/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090610.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 Wednesday, June 10, 2009, Vol. 10, No. 113 Headlines A R G E N T I N A ALUAR ALUMINIO: Moody's Assigns 'B2' Corporate Family Rating DE CANO: Trustee Verifying Proofs of Claim Until July 13 ECO SYSTEM: Asks for Preventive Contest FERRERO CRISTIAN: Proofs of Claim Verification Deadline is June 29 GRUAS MAZZOLA: Proofs of Claim Verification Deadline is July 29 GRUPO SAN MIGUEL: Trustee Verifying Proofs of Claim Until July 17 LINKA SRL: Trustee Verifying Proofs of Claim Until July 14 SANIDAD SIGLO: Trustee Verifying Proofs of Claim Until July 8 SECURITY SISTEMS: Trustee Verifying Proofs of Claim Until Aug. 7 WALLCON SRL: Proofs of Claim Verification Deadline is August 12 B E R M U D A NAUTICAL MANAGEMENT: Creditors' Proofs of Debt Due on June 19 NAUTICAL MANAGEMENT: Members to Receive Wind-Up Report on July 6 TUDOR MARINE: Creditors' Proofs of Debt Due on June 19 TUDOR MARINE: Members to Receive Wind-Up Report on July 6 B R A Z I L GERDAU AMERISTEEL: Suspending Production at New Jersey Steel Mill GERDAU AMERISTEEL: Downgraded at Desjardins Securities GOL LINHAS: Posts Preliminary Traffic Figures for May * BRAZIL: Car Sales Up 5.4% in May, Anfavea Says C A Y M A N I S L A N D S ABSOLUTE PLUS.COM: Final General Meeting Set for June 30 ABSOLUTE PORTFOLIO: Final General Meeting Set for June 30 AHFP ASCEND: Final General Meeting Set for June 30 ALCANTARA INVESTMENTS: Creditors' Proofs of Debt Due on June 29 CHIBA CAPITAL: Final General Meeting Set for June 30 GOLDBOND FUND: Creditors' Proofs of Debt Due on June 29 GREYSHRIKE GENERAL: Final General Meeting Set for June 30 INVESTCORP LIQUIDITY: Creditors' Proofs of Debt Due on June 29 J.P. MORGAN: Placed Under Voluntary Liquidation MALLET GLOBAL: Postpones Shareholder's Meeting MALLET GLOBAL: Postpones Shareholder's Meeting PELOTON ABS: Creditors' Annual Meeting Set for June 30 RANGE GLOBAL: Final General Meeting Set for June 30 SY ASSETS: Creditors' Proofs of Debt Due on June 29 THE NORTHBRIDGE: Creditors' Proofs of Debt Due on June 24 D O M I N I C A N R E P U B L I C CEMEX SAB: Unit Says Interest Rates Still Too High for Homebuyers J A M A I C A AIR JAMAICA: Caribbean Airlines and Thomas Cook May Submit Bid AIR JAMAICA: Government to Provide More Financial Support T U R K S & C A I C O S I S L A N D S OLINT TCI: Wind-up Move Could Lead Investors Penniless V E N E Z U E L A PDVSA: Supplier Debts Doubled to US$7.56 Billion Last Year PDVSA: Ensco Unit Terminates Contract for ENSCO 69 in Venezuela X X X X X X X X * Caribbean Nations Continue to See Drop in Tourist Arrivals - - - - - ================= A R G E N T I N A ================= ALUAR ALUMINIO: Moody's Assigns 'B2' Corporate Family Rating ------------------------------------------------------------ Moody's Latin America has assigned a first-time B2 global local currency corporate family rating and an Aa3.ar Argentina national scale rating to Aluar Aluminio Argentino S.A.I.C. At the same time, Moody's assigned a B2 global local currency rating and an Aa3.ar National Scale Rating to Aluar's new US$50 million bonds issue in Argentina domestic market. The outlook for all ratings is stable. Aluar's B2 and Aa3.ar ratings are supported by its leading market position as the only aluminum smelter in Argentina and its long- term competitive agreements which has helped to preserve Aluar's historical operating margins. Aluar's favorable business model, which serves all of the aluminum demand in Argentina and generates significant foreign currency earnings through its worldwide exports, supports its credit profile. Some 75% of Aluar's total production is exported. These key strengths are offset by the nature of Aluar's operating business, which is exposed to cyclical commodities prices in the aluminum industry, and the limited geographical diversification in term of operating assets. The company operates a single primary aluminum production facility and is dependent on a single alumina supplier. The ratings incorporate Moody's expectations that aluminum industry conditions, end use demand and pricing will not evidence sufficient improvement in 2009 to materially maintain the company's historical operating margins, notwithstanding actions taken to reduce costs and expected aluminum industry curtail production. Aluar's B2 global local currency rating reflects its global default and loss expectation, while the Aa3.ar national scale rating reflects the standing of Aluar's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of 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. Issuers or issues rated Aa.ar present above- average creditworthiness relative to other domestic issuers within the NSR. The indicator "3" present below-average creditworthiness relative to other domestic issuers within the NSR within the same rating category 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 stable outlook is based on Moody's expectation that Aluar will continue to successfully execute its business strategy during what is likely to be a much weaker macroeconomic environment in 2009 and possibly 2010. The weaker macroeconomic environment is likely to lower Aluar's revenues and cash flows, but Moody's expect that the company will benefit from improved working capital management and the ability to roll over its pre- export financing lines due to its long standing banking relationships. Given Moody's expectation of a further contraction will be seen in 2009 and possibly 2010, upward rating pressure is unlikely over the medium term. Should the company demonstrate sustainable debt/ EBITDA of less than 2.5x, EBIT/Interest greater than 6.0x and free cash flow/debt of at least 10%, outlook or ratings could be favorably impacted Moody's believes the most significant risk to Aluar's ratings continue to be a prolonged slowdown in its end markets or sustained aluminum price weakness. In addition, if EBIT/interest fell below 2.5x, debt/EBITDA exceeded 5.0x, operating cash flow less dividends to debt tracked at less than 10% for a extended period, and the company continued to be negative free cash flow generative then a negative rating action could be considered. Headquartered in Buenos Aires, Argentina, Aluar is the only primary aluminum producer and the main semi-manufactured aluminum maker in Argentina. With total revenues of US$1 billion as of last twelve months ended March 31, 2009, 25% of Aluar's production attends local demand and the remaining 75% is exported worldwide. DE CANO: Trustee Verifying Proofs of Claim Until July 13 -------------------------------------------------------- The court-appointed trustee for De Cano Funes S.A.'s bankrupcy proceedings will be verifying creditors' proofs of claim until July 13, 2009. The trustee will present the validated claims in court as individual reports on September 8, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. 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 21, 2009. ECO SYSTEM: Asks for Preventive Contest --------------------------------------- Eco System SA asked for its preventive contest. The company stopped making its payment on December 10, 2008. FERRERO CRISTIAN: Proofs of Claim Verification Deadline is June 29 ------------------------------------------------------------------ The court-appointed trustee for Ferrero Cristian Carlos y Ferrero Martin Miguel S.H.'s reorganization proceedings, will be verifying creditors' proofs of claim until June 29, 2009. GRUAS MAZZOLA: Proofs of Claim Verification Deadline is July 29 --------------------------------------------------------------- Raul Horacio Trejo, the court-appointed trustee for Gruas Mazzola SA de Servicios, Industrial y Comercial's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 29, 2009. Mr. Trejo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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: Raul Horacio Trejo Av. Corrientes 818 Argentina GRUPO SAN MIGUEL: Trustee Verifying Proofs of Claim Until July 17 ----------------------------------------------------------------- The court-appointed trustee for Grupo San Miguel S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until July 17, 2009. LINKA SRL: Trustee Verifying Proofs of Claim Until July 14 ---------------------------------------------------------- The court-appointed trustee for Linka S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until July 14, 2009. SANIDAD SIGLO: Trustee Verifying Proofs of Claim Until July 8 ------------------------------------------------------------- The court-appointed trustee for Sanidad Siglo XXI S.R.L.'s bankrupcy proceedings will be verifying creditors' proofs of claim until July 8, 2009. The trustee will present the validated claims in court as individual reports on September 4, 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 19, 2009. SECURITY SISTEMS: Trustee Verifying Proofs of Claim Until Aug. 7 ---------------------------------------------------------------- The court-appointed trustee for Security Sistems S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until August 7, 2009. WALLCON SRL: Proofs of Claim Verification Deadline is August 12 --------------------------------------------------------------- Marta Serra, the court-appointed trustee for Wallcon SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until August 12, 2009. Ms. Serra will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, 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: Marta Serra Av. Gaona 1488 Argentina ============= B E R M U D A ============= NAUTICAL MANAGEMENT: Creditors' Proofs of Debt Due on June 19 ------------------------------------------------------------- The creditors of Nautical Management (Bermuda) Limited are required to file their proofs of debt by June 19, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton NAUTICAL MANAGEMENT: Members to Receive Wind-Up Report on July 6 ---------------------------------------------------------------- The members of Nautical Management (Bermuda) Limited will hold their meeting on July 6, 2009, at 9:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 3, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton TUDOR MARINE: Creditors' Proofs of Debt Due on June 19 ------------------------------------------------------ The creditors of Tudor Marine Limited are required to file their proofs of debt by June 19, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 3, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton TUDOR MARINE: Members to Receive Wind-Up Report on July 6 --------------------------------------------------------- The members of Tudor Marine Limited will hold their meeting on July 6, 2009, at 9:30 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on June 3, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton =========== B R A Z I L =========== GERDAU AMERISTEEL: Suspending Production at New Jersey Steel Mill ----------------------------------------------------------------- Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA, said it is suspending production at its Sayreville, New Jersey steel mill and closing its rolling mill in neighboring Perth Amboy, New Jersey due to lower demand for its products resulting from the downturn in the economy. The company said these actions are expected to occur gradually over the next several months. The company indicated that it would restart operations at the Sayreville facility when business conditions warrant. The company is also entering into discussions with the United Steel Workers regarding the potential closure of the Company's steel mill located in Sand Springs, Oklahoma. The company will continue to offer its full range of products to its customers throughout North America. Service to customers will be uninterrupted and will be provided by production from Gerdau Ameristeel's extensive network of steel mills in the United States and Canada. The Sayreville facility will continue to carry a full range of products in inventory available for shipment or customer pickup until production resumes. Mario Longhi, President and CEO of Gerdau Ameristeel commented: "This was a very difficult decision that came after careful analysis and review of the marketplace, our production capabilities, and the most cost effective alternatives to meet the current and future needs of our customers throughout North America during this unprecedented economic downturn. These actions follow a series of steps the company has taken over the last nine months to reduce its costs. We understand the impact that these decisions will have on the lives of our employees and our communities, but unfortunately market conditions mandated that these actions be taken at this time. The company will make every effort to help displaced employees through this time of transition." In connection with these actions, depending on the outcome of the Sand Springs discussions, the Company expects to incur an after tax charge from approximately US$80 million to US$140 million related to these closures. Of these amounts, between approximately US$15 million to US$30 million are expected to be cash costs for severance and facility closure expenses. Depending on the outcome of the Sand Springs discussions, the company expects to realize annualized pre-tax cash savings of approximately US$35 million to US$70 million as a result of these actions. In accordance with US GAAP requirements, the company anticipates some of these charges to be included in the three month period ended June 30, 2009 and some to be included in the three month period ended September 30, 2009. About Gerdau Ameristeel Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. * * * As reported in the Troubled Company Reporter on April 20, 2009, Standard & Poor's Ratings Services placed its ratings, including its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau Ameristeel Corp. on CreditWatch with negative implications. GERDAU AMERISTEEL: Downgraded at Desjardins Securities ------------------------------------------------------ Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA, was downgraded by Desjardins Securities due to price appreciation and reduced production, David Pett at Financial Post Trading Desk reports. According to the report, analyst John Hughes lowered his rating on the stock from "buy" to "hold," and maintained his US$8 price target, noting shares in the company have doubled since early March. "The rapid price increase in Gerdau's shares is the catalyst for our revised recommendation," the report quoted Mr. Hughes as saying. Mr. Hughes, the report notes, said that mill shutdowns recently announced will reduce production by 1.6 million tonnes per year and result in an after tax charge of US$80 to US$140-million or US$18� to US$32� per share. "We have adjusted our earnings forecasts for Gerdau to reflect the expected higher end of the range of charges related to the shutdowns," Mr. Hughes was quoted by the report as saying. "As a result of these closures, our 2Q09 earnings estimate has been reduced to - US$31� per share (formerly US$3�) and our 3Q09 estimate is now US$0.02 per share (formerly US$0.07 per share). About Gerdau Ameristeel Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. * * * As reported in the Troubled Company Reporter on April 20, 2009, Standard & Poor's Ratings Services placed its ratings, including its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau Ameristeel Corp. on CreditWatch with negative implications. GOL LINHAS: Posts Preliminary Traffic Figures for May ----------------------------------------------------- GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary traffic figures for May 2009. Management Comments GOL recorded its third successive monthly upturn in demand in its consolidated route network in May, when domestic passenger traffic (measured in RPK -- revenue passenger kilometers) moved up by 5.3% over April 2009, due to the following factors: (i) the Company's leading position in terms of landings and departures in Brazil's main airports; (ii) the introduction of new fare packages and the revitalization of SMILES (Latin America's biggest mileage program, with more than 6 million clients), which has been reflecting the Company's increased penetration in the business passenger segment; and (iii) pro-active yield management and route profitability. In the same period, the Company expanded its supply of seats (measured in ASK -- available seat kilometers) by 6.6% over the previous month, giving a total load factor of 58% - 60% on the domestic market and 47% on the international market. In comparison with May 2008, RPK fell by 19.3% due to the elimination of long-haul routes. GOL maintained its disciplined strategy in regard to market seat supply and revenue management, given that the second quarter is traditionally characterized by low demand. In addition, this year (exceptionally) there was a high concentration of holidays in April and therefore most of the low season fall-off was concentrated in May. As a result, GOL's net yield in May remained above the 19.43 cents (R$) recorded in 2Q08, but well below the 23.27 cents (R$) registered in FY2008. In the first two months of 2Q09, yield was slightly below, but very close to, the 21.93 cents (R$) recorded in 1Q08. On the international market, given the closure of intercontinental operations in 2008, GOL reduced its ASK by 51.2% over May 2008 and by 4.1% over April 2009. In year-over-year terms, the load factor also experienced a decline, falling to 47.1% in May, chiefly due to the previously mentioned repositioning of the international network. In comparison with the previous month, the load factor fell by 3.6 percentage points, reflecting May's lack of extended holidays, given the more tourism-oriented profile of GOL's international network. About GOL Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As of May 19, 2009, the company continues to carry Moody's B1 LT Corp Family ratings. The company also continues to carry Fitch's B+ Issuer Credit Ratings and B Senior Unsecured Rating and Preferred Stock ratings. * BRAZIL: Car Sales Up 5.4% in May, Anfavea Says ------------------------------------------------ Brazil's auto sales rose 5.4% in May when compared to April, rebounding after a sharp decline the previous month, Brazzil Magazine reports, citing national automakers' association Anfavea. According to the report, Anfavea said sales increased 2.1% from May 2008, to 247.000 units, while automobile output rose 6.7% month on month in May, but dropped 7.7% from a year earlier to 270,200 units. The report relates in the first five months of 2009, new car sales totaled 1.15 million, which is 0.1% less than the same period a year ago. The national dealers' association, Fenabrave, the report notes, said last week that new car, truck and bus sales in Brazil grew 5.4% in May from April. The report relates exports on the other hand continued to decline, in spite of a 15.3% increase in May over April. However compared to May 2008, exports plummeted 33.7%, the report says. * * * The country continues to carry Moody's Rating Agency's �Ba1� local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== ABSOLUTE PLUS.COM: Final General Meeting Set for June 30 -------------------------------------------------------- The members of Absolute Plus.com Ltd. will hold their final general meeting on June 30, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chad Mercer P.O. Box 31451 #1 � 51 Stonewall Drive Grand Cayman KY1-1206, Cayman Islands Telephone: (345) 925 7887 ABSOLUTE PORTFOLIO: Final General Meeting Set for June 30 --------------------------------------------------------- The members of Absolute Portfolio Management Ltd. will hold their final general meeting on June 30, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chad Mercer P.O. Box 31451 #1 � 51 Stonewall Drive Grand Cayman KY1-1206, Cayman Islands Telephone: (345) 925 7887 AHFP ASCEND: Final General Meeting Set for June 30 -------------------------------------------------- The members of AHFP Ascend will hold their final general meeting on June 30, 2009, to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bobby Toor Jan Neveril c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ALCANTARA INVESTMENTS: Creditors' Proofs of Debt Due on June 29 --------------------------------------------------------------- The creditors of Alcantara Investments Holdings are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2009. The company's liquidator is: Lion International Corporate Services Limited c/o Shakira Gourzong P.O. Box 484 GT, Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949 7755 Facsimile: (345) 949-7634 CHIBA CAPITAL: Final General Meeting Set for June 30 ---------------------------------------------------- The members of Chiba Capital Funding (Cayman) Ltd will hold their final general meeting on June 30, 2009, to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bobby Toor Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands GOLDBOND FUND: Creditors' Proofs of Debt Due on June 29 ------------------------------------------------------- The creditors of Goldbond Fund Management (Cayman) Limited are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2009. The company's liquidator is: Lee Kwai San Lippo Centre, Tower 1, 39th Floor 89 Queensway Hong Kong GREYSHRIKE GENERAL: Final General Meeting Set for June 30 --------------------------------------------------------- The members of Greyshrike General Partner Limited will hold their final general meeting on June 30, 2009, at 3:30 p.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Richard Mottershead PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 8656 Facsimile: (345) 945 4237 INVESTCORP LIQUIDITY: Creditors' Proofs of Debt Due on June 29 -------------------------------------------------------------- The creditors of Investcorp Liquidity Management Limited are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Evania Ebanks Boundary Hall, Cricket Square P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Facsimile: (345)-949-7920 J.P. MORGAN: Placed Under Voluntary Liquidation ----------------------------------------------- On May 11, 2009, the sole shareholder of J.P. Morgan Cayman Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 MALLET GLOBAL: Postpones Shareholder's Meeting ---------------------------------------------- A final meeting for the shareholder of Mallet Global Events Fund, Ltd. that was initially scheduled for June 2, 2009, was postponed until further notice. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815 1802 Facsimile: (345) 949 9877 MALLET GLOBAL: Postpones Shareholder's Meeting ---------------------------------------------- A final meeting for the shareholder of Mallet Global Events Enhanced, Ltd. that was initially scheduled for June 2, 2009, was postponed until further notice. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815 1802 Facsimile: (345) 949 9877 PELOTON ABS: Creditors' Annual Meeting Set for June 30 ------------------------------------------------------ The creditors of Peloton ABS Master Fund will hold their annual meeting on June 30, 2009, at 10:00 a.m. The company's liquidator is: Gordon I. Macrae c/o Tammy Fu, tammy.fu@zolfocooper.ky Zolfo Cooper, 4th Floor, Bermuda House P.O. Box 1102, Dr. Roy�s Drive Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 946-0081 Fax: (345) 946-0082 RANGE GLOBAL: Final General Meeting Set for June 30 --------------------------------------------------- The members of Range Global Fund Limited will hold their final general meeting on June 30, 2009, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Elizabeth Osborne PO Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8686 Facsimile: (345) 945 4237 SY ASSETS: Creditors' Proofs of Debt Due on June 29 --------------------------------------------------- The creditors of SY Assets Limited are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2009. The company's liquidator is: Lion International Corporate Services Limited c/o Shakira Gourzong P.O. Box 484 GT, Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949 7755 Facsimile: (345) 949-7634 THE NORTHBRIDGE: Creditors' Proofs of Debt Due on June 24 --------------------------------------------------------- The creditors of The Northbridge Diversified Fund are required to file their proofs of debt by June 24, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 5, 2009. The company's liquidator is: Ogier c/o Bradley Kruger Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949-9876 Facsimile: (345) 949 1986 ================================== D O M I N I C A N R E P U B L I C ================================== CEMEX SAB: Unit Says Interest Rates Still Too High for Homebuyers ----------------------------------------------------------------- Cemex Dominicana President Carlos Jacks said despite Dominican Republic�s low cement prices, the local banks� high interest rates makes it hard for the country�s most impoverished sectors to acquire homes, The Dominican Today reports, citing elnuevodiario.com.do. Cemex Dominicana is the local unit of Mexico-based Cemex S.A.B. de C.V. According to the report, Mr. Jacks said for a buyer or investor a local bank�s interest rate is the main challenge, because construction materials such as rebar and cement don�t have the impact to prevent them from acquiring a home. The report relates Mr. Jacks said cement ranges from 4 to 10% of the social cost in the construction of a house, for which in his view the high interest rate is the problem in buying a house. About Cemex Headquartered in Mexico, Cemex S.A.B. de C.V. -- http://www.cemex.com/-- is a growing global building solutions company that provides high quality products and reliable service to customers and communities in more than 50 countries throughout the world, including Argentina, Colombia and Venezuela. Commemorating its 100th anniversary in 2006, Cemex has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. * * * As reported by the Troubled Company Reporter-Latin America on November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de C.V.'s 'BBB-' foreign currency Issuer Default Rating to 'BB+'; 'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured debt obligations to 'BB+'. The Rating Outlook is Negative. According to Fitch, the rating actions reflect weaker than expected operating results and higher leverage levels than previously anticipated due to economic weakness in most of the company's important markets. ============= J A M A I C A ============= AIR JAMAICA: Caribbean Airlines and Thomas Cook May Submit Bid -------------------------------------------------------------- Trinidad and Tobago-owned Caribbean Airlines and British tour operator Thomas Cook have both expressed an interest in acquiring Air Jamaica Limited, Jamaica Observer reports, citing Caribbean Business. "There are two solid offers on the table and both parties are reputable," an executive working on securing a deal told Caribbean Business, the Observer relates. "The British tour operator Thomas Cook and Trinidad's Caribbean Airlines have placed serious bids for Air Jamaica and it is now a process of evaluation and negotiation. This deal is likely to be completed within the deadline." According to the Observer, if Caribbean Airlines' bid proves to be successful, it would make the Trinidadian carrier the largest indigenous Caribbean airline operator in the region. As reported in the Troubled Company Reporter-Latin America on May 15, 2009, a report posted at CaribbeanPressReleases.com said Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, confirmed that two offers have been received from investors for the privatization of Air Jamaica. RadioJamaica related Senator Wehby did not identify the bidders, however, the news agency received reports that one of the bidders is a consortium of major players in the tourism and airline industries with connections in Jamaica. Mr. Wehby, RadioJamica noted, said the two offers are being reviewed and evaluated before being taken to Cabinet. According to an April 6 TCR-LA report, citing Associated Press, the Jamaican government extended Air Jamaica 's divestment deadline to June 30 as it tries to attract buyers. Radio Jamaica related 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 said, 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. AIR JAMAICA: Government to Provide More Financial Support --------------------------------------------------------- The Jamaican Parliament will be asked to approve another loan guarantee for Air Jamaica Limited, RadioJamaica reports, citing the Financial Report. The report relates a senior Government official refused to tell the media how much money is being guaranteed for the airline which is in the process of being privatised. As reported in the Troubled Company Reporter-Latin America on June 11, 2007, The Jamaica Observer said the House of Representatives has authorized a resolution calling for a US$125- million assistance to Air Jamaica. According to a TCR-LA June 1, 2007 report, Jamaican government officials motioned to seek a government guarantee of US$125 million to boost Air Jamaica's operations. Fitz Jackson, State Minister in the Finance and Planning Ministry, presented the notice of the motion on May 30. The TCR-Latin America, citing CaribbeanPressReleases.com, reported May 15, 2009, that Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, confirmed that two offers have been received from investors for the privatization of Air Jamaica. RadioJamaica related Senator Wehby did not identify the bidders, however, the news agency received reports that one of the bidders is a consortium of major players in the tourism and airline industries with connections in Jamaica. Mr. Wehby, RadioJamica noted, said the two offers are being reviewed and evaluated before being taken to Cabinet. According to an April 6 TCR-LA report, citing Associated Press, the Jamaican government extended Air Jamaica's divestment deadline to June 30 as it tries to attract buyers. Radio Jamaica related 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 said, 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. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== OLINT TCI: Wind-up Move Could Lead Investors Penniless ------------------------------------------------------ The Winding up of Turks & Caicos Islands-based foreign exchange trader, Olint, was set to begin yesterday, June 9, following with the appointment of a liquidator, Gemma Handy of the Jamaica Observer reports. However, the report relates the move could lead investors to be penniless as there are scant funds to return their investments. According to the report, Justice Richard Williams said the amount of cash the Attorney General said is available to repay creditors falls short of the quantity being sought. "The amounts that the AG disclosed to me, there are not the amounts in that account to meet the amounts the creditors say they are owed," the report quoted Mr. Williams as saying. A number of lawsuits, the report notes, are already in progress in a bid to claw back some of the cash. The report says the value of claims in the TCI alone tops US$15 million; while several Internet sources place the book value of the company at almost US$1 billion with US$350 million in deposits. The Observer recalls Company boss David Smith was arrested on suspicion of money laundering in July last year. The report relates Mr. Smith's Providenciales home was raided and assets from his two Island-based firms frozen amid investigations by the country's Financial Crime Unit. According to the report, Mr. Smith will appear before court on August 5 to face a string of fraud, two counts of uttering forged documents, four counts of false accounting; and two counts of theft. However, Mr. Smith denied all allegations and said he did not master any Ponzi-Scheme operations. The report recalls in January, the High Court refused to lift the freeze order on Mr. Smith's assets. The report relates Mr. Smith said he will use the assets to honour a promise to make payments owed to clients attracted by Olint's 10% month return on investments. Meanwhile, the Observer notes, Oliver Smith, representing both the firm and its two directors, Mr. Smith and wife Tracy, is opposing the appointment of the liquidator put forward by the Attorney General on the grounds that he performed an audit in August 2008 and may be called as a witness. ================= V E N E Z U E L A ================= PDVSA: Supplier Debts Doubled to US$7.56 Billion Last Year ---------------------------------------------------------- Petroleos de Venezuela S.A. said its debts to suppliers more than doubled last year as the company fell behind on payments after crude prices fell, Steven Bodzin of Bloomberg News reports. According to the report, a company statement said accounts payable to suppliers such as companies including U.S.-based Williams Cos. and Helmerich & Payne Inc., and Italy�s Saipem SpA, climbed to US$7.56 billion from US$3.1 billion at the end of 2007. The TCR-Latin America, citing Dow Jones Newswires, reported March 26, 2009 that Petroleos de Venezuela paid a fraction of its debt to a group of 56 oil-service companies and rig operators struggling to get paid by Venezuelan government. The report related unnamed industry executives said PDVSA paid as much as much as 7% of total outstanding receivables to some of these companies but many claim to have received even less. As reported in the Troubled Company Reporter-Latin America on March 25, 2009, Reuters said Helmerich & Payne Inc idled four rigs in Venezuela so far due to a payment dispute and expects all 11 there to be idled by this summer. According to a company press release, Helmerich & Payne disclosed that it was ceasing operations on their rigs in Venezuela as their drilling contracts expire due to the lateness of accounts receivable collections from its customer, PDVSA. Reuters related that PDVSA owes Helmerich & Payne over nearly US$100 million. Dow Jones Newswires relates oil service giants Halliburton Co. (HAL) and Schlumberger Ltd. (SLB), have received anywhere between 5% and 7% of their total pending bill which adds to roughly US$1 billion combined, by some estimates. According to the report, Oil Minister Rafael Ramirez said the government will review the legality of these debts. PDVSA 2008 Net Profit Up 50% to US$9.4 Bln According to a TCR-LA report on June 9, 2009, citing Reuters, PDVSA's net profits in 2008 rose 50% in 2008 to US$9.4 billion, driven by windfall oil prices that also financed a jump in spending by President Hugo Chavez. The report related the company earned a profit of US$6.3 billion. According to Agence France-Presse (AFP), PDVSA said that at US$126.3 billion, sales of crude oil were up 31.3% over the previous year. Reuters said the company's operating income rose to US$126.4 billion, up 31% from the year before as oil prices soared to a peak of US$147 last year. PDVSA, AFP noted, exported 2.9 million barrels a day, which would be an increase of 108,000 barrels a day compared to 2007. So far this year, Venezuela's oil exports have averaged US$44 a barrel, the same report related. PDVSA, Reuters recalls, gave US$53 billion to the government -- 21% more than in 2007. Reuters adds PDVSA said it reduced its debt to US$15.1 billion from US$16.6 billion in 2007. 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. PDVSA: Ensco Unit Terminates Contract for ENSCO 69 in Venezuela --------------------------------------------------------------- Ensco International Incorporated said that a subsidiary has terminated its contract for the ENSCO 69 jackup drilling rig with Petrosucre, a subsidiary of Petroleos de Venezuela S.A., the national oil company of Venezuela. Petrosucre, which has been operating ENSCO 69 since January 2009, has not returned the rig to Ensco and has notified Ensco that it will continue to operate ENSCO 69. As noted in Ensco�s news release on May 11, 2009, Petrosucre has failed to pay past due invoices and Ensco submitted a notice of termination to Petrosucre, as permitted under the terms of the ENSCO 69 contract. The notice period has ended and the contract between Ensco and Petrosucre is now terminated. Ensco has removed all of its remaining employees from ENSCO 69. As previously disclosed, Ensco has deferred revenue under the contract with Petrosucre since late January 2009, when Petrosucre took over drilling operations. Ensco�s net receivable from Petrosucre is US$16.9 million related to work performed prior to late January 2009, as disclosed in Ensco�s first quarter 2009 SEC Form 10-Q. Ensco will likely fully reserve the US$16.9 million net receivable and write off a US$4.8 million deferred tax asset related to the prior write down of receivables. In total, this would reduce earnings by approximately US$0.15 per diluted share in second quarter 2009. As of March 31, 2009, ENSCO 69 had a net book value of US$17.7 million and an insured value of US$65 million under a package policy, including coverage for certain political risks, subject to a US$10 million deductible. Ensco is pursuing an insurance claim under its package policy and is pursuing legal remedies for damages relating to ENSCO 69. About Ensco International Ensco International Incorporated -- http://www.enscointernational.com.�- brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. 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. =============== X X X X X X X X =============== * Caribbean Nations Continue to See Drop in Tourist Arrivals ------------------------------------------------------------ Caribbean nations continue to see a decline in tourist arrivals, CaribbeanWorldNews reports, citing latest figures released by the Caribbean Tourism Organization for June. According to the report, three out of the five countries reporting April statistics reported a continued downward spiral. CaribbeanWorldNews relates The Caribbean Tourism Organization disclosed that: * Antigua and Barbuda dropped 11.3% for April compared to the same period last year; * the Cayman Islands reported a 6.7% drop; * Dominican Republic a 3.2% decrease; * St. Lucia bounced back to record an 8.8% increase in tourist arrivals in April; and * Guyana said it recorded an 11.3% increase in arrivals. *********** 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 * * *