/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090909.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, September 9, 2009, Vol. 10, No. 178 Headlines A R G E N T I N A AACHEN SACI: Proofs of Claim Verification Due on November 4 AFOREY SA: Proofs of Claim Verification Due on October 15 AR ARGENTINA: Proofs of Claim Verification Due on November 9 ARQUI + SRL: Proofs of Claim Verification Due on October 9 CARGO WAY: Proofs of Claim Verification Due on October 30 COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13 KAYSERE SRL: Proofs of Claim Verification Due on October 20 SAVARIA SA: Creditors' Proofs of Debt Due on October 19 TRANSPORTADORA DE GAS: Discloses US$347 Million Debt Swap B A R B A D O S CABLE & WIRELESS: BWU Should Check Fair Trading Commission First B E R M U D A BFL (BERMUDA): Creditors' Proofs of Debt Due on September 16 BFL (BERMUDA): Members to Receive Wind-Up Report on October 8 CENTRAL EUROPEAN: S&P Affirms Corporate Credit Rating at 'B' SUMMIT FINANCE: Creditors' Proofs of Debt Due on September 16 SUMMIT FINANCE: Members to Receive Wind-Up Report on October 8 VALIDUS HOLDINGS: Names New Reinsurance Business Head B R A Z I L CAIXA ECONOMICA: Funcef to Boost Equity Holdings to 40% JBS SA: In Talks of Buying Out Pilgrim's Pride From Bankruptcy TAM SA: Signs Partnership Deal With Ipiranga & Walmart * BRAZIL: Gets US$60 Million Payment From Suriname C A Y M A N I S L A N D S BLACK RIVER: Members to Hear Wind-Up Report Today BLUE EAGLE: Members to Hear Wind-Up Report Today CAIRN CAPITAL: Shareholder Receives Wind-Up Report CAIRN CAPITAL: Shareholder Receives Wind-Up Report CONCERTO LIMITED: Members to Hear Wind-Up Report Today SEARCH PACIFIC: Shareholder Receives Wind-Up Report SIXTINA 2: Members to Hear Wind-Up Report Today SIXTINA 2: Members to Hear Wind-Up Report Today SIXTINA 5: Members to Hear Wind-Up Report Today SIXTINA 5: Members to Hear Wind-Up Report Today SIXTINA 6: Members to Hear Wind-Up Report Today SIXTINA 7: Members to Hear Wind-Up Report Today SIXTINA 7: Members to Hear Wind-Up Report Today SIXTINA 8: Members to Hear Wind-Up Report Today SIXTINA 9: Members to Hear Wind-Up Report Today SIXTINA 14: Members to Hear Wind-Up Report Today SIXTINA 10: Members to Hear Wind-Up Report Today C O L O M B I A BANCOLOMBIA SA: To Name New Member of Board of Directors Soon ECOPETROL: Pacific Rubiales Reports Drilling Update at Quifa Block ISAGEN SA: Renews Contract to Deliver Electricity to Venezuela * COLOMBIA: To Sell COP2 Trillion of Bonds for Budget Gap D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: To Conclude Stand-by Arrangement With IMF J A M A I C A CASH PLUS: More Properties Up for Sale GRAND BAHIA: Plans to Make 172 Jobs Redundant Amid Low Occupancy SAGICOR FINANCIAL: To Delist Shares at Jamaica Stock Exchange M E X I C O CEMEX SAB: Commences Global Public Offering S U R I N A M E * SURINAME: Pays Off US$60 Million Debt to Brazil U R U G U A Y URUGUAY: S&P Affirms BB- For., Local Cur. Sovereign Credit Ratings V E N E Z U E L A CITGO PETROLEUM: Negotiating With PDVSA on New Crude Supply Deals GLOBOVISION: Has 8 Days to Respond to "Violence" Claims PETROLEOS DE VENEZUELA: Citgo Negotiating on New Supply Deals * VENEZUELA: Isagen Renews Electricity Delivery Contract - - - - - ================= A R G E N T I N A ================= AACHEN SACI: Proofs of Claim Verification Due on November 4 ----------------------------------------------------------- The court-appointed trustee for Aachen S.A.C.I.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 4, 2009. The trustee will present the validated claims in court as individual reports on December 17, 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 March 3, 2010. AFOREY SA: Proofs of Claim Verification Due on October 15 --------------------------------------------------------- The court-appointed trustee for Aforey S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 15, 2009. The trustee will present the validated claims in court as individual reports on November 26, 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 February 11, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on July 8, 2010. AR ARGENTINA: Proofs of Claim Verification Due on November 9 ------------------------------------------------------------ The court-appointed trustee for Ar Argentina S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 9, 2009. ARQUI + SRL: Proofs of Claim Verification Due on October 9 ---------------------------------------------------------- The court-appointed trustee for Arqui + S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 9, 2009. The trustee will present the validated claims in court as individual reports on November 20, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on February 8, 2010. CARGO WAY: Proofs of Claim Verification Due on October 30 --------------------------------------------------------- The court-appointed trustee for Cargo Way S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 30, 2009. The trustee will present the validated claims in court as individual reports on December 15, 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 March 4, 2010. COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt Due on Oct. 13 ----------------------------------------------------------------- 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. The trustee will present the validated claims in court as individual reports on November 24, 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 February 5, 2010. KAYSERE SRL: Proofs of Claim Verification Due on October 20 ----------------------------------------------------------- The court-appointed trustee for Kaysere S.R.L.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 20, 2009. The trustee will present the validated claims in court as individual reports on December 1, 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 February 16, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on July 8, 2010. SAVARIA SA: Creditors' Proofs of Debt Due on October 19 ------------------------------------------------------- The court-appointed trustee for Savaria S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 19, 2009. The trustee will present the validated claims in court as individual reports on December 9, 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 February 24, 2010. TRANSPORTADORA DE GAS: Discloses US$347 Million Debt Swap --------------------------------------------------------- Drew Benson at Bloomberg News reports that Transportadora de Gas del Norte SA is offering investors a larger cash payout and shorter duration bonds in a second attempt to restructure US$347 million in debt following a default. The report relates the company said that the new offer replaces the one announced on April 23. According to the report, as with the earlier offer, the restructuring involves swap and cash payout options. The report relates that the company is now offering new par bonds that will mature in 2016 as well as a cash payout of 40 cents on the dollar for up to US$40 million from the previous par bonds due in 2021 and a payout of 25 cents on the dollar for up to US$30 million. Bloomberg News notes that the company said it will accept offers until Oct. 7. The company extended the previous offer at least once. The report recalls that TGN said Dec. 23 it will miss year- end debt payments estimated at US$22.1 million by Fitch Ratings as Argentina's peso weakens and fuel exports drop. About TGN Headquartered in Buenos Aires, Transportadora de Gas del Norte SA -- http://www.tgn.com.ar/-- is one of the two largest transporters of natural gas in Argentina, delivering approximately 40% of the country's total gas consumption and more than 50% of Argentine total gas exports. The northern Argentine gas pipeline system connects major gas fields in northern and central-western Argentina. The company benefits from an exclusive 35-year concession contract, ending Dec. 28, 2027, which may be extended for an additional 10 years. The parent company is Gasinvest S.A., which has a 56.35% stake and comprises five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania General de Combustibles (5%), Organizacion Techint (27.2%), and Petroliam Nasional Berhad (18.3%). In addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's shares, while the remaining 20% is traded on the Buenos Aires stock exchange. * * * As of June 8, 2009, the company continues to carry Fitch Ratings' D long-term local and foreign currency Issuer Default Ratings. It also continues to carry Fitch Ratings' National Long term and National Sr Unsecured rating at D =============== B A R B A D O S =============== CABLE & WIRELESS: BWU Should Check Fair Trading Commission First ---------------------------------------------------------------- Barbados' Ambassador to Caricom, Denis Kellman, said that the Barbados Workers Union has no business in the dispute dealing with LIME Barbados (formerly Cable & Wireless Barbados), a unit of Cable & Wireless plc, CbC.bb News reports. The report relates Mr. Kellman said that BWU should take up its issue with the Fair Trading Commission. According to the report, Mr. Kellman said that LIME went to the FTC recently to have its rates increased and those increases would have included provisions for salaries. The report relates that BWU should first deal with the FTC and then LIME. As reported in the Troubled Company Reporter-Latin America on August 19, 2009, CbC.bb News said that Lime Barbados will be having another round of discussions with the Barbados Workers Union team led by General Secretary Sir Roy in the office of the Minister of Labor. The report related that the meeting, under the chairmanship of Senator Arni Walters, is an attempt to broker an arrangement that could avoid further lay offs at the telecoms company. According to the report, LIME said some 140 workers are to be laid off as the company seeks to right-size its operations. The workers representative, however, is seeking an alternative to th dismissals against the background of a BB$90 million declared last year, the report said. Cable & Wireless Barbados, established in April 2002, is an amalgamation of four Cable & Wireless companies operating in Barbados. In 2008 it was rebranded as Lime (Landline, Internet, Mobile, Entertainment). It provides voice, data and IP services to business and residential customers, including products from basic telephone service and internet access, to managed data network solutions, ISDN and cellular services via an enhanced network. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1"senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-"long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. ============= B E R M U D A ============= BFL (BERMUDA): Creditors' Proofs of Debt Due on September 16 ------------------------------------------------------------ The creditors of BFL (Bermuda) Ltd. are required to file their proofs of debt by September 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 28, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda BFL (BERMUDA): Members to Receive Wind-Up Report on October 8 ------------------------------------------------------------- The members of BFL (Bermuda) Ltd. will receive on October 8, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on August 28, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda CENTRAL EUROPEAN: S&P Affirms Corporate Credit Rating at 'B' ------------------------------------------------------------ Standard and Poor's Ratings Services said that it affirmed its 'B' long-term corporate credit rating on Bermuda-based emerging markets TV broadcaster Central European Media Enterprises Ltd. The outlook is negative. S&P also affirmed at 'B' the debt ratings on CME's $475 million senior convertible notes due 2013, EUR245 million notes due 2012, and EUR150 million notes due 2014. In addition, S&P assigned a 'B' issue rating to the EUR150 million bond issue due 2016 announced by CME, in line with the corporate credit rating. The affirmation follows CME's launch of a EUR150 million fixed- rate bond issue due in 2016, which the group states will mainly contribute to the refinancing of its EUR127.5 million European Bank for Reconstruction and development loans. S&P understands that the final terms for the bond are due to be set in the coming days. "In S&P's view, the new debt issue should further support CME's liquidity, following the recently announced disposal of 49% of the group's Ukrainian assets, which the group expects to finalize by the end of the third quarter of 2009, subject to regulatory approval," said Standard & Poor's credit analyst Manuela Gabetta. However, the accelerating decline in CME's advertising revenues since the beginning of 2009, the magnitude of the EBITDA shortfall experienced in the same period, and S&P's expectation of a deterioration in the group's leverage and cash flow generation capacity remain negative credit factors, in S&P's view. On June 30, 2009, CME's reported gross consolidated debt was $1.3 billion. CME's debt leverage has increased heavily of late, with Standard & Poor's fully adjusted gross debt to EBITDA reaching 8.3x on June 30, 2009, compared with 3.7x on Dec. 31, 2008. This increase is due to the combination of additional drawings on credit facilities, pressures on profitability, and the depreciation of local currency earnings against the U.S. dollar and euro. CME reports in dollars and the bulk of its debt is dollar- and euro- denominated, giving rise to a mismatch in the currency mix of its earnings. The group only hedges interest, not principal, on its debt. For full-year 2009, S&P anticipates a decline in CME's advertising revenues of a magnitude similar to that experienced in the second quarter (39% year on year). As a consequence, S&P estimates that the group's adjusted leverage could reach double-digit multiples by year-end 2009. Moreover, S&P is mindful that the evolution of the group's credit measures and its highly leveraged capital structure remain heavily dependant on currency swings. "The negative outlook reflects S&P's view that further year-on- year revenue and EBITDA declines in the second half of 2009, and possibly in 2010, will likely cause further rapid and significant increases in CME's leverage ratios, and could cause further cash burn at its start-up operations," said Ms. Gabetta. Although S&P assesses positively the active steps taken by CME to fund the cash burn it envisages at its start�up operations in Bulgaria and Ukraine, and to partly refinance the group's short- term maturities, S&P sees the need for some additional comfort on the evolution of CME's liquidity profile for the next 12 months in the context of the current tough operating environment. The rating could come under additional pressure if S&P's assessment of CME's liquidity position were to materially deteriorate from its current level in the next few quarters, as a result of higher-than-anticipated cash burn or an aggressive financial policy. Given the likely pressure on CME's revenues in 2009 and S&P's view of negative year-on-year EBITDA developments in the coming quarters, S&P sees limited potential for a positive rating action over the next 12 months. SUMMIT FINANCE: Creditors' Proofs of Debt Due on September 16 ------------------------------------------------------------- The creditors of Summit Finance Ltd. are required to file their proofs of debt by September 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 28, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda SUMMIT FINANCE: Members to Receive Wind-Up Report on October 8 -------------------------------------------------------------- The members of Summit Finance Ltd. will receive on October 8, 2009, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company commenced wind-up proceedings on August 28, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda VALIDUS HOLDINGS: Names New Reinsurance Business Head ----------------------------------------------------- Validus Holdings, Ltd. has appointed Charles F.A. as Head of its North American Property Catastrophe Reinsurance Underwriting of Validus' wholly-owned subsidiary Validus Reinsurance, Ltd., effective immediately. Conan Ward, Chief Executive Officer of Validus Reinsurance, Ltd., said, "We are excited by the addition of Charles to the Validus team. With over fourteen years of international underwriting experience, Charles will be an important asset to the Company as we build on our track record of superior underwriting performance. I look forward to working with Charles to serve our clients and capitalize on opportunities for growth." Prior to his appointment at Validus Re, Mr. Cooper served as Senior Vice President, Vice President and Underwriter of XL Re Ltd., where he was responsible for co-managing and underwriting the U.S. and international property business. Prior to joining XL Re in October 2005, Mr. Cooper held the positions of Vice President, Assistant Vice President and Casualty Treaty Underwriter at XL Reinsurance America, Inc. Mr. Cooper, who is a Bermudian citizen, received an MBA degree from Columbia University and BA degree from the University of Colorado. About Validus Holdings, Ltd. Validus Holdings Ltd. -- http://www.validusre.bm/-- is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd., and Talbot Holdings Ltd. Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. * * * As reported in the Troubled Company Reporter-Latin America on July 16, 2009, A.M. Best Co. has placed the indicative ratings of "bb+" on subordinated debt and "bb" on the preferred stock of Validus Holdings, Ltd (Validus Holdings) under review with negative implications. =========== B R A Z I L =========== CAIXA ECONOMICA: Funcef to Boost Equity Holdings to 40% ------------------------------------------------------- Funcef, the pension fund for workers at state-owned Caixa Economica Federal, plans to boost its stock holdings to take advantage of the nation�s economic rebound and record-low interest rates, Francisco Marcelino at Bloomberg News reports, citing Funcef President Guilherme Lacerda. According to the report, Mr. Lacerda said Funcef wants to raise its equity holdings to 40% from 35%. The report notes that Funcef has about BRL13 billion (US$7 billion) invested in Brazilian shares out of a total BRL37 billion in assets. �We plan to increase our equity holdings,� Mr. Lacerda told the news agency in a phone interview. �We may look into companies we already have a stake,� Mr. Lacerda added. Bloomberg notes that Funcef also considered buying more shares of companies such as Petroleo Brasileiro SA and JBS SA. 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. JBS SA: In Talks of Buying Out Pilgrim's Pride From Bankruptcy -------------------------------------------------------------- JBS SA, the world's largest beef exporter, is in talks in buying U.S.-based chicken producer Pilgrim's Pride Corporation out from bankruptcy, the Wall Street Journal reported on September 3, 2009. JBS, however, issued a statement on the same day saying there is no transaction or firm commitment by the company "at this time." The deal, valued by the Journal at US$2.5 billion, is set to be announced in a matter of weeks, the newspaper said citing people familiar with the talks. Analysts opined that the deal would pull Pilgrim's Pride out from bankruptcy and would make its presence felt in the global meat market. If the deal closes, it will pay bank Pilgrim's lenders, bondholders and other unsecured creditors in full, and still leave enough money for shareholders, the Journal said. At the close of trading on September 3, 2009, Pilgrim's Pride shares closed up 27 cents, or 5.24%, at US$5.42 in Pink Sheet trading, while JBS shares were up 14 cents, or 1.8%, at $7.87, Reuters reported. About Pilgrim's Pride Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation (Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs roughly 41,000 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors. Pilgrim's Pride Corp. and six other affiliates filed Chapter 11 petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No. 08-45664). The Debtors' operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process. Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges LLP, as bankruptcy counsel. The Debtors have also tapped Baker & McKenzie LLP as special counsel. Lazard Freres & Co., LLC, is the company's investment bankers and William K. Snyder of CRG Partners Group LLC as chief restructuring officer. The Company's claims and noticing agent is Kurtzman Carson Consulting LLC. A nine-member committee of unsecured creditors has been appointed in the case. As of December 27, 2008, the Company had $3,215,103,000 in total assets, $612,682,000 in total current liabilities, $225,991,000 in total long-term debt and other liabilities, and $2,253,391,000 in liabilities subject to compromise. Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride Bankruptcy News. The newsletter tracks the Chapter 11 proceeding of Pilgrim's Pride Corp. and its various affiliates. About JBS SA JBS SA is one of the world's largest beef producers with operations in Brazil, the United States, Argentina, Australia and Italy. The company is the largest producer and exporter of fresh meat and meat by-products in Brazil, Argentina and Australian and the third largest in the USA. * * * As of June 17, 2009, the company continues to carry Moody's B1 LT Corp rating and B1 Senior Unsecured Debt rating. The company also continues to carry Standard and Poors LT issuer Credit ratings B+. TAM SA: Signs Partnership Deal With Ipiranga & Walmart ------------------------------------------------------- TAM SA, Ipiranga and Walmart, through their customer loyalty and affiliation programs -- Km de Vantagens and Bomclube, respectively -- are the first partners of Multiplus Fidelidade, the loyalty program network initiative. Through these partnerships, Multiplus Fidelidade members will have more options for accumulating and redeeming points for products and services that they use every day. In addition to TAM SA's flights and tour packages with TAM Viagens, customers can accumulate points by purchasing products and services at Ipiranga gas stations and by shopping at stores in the Walmart group, as well as being able to redeem prizes at these partners' sales outlets. "Km de Vantagens and Bomclube enrich the customer base of Multiplus Fidelidade, which already had more than 6 million participants from TAM Fidelidade," said TAM's president Commander David Barioni Neto. The customer bases will altogether increase the total number of members to nearly 12 million. Multiplus Fidelidade represents the expansion of the concept of customer loyalty programs in which, through a network of programs, it is possible to accumulate and exchange points for products and services of different companies, from airline tickets to everyday purchases. "Multiplus will be an efficient tool for establishing customer loyalty and retaining customers at favorable costs for the companies that are part of the partnership," said Libano Barroso, TAM's Vice President of Finance, Management and IT. Ipiranga's Km de Vantagens, a pioneer customer loyalty program in the distribution sector that in five months of operation already has more than 1.5 million members, operates throughout the entire national territory of Brazil through accumulation of "kilometers" on purchases of fuel, lubricants and other products and services sold at gas stations under the brands Ipiranga (in the South and Southeast regions), and Texaco (in the North, Northeast and Central-West regions), at am/pm network and Jetoil stores, and also at the websites Ipirangashop.com and KmdeVantagens.com. Ipiranga is a member of Grupo Ultra, founded more than 70 years ago, has more than 5 thousand gas stations and is the largest privately held Brazilian company in the fuel-distribution business. "Filling up the gas tank is a recurring purchase for consumers. The Ipiranga network sees some 30 million visits to the pump per month. The customer loyalty program Km de Vantagens allows for an individualized, direct relationship with every customer and strengthens the company's strategy of differentiation, based on a diversified mix of products and services available at our filling stations. Joining the Multiplus Fidelidade program will help us substantially expand benefits for program participants, increasing the likelihood of more expansion and customer retention," said Leocadio Antunes Filho, superintendent of Ipiranga/Grupo Ultra. Bomclube is the Advantage Club of Walmart Brazil that awards prizes to members through points accumulated on purchases at their stores. Present in all Northeastern states (the Bompreco and HiperBompreco networks) and southern Brazil (BIG, Nacional and Mercadorama), the program, which already has 4.3 million members, is free, with registration available at any one of the network's stores. "Walmart has plans to expand its Advantage Club to every region of the country. I have no doubt that the partnership with TAM will strengthen the process," says Marcelo Vienna, Commercial Vice President of Walmart Brazil. In signing the partnership, the three companies -- TAM, Ipiranga and Walmart -- will see a strengthening of their brands, which will be part of the largest partnership coalition network in the market. Purchases at Ipiranga and Walmart sales outlets are already accumulating points for their programs, which can be exchanged for Multiplus Fidelidade points starting in November. TAM, Ipiranga and Walmart will soon notify their customers about the rules and the exact date for the start of benefits. 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. * BRAZIL: Gets US$60 Million Payment From Suriname -------------------------------------------------- The government of Suriname paid off its longstanding debt to Brazil on August 26, Ivan Cairo at Caribbean Net News reports, citing the Ministry of Finance. The report relates the initial debt of US$60 million, which consisted of loans dating back from the 1980s, over the years increased to a US$118 million, due to arrears in backpayment. According to the report, after intensive negotiations, Suriname successfully reached a debt settlement agreeing to pay US$74 million in one single installment while the Brazilian government will write off the remaining US$44 million. The report relates that Suriname has also agreed to invest the debt reduction of US$44 million in the rehabilitation of the runway of the country's international airport and co-financing of the Southdrain Road connecting Suriname and Guyana. Caribbean Net News notes that to complete the deal Suriname signed an agreement with the Netherlands in July to utilize the remaining development aid it was receiving from that country to pay off the debt. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. As reported in the Troubled Company Reporter-Latin America on July 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings and other outstanding ratings for Suriname as: -- Foreign currency issuer default rating at 'B'; -- Local currency issuer default rating at 'B+'; -- Country ceiling at 'B'. The rating outlook is stable for both ratings. ========================== C A Y M A N I S L A N D S ========================== BLACK RIVER: Members to Hear Wind-Up Report Today ------------------------------------------------- The members of Black River CFO I Ltd. will hear today, Sept. 9, 2009, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BLUE EAGLE: Members to Hear Wind-Up Report Today ------------------------------------------------ The members of Blue Eagle Portfolios Asian Opportunities Fund will hear today, Sept. 9, 2009, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CAIRN CAPITAL: Shareholder Receives Wind-Up Report -------------------------------------------------- On September 7, 2009, the sole shareholder Cairn Capital Short- Biased Credit Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Dorra Mohammed Telephone: 345-914-4475 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 CAIRN CAPITAL: Shareholder Receives Wind-Up Report -------------------------------------------------- On September 7, 2009, the sole shareholder Cairn Capital Short- Biased Credit Master Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Blake c/o Dorra Mohammed Telephone: 345-914-4475 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 CONCERTO LIMITED: Members to Hear Wind-Up Report Today ------------------------------------------------------ The members of Concerto Limited will hear today, Sept. 9, 2009, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SEARCH PACIFIC: Shareholder Receives Wind-Up Report -------------------------------------------------- On September 7, 2009, the shareholders Search Pacific Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wong, Mo Wah Gordon 5701, 57/F Cheung Kong Center 2 Queen's Road Central, Hong Kong Telephone: +852 2525 1211 Facsimile: +852 2826 9418 SIXTINA 2: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 2 Invicta Japan Master Fund Limited will hear today, Sept. 9, 2009, at 9:15 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 2: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 2 Invicta Japan Fund Limited will hear today, Sept. 9, 2009, at 9:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 5: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 5 MQ Asia Master Fund Limited will hear today, Sept. 9, 2009, at 9:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 5: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 5 MQ Asia Fund Limited will hear today, Sept. 9, 2009, at 9:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 6: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 6 Fortitude Pacific Fund Limited will hear today, Sept. 9, 2009, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 7: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 7 Monterrey Pacific Master Fund Limited will hear today, Sept. 9, 2009, at 10:15 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 7: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 7 Monterrey Pacific Fund Limited will hear today, Sept. 9, 2009, at 11:15 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 8: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 8 JLC Asia Fund Limited will hear today, Sept. 9, 2009, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 9: Members to Hear Wind-Up Report Today ----------------------------------------------- The members of Sixtina 9 Hindsight Asia Fund Limited will hear today, Sept. 9, 2009, at 10:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 14: Members to Hear Wind-Up Report Today ------------------------------------------------ The members of Sixtina 14 Oojoo Asia Fund Limited will hear today, Sept. 9, 2009, at 11:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SIXTINA 10: Members to Hear Wind-Up Report Today ------------------------------------------------ The members of Sixtina 10 Sparx Japan Fund Limited will hear today, Sept. 9, 2009, at 11:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Victor Murray Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands =============== C O L O M B I A =============== BANCOLOMBIA SA: To Name New Member of Board of Directors Soon ------------------------------------------------------------- Bancolombia S.A. will name a new member for its Board of Directors, to replace Moreno Jaramillo, who passed away on September 7, 2009. The replacement will be designated at the General Shareholders' Meeting. Bancolombia S.A. is Colombia's largest full-service financial institution, formed by a merger of three leading Colombian financial institutions. Bancolombia's market capitalization is over US$5.5 billion, with US$13.8 billion asset base and US$1.4 billion in shareholders' equity as of Sept. 30, 2006. Bancolombia is the only Colombian company with an ADR level III program in the New York Stock Exchange. * * * In May 2009, Moody's Investors Service upgraded from D to D+, Bancolombia S.A.'s financial strength rating. The outlook on the BFSR was changed to "stable", from "positive". Bancolombia's long-term and short-term local currency deposit ratings of "Baa2" and "Prime- 3", as well as the long-term and short-term foreign currency deposit ratings of "Ba2" and "Not Prime" were affirmed by Moody's. Bancolombia's foreign currency subordinated debt rating of"Baa3" was also affirmed with a stable outlook by the rating firm. Fitch Ratings affirmed on June 2009 Bancolombia's long- and short- term Issuer Default Ratings and outstanding debt ratings as follows: Long-term foreign currency IDR at 'BB+'; Short-term foreign currency IDR at 'B'; Long-term local currency IDR at 'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D'; Support at '3'; Support Floor at 'BB-'. At the same time the rating for Bancolombia's subordinated debt maturing May 2017 was affirmed at 'BB'. The Rating Outlook is Stable. ECOPETROL: Pacific Rubiales Reports Drilling Update at Quifa Block ------------------------------------------------------------------ Pacific Rubiales Energy Corp. disclosed a new oil discovery at its Quifa-7 well, located in Prospect "H" within the Quifa Block, the Llanos Basin of Colombia. The company also provided an update on the operational activity in the block. The Quifa-7 exploratory well found the top of the reservoir, the Carbonera basal sands, at 2,857 feet measured depth (MD), or 2,206 feet true vertical depth below sea level (TVDSS) and the oil water contact (OWC) at 2,896 feet MD or 2,245 feet TVDSS for a total oil column of 39 feet from the OWC to the crest of the structure. Preliminary petrophysical evaluation of the data from the well indicates a net pay zone of 24 feet and 30% average porosity. This result, along with the pressure and production regime measured at the Quifa-5 and Quifa-8 wells recently drilled at Prospect "E", suggests that prospects "H" and "E" are possibly connected as a single oil reservoir. The company is now planning to test the well and to complete it as a vertical oil producer. Operational Update The Quifa-8 well, recently drilled as an appraisal well to the Quifa 5b discovery in Prospect "E", was perforated for commingled production-testing of two pay zones in the Carbonera basal sands at 3,048 - 3,056 and 2,978 � 2,958 feet MD. After the first four days of testing, the well showed an average production of 100 barrels per day of 13.7 degrees API oil, slightly lighter than the 12.5 degrees API oil produced in the contiguous Rubiales field. This production level is similar to those reported from other vertical oil producer wells at the Rubiales field. Well I-9ST2, drilled in Prospect "I" in the southwest part of the Quifa Block, has a mechanical problem, and will initiate its production test after a work over, scheduled for next month. The Quifa Block is an Association Contract with Ecopetrol, S.A. in which Meta Petroleum (a wholly-owned subsidiary of Pacific Rubiales) holds a 60% working interest and Ecopetrol S.A. holds a 40% working interest. Pacific Rubiales, a Canadian-based company and producer of natural gas and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil operator which operates the Quifa block in the Llanos Basin in association with Ecopetrol S.A., the Colombian national oil company. 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. ISAGEN SA: Renews Contract to Deliver Electricity to Venezuela -------------------------------------------------------------- Isagen SA renewed a contract to deliver US$36 million worth of electricity to Venezuela a year, Inti Landauro at Dow Jones Newswires reports, citing Colombian Mines and Energy Minister Hernan Martinez. According to the report, Mr. Martinez said that Isagen will deliver about 85 megawatts a day to Venezuela. The report notes that Isagen SA's net profit for the first half of this year almost doubled to COP231 billion (US$114 million). Isagen SA is a Colombia-based company primarily engaged in the energy sector. Its activities comprise the electric power generation and distribution, as well as the operation of coal, steam and gas distribution networks. The company has a total installed capacity of 2,131 megawatts and its facilities include four hydroelectric plants: Central San Carlos, Central Jaguas, Central Calderas and Central Miel I, and one combined-cycle thermal power station: Central Termocentro. The company is also involved in such expansion projects as Proyecto Guarino, Proyecto Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto Hidroelectrico Sogamoso. Additionally, the Company holds a minority interests in Gensa SA ESP and Electricaribe SA ESP. * * * As reported in the Troubled Company Reporter-Latin America on June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the company's foreign currency IDR at 'BB+'. The Rating Outlook is Stable. * COLOMBIA: To Sell COP2 Trillion of Bonds for Budget Gap --------------------------------------------------------- Colombia will sell an extra COP2 trillion (US$999 million) of domestic bonds this year to address a budget shortfall stemming from lower tax revenue and the deferral of proceeds from the planned sale of a state company, Helen Murphy and Alexander Cuadros at Bloomberg News report, citing Finance Minister Oscar Ivan Zuluaga. According to the report, Mr. Zuluaga said the country plans to sell its 58% stake in power company Isagen SA by the end of this year to finance the 2010 budget instead of this year�s budget as previously planned, creating a gap of COP3 trillion in 2009. The government also expects COP1.4 trillion less in tax income this year, leaving the budget COP4.4 trillion short, Mr. Zuluaga added. Bloomberg News notes that Mr. Zuluaga raised the consolidated budget deficit target to 2.6% of gross domestic product from 2.4% previously, and the central government budget deficit to 4% from 3.7%. COP4 trillion of financing previously earmarked for 2010 will now be used for the 2009 budget, Mr. Zuluaga added. The report, citing William Ortiz, head of local debt sales at the Finance Ministry, relates that of that amount, the government has already sold COP3.4 trillion. Mr. Zuluaga, Bloomberg News notes, said that the government plans to auction a total of COP11.5 trillion of bonds this year, with COP1.7 trillion of that amount remains to be sold at auction. The report relates that Mr. Zuluaga maintained plans to sell COP26.2 trillion of bonds in 2010. * * * As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BBB-'; -- Outstanding senior unsecured debt at 'BB+'; -- Country ceiling at 'BBB-'. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: To Conclude Stand-by Arrangement With IMF --------------------------------------------------------------- Dominican Republic's government and the International Monetary Fund team want to conclude a new Stand-by arrangement by the end of this week, Dr1 News reports. The report relates that the ongoing talks center round how to improve tax collections, given that the government feels it would be politically unacceptable to raise taxes. According to the report, Hacienda Minister Vicente Bengoa emphasized that the country is asking the IMF for financing to cover this year's budget due to the deficit to a shortfall in income. The government was expecting a RD$21 billion gap between budgeted income and collections by year's end, Mr. Bengoa added. Planning, Economy and Development Minister Temistocles Montas, the report notes, said that the IMF could provide up to US$1.22 billion in quick disbursements. Of this money, US$500 million would come from the World Bank and another US$500 million would come from the Inter-American Development Bank (IDB), the report adds. Dr1 News, citing economy expert former Central Bank governor Guillermo Caram, the funds from an IMF agreement would be enough to reactivate the local economy and eliminate the need to issue sovereign bonds. * * * The country continues to carry Moody's B2 currency ratings. ============= J A M A I C A ============= CASH PLUS: More Properties Up for Sale -------------------------------------- Cash Plus Limited and its subsidiaries have stepped up the sale of assets formerly owned by the collapsed investment scheme, RadioJamaica reports. The report relates that three more properties have been placed on the auction block as liquidator Hugh Wildman tries to raise funds in an effort to repay former Cash Plus creditors. According to the report, these company assets were advertised: -- lands in Jacks Hill and Norbrook Heights, -- a townhouse situated in Waterworks, St. Andrew -- office space in New Kingston, and -- a warehouse on Marcus Garvey Drive. The report notes that efforts are being made to raise more than JM$200 million from the sale of properties now under the liquidator's control. 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. GRAND BAHIA: Plans to Make 172 Jobs Redundant Amid Low Occupancy ---------------------------------------------------------------- Spanish-owned Grand Bahia Principe Hotel said it will be cutting staff, RadioJamaica reports. The report relates that the 1,900 room Grand Bahia Principe Hotel has cited low occupancy projections as the reason it had to reduce its staff count. According to the report, in a memo to its staff, the hotel did not say how many members of its team would be sent off but RJR News sources said as many as 172 workers could go, excluding the several Spanish nationals employed in varying capacities. The report relates that the hotel has already met with several departments to discuss the planned staff cuts. RadioJamaica recalls that the massive hotel opened last year amidst controversy including a run in with environmental agencies and a wall collapsing, killing two people. SAGICOR FINANCIAL: To Delist Shares at Jamaica Stock Exchange ------------------------------------------------------------- Sagicor Financial Corporation has given notice to the Jamaica Stock Exchange that it will be de-listing its shares from the board of the JSE, effective September 16, 2009. The main reason for the decision is the insignificant trading activity in the Company�s shares which did not justify the operational cost of maintaining this listing. SFC�s experience with the JSE has been a positive one. The company expresses gratitude to the Board, Management and Staff of both the JSE and the Jamaica Central Securities Depository for their assistance and cooperation over the period of listing. The company remains supportive of the Jamaican market and look forward to having SFC shares traded through the Caribbean Exchange Network in the future. Shareholders whose shares are deposited in the Jamaica Central Securities Depository are requested to contact their Broker to arrange to have their shares transferred either to: -- The Barbados Central Securities Depository to facilitate trading on the Barbados Exchange, or -- The Trinidad and Tobago Central Depository to facilitate trading on the Trinidad and Tobago Stock Exchange, or -- The Depositary Interest Register maintained to facilitate trading in CREST on the London Stock Exchange. About Sagicor Financial Sagicor Financial Corporation -- http://www.sagicor.com/-- is synonymous with world-class financial services in the Caribbean. This dynamic, indigenous company, with a proud history dating back to 1840, has been redefining financial services in the Caribbean, and has built a strong base from which to expand internationally. Sagicor operates in 22 countries in the Caribbean, Latin America, the UK and the US. =========== M E X I C O =========== CEMEX SAB: Commences Global Public Offering ------------------------------------------- CEMEX, S.A.B. de C.V. commenced a global public offering of 1,200 million of its Ordinary Participation Certificates, directly or in the form of American Depositary Shares, plus up to an additional 180 million CPOs, directly or in the form of ADSs, to cover over- allotments. Included in the offering are 595 million CPOs that will be sold on CEMEX�s behalf by three of its subsidiaries. Of the 1,200 million CPOs being offered, it is expected that 900 million CPOs will be offered in the United States and in other countries outside Mexico and approximately 300 million CPOs will be offered in a concurrent public offering in Mexico. The transaction is subject to market and other conditions. J.P. Morgan, Citi, Santander Investment, and BBVA will act as global coordinators for the global offering. J.P. Morgan, Citi, Santander Investment, BBVA, BNP Paribas, HSBC, and RBS will act as joint bookrunning managers on the international offering. Acciones y Valores Banamex Casa de Bolsa, J.P. Morgan Casa de Bolsa, Casa de Bolsa BBVA Bancomer, Santander Casa de Bolsa, and HSBC Casa de Bolsa will act as bookrunning managers for the Mexican offering. CEMEX intends to use the net proceeds from the global offering to pay down debt as required by the financing agreement recently entered into with its creditors. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and is effective. A Spanish language prospectus has been filed with Comision Nacional Bancaria y de Valores (Mexican securities The offering is made solely by means of prospectuses. Copies of the international prospectus may be obtained from the prospectus departments of: J.P. Morgan Securities Inc. Prospectus Library 4 Chase Metrotech Center CS Level, Brooklyn, NY 11245 Tel: (718) 242-8002 Citigroup Global Markets Inc. Brooklyn Army Terminal, 140 58th Street, 8th floor Brooklyn NY 11220 Tel: (718) 765-6732 Santander Investment Equity Capital Markets Elias Ehrlich 45 East 53rd Street, 12th floor, New York, NY 10022 Tel: (212) 407-0963 Banco Bilbao Vizcaya Argentaria, S.A ECM Department Via de los Poblados s/n, 28033 Madrid Tel: (34 91) 537-9337 BNP Paribas Equity Syndicate 16 avenue de Matignon, 75008 Paris, France HSBC Prospectus Dept. 452 Fifth Avenue New York, NY 10018 Tel: (866) 811-8049 RBS Securities Inc. Prospectus Library 600 Washington Blvd. Stamford, CT 06901 Tel: (203) 897-9874 Copies of the Mexican prospectus may be obtained from the prospectus departments of: Acciones y Valores Banamex Casa de Bolsa Paseo de la Reforma 398 � 4th piso, Col. Juarez 06600 Mexico, D.F. J Antonio Espindola / Santiago Guzman Equity Capital Markets J.P. Morgan Casa de Bolsa Av Paseo de las Palmas 405 Col Lomas de Chapultepec piso 16, Mexico City 11000 Mexico Ricardo Carvallo Tel: 52 (55) 5540-9361 Casa de Bolsa BBVA Bancomer Montes Urales 620 2nd floor Col. Lomas de Chapultepec 11000 Mexico D.F. Banca de Inversion/ECM Mexico Tel: 52 (55) 5201-2069 Santander Casa de Bolsa Equity Capital Markets Prol. Paseo de la Reforma #500 Modulo 109 Col. Lomas de Santa Fe Alvaro Obregon 01219, Mexico DF Roberto Baena Tel: 52 (55) 5269-1819 HSBC Casa de Bolsa Luis A Hernandez Tesoreria HSBC Av Paseo de la Reforma 347 Piso 15 Col Cuauhtemoc C.P 06500, Mexico D.F About CEMEX SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. =============== S U R I N A M E =============== * SURINAME: Pays Off US$60 Million Debt to Brazil ------------------------------------------------- The government of Suriname paid off its longstanding debt to Brazil on August 26, Ivan Cairo at Caribbean Net News reports, citing the Ministry of Finance. The report relates the initial debt of US$60 million, which consisted of loans dating back from the 1980s, over the years increased to a US$118 million, due to arrears in backpayment. According to the report, after intensive negotiations, Suriname successfully reached a debt settlement agreeing to pay US$74 million in one single installment while the Brazilian government will write off the remaining US$44 million. The report relates that Suriname has also agreed to invest the debt reduction of US$44 million in the rehabilitation of the runway of the country's international airport and co-financing of the Southdrain Road connecting Suriname and Guyana. Caribbean Net News notes that to complete the deal Suriname signed an agreement with the Netherlands in July to utilize the remaining development aid it was receiving from that country to pay off the debt. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. As reported in the Troubled Company Reporter-Latin America on July 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings and other outstanding ratings for Suriname as: -- Foreign currency issuer default rating at 'B'; -- Local currency issuer default rating at 'B+'; -- Country ceiling at 'B'. The rating outlook is stable for both ratings. ============= U R U G U A Y ============= URUGUAY: S&P Affirms BB- For., Local Cur. Sovereign Credit Ratings ------------------------------------------------------------------ On Sept. 7, 2009, Standard & Poor's Ratings Services affirmed its 'BB-' foreign and local currency sovereign credit ratings on the Oriental Republic of Uruguay. In addition, the 'B' short-term ratings on Uruguay were also affirmed. At the same time, Standard & Poor's affirmed the '2' recovery rating on Uruguay. The transfer and convertibility assessment remains at 'BB+'. The outlook remains stable. In S&P's opinion, a growing track record of prudent macroeconomic management, recently tested by the severe global financial and economic crisis, and improvements in the medium-term economic outlook based on significant levels of green-field foreign direct investment continue to be constrained at the current rating level by still-high government debt, dollarization, and vulnerability to regional developments. Standard & Poor's expects a smooth transition into the new Administration -- to be elected in October 2009 -- given Uruguay's solid political institutional framework. The growing track record of prudent economic policies is expected to continue after the election, irrespective of the result. While in S&P's view the electoral process will certainly heighten the debate on microeconomic issues, the ratings on Uruguay assume a relatively solid level of consensus on macroeconomic restrictions, as well as on the key role that private investment will play in improving Uruguay's medium-term economic prospects. Recent policies have significantly reduced the general government debt level to an estimated 45% of GDP (in net terms using Standard & Poor's methodology) expected for year-end 2009 (from about a 100% in 2003), improved the government's debt amortization profile by pre-financing most of the financing needs over the next 18 months, strengthened the banking system, and have led to a reduction in Uruguay's net external debt level after a strong process of international reserves accumulation. Improving economic conditions, combined with Uruguay's strong institutional framework, have attracted and continue to attract green-field FDI, led by the pulp and paper industry. FDI levels averaged 6% of GDP over the last four years, and, although expected to decline from these very high levels, will remain strong over the medium term. S&P believes that strong FDI flows are assisting in the reversal of one of Uruguay's greatest economic weaknesses: a very low level of investment. Despite recent declines, S&P considers that a still-high government debt level remains an important credit weakness in Uruguay. Government debt remains highly vulnerable to exchange rate fluctuations, with 65% of the debt denominated in foreign currency. In addition, high levels of dollarization (85% of deposits) that undermine monetary policy implementation, and a rigid fiscal structure, which diminishes fiscal room to maneuver, restrict the flexibility of economic policy implementation. The ratings on Uruguay will continue to be constrained by its vulnerability to both commodity prices and regional performance. In addition, S&P believes that the uncertain prospects for the Argentine economy could hinder Uruguay's own economic performance, even though recent policies in Uruguay have moderated some of the historical channels of contagion, such as the financial one. The stable outlook at the current rating level balances prudent economic policies with Uruguay's credit weaknesses described above. Going forward, the continuation of a proactive economic policy agenda -- with the new administration -- that modernizes Uruguay's economic structure, enhancing the country's medium-term economic prospects, as well as making economic performance less vulnerable to external shocks, could create the basis for a positive change to the outlook. On the contrary, weaker commitment to macroeconomic prudence -- reflected for example in fiscal deficits that could increase in the medium term and could lead to a reversal in the declining debt trends seen in the recent past -- could put future pressure on the rating if it were to persist. Ratings Affirmed Uruguay (Oriental Republic of) Sovereign Credit Rating BB-/Stable/B Transfer & Convertibility Assessment BB+ N.B. -- This does not include all ratings affected. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Negotiating With PDVSA on New Crude Supply Deals ----------------------------------------------------------------- Citgo Petroleum Corp. is negotiating with its Venezuela parent, Petroleos de Venezuela, on new crude supply contracts that will eliminate the "discount" the company had been receiving for its purchases, Petroleumworld.com reports. The report relates that Citgo Petroleum buys about 40% of its crude needs from its parent and holds long-term supply contracts for its refineries. According to the report, those supply agreements are all netback based, similar to a crude supply contract state oil company PDVSA altered with Lyondell last year. The report notes that Lyondell's new contract uses posted Venezuela official selling prices based on Platts assessments. Citgo Petroleum CEO Alejandro Granado , the report relates, said that the company is currently "revisiting" supply deals with PDVSA for Venezuelan crude to make the relationship between the companies more transparent. "The price should be a market price, not a discount," the report quoted Mr. Granado as saying. "We're eliminating those contracts with a discount because we should not get a preferential decision. It's not healthy to one side or the other," Mr. Granado added. Petroleumworld.com says the Lyondell agreement was the beginning of a move to a new monthly OSP system by Venezuela. The report, citing securities filings, relates it included "publicly announced formula[s] for deliveries of oil destined for ports in the US Gulf Coast and the Caribbean." About Citgo Petroleum 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-'. 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 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' GLOBOVISION: Has 8 Days to Respond to "Violence" Claims ------------------------------------------------------- Daniel Cancel at Bloomberg Newa reports that Globovision has eight days to prepare its defense against the accusations of Venezuela telecommunications regulator, Conatel, that the television is inciting violence in its broadcasts. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, The Associated Press said that Venezuela Telecommunications Chief Diosdado Cabello said there is a new probe into a television station opposed to President Hugo Chavez's government. The report related that Mr. Cabello said the recent investigation into Globovision was opened because the channel allegedly broadcast a ticker strip of text messages from viewers calling for a coup. The report said that the series of investigations into Globovision, the only fiercely anti-Chavez channel remaining on the open airwaves, could lead to its closure. �Those messages are filtered by the channel and there must be consequences if a channel is calling for the assassination of the president or a coup,� Bloomberg quoted Mr. Cabello as saying. According to Bloomberg News, citing the legal representative of Globovision Ana Cristina Nunez, the charge against Globovision could lead to a 72-hour suspension of broadcasts or the complete revoking of its license. PETROLEOS DE VENEZUELA: Citgo Negotiating on New Supply Deals ------------------------------------------------------------- Citgo Petroleum Corp. is negotiating with its Venezuela parent, Petroleos de Venezuela, on new crude supply contracts that will eliminate the "discount" the company had been receiving for its purchases, Petroleumworld.com reports. The report relates that Citgo Petroleum buys about 40% of its crude needs from its parent and holds long-term supply contracts for its refineries. According to the report, those supply agreements are all netback based, similar to a crude supply contract state oil company PDVSA altered with Lyondell last year. The report notes that Lyondell's new contract uses posted Venezuela official selling prices based on Platts assessments. Citgo Petroleum CEO Alejandro Granado , the report relates, said that the company is currently "revisiting" supply deals with PDVSA for Venezuelan crude to make the relationship between the companies more transparent. "The price should be a market price, not a discount," the report quoted Mr. Granado as saying. "We're eliminating those contracts with a discount because we should not get a preferential decision. It's not healthy to one side or the other," Mr. Granado added. Petroleumworld.com says the Lyondell agreement was the beginning of a move to a new monthly OSP system by Venezuela. The report, citing securities filings, relates it included "publicly announced formula[s] for deliveries of oil destined for ports in the US Gulf Coast and the Caribbean." About Citgo Petroleum 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-'. 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 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' * VENEZUELA: Isagen Renews Electricity Delivery Contract -------------------------------------------------------- Isagen SA renewed a contract to deliver US$36 million worth of electricity to Venezuela a year, Inti Landauro at Dow Jones Newswires reports, citing Colombian Mines and Energy Minister Hernan Martinez. According to the report, Mr. Martinez said that Isagen will deliver about 85 megawatts a day to Venezuela. The report notes that Isagen SA's net profit for the first half of this year almost doubled to COP231 billion (US$114 million). Isagen SA is a Colombia-based company primarily engaged in the energy sector. Its activities comprise the electric power generation and distribution, as well as the operation of coal, steam and gas distribution networks. The company has a total installed capacity of 2,131 megawatts and its facilities include four hydroelectric plants: Central San Carlos, Central Jaguas, Central Calderas and Central Miel I, and one combined-cycle thermal power station: Central Termocentro. The company is also involved in such expansion projects as Proyecto Guarino, Proyecto Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto Hidroelectrico Sogamoso. Additionally, the Company holds a minority interests in Gensa SA ESP and Electricaribe SA ESP. * * * As reported in the Troubled Company Reporter-Latin America on June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the company's foreign currency IDR at 'BB+'. The Rating Outlook is Stable. *********** 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 * * *