/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090331.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, March 31, 2009, Vol. 9, No. 63 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Receiver Seeks Court's Ok on Accounts Release TGN SA: Court Halts Govt's Intervention With Firm's Operations A R G E N T I N A AES CORP: AES Eletropaulo Posts BRL529.4 Million Net Profit in 4Q LIBRERIAS URBANAS: Trustee Verifying Proofs of Claim Until May 12 MEDIZIN SA: Trustee Verifying Proofs of Claim Until June 5 SAIS SISTEMAS: Trustee Verifying Proofs of Claim Until June 5 B E R M U D A HELICOPTER RENTALS: Creditors' Proofs of Debt Due on April 10 HELICOPTER RENTALS: Member to Receive Wind-Up Report on May 1 NORTON II: Creditors' Proofs of Debt Due on April 10 NORTON II: Members to Receive Wind-Up Report on May 4 SAGECREST HOLDINGS: Voluntary Chapter 15 Case Summary B R A Z I L BANCO DO BRASIL: May End Buyout Cycle After 2 Bank Purchase BANCO FIBRA: Moody's Changes Outlook to Stable; Affirms 'D' BFSR BNDES: Inks US$135.6 Mln Wind Power Project Deal With KfW TAM SA: Posts R$1,122.7 Million Net Loss in the Fourth Quarter USINIMAS: Gets IDB Loan to Finance Thermoelectric Power Plant C A Y M A N I S L A N D S BRIGHTON CDO: Creditors' Proofs of Debt Due on April 2 CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28 CORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 2 EURUS LIMITED: Shareholders Final Meeting Set for April 2 GREYWOLF SPC 4: Creditors' Proofs of Debt Due on April 2 HSBC INVESTOR ET AL: Placed Under Voluntary Liquidation HYPPCO FINANCE: Creditors' Proofs of Debt Due on April 2 KBW CREDIT: Creditors' Proofs of Debt Due on April 2 KBW CREDIT: Creditors' Proofs of Debt Due on April 2 KINGSLAND VI: Creditors' Proofs of Debt Due on April 2 LOGAN FINANCE: Creditors' Proofs of Debt Due on April 2 MERRILL LYNCH: Creditors' Proofs of Debt Due on April 2 N7 MONROE: Commences Wind-Up Proceedings PALLAS III: Creditors' Proofs of Debt Due on April 2 PAM CAPITAL: Creditors' Proofs of Debt Due on April 2 SALVEO INSURANCE: Placed Under Voluntary Liquidation SPROUT II: Placed Under Voluntary Liquidation THE GLOBAL: Creditors' Proofs of Debt Due on April 2 TPF2 HOLDING: Creditors' Proofs of Debt Due on April 2 WARAKU CAPITAL: Creditors' Proofs of Debt Due on April 2 YOTSUYA OFFICE: Creditors' Proofs of Debt Due on April 2 C H I L E CHILQUINTA ENERGIA: Moody's Withdraws Rating on 2011 Notes C O L O M B I A ECOPETROL: Investment to Exceed US$6.22 Bln Budget Plan ECOPETROL: Plans to Strengthen Cooperations With Chinese Firms J A M A I C A AIC: Noteholders Will be Repaid Within 3 Months, Owner Says NTCS: President to Respond on Closing Down Firm's Operations RBTT BANK: Union Waits for Management's Response on Salary Freeze M E X I C O BANK OF AMERICA: Moody's Confirms 'D+' Financial Strength Rating CEMEX: To Receive Loans, Guarantees & Equity With Hacienda's Aid COMERCI: May Reach Accord With Creditors as April 3 Deadline Nears KANSAS CITY: Fitch Affirms 'BB-' Issuer Default Rating S T V I N C E N T & T H E G R E N A D I N E S MILLENNIUM BANK: Government Appoints KPMG Int'l as Bank Receiver X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Receiver Seeks Court's Ok on Accounts Release ------------------------------------------------------------------ Laurel Brubaker Calkins of Bloomberg News reports Stanford Group Co. investors can soon submit data and explanations to persuade a court-appointed receiver to unlock accounts still frozen during a probe involving Robert Allen Stanford. The U.S. Securities and Exchange Commission, on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include Stanford International Bank Limited (SIBL), Stanford Group Company, and investment adviser Stanford Capital Management. In a statement, Ralph S. Janvey, Receiver for SIBL and all Stanford-related entities, asked a court in Dallas, Texas for an order authorizing him to implement procedures for review and potential release of customer accounts that remain subject to the freeze orders previously issued by the same court and still in effect. The statement said approximately 4,000 accounts remain subject to the asset hold, containing aggregate assets of approximately US$1.7 billion. The Receiver seeks approval to publish and implement procedures to expedite the process of reviewing the remaining accounts and determining which, if any, should be released from the asset hold. The Receiver also seeks authority, upon review of applications submitted pursuant to the release application procedures, to release accounts from the freeze orders that the Receiver in his discretion deems eligible for release. According to Bloomberg News, Timothy Durst, one of Mr. Janvey’s attorneys, said to get their money back, account holders will have to agree to abide by the Dallas court decisions and not sue Stanford entities anywhere else. Bloomberg News relates, under Mr. Janvey’s proposed procedures: –- Stanford investors who submit account data must detail any activity they’ve conducted with SIBL, including what they did with any interest earned on or redemptions of the offshore CDs; -– account holders must provide a statement explaining why Mr. Janvey shouldn’t view them as someone who has participated in or gained from fraudulent activities. They must be ready to provide the receiver with information and documentation supporting their explanations; and -– account holders must also sign a declaration submitting to the exclusive jurisdiction of the Dallas federal court and irrevocably waiving all rights to object to that court’s decisions regarding their money or to sue the Stanford entities in another court to regain access to their funds. Bloomberg News says Houston attorney Michael Stanley, who represents scores of brokers and investors suing Stanford for fraud and Mr. Janvey for wrongly freezing their accounts, said investors who accept Mr. Janvey’s terms could be blocked from suing to recover their CD investments through the Antiguan receiver, who claims authority over the offshore bank. Mr. Stanley, Bloomberg News relates, added that Mr. Janvey’s proposal drops an earlier suggestion that unsatisfied investors could appeal the receiver’s decisions to mediators or the Dallas judge overseeing the SEC case. Bloomberg News states there is no timetable for U.S. District Judge David Godbey to approve Mr. Janvey’s procedures so that investors can begin submitting applications. About Stanford International Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. TGN SA: Court Halts Govt's Intervention With Firm's Operations ------------------------------------------------------------------ An Argentine court has halted the government's intervention in Transportadora de Gas del Norte SA (“TGN”)'s operations, Lucas Bergman of Reuters reports. The report relates the court ruling, dated March 23, ordered the "suspension of the ... faculties of TGN's co-administrator." As reported in the Troubled Company Reporter - Latin America on Jan. 7, 2009, Reuters said Argentina's government filed a legal complaint against TGN over "grave irregularities" at the firm, a week after appointing a temporary co-administrator to the company. Latin American Herald Tribune said the Argentine government took over TGN for 120 days to guarantee service by the company and to audit its accounts. According to The Tribune, Roberto Ponswas was appointed as overseer of the company and was also responsible for auditing the company's accounts. Reuters noted that in a statement to the Buenos Aires stock exchange, TGN responded by saying: "Only the judicial branch ... can order in extreme cases the intervention and co-administration of a company." The move was "baseless" and does not further the aim of maintaining proper service, TGN said. Bloomberg News reported TGN said it will default on its US$22.1 million debt. About TGN Headquartered in Buenos Aires, Transportadora de Gas del Norte SA -- http://www.tgn.com.ar/-- is one of the two largest transporters of natural gas in Argentina, delivering approximately 40% of the country's total gas consumption and more than 50% of Argentine total gas exports. The northern Argentine gas pipeline system connects major gas fields in northern and central-western Argentina. The company benefits from an exclusive 35-year concession contract, ending Dec. 28, 2027, which may be extended for an additional 10 years. The parent company is Gasinvest S.A., which has a 56.35% stake and comprises five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania General de Combustibles (5%), Organizacion Techint (27.2%), and Petroliam Nasional Berhad (18.3%). In addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's shares, while the remaining 20% is traded on the Buenos Aires stock exchange. * * * As reported by the Troubled Company Reporter - Latin America on Dec. 19, 2008, Fitch Ratings downgraded the long-term local and foreign currency Issuer Default Ratings of Transportadora de Gas del Norte S.A. to 'C/C (arg)' from 'CCC BB (arg)' . Fitch also downgraded TGN's senior unsecured notes due in 2012 to 'CC' from 'CCC', while the Recovery Rating of the notes remains at 'RR4'. In conjunction with the rating actions, Fitch downgraded TGN's national scale issuance ratings to 'CC (arg)' from 'BB(arg)'. All Ratings have been placed on Rating Watch Negative. ================= A R G E N T I N A ================= AES CORP: AES Eletropaulo Posts BRL529.4 Million Net Profit in 4Q ----------------------------------------------------------------- The AES Corporation's Brazilian unit, AES Eletropaulo, posted BRL529.4 million (US$236 million) net profit in the fourth-quarter up from BRL9.5 million a year earlier, Dow Jones Newswire reports. The report relates the company attributed the increase in net profit to the rise of its net profit in the period to a non- recurrent gain of BRL210 million in the period, due to tax credits. According to the report, Eletropaulo reported BRL1.98 billion net revenue in the fourth quarter, up from BRL1.8 billion in the fourth quarter of 2007, while earnings before interest, depreciation and amortization (EBITDA)of BRL554.9 million, up from BRL145.9 million in the previous year. Dow Jones says for the entire year of 2008, the company reported a net profit of BRL1.03 billion, up from BRL712.6 million in 2007. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2008, Moody's affirmed the ratings of AES, including the company's Corporate Family Rating at B1, its Probability of Default Rating at B1, its senior secured credit facilities at Ba1, its second priority senior secured notes at Ba3, its senior unsecured notes at B1 and its trust preferred securities at B3. Moody's said the rating outlook for AES is stable. LIBRERIAS URBANAS: Trustee Verifying Proofs of Claim Until May 12 ----------------------------------------------------------------- The court-appointed trustee for Librerias Urbanas S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until May 12, 2009. MEDIZIN SA: Trustee Verifying Proofs of Claim Until June 5 ---------------------------------------------------------- The court-appointed trustee for Medizin S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 5, 2009. The trustee will present the validated claims in court as individual reports on August 3, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on September 14, 2009. SAIS SISTEMAS: Trustee Verifying Proofs of Claim Until June 5 ------------------------------------------------------------- The court-appointed trustee for SAIS Sistemas Argentinos Integrales de Salud S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until June 5, 2009. ============= B E R M U D A ============= HELICOPTER RENTALS: Creditors' Proofs of Debt Due on April 10 ------------------------------------------------------------- The creditors of Helicopter Rentals Limited are required to file their proofs of debt by April 10, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 26, 2009. The company's liquidator is: Christopher C. Morris Century House, 16 Par-la-Ville Road Hamilton HM 08 Bermuda HELICOPTER RENTALS: Member to Receive Wind-Up Report on May 1 ------------------------------------------------------------- The member of Helicopter Rentals Limited will recieve the liquidator's report on the company's wind-up proceedings and property disposal on May 1, 2009, at 10:00 a.m. The company commenced wind-up proceedings on March 26, 2009. The company's liquidator is: Christopher C. Morris Century House, 16 Par-la-Ville Road Hamilton HM 08 Bermuda NORTON II: Creditors' Proofs of Debt Due on April 10 ---------------------------------------------------- The creditors of Norton II Holdings Limited are required to file their proofs of debt by April 10, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 26, 2009. The company's liquidator is: John C. McKenna CA of Finance & Risk Services Ltd. Suite 502, 26 Bermudiana Road Hamilton HM 11, Bermuda NORTON II: Members to Receive Wind-Up Report on May 4 ----------------------------------------------------- The members of Norton II Holdings Limited will recieve the liquidator's report on the company's wind-up proceedings and property disposal on May 4, 2009, at 9:30 a.m. The company commenced wind-up proceedings on March 26, 2009. The company's liquidator is: John C. McKenna CA of Finance & Risk Services Ltd. Suite 502, 26 Bermudiana Road Hamilton HM 11, Bermuda SAGECREST HOLDINGS: Voluntary Chapter 15 Case Summary ----------------------------------------------------- Chapter 15 Petitioner: Peter C.B. Mitchell provisional liquidator of SageCrest Holdings Limited Chapter 15 Debtor: SageCrest Holdings Limited Canon's Court 22 Victoria Street Hamilton HM 12 Bermuda Chapter 15 Case No.: 09-50546 Debtor-affiliates filing Chapter 11 petitions Aug. 20, 2008: Entity Case No. ------ -------- SageCrest Holdings Ltd. 08-50763 Type of Business: The Debtors specialize in making secured loans to smaller companies in financial, life- insurance and mortgage businesses. Chapter 15 Petition Date: March 27, 2009 Court: United States Bankruptcy Court District of Connecticut (Bridgeport) Chapter 15 Petitioner's Counsel: Melissa Zelen Neier, Esq. mneier@ibolaw.com Ivey, Barnum, and O'Mara 170 Mason Street P.O. Box 1689 Greenwich, CT 06836 Tel: (203) 661-6000 Estimated Assets: US$100 million to US$500 million Estimated Debts: US$100 million to US$500 million =========== B R A Z I L =========== BANCO DO BRASIL: May End Buyout Cycle After 2 Bank Purchase ----------------------------------------------------------- Banco do Brasil SA President Antonio Francisco Lima Neto said the bank will likely end a recent cycle of acquisitions with the purchase of the state level banks Espirito Santo-based Banestes and Federal District-based BRB, Gerald Jeffris of Dow Jones Newswire reports, citing Estado news agency. According to DJ Newswire, Mr. Neto said the newly acquired banks would help bring value as they cater to numerous public sector workers in those regions. The report notes Mr. Neto denied rumors that Banco do Brasil had interest in acquiring the Banrisul state bank of Rio Grande do Sul. 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 FIBRA: Moody's Changes Outlook to Stable; Affirms 'D' BFSR ---------------------------------------------------------------- Moody's Investors Service changed to stable, from positive, the outlook on Banco Fibra S.A.'s D bank financial strength rating, as well as on the Ba2 long-term global local-currency deposit ratings, and on the A1.br long-term national scale rating. The stable outlook on the Not-Prime short-term global local currency deposit rating and on the Ba2/NP short- and long-term foreign currency deposit ratings were affirmed. In changing the outlook to stable, Moody's noted that the prospects for growth and earnings generation that had supported the positive rating action back in early September 2008 are now less likely to be realized. Moody's said that unfavorable market conditions and the economic deceleration since then have resulted in increasing funding costs and higher provisions to reflect weakening asset quality overall. Recurring profitability ratios are also less likely to improve because of lower business opportunities. Moody's acknowledges that, relative to peers, Banco Fibra's liquidity position has been reasonably comfortable, owing to timely bond issuances and capital injection from shareholders in 2008. However, as funding flows declined, management has also reduced loan origination, in a context of higher risk aversion, and has increased provisions as delinquencies rise. Moody's last rating action on Banco Fibra was on September 11, 2008 when the bank financial strength and global local currency deposit ratings were placed on positive outlook. Banco Fibra is headquartered in Sao Paulo, Brazil. As of December 31, 2008, Fibra had R$9.2 billion in assets and R$ 757.6 million in equity. These ratings had outlook changed to stable from positive: -- Bank Financial Strength rating: D -- Long-term global local currency deposit rating: Ba2 -- Long-term national scale rating: A1.br -- The outlook remains stable on these ratings: -- Short term global local currency deposit rating: Not Prime -- Long and short-term foreign currency deposit ratings: Ba2 and Not Prime BNDES: Inks US$135.6 Mln Wind Power Project Deal With KfW --------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA (BNDES) has signed a US$135.6 million agreement with German Development Bank (KfW) to finance wind power plants in Brazil, Xinhua News reports. The report, citing a BNDES statement, says the two banks will finance the wind power project from Brazilian private companies. According to Latin Finance, the financing will be made available to private Brazilian developers building projects in a portfolio of 10-12 wind farms in Brazil’s northeast that BNDES is evaluating. Latin France notes the credit line was motivated by an energy sector cooperation agreement signed by Brazil and Germany last year. About KfW KfW was created in 1948 to finance the reconstruction projects in post-war Germany. The bank turned to channel part of its resources to the developing countries afterwards. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * As of February 19, 2009, Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. The rating was assigned in August 2007. TAM SA: Posts R$1,122.7 Million Net Loss in the Fourth Quarter -------------------------------------------------------------- TAM S.A. posted a net loss of R$1,122.7 million in the fourth quarter 2008, and a negative margin of 38.4%. The company's total CASK decreased by 0.3% in 4Q08 compared to 4Q07, and CASK excluding fuel decreased 11.3%, while EBIT and EBITDAR margins of 11.2% and 17.9% respectively. Total cash and cash equivalents equalled R$1,914 million. The company posted a return on equity (ROE) of (82.3)%, and return on assets (ROA) of (12.2)%. The company reached a 50.7% average market share for its domestic operations in 4Q08, while it reached a 84.7% average market share in 4Q08 for its international operations. About TAM S.A. Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As reported in the Troubled Company Reporter-Latin America on July 14, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Brazil-based airline TAM S.A. to 'BB-' from 'BB'. S&P's outlook is revised to stable from negative. As reported in the TCR-Latin America on June 23, 2008, Fitch Ratings affirmed the 'BB' Foreign and Local Currency Issuer Default Ratings of TAM S.A. Fitch also affirmed the 'BB' rating of its US$300 million senior unsecured notes due in 2017 as well as the company's 'A+(bra)' national scale rating and its first debentures issuance of BRL500 million. Fitch revised its rating outlook to negative from stable. USINIMAS: Gets IDB Loan to Finance Thermoelectric Power Plant ------------------------------------------------------------- Usinas Siderurgicas do Minas Gerais S.A. (Usiminas) has clinched an IDB A/B loan to help finance a new thermoelectric power plant in the state of Minas, Latin France reports. The report relates the facility is denominated wholly in JPY and will likely be swapped back into BRL. According to the report, the IDB is providing a JPY2.1 billion (US$21.5 million) 8.5-year A loan at an undisclosed rate over Yen Libor, while SMBC led a club that involves 3 other undisclosed Japanese banks for JPY17.5 billion (US$179 million) at Yen Libor plus 150bp. Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * The company continues to carry Moody's Ba1 Suboridate Debt rating. ========================== C A Y M A N I S L A N D S ========================== BRIGHTON CDO: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------ The creditors of Brighton CDO 2007-1, 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. 19, 2009. The company's liquidators are: Dianne Scott Prashant Veturkar Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands CASTLE HOLDCO: Scheme of Arrangement Meetings Set on April 28 ------------------------------------------------------------- The High Court of Justice in England and Wales scheduled meetings for the purpose of considering a scheme of arrangement between Castle Holdco 4 Ltd and the holders of the FRNs and Senior Notes it issued. The meetings will start 10:00 a.m. on April 28, 2009, at the offices of Slaughter and May at One Bunhill Row in London. Meanwhile, a petition was presented to the Grand Court of the Cayman Islands on March 19, 2009 for confirmation of the reduction of the company's share capital by cancelling and extinguishing the scheme shares. The petition is scheduled to be heard at 9:30 a.m. on May 7, 2009, at the Law Courts, George Town in Grand Cayman, Cayman Islands. For more information, contact: a) Castle Holdco's English solicitors Slaughter and May One Bunhill Row London EC1Y 8YY b) Castle Holdco's Cayman Islands Attorneys-at-Law Maples and Calder PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands CORTLAND CAPITAL: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------------- The creditors of Cortland Capital 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. 3, 2009. The company's liquidators are: Guy Major Bobby Toor Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands EURUS LIMITED: Shareholders Final Meeting Set for April 2 --------------------------------------------------------- The shareholders of Eurus Limited will hold their final meeting on April 2, 2009, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ellen J. Christian Piccadilly Cayman Limited c/o BNP Paribas Bank & Trust Cayman Limited Shedden Road, 3rd Floor Royal Bank House George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 GREYWOLF SPC 4: Creditors' Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Greywolf SPC 4 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. 20, 2009. The company's liquidators are: Liezel Kleynhans Onson Mukwedeya Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands HSBC INVESTOR ET AL: Placed Under Voluntary Liquidation ------------------------------------------------------- At an extraordinary general meeting held on December 19, 2008, the shareholders resolve to voluntarily liquidate the business of: -- HSBC Investor Core Fixed Income Fund, Ltd; -- HSBC Investor Core Plus Fixed Income Fund, Ltd. -- HSBC Investor High Yield Fixed Income Fund, Ltd. -- HSBC Investor Intermediate Duration Fixed Income Fund, Ltd.; and -- HSBC Investor Short Duration Fixed Income Fund, Ltd. Creditors are required to file their proofs of debt by April 2, 2009, to be included in the company's dividend distribution. The companies liquidator is: Jan Neveril Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands HYPPCO FINANCE: Creditors' Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Hyppco Finance Company A2 Restructured CDO, 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. 19, 2009. The company's liquidators are: Jan Neveril Onson Mukwedeya Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands KBW CREDIT: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------- The creditors of KBW Credit Opportunity Master 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. 20, 2009. The company's liquidator is: Bobby Toor Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands KBW CREDIT: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------- The creditors of KBW Credit Opportunity 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. 20, 2009. The company's liquidator is: Bobby Toor Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands KINGSLAND VI: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------ The creditors of Kingsland VI, 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. 19, 2009. The company's liquidators are: Phillip Hinds Prashant Veturkar Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands LOGAN FINANCE: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------- The creditors of Logan Finance CLO I 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. 18, 2009. The company's liquidators are: Phillip Hinds Jan Neveril Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands MERRILL LYNCH: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------- The creditors of Merrill Lynch Taurus 2000 Singapore 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 Dec. 31, 2008. The company's liquidator is: Bobby Toor Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands N7 MONROE: Commences Wind-Up Proceedings ---------------------------------------- On February 13, 2009, the sole shareholder of N7 Monroe International Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: RTB Secretaries limited c/o Rothschild Trust Cayman Limited PO Box 10129APO, 5th Floor Citrus Grove George Town, Grand Cayman Telephone: (345) 946 7033 Facsimile: (345) 946 7043 PALLAS III: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------- The creditors of Pallas III 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. 6, 2009. The company's liquidators are: Carrie Bunton Emile Small Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands PAM CAPITAL: Creditors' Proofs of Debt Due on April 2 ----------------------------------------------------- The creditors of PAM Capital Funding Corp. 1998-1 Class A Restructured CDO, 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. 19, 2009. The company's liquidators are: Jan Neveril Onson Mukwedeya Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands SALVEO INSURANCE: Placed Under Voluntary Liquidation ---------------------------------------------------- At an extraordinary general meeting held on February 18, 2009, the members of Salveo Insurance Company Ltd. resolved to voluntarily liquidate the company's business. The company's liquidators are: Marilyn C. Nevin John W. Kelly c/o Marsh Management Services Cayman Ltd. PO Box 1051, 23 Lime Tree Bay Avenue Governors Square, Building 4, Floor 2 Grand Cayman KY1-1102 , Cayman Islands SPROUT II: Placed Under Voluntary Liquidation --------------------------------------------- At an extraordinary general meeting held on February 17, 2009, the shareholders of Sprout II 2003 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 19, 2009, will be included in the company's dividend distribution. The company's liquidators are: Carlos Farjallah Jan Neveril Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands THE GLOBAL: Creditors' Proofs of Debt Due on April 2 ---------------------------------------------------- The creditors of The Global Convertible Opportunities 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 Jan. 6, 2009. The company's liquidator is: Bobby Toor Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands TPF2 HOLDING: Creditors' Proofs of Debt Due on April 2 ------------------------------------------------------ The creditors of TPF2 Holding Inc. 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 liquidators are: Phillip Hinds Emile Small Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands WARAKU CAPITAL: Creditors' Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Waraku Capital Co., 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 liquidators are: Melanie Whittaker Emile Small Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands YOTSUYA OFFICE: Creditors' Proofs of Debt Due on April 2 -------------------------------------------------------- The creditors of Yotsuya Office Corporation 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 liquidators are: Phillip Hinds Emile Small Maples Finance Limited P.O. Box 1093GT, Grand Cayman Cayman Islands ========= C H I L E ========= CHILQUINTA ENERGIA: Moody's Withdraws Rating on 2011 Notes ---------------------------------------------------------- Moody's Investors Service has withdrawn the rating on the 6.20% notes due 2011 issued by Chilquinta Energia Finance Co. LLC and guaranteed by MBIA Corporation. Moody's has withdrawn this rating for business reasons. The rating withdrawal reflects Moody's current policy to withdraw ratings on MBIA Corporation-wrapped securities for which there is no published underlying rating. Should MBIA Corporation's rating subsequently move back into the investment grade range or should Chilquinta Energia Finance Co. LLC subsequently publish the underlying rating, Moody's would reinstate the rating to the wrapped instruments. This rating has been withdrawn: -- Senior secured rating Baa1 withdrawn The last rating action was on February 18, 2009 when the ratings of MBIA Corporation were downgraded to B3. Headquartered in Chile, Chilquinta Energia Finance Co. LLC is an electric utility. =============== C O L O M B I A =============== ECOPETROL: Investment to Exceed US$6.22 Bln Budget Plan ------------------------------------------------------- Ecopetrol S.A. will invest more than the US$6.22 billion originally planned for 2009 for acquisition purposes, Inti Landauro of Dow Jones Newswire reports, citing Chief Executive Javier Gutierrez. The report relates Ecopetrol had set apart US$870 million for acquisitions this year, but the company has already spent more. According to the report, as of this year the company have acquired: * 50% of Peru's Petrotech Peruana SA for US$450 million; * 51% stake in a Cartagena refinery from Swiss commodity company Glencore International AG for US$549 million; and * the Colombian unit of France's Etablissements Maurel et Prom for US$748 million; and * a stake in an oil pipeline from Enbridge Inc. for US$418 million. The report notes Ecopetrol plans to invest US$60 billion between 2008 and 2015. 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. ECOPETROL: Plans to Strengthen Cooperations With Chinese Firms -------------------------------------------------------------- Ecopetrol S.A. expressed the will to strengthen cooperation with China, Xinhua News reports, citing Company President Javier Gutierrez. Mr. Gutierrez told Xinhua in an interview that his company is currently working with Chinese companies like China Petroleum & Chemical Corporation (Sinopec), and since last year 10% of Ecopetrol's (heavy oil) exports went to China. The report relates Mr. Gutierrez added that Ecopetrol is interested on further cooperations with China, including investment and supplying equipments. 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 ============= AIC: Noteholders Will be Repaid Within 3 Months, Owner Says ----------------------------------------------------------- Jamaican born Canadian-based billionaire Michael Lee-Chin owned company, AIC (Barbados) Limited -- a privately held company owned by AIC Limited -- assured investors that they will be repaid despite news that the company faces liquidity problems, Radio Jamaica News reports. According to the Jamaican Observer, the global financial recession has hit AIC's operations hard as jittery noteholders of AIC (Barbados) called in their notes, forcing Mr. Lee-Chin to liquidate assets to honour his creditors. The Observer relates Mr. Lee-Chin made it clear that he intends to make good and pay out US$170 million on the notes within the next three months. "We are carrying US$170 million worth of debt in the form of commercial paper to help fund our operations in the Caribbean," the Observer, citing Caribbean Business Report, quoted Mr. Lee- Chin as saying. "Normally the notes would roll over, but due to the global financial crisis noteholders are calling for their money now and we are unable to roll over the notes any more. Pan Caribbean and First Global, who are trustees and arrangers for the notes, are now working on restructuring the maturities of those notes and we will be able to make good in three months' time." Meanwhile, the Observer relates AIC Barbados said in a statement: "the Caribbean private equity fund managed by AIC International Investments Limited, a subsidiary of AIC (Barbados) Limited, which is seeking to invest a further US$100 million in the Caribbean, has no exposure to the notes of AIC (Barbados) Limited. AIC Limited, the Canadian sister company of AIC (Barbados) Limited, and the approximately US$3 billion of assets managed by AIC Limited also has no exposure to the notes." The Jamaica Gleaner reported on March 18 that AIC (Barbados) seeks to raise US$10 million (US$667 million) through a fixed rate secured note. The Gleaner related the bond, which will have a tenure of 18 months, with maturity in September 2008, will have a fixed coupon rate of 8.5%, payable six months after the closing date and semi-annually up to the maturity date, with NCB Capital Markets (NCBCM), an NCB subsidiary, as its lead arranger for the instrument. The report said NCBCM documents disclosed that the the purpose of the facility is to refinance existing loan facilities. NBC Operation Not Associated With AIC (Barbados) National Commercial Bank Jamaica Limited clarified the relationship between AIC (Barbados) Limited and its unit, NCB, amid the recent news on AIC (Barbados)'s liquidity problems. AIC Barbados, a privately held company owned by AIC Limited, is a majority shareholder in NCB, with 62% of total issued shares as at the end of the 2008 Financial Year. Its connection with the bank is that of being a shareholder to whom dividends are paid and its operations are not in any way associated with NCB. NCB cannot provide financial assistance to or undertake business dealings with any shareholder – regardless of the extent of his/her/its stake in our group – beyond what the Jamaican Banking Act and Regulations allow. In any event, the NCB group has no financial exposure to AIC Barbados or its parent AIC Limited and in that regard, can therefore expect no impact on our business arising from their operations. Business operations at NCB continue in the usual manner. About AIC Financial Group AIC Financial Group -- http://www.aic.tt/default.asp/-- is a member of the Michael Lee-Chin owned group of companies which is headed by Portland Holdings Limited and includes: * AIC Limited, a leading Canadian asset manager that manages approximately US$8 billion for approximately 1 million customers. * National Commercial Bank of Jamaica, one of the largest banking groups in Jamaica with assets of approximately US$3.5 billion. * Several other investments in the telecommunications, health care, media, real estate and tourism sectors in the Caribbean. Through its subsidiaries, AIC Financial Group in Trinidad & Tobago seeks to create wealth for its clients through disciplined adherence to proven wealth creation principles and innovative products including mutual funds, stock brokerage, trade finance, merchant banking, deposits, fixed income securities and foreign exchange. NTCS: President to Respond on Closing Down Firm's Operations ------------------------------------------------------------ President of the National Transport Co-operative Society (NTCS) Ezroy Millwood is to respond to instructions issued by Transport Minister Mike Henry for his company to close its operations, Radio Jamaica News reports. The report relates Mr. Millwood has called a press conference for Thursday morning, April 2. As reported in the Troubled Company Reporter-Latin America on March 20, 2009, Radio Jamaica said the Jamaican government has given NTCS nine more months to operate before it will be required to wind down its bus service operations in the corporate area. The report related at the end of the period, which expires in November, the NTCS will have to make a formal bid to the government to operate on specific routes. According to Radio Jamaica, Transport Minister Mike Henry said the decision was made following discussions by Cabinet and is part of plans to transform the public transport sector. "That nine month extension is still subject to reviews and they will be allowed to bid or tender for the routes that they want ... making their offer in relation to the structured approach to be announced and put to the public under the procurement procedures," Radio Jamaica quoted Mr. Henry as saying. RBTT BANK: Union Waits for Management's Response on Salary Freeze ----------------------------------------------------------------- Bustamante Industrial Trade Union, the trade union representing RBTT Bank Jamaica Limited's workers, is awaiting a response from the bank's management regarding a counterproposal presented following a recent call for a wage freeze, Radio Jamaica News reports. The report relates a meeting that was reportedly scheduled for this week to continue discussions was cancelled. "Based on the request of the bank the union has made several proposals that we think would benefit our members. The parties have agreed to continue discussions. I believe we are still having serious dialogue in pursuant to a settlement," the report quoted President-General of Bustamante Industrial Trade Union, Kavon Gayle as saying. RBTT Bank Jamaica Limited (formerly Union Bank of Jamaica Limited) -- http://www.rbtt.com-- was acquired by RBTT Financial Holdings Limited on March 22, 2001. Through its 20 branches, the bank provides a complete range of products and services, and includes different classes of saving and chequing accounts, certificates of deposit, US dollar accounts, credit facilities, international trade services, card services, telephone banking services, foreign business, and general services such as night deposit, safety deposit boxes, payroll preparation and standing orders. =========== M E X I C O =========== BANK OF AMERICA: Moody's Confirms 'D+' Financial Strength Rating ---------------------------------------------------------------- Moody's Investors Service confirmed Bank of America Mexico, S.A.'s D+ financial strength rating, but downgraded the global local currency deposit ratings to Baa3/Prime-3 from A2/Prime-2. On its Mexican National Scale, Moody's downgraded BAMSA's ratings to Aa2.mx from Aaa.mx and confirmed the short-term MX-1 rating. All these ratings have a negative outlook. Moody's also downgraded Merrill Lynch Mexico, S.A.'s long term Mexican National Scale issuer rating to Aa2.mx from Aaa.mx and confirmed the short term rating of MX-1. The outlook is negative. The rating actions on BAMSA and Merrill Mex conclude the review for possible downgrade initiated on March 6, 2009 and follow the actions taken on the ratings of Bank of America Corporation and its subsidiaries including its lead bank Bank of America, N.A., on March 25, 2009. In confirming BAMSA's BFSR, Moody's has indicated that the performance of the Mexican subsidiary and its local franchise and financial metrics continue to position it well within the group of foreign wholesale bank peers operating in Mexico. It appears that the difficulties faced by its parent bank have thus far had no material effect on the Mexican operations. Nevertheless, Moody's negative outlook on the bank's ratings is predicated on potential future pressures on BAMSA as it is so linked to a now weaker U.S. parent. The negative outlook also incorporates the less favorable business and economic environment present in Mexico. The last rating actions on BAMSA's and Merrill Lynch Mexico's ratings were on March 06, 2009 when Moody's placed on review for possible downgrade BAMSA's ratings, including a BFSR of D+, GLC deposit ratings of A2/Prime 2, foreign currency deposit ratings of Baa1/Prime-2 and the Mexican National Scale ratings of Aaa.mx/MX- 1. Moody's also placed on review for possible downgrade Merrill Lynch Mexico, S.A.'s Mexican National Scale issuer ratings of Aaa.mx and MX-1. The long-term Mexican National Scale rating of Aa2.mx indicates issuers or issues with good creditworthiness relative to other domestic issuers. The short-term Mexican National Scale rating of MX-1 indicates that the issuer has a very good ability to repay short-term senior unsecured debt obligations relative to other domestic issuers. These rating actions were taken on Bank of America Mexico S.A: -- Bank Financial Strength of D+: confirmed, with negative outlook -- Global local currency deposits, long term: Downgrade to Baa3 from A2, negative outlook -- Global local currency deposits, short term: Downgrade to Prime-3 from Prime-2 -- Long term foreign currency deposits: Downgraded to Baa3 from Baa1, negative outlook -- Short term foreign currency deposits: Downgraded to Prime-3 from Prime-2 -- Long term Mexican National Scale: Downgraded to Aa2.mx from Aaa.mx, with negative outlook -- Short term Mexican National Scale of MX-1: Confirmed These rating actions were taken on Merrill Lynch Mexico S.A.: -- Long term Mexican National Scale: Downgraded to Aa2.mx from Aaa.mx -- Short term Mexican National Scale: confirmed at MX-1 -- Outlook: Negative CEMEX: To Receive Loans, Guarantees & Equity With Hacienda's Aid ---------------------------------------------------------------- Hacienda is working with local development banks to provide Cemex S.A.B de C.V with additional financial relief, Latin France reports, citing Gerardo Rodriguez, Mexico’s head of public credit. According to the report, a combination of loan guarantees for commercial lenders includes new loans issued by development banks and secured by assets and financial flows; and even equity. Latin France says Mexico state development bank Nacional Financiera (Nafin), Mexican state-owned bank Banco Nacional de Comercio Exterior ("Bancomext”) and Mexico development bank Banco Nacional de Obras y Servicios Públicos, SNC (National Works and Public Services Bank) or (Banobras) are involved. The company’s leading 12 banks, Latin France notes, appear to have agreed initially to accept an extension of maturities and, though a few were heard dissenting and getting additional attention from Hacienda. About Cemex Cemex S.A.B de C.V is the third-largest cement producer in the world based on production capacity of approximately 97 million metric tons and operates in more than 50 countries. The company is also the global leader in the ready mix concrete market with sales of over 80.5 million cubic meters, and an important global player in the aggregates business with sales of 222.7 million tons. In 2008, Cemex generated US$4.370 billion of EBITDA on US$21.8 billion of sales revenues. * * * As reported by the Troubled Company Reporter-Latin America on March 2, 2009, Standard & Poor's Ratings Services said that its 'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V. and its key operating subsidiaries (Cemex Espana S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where they were placed with negative implications on Jan. 21, 2009. At the same time, S&P assigned a 'BB+' rating to Cemex's intermediate-maturity notes in the amount of about US$500 million. The recovery rating is '3', indicating that lenders can expect substantial (70% to 90%) recovery in the event of a payment default. COMERCI: May Reach Accord With Creditors as April 3 Deadline Nears ------------------------------------------------------------------ Controladora Comercial Mexicana SAB (Comerci) may reach an accord with creditors that cuts its liabilities by as much as 30%, Hugh Collins of Bloomberg News reports, citing Francisco Suarez, head of equity research at Actinver, Mexico’s biggest independent money manager. “There are positive signs that counterparties are willing to refinance,” Mr. Suarez told the news agency in a telephone interview. According to the report, Marisol Huerta, an analyst at Actinver, said that Comerci may reduce its liabilities by 20% to 30% in a restructuring and get 10 years to pay off the debt. Comerci, the report says, has until April 3 to reach an agreement before creditors can take legal action. As reported in the Troubled Company Reporter-Latin America on March 12, 2009, Bloomberg News said Comerci received a restructuring proposal from derivatives counterparties. Bloomberg News recalled 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 noted, included Merrill Lynch & Co., Citigroup Inc.’s Banamex unit, Goldman Sachs Group Inc. and Barclays Plc. The company, Bloomberg News noted, 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. KANSAS CITY: Fitch Affirms 'BB-' Issuer Default Rating ------------------------------------------------------ Fitch Ratings has affirmed Kansas City Southern de Mexico, S.A. de C.V.'s outstanding ratings. In addition, Fitch has assigned a 'BB-' foreign currency rating to KCSM's new US$200 million 12.5% senior notes due 2016. The Rating Outlook for all ratings has been revised to Negative from Stable. Fitch has affirmed these ratings: -- Long-term Issuer Default Rating at 'BB-'; -- Local Currency Long-term IDR at 'BB-'; -- US$460 million 9.375% senior notes due 2012 at 'BB-'; -- US$175 million 7.625% senior notes due 2013 at 'BB-'; -- US$165 million 7.375% senior notes due 2014 at 'BB-'; -- US$200 million 12.5% senior notes due 2016 at 'BB-'. The Outlook revision reflects Fitch's concern about KCSM's challenging operating environment, declining revenues, and expected increase in leverage during 2009. Over the last two quarters, KCSM has operated in a challenging environment characterized by shorter length of haul, reduced fuel surcharge revenue, a depreciating Mexican peso versus the U.S. dollar, and a slowing economy. This latter factor has resulted in a decline in the shipment of cargo from most of the sectors served by KCSM, including commodities, automotive, and consumer products. KCSM's revenues and EBITDA declined 17.54% and 17.14%, respectively, during the fourth quarter-2008 (4Q'08) as compared to the same period of 2007 (4Q'07). Further, through the 10-week period ended March 14, 2009, KCSM's total carload and intermodal unit volumes for the 2009 first quarter have declined 25.9% compared to the same period in 2008. Fitch expects a declining trend in KCSM's revenues to continue in the near term which in turn could put additional pressure to the company's cash flows. KCSM's capital structure is levered and is expected to rise over the near term. As of Dec. 31, 2008, KSCM had approximately US$1.46 billion in total debt consisting primarily of US$958.4 million in unsecured notes due in 2012 (US$460 million), 2013 (US$175 million), and 2014 (US$165 million); and an estimated US$508 million of off-balance debt associated with lease obligations. KCSM's EBITDAR was US$383 million during 2008 and the ratio of total adjusted debt-to-EBITDAR was 3.8 times (x) by the end of December 2008, up from 3.6x by the end of December 2007. Improving leverage trends over the last several years are expected to reverse with adjusted debt to EBITDAR increasing to the mid 4.0x as volumes and profitability decrease. KCSM's near-term liquidity is satisfactory. The successful completion of the company's $200 million of unsecured private bond offering due 2016, reduces refinancing risk and should provide KCSM with sufficient near liquidity to face the current difficult business environment. Net proceeds are expected to pay all short- term indebtedness and amounts outstanding under its credit facility with banks ($30 million approximately by the end of December 2008). The issuance should also build its cash position to be used for working capital purposes; no other maturities are due until 2012. Despite this improvement in near-term liquidity, further profitability and credit metrics deterioration beyond Fitch's expectations could negatively affect the current rating level. The ratings for KCSM are supported by the company's business position as a leading provider of railway transportation in Mexico. KCSM operates one of three main railroad networks in Mexico, transporting more than 40% of the country's railway freight volumes. KCSM's main tracks consist of about 2,700 miles throughout commercial and industrial areas in the northeastern and central regions of the country and serve three of Mexico's main seaports. KCSM operates a strategically significant route connecting Mexico City with Laredo, Texas, the largest freight exchange point between the United States and Mexico. In 2008, revenues of US$819 million were generated from diverse sectors such as agro-industrial, cement, metals and minerals, chemical and petrochemical, automotive, manufacturing and industrial, and intermodal. Kansas City Southern owns 100% of KCSM. ================================================= S T V I N C E N T & T H E G R E N A D I N E S ================================================= MILLENNIUM BANK: Government Appoints KPMG Int'l as Bank Receiver ---------------------------------------------------------------- St Vincent and the Grenadines government's financial arm, International Financial Services Authority (IFSA), has appointed KPMG International as receiver for Caribbean-based Millennium Bank, following the US Securities Exchange Commission (SEC) fraud allegations, Duggie Joseph of Caribbean Net News reports. The report relates the government appointed the receiver “to preserve records and assets.” As reported in the Troubled Company Reporter-Latin America on March 30, 2009, the SEC obtained an emergency court order halting a US$68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit (CDs) by Millennium Bank. The SEC alleged that the scheme targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly offered returns that were up to 321% higher than legitimate bank-issued CDs. The SEC's complaint alleged that William J. Wise of Raleigh, N.C., and Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through Millennium Bank, its Geneva, Switzerland-based parent United Trust of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and Millennium Financial Group. In addition, the SEC has charged Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh Chopra, and Philippe Angeloni for their roles in the scheme. According to Caribbean Net News, Minister of Finance, Prime Minister Dr. Ralph Gonsalves, said the government prevented Millennium Bank from operating in the country in 2001, but after the bank appealed against the decision and it was allowed to operate. Mr. Gonsalves, Caribbean Net News relates, said the the bank's licence was revoked “due to contraventions of the Banking Act of 1996.” and stated these reasons: * the bank was undercapitalized; * carrying out business in a reckless manner, * detrimental to the public interest; * was without a Resident Director as stipulated by law; and * the bank was deemed insolvent. “The funds alleged to be defrauded from investors did not pass through Millennium Bank in St Vincent and the Grenadines nor our National Commercial Bank,” Mr. Gonsalves was quoted by Caribbean Net News as saying. “It is believed that domestic banks in the US were used to deposit funds from investors in the name of United Trust Switzerland and then payments made to the defendants.” Caribbean Net News notes Mr. Gonsalves added that United Trust, another registered offshore bank in St Vincent, was also placed into receivership. IFSA, Caribbean Net News states, said it is cooperating with the US SEC in its investigation of activities of Millennium Bank. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA IMPSAT FIBER NET XIMPT SM 535007008 -17165000 COMERCIAL PLAT-$ COMED AR 422118016 -747305024 COMERCIAL PLA-BL COMEB AR 422118016 -747305024 COMERCIAL PL-C/E COMEC AR 422118016 -747305024 SNIAFA SA-B SNIA5 AR 39681268 -2901931 SOC COMERCIAL PL CADN SW 422118016 -747305024 COMERCIAL PL-ADR SCPDS LI 422118016 -747305024 SOC COMERCIAL PL COME AR 422118016 -747305024 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 SOC COMERCIAL PL CAD IX 422118016 -747305024 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 SNIAFA SA-B SDAGF US 39681268 -2901931 SOC COMERCIAL PL SCDPF US 422118016 -747305024 SNIAFA SA SNIA AR 39681268 -2901931 SOC COMERCIAL PL CVVIF US 422118016 -747305024 IMPSAT FIBER-$US IMPTD AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER-CED IMPT AR 535007008 -17165000 BRAZIL DOC IMBITUBA-RTP IMBI2 BZ 202283008 -25164000 PARQUE TEM-RCT P PQTM10 BZ 152268000 -388872000 PET MANG-RIGHTS RPMG1 BZ 183988992 -66954004 PARQUE TEM-DV PF PQT6 BZ 152268000 -388872000 HOPI HARI SA PQTM3 BZ 152268000 -388872000 PARQUE TEM-RT PF PQTM2 BZ 152268000 -388872000 NORDON MET-RTS NORD1 BZ 36317000 -33521000 PARQUE TEM-DV CM PQT5 BZ 152268000 -388872000 NOVA AMERICA SA NOVA3 BZ 40955000 -353104000 NORDON METAL NORDON BZ 36317000 -33521000 BOMBRIL CIRIO SA BOBRON BZ 442846016 -485678016 NOVA AMERICA-PRF NOVAPN BZ 40955000 -353104000 CAF BRASILIA CAFE3 BZ 38244000 -1042639040 NOVA AMERICA-PRF NOVA4 BZ 40955000 -353104000 COARI PART COAR3 BZ 3270861056 -56000 GAZOLA-PREF GAZO4 BZ 27266214 -73665296 RIMET-PREF REEMPN BZ 144454000 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66833000 -3164000 CTM CITRUS- PR R CTPC2 BZ 79728000 -1381000 BAUMHARDT IRMAOS BAUMON BZ 20444000 -3589000 EXCELSIOR-RCT BAUH9 BZ 20444000 -3589000 EXCELSIOR-RT BAUH2 BZ 20444000 -3589000 ARTEX SA ARTXON BZ 11856000 -33570000 KUALA-PREF ARTE4 BZ 11856000 -33570000 KUALA ARTE3 BZ 11856000 -33570000 WETZEL SA MWET3 BZ 145738992 -8419000 AZEVEDO E TRAVAS AZEVON BZ 116398000 -10976000 AZEVEDO-PREF AZEV4 BZ 116398000 -10976000 AZEVEDO AZEV3 BZ 116398000 -10976000 BUETTNER SA-RT P BUET2 BZ 148186992 -54926000 BUETTNER SA-RTS BUET1 BZ 148186992 -54926000 BOMBRIL CIRIO-PF BOBRPN BZ 442846016 -485678016 WETZEL SA MWELON BZ 145738992 -8419000 CAMBUCI SA CAMBON BZ 177378992 -42495000 BUETTNER SA BUETON BZ 148186992 -54926000 BUETTNER-PREF BUET4 BZ 148186992 -54926000 WIEST-PREF WISA4 BZ 71372000 -140973008 BOMBRIL SA-ADR BMBPY US 442846016 -485678016 BOMBRIL SA-ADR BMBBY US 442846016 -485678016 BOMBRIL BMBBF US 442846016 -485678016 RIMET-PREF REEM4 BZ 144454000 -232197008 TEXTEIS RENA-RCT TXRX9 BZ 86140000 -135343008 BOMBRIL BOBR3 BZ 442846016 -485678016 CIMOB PART-PREF GAFP4 BZ 90471752 -77366408 ARTHUR LAN-DVD P ARLA12 BZ 34053000 -26011000 FERREIRA GUIMARA FGUION BZ 24631000 -224564000 SCHLOSSER-PREF SCLO4 BZ 21962000 -118044000 GAZOLA SA-DVD PF GAZO12 BZ 27266214 -73665296 FABRICA RENAUX FTRX3 BZ 125797000 -64182000 FABRICA TECID-RT FTRX1 BZ 125797000 -64182000 ARTHUR LAN-DVD C ARLA11 BZ 34053000 -26011000 ESTRELA SA ESTR3 BZ 153186000 -80125000 HERCULES SA HERTON BZ 25126000 -273456000 CTM CITRUS-RCT P CTP6 BZ 79728000 -1381000 ACO ALTONA-PREF EALT4 BZ 170270992 -31429000 F GUIMARAES FGUI3 BZ 24631000 -224564000 ESTRELA SA-PREF ESTRPN BZ 153186000 -80125000 ESTRELA SA ESTRON BZ 153186000 -80125000 CHIARELLI SA-PRF CCHPN BZ 42853000 -85685000 ACO ALTONA SA EAAON BZ 170270992 -31429000 MARAMBAIA CTPC3 BZ 79728000 -1381000 GASCOIGNE EMP-PF GASC4 BZ 1586146944 -1048602048 GAZOLA SA GAZON BZ 27266214 -73665296 GAZOLA-RCPTS CMN GAZO9 BZ 27266214 -73665296 CONST A LIND-PRF LINDPN BZ 51808000 -13659000 GAZOLA GAZO3 BZ 27266214 -73665296 CIMOB PARTIC SA GAFON BZ 90471752 -77366408 BOTUCATU-PREF STRP4 BZ 66833000 -3164000 ARTHUR LANG-RT C ARLA1 BZ 34053000 -26011000 FABRICA RENAUX-P FTRX4 BZ 125797000 -64182000 ALL MALHA PAULIS GASC3 BZ 1586146944 -1048602048 CIMOB PART-PREF GAFPN BZ 90471752 -77366408 FABRICA RENAUX FRNXON BZ 125797000 -64182000 CAMBUCI SA-PREF CXDOF US 177378992 -42495000 MINUPAR SA-PREF MNPRPN BZ 179201008 -34191000 CENT AMAPA CTAP3 BZ 15000 -11996000 CTM CITRUS-COM R CTPC1 BZ 79728000 -1381000 DHB IND E COM-PR DHBPN BZ 221336000 -588646016 DHB IND E COM DHBON BZ 221336000 -588646016 D H B-PREF DHBI4 BZ 221336000 -588646016 D H B DHBI3 BZ 221336000 -588646016 CTM CITRUS-RCT C CTP5 BZ 79728000 -1381000 TEKA-ADR TKTPY US 526557984 -449536992 BOMBRIL-RGTS PRE BOBR2 BZ 442846016 -485678016 MARAMBAIA-PREF CTPC4 BZ 79728000 -1381000 GAZOLA-RCPT PREF GAZO10 BZ 27266214 -73665296 TECTOY-PREF TOYB4 BZ 41684000 -2539000 TECTOY-RCPT PF B TOYB12 BZ 41684000 -2539000 N.A. DTCY9 BZ 11902000 -16264999 DTCOM- DIRECT-PR DTCY4 BZ 11902000 -16264999 DTCOM- DIR TO CO DTCY3 BZ 11902000 -16264999 TECEL S JOSE-PRF SJOS4 BZ 79567000 -37557000 CIMOB PARTIC SA GAFP3 BZ 90471752 -77366408 ACO ALTONA EALT3 BZ 170270992 -31429000 ACO ALTONA-PREF EAAPN BZ 170270992 -31429000 DOCAS SA DOCAON BZ 206494000 -23571000 DOCA INVESTI-PFD DOCA4 BZ 206494000 -23571000 DOCAS SA-RTS PRF DOCA2 BZ 206494000 -23571000 PETRO MANGUINHOS RPMG3 BZ 183988992 -66954004 GAZOLA SA-DVD CM GAZO11 BZ 27266214 -73665296 DOCAS SA-PREF DOCAPN BZ 206494000 -23571000 COLOMBIA ENACAR-RT ENACARO CI 2869195008 -36472102912 N.A. CARVILEO CI 1265678976 -34953248768 CARVILE CARVILE CI 1265678976 -34953248768 ENACAR EMPOF US 2869195008 -36472102912 ENACAR ENACAR CI 2869195008 -36472102912 *********** 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 * * *