/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090925.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 Friday, September 25, 2009, Vol. 10, No. 190 Headlines A R G E N T I N A ALIR METALURGICA: Creditors' Proofs of Debt Due on November 23 CERVECERIA PATAGONIA: Asks for Opening of Preventive Contest DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30 FALCON E HIJOS: Creditors' Proofs of Debt Due on November 16 FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12 INSUCORT SRL: Creditors' Proofs of Debt Due on November 23 LABORATORIOS WELT: Creditors' Proofs of Debt Due on October 21 ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30 UNIPRES SERVICIOS: Asks for Opening of Preventive Contest B E R M U D A CENTRAL EUROPEAN: Plans to Sell Senior Notes B R A Z I L BANCO BTG: Fitch Downgrades Issuer Default Rating to 'BB+' GOL LINHAS: To Sell Up to 51.8 Million Shares METROPOLITANA ELETRICIDADE: Fitch Upgrades Issuer Rating to 'BB' MARFRIG ALIMENTOS: Grupo Zenda Deal Won't Affect S&P's 'B+' Rating PETROLEO BRASILEIRO: Moody's Gives Positive Outlook on Bond Rating C A Y M A N I S L A N D S CDO AMP: Creditors' Proofs of Debt Due on September 30 CROSSLINK PARTNERS: Creditors' Proofs of Debt Due on September 30 DOLOMITE GLOBAL: Placed Under Voluntary Liquidation EUROPEAN RENAISSANCE: In Liquidation; General Meeting on Oct. 2 FILM FINANCE: Members to Receive Wind-Up Report on September 30 FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30 FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30 G SQUARE: Creditors' Proofs of Debt Due on September 30 GALLEON HEALTH: Creditors' Proofs of Debt Due on September 30 ION US QUANT FEEDER: In Liquidation; Final Meeting in Feb. 2010 ION US QUANT FUND: In Liquidation; Final Meeting in Feb. 2010 LEHMAN BROTHERS: Placed Under Voluntary Liquidation MS APPAREL: In Liquidation; Final Meeting on September 30 MS APPAREL II: In Liquidation; Final Meeting on September 30 NAISSANCE HEALTHCARE: Shareholder's Meeting Set for September 30 NOVA INSURANCE: Shareholder to Hear Wind-Up Report on September 30 PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30 PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30 PIVOT STRATEGIC: Creditors' Proofs of Debt Due on September 30 POKROVSKY HILLS: Members to Receive Wind-Up Report on September 30 POLAR II: Commences Wind-Up Proceedings QPM QUORUM: Shareholder to Hear Wind-Up Report on September 30 RAMIUS FUND: Creditors' Proofs of Debt Due on September 30 SANTA BARBARA: Grand Court Enters Wind-Up Order SCP KOALA: Creditors' Proofs of Debt Due on September 30 SOUTHERN STAR: Placed Under Voluntary Wind-Up SOUTHERN STARS: Placed Under Voluntary Wind-Up VR MACRO: Creditors' Proofs of Debt Due on September 30 J A M A I C A AIR JAMAICA: Has US$38.3-Million Repayment Plan With ILFC AIR JAMAICA: Plans to Lay Off 200 Positions M E X I C O CEMEX SAB: Discloses Exercise of Over-Allotment Options CEMEX SAB: Opens GBP49 Million Cement Facility in Essex P E R U DOE RUN PERU: Police Clear Workers' Roadblocks V E N E Z U E L A PETROLEOS DE VENEZUELA: Still to Decide on Junin 10 Partners * VENEZUELA: No Restart Date Yet for Isla Gasoline Unit * VENEZUELA: Projects at Orinoco Oil Belt Are "Highly Profitable" - - - - - ================= A R G E N T I N A ================= ALIR METALURGICA: Creditors' Proofs of Debt Due on November 23 -------------------------------------------------------------- Miguel Angel Marchesi, the court-appointed trustee for Alir Metalurgica SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until November 23, 2009. Mr. Marchesi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Miguel Angel Marchesi Av. Avellaneda 1135 Argentina CERVECERIA PATAGONIA: Asks for Opening of Preventive Contest ------------------------------------------------------------ Cerveceria Patagonia Primitiva SA asked for the opening of preventive contest. The company stopped making payments on March 25. DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30 ------------------------------------------------------------- The court-appointed trustee for Domingo Frezzia S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 30, 2009. The trustee will present the validated claims in court as individual reports on February 17, 2010. 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 April 5, 2010. FALCON E HIJOS: Creditors' Proofs of Debt Due on November 16 ------------------------------------------------------------ The court-appointed trustee for Falcon e Hijos S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until November 16, 2009. The trustee will present the validated claims in court as individual reports on February 1, 2010. 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 15, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on September 2, 2010. FIBRONET ARGENTINA: Creditors' Proofs of Debt Due on November 12 ---------------------------------------------------------------- The court-appointed trustee for Fibronet Argentina S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 12, 2009. INSUCORT SRL: Creditors' Proofs of Debt Due on November 23 ---------------------------------------------------------- The court-appointed trustee for Insucort S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 23, 2009. The trustee will present the validated claims in court as individual reports on February 10, 2010. 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 25, 2010. LABORATORIOS WELT: Creditors' Proofs of Debt Due on October 21 -------------------------------------------------------------- The court-appointed trustee for Laboratorios Welt S.A.I. y C.'s reorganization proceedings, will be verifying creditors' proofs of claim until October 21, 2009. The trustee will present the validated claims in court as individual reports on December 2, 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 August 11, 2010. ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30 ----------------------------------------------------------- Luis Alberto Cortes, the court-appointed trustee for Rosellini 1950 SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until October 30, 2009. Mr. Cortes will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Luis Alberto Cortes Avenida Cordoba 1646 Argentina UNIPRES SERVICIOS: Asks for Opening of Preventive Contest --------------------------------------------------------- Unipres Servicios Graficos SA asked for the opening of preventive contest. The company stopped making payments on August 11. ============= B E R M U D A ============= CENTRAL EUROPEAN: Plans to Sell Senior Notes -------------------------------------------- Central European Media Enterprises Ltd. said it plans to make a private placement of fixed rate senior notes in the aggregate principal amount of roughly EUR200.0 million (roughly US$295.8 million). The notes will have the same terms and be of the same series as the 11.625% senior notes due 2016 that the Company issued and sold on September 17, 2009. The company intends to commence the offer shortly. The company expects to use the net proceeds of the offering to redeem all outstanding EUR181.8 million (roughly US$268.9 million) 8.25% Senior Notes due 2012 of the Company and for general corporate purposes. These senior notes will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from registration requirements. In relation to the United Kingdom, notes may not be offered or sold except in accordance with all applicable requirements of the Financial Services and Markets Act 2000 and regulations passed under FSMA, or pursuant to an applicable exemption. In addition, the notes may not be offered in the United Kingdom or any other member state of the European Economic Area except in circumstances which do not require the publication by the company of a prospectus pursuant to Article 3 of the EU Prospectus Directive. About Central European Headquartered in Bermuda, Central European Media Enterprises Ltd. -- http://www.cetv-net.com/-- operates TV channels in Central and Eastern Europe. * * * As reported in the Troubled Company Reporter-Latin America on September 9, 2009, 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 US$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. =========== B R A Z I L =========== BANCO BTG: Fitch Downgrades Issuer Default Rating to 'BB+' ---------------------------------------------------------- Fitch Ratings has downgraded the ratings of Banco BTG Pactual S.A. (BTG Pactual, formerly Banco UBS Pactual S.A. or UBS Pactual) and removed them from Rating Watch Negative. Fitch downgraded the bank's ratings following conclusion of its sale by UBS AG, to a partnership controlled by Andre Esteves, in September 2009. The latter is one of the former controlling shareholders of Banco Pactual S.A., before the latter was sold to UBS in 2006. Fitch has also assigned a Stable Outlook to the long-term Issuer Default Ratings and National ratings. Fitch's rating actions on BTG Pactual are listed below: -- Long-term foreign currency IDRs downgraded to 'BB+', Stable Outlook, from 'BBB', Watch Negative; -- Short-term foreign currency IDR downgraded to 'B' from 'F2'; -- Long-term local currency IDR downgraded to 'BB+', Stable Outlook, from 'BBB+', Watch Negative; -- Short-term local currency IDR downgraded to 'B' from 'F2'; -- Support Rating downgraded to '5' from '2'; -- Support Rating Floor assigned: 'No floor'; -- Individual Rating affirmed at 'C/D'; -- National long-term rating downgraded to 'AA-(bra)' (AA minus (bra)), Stable Outlook, from 'AAA(bra)', Watch Negative; -- National short-term rating affirmed at 'F1+(bra)'. BTG Pactual's IDRs and National Ratings, which before were based on UBS's support (rated IDR 'A+', Stable Outlook by Fitch), now are driven by the bank's Individual Rating. The Individual Rating is based on its solid franchise as a merchant bank in Brazil, its good earnings track record, well-defined structure and philosophy, supported by a group of experienced professionals, and strong risk controls, tested successfully in various crises. The Individual Rating is constrained by the quality of the bank's capital, the limitations on future capitalization inherent in the partnership business model, as well as by relatively lower diversification on its balance sheet and its revenue stream. Despite believing in the new shareholders' willingness to support the bank, Fitch cannot assess the support capacity of the owners. The agency considers the support of the Brazilian authorities possible, but not certain, due to the bank's size and activity. The change in control had little effect on the strategy and operations of the bank, which also did not change when UBS acquired the bank in 2006. Despite the challenges of consolidating the new bank with a smaller distribution capacity in a more challenging environment, Fitch expects BTG Pactual to continue to be one of the main merchant banks in Brazil. This is due to the maintenance of a large part of its executive team and its good capacity to generate business, as well as the experience acquired during the period of UBS control, principally greater internationalization and understanding of the markets and more institutionalized processes and methodologies. While the bank's well-established local franchise provides some recurring revenues, Fitch expects that BTG Pactual's future results will likely reflect the volatility inherent in its business model, where earnings and, therefore, the capacity to generate capital, can vary significantly depending on the fortunes of its proprietary trading and capital-market derived activities. BTG Pactual's main risks continue to be inherent to its very active trading operations in a market which has proven quite volatile. These operations can contribute substantially to the bank's results, generally correlated with periods of greater trading opportunities. This is partly mitigated by strong and recurring fee income, mainly derived from the asset management and brokerage business, which generally cover administrative and personnel expenses. While current levels of capital appear adequate, capital adequacy measures should be expected to exhibit a certain volatility going forward, as has been the case in the past. While Fitch recognizes that the partnership business model ensures a strong commitment of the partners in the bank's success, such a model can place limits on the bank's capacity to raise significant capital, should it be required. In addition, Fitch notes a significant level of intangible assets relative to equity, but also expects that these should diminish to more moderate levels over the medium term. Large losses or constant mismatches in treasury could strongly impact its ratings on the downside. The Individual Rating would benefit from a consistent improvement in the quality of the bank's capital, and the maintenance of strong levels of capitalization while maintaining its historically consistent strategy, with moderate treasury limits. Despite legally being a multiple bank, BTG Pactual is one of the largest investment banks in Brazil. Founded in 1983, it is controlled by Andre Esteves, UBS Pactual's main executive until mid-2008 and one of the owners of the former Pactual. Fitch's national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign's foreign and local currency ratings are below 'AAA'. National ratings are not internationally comparable since the best relative risk within a country is rated 'AAA' and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as 'AAA (bra)' for national ratings in Brazil. GOL LINHAS: To Sell Up to 51.8 Million Shares --------------------------------------------- Francisco Marcelino at Bloomberg News reports that GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A., and its controlling shareholder, called Fundo de Investimento em Participacoes Asas, plan to sell 51.8 million new and existing shares to tap a rally in the equity market, various reports say. Fundo de Investimento has a 76.18% stake in Gol Linhas. According to Bloomberg New, the offering includes 34.6 million new and existing preferred shares worth BRL643.6 million (US$359 million), according to September 23 closing price of BRL18.60. The report relates that the airline also plans to sell new voting shares. As reported in the Troubled Company Reporter-Latin America on September 24, 2009, Reuters said that GOL Linhas plans to raise capital through a public share subscription. According to the report, the company said that it would issue 17.275 million common shares and the same number of preferred shares; and could add preferred shares up to an equivalent of 20% of the main offer. Dow Jones Newswires notes that the company said it will use the proceeds from the offer to reinforce its net asset position. The report relates that Itau BBA, Morgan Stanley, Bradesco BBI, BB Investimentos and Bank of America Merrill Lynch were hired to coordinate the operation. About GOL Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings at 'B+'; -- Long-term National Rating at 'BBB(bra)'; -- US$200 million perpetual notes at 'B/RR5'; -- US$200 million senior notes due 2017 at 'B/RR5'. METROPOLITANA ELETRICIDADE: Fitch Upgrades Issuer Rating to 'BB' ---------------------------------------------------------------- Fitch Ratings has upgraded the ratings of Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.: -- Foreign currency Issuer Default Rating to 'BB' from 'BB-'; -- Local currency IDR to 'BB' from 'BB-'; -- Long-term national scale rating to 'A+(bra)' from 'A(bra)'; -- Senior unsecured notes due 2010 to 'BB' from 'BB-'; -- Ninth issuance of debentures due 2018 to 'A+(bra)' from 'A(bra)'; -- 10th issuance of debentures due 2013 to 'A+(bra)' from 'A(bra)'; -- 11th issuance of debentures due 2018 to 'A+(bra)' from 'A(bra)'; -- Bank credit certificate (cedula de credito bancario - CCB) due 2015 to 'A+(bra)' from 'A(bra)'. The Rating Outlook is Stable for the corporate ratings. The upgrade reflects Eletropaulo's conservative financial profile, low business risk and an increasingly stable regulatory framework in Brazil that has matured over the last few years. Since 2005, Eletropaulo's credit metrics have strengthened mainly as a result of debt reduction. Going forward, the company's credit metrics are expected to remain in line with the newly assigned rating category, although they are expected to marginally deteriorate as a result of possible settlement of tax disputes with the Brazilian government, which will likely be financed with government debt through Refis up to 15 years, which can lead to a discount in interest and penalties. The rating action also incorporates Eletropaulo's resilient financial performance despite adverse macroeconomic conditions in the country during the last three quarters. During the first half of 2009, electricity demand within Eletropaulo's concession area suffered a modest decline compared to of the same period of the previous year as a result of the economic slowdown in Brazil during the past nine months. Eletropaulo benefited from increases in residential and commercial consumption, which partially mitigated the sharp decline in consumption from the industrial sector. Low Business Risk Profile: Eletropaulo's ratings incorporate the company's low business risk profile, which stems from its exclusive concession to operate within its service area, the monopoly nature of distribution companies as well as the company's favorable concession area. Eletropaulo holds an exclusive concession to distribute electricity in the metropolitan region of Greater Sao Paulo. This bodes well for the company's credit profile as this area has one of the highest per capita incomes in the country. Eletropaulo's low business risk profile and stable revenues and cash flow generations are evidenced by the company's financial resilient on the backdrop of negative economic growth in the country during recent months. While Brazilian GDP declined by approximately -1.2% during the second quarter of 2009 in comparison with second quarter 2008, electricity consumption within Eletropaulo's concession area remained relatively unchanged with a -0.4% decline in electricity demand. Conservative Financial Profile, Strong Credit Metrics: The company's current credit metrics are considered strong for the rating category, which are expected to remain in line with the assigned rating despite a likely unfavorable tax ruling with the federal government, which should result in additional debt in 2010. Eletropaulo's total debt has been steadily decreasing during the past three years to approximately BRL4.1 billion as of June 2009 from BRL4.7 billion in 2006. For the last 12 months (LTM) ended June 30, 2009, the company reported a low leverage ratio, as measured by total debt-to-EBITDA, of 2.6 times. Although leverage is expected to increase as a result of the funding of up to BRL853 million Cofins tax contingent liability, which would increase leverage as high as 3.2x, it is still solid for the 'BB' rating category. Eletropaulo's current liquidity position is considered strong and interest coverage very healthy. As of June 2009, the company reported total cash and marketable securities of approximately BRL1.0 billion, which compares favorable with its BRL1.1 billion of upcoming maturities. The larger volume of short-term debt maturities is in part driven by BRL474 million of BRL Eurobond that matures during the second quarter of 2010. Over the past few years, Eletropaulo interest coverage, as measured by EBITDA-to- interest expenses has been very strong, being most of time greater than 10x. Going forward, interest coverage and liquidity are expected to moderate as the company increases debt to finance the Cofins payments and continue with more aggressive investment and dividends practices. Eletropaulo's benefited from an 8.0% favorable tariff adjustment in July 2008, which resulted into an increase in revenues of approximately 1.8% to BRL7.7 billion as of the LTM ended June 30, 2009, when compared with 2008 revenues. Despite the increase in revenues, EBITDA generation deteriorated to BRL1.5 billion from BRL1.6 billion in 2008 and BRL1.7 billion in 2007 as a result of labor settlements and legal costs, as well as larger private pension fund costs and the negative impact of the tariff revision's final result. EBITDA generation decline lowered EBITDA margin to 20.1%, which is below other private electricity distribution companies in Brazil. Lower EBITDA generation, coupled with an unfavorable variation in working capital led Eletropaulo to report a significant reduction in cash flow from operations, which declined to BRL802 million as of the LTM ended June 2009. Marginal Deterioration in Free Cash Flow: Although Eletropaulo has reported a positive free cash flow, defined as cash flow from operations minus capital expenditures and dividends, during recent years, as of the LTM ended June 2009, the company reported negative free cash flow as a result of lower cash flow from operations, large investments and growing dividend distributions. As of the LTM ended June 2009, Eletropaulo's free cash flow was a negative BRL516 million, with the company's dividend distribution practice of close to 100% of net income. Investments were higher and totaled BRL585 million, compared with an annual average of BRL440 million from 2005 to 2008. Fitch expects Eletropaulo's cash flow from operations to increase over the next few years due to demand growth, positive annual rate adjustments and greater control over costs and operational expenses. Change of Control, Hydrology Risks: Eletropaulo's ratings are based on the current shareholder structure, as there is a possible change of control. Banco Nacional de Desenvolvimento Economico e Social has announced its intention to sell its participation in Companhia Brasiliana de Energia, which in turn, controls indirectly the company. Currently, BNDES, together with AES Corporation (IDR rated 'B+' by Fitch) owns an indirect 35.8% controlling economic interest in the company. Clause in the shareholders agreement gives AES Corporation the right of first refusal over BNDES stake on Brasiliana. Should AES Corporation opt out of this right, it will be forced to sell its interest along with that of BNDES. Change of control risk for noteholders is mitigated by covenants that will force the acquirer to obtain a waiver from debt-holders or refinance its debt, should an owner different than BNDES or AES Corporation take control of the company. Eletropaulo's ratings also incorporate the Brazilian electricity sector's exposure to hydrology risk, as the country's generation matrix is highly dependent on hydro electric generation plants. Given that approximately 74% of Brazil's electricity generation installed capacity comes from hydroelectric generation plants, severe droughts can expose distribution companies to rationings, which lower electricity consumption, negatively impacting distribution companies' revenues. Given the current favorable reservoirs' levels, the country is not expected to suffer rationings in the short term. MARFRIG ALIMENTOS: Grupo Zenda Deal Won't Affect S&P's 'B+' Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services said that the transactions announced by Brazil-based meat processor Marfrig Alimentos S.A. (B+/Negative/--) on Sept. 22, 2009, will not affect the ratings assigned to the company. Marfrig announced the acquisition of 51% of Uruguayan leather company Grupo Zenda, the leasing agreement of 12 industrial plants that should increase its slaughtering capacity by 8,800 cattle per day, and the partnership agreement with Brazilian retailer Grupo Martins. The announcements are consistent with the company's strategy to integrate its production chain into leather, to gain scale to better negotiate cattle sourcing and prices and improve logistics and distribution capabilities. The only immediate cash implication of these transactions is a $49.5-million payment for Zenda and monthly payments under the lease agreement, which S&P believes can be met with internal cash generation and the company's cash reserves (Brazilian reais 1.28 billion as of June 30, 2009). PETROLEO BRASILEIRO: Moody's Gives Positive Outlook on Bond Rating ------------------------------------------------------------------ Moody's Investors Service changed the outlook for the Baa1 foreign currency bond rating of Petroleo Brasileiro S.A. and its guaranteed subsidiaries to positive from stable. The change in rating outlook is in response to the upgrade of the government of Brazil's long-term foreign currency rating to Baa3 from Ba1, with a positive outlook. In conjunction with that action, Moody's also raised Brazil's foreign currency bond ceiling to Baa2 from Baa3 with a positive outlook. The positive outlook considers that Petrobras's Baa1 foreign currency rating is likely to be upgraded and equalized with its A3 local currency rating in the event that the government bond rating is upgraded to Baa2. Moody's think that Petrobras's foreign currency rating is appropriately positioned at two notches above Brazil's foreign currency bond rating, based on Moody's assessment of the low likelihood that Petrobras would be affected in the event of a general moratorium in Brazil on foreign currency debt payments. Petrobras's A3 local currency rating is not affected by these actions. It reflects application of joint-default analysis under Moody's government-related issuers methodology, which considers a baseline credit assessment for Petrobras of 8 (comparable to Baa1) and factors in a high level of implied support by the government and a medium level of default correlation between Petrobras and the government. The last rating action affecting Petrobras occurred on June 18, 2009, when Moody's affirmed the company's foreign currency bond rating and downgraded its global local currency rating to A3, reflecting an increased level of dependence between Petrobras and the government of Brazil. Petroleo Brasileiro S.A., based in Rio de Janeiro, is an integrated petroleum company and the largest corporation in Brazil. The government owns 55.7% of Petrobras's common stock, and directly and indirectly owns about 43% of Petrobras's common and preferred shares outstanding. ========================== C A Y M A N I S L A N D S ========================== CDO AMP: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------ The creditors of CDO AMP 30MM2-4 2007-1, Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 14, 2009. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 CROSSLINK PARTNERS: Creditors' Proofs of Debt Due on September 30 ----------------------------------------------------------------- The creditors of Crosslink Partners Offshore Fund Limited are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2009. The company's liquidator is: G Robinson c/o Graham Robinson P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 DOLOMITE GLOBAL: Placed Under Voluntary Liquidation --------------------------------------------------- On August 18, 2009, the sole shareholder of Dolomite Global Emerging Markets Fund Non-U.S. Dollar, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by September 21, 2009, will be included in the company's dividend distribution. The company's liquidator is: Raj M. Keswani 122 East 42nd Street Suite 735, New York, NY 10168, U.S.A. EUROPEAN RENAISSANCE: In Liquidation; General Meeting on Oct. 2 --------------------------------------------------------------- European Renaissance Fund Limited has been placed into Voluntary Liquidation pursuant to The Companies Law (As Amended). Pursuant to Section 127 of the Companies Law (As Amended), the final general meeting of the Company will be held at the registered office of the Company on October 2, 2009, at 10:00 a.m. for the purpose of considering and, if thought fit, passing these resolutions: -- That the Joint Voluntary Liquidators? report and account of his acts and dealings and the conduct of the winding up during the period July 21, 2009, to October 2, 2009, be approved. -- That the Joint Voluntary Liquidators retain the books and records of the Company for a period of three years from the dissolution of the Company after which they may be destroyed. Ian D. Stokoe serves as Joint Voluntary Liquidator. Contact for inquiries: Jodi Jones Tel: (345) 914-8694 Fax: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FILM FINANCE: Members to Receive Wind-Up Report on September 30 --------------------------------------------------------------- The members of Film Finance Alternative Fund, Ltd. will receive, on September 30, 2009, at 3:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is; DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30 ----------------------------------------------------------------- The creditors of FRM Multi-Strategy Opportunity Fund SPC are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 11, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 FRM MULTI-STRATEGY: Creditors' Proofs of Debt Due on September 30 ----------------------------------------------------------------- The creditors of FRM Multi-Strategy Opportunity Master Fund SPC are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 11, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 G SQUARE: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------- The creditors of G Square Finance 2006-2 Ltd are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 12, 2009. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 GALLEON HEALTH: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------------- The creditors of Galleon Health Sciences Offshore, Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 29, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 ION US QUANT FEEDER: In Liquidation; Final Meeting in Feb. 2010 --------------------------------------------------------------- ION US Quant Feeder Fund Ltd. has been placed into Voluntary Liquidation. Pursuant to Section 127 of the Companies (Amendment) Law 2007, the final meeting of the company will be held at the registered office of the company on February 8, 2010, at 11:30 a.m. The agenda at the meeting are: 1. To lay accounts before the meeting showing how the winding up has been conducted and how the property has been disposed of to the date of final winding up on February 8, 2009. 2. To authorize the Liquidators to retain the records of the company for a period of six years from the dissolution of the company after which they may be destroyed. Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or creditor. Russell Smith serves as Voluntary Liquidator. ION US QUANT FUND: In Liquidation; Final Meeting in Feb. 2010 ------------------------------------------------------------- ION US Quant Fund Ltd. has been placed into Voluntary Liquidation. Pursuant to Section 127 of the Companies (Amendment) Law 2007, the final meeting of the company will be held at the registered office of the company on February 8, 2010, at 11:00 a.m. The agenda at the meeting are: 1. To lay accounts before the meeting showing how the winding up has been conducted and how the property has been disposed of to the date of final winding up on February 8, 2009. 2. To authorize the Liquidators to retain the records of the company for a period of six years from the dissolution of the company after which they may be destroyed. Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or creditor. Russell Smith serves as Voluntary Liquidator. LEHMAN BROTHERS: Placed Under Voluntary Liquidation --------------------------------------------------- On July 6, 2009, a unanimous written resolution was passed that placed Lehman Brothers Equity Finance (Cayman) Ltd. under voluntary liquidation. Only creditors who were able to file their proofs of debt by August 21, 2009, will be included in the company's dividend distribution. The company's liquidator is: Simon Whicker PO Box 493, Grand Cayman KY1-1106 Cayman Islands c/o Lauren Christie Telephone: 345-815-2663 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 MS APPAREL: In Liquidation; Final Meeting on September 30 --------------------------------------------------------- MS Apparel Limited has been placed into Voluntary Liquidation. Pursuant to Section 127 of the Companies Law (2007 Revision) (as amended), the final general meeting of the Company will be held at Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay Road, Windward One, Grand Cayman, Cayman Islands, on September 30, 2009, for the purpose of presenting to the members an account of the winding up of the Company and giving an explanation thereof. CDL Company Ltd. serves as Voluntary Liquidator. Address for service: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 MS APPAREL II: In Liquidation; Final Meeting on September 30 ------------------------------------------------------------ MS Apparel II Limited has been placed into Voluntary Liquidation. Pursuant to Section 127 of the Companies Law (2007 Revision) (as amended), the final general meeting of the Company will be held at Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay Road, Windward One, Grand Cayman, Cayman Islands, on September 30, 2009, for the purpose of presenting to the members an account of the winding up of the Company and giving an explanation thereof. CDL Company Ltd. serves as Voluntary Liquidator. Address for service: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 NAISSANCE HEALTHCARE: Shareholder's Meeting Set for September 30 ---------------------------------------------------------------- The sole shareholder of Naissance Healthcare Fund Limited will receive, on September 30, 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: Ogier c/o Khatidja McLean Telephone: 815 1760 Facsimile: (345) 949 1986 NOVA INSURANCE: Shareholder to Hear Wind-Up Report on September 30 ------------------------------------------------------------------ The shareholder of Nova Insurance Company will receive, on September 30, 2009, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Katherine Chiazza Dena Thompson Telephone: 949-7755 Facsimile: 949-6021 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------------- The creditors of Pequot Utility Offshore Fund, Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 PEQUOT UTILITY: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------------- The creditors of Pequot Utility Master Fund, Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 PIVOT STRATEGIC: Creditors' Proofs of Debt Due on September 30 -------------------------------------------------------------- The creditors of Pivot Strategic Fund are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 13, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 POKROVSKY HILLS: Members to Receive Wind-Up Report on September 30 ------------------------------------------------------------------ The members of Pokrovsky Hills JV Holdings Ltd. will receive, on September 30, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 POLAR II: Commences Wind-Up Proceedings --------------------------------------- On August 13, 2009, the sole shareholder of Polar II International, Inc. passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by August 21, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier Jonathan Bernstein Telephone: (345) 815-1897 Facsimile: (345) 949 1986 c/o Ogier Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands QPM QUORUM: Shareholder to Hear Wind-Up Report on September 30 -------------------------------------------------------------- The shareholder of QPM Quorum Quantitative Fund Ltd. will receive, on September 30, 2009, at 10:00 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Bunn Telephone: (345) 815 1848 Facsimile: (345) 949 1986 RAMIUS FUND: Creditors' Proofs of Debt Due on September 30 ---------------------------------------------------------- The creditors of Ramius Fund V, Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 14, 2009. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6314 SANTA BARBARA: Grand Court Enters Wind-Up Order ----------------------------------------------- On August 7, 2009, the Grand Court of Cayman Islands entered an order to have Santa Barbara Holdings Limited's operations wound up. The company's liquidators are: Geoffrey Varga Nicolas Matthews Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 SCP KOALA: Creditors' Proofs of Debt Due on September 30 -------------------------------------------------------- The creditors of SCP Koala Holdings are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 10, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 SOUTHERN STAR: Placed Under Voluntary Wind-Up --------------------------------------------- On August 13, 2009, the shareholders of Southern Star 881 Co. Ltd passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by August 13, 2009, were included in the company's dividend distribution. The company's liquidator is: Ellen J. Christian c/o Piccadilly Cayman Limited BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road, George Town Grand Cayman Telephone: 345 945 9208 Facsimile: 345 945 9210 SOUTHERN STARS: Placed Under Voluntary Wind-Up ---------------------------------------------- On August 13, 2009, the shareholders of Southern Stars 895-900 Co. Ltd passed a resolution that voluntarily winds up the company's operations. Only creditors who were able to file their proofs of debt by August 13, 2009, were included in the company's dividend distribution. The company's liquidator is: Ellen J. Christian c/o Piccadilly Cayman Limited BNP Paribas Bank & Trust Cayman Limited Royal Bank House, 3rd Floor Shedden Road, George Town Grand Cayman Telephone: 345 945 9208 Facsimile: 345 945 9210 VR MACRO: Creditors' Proofs of Debt Due on September 30 ------------------------------------------------------- The creditors of VR Macro Strategies Ltd. are required to file their proofs of debt by September 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 12, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands Telephone: (345) 914-6314 ============= J A M A I C A ============= AIR JAMAICA: Has US$38.3-Million Repayment Plan With ILFC --------------------------------------------------------- Air Jamaica Limited made its first payment on a US$38.3-million, five-year agreement with US-based International Lease Finance Corporation for the return of six aircraft from its fleet, Jamaica Observer reports, citing Air Jamaica Chief Executive Officer Bruce Nobles. The report relates that the airline reduced its fleet by six planes between 2008 and 2009 as it pursued 'right-sizing' efforts in accordance with its new business plan aimed at preparing the national carrier for divestment. According to the report, Mr. Nobles said Air Jamaica negotiated a government-guaranteed payment arrangement, with ILFC that took into account past rent owed to the leasing company, early return penalties, as well as obligations to return the aircraft in the same conditions in which they were received. The arrangement was approved in Parliament on June 9, he noted. "We had some planes that were due to come off lease, so the return was accelerated by a couple months," the report quoted Mr. Nobles as saying. The other four planes were at various stages of their respective lease arrangements," Mr. Nobles added. The report relates that Mr. Nobles said, "We agreed with them on a number, we put all of that into US$38.3 million" he said. The Observer notes recalls that Air Jamaica returned the planes in February as it cut eight routes as part of its new business model. The report relates that the business plan projected that these measures would lead to US$63 million in operating losses this year but allow the airline to break even by summer. A TCRLA report on June 29, 2009, citing RadioJamaica News, related that the Jamaican government indicated it will name a buyer for cash-strapped 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. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As 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). AIR JAMAICA: Plans to Lay Off 200 Positions ------------------------------------------- Trade unions representing Air Jamaica Limited's workers are unsatisfied with the Steering Committee's answers regarding the airline's plan to lay off 200 positions, RadioJamaica reports. The Steering Committee comprises Air Jamaica officials and trade union representatives. According to the report, Kavon Gayle, President-General of the Bustamante Industrial Trade Union, said that there are still unanswered questions regarding the need to reduce the work force at Air Jamaica and as a result, further meetings will take place with the airline's management over the next few days. "We have asked some questions in relation to what are the requisite savings that they would want to derive from this (and) we have not gotten a wholesome answer on that. We also have concerns about how some aspects of the layoffs are going to be treated as suggested by the company. We're going to continue to have discussions with the management of Air Jamaica in the next couple of days, to get a clear understanding and likewise, we will be interfacing with our members," the report quoted Mr. Gayle as saying. As reported in the Troubled Company Reporter-Latin America on September 22, 2009, RadioJamaica said that Air Jamaica will start to lay off several categories of workers by September 30, which will affect various groups of employees the airline, but the exact number of persons to be affected has not been finalized. The report relates that the lay-offs will be carried out as part of cost cutting measures as efforts continue to find a buyer for Air Jamaica. 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). =========== M E X I C O =========== CEMEX SAB: Discloses Exercise of Over-Allotment Options ------------------------------------------------------- CEMEX, S.A.B. de C.V. disclosed that underwriters of its previously announced global offering have notified it that they intend to exercise their over-allotment options in full and will purchase an additional 195,000,000 Ordinary Participation Certificates. Of the total, 146,250,000 CPOs will be purchased in the form of American Depositary Shares, with each ADS comprised of 10 CPOs, for resale in the United States and elsewhere outside of Mexico, and 48,750,000 CPOs will be purchased for resale in Mexico. The additional CPOs will be sold at the same public offering prices as the global public offering of US$12.50 per ADS and MXP16.65 per CPO. The estimated aggregate net proceeds from the global offering, including proceeds from the exercise of the over-allotment options, are expected to be roughly US$1.782 billion. 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. J.P. Morgan, Citi, Santander Investment and BBVA are acting as global coordinators for the global offering. J.P. Morgan, Citi, Santander Investment, BBVA, BNP Paribas, HSBC and RBS are acting 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 are acting as bookrunning managers for the Mexican offering. A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission and is effective. A Spanish language prospectus related to the Mexican offering has been filed with, and approved for use by, the Comision Nacional Bancaria y de Valores (Mexican securities authority). Copies of the final international prospectus may be obtained from the prospectus departments of: J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Prospectus Library, (718) 242-8002 Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, (718) 765-6732 Santander Investment, Equity Capital Markets, 45 East 53rd Street, 12th floor, New York, NY10022, Elias Ehrlich (212) 407-0963, Elias Ehrlich Banco Bilbao Vizcaya Argentaria, S.A, Via de los Poblados s/n, 28033 Madrid, ECM Department, (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, (866) 811-8049 RBS Securities Inc., 600 Washington Blvd., Stamford, CT 06901, Prospectus Library, (203) 897-9874 Copies of the final Mexican prospectus may be obtained from the prospectus departments of: Acciones y Valores Banamex Casa de Bolsa Paseo de la Reforma 398 ? 4� piso, Col. Juarez, 06600 D.F., Mexico, 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, 11000, D.F., Mexico, Ricardo Carvallo, 52 (55) 5540-9361 Casa de Bolsa BBVA Bancomer, Montes Urales 620 2� floor, Col. Lomas de Chapultepec 11000, D.F., Mexico, Banca de Inversion/ECM Mexico, 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, DF, Mexico, Roberto Baena 52 (55) 5269-1819 HSBC Casa de Bolsa, Luis A Hernandez, Tesoreria HSBC, Av Paseo de la Reforma 347, Piso 15, Col Cuauhtemoc 06500, D.F, Mexico, 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)'. CEMEX SAB: Opens GBP49 Million Cement Facility in Essex ------------------------------------------------------- CEMEX, S.A.B. de C.V. has invested GBP49 million for a cement grinding and blending facility in Thames Gateway, Essex, Building News reports. The report relates that the plant, which has been under construction for the past two years, will increase Cemex UK?s cement capacity by 20%. According to the report, the basis for the products made at Tilbury is cement clinker, which is ground to a powder and blended with by-products from other industries to make cements for use in buildings and infrastructure projects. ?I am immensely proud of this plant, which truly demonstrates our commitment to the construction industry and confidence that the UK economy will bounce back,? the report quoted Cemex UK President Gonzalo Galindo as saying. 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)'. ======= P E R U ======= DOE RUN PERU: Police Clear Workers' Roadblocks ---------------------------------------------- Alex Emery at Bloomberg News reports that Peruvian police cleared roadblocks in the central Andes after protests by Doe Run Peru smelter workers turned deadly. Police battled company's 3,700 workers to reopen the Central Andean Highway, which links key mining and farming regions to Lima, union spokesman Roberto Guzman told the news agency in a telephone interview. According to the report, some 1,200 police were deployed, with one killed and another wounded. Cabinet Chief Javier Velasquez, the report relates, said that the protests are aimed to pressure the government to help the company reopen the smelter. ?We hope the workers understand the government is working on this issue,? the report quoted Deputy Mining Minister Fernando Gala as saying. ?The executive has sent an urgent bill of law to Congress and we trust it will be passed as quickly as possible,? Mr. Gala added. Bloomberg News notes that Congress may vote this week on a plan to grant Doe Run Peru an extension of an environmental clean-up deadline that will give the company access to financing. 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 related that Doe Run Peru?s zinc and lead smelter received a three-month extension to complete planned environmental cleanup projects. Meanwhile, Bloomberg News notes that Justice Minister Aurelio Pastor said a state prosecutor may press charges against the company?s general manager Juan Carlos Huyhua for his alleged responsibility for the deadly protests. ?It?s clear that there?s direct manipulation by the company management,? the report quoted Mr. Pastor as saying. ?We?re not going to allow this to happen in a state of law,? Mr. Pastor added. About Doe Run Doe Run Peru operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. * * * As of May 21, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings individual rating at D. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Still to Decide on Junin 10 Partners ------------------------------------------------------------ Petroleos de Venezuela is still choosing partners for its Junin 10 oil field, Fabian Cambero at Reuters reports, citing PDVSA Vice President Eulogio Del Pino. The report relates that Mr. Pino said he hoped to see a final decision later this year. "The idea is to evaluate which option is the best from the two companies, to see if we combine them or just go with one," the report quoted Mr. Pino as saying. As reported in the Troubled Company Reporter-Latin America on September 24, 2009, Bloomberg News said tht PDVSA will review proposals from StatoilHydro ASA and Total SA to develop a block in Venezuela?s Orinoco Belt that will require investments of US$25 billion over 25 years. According to the report, Venezuela is seeking to develop the Orinoco Belt aiming to increase output to 4.7 million barrels a day by 2015. Bloomberg News noted that France?s Total and Norway?s StatoilHydro, already minority partners in the Petrocedeno heavy- oil project in the Orinoco Belt, are each submitting proposals to develop the Junin 10 block, where Venezuela aims to produce 600,000 barrels a day. 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: No Restart Date Yet for Isla Gasoline Unit ------------------------------------------------------- Fabian Cambero at Reuters reports that Venezuela said it had no restart date for the gasoline unit of its Isla refinery, closed since the end of August, but vowed to bring the cracker at its Cardon refinery back online in less than a month. According to the report, Petroleos de Venezuela frequently misses deadlines on refinery work, with units often idled for months longer than originally intended. The report relates Jesus Luongo, head of the Paraguana complex, said he did not know when the company's 320,000 bpd Isla oil refinery would restart after being closed since the end of August. PDVSA leases the Isla refinery, which is located on the nearby island of Curacao. Reuters notes that the Cardon cracker was closed to expand output by 15% to 89,000 barrels of gasoline and diesel per day in a US$650 million upgrade over a year ago. "It should be in service next month, after Oct. 15," the report quoted Jesus Luongo as saying. * * * 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: Projects at Orinoco Oil Belt Are "Highly Profitable" ----------------------------------------------------------------- Eulogio Del Pino, Exploration and Production Vice-President, Petroleos de Venezuela, S.A., reported that the Ministry of People?s Power for Energy and Petroleum will issue a new schedule based on three major development projects in the Carabobo block at the Orinoco Oil Belt, together with Russian and Chinese companies, for an individual output of more than 400,000 bpd. During the opening session of the Heavy Oil Symposium held on September 22-23 in Caracas, Mr. Del Pino explained that the findings of the certification of this significant area go beyond the expectations in terms of reserves. With regard to oil prices, Mr. Del Pino clarified that the projects profitability at the OOB is sustainable, considering a ceiling of US$40 per barrel. Nevertheless, US$60-70 per barrel is also a highly profitable business with very attractive investment results. Mr. Del Pino also talked about an investment together with French company Total of around US$25 billion in the Jun�n 10 block. The project includes the establishment of a refinery or high hydro- cracking upgrade to get upgraded oil of up to 42 degrees API. ?The highest quality currently upgraded at the Belt is of 31 degrees API. With this project, we will produce a larger amount of oil, because we will be able to use better-quality solvents resulting in a higher output potential,? Mr. Del Pino noted. Rigs ?We presently have in Venezuela 150 active rigs, including 66 private rigs and 35 property of PDVSA which are drilling,? said the PDVSA Exploration and Production Vice-President. Early this year, some rigs were used for well shooting and maintenance, as a result of falling oil prices. Now, as oil prices recovered, equipments have been added to drilling. Mr. Del Pino commented on the first two rigs in the process of assembly in Venezuela. Next year, eight rigs are expected to be completed. Manufacturing will take longer, because the production lines of these equipments are being refitted in order to ensure manufacturing of up to four rigs annually. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. *********** 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 * * *