/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090326.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 26, 2009, Vol. 9, No. 60 Headlines B R A Z I L BANCO DO BRASIL: Brazil to Increase Loan to Farmers by 28% BANCO NOSSA: Moody's Upgrades Bank Fin'l Strength Rating from 'D+' CITIGROUP: To Raise US$1.25 Billion in Redecard Sale C A Y M A N I S L A N D S ARLO VI: Moody's Withdraws 'B2' Rating on Series 2006-A1 Notes CLESSIDRA GLOBAL: Creditors' Proofs of Debt Due on April 2 CREEKSIDE HOLDINGS: Shareholders Receive Wind-Up Report CS GLOBAL ET AL: Liquidator Presents Wind-Up Report DOLOMITE EMERGING: Shareholders Receive Wind-Up Report FIRST DOMINION: Members Receive Wind-Up Report ELKHORN GLOBAL: Shareholders Receive Wind-Up Report EURUS LIMITED: Creditors' Proofs of Debt Due on April 2 HA HOLDINGS: Shareholders Receive Wind-Up Report HAMILTON CDO: Members Receive Wind-Up Report HIGHBRIDGE EVENT: Placed Under Voluntary Wind-Up KATONAH I, LTD: Members Receive Wind-Up Report KINKO'S CAYMAN: Placed Under Voluntary Wind-Up MVWFP CERTIFICATE: Members to Receive Wind-Up Report on May 2 NOVA GAS: Placed Under Voluntary Liquidation PARK STREET: Creditors' Proofs of Debt Due on April 2 POLAR CAPITAL: Creditors' Proofs of Debt Due on April 2 SMOKY RIVER ET AL: Liquidator Presents Wind-Up Report SSGA CM: Creditors' Proofs of Debt Due on April 2 WEST SIDE: Shareholders Receive Wind-Up Report WORLDWIDE INVESTMENTS: Creditors' Proofs of Debt Due on April 2 E C U A D O R * ECUADOR: To Announce Debt Restructuring Plan This Week J A M A I C A AIR JAMAICA: Adds Weekly Flights From New York to Grenada P E R U DORAL FINANCIAL: Names Robert Wahlman as Chief Financial Officer M E X I C O GRUMA SAB: S&P Retains CreditWatch on 'B+' Corporate Credit Rating INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200 Mil. Notes to Ca MTI GLOBAL: Seeks Covenant Relief From Lenders MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets V E N E Z U E L A PDVSA: Begins Gradual Payments of Outstanding Bills to Contractors * VENEZUELA: To Hike Taxes & Issue Debts on Decreasing Oil Prices X X X X X X X X * IATA Sees US$4.7BB Losses in 2009 for Global Airline Industry * Upcoming Meetings, Conferences and Seminars - - - - - =========== B R A Z I L =========== BANCO DO BRASIL: Brazil to Increase Loan to Farmers by 28% ---------------------------------------------------------- Brazil may increase lending to farmers by as much as 28% in the coming crop year after access to credit tightened amid the global financial crisis, Katia Cortes of Bloomberg News reports, citing Luis Carlos Guedes Pinto, Banco do Brasil SA Vice President for Agribusiness. The report relates Mr. Pinto said the government may offer farmers as much as BRL100 billion (US$45 billion) in loans for the crop year that starts in July, with Banco do Brasil contributing around 60% of the total. According to the report, the government financing plan, which will probably be announce in May, aims to offset a drop in lending from commodities traders after the global financial crunch reduced available credit worldwide. "Financing from traders will continue to be restricted. Public and private banks will have to be prepared for higher demand from farmers," Mr. Pinto was quoted by Bloomberg as saying. Bloomberg News relates Carlos Sperotto, vice president for the National Agriculture Confederation, said the amount to be provided is lower than the BRL155 billion farmers requested from President Luiz Inacio Lula da Silva. "The amount of financing will determine the size of the crop," Mr. Sperotto told the news agency in a telephone interview. "Lower financing means smaller crops," he added, the report notes. About Banco do Brasil 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 Banco do Brasil S.A.'s Individual Rating at 'C/D'. BANCO NOSSA: Moody's Upgrades Bank Fin'l Strength Rating from 'D+' ------------------------------------------------------------------ Moody's Investors Service upgraded to C from D+ (D plus) the bank financial strength rating assigned to Banco Nossa Caixa S.A. The rating agency also raised NC's global local currency long and short-term deposit ratings to A1/Prime-1 from A3/ Prime-2. The Ba2/Not Prime global foreign currency deposit ratings, currently constrained by the country ceiling for foreign currency deposits, and the Aaa.br/BR-1 Brazilian national scale deposit ratings were affirmed. All ratings have stable outlook. The rating actions follow the completion of the acquisition of Banco Nossa Caixa by Banco do Brasil, approved by the local regulatory authority on March 16th, 2009. Moody's said the upgrade of Nossa Caixa's BFSR to C reflects the alignment of its rating to those of BB and the important business leverage potential that is expected from being part of a larger banking conglomerate. Banco do Brasil's broad business platform is likely to offer important cross-selling opportunities to NC's sizable client base -- estimated at 5.7 million accountholders, with positive effect on the bank's profitability. Banco do Brasil intends to maintain the two brands separated while it integrates the technological and business platforms gradually in order to preserve its clients and risk management practices. Moody's last rating action on Banco Nossa Caixa was on November 24, 2008, when the bank's bank financial strength rating and the long and short-term local currency deposits were placed on review for possible upgrade. At that time, Moody's also affirmed all BB's ratings. Banco Nossa Caixa is headquartered in São Paulo, Brazil. As of December 31, 2008, Banco Nossa Caixa had total assets of R$54.3 billion (US$23 billion) and equity of R$3.2 billion (US$1.7 billion) and Banco do Brasil S.A. had total assets of R$507.3 billion (US$215.3 billion) and equity of R$29.9 billion (US$16.3 billion). These ratings of Banco Nossa Caixa S.A. were upgraded: -- Bank financial strength rating: to C from D+, with stable outlook -- Long-term global local currency deposit rating: to A1 from A3, with stable outlook; -- Short-term global local currency deposit rating: to Prime-1 from Prime-2. These ratings assigned to Banco Nossa Caixa S.A. were affirmed: -- Long and short-term foreign currency deposit ratings of Ba2 / Not Prime, stable outlook -- Long and short-term national scale ratings in Brazil of Aaa.br / BR-1, stable outlook CITIGROUP: To Raise US$1.25 Billion in Redecard Sale ---------------------------------------------------- Citigroup Inc. seeks to raise BRL2.8 billion (US$1.25 billion) through the sale of its 17% stake in Brazilian card-processing company Redecard SA, Paulo Winterstein of Bloomberg News reports . The report relates, citing a filing Brazil’s securities regulator Web site, the New York-based bank plans to sell 90.3 million shares at BRL24.50 reais each in a public offering. According to the report, Citigroup had planned to sell 82 million shares to the public, with the possibility of offering 8.3 million more to meet investor demand. As reported in the Troubled Company Reporter-Latin America on March 25, 2009, Reuters said Redecard SA said Itau Unibanco Banco Multiplo SA (former Banco Itau Holding Financeira SA) exercised an option to buy 24.08 million shares of the credit card processor being sold by Citigroup Inc in a secondary offering. Bloomberg News noted that Citigroup Chief Executive Officer Vikram Pandit said the company is shedding its businesses to free up capital after the bank posted a record US$18.7 billion loss in 2008. "Finding a strategic partner willing to invest R$2.1 billion of its capital in the current market environment is a very difficult task," Credit Suisse AG analyst Marcello Telles wrote in a Feb. 27 note, Bloomberg News said. About Citigroup Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com -- is organized into four major segments -- Consumer Banking, Global Cards, Institutional Clients Group, and Global Wealth Management. Citigroup had $2.0 trillion in total assets on $1.9 trillion in total liabilities as of Sept. 30, 2008. As reported in the Troubled Company Reporter on Nov. 25, 2008, the U.S. government entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital. As part of the agreement, the U.S. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve will backstop residual risk in the asset pool through a non-recourse loan. ========================== C A Y M A N I S L A N D S ========================== ARLO VI: Moody's Withdraws 'B2' Rating on Series 2006-A1 Notes -------------------------------------------------------------- Moody's Investors Service announced it has withdrawn its rating of the Series 2006-A1 note issued by Arlo VI Limited. Moody's explained that it has withdrawn this rating for business reasons. The rating action is: ARLO VI Limited: (1) Series 2006-A-1 (Prima-CDO Long/Short) US$ 20,000,000 Secured Limited Recourse Credit-Linked Notes due December 2013 -- Current Rating: WR -- Prior Rating: B2 -- Prior Rating Date: 10 March 2009 CLESSIDRA GLOBAL: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------------- The creditors of Clessidra Global Equity beta Neutral Fund are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 9, 2009. The company's liquidator is: Candace L. Ebanks Piccadilly Cayman Limited c/o BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632, 3rd Floor Royal Bank House, 24 Shedden Road Grand Cayman KY1-1006, Cayman Islands Telephone: 345 945 9208 Fax: 345 945 9210 CREEKSIDE HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------- On March 19, 2009, the shareholders of Creekside Holdings Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd c/o Evania Ebanks P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Facsimile: (345)-949-7920 CS GLOBAL ET AL: Liquidator Presents Wind-Up Report --------------------------------------------------- On March 17, 2009, Ian D. Stokoe presented the companies' wind-up report and property disposal to the members of: -- CS Global Rates and Currency Fund; and -- CS Global Rates and Currency Master Fund The Liquidator can be reached at: Ian D. Stokoe c/o Prue Lawson PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914-8662 Facsimile: (345) 945-4237 DOLOMITE EMERGING: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Dolomite Emerging Markets Total Return Fund, Ltd. met on March 16, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Raj Kewsani 122 East 42nd Street, Suite 735 New York, NY 10168, U.S.A. FIRST DOMINION: Members Receive Wind-Up Report ---------------------------------------------- On March 19, 2009, the shareholders of First Dominion Funding II received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Emile Small Maples Finance Limited P.O. Box 1093GT Grand Cayman Cayman Islands ELKHORN GLOBAL: Shareholders Receive Wind-Up Report --------------------------------------------------- On March 20, 2009, the shareholders of Elkhorn Global Alternative Energy Offshore Fund, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands EURUS LIMITED: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------- The creditors of Eurus Limited are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 10, 2009. The company's liquidator is: Ellen J. Christian c/o Piccadilly Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 HA HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------ On March 23, 2009, the shareholders of HA Holdings Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd. c/o Ica Eden P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: 345 949-5122 Facsimile: 345 949-7920 HAMILTON CDO: Members Receive Wind-Up Report -------------------------------------------- On March 19, 2009, the members of Hamilton CDO, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Martin Couch Onson Mukwedeya Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands HIGHBRIDGE EVENT: Placed Under Voluntary Wind-Up ------------------------------------------------ On February 9, 2009, the shareholders of Highbridge Event Driven/Relative Value Fund, Ltd. passed a resoution that voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by March 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Harmonic Management Services c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands KATONAH I, LTD: Members Receive Wind-Up Report ---------------------------------------------- On March 19, 2009, the members of Katonah I, Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Emile Small Maples Finance Limited P.O. Box 1093GT Grand Cayman Cayman Islands KINKO'S CAYMAN: Placed Under Voluntary Wind-Up ---------------------------------------------- On February 6, 2009, the sole shareholder of Kinko's Cayman 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 MVWFP CERTIFICATE: Members to Receive Wind-Up Report on May 2 ------------------------------------------------------------- The members of MVWFP Certificate 2003 will hold their final general meeting on May 2, 2009, at 12:00 noon to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands Telephone: 945-8859 Facsimile: 949-9793/4 NOVA GAS: Placed Under Voluntary Liquidation -------------------------------------------- On November 13, 2008, the sole shareholder of Nova Gas Sur Gas Distribution Ltd. resolved to voluntarily liquidate the company's business. The company's liquidators are: Donald Marchand John Scott TransCanada PipeLines Limited 450 - 1st Street S.W. Calgary, Alberta T2P 5H1 Canada PARK STREET: Creditors' Proofs of Debt Due on April 2 ----------------------------------------------------- The creditors of Park Street SPV RMV (Cayman) Limited are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 11, 2009. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 POLAR CAPITAL: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------- The creditors of Polar Capital Global Utilities Fund Limited are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 8, 2008. The company's liquidator is: Avalon Management Limited Zephyr House, 3rd Floor 122 Mary Street, George Town Grand Cayman KY1-1107, Cayman Islands Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 SMOKY RIVER ET AL: Liquidator Presents Wind-Up Report ----------------------------------------------------- On March 19, 2009, Richard Gordon presented the companies' wind-up report and property disposal to the members of: -- Smoky River CDO G.P. Co., Ltd; and -- Smoky River CDO L.P. Co., Ltd. The Liquidator can be reached at: Richard Gordon Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands SSGA CM: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------- The creditors of SSGA CM Emerging Equity Market Neutral Fund, Ltd. are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 6, 2009. The company's liquidator is: Avalon Ltd. c/o P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Telephone: (+1) 345 769-4422 Facsimile: (+1) 345 769-9351 WEST SIDE: Shareholders Receive Wind-Up Report ---------------------------------------------- On March 16, 2009, the shareholders of West Side V Offshore received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: West Side Advisors LLC 1995 Broadway, 8th Floor New York, NY 10023, USA WORLDWIDE INVESTMENTS: Creditors' Proofs of Debt Due on April 2 --------------------------------------------------------------- The creditors of Worldwide Investments Ltd. are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 29, 2009. The company's liquidator is: Avalon Ltd. c/o Mourant du Feu & Jeune Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 ============= E C U A D O R ============= * ECUADOR: To Announce Debt Restructuring Plan This Week -------------------------------------------------------- Ecuador will unveil a restructuring of its defaulted debt this week, Lester Pimentel of Bloomberg News reports, citing UBS AG. Ecuador’s declining foreign-exchange reserves and central bank deposits don’t "leave much margin for an appealing buyback to bondholders," UBS analyst Mariano Szafowal said in a report obtained by Bloomberg News. Bloomberg News recalls that in December, President Rafael Correa skipped a US$30.6 million interest payment for Ecuador’s US$510 million 12% bonds due in 2012, and defaulted on a US$135 million payment for its US$2.7 billion 10% notes maturing in 2030 earlier this month. As reported in the Troubled Company Reporter-Latin America on November 21, 2008, Bloomberg News said Ecuador may halt bond payments after its debt audit commission uncovered "illegality and illegitimacy" in the country's foreign obligations. The commission said the government's global bonds due in 2012 and 2030 "show serious signs of illegality," such as a lack of government authorization for their issuance, the same report said. Bloomberg News adds President Correa said in a radio and television address that plans for a restructuring of the two bonds are “very advanced” and will be announced “soon.” ============= J A M A I C A ============= AIR JAMAICA: Adds Weekly Flights From New York to Grenada --------------------------------------------------------- Air Jamaica Limited will add two weekly non-stop flights from New York/JFK to Grenada, bringing the airline's total weekly Grenada flights to four, Jamaica Information Service reports. According to the report, starting June 26, Air Jamaica will add a Friday flight; and beginning July 13, the company will add a Monday flight. The airline currently operates two weekly, non-stop flights on Wednesday and Saturday. The report relates that the airline's newly revised schedule comprises 218 weekly flights to 13 destinations, with service between Jamaica and Toronto, New York (JFK), Chicago (O'Hare), Baltimore, Philadelphia, Orlando, Fort Lauderdale, Curacao and Nassau, as well as service between New York and Barbados and New York and Grenada. About Air Jamaica 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. ======= P E R U ======= DORAL FINANCIAL: Names Robert Wahlman as Chief Financial Officer ---------------------------------------------------------------- Doral Financial Corporation appointed Robert E. Wahlman, a banking industry veteran, as the Company's new Chief Financial & Investment Officer. Mr. Wahlman is succeeding Marito Domingo, who led Doral's finance function as the Company successfully recapitalized and repositioned itself as a leading community banking organization. Mr. Domingo will be assisting Doral in its transition process. Mr. Wahlman joins Doral with 25 years of experience in bank accounting and finance management. Most recently, he served as Chief Financial Officer of Merrill Lynch Bank USA and Merrill Lynch Bank & Trust, where he had oversight for the financial management, internal controls structure and financial reporting of a grouping of U.S.-based banks with approximately US$100 billion in aggregate assets. Prior to that, Mr. Wahlman served in a number of key senior finance roles at financial services companies such as CIGNA Corporation and Bank One Corporation. Mr. Wahlman will report directly to Glen R. Wakeman, President and CEO of Doral Financial Corporation, and will have oversight of all corporate finance, accounting and investment operations of the Company. "We are delighted in welcoming Robert to our executive team. He is an industry veteran with finance and accounting experience at the senior levels of some of the largest financial institutions in the world. We are in the process of effecting a seamless transition in bringing Robert on board, and we look forward to working together with him in executing our strategy," said Mr. Wakeman. "Mr. Wahlman's appointment reflects the strong progress we have made in our Company's turnaround, and in particular, the outstanding efforts on the part of Mr. Domingo, who joined Doral with the mission of assisting us in the repositioning of the Company. Mr. Doming's accomplishments include the recapitalization of Doral, elimination of all accounting material weaknesses and the elimination of unusually high interest rate risk. We are a substantially safer and stronger company as a result of his work. With these milestones successfully completed, we understand Mr. Doming's desire to rejoin his family on the West Coast of the U.S. on a full time basis and pursue other professional interests. We wish Mr. Doming all the best in his future endeavors, and we extend to him our company's deep gratitude." Mr. Doming said, "It has been a pleasure working with Mr. Wakeman and my other colleagues at Doral. I am proud of all that we have accomplished and I believe I am departing at a time when Doral is well-positioned for the future." About Doral Financial Based in New York City, Doral Financial Corp. (NYSE: DRL) -- http://www.doralfinancial.com/-- is a diversified financial services company engaged in mortgage banking, banking, investment banking activities, institutional securities and insurance agency operations. Its activities are principally conducted in Puerto Rico and in the New York City metropolitan area. Doral is the parent company of Doral Bank, a Puerto Rico based commercial bank; Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm; Doral Insurance Agency Inc. and Doral Bank FSB, a federal savings bank based in New York City. * * * As reported by the Troubled Company Reporter-Latin America on March 19, 2009, Moody's Investors Service lowered the senior unsecured rating of Doral Financial Corporation to B2 from B1. =========== M E X I C O =========== GRUMA SAB: S&P Retains CreditWatch on 'B+' Corporate Credit Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services said that its ratings on GRUMA S.A.B. de C.V., including the 'B+' corporate credit rating on the company, remain on CreditWatch. S&P placed the ratings on CreditWatch with negative implications on Oct. 13, 2008, based on S&P's perception of a more aggressive financial policy including the use of derivative instruments. A negative CreditWatch listing means that S&P will either lower or affirm the ratings after completing S&P's review. S&P's update of the CreditWatch listing came after the company's March 23 announcement that it had agreed with several counterparties to terminate 87% of its exposure to foreign- exchange derivative instruments, a portion totaling $668.3 million. GRUMA also revealed that it has 120 days to negotiate rolling over the aggregate amount, which would otherwise become due and payable, into a term loan. "We believe GRUMA is highly capable of negotiating the term loan within the next 120 days and under the terms set forth in yesterday's announcement," said Standard & Poor's credit analyst Juan Pablo Becerra. The high likelihood that it will negotiate its term loan before the deadline mitigates most of S&P's concerns regarding GRUMA's foreign-exchange derivative exposure. S&P would therefore affirm the rating at 'B+' once the company closes the term loan transaction. Nevertheless, GRUMA still needs to address some open foreign- exchange positions. If it doesn't finalize the term loan within the next 120 days, S&P could take a negative rating action on the company. INDUSTRIAS UNIDAS: Moody's Cuts Ratings on US$200 Mil. Notes to Ca ------------------------------------------------------------------ Moody's Investors Service downgraded its ratings on the US$200 million in guaranteed senior unsecured notes due in 2016 issued by Industrias Unidas, S.A. de C.V.'s to Ca from Caa2. At the same time, Moody's downgraded IUSA's corporate family rating to Caa3 from Caa1. This action concludes the rating review initiated on December 16, 2008. The ratings outlook is negative. These ratings were affected: -- Industrias Unidas, S.A. de C.V. Corporate Family Rating: Caa3 -- 11.5% US$200 million of Gteed. Senior Unsecured Notes due 2016: Ca The downgrade primarily reflects IUSA's announcement of partial payment and restructuring of its US$20 million Euro Short Term Notes (not rated) due March 2009 and US$15 million Euro Short Term Notes (not rated) due August 2009. The US$20 million notes will be amortized with one payment of US$10.5 million on March 26, 2009 and three payments of about US$3.2 million on September 26, 2009, November 26, 2009 and March 26, 2010. The US$15 million notes will be paid after the US$20 million notes are fully paid. Moody's views both initiatives as distressed restructurings, although none will accelerate payment of other indebtedness. IUSA's US$200 million guaranteed senior unsecured notes due 2016 were lowered to Ca, one notch below the Caa3 corporate family rating, due to their subordination to secured loans as well as to debt at subsidiaries not providing guarantees for the notes. The Ca rating also reflects that, in case of default, recovery rate would likely be modest. Lower economic activity in Mexico and the U.S. and poor credit appetite have increased the likelihood that IUSA may not be able to meet all of its upcoming near and medium term financial obligations. The latter include an annual US$23 million coupon payment under its 2016 notes and an estimated US$33 million in principal debt maturities up to the first quarter 2010 (including US$15 million in Euro ST notes, mentioned above), which compares to the company's modest cash balance (US$29 million as of September 30, 2008) amid limited visibility for 2009 free cash flow. Continued negative pressures on earnings may cause free cash flow to remain weak and leverage high during 2009 and 2010, despite significant ongoing cost reduction efforts and a likely material cut in capital spending. The company's liquidity has recently been aided by the renewal of one of two asset-backed bank credit facilities available to IUSA's U.S. subsidiaries. Moody's believes that the second credit facility will likely be renewed soon. These credit lines are expected to be renewed at a smaller aggregate amount but should be in line with the lower current working capital needs. The negative outlook on the ratings reflects the continued high default risk given the company's weak operating performance and high leverage. The last rating action on IUSA was the downgrade of its Corporate Family Rating to Caa1 and the 2016 global notes to Caa2 on December 16, 2008. Industrias Unidas is one of Mexico's largest diversified industrial groups, manufacturing a wide range of copper-based and electrical products for the housing and electrical power sectors mainly in Mexico and the U.S. In 2008, Moody's expects the company to processes approximately 185,000 of metric tons of copper. As of September 2008, last twelve month revenues were in excess of US$2.3 billion. MTI GLOBAL: Seeks Covenant Relief From Lenders ---------------------------------------------- MTI Global Inc. reports that it is in breach of financial and general covenants with its lenders. In particular, the Company did not achieve its December 31, 2008 earnings before interest, taxes and depreciation, fixed charge coverage and funded debt to earnings before interest, taxes and depreciation covenants. Furthermore, the Company is in breach of certain general covenants it was obligated to satisfy pursuant to waiver agreements entered into by the Company with its lenders based on its June 30, 2008 and subsequent interim monthly results. The Company entered into a new agreement with its bank in June 2008. Under the terms of the new agreement, similar financial and general covenants and more restrictive reporting requirements have been placed on the Company. The Company signed a waiver of its second quarter breach of financial and general covenants with its lenders on August 15, 2008. Under the terms of the waiver, the Company agreed to additional general covenants and to amend the pricing of the warrants issued in connection with the June 3, 2008 financing. The Company signed an amended waiver on October 21, 2008, that included amendments to the general covenants in the original waiver. According to MTI Global, the covenant violations provide the lenders with the right to demand repayment of its indebtedness. The Company is in continuing discussions with the lenders to obtain a waiver of the breaches. Earlier this week, MTI Global reported financial results for the three months and year ended December 31, 2008. Revenue for the three months ended December 31, 2008 was C$18.0 million representing an increase of 13.9% over 2007. The net loss for the fourth quarter of fiscal 2008 was C$6.1 million compared to a loss of C$5.2 million for the same period in 2007. Revenue for the year ended December 31, 2008, was C$71.2 million, an increase of approximately 11.9% compared to revenues of C$63.6 million for the year ended December 31, 2007. Revenue in 2008 includes an increase of approximately C$870,000 due to the impact of currency fluctuations. The net loss for the year ended December 31, 2008 was C$18.1 million compared to a net loss of C$8.1 million compared to last year. As at December 31, 2008, the Company had working capital of C$1.1 million, including cash and cash equivalents, plus restricted cash totaling C$800,000, compared with C$5.8 million at December 31, 2007. Despite an increase in current assets through revenue growth, working capital has decreased due to an increase in bank indebtedness, and accounts payable used to finance operations and subordinated debt. The Company has a demand line of credit, with a maximum of C$6.0 million. The demand line of credit is subject to working capital limits, bearing interest at the Bank's prime rate plus 2.00%. The effective rate at December 31, 2008 was 5.50%. As part of the Bank's facility agreement for the demand line of credit, certain subsidiaries of the Company have provided a general security agreement and collateral security over substantially all assets of its Polyfab and N.A. Silicone units. The amount of bank indebtedness outstanding at December 31, 2008, was C$5.9 million compared with C$6.0 million at December 31, 2007. About MTI Global MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/-- designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI Global's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI Global also produces and distributes specialty silicone elastomer products. MTI Global's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France. MTI Global's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond Virginia; Pensacola, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil. MTI GLOBAL: To Focus on Aerospace Program; Divest Other Assets -------------------------------------------------------------- MTI Global Inc. and certain of its subsidiaries have entered into a binding asset purchase and sale agreement with Connecticut-based Rogers Corporation to sell the majority of the assets of Leewood and the N.A. Silicone Richmond, Virginia plant. The purchase price is US$7.4 million. Closing of the transaction, which is expected to occur within 30 days, remains subject to a number of customary conditions. MTI Global's President and Chief Executive Officer, Bill Neill, commented, "This sale was a very difficult decision to make, but it is absolutely the right one for the Company. In the face of continuing economic challenges, MTI's management and Board are committed to reducing the Company's debt obligations and stem ongoing losses. This sale will generate capital to reduce debt and allow the Company to re-focus on its primary business." Mr. Neill added, "In addition, the Company intends to divest itself of the remaining silicone assets in Milton, Florida and Cavaillon, France (Sterne) when an appropriate opportunity presents itself. We will be judicious in seeking the right buyer at the right price at the right time. Meanwhile, we will continue to manage those divisions efficiently and appropriately. In time, this planned further disposition of assets will ensure a complete and orderly exit from the silicone business. Going forward MTI Global will focus on Aerospace as its core line of business, which has excellent future growth prospects." MTI Global intends to focus on the aerospace market in 2009. The 2009 outlook, the Company says, is predicated on the successful closing of the transaction to sell the majority of the assets of Leewood and the N.A. Silicone Richmond, Virginia plant. The disposition of these assets will allow MTI Global to reduce its debt obligations and improve the health of the Company's balance sheet. The Company intends to sell its remaining silicone assets in Milton, Florida and Cavaillon, France (Sterne) when an appropriate opportunity presents itself. As the Company pursues this goal, the remaining N.A. Silicone operations at Milton will be run as efficiently as possible with cost cutting measures introduced in early 2009. At Sterne, management expects sales to continue to grow in 2009 and the division to remain profitable. The Company has outsourced its Aerospace manufacturing operations to Mexico. The focus of the Company will be to strengthen its balance sheet and return ongoing operations to full profitability. To strengthen the Company's balance sheet, address its liquidity requirements and the requirements of its lenders and to realize on its restructuring investments, the Company continues to consider and evaluate on an ongoing basis, all alternatives available to it. These alternatives include, without limitation, seeking additional sources of debt and equity financing, identifying and pursuing strategic partnerships, the disposition of certain non- core assets and other value enhancing transactions. However, there can be no assurance that such efforts will result in the Company pursuing any such alternative or, if pursued, there can be no assurance any such alternative will be successfully completed and implemented. The Company says it remains cautiously optimistic that it will report improving results into 2009. In view of the Canadian dollar value against the U.S. dollar, the Company is increasingly confident about achieving improved results with all of its aerospace programs relocated to Mexico. About MTI Global MTI Global Inc. (CA:MTI) -- http://www.mtiglobalinc.com/-- designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI Global's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI Global also produces and distributes specialty silicone elastomer products. MTI Global's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France. MTI Global's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond Virginia; Pensacola, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil. ================= V E N E Z U E L A ================= PDVSA: Begins Gradual Payments of Outstanding Bills to Contractors ------------------------------------------------------------------ Petroleos de Venezuela S.A. has paid a fraction of its debt to a group of 56 oil-service companies and rig operators struggling to get paid by Venezulean government, Raul Gallegos of Dow Jones Newswires reports. The report relates an unnamed industry executives said PDVSA has paid as much as much as 7% of total outstanding receivables to some of these companies but many claim to have received even less. As reported in the Troubled Company Reporter-Latin America on March 25, 2009, Reuters said Helmerich & Payne Inc has idled four rigs in Venezuela so far due to a payment dispute and expects all 11 there to be idled by this summer. According to a company press release, Helmerich & Payne disclosed that it was ceasing operations on their rigs in Venezuela as their drilling contracts expire due to the lateness of accounts receivable collections from its customer, PDVSA. Reuters related that PDVSA owes Helmerich & Payne over nearly US$100 million. Dow Jones Newswires relates oil service giants Halliburton Co. (HAL) and Schlumberger Ltd. (SLB), have received anywhere between 5% and 7% of their total pending bill which adds to roughly US$1 billion combined, by some estimates. According to the report, Oil Minister Rafael Ramirez said the government will review the legality of these debts. Dow Jones Newswires says PDVSA plans to continue seizing oil rigs that become idle because of lack of payment. "We won't allow these companies to paralyze the industry," the report quoted PDVSA Director Eulogio Del Pino as saying. Paralyzing equipment violates the contracts these companies have signed with PDVSA, he added, the report says. Dow Jones Newswires adds Mr. Del Pino said that in those cases, PDVSA will take control and operate the equipment for as long as it takes until PDVSA can negotiate new rates and a payment schedule with the contractor. About PDVSA Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As of March 16, 2009, Petroleos de Venezuela continues to carry a 'BB-' local currency issuer rating from Moody's Ratings. The company also continues to carry Standard and Poor's BB- Issuer Credit Ratings. * VENEZUELA: To Hike Taxes & Issue Debts on Decreasing Oil Prices ----------------------------------------------------------------- The Venezuelan government plans to increase its value-added tax to 12% and almost triple its domestic debt issue plans for 2009 to VEB34 billion (US$15.8 billion) to deal with the decrease in oil prices that is squeezing the government's finances and threatening President Hugo Chavez's socialist agenda, Dow Jones Newswires reports. The report relates Mr. Chavez labeled the package as "anti-crisis economic measures." The measures are geared "to confront a great threat that originates in the economic model defended by the national bourgeois," Mr. Chavez said referring to the global economic crisis during a countrywide television broadcast, Dow Jones Newswires notes. According to the report, Mr. Chavez defended his government's socialist-inspired agenda and pledged that he would "protect what we've been achieving" as he listed scores of social projects which are behind a massive jump in public spending in recent years. The government package, Dow Jones Newswires says, will help Mr. Chavez offset the decline in the price of oil, but are sure to spawn new inflationary forces. Mr. Chavez, the report notes, ruled out a currency devaluation or increasing the price of gas, and instead adjusted the government's oil forecast to US$40 per barrel. The budget will be cut by 6.7%, shrinking it to VEB156 billion (US$72.7 billion.), Dow Jones Newswires says. Dow Jones Newswires relates the government will also increase the minimum wage by 20%, divided in two 10% hikes later on this year, and will implement cosmetic measures, like a salary freeze for top public officials, pledges to review government wages and a promise to eliminate superfluous spending in the budget. The report states the government's measures may not be enough for Venezuela to navigate the decline in the price of oil, which accounts for half of state revenue. "The spending cuts are very modest," Dow Jones Newswires quoted Tamara Herrera, an economist with Caracas-based research firm Sintesis Financiera, as saying. Despite Chavez's adjustment to the state's official budget, his government may face spending cuts that will go far beyond what was unveiled on Saturday, she added, the report notes. Economists, Dow Jones Newswires relates, argued that Mr. Chavez could avoid weakening the bolivar if oil prices showed signs of stabilizing. The report adds Mr. Chavez, despite such forecasts, pledged to continue steering Venezuela towards socialism, recently confirming that he will nationalize the local unit of Banco Santander even as his government is falling behind payments to oil contractors. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. =============== X X X X X X X X =============== * IATA Sees US$4.7BB Losses in 2009 for Global Airline Industry --------------------------------------------------------------- The International Air Transport Association (IATA) disclosed a revised outlook for the global air transport industry with losses of US$4.7 billion in 2009. This is significantly worse than IATA’s December forecast for a US$2.5 billion loss in 2009, reflecting the rapid deterioration of the global economic conditions. Industry revenues are expected to fall by 11.7% (US$62 billion) to US$467 billion. By comparison, the previous revenue decline, after the events of September 11, 2001, saw industry revenues fall by US$23 billion over the period of 2000 to 2002 (approximately 7.0%). "The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago. Our loss forecast for 2009 is now US$4.7 billion. Combined with an industry debt of US$170 billion, the pressure on the industry balance sheet is extreme," said Giovanni Bisignani, IATA’s Director General and CEO. Demand is projected to fall sharply with passenger traffic expected to contract by 5.7% over the year. Revenue implications of this fall will be exaggerated by an even sharper fall in premium traffic. Cargo demand is expected to decline by 13.0%. Both are significantly worse than the December forecast of a 3.0% drop in passenger demand and a 5.0% fall in cargo demand. Yields are expected to drop by 4.3%. Falling fuel prices are helping to curb even larger losses. With an expected fuel price of US$50 per barrel (Brent oil), the industry’s fuel bill is expected to drop to 25% of operating costs (compared to 32% in 2008 when oil averaged US$99 per barrel). Combined with lower demand, total expenditure on fuel will fall to US$116 billion (compared to US$168 billion in 2008). "Fuel is the only good news. But the relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care. Airlines face two immediate fundamental challenges: conserving cash and carefully matching capacity to demand," said Mr. Bisignani. IATA also revised its forecast losses for 2008 from US$5.0 billion to US$8.5 billion. The fourth quarter of 2008 was particularly difficult as carriers reported large hedging-related losses and a very sharp fall in premium travel and cargo traffic. Regional differences remain significant: Asia Pacific: Carriers in this region continue to be hardest hit by the current economic turmoil and are expected to post losses of US$1.7 billion (significantly worse than the previous loss forecast of US$1.1 billion). Japan, the region’s largest market is expected to see GDP drop by 5.5% in 2009 with exports already in freefall. China has been successful in stimulating demand in domestic markets with pricing adjustments. International demand to and from China is expected to contract by between 5% and 10% over the year. India, whose market for international air services tripled in size between 2000 and 2008, is expected to see capacity increase by 0.7% in 2009, while demand drops between 2% and 3%. Overall, the region is expected to see a 6.8% fall in demand but only a 4.0% drop in capacity. North America: Carriers in this region are expected to deliver the best performance for 2009 with a combined US$100 million profit. A 7.5% fall in demand is expected to be matched by a 7.5% cut in capacity. Despite the worsening economic conditions, this is relatively unchanged from the earlier forecast of a US$300 million profit. Carriers are benefiting from careful capacity management and lower spot prices for fuel. Europe: Europe’s carriers are expected to lose US$1 billion in 2009. A forecast 2.9% fall in the continent’s GDP is expected to result in a drop in demand of 6.5%. Capacity cuts of 5.3% will not keep pace with the fall in demand, driving yields and profitability down. Latin America: While Latin America is forecast to maintain positive GDP growth in 2009, the collapse in demand for commodity products is expected to see traffic plunge by 7.8%. Carriers are only expected to be able to drop capacity by 3.8% resulting in losses of US$600 million. Africa: African carriers are expected to produce 2009 losses of US$600 million. This is six times the US$100 million lost in 2008. The continent’s carriers are losing market share on long- haul routes. Demand is expected to drop by 7.8% with only a 6.0% fall in capacity. Middle East: Middle East will be the only region with demand growth in 2009 (+1.2%). But this will be overshadowed by the impact of a 3.8% increase in capacity. While this is significantly below the double-digit growth of previous years, the region continues to add capacity ahead of demand. The result is expected to be a loss of US$900 million (a slight deterioration from the US$800 million loss recorded in 2008). Looking ahead: Much of the deterioration forecast for 2009 had already happened by January. As manufacturers end their de-stocking there should be a modest bounce in air freight as component shipping rises a little. But weak consumer and business confidence is expected to keep spending and demand for air transport low. "The prospects for airlines are dependant on economic recovery. There is little to indicate an early end to the downturn. It will be a grim 2009. And while prospects may improve towards the end of the year, expecting a significant recovery in 2010 would require more optimism than realism," said Mr. Bisignani. Mr. Bisignani also cautioned that this crisis must bring change. "Recovery will not come without change. There is no doubt that this is a resilient industry capable of catalysing economic growth. But we are structurally sick. The historical margin of this hyper-fragmented industry is 0.3%. Bail-outs are not the prescription to return to health. Access to global capital, the ability to merge and consolidate and the freedom to access markets are needed to run this industry as normal profitable business. This is IATA’s Agenda for Freedom - and a very cost effective solution for governments desperate to stimulate their economies," said Mr. Bisignani. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 2009. 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 * * *