/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091015.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 Thursday, October 15, 2009, Vol. 10, No. 204 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Prosecutors Ask Judge to Set Owner's Trial Date A R G E N T I N A DEL PLATA: Trustee Verifying Proofs of Claim Until December 3 DOMINGO ILVENTO: Trustee Verifying Proofs of Claim Until Nov. 30 DISSA SRL: Asks for Declaration of Bankruptcy GRUPO AVATECH: Asks for Preventive Contest INDUSTRIAS FM: Requests for Preventive Contest LAGARTO SA: Trustee Verifying Proofs of Claim Until November 19 MARINA BLANCA: Trustee Verifying Proofs of Claim Until December 21 ORMAS INGENIERIA: Trustee Verifying Proofs of Claim Until Dec. 16 RADIO EXPRESS: Trustee Verifying Proofs of Claim Until November 30 SMART PUMP: Trustee Verifying Proofs of Claim Until December 14 TRANSPORTADORA DE GAS: Reaches Deal With 88% of Creditors B E R M U D A C-CUBE MICROSYSTEMS: Creditors' Proofs of Debt Due on October 16 CT GLOBAL: Creditors' Proofs of Debt Due on October 16 DOUBLECLICK INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 6 ENERGY PLANT: Creditors' Proofs of Debt Due on October 16 LATIN AMERICA: Creditors' Proofs of Debt Due on October 21 LSF IV: Creditors' Proofs of Debt Due on October 16 MBE CONSULTANTS: Creditors' Proofs of Debt Due on October 30 NEW STAR: Creditors' Proofs of Debt Due on October 16 B R A Z I L MRS LOGISTICA: S&P Affirms 'BB' Global Corporate Credit Rating SUL AMERICA: Banco de Brasil Deal Won't Affect Fitch's Ratings C A Y M A N I S L A N D S ASHANTI CAPITAL: Members to Receive Wind-Up Report on October 19 ASHANTI GSM: Members to Receive Wind-Up Report on October 19 COMMERCIAL ALTERRA: Members to Receive Wind-Up Report on Oct. 22 CONCENTRATED: Creditors' Proofs of Debt Due on October 29 CONDUCTOR MASTER: Placed Under Voluntary Liquidation CONOCOPHILLIPS EASTERN: Shareholders to Meet on October 19 CONOCOPHILLIPS EXPLORATION: Shareholders to Meet on October 19 CSA 2005 A: Creditors' Proofs of Debt Due on October 28 DESAROLLO INDUSTRIALES: Creditors' Proofs of Debt Due on Oct. 19 FAIRFIELD APEX: Creditors' Proofs of Debt Due on October 29 FAIRFIELD ZWEIG-DIMENNA: Creditors' Proofs of Debt Due on Oct. 29 FIRST QUADRANT: Placed Under Voluntary Liquidation LMOS HOLDINGS: Commences Wind-Up Proceedings MANAT HOLDINGS: Creditors' Proofs of Debt Due on October 29 MGM REINSURANCE: Creditors' Proofs of Debt Due on October 21 MILESTONE INTERNATIONAL: Commences Wind-Up Proceedings ORCHESTRA SUB-FUNDS: Placed Under Voluntary Liquidation PALM BEACH: Court Enters Wind-Up Order TAMARILLO LIMITED: Commences Wind-Up Proceedings TATI RIVER: Creditors' Proofs of Debt Due on October 28 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Warns of US$700M “Record” Revenue Slump J A M A I C A JAMAICA PUBLIC SERVICE: Loses JM$4BB a Year From Electricity Theft M E X I C O CEMEX SAB: BG Europa Installs Asphalt Screen for CEMEX Salford LUZ Y FUERZA: Power Outages May Stem From Fired Workers V E N E Z U E L A PETROLEOS DE VENEZUELA: To Sell US$3 Billion of Bonds * VENEZUELA: To Seize Hilton Resort On Margarita Island X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Prosecutors Ask Judge to Set Owner's Trial Date --------------------------------------------------------------- U.S. prosecutors asked a federal judge to set a trial date for Robert Allen Stanford, the financier accused of orchestrating a Ponzi scheme, Caribbean Net News reports. "Given the more than three months that have elapsed since the defendant's initial appearances in this case, the United States recommends that the court set a prompt trial date," Assistant U.S. Attorney Gregg Costa wrote in a court filing obtained by the news agency. According to the report, Mr. Stanford and three other defendants were due in federal court in Houston for a status hearing yesterday, October 14, 2009. Bloomberg News, citing Mr. Costa, notes that the defendants and their lawyers have now been provided access to more than 4 million pages of documents they would need to help prepare for trial. Still, the report relates, Mr. Stanford's lawyer argued in a separate court filing that it is too early to set a trial date because there is much work to be done. "Due to the voluminous amount of discovery and documents, the vast amount of witnesses that need to be located and interviewed, and the complexity of the case, counsel requests that the court not set a trial date at this time," Bloomberg News quoted Kent Schaffer, Esq., Mr. Stanford's attorney, as saying. 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. Bloomberg News related that Judge Hittner also approved the addition of private practitioner Kent Schaffer. 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 ================= DEL PLATA: Trustee Verifying Proofs of Claim Until December 3 ------------------------------------------------------------- Gerardo Horacio Madero, the court-appointed trustee for Del Plata Salud S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until December 3, 2009 . Mr. Madero will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on September 20, 2010. The Trustee can be reached at: Gerardo Horacio Madero Marcelo T. de Alvear 1364 Argentina DOMINGO ILVENTO: Trustee Verifying Proofs of Claim Until Nov. 30 ---------------------------------------------------------------- Oscar Luis Serventich, the court-appointed trustee for Domingo Ilvento S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 30, 2009 . Mr. Serventich will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Oscar Luis Serventich Piedras 1319 Argentina DISSA SRL: Asks for Declaration of Bankruptcy --------------------------------------------- Dissa SRL asked for the declaration of bankruptcy. The company stopped making payments on April 30, 2009. GRUPO AVATECH: Asks for Preventive Contest ------------------------------------------ Grupo Avatech S.A. asked for preventive contest. INDUSTRIAS FM: Requests for Preventive Contest ---------------------------------------------- Industrias FM S.A. requests for preventive contest. The company stopped making payments on September 24. LAGARTO SA: Trustee Verifying Proofs of Claim Until November 19 --------------------------------------------------------------- Jose Luis Roubio, the court-appointed trustee for Lagarto SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 19, 2009 . Mr. Roubio will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Jose Luis Roubio Uruguay 618 MARINA BLANCA: Trustee Verifying Proofs of Claim Until December 21 ------------------------------------------------------------------ Manuel Manzanita, the court-appointed trustee for Marina Blanca SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 21, 2009 . Mr. Manzanita will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 50, 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. Creditors will vote to ratify the completed settlement plan during the assembly on October 5, 2010. The Trustee can be reached at: Manuel Manzanita Av. Cordoba 1351 Argentina ORMAS INGENIERIA: Trustee Verifying Proofs of Claim Until Dec. 16 ----------------------------------------------------------------- Graciela Marta Lema de Muino, the court-appointed trustee for Ormas Ingenieria y Construcciones SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 16, 2009 . Ms. de Muino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Graciela Marta Lema de Muino Basualdo 1064 Argentina RADIO EXPRESS: Trustee Verifying Proofs of Claim Until November 30 ------------------------------------------------------------------ Martin Alejandro Stolkiner, the court-appointed trustee for Radio Express SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 30, 2009 . Mr. Stolkiner will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 36, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Martin Alejandro Stolkiner Avenida Cordoba 1367 Argentina SMART PUMP: Trustee Verifying Proofs of Claim Until December 14 --------------------------------------------------------------- Estudio Palacio, the court-appointed trustee for Smart Pump Business SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 14, 2009 . The trustee will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, 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. Creditors will vote to ratify the completed settlement plan during the assembly on September 9, 2010. The Trustee can be reached at: Estudio Palacio Finocchio y Asociados Montevideo 368 Argentina TRANSPORTADORA DE GAS: Reaches Deal With 88% of Creditors --------------------------------------------------------- Argentine pipeline operator Transportadora de Gas del Norte SA said it reached restructuring agreements with 88.05% of its creditors, Drew Benson at Bloomberg News reports. According to the report, TGN updated its restructuring offer in a filing with Argentina’s securities regulator. The report relates that the restructuring was announced on September 8. As reported in the Troubled Company Reporter-Latin America on September 9, 2009, Bloomberg News said that TGN is offering investors a larger cash payout and shorter duration bonds in a second attempt to restructure US$347 million in debt following a default. The report related the company said that the new offer replaces the one announced on April 23. According to the report, as with the earlier offer, the restructuring involves swap and cash payout options. The report related that the company is now offering new par bonds that will mature in 2016 as well as a cash payout of 40 cents on the dollar for up to US$40 million from the previous par bonds due in 2021 and a payout of 25 cents on the dollar for up to US$30 million. About TGN Headquartered in Buenos Aires, Transportadora de Gas del Norte SA -- http://www.tgn.com.ar/-- is one of the two largest transporters of natural gas in Argentina, delivering approximately 40% of the country's total gas consumption and more than 50% of Argentine total gas exports. The northern Argentine gas pipeline system connects major gas fields in northern and central-western Argentina. The company benefits from an exclusive 35-year concession contract, ending Dec. 28, 2027, which may be extended for an additional 10 years. The parent company is Gasinvest S.A., which has a 56.35% stake and comprises five companies: Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania General de Combustibles (5%), Organizacion Techint (27.2%), and Petroliam Nasional Berhad (18.3%). In addition, CMS Gas Argentina holds 23.5% of Transportadora Norte's shares, while the remaining 20% is traded on the Buenos Aires stock exchange. * * * As of June 8, 2009, the company continues to carry Fitch Ratings' D long-term local and foreign currency Issuer Default Ratings. It also continues to carry Fitch Ratings' National Long term and National Sr Unsecured rating at D ============= B E R M U D A ============= C-CUBE MICROSYSTEMS: Creditors' Proofs of Debt Due on October 16 ---------------------------------------------------------------- The creditors of C-Cube Microsystems International Ltd. are required to file their proofs of debt by October 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 30, 2009. The company's liquidator is: Paul Bento 1110 American Parkway NE Allentown PA 18109 CT GLOBAL: Creditors' Proofs of Debt Due on October 16 ------------------------------------------------------ The creditors of CT Global Insurance Ltd are required to file their proofs of debt by October 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 30, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda DOUBLECLICK INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 6 ------------------------------------------------------------------ The creditors of Doubleclick International Tech Solutions Limited are required to file their proofs of debt by November 6, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 22, 2009. The company's liquidator is: Charles Thresh KPMG Advisory Limited 4 Par-La-Ville Road, Hamilton Bermuda, HM DX ENERGY PLANT: Creditors' Proofs of Debt Due on October 16 --------------------------------------------------------- The creditors of Energy Plant Engineers International Ltd. are required to file their proofs of debt by October 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 1, 2009. The company's liquidator is: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda LATIN AMERICA: Creditors' Proofs of Debt Due on October 21 ---------------------------------------------------------- The creditors of Latin America Internet Development Group Ltd. are required to file their proofs of debt by October 21, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 2, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda LSF IV: Creditors' Proofs of Debt Due on October 16 --------------------------------------------------- The creditors of LSF IV Derivatives II, Ltd. re required to file their proofs of debt by October 16, 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: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda MBE CONSULTANTS: Creditors' Proofs of Debt Due on October 30 ------------------------------------------------------------ The creditors of M.B.E. Consultants Ltd. are required to file their proofs of debt by October 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2009. The company's liquidators are: Peter C.B. Mitchell Nigel J.S. Chatterjee PricewaterhouseCoopers Advisory Limited Dorchester House, 7 Church Street Hamilton, Bermuda NEW STAR: Creditors' Proofs of Debt Due on October 16 ----------------------------------------------------- The creditors of New Star Capital Guaranteed Higher Income Fund Limited are required to file their proofs of debt by October 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 30, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda =========== B R A Z I L =========== MRS LOGISTICA: S&P Affirms 'BB' Global Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its Brazilian national scale corporate credit rating on MRS Logistica S.A. to 'brAA' from 'brAA-'. At the same time, S&P affirmed its 'BB' global scale corporate credit rating on the company. The outlooks are stable. "The national scale upgrade reflects MRS' consistent results and tenable cash flows even amid the current global economic downturn," said Standard & Poor's credit analyst Piero Parolin. "The company's financial discipline, reflected in its improving credit measures during the past several quarters and its adequate debt profile and cash position, also contributed to this rating action." The ratings on Brazil-based MRS reflect its cargo and client concentration, limited scope of assets as a comparatively short railroad, and strategy of fast-growth, capital-intensive expansion. These negatives are partially offset by MRS' favorable tariff model with captive-cargo clients, reflecting the company's sustainable relationship with its major shareholders; its adequate debt profile; and the resilience of its cash flows. SUL AMERICA: Banco de Brasil Deal Won't Affect Fitch's Ratings -------------------------------------------------------------- Fitch Ratings believes that a potential sale of Sul America S.A.'s stake in Brasilveiculos Companhia de Seguros to Banco do Brasil S.A. should not affect the ratings currently assigned to Sasa. In Fitch's opinion, Sasa's operating efficiency and profitability ratios should remain in line with its current ratings, despite the expected reduction in its auto insurance operations. The ratings already consider the concentration of distribution channels, especially in the auto segment, and the possibility of losing some of them. In addition, Fitch believes that the expansion of the company's health business, which is the main segment in which the company operates, accounting for over 50% of its revenues, should not be affected by the business model revision and partnership at the joint venture of Brasilsaude Companhia de Seguros, which represents only 2% of total consolidated premiums of Sasa. This business is basically distributed through independent brokers, a distribution channel which accounts for around 80% of the total premiums generated by the company. Brasilveiculos is a joint-venture between BB (long-term foreign and local currency Issuer Default Ratings of 'BBB-'; long-term national rating of 'AA+(bra)'; all Outlooks are Stable) and Sasa. It covers the sale of auto insurance in the bank's network and represents 40% of the generation of auto premiums and 13.5% of Sasa's consolidated revenue. Brasilveiculos total equity was equivalent to BRL314.3 million as of June 2009, with Sasa holding 30% of the total capital and 60% of the voting capital. After concluding the modelling of its restructuring in the insurance area, on Oct. 6, 2009, BB announced its intention to acquire Sasa's participation in Brasilveiculos, although there is no price proposal or pre-contract, yet. BB plans to increase market share through organic growth, having signed a letter of intent to develop a strategic alliance with group Mapfre (Mapfre SA, long-term IDR 'A-', Outlook Negative) in various insurance lines. Upon conclusion of the process for acquisition of Brasilveiculos, which should gradually progress, Sasa will likely lose market share in the auto line, going from the current 16.5% to around 10.0%. Nevertheless, its operating efficiency should not be significantly affected, since Brasilveiculos shows a profile similar to the overall company businesses. In addition, its leverage ratios should be reduced and the cash resulting from the sale of Brasilveiculos shall allow space for the development of other partnerships and additional organic growth in the long term. The Brazilian insurance market has become more competitive since 2008, the result of different mergers and partnership agreements between the largest insurers which have concentrated most of the market, in particular those affiliated with large financial conglomerates. Thus, the market leaders become part of, or enter into agreements with the largest financial groups in the Brazil, which reinforces the importance of having access to distribution through banking channels. Sasa is part of the group of large, independent insurance companies in Latin America without its own banking distribution channel and will face a major challenge to speed up partnerships for distribution, as it faces increased market competition. Fitch believes that the partnership between BB and Mapfre reinforces BB's position in the insurance market, and any impact on the bank's ratings are not expected in the medium term. Sasa is part of a traditional insurance group in Brazil, which operates in practically all industry segments. According to the Superintendence of Private Insurances and the National Agency of Supplemental Health, it was the second largest insurance company in the country in health and auto lines, with market shares of 35.8% and 16.5%, respectively, in June 2009, and the largest independent insurance group. It relies on around 26,000 active brokers and has been gradually growing its cross sales and partnerships in the distribution of products and services. Sasa is 32.9% controlled by Sulasapar Participacoes and 21.2% by ING Insurance International BV. 8.8% of Sasa's capital is held by executives, members of the board and other individuals (8.8%), while the balance (37.2%) is market floating shares. BB is the second largest financial conglomerate in Brazil, a leader in multiple segments such as export financing, rural credit, asset management and deposits, due to its strong demand, term and saving deposit base. Fitch's current ratings on Sul America are: -- Long-term foreign currency Issuer Default Rating 'BB'; Outlook Stable; -- Long-term local currency IDR 'BB'; Outlook Stable; -- Short-term foreign currency IDR 'B'; -- Short-term local currency IDR 'B'; -- Long-term national ratings 'AA-(bra)'; Outlook Stable; -- Short-term national rating 'F1+(bra)'; -- US$200 million in senior notes 'BB-'. ========================== C A Y M A N I S L A N D S ========================== ASHANTI CAPITAL: Members to Receive Wind-Up Report on October 19 ---------------------------------------------------------------- The members of Ashanti Capital Limited will hold their final meeting on October 19, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hendrik Johannes Snyman c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands ASHANTI GSM: Members to Receive Wind-Up Report on October 19 ------------------------------------------------------------ The members of Ashanti GSM Limited will hold their final meeting on October 19, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hendrik Johannes Snyman c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands COMMERCIAL ALTERRA: Members to Receive Wind-Up Report on Oct. 22 ---------------------------------------------------------------- The members of Commercial Alterra Luton Holdings, Ltd. will hold their final meeting on October 22, 2009, at 9:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CONCENTRATED: Creditors' Proofs of Debt Due on October 29 --------------------------------------------------------- The creditors of Concentrated Opportunities SPC are required to file their proofs of debt by October 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 5, 2009. The company's liquidator is: David Walker c/o Jodi Jones Telephone: (345) 914-8694 Facsimile: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands CONDUCTOR MASTER: Placed Under Voluntary Liquidation ---------------------------------------------------- On September 10, 2009, the sole shareholder of Conductor Master Funds SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of October 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited c/o Mourant du Feu & Jeune Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands CONOCOPHILLIPS EASTERN: Shareholders to Meet on October 19 ---------------------------------------------------------- The shareholders of Conocophillips Eastern Hemisphere New Ventures Ltd. will hold their final meeting, on October 19, 2009, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Ltd. Philip Sutcliffe Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 CONOCOPHILLIPS EXPLORATION: Shareholders to Meet on October 19 -------------------------------------------------------------- The shareholders of Conocophillips Exploration Investment Ltd. will hold their final meeting, on October 19, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Ltd. Philip Sutcliffe Trident Trust Company (Cayman) Limited Telephone: (345) 949-0880 Facsimile: (345) 949-0881 P.O. Box 847, George Town Grand Cayman KY1-1103 CSA 2005 A: Creditors' Proofs of Debt Due on October 28 ------------------------------------------------------- The creditors of CSA 2005 A Limited are required to file their proofs of debt by October 28, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 2, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands DESAROLLO INDUSTRIALES: Creditors' Proofs of Debt Due on Oct. 19 ---------------------------------------------------------------- The creditors of Desarollo Industriales Cayman, LLC are required to file their proofs of debt by October 19, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 14, 2009. The company's liquidator is: Rick L. Klingensmith Desarollo Industriales Cayman, LLC 835 Hamilton Street, 2nd Floor Allentown, PA 18101, USA Telephone: 610 774 7181 Facsimile: 610 774 7376 FAIRFIELD APEX: Creditors' Proofs of Debt Due on October 29 ----------------------------------------------------------- The creditors of Fairfield Apex Greater China Equity Fund Ltd are required to file their proofs of debt by October 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 7, 2009. The company's liquidator is: David Walker c/o Jodi Jones Telephone: (345) 914-8694 Facsimile: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FAIRFIELD ZWEIG-DIMENNA: Creditors' Proofs of Debt Due on Oct. 29 ----------------------------------------------------------------- The creditors of Fairfield Zweig-Dimenna Natural Resources Fund Ltd are required to file their proofs of debt by October 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 4, 2009. The company's liquidator is: David Walker c/o Jodi Jones Telephone: (345) 914-8694 Facsimile: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FIRST QUADRANT: Placed Under Voluntary Liquidation -------------------------------------------------- On September 17, 2009, the sole shareholder of First Quadrant European Market Neutral Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of October 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mourant Cayman Liquidators, Ltd. c/o Mourant du Feu & Jeune Telephone: (+1) 345 949-4123 Facsimile: (+1) 345 949-4647; or Mourant Cayman Liquidators, Ltd. c/o Peter Goulden Telephone: (+1) 345 949-4123 Facsimile: (+1) 345 949-4647 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands LMOS HOLDINGS: Commences Wind-Up Proceedings -------------------------------------------- At an extraordinary general meeting held on September 4, 2009, the shareholders of LMOS Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by October 7, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Fergoson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands MANAT HOLDINGS: Creditors' Proofs of Debt Due on October 29 ----------------------------------------------------------- The creditors of Manat Holdings Limited are required to file their proofs of debt by October 29, 2009, to be included in the company's dividend distribution. The company's liquidator is: Jorge E. Bacardi P.O. Box N-10272, Columbia Road Lyford Cay, Nassau Bahamas MGM REINSURANCE: Creditors' Proofs of Debt Due on October 21 ------------------------------------------------------------ The creditors of MGM Reinsurance Company Ltd. are required to file their proofs of debt by October 21, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 3, 2009. The company's liquidator is: Dugald Macleod Caledonian House, 69 Dr Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Telephone: 345-914-0050 Facsimile: 345-814-4875 MILESTONE INTERNATIONAL: Commences Wind-Up Proceedings ------------------------------------------------------ At an extraordinary general meeting held on September 4, 2009, the shareholders of Milestone International Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by October 7, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Fergoson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands ORCHESTRA SUB-FUNDS: Placed Under Voluntary Liquidation ------------------------------------------------------- On September 10, 2009, the sole shareholder of Orchestra Sub-Funds SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of October 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited c/o Mourant du Feu & Jeune Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands PALM BEACH: Court Enters Wind-Up Order -------------------------------------- On September 3, 2009, the Grand Court of Cayman Islands entered an order to wind up the operations of Palm Beach Strategic Offshore, Ltd. The company's liquidators are: Geoffrey Varga Nicolas Matthews Kinetic Partners (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 TAMARILLO LIMITED: Commences Wind-Up Proceedings ------------------------------------------------ At an extraordinary general meeting held on September 4, 2009, the shareholders of Tamarillo Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by October 7, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Fergoson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands TATI RIVER: Creditors' Proofs of Debt Due on October 28 ------------------------------------------------------- The creditors of Tati River Holdings Limited are required to file their proofs of debt by October 28, 2009, to be included in the company's dividend distribution. The company's liquidator is: Ricardo Lorrimer Suite 201, Stevmar House, Rockley Christ Church BB15137 Barbados ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: Warns of US$700M “Record” Revenue Slump ------------------------------------------------------------- Dominican Republic Hacienda Minister Vicente Bengoa said the government expects a revenue shortfall of as much as 22 billion pesos (around US$700 million) until December, Dominican Today reports. According to the report, Mr. Bengoa revealed that the World Bank and the Inter-American Development Bank refused to disburse US$690 million to the government as a way to force it into signing with the International Monetary Fund. However, the report relates Mr. Bengoa said that if it doesn’t sign the government would be “cornered” and admitted that it’s “an extremely bitter drink” to have tell President Leonel Fernandez that he has to sign with the IMF. Mr. Bengoa, the report relates, reiterated that the IMF and other international organisms are a swindle, noting that they haven’t done anything to ease the United States economic crisis, which Dominican Republic has been victim of, “imports fell, collections fell, they don’t want to disburse to us and now they come as directors.” The Dominican Today notes that Mr. Bengoa, in an interview in the program Hoy Mismo, said that to disburse the US$700 million it was originally never considered necessary to resort to the IMF, whereas to tax revenue “not even a wizard could determine that that was going to happen. And what’s most important, the Fund, is for the first time in Latin America, going to disburse 450 million dollars, 300 this year, and 150 next year, which are going to go directly to Hacienda for budgetary support.” * * * The country continues to carry Moody's B2 currency ratings. ============= J A M A I C A ============= JAMAICA PUBLIC SERVICE: Loses JM$4BB a Year From Electricity Theft ------------------------------------------------------------------ Jamaica Public Service said it is losing JM$4 billion annually from the theft of electricity, RadioJamaica reports. The report relates that the company is now focusing on various initiatives to clampdown on the problem. According to the report, JPSCO Corporate Communications Manager at the JPS, Winsome Callum, says a US$13 million fund has been set up to specifically target electricity theft. "We recently started deploying some technological initiatives that will allow us to monitor customers' usage remotely and also to terminate the supply if necessary. This alternating meter structure, as it is called, allows us to put in more insulated cabling infrastructure so that it makes it much more difficult for customers to tamper with the meters," the report quoted Ms. Callum as saying. Headquartered in Kingston, Jamaica -- https://www.jpsco.com -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 9, 2009, Radio Jamaica said JPSCO may shutdown its operations if the company fails to settle a long-standing dispute over outstanding payments to employees. The same report said employees unions contended the payments are owed for overtime work and redundancy adjustments from 2001 to 2007, which amounts to about JM$600 million. =========== M E X I C O =========== CEMEX SAB: BG Europa Installs Asphalt Screen for CEMEX Salford -------------------------------------------------------------- BG Europa (UK) Ltd has recently installed a Finedoor Ritescreen Multideck Vibrating Screen on the Barber Greene BA2250 batch plant operated by CEMEX UK at Hope Street, Salford, Manchester. BG Europa designed and fabricated the screen dust housing which features bolt on panels and a discharge hood with folding division plates to allow access to screen meshes. A replacement screen base frame was also designed to suit the existing hot stone bins and included a single 22.0 kW EFF1 electric motor drive. The screen was assembled on its base frame within the housing prior to delivery to site to speed the installation process. In addition to modifications such as the installation of an extra section of hot elevator and ductwork alterations required to fit the screen; BG Europa also modified the surrounding platforms, walkways and handrails to ensure that safe access to all equipment was provided. Installation was performed and completed ahead of schedule within a short time frame to minimise disruption to CEMEX customers. Commissioning was undertaken in co-operation with Finedoor and full plant production resumed on schedule. Commenting on the project, Bryn Williams (Site Manager), said, "We were highly delighted with the screen. The BG Europa installation team worked in a safe and efficient manner and completed the installation in the timescale allotted." About BG Europa BG Europa (UK) Ltd is a family owned business based in Wickhambrook, Suffolk. The company has extensive industry experience providing customers with quality equipment offering low operational costs and long life expectancy at competitive prices. The importance placed on in house engineering expertise allows BGE to bespoke all equipment to exactly match customer's requirements. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. LUZ Y FUERZA: Power Outages May Stem From Fired Workers ------------------------------------------------------- Seven neighborhoods in Mexico’s City metropolitan area lost power after fired Luz y Fuerza del Centro workers turned off a switch to the area, Carlos Manuel Rodriguez at Bloomberg News reports, citing Radio Formula network. The report, citing Radio Formula, relates that the outage is the first confirmed one caused by sabotage. As reported in the Troubled Company Reporter-Latin America on October 10, 2009, Bloomberg News said that the government of Mexico will liquidate Luz y Fuerza del Centro this week after President Felipe Calderon said the finances at the firm were “unsustainable” amid mounting losses. The report related that local media outlets published that federal police officers seized the power company’s headquarters and other facilities on October 10. According to the report, Bloomberg News noted Interior Minister Fernando Gomez Mont said that Comision Federal de Electricidad will take over operations of Luz y Fuerza. Luz y Fuerza assets may be transferred to CFE or a new state company may be created, Mexican Finance Minister Agustin Carstens told Televisa in an interview, the report related. About Luz y Fuerza Luz y Fuerza del Centro is Mexico's second-largest power supplier. The company has around 44,000 workers. It provides power to a metropolitan area of 20 million people and several states surrounding Mexico City. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Sell US$3 Billion of Bonds ----------------------------------------------------- Petroleos de Venezuela SA will sell “on the order of US$3 billion” in bonds in the second half of October, Steven Bodzin and Andrea Jaramillo at Bloomberg News report, citing Deputy Energy Minister Eulogio Del Pino. “We have an unutilized borrowing capacity,” the report quoted Mr. Del Pino as saying. “There’s no reason for us not to sell again to improve cash flow in our operations,” he added. According to the report, Venezuela, which earlier this month issued US$5 billion of bonds in the local market, will increase the sale of dollar securities in a bid to strengthen the bolivar in unofficial trading to 3.5 per dollar and curb inflation. Mr. Del Pino, the report notes, said that PDVSA has bought back less than US$1 billion of its bonds. The oil company sold US$3 billion of zero-coupon bonds in July. The report says that Mr. Del Pino said that PDVSA plans to boost investment spending next year and will pay off US$1.4 billion in overdue bills to suppliers this month. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' * VENEZUELA: To Seize Hilton Resort On Margarita Island -------------------------------------------------------- Darcy Crowe at Dow Jones Newswires reports that Venezuela President Hugo Chavez has ordered the nationalization of Hilton resort on the Caribbean island of Margarita. The report relates that the resort is owned by local firms facing troubles with the government's financial oversight body. According to the report, the resort, which is managed by Hilton Worldwide, has 280 rooms and 154 time-share suites, according to the presidential decree ordering the takeover. Dow Jones Newswires notes that Karla Visconti, a spokeswoman for Hilton Worldwide, said the company "is evaluating how the Venezuelan government's action affects its interest in this hotel." Hilton manages the hotel on Margarita, but doesn't own it, Ms. Visconti added. The report, citing the decree signed by President Chavez, says the hotel will help in the development of tourism projects in "a socialist framework." The report relates that the decree didn't specify any compensation for the seizure or when the nationalization will be executed. President Chavez, the report points out, has set his eyes on the tourism industry for some time. The report recalls that a law was approved in 2008 labeling the tourism industry as "public interest," essentially allowing for the government to quickly nationalize any companies operating in the sector. Dow Jones relates that for Hilton, the main risk is losing its management fee for operating the resort, something that happened when its hotel in Caracas was nationalized a few years back. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Oct. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Paris Las Vegas, Las Vegas, Nev. Contact: http://www.abiworld.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 * * *