/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090406.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 6, 2009, Vol. 9, No. 67 Headlines A R G E N T I N A AUTOPISTAS DE LEON: Moody's Withdraws Rating on EUR42 Mil. Notes B A R B A D O S COURTS BARBADOS: To Close Cave Shepherd Outlet; 27 Jobs Affected B R A Z I L ODEBRETCH FINANCE: Increases 2014 Notes Placement by US$50 Mln VALENTIN TRUCKING: Voluntary Chapter 11 Case Summary VARIG LOGISTICA: Wants Brazil Court to Govern Reorganization C A Y M A N I S L A N D S ACTIVE DEVELOPER: Placed Under Voluntary Wind-Up ANAK NORTH: Creditors' Proofs of Debt Due on April 16 ATLANTIC HEDGE: Creditors' Proofs of Debt Due on April 16 BLACK DIAMOND: Creditors' Proofs of Debt Due on April 20 CIRCLE T: Placed Under Voluntary Wind-Up CCTI INVESTMENT: Creditors' Proofs of Debt Due on April 16 D. & M. STOP: Creditors' Proofs of Debt Due on April 17 FLOATING RATE: Placed Under Voluntary Wind-Up GREENFIELD INVESTMENTS: Creditors' Proofs of Debt Due on April 15 GLOBALCAPITAL INVESTMENT: Filing Proofs of Debt Due on April 15 INVESTCORP REAL ET AL: Creditors' Proofs of Debt Due Today INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due on April 6 MANGART LEVERAGED: Creditors' Proofs of Debt Due on April 7 MOUTON LTD: Creditors' Proofs of Debt Due on April 28 MPC PILGRIM: Creditors' Proofs of Debt Due on April 16 NEW STAR: Creditors' Proofs of Debt Due on April 24 PALIO PORTFOLIO: Creditors' Proofs of Debt Due on April 16 PINE STREET: Creditors' Proofs of Debt Due on April 16 PLUTUS TRANSEO ET AL: Creditors' Proofs of Debt Due on April 7 SANWA CAPITAL: Placed Under Voluntary Wind-Up SOLENT CREDIT: Creditors' Proofs of Debt Due on April 7 SOLENT RELATIVE ET AL: Creditors' Proofs of Debt Due on April 7 SPYGLASS FOCUSED: Creditors' Proofs of Debt Due on April 16 TANGARA LTD: Creditors' Proofs of Debt Due on April 7 THE SOLENT ET AL: Creditors' Proofs of Debt Due on April 7 C H I L E COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'B-' COMPANIA SUD: S&P Cuts Rating to 'B-'; Retains Negative Watch C O L O M B I A * COLOMBIA: Oil Association Sees Lower Investment This Year D O M I N I C A N R E P U B L I C AES CORP: Local Unit Signs 40-Km Gas Pipeline Project With CESPM J A M A I C A AIR JAMAICA: Government Sets June 30 as New Sale Date WINDALCO: Temporary Shutdown of Operations Implemented M E X I C O ASARCO LLC: Gets $6BB in Damages for AMC Fraudulent Conveyance CORPORACION DURANGO: Reaches Tentative Deal to Restructure Debt GRUMA SAB: Fitch Downgrades Issuer Default Rating to 'B+' ORGANIZACION SORIANA: Moody's Reviews 'Ba1' Senior Unsec. Rating VITRO SAB: Continues Debt Restructuring Talks With Lenders P E R U DOE RUN: Unit Reaches Loan Accord With Suppliers X X X X X X X X * BOND PRICING: For the Week March 30 – April 3, 2009 - - - - - ================= A R G E N T I N A ================= AUTOPISTAS DE LEON: Moody's Withdraws Rating on EUR42 Mil. Notes ---------------------------------------------------------------- Moody's Investors Service has withdrawn the rating on the EUR42 million European Investment Bank loan facility due 2031, raised in 2001 by Autopistas de Leon, S.A., Concesionaria del Estado, and guaranteed by MBIA Insurance Corporation. Moody's has withdrawn this rating for business reasons. The rating withdrawal reflects Moody's current policy to withdraw ratings on MBIA--wrapped securities for which there is no published underlying rating. Should MBIA's rating subsequently move back into the investment grade range or should Aulesa subsequently publish the underlying rating, Moody's would reinstate the rating to the EIB Loan. The rating on the EIB Loan has been withdrawn. The last rating action was on 18 February 2009 when the insurance financial strength rating of MBIA was downgraded to B3 from Baa1. Aulesa is a special purpose company which holds a concession from the Spanish government to operate a 37.5 km four-lane toll road from the city of Astorga to the provincial capital of Leon in the autonomous region of Castilla-Leon in the northwest of Spain. Aulesa is a subsidiary of the Abertis group headquartered in Barcelona, Spain. =============== B A R B A D O S =============== COURTS BARBADOS: To Close Cave Shepherd Outlet; 27 Jobs Affected ---------------------------------------------------------------- Courts Barbados Limited is closing its Cave Shepherd outlet in July, Peter Thorne of CBC.bb News reported on March 31. The report related former Company Managing Director Nick Mison attributed the closure to prevailing economic downturn. In an update, CBC.bb News said 27 jobs in the company will be facing possible redundancy in connection with the outlet closure. Mr. Mison, the report related, said the company have held discussions with the Barbados Workers Union about the proposed closure, noting that it is doing everything possible to re-absorb as many staff at its other outlets across Barbados. CBC.bb News noted Mr. Mison said more emphasis will now be placed on its main store at Lower Green bus terminal. Meanwhile, CBC.bb News said Mr. Mison resigned on March 31, and was replaced by Trisha Tannis. Also, the company is now registered as Unicomer Barbados Ltd, even though it will continue to trade as Courts Barbados, the report added. About Courts Barbados Courts Barbados Limited is one of Barbados' leading retail stores with six outlets and over 300 employees. =========== B R A Z I L =========== ODEBRETCH FINANCE: Increases 2014 Notes Placement by US$50 Mln -------------------------------------------------------------- Odebrecht Finance Limited has placed US$200 million in 2014 notes, upsized from US$150 million, Latin France reports. The report says the 9.625% coupon notes priced at 98.552 will yield 10.000%, or UST plus 825bp. The deal was oversubscribed including significant retail and institutional participation, the report states citing bankers involved in the transaction. Latin France relates bankers away from the deal – acknowledging successful execution in challenging circumstances – pegged the new issue premium at 70bp-100bp, versus 40bp-60bp on recent sovereigns. According to Latin France, the company went out April 1, at 10.00%-10.25% guidance, versus earlier whispers of low 10s. “Odebrecht is a name that investors are comfortable with – if any high-yield name could come to the market it would be them,” Esther Chan, who helps manage US$3 billion at Aberdeen Asset and participated in the transaction, told Latin Finance in an interview. The business model and risk management in different countries sets it apart from other construction names, she said. Latin France notes CFO of Grupo Odebrecht Paulo Cesena said the proceeds will fund future projects. Mr. Cesena, the report says, expects equity needs for the group’s projects to be US$700 million in the next 3 years. About Odebrecht Construtora Norberto Odebrecht SA is a Latin American engineering and construction company fully owned by the Odebrecht Group, one of the 10 largest Brazilian private groups. Construtora Norberto is the world's largest builder of hydroelectric plants, of sanitary and storm sewers, water treatment and desalination plants, transmission lines and aqueducts. The Group's main businesses are heavy engineering and construction based in Rio de Janeiro, Brazil, and Braskem S.A., its chemicals/petrochemicals company, based in Sao Paulo, Brazil. About Odebrecht Finance Odebrecht Finance Limited is a wholly owned subsidiary of Construtora Norberto Odebrecht S.A.'s parent company, Odebrecht S.A. * * * As reported in the Troubled Company Reporter-Latin America on April 2, 2009, Standard & Poor's Ratings Services assigned a 'BB' rating to the proposed US$150 million, five-year senior unsecured notes to be issued by Odebrecht Finance Ltd. The notes will count on an unconditional and irrevocable guarantee by Brazil-based heavy engineering and construction company Construtora Norberto Odebrecht S.A. (CNO; BB/Stable/--). VALENTIN TRUCKING: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Valentin Trucking Services, Inc. P.O. Box 7258 Carolina, PR 00986-7258 Bankruptcy Case No.: 09-12197 Chapter 11 Petition Date: March 24, 2009 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Wigberto Lugo Mender, Esq. Lugo Mender & Co. Centro Internacional De Mercadeo Rd 165 Torre 1 Suite 501 Guaynabo, PR 00968 Tel: (787) 707-0404 Email: wlugo@lugomender.com Estimated Assets: US$500,001 to US$1,000,000 Estimated Debts: US$1,000,001 to US$10,000,000 The petition was signed by Selma Valentin Delgado, president of the company. A full-text copy of the Debtor's petition, including its largest unsecured creditors, is available for free at: http://bankrupt.com/misc/prb09-02197.pdf VARIG LOGISTICA: Wants Brazil Court to Govern Reorganization ------------------------------------------------------------ Varig Logistica SA filed a Chapter 15 petition before the U.S. Bankruptcy Court for the Southern District of Florida to seek recognition of its reorganization case in Brazil. Varig sent itself to bankruptcy in Brazil on March 3. The Company said it owes $180 million to creditors, including $101 million to creditors in the U.S. If the Florida court approves the Chapter 15 petition, Brazil will be considered as the home of the "foreign main proceeding," and creditor actions in the U.S. will be halted permanently. According to Bloomberg's Bill Rochelle, the Company filed for Chapter 15 to stop U.S. creditors who sued to recover possession of aircraft and engines under defaulted leases. The Company was also being sued in the U.S. for non-payment to suppliers. Bill Rochelle relates that in an ordinary airline bankruptcy under Chapter 11, a special rule applies requiring the airline to bring payments on aircraft current in 60 days. If defaults aren't cured, the aircraft owner may repossess. This rule doesn't apply in Chapter 15 cases like VarigLog's. Varig Logistica SA is a Brazilian cargo airline and provides air transport services to major cargo companies including, among others, Federal Express, DHL and UPS. It was previously controlled by affiliates of MatlinPatterson Global Advisers LLC. On March 31, 2009, Alexandre Savio Abs da Cruz, manager of flight operations of Varig Logstica S.A., filed a Chapter 15 petition for the company (Bankr. S.D. Fla., Case No.: 09-15717). Stephen P. Drobny, Esq., is the petitioner's counsel. The Company has assets and debts of $100 million to $500 million. ========================== C A Y M A N I S L A N D S ========================== ACTIVE DEVELOPER: Placed Under Voluntary Wind-Up ------------------------------------------------ On March 6, 2009, the sole shareholder of Active Developer Company 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 ANAK NORTH: Creditors' Proofs of Debt Due on April 16 ----------------------------------------------------- The creditors of Anak North American Fund Limited are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 27, 2009. The company's liquidator is: K.D. Blake c/o Dorra Mohammed PO Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4475 Facsimile: 345-949-7164 ATLANTIC HEDGE: Creditors' Proofs of Debt Due on April 16 --------------------------------------------------------- The creditors of Atlantic Hedge Fund are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 25, 2009. The company's liquidator is: Dr. Giuseppe Andrea Petretta Via L Settembrini 17 20124 Milano, Italy Tel: 1 206 734 4381 Fax: 1 206 350 3267 BLACK DIAMOND: Creditors' Proofs of Debt Due on April 20 -------------------------------------------------------- The creditors of Black Diamond Multi-Manager Offshore Fund Ltd. are required to file their proofs of debt by April 20, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 22, 2009. The company's liquidator is: Peter D. Anderson P.O. Box 897, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949-7576 Facsimile: (345) 949-8295 CIRCLE T: Placed Under Voluntary Wind-Up ---------------------------------------- On February 20, 2009, the sole shareholder of Circle T Market- Neutral Offshore Fund, Ltd. 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 CCTI INVESTMENT: Creditors' Proofs of Debt Due on April 16 ---------------------------------------------------------- The creditors of CCTI Investment Holding Ltd. are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 24, 2009. The company's liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman D. & M. STOP: Creditors' Proofs of Debt Due on April 17 ------------------------------------------------------- The creditors of D. & M. Stop Loss Fonds are required to file their proofs of debt by April 17, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 26, 2009. The company's liquidator is: K.D. Blake c/o Dorra Mohammed PO Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4475 Facsimile: 345-949-7164 FLOATING RATE: Placed Under Voluntary Wind-Up --------------------------------------------- On March 6, 2009, the sole member of Floating Rate Senior Loan Fund Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Kirsten Le Pape c/o Turner & Roulstone Management Ltd. Turner & Roulstone Management Ltd. P.O. Box 2636, Strathvale House Telephone: (345) 943 5555 GREENFIELD INVESTMENTS: Creditors' Proofs of Debt Due on April 15 ----------------------------------------------------------------- The creditors of Greenfield Investments Limited are required to file their proofs of debt by April 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 27, 2009. The company's liquidator is: Campbell Directors Limited Scotia Centre, George Town P.O. Box 268, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 2648 Facsimile: (345) 949 8613 GLOBALCAPITAL INVESTMENT: Filing Proofs of Debt Due on April 15 --------------------------------------------------------------- The creditors of Globalcapital Investment SPC are required to file their proofs of debt by April 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 2, 2009. The company's liquidator is: Kwang Chuan Ting Portcullis TrustNet (Cayman) Ltd. Portcullis TrustNet (Cayman) Ltd. Marquee Place, Suite 300, 430 West Bay Road P.O. Box 32052, Grand Cayman KY1-1208 Cayman Islands Tel: (65) 6496 0496 Fax: (65) 6538 6585 INVESTCORP REAL ET AL: Creditors' Proofs of Debt Due Today ---------------------------------------------------------- Westport Services Ltd. fixes today, April 6, 2009, as the last day to file proofs of debt for the creditors of: -- Investcorp Real Estate Equity Acquisition Ltd.; -- Investcorp Real Estate Equity Capital Ltd.; -- Investcorp Real Estate Equity Finance Ltd.; and -- Investcorp Real Estate Equity Planning Ltd. The companies commenced wind-up proceedings on March 4, 2009. The Liquidator can be reached at: Westport Services Ltd. c/o Patricia Tricarico P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: 345 949 5122 Facsimile: 345 949 7920 INVESTCORP WASHINGTON: Creditors' Proofs of Debt Due on April 6 --------------------------------------------------------------- Paget-Brown Trust Company Ltd. fixed April 6, 2009, as the deadline to file proofs of debt for the creditors of: -- Investcorp Washington Corner Distressed Opportunity Intermediate Fund Limited; and -- Investcorp Washington Corner Distressed Opportunity Fund Limited The companies commenced wind-up proceedings on February 26, 2009. The companies' liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks P.O. Box 1111, Grand Cayman Cayman Islands Telephone: (345)-949-5122 Facsimile: (345)-949-7920 MANGART LEVERAGED: Creditors' Proofs of Debt Due on April 7 ----------------------------------------------------------- The creditors of Mangart Leveraged Fund Limited are required to file their proofs of debt by April 7, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 27, 2009. The company's liquidator is: Ian Stokoe c/o Ross Lister PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8743 Facsimile: (345) 945 4237 MOUTON LTD: Creditors' Proofs of Debt Due on April 28 ----------------------------------------------------- The creditors of Mouton Ltd. are required to file their proofs of debt by April 28, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 6, 2009. The company's liquidator is: Richard E. L. Fogerty c/o Barry Hunte Kroll (Cayman) Limited Cayman Financial Centre Bermuda House, 4th Floor Dr. Roy’s Drive, Grand Cayman Telephone: +1 (345) 946-0081 Fax: +1 (345) 946-0082 MPC PILGRIM: Creditors' Proofs of Debt Due on April 16 ------------------------------------------------------ The creditors of MPC Pilgrim Select Inc. are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 18, 2009. The company's liquidator is: John Sutlic c/o Kim Charaman Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 NEW STAR: Creditors' Proofs of Debt Due on April 24 --------------------------------------------------- The creditors of New Star Asia Renaissance Hedge Fund Limited are required to file their proofs of debt by April 24, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 13, 2009. The company's liquidator is: Richard Finlay P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 945-3901 Facsimile: (345) 945-3902 PALIO PORTFOLIO: Creditors' Proofs of Debt Due on April 16 ---------------------------------------------------------- The creditors of Palio Portfolio Limited are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 20, 2009. The company's liquidator is: John Sutlic c/o Kim Charaman Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 PINE STREET: Creditors' Proofs of Debt Due on April 16 ------------------------------------------------------ The creditors of Pine Street Special Opportunity Fund SPC are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 15, 2009. The company's liquidator is: Christine Ma c/o Neil Gray Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 PLUTUS TRANSEO ET AL: Creditors' Proofs of Debt Due on April 7 -------------------------------------------------------------- Ian Stokoe fixes April 7, 2009, as the last day to file proofs of debt for the creditors of: -- Plutus Transeo General Partner Inc; and -- Plutus Transeo Fund Inc. The companies commenced wind-up proceedings on February 24, 2009. The Liquidator can be reached at: Ian Stokoe c/o Ross Lister PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8743 Facsimile: (345) 945 4237 SANWA CAPITAL: Placed Under Voluntary Wind-Up --------------------------------------------- On March 5, 2009, the sole shareholder of Sanwa Capital One TMK Holdings Inc. 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 SOLENT CREDIT: Creditors' Proofs of Debt Due on April 7 ------------------------------------------------------- The creditors of Solent Credit Opportunities General Partner Limited are required to file their proofs of debt by April 7, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 27, 2009. The company's liquidator is: Hugh Dickson c/o Peter Bigwood PO Box 1370GT, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8242 Facsimile: (345) 949 7120 SOLENT RELATIVE ET AL: Creditors' Proofs of Debt Due on April 7 --------------------------------------------------------------- Hugh Dickson fixed April 7, 2009, as the deadline to file proofs of debt for the creditors of: -- Solent Relative Value Credit Fund; -- Solent Relative Value Credit Notes Fund; and -- Solent Relative Value Credit Master Fund The companies commenced wind-up proceedings on February 27, 2009. The companies' liquidator is: Hugh Dickson c/o Peter Bigwood PO Box 1370GT, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8242 Facsimile: (345) 949 7120 SPYGLASS FOCUSED: Creditors' Proofs of Debt Due on April 16 ----------------------------------------------------------- The creditors of Spyglass Focused Equity Offshore Fund Limited are required to file their proofs of debt by April 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 5, 2009. The company's liquidators are: Glen Trenouth Rodney Graham Glen Trenouth or Rodney Graham P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands Telephone: (345) 943 8800 Facsimile: (345) 943 8801 TANGARA LTD: Creditors' Proofs of Debt Due on April 7 ----------------------------------------------------- The creditors of Tangara Ltd. are required to file their proofs of debt by April 7, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 27, 2009. The company's liquidator is: Hugh Dickson c/o Peter Bigwood P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8242 Facsimile: (345) 949 7120 THE SOLENT ET AL: Creditors' Proofs of Debt Due on April 7 ---------------------------------------------------------- Hugh Dickson fixed April 7, 2009, as the deadline to file proofs of debt for the creditors of: -- The Solent Multi Strategy Fund; and -- The Solent Multi Strategy General Partner Limited. The companies commenced wind-up proceedings on February 27, 2009. The companies' liquidator is: Hugh Dickson c/o Peter Bigwood PO Box 1370GT, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8242 Facsimile: (345) 949 7120 ========= C H I L E ========= COMPANIA SUD: S&P Downgrades Counterparty Credit Rating to 'B-' --------------------------------------------------------------- On April 2, 2009, Standard & Poor's Rating Services lowered its long-term counterparty credit rating on Compania Sud Americana de Vapores to 'B-' from 'BB-'. The rating remains on CreditWatch with negative implications. The action reflects S&P's opinion that the gap between supply and demand in container shipping markets is currently far from narrowing and the industry will therefore continue to face very challenging conditions in 2009 and probably 2010. Within this scenario and absent a significant restructuring of its business strategy, S&P expects CSAV to continue posting significant losses that would challenge its credit quality by further eroding its operational performance, its financial risk profile, and its liquidity position, and that could lead the company to delay payments to lessors. In this context, CSAV may also need to renegotiate the terms and conditions of its charting payments. CSAV recently announced that it has retained HSH Corporate Finance GmbH to help it redesign its business strategy, which in S&P's opinion speaks to the disappointing results of the current business model and the company's need to further restructure its operations to improve profitability, one of its main weaknesses when compared with other rated peers. In addition, the company is completing an equity infusion of up to $200 million (expected for second-quarter 2009) that would enhance the company's liquidity position and provide breathing room to restructure its business. With an estimated idle capacity close to 10%, in March 2009, the container markets are suffering from a severe deterioration in demand, which makes tariff rates decline faster than S&P previously expected. In addition, the industry's large order book, which currently exceeds 50% of worldwide capacity, will continue adding pressure on pricing levels as it could widen the gap between supply and demand in the next two years. Furthermore, financing institutions are reducing their exposure to the industry, which adds more uncertainty regarding main industry players' financial flexibility. The ratings on CSAV reflect the company's weak business risk profile and highly leveraged financial profile. The company's modest business position in the volatile container shipping market is the result of its weak operating efficiency, particularly in the most competitive long-haul routes such as the east-west trades. It also has an aggressive ship-management strategy (involving heavy use of a chartered fleet) in a higher-than- average risk industry. These negatives lead to very volatile profits and cash-flow generation. In addition, CSAV's heavy use of off-balance-sheet financing and its active investment program are likely to reduce the company's financial flexibility. The company's strong positioning in the South American west-coast routes (that stem from its long-standing relationships with major Chilean exporters) and its port services operations in Chile's major ports (which provide CSAV with a relatively predictable stream of profits) partially mitigate the negative factors. CSAV's leverage metrics are weak and worse than those of its peers, reflecting its highly leveraged capital structure on a lease-adjusted basis, although its low on-balance-sheet debt ($183 million as of Dec. 31, 2008) remains relatively well- structured. At year-end 2008, operating lease-adjusted debt amounted to $1.9 billion, resulting in an OLA debt-to- capitalization ratio of 69.7% and an adjusted debt-to-EBITDA ratio of 31.8x, compared to 65% and 7.5x, respectively, in fiscal 2007. CSAV is a Chilean shipping company founded in 1872 and traditionally involved in the containership industry. With total revenues of $4.9 billion for fiscal 2008 and worldwide operations, CSAV covers the routes that link the east and west coasts of South America with North America and Europe and the competitive east- west routes, with traffic between North Europe, the Mediterranean, the Persian Gulf, Asia, and North America. The Claro Group, a diversified business group in Chile, controls CSAV. Liquidity CSAV's liquidity is weak and is likely to deteriorate further. S&P's base case assumes negative cash flow from operations in 2009 in the range of $250 million to $300 million. Assuming equity infusions close to $150 million, the company would face a shortfall of about $100 million (with the bulk mainly concentrated in the first half of 2009). Under this scenario, CSAV will have to reduce its charting programs materially and eventually sell some noncore assets to avoid further liquidity deterioration. The company's investment plan is considered somewhat less restrictive, given that although it would entail close to $60 million in 2009 and $300 million in 2010, the bulk of the equity portion of these investments has already been disbursed and thus, for the next two years it should be mostly debt-financed (financing is already committed). CreditWatch The continuing CreditWatch listing reflects S&P's understanding that the company's operations will remain unprofitable unless there is a significant shift in business strategy or in market conditions. In this context, the company's credit quality heavily relies on external factors such as capital infusions or the ability to sell noncore assets successfully. Failure to get substantial capital inflows in the first half of 2009 (i.e., a lower-than-expected or delayed capital infusion) would likely result in additional downgrades. Ratings List Downgraded Compania Sud Americana de Vapores To From -- ---- Corporate Credit Rating B-/Watch Neg/-- BB-/Watch Neg/-- Senior Unsecured B-/Watch Neg BB-/Watch Neg COMPANIA SUD: S&P Cuts Rating to 'B-'; Retains Negative Watch ------------------------------------------------------------- Standard & Poor's Rating Services said that it lowered its long- term counterparty credit rating on Compania Sud Americana de Vapores to 'B-' from 'BB-'. The rating remains on CreditWatch with negative implications. "The action reflects our opinion that the gap between supply and demand in container shipping markets is currently far from narrowing and the industry will therefore continue to face very challenging conditions in 2009 and probably 2010," said Standard & Poor's credit analyst Diego Ocampo. Within this scenario and absent a significant restructuring of its business strategy, S&P expects CSAV to continue posting significant losses that would challenge its credit quality by further eroding its operational performance, its financial risk profile, and its liquidity position, and that could lead the company to delay payments to lessors. In this context, CSAV may also need to renegotiate the terms and conditions of its charting payments. CSAV recently announced that it has retained HSH Corporate Finance GmbH to help it redesign its business strategy, which in S&P's opinion speaks to the disappointing results of the current business model and the company's need to further restructure its operations to improve profitability, one of its main weaknesses when compared with other rated peers. In addition, the company is completing an equity infusion of up to $200 million (expected for second-quarter 2009) that would enhance the company's liquidity position and provide breathing room to restructure its business. With an estimated idle capacity close to 10%, in March 2009, the container markets are suffering from a severe deterioration in demand, which makes tariff rates decline faster than S&P previously expected. In addition, the industry's large order book, which currently exceeds 50% of worldwide capacity, will continue adding pressure on pricing levels as it could widen the gap between supply and demand in the next two years. Furthermore, financing institutions are reducing their exposure to the industry, which adds more uncertainty regarding main industry players' financial flexibility. The ratings on CSAV reflect the company's weak business risk profile and highly leveraged financial profile. The company's modest business position in the volatile container shipping market is the result of its weak operating efficiency, particularly in the most competitive long-haul routes such as the east-west trades. It also has an aggressive ship-management strategy (involving heavy use of a chartered fleet) in a higher-than- average risk industry. These negatives lead to very volatile profits and cash-flow generation. In addition, CSAV's heavy use of off-balance-sheet financing and its active investment program are likely to reduce the company's financial flexibility. The company's strong positioning in the South American west-coast routes (that stem from its long-standing relationships with major Chilean exporters) and its port services operations in Chile's major ports (which provide CSAV with a relatively predictable stream of profits) partially mitigate the negative factors. CSAV is a Chilean shipping company founded in 1872 and traditionally involved in the containership industry. With total revenues of $4.9 billion for fiscal 2008 and worldwide operations, CSAV covers the routes that link the east and west coasts of South America with North America and Europe and the competitive east- west routes, with traffic between North Europe, the Mediterranean, the Persian Gulf, Asia, and North America. The Claro Group, a diversified business group in Chile, controls CSAV. The continuing CreditWatch listing reflects S&P's understanding that the company's operations will remain unprofitable unless there is a significant shift in business strategy or in market conditions. In this context, the company's credit quality heavily relies on external factors such as capital infusions or the ability to sell noncore assets successfully. Failure to get substantial capital inflows in the first half of 2009 (i.e., a lower-than-expected or delayed capital infusion) would likely result in additional downgrades. =============== C O L O M B I A =============== * COLOMBIA: Oil Association Sees Lower Investment This Year ----------------------------------------------------------- The Colombia Petroleum Association said Colombian oil exploration and production investment will dip 11% to as low as US$3.2 billion this year compared in 2008, as slowing global economy has cut demand for commodities such as oil, Javier Mozzo of Reuters reports. The report relates Association Chief Alejandro Martinez said: "The uncertainty has to do with the fact that we do not know how petroleum prices are going to behave, we are not sure what will happen with the cost of projects in Colombia." According to the report, the oil sector had been one of the most dynamic parts of the country's economy until gross domestic product started slowing last year. * * * As reported by the Troubled Company Reporter-Latin America on January 9, 2009, Fitch Ratings assigned a long-term foreign currency Issuer Default Rating of 'BB+' to the Republic of Colombia 10-year US$1 billion Eurobond (7.375% coupon). =================================== D O M I N I C A N R E P U B L I C =================================== AES CORP: Local Unit Signs 40-Km Gas Pipeline Project With CESPM ---------------------------------------------------------------- AES Dominicana, a unit of The AES Corporation, and San Pedro power company CESPM signed a letter of intent on April 1, to build a gas pipeline between the AES Andres natural gas reception terminal at the Port of Andres, to the CESPM power plant in San Pedro, The Dominican Today reports, citing AES Dominicana President Roberto Herrera and AES Dominicana President Marco De La Rosa. The signature shows the two companies’ interest in a close strategic collaboration in the next few years, centered in the use of natural gas to generate power, the executives said in a press statement obtained by The Dominican Today. The pipeline will be operated by AES Dominicana, the report says. According to the report, the pipeline will take from 12 to 15 months to build, starting from the signature of the letter of intent. The report relates the 40-kilometer long, 12 inch duct will sustain a maximum pressure of 100 Barg (unit of measure) for the use of the nonpolluting fuel, which maintains a competitive price in international markets. 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 April 2, 2009, Moody's Investors Service reaffirmed the B1 senior unsecured rating assigned to The AES Corporation's new note offering following its upsizing to $535 million from $350 million and also affirmed AES' Corporate Family Rating at B1. ============= J A M A I C A ============= AIR JAMAICA: Government Sets June 30 as New Sale Date ----------------------------------------------------- The Jamaican government has extended Air Jamaica Limited's divestment deadline to June 30 as it tries to attract buyers, the Associated Press reports. As reported in the Troubled Company Reporter-Latin America on March 19, 2009, Radio Jamaica News said the government will not be meeting its March 31 deadline for the sale of Air Jamaica despite earlier assurances by government officials that a deal would have been reached with a buyer in March. According to Radio Jamaica, Don Wehby, minister overseeing the talks, said no sale has been finalized. Radio Jamaica relates Mr. Wehby said a meeting is already scheduled for mid-April with an international airline group from which the privatization committee has already received an indicative offer for Air Jamaica. “We anticipate that we will be able to advance the negotiating process quite substantially at that meeting”, CaribbeanWorld News quoted Mr. Wehby as saying. “The Air Jamaica Privatization team remains committed to its task of completing Air Jamaica’s privatization and is working in a focused manner on concluding the transaction.” Radio Jamaica notes the airline has been haemorraghing over US$150 million (JA$13.2 billion) per annum and government has had to foot the massive bill. In addition, Radio Jamaica says, Air Jamaica currently has loans outstanding of over US$600 million (JA$52.8 billion). 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. WINDALCO: Temporary Shutdown of Operations Implemented ------------------------------------------------------ Jamaica-based West Indies Alumina Company ("Windalco") has suspended bauxite mining as part of a plan to temporarily shutter its operations due to a world downturn in demand, Reuters reports, citing company employees. "We stopped mining [April 1] and we don't know how long this will continue," a veteran Windalco employee, Paul Anderson, told Reuters in an interview. As reported in the Troubled Company Reporter-Latin America on March 20, 2009, Radio Jamaica said Windalco's management and employees signed new work arrangements suspending production from March 31. Radio Jamaica related in a statement issued by the Manchester-based company, Windalco said it had concluded discussions with the National Workers Union and the Union of Technical Administrative and Supervisory Personnel for the new agreements. The Jamaica Observer reported Windalco and its workers agreed to a 40% salary cut and three-day work-week arrangement aiming to save jobs instead of widespread layoffs, as the bauxite company closes production in reaction to depressed global markets. According to the Observer, the interim agreement remains in force until December 31, 2009, and if there are no significant changes in the global bauxite market the terms will be extended. The same report related that in the event the plants return to normal production, the agreement would immediately come to an end. Windalco, as cited by the Radio Jamaica News, said once the shutdown has taken place, specific action will be undertaken in the areas of asset preservation, improvement projects, documentation activities, training and skills improvement. About Windalco West Indies Alumina Company ("WINDALCO") -- http://www.windalco.com-- is situated on the island of Jamaica in the Caribbean and is a joint venture between the Government of Jamaica and UC RUSAL Alumina Jamaica Limited. UC RUSAL Alumina Jamaica Limited manages the joint venture. The Company comprises two alumina refineries (Ewarton Works and Kirkvine Works), a shipping port (Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in Manchester and St. Ann. =========== M E X I C O =========== ASARCO LLC: Gets $6BB in Damages for AMC Fraudulent Conveyance -------------------------------------------------------------- U.S. District Judge Andrew Hanen of Brownsville, Texas, has issued a damages award to ASARCO LLC, currently valued at about $6.04 billion. The ruling stems from the judge's decision in August 2008 that Americas Mining Corporation, a subsidiary of Grupo Mexico S.A. de C.V., had fraudulently transferred to itself ASARCO's 54.18% interest in Southern Peru Copper Corporation. As restitution, the judge ordered that AMC return to ASARCO 260,093,694 shares of Southern Copper Corporation stock, which based on Wednesday's closing price is worth approximately $4.68 billion, and pay money damages of approximately $1.35 billion. The money damages are comprised of dividends AMC received of $1.94 billion and prejudgment interest on those dividends of $329 million, less the $747 million that AMC had paid for SPCC in the 2003 transfer, together with interest on that 2003 payment of $164 million. ASARCO will own an approximate 30% equity interest in Southern Copper Corporation. The award represents return to ASARCO of the value of equity interest that it lost in the fraudulent conveyance, plus post- transfer dividends that ASARCO would have been paid over the past six years had the transfer not taken place, and pre-judgment interest on those dividends. "Justice has ultimately prevailed," said Joseph F. Lapinsky, President and Chief Executive Officer of ASARCO. "This award is for the benefit of ASARCO's creditors in the bankruptcy and should assist the Company in its efforts to successfully emerge from chapter 11 in the coming months," he added. Judge Hanen issued his liability opinion for the SPCC transfer on August 30, 2008, finding AMC liable for actual fraudulent transfer, aiding and abetting a breach of fiduciary duty, and conspiracy. ASARCO filed for chapter 11 bankruptcy protection on August 9, 2005. Its parent, ASARCO Incorporated, a wholly owned subsidiary of AMC, lost control of ASARCO in December 2005, when the bankruptcy court appointed an independent board of directors to manage the company. About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When ASARCO LLC filed for protection from its creditors, it listed US$600 million in total assets and US$1 billion in total debts. ASARCO LLC has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). The Debtors submitted to the Court a joint plan of reorganization and disclosure statement on July 31, 2008. The plan incorporates the sale of substantially all of the Debtors' assets to Sterlite Industries, Ltd., for US$2,600,000,000. Americas Mining Corporation, an affiliate of Grupo Mexico SAB de CV, submitted a reorganization plan to retain its equity interest in ASARCO LLC, by offering full payment to ASARCO's creditors in connection with ASARCO's Chapter 11 case. AMC would provide up to US$2.7 billion in cash as well as a US$440 million guarantee to assure payment of all allowed creditor claims, including payment of liabilities relating to asbestos and environmental claims. AMC's plan is premised on the estimation of the approximate allowed amount of the claims against ASARCO. Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by ASARCO LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CORPORACION DURANGO: Reaches Tentative Deal to Restructure Debt --------------------------------------------------------------- Corporacion Durango has reached a tentative agreement with some 92% of its creditors to restructure its debt, Latin France News reports. Latin France recalls in October, the company said it would look to restructure some US$1.5 billion, including over US$500 million at the holdco level and around US$1 billion at its subsidiaries. The report relates in 2007, the company issued US$520 million in 10.5% notes via Merrill Lynch. “This restructuring will allow the company to substantially reduce its debt, having achieved an equitable agreement which guarantees it a future of growth and development,” the report quoted Company CEO Miguel Rincon Arredondo as saying. Durango, Mexico-based Corporacion Durango S.A.B. de C.V. produces brown paper and packaging products. Its packaging division, Empresas Titan, manufactures corrugated packaging in Mexico. It also produces newsprint through Grupo Pipsamex. GRUMA SAB: Fitch Downgrades Issuer Default Rating to 'B+' --------------------------------------------------------- Fitch Ratings has downgraded Gruma, S.A.B. de C.V.'s ratings: -- Foreign Currency Long-Term Issuer Default Rating to 'B+' from 'BB+'; -- Local Currency Long-Term IDR to 'B+' from 'BB+'; -- US$300 million perpetual bonds to 'BB-/RR3' from 'BB+'. Fitch has also removed all ratings from Rating Watch Negative. The Outlook for all ratings is Stable. The rating downgrade reflects the leveraging impact on Gruma's capital structure that will result from the termination of Gruma's foreign exchange derivative positions and the subsequent conversion of the realized losses into debt. Gruma has closed approximately 87% of its foreign exchange derivative instrument positions with its three main counterparties, resulting in a US$668.3 million realized loss, and has reached an agreement to finance the total amount. Over the next 120 days, Gruma will negotiate with its counterparties the conversion of the US$668.3 million into a term loan, whose contemplated characteristics include a 7.5 year term and will carry an initial interest rate of LIBOR plus 2.875% for the first three years. Gruma also expects to close the remaining 13% of its derivative instrument positions on similar terms. The estimated mark-to-market value of this position as of March 23, 2009 was of approximately US$100 million. As of Dec. 31, 2008, Gruma had total debt of US$1.023 billion and generated US$332 million of EBITDA. Total debt was composed of these: -- US$300 million of perpetual bonds; -- US$197 million syndicated credit facility due 2010; -- US$243.5 million Mexican peso facility due 2010; -- US$94 million revolving facility due 2011; -- US$ 188.4 million of bank and other debt. Gruma had short-term debt maturities of approximately US$174.9 million and cash and marketable securities of US$102 million. On a proforma basis, taking into account the successful conversion of the US$668.3 million into a term loan and the additional US$100 million of the remaining positions, total debt would reach close to US$1.791 billion, with the total debt to EBITDA ratio reaching 5.4 times (x) and net debt to EBITDA of 5.1x. These ratios are consistent with the new rating category. The ratings also take into account increased refinancing risk, as Gruma faces important maturities toward the second half of 2010 with two of its credit facilities coming due during the year for a total amount of US$440.5 million. Results for 2009 should remain stable even in the face of the current adverse economic conditions, as food companies are more resilient to economic downturns, and as the industry is considered to posses steadier consumption patterns. Gruma should also benefit from factors such as consumers' propensity to eat more at home and lower input costs coming from declines in the prices of raw materials. The ratings for Gruma are also supported by the geographic diversification of revenues and cash flows, with 40% of EBITDA earned from U.S. operations in 2008, 38% from Mexico, 19% from Venezuela and 3% from Central America and its leadership position in the tortilla and corn flour market. The ratings are limited by limited pricing flexibility in some of its markets, such as Mexico and Venezuela, continued competitive pressures and the high volatility in the prices of corn and wheat. Gruma is one of the world's largest producers of corn flour and tortillas. The company has operations in Mexico, the U.S., Europe, Venezuela, Central America, China and Australia. Gruma also produces and sells wheat flour in Mexico and Venezuela. The company's U.S. subsidiary Gruma Corp. is the most important contributor to total revenues and EBITDA, accounting for 54% and 40%, respectively. For the last 12 months, the company had revenues of US$ 3.2 billion and EBITDA of US$332 million. Gruma owns an 8.8% stake in Grupo Financiero Banorte S.A. de C.V., one of the largest financial groups in Mexico and one of the few listed retail banks in Mexico. The market value of Gruma's stake in Banorte is at present approximately US$270 million. ORGANIZACION SORIANA: Moody's Reviews 'Ba1' Senior Unsec. Rating ---------------------------------------------------------------- Moody's Investors Service placed Organizacion Soriana, S.A.B. de C.V.'s global and Mexican national scale Ba1 and A1.mx long term senior unsecured ratings on review for possible downgrade. At the same time, Moody's assigned corporate family ratings of Ba1 and A1.mx to Soriana, which were also placed on review for possible downgrade. The company's MX-2 short term rating was affirmed. These debt instruments were affected: -- MXN5.5 billion in certificados bursatiles due 2012 (SORIANA 08), Ba1/A1.mx under review for possible downgrade; -- MXN4.6 billion in certificados bursatiles due 2010 (SORIANA 08-2), Ba1/A1.mx under review for possible downgrade. These rating was affirmed: -- Short term rating on Mexico's national scale, at MX-2. These ratings were assigned: -- Corporate family ratings at Ba1 and A1.mx, under review for possible downgrade. The review has been primarily prompted by the deterioration in Soriana's operating performance and liquidity profile in recent months as evidenced by the weak 4Q08 results and marked increase in short term certificados bursatiles (local commercial paper) levels. The review will focus on Soriana's ability to manage its cost structure and cash flow levels amid a weak economic environment and improve its liquidity profile over the very near term (primarily by reducing commercial paper outstandings using free cash flow). The review will also assess the likelihood that the company will be able to meet its overall debt reduction targets for 2009 given challenging market conditions. Moody's expects to conclude the rating review over the next few weeks. Moody's estimates that as of March 31, 2009, Soriana's total debt was MXN15.0 billion, up 16% from MXN12.9 billion at year-end 2008 because of higher local commercial paper issuance. Short term debt was estimated at MXN7.3 billion, or 49% of total debt, consisting of MXN4.9 billion in 28-day commercial paper and a MXN2.5 billion installment due in December 2009 under local long term notes (SORIANA 08-2). In its 4Q08 earnings call, Soriana stated that in 2009 it expects to reduce total debt by between MXN3 billion and MXN4 billion vs. year-end 2008, implying a potential reduction in total debt to around MXN9 billion by year end 2009 when using the upper end of the guidance range. Reported year-end 2008 cash reserves were MXN1.7 billion, leaving limited funds available for debt reduction when adjusting for cash tied up in operations. Moody's believes that cash balances may have dropped in 1Q09. Soriana does not maintain committed backup credit facilities for its commercial paper issuance but instead relies on advised lines with several relationship banks. The last rating action for Soriana was on October 14, 2008, when Moody's downgraded the company's long term ratings to Ba1/A1.mx from Baa2/Aa2.mx and its short term rating to MX-2 from MX-1. Organizacion Soriana, S.A.B. de C.V., headquartered in Monterrey, Mexico, is the country's second largest food retailer in terms of revenues and one of the largest retail chains in Latin America. As of December 31, 2008, Soriana operated 465 stores throughout Mexico with a total sales floor of 2,799 thousand square meters. The company's store count increased from 257 at the end of 2007, following the acquisition of Gigante's food retail operation (formerly Mexico's fourth largest food retailer). In 2008, Soriana reported MXN95.6 billion (US$8.5 billion) in revenues and MXN6.1 billion (US$543 million) in EBITDA. VITRO SAB: Continues Debt Restructuring Talks With Lenders ---------------------------------------------------------- Vitro S.A.B. de C.V. said it is continuing discussions with derivative financial instrument counterparties, bondholders and creditors to achieve an organized financial restructuring to improve its balance sheet. On February 5, 2009, Vitro disclosed it elected not to make a scheduled payment of $150 million pesos, plus accrued interest, due February 5, 2009 on its Certificados Bursátiles issued in 2003 (“CEBURES 03”). Vitro said it is holding discussions with the holders of the CEBURES 03 in an effort to reach a mutually acceptable agreement to restructure this financial obligation along with the rest of the financial creditors. Vitro also announced that it was informed that Credit Suisse International (CSIN) has filed a lawsuit against one of its subsidiaries in the Supreme Court of the State of New York demanding payment of approximately US$85 million. The complaint arises out of a derivative financial instrument, Vitro said. Additionally, the company said an accounts receivable credit facility with The Royal Bank of Scotland, which provided funds to one of Vitro’s subsidiaries, with a balance of approximately US$19 million, which was scheduled to end April 2009, was concluded. Other Loan Defaults On January 29, 2009, Vitro said four of its derivative financial instrument counterparties provided notice to the company, invoking agreements governing the derivative financial instruments, stating that the failure of the company to pay an aggregate of approximately US$293 million (including approximately US$80 million held as cash collateral by the counterparties) constitutes events of default under the agreements, and have effectively demanded payment of such amounts. As of December 31, 2008, Vitro had a net loss of approximately US$358 million according to the claims by its derivative counterparties (not including accrued interest), including a loss of approximately US$33 million related to the only open derivative financial instruments covering natural gas contracts from 2009- 2011 with Pemex. The events of default under the agreements result in an event of default under the indentures governing the Senior Notes and the 11.75 percent Senior Notes due 2013 (the “2013 Notes”), enabling the trustees of such Notes, or with respect to each of the 2012 Notes, the 2017 Notes, and the 2013 Notes, the holders of 25 percent or more in principal amount of such Notes, to declare the US$300 million principal amount (and accrued interest) of the 2012 Notes, the US$700 million principal amount (and accrued interest) of the 2017 Notes, respectively and the US$216 million principal outstanding amount (and accrued interest) of the 2013 Notes, to be immediately due and payable. The failure of the company to make the payments due under the agreements also results in events of default under various other financing agreements of the company and its subsidiaries, aggregating approximately US$81 million and permitting lenders under such facilities to declare borrowings under these agreements to be immediately due and payable. In addition, the company and its subsidiaries are also in default under loan agreements of approximately US$17 million, and the lenders may declare such debt to immediately due and payable. As of December 31, 2008, the counterparties held an aggregate of approximately US$85 million (not including accrued interest), as cash collateral for the obligations of the company and/or its subsidiaries under the agreements. In light of these four counterparties' notices and in order to preserve the necessary cash to continue operations, Vitro said it does not intend to make scheduled payments due February 2, 2009 of interest of US$12.9 million on its 8.625 percent Senior Notes due 2012 (the “2012 Notes”) and US$31.9 million on its 9.125 percent Senior Notes due 2017 (the “2017 Notes”). Vitro stated failure of the company to make the interest payments within 30 days after the scheduled payment date would constitute a separate event of default under the indentures governing the 2012 Notes and the 2017 Notes. Derivative Claims As of December 31, 2008, certain positions have been unwinded for approximately US$325 million. The cash deposited as collateral related to these positions accounts approximately US$85 million (without including interests). Accordingly, Vitro said some derivative financial instrument counterparties have filed law suits in the Supreme Court of the State of New York demanding the payment of the unwinded positions. The company said it has been notified of such demands and has reached stay agreements with counterparties, agreeing a continuance of the deadline for the filing of its initial response and its defense to such demands. As to the counterparties that have not filed any claims until this date, the company said it has reached stay agreements for the same period. The company said it is still evaluating, assisted by its external advisors, the validity, amount and legality of the derivative financial instruments. On March 17, 2009, the company reached stay agreements with Credit Suisse, Calyon, Merrill Lynch, Barclays, Deutsche Bank and Citibank, counterparties of derivative financial instruments. The parties agreed to a continuance of the deadline for the filing of Vitro’s initial responsive pledging in the Supreme Court of the State of New York and a stay of the litigation processes until April 24, 2009, allowing parties time to negotiate solutions and reach a satisfactory mutual and final agreements. To save around US$80 to US$120 million annually, Vitro plans to, among others, reduce workforce, cancel airplane leasing contracts, divest nonproductive assets and eliminate the outsourcing of non- strategic services. About Vitro Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 11, 2009, Fitch Ratings downgraded Vitro, S.A.B. De C.V's Long-term Issuer Default Rating to 'D' from 'C '; Long-term foreign currency IDR to 'D' from 'C'; National scale long-term rating to 'D(mex)' from 'C(mex)'; and Certificados Bursatiles issuances to 'D(mex)' from 'C(mex)'. In addition, Fitch affirmed the rating on the company's US$300 million senior notes due 2012 at 'CC/RR4'; US$225 million senior notes due 2013 at 'CC/RR4'; and US$700 million senior notes due 2017 at 'CC/RR4'. ======= P E R U ======= DOE RUN: Unit Reaches Loan Accord With Suppliers ------------------------------------------------ Doe Run Peru S.R.L., an indirect subsidiary of Doe Run Resources Corporation, reached an agreement with suppliers to resume operations after banks halted funding to the refiner in February, Alex Emery of Bloomberg News reports, citing Peruvian Finance Minister Luis Carranza. As reported in the Troubled Company reporter-Latin America on March 27, 2009, Bloomberg News said Doe Run Peru shut 95% of its operations because of a lack of financing. Bloomberg News related Doe Run's La Oroya smelter closed its copper plant and zinc- and lead-processing installations. According to Bloomberg News, the collapse of metals prices during the global financial crisis forced about 30 mining companies in the Peruvian central highlands, the country’s biggest-producing region of zinc, lead and silver, to seek other buyers after banks halted financing. Mr. Carranza, as cited by Bloomberg News, said a group of mining companies agreed in government-brokered talks to lend Doe Run Peru US$75 million and provide US$100 million of concentrates. “This was entirely a private solution,” Mr. Carranza was quoted by the news agency as saying. “The government didn’t put up a cent.” Bloomberg News relates Hans Flury, head of Peru’s National Society of Mining, Petroleum and Energy, said Cia. de Minas Buenaventura SA, Volcan Cia. Minera SAA and Soc. Minera El Brocal SA were among six mining companies that agreed to aid Doe Run Peru. About Doe Run Peru Doe Run Peru S.R.L. is an indirect subsidiary of Doe Run Resources Corporation. Doe Run Peru operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. * * * As of March 26, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings individual rating at D. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 30 – April 3, 2009 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- Alto Palermo SA 11.000 06/11/12 USD 50.49 Alto Palermo SA 7.875 05/11/17 USD 48.75 Argent-DIS 5.830 12/31/33 ARS 42.24 Argent-CDIS 7.820 12/31/33 ARS 21.62 Argent-$DIS 8.820 12/31/33 ARS 23.03 Argent-$DIS 8.820 12/31/33 ARS 26.69 Argent-Par 0.630 12/31/38 ARS 10.72 Argnt-Bocon PRE8 2.000 01/03/10 ARS 41.69 Argnt-Bocon PR11 2.000 12/03/10 ARS 31.02 Argnt-Bocon PRE9 2.000 03/15/24 ARS 52.72 Argnt-Bocon PR12 2.000 01/03/16 ARS 45.95 Argnt-Bocon PR13 2.000 03/15/24 ARS 16.73 Arg Boden 2.000 09/30/14 ARS 42.48 Arg Boden 7.000 10/03/15 ARS 25.00 Argentina - NGB 2.000 01/03/16 ARS 36.99 Autopistas Del S 11.500 05/23/17 USD 32.82 Banco Hipot SA 9.750 11/16/10 USD 58.46 Banco Hipot SA 9.750 04/27/16 USD 30.67 Banco Macro SA 8.500 02/01/17 USD 54.43 Banco Macro SA 9.750 12/18/36 USD 33.60 Bonar ARG $ V 10.500 06/12/12 USD 30.99 Bonar V 7.000 03/28/11 USD 41.42 Bonar X 7.000 04/17/17 USD 43.12 Bonar VII 7.000 09/12/13 USD 32.40 Buenos Aire Prov 9.625 04/18/28 USD 23.25 Buenos Aire Prov 9.375 09/14/18 USD 22.82 Buenos-$DIS 9.250 04/15/17 USD 22.87 Buenos-$DIS 8.500 04/15/17 USD 23.93 Hidroelec Piedra 9.000 07/11/17 USD 61.40 Industries Metal 11.250 10/22/14 USD 39.42 Invers Rep Y Soc 8.500 02/02/17 USD 48.50 Inversora Elec 6.500 12/26/17 USD 15.44 Mendoza Province 5.500 09/04/18 USD 33.25 Petrobas Energi 5.875 05/15/17 USD 73.99 Transener 8.875 12/15/16 USD 38.75 Trasport De Gas 7.875 05/14/17 USD 57.12 YPF SA 10.000 11/02/28 USD 74.37 BRAZIL ------ Banco BMG SA 9.150 01/15/16 USD 70.75 Banco Ind E Com 9.750 03/03/16 USD 72.12 Bertin Ltda 10.250 10/05/16 USD 44.66 Bertin Ltda 10.250 10/05/16 USD 45.25 Braskem SA 9.000 04/29/49 USD 66.87 BR Malls Int Fi 9.750 11/29/49 EUR 69.25 CESP 9.750 01/15/15 BRL 42.84 Cosan Finance 7.000 02/01/17 USD 64.00 Cosan SA Industr 8.250 02/28/49 USD 51.00 JBS SA 10.500 08/04/16 USD 70.00 Independencia In 9.875 05/15/15 USD 16.99 Independencia In 9.875 05/15/15 USD 17.00 Independencia In 9.875 01/31/17 USD 15.96 National Steel 9.875 05/29/49 USD 69.00 Rede Empresas 11.120 04/29/49 USD 40.05 RBS-Zero Hora Ed 11.250 06/15/17 BRL 60.66 Sadia Overseas 6.875 05/24/17 USD 71.50 Vigor 9.250 02/23/17 USD 33.05 CAYMAN ISLANDS -------------- Aes Dominicana 11.000 12/13/15 USD 48.87 Aes Dominicana 11.000 12/13/15 USD 65.12 Aig Sunamerica 5.625 02/01/12 GBP 46.57 Aig Sunamerica 6.375 10/05/20 GBP 54.18 Agile Property 9.000 02/22/13 USD 74.31 Agile Property 9.000 02/22/13 USD 71.501 Bancaja Intl Fin 5.700 06/30/22 EUR 48.76 Banco BPI (CI) 1.150 11/11/35 EUR 71.77 Barion Funding 0.100 12/20/56 USD 4.33 Barion Funding 0.250 12/20/56 USD 4.70 Barion Funding 0.250 12/20/56 USD 4.70 Barion Funding 0.250 12/20/56 USD 4.70 Barion Funding 0.250 12/20/56 USD 4.70 Barion Funding 0.250 12/20/56 USD 4.70 Barion Funding 1.440 12/20/56 USD 23.27 Barion Funding 0.250 12/20/56 USD 4.74 Barion Funding 0.630 12/20/56 USD 12.11 BCP Finance Company 5.543 06/29/49 EUR 42.00 BCP Finance Company 4.239 10/29/49 EUR 42.50 Bes Finance Limited 4.500 12/29/49 EUR 55.00 Bes Finance Limited 6.625 05/08/49 EUR 65.00 Bes Finance Limited 5.580 07/29/49 EUR 48.50 Bishopgate Asse 5.107 09/28/37 GBP 73.72 Braskem Fin Limited 7.250 06/06/18 USD 72.80 Cam Global Fin 6.080 12/22/30 EUR 52.09 Castle Holdco 4 9.875 05/15/15 GBP 06.00 Castle Holdco 4 9.875 05/15/15 GBP 06.00 China Med Tech 3.500 11/15/11 USD 73.29 China Med Tech 4.000 08/15/13 USD 51.62 China Properties 9.125 05/04/14 USD 42.00 Citadel Finance 6.250 12/15/11 USD 73.60 CKWH-UT2 LTD 9.125 05/29/49 USD 64.81 Country Garden 2.500 02/22/13 CNY 72.06 DP World Sukuk 6.250 07/02/17 USD 57.50 DP World Sukuk 6.250 07/02/17 USD 59.22 Dubai Holding Comm 4.750 01/30/14 EUR 57.00 Dubai Holding Comm 6.000 02/01/17 GBP 54.00 DWR CYMN FIN 4.473 03/31/57 GBP 62.73 Esfg Internation 5.753 06/29/49 EUR 48.00 Gol Finance 7.500 04/03/17 USD 49.75 Gol Finance 7.500 04/03/17 USD 51.81 Gol Finance 8.750 04/28/49 USD 40.50 Greentown China 9.000 11/08/13 USD 47.50 Inverstcorp 8.080 07/12/32 USD 71.79 Ja Solar Hold Company 4.500 05/15/13 USD 55.00 Lai Funding Holding 9.125 04/04/14 USD 67.46 Ldk Solar Co Ltd 4.750 04/15/13 USD 44.50 Lupatech Finance 9.875 07/29/49 USD 63.00 Mafrig Overseas 9.625 11/16/16 USD 61.43 Mafrig Overseas 9.625 11/16/16 USD 59.75 Malachite Fdg 0.630 12/21/56 EUR 14.74 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.72 Mazarin Fdg Ltd 0.250 09/20/68 USD 3.67 Mazarin Fdg Ltd 0.630 09/20/68 USD 10.34 Mazarin Fdg Ltd 1.440 09/20/68 USD 21.72 Minerva Overse 9.500 02/01/17 USD 39.88 Mizuho Capital I 5.020 06/29/49 EUR 40.50 Mizuho Capital INV I 6.686 03/29/49 EUR 59.75 Monument Global 5.405 11/17/31 EUR 68.40 Mufg Cap Fin2 4.850 07/29/49 EUR 47.72 Mufg Cap Fin4 5.271 01/29/49 EUR 47.19 Mufg Cap Fin5 6.299 01/25/49 GBP 43.50 Prince Fin Global 4.500 01/26/17 EUR 47.40 Pubmaster Fin 5.943 12/30/24 GBP 64.94 Reg Div Funding 5.251 01/25/36 USD 26.00 Resona PFD Glob 7.191 12/29/49 USD 42.41 Santander 7.250 12/29/49 GBP 52.50 Seagate Tech HDD 6.800 10/01/16 USD 61.29 Seagate Tech HDD 6.375 10/01/11 USD 73.87 Shimao Property 8.000 12/01/16 USD 55.50 SMFG Preferred 6.078 01/29/49 USD 61.44 SMFG Preferred 6.164 01/29/49 USD 36.99 SMFG Preferred 2 10.231 07/18/49 USD 61.16 STB Finance 5.834 09/29/49 GBP 49.01 Subsea 2.800 06/06/11 USD 74.33 Suntech Power 3.000 03/15/13 USD 53.80 Tam Capital Inc. 7.375 04/25/17 USD 58.88 Tam Capital Inc. 7.375 04/25/17 USD 55.25 Trina Solar Ltd 4.000 07/15/13 USD 46.50 Unibanco Cayman 8.700 02/11/10 BRL 54.66 UOB Cayman Ltd 5.796 12/29/49 USD 60.37 US Cap Fdg VI 6.775 07/10/43 USD 70.88 Vestel Elec Fin 8.750 05/09/12 USD 58.14 Vontobel Cayman 11.300 04/24/09 USD 70.20 XL Capital Limited 5.250 09/15/14 USD 64.91 XL Capital Limited 6.250 05/15/27 USD 49.53 XL Capital Limited 6.375 11/15/24 USD 52.60 XL Capital Limited 6.500 12/31/49 USD 22.66 DOMINICAN REPUBLIC ------------------ Cap Cana Sa 9.625 11/03/13 USD 34.88 Dominican Republ 8.625 04/20/27 USD 62.50 Dominican Republ 9.040 01/23/18 USD 72.50 ECUADOR ------- Rep of Ecuador 9.375 12/15/15 USD 45.75 Rep of Ecuador 9.375 12/15/15 USD 44.40 EL SALVADOR ----------- El Salvador Rep 7.650 06/15/35 USD 72.00 JAMAICA ------- Jamaica Govt LRS 7.500 10/06/12 JMD 58.25 Jamaica Govt 8.000 06/24/19 USD 70.63 Jamaica Govt 8.000 03/15/39 USD 57.00 Jamaica Govt 8.500 02/28/36 USD 61.00 Jamaica Govt 9.250 10/17/25 USD 73.25 Jamaica Govt LRS 12.750 06/29/22 JMD 45.17 Jamaica Govt LRS 12.750 06/29/22 JMD 45.15 Jamaica Govt LRS 12.250 07/13/12 JMD 70.07 Jamaica Govt LRS 12.850 05/31/22 JMD 45.57 Jamaica Govt LRS 13.375 04/27/32 JMD 46.97 Jamaica Govt LRS 13.575 12/15/26 JMD 46.60 Jamaica Govt LRS 13.375 12/15/21 JMD 47.58 Jamaica Govt LRS 13.875 05/17/13 JMD 69.11 Jamaica Govt 14.000 06/30/21 EUR 49.95 Jamaica Govt 14.000 06/21/13 EUR 70.18 Jamaica Govt 14.000 07/05/13 EUR 69.99 Jamaica Govt 14.125 07/08/13 EUR 69.03 Jamaica Govt 14.125 08/31/12 EUR 74.39 Jamaica Govt 14.250 03/15/13 EUR 71.06 Jamaica Govt 14.250 03/15/13 EUR 70.95 Jamaica Govt 14.250 05/31/13 EUR 73.13 Jamaica Govt 14.375 11/29/12 EUR 72.54 Jamaica Govt 14.375 11/15/12 EUR 72.75 Jamaica Govt 14.375 05/03/14 EUR 67.24 Jamaica Govt LRS 14.375 06/28/14 EUR 65.55 Jamaica Govt 14.375 09/06/14 EUR 64.83 Jamaica Govt 14.375 09/13/14 EUR 74.39 Jamaica Govt 14.375 05/30/14 EUR 67.52 Jamaica Govt 14.400 08/03/27 EUR 51.23 Jamaica Govt 14.500 11/13/13 EUR 68.46 Jamaica Govt LRS 14.500 05/17/13 JMD 71.80 Jamaica Govt LRS 14.500 06/28/17 JMD 57.74 Jamaica Govt LRS 14.750 03/21/14 JMD 69.12 Jamaica Govt LRS 14.750 04/26/13 JMD 72.72 Jamaica Govt LRS 14.625 04/19/14 JMD 68.43 Jamaica Govt LRS 15.000 07/31/13 JMD 70.93 Jamaica Govt LRS 15.000 11/15/21 JMD 53.17 Jamaica Govt LRS 15.000 08/30/32 JMD 54.40 Jamaica Govt LRS 15.000 09/06/32 JMD 54.32 Jamaica Govt LRS 15.000 07/31/14 JMD 66.87 Jamaica Govt LRS 15.125 04/24/14 JMD 68.42 Jamaica Govt LRS 15.500 03/24/28 JMD 53.34 Jamaica Govt LRS 15.750 08/22/19 JMD 57.24 Jamaica Govt LRS 15.800 06/26/17 JMD 62.07 Jamaica Govt LRS 16.000 08/24/13 JMD 73.19 Jamaica Govt LRS 16.000 06/13/22 JMD 56.28 Jamaica Govt 16.000 12/06/32 EUR 54.93 Jamaica Govt LRS 16.000 05/17/17 JMD 61.10 Jamaica Govt LRS 16.250 05/22/27 EUR 55.78 Jamaica Govt LRS 16.125 08/21/32 EUR 57.36 Jamaica Govt LRS 16.250 06/18/27 EUR 57.68 Jamaica Govt LRS 16.250 05/22/22 EUR 57.16 Jamaica Govt LRS 16.150 06/12/22 EUR 56.79 Jamaica Govt LRS 16.150 06/21/22 EUR 58.81 Jamaica Govt LRS 16.250 07/26/32 EUR 55.77 Jamaica Govt LRS 16.250 08/26/32 EUR 57.81 Jamaica Govt LRS 16.500 06/14/27 EUR 56.64 Jamaica Govt LRS 17.000 07/11/23 EUR 59.20 NETHERLANDS ANTILLES --------------------- KBC Intl Fin 5.000 05/29/49 EUR 50.00 KBC Intl Fin 5.050 01/15/20 EUR 70.25 Mer Lynch Int Cv 16.800 04/24/09 USD 31.95 Soc Gen Accept 0.750 12/21/11 EUR 40.89 Soc Gen Accept 9.000 03/21/14 EUR 71.03 Soc Gen Accept 7.000 02/27/13 EUR 13.21 Soc Gen Accept 7.000 02/19/12 EUR 14.22 Soc Gen Accept 14.000 04/09/09 EUR 20.10 Soc Gen Accept 8.000 12/20/13 EUR 29.07 PANAMA ------ Willbros Group 2.750 03/15/24 USD 69.50 PUERTO RICO ----------- Doral Fin Corp 7.000 04/26/12 USD 30.75 Doral Fin Corp 7.100 04/26/17 USD 20.75 Doral Fin Corp 7.150 04/26/22 USD 16.12 Doral Fin Corp 7.650 03/26/16 USD 23.12 URUGUAY ------- Uruguay 3.700 06/26/37 UYU 43.41 Uruguay 4.250 04/05/27 UYU 54.28 VENEZUELA --------- Petroleos de Ven 5.250 04/12/17 USD 39.50 Petroleos de Ven 5.375 04/12/27 USD 34.62 Petroleos de Ven 5.500 04/12/37 USD 35.87 TCCIC 6.250 04/06/17 USD 50.57 Venezuela 7.000 03/31/38 EUR 44.12 Venezuela 8.500 10/08/14 USD 63.50 Venezuela 6.000 12/09/20 EUR 45.50 Venezuela 7.650 04/21/25 EUR 46.00 Venezuela 5.750 02/26/16 EUR 51.12 Venezuela 13.625 08/15/18 USD 73.00 Venezuela 7.000 03/16/15 USD 51.17 Venezuela 7.000 03/16/15 USD 51.87 Venezuela 7.000 12/01/18 USD 49.00 Venezuela 9.000 05/07/23 USD 52.67 Venezuela 9.250 09/15/27 USD 59.00 Venezuela 9.250 05/07/28 USD 51.49 Venezuela 10.750 09/19/13 USD 68.70 Venzod - 189000 9.375 01/13/34 USD 54.50 Venzod - 189000 10.750 09/19/13 USD 75.00 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 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 * * *