/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091013.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, October 13, 2009, Vol. 10, No. 202 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Owner Can Use Lloyd’s Insurance to Pay Lawyers A R G E N T I N A CUIMBO SA: Creditors' Proofs of Debt Due on November 23 MARISCAL SUCRE: Creditors' Proofs of Debt Due on December 1 NORFLEX SA: Creditors' Proofs of Debt Due on October 23 ORMAS INGENIERIA: Creditors' Proofs of Debt Due on December 16 RALD SRL: Creditors' Proofs of Debt Due on February 8 SUPLEMENTOS NATURALES: Creditors' Proofs of Debt Due on Dec. 10 TIARCO CARNES: Creditors' Proofs of Debt Due on November 3 VISTEON SA: U.S. Court OKs Capital Payments From Parent B A R B A D O S CL FINANCIAL: BPWCCUL Wins CLICO Company Takeover Bid B E R M U D A CASSONS FUND: Creditors' Proofs of Debt on October 14 DYNAMO FUND: Creditors' Proofs of Debt on October 14 MAN MAC: Creditors' Proofs of Debt on October 14 NEW STAR: Creditors' Proofs of Debt on October 14 RITCHIE CAPITAL: Creditors' Proofs of Debt on October 14 RITCHIE RE: Creditors' Proofs of Debt on October 14 RITCHIE RE: Creditors' Proofs of Debt on October 14 RITCHIE RE: Creditors' Proofs of Debt on October 14 B R A Z I L EMPRESA BRASILEIRA: Q3 Jet Deliveries Increase by 18.8% VOTORANTIM CELULOSE: S&P Gives Positive Out;ppl' Keeps 'BB' Rating C A Y M A N I S L A N D S ALL-AMERICAN SPORTPARK: Board Elects Cara Brunette as Director 3D GLOBAL OPPORTUNITIES: Proofs of Claim Due October 14 AKHWAN LIMITED: Members Receive Wind-Up Report CAMY INVESTMENTS: Members Receive Wind-Up Report CHAMPLAIN LIMITED: In Liquidation; Proofs of Claim Due Oct. 15 CHOICE HARVEST: Members Receive Wind-Up Report DIVINE HOLDINGS: Members Receive Wind-Up Report DORCHESTER COMPANY: Members Receive Wind-Up Report DYNAMIC WIN: Members Receive Wind-Up Report FREEWAY PARTNERS: In Liquidation; Proofs of Claim Due Oct. 14 GOLDEN REGAL: Members Receive Wind-Up Report GREEN AGAIN: Members Receive Wind-Up Report LIFEGEMS HOLDINGS: Members Receive Wind-Up Report LILAC LIMITED: Members Receive Wind-Up Report LMOS HOLDINGS: Members Receive Wind-Up Report MILESTONE INTERNATIONAL: Members Receive Wind-Up Report NINTH WAVE GLOBAL: In Liquidation; Proofs of Claim Due Oct. 14 PICO FUND: In Voluntary Liquidation Proceedings PILGRIM LIMITED: Members Receive Wind-Up Report PRAESIDEO FUND: In Liquidation; Proofs of Claim Due Oct. 14 PRIVILEGES INVESTMENTS: Members Receive Wind-Up Report RIGHT ONE: Members Receive Wind-Up Report SAAD INVESTMENTS: In Liquidation; Creditors' Meet on Oct. 22 SCONSET LIMITED: Members Receive Wind-Up Report SILVERTHORNE INVESTMENTS: Members Receive Wind-Up Report SOLAR SPORT: Members Receive Wind-Up Report TAMARILLO LIMITED: Members Receive Wind-Up Report WINDFEST LIMITED: Members Receive Wind-Up Report C H I L E BHP BILLITON: Escondida Workers Receptive to Pay Raise EMPRESA ELECTRICA: GDF Suez Signs US$3 Billion Contract in Chile C O L O M B I A ECOPETROL SA: Appoints Hector Manosalva Rojas as VP of Production INTERCONEXION ELECTRICA: To Sell Debt, Seek Partners for Highway D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Taps Barclays & Citigroup for Bond Sale J A M A I C A CASH PLUS: Former Boss Slapped With 15 Additional Charges GOODYEAR JAMAICA: Parent to Gain Compensation From Firm NATIONAL COMMERCIAL BANK: To Close 5 Branches; Redeploy Employees PALACE AMUSEMENT: Suffers JM$5.2 Million Loss in Year-Ended June M E X I C O HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'B1' HIPOTECARIA SU: Moody's Reviews Ratings on Seven Certificates INTERACCIONES CASA: Moody's Assigns 'Ba1' Global Issuer Ratings GRUPO TMM: To Issue 3Q Results, Hold Conference Call on Oct. 28 T R I N I D A D & T O B A G O CL FINANCIAL: Faces US$188 Million Margin Call V I R G I N I S L A N D S JIMAE MEDICAL: Baker Tilly Named Liquidator; Meeting on Oct. 14 X X X X X X X X * LATAM: S&P Raises Ratings on Two Emerging Market Synthetic SFs * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Owner Can Use Lloyd’s Insurance to Pay Lawyers -------------------------------------------------------------- Laurel Brubaker Calkins and Andrew M. Harris at Bloomberg News report that U.S. District Judge David Godbey of Dallas has ruled that Robert Allen Stanford, the financier accused of orchestrating a multi-billion Ponzi scheme, can use corporate insurance policy proceeds to pay defense lawyers. The report relates that Mr. Stanford and other Stanford Group executives can draw from Lloyds of London officers’ and directors’ coverage said to be worth at least US$50 million. “The court finds it in the interest of fairness to allow directors and officers to access insurance proceeds to which they are entitled for several reasons,” the report quoted Judge Godbey as saying. “The potential harm to them if denied coverage is not speculative but real and immediate; they may be unable to defend themselves in civil actions in which they do not have a right to court-appointed counsel,” Judge Godbey added. As reported in the Troubled Company Reporter-Latin America on September 22, 2009, Reuters said U.S. District Judge David Hittner has ordered the Public Defender's Office to take the case of Mr. Stanford, following the financier's statements that he could not afford to pay lawyers' fees since his assets still remain frozen. According to the report, Michael Sokolow from the Federal Public Defender's Office in Houston will be Mr. Stanford's lead attorney as he replaces Houston attorney Dick DeGuerin, who asked to withdraw in July after failing to secure a guarantee of payment. The report related that Robert Luskin, Esq., at Patton Boggs in Washington, DC, said he and a team of lawyers were prepared to take over Mr. Stanford's defense but that payment was also an issue. Bloomberg News related that Judge Hittner also approved the addition of private practitioner Kent Schaffer. According to Bloomberg News, Mr. Luskin said he may continue helping Mr. Stanford appeal the denial of his bail, praised the ruling although he said he’s still digesting it. Mr. Schaffer told Bloomberg in a phone interview that while he’s pleased with the ruling, he’s not sure how it will affect his ability to continue representing Mr. Stanford. Stanford Financial Group court-appointed receiver, Ralph Janvey, the report relates, said that as many as 60 Stanford executives and employees are seeking to use the directors’ and officers’ coverage to defray their legal bills. The coverage may be worth as much as US$90 million, Mr. Janvey added. Bloomberg News notes that lawyers of SFG Chief Investment Officer, Laura Pendergest-Holt, asked the criminal case judge, David Hittner, to order Lloyd’s underwriters to pay the Stanford defendants’ legal bills. The report relates that while Judge Hittner hasn’t ruled on Ms. Pendergest-Holt’s request, court filings indicate he made direct inquiries to both Mr. Janvey and Lloyd’s about whether anything prevented the insurer from paying the defendants’ legal bills. Meanwhile, the report relates that David Finn, a lawyer for SFG Co. Chief Financial Officer, James M. Davis, said that Judge Godbey's ruling will allow him to continue representing the government’s key cooperating witness. “It means I will not have to file a motion to withdraw,” Mr. Finn said in an e-mail obtained by the news agency. “I am relieved because I will not have to keep digging into my pocket for expenses not knowing if I’d ever get paid,” Mr. Finn added. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= CUIMBO SA: Creditors' Proofs of Debt Due on November 23 ------------------------------------------------------- The court-appointed trustee for Cuimbo S.A.'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 8, 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 22, 2010. MARISCAL SUCRE: Creditors' Proofs of Debt Due on December 1 ----------------------------------------------------------- The court-appointed trustee for Mariscal Sucre 3032 S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until December 1, 2009. The trustee will present the validated claims in court as individual reports on February 16, 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 31, 2010. NORFLEX SA: Creditors' Proofs of Debt Due on October 23 ------------------------------------------------------- The court-appointed trustee for Norflex S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 23, 2009. The trustee will present the validated claims in court as individual reports on December 7, 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 February 23, 2010. ORMAS INGENIERIA: Creditors' Proofs of Debt Due on December 16 -------------------------------------------------------------- The court-appointed trustee for Ormas Ingenieria y Construcciones S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until December 16, 2009. The trustee will present the validated claims in court as individual reports on March 11, 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 May 5, 2010. RALD SRL: Creditors' Proofs of Debt Due on February 8 ----------------------------------------------------- The court-appointed trustee for Rald S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until February 8, 2010. The trustee will present the validated claims in court as individual reports on March 22, 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 May 5, 2010. SUPLEMENTOS NATURALES: Creditors' Proofs of Debt Due on Dec. 10 --------------------------------------------------------------- The court-appointed trustee for Suplementos Naturales S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until December 10, 2009. The trustee will present the validated claims in court as individual reports on February 24, 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 12, 2010. TIARCO CARNES: Creditors' Proofs of Debt Due on November 3 ---------------------------------------------------------- The court-appointed trustee for Tiarco Carnes S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 3, 2009. The trustee will present the validated claims in court as individual reports on March 25, 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. VISTEON SA: U.S. Court OKs Capital Payments From Parent ------------------------------------------------------- Visteon Corp. obtained the U.S. Bankruptcy Court's authority to provide capital of approximately with an aggregate value of approximately $38 million to their foreign affiliates in Argentina and Poland. The Debtors tell the Court that prior to the Petition Date, they would often ensure the liquidity of certain of their foreign affiliates to make sure those affiliates had adequate funding to continue operations, maintain minimum liquidity levels, and avoid potential insolvency triggers. Those measures, according to the Debtors, included making equity investments in the Foreign Affiliates and converting intercompany debts into equity. The Debtors relate that they continue to closely monitor the financial condition of their Foreign Affiliates since the Petition Date and have determined that two Foreign Affiliates -- Visteon S.A. (Argentina) and Visteon Poland S.A. (Poland) are in need of capital contributions for those entities to continue to provide services to Visteon's global customers. Visteon Argentina Visteon S.A. (Argentina) is a foreign affiliate of the Debtors organized under the laws of Argentina that provides climate and interiors products to Ford Motor Company. The Debtors note that Visteon Argentina's operations are crucial to their relationship with Ford Motor Company and Volkswagen in Argentina and Brazil. According to the Debtors, due to accumulated losses through 2008 which are greater than Visteon Argentina's corporate capital, applicable Argentina law may require Visteon Argentina to initiate an mandatory insolvency proceeding. The Debtors aver that any proceeding would likely be costly and could result in the loss of Visteon International Holdings, Inc.'s equity interest in Visteon Argentina. The Debtors tell the Court that Visteon Argentina currently owes approximately $32 million to VIHI in connection with a $27 million intercompany loan. About $5 million in accrued interest is currently outstanding under the VIHI Loan. The Debtors have determined that Visteon Argentina will have sufficient capital to continue its operations if VIHI recharacterizes the $27 million principal amount of the debt into equity in Visteon Argentina and forgives the $5 million in accrued interest that remains outstanding. Under that scenario, Visteon, as a global enterprise, will be able to continue to meet the needs of Ford and Volkswagen and will avoid the need to commence an insolvency proceeding under Argentina law, the Debtors point out. Visteon Poland Visteon Poland S.A. is a foreign affiliate of the Debtors organized under the laws of Poland that provides interiors products to Volkswagen. In Visteon Corp. capitalized Visteon Poland by converting into equity a $30 million intercompany loan from VIHI to Visteon Poland. Visteon Poland recently finalized its financial statements for 2008 and has determined that it needs additional capital to bolster its balance sheets. The Debtors note that failure to access that capital for Visteon Poland could damage Visteon's relationship with Volkswagen and result in a mandatory insolvency proceeding under local law, which would likely have a damaging effect on Visteon's Chapter 11 estates and could result in personal liability of Visteon Poland's directors and officers. To remedy this situation, Visteon Poland has determined to equitize the $6 million in accrued interest that remains outstanding under the $30 million intercompany loan that was equitized in 2008. The Debtors assert that the proposed capitalization will preserve the value of VIHI's equity in their Foreign Affiliates. The Debtors maintain that without the capitalization, it is unlikely that VIHI would be able to recover the entirety of the outstanding intercompany debt. 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 $4,561,000,000 and debts of $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) =============== B A R B A D O S =============== CL FINANCIAL: BPWCCUL Wins CLICO Company Takeover Bid ----------------------------------------------------- The Barbados Public Workers' Co-operative Credit Union Limited (BPWCCUL) has won the takeover bid for CLICO Mortgage and Finance Corporation (CMFC), a unit of CL Financial Limited, Caribbean360.com reports. BPWCCU has beaten two other companies for the acquisition, the report relates. According to the report, citing The Sunday Sun newspaper, BPWCCU President Anthony Griffin said the Board of Directors of CLICO Holdings Barbados Limited accepted the takeover offer from them. "We are very happy, and I know that the 135,000 credit union members in Barbados are happy for us," Mr. Griffin was quoted by the report as saying. Caribbean360.com notes that the Barbados National Bank and Consolidated Finance had also tried to take over CMFC and had submitted bids to the six-member Oversight Committee but both failed in their attempts. The report relates that BNB's subsequent direct offer to the Board had also been rejected. 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 ============= CASSONS FUND: Creditors' Proofs of Debt on October 14 ----------------------------------------------------- The creditors of Cassons Fund Limited are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda DYNAMO FUND: Creditors' Proofs of Debt on October 14 ---------------------------------------------------- The creditors of Dynamo Fund Limited are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda MAN MAC: Creditors' Proofs of Debt on October 14 ------------------------------------------------ The creditors of Man MAC Montford 7A Limited are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2009. The company's liquidator is: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda NEW STAR: Creditors' Proofs of Debt on October 14 ------------------------------------------------- The creditors of New Star UK Hedge Fund Limited are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 25, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda RITCHIE CAPITAL: Creditors' Proofs of Debt on October 14 -------------------------------------------------------- The creditors of Ritchie Capital Holdings, Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 25, 2009. The company's liquidator is: James E. Wurdeman 2223 Bendelow Trail, Tampa Florida 33629,U.S.A. RITCHIE RE: Creditors' Proofs of Debt on October 14 --------------------------------------------------- The creditors of Ritchie Re Broad Strategy Holdings, Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 25, 2009. The company's liquidator is: James E. Wurdeman 2223 Bendelow Trail, Tampa Florida 33629,U.S.A. RITCHIE RE: Creditors' Proofs of Debt on October 14 --------------------------------------------------- The creditors of Ritchie Re Broad Strategy, Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 25, 2009. The company's liquidator is: James E. Wurdeman 2223 Bendelow Trail, Tampa Florida 33629,U.S.A. RITCHIE RE: Creditors' Proofs of Debt on October 14 --------------------------------------------------- The creditors of Ritchie Re, Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 25, 2009. The company's liquidator is: James E. Wurdeman 2223 Bendelow Trail, Tampa Florida 33629,U.S.A. =========== B R A Z I L =========== EMPRESA BRASILEIRA: Q3 Jet Deliveries Increase by 18.8% ------------------------------------------------------- Empresa Brasileira de Aeronautica SA delivered 57 jets during the third quarter of 2009, 29 of which to the commercial aviation segment, 27 to executive aviation, and one to defense, representing an increase of 18.8% over the 48 jets delivered during the same period in 2008. So far, in 2009, Embraer has delivered 153 jets. On September 30, 2009, the company’s firm order backlog totaled US$ 18.6 billion, or 6% less than the US$ 19.8 billion recorded on June 30, 2009. In the airline segment, the family of Embraer aircraft operators welcomed British Airways, from the United Kingdom, with the EMBRAER 170; Mozambique Airlines (LAM), with the EMBRAER 190; and Lufthansa CityLine, from Germany, with the EMBRAER 195, thus increasing the family of operators to 49 in 34 countries. The 600th aircraft of the EMBRAER 170/190 E-Jets family was delivered to Lot Polish Airlines. The highlight of executive aviation was the growth in the number of deliveries of the Phenom 100 jet, for the third quarter in a row: two in 4Q08, six in 1Q09, 13 in 2Q09, and 22 in 3Q09, for a total of 43 aircraft. The aircraft was also certified for operation in Australia and went into service in Brazil. The network of authorized service centers continues to grow, with the addition of Starlink, in Canada, and Inflite, in the United Kingdom. In the defense area, Embraer delivered the first EMBRAER 190 jet to the Brazilian government. The aircraft is configured especially for the use of the President of the Republic and is operated by the Special Transportation Group of the Brazilian Air Force. About Embraer Headquartered in Brazil, Empresa Brasileira de Aeronautica SA (Embraer) -- http://www.embraer.com–- is a company engaged in the manufacture of aircrafts for commercial aviation, executive jet and defense and government purposes. The Company has developed a line of executive jets based on one of its regional jet platforms and launched executive jets in the entry-level, light, ultra-large and mid-light/mid-size categories, the Phenom 100/300 family, the Lineage 1000 and the Legacy 450/500 family, respectively. The Company supplies defense aircraft for the Brazilian Air Force based on number of aircraft sold, and sells aircraft to military forces in Europe, Asia and Latin America. In July 2008, the Company acquired a 40% interest owned by Liebherr Aerospace SAS in ELEB–Equipamentos Ltda (ELEB). ELEB is an aerospace system and component manufacturer, and its products include landing gear systems, hydraulics and electro-mechanical sub-assemblies, such as actuators, valves, accumulators and pylons. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, Bloomberg News said Embraer will lay off around 4,200 workers, which represents 20% of its 21,362 employees, and reduced its 2009 revenue forecast by 13% due to the global recession. VOTORANTIM CELULOSE: S&P Gives Positive Out;ppl' Keeps 'BB' Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it revised its outlooks on Brazil-based pulp company VCP - Votorantim Celulose e Papel S.A. and its subsidiary, Aracruz Celulose S.A. to positive from negative. At the same time, S&P affirmed the 'BB' corporate credit ratings on the companies. "The revision of the outlook reflects the positive effects from the sale of the Guaíba plant, and several liability management actions the companies' combined entity, Fibria, is undertaking to improve liquidity and reduce refinancing risks," said Standard & Poor's credit analyst Reginaldo Takara. Although S&P does not anticipate significant debt reduction relative to S&P's previous base-case scenario, S&P believes that the stronger liquidity position from asset sale proceeds and the lower exposure to short-term debt may eventually lead to secular improvement in the company's financial profile and credit measures. Fibria announced on Oct. 8 that it reached an agreement with CMPC to sell its Guaíba plant and associated assets -- land, forests, and licensing for an expansion -- for $1.43 billion. "We believe the combination of VCP and Aracruz results is positive for Fibria's business profile," said Mr. Takara. "Although S&P view the pulp industry as volatile, fragmented, and having low product differentiation, the combined entity has a satisfactory business profile because of its very competitive and low-cost global position." ========================== C A Y M A N I S L A N D S ========================== ALL-AMERICAN SPORTPARK: Board Elects Cara Brunette as Director -------------------------------------------------------------- COLUMBUS MULTI-STRATEGY FUND Columbus Multi-Strategy Fund has been placed under Voluntary Liquidation pursuant to The Companies Law (2007 Revision) by a special resolution passed at an extraordinary meeting of the Company held on August 25, 2009. PHILIP NEIL ANDERSON MOSELY and Paul Gavin Travers, at Cayman Management Ltd., have been appointed joint voluntary liquidators. Creditors of the Company are required to furnish proof of their debt or claim against the Company by October 29, 2009, or be excluded from any distribution made before such debts are proved and from objecting to the distribution. To contact: Philip Mosely Joint Voluntary Liquidator PO Box 1569, George Town Grand Cayman KY1-1110, Cayman Islands Tel: (345) 949-4018 Fax: (345) 949-7891 Email: general@caymanmanagement.ky 3D GLOBAL OPPORTUNITIES: Proofs of Claim Due October 14 ------------------------------------------------------- The 3D Global Opportunities Fund Ltd. has been placed in Voluntary Liquidation pursuant to The Companies Law (2004 Revision), following resolution by the Sole Shareholder of the Company dated August 24, 2009. Walkers Corporate Services Limited has been appointed as Liquidator. Creditors of the Company have until October 14, 2009, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to: Anthony Johnson Tel: (345) 914-6314 Walker House, 87 Mary Street George Town, Grand Cayman KY1-9005 Cayman Islands AKHWAN LIMITED: Members Receive Wind-Up Report ---------------------------------------------- The members of Akhwan Limited held their final meeting on October 12, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman CAMY INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------ The members of Camy Investments Inc. held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman CHAMPLAIN LIMITED: In Liquidation; Proofs of Claim Due Oct. 15 -------------------------------------------------------------- Champlain Limited has been placed under Voluntary Liquidation pursuant to The Companies Law (2007 Revision) following special resolution by its shareholder at an Extraordinary General Meeting of the shareholder held August 24, 2009. Scott Aitken and Connan Hill have been appointed as liquidators of the Company. Creditors have to prove their debts or claims by October 15, 2009, and establish any title they may have under the Companies Law (2007 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. The address of the liquidators is: Scott Aitken and Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Contact for inquiries: Sylvia Lewis Tel: 949-7755 Fax: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands CHOICE HARVEST: Members Receive Wind-Up Report ---------------------------------------------- The members of Choice Harvest Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman DIVINE HOLDINGS: Members Receive Wind-Up Report ----------------------------------------------- The members of Divine Holdings Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman DORCHESTER COMPANY: Members Receive Wind-Up Report -------------------------------------------------- The members of The Dorchester Company Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman DYNAMIC WIN: Members Receive Wind-Up Report ------------------------------------------- The members of Dynamic Win Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman FREEWAY PARTNERS: In Liquidation; Proofs of Claim Due Oct. 14 ------------------------------------------------------------- Freeway Partners Master Fund, Ltd., has been placed under Voluntary Liquidation pursuant to The Companies Law (2004 Revision following resolution by the Sole Shareholder of the Company dated August 25, 2009, Walkers Corporate Services Limited has been appointed as Liquidator. Creditors of the Company are required by October 14, 2009, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to: WALKERS CORPORATE SERVICES LIMITED Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands GOLDEN REGAL: Members Receive Wind-Up Report -------------------------------------------- The members of Golden Regal Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman GREEN AGAIN: Members Receive Wind-Up Report ------------------------------------------- The members of Green Again Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman LIFEGEMS HOLDINGS: Members Receive Wind-Up Report ------------------------------------------------- The members of Lifegems Holdings Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman LILAC LIMITED: Members Receive Wind-Up Report --------------------------------------------- The members of Lilac Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman LMOS HOLDINGS: Members Receive Wind-Up Report --------------------------------------------- The members of Lmos Holdings Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman MILESTONE INTERNATIONAL: Members Receive Wind-Up Report ------------------------------------------------------- The members of Milestone International Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman NINTH WAVE GLOBAL: In Liquidation; Proofs of Claim Due Oct. 14 -------------------------------------------------------------- Ninth Wave Global Emerging Markets Fund (Offshore) Ltd. has been placed under Voluntary Liquidation pursuant to The Companies Law (As Amended) following resolution by the Sole Shareholder of the Company dated August 20, 2009. Walkers Corporate Services Limited has been appointed as Liquidator to wind up the Company's affairs. Creditors of the Company are required by October 14, 2009, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to: Anthony Johnson Tel: (345) 914-6314 Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands PICO FUND: In Voluntary Liquidation Proceedings ----------------------------------------------- PICO Fund has been placed under Voluntary Liquidation pursuant to The Companies Law (Revised). Wilton McDonald at Higgs Johnson Truman Bodden & Co., has been appointed as liquidator to wind up the Company's affairs. Contact for inquiries: Wilton McDonald Tel: (345) 914-4620 Fax: (345) 815-0570 c/o H&J Trulaw Corporate Services Ltd. 5th Floor, Anderson Square Building Shedden Road, Grand Cayman KY1-1103 Cayman Islands PILGRIM LIMITED: Members Receive Wind-Up Report ----------------------------------------------- The members of Pilgrim Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman PRAESIDEO FUND: In Liquidation; Proofs of Claim Due Oct. 14 ----------------------------------------------------------- Praesideo Fund Services Ltd. has been placed under Voluntary Liquidation pursuant to The Companies Law (As Amended) following resolution by the Shareholders of the Company dated August 17, 2009. Avalon Management Limited has been appointed as liquidator. Creditors of the Company are required by October 14, 2009, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to: Avalon Management Limited Reference: GL Tel: (+1) 345 769-4422 Fax: (+1) 345 769-9351 Landmark Square, 1st Floor, 64 Earth Close West Bay Beach, PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands PRIVILEGES INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------------ The members of Privileges Investments Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman RIGHT ONE: Members Receive Wind-Up Report ----------------------------------------- The members of Right One Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SAAD INVESTMENTS: In Liquidation; Creditors' Meet on Oct. 22 ------------------------------------------------------------ Grant Thornton Specialist Services (Cayman) informs that a meeting of creditors of Saad Investments Company Limited will be held on [October] 22, 2009, at the Western Casuarina Resort, West Bay Road, Grand Cayman, Cayman Islands at 8:00 a.m. Cayman time. An alternative venue is available at the offices of Linklaters LLP, 3 Bunhill Row, London ECIY 8Y2 at 2 p.m. London time where one of the Joint Official Liquidators will also be in attendance. Those creditors wishing to attend the meeting by these means are requested to advise the liquidators in writing of their intention to do so by October 19, 2009. Dial In Number: +1-345-747-0000 Conference access code: 747-9710 Passcode (if prompted): 9710 In order to attend and vote at the meeting, creditors are required to submit to the liquidators, in advance of the meeting, a proof of debt. The liquidators may be reached at Hugh Dickson Joint Official Liquidator Saad Investments Company Limited C/o Grant Thomson Specialist Services (Cayman) Ltd. Telephone: +44(0) 1189 839 614 E-mail: SICLcreditorsmeeting@gluk.com Address: 30 Finsbury Square London EC2P 2YU, England SCONSET LIMITED: Members Receive Wind-Up Report ----------------------------------------------- The members of Sconset Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SILVERTHORNE INVESTMENTS: Members Receive Wind-Up Report -------------------------------------------------------- The members of Silverthorne Investments Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SOLAR SPORT: Members Receive Wind-Up Report ------------------------------------------- The members of Solar Sport Investment Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman TAMARILLO LIMITED: Members Receive Wind-Up Report ------------------------------------------------- The members of Tamarillo Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman WINDFEST LIMITED: Members Receive Wind-Up Report ------------------------------------------------ The members of Windfest Limited held their final meeting on October 7, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman ========= C H I L E ========= BHP BILLITON: Escondida Workers Receptive to Pay Raise ------------------------------------------------------ BHP Billiton Limited workers at its Escondida copper mine in Chile are receptive to a wage increase offer, averting a potential strike in December when their contracts expire, Matt Craze at Bloomberg News reports, citing union spokesman Zeiso Mercado. More than half of the workers at Escondida voted on the offer in the past two days, Mr. Mercado told the news agency in a phone interview. The union will inform management of a decision on Oct. 13, Mr. Mercado added. According to the report, citing Macquarie Bank, a deal at Escondida will set the tone for other workers contracts to be negotiated by the end of the year, affecting mines that supply 18% of the world’s copper. The report, citing Santiago newspaper La Tercera, relates that Escondida workers were offered a one-time bonus of 14 million pesos ($25,250). Melbourne-based BHP is the 57.5% controlling shareholder of Minera Escondida SA. Meanwhile, workers at BHP’s Spence copper mine, also in northern Chile, are voting on a wage proposal, and may go on strike on Oct. 13 if no agreement is met, the report notes, citing union spokesman Francisco Aravena. About BHP Billiton Australia-based BHP Billiton Limited (NYSE:BHP) -- http://www.bhpbilliton.com/-- is a diversified natural resources company. The company has businesses producing alumina and aluminum, copper, energy (thermal) coal, iron ore, nickel, manganese, metallurgical coal, oil and gas and uranium, as well as gold, zinc, lead, silver and diamonds. The company operates in nine customer sector groups (CSGs): petroleum, aluminum, base metals, diamonds and specialty products, stainless steel materials, iron ore; manganese, metallurgical coal, and energy coal. In July 2008, the company completed the acquisition of Anglo Potash Ltd. * * * As reported in the Troubled Company Reporter-Asia Pacific on February 24, 2009, Bloomberg News said that BHP Billiton Limited will reduce the number of staff at its Melbourne headquarters by about 40% as it moves some roles nearer to mining operations. According to the report, spokeswoman Samantha Evans said BHP wants to reduce staff at head office to 350 by the end of June, down from 600 at the close of 2007. EMPRESA ELECTRICA: GDF Suez Signs US$3 Billion Contract in Chile ---------------------------------------------------------------- French utility GDF Suez SA has won a bid worth US$3 billion to supply 2,000 gigawatt hours a year of power to subsidiaries of the Chilean electricity company Empresas Emel SA, Adam Mitchell at Dow Jones Newswires reports. The report relates that the contract will run from 2012 to 2026. According to the report, GDF Suez said that the energy will be derived mainly from liquefied natural gas, which will be regassified at the Mejillones terminal, in which the company has a 50% stake. The contract, Dow Jones Neswires notes, was signed by Empresa Electrica Del Norte Grande S.A.. GDF Suez has a 27% stake in Edelnor. About Edelnor Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A. (aka Edelnor) -- http://www.edelnor.cl/-- is principally engaged in the generation, transportation, distribution and supply of electricity. Edelnor is also engaged in the purchase, transportation and sale of all types of fuel: liquid, solid and gaseous. The company offers advising services in engineering and management, as well as maintenance and repair of electronic systems. * * * As of June 18, 2009, the company continues to carry Moody's Ba3 rating. The company also continues to carry Standard and Poor's LT Issuer Credit ratings at BB-. =============== C O L O M B I A =============== ECOPETROL SA: Appoints Hector Manosalva Rojas as VP of Production ----------------------------------------------------------------- As part of its corporate strategy, and in an effort to consolidate the team of people it needs to reach the goals it has established by 2015, Ecopetrol has appointed a new Vice President of Production and a new Vice President of Transportation. Hector Manosalva Rojas, a Petroleum Engineer, has been appointed as Vice President of Production. Mr. Rojas is a graduate of the Fundacion Universidad de America, has a specialization in Finance from the Universidad Eafit, and studied Executive Management at the Universidad de los Andes. Mr. Rojas joined Ecopetrol in 1986 and has held a number of positions over the course of his career at Ecopetrol, including Head of the Division of Planning, Production Manager in Putumayo, Director of Corporate Social Responsibility, Advisor to the Office of the President of the Republic for the Protection of the Energy Infrastructure, and finally Production Manager of the Central Region for the Office of the Vice President of Production, a position he has held until this new appointment. Alvaro Castaneda Caro, a Matallurgical Engineer, has been appointed as Vice President of Transportation. Mr. Caro is a graduate of the Universidad Libre de Colombia and has been working with the Office of the Vice President of Transportation for the past 20 years. Mr. Caro has a specialization in International Management of Oil and Gas and a Master's in Administration from the Universidad Autonoma de Bucaramanga and the Instituto Tecnologico de Monterrey. Mr. Caro has held a number of positions over the course of his career at Ecopetrol, such as Maintenance Engineer, Plant Coordinator, Head of the Operations Department and Chief of the Centralized Operations Department, and finally Manager of the Multiple Purpose Pipelines, a position he is leaving in order to fulfill his new appointment as the Vice President of Transportation. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co/-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on October 7, 2009, Fitch Ratings has affirmed the Issuer Default Ratings and outstanding debt ratings of Ecopetrol S.A.: -- Local currency IDR at 'BBB-'; -- Foreign currency IDR at 'BB+'; -- US$1.5 billion senior unsecured notes due 2019 at 'BB+'. INTERCONEXION ELECTRICA: To Sell Debt, Seek Partners for Highway ---------------------------------------------------------------- Interconexion Electrica SA will create a company that may sell bonds and seek partners to help finance a COP5.6 trillion (US$3 billion) highway project through the Andes mountains, Andrea Jaramillo at Bloomberg News reports, citing Chief Executive Officer Luis Fernando Alarcon. “We need to provide capital for that new company we’re creating which is why we’re hoping to have other partners for that company such as pension funds,” Mr. Alarcon told Bloomberg News in a telephone interview. “The company will take on debt, which could include issuing bonds and bank loans,” Mr. Alarcon added. According to the report, ISA won the largest portion of a government project worth COP10 trillion for the construction of three highways in central and northern Colombia. The report relates that ISA will expand and operate 900 kilometers (559 miles) of highway running out of Antioquia province. Bloomberg News notes that ISA is also considering power transmission projects in Brazil, Peru and Guatemala. Mr. Alarcon, the report relates, said that ISA will likely sign the concession contract, which includes a COP2 trillion investment by the government and COP3.6 trillion investment by the company, in a month. After the signing, the company will take the company about a year to design the project before construction starts, Mr. Alarcon added. Bloomberg News adds that construction will take 15 years and the concession will last between 30 and 40 years, depending on the project’s rate of return. About Interconexion Electrica Interconexion Electrica SA is Colombia's state-run transmission firm. * * * As of October 12, 2009, the company continues to carry Standard and Poor's BB+ LT Issuer Credit ratings. ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: Taps Barclays & Citigroup for Bond Sale ------------------------------------------------------------- Veronica Navarro Espinosa at Bloomberg News reports that the Dominican Republic hired Barclays Plc and Citigroup Inc. to arrange the country’s international dollar bond sale. The report relates Roberto Cabanas, head of general financing at the Public Credit Office, said that the government may sell as much as US$600 million of bonds. According to the report, the Dominican Republic is seeking to tap overseas debt markets after the International Monetary Fund said it reached an agreement with the country in principle on a US$1.7 billion loan. The report relates that the country’s benchmark yields have tumbled this year as the government negotiated with the Washington-based lender and the global economic recover fueled demand for higher- yielding assets. The Dominican Republic’s yields relative to U.S. Treasuries “collapsed when they went to the IMF at the end of August,” the report quoted Boris Segura, a Latin American analyst at RBS Securities Inc. in Stamford, Connecticut, as saying. Bloomberg News, citing JPMorgan Chase & Co., notes that the extra yield investors demand to own Dominican Republic dollar bonds instead of Treasuries has narrowed to 4.45 percentage points from 8.33 points at the beginning of August and 16.05 points on December 31. Mr. Cabanas, the report notes, said that the Dominican Republic needs to get Congressional approval before it can issue the bonds. Bloomberg News, citing RBS’s Segura, adds that the country may sell the notes as soon as November. * * * The country continues to carry Moody's B2 currency ratings. ============= J A M A I C A ============= CASH PLUS: Former Boss Slapped With 15 Additional Charges --------------------------------------------------------- Cash Plus Limited's former boss Carlos Hill was arrested and charged with 15 more counts of fraud and conspiracy at the Corporate Area Resident Magistrate's Court on October 9, Jamaica Observer reports. According to Jamaica Gleaner, the new charges against Mr. Hill came three days after liquidator Hugh Wildman said that his team had discovered US$25 million that Hill and his brother, Bertram Hill, had allegedly lodged in a Swiss bank in Dubai in the United Arab Emirates. The Gleaner relates that Mr. Hill was taken into custody and arrested and charged by Superintendent Fitz Bailey, head of the Organised Crime Investigation Division, shortly after he showed up in Court to answer to three counts of fraud and conspiracy. The Observer notes that the cases was laid against him, his brother Bertram Hill, and Peter Wilson, Hill's former chief accountant. However, the Observer relates that Mr. Hill's JM$10-million bail bond was reinstated and he along with his brother and Wilson will next appear in court on January 10 next year. The Jamaica Gleaner says that the court was told that Mr. Hill was facing additional charges. The Gleaner relates that Deputy Director of Public Prosecutions Diahann Gordon-Harrison said that Mr. Hill was charged under Section 28 of the Larceny Act and a preliminary inquiry would be held. If a case is made out against Mr. Hill, he will face trial in the Home Circuit Court, Ms. Gordon-Harrison added. Ms. Gordon-Harrison, the Gleaner relates, said that they were making slow progress in completing the file due to the tedious nature of the case. There were 500,000 pieces of electronic data and they had to determine what was relevant to the case, Ms. Gordon-Harrison added. The Observer recalls that the Hill brothers and Mr. Wilson were charged with fraud in connection with JM$4 billion of investors' money which went missing. In June, the report relates, the embattled Mr. Hill was forced to vacate a three-storey mansion he occupied in the upper St Andrew community of East Armour Heights; and was given a two-week timeline by order of the Supreme Court to vacate the property which, along with two townhouses, an apartment at Waterworks Mews and a property in Kencot -- all in St Andrew -- and a property on Old Harbour Road, St Catherine, were ordered sold by the court. About Cash Plus Cash Plus Limited is an investment club in Jamaica. It collapsed in 2007 after the Financial Services Commission moved to regulate its operations. The company is a financial arm of the Cash Plus Group of Companies, a business conglomerate established in 2002 by mortgage banker Carlos Hill. The company offers its participants the opportunity to participate in the group's ventures which include mergers and numerous acquisitions. In April 2008, the Supreme Court of Jamaica placed Cash Plus in receivership. Cash Plus admitted that it wouldn't be able to pay its lenders until April 14, 2008. The firm has 40,000 lenders with loans totaling J$4 billion. Cash Plus was unable to repay its investors. The Financial Services Commission said it was informed by the attorney acting on behalf of Cash Plus that the investment club lacked the funds to start the repayment of the principal and interest owing to its investors. PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as joint receiver-manager for Cash Plus. GOODYEAR JAMAICA: Parent to Gain Compensation From Firm ------------------------------------------------------- Goodyear Jamaica Ltd’s liquidator, Deloitte Touche Tohmatsu in Jamaica, is to offer “interim distribution” compensation of US$3.75 per share to existing shareholders “by the end of October or early November,” Tyrepress.com reports. According to the report, its parent firm, Goodyear Tire & Rubber Company, will reportedly receive over JM$131 million (US$1.48 million) of the first payout. The report relates that the liquidation process is expected to be completed by 2010. Goodyear Jamaica Limited -- http://www.goodyear.com.jm/-- is engaged in the importation and distribution of tires, tubes and related rubber products, all of which are imported from related parties. Its product portfolio includes tires for automobiles, light trucks, commercial trucks and farm vehicles. In addition to Goodyear tires, the Company produces tires under the Kelly brand name. The Company's operations are focused in two geographic segments: Jamaica and the Caribbean, and Central and South America. The Company is a 60% subsidiary of the Goodyear Tire & Rubber Company, in Akron, Ohio, United States. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2008, Radio Jamaica said that the Jamaica Stock Exchange (JSE) has suspended trading of Goodyear Jamaica's shares following a company extraordinary general meeting where members voted unanimously to voluntarily wind up the company and appoint liquidators. The report related the liquidators applied to the JSE for suspension of trading in the shares, which was approved by JSE Chairman Curtis Martin under the JSE's Rule 411. NATIONAL COMMERCIAL BANK: To Close 5 Branches; Redeploy Employees ----------------------------------------------------------------- Avia Collinder at Jamaica Gleaner reports that National Commercial Bank of Jamaica Limited will close five of nine agencies or sub- branches -- four in rural Jamaica and one in Kingston -- consolidating the operations into their larger full-service branches in nearby towns. The report relates that the bank said that no one will be out of work as a result. According to the report, as part of the company's move: -- the Buff Bay agency will merge with the Annotto Bay branch; -- Lionel Town with May Pen in Clarendon; -- Grange Hill with Savanna-la-Mar in Westmoreland; -- Spanish Town Road with Hagley Park Road in Kingston; and -- Yallahs with the Morant Bay operation in St Thomas. The report notes that the October 16 closures will cut the banking network to 42 branches and four agencies. The report relates that much of the savings will be in overheads, given that staff are to be redeployed. The bank, the report points out, said that all staff displaced are likely to be absorbed in the larger branches to which business will be moved. "We expect that service delivery at the parent branches will need, at the very least, to be maintained, if not improved, so additional resources may be required as a result of the mergers," the report quoted Mr. Cohen as saying. "We are, therefore, retaining the agency employees with a view to determining what level of impact on service delivery, if any, may result in the parent branches," Mr. Cohen added. About NCB Jamaica Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, Standard & Poor's Ratings Services said that it lowered its long-term ratings on National Commercial Bank Jamaica Ltd., including the counterparty credit rating, to 'CCC+' from 'B-'. At the same time, S&P lowered its survivability assessment on NCB to 'B+' from 'BB+'. The outlook is negative. Fitch said the ratings have a stable rating outlook. PALACE AMUSEMENT: Suffers JM$5.2 Million Loss in Year-Ended June ---------------------------------------------------------------- Palace Amusement Limited has ended its 2009 financial year on a disappointing note, RadioJamaica reports. According to the report, the company suffered a JM$5.2 million loss for the 12 months ended June 30. The report relates that during the corresponding period last year it reported a JM$21 million profit. RadioJamaica notes that although revenues increased by JM$33 million to JM$512 million during the year an increase in expenses made it difficult for Palace Amusement to remain profitable. Direct expenses amounted to JM$465 million up from JM$405 million last year, the report adds. The Palace Amusement Company (1921) Limited -- http://www.palaceamusement.com/ -- is a Jamaica-based company that is a cinema operator. The Company is a 62%-owned subsidiary of Russgram Investments Limited. Films are rented from United International Pictures, which represents Universal Pictures, Paramount Pictures, Dreamworks and Disney; Independent Film Distributors of Trinidad, and Russgram Investments Limited, which represents Warner Bros, 20th Century Fox in the United States, as well as Goldmine Productions and D.S. Pictures, both of Trinidad. =========== M E X I C O =========== HIPOTECARIA SU: Moody's Downgrades Ratings on Class A to 'B1' ------------------------------------------------------------- Moody's Investors Service has downgraded the global scale rating of the Class A Insured Residential Mortgage Backed Floating Rate Notes due 2035 issued by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R.'s to B1 from Ba1 (Global Scale, Foreign Currency); the rating remains on review for further possible downgrade. The underlying mortgage pool consists of first-lien, fixed-rate loans denominated in UDIS and granted primarily to low-income borrowers ("interés social") in Mexico. The downgrade was based on the continuing deterioration of the collateral's performance and Moody's resulting updated lifetime loss expectations. The notes also remain on review for possible downgrade as a result of continuing concerns about the accuracy and consistency of the reported delinquency percentages in Su Casita's monthly servicing reports. Rationale For Review For Downgrade As of October 9, all of Su Casita's Moody's-rated RMBS certificates are on review for possible downgrade. Please also refer to the rating action press release titled "Moody's takes rating actions on Su Casita Mexican mortgage-backed securitizations". In May 2009, Moody's had placed the global and national scale ratings of certain certificates from six Su Casita mortgage-backed transactions on review for possible downgrade as a result of concerns about the sudden deterioration in loan performance in February 2009 in both the 90+ day delinquency bucket and in the "current" bucket. More specifically, Moody's observed a considerable deterioration in the reported percentage of the pools that were "current", or 0 months past due, between January and February 2009. The percentage of "current" loans, which prior to February 2009 typically had been greater than 75% or 80% in any given month, dropped sharply in February for all Su Casita transactions, to as low as 48% of the pool in one case and below 60% in most other cases. In the case of the Class A Insured Residential Mortgage Backed Floating Rate Notes due 2035 transaction, the reported "current" percent was greater than 80% in most months prior to February 2009, but it has ranged between 49% and 65% since February. The percentage of current loans across all Su Casita RMBS has not reverted to the pre-February 2009 levels. In addition, between January and February 2009 a larger than expected percentage of loans migrated into more serious delinquency buckets. This level of pool deterioration has not occurred in other Mexican RMBS transactions rated by Moody's. During the ongoing review period, Moody's will continue to work with the servicer to understand the drivers of this sudden and sharp deterioration in the "current" bucket across all Su Casita transactions, including the Class A Insured Residential Mortgage Backed Floating Rate Notes due 2035 transaction. This trend raises general concerns about the accuracy of the servicer's delinquency reporting, the consistency of the method used to determine delinquency status, and the specter of increased losses if the large pipeline of delinquent loans ultimately defaults. Moody's has also raised questions about certain data anomalies, particularly the fact that despite the significant up-tick in delinquencies, the reported interest collections across pools have not declined. Rationale For Downgrade The rating downgrade is primarily based on the weak historical performance of the mortgage portfolio backing the affected transaction and Moody's updated projection of lifetime cumulative gross defaults and expected losses on the pool. The underlying pool for the affected transaction has displayed a sharp ramp-up of delinquencies greater than 90 days that is beyond Moody's initial expectations after adjusting for the transactions' seasoning. The recent month-to-month deterioration in performance has been considerable. As of February 2009, 90+ day delinquencies have increased significantly and at a more rapid rate than in prior periods. As a result, Moody's increased its default projections on the pool. Moody's determines the projected default rates by linearly extrapolating the historical trends in the pool's default rate over the most recent nine months. Moody's notes that realized losses to date represent less than 0.5% of the original pool balance given the relatively low number of reported REO sales to date. As of September 1, 2009, delinquencies greater than 90 days, including real estate owned, as a percentage of the original pool balance, were 12.9% versus 7.1% as of six months ago. The transaction has a seasoning of 30 months and a pool factor of 80%. Moody's expects significantly higher lifetime cumulative gross defaults as a percentage of the original pool as compared to the level of gross defaults observed to date. This is based on the weak performance trends to date, the relatively short period of time since the transaction's closing date, and the relatively high pool factor of 80%. After estimating projected lifetime gross default rates as a percentage of the current pool balance, Moody's determines the expected net losses by applying a severity of loss assumption on the projected defaulted loan balance. For this transaction, Moody's estimates lifetime cumulative gross defaults of approximately 34% and an average severity of loss of 68%, which results in an updated expected loss projection of 23% as a percentage of the original pool balance. This translates into an expected loss projection of approximately 29% of the outstanding pool balance (or 23% divided by the pool factor of 80%). The expected loss projection of 29% of the outstanding pool compares with approximately 31% of estimated remaining lifetime credit enhancement for the Class A notes. Rating Action The complete rating action is: * Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. Issuer: The Bank of New York Mellon, S.A. Institucion de Banca Multiple, acting solely as trustee. -- Class A Insured Residential Mortgage Backed Floating Rate Notes due 2035, rating downgraded to B1 from Ba1 (Global Scale, Foreign Currency); on review for further possible downgrade. The last rating action occurred on May 14, 2009, when the previous Ba1 rating was downgraded from Baa3 and the Ba1 rating was maintained on review. HIPOTECARIA SU: Moody's Reviews Ratings on Seven Certificates ------------------------------------------------------------- Moody's de México has placed on review for possible downgrade the Baa1 global local currency ratings and Aaa.mx national scale ratings of seven certificates from seven residential mortgage- backed securitizations issued by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R.: BRHSCCB 03U, BRHSCCB 05U, BRHSCCB 06, BRHSCCB 06-2, BRHSCCB 07, BRHCCB 07U, and BRHCCB 08U. These rating actions were prompted by continuing concerns about the accuracy and consistency of the reported delinquency percentages in Su Casita's monthly servicing reports. Moody's has also downgraded three certificates from two Su Casita RMBS securitizations. BRHSCCB 06-3U was downgraded to Baa3 from Baa1 (Global Scale, Local Currency) and to Aa2.mx from Aaa.mx (National Scale); BRHSCCB 06-4U was downgraded to B3 from Ba2 (Global Scale, Local Currency) and to B1.mx from A2.mx (National Scale); and BRHCCB 07-2U was downgraded to B3 from Ba3 (Global Scale, Local Currency) and to Ba3.mx from Baa1.mx (National Scale Rating). All ratings remain on review for downgrade. The downgrades were based on the continuing deterioration of the collateral's performance and Moody's resulting updated lifetime loss expectations. These three certificates also remain on review for possible downgrade because of the concerns noted above regarding the accuracy and consistency of the reported delinquencies. The mortgage pools consist of first-lien, fixed-rate loans denominated in UDIS and granted primarily to low-income borrowers ("interés social"). For additional details related to the rating actions, please refer to Moody's special comment titled "Performance Update: Hipotecaria Su Casita's Mexican RMBS", published on October 8, 2009. Rationale For Reviews For Downgrade With the rating actions, all of Su Casita's Moody's-rated RMBS certificates are on review for possible downgrade. In May 2009, Moody's had placed the global and national scale ratings of certain certificates from six Su Casita's mortgage-backed transactions on review for possible downgrade as a result of concerns about the sudden deterioration in loan performance in February 2009 in both the 90+ day delinquency bucket and in the "current" bucket. More specifically, Moody's observed a considerable deterioration in the reported percentage of the pools that were "current", or 0 months past due, between January and February 2009. The percentage of "current" loans, which prior to February 2009 typically had been greater than 75% or 80% in any given month, dropped sharply in February for all Su Casita transactions, to as low as 48% of the pool in one case and below 60% in most other cases. The percentage of current loans has not reverted to the pre-February 2009 levels. In addition, between January and February 2009 a larger than expected percentage of loans migrated into more serious delinquency buckets. This level of pool deterioration has not occurred in other Mexican RMBS transactions rated by Moody's. During the ongoing review period, Moody's will continue to work with the servicer to understand the drivers of this sudden and sharp deterioration in the "current" bucket across all Su Casita transactions. This trend raises general concerns about the accuracy of the servicer's delinquency reporting, the consistency of the method used to determine delinquency status, and the specter of increased losses if the large pipeline of delinquent loans ultimately defaults. Moody's has also raised questions about certain data anomalies, particularly the fact that despite the significant up-tick in delinquencies, the reported interest collections across pools have not declined. Rationale For Downgrades The downgrade rating actions are primarily based on the weak historical performance of the mortgage portfolios backing the transactions and Moody's updated projected lifetime cumulative gross defaults and expected losses on the pools. The underlying pools for each of the two downgraded transactions have displayed a sharp ramp-up in 90+ day delinquencies that is beyond Moody's initial expectations after adjusting for the transactions' seasoning. The recent month-to-month performance deterioration has been considerable, in particular for BRHCCB 07-2U, which had 90+ day delinquencies (including REOs) almost double over a 6-month period. As of February 2009, 90+ day delinquencies increased significantly in both deals and at a more rapid rate than in prior periods. As a result, Moody's increased its default projections on both pools. Moody's determines the projected default rates by linearly extrapolating the historical trends in the pools' default rate over the most recent nine months. Moody's notes that realized losses to date represent less than 0.5% of the original pool balance in both cases given the relatively low number of reported REO sales to date. For these transactions, Moody's expects significantly higher lifetime cumulative gross defaults as a percentage of the original pool as compared to the level of gross defaults observed to date. This is based on the weak performance trends to date, the relatively short period of time since the transactions' closing dates, and the relatively high pool factors for each of the transactions (90% for BRHCCB 07-2U and 69% for BRHSCCB 06-3U/06- 4U). After estimating projected lifetime gross default rates as a percentage of the current pool balance, Moody's determines the expected net losses by applying a severity of loss assumption on the projected defaulted loan balance. Brhsccb 06-3u And Brhsccb 06-4u As of September 1, 2009, delinquencies greater than 90 days, including real estate owned (REO), as a percentage of the original pool balance for the BRHSCCB 06-3U/06-4U transaction, were 14.7% versus 11.0% as of six months ago. The transaction has a seasoning of 38 months and a pool factor of 69%. Moody's estimates lifetime cumulative gross defaults of approximately 31% and an average severity of loss of 56%, which results in an updated expected loss projection of 17% as a percentage of the original pool balance. This translates into an expected loss projection of approximately 25% of the outstanding pool balance (or 17% divided by the pool factor of 69%). The expected loss projection of 25% of the outstanding pool compares with approximately 32% of estimated remaining lifetime credit enhancement for the Class A BRHSCCB 06-3U certificate and with approximately 22% of estimated remaining lifetime credit enhancement for the Class B BRHSCCB 06-4U certificate. Brhccb 07-2u As of September 1, 2009, 90+ day delinquencies, including real estate owned, as a percentage of the original pool balance, were 18.4% versus 9.5% as of six months ago. The transaction has a seasoning of 23 months and a pool factor of 90%. Moody's estimates lifetime cumulative gross defaults of approximately 51% and an average severity of loss of 67%, resulting in an updated expected loss projection of 34% as a percentage of the original pool balance. This translates into an expected loss projection of approximately 38% as a percentage of the outstanding pool balance (or 34% divided by the pool factor of 90%). The expected loss projection of 38% of the outstanding pool compares with approximately 33% of estimated remaining lifetime credit enhancement for the Class A-2 BRHCCB 07-2U certificate. Rating Action The complete rating action is: Originator and Servicer: Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. Issuer: The Bank of New York Mellon, S.A. Institucion de Banca Multiple, acting solely as trustee. -- Class A BRHSCGCB 03U: ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on December 10, 2003, when the Baa1 and Aaa.mx ratings were originally assigned. -- Class A BRHSCCB 05U: ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on October 27, 2005, when the Baa1 and Aaa.mx ratings were originally assigned. -- Class A BRHSCCB 06, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on April 24, 2006, when the Baa1 and Aaa.mx ratings were originally assigned. -- Class A BRHSCCB 06-2, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on November 30, 2006, when the Baa1 and Aaa.mx ratings were originally assigned. -- Class A BRHSCCB 06-3U: ratings downgraded to Baa3 from Baa1 (Global Scale, Local Currency) and to Aa2.mx from Aaa.mx (National Scale); ratings remain on review for possible downgrade. The last rating action occurred on May 6, 2009, when the previous Baa1 and Aaa.mx ratings were placed on review for possible downgrade. -- Class B BRHSCCB 06-4U: ratings downgraded to B3 from Ba2 (Global Scale, Local Currency) and to B1.mx from A2.mx (National Scale); ratings remain on review for possible downgrade. The last rating action occurred on May 6, 2009, when the previous Ba2 and A2.mx ratings were placed on review for possible downgrade. -- Class A BRHSCCB 07, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on February 1, 2007, when the Baa1 and Aaa.mx ratings were originally assigned. -- Class A BRHCCB 07U: ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on March 12, 2009, when the previous Baa1 and Aaa.mx ratings were upgraded from B3 and B1.mx. -- Class A-2 BRHCCB 07-2U: ratings downgraded to B3 from Ba3 (Global Scale, Local Currency) and to Ba3.mx from Baa1.mx (National Scale Rating); ratings remain on review for possible downgrade. The last rating action occurred on May 14, 2009, when the previous Ba3 and Baa1.mx ratings were downgraded from Ba1 and A1.mx. Issuer: HSBC México, S.A. Institucion de Banca Multiple, Grupo Financiero HSBC, Division Fiduciaria, acting solely as trustee. -- Class A-1 BRHCCB 08U: ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale) placed on review for possible downgrade. The last rating action occurred on April 21, 2008, when the Baa1 and Aaa.mx ratings were originally assigned. INTERACCIONES CASA: Moody's Assigns 'Ba1' Global Issuer Ratings --------------------------------------------------------------- Moody's Investors Service assigned its long and short-term Ba1/Not Prime global local currency issuer ratings to Interacciones Casa de Bolsa, S.A. de C.V. Grupo Financiero Interacciones. On its Mexican National Scale, Moody's de Mexico assigned an A1.mx long term and MX-2 short-term issuer ratings. All these ratings have stable outlooks. The ratings on CB Interacciones reflect the broker's good franchise and important brand name in Mexico's securities industry -- particularly in the local capital markets -- which have been developed over two decades. The ratings also reflect CB Interacciones' ability to generate recurring, yet modest, pre-tax earnings from its low-risk agency business focus. The company is effectively run under conservative guidelines, which is also positively captured by the ratings. At the same time, the ratings assigned to CB Interacciones reflect the company's small absolute size and limited market share of around 1% of the industry's assets under management, as well as the challenges posted by a highly competitive industry and the relatively smaller array of products and services offered compared to more diversified global players. In Moody's view, CB Interacciones has a sustainable stand-alone franchise, which is indicated by its Ba2 baseline credit assessment. Moody's also cites the important links with Banco Interacciones as a positive rating factor as both subsidiaries of Grupo Financiero Interacciones share common infrastructure, brand, staff and risk management practices. The important connections between the bank and the brokerage house result in a global local currency issuer rating of Ba1, which is in line with Banco Interacciones' global local currency senior debt rating. The long-term Mexican National Scale rating of A1.mx indicates issuers or issues with above average creditworthiness relative to other domestic issuers. The short-term Mexican National Scale rating of MX-2 indicates that the issuer has an above average ability to repay short-term senior unsecured debt obligations relative to other domestic issuers. CB Interacciones is headquartered in Mexico City. As of June 2009, CB Interacciones had around Mx$702 million in equity. These issuer ratings were assigned to Interacciones Casa de Bolsa, S.A. de C.V.: -- Global local currency, long term: Ba1, stable outlook -- Global local currency, short term: Not-Prime -- Mexican National Scale, long term: A1.mx, stable outlook -- Mexican National Scale, short term: MX-2 GRUPO TMM: To Issue 3Q Results, Hold Conference Call on Oct. 28 --------------------------------------------------------------- Grupo TMM, S.A.B. will publish its third-quarter 2009 financial results on Wednesday, October 28, after the close of trading on the New York Stock Exchange. TMM's management will host a conference call and Webcast to review financial and operational highlights on Thursday, October 29 at 11:30 a.m. Eastern time. To participate in the conference call, please dial (888) 554-1432 (domestic) or (719) 325-2172 (international) at least five minutes prior to the start of the event. Accompanying visuals and a simultaneous Webcast of the meeting will be available at http://www.visualwebcaster.com/event.asp?id=62685. A replay of the conference call will be available through November 12 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719) 457-0820, and entering passcode 7939427. On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=62685 About Grupo TMM Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin American multimodal transportation and logistics company. Through its branch offices and network of subsidiary companies, TMM provides a dynamic combination of ocean and land transportation services. As reported in the Troubled Company Reporter-Latin America on July 10, 2009, Grant Thornton, S.C., in Mexico City raised substantial doubt about the Company's ability to continue as a going concern after auditing the Company's financial report for the years ended December 31, 2006, 2007, and 2008. The auditors pointed to the Company's sustained substantial losses from continuing operations during the past five years. The auditors add that substantial doubt exists as to its continuation as a going concern. Continuation is dependent upon the success of future operations and obtaining additional financing, the auditor said. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Faces US$188 Million Margin Call ---------------------------------------------- CL Financial Limited has been given by Port of Spain-based RBTT Trust Limited two weeks to replenish an account which has fallen short of a 150% margin that the company is required to maintain as backing for bonds floated last year, Jamaica Gleaner reports. The report relates that the margin account relates to US$240 million of notes issued by CL Financial. According to the report, CL Spirits was the vehicle chiefly used by CL Financial to acquire Jamaican spirits conglomerate Lascelles deMercado and Company, as well as raise debt to help finance the US$9.25 per share deal that closed in July 2008. The report notes that RBTT has given CL Financial two options: * pay cash of US$188.26 million; or * offer up, as collateral, additional shares of similar value in one of two companies owned by CL Financial -- the highly profitable Lascelles deMercado. The financial group, the report says, was given 10 business days to comply from the date of the September 28 notice, but RBTT Trust did not spell out the consequences of missing the deadline. The Gleaner notes that the trust company said that CL Financial was already two weeks in breach, noting that at September 11, the margin on the account was 72.77%, while a week later, it dropped minimally to 71.56%. "Based on the security margin as at Friday, September 18, 2009, we now advise that in order to maintain the prescribed minimum margin of 150 per cent, we require you to deposit further security to the value of USD188,264,140.28," RBTT senior financial analyst S. Tewari advised Michael Carballo, chief financial officer of CL Financial Limited, in a letter. RBTT's letter, the report relates, said instructed that CL Financial could wire additional cash to the Cash Collateral Account at RBTT Bank Jamaica in Kingston or provide additional shares in Lascelles or Republic Bank. The report points out that if CL Financial were to put up its Lascelles holdings as collateral, it would require posting more than 59.84 million ordinary shares, which would be the equivalent of the US$188.26 million (JM$16.75 billion) at the conglomerate stock's current trading price of JM$280 per share. Or it would take more than 13.5 million Republic shares at the current trading price of TT$85.98, the report relates. 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 Feb. 20, 2009, the Trinidad and Tobago Express said 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. ========================== V I R G I N I S L A N D S ========================== JIMAE MEDICAL: Baker Tilly Named Liquidator; Meeting on Oct. 14 --------------------------------------------------------------- John J. Greenwood and Bruno Arboit of Baker Tilly (BVI) Limited have been appointed as joint liquidators of Jimaei Medical Group Ltd, by the Eastern Caribbean Supreme Court in the High Court of Justice (Civil) of the British Virgin Islands. Pursuant to Section 179(I) of the Insolvency Act, 2003, a meeting of the creditors of the Company will be held on October 14, commencing at 8:00 p.m. at: Baker Tilly P.O. Box 650 Tropic Isle Building, 2nd Floor Nibbs Street Road Town, Tortola VG 1110 British Virgin Islands. Creditors may also join the meeting via telephone. Creditors should lodge particulars of their claims for voting purposes by October 13 an copies of the claims may be submitted to: Via e-mail: hchilton@bakertilly.bvi.com Via fax: + 1 284 494 6565 -- or -- To Mavis Tan Via e-mail: mavistan@bakertillyhk.com Via fax: +852 2810 1417 The resolution to be tabled at the meeting may include an appointment of a liquidation committee. =============== X X X X X X X X =============== * LATAM: S&P Raises Ratings on Two Emerging Market Synthetic SFs ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on two emerging market synthetic structured financing securitizations and removed the ratings from CreditWatch with positive implications, where they were placed Aug. 28, 2009. The rating actions follow the Oct. 8, 2009, raising of S&P's long- term corporate credit rating on Cemex S.A.B. de C.V. to 'B' from 'B-' and its removal of that rating from CreditWatch positive. Emblem Finance Co. No. 2 Ltd.'s series 3 notes and UDICX Bonos' series 2008-1 certificates are synthetic structured financings with a first-to-default structure that is credit-linked to Cemex. The series 3 notes are collateralized by Chilean peso-denominated and inflation–adjusted Republic of Chile (foreign currency rating, A+/Stable/A-1; local currency rating, AA/Stable/A-1+) sovereign bonds and have exposure to JPMorgan Chase Bank N.A. (AA-/Negative/ A-1+), the swap counterparty. The series 2008-1 certificates have exposure to Merrill Lynch & Co. Inc. (A/Stable/A-1), the issuer of the underlying collateral and the swap guarantor. If a credit event occurs regarding Cemex, the series 3 noteholders and the series 2008-1 certificateholders will receive a cash settlement amount that is calculated according to the market value of the reference obligation and the swap, and the amount of liquidation proceeds realized from the collateral. S&P will continue to surveil the ratings on these asset-backed transactions and revise the ratings as necessary to reflect any changes in the transactions' underlying credit quality. Ratings Raised And Removed From Creditwatch Rating ------ Transaction Series To From ----------- ------ -- ---- Emblem Finance Co. No. 2 3 B B-/Watch Pos UDICX Bonos 2008-1 mxBB+ mxBB/Watch Pos * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ACO ALTONA EALT3 BZ 80647079.55 -12603367.15 ACO ALTONA SA EAAON BZ 80647079.55 -12603367.15 ACO ALTONA-PREF EAAPN BZ 80647079.55 -12603367.15 ACO ALTONA-PREF EALT4 BZ 80647079.55 -12603367.15 ALL MALHA PAULIS GASC3 BZ 881202387.66 -501612577.9 ALL MALHA PAULIS GASC3B BZ 881202387.66 -501612577.9 ARTHUR LAN-DVD C ARLA11 BZ 21333792.82 -16295577.05 ARTHUR LAN-DVD P ARLA12 BZ 21333792.82 -16295577.05 ARTHUR LANG-RC C ARLA9 BZ 21333792.82 -16295577.05 ARTHUR LANG-RC P ARLA10 BZ 21333792.82 -16295577.05 ARTHUR LANG-RT C ARLA1 BZ 21333792.82 -16295577.05 ARTHUR LANG-RT P ARLA2 BZ 21333792.82 -16295577.05 ARTHUR LANGE ARLA3 BZ 21333792.82 -16295577.05 ARTHUR LANGE SA ALICON BZ 21333792.82 -16295577.05 ARTHUR LANGE-PRF ALICPN BZ 21333792.82 -16295577.05 ARTHUR LANGE-PRF ARLA4 BZ 21333792.82 -16295577.05 AZEVEDO AZEV3 BZ 58171856.05 -4288079.64 AZEVEDO E TRA-PR AZEVPN BZ 58171856.05 -4288079.64 AZEVEDO E TRAVAS AZEVON BZ 58171856.05 -4288079.64 AZEVEDO-PREF AZEV4 BZ 58171856.05 -4288079.64 B&D FOOD CORP BDFCE US 15779763 -588840 B&D FOOD CORP BDFC US 15779763 -588840 BALADARE BLDR3 BZ 141215707.17 -12257915.87 BOMBRIL BMBBF US 239716189.99 -242287717.11 BOMBRIL BOBR3 BZ 239716189.99 -242287717.11 BOMBRIL CIRIO SA BOBRON BZ 239716189.99 -242287717.11 BOMBRIL CIRIO-PF BOBRPN BZ 239716189.99 -242287717.11 4 BOMBRIL SA-ADR BMBPY US 239716189.99 -242287717.11 BOMBRIL SA-ADR BMBBY US 239716189.99 -242287717.11 BOMBRIL-PREF BOBR4 BZ 239716189.99 -242287717.11 BOMBRIL-RGTS PRE BOBR2 BZ 239716189.99 -242287717.11 BOMBRIL-RIGHTS BOBR1 BZ 239716189.99 -242287717.11 BOTUCATU TEXTIL STRP3 BZ 31385624.73 -9890708.41 BOTUCATU-PREF STRP4 BZ 31385624.73 -9890708.41 BUETTNER BUET3 BZ 86940610.88 -37817234.67 BUETTNER SA BUETON BZ 86940610.88 -37817234.67 BUETTNER SA-PRF BUETPN BZ 86940610.88 -37817234.67 BUETTNER SA-RT P BUET2 BZ 86940610.88 -37817234.67 BUETTNER SA-RTS BUET1 BZ 86940610.88 -37817234.67 BUETTNER-PREF BUET4 BZ 86940610.88 -37817234.67 CAF BRASILIA CAFE3 BZ 18218224.29 -631269432.16 CAF BRASILIA-PRF CAFE4 BZ 18218224.29 -631269432.16 CAFE BRASILIA SA CSBRON BZ 18218224.29 -631269432.16 CAFE BRASILIA-PR CSBRPN BZ 18218224.29 -631269432.16 CAMBUCI SA CAMBON BZ 87269252.24 -22493566.05 CAMBUCI SA CAMB3 BZ 87269252.24 -22493566.05 CAMBUCI SA-PREF CAMBPN BZ 87269252.24 -22493566.05 CAMBUCI SA-PREF CAMB4 BZ 87269252.24 -22493566.05 CAMBUCI SA-PREF CXDOF US 87269252.24 -22493566.05 CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.21 CHIARELLI SA CCHON BZ 22274026.77 -44537138.21 CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.21 CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.21 CHILESAT CO-ADR TL US 432460542.94 -44559657.55 CHILESAT CO-RTS CHISATOS CI 432460542.94 -44559657.55 CHILESAT CORP SA TELEX CI 432460542.94 -44559657.55 CIA PETROLIF-PRF 1CPMPN BZ 377602195.17 -3014291.72 CIA PETROLIF-PRF MRLM4 BZ 377602195.17 -3014291.72 CIA PETROLIF-PRF MRLM4B BZ 377602195.17 -3014291.72 CIA PETROLIFERA 1CPMON BZ 377602195.17 -3014291.72 CIA PETROLIFERA MRLM3 BZ 377602195.17 -3014291.72 CIA PETROLIFERA MRLM3B BZ 377602195.17 -3014291.72 CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.54 CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.54 CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.54 CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.54 COMERCIAL PL-ADR SCPDS LI 146090772.51 -255079026.8 COMERCIAL PL-C/E COMEC AR 146090772.51 -255079026.8 COMERCIAL PLA-BL COMEB AR 146090772.51 -255079026.8 COMERCIAL PLAT-$ COMED AR 146090772.51 -255079026.8 CTM CITRUS SA CTMON BZ 38740523.05 -671039.81 CTM CITRUS- PR R CTPC2 BZ 38740523.05 -671039.81 CTM CITRUS-ADR CTMMY US 38740523.05 -671039.81 CTM CITRUS-COM R CTPC1 BZ 38740523.05 -671039.81 CTM CITRUS-PREF CTMPN BZ 38740523.05 -671039.81 CTM CITRUS-RCT C CTP5 BZ 38740523.05 -671039.81 CTM CITRUS-RCT C CTPC9 BZ 38740523.05 -671039.81 CTM CITRUS-RCT P CTPC10 BZ 38740523.05 -671039.81 CTM CITRUS-RCT P CTP6 BZ 38740523.05 -671039.81 D H B DHBI3 BZ 108241401.93 -350596880.48 D H B-PREF DHBI4 BZ 108241401.93 -350596880.48 DHB IND E COM DHBON BZ 108241401.93 -350596880.48 DHB IND E COM-PR DHBPN BZ 108241401.93 -350596880.48 DOC IMBITUB-PREF IMBI4 BZ 105243414.69 -12993146.26 DOC IMBITUBA IMBI3 BZ 105243414.69 -12993146.26 DOC IMBITUBA-RTC IMBI1 BZ 105243414.69 -12993146.26 DOC IMBITUBA-RTP IMBI2 BZ 105243414.69 -12993146.26 DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.86 DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.86 DOCAS IMBITUB-PR IMBIPN BZ 105243414.69 -12993146.26 DOCAS IMBITUBA IMBION BZ 105243414.69 -12993146.26 DOCAS SA DOCAON BZ 88417960.92 -18059127.86 DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.86 DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.86 ESTRELA SA ESTRON BZ 61011893.59 -54580283.64 ESTRELA SA ESTR3 BZ 61011893.59 -54580283.64 ESTRELA SA-PREF ESTR4 BZ 61011893.59 -54580283.64 ESTRELA SA-PREF ESTRPN BZ 61011893.59 -54580283.64 FABRICA RENAUX FRNXON BZ 61543317.9 -41332379.8 FABRICA RENAUX FTRX3 BZ 61543317.9 -41332379.8 FABRICA RENAUX-P FRNXPN BZ 61543317.9 -41332379.8 FABRICA RENAUX-P FTRX4 BZ 61543317.9 -41332379.8 FABRICA TECID-RT FTRX1 BZ 61543317.9 -41332379.8 FER C ATL-RCT CM VSPT9 BZ 1050516250.26 -47197918.4 FER C ATL-RCT PF VSPT10 BZ 1050516250.26 -47197918.4 FER C ATLANT VSPT3 BZ 1050516250.26 -47197918.4 FER C ATLANT-PRF VSPT4 BZ 1050516250.26 -47197918.4 FER HAGA-PREF HAGA4 BZ 14321550.12 -58418359.49 FERRAGENS HAGA HAGAON BZ 14321550.12 -58418359.49 FERRAGENS HAGA-P HAGAPN BZ 14321550.12 -58418359.49 FERROVIA CEN-DVD VSPT11 BZ 1050516250.26 -47197918.4 FERROVIA CEN-DVD VSPT12 BZ 1050516250.26 -47197918.4 GASCOIGNE EMP-PF GASC4 BZ 881202387.66 -501612577.9 GASCOIGNE EMP-PF GASC4B BZ 881202387.66 -501612577.9 GASCOIGNE EMP-PF 1GASPN BZ 881202387.66 -501612577.9 GASCOIGNE 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BZ 38740523.05 -671039.81 MINUPAR MNPR3 BZ 89611489.39 -20702110.72 MINUPAR SA MNPRON BZ 89611489.39 -20702110.72 MINUPAR SA-PREF MNPRPN BZ 89611489.39 -20702110.72 MINUPAR-PREF MNPR4 BZ 89611489.39 -20702110.72 MMX MINERACA-GDR XMM CN 1060478942.97 -123550800.05 MMX MINERACA-GDR MMXMY US 1060478942.97 -123550800.05 MMX MINERACA-GDR 3M11 GR 1060478942.97 -123550800.05 MMX MINERACAO TRES3 BZ 1060478942.97 -123550800.05 MMX MINERACAO MMXCF US 1060478942.97 -123550800.05 MMX MINERACAO MMXM3 BZ 1060478942.97 -123550800.05 NORDON MET NORD3 BZ 14029500.1 -17709728.15 NORDON MET-RTS NORD1 BZ 14029500.1 -17709728.15 NORDON METAL NORDON BZ 14029500.1 -17709728.15 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21 NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.21 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.21 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21 PARMALAT LCSA3 BZ 331179097.84 -108537915.07 PARMALAT BR-RT C LCSA5 BZ 331179097.84 -108537915.07 PARMALAT BR-RT P LCSA6 BZ 331179097.84 -108537915.07 PARMALAT BRAS-PF LCSAPN BZ 331179097.84 -108537915.07 PARMALAT BRASIL LCSAON BZ 331179097.84 -108537915.07 PARMALAT-PREF LCSA4 BZ 331179097.84 -108537915.07 PARQUE TEM-DV CM PQT5 BZ 58692385.42 -188832203.73 PARQUE TEM-DV PF PQT6 BZ 58692385.42 -188832203.73 PARQUE TEM-RCT C PQTM9 BZ 58692385.42 -188832203.73 PARQUE TEM-RCT P PQTM10 BZ 58692385.42 -188832203.73 PARQUE TEM-RT CM PQTM1 BZ 58692385.42 -188832203.73 PARQUE TEM-RT PF PQTM2 BZ 58692385.42 -188832203.73 PET MANG-RECEIPT RPMG9 BZ 76852724.18 -212528966.16 PET MANG-RECEIPT RPMG10 BZ 76852724.18 -212528966.16 PET MANG-RIGHTS RPMG1 BZ 76852724.18 -212528966.16 PET MANG-RIGHTS RPMG2 BZ 76852724.18 -212528966.16 PET MANGUINH-PRF RPMG4 BZ 76852724.18 -212528966.16 PETRO MANGUIN-PF MANGPN BZ 76852724.18 -212528966.16 PETRO MANGUINHOS RPMG3 BZ 76852724.18 -212528966.16 PETRO MANGUINHOS MANGON BZ 76852724.18 -212528966.16 PROMAN PRMN3B BZ 12167222.17 -207882.19 PROMAN PRMN3 BZ 12167222.17 -207882.19 REII INC REIC US 15779763 -588840 RENAUXVIEW SA TXRX3 BZ 50909736.38 -79601048.99 RENAUXVIEW SA-PF TXRX4 BZ 50909736.38 -79601048.99 RIMET REEMON BZ 63757621.65 -107162239.91 RIMET REEM3 BZ 63757621.65 -107162239.91 RIMET-PREF REEM4 BZ 63757621.65 -107162239.91 RIMET-PREF REEMPN BZ 63757621.65 -107162239.91 RIOSULENSE SA RSUL3 BZ 56866478.19 -9053574.99 RIOSULENSE SA RSULON BZ 56866478.19 -9053574.99 RIOSULENSE SA-PR RSUL4 BZ 56866478.19 -9053574.99 RIOSULENSE SA-PR RSULPN BZ 56866478.19 -9053574.99 SANESALTO SNST3 BZ 24569561.13 -754460.51 SANSUY SNSY3 BZ 100279114.92 -45812488.77 SANSUY SA SNSYON BZ 100279114.92 -45812488.77 SANSUY SA-PREF A SNSYAN BZ 100279114.92 -45812488.77 SANSUY SA-PREF B SNSYBN BZ 100279114.92 -45812488.77 SANSUY-PREF A SNSY5 BZ 100279114.92 -45812488.77 SANSUY-PREF B SNSY6 BZ 100279114.92 -45812488.77 SCHLOSSER SCLO3 BZ 10818026.01 -65846678.92 SCHLOSSER SA SCHON BZ 10818026.01 -65846678.92 SCHLOSSER SA-PRF SCHPN BZ 10818026.01 -65846678.92 SCHLOSSER-PREF SCLO4 BZ 10818026.01 -65846678.92 SNIAFA SA SNIA AR 11489328.24 -840226.12 SNIAFA SA-B SDAGF US 11489328.24 -840226.12 SNIAFA SA-B SNIA5 AR 11489328.24 -840226.12 SOC COMERCIAL PL CAD IX 146090772.51 -255079026.8 SOC COMERCIAL PL CADN EO 146090772.51 -255079026.8 SOC COMERCIAL PL COME AR 146090772.51 -255079026.8 SOC COMERCIAL PL CADN SW 146090772.51 -255079026.8 SOC COMERCIAL PL SCDPF US 146090772.51 -255079026.8 SOC COMERCIAL PL CVVIF US 146090772.51 -255079026.8 STAROUP SA STARON BZ 31385624.73 -9890708.41 STAROUP SA-PREF STARPN BZ 31385624.73 -9890708.41 TECEL S JOSE FTSJON BZ 17924946.14 -18569451.23 TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.23 TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.23 TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.23 TEKA TKTQF US 219773260.95 -306726075.74 TEKA TEKA3 BZ 219773260.95 -306726075.74 TEKA TEKAON BZ 219773260.95 -306726075.74 TEKA-ADR TEKAY US 219773260.95 -306726075.74 TEKA-ADR TKTQY US 219773260.95 -306726075.74 TEKA-ADR TKTPY US 219773260.95 -306726075.74 TEKA-PREF TKTPF US 219773260.95 -306726075.74 TEKA-PREF TEKAPN BZ 219773260.95 -306726075.74 TEKA-PREF TEKA4 BZ 219773260.95 -306726075.74 TELEBRAS SA TLBRON BZ 219200060.46 -3774997.87 TELEBRAS SA TBASF US 219200060.46 -3774997.87 TELEBRAS SA TELB3 BZ 219200060.46 -3774997.87 TELEBRAS SA-PREF TELB4 BZ 219200060.46 -3774997.87 TELEBRAS SA-PREF TLBRPN BZ 219200060.46 -3774997.87 TELEBRAS SA-RT TELB9 BZ 219200060.46 -3774997.87 TELEBRAS-ADR TBAPY US 219200060.46 -3774997.87 TELEBRAS-ADR TBX GR 219200060.46 -3774997.87 TELEBRAS-ADR TBASY US 219200060.46 -3774997.87 TELEBRAS-ADR TBRAY GR 219200060.46 -3774997.87 TELEBRAS-ADR RTB US 219200060.46 -3774997.87 TELEBRAS-ADR TBH US 219200060.46 -3774997.87 TELEBRAS-BLOCK TELB30 BZ 219200060.46 -3774997.87 TELEBRAS-CED C/E RCT4C AR 219200060.46 -3774997.87 TELEBRAS-CED C/E TEL4C AR 219200060.46 -3774997.87 TELEBRAS-CEDE BL RCT4B AR 219200060.46 -3774997.87 TELEBRAS-CEDE PF RCTB4 AR 219200060.46 -3774997.87 TELEBRAS-CEDE PF TELB4 AR 219200060.46 -3774997.87 TELEBRAS-CEDEA $ RCT4D AR 219200060.46 -3774997.87 TELEBRAS-CEDEA $ TEL4D AR 219200060.46 -3774997.87 TELEBRAS-CM RCPT TELE31 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB31 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB30 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT TBRTF US 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB32 BZ 219200060.46 -3774997.87 TELEBRAS-COM RT TELB1 BZ 219200060.46 -3774997.87 TELEBRAS-PF BLCK TELB40 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT CBRZF US 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB41 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT TLBRUP BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB40 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT TBAPF US 219200060.46 -3774997.87 TELEBRAS-PF RCPT TELE41 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB42 BZ 219200060.46 -3774997.87 TELEBRAS-RCT RCTB33 BZ 219200060.46 -3774997.87 TELEBRAS-RCT PRF TELB10 BZ 219200060.46 -3774997.87 TELEBRAS-RECEIPT TLBRUO BZ 219200060.46 -3774997.87 TELEBRAS-RTS CMN RCTB1 BZ 219200060.46 -3774997.87 TELEBRAS-RTS CMN TCLP1 BZ 219200060.46 -3774997.87 TELEBRAS-RTS PRF RCTB2 BZ 219200060.46 -3774997.87 TELEBRAS-RTS PRF TLCP2 BZ 219200060.46 -3774997.87 TELEBRAS/W-I-ADR TBH-W US 219200060.46 -3774997.87 TELECOMUNICA-ADR 81370Z BZ 219200060.46 -3774997.87 TELEX-A TELEXA CI 432460542.94 -44559657.55 TELEX-RTS TELEXO CI 432460542.94 -44559657.55 TELMEX CORP SA CHILESAT CI 432460542.94 -44559657.55 TELMEX CORP-ADR CSAOY US 432460542.94 -44559657.55 TEXTEIS RENA-RCT TXRX10 BZ 50909736.38 -79601048.99 TEXTEIS RENA-RCT TXRX9 BZ 50909736.38 -79601048.99 TEXTEIS RENAU-RT TXRX2 BZ 50909736.38 -79601048.99 TEXTEIS RENAU-RT TXRX1 BZ 50909736.38 -79601048.99 TEXTEIS RENAUX RENXON BZ 50909736.38 -79601048.99 TEXTEIS RENAUX RENXPN BZ 50909736.38 -79601048.99 TRESSEM PART SA 1TSSON BZ 1060478942.97 -123550800.05 VARIG PART EM SE VPSC3 BZ 101177852.25 -318442006.32 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290425.77 VARIG PART EM-PR VPSC4 BZ 101177852.25 -318442006.32 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290425.77 VARIG SA VARGON BZ 966298025.55 -4695211316.33 VARIG SA VAGV3 BZ 966298025.55 -4695211316.33 VARIG SA-PREF VAGV4 BZ 966298025.55 -4695211316.33 VARIG SA-PREF VARGPN BZ 966298025.55 -4695211316.33 WETZEL SA MWELON BZ 69983432.56 -6279264.91 WETZEL SA MWET3 BZ 69983432.56 -6279264.91 WETZEL SA-PREF MWET4 BZ 69983432.56 -6279264.91 WETZEL SA-PREF MWELPN BZ 69983432.56 -6279264.91 WIEST WISA3 BZ 39838113.86 -93371563.06 WIEST SA WISAON BZ 39838113.86 -93371563.06 WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.06 WIEST-PREF WISA4 BZ 39838113.86 -93371563.06 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *