/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090529.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 Friday, May 29, 2009, Vol. 10, No. 105 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Ex-Wife Seeks to Intervene in Fraud Suit A R G E N T I N A BANCO HIPOTECARIO: Anses to Provide US$1.5-Bln of Mortgage Credits CAMUZZI GAS: Moody's Assigns 'B2' Corporate Family Rating COMPUTACION: Proofs of Claim Verification Due on June 10 CONSULTORA INTEGRAL: Proofs of Claim Verification Due on June 25 DISEATO MEDITERRANEO: Proofs of Claim Verification Due on July 6 ESTANTERIAS BECA: Proofs of Claim Verification Due on August 10 FRIGORIFICO MARCO: Proofs of Claim Verification Due on June 26 ICA INVERSIONES: Proofs of Claim Verification Deadline is Aug. 24 LA TECNICA: Proofs of Claim Verification Due on July 17 MERCADEO SA: Proofs of Claim Verification Due on July 3 PLAN SAN ISIDRO: Proofs of Claim Verification Due on August 19 SANIDOS SA: Proofs of Claim Verification Due on August 12 B A H A M A S CL FINANCIAL: Gov't to Guarantee CLICO Liabilities, PM Says B R A Z I L DIAGNOSTICOS DA: S&P Affirms 'BB-' Corporate Credit Ratings C A Y M A N I S L A N D S ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8 ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8 BCP CAPITAL: Creditors' Proofs of Debt Due on June 26 DCP OPPORTUNITIES: Placed Under Voluntary Wind-Up GOLDMAN SACHS: Placed Under Voluntary Wind-Up MAAC LEASING: Members to Receive Wind-Up Report on June 16 MAAC LESSOR: Members to Receive Wind-Up Report on June 16 MABA OWNER: Members to Receive Wind-Up Report on June 16 MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25 MARATHON POWER: Creditors' Proofs of Debt Due on June 25 MATRIX RM: Creditors' Proofs of Debt Due on June 25 QUADRANGLE EQUITY: Shareholder to Hear Wind-Up Report on June 18 SADDLEPOINT PARTNERS: Placed Under Voluntary Wind-Up C H I L E EDELNOR: Plans to Repay US$187.4 Million Debt on July 7 C O L O M B I A ECOPETROL SA: Acquires Glencore's Shares in Reficar S.A * COLOMBIA: Exporters See Lowest Coffee Output Since 2001 E C U A D O R IVANHOE: Ivanhoe Energy Ecuador Grants License for Oil Field Ops. * ECUADOR: Government to Pay Bondholders Today * ECUADOR: May Halt 2015 Bonds Payments, Credit Suisse Says M E X I C O COMERCI: Extends Debt Talks Deadline to June 10 V E N E Z U E L A PDVSA: Speeds Up Plans to Offset Oil Well Decline - - - - - ============================== A N T I G U A & B A R B U D A ============================== STANFORD INT'L BANK: Ex-Wife Seeks to Intervene in Fraud Suit ------------------------------------------------------------- Susan Stanford, ex-wife of Stanford International Bank International Limited (SIBL) owner Robert Allen Stanford, has asked a U.S. judge’s permission to intervene in the regulatory lawsuit against her ex-husband, Bloomberg News reports. Mrs. Stanford has the right to protect her half-interest in her husband's personal and corporate assets under Texas community property laws, her lawyer, Joe Kendall, said in a Dallas federal court filing obtained by the news agency. “She has done nothing wrong and, before her presumed interest in the property is sold off without due process of law, Susan Stanford is legally entitled to a seat at the table and the right to be heard,” he added. 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 SIBL, Stanford Group Co (SGC), and investment adviser Stanford Capital Management. According to a TCR-LA report on April 8, citing Bloomberg News, Judge Godbey seized all of Mr. Stanford’s corporate and personal assets and placed them under the control of court-appointed SGC receiver Ralph Janvey. Mr. Kendall, as cited by Bloomberg News, said: “All of the property being rounded up by the receiver, regardless of whether held by Mr. Stanford or one of his wholly owned entities, was acquired during his 33-plus-year marriage to Susan Stanford and is, in fact, community property.” Under Texas law, “she is presumed to own one-half of all of this property.” 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. ================= A R G E N T I N A ================= BANCO HIPOTECARIO: Anses to Provide US$1.5-Bln of Mortgage Credits ------------------------------------------------------------------ Banco Hipotecario S.A. will receive US$1.5 billion of mortgage credits from Argentina's national pension fund, Anses, aimed at middle-class home buyers, Shane Romig of Dow Jones Newswires reports, citing President Cristina Fernandez. The report relates the new credit line is aimed at jump-starting the weakening housing market, which has seen sales drop off due to the international financial crisis. According to the report, the new mortgages will be extended for 40,000 home purchases, 8,000 of these in 2009. Anses, the report says, will inject US$300 million into Banco Hipotecario this year, US$600 million next year and another US$600 million in 2011. DJ Newswires notes the interest rates offered on the long-term, peso-denominated loans will be as low as 10% for new home construction, well below the current market level, which in some cases is triple that rate. About Banco Hipotecario Banco Hipotecario S.A. is a commercial bank that accepts deposits and offers retail and commercial banking services. Banco Hipotecario offers mortgage, personal and corporate loans, credit cards, and insurance services. It operates through a network of 43 branches and 43 additional points of sale located in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on April 1, 2009, Standard & Poor's Ratings Services lowered its counterparty credit rating on Banco Hipotecario S.A. and the ratings on two of the bank's notes issues to 'CC' from 'B-', following the announcement of a cash tender offer that S&P considers distressed under its criteria. CAMUZZI GAS: Moody's Assigns 'B2' Corporate Family Rating --------------------------------------------------------- Moody's assigned a Corporate Family rating of B2 on its global scale and A2.ar on its Argentina national scale to Camuzzi Gas Pampeana with a stable outlook. Pampeana's B2 rating primarily reflects its expected financial performance and its regulatory risk profile. The A2.ar is a National Scale rating and it is intended to measure the relative creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Argentina are designated by the ".ar" suffix. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The B2 and A2.ar Corporate Family Ratings assigned to Pampeana reflect the company's strong financial performance and solid credit metrics for its rating category. Nevertheless, the rating also incorporates uncertainty about the regulatory framework and the regulatory risk profile of Pampeana's operations in Argentina. Furthermore, the provisional 27% increase in tariffs approved by Congress in late 2007 and ratified by the UNIREN in October 2008 still needs presidential approval and formal regulatory release from the ENARGAS itself. This high level of uncertainty is compounded by the ongoing dispute between Pampeana's shareholders' with respect to the negotiating stand in front of the Argentine government and the effect the outcome might have on Pampeanas' future strategy. As a result of very low leverage, Pampeana's liquidity position remains comfortable. The Series 3 local market bonds, with ARS 12.5 million in notes outstanding as of March 2009 were paid off on May 18, 2009, out of Pampeana's cash balance. Pampeana's main sources of liquidity are internal cash flow and non-committed bank credit lines of about ARS30 million, although access to these facilities may be infrequent. As a result of relatively low capital expenditures and no debt outstanding, Moody's expects Pampeana to continue generating positive free cash flows despite the recently announced increased dividend payments. The rating outlook is stable. In Moody's view, Pampeana should continue to generate positive levels of free cash flow while maintaining a satisfactory operating performance and low leverage. Upward rating pressure could result from a more predictable regulatory environment for the company's operations and a more stable business environment. A resolution of the ongoing shareholders' dispute could also be beneficial for the ratings. Although a downgrade is not likely in the near-term, additional cost pressures that are not addressed by the proposed tariff adjusting mechanism, any adverse changes in the fundamental regulatory framework for the industry or an unanticipated change to an aggressive financial policy could lead to negative rating actions. Quantitatively, negative FCF or debt to EBITDA higher than 2.0 times could lead to a rating downgrade. Camuzzi Gas Pampeana is an Argentinean gas distribution utility, operating in areas of Buenos Aires and La Pampa, with more than one million clients and annual revenues of more than AR$450 million. COMPUTACION: Proofs of Claim Verification Due on June 10 -------------------------------------------------------- Amalia Victoria Beckerman, the court-appointed trustee for Computacion Integral y Sistemas SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until June 10, 2009. Ms. Beckerman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 9 in Buenos Aires, with the assistance of Clerk No. 17, 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. The Trustee can be reached at: Amalia Victoria Beckerman Tucuman 1367 Buenos Aires, Argentina CONSULTORA INTEGRAL: Proofs of Claim Verification Due on June 25 ---------------------------------------------------------------- The court-appointed trustee for Consultora Integral Tecnica S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until June 25, 2009. The trustee will present the validated claims in court as individual reports on August 20, 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 October 1, 2009. DISEATO MEDITERRANEO: Proofs of Claim Verification Due on July 6 ---------------------------------------------------------------- The court-appointed trustee for Diseato Mediterraneo S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until July 6, 2009. The trustee will present the validated claims in court as individual reports on September 2, 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 October 15, 2009. ESTANTERIAS BECA: Proofs of Claim Verification Due on August 10 --------------------------------------------------------------- Ana Maria Blujerman, the court-appointed trustee for Estanterias Beca SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until August 10, 2009. Ms. Blujerman will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, 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. The Trustee can be reached at: Ana Maria Blujerman Parana 774 Buenos Aires, Argentina FRIGORIFICO MARCO: Proofs of Claim Verification Due on June 26 -------------------------------------------------------------- The court-appointed trustee for Frigorifico Marco S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until June 26, 2009. ICA INVERSIONES: Proofs of Claim Verification Deadline is Aug. 24 ----------------------------------------------------------------- The court-appointed trustee for ICA Inversiones S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until August 24, 2009. The trustee will present the validated claims in court as individual reports on October 5, 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. LA TECNICA: Proofs of Claim Verification Due on July 17 ------------------------------------------------------- The court-appointed trustee for La Tecnica del Frio S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until July 17, 2009. The trustee will present the validated claims in court as individual reports on August 25, 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 October 6, 2009. MERCADEO SA: Proofs of Claim Verification Due on July 3 ------------------------------------------------------- The court-appointed trustee for Mercadeo S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until July 3, 2009. The trustee will present the validated claims in court as individual reports on August 28, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on October 9, 2009. PLAN SAN ISIDRO: Proofs of Claim Verification Due on August 19 -------------------------------------------------------------- The court-appointed trustee for Plan San Isidro S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until August 19, 2009. SANIDOS SA: Proofs of Claim Verification Due on August 12 --------------------------------------------------------- The court-appointed trustee for Sanidos S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until August 12, 2009. ============= B A H A M A S ============= CL FINANCIAL: Gov't to Guarantee CLICO Liabilities, PM Says ----------------------------------------------------------- Bahamas Prime Minister Hubert Ingraham said that in order to facilitate the sale of Colonial Life Insurance Company (CLICO)'s policy liabilities, the government has agreed to provide such a guarantee, Oscar Ramjeet of Caribbean Net News reports. The report relates the guarantee for CLICO, a unit of CL Financial Limited, will be in relation to life, accident and sickness, annuity, retirement, annuity - executive flexible, premium annuity, group life, medical and annuity. According to the report, Mr. Ingraham said it is expected that the guarantee would be for a maximum of TT$30 million and for a period of five years. The guarantee would not apply to policies and annuities of directors and senior management of the company or persons closely related to them, nor would it apply to institutional or corporate policyholders or annuities, he added. Mr. Ingraham, the report notes, also said only policies that are in force would be covered by the guarantee. "In order to accommodate the operational requirement necessary for this proposed insurance guarantee, the government will establish a statutory insurance guarantee fund with the duty to provide protection for Bahamian policy holders in the event of failure of an insurance company engaging in domestic insurance business," the report quoted Mr. Ingraham as saying. Caribbean Net News notes Mr. Ingraham update the status of CLICO to the parliament. The report relates the Office of the Registrar of Insurance Companies submitted these findings: -- there is a gap between the assets and liabilities of CLICO, leaving a net liability of TT$42 million; -- there are realizable assets estimated at TT$85 million and adjusted liabilities of TT$127 million; and -- policy liabilities are estimated at TT$73 million and other liabilities are estimated at TT$54 million. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers' money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. =========== B R A Z I L =========== DIAGNOSTICOS DA: S&P Affirms 'BB-' Corporate Credit Ratings ----------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its ratings, including the 'BB-' global scale and 'brA' Brazilian national scale long-term corporate credit ratings, on Diagnosticos da America S.A. The outlooks are stable. "The ratings reflect the company's aggressive growth strategy, organically and through acquisitions, partially financed with additional leverage," said Standard & Poor's credit analyst Piero Parolin. "We also take into account integration challenges with acquired laboratories and exposure to the competitive and fragmented diagnostics industry, with relatively low entry barriers and some dependence on health insurers." These risk factors are mitigated by DASA's local market leadership, quality improvement in its clinical and imaging diagnostic operations, efficient multibrand platform, and increasing business diversification as to regions, customers, and income levels. The ratings also reflect the favorable long-term prospects for Brazil's diagnostic testing services industry at a time when increasing average life expectancy and greater access to health insurance are providing growth opportunities. ========================== C A Y M A N I S L A N D S ========================== ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8 --------------------------------------------------------------- The creditors of Alliancebernstein Deep Value Cayman Feeder, L.P. are required to file their proofs of debt by June 8, 2009, to be included in the company's dividend distribution. The company's liquidator is: Kim Charaman Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 ALLIANCEBERNSTEIN DEEP: Creditors' Proofs of Debt Due on June 8 --------------------------------------------------------------- The creditors of Alliancebernstein Deep Value Cayman Feeder II, L.P. are required to file their proofs of debt by June 8, 2009, to be included in the company's dividend distribution. The company's liquidator is: Kim Charaman Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 BCP CAPITAL: Creditors' Proofs of Debt Due on June 26 ----------------------------------------------------- The creditors of BCP Capital Finance Limited are required to file their proofs of debt by June 26, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 20, 2009. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Facsimile: (345) 949 2888 DCP OPPORTUNITIES: Placed Under Voluntary Wind-Up ------------------------------------------------- On May 4, 2009, the sole shareholder of DCP Opportunities Fund Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 GOLDMAN SACHS: Placed Under Voluntary Wind-Up --------------------------------------------- On April 21, 2009, the sole shareholder of Goldman Sachs Highland Fund, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 MAAC LEASING: Members to Receive Wind-Up Report on June 16 ---------------------------------------------------------- The members of Maac Leasing Limited will receive on June 16, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bobby Toor Phillip Hinds c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MAAC LESSOR: Members to Receive Wind-Up Report on June 16 --------------------------------------------------------- The members of Maac Lessor Limited will receive on June 16, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bobby Toor Phillip Hinds c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MABA OWNER: Members to Receive Wind-Up Report on June 16 -------------------------------------------------------- The members of Maba Owner Limited will receive on June 16, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bobby Toor Phillip Hinds c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25 ------------------------------------------------------------ The creditors of Marathon Petroleum Inguessi Limited are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company's liquidator is: Yvonne Kunetka Marathon Oil Company 5555 San Felipe Street Houston, Texas 77056-2799 United States MARATHON POWER: Creditors' Proofs of Debt Due on June 25 -------------------------------------------------------- The creditors of Marathon Power Africa/Middle East Limited are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company's liquidator is: Yvonne Kunetka Marathon Oil Company 5555 San Felipe Street Houston, Texas 77056-2799 United States MATRIX RM: Creditors' Proofs of Debt Due on June 25 --------------------------------------------------- The creditors of Matrix RM Fund are required to file their proofs of debt by June 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 28, 2009. The company's liquidator is: Nicolas Matthews c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 623 0007 QUADRANGLE EQUITY: Shareholder to Hear Wind-Up Report on June 18 ---------------------------------------------------------------- The sole shareholder of Quadrangle Equity Investors Ltd. will receive on June 18, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan Bernstein Telephone: (345) 815-1897 Facsimile: (345) 949 1986 SADDLEPOINT PARTNERS: Placed Under Voluntary Wind-Up ---------------------------------------------------- On May 1, 2009, the sole shareholder of Saddlepoint Partners GP (Cayman), Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 ========= C H I L E ========= EDELNOR: Plans to Repay US$187.4 Million Debt on July 7 ------------------------------------------------------- Empresa Electrica Del Norte Grande S.A. (aka Edelnor) said it would repay US$187.4 million worth of debt to banks ABN AMRO and Bank of New York Mellon, Manuel Farias and Monica Vargas of Reuters report. According to Julian Dowling of Dow Jones Newswires, the company will take out a US$50 million short-term bank loan to help the debt. Reuters relates the company would also fund the payment from its own cash flow. DJ Newswires recalls Edelnor plans to pay the whole debt, which was contracted in 2002, on July 7. About Edelnor Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A. (aka Edelnor) -- http://www.edelnor.cl/-- is principally engaged in the generation, transportation, distribution and supply of electricity. Edelnor is also engaged in the purchase, transportation and sale of all types of fuel: liquid, solid and gaseous. The company offers advising services in engineering and management, as well as maintenance and repair of electronic systems. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Standard & Poor's Ratings Services raised the ratings on Empresa Electrica del Norte Grande S.A. to 'BB-' from 'B+' mainly due to the company's improved financial risk profile, which is partly evidenced by its significantly higher debt-service coverage ratios and its US$66 million cash reserves as of Sept. 30, 2007. S&P said the outlook was positive, reflecting expected good and more stable cash flow generation in the next two years partly as a result of its increased medium- and long-term power sale contracts at relatively high prices. =============== C O L O M B I A =============== ECOPETROL SA: Acquires Glencore's Shares in Reficar S.A ------------------------------------------------------- Ecopetrol S.A. said it closed the acquisition of all shares held by Glencore in Reficar S.A., as per the terms agreed in the Memorandum of Understanding signed on February 28, 2009. The purchase price of US$549 million could be reduced in approximately US$4.8 million as a result of the due diligence process to be performed by Ecopetrol. The adjustment will follow the procedure agreed by the parties in the contract but as of May 27, Ecopetrol already controls Reficar. Ecopetrol ratifies its willingness to continue developing the proposed expansion and modernization of the Cartagena refinery and, in order to maximize the benefits of the company. Ecopetrol is currently working on integrating synergies with its Barrancabermeja refinery. 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 of May 19, 2009, the company continues to carry Fitch Ratings' BB+ foreign currency issuer default ratings. * COLOMBIA: Exporters See Lowest Coffee Output Since 2001 --------------------------------------------------------- Colombia's exporters expect the country to have its lowest coffee harvest this year since 2001, buoying prices after farms were battered by heavy rainfall, Heather Walsh of Bloomberg News reports. The report relates Jorge Lozano, president of the National Association of Colombian Coffee Exporters, said production may fall at least 4.3% to 11 million bags from 11.5 million bags in 200. “The figures we’re seeing show a substantial reduction,” Mr. Lozano told Bloomberg News in an interview. “Eleven million would be a miracle.” According to the report, Mr. Lozano said exports probably won’t surpass 10 million bags, down from 11.1 million bags a year ago. The Colombian National Coffee Growers Federation, Bloomberg News notes, forecasts production of between 10.5 million to 11.5 million bags this year. The report recalls the federation said that April output in Colombia slumped 61% to 345,000 bags in April from a year earlier because of rainy weather and as growers replaced aging plants; while coffee exports tumbled 40% to 550,000 bags as a truckers strike delayed shipments to ports. * * * 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). ============= E C U A D O R ============= IVANHOE: Ivanhoe Energy Ecuador Grants License for Oil Field Ops. ----------------------------------------------------------------- Executive Chairman, President and CEO of Ivanhoe Energy Inc. Robert Friedland and Chairman and CEO of Ivanhoe Energy Latin America Inc. David Martin disclosed that Ecuador Inc. has received authority to assume control of Block 20 and initiate operations on the Pungarayacu field in Ecuador. This follows the receipt by Ivanhoe Energy Ecuador of a key environmental license issued by the Ecuadorean government, related to the development of the Pungarayacu field. Ivanhoe Energy Ecuador received an important and highly-prized Environmental License from Ecuador's Ministry of Environment following the Ministry's review and approval of an Environmental Impact Study (EIS) carried out on Ivanhoe Energy's initial development plans. The EIS, initiated approximately six months ago, was carried out by an independent consulting firm certified by the Ministry of Environment. Admiral Luis Jaramillo, President of Petroecuador, and Captain Freddy Garcia, Vice President of Petroproduccion, officiated in a ceremony that granted Ivanhoe Energy Ecuador the authority to begin petroleum operations on the Pungarayacu field in Block 20. This event formally initiated the Appraisal Period, the first of three phases of the development program. The authorization allows Ivanhoe Energy Ecuador to proceed to secure the permits to begin drilling operations in the field. The Pungarayacu Project is a heavy-oil project in Ecuador's Amazon Basin. Block 20 contains the Pungarayacu field, a heavy-oil field covering approximately 250 square miles that was discovered in the early 1980s. Block 20 covers a 426-square-mile (1,100-square- kilometre) area located approximately 125 miles (200 kilometres) southeast of Quito. Ivanhoe Energy Ecuador Inc. signed a Specific Services Contract with Petroecuador and Petroproduccion in October 2008 that provides Ivanhoe Energy Ecuador with the right to explore and develop Block 20 in exchange for a fixed fee per barrel of oil produced and delivered to Petroproduccion. The contract has an initial term of 30 years. To recover its investments, costs and expenses, and to provide for a profit, Ivanhoe Energy Ecuador will receive from Petroproducción a payment of US$37 per barrel of oil produced and delivered to Petroproduccion. The payment will be indexed (adjusted) quarterly for inflation, starting from the contract date, using the weighted average of a basket of three U.S. Government-published producer price indices relating to steel products, refinery equipment and upstream oil and gas equipment. Ivanhoe Energy Ecuador also has the right to lift oil at a Pacific coast terminal in lieu of cash payments. Ivanhoe Energy Ecuador also has the right to develop, produce and blend any light oil that may be found on the block. About Ivanhoe Energy Latin America Ivanhoe Energy Latin America is the parent company of Ivanhoe Energy Ecuador. Both are part of the Ivanhoe Energy Inc. group of companies. About Ivanhoe Energy Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX: IE; Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an independent international heavy oil development and production company focused on pursuing long-term growth in its reserve base and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process (HTL). Core operations are in the United States and China, with business development opportunities worldwide. Ivanhoe Energy has established a number of geographically focused entities. The parent company, Ivanhoe Energy Inc., will pursue HTL opportunities in the Athabasca oilsands of Western Canada and will hold and manage the core HTL technology. Two new subsidiaries have been established, one for Latin America and one or the Middle East & North Africa, complementing Sunwing Energy Ltd., Ivanhoe Energy's existing, wholly-owned company for China. Ivanhoe Energy Inc. owns 100% of each of these subsidiaries, although the percentages are expected to decline as they develop their respective businesses and raise capital independently. For the nine months period ended Sept. 30, 2008, the company incurred a net loss of $20,213,000 compared with a net loss of $20,358,000 for the same period in the previous year. At Sept. 30, 2008, the company's balance sheet showed total assets of $363,004 million, total liabilities of $92,066,000 and shareholders' equity of $270,938,000. Going Concern Doubt Ivanhoe Energy Inc. believes that existing conditions cast substantial doubt about its ability to continue as a going concern. The company incurred a net loss of $8.5 million for the three-month period ended March 31, 2008, and as at March 31, 2008, had an accumulated deficit of $168.5 million and negative working capital of $8.8 million. In addition, the company currently anticipates incurring substantial expenditures to further its capital investment programs and the company's cash flows from operating activities will not be sufficient to both satisfy its current obligations and meet the requirements of these capital investment programs. Moreover, recovery of capitalized cost related to potential HTL(TM) and GTL projects is dependent upon finalizing definitive agreements for, and successful completion of, the various projects, the outcome of which is uncertain. * ECUADOR: Government to Pay Bondholders Today ---------------------------------------------- The Ecuadorian government said it will pay its debt holders who accepted to sell their 2012 and 2030 global bonds today, May 29, Mercedes Alvaro of Dow Jones Newswires reports, citing Finance Minister Maria Elsa Viteri. "All debt holders who offered up to 35 cents will be canceled. The payment won't be postponed," Ms. Viteri told Bloomberg News in a phone interview. As reported in the Troubled Company Reporter-Latin America on May 27, 2009, Associated Press said Ecuador offered to buy back nearly a third of its foreign debt at a 65% discount on May 26, in what the finance ministry called a one-time offer to creditors holding US$3.2 billion in defaulted sovereign bonds. The report related Finance Minister Maria Elsa Viteri said the government will spend up to US$350 for every US$1,000 worth of so-called Global 2012 and 2030 bonds that it repurchases. The report said Ms. Viteri said the offers will be received until June 3 and cannot exceed 35 cents to the dollar. Results will be announced June 12, she added. AP noted the only option for creditors who refuse the offer is to present a claim before an international arbitration body, but such cases have not forced government payouts in other countries in the past. The TCR-Latin America, citing Bloomberg News, reported April 23, 2009, that Ecuador President Rafael Correa offered to repay holders of Ecuador’s defaulted bonds as little as 30 cents on the dollar as the country’s foreign reserves plunge amid slumping oil prices, Bloomberg News recalled President Correa skipped a US$30.6 million payment for the country’s 12% bonds due in 2012, calling the debt “illegal” and “illegitimate.” The move also sent its bonds due 2015 and 2030 into default, the same report noted. As reported in the TCRLA on January 15, 2009, Bloomberg News said Ecuador made an interest payment on its bond due 2015 after defaulting on other debt for the second time in a decade. The Associated Press related Mr. Correa considered the Global 2015 bond series as different from the Global 2012 and 2030 bonds because Ecuador wasn't pressured into agreeing to it. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. * ECUADOR: May Halt 2015 Bonds Payments, Credit Suisse Says ----------------------------------------------------------- Ecuador may halt payments on its US$650 million of bonds due in 2015 as the government’s finances deteriorate and the “economic cost” of defaulting on other securities has been low, Drew Benson of Bloomberg News reports, citing Credit Suisse Group AG. The report relates Ecuador has continued to make interest payments on its 9.375 percent bonds maturing in 2015. As reported in the Troubled Company Reporter -Latin America on Jan. 6, 2009, the Associated Press said President Rafael Correa considered the Global 2015 bond series as different from the Global 2012 and 2030 bonds because Ecuador wasn't pressured into agreeing to it. According to Reuters, Ecuador's government hopes the move will improve its chances of restructuring other bonds amid a growing cash shortfall caused by falling oil income. Credit Suisse Group AG New York-based analysts Diego Sasson and Alonso Cervera wrote in a report that Ecuador’s defaulted debt buyback offer would likely be accepted by more than 75% of bondholders. Reaching that threshold would allow the government to alter the terms of the defaulted bonds, they added. According to Bloomberg News, Sasson and Cervera wrote that investors are selling back their bonds in part because of the “government’s threat” to change the terms of the securities and because of the lack of success that holdout creditors have had in seizing assets from Argentina following its 2001 default. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. =========== M E X I C O =========== COMERCI: Extends Debt Talks Deadline to June 10 ----------------------------------------------- Comerci a.k.a Controladora Comercial Mexicana SAB de CV has extended to June 10 the deadline for reaching a debt restructuring agreement with creditors, as the company aims to restructure debt from derivatives losses and other liabilities, Anthony Harrup of Dow Jones Newswires reports. The report relates this is the third time the company has made an extension in the past week. LatinFrance recalls Comerci had pushed out until May 27 from May 22 the deadline to wrap up talks with derivatives counterparties that suggests progress is being made. According to LatinFrance, ING estimates that FX derivatives losses for Comerci will amount to US$1.0 billion and adds that derivatives creditors claim US$2.5 billion in losses. The company is provisioned for US$860 million in derivatives losses, ING adds. An unnamed corporate debt analyst, LatinFrance notes, said an additional US$200 million in bond debt and MXP3 billion in MXP- denominated notes due 2037 also contribute to the pile of debt Comerci is likely to carry with it for the coming years. According to LatinFrance, an executive close to the talks said banks will take a haircut on what they say they are owed. The same report relates, news reports surfaced that the agreement may involve Comerci’s controlling shareholders ceding some equity in the company. As reported in the Troubled Company Reporter-Latin America on April 3, 2009, Reuters said Comerci defaulted in October after massive derivatives losses sent its debt soaring above US$2 billion. On Oct. 9, 2008, Comerci filed for protection under Mexico's bankruptcy code Ley de Concurso Mercantil. According to Bloomberg News, Mexican companies posted losses tied to derivatives contracts in the second half of last year as the peso plunged to record lows against the U.S. dollar and prices of commodities such as natural gas fell. About Comerci Comerci a.k.a Controladora Comercial Mexicana SAB de CV (MXK:COMERCIUBC) --- 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. ================= V E N E Z U E L A ================= PDVSA: Speeds Up Plans to Offset Oil Well Decline ------------------------------------------------- Petroleos de Venezuela plans to speed up exploration and production plans to offset the decline in deposits and maintain the oil production level at 3.2 million bpd, El universal News reports, citing PDVSA Director Hercilio Rivas. The report recalls Venezuela's oil production has been questioned by several international firms that claim that actual output is some 2.1 million bpd, due to operational setbacks. However, the report relates, Venezuelan authorities reply that domestic production exceeds 3 million bpd, according to a report prepared by research firm Inspectorate, as commissioned by the Ministry of Energy and Petroleum. "Old oilfields have a trend to decline and we are making efforts to avoid that," Mr. Rivas was quoted by the report as saying. The oil recovery factor is about 25 percent, he added. According to the report, Mr. Rivas said the 2009 investment plan remains unchanged at US$12 billion. The report notes Mr. Rivas added that Pdvsa "has muscle and is very powerful," and stressed that the firm has the capacity to meet commitments related to nationalization. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As of May 19, 2009, Petroleos de Venezuela continues to carry a 'B1' local currency issuer rating from Moody's Ratings. The company also continues to carry Standard and Poor's BB- Issuer Credit Ratings. *********** 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 * * *