/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090825.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, August 25, 2009, Vol. 10, No. 167 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Court Releases Funds to Joint Liquidators STANFORD INT'L: Investors File Lawsuit Against Affiliate & State A R G E N T I N A ARQUI+ SRL: Creditors' Proofs of Debt Due on October 9 BEAU GEST: Trustee Verifying Proofs of Claim Until September 14 COMPANIA SALUD: Creditors' Proofs of Debt Due on September 11 COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13 DYNAMOTIVE ENERGY: Posts US$3MM Net Loss in 6Mos Ended June 30 PIAP VIAL: Creditors' Proofs of Debt Due on October 7 SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14 B E R M U D A FAIRMONT SOUTHAMPTON: Slashes Hotel Rates to Attract Tourists PROTOSTAR LTD: Bankruptcy Court OKs Auction of Satellite Units PROTOSTAR LTD: Sale Procedures, Loan Opposed by Creditors B R A Z I L AWB LIMITED: To Make US$80MM to US$95MM Provision for Brazil Exit BR MALLS: To Acquire Shopping Metro's 95% Stake for BRL188 Million CAIXA ECONOMICA: Mulls BRL8 Billion in Corporate Loans COMPANHIA SIDERURGICA: Unit Expects to Sell 14.5MM Tons Iron Ore ENERGISA SA: To Spend BRL75 Million To Acquire Unit's Shares C A Y M A N I S L A N D S AIRGLOW IAM: Creditors' Proofs of Debt Due on October 6 APHELION GENERAL: Commences Wind-Up Proceedings ART IAM: Creditors' Proofs of Debt Due on October 6 CONCORD IAM: Creditors' Proofs of Debt Due on October 6 DUSK IAM: Creditors' Proofs of Debt Due on October 6 GEM IAM: Creditors' Proofs of Debt Due on October 6 JOY IAM: Creditors' Proofs of Debt Due on October 6 KAPPA IAM: Creditors' Proofs of Debt Due on October 6 LEO IAM: Creditors' Proofs of Debt Due on October 6 SKY IAM: Creditors' Proofs of Debt Due on October 6 TYPHOON IAM: Creditors' Proofs of Debt Due on October 6 VELOS BALKAN: Commences Wind-Up Proceedings WHITNEY JAPAN: Commences Wind-Up Proceedings ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3 ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3 C O L O M B I A ECOPETROL SA: Signs 5-Year Collective Bargaining Deal With Union J A M A I C A AIR JAMAICA: Spends US$52 Million to Sub-Lease Two Aircrafts ALUMINA PARTNERS: Former Workers to Get Pension Money KES DEV'T LIMITED: Liquidation Hits Snag JAMAICA PUBLIC SERVICE: Fall in Oil Prices Boosts Firm's Profit SUGAR COMPANY: Gov't Receives Eridania's US$15MM Capital Injection * JAMAICA: Manufacturers Want Further Reduction in Interest Rates * JAMAICA: Moody's Says IMF Stand-By Deal Supports 'B2' Rating M E X I C O ALESTRA: Only 35% Participate in Cash Offer for 2010 Notes P E R U DOE RUN PERU: May Cancel Creditor Protection Filing 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: Court Releases Funds to Joint Liquidators --------------------------------------------------------- The joint liquidators of Stanford International Bank Limited wish to advise that from August 18, 2009, onwards they will be able to use funds of SIB in England and Wales to meet essential ongoing operating costs of the Antiguan liquidation. The Court of Appeal for England & Wales varied the restraint order over the assets, which had previously been obtained by the Serious Fraud Office at the request of the United States Department of Justice. The joint liquidators, Nigel Hamilton-Smith and Peter Wastell, have a further appeal that seeks the discharge of the criminal restraint order obtained by the SFO on behalf of the US DOJ. They are requesting the control of the funds so that they can be distributed to investors and creditors, rather than retained with a view to making them available in future to the US DOJ. The date of this appeal has been set as November 16, 2009, which will also include a hearing to deal with the US receiver’s appeal against the order of the High Court of July 3, 2009, which gave the Antiguan liquidators control of SIB assets located in England and Wales. Separately, proceedings continue in Switzerland, Canada and the US in respect of the joint liquidators’ applications for formal recognition of the Antiguan liquidation of SIB and for control of SIB assets located in those jurisdictions. In the meantime, the joint liquidators continue to deal with investors via the Online Claims Management System -- https://stanford.vantisplc.com/ -- and, to date, over 13,000 investors have accessed the service. The joint liquidators shall continue to verify and confirm claims. Stanford Trust Company Limited remains in receivership and is not currently in a position to formally agree claims with its clients and creditors. The liquidators of SIB are, however, aware of the position of STC, and its clients and creditors, and know that STC’s clients’ claims will be formally registered with SIB in due course. 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). STANFORD INT'L: Investors File Lawsuit Against Affiliate & State ---------------------------------------------------------------- Louisiana-chartered Stanford Trust Co. 's 86 investors, represented by Baton Rouge lawyer Phillip Preis of the Preis Gordon law firm, has filed a class-action lawsuit against the firm, the state, and others, for "turn[ing] a blind eye to the Stanford scheme," 2theadadvocate.com reports. The report relates the lawsuit's plaintiffs are composed mostly of old investors who invested their life savings with Stanford Trust and lost it all. According to the report, the suit, filed in state District Court, alleges that the state’s Office of Financial Institutions informed Stanford Trust in 2007 that it should cease marketing the Stanford International Bank certificates of deposit because of the need to diversify assets and because of the risks associated with the operation of the bank on the Caribbean Island of Antigua. The report relates that the suit also contends OFI informed Stanford Trust that all CDs from Stanford International Bank should be removed from the trust in 2008 because of the risk associated with the CDs and the foreign bank’s inability to inform OFI of what assets, if any, in which the funds from the CDs were invested. "OFI already knew of the risk associated with the sale of the (Stanford International Bank) CDs, yet the State of Louisiana did nothing to change its operational procedures to prevent another catastrophe or inform the plaintiffs of the new risks perceived by OFI," the suit charges, the report notes. 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 ================= ARQUI+ SRL: Creditors' Proofs of Debt Due on October 9 ------------------------------------------------------ Viviana Santamarina, the court-appointed trustee for Arqui+ S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 9, 2009. Ms. Santamarina will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, 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: Viviana Santamarina Jufre 250 Argentina BEAU GEST: Trustee Verifying Proofs of Claim Until September 14 --------------------------------------------------------------- The court-appointed trustee for Beau Gest S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until September 14, 2009. The trustee will present the validated claims in court as individual reports on October 27, 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 December 9, 2009. COMPANIA SALUD: Creditors' Proofs of Debt Due on September 11 ------------------------------------------------------------- Manuel Manzanita, the court-appointed trustee for Compania Salud S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until September 11, 2009. Mr. Manzanita will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, 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: Manuel Manzanita Av. Cordoba 135 Argentina COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13 ----------------------------------------------------------------- Isaac Jozpe, the court-appointed trustee for Cooperativa de Vivienda, Credito y Consumo Surikata Limitada's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 13, 2009. Mr. Jozpe will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, 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: Isaac Jozpe Uriburu 1054 Argentina DYNAMOTIVE ENERGY: Posts US$3MM Net Loss in 6Mos Ended June 30 -------------------------------------------------------------- Dynamotive Energy Systems Corporation filed with the U.S. Securities and Exchange Commission its quarterly report on Form 6-K for the three and six months ended June 30, 2009. For three months ended June 30, 2009, the Company posted a net loss of US$1.53 million compared with a net loss of US$2.90 million for the same period in 2008. For six months ended June 30, 2009, the Company posted a net loss of US$3.22 million compared with a net loss of US$4.34 million for the same period in 2008. The Company's balance sheet showed total assets of US$36.06 million, total liabilities of US$11.34 million and stockholders' equity of about US$24.72 million. The Company also disclosed that the financial statements were prepared on the going concern basis, which presumes the Company will be able to realize its assets and discharge its liabilities in the normal course of operations for the foreseeable future. A full-text copy of the Company's financial statements for the periods ended June 30, 2009, is available for free at http://ResearchArchives.com/t/s?42e0 Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with subsidiaries based in the United States, United Kingdom and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. PIAP VIAL: Creditors' Proofs of Debt Due on October 7 ----------------------------------------------------- Salvador Lamarchina, the court-appointed trustee for Piap Vial S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 7, 2009. Ms. Lamarchina 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. 7, 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: Salvador Lamarchina Esmeralda 847 Argentina SOUTHERN BUILD: Creditors' Proofs of Debt Due on October 14 ----------------------------------------------------------- Christian Barbieri, the court-appointed trustee for Southern Build S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 14, 2009. Mr. Barbieri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, 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: Christian Barbieri Av. Callao 449 Argentina ============= B E R M U D A ============= FAIRMONT SOUTHAMPTON: Slashes Hotel Rates to Attract Tourists ------------------------------------------------------------- The Fairmont Southampton Princess Resort has slashed its prices aiming to increase the number of tourists in its establishment, BermudaSun reports. The report relates that the Fairmont Southampton is offering rooms for just US$99 over 99 hours. According to the report, Michael Pye, Fairmont Southampton director of operations, hopes the sale will generate bookings now and in the first quarter of next year. The Fairmont Southampton Princess Resort -- http://www.fairmont.com/southampton/-- is a Bermuda luxury hotel located on the island's southern shore. Featuring 593 guest rooms and suites, each with a private balcony and incredible views of the ocean, the harbor or the golf course, our Bermuda luxury resort's idyllic location and luxurious amenities have been beckoning visitors to the island since 1972. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2009, the Royal Gazette said Fairmont Southampton sent home workers and extended accelerated retirement options to others in its Bermuda hotel. The report related the hotel also said it would close half of its guest rooms until April and shut its restaurants on a rotating basis depending on occupancy rates, up to the summer season as the global economic crisis took effect. According to the report, Fairmont Hotels & Resorts Bermuda Managing Director Norm Mastalir said the hotel was seeking alternative ways of attracting business from overseas, while working with government on the domestic front to reduce costs and boost revenue to stave off the impact of the financial turmoil. PROTOSTAR LTD: Bankruptcy Court OKs Auction of Satellite Units -------------------------------------------------------------- Bloomberg News reports that Judge Mary Walrath has authorized Protostar LTd. to sell its two satellites at an October 14 auction. According to Bloomberg's Michael Bathon, Judge Walrath granted the proposed procedures for the sale of virtually all the assets of ProtoStar I Ltd. and ProtoStar II Ltd., the company's units. The assets include the two satellites and ground equipment, software and contracts needed to operate them. As reported by the TCR on Aug. 12, 2009, the Debtors have submitted separate bid procedures for assets of Protostar I Ltd. and Protostar II Ltd. They propose to pay a break up fee of up to 3% of the cash purchase price of the assets and expense reimbursement of up to US$500,000 to the stalking horse bidder in the event another party is the successful bidders at the auction. About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659.) The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: Sale Procedures, Loan Opposed by Creditors --------------------------------------------------------- ProtoStar Ltd. is facing opposition from the official creditors' committee to procedures for selling the assets and final approval for financing. According to Bill Rochelle at Bloomberg, the Creditors Committee asserts the DIP financing "would render the Chapter 11 process a sham," and the case is for the "exclusive benefit of secured lenders." It opposes the fast-tracked sale of the Debtors' assets and the sale milestones set by the DIP lenders. As reported by the TCR on Aug. 12, 2009, the Debtors have submitted separate bid procedures for assets of Protostar I Ltd. and Protostar II Ltd. They propose to pay a break up fee of up to 3% of the cash purchase price of the assets and expense reimbursement of up to $500,000 to the stalking horse bidder in the event another party is the successful bidders at the auction. The Debtors propose an auction sale for September 23, with a September 17 deadline for the submission of bids. The U.S. Bankruptcy Court for the District of Delaware has granted interim approval to the request of ProtoStar Ltd., as borrower, and ProtoStar I Ltd., as guarantor, permission, on an interim basis, (i) to borrow up to $2,000,000 in senior secured super- priority financing from Wells Fargo Bank, National Association, as administrative agent for itself and the other DIP lenders, and to use cash collateral of the pre-petition lenders, to finance the Debtors' operations and satisfy other working capital and operational needs of the Debtors. As of the petition date, ProtoStar Ltd. and ProtoStar I Ltd. are indebted to the WC Facility lenders in the aggregate amount of $10,000,000 plus accured interest. As of the petition date, roughly $182,363,076 plus accrued interest is owed to the holders of the Convertible Senior Secured Notes due 2012. PS II is also accessing DIP financing from lenders led by Credit Suisse, Singapore Branch, as collateral agent, and Credit Suisse, Cayman Islands Branch, as administrative agent. About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659.) The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. =========== B R A Z I L =========== AWB LIMITED: To Make US$80MM to US$95MM Provision for Brazil Exit ----------------------------------------------------------------- AWB Limited will make a US$80 million to US$95 million provision against its Brazil operations, which are being wound down, that will affect its annual profit, the Australian Associated Press reports. The report relates the company AWB had warned in July that it would be undertaking an orderly wind down of the operations that might result in one-off losses and costs. "Including the costs of restructuring as well as anticipated impairment costs, management estimate that a provision in the range of US$80 million to US$95 million will be required against AWB Brazil as at September 30," the company said in a statement obtained by the news agency. According to the report, the provision largely relates to the impairment of debtors and investments and the recognition of contingent liabilities, which will impact the cash recovered by the AWB group from the winding down process. "Included in the provision is management's expectation that an estimated net cash contribution will be required following the completion of the winding down, in the range of US$16 million to US$35 million," the company added. AAP notes that as a result of the wind down, US$43 million of deferred tax assets relating to tax losses currently on the balance sheet of AWB Brazil will also be written off in fiscal 2009 and accounted for as a part of the AWB's annual tax expense. As reported in the Troubled Company Reporter-Latin America on July 22, 2009, Bloomberg News said AWB Limited will close its Brazil business, made unprofitable by falling margins, foreign exchange losses and overhead and funding costs. The Brazilian unit will record a full-year pretax operating loss of as much as A$65 million (US$53 million) in the year ending Sept. 30, AWB said in a statement obtained by the news agency. The report related that the company said that the poor result in Brazil is due to credit issues, reduced trading margins, recently identified deferred currency losses, interest and overhead costs and poor commercial decisions made locally. About AWB Limited Headquartered in Melbourne, Australia, AWB Limited (ASX:AWB) -- http://www.awb.com.au/-- operates in three business areas: Rural Services, Financial Services and Commodity Management. Rural Services offers customers a range of agribusiness services, including merchandise, fertilizer, farm services, wool and livestock, finance, insurance and real estate. The Financial Services business provides financial solutions to clients across rural and regional Australia, including lending solutions, savings and investment accounts, insurance solutions, equipment finance, wealth management and online trading. Commodity Management business include commodity trading, origination and sales of commodities, such as wheat, canola and pulses, logistics and chartering, and risk management. These operations include Pool Management Services, Australian Commodity Management, International Commodity Management, and Supply Chain and Other Investments. BR MALLS: To Acquire Shopping Metro's 95% Stake for BRL188 Million ------------------------------------------------------------------ BR Malls Participacoes S.A. said it is acquiring a 95% stake in Shopping Metro Santa Cruz from JHSF Participacoes for BRL188 million, LatinFrance reports. The report relates that it is likely the transaction will be paid for in cash. According to the report, in July, the buyer raised BRL727 million through a follow-on offering with the intention of making acquisitions. The report relates that the deal is expected to close within 15 days. As reported in the Troubled Company Reporter-Latin America on July 3, 2009, LatinFrance said BR Malls raised BRL727 million through a follow-on offering priced on July. The report related the company sold 48.46 million shares at BRL15.00, a 1.6% discount to the closing price of BRL15.25. According to the report, the issuer capped the sale at 48 million because it did not see the need to raise additional cash. The report noted that an unnamed banker managing the transaction said that selling shareholders chose not to divest holdings beyond the 18 million they had originally planned to offer. The book was over 3x subscribed, the unnamed manager added. LatinFrance added that the follow-on was led by Itau BBA, with UBS Pactual, Santander and Citi as joint bookrunners. About BR Malls Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes S.A. is the largest integrated shopping mall company in Brazil with a portfolio of 34 malls, representing 985.2 thousand square meters in total Gross Leasable Area (GLA) and 429.1 thousand square meters in owned GLA. * * * As of July 1, 2009, the company continues to carry Standard and Poor's "BB-" LT Issuer Credit ratings. The company also continues to carry Fitch Ratings' "BB-" LT Issuer Default ratings and "BB-" Senior Secured debt ratings. CAIXA ECONOMICA: Mulls BRL8 Billion in Corporate Loans ------------------------------------------------------ Caixa Economica Federal is reviewing BRL8 billion (US$4.37 billion) in business loan requests to "aggressively" bolster its corporate credit market presence, Aluisio Alves at Reuters reports, citing Chief Financial Officer Marcio Percival. The report relates that the new loans would be on top of a line extended to steelmaker Companhia Siderurgica Nacional. "We've been moving more aggressively into credit lines for companies," Mr. Percival told Reuters in an interview. As reported in the Troubled Company Reporter-Latin America on August 24, 2009, LatinFrance said that Companhia Siderurgica Nacional S.A. has received a BRR2 billion credit line in a term of three years from Caixa Economica to use for working capital. The report related this is the third major loan Caixa Economica Federal has done for higher rated Brazilian corporates. The report noted that in March, it extended a BRL500m 3-year facility to a unit of Ipiranga at 120.0% of the CDI, and it loaned Braskem a BRL600m 4-year facility at an all-in cost of 122.3% of CDI. The report said the CSN loan is significantly larger, and likely commands a higher relative spread, though market conditions have improved substantially since March. According to Reuters, the federally-owned bank has seen a 56% surge in its loan portfolio in the second quarter from a year earlier, led by a surge in mortgages and consumer loans. Reuters relates that Mr. Percival said Caixa Economica also set aside BRL3 billion for its CaixaPar holding company to acquire companies in the financial services, real estate or technology sectors. The bank may announce possible takeovers before the end of the year, Mr. Percival added. About Caixa Economica Headquartered in Brasilia, Caixa Economica Federal -- http://www.caixa.gov.br-- is a Brazilian bank and one of the largest government-owned financial institutions in Latin America. Founded in Jan. 12, 1861, Caixa Economica is the second biggest Brazilian bank, second only to Banco do Brasil, and offers services in thousands of Brazilian towns, ranking third in Brazil in number of branches. The company has more than 32 million accounts and controls more than US$170 billion. It is responsible for executing policies in the areas of housing and basic sanitation, the administration of social funds and programs and federal lotteries. * * * Caixa Economica Federal continues to carry a Ba2 foreign currency deposit rating from Moody's Investors Service. The rating was assigned by Moody's in May 2008. COMPANHIA SIDERURGICA: Unit Expects to Sell 14.5MM Tons Iron Ore ---------------------------------------------------------------- Namisa S.A., a 60% owned-subsidiary of Siderurgica Nacional S.A., expects to sell 14.5 million metric tons of iron ore this year, John Kolodziejski at Dow Jones Newswires reports, citing Valor newspaper. The report relates that Namisa said of the total, around nine million tons will come from Namisa's own Casa de Pedra mining complex, and the rest will come from independent miners also within Minas Gerais State. According to the report, Namisa expects net 2009 profit of BRL1.5 billion (US$820 million), up 40% from 2008, when it sold 9.5 million tons of iron ore. The report notes that Namisa is investing BRL4 billion to raise iron ore output to 39 million tons in 2013. "Most of the sales will be in long-term contracts at benchmark prices," the report quoted Charles Lagana Putz, president of Namisa, as saying. Dow Jones Newswires notes that Namisa plans to operate two 6.5 million ton-a-year pellet plants at the Casa de Pedra mine by 2012, which will raise the price of the ore. Namisa is 60% owned by CSN. A consortium of Japanese and Korean mills -- Itochu Corp., Nippon Steel Corp., JFE Steel Corp., Posco, Sumitomo Metal Industries, Kobe Steel and Nisshin Steel Co. -– paid US$3.12 billion for the other 40% in mid-October. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of July 1, 2009, the company continues to carry Moody's Currency LT Debt ratings at Ba1. The company also continues to carry Standard and Poor's Issuer credit ratings at BB+. ENERGISA SA: To Spend BRL75 Million To Acquire Unit's Shares ------------------------------------------------------------ Energisa SA will spend BRL75 million to acquire the shares it doesn’t own of its three of its subsidiaries, Borborema, Paraiba and Nova Friburgo, Lainfrance reports, citing a company statement. According to the report, the company move is aimed to simplify the holdco’s ownership structure and consolidate its holdings, which includes a total of 9 different units located around Brazil. The report says Energisa is publicly listed, but is largely held by two large groups of private shareholders. Energisa, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states (Paraiba, Sergipe, Minas Gerais and Rio de Janeiro), serving approximately 2.2 million consumers. In 2008, Energisa sold 6,614 GWh, equivalent to approximately 1.5% of all electricity distributed in Brazil. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. * * * As reported in the Troubled Company Reporter-Latin America on March 30, 2009, Moody's confirmed the Ba3 local currency corporate family rating for Energisa S.A. and the Ba3 rating for the US$250 million unsecured notes units jointly but not severally issued by Energisa Sergipe - Distribuidora de Energia S.A. and Energisa Paraiba –- Distribuidora de Energia S.A. due 2013 and guaranteed by Energisa. At the same time, Moody's confirmed Energisa's A3.br corporate family rating on the Brazilian national scale. ========================== C A Y M A N I S L A N D S ========================== AIRGLOW IAM: Creditors' Proofs of Debt Due on October 6 ------------------------------------------------------- The creditors of Airglow IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands APHELION GENERAL: Commences Wind-Up Proceedings ----------------------------------------------- On July 14, 2009, the sole shareholder of Aphelion General Partner 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 Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands ART IAM: Creditors' Proofs of Debt Due on October 6 --------------------------------------------------- The creditors of ART IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands CONCORD IAM: Creditors' Proofs of Debt Due on October 6 ------------------------------------------------------- The creditors of Concord IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands DUSK IAM: Creditors' Proofs of Debt Due on October 6 ---------------------------------------------------- The creditors of Dusk IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands GEM IAM: Creditors' Proofs of Debt Due on October 6 --------------------------------------------------- The creditors of GEM IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands JOY IAM: Creditors' Proofs of Debt Due on October 6 --------------------------------------------------- The creditors of JOY IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands KAPPA IAM: Creditors' Proofs of Debt Due on October 6 ----------------------------------------------------- The creditors of Kappa IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands LEO IAM: Creditors' Proofs of Debt Due on October 6 --------------------------------------------------- The creditors of Leo IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands SKY IAM: Creditors' Proofs of Debt Due on October 6 --------------------------------------------------- The creditors of SKY IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands TYPHOON IAM: Creditors' Proofs of Debt Due on October 6 ------------------------------------------------------- The creditors of Typhoon IAM Limited are required to file their proofs of debt by October 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2009. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands VELOS BALKAN: Commences Wind-Up Proceedings ------------------------------------------- On July 15, 2009, the sole shareholder of Velos Balkan Fund passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands WHITNEY JAPAN: Commences Wind-Up Proceedings -------------------------------------------- On July 13, 2009, the sole shareholder of Whitney Japan Strategic Fund, Ltd. passed a resolution that voluntarily winds up the company's operations. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3 -------------------------------------------------------------- The creditors of Zest Investments V 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 July 14, 2009. The company's liquidator is: Ellen J. Christian c/o Piccadilly Cayman Limited Telephone: 345 945 9208 Fax: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited PO Box 10632 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman KY1-1006 Cayman Islands ZEST INVESTMENTS: Creditors' Proofs of Debt Due on September 3 -------------------------------------------------------------- The creditors of Zest Investments IV 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 July 14, 2009. The company's liquidator is: Ellen J. Christian c/o Piccadilly Cayman Limited Telephone: 345 945 9208 Fax: 345 945 9210 c/o BNP Paribas Bank & Trust Cayman Limited PO Box 10632 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman KY1-1006 Cayman Islands =============== C O L O M B I A =============== ECOPETROL SA: Signs 5-Year Collective Bargaining Deal With Union ---------------------------------------------------------------- Ecopetrol S.A. and its union, Union Sindical Obrera, have signed a new five-year collective bargaining agreement. This collective bargaining agreement will make work harmony possible while leveraging the growth of the company towards its production target of one million barrels a day by 2015. This historical agreement, where transparency and open communication were fundamental, is the materialization of another agreement signed by the parties last April 24, which is fundamentally grounded on mutual respect, acknowledgement and a constructive and productive dialogue. The collective bargaining agreement was achieved during the direct agreement stage, which lasts a maximum of 40 days, and will be valid until 2014. Ecopetrol conducted this process with the coexisting unions USO, Adeco and Sindispetrol. The new collective bargaining agreement covers health, education, housing, transport, meals, cultural activities, union rights and guarantees, among other aspects. As regards salary, it provides for an increase of 6.02% for the first year; the Consumer Price Index, or CPI, plus 1% for the second year; CPI plus 1.15% for the two following year, and CPI plus 1.5% for the last year. Ecopetrol and the Political Committee of USO also reached agreements regarding the application of the salary compensation policy for unionized personnel, productivity, and solution of the situation of personnel dismissed due to the 2004 work stoppage. Ecopetrol would like to highlight and recognize the efforts of its negotiation team members for their commitment, dedication and professionalism throughout this process. Ecopetrol also appreciated the efforts of the representatives of the parties for their open-mindedness and willingness to dialog. These teams made this important achievement possible, which will translate into company sustainability, well-being for its workers and benefits for the whole country. 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. ============= J A M A I C A ============= AIR JAMAICA: Spends US$52 Million to Sub-Lease Two Aircrafts ------------------------------------------------------------ Air Jamaica Limited spent approximately US$52 million last month to sub-lease two aircraft from the US based North American Airlines, Jamaica Gleaner reports. The report relates that the airline's management said the sub-lease was necessary and it has not placed added financial strain on the cash strapped airline. According to the report, Air Jamaica President and Chief Executive Officer, Bruce Nobles, said that the direct operating cost of one aircraft versus another is minimal. The report relates Mr. Nobles said in some cases the subleased aircraft were larger and could allow for the sale of additional seats. The report notes Mr. Nobles said several issues forced Air Jamaica to sub-lease aircraft at a time when the airline's restructuring plans had caused it to return some of the planes it had leased. Air Jamaica, the report notes, had faced criticisms about its maintenance schedule but this time around the airline’s president hinted that there was no problem. The report adds that Mr. Nobles said usually Air Jamaica leases planes for a day or two and at present the airline has no sub-leases. 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 in the Troubled Company Reporter-Latin America on August 10, 2009, Standard & Poor's Ratings Services said that it lowered its foreign currency corporate credit rating on Air Jamaica Ltd. to 'CCC+' from 'B-'. The outlook is negative. The rating action followed S&P's recent lowering of the long-term sovereign credit rating on Jamaica (CCC+/Negative/C). ALUMINA PARTNERS: Former Workers to Get Pension Money ----------------------------------------------------- Alumina Partners of Jamaica's management and the National Workers Union has reach an agreement regarding the dispute over plans to wind up the company's pension scheme, RadioJamaica reports, citing NWU President Vincent Morrison. "The workers will first receive their contribution an interest and thereafter, will receive additional payments regarding the surplus," the report quoted Mr. Morrison as saying. However, the report relates Mr. Morrison said that the issue of the payment of the surplus amounts is still to be decided. "The trustees have been working with the actuaries and an evaluation has been done and they're now awaiting a response from the Financial Services Commission (FSC). The recommendation has been made to the FSC by the trustees for the surplus to be distributed to the employees," the report quoed Mr. Morisson as saying. 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. Mr. 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. KES DEV'T LIMITED: Liquidation Hits Snag ---------------------------------------- Capital and Credit Merchant Bank, which holds a debenture against assets of insolvent KES Development Limited, has so far not been forthcoming with information on what assets it has taken control of, Jamaica Gleaner reports. The report relates the bank's legal assistant, Petagaye Fairclough, denied that it got any formal request to disclose a statement of assets, saying later she personally had not seen one. "We are checking internally to see if this was done," the report quoted Mr. Fairclough as saying. According to the report, KES liquidator, Ken Tomlinson, cannot say with any degree of certainty whether the assets of KES are sufficient to cover outstanding claims against the company estimated to be in the region of JM$1 billion. The Gleaner notes that creditors raised concern that Capital and Credit was already in the process of selling equipment and properties without communicating with other parties affected by the liquidation of KES, but Mr. Fairclough while not denying properties had been put on the market, said that there was no wholesale disposal of assets. As reported in the Troubled Company Reporter-Latin America on August 21, 2009, The Jamaica Glenaer said KES Development Limited went into voluntary liquidation with more than JM$1 billion in liabilities. The report related that Kenneth Tomlinson was appointed as the liquidator. According to the report, the company, which was founded by husband-and-wife team Hugh and Elesa Scott, is indebted to an estimated 40-50 creditors -- with Capital and Credit Merchant Bank said to be holding a debenture over some of the debt and CCMB and Jamaica Mortgage Bank together are owed JM$5 million. The report recalled that Mr. and Mrs. Scotts was advised to placed their business in liquidation last December after its cash had virtually dried up with its projects unfinished. The Scotts, in their 14 years of business, have done developments in the capital and around the country, the report said. The Gleaner related that one of KES's projects was confiscated by its bankers and placed in the market in March; while the partially done, and overgrown construction at Old Stony Hill Road, St Andrew, has been idle for several years, and is on the market forJM $124 million. About KES Dev't Company K.E.S. Development Company, Ltd. provides real estate development services in residential and commercial areas. It offers engineering, project management, and contracting services. The company was founded in 1995 and is based in Kingston, Jamaica. JAMAICA PUBLIC SERVICE: Fall in Oil Prices Boosts Firm's Profit ---------------------------------------------------------------- Jamaica Public Service Company Limited recorded US$16 million profit in the quarter ended June despite a 30% decline in revenue to US$186 million from US$270 million in 2008, RadioJamaica reports. The report relates that the company attributed its profit to the fall in the price of oil. According to the report the turnaround was due to a US$86 million saving on the company's oil import bill which fell from US$191 million to US$105 million. The company, the report notes, suffered a US$3.7 million loss during the corresponding period in 2008. The report says JPSCO also saw a decline in other expenses during the quarter. Headquartered in Kingston, Jamaica -- https://www.jpsco.com -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 9, 2009, Radio Jamaica said JPSCO may shutdown its operations if the company fails to settle a long-standing dispute over outstanding payments to employees. The same report said employees unions contended the payments are owed for overtime work and redundancy adjustments from 2001 to 2007, which amounts to about JM$600 million. SUGAR COMPANY: Gov't Receives Eridania's US$15MM Capital Injection ------------------------------------------------------------------ Patrick Foster at Jamaica Observer reports that the Jamaica government has received the US$15-million capital injection from Italian firm Eridania Eridania Suisse. As reported in the Troubled Company Reporter-Latin America on July 20, 2009, Caribbean Net News said the Jamaica government has negotiated an interim funding with Eridania Suisse to ensure the continued operation of Sugar Company of Jamaica's three sugar estates -- Frome in Westmoreland, Monymusk in Clarendon, and Bernard Lodge in St Catherine, Catibbean Net News reports. The report related the money will be used to undertake field maintenance work on the three estates, as well as preparatory works for the Frome and Monymusk factories. According to the report, Agriculture and Fisheries Minister Christopher Tufton said the Cabinet has approved the arrangement, which should “effectively ensure” the factories’ sugar production output for the 2009/10 crop year, while the process of divestment continues. Caribbean Net News noted Eridania and Energen Development Limited are the two short-listed entities with which the administration is pursuing negotiations toward the sale of the factories and Petrojam Ethanol Limited (PEL). Caribbean Net News said that Mr. Tufton advised that the fund will be used to undertake the necessary preparatory and field maintenance work at the properties for the upcoming crop year, inclusive of fertilization of the fields and installing the appropriate irrigation infrastructure. Mr. Tufton, the report related, said that, in return, the government will supply Eridania with some 79,000 tonnes of raw sugar for the 2009/10 crop year. Regarding the sale of the remaining estates Eridania will share, on a 50 to 50 basis with the government, any profit made on the final sale price, less agreed cost, Mr. Tufton added. According to the Gleaner, Agriculture Minister Christopher Tufton said that the arrangement with Eridana will not only ensure continuity of the operations at Bernard Lodge, Monymusk and Frome estates until they are divested, but will also obviate the need for government to provide any further injection of funds into these entities. The report relates that through the Italian lifeline, JM$600 million is earmarked for equipment rehabilitation at Monymusk and Frome; while additional funds from the deal are planned for an agricultural upgrade, which includes: -- JM$170 million for replanting, -- JM$80 million to improve irrigation, and -- JM$130 million to increase the efficiency of the harvesting fleet. About SCJ The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * JAMAICA: Manufacturers Want Further Reduction in Interest Rates ----------------------------------------------------------------- Despite the recent reduction in interest rates by the Bank of Jamaica the manufacturing sector said that there is still room for further downward adjustments, RadioJamaica reports. According to the report, for the third time in a month, the Central Bank on cut interest rates by a further one percentage point. The report relates the Jamaica Manufacturers Association said the move is welcomed but more reductions are needed in order to kick start the economy. "Lowering interest rates, the affordability is much better and it will also help in terms of investment in a country, JMA President Omar Azan was quoted by the report as saying. "When interest rates are high people think twice about investing because they can't compete with their regional partners when interest rates are high compared with Trinidad and Tobago and Barbados or Dominica where they are using single digit interest rates. So I think it needs to continue to get the economy going," Mr. Azan added. * * * Fitch currently rates Jamaica's foreign currency and local currency Issuer Default Ratings at 'B'. The Rating Outlook on the ratings is Negative. * JAMAICA: Moody's Says IMF Stand-By Deal Supports 'B2' Rating -------------------------------------------------------------- In a new special comment on the sovereign ratings of Jamaica, Moody's says that its stable outlook on the B2 government bond ratings reflect its expectations for a Stand-By agreement with the IMF to address financing shortfalls exacerbated by the global crisis. The rating agency finds that the Jamaican government's announcement earlier this week that it will not pursue a voluntary domestic debt exchange -- despite considerable challenges -- underscores the importance the government places on maintaining its creditworthy reputation. "Multilateral disbursements and a Stand-by agreement with the IMF will prove vital to preserving liquidity and closing the financing gap this year," said Alessandra Alecci, a Vice President - Senior Analyst in Moody's Sovereign Risk Group. The agreement is likely to incorporate strict macroeconomic reform conditions, particularly on the fiscal front, in order to address structural impediments to debt sustainability. She said the government is facing mounting pressure to contain the fiscal deficit, which, due to a drop in revenues, is very likely to exceed the official 5.5% of GDP target for the fiscal year ending in March 2010, pushing central government debt to GDP towards 120%. "With interest and wage expenditures alone consuming 70% of the total, a fiscal adjustment is very complicated," said Ms. Alecci, who explained that both the domestic and external financing situations have been under pressure until recently. Accordingly, the reduction in domestic interest rates and the newfound stability of the Jamaican dollar are welcome developments. "However, as external vulnerability remains high, a further decline in tourism revenues, family remittances or foreign investment inflows, and/or higher oil prices could easily renew concerns about the balance of payments and pressure the currency once again," said Ms. Alecci. "Continued currency stability is in part due to expectations of official inflows from multilaterals, especially the IMF." Going forward, she said, Jamaica's situation is highly vulnerable. Although the ratings outlook is stable as it is assumed that multilateral financing will continue, and that the government will address its structural fiscal challenges in order to lighten its debt burden over time. "We are cognizant that this will be difficult politically as well as economically, making further downgrades possible," said Ms. Alecci. Given that B2 is only two notches away from the Caa range, the Moody's report on Jamaica clarifies that, on its scale, a Caa rating reflects not only the probability of default, but also the anticipated loss to investors in the event of a default. "Generally speaking, a Caa rating is assigned to a country when the government is very close to default, and losses are likely to be between 5% and 30%," said Ms. Alecci. "Although Jamaica's vulnerability is still very high, the government's well-documented willingness to honor its debts and the likelihood that it will continue to receive multilateral financing, an involuntary restructuring is not a base-case scenario at this stage." She nevertheless acknowledged that a prolonged "muddle through" scenario -- and avoiding meaningful fiscal reforms -- could severely impair the country's ability to pay going forward, regardless of its willingness. =========== M E X I C O =========== ALESTRA: Only 35% Participate in Cash Offer for 2010 Notes ---------------------------------------------------------- Alestra, S. de R.L. de C.V., disclosed the expiration and final results of its previously announced cash tender offer for any and all of its outstanding 8% Senior Notes due 2010 upon the terms and subject to the conditions set forth in the Company's Offer to Purchase dated July 27, 2009 and the related Letter of Transmittal. The Tender Offer expired at 12:00 midnight, New York City time, on Friday, August 21, 2009. The aggregate principal amount outstanding of the Notes validly tendered prior to the Expiration Date pursuant to the Tender Offer was US$109,431,000, representing 35.97% of the aggregate principal amount of outstanding Notes. The offer price which will be paid for each US$1,000 outstanding principal amount of Notes validly tendered after the Early Participation Date and prior to the Expiration Date and accepted for payment will be US$1,010. In addition to the Offer Price, 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. For settlement purposes, 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 current principal amortization of the Notes. The "Settlement Date" for Notes validly tendered and not validly withdrawn prior to the Early Participation date occurred on August 12, 2009. The "Settlement Date" for Notes validly tendered after the Early Participation Date and prior to the Expiration Date is anticipated to be on or about August 25, 2009. The Tender Offer is made upon the terms and subject to the conditions set forth in the Offer to Purchase and the related Letter of Transmittal and is subject to certain conditions. The Company expressly reserves the right in its sole discretion, subject to applicable law, at any time or from time to time, to (1) amend the terms of the Tender Offer in any respect, and (2) 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. The withdrawal date relating to the Tender Offer occurred at 5:00 p.m., New York City time, on August 7, 2009. Notes tendered may be withdrawn only if the Company reduces the amount of the Offer Price 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 10 business days after the date that notice of such reduction or requirement is first published or given or sent to holders by the Company. The Company 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 S. de R.L Alestra S. de R.L. de C.V. is a Mexican telecommunications company. * * * As reported in the Troubled Company Reporter-Latin America on August 11, 2009, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Alestra S. de R.L. de C.V. ======= P E R U ======= DOE RUN PERU: May Cancel Creditor Protection Filing --------------------------------------------------- Patricia Velez at Reuters reports that financially troubled Doe Run Peru may cancel a filing it made to request protection from creditors, if its deadline to finish an environmental cleanup program is extended and it reaches a deal with creditors. As reported in the Troubled Company Reporter-Latin America on August 6, 2009, Reuters said Doe Run Peru filed for a government- monitored financial restructuring because it was worried creditors might try to freeze its assets or operations. The report related during the process, creditors will meet to decide whether to restructure or liquidate the company's operations. According to Reuters, among the company's creditors are: precious petals producer Buenaventura, El Brocal, and zinc and silver miner Volcan. According to a TCRLA report on August 5, 2009, citing Reuters, Doe Run Peru owes some US$100 million to its suppliers and needs to spend another US$150 million to clean up La Oroya, which often ranks as one of the world's most polluted sites. Bloomberg News recalled the company 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. Bloomberg News related that Doe Run Peru’s zinc and lead smelter received a three-month extension to complete planned environmental cleanup projects. The report said Doe Run Peru committed 100% of its shares as a guarantee it will complete the clean-up after a government- brokered deal to lend the company US$75 million and provide US$100 million of concentrates after banks halted funding. "Obviously, if there is an integral solution, I don't think it would make sense to continue on with [government regulator] Indecopi," Jose Mogrovejo, the company's vice president of environmental affairs, told Reuters in an interview. "We are looking for an integral solution that is parallel and independent of the Indecopi process," Mr. Mogrovejo added. About Doe Run Doe Run Peru operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. * * * As of May 21, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings individual rating at D. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ACO ALTONA EALT3 BZ 80647079.55 -12603367.15 ACO ALTONA SA EAAON BZ 80647079.55 -12603367.15 ACO ALTONA-PREF EALT4 BZ 80647079.55 -12603367.15 ACO ALTONA-PREF EAAPN BZ 80647079.55 -12603367.15 ALL MALHA PAULIS GASC3B BZ 656500097.92 -450029899.55 ALL MALHA PAULIS GASC3 BZ 656500097.92 -450029899.55 ARTHUR LAN-DVD C ARLA11 BZ 21333792.82 -16295577.05 ARTHUR LAN-DVD P ARLA12 BZ 21333792.82 -16295577.05 ARTHUR LANG-RC C ARLA9 BZ 21333792.82 -16295577.05 ARTHUR LANG-RC P ARLA10 BZ 21333792.82 -16295577.05 ARTHUR LANG-RT C ARLA1 BZ 21333792.82 -16295577.05 ARTHUR LANG-RT P ARLA2 BZ 21333792.82 -16295577.05 ARTHUR LANGE ARLA3 BZ 21333792.82 -16295577.05 ARTHUR LANGE SA ALICON BZ 21333792.82 -16295577.05 ARTHUR LANGE-PRF ALICPN BZ 21333792.82 -16295577.05 ARTHUR LANGE-PRF ARLA4 BZ 21333792.82 -16295577.05 AZEVEDO AZEV3 BZ 47860887.41 -4389906.4 AZEVEDO E TRA-PR AZEVPN BZ 47860887.41 -4389906.4 AZEVEDO E TRAVAS AZEVON BZ 47860887.41 -4389906.4 AZEVEDO-PREF AZEV4 BZ 47860887.41 -4389906.4 B&D FOOD CORP BDFCE US 15779763 -588840 B&D FOOD CORP BDFC US 15779763 -588840 BALADARE BLDR3 BZ 49015.54 -7494.67 BOMBRIL BMBBF US 239716189.99 -242287717.11 BOMBRIL BOBR3 BZ 239716189.99 -242287717.11 BOMBRIL CIRIO SA BOBRON BZ 239716189.99 -242287717.11 BOMBRIL CIRIO-PF BOBRPN BZ 239716189.99 -242287717.11 BOMBRIL SA-ADR BMBBY US 239716189.99 -242287717.11 BOMBRIL SA-ADR BMBPY US 239716189.99 -242287717.11 BOMBRIL-PREF BOBR4 BZ 239716189.99 -242287717.11 BOMBRIL-RGTS PRE BOBR2 BZ 239716189.99 -242287717.11 BOMBRIL-RIGHTS BOBR1 BZ 239716189.99 -242287717.11 BOTUCATU TEXTIL STRP3 BZ 25771113.88 -6735922.24 BOTUCATU-PREF STRP4 BZ 25771113.88 -6735922.24 BUETTNER BUET3 BZ 86940610.88 -37817234.67 BUETTNER SA BUETON BZ 86940610.88 -37817234.67 BUETTNER SA-PRF BUETPN BZ 86940610.88 -37817234.67 BUETTNER SA-RT P BUET2 BZ 86940610.88 -37817234.67 BUETTNER SA-RTS BUET1 BZ 86940610.88 -37817234.67 BUETTNER-PREF BUET4 BZ 86940610.88 -37817234.67 CAF BRASILIA CAFE3 BZ 15788426.91 -516549819.64 CAF BRASILIA-PRF CAFE4 BZ 15788426.91 -516549819.64 CAFE BRASILIA SA CSBRON BZ 15788426.91 -516549819.64 CAFE BRASILIA-PR CSBRPN BZ 15788426.91 -516549819.64 CAMBUCI SA CAMBON BZ 87269252.24 -22493566.05 CAMBUCI SA CAMB3 BZ 87269252.24 -22493566.05 CAMBUCI SA-PREF CAMBPN BZ 87269252.24 -22493566.05 CAMBUCI SA-PREF CXDOF US 87269252.24 -22493566.05 CAMBUCI SA-PREF CAMB4 BZ 87269252.24 -22493566.05 CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.21 CHIARELLI SA CCHON BZ 22274026.77 -44537138.21 CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.21 CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.21 CHILESAT CO-ADR TL US 432460542.94 -44559657.55 CHILESAT CO-RTS CHISATOS CI 432460542.94 -44559657.55 CHILESAT CORP SA TELEX CI 432460542.94 -44559657.55 CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.54 CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.54 CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.54 CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.54 COMERCIAL PL-ADR SCPDS LI 146090772.51 -255079026.8 COMERCIAL PL-C/E COMEC AR 146090772.51 -255079026.8 COMERCIAL PLA-BL COMEB AR 146090772.51 -255079026.8 COMERCIAL PLAT-$ COMED AR 146090772.51 -255079026.8 CONST A LIND-PRF LINDPN BZ 14038885.98 -11543314.46 CONST A LIND-PRF CALI4 BZ 14038885.98 -11543314.46 CONST A LINDEN CALI3 BZ 14038885.98 -11543314.46 CONST A LINDEN LINDON BZ 14038885.98 -11543314.46 CTM CITRUS SA CTMON BZ 38740523.05 -671039.81 CTM CITRUS- PR R CTPC2 BZ 38740523.05 -671039.81 CTM CITRUS-ADR CTMMY US 38740523.05 -671039.81 CTM CITRUS-COM R CTPC1 BZ 38740523.05 -671039.81 CTM CITRUS-PREF CTMPN BZ 38740523.05 -671039.81 CTM CITRUS-RCT C CTPC9 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 CTM CITRUS-RCT P CTPC10 BZ 38740523.05 -671039.81 D H B DHBI3 BZ 108241401.93 -350596880.48 D H B-PREF DHBI4 BZ 108241401.93 -350596880.48 DHB IND E COM DHBON BZ 108241401.93 -350596880.48 DHB IND E COM-PR DHBPN BZ 108241401.93 -350596880.48 DOC IMBITUB-PREF IMBI4 BZ 89702642.66 -11135784.06 DOC IMBITUBA IMBI3 BZ 89702642.66 -11135784.06 DOC IMBITUBA-RTC IMBI1 BZ 89702642.66 -11135784.06 DOC IMBITUBA-RTP IMBI2 BZ 89702642.66 -11135784.06 DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.86 DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.86 DOCAS IMBITUB-PR IMBIPN BZ 89702642.66 -11135784.06 DOCAS IMBITUBA IMBION BZ 89702642.66 -11135784.06 DOCAS SA DOCAON BZ 88417960.92 -18059127.86 DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.86 DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.86 ESTRELA SA ESTR3 BZ 61011893.59 -54580283.64 ESTRELA SA ESTRON BZ 61011893.59 -54580283.64 ESTRELA SA-PREF ESTR4 BZ 61011893.59 -54580283.64 ESTRELA SA-PREF ESTRPN BZ 61011893.59 -54580283.64 FABRICA RENAUX FTRX3 BZ 53485265.61 -31264773.12 FABRICA RENAUX FRNXON BZ 53485265.61 -31264773.12 FABRICA RENAUX-P FRNXPN BZ 53485265.61 -31264773.12 FABRICA RENAUX-P FTRX4 BZ 53485265.61 -31264773.12 FABRICA TECID-RT FTRX1 BZ 53485265.61 -31264773.12 FER C ATL-RCT CM VSPT9 BZ 1050516250.26 -47197918.4 FER C ATL-RCT PF VSPT10 BZ 1050516250.26 -47197918.4 FER C ATLANT VSPT3 BZ 1050516250.26 -47197918.4 FER C ATLANT-PRF VSPT4 BZ 1050516250.26 -47197918.4 FER HAGA-PREF HAGA4 BZ 11324601.97 -49777521.75 FERRAGENS HAGA HAGAON BZ 11324601.97 -49777521.75 FERRAGENS HAGA-P HAGAPN BZ 11324601.97 -49777521.75 FERROVIA CEN-DVD VSPT12 BZ 1050516250.26 -47197918.4 FERROVIA CEN-DVD VSPT11 BZ 1050516250.26 -47197918.4 GASCOIGNE EMP-PF 1GASPN BZ 656500097.92 -450029899.55 GASCOIGNE EMP-PF GASC4 BZ 656500097.92 -450029899.55 GASCOIGNE EMP-PF GASC4B BZ 656500097.92 -450029899.55 GASCOIGNE EMPREE 1GASON BZ 656500097.92 -450029899.55 GAZOLA GAZO3 BZ 15610576.83 -42175190.26 GAZOLA SA GAZON BZ 15610576.83 -42175190.26 GAZOLA SA-DVD CM GAZO11 BZ 15610576.83 -42175190.26 GAZOLA SA-DVD PF GAZO12 BZ 15610576.83 -42175190.26 GAZOLA SA-PREF GAZPN BZ 15610576.83 -42175190.26 GAZOLA-PREF GAZO4 BZ 15610576.83 -42175190.26 GAZOLA-RCPT PREF GAZO10 BZ 15610576.83 -42175190.26 GAZOLA-RCPTS CMN GAZO9 BZ 15610576.83 -42175190.26 HAGA HAGA3 BZ 11324601.97 -49777521.75 HOPI HARI SA PQTM3 BZ 58692385.42 -188832203.73 HOPI HARI-PREF PQTM4 BZ 58692385.42 -188832203.73 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 IMPSAT FIBER NET XIMPT SM 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER-$US IMPTD AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 IMPSAT FIBER-CED IMPT AR 535007008 -17165000 MARAMBAIA CTPC3 BZ 38740523.05 -671039.81 MARAMBAIA-PREF CTMMF US 38740523.05 -671039.81 MARAMBAIA-PREF CTPC4 BZ 38740523.05 -671039.81 MINUPAR MNPR3 BZ 89611489.39 -20702110.72 MINUPAR SA MNPRON BZ 89611489.39 -20702110.72 MINUPAR SA-PREF MNPRPN BZ 89611489.39 -20702110.72 MINUPAR-PREF MNPR4 BZ 89611489.39 -20702110.72 MMX MINERACA-GDR XMM CN 1060478942.97 -123550800.05 MMX MINERACA-GDR 3M11 GR 1060478942.97 -123550800.05 MMX MINERACA-GDR MMXMY US 1060478942.97 -123550800.05 MMX MINERACAO MMXCF US 1060478942.97 -123550800.05 MMX MINERACAO TRES3 BZ 1060478942.97 -123550800.05 MMX MINERACAO MMXM3 BZ 1060478942.97 -123550800.05 N.A. TOYB1 BZ 20577415.71 -7950050.37 NORDON MET NORD3 BZ 14029500.1 -17709728.15 NORDON MET-RTS NORD1 BZ 14029500.1 -17709728.15 NORDON METAL NORDON BZ 14029500.1 -17709728.15 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.21 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21 NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.21 PARQUE TEM-DV CM PQT5 BZ 58692385.42 -188832203.73 PARQUE TEM-DV PF PQT6 BZ 58692385.42 -188832203.73 PARQUE TEM-RCT C PQTM9 BZ 58692385.42 -188832203.73 PARQUE TEM-RCT P PQTM10 BZ 58692385.42 -188832203.73 PARQUE TEM-RT CM PQTM1 BZ 58692385.42 -188832203.73 PARQUE TEM-RT PF PQTM2 BZ 58692385.42 -188832203.73 PET MANG-RECEIPT RPMG10 BZ 67915860.11 -166793076.45 PET MANG-RECEIPT RPMG9 BZ 67915860.11 -166793076.45 PET MANG-RIGHTS RPMG2 BZ 67915860.11 -166793076.45 PET MANG-RIGHTS RPMG1 BZ 67915860.11 -166793076.45 PET MANGUINH-PRF RPMG4 BZ 67915860.11 -166793076.45 PETRO MANGUIN-PF MANGPN BZ 67915860.11 -166793076.45 PETRO MANGUINHOS RPMG3 BZ 67915860.11 -166793076.45 PETRO MANGUINHOS MANGON BZ 67915860.11 -166793076.45 PROMAN PRMN3 BZ 10408605.71 -202138.27 PROMAN PRMN3B BZ 10408605.71 -202138.27 REII INC REIC US 15779763 -588840 RENAUXVIEW SA TXRX3 BZ 43112153.13 -64315032.24 RENAUXVIEW SA-PF TXRX4 BZ 43112153.13 -64315032.24 RIMET REEMON BZ 80030147.28 -124398873.4 RIMET REEM3 BZ 80030147.28 -124398873.4 RIMET-PREF REEM4 BZ 80030147.28 -124398873.4 RIMET-PREF REEMPN BZ 80030147.28 -124398873.4 RIOSULENSE SA RSULON BZ 50548850.21 -5456867.48 RIOSULENSE SA RSUL3 BZ 50548850.21 -5456867.48 RIOSULENSE SA-PR RSULPN BZ 50548850.21 -5456867.48 RIOSULENSE SA-PR RSUL4 BZ 50548850.21 -5456867.48 SANESALTO SNST3 BZ 20705801887.08 -466044305.79 SANSUY SNSY3 BZ 100279114.92 -45812488.77 SANSUY SA SNSYON BZ 100279114.92 -45812488.77 SANSUY SA-PREF A SNSYAN BZ 100279114.92 -45812488.77 SANSUY SA-PREF B SNSYBN BZ 100279114.92 -45812488.77 SANSUY-PREF A SNSY5 BZ 100279114.92 -45812488.77 SANSUY-PREF B SNSY6 BZ 100279114.92 -45812488.77 SCHLOSSER SCLO3 BZ 10007791.94 -53599536.49 SCHLOSSER SA SCHON BZ 10007791.94 -53599536.49 SCHLOSSER SA-PRF SCHPN BZ 10007791.94 -53599536.49 SCHLOSSER-PREF SCLO4 BZ 10007791.94 -53599536.49 SNIAFA SA SNIA AR 11489328.24 -840226.12 SNIAFA SA-B SDAGF US 11489328.24 -840226.12 SNIAFA SA-B SNIA5 AR 11489328.24 -840226.12 SOC COMERCIAL PL CAD IX 146090772.51 -255079026.8 SOC COMERCIAL PL COME AR 146090772.51 -255079026.8 SOC COMERCIAL PL SCDPF US 146090772.51 -255079026.8 SOC COMERCIAL PL CVVIF US 146090772.51 -255079026.8 SOC COMERCIAL PL CADN SW 146090772.51 -255079026.8 STAROUP SA STARON BZ 25771113.88 -6735922.24 STAROUP SA-PREF STARPN BZ 25771113.88 -6735922.24 TEC TOY SA-PF B TOYB6 BZ 20577415.71 -7950050.37 TEC TOY SA-PREF TOYB5 BZ 20577415.71 -7950050.37 TEC TOY SA-PREF TOYDF US 20577415.71 -7950050.37 TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.23 TECEL S JOSE FTSJON BZ 17924946.14 -18569451.23 TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.23 TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.23 TECTOY TOYB13 BZ 20577415.71 -7950050.37 TECTOY TOYB3 BZ 20577415.71 -7950050.37 TECTOY SA TOYBON BZ 20577415.71 -7950050.37 TECTOY SA-PREF TOYBPN BZ 20577415.71 -7950050.37 TECTOY-PF-RTS5/6 TOYB11 BZ 20577415.71 -7950050.37 TECTOY-PREF TOYB4 BZ 20577415.71 -7950050.37 TECTOY-RCPT PF B TOYB12 BZ 20577415.71 -7950050.37 TECTOY-RCT ORD TOYB9 BZ 20577415.71 -7950050.37 TECTOY-RCT PREF TOYB10 BZ 20577415.71 -7950050.37 TECTOY-RT TOYB2 BZ 20577415.71 -7950050.37 TEKA TEKAON BZ 219773260.95 -306726075.74 TEKA TKTQF US 219773260.95 -306726075.74 TEKA TEKA3 BZ 219773260.95 -306726075.74 TEKA-ADR TKTQY US 219773260.95 -306726075.74 TEKA-ADR TEKAY US 219773260.95 -306726075.74 TEKA-ADR TKTPY US 219773260.95 -306726075.74 TEKA-PREF TEKA4 BZ 219773260.95 -306726075.74 TEKA-PREF TEKAPN BZ 219773260.95 -306726075.74 TEKA-PREF TKTPF US 219773260.95 -306726075.74 TELEBRAS SA TELB3 BZ 185536520.68 -1054841.44 TELEBRAS SA TLBRON BZ 185536520.68 -1054841.44 TELEBRAS SA TBASF US 185536520.68 -1054841.44 TELEBRAS SA-PREF TLBRPN BZ 185536520.68 -1054841.44 TELEBRAS SA-PREF TELB4 BZ 185536520.68 -1054841.44 TELEBRAS SA-RT TELB9 BZ 185536520.68 -1054841.44 TELEBRAS-ADR TBH US 185536520.68 -1054841.44 TELEBRAS-ADR RTB US 185536520.68 -1054841.44 TELEBRAS-ADR TBASY US 185536520.68 -1054841.44 TELEBRAS-ADR TBRAY GR 185536520.68 -1054841.44 TELEBRAS-ADR TBX GR 185536520.68 -1054841.44 TELEBRAS-ADR TBAPY US 185536520.68 -1054841.44 TELEBRAS-BLOCK TELB30 BZ 185536520.68 -1054841.44 TELEBRAS-CED C/E TEL4C AR 185536520.68 -1054841.44 TELEBRAS-CED C/E RCT4C AR 185536520.68 -1054841.44 TELEBRAS-CEDE BL RCT4B AR 185536520.68 -1054841.44 TELEBRAS-CEDE PF TELB4 AR 185536520.68 -1054841.44 TELEBRAS-CEDE PF RCTB4 AR 185536520.68 -1054841.44 TELEBRAS-CEDEA $ TEL4D AR 185536520.68 -1054841.44 TELEBRAS-CEDEA $ RCT4D AR 185536520.68 -1054841.44 TELEBRAS-CM RCPT TELE31 BZ 185536520.68 -1054841.44 TELEBRAS-CM RCPT RCTB31 BZ 185536520.68 -1054841.44 TELEBRAS-CM RCPT RCTB30 BZ 185536520.68 -1054841.44 TELEBRAS-CM RCPT RCTB32 BZ 185536520.68 -1054841.44 TELEBRAS-CM RCPT TBRTF US 185536520.68 -1054841.44 TELEBRAS-COM RT TELB1 BZ 185536520.68 -1054841.44 TELEBRAS-PF BLCK TELB40 BZ 185536520.68 -1054841.44 TELEBRAS-PF RCPT TBAPF US 185536520.68 -1054841.44 TELEBRAS-PF RCPT RCTB41 BZ 185536520.68 -1054841.44 TELEBRAS-PF RCPT RCTB40 BZ 185536520.68 -1054841.44 TELEBRAS-PF RCPT TLBRUP BZ 185536520.68 -1054841.44 TELEBRAS-PF RCPT CBRZF US 185536520.68 -1054841.44 TELEBRAS-PF RCPT RCTB42 BZ 185536520.68 -1054841.44 TELEBRAS-PF RCPT TELE41 BZ 185536520.68 -1054841.44 TELEBRAS-RCT RCTB33 BZ 185536520.68 -1054841.44 TELEBRAS-RCT PRF TELB10 BZ 185536520.68 -1054841.44 TELEBRAS-RECEIPT TLBRUO BZ 185536520.68 -1054841.44 TELEBRAS-RTS CMN RCTB1 BZ 185536520.68 -1054841.44 TELEBRAS-RTS CMN TCLP1 BZ 185536520.68 -1054841.44 TELEBRAS-RTS PRF TLCP2 BZ 185536520.68 -1054841.44 TELEBRAS-RTS PRF RCTB2 BZ 185536520.68 -1054841.44 TELEBRAS/W-I-ADR TBH-W US 185536520.68 -1054841.44 TELECOMUNICA-ADR 81370Z BZ 185536520.68 -1054841.44 TELEX-A TELEXA CI 432460542.94 -44559657.55 TELEX-RTS TELEXO CI 432460542.94 -44559657.55 TELMEX CORP SA CHILESAT 432460542.94 -44559657.55 TELMEX CORP-ADR CSAOY US 432460542.94 -44559657.55 TEXTEIS RENA-RCT TXRX9 BZ 43112153.13 -64315032.24 TEXTEIS RENA-RCT TXRX10 BZ 43112153.13 -64315032.24 TEXTEIS RENAU-RT TXRX1 BZ 43112153.13 -64315032.24 TEXTEIS RENAU-RT TXRX2 BZ 43112153.13 -64315032.24 TEXTEIS RENAUX RENXPN BZ 43112153.13 -64315032.24 TEXTEIS RENAUX RENXON BZ 43112153.13 -64315032.24 TRESSEM PART SA 1TSSON BZ 1060478942.97 -123550800.05 VARIG PART EM SE VPSC3 BZ 101177852.25 -318442006.32 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290425.77 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290425.77 VARIG PART EM-PR VPSC4 BZ 101177852.25 -318442006.32 VARIG SA VARGON BZ 966298025.55 -4695211316.33 VARIG SA VAGV3 BZ 966298025.55 -4695211316.33 VARIG SA-PREF VAGV4 BZ 966298025.55 -4695211316.33 VARIG SA-PREF VARGPN BZ 966298025.55 -4695211316.33 WETZEL SA MWET3 BZ 69983432.56 -6279264.91 WETZEL SA MWELON BZ 69983432.56 -6279264.91 WETZEL SA-PREF MWELPN BZ 69983432.56 -6279264.91 WETZEL SA-PREF MWET4 BZ 69983432.56 -6279264.91 WIEST WISA3 BZ 39838113.86 -93371563.06 WIEST SA WISAON BZ 39838113.86 -93371563.06 WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.06 WIEST-PREF WISA4 BZ 39838113.86 -93371563.06 *********** 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 * * *