/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090312.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, March 12, 2009, Vol. 9, No. 50 Headlines A R G E N T I N A CONINDUS SRL: Proofs of Claim Verification Due on May 22 DONA CAROLINA: Asks for Opening of Preventive Contest INDUSTRIAS CARSIGOM: Asks for Opening of Preventive Contest TANDLER SRL: Proofs of Claim Verification Due on April 23 B E R M U D A ABACUS INVESTMENTS: Members' General Meeting Set for April 15 CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 20 CYRUS REINSURANCE: Members' General Meeting Set for April 10 FREMONT REINSURANCE: Court Enters Wind-Up Order LONGCASTLE INTERIM: Creditors' Proofs of Debt Due on March 20 LONGCASTLE INTERIM: Members' General Meeting Set for April 7 MOUNTAIN VIEW: Creditors' Proofs of Debt Due on March 23 MOUNTAIN VIEW: Sole Member to Receive Wind-Up Report on April 6 SAGECREST HOLDINGS: Appoints Mitchell as Provisional Liquidator THE UNIVERSAL: Creditors' Proofs of Debt Due on April 6 THE UNIVERSAL: Members' General Meeting Set for April 13 VANGUARD INSURANCE: Court Enters Wind-Up Order WAIMEA LIMITED: Creditors' Proofs of Debt Due on March 20 WAIMEA LIMITED: Members' General Meeting Set for April 10 B E R M U D A XL CAPITAL: Chairman & Board Member Won't Seek Re-Election XL CAPITAL: Pays Two Chief Executives a Combined US$16 Million B R A Z I L BANCO DO BRASIL: Central Bank Approves Nossa Caixa Acquisition BANCO SCHAHIN: S&P Withdraws 'B/B' Global Scale Rating * BRAZIL: BNP Paribas Says Economy to Contract 1.5% This Year C A Y M A N I S L A N D S BOMO LTD: Placed Under Voluntary Wind-Up BRANDYMIST LTD: Placed Under Voluntary Wind-Up BUTTONWOOD HOLDING: Placed Under Voluntary Wind-Up CANADA 7.25% 2008: Placed Under Voluntary Wind-Up EW GLOBAL: Placed Under Voluntary Wind-Up J.P. MORGAN ASIA: Placed Under Voluntary Wind-Up MELCHIOR JAPAN ET AL: Placed Under Voluntary Wind-Up NEWGATE EMERGING: Placed Under Voluntary Wind-Up PAMPLONA GLOBAL ET AL: Placed Under Voluntary Wind-Up PEGASYS MARINE: Placed Under Voluntary Wind-Up RECIENTE INC: Placed Under Voluntary Wind-Up ROBECO WPG: Placed Under Voluntary Wind-Up SAP GROUP: Placed Under Voluntary Wind-Up SOUTHEAST EUROPE: Placed Under Voluntary Wind-Up SPYGLASS CLO I: Placed Under Voluntary Wind-Up TAIB EXPLORER: Placed Under Voluntary Wind-Up THE CUADRAR OFFSHORE ET AL: Placed Under Voluntary Wind-Up TRUE NORTH: Placed Under Voluntary Wind-Up C H I L E EMBLEM FINANCE: S&P Pares Rating On Series 3 2028 Notes to 'B-' D O M I N I C A N R E P U B L I C FM INDUSTRIES: To Cut 1,000 Jobs to Continue Working E C U A D O R ECOPETROL: Buys Hocol Petroleum From Maurel & Prom for US$748Mln J A M A I C A AIR JAMAICA: Search is On for Ex-Employee in J$61 Million Theft * JAMAICA: Used Cars Business Hit by Downturn in Local Economy M E X I C O CEMEX SAB: S&P Downgrades Global Corporate Credit Rating to 'B-' COMERCI: Gets Restructuring Proposal From Counterparties P U E R T O R I C O CARABEL EXPORT: Court OKs Auction; Continental is Lead Bidder CARABEL EXPORT: US Trustee Appoints 5-Member Creditors Committee * PUERTO RICO: Can't Pay “Early Retirement” to Laid Off Employees X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= CONINDUS SRL: Proofs of Claim Verification Due on May 22 -------------------------------------------------------- Nelida Cunarro, the court-appointed trustee for Conindus SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until May 22, 2009. Ms. Cunarro will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, 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. DONA CAROLINA: Asks for Opening of Preventive Contest ---------------------------------------------------- Dona Carolina SA asked for the opening of preventive contest. The company stopped its payment on October 30, 2008. INDUSTRIAS CARSIGOM: Asks for Opening of Preventive Contest ----------------------------------------------------------- Industrias Carsigom SA asked for the opening of preventive contest with the assistance of Court No. 21 in Buenos Aires, with the assistance of Clerk No. 41. TANDLER SRL: Proofs of Claim Verification Due on April 23 --------------------------------------------------------- The court-appointed trustee for Tandler S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until April 23, 2009. The trustee will present the validated claims in court as individual reports on June 8, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on July 22, 2009. ============= B E R M U D A ============= ABACUS INVESTMENTS: Members' General Meeting Set for April 15 ------------------------------------------------------------- The members of Abacus Investments Limited will hold their general meeting on April 15, 2009, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Nicholas Hoskins is the company's liquidator. CYRUS REINSURANCE: Creditors' Proofs of Debt Due on March 20 ------------------------------------------------------------ The creditors of Cyrus Reinsurance Limited are required to file their proofs of debt by March 20, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: John C. McKenna CA of Finance & Risk Services Ltd. Suite 502, 26 Bermudiana Road Hamilton HM 11 Bermuda CYRUS REINSURANCE: Members' General Meeting Set for April 10 ------------------------------------------------------------ The members of Cyrus Reinsurance Limited will hold their general meeting on April 10, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: John C. McKenna CA of Finance & Risk Services Ltd. Suite 502, 26 Bermudiana Road Hamilton HM 11 Bermuda FREMONT REINSURANCE: Court Enters Wind-Up Order ----------------------------------------------- On February 27, 2009, the High Court of Bermuda entered an order to have Fremont Reinsurance Co. Ltd.'s operations wound up. The company's provisional liquidators are: Mark Smith Rachelle Frisby Deloitte & Touche LONGCASTLE INTERIM: Creditors' Proofs of Debt Due on March 20 ------------------------------------------------------------- The creditors of Longcastle Interim Holdings (Bermuda) Limited are required to file their proofs of debt by March 20, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda LONGCASTLE INTERIM: Members' General Meeting Set for April 7 ------------------------------------------------------------ The members of Longcastle Interim Holdings (Bermuda) Limited will hold their general meeting on April 7, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda MOUNTAIN VIEW: Creditors' Proofs of Debt Due on March 23 -------------------------------------------------------- The creditors of Mountain View Indemnity Ltd. are required to file their proofs of debt by March 23, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 20, 2009. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda MOUNTAIN VIEW: Sole Member to Receive Wind-Up Report on April 6 --------------------------------------------------------------- The sole member of Mountain View Indemnity Ltd. will receive the liquidator's report on the company's wind-up proceedings and property disposal on April 6, 2009, at 3:00 p.m. The company commenced liquidation proceedings on Feb. 20, 2009. The company's liquidator is: Kehinde A. L. George Crawford House, 50 Cedar Avenue Hamilton HM 11 Bermuda SAGECREST HOLDINGS: Appoints Mitchell as Provisional Liquidator --------------------------------------------------------------- On March 3, 2009, Peter C. B. Mitchell was appointed as provisional liquidator of Sagecrest Holdings Limited. THE UNIVERSAL: Creditors' Proofs of Debt Due on April 6 ------------------------------------------------------- The creditors of The Universal Bond Fund Limited are required to file their proofs of debt by April 6, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 5, 2009. The company's liquidator is: Roderick M. Forrest Chancery Hall, 52 Reid Street Hamilton HM 12 Bermuda THE UNIVERSAL: Members' General Meeting Set for April 13 -------------------------------------------------------- The members of The Universal Bond Fund Limited will hold their general meeting on April 13, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 5, 2009. The company's liquidator is: Roderick M. Forrest Chancery Hall, 52 Reid Street Hamilton HM 12 Bermuda VANGUARD INSURANCE: Court Enters Wind-Up Order ----------------------------------------------- On February 27, 2009, the High Court of Bermuda entered an order to have Vanguard Insurance Company Ltd.'s operations wound up. The Official Receiver was constituted as the company's provisional liquidator. WAIMEA LIMITED: Creditors' Proofs of Debt Due on March 20 --------------------------------------------------------- The creditors of Waimea Limited are required to file their proofs of debt by March 20, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda WAIMEA LIMITED: Members' General Meeting Set for April 10 --------------------------------------------------------- The members of Waimea Limited will hold their general meeting on April 10, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 4, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton Bermuda ============= B E R M U D A ============= XL CAPITAL: Chairman & Board Member Won't Seek Re-Election ---------------------------------------------------------- XL Capital Limited's Chairman of its Board of Directors and former President and CEO Brian M. O'Hara, along with John T. Thornton, a member of its Board since 1988, have decided not to stand for re- election at the Annual General Meeting on April 24, 2009. Robert S. Parker and Alan Z. Senter, Board members since 1992 and 1986 respectively, have decided to retire from the Board at the end of 2009. "I have had the pleasure of serving with these three directors for many years," noted outgoing Chairman Mr. O'Hara. "We have seen XL through good and difficult times. It is fitting that having guided the Company through this very challenging past year and installed a new CEO, that we step aside for a new generation of Board leadership." Lead Director Robert R. Glauber said: "First of all I would like to thank Brian. Obviously the events of the past year were hardly the way in which Mr. O'Hara had planned to retire, and it has been very public just how painfully and fully aligned Mr. O'Hara's fortunes have always been with shareholders. At the same time we would all do well to remember that without Brian this franchise simply would not exist." He added: " Mr. O'Hara, Mr. Thornton, and Mr. Senter have helped lead us through the on-boarding of a new CEO and dealing with the recent challenges. By deciding to leave the Board, they allow the passing of the baton of governance to a new generation of Board leadership. We are all grateful to them for their long service and for their wisdom and grace in stepping forward to allow the Board to be refreshed." Following the retirement of Mr. O'Hara and Mr. Thornton immediately prior to the Annual General Meeting, the Board will be fixed at 11 directors. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed these ratings with a negative outlook: * XL Capital Ltd -- senior unsecured debt at Baa2; preferred stock at Ba1; * XL Capital Finance (Europe) plc -- senior unsecured debt at Baa2; * XLLIAC Global Funding -- backed medium term notes at A2; * Stoneheath Re -- preferred stock at Ba1; * Premium Asset Trust Series 2004-9 -- senior secured at A2. XL CAPITAL: Pays Two Chief Executives a Combined US$16 Million -------------------------------------------------------------- XL Capital Limited paid out more than US$16 million in compensation to two chief executives that oversaw the company in 2008, Stephen Bernard of The Royal Gazette reports. According to the report, non-executive chairman Brian O'Hara, who served as CEO until April 30, was paid US$8.7 million in 2008, which was a 17% increase from the full-year's pay in 2007, while his replacement, Michael McGavick, received US$7.5 million in compensation for the eight months he served as the company's CEO. The Gazette relates that the company's executives took home more pay than in 2007, despite the struggles of the company. Mr. O'Hara's salary, the report notes, declined 67% to US$333,333 as he only served as CEO for one-third of the year, while his bonus dropped 60% to US$600,000. The Gazette says the primary increases in Mr. O'Hara's pay package came from other compensation - which includes a travel allowance, retirement contributions and a housing allowance, among other items - and from the value of stock options and restricted stock he was awarded in 2008. The Gazette relates Mr. O'Hara's stock options and restricted stock payments more than doubled to US$4.8 million in 2008. Mr. O'Hara, the report notes, took home US$861,058 in other compensation, compared with US$684,471 in 2007. Meanwhile, The Gazette says Mr. McGavick, during his first eight months of work, received a salary of US$666,667, with a total bonus of US$3.5 million. The remainder of his salary came from other compensation and stock options and restricted stock awards, the report adds. Mr. McGavick, the report notes, received $881,956 in other compensation, and US$2.4 million in stock options and restricted stock awards. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed these ratings with a negative outlook: * XL Capital Ltd -- senior unsecured debt at Baa2; preferred stock at Ba1; * XL Capital Finance (Europe) plc -- senior unsecured debt at Baa2; * XLLIAC Global Funding -- backed medium term notes at A2; * Stoneheath Re -- preferred stock at Ba1; * Premium Asset Trust Series 2004-9 -- senior secured at A2. =========== B R A Z I L =========== BANCO DO BRASIL: Central Bank Approves Nossa Caixa Acquisition -------------------------------------------------------------- Brazil's central bank approved state-run Banco do Brasil's purchase of Nossa Caixa, a commercial bank owned by the state of Sao Paulo, Isabel Versiani of Reuters reports. As reported in the Troubled Company Reporter - Latin America on November 24, 2008, Bloomberg News said Banco do Brasil will buy a 71.2% stake in Banco Nossa for BRL5.39 billion in cash after 7 months of negotiations. The bank is paying BRL70.63 a share, an 18th month installment of BRL299.2 million beginning March 2009, aiming to regain its top rank as Latin America's biggest financial group, the same report noted. "The central bank concluded that the operation does not jeopardize competition in the (national financial) system," the central bank said in a press release obtained by Reuters. 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)' BANCO SCHAHIN: S&P Withdraws 'B/B' Global Scale Rating ------------------------------------------------------ Standard & Poor's Ratings Services said that it withdrew its 'B/B' global scale and 'brBBB-brA-3' Brazil national scale long-term counterparty credit ratings on Banco Schahin S.A., at the company's request. * BRAZIL: BNP Paribas Says Economy to Contract 1.5% This Year ------------------------------------------------------------- Brazil’s economy may shrink 1.5% this year as exports decline and retail spending dries up, lowering a previous forecast for a 0.4% contraction, Joshua Goodman of Bloomberg News reports, citing BNP Paribas analysts Diego Donadio. “The external environment is taking longer to recover and that will depress demand for Brazilian products and hurt domestic spending,” BNP economist Diego Donadio told Bloomberg News in a phone interview. According to the report, the national statistics agency said gross domestic product fell 3.6% in the fourth quarter from the previous three-month period as companies slashed output. The drop exceeded forecasts from all 31 analysts surveyed by Bloomberg. Brazil’s economy expanded 1.3% from the year-ago period, the report recalls. ========================== C A Y M A N I S L A N D S ========================== BOMO LTD: Placed Under Voluntary Wind-Up ---------------------------------------- The shareholder of Bomo Ltd. resolved to voluntarily wind up the company's operations on January 2, 2009. Only creditors who were able to file their proofs of debt by February 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Argosa Corp. Inc. c/o Alan G. de Saram Charles Adams, Ritchie & Duckworth P.O. Box 709, Zephyr House Mary Street, George Town Grand Cayman KY1-1107 Tel: 949-4544 Fax: 949-8460 BRANDYMIST LTD: Placed Under Voluntary Wind-Up ---------------------------------------------- The shareholder of Brandymist Ltd. resolved to voluntarily wind up the company's operations on January 2, 2009. Only creditors who were able to file their proofs of debt by February 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Argosa Corp. Inc. c/o Alan G. de Saram Charles Adams, Ritchie & Duckworth P.O. Box 709, Zephyr House Mary Street, George Town Grand Cayman KY1-1107 Tel: 949-4544 Fax: 949-8460 BUTTONWOOD HOLDING: Placed Under Voluntary Wind-Up -------------------------------------------------- The shareholders of Buttonwood Holding Company Cayman Limited met on January 12, 2009, and 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 CANADA 7.25% 2008: Placed Under Voluntary Wind-Up ------------------------------------------------- The shareholder of Canada 7.25% 2008 (Cayman) resolved to voluntarily wind up the company's operations on December 12, 2008. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidators are: Nicola Eccleston Sylvia Lewis c/o Nicola Eccleston P.O. Box 1109, Grand Cayman KY1-1102 Telephone: (345) 949-7755 Facsimile: (345) 949-7634 EW GLOBAL: Placed Under Voluntary Wind-Up ----------------------------------------- The shareholder of EW Global Funding Limited resolved to voluntarily wind up the company's operations on January 16, 2009. 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 J.P. MORGAN ASIA: Placed Under Voluntary Wind-Up ------------------------------------------------ The shareholders of J.P. Morgan Asia Technology Limited met on January 12, 2009, and 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 MELCHIOR JAPAN ET AL: Placed Under Voluntary Wind-Up ---------------------------------------------------- On December 30, 2008, the shareholders resolved to voluntarily wind up the operations of: -- Melchior Japan Fund 002 Limited; and -- Melchior Japan (Master) Fund 002 Limited. Only creditors who were able to file their proofs of debt by February 23, 2009, will be included in the company's dividend distribution. The companies' liquidator is: Richard E. L. Fogerty c/o Dian Wardle Kroll (Cayman) Limited, 4th Floor Bermuda House, Dr. Roy’s Drive Grand Cayman Telephone: +1 (345) 946-0081 Fax: +1 (345) 946-0082 NEWGATE EMERGING: Placed Under Voluntary Wind-Up ------------------------------------------------ The sole shareholder of Newgate Emerging Markets Bond Fund Limited resolved to voluntarily wind up the company's operations on January 13, 2009. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946-7665 Facsimile: (345) 946-7666 PAMPLONA GLOBAL ET AL: Placed Under Voluntary Wind-Up ----------------------------------------------------- On January 16, 2009, the shareholders resolved to voluntarily wind up the operations of: -- Pamplona Global Emerging Markets Master Fund Ltd; and -- Pamplona Global Emerging Markets Fund Ltd. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946-7665 Facsimile: (345) 946-7666 PEGASYS MARINE: Placed Under Voluntary Wind-Up ---------------------------------------------- The shareholder of Pegasys Marine, Inc. resolved to voluntarily wind up the company's operations on January 12, 2009. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Alan Dabbiere 1425 Ellsworth Industrial Blvd. Suite 33, Atlanta GA 30318 USA Tel: 404-558-2181 Fax: 703-356-3788 RECIENTE INC: Placed Under Voluntary Wind-Up -------------------------------------------- The shareholder of Reciente Inc. resolved to voluntarily wind up the company's operations on January 16, 2009. 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 ROBECO WPG: Placed Under Voluntary Wind-Up ------------------------------------------ The shareholder of Robeco WPG Distressed/Special Situations Overseas Fund, Ltd. resolved to voluntarily wind up the company's operations on November 6, 2008. Only creditors who were able to file their proofs of debt by Feb. 12, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Bryant Terry Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949-9876 Facsimile: (345) 949-1987 SAP GROUP: Placed Under Voluntary Wind-Up ----------------------------------------- The shareholder of SAP Group Limited resolved to voluntarily wind up the company's operations on September 23, 2008. Only creditors who were able to file their proofs of debt by March 3, 2009, will be included in the company's dividend distribution. The company's liquidator is: Eduardo Aristu Tel: 0054 11 4343 3488 Avda. Alicia Moreau de Justo 740 Puerto Madero, Loft 212 Buenos Aires, Argentina SOUTHEAST EUROPE: Placed Under Voluntary Wind-Up ------------------------------------------------ The shareholders of Southeast Europe Equity Fund Ltd. met on December 31, 2008, and 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 SPYGLASS CLO I: Placed Under Voluntary Wind-Up ---------------------------------------------- The shareholder of Spyglass CLO I, Ltd. resolved to voluntarily wind up the company's operations on January 16, 2009. 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 TAIB EXPLORER: Placed Under Voluntary Wind-Up --------------------------------------------- On February 2, 2009, the shareholders of Taib Explorer Fund, Ltd. passed a written resolution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Reid Services Limited Clifton House, 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands THE CUADRAR OFFSHORE ET AL: Placed Under Voluntary Wind-Up ---------------------------------------------------------- On January 15, 2009, the shareholders resolved to voluntarily wind up the operations of: -- The Cuadrar Offshore Master Fund, Ltd; and -- The Cuadrar Offshore Fund, Ltd. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The companies' liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946-7665 Facsimile: (345) 946-7666 TRUE NORTH: Placed Under Voluntary Wind-Up ------------------------------------------ The shareholder of True North Global Opportunities Limited resolved to voluntarily wind up the company's operations on December 24, 2008. Only creditors who were able to file their proofs of debt by March 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946-7665 Facsimile: (345) 946-7666 ========= C H I L E ========= EMBLEM FINANCE: S&P Pares Rating On Series 3 2028 Notes to 'B-' --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its rating on Emblem Finance Co. No. 2 Ltd.'s Chilean peso 20,833,442,750 inflation- adjusted notes series 3 due 2028 to 'B-' from 'BB+'. The rating remains on CreditWatch with negative implications, where it was placed Jan. 22, 2009. The rating action follows S&P's March 10, 2009, lowering of its long-term corporate credit rating on Cemex S.A.B. de C.V. to 'B-' from 'BB+'. Emblem Finance Co. No. 2 is a synthetic structured financing with a first-to-default structure that is credit-linked to Cemex. The transaction is collateralized by Republic of Chile (foreign currency rating A+/Stable/A-1; local currency rating AA/Stable/A- 1+) peso-denominated and inflation–adjusted sovereign bonds. The transaction also has exposure to JPMorgan Chase Bank N.A. (AA-/Negative/A-1+), the swap counterparty. If a credit event occurs regarding Cemex, investors will receive a cash settlement amount in U.S. dollars that is calculated according to the market value of the reference obligation and the swap, and the amount of liquidation proceeds realized from the collateral. Emblem Finance Co. No. 2 is part of the Corsair multi-issuance program, which is sponsored by J.P. Morgan Securities Ltd., and was created to issue multiple series of notes so that each issuance's ratings and credit risk are independent of the others. S&P will continue to surveil the issue rating on this asset-backed securities securitization and revise the rating as necessary to reflect any changes in the transactions' underlying credit quality. ================================== D O M I N I C A N R E P U B L I C ================================== FM INDUSTRIES: To Cut 1,000 Jobs to Continue Working ---------------------------------------------------- FM Industries said it will lay off 1,000 employees, but will continue to operate with 500, The Dominican Today reports. According to the report, the company in a statement said that the job cuts will allow it to continue working and to meet its commitments with customers and suppliers. FM Industries, the report relates, expects the causes that led it to reduce personnel are temporary and that the external and internal factors that affects the free zone sector improves in the near future, allowing it to reinstate the laid off personnel. FM Industries, since 1987, makes U.S. brand trousers in the Victor Espaillat Mera Industrial Free Zone Park. ============= E C U A D O R ============= ECOPETROL: Buys Hocol Petroleum From Maurel & Prom for US$748Mln ---------------------------------------------------------------- Ecopetrol SA has agreed to purchase Maurel & Prom's Hocol Petroleum Ltd (Hocol Colombia) for US$748 million. The total transaction price, payable in cash, could be increased by these earn-outs: - earn-out based on the level of the 2P reserves of the potential Huron field in the Niscota license; and - earn-out linked to the level of the oil price. Moreover Maurel & Prom will keep these assets: - 100% of the Muisca exploration permit; - 50% of the Hocol rights in the Tangara exploration permit (partnership with Ecopetrol and Talisman); - 100% of the Sabanero exploration permit; - 100% of the SN-9 exploration permit; - 100% of the Block 116 in Peru exploration permit; - its 26.35% stake in Lagopetrol in Venezuela; - its interests in Brasil (pending the final agreement). The transaction has an effective date of January 1, 2009. Closing is subject to the satisfaction of customary conditions precedent, including the approval from the Colombian Competition Authority and the final purchase price may be adjusted based on the calculation of the net financial situation in accordance with the agreement of the parties. The proceeds of the sale will be used by the Group to pursue the exploration program that is the core business of Maurel & Prom. About Hocol Petroleum Hocol operates in Colombia for more than 50 years as an E&P company. It has been bought by Maurel & Prom in August 2005. In less than 4 years, Maurel & Prom boosted the exploration side of the company in developing and in enlarging its mining rights. The most important success since 2005 has been the Ocelote discovery in 2007 and entered into production in 2008. The entitled production for 2008 was 15,358 boepd. As of January, 30th 2009, the entitled production was 22,000 boepd. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the symbol ECOPETROL. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined-products. * * * As reported by the Troubled Company Reporter-Latin America on November 12, 2008, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. The Rating Outlook is Stable. ============= J A M A I C A ============= AIR JAMAICA: Search is On for Ex-Employee in J$61 Million Theft --------------------------------------------------------------- Authorities are now looking for the former Air Jamaica employee Andre Leslie, who is being sought for questioning in connection with the J$61 million (US$700,000) heist at the national carrier, CaribWorldNews reports. The report relates Air Jamaica's CEO Bruce Noble said the airline's internal security and audit department; external auditors; and other domestic and international authorities are probing the theft. According to the report, Mr. Leslie was a Treasury Assistant at the airline up until February 3, 2009, when he walked off the job. Soon after, the theft was reportedly discovered, the report says. Mr. Noble, the report points out, insisted that the airline took immediate steps to prevent any further breaches once the fraud was uncovered. Headquartered in Kingston, Jamaica, Air Jamaica Limited -- 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. * JAMAICA: Used Cars Business Hit by Downturn in Local Economy -------------------------------------------------------------- Some of Jamaica's used car dealers have started to close their operations as the downturn in the local economy takes a further toll on the auto industry, Radio Jamaica News reports. The Jamaica Used Car Dealers Association, the report relates, said at least two members have drawn down their shutters permanently after sales nose-dived while other have started to down size their operations. President of the Association, Kenneth Shaw, told Radio Jamaica's Financial Report that the situation has reached crisis level. "We're trying to hold on and see how best we can survive and how best we can diversify our operations to be able to stay afloat but the inevitable will come down the line unless the whole global situation changes. The situation will get worst but we're waiting to see how much worse it will get in the next couple of months," the news agency quoted Mr. Shaw as saying. The Association currently has a little over 60 members, the report adds. * * * According to Moody's Web site, the country continues to hold a B1 foreign currency rating and a Ba2 local currency rating. =========== M E X I C O =========== CEMEX SAB: S&P Downgrades Global Corporate Credit Rating to 'B-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its ratings on Cemex S.A.B de C.V. and its key operating subsidiaries (Cemex España S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.), including lowering the long-term global scale corporate credit ratings on Cemex and Cemex Mexico to 'B-' from 'BB+'. The ratings remain on CreditWatch, where they were placed with negative implications on Jan. 21, 2009. S&P also lowered the long-term Mexican national scale corporate credit ratings on the companies, to 'mxBB' and 'mxB' from 'mxAA-' and 'mxA-1'. At the same time, S&P lowered its rating on Cemex's fixed-to- floating callable perpetual debentures to 'CCC' from 'BB'. "The rating action followed the announcement yesterday that the issuer has indefinitely postponed its previously announced capital markets debt financing," said Standard & Poor's credit analyst Juan Pablo Becerra. "It also reflects our concerns about timely refinancing of its bank loan maturities in 2009." Standard & Poor's estimates that Cemex needs to meet a cash flow shortfall this year of about $1.8 billion to $2.0 billion, net of estimated free cash flow. The company announced that it has initiated discussions with its core banks to renegotiate the majority of its outstanding debt. However, S&P remain concerned that depressed asset prices and the near-freeze in global credit markets may hamper refinancing efforts and asset sales, causing access to resources to take longer or be lower than S&P originally expected. The company is continuing in its effort to cover its 2009 maturities shortfall, and S&P expects that it will be able to refinance or extend these debt maturities. Nonetheless, terms and conditions are now much more uncertain. As a result of these developments, S&P also believes that the risk of payment deferral on the company's perpetual notes has increased significantly; this is reflected in the widening of the gap between the perpetual debentures and the corporate and senior unsecured rating. Under S&P's criteria, payment deferral on the perpetual notes would lead us to adjust the rating on the notes to 'C'. To resolve the CreditWatch, S&P intends to follow any further developments in Cemex's progress in refinancing its maturities due in 2009 and 2010. It is likely that S&P will lower the rating if the company is unable to accomplish an asset sale or a refinancing in the next few months as it has announced. COMERCI: Gets Restructuring Proposal From Counterparties -------------------------------------------------------- Controladora Comercial Mexicana SAB (Comerci) received a restructuring proposal from derivatives counterparties, Hugh Collins of Bloomberg News reports. As reported in the Troubled Company Reporter-Latin America on Feb. 2, 2009, Bloomberg News said Comerci hired N.M. Rothschild & Sons to advise on its debt restructuring. According to Reuters, Comerci's holders of around MP1.5 billion (US$114 million) debt want all their money, without a negotiated reduction, after the company defaulted due to the global crisis and plummeting peso. Reuters related that Comerci failed to make payments on local notes held by some 1,000 investors, from funds to individuals, and was expected by analysts to try to negotiate reduced payments. Reuters noted that the retailer's creditors include six banks that backed up its trading in derivatives for over US$1 billion, five banks that extended loans, as well as bond holders. The banks that sold the derivatives, Bloomberg News notes, included Merrill Lynch & Co., Citigroup Inc.’s Banamex unit, Goldman Sachs Group Inc. and Barclays Plc. The company, Bloomberg News recalls, filed for bankruptcy protection at least three times, and ended its legal attempts to enter bankruptcy in order to facilitate negotiations with creditors. About Comerci Controladora Comercial Mexicana SAB de CV (CCM) -- http://www.comerci.com.mx -- is a Mexican holding company that, through its subsidiaries, operates several chains of retail stores, as well as a chain of family restaurants under the Restaurantes California brand name. In addition, CCM owns a 50% interest in the Costco de Mexico, a joint venture with Costco Wholesale Corporation, which operates a chain of membership warehouses in Mexico. The Company's store chains include Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and Alprecio, among others. As of December 31, 2007, CCM operated 214 commercial units and 71 restaurants across Mexico. The Company's retail outlets sell a variety of food items, including basic groceries and perishables, and non-food items, which include electronics, home furnishings, personal hygiene products and clothing. CCM is a parent of Tiendas Comercial Mexicana SA de CV, Tiendas Sumesa SA de CV, Restaurantes California SA de CV and Costco de Mexico SA de CV, among others. ==================== P U E R T O R I C O ==================== CARABEL EXPORT: Court OKs Auction; Continental is Lead Bidder ------------------------------------------------------------- Upon the motion of Carabel Export & Import, Inc. d/b/a Italceramica, et al., the U.S. Bankruptcy Court for the District of Puerto Rico approved on March 6, 2009: i) the bidding procedures for the sale of the Debtors' assets to Continental Tiles, Inc., which is the stalking horse bidder, or to the bidder submitting the highest or otherwise best bid at the auction; ii) the sale of the assets to the successful bidder at the auction sale to be conducted as provided in the Bidding Procedures; and iii) the stipulation between Westernbank and the Debtors for the use of Cash Collateral. Continental, the Stalking Horse Bidder, the stock of which is held by the Debtors' president's father, Mr. Heli Rivera, has submitted a bid of $2,500,000 for the Debtors' assets. The assets to be sold include all of the Debtors' merchandise inventory, machinery and equipment, and all other known assets, as well as the "Italceramica", "National Ceramics" and "Caribbean Marble & Granite" Trade Name, logos and their domain. The Court has set a sale hearing for April 7, 2009, at 10:30 a.m. The bid deadline is March 31, 2009. Responses or objections, to any of the relief requested by the Debtors, including the entry of the Sale Order, shall be filed with the Bankruptcy Court so as to received on or before 4:00 p.m. on April 6, 2009, and served on the Notice Parties not later than the close of business on April 3, 2009. Agreement with Westernbank Pursuant to the agreement with Westernbank, the Debtors are permitted to use Cash Collateral of Westernbank in an amount not to exceed $250,000 per month, up to and including April 15, 2009, and solely to satisfy the expenses included in a budget. All payments and expenses from the Cash Collateral shall be subject to the approval of Pedro Morazanni, from Zayas & Morazzani, as the Monitor of Westernbank's Collateral. In addition to the $250,000, Westernbank also authorizes the Debtors to use Cash Collateral in an amount not to exceed $30,000, to satisfy postpetition, allowed and unpaid professional fees of the Debtors' counsel and accountant. Furthermore, all of the proceeds of the sale up to the amount of the Westernbank Claim shall go to Westernbank, through a plan of liquidation, subject a Carve-Out in the amount of $60,000 for the fees of the Debtors' professionals plus any amounts which are required for the payment of the U.S. Trustee fees. As of the petition date, the Debtors owed Westernbank approximately $18,577,639 under the Financing Agreements. The Debtors' obligations under the Financing Agreements is secured by a first priority security interest over substantially all of the assets of the Debtors. Auction Sale Pursuant to the Asset Purchase Agreement between Debtors and Continental, the auction sale, if necessary, will be conducted on or before April 6, 2009, at 10:00 a.m. prevailing eastern time at the offices of O'neill & Borges, American International Plaza, 250 Munoz Street, Suite 800, in San Juan, PR 00918-1913. Approved Bidding Procedures To become a Qualified Bidder for the purchase of the Debtors' assets, a potential bidder must provide satisfactory evidence of committed financing reasonably sufficient to ascertain said bidder's ability to close the sale on or before April 15, 2009. A potential bidder must submit an executed Agreement on substantially the same terms as set forth in the Asset Purchase Agreement marked to show changes thereto, which are not conditioned on obtaining financing and contain an offer to purchase the assets for no less than $100,000 in excess of the purchase price set forth in the Asset Purchase Agreement. Qualified Bids must be accompanied by a cash deposit of $125,000, which deposit shall be forfeited as liquidated damages if the Potential Bidder is selected as the successful bidder at the auction, approved by the Bankruptcy Court and fails or refuses to close for reasons other than the Sellers' default.. A full-text copy of the Approved Bidding Procedures is available at: http://bankrupt.com/misc/CarabelExport.BiddingProcedures.pdf A full-text copy of the Asset Purchase Agreement between the Debtors and Continental Tiles, Inc., dated as of March 4, 2009, is available at: http://bankrupt.com/misc/CarabelExport.APA.pdf Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba ItalCeramica, and its affiliates filed separate Chapter 11 petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No. 08-08956). The Hon. Enrique S. Lamoutte oversees the case. Charles Alfred Cuprill, Esq., in San Juan, represents the Debtors. When it filed for bankruptcy, Carabel disclosed $14,544,289 in total assets, and $26,957,250 in total debts. CARABEL EXPORT: US Trustee Appoints 5-Member Creditors Committee ---------------------------------------------------------------- Donald F. Walton, the United States Trustee for Region 21, appointed 5 creditors to serve on the Official Committee of Unsecured Creditors in Carabel Export and Import, Inc. and its debtor-affiliates' jointly administered Chapter 11 cases. The Creditors Committee members are: a) Italcrafts (Fincrafts S.p.A) c/o Mr. Faraci Massimo Via Sacco e Vanzetti 22/24/26 Fiorano Modenese (Mo), Italy 41042 Tel: +39 0536 838911 Fax: +39 0536 831205 Email: giordani@italcrafts.it b) American Supply, Inc. 400 Alton Road TI Miami Beach, FL 33139-6702 c/o Kayla Feliciano Ruiz, Esq. Union Plaza, Suite 311 416 Ponce de Leon Ave. San Juan, P.R. 00918-3430 Tel: (787) 751-8999 (787) 763-7760 Email: kfeliciano@tcmrslaw.com c) Luis Sanchez Diez, S.A. c/o Mr. Luis Miguel Segura Sanchez - Administrator Campet 10 PO Box 57 Alicante-Spain, Novelda Spain 3660 Tel: 34 965 60 17 90 Fax: 34 965 60 10 93 Email: admin@lsd.es d) Pamesa Ceramica SL c/o Mr. Jose Antonio Subies Casanova - Sales Area Manager Camino de Alcora N.8 Almazora (Castellon), Spain 12550 Tel: 34 964 50 75 11 Fax: 34 964 52 27 16 Email: jasubies@pamesa.com e) Unicom SRL c/o Mr. Antonio Poggi - President Via Flumendosa, 7 41042 Spezzano di Fiorano Modenise (Mo), Italy Tel: +39 0536 9266011 Fax: +39 0536 926026 Email: antonio.poggi@unicomstarker.com Based in Caguas, Puerto Rico, Carabel Export and Import Inc., dba ItalCeramica, and its affiliates filed separate Chapter 11 petitions on December 30, 2008 (Bankr. D. P.R. Lead Case No. 08-08956). The Hon. Enrique S. Lamoutte oversees the case. Charles Alfred Cuprill, Esq., in San Juan, represents the Debtors. When it filed for bankruptcy, Carabel disclosed $14,544,289 in total assets, and $26,957,250 in total debts. * PUERTO RICO: Can't Pay “Early Retirement” to Laid Off Employees ----------------------------------------------------------------- Puerto Rico’s Retirement System lacks funds to pay off thousands of government workers that will be forced to retire early, Maria Miranda Sierra of Caribbean Net News reports, citing Popular Democratic Party (PDP) Sen. Cirilo Tirado. Mr. Tirado, the report relates, noted that the Commonwealth’s Retirement System has been facing serious fiscal problems for years, and if public workers are forced to retire early, those who are already retired and receive these benefits will be affected as well. “If workers leave their jobs before hand and opt to retire, the government has to advance payments to meet the Law without necessarily having the fiscal resources to do so,” Tirado said in a written statement obtained by the news agency. “Implementing this measure without a detailed and serious study puts at risk the retirement checks some 300,000 retired public workers currently receive.” As reported in the Troubled Company Reporter-Latin America on March 6, 2009, CaribWorldNews said Puerto Rico Governor Luis Fortuno said the government may cut 14% of public work force, around 30,000 employees, as the country attempts to shore up its ailing economy. Governor Fortuno, the report related, said the layoffs will begin on July 1 and are necessary despite the some $5 billion that the island will receive under President Barack Obama's stimulus package. “The government is too big and spends too much," Governor Fortuno was quoted by CaribWorldNews as saying. "Simply, the government has to be minimized." =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Mar. 13, 2009 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Beverly Wilshire, Beverly Hills, California Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 14-16, 2009 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 1-4, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 16-19, 2009 COMMERICAL LAW LEAGUE OF AMERICA 2009 Chicago/Spring Meeting Westin Hotel on Michigan Ave., Chicago, Ill. Contact: (312) 781-2000; http://www.clla.org/ Apr. 17-18, 2009 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES NABT Spring Seminar The Peabody, Orlando, Florida Contact: http://www.nabt.com/ Apr. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference John Adams Courthouse, Boston, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 27-28, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org Apr. 28-30, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org May 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners Alexander Hamilton Custom House, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 4, 2009 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference New York Marriott Marquis, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ May 7-8, 2009 RENASSANCE AMERICAN MANAGEMENT, INC. 6th Annual Conference on Distressted Investing - Europe The Le Meridien Piccadilly Hotel, London, U.K. Contact: 1-903-595-3800 or http://www.renaissanceamerican.com/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ May 12-15, 2009 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, La. Contact: http://www.abiworld.org/ May 14-16, 2009 ALI-ABA Chapter 11 Business Reorganizations Langham Hotel, Boston, Massachusetts Contact: http://www.ali-aba.org June 11-14, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ July 29-Aug. 1, 2009 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Westin Hilton Head Island Resort & Spa, Hilton Head Island, S.C. Contact: http://www.abiworld.org/ Aug. 6-8, 2009 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Conference Hotel Hershey, Hershey, Pa. Contact: http://www.abiworld.org/ Sept. 10-11, 2009 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 2, 2009 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Oct. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Paris Las Vegas, Las Vegas, Nev. Contact: http://www.abiworld.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *