/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090921.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 Monday, September 21, 2009, Vol. 10, No. 186 Headlines A R G E N T I N A AGENS SAC: Creditors' Proofs of Debt Due on November 3 ARTE COLOR: Creditors' Proofs of Debt Due on October 26 BANCO DE LA PROVINCIA: Moody's Assigns 'E+' Bank Strength Rating CONSTRUCTORA PAESE: Creditors to Vote Settlement Plan on Dec. 22 DIANA INTERNACIONAL: Creditors' Proofs of Debt Due on October 29 GENERAL SUPPLIES: Trustee Verifying Proofs of Claim Until Oct. 6 TELECOM ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill TELEFONICA ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill * ARGENTINA: Seeks to Pay Off US$6.7BB Paris Club Debt in 5 Years * ARGENTINA: Receives US$120MM Fund From Inter-American Dev't Bank B A R B A D O S CL FINANCIAL: Barbados Gets Offer for CLICO Assets B E R M U D A SCHLEGEL IRELAND: Creditors' Proofs of Debt Due on October 2 SCHLEGEL IRELAND: Members to Receive Wind-Up Report on October 21 B R A Z I L ANHANGUERA EDUCACIONAL: S&P Assigns 'BB-' Corporate Credit Rating BANCO DO BRASIL: Receives Go-Signal to Issue ADRs BRACOL HOLDING: S&P Puts 'B-' Corp. Rating on CreditWatch Positive BANCO NACIONAL: To Hold 22.4% of Bertin-JBS Merger Company PILGRIM'S PRIDE: Files Chapter 11 Plan to Sell to JBS SA * BRAZIL: Companies to Step Up Overseas Takeovers, Adviser Says C A Y M A N I S L A N D S ALTRIA FINANCE: Members to Hear Wind-Up Report on September 24 BLUEPRINT TRADING: Members to Hear Wind-Up Report on September 24 BPI GLOBAL: Members to Hear Wind-Up Report on September 24 CASAM ARGENT: Members to Hear Wind-Up Report on September 24 CRANE CORPORATION: Sole Member to Hear Wind-Up Report on Sept. 22 CREF NO. 2: Shareholder to Hear Wind-Up Report on September 24 FAIRFIELD REDSTONE: Shareholders Receive Wind-Up Report FH EMERGING: Shareholders to Receive Wind-Up Report on Sept. 22 GREAT NECK: Members to Hear Wind-Up Report on September 22 LONGACRE EUROPE: Shareholders to Hear Wind-Up Report on Sept. 22 LONGACRE EUROPEAN: Shareholders to Hear Wind-Up Report on Sept. 22 MACQUARIE INFRASTRUCTURE: Members to Hold Meeting on September 22 MIOF MASTER: Members to Receive Wind-Up Report on September 22 MIDAS FUNDING: Shareholders to Receive Wind-Up Report on Sept. 22 OFTA LIMITED: Members to Receive Wind-Up Report on September 22 OFTA LIMITED: Creditors' Proofs of Debt Due Today ROBINS FUNDING: Members to Receive Wind-Up Report on September 22 ROCK CAPITAL: Members to Receive Wind-Up Report on September 24 ROCK REAL: Members to Receive Wind-Up Report on September 24 ROCK REAL: Members to Receive Wind-Up Report on September 24 SRL FIRST: Shareholders to Receive Wind-Up Report on September 22 TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22 TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22 WEI – CHUAN: Shareholders to Hear Wind-Up Report on September 24 C U B A * CUBA: U.S. Embargo Costs US$96 Billion Loss D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: 1H Revenue Falls 8.2% as Crisis Still Looms E C U A D O R PERENCO ECUADOR: Ecuador Urges Firm to Resume Production H A I T I * HAITI: To Receive US$30 Million From Inter-American Dev't Bank J A M A I C A AIR JAMAICA: Union Expects Jobs Cuts Following Privatization JAMAICAN RAILWAY CORP: Government Recovers JM$2 BB++ in Assets M E X I C O GRUPO MEXICO: Unit to Reach Accord With Kansas City Southern VISTEON CORP: Gets Funds From New GM to Consolidate Mexican Units P E R U DOE RUN PERU: Government to Extend Clean Up Deadline Plan V E N E Z U E L A * VENEZUELA: Prepares to Nationalize Coffee Companies * VENEZUELA: Discovers New Oil Reservior in Country's Gulf X X X X X X X X * BOND PRICING: For the Week September 14 to September 18, 2009 - - - - - ================= A R G E N T I N A ================= AGENS SAC: Creditors' Proofs of Debt Due on November 3 ------------------------------------------------------ The court-appointed trustee for Agens S.A.C. y F.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 3, 2009. ARTE COLOR: Creditors' Proofs of Debt Due on October 26 ------------------------------------------------------- The court-appointed trustee for Arte Color Rm S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until October 26, 2009. BANCO DE LA PROVINCIA: Moody's Assigns 'E+' Bank Strength Rating ---------------------------------------------------------------- Moody's Investors Service assigned a bank financial strength rating of E+ to Banco de la Provincia de Cordoba S.A. At the same time, Moody's assigned long- and short-term global local-currency deposit ratings of B2 and Not Prime, as well as long- and short- term foreign-currency deposit ratings of Caa1 and Not Prime. Moody's has also assigned A2.ar local-currency and Ba1.ar foreign- currency deposit ratings to Banco de Cordoba on the Argentine national scale. The outlook on all the ratings is stable. Moody's said that Banco de Cordoba's B2 global local currency deposit rating is based on the bank's E+ BFSR that translates to a stand-alone baseline credit assessment of B2. The B2 is then mapped to the A2.ar National Scale Rating. At these rating levels, Banco de Cordoba's deposit ratings do not benefit from any uplift from either systemic or local government support. The E+ BFSR reflects Banco de Cordoba's relatively small franchise within the Argentine market though it is prominent in its region, with a 35% market share of total deposits. The bank also benefits from its relationship with the Province of Cordoba, its 99% owner, acting as its financial agent and as an originator and manager of a portfolio of payroll-deductible loans to public employees and retirees that provide the bank with both a loyal client base and a relevant source of funding. The relatively low E+ rating at the same time reflects the bank's still weak financial fundamentals, particularly its core earnings and capital generation, which reflect legacy asset quality and administrative issues. Moody's expects to see improvement in these areas in the near term based on significant efforts by management to improve internal processes particularly in the area of risk management and business development processes as well as to leverage its client relationships. Moody's indicated that Banco de Cordoba's ratings are also limited by its non-compliance with minimum capital requirements as a result of delays in obtaining final Central Bank approval of its recovery and recapitalization plan, which management expects to resolve in the near future. Banco de la Provincia de Cordoba S.A. is a commercial bank, headquartered in Cordoba, Argentina, with assets of ARS5.59 billion (US$1.47 billion ), deposits of ARS4.55 billion (US$1.20 billion) and equity of ARS293.69 million (US$77.36 million) as of June 2009. These ratings were assigned to Banco de la Provincia de Cordoba S.A.: * Bank Financial Strength Rating: E+, with stable outlook. * Long- and short-term global local-currency deposit ratings: B2 and Not Prime, with stable outlook. * Long- and short-term foreign-currency deposit ratings: Caa1 and Not Prime, with stable outlook. * Long-Term National Scale Local-Currency Deposit Rating: A2.ar, with stable outlook. * Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar, with stable outlook. CONSTRUCTORA PAESE: Creditors to Vote Settlement Plan on Dec. 22 ---------------------------------------------------------------- The creditors of Constructora Paese S.R.L. will vote to ratify the company's completed settlement plan during the assembly on December 22, 2009. DIANA INTERNACIONAL: Creditors' Proofs of Debt Due on October 29 ---------------------------------------------------------------- The creditors of Diana Internacional S.A. are required to file their proofs of debt by October 29, 2009, to be included in the company's dividend distribution. Dr. Gabriel M. Ail is the company's new designated receiver. GENERAL SUPPLIES: Trustee Verifying Proofs of Claim Until Oct. 6 ---------------------------------------------------------------- The court-appointed trustee for General Supplies S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until October 6, 2009. The trustee will present the validated claims in court as individual reports on November 18, 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 1, 2010. TELECOM ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill --------------------------------------------------------------- Seeking to help speed a media overhaul bill through Argentina's Congress, President Cristina Fernandez said she would exclude telecom companies from the government's proposal, Matthew Cowley at Dow Jones Newswires reports. According to the report, the government move would prevent Argentina's two major telecom companies -- Telefonica de Argentina and Telecom Argentina -- from offering television services alongside their existing voice and Internet access products. The report relates that President Fernandez has sent instructions to eliminate from the bill "that telephone companies can participate in this sphere and leave it to the telecom cooperatives." President Fernandez, the report notes, said that the bill should "remove any doubts" among those legislators who think the original proposal would give the telecom firms a new monopoly over media services. It should also remove the "excuses" that other politicians used to avoid "dealing with the law democratically in a debate," President Fernandez added. About Telefonica de Argentina Buenos Aires-based Telefonica de Argentina SA -- http://www.telefonica.com.ar/-- provides telecommunication services, which include telephony business both in Spain and Latin America, mobile communications businesses, directories and guides businesses, Internet, data and corporate services, audiovisual production and broadcasting, broadband and Business-to-Business e- commerce activities. * * * As reported in the Troubled Company Reporter-Latin America on May 11, 2009 Fitch Ratings these rating actions on Telefonica de Argentina S.A.: -- Local currency Issuer Default Rating affirmed at 'BB-'; -- Foreign currency IDR affirmed at 'B+'; -- National scale rating affirmed at 'AA+(arg)'; -- Approximately US$331 million of Obligaciones Negociables affirmed at 'BB-/RR3'and 'AA+(arg)'; The Rating Outlook is Stable. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As of June 30, 2009, the company continues to carry Standard and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local Issuer Credit rating. The company also continues to carry Fitch ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer default rating; and "B" Senior Unsecured Debt rating TELEFONICA ARGENTINA: Pres. Excludes Firm From Media Overhaul Bill ------------------------------------------------------------------ Seeking to help speed a media overhaul bill through Argentina's Congress, President Cristina Fernandez said she would exclude telecom companies from the government's proposal, Matthew Cowley at Dow Jones Newswires reports. According to the report, the government move would prevent Argentina's two major telecom companies -- Telefonica de Argentina and Telecom Argentina -- from offering television services alongside their existing voice and Internet access products. The report relates that President Fernandez has sent instructions to eliminate from the bill "that telephone companies can participate in this sphere and leave it to the telecom cooperatives." President Fernandez, the report notes, said that the bill should "remove any doubts" among those legislators who think the original proposal would give the telecom firms a new monopoly over media services. It should also remove the "excuses" that other politicians used to avoid "dealing with the law democratically in a debate," President Fernandez added. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As of June 30, 2009, the company continues to carry Standard and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local Issuer Credit rating. The company also continues to carry Fitch ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer default rating; and "B" Senior Unsecured Debt rating About Telefonica de Argentina Buenos Aires-based Telefonica de Argentina SA -- http://www.telefonica.com.ar/-- provides telecommunication services, which include telephony business both in Spain and Latin America, mobile communications businesses, directories and guides businesses, Internet, data and corporate services, audiovisual production and broadcasting, broadband and Business-to-Business e- commerce activities. * * * As reported in the Troubled Company Reporter-Latin America on May 11, 2009 Fitch Ratings these rating actions on Telefonica de Argentina S.A.: -- Local currency Issuer Default Rating affirmed at 'BB-'; -- Foreign currency IDR affirmed at 'B+'; -- National scale rating affirmed at 'AA+(arg)'; -- Approximately US$331 million of Obligaciones Negociables affirmed at 'BB-/RR3'and 'AA+(arg)'; The Rating Outlook is Stable. * ARGENTINA: Seeks to Pay Off US$6.7BB Paris Club Debt in 5 Years ----------------------------------------------------------------- Argentina will seek to pay off its US$6.7 billion in defaulted Paris Club debt over the next five years, Drew Benson at Bloomberg News reports, citing La Nacion newspaper. The report, citing La Nacion, relates Economy Minister Amado Boudou will meet with officials from the group of creditor nations in Pittsburgh. Bloomberg News notes that the newspaper said Argentina will seek private sector financing as part of the restructuring talks. According to a company press release, Paris Club creditors held a meeting on welcomed the announcement by President Cristina Fernandez de Kirchner that the Argentine government intends to pay in full its debt to the Paris Club. The company statement relates that following the President’s decision, contacts are ongoing between the Paris Club and the Argentine authorities on the implementation of this payment, which would represent a very significant step towards the normalization of Argentina’s relationship with all its external creditors. * * * As reported in the Troubled Company Reporter-Latin America on August 27, 2009, Standard & Poor's Ratings Services affirmed its 'B-' long-term and 'C' short-term sovereign credit ratings on the Republic of Argentina. The outlook remains stable. * ARGENTINA: Receives US$120MM Fund From Inter-American Dev't Bank ------------------------------------------------------------------ The Board of Executive Directors of the Inter-American Development Bank approved a US$120 million loan to Argentina to finance road improvements and maintenance works in various provinces including La Pampa, Entre Rios, Cordoba and Formosa. In addition, the loan will finance the implementation of a diagnostic assessment to improve road network management, including better highway safety, maintenance and weight control. The loan is the first part of a US$2.5 billion conditional credit line for Argentina that will support investments to improve, expand, and rehabilitate the provincial road network throughout the country. The new credit line seeks to help South America’s second biggest nation overcome one of the primary obstacles to economic growth. Despite the international boom and the growing demand for agricultural inputs, which benefit the Argentine economy, the poor condition of the country’s secondary and tertiary road networks increases costs, making its products more expensive. About 80% of the total volume of cargo is transported over the country’s roads. “The increase in agricultural production in recent years, as well as the rise in exports, has translated into growing pressure on the provincial transportation system in Argentina, which has not been accompanied by the necessary investment in terms of road infrastructure,’’ said Rafael M. Acevedo-Daunas, the IDB project team leader. “The IDB credit line will help the country finance works to reduce this gap.” It is estimated that more than US$1.5 billion in annual investment on Argentina’s road system would be required in the coming years in order to maintain existing roads and eliminate the backlog of expansion and improvement projects, Mr. Acevedo-Daunas said. The IDB’s conditional credit line, known as CCLIP, will finance projects that will increase road access in the provinces and reduce vehicle operation costs, including the number of days roads are closed due to traffic or are placed under severe restrictions. For instance, at the end of the project, RP 26 in Formosa will be open to traffic all year round and not subject to closures during 150 days a year. The conditional credit line is effective for 20 years and its loans are denominated in U.S. dollars, with interest rates linked to the London Interbank Offered Rate (LIBOR). The first loan has a grace period of 4.5 years and an amortization period of 25 years. * * * As reported in the Troubled Company Reporter-Latin America on August 27, 2009, Standard & Poor's Ratings Services affirmed its 'B-' long-term and 'C' short-term sovereign credit ratings on the Republic of Argentina. The outlook remains stable. =============== B A R B A D O S =============== CL FINANCIAL: Barbados Gets Offer for CLICO Assets -------------------------------------------------- Barbados Oversight Committee -- appointed by Prime Minister and Minister of Finance David Thompson to oversee the sale and functioning of Colonial Life Insurance Company's entities in the country -- has received two offers for the company's regulated shares, CaribbeanPressreleases reports. CLICO is a unit CL Financial Limited. According to the report, Mr. Thompson said he expected sales would be completed shortly so that there would be no liability to Barbadian taxpayers. The report relates that negotiations were ongoing with regard to the third asset. The report notes that Mr. Thompson, with respect to government, said austerity measures would continue by trimming expenditure, and "pruning wherever possible". The recommendation for the introduction of a medium-term fiscal program was already engaging government's attention, he added. The Prime Minister, the report relates, believed that Barbados had been meeting "reasonable success", from its efforts to deal with the recession, adding that there had been a level of stability which the country had been able to recognize. He stressed, however, that the world was still going through a major economic crisis, and pointed out that nothing that had happened in Barbados was of the country's making, the report adds. About CL Financial CL Financial Limited is a privately held conglomerate in Trinidad and Tobago. Founded as an insurance company, Colonial Life Insurance Company by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, A.M. Best Co. has downgraded the financial strength rating to C (Weak) from B (Fair) and issuer credit rating to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago). The ratings remain under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. According to a TCRLA report on Feb. 20, 2009, citing Trinidad and Tobago Express, Tobago President George Maxwell Richards signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ============= B E R M U D A ============= SCHLEGEL IRELAND: Creditors' Proofs of Debt Due on October 2 ------------------------------------------------------------ The creditors of Schlegel Ireland Limited are required to file their proofs of debt by October 2, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 15, 2009. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda SCHLEGEL IRELAND: Members to Receive Wind-Up Report on October 21 ----------------------------------------------------------------- The members of Schlegel Ireland Limited will receive on October 21, 2009, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on September 15, 2009. The company's liquidator is: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda =========== B R A Z I L =========== ANHANGUERA EDUCACIONAL: S&P Assigns 'BB-' Corporate Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB-' global scale corporate credit rating to Anhanguera Educacional Participacoes S.A. and affirmed its 'brA' Brazilian national scale corporate credit and debenture ratings on the company. The outlooks are stable. The debentures are to be in the amount of Brazilian reais (BRL)200 million, in two tranches. The first tranche will have a bullet maturity in 2012; the second tranche will have two amortization periods, one in 2013 and the other in 2014. The company plans to use the proceeds to reinforce its cash position, extend its debt repayment schedule, and finance part of its expansion. "The ratings on Anhanguera reflect the integration and execution risks of its expansion plans using organic growth, greenfield projects, and acquisitions," said Standard & Poor's credit analyst Piero Parolin. "We expect it will finance the expansion primarily with the proceeds of the debentures issuance and, eventually, additional debt." Such an increase in debt will cause more-aggressive credit measures by the end of 2009. S&P also incorporates in the ratings the company's challenging outlook for generating positive free cash flow in the short-to- medium term. The positive growth prospects for postsecondary education in Brazil partially mitigate these risks. S&P also considers a higher participation of distance learning centers in the company's total revenues, the positive track record of the company in capturing growth opportunities through greenfield projects or acquisitions, and the benefits of operating a larger scale business. Anhanguera faces some integration and execution challenges in adapting newly acquired campuses to its working model and educational process. The stable outlooks reflect S&P's view that Anhanguera has achieved an adequate scale to finance its expansion strategy, with room to reduce leverage gradually in the next year or so. However, S&P will monitor the company's significant capital expenditures and potential risks involved. BANCO DO BRASIL: Receives Go-Signal to Issue ADRs ------------------------------------------------- Banco do Brasil SA said Brazil President Luis Inacio Lula da Silva, through presidential decree, gave the bank a go signal to issue American depositary receipts, Rogerio Jelmayer at Dow Jones Newswires reports. According to the report, the president also authorized an increase in the limit of foreign participation in the bank's capital to 20% from 12.5%. The report notes that the authorization is a formality, and the bank still didn't unveil a plan to raise money from ADR issuance. Banco do Brasil SA is Brazil's federal bank and is the largest in Latin America with some 20 million clients and more than 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * As reported by the Troubled Company Reporter-Latin America on Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s Individual Rating at 'C/D'. BRACOL HOLDING: S&P Puts 'B-' Corp. Rating on CreditWatch Positive ------------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'B-' corporate credit rating on Bracol Holding Ltda. on CreditWatch with positive implications. "The CreditWatch placement reflects the positive implications of the announced plans of Bracol's main subsidiary, Bertin S.A., to associate with Brazil-based meat company JBS S.A. on Bracol's overall business profile. S&P believes that the combination of Bertin and JBS will result in a stronger, diversified meat producing operation. The transaction improves Bertin's market position and product diversity into the beef, pork, chicken, and dairy sectors, as JBS has also announced it will acquire U.S.- based Pilgrim's Pride Corp. (not rated). S&P will monitor the companies' ability to capture synergies from the integrated assets, but believe prospects are currently favorable," said Standard & Poor's credit analyst Flavia Bedran. "We expect to resolve the CreditWatch within the next few months after obtaining further details on the transaction's business and financial implications for Bracol, also taking into account any developments regarding the company's assets and capital structure," Ms. Bedran added. BANCO NACIONAL: To Hold 22.4% of Bertin-JBS Merger Company ---------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA will have a 22.4% stake in the company formed from the merger of JBS SA and Bertin SA merger, Rogerio Jelmayer at Dow Jones Newswires reports. According to the report, the BNDES stake, held through its equity arm BNDESPar, results from the bank's current stakes in both companies and doesn't represent any new investment. "We see the merger as positive, including efforts by JBS to expand its international presence," the report quoted BNDES as saying. As reported in the Troubled Company Reporter-Latin America on September 17, 2009, Reuters said JBS SA will buy Brazilian rival Bertin SA in an all stock-transaction to consolidate its leadership in the global meat market. Bloomberg News related that &F Participacoes SA and ZMF Fundo de Investimento em Participacoes, which together control JBS, will put all their shares into the new company, Nova Holding, while Bertin controlling holders will contribute 73.1% of their stake. Reuters noted that JBS SA's said that its shareholders would control 60% of Nova Holding, while Bertin holders would hold the remaining 40%. Banco JP Morgan SA and Banco Santander Brasil SA are advising JBS and Bertin on the holding company. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. PILGRIM'S PRIDE: Files Chapter 11 Plan to Sell to JBS SA --------------------------------------------------------- Pilgrim's Pride Corporation and six debtor-affiliates filed a joint plan of reorganization and explanatory disclosure statement with the U.S. Bankruptcy Court for the Northern District of Texas. Pilgrim's Pride and JBS have agreed to a transaction representing an enterprise value of approximately US$2.8 billion. Under the terms of the plan of reorganization, Pilgrim's Pride has entered into an agreement to sell 64% of the new common stock of the reorganized Pilgrim's Pride to JBS S.A., through its JBS USA Holdings, Inc. subsidiary (JBS U.S.A.), for US$800 million in cash. Proceeds from the sale of the new common stock of the reorganized Pilgrim's Pride to JBS will be used to fund cash distributions to allowed claims under the plan. Under the terms of the plan, all creditors of the Debtors holding allowed claims will be paid in full. All existing Pilgrim's Pride common stock will be cancelled and existing stockholders will receive the same number of new common stock shares, representing 36% of the reorganized Pilgrim's Pride in aggregate. The plan also calls for an exit facility for senior secured financing in an aggregate principal amount of at least US$1.65 billion. The disclosure statement hearing is currently scheduled to take place on October 20, 2009, at 10:30 a.m. CT before the Bankruptcy Court. If the Bankruptcy Court determines that the proposed disclosure statement provides adequate information to vote on the plan, then the proposed disclosure statement and plan, along with the appropriate ballots, will be sent to shareholders to vote on the plan. Since the proposed plan of reorganization represents a "100% plan," with creditors being repaid in full, shareholders represent the only impaired class and will be the only group entitled to vote on the plan of reorganization. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Pilgrims_Disc_Statement.pdf 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 US$3,215,103,000 in total assets, US$612,682,000 in total current liabilities, US$225,991,000 in total long-term debt and other liabilities, and US$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. * BRAZIL: Companies to Step Up Overseas Takeovers, Adviser Says --------------------------------------------------------------- Brazilian companies are prepared to step up international takeovers as the domestic economy recovers from a recession and the local currency gains, Telma Marotto and Francisco Marcelino at Bloomberg News report, citing Rothschild, the country’s top mergers and acquisitions adviser. “The mood is for more growth and consolidation,” Luiz O. Muniz, the head of investment banking in Brazil, told Bloomberg News an interview. “Business leaders stopped worrying about economic problems to think of their own business,” Mr. Muniz added. As reported in the Troubled Company Reporter-Latin America on September 15, 2009, Bloomberg News said that the national statistic agency reported that Brazil emerged from its first recession since 2003 in the second quarter of this year powered by domestic demand. Gross domestic product expanded 1.9% in the second quarter from the previous three months, after having contracted in the previous two quarters. Bloomberg News relates that Economic Policy Secretary Nelson Barbosa said the government may raise its 2010 economy growth forecast to 5% from 4.5%. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== ALTRIA FINANCE: Members to Hear Wind-Up Report on September 24 -------------------------------------------------------------- The members of Altria Finance (Cayman Islands) Ltd. will receive on September 24, 2009, at 2:20 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BLUEPRINT TRADING: Members to Hear Wind-Up Report on September 24 ----------------------------------------------------------------- The members of Blueprint Trading Ltd. will receive on September 24, 2009, at 9:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands BPI GLOBAL: Members to Hear Wind-Up Report on September 24 ---------------------------------------------------------- The members of BPI Global Offshore Fund, Ltd. will receive on September 24, 2009, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM ARGENT: Members to Hear Wind-Up Report on September 24 ------------------------------------------------------------ The members of Casam Argent Classic Convertible Arbitrage Fund Limited will receive on September 24, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CRANE CORPORATION: Sole Member to Hear Wind-Up Report on Sept. 22 ----------------------------------------------------------------- The sole member of Crane Corporation will receive on September 22, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Bernard Mcgrath David Walker PO Box 1043, Grand Cayman KY1-1102 Cayman Islands CREF NO. 2: Shareholder to Hear Wind-Up Report on September 24 -------------------------------------------------------------- The shareholder of Cref No. 2 Limited will receive on September 24, 2009, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin c/o Neil Gray Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 FAIRFIELD REDSTONE: Shareholders Receive Wind-Up Report ------------------------------------------------------- On September 17, 2009, the shareholders of Fairfield Redstone Fund, Ltd. received the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: John Sutlic c/o Kim Charaman Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 FH EMERGING: Shareholders to Receive Wind-Up Report on Sept. 22 --------------------------------------------------------------- The shareholders of FH Emerging Markets Debt Fund Ltd. will receive on September 22, 2009, at 11:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands GREAT NECK: Members to Hear Wind-Up Report on September 22 ---------------------------------------------------------- The members of Great Neck CLO, Ltd. will receive on September 22, 2009, at 4:20 p.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LONGACRE EUROPE: Shareholders to Hear Wind-Up Report on Sept. 22 ---------------------------------------------------------------- The shareholders of Longacre Europe, Ltd. will receive on September 22, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands LONGACRE EUROPEAN: Shareholders to Hear Wind-Up Report on Sept. 22 ------------------------------------------------------------------ The shareholders of Longacre European Capital (GP), Ltd. will receive on September 22, 2009, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands MACQUARIE INFRASTRUCTURE: Members to Hold Meeting on September 22 ----------------------------------------------------------------- The members of Macquarie Infrastructure Opportunities Fund, Ltd. will receive on September 22, 2009, at 10:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven O'Connor c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MIOF MASTER: Members to Receive Wind-Up Report on September 22 -------------------------------------------------------------- The members of MIOF Master GP Ltd. will receive on September 22, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Steven O'Connor c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MIDAS FUNDING: Shareholders to Receive Wind-Up Report on Sept. 22 ----------------------------------------------------------------- The shareholders of Midas Funding Company will receive on September 22, 2009, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive, P.O. Box 1043 George Town, Grand Cayman KY1-1102 OFTA LIMITED: Members to Receive Wind-Up Report on September 22 --------------------------------------------------------------- The members of OFTA Limited will receive on September 22, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands OFTA LIMITED: Creditors' Proofs of Debt Due Today ------------------------------------------------- The creditors of OFTA Limited are required to file their proofs of debt by today, September 21, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 30, 2009. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 ROBINS FUNDING: Members to Receive Wind-Up Report on September 22 ----------------------------------------------------------------- The members of Robins Funding Company will receive on September 22, 2009, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. ROCK CAPITAL: Members to Receive Wind-Up Report on September 24 --------------------------------------------------------------- The members of Rock Capital (GP) Ltd. & Rock Real Estate Securities Fund L.P. will receive on September 24, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew David Law Montague Sterling Centre P.O. Box N-3924, Nassau, The Bahamas ROCK REAL: Members to Receive Wind-Up Report on September 24 ------------------------------------------------------------ The members of Rock Real Estate Securities Fund will receive on September 24, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Andrew David Law Montague Sterling Centre P.O. Box N-3924, Nassau, The Bahamas ROCK REAL: Members to Receive Wind-Up Report on September 24 ------------------------------------------------------------ The members of Rock Real Estate Securities Master Fund will receive on September 24, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew David Law Montague Sterling Centre P.O. Box N-3924, Nassau, The Bahamas SRL FIRST: Shareholders to Receive Wind-Up Report on September 22 ----------------------------------------------------------------- The shareholders of SRL First Financing Company will receive on September 22, 2009, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard Mcgrath 69 Dr. Roy's Drive, P.O. Box 1043 George Town, Grand Cayman KY1-1102 TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22 ------------------------------------------------------------------ The shareholders of Tri Liquid Strategies Fund will receive on September 22, 2009, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 TRI LIQUID: Shareholders to Receive Wind-Up Report on September 22 ------------------------------------------------------------------ The shareholders of Tri Liquid Strategies GP Limited will receive on September 22, 2009, at 2:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 WEI – CHUAN: Shareholders to Hear Wind-Up Report on September 24 ---------------------------------------------------------------- The shareholders of Wei - Chuan International Limited will receive on September 24, 2009, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tsai Sung-Po c/o Neil Gray Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KYI-1102 Telephone: (345) 949 8455 Facsimile: (345) 949 8499 ======= C U B A ======= * CUBA: U.S. Embargo Costs US$96 Billion Loss --------------------------------------------- The U.S. Embargo against Cuba has cost the economy about US$96 billion in the almost half-century it has been in place, Caribbean360.com reports, citing Cuba Foreign Minister Bruno Rodriguez. "It's true that the global economic crisis had an impact on our economy, it's true that there are other factors, but I would say that the principal obstacle to Cuba's development is the economic, trade and financial blockade that has been imposed upon us," the report quoted Mr. Rodriguez as saying. The report recalls that the trade embargo was implemented on Cuba in 1962, with sanctions strengthened in 1992 and 1996, and then relaxed in 2000 to allow the sale of agricultural products and medicine, under certain conditions, to the Cuban government. * * * The country continues to carry Moody's Caa1 foreign currency rating with stable outlook. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: 1H Revenue Falls 8.2% as Crisis Still Looms ----------------------------------------------------------------- Dominican Republic's first half revenue fell 8.2% less than the RD$122.7 billion expected, which the authorities blame on the still looming international financial crisis, The Dominican Today reports. According to the Dominican Today, the Economy Ministry’s Public Spending Program reported income for the January-June period of RD$112.7 billion, or RD$10.0 billion less than the estimate. Tax revenues of RD$109.6 billion; RD$2.84 billion in non-tax income and RD$278.1 million in transferences, it added. The Dominican Today notes that the Economy Ministry said the crisis had an impact on collections, affecting production, consumption and investment in the country. The report relates the ministry added that of the total income, the tax on merchandise and services was the highest, RD$62.3 billion, but less than estimated RD$11.5 billion. * * * The country continues to carry Moody's B2 currency ratings. ============= E C U A D O R ============= PERENCO ECUADOR: Ecuador Urges Firm to Resume Production -------------------------------------------------------- Ecuador's Mines and Petroleum Minister Germanico Pinto urged the French oil company Perenco to resume production, Xinhua News reports. "We have systematically and insistently told them to restart activities, which the company stopped on July 16," the report quoted Mr. Pinto as saying. According to the report, Petroamazonas, a subsidiary operator of the state-owned oil company Petroecuador, offered technical and economic aid to stop a reduction in the production of Perenco wells. The report relates that Mr. Pinto said he was expecting a report from Petroecuador on the company's legal situation before deciding on the contract with the French oil company. As reported in the Troubled Company Reporter-Latin America on July 16, 2009, Perenco Ecuador and its consortium partner, Burlington Resources Oriente Limited, disclosed that suspension of their participation contracts with Ecuador is imminent unless the Government of Ecuador complies with orders of two international arbitration tribunals that prohibit the government from seizing oil produced by the consortium. Perenco Ecuador is the operator of Blocks 7 and 21 in Ecuador. The report related that the dispute between Perenco and Ecuador stems from the government's charge that the company owes approximately US$338 million, excluding late-payment fees, from overdue windfall oil taxes. About Perenco Perenco -- http://www.perenco.com/-- is an exploration and production company dedicated to developing oil and natural gas potential. Perenco Ecuador Limited is part of a privately held upstream oil and gas company and is the operator of Blocks 7 and 21 in Ecuador. ========= H A I T I ========= * HAITI: To Receive US$30 Million From Inter-American Dev't Bank ---------------------------------------------------------------- Haiti will obtain a US$30 million grant from the Inter-American Development Bank to finance anti-flooding works in three critical watersheds and promote sustainable agriculture development. The IDB-financed project will support public works in an area equivalent to 6% of the Haitian territory, benefiting 360,000 residents of the Grande Riviere du Nord, Ravine du Sud and Cavaillon watersheds. The works seek to limit torrential flows and protect infrastructure and property exposed to flooding or landslides. The project will also offer direct support for sustainable agriculture in the watersheds. Haiti will provide grants for eligible legally recognized producer groups or independent farmers in the most vulnerable parts of the watersheds, who agree to adopt erosion control farming practices. In addition, the grant will finance technical assistance, training, and materials for eight municipalities and entities in charge of planning watershed management, with the goal of diminishing the impact of natural disasters in the country. "Works financed by the grant are intended to reduce the intensity of floods by as much as 20% in the three watersheds and increase permanent plant covering by 20%," according to Gilles Damais, the IDB project team leader. The grant is part of increased efforts by the Haitian government and the IDB to reduce the impact of recurring natural threats on the population and key infrastructure in highly vulnerable watersheds. With the IDB support, the Haitian government is also working to implement a national flood early-warning program to cover the country’s 13 largest watersheds. Equipment delivery and training for local communities in flood management are about to begin in the southeast and south of the country, and the system as a whole should be up and running in December 2010. The IDB has allotted US$122 million in grants for Haiti this year and another US$128 million for 2010 to help the country make investments in key sectors such as infrastructure, basic services and disaster prevention. ============= J A M A I C A ============= AIR JAMAICA: Union Expects Jobs Cuts Following Privatization ------------------------------------------------------------ The unions representing workers at Air Jamaica are expecting job cuts at the airline as soon as privatization process begins, RadioJamaica reports. According to the report, Vice President of the National Workers Union, Granville Valentine said the unions have been summoned to a meeting with the airline's management to discuss the fate of workers. "One of the greater possibilities is a lay off if the company is not privatized or divested in a short time," the report quoted Mr. Valentine as saying. "We have been having discussions with management as it relates to many possibilities and it is our view that one is better off if there is a temporary lay off for a short period then for them to lose their job by route of redundancy. We are expecting to have the first instance of their roll out plan for us to peruse and have some discussions," Mr. Valentine added. Mr. Valentine, the report relates, said that workers should not panic as no hasty decision will be made on the matter. As reported in the Troubled Company Reporter-Latin America on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. A TCR-LA report on June 10, citing Jamaica Observer, related that Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have both expressed an interest in acquiring Air Jamaica. Radio Jamaica said the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. Moreover, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As 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). JAMAICAN RAILWAY CORP: Government Recovers JM$2 BB++ in Assets -------------------------------------------------------------- The Transport Ministry of Jamaica has recovered more than JM$2 billion worth of assets belonging to the defunct Jamaica Railway Corporation, RadioJamaica News reports, citing Minister Mike Henry. The report relates that several assets including parcels of land belonging to the JRC had remained unidentified due to poor record keeping over the years. According to the report, Mr. Henry said that the systems have now been put in place to identify and reclaim all properties owned by the railway company. "After a close assessment of the assets base of the Jamaica Railway Corporation, we have established ownership of over JM$2 billion in property value owned by the Corporation, up from the JM$400 million which is what I inherited as being owned by the railway and everyday it grows in greater magnitude. 16 1/2 acres of development around Spanish Town (in St. Catherine) is available (and) the (JRC owns the) land around the railway station in Montego Bay, (St. James) all the way across the Howard Cooke Boulevard unto the whole of the beach front," the report quoted Mr. Henry as saying. The Jamaica Railway Corporation ceased operations 17 years ago. =========== M E X I C O =========== GRUPO MEXICO: Unit to Reach Accord With Kansas City Southern ------------------------------------------------------------ Grupo Mexico SA de C.V. said that its rail unit, Ferrocaril Mexicano SA, may reach an agreement within “weeks” to resolve a 12-year dispute on right-of-way fees with the Mexican unit of Kansas City Southern, Carlos Manuel Rodriguez and Andres R. Martinez at Bloomberg News report. “As long as nothing bad happens, there is going to be an agreement,” Ferrocaril Mexicano SA Chief Executive Officer Rogelio Velez told Bloomberg News in an interview. The companies have agreed on the amount of fees to charge each other for access to 32 different rail points. They must still decide fees for rail access in Guadalajara and Monterrey, Mr. Velez added. According to the report, Kansas City and Ferromex have failed to reach an agreement on track rights since the government sold its rail lines to the two companies starting in 1997. Bloomberg News says that the agreement would free up millions of dollars in fees that neither company has paid since the privatization of the railways. Bloomberg News recalls that the two have filed complaints against each other, alleging that right-of-way fees are too costly. Communications and Transportation Ministry said that an agreement will reduce shipping distances and increase cargo traffic, the report adds. About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As of August 14, 2009, Grupo Mexico continues to carry Fitch Ratings' BB+ Issuer Default ratings. VISTEON CORP: Gets Funds From New GM to Consolidate Mexican Units ----------------------------------------------------------------- Visteon Corporation asks the United States Bankruptcy Court for the District of Delaware for authority to enter into a customer accommodation agreement and related access and security agreement with General Motors Company. Pursuant to the Accommodation Agreement, GM has agreed to, among other things: -- pay US$8.0 million in cash surcharge payments above the parts purchase order price for component parts produced by certain of the Company's interior and fuel tank product groups; -- pay up to US$10 million to fund the consolidation of certain of the Company's Mexican facilities; -- reimburse the Company for US$4.425 million in up-front engineering, design, and development support costs; -- accelerate payment terms on outstanding purchase orders from the GM standard payment terms; -- purchase certain inventory relating to re-sourced component parts according to a stated price formula; -- reimburse the Company for costs associated the with wind- down of operations related to the production of interior and fuel tank GM component parts; -- pay US$8.2 million in cure payments in connection with the assumption and assignment of purchase orders with the Company in GM's chapter 11 case; -- limit its ability to set-off against accounts receivables owing to the Company; and -- forbear from re-sourcing certain product lines. In exchange for these benefits, the Company agreed to continue producing and delivering component parts to GM during the term of the Accommodation Agreement as well as provide considerable assistance to GM in re-sourcing production to other suppliers. Also, the Company agreed to build an inventory bank for GM, provided GM pays for such inventory on an accelerated basis and covers the Company's out-of-pocket expenses in maintaining and handling the inventory. In addition, the Accommodation Agreement grants GM an option to purchase equipment and tooling owned by the Company that is exclusively used to manufacture GM component parts, provides GM with a right to access the Company's facilities if the Company ceases production and grants to GM a security interest in certain operating assets that would be necessary for GM component part production. The effectiveness of the Accommodation Agreement is conditioned upon the approval of such agreements by the Bankruptcy Court. ` About Visteon Corp. Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company has corporate offices in Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen, Germany. It has facilities in 27 countries and employs roughly 35,500 people. The Company has assets of US$4,561,000,000 and debts of US$5,311,000,000 as of March 31, 2009. Visteon Corporation and 30 of its affiliates filed for Chapter 11 protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786 through 09-11818). Judge Christopher S. Sontchi oversees the Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, represent the Debtors in their restructuring efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' investment banker and financial advisor is Rothschild Inc. The Debtors' notice, claims, and solicitation agent is Kurtzman Carson Consultants LLC. The Debtors' restructuring advisor is Alvarez & Marsal North America, LLC. Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Visteon Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) ======= P E R U ======= DOE RUN PERU: Government to Extend Clean Up Deadline Plan --------------------------------------------------------- The government of Peru said it plans to follow the recommendation of a joint commission to give the Doe Run Peru smelter a 20-month extension on its environmental cleanup deadline, Teresa Cespedes and Patricia Velez at Reuters reports. However, the report relates that Environment Minister Antonio Brack said the extension would need Congressional approval. According to the report, the joint commission -- which had members from the company's union, the polluted town of La Oroya that surrounds the smelter, and officials from the company and the government -- asked for a 20-month extension. The report notes that Doe Run Peru said that 36 months would be better. As reported in the Troubled Company Reporter-Latin America on September 1, 2009, Reuters estimated that more than 3,000 direct jobs and 16,000 indirect jobs are at stake at the smelter and in the town of La Oroya. According to a TCRLA report on August 6, 2009, citing Reuters, Doe Run Peru filed for a government- monitored financial restructuring because it was worried creditors might try to freeze its assets or operations. A TCRLA report on August 5, 2009, citing Reuters, related that Doe Run Peru owes some US$100 million to its suppliers and needs to spend another US$150 million to clean up La Oroya. Bloomberg News recalled the company shut all its smelter operations after failing to reach an agreement with banks and mining suppliers. Bloomberg News recalled that Doe Run Peru’s zinc and lead smelter received a three-month extension to complete planned environmental cleanup projects. About Doe Run Doe Run Peru operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. * * * As of May 21, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings individual rating at D. ================= V E N E Z U E L A ================= * VENEZUELA: Prepares to Nationalize Coffee Companies ----------------------------------------------------- Fabiola Sanchez at The Associated Press report that Venezuela is preparing to nationalize the nation's largest coffee producers, claiming the companies have refused to comply with federal price controls. According to the report, Commerce Minister Eduardo Saman said he is recommending the nationalization of coffee plants belonging to Caracas-based companies Fama de America and Cafe Madrid. The AP notes that President Hugo Chavez told journalists that his government has not made a final decision on the nationalization of the plants. "If they give me an excuse, I'll nationalize them," the report quoted Mr. Chavez as saying. Mr. Saman, the report points out, said that the measure had been encouraged by workers displeased with the companies' management. "They are determined that the plant should be nationalized," Mr. Saman added. As reported in the Troubled Company Reporter-Latin America on August 6, 2009, Bloomberg News said Mr. Chavez said he may nationalize two coffee companies -- Fama de America SA and Marcelo & Rivero CA -- after taking temporary control of their processing plants and vowed to keep seizing monopolies as he works to construct a socialist economy. “We’ve intervened in these big companies,” the report quoted President Chavez as saying. “Now we are conducting a study to expropriate them. They will become property of the nation,” President Chavez added. The report relates President Chavez is expanding state control over what he calls “strategic” industries, including metals, energy and basic materials. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. * VENEZUELA: Discovers New Oil Reservior in Country's Gulf ---------------------------------------------------------- The discovery of a new gas reservoir in the Gulf of Venezuela represents a breakthrough in the country's energy plans and another step forward towards the goal of turning Venezuela into a world power in this area, said the Head of State Hugo Chavez, during his Alo, Presidente show No. 339. The President also stressed that further gas reserves are likely to be found in this reservoir. "It is very hard thinking that there is only one reservoir there. Normally, there are others. This is very important news for the country and the world, from the economic, social, and geopolitical standpoint," said Commander Chavez, who called for new drillings to check for other gas deposits. In this connection, the People's Power Minister of Energy and Petroleum Rafael Ramirez highlighted that the newly discovered reservoir is part of the Rafael Urdaneta project that started up in the Gulf of Venezuela in 2006. According to Mr. Ramirez, some 27 trillion cubic feet of gas are likely to be found in this area. Petroleos de Venezuela said that the Venezuelan State, through licensees Repsol and Eni, discovered a major natural gas reservoir offshore north Falcon state, with some 10 trillion cubic feet of original gas in place, which is a milestone in Venezuelan history. In the event that new offshore gas reserves are proven, Venezuela may increase gas exports. "Gas, the petrochemical industry is one of the strongest strategic principles for attaining economic, social and technological development in the country during this century. Our country is a member of the Organization of the Gas Exporting Countries. Venezuela is one of the largest energy giants in the world," said the Head of State. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. =============== X X X X X X X X =============== * BOND PRICING: For the Week September 14 to September 18, 2009 --------------------------------------------------------------- Issuer Coupon Maturity Currency Bid Price ------- ------ -------- -------- --------- ARGENTINA ALTO PALERMO SA 7.885/11/2017 USD 75 ALTO PALERMO SA 7.885/11/2017 USD 71.59 ARGENT-$DIS 8.2812/31/2033 USD 69.49 ARGENT-$DIS 8.2812/31/2033 USD 61.05 ARGENT-PAR 1.1812/31/2038 ARS 32.35 ARGENT-=DIS 7.8212/31/2033 EUR 58.56 ARGNT-BOCON PR13 23/15/2024 ARS 56.03 ARGNT-BOCON PRE8 21/3/2010 ARS 20.97 AUTOPISTAS DEL S 11.55/23/2017 USD 39.75 BANCO MACRO SA 10.756/7/2012 USD 56.73 BANCO MACRO SA 9.7512/18/2036 USD 71 BODEN 2015 710/3/2015 USD 72.73 BONAR ARG $ V 10.56/12/2012 ARS 74.54 BONAR X 74/17/2017 USD 70.68 BUENOS AIRE PROV 9.389/14/2018 USD 56.75 BUENOS AIRE PROV 9.634/18/2028 USD 53.78 BUENOS-$DIS 9.254/15/2017 USD 62.36 CIA LATINO AMER 9.755/10/2012 USD 60 INDUSTRIAS METAL 11.2510/22/2014 USD 72.81 INVERS REP Y SOC 8.52/2/2017 USD 82.5 MENDOZA PROVINCE 5.59/4/2018 USD 62.31 MULTICANAL SA 77/20/2013 USD 73 TRANSENER 8.8812/15/2016 USD 72.5 BRAZIL REDE EMPRESAS 11.13#N/A N Ap USD 50.5 REDE EMPRESAS 11.13#N/A N Ap USD 69.5 CAYMAN ISLAND AIG SUNAMERICA 6.3810/5/2020 GBP 82.28 BARION FUNDING 0.112/20/2056 EUR 7.29 BARION FUNDING 0.2512/20/2056 USD 6.95 BARION FUNDING 0.2512/20/2056 USD 6.95 BARION FUNDING 0.2512/20/2056 USD 6.95 BARION FUNDING 0.2512/20/2056 USD 6.95 BARION FUNDING 0.2512/20/2056 USD 6.95 BARION FUNDING 0.2512/20/2056 USD 7.01 BARION FUNDING 0.6312/20/2056 GBP 16.82 BARION FUNDING 1.4412/20/2056 GBP 29.86 BES FINANCE LTD 6.22/7/2035 EUR 62.23 CHINA MED TECH 48/15/2013 USD 62.27 CHINA PROPERTIES 9.135/4/2014 USD 76.32 CHINA SUNERGY 4.756/15/2013 USD 61.81 EGE HAINA FINANC 9.54/26/2017 USD 76 EGE HAINA FINANC 9.54/26/2017 USD 73.75 ESFG INTERNATION 5.75#N/A N Ap EUR 82.42 FERTINITRO FIN 8.294/1/2020 USD 65 LDK SOLAR CO LTD 4.754/15/2013 USD 71.49 LDK SOLAR CO LTD 4.754/15/2013 USD 70.94 MALACHITE FDG 0.6312/21/2056 EUR 22.55 MAZARIN FDG LTD 1.449/20/2068 GBP 27.41 MAZARIN FDG LTD 0.259/20/2068 USD 5.09 MAZARIN FDG LTD 0.259/20/2068 USD 5.09 MAZARIN FDG LTD 0.259/20/2068 USD 5.09 MAZARIN FDG LTD 0.259/20/2068 USD 5.09 MAZARIN FDG LTD 0.19/20/2068 EUR 4.43 MAZARIN FDG LTD 0.639/20/2068 GBP 13.9 MAZARIN FDG LTD 0.259/20/2068 USD 5.15 MAZARIN FDG LTD 0.259/20/2068 USD 5.09 PUBMASTER FIN 8.446/30/2025 GBP 70.48 PUBMASTER FIN 6.966/30/2028 GBP 63.01 SHINSEI FIN CAYM 6.42#N/A N Ap USD 49.93 XL CAPITAL LTD 6.5#N/A N Ap USD 67 DOMINICAN REPUBLIC CAP CANA SA 104/30/2016 USD 14.5 ECUADOR REP OF ECUADOR 9.3812/15/2015 USD 86 JAMAICA JAMAICA GOVT 83/15/2039 USD 73.3 JAMAICA GOVT 13.384/27/2032 JMD 60.24 JAMAICA GOVT LRS 14.48/3/2027 JMD 66.74 JAMAICA GOVT LRS 15.53/24/2028 JMD 69.95 JAMAICA GOVT LRS 16.255/22/2027 JMD 73.27 JAMAICA GOVT LRS 16.56/14/2027 JMD 74.36 JAMAICA GOVT LRS 12.756/29/2022 JMD 60.08 JAMAICA GOVT LRS 13.5812/15/2026 JMD 61.24 JAMAICA GOVT LRS 166/13/2022 JMD 74.66 JAMAICA GOVT LRS 12.756/29/2022 JMD 60.07 JAMAICA GOVT LRS 13.3812/15/2021 JMD 63.93 JAMAICA GOVT LRS 12.855/31/2022 JMD 60.67 JAMAICA GOVT LRS 146/30/2021 JMD 67.66 JAMAICA GOVT LRS 1511/15/2021 JMD 71.35 JAMAICA GOVT LRS 7.510/6/2012 JMD 74.96 JAMAICA GOVT LRS 158/30/2032 JMD 69.42 JAMAICA GOVT LRS 159/6/2032 JMD 69.43 JAMAICA GOVT LRS 1612/6/2032 JMD 72.01 JAMAICA GOVT LRS 16.257/26/2032 JMD 73.17 JAMAICA GOVT LRS 16.138/21/2032 JMD 74.62 PUERTO RICO DORAL FINL CORP 7.154/26/2022 USD 34.13 DORAL FINL CORP 7.14/26/2017 USD 41.75 DORAL FINL CORP 74/26/2012 USD 57.75 DORAL FINL CORP 7.653/26/2016 USD 44.88 PUERTO RICO CONS 6.54/1/2016 USD 45 VENEZUELA PETROLEOS DE VEN 5.384/12/2027 USD 49.27 PETROLEOS DE VEN 5.54/12/2037 USD 48.56 PETROLEOS DE VEN 5.254/12/2017 USD 62.61 VENEZUELA 7.654/21/2025 USD 68.18 VENEZUELA 9.255/7/2028 USD 75.67 VENEZUELA 612/9/2020 USD 62.58 VENEZUELA 73/16/2015 EUR 71.49 VENEZUELA 5.752/26/2016 USD 74.19 VENEZUELA 712/1/2018 USD 72.74 VENEZUELA 73/31/2038 USD 61.09 VENZOD - 189000 9.381/13/2034 USD 76.55 *********** 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 * * *