764018944 19346000
GAZOLA SA-PREF GAZPN BZ -73665296 27266214
DOC IMBITUB-PREF IMBI4 BZ -25164000 202283008
DOCAS IMBITUBA IMBION BZ -25164000 202283008
DOC IMBITUBA-RTP IMBI2 BZ -25164000 202283008
TECTOY SA-PREF TOYBPN BZ -2539000 41684000
DOCAS IMBITUB-PR IMBIPN BZ -25164000 202283008
NOVA AMERICA SA 1NOVON BZ -353104000 40955000
TELEBRAS-PF RCPT TELE41 BZ -187984000 226080000
RIMET-PREF REEM4 BZ -232197008 144454000
NOVA AMERICA-PRF 1NOVPN BZ -353104000 40955000
TELEBRAS SA TELB3 BZ -187984000 226080000
FERROVIA CEN-DVD VSPT12 BZ -85429000 2074043008
HAGA HAGA3 BZ -110814000 25668954
FER HAGA-PREF HAGA4 BZ -110814000 25668954
HERCULES SA HERTON BZ -273456000 25126000
GASCOIGNE EMP-PF 1GASPN BZ -1048602048 1586146944
DOC IMBITUBA-RTC IMBI1 BZ -25164000 202283008
HERCULES SA-PREF HERTPN BZ -273456000 25126000
DHB IND E COM DHBON BZ -588646016 221336000
BOTUCATU-PREF STRP4 BZ -3164000 66833000
DOCA INVESTI-PFD DOCA4 BZ -23571000 206494000
FERREIRA GUIM-PR FGUIPN BZ -224564000 24631000
DOCAS SA-RTS PRF DOCA2 BZ -23571000 206494000
TELEBRAS-CEDEA $ RCT4D AR -187984000 226080000
DTCOM- DIR TO CO DTCY3 BZ -16264999 11902000
COARI PART-PREF COAR4 BZ -56000 3270861056
DTCOM- DIRECT-PR DTCY4 BZ -16264999 11902000
DTCOM-RT DTCY1 BZ -16264999 11902000
CAFE BRASILIA SA CSBRON BZ -1042639040 38244000
TECBLU-PREF C TBLUCN BZ -13127000 14637000
CTM CITRUS-RCT C CTPC9 BZ -1381000 79728000
CTM CITRUS- PR R CTPC2 BZ -1381000 79728000
MARAMBAIA CTPC3 BZ -1381000 79728000
D H B DHBI3 BZ -588646016 221336000
TELECOMUNICA-ADR 81370Z BZ -187984000 226080000
D H B-PREF DHBI4 BZ -588646016 221336000
CAMBUCI SA-PREF CXDOF US -42495000 177378992
ESTRELA SA ESTR3 BZ -80125000 153186000
TECBLU TENE3 BZ -13127000 14637000
ACO ALTONA EALT3 BZ -31429000 170270992
ESTRELA SA-PREF ESTR4 BZ -80125000 153186000
FERREIRA GUIMARA FGUION BZ -224564000 24631000
CIMOB PARTIC SA GAFON BZ -77366408 90471752
TECBLU-PREF B TBLUBN BZ -13127000 14637000
TECTOY-RCT ORD TOYB9 BZ -2539000 41684000
F GUIMARAES-PREF FGUI4 BZ -224564000 24631000
BUETTNER BUET3 BZ -54926000 148186992
NORDON MET NORD3 BZ -33521000 36317000
F GUIMARAES FGUI3 BZ -224564000 24631000
N.A. 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 * * *