/raid1/www/Hosts/bankrupt/TCRLA_Public/090309.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, March 9, 2009, Vol. 9, No. 47
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L BANK: Court Unfreezes 12,000 Pershing LLC Accounts
STANFORD INT'L BANK: ALP Proposes Employee-Run Company
A R G E N T I N A
CALIZAR SRL: Verifying Proofs of Claim Until April 14
CONINDUS SRL: Verifying Proofs of Claim Until May 22
EDIFICIO ACUARIO: Verifying Proofs of Claim Until March 27
TALLERES GRAFICOS: Verifying Proofs of Claim Until May 4
B E R M U D A
GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue
C A Y M A N I S L A N D S
ACCIPITER LIFE: Placed Under Voluntary Wind-Up
ANSUZ INVESTMENTS: Placed Under Voluntary Wind-Up
COMPASS APPRECIATION ET AL: Placed Under Voluntary Wind-Up
GLACIER SCS: Shareholders Opt to Wind Up Operations
HEDGE VISION: Placed Under Voluntary Wind-Up
INSTRATA CAPITAL: Placed Under Voluntary Wind-Up
IRON HORSE: Placed Under Voluntary Wind-Up
INTERNATIONAL PAPER: Sole Shareholder Receives Wind-Up Report
KINGSNORTH HOLDINGS: Placed Under Voluntary Wind-Up
MM&E EVENT: Placed Under Voluntary Wind-Up
OPUS SELECT ET AL: Placed Under Voluntary Wind-Up
PYLOS II: Placed Under Voluntary Wind-Up
ROBECO WPG: Placed Under Voluntary Wind-Up
SBG HOLDINGS: Placed Under Voluntary Wind-Up
SEARCH EMPLOYEE: Placed Under Voluntary Wind-Up
SEARCH MASTER: Placed Under Voluntary Wind-Up
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
THE GLOBAL: Placed Under Voluntary Wind-Up
WELLAM ASIAN: Placed Under Voluntary Wind-Up
E C U A D O R
PETROECUADOR: January Export Income Drops to US$257 Million
G U Y A N A
CL FINANCIAL: PNCR Says Full Audit of Clico (Guyana) is Necessary
J A M A I C A
JPS: May Face Shutdown if Outstanding Payments Wont Be Paid
M E X I C O
FINCOMUN SERVICIOS: S&P Assigns 'BB-/B' Counterparty Credit Rating
IXE BANCO: S&P Affirms 'BB/B' Counterparty Credit Rating
VITRO SAB: Loan Restructuring to Take Until 2010
T R I N I D A D & T O B A G O
CL FINANCIAL: Restraining Order to Expire on March 13
CL FINANCIAL: ICB in Talks With Gov't for CLICO Int'l Acquisition
V I R G I N I S L A N D S
TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership
X X X X X X X X
* BOND PRICING: For the Week March 2 – March 6, 2009
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L BANK: Court Unfreezes 12,000 Pershing LLC Accounts
-----------------------------------------------------------------
The United States Court handling the case against Texas
billionaire Robert Allen Stanford issued an order on March 5,
2009, to unfreeze approximately 12,000 Stanford investor accounts
held at Pershing LLC, at the request of the Court Appointed
Stanford receiver, Ralph Janvey.
The court’s order applies to customer accounts valued at
US$250,000 or less as of month-end February 2009, subject to
certain exceptions described below, and is effective today,
March 9, 2009.
The Court authorized the release of such accounts unless they:
(1) are owned by Stanford shareholders, directors, and certain
employees;
(2) are owned for the benefit of Stanford companies;
(3) are managed by Stanford companies;
(4) secure unpaid balances owed by customers or non-purpose
loans made to customers; or
(5) are related to accounts in categories 1 through 4 by social
security number, address or other similar indicators.
As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, CaribbeanWorldNews said Mr. Janvey told U.S.
District Judge David Godbey in a Dallas court that he will file
a plan by March 16 for releasing accounts that contain less than
US$100,000, with some exceptions.
According to CaribbeanWorldNews, Judge Godbey earlier ruled the
U.S. Securities and Exchange Commission could maintain the freeze
over Mr. Stanford's assets and set a March 12 hearing to decide on
the SEC’s request to make the temporary injunction permanent.
Customers can immediately begin the process of obtaining control
of their accounts by arranging to transfer their accounts to a new
broker-dealer. To do so, the customer should make arrangements
with the new broker-dealer to open a new account.
Typically, the first step in opening a new account is for the
customer to obtain and complete an account transfer form and a new
account opening form at the new firm. These forms are available
from broker-dealers or their websites. Customers should submit
the completed form to the new broker-dealer, who in turn will
provide appropriate instruction to Pershing LLC regarding the
transfer of the accounts. There is typically a small fee
associated with the transfer of accounts from one broker to
another.
About SIBL
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
* * *
The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program. Mr. Stanford's
companies include Stanford International Bank, Stanford Group
Company (SGC), and investment adviser Stanford Capital Management.
STANFORD INT'L BANK: ALP Proposes Employee-Run Company
------------------------------------------------------
The opposition Antigua Labour Party (ALP) wants Stanford companies
to be owned and operated by employees, Oscar Ramjeet of Caribbean
Net News reports.
According to the report, citing local newspaper Antigua Sun, the
party's deputy leader, Gaston Browne, said that if the ALP wins
the elections, it will extend loan applications to guarantee
funding through the Enterprise Developing Fund, which will be one
of the party's initiatives designed to increase local
entrepreneurship.
Mr. Browne, the report relates, said the ALP would look at
salvaging some of the companies.
About SIBL
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
* * *
The U.S. Securities and Exchange Commission, on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating
a fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program. Mr. Stanford's
companies include Stanford International Bank, Stanford Group
Company (SGC), and investment adviser Stanford Capital Manageme
=================
A R G E N T I N A
=================
CALIZAR SRL: Verifying Proofs of Claim Until April 14
-----------------------------------------------------
The court-appointed trustee for Calizar S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 14, 2009.
The trustee will present the validated claims in court as
individual reports on May 28, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 1, 2009.
CONINDUS SRL: Verifying Proofs of Claim Until May 22
----------------------------------------------------
The court-appointed trustee for Conindus S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 22, 2009.
The trustee will present the validated claims in court as
individual reports on July 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 3, 2009.
EDIFICIO ACUARIO: Verifying Proofs of Claim Until March 27
----------------------------------------------------------
The court-appointed trustee for Edificio Acuario Sociedad Civil's
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 27, 2009.
The trustee will present the validated claims in court as
individual reports on May 18, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 3, 2009.
TALLERES GRAFICOS: Verifying Proofs of Claim Until May 4
--------------------------------------------------------
The court-appointed trustee for Talleres Graficos Morales e Hijos
S.A.C.I.F.I.'s reorganization proceeding will be verifying
creditors' proofs of claim until May 4, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 14, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on February 23, 2010.
=============
B E R M U D A
=============
GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue
-------------------------------------------------------------
Robert Wright at The Financial Times reports that Golden Ocean
Group Ltd has avoided a potential covenant breach after Hemen
Holdings Ltd, an investment vehicle of its chief executive John
Fredriksen, acquired two thirds of a convertible bond issue whose
terms require the Oslo-listed dry bulk shipowner to maintain a
market capitalization above a set value.
In a March 5 release, Golden Ocean said that Hemen purchased
US$165.3 million of nominal amount of the 3.625 % Golden Ocean
Group Convertible Bond Issue 2007/2012. The purchase price was
30% plus accrued interest. Settlement date will be March 10,
2009.
The FT relates Golden Ocean had said on Wednesday, when Mr.
Fredriksen's offer for the bonds was announced, that he intended
to change the term. According to the FT, Golden Ocean had warned
it could run out of cash this month if bondholders enforced their
rights under the bond terms and prevented the company from drawing
further on its lending facilities.
The FT recalls Tor Olav Trøim, a key aide to Mr. Fredriksen and a
director of Golden Ocean, told the FT last week that Mr.
Fredriksen was willing to inject fresh capital into Golden Ocean
if the problem over the bonds could be resolved.
Mr. Fredriksen, the FT discloses, holds a 28.2% stake in Golden
Ocean, one of many dry bulk shipowners to have been hit by a
combination of a collapse in shipping rates and defaults on long-
term contracts.
Golden Ocean Group Limited (GOGL), formerly a subsidiary of
Frontline Ltd –- http://www.goldenocean.no/– is a company
incorporated in Bermuda and listed in Norway. It is principally
engaged in dry bulk shipping. It operates a fleet of owned and
leased panamax and capesize dry bulk vessels. The Company also
trades freight forward agreements for the purpose of managing its
exposure to vessel spot market rates and for speculating. It is
operational through a number of wholly owned subsidiaries in
Liberia, Singapore, Norway and Bermuda. Golden Ocean Group
Limited has an office presence in Bermuda, Norway and Singapore.
==========================
C A Y M A N I S L A N D S
==========================
ACCIPITER LIFE: Placed Under Voluntary Wind-Up
----------------------------------------------
On December 30, 2008, the shareholders of Accipiter Life Sciences
Fund II (Offshore) Ltd. resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
February 20, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
S.L.C Whicker
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o Alex Lawson
Telephone: 345-815-2667
Facsimile: 345-949-7164
ANSUZ INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On January 1, 2009, the shareholder of Ansuz Investments resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Arnbjon Ingimundarson
Vitki ehf, Laugavegi 3
101 Reyjavik, Iceland
COMPASS APPRECIATION ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------------
On December 29, 2008, a resolution that voluntarily wind up the
companies' operations was passed by the shareholder of:
-- Compass Appreciation Fund; and
-- Compass Appreciation Master Fund, Inc.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The companies' liquidator is:
K.D. Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-914-4398
Facsimile: 345-949-7164
GLACIER SCS: Shareholders Opt to Wind Up Operations
---------------------------------------------------
On December 17, 2008, the shareholders of Glacier SCS GP Limited
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
HEDGE VISION: Placed Under Voluntary Wind-Up
--------------------------------------------
On November 11, 2008, the shareholder of Hedge Vision Japan Fund
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 946.4422
Facsimile: (+1) 345 769.9351
c/o P.O. Box 715
Grand Cayman KY1-1107, Cayman Islands
INSTRATA CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 7, 2009, the shareholders of Instrata Capital passed a
resolution that voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Reid Services Limited
Clifton House, 75 Fort Street
P.O. Box 1350, Grand Cayman KY1-1108
Cayman Islands
IRON HORSE: Placed Under Voluntary Wind-Up
------------------------------------------
On January 7, 2009, the shareholder of Iron Horse Offshore Capital
Partners, Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 949-9876
Facsimile: (345) 945-8604
Queensgate House, South Church Street
PO Box 1234, Grand Cayman KY1-1108
Cayman Islands
INTERNATIONAL PAPER: Sole Shareholder Receives Wind-Up Report
--------------------------------------------------------------
On February 26, 2009, the sole shareholder of International Paper
Distribution Group Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ho, Man Kit
Unit 511, 5/F., Tower 1
Silvercord, 30 Canton Road
Tsimshatsui, Kowloon, Hong Kong
Tel: (852) 2851 6752
Fax: (852) 2537 5218
KINGSNORTH HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On January 14, 2009, the shareholder of Kingsnorth Holdings
(Cayman) Ltd. resolved to voluntarily wind up the company's
operations.
The company'a liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House, 87 Mary Street
George Town, Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6314
MM&E EVENT: Placed Under Voluntary Wind-Up
------------------------------------------
On January 9, 2009, the sole shareholder of MM&E Event Driven
Offshore Fund passed a resolution that voluntarily wind up the
company's operations.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
OPUS SELECT ET AL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On January 8, 2009, a resolution that voluntarily wind up the
companies' operations was passed by the shareholder of:
-- Opus Select Strategies – Best Ideas Fund, Ltd; and
-- Opus Select Strategies – Best Ideas Master Fund, Ltd.
Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.
The companies' liquidator is:
Philip Hughes
c/o Ogier
Queensgate House, South Church Street
PO Box 1234, Grand Cayman KY1-1108
Cayman Islands
Telephone: 345 815-1402
Facsimile: 345 945-6265
PYLOS II: Placed Under Voluntary Wind-Up
----------------------------------------
On January 7, 2009, the shareholders of Pylos II Limited resolved
to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ellen J. Christian
Piccadilly Cayman Limited
Telephone: 345 945-9208
Fax: 345 945-9210
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
Grand Cayman
ROBECO WPG: Placed Under Voluntary Wind-Up
------------------------------------------
On November 6, 2008, the shareholder of Robeco WPG
Distressed/Special Situations Overseas Fund Ltd resolved to
voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 12, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Queensgate House, South Church Street
PO Box 1234, Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 945 8604
SBG HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On January 8, 2009, the sole shareholder of SBG Holdings (Cayman)
Ltd. passed a resolution that voluntarily wind up the company's
operations.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
SEARCH EMPLOYEE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On December 23, 2008, the shareholders of Search Employee
Participation Ltd resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
February 16, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Yan-Yan Li
c/o SAIL Advisors Ltd.
57/F Cheung Kong Center
2 Queen’s Road Central
Hong Kong
Tel: (345) 949-2648
Fax: (345) 945-2877
SEARCH MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On December 23, 2008, the shareholders of Search Master GP Ltd.
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 16, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Yan-Yan Li
c/o SAIL Advisors Ltd.
57/F Cheung Kong Center
2 Queen’s Road Central
Hong Kong
Tel: (345) 949-2648
Fax: (345) 945-2877
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 8, 2009, the shareholder of Stonegate Credit
Opportunities Master Fund, Ltd. resolved to voluntarily wind up
the company's operations.
Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 949-9876
Facsimile: (345) 945-8604
Queensgate House, South Church Street
PO Box 1234, Grand Cayman KY1-1108
Cayman Islands
STONEGATE CREDIT: Placed Under Voluntary Wind-Up
------------------------------------------------
On January 8, 2009, the shareholder of Stonegate Credit
Opportunities Offshore Fund, Ltd. resolved to voluntarily wind up
the company's operations.
Only creditors who were able to file their proofs of debt by
February 2, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Queensgate House, South Church Street
PO Box 1234, Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 945 8604
THE GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On January 6, 2009, the shareholders of The Global Convertible
Opportunities Fund Limited resolved to voluntarily wind up the
company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidators are:
Bobby Toor
Jan Neveril
Maples Finance Limited
P.O. Box 1093GT, Grand Cayman
Cayman Islands
WELLAM ASIAN: Placed Under Voluntary Wind-Up
--------------------------------------------
On December 16, 2008, the shareholder of Wellam Asian Fund Limited
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
February 19, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
K.D. Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o Laure Christie
Telephone: 345-815-2663
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
=============
E C U A D O R
=============
PETROECUADOR: January Export Income Drops to US$257 Million
-----------------------------------------------------------
Petroecuador's January export income tumbled to US$257 million
from US$794.5 million during the same month last year, Alonso Soto
of Reuters reports, citing central bank data.
Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government. It produces crude
petroleum and natural gas.
* * *
In previous years, Petroecuador, according to published reports,
was faced with cash-problems. The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors. The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings. In 2008, a new management team was
appointed to turn around the company's operations.
===========
G U Y A N A
===========
CL FINANCIAL: PNCR Says Full Audit of Clico (Guyana) is Necessary
-----------------------------------------------------------------
Guyana opposition People’s National Congress Reform (PNCR) said a
full audit of CLICO Life and General Insurance Company South
America Limited (CLICO Guyana) is necessary to determine the
financial viability of the company in light of recent
developments, Caribbean Net News reports.
According to the report, Bahamas Prime Minister's disclosure that
Bahamas regulator did not find any evidence of the $6.1 billion
thought to be invested by CLICO (Guyana) in CLICO (Bahamas)
Limited, and the subsequent responses by officials in Guyana,
provided no comfort to policyholders and other affected persons
and institutions.
As reported in the Troubled Company Reporter-Latin America on
March 5, 2009, Caribbean Net News said Bahamas Prime Minister
Hubert Ingraham told Guyana's President, Bharrat Jagdeo, that
there seems to be no record that the Guyana government has
invested 53% of CLICO Guyana assets in Clico (Bahamas) Limited.
According to the report, Mr. Ingraham did acknowledge that
Guyana's claim does, however, this represent a very serious
potential impairment for the Guyana operations given that it has
place its operation into judicial management.
Trinidad and Tobago Newsday said the Guyana government has placed
CLICO Guyana's operations under judicial management prior to
winding up of the company. The government's move, the report
related, follows the liquidation of Clico (Bahamas), which has a
51% stake in CLICO Guyana.
According to CaribWorldNews, the Bahamian Supreme Court granted a
request from the islands government to liquidate Clico Bahamas for
the protection of company shareholders. Craig Gomez of Baker
Tilley Gomez was appointed as liquidator of the company,
the same report said.
President Jagdeo, as cited by Caribbean Net News, said it is the
duty of the Bahamas regulators to find the money. "If they fail
to do so then there would have been a massive fraud and people
would face the courts," President Jagdeo said as quoted by the
report.
About CLICO Bahamas
CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, operated in the Bahamas for
many years prior to 1992 as British Fidelity Assurance Limited
under different owners. The company has active operations in the
Bahamas, Belize and the Turks & Caicos Islands.
About CL Financial
According to Wikipedia, CL Financial Limited 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
Feb. 20, 2009, the Trinidad and 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, showed a deficit between $6 billion
and $8 billion.
Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.
T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.
=============
J A M A I C A
=============
JPS: May Face Shutdown if Outstanding Payments Wont Be Paid
-----------------------------------------------------------
Jamaica Public Service Company (JPS) may have a shutdown of its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees, Radio Jamaica reports.
The report relates employees unions contend that the payments are
owed for overtime work and redundancy adjustments from 2001 to
2007, which amounts to about $600 million.
According to the report, Union of Clerical Administrative and
Supervisory Employees (UCASE) represents 400 workers at the
company while the other 1,200 employees are represented by the
National Workers Union, the Bustamante Industrial Trade Union and
a Management Staff Union.
===========
M E X I C O
===========
FINCOMUN SERVICIOS: S&P Assigns 'BB-/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its
'BB-/B' counterparty credit rating to FinComun Servicios
Financieros Comunitarios S.A. de C.V. The outlook is stable. At
the same time, S&P assigned its 'mxBBB+/mxA-2' local Mexican scale
(CaVal) counterparty credit rating to the institution. The
national scale outlook is also stable.
"The ratings are based on higher economic and industry risks that
could put additional pressure on the company's financial
performance. The ratings are balanced by an experienced and
proactive management team that is improving not only FinComun's
asset quality, but also its relationship with Grupo Bimbo,
which has provided a good source of clients; its diversified
funding base; and its support from shareholders," said Standard &
Poor's credit analyst Angelica Bala.
The higher inflation, stiffer competition, and higher debt burden
of FinComun's target market, Mexico, present challenges that could
add further stress to the company's loan portfolio, which saw
increasing losses during the second half of 2008. Over FinComun's
history, nonperforming loans have been held to below 5%. But,
beginning in July 2008, the portfolio began to deteriorate
rapidly--reaching a 9% NPL rate by November 2008. The need for
additional provisions to cover possible credit losses also took
its toll on profitability, which was extremely low for 2008.
However, management has analyzed the portfolio and is taking
actions that have already improved asset quality. S&P expects
NPLs to return to historic levels and reserve coverage to reach
70% this year.
The company has invested in a new IT platform. The implementation
of the new system has also narrowed returns on assets, which
reached 0.2% as of Nov. 30, 2008, down from 6.23% in 2006. S&P
expects the improved technological platform and risk management
practices to start bearing fruit throughout this year, enabling
the institution to increase its 2009 ROA.
A stable, low-cost deposit base and credit lines somewhat mitigate
higher operating costs. Currently, FinComun's deposit base funds
about 70% of its total loans. Credit lines from international
organizations and Mexican banks have also supported growth.
Liquidity is not a concern given the short-term nature of its loan
portfolio (28 weeks on average). Lower funding cost provides for
a good net interest margin, which has supported higher operating
costs derived from IT investments and provisions for credit
losses. Although reserve coverage is currently low at 50%,
capitalization levels are at adequate levels and of good quality.
Adjusted total equity represents 24.5% of assets. S&P expects the
company to maintain this level of capitalization.
"The stable outlook is based on our expectation that management
will be able to improve asset quality despite the more challenging
operating environment. If this doesn't occur, and if negative
factors continue to significantly pressure profitability and
capitalization, S&P could lower the rating," Ms. Bala added.
IXE BANCO: S&P Affirms 'BB/B' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
global scale ratings, including the 'BB/B' counterparty credit
rating, on IXE Banco S.A. The outlook on the global scale is
stable. At the same time, S&P affirmed the 'mxA/mxA-2' Mexican
national scale (CaVal) counterparty credit rating and revised the
outlook on the national scale to stable from negative.
"The ratings on IXE are constrained by its weak profitability, its
concentration in construction and real estate sectors, and an
overall more-difficult economic environment that could affect
asset quality. These negative factors are partly counterbalanced
by IXE's still-good asset quality, its successful expansion
strategy, and capable management. The ratings reflect the bank's
stand-alone credit quality and do not account for any
extraordinary external support from the owners or government,"
said Standard & Poor's credit analyst Laurence Wattraint.
The revision to the outlook on the national scale is due to the
bank's less aggressive expansion strategy and the expected
increased in operating revenues despite a challenging 2009. S&P
believes that IXE's expansion strategy of the past two years will
mature, providing the bank with increasing revenues and sustained
asset quality. The support provided by the shareholders through
a total capital injection of MXN1.500 billion ($109 million) to
support the bank are also a consideration.
The ratings on IXE's notes reflect their subordination, the
potential deferment of interest payments, and the bank's overall
financial strength.
IXE's bottom-line profit benefited significantly from
extraordinary items totaling MXN266 million ($19.2 million). When
adjusting return on assets by these extraordinary incomes, the
bank's bottom-line results would be close to zero. This is a
result of the bank's expansion plans during the year--although
this strategy has proven successful in terms of deposit gathering,
it's also been rather expensive, as credit growth has been lower.
S&P expects IXE's core profitability to improve, since its
expansion plans have been delayed and the branches opened in the
past couple of years should begin to see a profit in the coming
year. Despite the recent difficult market conditions, IXE has
been able to boost its margins, because nearly 64% of its loan
portfolio comprises short-term maturities. The more volatile
economic environment, however, will pressure asset quality and
requires additional provisions for any possible credit losses.
IXE has implemented and followed a successful expansion strategy.
During 2008, IXE opened 48 branches across Mexico, fostering
geographical and client diversification and increasing its deposit
base by 27%. Although most of the new branches have not reached
the breakeven point, S&P expects this expansion to ultimately
support the bank's entire distribution network.
The stable outlook reflects S&P's expectation that IXE's expansion
strategy will continue to benefit the bank. The outlook
incorporates S&P's view that profitability will be below 1% in
2009, but S&P does not expect nonperforming assets to increase
above 4% during the year. "If the bank reports losses during 2009
and if NPAs go beyond S&P's expectations, the rating could be
lowered. A rating upgrade is not expected until the bank's
expansion plan leads to more adequate profitability levels," Ms.
Wattraint added.
VITRO SAB: Loan Restructuring to Take Until 2010
------------------------------------------------
Vitro S.A.B. de C.V., which defaulted on more than US$1.2 billion
of debt last month, said it will take until 2010 to restructure
its loan with creditors, with no plan to sell “productive assets”
as part of the restructuring, Thomas Black of Bloomberg News
reports, citing Chief Executive Officer Hugo Lara.
As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2009, Bloomberg News said Vitro SAB missed US$44.8 million
in interest payments on US$1 billion of bonds to preserve cash to
run its operations.
The company, Bloomberg News said, ran into debt trouble because
lower glass demand cut profit just as Vitro racked up losses by
using derivatives to lock in natural gas prices last summer, when
the fuel was hitting a high of US$13.577 per million British
thermal units.
Bloomberg News noted Vitro said the unnamed counterparties
demanded payment of US$293 million related to the losses, creating
an "event of default" under the derivative agreements.
The company added it had losses related to derivative investments
of US$358 million at the end of December, not counting accrued
interest, the same report related.
Bloomberg News added Vitro said that 30 days after missing the
payment, it will be in default of its US$700 million of bonds
maturing in 2017 and US$300 million of bonds due in 2012. The
company will also default on US$216 million of notes due in 2013,
the same report noted.
The company, as cited by Bloomberg News, is slashing costs by
firing management employees and canceling airplane leases, and
selling non-productive assets to free up cash, Mr. Lara said. The
company will fire 820 administration employees by the end of
March, he added.
Vitro, the report recalls, said the company already cut costs by
US$40 million last year as it works to achieve as much as
US$120 million in annual savings by mid-2009.
Bloomberg News says capital spending will fall to US$74 million in
2009 from US$176 million last year and US$242 million in 2007.
About Vitro
Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.
* * *
As reported by the Troubled Company Reporter-Latin America on
January 28, 2009, Moody's Investors Service downgraded Vitro,
S.A.B. de C.V.'s senior unsecured debt and corporate family
ratings to Ca from Caa1. The ratings outlook is negative.
Fitch Ratings also downgraded these ratings for Vitro, S.A.B. de
C.V.:
-- Long-term Issuer Default Rating to 'CC' from 'B-';
-- Long-term local currency IDR to 'CC' from 'B-';
-- US$300 million senior notes due 2012 to 'CC/RR4' from 'B-
/RR4';
-- US$225 million senior notes due 2013 to 'CC/RR4' from 'B-
/RR4';
-- US$700 million senior notes due 2017 to 'CC/RR4' from 'B-
/RR4'.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Restraining Order to Expire on March 13
-----------------------------------------------------
The injunction filed against CL Financial Limited is expected to
expire when the matter comes up for hearing before Justice Judith
Jones on March 13, Trinidad and Tobago Express reports.
As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2009, Trinidad and Tobago Newsday said the Central Bank
and Colonial Life Insurance Company Limited secured a restraining
order against CL Financial, barring the company from conducting
any local or international business with its assets.
According to T&T Newsday, High Court Judge Gregory Delzin granted
the restraining order after an urgent ex-parte application brought
by attorneys for the Central Bank, Senior Counsel Reginald Armour,
along with attorneys’ Simon De La Bastide and Elena Araujo.
Judge Delzin, T&T Newsday related, ordered that: “CL Financial
whether by its Board of Directors, officials, employees, units and
related or affiliated companies are restrained, and an injunction
is hereby granted restraining them from doing or causing to be
done the following acts without prior notice to and the prior
approval of the Central Bank of Trinidad and Tobago.”
T&T Newsday noted that CL Financial must also “disclose to the
Inspector of Financial Institutions, the identity, and location of
all or any assets of Clico in or out of the jurisdiction, and
provide a sworn affidavit of the Chief Executive Officer, or
Chairman of Clico within two working days of service of the
order.”
CL Financial was also mandated to make, “forthwith, and full
disclosure to the claimants of all or any information relevant to
the existence of any interest held in any of the said assets in
Clico,” the T&T Newsday said.
About CL Financial
According to Wikipedia, CL Financial Limited 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
Feb. 20, 2009, the Trinidad and 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, showed a deficit between $6 billion
and $8 billion.
Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.
T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.
CL FINANCIAL: ICB in Talks With Gov't for CLICO Int'l Acquisition
-----------------------------------------------------------------
Insurance Corporation of Barbados (ICB) Limited is holding talks
with Trinidad and Tobago government to takeover CLICO
International Life's operations, Caribbean360.com reports, citing
Prime Minister David Thompson.
Mr. Thompson, the report relates, said a Memorandum of
Understanding (MOU) was being drafted for the sale of the company.
"We have come to a determination that we would like to see CLICO
International extracted from the rest of the CLICO Holdings'
operations in Barbados," the report quoted Mr. Thompson as saying.
According to the report, Mr. Thompson said ICB is a "reputable
Barbadian insurance company" and, therefore, seeking to pursue
private sector options which move the potential burden from
government to the private sector to ensure that the insurance
entities remain going, full capitalised and with adequate
statutory funds, is a desireable option.
About CL Financial
According to Wikipedia, CL Financial Limited 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
Feb. 20, 2009, the Trinidad and 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, showed a deficit between $6 billion
and $8 billion.
Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.
T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing $10
billion debt.
==========================
V I R G I N I S L A N D S
==========================
TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership
-----------------------------------------------------------------
Tristan Oil Ltd. on Wednesday, March 4, 2009, announced that on
February 27, 2009 the Ministry of Energy and Mineral Resources of
Kazakhstan submitted a formal notification to Tolkynneftegaz LLP
informing TNG that the transfer of ownership of TNG in 2003
violated the Government of Kazakhstan's pre-emptive rights. The
MEMR has requested that another application regarding the transfer
of ownership be submitted within one month from the date of the
notification in order to afford the State of Kazakhstan the
opportunity to exercise or waive its pre-emptive rights in
connection with TNG's change of ownership in 2003. TNG will
submit the application within the requested time period.
While TNG strongly disagrees with the MEMR's position, it will
continue to cooperate with the MEMR in an attempt to resolve this
matter. The formal notification provided that any failure by TNG
to resubmit the application would result in the MEMR cancelling
TNG's subsoil use contract with respect to the Tolkyn field and
Tabyl block.
On February 2, 2009, the Department for Fighting Economic Offenses
and Corruption of the Mangistau region of Kazakhstan submitted a
letter to Tolkynneftegaz LLP informing TNG that it is the subject
of a criminal investigation. The letter stated that the criminal
investigation relates to two gas pipelines and one condensate
pipeline built by TNG to transport its gas and condensate from the
Company's gas processing facility to the delivery point at the
Central Asia Center pipeline for gas and the Opornaya condensate
storage facilities for condensate but did not provide further
details. TNG has requested that the Department provide details
regarding the basis for the investigation.
TNG is cooperating fully with the investigation. TNG is unable to
assess at this stage any potential consequences should TNG fail to
obtain a favorable resolution with respect to this matter.
With respect to the similar criminal investigation by the
Department of KPM, which the Company reported on in a press
release dated January 1, 2009, no material developments have
occurred.
According to Moody's Investors Service, Tristan –-
http://www.tristanoil.com/–- is a special purpose vehicle
domiciled in the British Virgin Islands created for the sole
purpose of issuing secured notes to finance a loan to two oil and
gas companies, KPM and TNG, organized under the laws of
Kazakhstan.
* * *
As reported in the TCR-Europe on Jan. 16, 2009, Fitch Ratings
placed Tristan Oil Ltd.'s Long-term foreign currency Issuer
Default Rating and senior unsecured rating of 'B+' on Rating Watch
Negative. Tristan's Recovery rating is 'RR4'.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 2 – March 6, 2009
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 7.875 05/11/17 USD 49.62
Argent-DIS 5.830 12/31/33 ARS 53.24
Argent-DIS 7.820 12/31/33 ARS 22.37
Argent-$DIS 8.820 12/31/33 ARS 27.39
Argent-Par 0.630 12/31/38 ARS 11.70
Argnt-Bocon PRE8 2.000 01/03/10 ARS 46.88
Argnt-Bocon PR11 2.000 12/03/10 ARS 35.00
Argnt-Bocon PRE9 2.000 03/15/24 ARS 56.97
Argnt-Bocon PR12 2.000 01/03/16 ARS 59.89
Argnt-Bocon PR13 2.000 03/15/24 ARS 14.95
Arg Boden 2.000 09/30/14 ARS 39.04
Arg Boden 7.000 10/03/15 ARS 26.16
Argentina - NGB 2.000 01/03/16 ARS 40.77
Autopistas Sel S 11.500 05/23/17 USD 32.89
Banco Hipot SA 9.750 11/16/10 USD 65.72
Banco Hipot SA 9.750 04/27/16 USD 32.50
Bonar X 7.000 04/17/17 USD 37.27
Banco Macro SA 9.750 02/01/17 USD 54.87
Banco Macro SA 9.750 12/18/36 USD 34.10
Bonar V 7.000 03/28/11 USD 48.79
Bonar VII 7.000 09/12/13 USD 33.52
Buenos Aire Prov 9.375 09/14/18 USD 22.45
Buenos-$DIS 9.250 04/15/17 USD 23.50
Buenos-$DIS 8.500 04/15/17 USD 21.50
Emp Distrib Nort 10.500 10/09/17 USD 51.90
Hidroelec Piedra 9.000 07/11/17 USD 61.00
Industries Metal 11.250 10/22/14 USD 49.16
Invers Rep Y Soc 8.500 02/02/17 USD 50.56
Masterlonne Herma 8.000 06/30/12 USD 19.95
Mendoza Province 5.500 09/04/18 USD 34.50
Transener 8.875 12/15/16 USD 36.75
Trasport De Gas 7.875 05/14/17 USD 60.58
YPF SA 10.000 11/02/28 USD 74.25
ARUBA
-----
Xstrata Capital 4.000 08/14/17 USD 73.09
BRAZIL
------
Banco BMG SA 9.150 01/15/16 USD 69.75
Banco Cruzeiro 10.750 11/24/16 USD 72.37
Banco Ind E Com 9.750 03/03/16 USD 70.00
Bertin Ltda 10.250 10/05/16 USD 40.50
Braskem SA 9.000 04/29/49 USD 74.00
BR Malls Int Fi 8.500 04/15/17 EUR 65.40
CESP 9.750 01/15/15 BRL 38.06
Cosan Finance 7.000 02/01/17 USD 66.00
Cosan SA Industr 8.250 02/28/49 USD 43.00
JBS SA 9.375 02/07/11 USD 74.87
JBS SA 10.500 08/04/16 USD 55.50
Independencia In 9.875 05/15/15 USD 16.93
Independencia In 9.875 01/31/17 USD 21.00
Independencia In 9.875 05/15/15 USD 21.00
National Steel 9.875 05/29/49 USD 62.25
Net Servicos 9.250 11/29/49 USD 75.00
Rede Empresas 11.120 04/29/49 USD 44.09
RBS-Zero Hora Ed 11.250 06/15/17 BRL 62.33
Sadia Overseas 6.875 05/24/17 USD 67.00
CAYMAN ISLANDS
--------------
Aig Sunamerica 5.625 02/01/12 GBP 63.21
Asif II 5.125 01/28/13 GBP 48.75
Bancaja Intl Fin 5.700 06/30/22 EUR 63.13
Banco BPI (CI) 4.150 11/14/35 EUR 64.52
Barion Funding 0.100 12/20/56 USD 4.27
Barion Funding 1.440 12/20/56 USD 23.98
Barion Funding 0.630 12/20/56 USD 12.77
Barion Funding 0.250 12/20/56 USD 5.44
Barion Funding 0.250 12/20/56 USD 5.44
Barion Funding 0.250 12/20/56 USD 5.44
Barion Funding 0.250 12/20/56 USD 5.44
Barion Funding 0.250 12/20/56 USD 5.44
Barion Funding 0.250 12/20/56 USD 5.44
BCP Finance Company 5.543 06/29/49 EUR 28.50
BCP Finance Company 4.239 10/29/49 EUR 26.50
Bes Finance Limited 4.500 12/29/49 EUR 53.50
Bes Finance Limited 6.625 05/08/49 EUR 63.33
Bes Finance Limited 5.580 07/29/49 EUR 42.50
Cam Global Fin 6.080 12/22/30 EUR 61.73
Castle Holdco 4 9.875 11/16/16 GBP 07.62
Castle Holdco 4 9.875 11/16/16 GBP 07.62
China Med Tech 3.500 11/15/11 USD 55.65
China Med Tech 4.000 08/15/13 USD 50.50
China Properties 9.125 05/04/14 USD 44.32
Country Garden 2.500 02/22/13 CNY 56.12
Credit Sail Ltd 8.500 12/22/12 NZD 5.00
DP World Sukuk 6.250 07/02/17 USD 56.21
DP World Sukuk 6.250 07/02/17 USD 56.00
Dubai Holding Comm 4.750 01/30/14 EUR 55.25
Dubai Holding Comm 6.000 02/01/17 GBP 51.61
DWR CYMN FIN 4.473 03/31/57 GBP 63.70
Esfg Internation 5.753 06/29/49 EUR 31.00
Gol Finance 7.500 04/03/17 USD 57.00
Gol Finance 7.500 04/03/17 USD 60.10
Gol Finance 8.750 04/28/49 USD 43.00
Greentown China 9.000 11/08/13 USD 32.00
Investcorp Cap 8.080 03/27/09 USD 63.74
Ja Solar Hold Company 4.500 05/15/13 USD 41.37
Lai Funding Holding 9.125 04/04/14 USD 71.13
Lok Solar Co Ltd 4.750 04/15/13 USD 37.92
Lupatech Finance 9.875 07/29/49 USD 69.85
Mafrig Overseas 9.635 11/16/16 USD 57.95
Malachite Fdg 0.630 12/21/56 EUR 15.92
Mazarin Fdg Ltd 1.440 09/20/68 EUR 22.24
Mazarin Fdg Ltd 0.630 09/20/68 USD 10.76
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Mazarin Fdg Ltd 0.250 09/20/68 USD 4.89
Minerva Overse 9.500 02/01/17 USD 48.91
Mizuho Capital I 5.020 06/29/49 EUR 43.50
Mizuho Capital INV I 6.686 03/29/49 EUR 51.50
Mufg Cap Fin1 6.346 07/29/49 EUR 64.00
Mufg Cap Fin2 4.850 07/29/49 EUR 46.50
Mufg Cap Fin4 5.271 01/29/49 EUR 49.49
Mufg Cap Fin5 6.299 01/25/49 GBP 46.50
Prince Fin Global 4.500 01/26/17 EUR 65.31
Pubmaster Fin 5.943 12/30/24 GBP 59.77
Punch Taverns 4.767 06/30/33 GBP 64.93
Reg Div Funding 6.227 01/25/36 USD 09.25
Reg Div Funding 6.227 01/25/36 USD 10.75
Resona PFD Glob 7.191 12/29/49 USD 40.44
Santander 7.250 12/29/49 GBP 72.26
Seagate Tech HDD 6.800 10/01/16 USD 55.84
Seagate Tech HDD 6.375 10/01/11 USD 67.97
Shimao Property 8.000 12/01/16 USD 44.25
Shinsei Fin Caym 6.418 01/29/49 USD 15.38
SMFG Preferred 6.078 01/29/49 USD 59.96
SMFG Preferred 6.164 01/29/49 USD 42.24
SMFG Preferred 2 10.231 07/18/49 USD 70.29
STB Finance 5.834 09/29/49 GBP 53.46
Subsea 2.800 06/06/11 USD 67.75
Suntech Power 3.000 03/15/13 USD 34.42
Tam Capital Inc. 7.375 04/25/17 USD 58.25
Tam Capital Inc. 7.375 04/25/17 USD 62.55
Trina Solar Ltd 4.000 07/15/13 USD 34.75
Vestel Elec Fin 8.750 05/09/12 USD 57.83
Vontobel Cayman 8.350 03/27/09 USD 63.00
Vontobel Cayman 10.650 02/27/09 USD 25.80
Vontobel Cayman 10.550 03/27/09 USD 52.80
XL Capital Limited 5.250 09/15/14 USD 63.64
XL Capital Limited 6.250 05/15/27 USD 50.85
XL Capital Limited 6.375 11/15/24 USD 58.01
XL Capital Limited 6.500 12/31/49 USD 25.50
CHILE
-----
CAP 7.375 09/15/36 USD 71.88
Codelco 5.625 09/21/35 USD 72.36
DOMINICAN REPUBLIC
------------------
Cap Cana SA 9.625 11/03/13 USD 29.50
Dominican Republic 8.625 04/20/27 USD 57.00
Dominican Republic 9.040 01/23/18 USD 72.15
Itabo Finance SA 10.875 10/05/13 USD 45.50
ECUADOR
-------
Ecuador Government 5.000 12/30/13 USD 37.29
Rep of Ecuador 9.375 12/15/15 USD 40.24
Rep of Ecuador 9.375 12/15/15 USD 23.90
EL SALVADOR
-----------
El Salvador Rep 8.250 04/10/32 USD 74.51
El Salvador Rep 7.650 06/15/35 USD 70.87
El Salvador Rep 7.650 06/15/35 USD 71.78
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 58.29
Jamaica Govt 8.000 06/24/19 USD 63.47
Jamaica Govt 8.500 02/28/36 USD 61.00
Jamaica Govt 9.250 10/17/25 USD 73.97
Jamaica Govt LRS 12.750 04/27/12 JMD 72.75
Jamaica Govt LRS 12.750 06/29/22 JMD 47.44
Jamaica Govt LRS 12.750 06/29/22 JMD 47.46
Jamaica Govt LRS 12.250 07/13/12 JMD 70.39
Jamaica Govt LRS 12.850 05/31/22 JMD 47.85
Jamaica Govt LRS 13.625 06/23/14 JMD 64.69
Jamaica Govt LRS 13.375 04/27/32 JMD 47.93
Jamaica Govt LRS 13.375 12/15/21 JMD 49.95
Jamaica Govt LRS 13.575 12/15/26 JMD 48.65
Jamaica Govt LRS 13.875 05/17/13 JMD 69.74
Jamaica Govt 14.400 08/03/27 EUR 53.39
Jamaica Govt 14.000 06/21/13 EUR 70.82
Jamaica Govt 14.000 07/05/13 EUR 70.68
Jamaica Govt 14.500 11/13/13 EUR 69.31
Jamaica Govt 14.125 07/08/13 EUR 69.77
Jamaica Govt 14.125 08/31/12 EUR 74.85
Jamaica Govt 14.250 08/19/15 EUR 71.46
Jamaica Govt 14.250 05/31/13 EUR 71.76
Jamaica Govt 14.250 08/19/15 EUR 72.79
Jamaica Govt 14.375 05/03/14 EUR 68.59
Jamaica Govt 14.375 12/29/12 EUR 73.04
Jamaica Govt 14.375 11/15/12 EUR 73.23
Jamaica Govt 14.375 06/28/14 EUR 66.75
Jamaica Govt 14.375 09/06/14 EUR 66.12
Jamaica Govt 14.375 09/13/14 EUR 66.04
Jamaica Govt 14.375 05/30/14 EUR 68.38
Jamaica Govt 14.500 06/28/17 EUR 60.35
Jamaica Govt 14.500 08/02/17 EUR 60.12
Jamaica Govt LRS 14.000 06/30/21 JMD 52.42
Jamaica Govt LRS 14.750 04/26/13 JMD 73.38
Jamaica Govt LRS 14.750 03/21/14 JMD 70.09
Jamaica Govt LRS 14.625 04/19/14 JMD 69.47
Jamaica Govt LRS 14.500 05/17/13 JMD 72.50
Jamaica Govt LRS 15.000 07/31/13 JMD 71.76
Jamaica Govt LRS 15.000 11/15/21 JMD 55.72
Jamaica Govt LRS 15.800 06/26/17 JMD 64.80
Jamaica Govt LRS 15.000 07/31/16 JMD 62.56
Jamaica Govt LRS 15.000 08/30/32 JMD 55.67
Jamaica Govt LRS 15.125 04/24/14 JMD 69.46
Jamaica Govt LRS 15.000 07/31/14 JMD 68.21
Jamaica Govt LRS 15.000 09/06/32 JMD 55.64
Jamaica Govt LRS 15.500 03/24/28 JMD 55.57
Jamaica Govt LRS 15.750 08/22/19 JMD 59.95
Jamaica Govt LRS 16.000 06/13/22 JMD 58.99
Jamaica Govt LRS 16.000 05/17/17 JMD 64.00
Jamaica Govt 16.000 08/24/13 EUR 74.13
Jamaica Govt 16.000 12/06/32 EUR 57.32
Jamaica Govt LRS 16.250 05/22/27 EUR 58.21
Jamaica Govt LRS 16.125 08/21/32 EUR 59.80
Jamaica Govt LRS 16.250 06/26/32 EUR 58.25
Jamaica Govt LRS 16.250 05/22/22 EUR 59.88
Jamaica Govt LRS 16.150 06/12/22 EUR 59.53
Jamaica Govt LRS 16.150 06/12/22 EUR 61.49
Jamaica Govt LRS 16.250 08/26/32 EUR 60.27
Jamaica Govt LRS 16.250 06/18/27 EUR 60.27
Jamaica Govt LRS 16.500 06/14/27 EUR 59.12
Jamaica Govt LRS 17.000 07/11/23 EUR 62.09
MEXICO
------
KBC Intl Fin 5.000 05/29/49 EUR 49.25
KBC Intl Fin 5.050 01/15/20 USD 67.19
KBC Intl Fin 4.950 01/15/18 EUR 72.32
Mer Lynch Int CV 22.670 03/16/09 EUR 5.34
Mer Lynch Int CV 19.380 03/16/09 CHF 1.50
Mer Lynch Int CV 19.110 03/16/09 CHF 6.61
Mer Lynch Int CV 18.020 03/16/09 CHF 56.82
Mer Lynch Int CV 17.140 03/16/09 CHF 49.09
Mer Lynch Int CV 16.450 03/16/09 CHF 22.50
Mer Lynch Int CV 16.330 03/16/09 CHF 11.35
Mer Lynch Int CV 15.710 03/16/09 CHF 72.48
Mer Lynch Int CV 15.520 03/16/09 CHF 32.68
Mer Lynch Int CV 15.220 03/16/09 CHF 17.72
Mer Lynch Int CV 14.890 03/16/09 CHF 26.63
Mer Lynch Int CV 14.530 03/16/09 CHF 20.21
Mer Lynch Int CV 16.380 03/16/09 CHF 7.39
Mer Lynch Int CV 13.720 03/16/09 CHF 52.83
Mer Lynch Int CV 13.280 03/16/09 CHF 11.26
Mer Lynch Int CV 13.100 03/16/09 CHF 44.58
Mer Lynch Int CV 12.760 03/16/09 CHF 24.55
Mer Lynch Int CV 12.460 03/16/09 CHF 30.18
Mer Lynch Int CV 12.200 03/16/09 CHF 20.32
Mer Lynch Int CV 11.730 03/16/09 CHF 74.84
Mer Lynch Int CV 11.720 03/16/09 CHF 29.36
Mer Lynch Int CV 11.660 03/16/09 CHF 10.33
Mer Lynch Int CV 11.540 03/16/09 CHF 71.45
Mer Lynch Int CV 11.400 03/16/09 CHF 61.45
Mer Lynch Int CV 11.330 03/27/09 CHF 59.38
Mer Lynch Int CV 11.200 03/27/09 CHF 27.99
Mer Lynch Int CV 10.760 03/16/09 CHF 38.60
Mer Lynch Int CV 16.800 03/16/09 CHF 27.15
Mer Lynch Int CV 22.000 03/16/09 CHF 9.42
Mer Lynch Int CV 18.000 03/16/09 CHF 74.55
Soc Gen Accept 14.000 04/09/09 CHF 17.70
Soc Gen Accept 00.750 12/21/11 CHF 38.64
Soc Gen Accept 08.000 12/20/13 CHF 20.32
Soc Gen Accept 07.000 02/27/13 CHF 12.24
Willbros Group 02.750 03/15/24 USD 69.50
Doral Finl Corp 07.000 04/26/12 USD 60.00
Doral Finl Corp 07.650 03/26/16 USD 72.37
PUERTO RICO
-----------
Puerto Rico Cons 6.500 04/01/16 USD 68.80
URUGUAY
-------
Uruguay 3.700 06/26/37 UYU 42.62
Uruguay 4.250 04/05/27 UYU 54.00
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 36.87
Petroleos de Ven 5.375 04/12/27 USD 32.27
Petroleos de Ven 5.500 04/12/37 USD 31.62
TCCIC 7.125 03/20/15 USD 55.23
TCCIC 6.250 04/06/17 USD 46.29
TCCIC 7.125 11/22/13 USD 60.50
TCCIC 5.250 03/20/19 USD 38.12
Venezuela 7.000 03/31/38 EUR 39.86
Venezuela 9.250 09/15/27 EUR 54.50
Venezuela 7.650 04/21/25 EUR 43.50
Venezuela 13.625 08/15/18 EUR 66.00
Venezuela 8.500 10/08/14 USD 57.50
Venezuela 13.625 08/15/18 USD 71.13
Venezuela 7.000 03/16/15 USD 47.06
Venezuela 7.000 03/16/15 USD 47.49
Venezuela 9.000 05/07/23 USD 49.25
Venezuela 9.250 05/07/28 USD 48.44
Venezuela 7.000 12/01/18 USD 44.00
Venezuela 13.625 08/15/18 USD 71.13
Venzod - 189000 10.750 09/19/13 USD 69.00
Venzod - 189000 09.375 01/13/34 USD 49.50
Venezuela 05.750 02/26/16 USD 47.58
Venezuela 10.750 09/19/13 USD 68.70
Venezuela 10.750 09/19/13 USD 70.14
Venezuela 06.000 12/09/20 USD 42.00
***********
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 * * *