/raid1/www/Hosts/bankrupt/TCRLA_Public/090728.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, July 28, 2009, Vol. 10, No. 147
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: Shredded Florida Papers “Reassembled” for Evidence
A R G E N T I N A
* ARGENTINA: Provinces to Sell Debt as Deficits Triple
B A R B A D O S
DACOSTA MANNINGS: To Cut 81 Jobs Amid Operations Shutdowns
B E R M U D A
CENFUND ASSET: Creditors' Proofs of Debt Due on August 10
CENFUND ASSET: Final General Meeting Set for August 24
COLUMBIA LIFE: Creditors' Proofs of Debt Due on August 7
COLUMBIA LIFE: Members' Final General Meeting Set for August 28
FBR PEGASUS: Creditors' Proofs of Debt Due on August 7
B R A Z I L
BANCO BRADESCO: Aims to Retake Brazil Bank Leadership
TAM SA: To Release Second Quarter 2009 Results on August 11
C A Y M A N I S L A N D S
AMERICAN FEEDS: Creditors' Proofs of Debt Due on September 3
APHELION GLOBAL: Commences Wind-Up Proceedings
CDIB AUSTRALIA: Creditors' Proofs of Debt Due on August 20
CDIB FRANCE: Creditors' Proofs of Debt Due on August 20
FRONTIER VII: Commences Wind-Up Proceedings
LATIN AMERRICA: Creditors' Proofs of Debt Due on September 30
MARATHON EQUATORIAL: Creditors' Proofs of Debt Due on August 10
ROBINS FUNDING: Members Pass Resolution to Wind Up Operations
THE RATIO VALUE: Commences Wind-Up Proceedings
C O L O M B I A
ECOPETROL SA: Clarifies Media Reports on Rubiales Field
C O S T A R I C A
* COSTA RICA: Petroleos de Venezuela Halts 2 Oil Shipments
J A M A I C A
AIR JAMAICA: Union Raises Concerns on Possible Routes Sale
ALUMINA PARTNERS: UC Rusal to Stay, Reaffirms Commitment
CASH PLUS: Firm and Affiliates Wound Up
NATIONAL COMMERCIAL: Has JM$7.3BB Net Profit in 9 Mos. Ended June
WINDALCO: UC Rusal Assures to Continue Local Operations
M E X I C O
ALESTRA S: Offers to Buy Back 8% Senior Notes Due 2010
ARCLIN MEXICO: U.S. and Canadian Affiliates File for Bankruptcy
P E R U
DOE RUN PERU: Not Doing Enough on Rescue Plan, Peru Says
V E N E Z U E L A
CITGO PETROLEUM: Fire at Alkylation Unit Under Control
PETROLEOS DE VENEZUELA: Halts 2 Oil Shipments to Costa Rica
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: Shredded Florida Papers “Reassembled” for Evidence
------------------------------------------------------------------
U.S. Magistrate Judge Barry Seltzer of Fort Lauderdale, Florida,
said federal prosecutors told him that within the next two months
they will have “re-assembled the contents of three bags of
shredded documents,” which were seized from Robert Allen
Stanford's South Florida offices, Laurel Brubaker Calkins at
Bloomberg News reports.
According to the report, the shredded evidence will initially be
used against Bruce Perraud, a former Stanford Financial Group
security specialist who is charged with destroying documents after
an investigation began. The report relates prosecutors added that
they also intend to use six seized computer hard drives as
evidence against Mr. Perraud.
As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Bloomberg News said Mr. Perraud pleaded not guilty
to destroying documents sought by U.S. Officials. Mr. Perraud,
indicted by a federal grand jury in Florida, entered his plea in a
Fort Lauderdale federal court before U.S. Magistrate Judge Lurana
Snow. The report noted Mr. Perraud –- a former global security
specialist at Stanford's Fort Lauderdale office -- allegedly had a
document-shredding company destroy a 95-gallon bin full of papers
on Feb. 25, just days after the judge presiding over the U.S.
Securities and Exchange Commission case had issued an order
forbidding the alteration, removal or destruction of Stanford
Financial records.
Judge Seltzer, the report notes, said Mr. Perraud’s trial date is
set for Aug. 24, but will probably change to accommodate his
lawyer’s vacation plans.
The case is U.S. v. Perraud, 09cr60129, Southern District of
Florida (Fort Lauderdale).
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.
On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, 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.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
* ARGENTINA: Provinces to Sell Debt as Deficits Triple
------------------------------------------------------
Argentine provinces, whose swelling debt contributed to the
government’s 2001 default, are poised to step up bond sales again
as budget deficits almost triple, Drew Benson at Bloomberg News
reports.
As reported in the Troubled Company Reporter-Latin America on
July 21, 2009, Bloomberg News said Argentina’s Cordoba province
plans to sell US$150 million worth of dollar-linked bonds in the
local market early next month. Unnamed sources told Bloomberg
that the 12% bonds due in 2017 will be denominated in pesos and
payments will be made in pesos based on the current exchange rate.
Banco de la Provincia de Cordoba is arranging the sale, the source
added.
“The provinces are going to have financing needs this year, so
they are watching to see what happens with Cordoba,” Patricio
Esnaola, a Buenos Aires-based analyst who rates local governments
for Moody’s Investors Service, told Bloomberg News in a telephone
interview. “If Cordoba has good results, this could be a trigger
for the rest to do the same,” Mr. Esnaola added.
According to Bloomberg News, citing a data from Buenos Aires-based
research firm Economia & Regiones, the total deficit of
Argentina’s 23 provinces and the city of Buenos Aires may jump to
9.8 billion pesos (US$2.6 billion) this year from 3.4 billion
pesos in 2008. The report related the research firm's data show
that all but five of the provinces will have a budget gap this
year.
Economia & Regiones, the report notes, said provinces spent 20.6%
of their revenue servicing debt in 2001, compared with an
estimated 7.7% this year.
* * *
As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'. The rating
outlook on the local currency IDR is Stable.
In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.
===============
B A R B A D O S
===============
DACOSTA MANNINGS: To Cut 81 Jobs Amid Operations Shutdowns
----------------------------------------------------------
Barbados-based Dacosta Mannings Inc. said it will make 81 jobs
redundant by the end of July due to "rationalisation measures"
being taken to create "a more viable and competitive operation,"
Trinidad Express reports. The report relates 20 employees applied
for voluntary separation and those applications were accepted.
According to the report, Dacosta Mannings is closing its
Speightstown, St Peter store and Warrens, St Michael auto centre
in Barbados. The report relates the company's board blamed
"dwindling customer activity" at the Speightstown hardware store
for the decision to close the outlet effective July 31.
The Express points out that heightened costs, the saturated nature
of the lumber market and lower demand in construction and capital
works projects were also listed as factors influencing the
decision to quit the lumber business. The report relates board
said that in the last two years the Speightstown store and the
lumber yard at Fontabelle, St Michael, "continued to be very
marginal in performance".
The company, the report adds, also announced the closure of the
DMI Auto Centre in Warrens at month-end.
About Dacosta Mannings
Dacosta Mannings Inc. -- http://www.dacostamannings.com-- is one
of the leading retailers in Barbados offering a diverse range of
goods and services ranging from Lumber and Builders Hardware, Home
Appliances and Furniture, Consumer Electronics, Horticulture,
Household items to Shipping Agency to the provision of services
such as the LP bottle gas distribution. Dacosta Mannings Inc.
formed in October 1995 as a result of a merger of DaCosta Ltd.,
and Mannings, Wilkinson & Challenor, boasts of being a company
with a diverse range of goods and services.
=============
B E R M U D A
=============
CENFUND ASSET: Creditors' Proofs of Debt Due on August 10
---------------------------------------------------------
The creditors of Cenfund Asset Management Limited are required to
file their proofs of debt by August 10, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 17, 2009.
The company's liquidator is:
Ayotola Jagun
Thistle House, 4 Burnaby Street
Hamilton HM 11
Islands of Bermuda
CENFUND ASSET: Final General Meeting Set for August 24
------------------------------------------------------
The members of Cenfund Asset Management Limited will hold their
final general meeting on August 24, 2009, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on July 17, 2009.
The company's liquidator is:
Ayotola Jagun
Thistle House, 4 Burnaby Street
Hamilton HM 11
Islands of Bermuda
COLUMBIA LIFE: Creditors' Proofs of Debt Due on August 7
--------------------------------------------------------
The creditors of Columbia Life and Casualty Company Ltd. are
required to file their proofs of debt by August 7, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Tara S. Vossough
225 West Washington Street
Suite 1300, Chicago
Illinois 60606-3418, U.S.A.
COLUMBIA LIFE: Members' Final General Meeting Set for August 28
---------------------------------------------------------------
The members of Columbia Life and Casualty Company Ltd. will hold
their final general meeting on August 28, 2009, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company commenced wind-up proceedings on July 20, 2009.
The company's liquidator is:
Tara S. Vossough
225 West Washington Street
Suite 1300, Chicago
Illinois 60606-3418, U.S.A.
FBR PEGASUS: Creditors' Proofs of Debt Due on August 7
------------------------------------------------------
The creditors of FBR Pegasus Fund of Funds, Ltd. are required to
file their proofs of debt by August 7, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 24, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BANCO BRADESCO: Aims to Retake Brazil Bank Leadership
-----------------------------------------------------
Banco Bradesco S.A. Chairman Lazaro Brandao said the bank aims to
once again overtake its local rival Itau Unibanco after losing its
position as Brazil's largest private bank at the end of last year,
Rogerio Jelmayer of Dow Jones Newswires reports, citing local
newspaper Valor Economico.
"We were [the] leader for many decades. Our effort now is to
boost quality and productivity to reduce the gap (with Itau
Unibanco)," the report quoted Mr. Brandao as saying. "This is not
a target for the short term, but year-by-year we will reduce this
difference," Mr. Brandao added.
According to the report, the bank lost the lead position after
local rivals Itau and Unibanco announced a merger.
Currently, Dow Jones Newswires notes, Bradesco is Brazil's third-
largest bank, with total assets of BRL426 billion (US$225 billion)
at the end of the first quarter, according to a ranking maintained
by the central bank.
Mr. Brandao, the report says, sees few alternatives for
acquisition in the future. The report relates Mr. Brandao added
that the focus of the bank remains on the domestic market and
international expansion is not a priority.
About Banco Bradesco
Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management. Bradesco has branches throughout Brazil as
well as one in New York, and Japan. Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers. The bank
also provides personal and commercial loans, along with leasing
services.
* * *
As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.
TAM SA: To Release Second Quarter 2009 Results on August 11
-----------------------------------------------------------
TAM SA will release its results for the second quarter 2009 on
August 11, 2009. The information will be available on the
company's Web site -- http//www.tam.com.br/ir -- and through the
Comissao de Valores Mobiliarios and the Securities and Exchange
Commission before the market opens.
The conference calls in Portuguese and English will be Tuesday,
August 11, at 10:00am and 11:30am (Eastern Time), respectively.
In addition, the meeting with analysts and investors will be held
in Sao Paulo on August 20, 2009.
About TAM SA
Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip. As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip. With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights. In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.
* * *
As of June 17, 2009, the company continues to carry Fitch
Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings.
The company also continues to carry Moody's B1 LT Corp Family
Rating and Senior Unsecured Debt Ratings.
==========================
C A Y M A N I S L A N D S
==========================
AMERICAN FEEDS: Creditors' Proofs of Debt Due on September 3
------------------------------------------------------------
The creditors of American Feeds Holding Limited are required to
file their proofs of debt by September 3, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2009.
The company's liquidator is:
Marc Guinnement
95, Pasir Pajang Hill
#04-05 The Ventana
Singapore 118893
APHELION GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
On July 1, 2009, the sole shareholder of Aphelion Global Equity
Market Neutral Inc. passed a resolution that voluntarily winds 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 KY1-9005, Cayman Islands
Telephone: (345) 914-6314
CDIB AUSTRALIA: Creditors' Proofs of Debt Due on August 20
----------------------------------------------------------
The creditors of CDIB Australia Investment Inc. are required to
file their proofs of debt by August 20, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on June 11, 2009.
The company's liquidator is:
Hsiu-Min Tseng
c/o PO Box 31106, Windward One
Regatta Office Park, West Bay Road
Grand Cayman KY1-1205, Cayman Islands
CDIB FRANCE: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------
The creditors of CDIB France Co. are required to file their proofs
of debt by August 20, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 16, 2009.
The company's liquidator is:
Hsiu-Min Tseng
c/o PO Box 31106, Windward One
Regatta Office Park, West Bay Road
Grand Cayman KY1-1205, Cayman Islands
FRONTIER VII: Commences Wind-Up Proceedings
-------------------------------------------
On July 1, 2009, the sole shareholder of Frontier VII Limited
passed a resolution that voluntarily winds up the company's
operations.
The company's liquidator is:
Walkers SPV Limited
Anthony Johnson
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Telephone: (345) 914-6314
LATIN AMERRICA: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Latin Amerrica Focus Limited Duration Company are
required to file their proofs of debt by September 30, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2009.
The company's liquidators are:
Stuart Brankin
Desmond Campbell
c/o Aston Corporate Managers, Ltd.
P.O. Box 1981, Grand Cayman KY1-1104
MARATHON EQUATORIAL: Creditors' Proofs of Debt Due on August 10
---------------------------------------------------------------
The creditors of Marathon Equatorial Guinea Limited are required
to file their proofs of debt by August 10, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St., Houston
Texas 77056, U.S.A.
ROBINS FUNDING: Members Pass Resolution to Wind Up Operations
-------------------------------------------------------------
On May 21, 2009, the members of Robins Funding Company passed a
resolution that voluntarily winds up the company's operations.
Bernard McGrath and David Walker are the company's liquidators.
THE RATIO VALUE: Commences Wind-Up Proceedings
----------------------------------------------
On June 10, 2009, the sole shareholder of The Ratio Value Fund
passed a resolution that voluntarily winds up the company's
operations.
The company's liquidator is:
Avalon Ltd.
Landmark Square
1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
===============
C O L O M B I A
===============
ECOPETROL SA: Clarifies Media Reports on Rubiales Field
-------------------------------------------------------
Ecopetrol S.A. clarified information reported in various media
sources concerning the estimates of reserves and production from
the Rubiales field:
-- Each year Ecopetrol S.A. reports the volume of proven
hydrocarbons reserves (1P) owned by the company after
qualified firms have completed their reserve audit and
certification procedures. As of December 31, 2008, the
known hydrocarbons reserves (1P) owned by Ecopetrol S.A.
came to 1.474 million barrels of petroleum equivalent.
The aforesaid reserves are determined according to
a method prescribed by the SEC based on price
estimates in the company's investment portfolio.
-- In regards to the Rubiales field, the Company would
like to clarify that results concerning seismic
information and the most recently drilled wells in
the field are currently being analyzed. In addition,
the audit and certification procedures for 2009 have
not been conducted. Thus, it is not possible for the
company to confirm or refute information appearing in
the media concerning the results of the Rubiales field.
-- Current production from the Rubiales field stands at 63
thousand barrels per day of oil, of which 57.6% belongs
to Ecopetrol S.A., after deducting 20% in royalties from
total production. The development of the oil field is
being undertaken by the field operator, based on
decisions made by the Executive Partnership Committee.
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. under the symbol ECOPETROL. The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 15, 2009 , Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019. Proceeds will be used for investments and general
corporate purposes.
Alestra, S. de R.L. de C.V. Announces an Offer to Purchase for
Cash Any and All of Its 8% Senior Notes Due 2010 of Alestra
==================
C O S T A R I C A
==================
* COSTA RICA: Petroleos de Venezuela Halts 2 Oil Shipments
-----------------------------------------------------------
Venezuela state oil company Petroleos de Venezuela is said to have
abruptly cancelled two shipments of crude oil, each of 280,000
barrels of light oil, to a refinery in Costa Rica, Jeremy Morgan
at Latin American Herald Tribune reports. The report relates the
Costa Rican refinery was obliged to resort to the spot market,
where it said it intended to seek alternative supplies.
According to the report, citing a Caracas-based website,
Petrofinanzas, the shipments were contracted for delivery in
August and September. The report relates PDVSA wasn't clear with
the reason of its company move.
The report notes that the absence of an explanation from PDVSA --
or, indeed, any public comment about the report prompted
speculation that the decision was perhaps politically motivated.
The report says it was noted, for instance, that Venezuelan
President Hugo Chavez recently lambasted Costa Rican President
Oscar Arias for his role in efforts to resolve the ongoing crisis
in Honduras.
* * *
As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.
=============
J A M A I C A
=============
AIR JAMAICA: Union Raises Concerns on Possible Routes Sale
----------------------------------------------------------
The union of Air Jamaica Limited's workers, National Workers
Union, is raising concerns over what it claims are likely plans of
the government to sell some of the state-owned airline's routes,
The Jamaica Gleaner reports.
According to the report, NWU Vice President Granville Valentine
said the matter of a likely sale of the routes arose from a
meeting last week with the airline’s board and members of the
divestment committee. The report relates Mr. Valentine said he is
now concerned about the likely impact of such a move on workers at
the airline.
The Gleanor notes that Chairman of the Divestment committee,
Dennis Lalor, said as far has he’s aware, there was no discussion
of a likely sale of Air Jamaica routes at a meeting he attended
last week with the airline’s board members.
As reported in the Troubled Company Reporter-Latin America on
June 29, 2009, RadioJamaica News said the Jamaican government
indicated it will name a buyer for cash-strapped Air Jamaica. The
report related the sale is scheduled to be completed before the
July 31 deadline which was set by the Finance Ministry. Radio
Jamaica said the airline has been hemorrhaging over US$150 million
per annum and the government has had to foot the massive bill. In
addition, Radio Jamaica said, Air Jamaica currently has over
US$600 million in loans outstanding.
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 of June 30, 2009, the company continues to carry Moody's LT
Corp Family rating and Senior Unsecured Debt rating at B2. The
company also continues to carry Standard and Poor's LT Foreign
Issuer Credit Rating at B-.
ALUMINA PARTNERS: UC Rusal to Stay, Reaffirms Commitment
--------------------------------------------------------
Russian alumina conglomerate UC Rusal has reaffirmed its
commitment to continue operating in Jamaica, Jamaica Observer
reports, citing Minister of State in the Ministry of Energy and
Mining Laurence Broderick. UC Rusal owns 65% of Alumina Partners
of Jamaica.
"They have successfully negotiated debt-rescheduling arrangements
with a consortium of Russian and western banks amounting to
US$11.9 billion, out of a total debt of US$14.5 billion," the
report quoted Mr. Broderick as saying. "We have been assured that
the company is trying its best to resolve its debt situation, in a
manner that will ensure its long-term future and involve little or
no disposal of existing assets," Mr. Broderick added.
According to the report, Mr. Broderick said that amidst the the
global downturn in the aluminium industry and UC Rusal's financial
difficulties, the company has “unequivocally asserted that they
intend to remain in Jamaica for the long haul."
Mr. Broderick, the report notes, informed that the ministry is
also reviewing options within existing agreements with the
government, to ensure that the interests of Jamaica, the
administration and workers in the sector are secured. A joint
bauxite task force has been established to closely monitor
critical aspects of the closing-down process within the local
bauxite/alumina sector and the possible impact, Mr. Broderick
added.
As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica Alpart's mining and refinery
operations officially came to a halt on May 15. The report
related Alpart said it will send home 900 permanent
employees in the process amid a 60% decline in alumina product
prices since July 2008. Alpart Managing Director Alberto Fabrini,
as cited by Radio Jamaica News, said the temporary shutdown will
allow the plant to prepare for future developments. Although the
company took steps to maintain the operations even at reduced
capacity, circumstances still left the company with no other
choice but to shutdown, Mr. Fabrini added. Mr. Fabrini, Radio
Jamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.
About Alpart
Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million
tonnes of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAl
and 35% owned by Norsk Hydro.
CASH PLUS: Firm and Affiliates Wound Up
---------------------------------------
Cash plus Limited and six of its affiliates -- Cash Plus Group
Ltd, Cash Plus Industries Ltd, Sovereign Security Services Ltd,
Cash Plus Commodities Ltd, Cash Plus Shipping Ltd and Cash Plus
Development -- were wound up following a petition filed in the
Supreme Court by attorney-at-law Hugh Wildman, the trustee in
bankruptcy, Barbara Gayle of the Jamaica Gleaner reports. The
report relates Mr. Wildman was appointed liquidator for all the
companies.
Mr. Wildman told the Gleaner in an interview that as liquidator
for the companies, he had greater powers under the Companies Act
to deal with the assets of the entities. Mr. Wildman added that
he is going to identify the assets and have them sold so that
creditors and depositors will get their entitlements.
The Gleaner notes that Mr. Wildman said that in respect of some of
the properties, there would be court battles as it was being
contended that Cash Plus breached agreements. The report relates
Mr. Wildman said two of those properties are Mainland
International, a hardware company at March Pen, St Catherine, and
the Hilton Kingston hotel. Mr. Wildman said that he will try his
best to recover the US$8 million Cash Plus invested in the Hilton
Kingston hotel, the report adds.
About Cash Plus
Cash Plus Limited is an investment club in Jamaica. It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations. The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill. The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.
In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership. Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008. The firm has 40,000 lenders
with loans totaling J$4 billion. Cash Plus was unable to repay
its investors. The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.
NATIONAL COMMERCIAL: Has JM$7.3BB Net Profit in 9 Mos. Ended June
-----------------------------------------------------------------
National Commercial Bank Jamaica Limited posted JM$7.3 billion net
profit in nine-months ended June 2009, due to the firm's strategic
approach and the management of the business, The Jamaica Observer
reports, citing NCB Group managing director, Patrick Hylton. The
report relates the banking segment's results for the nine months
ended June 2009 represent an increase of JM$64 million, a 1%
increase over the June 2008 period.
"The consistent results were mainly achieved by growth in the
Corporate and Retail loan portfolios (38% and 11%, respectively),
which is responsible for a 33% increase in interest income from
loans," the bank said in its financial report obtained by the news
agency.
According to the report, the bank's loans and advances totaled
JM$89 billion (net of provision for credit losses) as at June 30,
2009 growing by JM$17.9 billion over the balances as of the same
perios last year.
The bank's wealth and asset management segment contributed
operating profits of JM$1.5 billion for the nine month period
ended June 2009, the Observer says. The report relates NCB
Capital Markets Limited, the main contributor to this segment,
provided 85% of the operating profits. The result for this
segment reflects a 14% reduction from the 2008 period due mainly
to a decline in the results of NCBCM, the report adds.
The Observer says the insurance segment has seen growth in
operating profits, driven by the performance of NCB Insurance
Company Limited. The report relates NCB Insurance Company Limited
achieved a net profit of JM$1.2 billion, increasing by JM$722
million from the same period last year.
About National Commercial Bank Jamaica
Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services. The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services. Founded in
1977, the bank primarily operates in West Indies and the U.K.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 15, 2009, Fitch Ratings has affirmed Jamaica-based National
Commercial Bank Jamaica Limited's ratings:
-- Long-term local and foreign currency Issuer Default Ratings
at 'B';
-- Short-term foreign and local currency IDR at 'B';
-- Individual at 'D';
-- Support at 4;
-- Support floor rating at 'B'.
The Rating Outlook is Negative.
WINDALCO: UC Rusal Assures to Continue Local Operations
-------------------------------------------------------
Russian alumina conglomerate UC Rusal has reaffirmed its
commitment to continue operating in Jamaica, Jamaica Observer
reports, citing Minister of State in the Ministry of Energy and
Mining Laurence Broderick. UC Rusal has a joint venture -- West
Indies Alumina Company -- with the Jamaica government. UC RUSAL
Alumina Jamaica Limited manages the joint venture.
"They have successfully negotiated debt-rescheduling arrangements
with a consortium of Russian and western banks amounting to
US$11.9 billion, out of a total debt of US$14.5 billion," the
report quoted Mr. Broderick as saying. "We have been assured that
the company is trying its best to resolve its debt situation, in a
manner that will ensure its long-term future and involve little or
no disposal of existing assets," Mr. Broderick added.
According to the report, Mr. Broderick said that amidst the the
global downturn in the aluminium industry and UC Rusal's financial
difficulties, the company has “unequivocally asserted that they
intend to remain in Jamaica for the long haul."
Mr. Broderick, the report notes, informed that the ministry is
also reviewing options within existing agreements with the
government, to ensure that the interests of Jamaica, the
administration and workers in the sector are secured. A joint
bauxite task force has been established to closely monitor
critical aspects of the closing-down process within the local
bauxite/alumina sector and the possible impact, Mr. Broderick
added.
As reported in the Troubled Company Reporter-Latin America on
April 6, 2009, Reuters said Windalco suspended bauxite mining as
part of a plan to temporarily shutter its operations due to a
world downturn in demand. "We stopped mining [April 1] and we
don't know how long this will continue," a veteran Windalco
employee, Paul Anderson, told Reuters in an interview.
RadioJamaica related Windalco's management and employees signed
new work arrangements suspending production from March 31. Radio
Jamaica said in a statement issued by the Manchester-based
company, Windalco said it had concluded discussions with the
National Workers Union and the Union of Technical Administrative
and Supervisory Personnel for the new agreements. The Jamaica
Observer reported Windalco and its workers agreed to a 40% salary
cut and three-day work-week arrangement aiming to save jobs
instead of widespread layoffs, as the bauxite company closes
production in reaction to depressed global markets.
About Windalco
West Indies Alumina Company -- http://www.windalco.com-- is
situated on the island of Jamaica in the Caribbean and is a joint
venture between the Government of Jamaica and UC RUSAL Alumina
Jamaica Limited. UC RUSAL Alumina Jamaica Limited manages the
joint venture. The Company comprises two alumina refineries
(Ewarton Works and Kirkvine Works), a shipping port (Port
Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and
Russell Place (Kirkvine) and farms in Manchester and St. Ann.
===========
M E X I C O
===========
ALESTRA S: Offers to Buy Back 8% Senior Notes Due 2010
------------------------------------------------------
Alestra, S. de R.L. de C.V. disclosed the commencement of a cash
tender offer for any and all of its outstanding 8% Senior Notes
due 2010 (CUSIP No. 01446PAG9). The Tender Offer is being made
upon the terms and subject to the conditions set forth in the
Company's Offer to Purchase, dated July 27, 2009 and in the
related Letter of Transmittal.
The Tender Offer will expire at 12:00 midnight, New York City
time, on Friday, August 21, 2009, unless extended or earlier
terminated by the company. No tenders will be valid if submitted
after 12:00 midnight, New York City time, on the Expiration Date.
Registered holders of the Notes must validly tender, and not
validly withdraw, their Notes prior to 5:00 p.m., New York City
time, on Friday, August 7, 2009 to be eligible to receive the
Total Consideration, subject to the terms and conditions of the
Tender Offer. Holders who validly tender Notes after 5:00 p.m.,
New York City time, on the Early Participation Date and prior to
12:00 midnight, New York City time, on the Expiration Date will be
eligible to receive the Offer Price and not the Total
Consideration, subject to the terms and conditions of the Tender
Offer.
In addition to the Total Consideration or Offer Price, as
applicable, Holders whose Notes are purchased pursuant to the
Tender Offer will also receive accrued and unpaid interest from
the last interest payment date preceding the Tender Offer to, but
not including, the applicable Settlement Date.
The "Settlement Date" for (i) Notes validly tendered and not
validly withdrawn prior to the Early Participation Date, will be a
date promptly after consummation of an offering of new notes that
will provide proceeds to consummate the Tender Offer, which the
Company currently anticipates will be on or about Wednesday,
August 12, 2009, and (ii) Notes validly tendered after the Early
Participation Date and prior to the Expiration Date, will be a
date no later than three business days after the Expiration Date
or promptly thereafter.
The total consideration offered for each US$1,000 outstanding
principal amount of Notes validly tendered and accepted for
purchase pursuant to the Offer Documents will be US$1,012.50. The
Total Consideration includes an early participation payment of
US$2.50 per US$1,000 outstanding principal amount of Notes validly
tendered and not validly withdrawn prior to the Early
Participation Date. The Total Consideration minus the Early
Participation Payment is referred to as the "Offer Price." In
addition to the Total Consideration or Offer Price, as applicable,
Holders whose Notes are purchased will also receive the applicable
Accrued Interest.
For settlement purposes, the Total Consideration and the Offer
Price will be calculated based upon the original principal amount
of the Notes accepted for tender multiplied by a scaling factor of
0.635, which reflects the principal amortization of the Notes as
of the date hereof.
The Tender Offer is made upon the terms and subject to the
conditions set forth in the Offer to Purchase and is subject to
certain conditions, including, among others, a financing condition
that requires that an offering of new notes be consummated and
result in the receipt by the Company of net proceeds on terms and
conditions satisfactory to the Company and in an amount that would
be sufficient to consummate the Tender Offer.
The Company expressly reserves the right in its sole discretion,
subject to applicable law, at any time or from time to time, to:
(1) waive any and all conditions to the Tender Offer
prior to 12:00 midnight, New York City time, on
the Expiration Date and accept all Notes previously
tendered pursuant to the Tender Offer,
(2) extend the Early Participation Date or the Expiration
Date and retain all Notes tendered pursuant to the
Tender Offer, subject to the withdrawal rights of
Holders as described in the Offer Documents,
(3) amend the terms of the Tender Offer in any respect,
and
(4) terminate the Tender Offer and not accept for purchase
any tendered Notes. Any amendment applicable to the
Tender Offer will apply to all Notes tendered pursuant
to the Tender Offer.
Notes tendered prior to 5:00 p.m., New York City time, on the
Early Participation Date may only be validly withdrawn prior to
5:00 p.m., New York City time, on the Early Participation Date,
but not thereafter, except in the limited circumstances described
below. Notes tendered after 5:00 p.m., New York City time, on the
Early Participation Date and prior to 12:00 midnight, New York
City time, on the Expiration Date may not be withdrawn, except in
the limited circumstances described below. Notes tendered and not
subsequently withdrawn prior to 5:00 p.m., New York City time, on
the Early Participation Date and Notes tendered after 5:00 p.m.,
New York City time, on the Early Participation Date and prior to
12:00 midnight, New York City time, on the Expiration Date may be
withdrawn only if the Company reduces the amount of the Offer
Price, the Early Participation Payment or the principal amount of
Notes subject to the Tender Offer or is otherwise required by
applicable law to permit withdrawal.
Under such circumstances, previously tendered Notes may be validly
withdrawn until the expiration of ten business days after the date
that notice of such reduction or requirement is first published or
given or sent to Holders by the Company. Further, tendered Notes
may be validly withdrawn if the Tender Offer is terminated without
any Notes being purchased thereunder. In the event of a
termination of the Tender Offer, the Notes tendered pursuant to
the Tender Offer will be promptly returned to the tendering
Holders.
The Company has retained Citigroup Global Markets Inc. and Morgan
Stanley & Co. Incorporated to act as Dealer Managers for the
Tender Offer and D.F. King & Co., Inc. to act as the Tender Agent
and Information Agent for the Tender Offer.
About Alestra
Alestra, S. de R.L. de C.V.'s is a leading provider of
telecommunications services in Mexico, focused primarily on
multinational corporations, domestic large- and mid-size
businesses and institutional customers in Mexico. Through its
extensive fiber optic and wireless network, Alestra offers data,
internet-related and local telephony services, as well as domestic
and international long distance telephony services. Since the
commencement of its operations in 1995, Alestra has invested
approximately Ps. 7,389.6 million in the construction of its
network, which currently interconnects with 199 cities throughout
Mexico. Alestra believes its network equips it to provide
coverage to over 90% of the Mexican market.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 27, 2009 Fitch Ratings affirmed Alestra, S. de R.L. de C.V.'s
ratings:
-- Local currency Issuer Default Rating at 'B+';
-- Foreign currency IDR at 'B+';
-- Senior notes due 2010 at 'BB-/RR3';
The Rating Outlook is Stable.
ARCLIN MEXICO: U.S. and Canadian Affiliates File for Bankruptcy
---------------------------------------------------------------
The Arclin group of companies reached an agreement in principle
with certain key senior lenders on the terms of a financial
restructuring to strengthen the Company's balance sheet and
enhance financial flexibility.
Under terms of the agreement, Arclin's funded indebtedness will be
reduced from US$234 million to US$60 million. A postpetition
financing facility of US$25 million is also part of the financial
restructuring.
To facilitate its financial restructuring, Arclin on Monday
elected to file for court-supervised restructuring proceedings in
the United States and in Canada. Arclin's U.S. companies --
Arclin US Holdnigs, Inc.; Marmorandum LLC; Arclin Chemicals
Holding Inc.; Arclin Industries U.S.A., Inc; Arclin Fort Smith
Inc., Arclin U.S.A. Inc.; and Arclin Surfaces Inc. -- have filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware. Arclin's Canadian companies have made a
filing with the Ontario Superior Court of Justice and have
obtained an Initial Order authorizing Arclin to reorganize under
the Companies' Creditors Arrangement Act.
Arclin's subsidiaries in Mexico are not included in the filings.
Moreover, the Mexican affiliates -- Arclin Mexican Holdings S.A.
de C.V., Arclin Mexico S.A. de C.V., and Arclin Operadora S.A. de
C.V. -- are not subject to any insolvency proceedings.
Claudio D'Ambrosio, Arclin's President and Chief Executive
Officer, said, "We are very pleased to have reached an agreement
in principle with certain of our key senior lenders, which we
believe underscores their confidence in our business, and
represents an important step forward for our company. Although
our operations are strong and our diverse portfolio of businesses
has helped us maintain positive operating EBITDA in 2009,
continued weakness in our core markets has reduced our cash flow
and our ability to comply with certain covenants under our debt
obligations. Our current capital structure was put in place in
2007, under a different economic climate and at the top of the
last business cycle. We are now taking appropriate steps to align
our capital structure with the realities of today's markets and
economy. Having reviewed the options available, we determined
that the court-supervised restructuring proceedings will
accelerate -- and finalize -- our financial restructuring and that
this is the best course of action for Arclin. This restructuring
process will allow us to continue to support our customers,
suppliers and employees while we work to enhance Arclin's position
as a strong and innovative supplier."
US$25 Million DIP Financing
In conjunction with the filings, Arclin has received a commitment
for US$25 million in financing. Upon approval by the U.S.
Bankruptcy Court and the Ontario Superior Court of Justice, the
new financing, combined with cash generated from the Company's
ongoing operations, will be used to support the business during
the restructuring process. Arclin intends to continue to meet its
obligations going forward to its customers, suppliers and
employees.
Mr. D'Ambrosio added, "We look forward to working together with
all of our stakeholders to complete a successful financial
restructuring. Arclin remains committed to providing our
customers with innovative bonding and surfacing solutions for
today's building and construction, engineered materials and
natural resource markets. We appreciate the ongoing dedication of
all of our employees, whose hard work is critical to our success
and the future of Arclin. I also would like to thank our
customers, suppliers, lenders and business partners for their
support as we work to position Arclin for continued profitable
growth."
Arclin has established a toll-free Restructuring Information
Hotline for interested parties, at (866) 967-1787 in the U.S. or
at (888) 802-3216 in Canada.
About Arclin
Based in Mississauga, Ontario, Arclin is a privately held provider
of bonding and surfacing solutions for the building and
construction, engineered materials and natural resource markets.
Arclin provides bonding solutions for a number of applications
including wood based panels, engineered wood, non-wovens and paper
impregnation. As of June 30, 2009, the Debtors had assets of
roughly $277.2 million and liabilities of roughly $312.0 million
on a consolidated basis.
=======
P E R U
=======
DOE RUN PERU: Not Doing Enough on Rescue Plan, Peru Says
--------------------------------------------------------
Doe Run Peru is not doing enough to avert collapse and present a
viable rescue plan to the government and creditors, Reuters
reports, citing Peru's mining ministry.
As reported in the Troubled Company Reporter-Latin America on
June 4, 2009, Bloomberg News said Doe Run Peru shut all its
smelter operations after failing to reach an agreement with banks
and mining suppliers. The report related Mining Federation
General Secretary Luis Castillo said the company, a unit of New
York Renco Group Inc., is unable to pay its 3,700 workers and has
no cash for metal supplies for its La Oroya zinc and lead smelter.
According to Reuters, the company said it would present a revised
rescue plan, but has yet to announce one.
A TCRLA report on July 27, 2009, citing LivinginPeru.com, related
that Peru President Alan Garcia said the government “is willing to
be flexible and to extend" Doe Run's deadline to complete the
environmental cleanup, provided the company presents “a financial
guarantee, including shares.” The report, however, noted that
Jose Mogrovejo, Doe Run Peru's Vice President for Environmental
Affairs, remarked that the company would inject the capital
required to operate again only if the government gave it a
deadline extension of 30 months.
Reuters says that the government has also asked Doe Run's parent
company to inject US$100-million into its Peru unit and put 100
percent of its shares in escrow as a guarantee that it will finish
the environmental clean up program.
About Doe Run
Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.
* * *
As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.
=================
V E N E Z U E L A
=================
CITGO PETROLEUM: Fire at Alkylation Unit Under Control
------------------------------------------------------
Citgo Petroleum Corp. said the fire in an alkylation unit is under
control. All notifications to government and regulatory agencies
were made and there is no threat to the community. A Process
Safety Management investigation team has begun its work.
As reported in the Troubled Company Reporter-Latin America on
July 20, 2009, Reuters said Citgo Petroleum's alkylation unit was
shut following a July 19 morning fire at its 163,000 barrel per
day (bpd) Corpus Christi, Texas, refinery. The report related an
unnamed company spokesman said all other units at the refinery
continue to operate as a fire at the alkylation unit continued to
burn.
Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.
* * *
As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.
Fitch affirmed these ratings for CITGO:
-- Issuer Default Rating at 'BB-';
-- Senior Secured Credit Facility at 'BBB-';
-- Secured Term Loan at 'BBB-';
-- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.
PETROLEOS DE VENEZUELA: Halts 2 Oil Shipments to Costa Rica
-----------------------------------------------------------
Petroleos de Venezuela is said to have abruptly cancelled two
shipments of crude oil, each of 280,000 barrels of light oil, to a
refinery in Costa Rica, Jeremy Morgan at Latin American Herald
Tribune reports. The report relates the Costa Rican refinery was
obliged to resort to the spot market, where it said it intended to
seek alternative supplies.
According to the report, citing a Caracas-based website,
Petrofinanzas, the shipments were contracted for delivery in
August and September. The report relates PDVSA wasn't clear with
the reason of its company move.
The report notes that the absence of an explanation from PDVSA --
or, indeed, any public comment about the report prompted
speculation that the decision was perhaps politically motivated.
The report says it was noted, for instance, that Venezuelan
President Hugo Chavez recently lambasted Costa Rican President
Oscar Arias for his role in efforts to resolve the ongoing crisis
in Honduras.
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 reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
and/or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
SNIAFA SA-B SNIA5 AR 11489328.24 -840226.12
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
COMERCIAL PL-C/E COMEC AR 147459909.97 -253108978.06
SNIAFA SA-B SDAGF US 11489328.24 -840226.12
COMERCIAL PLAT-$ COMED AR 147459909.97 -253108978.06
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
SOC COMERCIAL PL SCDPF US 147459909.97 -253108978.06
SOC COMERCIAL PL COME AR 147459909.97 -253108978.06
SOC COMERCIAL PL CAD IX 147459909.97 -253108978.06
COMERCIAL PLA-BL COMEB AR 147459909.97 -253108978.06
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
SOC COMERCIAL PL CADN SW 147459909.97 -253108978.06
COMERCIAL PL-ADR SCPDS LI 147459909.97 -253108978.06
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
SOC COMERCIAL PL CVVIF US 147459909.97 -253108978.06
SNIAFA SA SNIA AR 11489328.24 -840226.12
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
BRAZIL
CAMBUCI SA-PREF CAMB4 BZ 77853098.43 -18690214.78
SCHLOSSER SA-PRF SCHPN BZ 10007791.94 -53599536.49
TELEBRAS-COM RT TELB1 BZ 185536520.68 -1054841.44
BOMBRIL BOBR3 BZ 202399273.95 -205733462.83
SCHLOSSER SCLO3 BZ 10007791.94 -53599536.49
RIOSULENSE SA-PR RSULPN BZ 50548850.21 -5456867.48
TELEBRAS-ADR RTB US 185536520.68 -1054841.44
RIOSULENSE SA-PR RSUL4 BZ 50548850.21 -5456867.48
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21
TEKA TEKA3 BZ 189819518.01 -244265715.17
FERROVIA CEN-DVD VSPT12 BZ 893379731.09 -42150373.2
TELEBRAS SA TBASF US 185536520.68 -1054841.44
TELEBRAS-ADR TBAPY US 185536520.68 -1054841.44
SANSUY SA-PREF A SNSYAN BZ 100279114.92 -45812488.77
SANESALTO SNST3 BZ 20705801887.08 -466044305.79
TELEBRAS-RTS PRF RCTB2 BZ 185536520.68 -1054841.44
TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.23
SANSUY-PREF B SNSY6 BZ 100279114.92 -45812488.77
MARAMBAIA CTPC3 BZ 38740523.05 -671039.81
SANSUY SNSY3 BZ 100279114.92 -45812488.77
STAROUP SA-PREF STARPN BZ 25771113.88 -6735922.24
BOTUCATU TEXTIL STRP3 BZ 25771113.88 -6735922.24
TEC TOY SA-PREF TOYB5 BZ 20577415.71 -7950050.37
TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.23
SANSUY SA-PREF B SNSYBN BZ 100279114.92 -45812488.77
STAROUP SA STARON BZ 25771113.88 -6735922.24
PARQUE TEM-RCT C PQTM9 BZ 58692385.42 -188832203.73
TELEBRAS-CEDE BL RCT4B AR 185536520.68 -1054841.44
TELEBRAS-CED C/E RCT4C AR 185536520.68 -1054841.44
PROMAN PRMN3 BZ 10408605.71 -202138.27
TELEBRAS-CM RCPT TBRTF US 185536520.68 -1054841.44
ALL MALHA PAULIS GASC3 BZ 656500097.92 -450029899.55
WIEST WISA3 BZ 39838113.86 -93371563.06
TELEBRAS-CEDEA $ RCT4D AR 185536520.68 -1054841.44
VARIG SA VARGON BZ 966298025.55 -4695211316.33
TECTOY SA TOYBON BZ 20577415.71 -7950050.37
CONST A LINDEN LINDON BZ 14038885.98 -11543314.46
ARTHUR LAN-DVD C ARLA11 BZ 21333792.82 -16295577.05
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21
PARQUE TEM-DV CM PQT5 BZ 58692385.42 -188832203.73
ARTHUR LANG-RC P ARLA10 BZ 21333792.82 -16295577.05
HOPI HARI-PREF PQTM4 BZ 58692385.42 -188832203.73
TRESSEM PART SA 1TSSON BZ 852266425.01 -110184832.63
PARQUE TEM-RT PF PQTM2 BZ 58692385.42 -188832203.73
TEXTEIS RENAUX RENXON BZ 43112153.13 -64315032.24
PET MANG-RECEIPT RPMG10 BZ 67915860.11 -166793076.45
PET MANG-RIGHTS RPMG2 BZ 67915860.11 -166793076.45
TEXTEIS RENAUX RENXPN BZ 43112153.13 -64315032.24
BOMBRIL CIRIO-PF BOBRPN BZ 202399273.95 -205733462.83
PET MANG-RECEIPT RPMG9 BZ 67915860.11 -166793076.45
RIOSULENSE SA RSUL3 BZ 50548850.21 -5456867.48
PETRO MANGUINHOS RPMG3 BZ 67915860.11 -166793076.45
CAMBUCI SA CAMB3 BZ 77853098.43 -18690214.78
TELEBRAS-PF BLCK TELB40 BZ 185536520.68 -1054841.44
MARAMBAIA-PREF CTPC4 BZ 38740523.05 -671039.81
TELEBRAS-PF RCPT RCTB40 BZ 185536520.68 -1054841.44
ARTHUR LANGE ARLA3 BZ 21333792.82 -16295577.05
TELEBRAS-RCT RCTB33 BZ 185536520.68 -1054841.44
RIMET-PREF REEM4 BZ 80030147.28 -124398873.4
RIMET-PREF REEMPN BZ 80030147.28 -124398873.4
BOMBRIL SA-ADR BMBBY US 202399273.95 -205733462.83
RIMET REEM3 BZ 80030147.28 -124398873.4
TEKA-PREF TEKA4 BZ 189819518.01 -244265715.17
TEXTEIS RENA-RCT TXRX10 BZ 43112153.13 -64315032.24
TEC TOY SA-PREF TOYDF US 20577415.71 -7950050.37
MMX MINERACAO TRES3 BZ 852266425.01 -110184832.63
TECTOY-PREF TOYB4 BZ 20577415.71 -7950050.37
TEXTEIS RENA-RCT TXRX9 BZ 43112153.13 -64315032.24
D H B DHBI3 BZ 89461115.57 -284716721.06
RENAUXVIEW SA TXRX3 BZ 43112153.13 -64315032.24
CTM CITRUS-ADR CTMMY US 38740523.05 -671039.81
TECTOY-RT TOYB2 BZ 20577415.71 -7950050.37
TECTOY TOYB3 BZ 20577415.71 -7950050.37
TELEBRAS-PF RCPT TELE41 BZ 185536520.68 -1054841.44
DOCAS IMBITUBA IMBION BZ 89702642.66 -11135784.06
TEXTEIS RENAU-RT TXRX2 BZ 43112153.13 -64315032.24
RIOSULENSE SA RSULON BZ 50548850.21 -5456867.48
TECTOY SA-PREF TOYBPN BZ 20577415.71 -7950050.37
TEC TOY SA-PF B TOYB6 BZ 20577415.71 -7950050.37
TECTOY-RCT ORD TOYB9 BZ 20577415.71 -7950050.37
FER C ATLANT-PRF VSPT4 BZ 893379731.09 -42150373.2
TELEBRAS-CM RCPT RCTB30 BZ 185536520.68 -1054841.44
NORDON METAL NORDON BZ 15650782.44 -14576030.17
CTM CITRUS SA CTMON BZ 38740523.05 -671039.81
WIEST-PREF WISA4 BZ 39838113.86 -93371563.06
BUETTNER SA BUETON BZ 74895906.51 -28401073.82
MMX MINERACA-GDR XMM CN 852266425.01 -110184832.63
WIEST SA WISAON BZ 39838113.86 -93371563.06
WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.06
VARIG SA-PREF VARGPN BZ 966298025.55 -4695211316.33
VARIG PART EM SE VPSC3 BZ 101177852.25 -318442006.32
VARIG SA-PREF VAGV4 BZ 966298025.55 -4695211316.33
DOCAS SA DOCAON BZ 88417960.92 -18059127.86
PET MANGUINH-PRF RPMG4 BZ 67915860.11 -166793076.45
FER C ATL-RCT PF VSPT10 BZ 893379731.09 -42150373.2
FERROVIA CEN-DVD VSPT11 BZ 893379731.09 -42150373.2
CAF BRASILIA CAFE3 BZ 15788426.91 -516549819.64
VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290425.77
PROMAN PRMN3B BZ 10408605.71 -202138.27
TELEBRAS-CEDEA $ TEL4D AR 185536520.68 -1054841.44
TEKA-PREF TEKAPN BZ 189819518.01 -244265715.17
TEKA-ADR TEKAY US 189819518.01 -244265715.17
BOTUCATU-PREF STRP4 BZ 25771113.88 -6735922.24
TELEBRAS-BLOCK TELB30 BZ 185536520.68 -1054841.44
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21
CAFE BRASILIA SA CSBRON BZ 15788426.91 -516549819.64
ESTRELA SA ESTRON BZ 50541924.7 -43741941.51
TELEBRAS-ADR TBRAY GR 185536520.68 -1054841.44
TEKA-ADR TKTPY US 189819518.01 -244265715.17
TELEBRAS-ADR TBH US 185536520.68 -1054841.44
FABRICA RENAUX FTRX3 BZ 53485265.61 -31264773.12
TELEBRAS-ADR TBX GR 185536520.68 -1054841.44
DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.86
TEKA TEKAON BZ 189819518.01 -244265715.17
TELEBRAS-RTS CMN TCLP1 BZ 185536520.68 -1054841.44
SCHLOSSER SA SCHON BZ 10007791.94 -53599536.49
FABRICA RENAUX FRNXON BZ 53485265.61 -31264773.12
TELEBRAS SA-PREF TLBRPN BZ 185536520.68 -1054841.44
TEKA TKTQF US 189819518.01 -244265715.17
TEKA-ADR TKTQY US 189819518.01 -244265715.17
TELEBRAS-RECEIPT TLBRUO BZ 185536520.68 -1054841.44
TECTOY-RCT PREF TOYB10 BZ 20577415.71 -7950050.37
TECTOY-PF-RTS5/6 TOYB11 BZ 20577415.71 -7950050.37
TELEBRAS-PF RCPT TLBRUP BZ 185536520.68 -1054841.44
GAZOLA-PREF GAZO4 BZ 15610576.83 -42175190.26
TELEBRAS SA-RT TELB9 BZ 185536520.68 -1054841.44
TELEBRAS-CM RCPT TELE31 BZ 185536520.68 -1054841.44
TELEBRAS-CEDE PF TELB4 AR 185536520.68 -1054841.44
TELEBRAS-CM RCPT RCTB31 BZ 185536520.68 -1054841.44
TELEBRAS-CED C/E TEL4C AR 185536520.68 -1054841.44
TEKA-PREF TKTPF US 189819518.01 -244265715.17
TECTOY-RCPT PF B TOYB12 BZ 20577415.71 -7950050.37
FER C ATL-RCT CM VSPT9 BZ 893379731.09 -42150373.2
CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.21
CAMBUCI SA CAMBON BZ 77853098.43 -18690214.78
CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.21
CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.21
CAMBUCI SA-PREF CAMBPN BZ 77853098.43 -18690214.78
FER C ATLANT VSPT3 BZ 893379731.09 -42150373.2
TELEBRAS-RCT PRF TELB10 BZ 185536520.68 -1054841.44
CTM CITRUS- PR R CTPC2 BZ 38740523.05 -671039.81
CHIARELLI SA CCHON BZ 22274026.77 -44537138.21
TELEBRAS-PF RCPT RCTB41 BZ 185536520.68 -1054841.44
ARTHUR LANG-RT C ARLA1 BZ 21333792.82 -16295577.05
CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.54
CAF BRASILIA-PRF CAFE4 BZ 15788426.91 -516549819.64
BUETTNER SA-PRF BUETPN BZ 74895906.51 -28401073.82
RIMET REEMON BZ 80030147.28 -124398873.4
VARIG PART EM-PR VPSC4 BZ 101177852.25 -318442006.32
TELEBRAS-ADR TBASY US 185536520.68 -1054841.44
CONST A LINDEN CALI3 BZ 14038885.98 -11543314.46
CONST A LIND-PRF CALI4 BZ 14038885.98 -11543314.46
CTM CITRUS-RCT C CTPC9 BZ 38740523.05 -671039.81
CAMBUCI SA-PREF CXDOF US 77853098.43 -18690214.78
SANSUY-PREF A SNSY5 BZ 100279114.92 -45812488.77
TELEBRAS-CEDE PF RCTB4 AR 185536520.68 -1054841.44
DHB IND E COM DHBON BZ 89461115.57 -284716721.06
DHB IND E COM-PR DHBPN BZ 89461115.57 -284716721.06
VARIG SA VAGV3 BZ 966298025.55 -4695211316.33
ESTRELA SA-PREF ESTRPN BZ 50541924.7 -43741941.51
CAFE BRASILIA-PR CSBRPN BZ 15788426.91 -516549819.64
TELEBRAS-PF RCPT CBRZF US 185536520.68 -1054841.44
CTM CITRUS-PREF CTMPN BZ 38740523.05 -671039.81
MARAMBAIA-PREF CTMMF US 38740523.05 -671039.81
RENAUXVIEW SA-PF TXRX4 BZ 43112153.13 -64315032.24
SANSUY SA SNSYON BZ 100279114.92 -45812488.77
CTM CITRUS-RCT P CTPC10 BZ 38740523.05 -671039.81
CTM CITRUS-RCT C CTP5 BZ 38740523.05 -671039.81
CTM CITRUS-RCT P CTP6 BZ 38740523.05 -671039.81
ARTHUR LAN-DVD P ARLA12 BZ 21333792.82 -16295577.05
ARTHUR LANG-RT P ARLA2 BZ 21333792.82 -16295577.05
ARTHUR LANGE SA ALICON BZ 21333792.82 -16295577.05
PARQUE TEM-RT CM PQTM1 BZ 58692385.42 -188832203.73
ARTHUR LANG-RC C ARLA9 BZ 21333792.82 -16295577.05
BOMBRIL-RGTS PRE BOBR2 BZ 202399273.95 -205733462.83
TELEBRAS-CM RCPT RCTB32 BZ 185536520.68 -1054841.44
TELEBRAS-PF RCPT RCTB42 BZ 185536520.68 -1054841.44
AZEVEDO AZEV3 BZ 47860887.41 -4389906.4
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21
PARQUE TEM-RCT P PQTM10 BZ 58692385.42 -188832203.73
GASCOIGNE EMP-PF 1GASPN BZ 656500097.92 -450029899.55
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.21
DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.86
ARTHUR LANGE-PRF ALICPN BZ 21333792.82 -16295577.05
MMX MINERACA-GDR 3M11 GR 852266425.01 -110184832.63
TELECOMUNICA-ADR 81370Z BZ 185536520.68 -1054841.44
BOMBRIL CIRIO SA BOBRON BZ 202399273.95 -205733462.83
PET MANG-RIGHTS RPMG1 BZ 67915860.11 -166793076.45
SCHLOSSER-PREF SCLO4 BZ 10007791.94 -53599536.49
BOMBRIL-PREF BOBR4 BZ 202399273.95 -205733462.83
BUETTNER BUET3 BZ 74895906.51 -28401073.82
BUETTNER-PREF BUET4 BZ 74895906.51 -28401073.82
WETZEL SA MWELON BZ 62051686.19 -4312427.28
BUETTNER SA-RT P BUET2 BZ 74895906.51 -28401073.82
GASCOIGNE EMPREE 1GASON BZ 656500097.92 -450029899.55
AZEVEDO E TRA-PR AZEVPN BZ 47860887.41 -4389906.4
BALADARE BLDR3 BZ 49015.54 -7494.67
AZEVEDO-PREF AZEV4 BZ 47860887.41 -4389906.4
CONST A LIND-PRF LINDPN BZ 14038885.98 -11543314.46
BOMBRIL SA-ADR BMBPY US 202399273.95 -205733462.83
BOMBRIL-RIGHTS BOBR1 BZ 202399273.95 -205733462.83
BOMBRIL BMBBF US 202399273.95 -205733462.83
GAZOLA-RCPTS CMN GAZO9 BZ 15610576.83 -42175190.26
DOCAS IMBITUB-PR IMBIPN BZ 89702642.66 -11135784.06
TELEBRAS-RTS PRF TLCP2 BZ 185536520.68 -1054841.44
DOC IMBITUB-PREF IMBI4 BZ 89702642.66 -11135784.06
TECTOY TOYB13 BZ 20577415.71 -7950050.37
TELEBRAS SA TELB3 BZ 185536520.68 -1054841.44
MINUPAR SA MNPRON BZ 77985985.08 -17398607.53
PETRO MANGUINHOS MANGON BZ 67915860.11 -166793076.45
CTM CITRUS-COM R CTPC1 BZ 38740523.05 -671039.81
PARQUE TEM-DV PF PQT6 BZ 58692385.42 -188832203.73
DOC IMBITUBA IMBI3 BZ 89702642.66 -11135784.06
FER HAGA-PREF HAGA4 BZ 11324601.97 -49777521.75
GAZOLA-RCPT PREF GAZO10 BZ 15610576.83 -42175190.26
GAZOLA SA-PREF GAZPN BZ 15610576.83 -42175190.26
FERRAGENS HAGA HAGAON BZ 11324601.97 -49777521.75
DOC IMBITUBA-RTP IMBI2 BZ 89702642.66 -11135784.06
HAGA HAGA3 BZ 11324601.97 -49777521.75
FERRAGENS HAGA-P HAGAPN BZ 11324601.97 -49777521.75
WETZEL SA MWET3 BZ 62051686.19 -4312427.28
PETRO MANGUIN-PF MANGPN BZ 67915860.11 -166793076.45
NORDON MET-RTS NORD1 BZ 15650782.44 -14576030.17
NORDON MET NORD3 BZ 15650782.44 -14576030.17
HOPI HARI SA PQTM3 BZ 58692385.42 -188832203.73
WETZEL SA-PREF MWET4 BZ 62051686.19 -4312427.28
TELEBRAS-PF RCPT TBAPF US 185536520.68 -1054841.44
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.21
TELEBRAS SA-PREF TELB4 BZ 185536520.68 -1054841.44
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21
MMX MINERACA-GDR MMXMY US 852266425.01 -110184832.63
MINUPAR MNPR3 BZ 77985985.08 -17398607.53
MMX MINERACAO MMXCF US 852266425.01 -110184832.63
ACO ALTONA-PREF EAAPN BZ 72616112.37 -8863784.58
MINUPAR-PREF MNPR4 BZ 77985985.08 -17398607.53
BUETTNER SA-RTS BUET1 BZ 74895906.51 -28401073.82
WETZEL SA-PREF MWELPN BZ 62051686.19 -4312427.28
TELEBRAS-RTS CMN RCTB1 BZ 185536520.68 -1054841.44
MINUPAR SA-PREF MNPRPN BZ 77985985.08 -17398607.53
ARTHUR LANGE-PRF ARLA4 BZ 21333792.82 -16295577.05
TELEBRAS SA TLBRON BZ 185536520.68 -1054841.44
FABRICA RENAUX-P FRNXPN BZ 53485265.61 -31264773.12
ESTRELA SA-PREF ESTR4 BZ 50541924.7 -43741941.51
D H B-PREF DHBI4 BZ 89461115.57 -284716721.06
FABRICA TECID-RT FTRX1 BZ 53485265.61 -31264773.12
TECEL S JOSE FTSJON BZ 17924946.14 -18569451.23
TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.23
TELEBRAS/W-I-ADR TBH-W US 185536520.68 -1054841.44
FABRICA RENAUX-P FTRX4 BZ 53485265.61 -31264773.12
DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.86
AZEVEDO E TRAVAS AZEVON BZ 47860887.41 -4389906.4
DOC IMBITUBA-RTC IMBI1 BZ 89702642.66 -11135784.06
DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.86
TEXTEIS RENAU-RT TXRX1 BZ 43112153.13 -64315032.24
ACO ALTONA EALT3 BZ 72616112.37 -8863784.58
ESTRELA SA ESTR3 BZ 50541924.7 -43741941.51
ACO ALTONA SA EAAON BZ 72616112.37 -8863784.58
MMX MINERACAO MMXM3 BZ 852266425.01 -110184832.63
CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.54
GASCOIGNE EMP-PF GASC4 BZ 656500097.92 -450029899.55
GASCOIGNE EMP-PF GASC4B BZ 656500097.92 -450029899.55
ACO ALTONA-PREF EALT4 BZ 72616112.37 -8863784.58
ALL MALHA PAULIS GASC3B BZ 656500097.92 -450029899.55
GAZOLA SA-DVD PF GAZO12 BZ 15610576.83 -42175190.26
GAZOLA GAZO3 BZ 15610576.83 -42175190.26
GAZOLA SA GAZON BZ 15610576.83 -42175190.26
VARIG PART EM TR VPTA3 BZ 49432124.18 -399290425.77
CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.54
CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.54
GAZOLA SA-DVD CM GAZO11 BZ 15610576.83 -42175190.26
COLOMBIA
TELMEX CORP SA CHILESAT CI 344183089.19 -23898527.41
CHILESAT CO-RTS CHISATOS CI 344183089.19 -23898527.41
TELMEX CORP-ADR CSAOY US 344183089.19 -23898527.41
TELEX-RTS TELEXO CI 344183089.19 -23898527.41
CHILESAT CO-ADR TL US 344183089.19 -23898527.41
TELEX-A TELEXA CI 344183089.19 -23898527.41
CHILESAT CORP SA TELEX CI 344183089.19 -23898527.41
***********
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, Marites O. Claro, Joy A. Agravente, 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 * * *