/raid1/www/Hosts/bankrupt/TCRLA_Public/091020.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 20, 2009, Vol. 10, No. 207
Headlines
A R G E N T I N A
ANGEL RIGA: Creditors' Proofs of Debt Due on November 18
FARMACIA NUEVA: Creditors' Proofs of Debt Due on December 14
FINEHIDE SA: Creditors' Proofs of Debt Due on November 23
JOSE RIONS: Creditors' Proofs of Debt Due on December 14
JUSTO CORRIENTES: Creditors' Proofs of Debt Due on December 2
KAROLINGYA INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 16
NEXICOM SRL: Creditors' Proofs of Debt Due on November 2
PRESAL SA: Creditors' Proofs of Debt Due on December 15
PROVINCIA SEGUROS: Moody's Affirms 'B2' Insurance Strength Rating
RIENTE HNOS: Creditors' Proofs of Debt Due on November 10
TOYOTA COMPANIA: Moody's Assigns 'Ba1' Rating on Senior Debt
* ARGENTINA: Can’t Offer Better Terms to Bondholders, Lavagna Says
B A H A M A S
IFH PERU: S&P Affirms Corporate Credit Rating at 'B+'
B E R M U D A
FIBRIA OVERSEAS: S&P Assigns 'BB' Rating on $1 Bil. Senior Notes
GMP GENERAL: Creditors' Proofs of Debt Due on October 23
GMP GENERAL: Members' Final Meeting Set for November 11
GMP INTERNATIONAL: Creditors' Proofs of Debt Due on October 23
GMP INTERNATIONAL: Members' Final Meeting Set for November 12
GMP MASTER: Creditors' Proofs of Debt Due on October 23
GMP MASTER: Members' Final Meeting Set for November 11
TAM CAPITAL: S&P Assigns 'B+' Rating on Senior Guaranteed Notes
TP INSURANCE: Creditors' Proofs of Debt Due on October 23
TP INSURANCE: Members' Final Meeting Set for November 13
VALIDUS HOLDINGS: Underwriting Unit Hooks Up with Abu Dhabi Firm
B R A Z I L
BANCO BRADESCO: Will Ink a Partnership With OdontoPrev
BR MALLS: Acquires 100% of Shopping Metro Santa for R$198 Million
BR MALLS: Invests R$11 Million for NorteShopping Expansion
BANCO SANTANDER (BRASIL): Taps J.P. Morgan as Depositary Bank
BANCO VOTORANTIM: Evaluates 10-Year Overseas Bond Issue
COMPANHIA ENERGETICA: IDB to Provide US$10MM Loan for Electricity
COMPANHIA DE SANEAMENTO: IDB to Provide US$600MM Loan for Project
FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating $1 Bil. Notes
TAM SA: Fitch Assigns 'BB-' Rating on $300 Mil. Senior Notes
C A Y M A N I S L A N D S
ACROPOLIS MULTI-STRATEGY: Creditors' Proofs of Debt Due on Oct. 28
BROOKLINE AVENUE: Creditors' Proofs of Debt Due on October 28
CATALYTIX LDC: Creditors' Proofs of Debt Due on October 26
CORAL (CAYMAN): Creditors' Proofs of Debt Due on October 28
CRESSA LIMITED: Creditors' Proofs of Debt Due on October 28
DRE CAYMAN: Creditors' Proofs of Debt Due on October 30
HARRIER INVESTMENT: Creditors' Proofs of Debt Due on October 28
KOBIKI INTERNATIONAL: Creditors' Proofs of Debt Due on October 28
LONG BEACH: Creditors' Proofs of Debt Due on October 28
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
OCEANUS HOLDING: Creditors' Proofs of Debt Due on October 28
PYLON LTD: Creditors' Proofs of Debt Due on October 29
SANNO POINT: Creditors' Proofs of Debt Due on October 29
SANNO POINT: Creditors' Proofs of Debt Due on October 29
SUNFLOWER FUNDING: Creditors' Proofs of Debt Due on October 28
ZAIS INVESTMENT: Creditors' Proofs of Debt Due on October 28
C O S T A R I C A
* COSTA RICA: Economy Withstood Crisis Relatively Well, IMF Says
H A I T I
* HAITI: Gets US$39MM for Water & Sanitation Services Improvement
J A M A I C A
NATIONAL COMMERCIAL BANK: Drops Car Loan Rates
SUGAR COMPANY OF JAMAICA: Gov’t Must Set Timetable for Asset Sale
M E X I C O
CEMEX SAB: EPA Orders Unit to Comply W/ Clean Water Act Ordinace
LUZ Y FUERZA: Workers March to Reverse Liquidation
* MEXICO: Moody's Cuts Municipality of Toluca Ratings to 'Ba1'
T R I N I D A D & T O B A G O
CL FINANCIAL: Government Won't Approve Asset Sale For Now
V E N E Z U E L A
* VENEZUELA: Has US$200MM Loan to Improve Electricity Services
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
ANGEL RIGA: Creditors' Proofs of Debt Due on November 18
--------------------------------------------------------
The court-appointed trustee for Angel Riga y Cia. S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 18, 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 30, 2010.
FARMACIA NUEVA: Creditors' Proofs of Debt Due on December 14
------------------------------------------------------------
The court-appointed trustee for Farmacia Nueva Barrancas S.C.S.'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 on March 2, 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 15, 2010.
FINEHIDE SA: Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------
The court-appointed trustee for Finehide S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 23, 2009.
The trustee will present the validated claims in court as
individual reports on February 10, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 26, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on August 23, 2010.
JOSE RIONS: Creditors' Proofs of Debt Due on December 14
--------------------------------------------------------
The court-appointed trustee for Jose Rions S.A.'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 on March 1, 2010. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 15, 2010.
JUSTO CORRIENTES: Creditors' Proofs of Debt Due on December 2
-------------------------------------------------------------
The court-appointed trustee for Justo Corrientes S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 2, 2009.
The trustee will present the validated claims in court as
individual reports on February 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
April 6, 2010.
KAROLINGYA INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 16
----------------------------------------------------------------
The court-appointed trustee for Karolingya Investments S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 16, 2009.
NEXICOM SRL: Creditors' Proofs of Debt Due on November 2
--------------------------------------------------------
The court-appointed trustee for Nexicom S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 2, 2009.
The trustee will present the validated claims in court as
individual reports on December 23, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 25, 2010.
PRESAL SA: Creditors' Proofs of Debt Due on December 15
-------------------------------------------------------
The court-appointed trustee for Presal S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 15, 2009.
The trustee will present the validated claims in court as
individual reports on March 3, 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 20, 2010.
PROVINCIA SEGUROS: Moody's Affirms 'B2' Insurance Strength Rating
-----------------------------------------------------------------
Moody's Latin America affirmed the B2 global local-currency
insurance financial strength rating and the Aa3.ar IFS rating on
Argentina's national scale of Provincia Seguros S.A. The outlook
for the ratings remains stable.
The rating agency explained that Provincia Seguros' ratings
primarily reflect its adequate market position (which stands at
the twelfth position in the industry as of June 30, 2009), as well
as the advantages provided by its diversified distribution
channels and the synergies maintained with its parent bank, Banco
de la Provincia de Buenos Aires. Moody's also noted that the
company's book of business is adequately diversified and less
exposed than many of its competitors to motor insurance, which the
rating agency considers to have a risky and volatile profile.
Offsetting these positive considerations are the company's
increasing gross underwriting leverage and sustained underwriting
losses, which have forced Provincia Seguros to be highly dependent
on investment returns. The high-risk and volatile nature of the
company's assets -- common to most Argentine insurers -- makes the
reliance on investment returns to continually offset underwriting
losses a key challenge and weakness for the company's
profitability and overall credit profile. The rating agency also
mentioned that Provincia Seguros' credit profile is constrained—
similar to most Argentine insurers -- by the significant systemic
country-specific risk and uncertainty of Argentina.
Provincia Seguros is 60% owned by the major financial services
group, Grupo Banco Provincia S.A., which in turn is owned by the
second-largest bank in the Argentine system: Banco de la Provincia
de Buenos Aires. Grupo Banco Provincia S.A. is engaged in
different financial services segments and it is also present in
the life insurance industry with Provincia Seguros de Vida, and in
the workers' compensation segment with the monoline company,
Provincia Seguros ART.
Based in Buenos Aires, Argentina, Provincia Seguros reported a net
income of ARG22 million during the 2008/2009 fiscal year (ended
June 30, 2009), made up of a Ar$57 million underwriting loss and
ARG79 million of net financial investment returns and other
results. The company's shareholders' equity was AR$179 million at
June 30, 2009, up 5% compared to the previous fiscal year.
NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms' within the same country. Such
ratings are designed for use at the local (national) level, and
they are not globally comparable. For Argentine companies,
national scale ratings carry the identifier of ".ar".
In contrast, global local-currency insurance-financial strength
ratings indicate the relative credit risk of an insurance company
on a globally comparable scale. In the case of ratings of
insurers domiciled in a country with a speculative grade sovereign
rating, such as Argentina, these ratings are the result of several
factors: the political risk; the risk of a generalized debt
moratorium; the weakness of the legal environment or framework;
and the risk of interference in the functioning of the financial
system. Taken together, the national scale and global local-
currency ratings provide a more comprehensive opinion about the
credit risk of the company. Moody's insurance financial strength
ratings are opinions about the ability of insurance companies to
punctually pay senior policyholder claims and obligations.
RIENTE HNOS: Creditors' Proofs of Debt Due on November 10
---------------------------------------------------------
The court-appointed trustee for Riente Hnos S.A.C.I.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
November 10, 2009.
The trustee will present the validated claims in court as
individual reports on December 23, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 9, 2010.
TOYOTA COMPANIA: Moody's Assigns 'Ba1' Rating on Senior Debt
------------------------------------------------------------
Moody's Investors Service assigned a global local currency senior
debt rating of Ba1 to Toyota Compania Financiera Argentina's
multi-currency senior unsecured debt program amounting to
ARG200 million (or its equivalent in other currencies), and to the
first issuance up to ARG70 million under the program. At the same
time, Moody's assigned a global foreign currency senior debt
rating of B2 to the program. The outlook on the ratings is
stable.
On the National Scale, Moody's Latin America assigned Aaa.ar local
currency debt ratings to the program and to the issuance. A
Aa3.ar foreign currency debt rating was also assigned to the
program.
The ratings were based on the company's unsupported baseline
credit assessment of B3, which is lifted to Ba1 due to Moody's
assessment of very high probability of support from its parent,
Aa1-rated Toyota Motor Corporation.
Toyota Compania Financiera Argentina is headquartered in Buenos
Aires, Argentina, with assets of ARG332 million, deposits of
ARG28 million and equity of ARG57 million as of June 2009.
These ratings were assigned to Toyota Compania Financiera
Argentina's ARG200 million senior debt program:
* Global Local-Currency Debt Rating: Ba1
* Global Foreign-Currency Debt Rating: B2
* National Scale Local-Currency Debt Rating: Aaa.ar
* National Scale Foreign-Currency Debt Rating: Aa3.ar
These ratings were assigned to Toyota Compania Financiera
Argentina's ARG70 million issuance:
* Global Local-Currency Debt Rating: Ba1
* National Scale Local-Currency Debt Rating: Aaa.ar
* ARGENTINA: Can’t Offer Better Terms to Bondholders, Lavagna Says
------------------------------------------------------------------
Holders of US$20 billion of defaulted Argentine bonds have no
chance of negotiating a settlement with the government that gives
them better terms than those of a 2005 restructuring, Eliana
Raszewski at Bloomberg News reports, citing former Economy
Minister Roberto Lavagna.
The report relates Mr. Lavagna said that the conditions of the
swap four years ago stipulate that any subsequent offer should be
less favorable for bondholders. About 25% of creditors rejected
the offer. Mr. Lavagna managed the exchange that gave creditors
about 30 cents on the dollar.
“As far as bondholders are concerned, the first thing they should
do is recognize that that is how things are,” Mr. Lavagna told
Bloomberg News in a telephone interview. “If not, there can’t be
any accord. This is an error the bondholders, or those who
represent them, are committing,” Mr. Lavagna added.
According to the report, the Argentine government said it was
negotiating terms of an agreement to regain access to
international capital markets that it lost after defaulting on
US$95 billion of debt in 2001. The report relates that
Argentina’s 2010 budget bill states the government plans “to
continue to advance with the process of normalizing” its
relationship with creditors, including the holdouts from the 2005
restructuring.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 27, 2009, Standard & Poor's Ratings Services affirmed its
'B-' long-term and 'C' short-term sovereign credit ratings on the
Republic of Argentina. The outlook remains stable.
=============
B A H A M A S
=============
IFH PERU: S&P Affirms Corporate Credit Rating at 'B+'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
corporate credit rating on Bahamas-incorporated holding company
IFH Peru Ltd.
S&P also affirmed the 'B+' senior secured rating on the company's
now $150 million, 10-year, Regulation S bullet notes due 2019.
Proceeds from the issuance will be used primarily to fund the
expansion of the retail subsidiary's stores and IFH's retail-
related credit card business, and to repay existing debt.
The outlook is stable.
"The rating affirmation followed the increase in the issuance
amount to $150 million from an original expected amount of
$100 million," said Standard & Poor's credit analyst Luciano
Gremone.
S&P sees the debt increase resulting from this issuance as
partially offset by a lower-than-expected coupon rate -- 8.625%
compared with the 10% S&P originally assumed in its base-case
projections -- and the company's plan to apply part of the
additional debt to repay about $18 million in existing debt early.
"The ratings already incorporate the high refinancing risk notes'
the bullet maturity creates and some uncertainty on the company's
financial and liquidity policy," Mr. Gremone added.
The ratings continue to reflect IFH's heavy reliance on dividends
from a small number of subsidiaries, some currency mismatch
resulting from the proposed notes' denomination in U.S. dollars,
and the group's relatively aggressive expansion strategy.
These factors are partially mitigated by the group's good position
in Peru's financial system arising from its stake in Banco
Internacional del Peru - Interbank (BB+/Stable/--), the fourth-
largest Peruvian bank in terms of deposits and IFH's largest
subsidiary and cash contributor by far.
The incremental debt in excess of the original expected issuance
will increase the company's currency mismatch risk because it
plans to use it to repay existing Peruvian nuevos soles (PEN)-
denominated obligations early. Also, S&P believes IFH's intention
to increase the issuance by 50% reflects a more aggressive
financial policy, particularly as the company does not have
explicit minimum cash targets.
Despite the hit to credit quality, S&P believes the current rating
level captures these risks.
Through subsidiaries, IFH is involved in several sectors of the
Peruvian economy, including financial services, insurance,
supermarkets, retail, and real estate.
=============
B E R M U D A
=============
FIBRIA OVERSEAS: S&P Assigns 'BB' Rating on $1 Bil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
rating to the up to $1 billion in senior notes to be issued by
Fibria Overseas Finance Ltd., a wholly owned subsidiary of
Votorantim Celulose e Papel S.A. (BB/Positive/--). The notes will
be unconditionally guaranteed by VCP.
The ratings reflect the combined credit quality of VCP and its
subsidiary Aracruz Celulose S.A. (BB/Positive/--), jointly named
Fibria.
As such, "the ratings reflect Fibria's significant financial
profile, characterized by high debt and weak credit metrics, some
asset concentration in Brazil, and exposure to the volatile,
commodity-type pulp market," said Standard & Poor's credit analyst
Reginaldo Takara. "These risks are partially offset by Fibria's
satisfactory business profile."
The business profile benefits from Fibria's excellent cost
position and a profitability that is significantly higher than
competitors; its market leadership in eucalyptus pulp; and the
synergies arising from the integration of its various operating
assets.
Ratings List
Votorantim Celulose e Papel S.A.
Corporate Credit Rating BB/Positive/--
Fibria Overseas Finance Ltd.
New Rating
Senior unsecured notes due 2019 BB
GMP GENERAL: Creditors' Proofs of Debt Due on October 23
--------------------------------------------------------
The creditors of GMP General Partner Limited are required to file
their proofs of debt by October 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
GMP GENERAL: Members' Final Meeting Set for November 11
-------------------------------------------------------
The members of GMP General Partner Limited will hold their final
general meeting on November 11, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
GMP INTERNATIONAL: Creditors' Proofs of Debt Due on October 23
--------------------------------------------------------------
The creditors of GMP International Limited are required to file
their proofs of debt by October 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
GMP INTERNATIONAL: Members' Final Meeting Set for November 12
-------------------------------------------------------------
The members of GMP International Limited will hold their final
general meeting on November 12, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
GMP MASTER: Creditors' Proofs of Debt Due on October 23
-------------------------------------------------------
The creditors of GMP Master Fund Limited are required to file
their proofs of debt by October 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
GMP MASTER: Members' Final Meeting Set for November 11
------------------------------------------------------
The members of GMP Master Fund Limited will hold their final
general meeting on November 11, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 7, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
TAM CAPITAL: S&P Assigns 'B+' Rating on Senior Guaranteed Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B+' rating to the senior guaranteed notes to be issued by TAM
Capital 2 Inc., a wholly owned subsidiary of TAM S.A.
('BB-/Negative'). The notes will be unconditionally guaranteed by
TAM and its operating subsidiary, TAM Linhas Aéreas S.A. (not
rated).
"The rating is one notch lower than TAM's corporate credit rating,
reflecting the effective subordination of the noteholders to other
existing secured debts. Under S&P's criteria, operating leases
and other aircraft financing are assumed to be senior secured
obligations with priority of payment relative to other unsecured
debt," said Standard & Poor's credit analyst Reginaldo Takara.
TAM's results remained affected by Brazil's challenging domestic
market environment and the company's significant capacity
expansion. TAM's cash flows have been weak, but it managed to
preserve liquidity by issuing long-term debt in the first half of
2009. S&P expects to see a positive trend in TAM's cash
generation over the next few quarters -- a crucial assumption in
S&P's analysis. Meanwhile, liquidity, which S&P still views as
adequate, remains a key rating factor for TAM in weathering its
current weak operating results. Short-term debt maturities are
manageable, but the company is exposed to high aircraft lease
payments.
"We believe TAM can adjust its operations to cope with the adverse
market conditions and, as a result, report improving profitability
and cash flow generation in the next few quarters, while
preserving adequate liquidity. The ratings could be lowered if
cash reserves are depleted faster than S&P expects, or if cash
generation remains weak or on a negative trend -- indicating that
initiatives to improve operations have not been successful. S&P
could revise the outlook to stable if market conditions improve
ahead of S&P's expectations, allowing the company to strengthen
its cash flows and credit metrics while preserving strong
liquidity," Mr. Takara added.
TP INSURANCE: Creditors' Proofs of Debt Due on October 23
---------------------------------------------------------
The creditors of T.P. Insurance Limited are required to file their
proofs of debt by October 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 5, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
TP INSURANCE: Members' Final Meeting Set for November 13
--------------------------------------------------------
The members of TP Insurance Limited will hold their final general
meeting on November 13, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on October 5, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
VALIDUS HOLDINGS: Underwriting Unit Hooks Up with Abu Dhabi Firm
----------------------------------------------------------------
Talbot Underwriting Ltd, a unit of Validus Holdings Ltd., has
partnered with Abu Dhabi National Insurance Company to form a new
joint venture company, Underwriting Risk Services (Middle East)
Limited (URSME), American Info News reports. The report relates
that URSME has been granted a license to operate from the Dubai
International Financial Centre from where it will serve the entire
Middle East North Africa region.
According to the report, ADNIC and Talbot Underwriting have
created URSME as a managing general agency based in Dubai. The
report notes that from the DIFC it will be able to offer clients
in the MENA region re-insurance services across a number of lines
of business. The report relates that the JV company will assist
regional insurers, brokers and corporate customers in addressing
their large and complex insurance needs and will be able to
provide the expertise to handle specialty risks.
URSME, the report adds, will operate under agency agreements
granted by ADNIC and Underwriting Risk Services Limited and
binding authorities granted to it by Talbot Syndicate 1183, all
subject to Lloyd's cover holder approval.
About Abu Dhabi
Abu Dhabi National Insurance Company PSC --http://www.adnic.ae/--
is a United Arab Emirates-based public shareholding company that
offers all classes of life and non-life insurance and reinsurance
products and services through a network of five branches and
offices across the United Arab Emirates. The Company is organized
into three main business segments, namely Personal Insurance,
Business Insurance and Overseas Insurance. Its Personal Insurance
services cover home, car, boat, life and health, and accident
insurance. The Business Insurance segment offers fire and
property, aviation, marine hull, engineering, energy, cargo, life
and health, and auto insurance. Its Overseas Insurance services
cover aviation, energy, marine, cargo, property/fire and general
accidents, and engineering insurance. The Company has a United
Kingdom-based subsidiary, Abu Dhabi National Insurance Co.
(Services) Ltd.
About Validus Holdings, Ltd.
Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd. Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance. Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).
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B R A Z I L
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BANCO BRADESCO: Will Ink a Partnership With OdontoPrev
------------------------------------------------------
James Newman at Business News Americas reports that Bradesco SA
will enter into a partnership with dental insurance group
OdontoPrev. The report, citing securities filing from Banco
Bradesco, relates that the bank would swap its dental division,
which it spun off from its insurance division Bradesco Saude last
year, for a 43.5% stake in OdontoPrev.
According to the report, the filing said that Banco Bradesco will
then distribute OdontoPrev's dental plans through its distribution
channel. Iago Whately, insurance analyst at Banco Fator, told the
news agency in an interview that the partnership will open
important cross-selling opportunities for the bank. The report
relates that the deal also shows a trend towards banks trading
certain portfolios and a strong distribution network for a stake
in a solid insurer.
Under the arrangement, the report says, Bradesco Saude will
appoint three board members at OdontoPrev, including the
chairman's spot, while the company's founder Randal Luiz Zanetti
will appoint three members. In keeping with the Bovespa
exchange's Novo Mercado corporate governance level, there will be
two other independent board members, the report adds.
The planned partnership will need the approval from health
insurance regulator ANS.
About Banco Bradesco
Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management. Bradesco has branches throughout Brazil as
well as one in New York, and Japan. Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers. The bank
also provides personal and commercial loans, along with leasing
services.
* * *
As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits. The company also
continues to carry Fitch rating's "BB" Support Rating Floor.
BR MALLS: Acquires 100% of Shopping Metro Santa for R$198 Million
-----------------------------------------------------------------
BR Malls Participacoes S.A. has acquired 100% of the company
holding the exploration rights of the Shopping Metro Santa Cruz
mall and the exploration rights of the Shopping Metro Santa Cruz
parking lot, through the acquisition of 95% of its shares,
previously announced on August 20, 2009, together with the
acquisition, at the same time, of the remaining 5%. The
transaction totaled R$198,000,000.00.
As of October 12, 2009, the revenue from 100% of Shopping Metro
Santa Cruz and from the Metro Santa Cruz parking operation will be
recognized by the company
Shopping Metro Santa Cruz inaugurated in 2001 and is located in
the Vila Mariana district of the south side of Sao Paulo city.
The mall has a gross lease able area of 19,270 m2, 127 stores and
1,057 parking spaces, and an estimated 23 million visitors per
year. In addition to providing direct access to the subway
station, the mall is linked to the adjacent bus terminal and has
access to Avenida Domingos de Moraes.
Following the acquisition, BRMALLS' total and own GLA increased
from 1.006 million m2 to 1.025 million m2 and from 439.2 thousand
m2 to 458.5 thousand m2, respectively. It currently retains
stakes in 35 malls.
About BR Malls
Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. is the largest integrated shopping mall company in Brazil
with a portfolio of 34 malls, representing 985.2 thousand square
meters in total Gross Leasable Area (GLA) and 429.1 thousand
square meters in owned GLA.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings has affirmed the ratings of
BRMALLS Participacoes S.A.:
-- Foreign Currency Issuer Default Rating at 'BB-';
-- Local currency IDR at 'BB-';
-- Long-term national scale rating at 'A(Bra)';
-- US$175 million perpetual notes at 'BB-'.
BR MALLS: Invests R$11 Million for NorteShopping Expansion
----------------------------------------------------------
BR Malls Participacoes S.A. inaugurated the third expansion of its
Norteshoppping, which added 1,146 m2 of GLA to the mall. BRMALLS,
which manages the mall, was responsible for developing the
project, managing the construction and leasing the stores.
Norteshopping is located in a central area of the north side of
Rio de Janeiro, close to areas of big flows of people and cars,
that is home to a substantial part of the population with medium
purchasing power. Nowadays, the average flow of consumers is 2.5
Millions per month, among which 66% can be classified as middle
and upper middle class. Such flow can be noticed observing the
historical total sales, that presented an annual growth (CAGR) of
16% since 2005.
Since its inauguration in 1986, Norteshopping has gone through two
great expansions. The first added 31,000 m2 of GLA in 1996,
through the opening of 30 stores, two cinema rooms and an anchor,
C&A. The second one was inaugurated in 2007, Patio Norteshopping,
a leisure area with 33,000 m2, implementing the lifestyle center
concept in Brazil.
The new expansion is the mall's third expansion and added 1,416 m2
of owned GLA, that includes 14 satellites, 2 restaurants and one
megastore, consolidating the mall mix. The new area also has a
Riachuelo store, the biggest store of Riachuelo's chain, which was
reallocated to the new area.
Moreover, above the mall's expansion area is being built a
commercial tower by Cyrela, the co-owner of the land. The tower
will be inaugurated in November 2009 and will have 10 floors with
a total of 360 offices, all of them sold on the first day, even
before the launching event.
The expansion of NorteShopping, which required from BRMALLS an
investment of R$11 million, added 1,146 m2 of owned GLA and has an
estimated real and unleveraged IRR of 19.3%, contributing with
R$1.9 million in stabilized NOI.
About BR Malls
Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. is the largest integrated shopping mall company in Brazil
with a portfolio of 34 malls, representing 985.2 thousand square
meters in total Gross Leasable Area (GLA) and 429.1 thousand
square meters in owned GLA.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings has affirmed the ratings of
BRMALLS Participacoes S.A.:
-- Foreign Currency Issuer Default Rating at 'BB-';
-- Local currency IDR at 'BB-';
-- Long-term national scale rating at 'A(Bra)';
-- US$175 million perpetual notes at 'BB-'.
BANCO SANTANDER (BRASIL): Taps J.P. Morgan as Depositary Bank
-------------------------------------------------------------
J.P. Morgan has been appointed depositary bank by Banco Santander
(Brasil) S.A. for its American Depositary Receipt program.
Santander Brasil trades on the New York Stock Exchange under the
symbol "BSBR"and on the Sao Paulo Stock Exchange under the symbol
"SANB11." Shares began trading on the NYSE and on BOVESPA on
October 7.
Santander Brasil's initial public offering is the largest ever by
a Latin American company. It is also the largest offering by any
foreign company on a U.S. exchange for all of 2009.
J.P. Morgan is now the depositary bank for three DR programs for
bank holding company Grupo Santander -- Banco Santander Spain,
Banco Santander Chile, and now Banco Santander Brasil. JPMorgan
is the leading provider of DR services in Latin America with 55.5%
of the marketplace in terms of market valuation.
Claudine Gallagher, global head of depositary receipts at J.P.
Morgan said: "We are delighted to further enhance our relationship
with Banco Santander by now bringing their unit in Brazil to the
NYSE. We are pleased to have been able to help Banco Santander
unlock the value of its Brazilian business by accessing the
depth and breadth of the U.S. investment market."
J.P. Morgan launched the first DR in Latin America in 1960
(Telefonos de Mexico) and serves as depositary for a number of
leading DR programs in Latin America, including Banco
Santander -- Chile, Petroleo Brasileiro S.A. and Vale S.A. In
2007, the firm launched a global depositary shares (GDS) program
for Grupo Clarin S.A., the first Argentine company to have a DR
listing on the London Stock Exchange. That year it also launched
a global depositary receipt program for Almacenes Exito S.A., the
first primary offering of equity securities by a Colombian company
outside of the home market in over 10 years.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. -- http://www.jpmorganchase.com.-- is a
leading global financial services firm with assets of US$2.0
trillion and operations in more than 60 countries. The firm is a
leader in investment banking, financial services for consumers,
small business and commercial banking, financial transaction
processing, asset management, and private equity. A component of
the Dow Jones Industrial Average, JPMorgan Chase & Co. serves
millions of consumers in the United States and many of the world`s
most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan
Chase & Co.
About Banco Santander (Brasil)
Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.
* * *
As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.
BANCO VOTORANTIM: Evaluates 10-Year Overseas Bond Issue
-------------------------------------------------------
Banco Votorantim is evaluating market conditions for a possible
10-year overseas bond issue in November, Rogerio Jelmayer at Dow
Jones Newswires reports, citing an unnamed source involved in the
operations.
"At this time, we are evaluating market conditions; I believe that
we can access the market next month with an issue of at least
US$500 million," the report quoted the source as saying.
According to the report, Banco Votorantim hasn't yet named the
coordinators of the operation.
Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil. It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services. The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion. Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds. The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil. Banco Votorantim S.A. is a part of the
Votorantim Group
* * *
As of September 29, 2009, the bank continues to carry Standard and
Poor's BB+ LT Issuer Credit ratings. The company also continues
to carry S&P's B ST Issuer Credit ratings.
COMPANHIA ENERGETICA: IDB to Provide US$10MM Loan for Electricity
-----------------------------------------------------------------
The Inter-American Development Bank approved a US$10 million loan
to help finance the expansion of electricity services in Brazil's
State of Minas Gerais, fostering economic development, improving
living conditions, and contributing poverty reduction in 19
northwestern municipalities.
The project will finance energy service coverage expansion by
awarding incentives or contributions granted by the state and
federal governments to the power company Companhia Energetica de
Minas Gerais Distribuiçao S.A. to promote investments in
transmission, rehabilitation, and expansion of the power
distribution grid.
IDB said that the incentives are needed because electricity rates
in rural and low-income periurban areas fall short of covering
basic infrastructure costs. Although Minas Gerais is Brazil's
third largest economy, its northwestern region, which is home to
328,000 people, remains fairly underdeveloped, largely due to
insufficient infrastructure in the energy sector, the bank added.
The Bank's funding will support plans to connect not only farmers,
replacing diesel-based irrigation, but also rural and periurban
homes under the Luz para Todos and Clarear programs executed by
CEMIG-D.
Most of the funds will finance incentives for high-and medium-
voltage transmission works, including expansion of three existing
substations and construction of three new substations, 160 km of
138kV transmission lines, and 1,370 km of medium-voltage feeders.
In addition, the funds will finance incentives for investments
including expansion of the power distribution grid to reach rural
and periurban households, installation of distribution lines and
meters, and installation in each household of four power outlets.
These investments will increase the distribution system's
efficiency by lowering energy losses, ultimately helping to reduce
greenhouse gas emissions.
The Bank's loan is for a 25-year term, including a two-year grace
period, at a Libor-based variable interest rate. The federal and
state governments will provide an additional US$6.22 million in
local counterpart funds for the project.
About Companhia Energetica
Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil. Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais. Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix. Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities. In addition to those 52 plants,
another three are currently under construction.
Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).
* * *
As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.
COMPANHIA DE SANEAMENTO: IDB to Provide US$600MM Loan for Project
-----------------------------------------------------------------
Companhia de Saneamento do Estado de Sao Paulo will get a US$600
million loan from the Inter-American Development Bank to expand
collection and treatment of wastewater that is drained into Tiete
river in Sao Paulo, Brazil’s biggest city.
The IDB is helping the government in its plan to extend collection
and treatment of wastewater to the entire population served by
Sabesp before 2023, said Fernando Bretas, team leader for the
project. The total cost of attaining this objective is estimated
at BRL4.7 billion (about US$2.6 billion).
The loan will finance public works to connect 200,000 residences
to the sewerage system, which will benefit 800,000 people in the
city. In addition, the IDB financing will support the
construction of collector mains and interceptors and the upgrade
and construction of several wastewater treatment plants.
“The IDB has been a long-time supporter of Sao Paulo’s efforts to
provide potable water and sanitation to its population and,
consequently, contributing to the clean up of the Tiete river,
which plays a vital role in the city’s environment and public
image," said Bretas. “This loan represents an important
contribution to the State’s effort to restore the Tiete river
water quality.”
After works are completed, 84% of wastewater collected by the
river will be treated, up from 66%, reducing the organic load
reaching the river.
The IDB loan, which will mature in 25 years, is denominated in
U.S. dollars and its interest rate is based on the London
Interbank Offered Rate. The loan has a six-year grace and
disbursement periods.
About Sabesp
Companhia de Saneamento Basico do Estado de Sao Paulo, a.k.a.
Sabesp (Bovespa: SBSP3; NYSE: SBS) -- http://www.sabesp.com.br
-- is one of the largest water and sewage service providers in
the world based on the population served in 2005. It operates
water and sewage systems in Sao Paulo, Brazil.
* * *
As reported in the Troubled Comany reporter-Latin America on
April 30, 2009, Fitch Ratings has affirmed these ratings on
Companhia de Saneamento Basico do Estado de Sao Paulo:
-- Local currency long-term Issuer Default Rating at 'BB';
-- Foreign Currency long-term IDR at 'BB';
-- International long-term rating for the $140 million notes
issued at 'BB';
-- National scale long-term rating at 'A+(bra)';
-- National scale long-term rating of the 6th debenture issue in
the amount of BRL600 million at 'A+(bra)';
-- National scale long-term rating of the 9th debenture issue in
the amount of BRL220 million at 'A+(bra)';
FIBRIA OVERSEAS: Moody's Assigns 'Ba1' Rating $1 Bil. Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
rating with negative outlook to the proposed issuance of
approximately US$1 billion in senior unsecured notes in two equal-
sized series due 2016 and 2019 by Fibria Overseas Finance Ltd.
(Cayman Islands) to be unconditionally and irrevocably guaranteed
by Votorantim Celulose e Papel S.A. The net proceeds from the
issuance will be used to pre-pay existing derivatives-related debt
at VCP's subsidiary Aracruz Celulose S.A.
Simultaneously, Moody's affirmed VCP's corporate family rating of
Ba1 on the global scale and Aa2.br on the Brazilian national
scale, and its negative outlook.
Rating assigned is:
Issuer: Fibria Overseas Finance Ltd (Cayman Islands)
-- Approximately US$1 billion in senior unsecured notes issued in
two series due 2016 and 2019, guaranteed by Votorantim
Celulose e Papel S.A.: Ba1 (foreign currency)
Ratings affirmed are:
Issuer: Votorantim Celulose e Papel S.A.
-- Corporate Family Rating: Ba1 (global scale); Aa2.br (Brazilian
national scale)
The outlook for all ratings is negative.
The Ba1 rating of the proposed notes assume that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.
The Ba1 rating reflects VCP's leading position as the largest
producer of market pulp in the world, its extremely competitive
production costs which are among the lowest worldwide based on a
long-term sustainable business model depicted by structural cost
advantages when compared with most international peers, including
self-sufficiency in wood fiber and electricity and efficient
logistics. VCP's relative low product diversity and its relative
small size when compared with global peers as measured by net
revenues (pro-forma for Aracruz, considering current pulp prices)
are constraining factors for its rating. Operational diversity is
good with production spread over five plants, although 83% of
capacity is concentrated in three mills. Revenues are largely
generated under long-term supply contracts that support stable
sales volume with good geographic diversification. Additionally,
VCP's above average disclosure is a positive credit aspect.
Finally, the Ba1 rating incorporates the benefit from the
ownership by and expected support from Votorantim Participações
S.A. (Baa3 / outlook negative).
The rated notes issuance is part of a financial restructuring
announced by VCP that also includes the disposal of Aracruz's
Guaíba facility and related assets for some US$1.43 billion and a
new US$750 million 5-year export pre-payment transaction. While
75% of the proceeds from the asset sale and the full amount of the
proposed notes rated by Moody's should be used to pre-pay existing
derivatives-related debt at Aracruz, the proceeds from the export
prepayment deal should be used to partially address 2010 and 2011
refinancing needs of VCP.
Although Moody's recognize that, once concluded, the restructuring
will moderately reduce VCP's consolidated leverage and strengthen
its liquidity position by improving its debt maturity profile, the
negative outlook reflects the still substantial challenges for VCP
to further reduce its excessive leverage from free cash flow given
uncertainties over the sustainability of China's strong demand for
pulp, which has been the main driver of recent price increases.
Also, the strengthened Real should continue to pressure margins
and cash flows as some 75% of VCP's production costs are
denominated in local currency. The negative outlook also reflects
the negative outlook of VPAR's rating. Moody's expect VCP will
prudently manage capex in order to prioritize debt reduction in
the near term.
Moody's anticipates Consolidated Total Adjusted Debt (adjusted for
operating leases and post-retirement benefits obligations) to
EBITDA will remain above 7x in the near term if prices remain at
current level, pro-forma for twelve months of operations of the
Três Lagoas mill, which operations started in April 2009.
The ratings of VCP could be downgraded if the company is not able
to generate positive free cash flow allowing some debt reduction
or in case of a deterioration in liquidity. Also, a deterioration
of VPAR's credit quality could negatively impact VCP's ratings.
The outlook could be stabilized if VCP manages to reduce leverage
as measured by Total Adjusted Debt to EBITDA below 4x together
with Funds from Operations less Dividends to Total Adjusted Debt
approaching 15% on a consistent basis. Also, the stabilization of
VCP's ratings would require VPAR's Baa3 rating to also be
stabilized.
While the Ba1 global scale rating reflects the default and loss
expectation of VCP on a global basis, the Aa2.br national scale
rating reflects the standing of their credit quality relative to
other domestic issuers. Issuers rated Aa2.br demonstrate very
strong creditworthiness relative to other domestic issuers.
National Scale Ratings (NSRs) are intended as relative measures of
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks. NSRs in Brazil are designated by the ".br" suffix. NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.
The rating agency's last rating action on VCP was on April 16,
2009, when Moody's downgraded its ratings to Ba1 (corporate family
rating) from Baa3 (issuer rating) on the global scale and to
Aa2.br from Aa1.br on the Brazilian national scale, and assigned a
negative outlook to the ratings, in conclusion to the review
process initiated on October 15, 2008.
Votorantim Celulose e Papel S.A. is the largest producer of market
pulp in the world, and also produces specialty paper, such as
coated, thermal, and carbonless paper. In the last six months
ended on June 30, 2009 VCP reported consolidated net revenues of
BRL3 billion (US$1.36 billion) pro-forma for Aracruz and 50% of
Veracel.
Votorantim Participacoes S.A. is the holding company of one of
Brazil's largest conglomerates with a diverse business portfolio
that includes banking, metals and mining, pulp and paper, cement,
agribusiness, and chemicals. VPAR reported consolidated net
revenues of US$16.2 billion in the last twelve months ended on
June 30, 2009, of which some 64% were generated by the group's
industrial activities and 36% by its financial arm represented by
Banco Votorantim S.A. (rated A3, outlook stable).
TAM SA: Fitch Assigns 'BB-' Rating on $300 Mil. Senior Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to TAM S.A's
US$300 million proposed senior guaranteed notes due 2019. These
notes will be issued through TAM's subsidiary, TAM Capital 2 Inc
and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A. Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.
TAM's Foreign and Local currency Issuer Default Ratings are
currently 'BB-' and its National Scale Rating is 'A-(bra)'. The
Rating Outlook is Negative for all of TAM's corporate ratings.
Strong Business Position Continue to Support Rating:
TAM's ratings continue to reflect the company's strong market
presence in the domestic air passenger transportation sector. It
also factors in the company's position as the sole Brazilian
airline operator in long-haul route to Europe and USA,
strengthened by several code-share agreements. Further factored
in TAM's ratings is the high percentage of business passengers in
its ticket sales mix and the profitability of this segment.
Strong Competition and Fuel Price Volatility Pressure Results:
The combination of intensified competition in the Brazilian market
and a slowdown of its passenger flow growth have negatively
impacted TAM's operating metrics such as load factors, yields and
aircraft utilization in recent quarters. The second quarter
historically represents the weakest results. TAM reported a
negative spread between RASK-CASK of BRL 0.97 cents during the
most recent quarter. This figure compares with positive figures
of BRL1.12 cents during the first quarter of 2009 (1Q'09) and BRL
0.48 during 2Q'08. As a result, the company's EBITDAR margin
decreased to 8.3% during 2Q'09 from 18.9% in 1Q'09 and 12.6% in
2Q'08. Fitch expects only a modest recovery of margins during the
next six months.
Despite weak operating metrics, TAM's EBITDA was BRL1.692 billion
during the latest twelve months ended June 30, 2009, an increase
from BRL1.613 billion during 2008. The lower fuel expenses since
second half of 2008 helped the company to offset the pressure on
RASK. The EBITDAR margin for the LTM ended June 30, 2009, was
15.7% compared to 15.2% in 2008.
Derivatives Reduces Liquidity, Leverage Ratios are Rising:
TAM's liquidity position has been pressured in 2009 by the
settlement of fuel hedge derivative contracts that totaled
BRL1.2 billion at the end of 2008. In the first six months of
2009, total hedge disbursement reached BRL450 million. Fitch
expects that TAM will incur expenses for these contracts of about
US$50 million during the third quarter, assuming an average cost
of the WTI barrel at US$68, and about US$45 million in the last
quarter of 2009. An additional, US$200 million may be required to
liquidate its hedging position through the first quarter of 2011.
TAM had BRL1.1 billion of cash and marketable securities and
BRL917 million of on balance sheet short-term debt as of June 30,
2009. Of TAM's cash balance, BRL240 million are restricted cash
related to hedge contracts. The company's cash balance was
enhanced during July 2009 when it issued BRL600 million of
debentures.
Leverage is high and is likely to rise. As of June 30, 2009, the
company's total adjusted debt to EBITDAR was 6.1 times (x), a
decrease from 6.9x at Dec. 30, 2008, mostly related to the impact
of the dollar's devaluation on debt. TAM had BRL6.8 billion of
total debt as of June 30 2009, comprised mainly of aircraft leases
and capital market operations. The company's total adjusted debt
was BRL10.4 billion. This debt includes off balance sheet
operating leases of BRL3.5 billion. About 93% of TAM's total
adjusted debt was denominated in U.S. dollars or linked to the
dollar. The company does not hedge the currency of its debt,
partially mitigating it with the fact that about 35% of its
revenues are tied to the dollar, but exposing results to
fluctuations of the currency. Results during 2009 have been
bolstered by the strengthening of the Brazilian Real, in contrast
to very negative results during the second half of 2009. The
recent debentures issuance combined with the current bond issuance
will add around BRL1.1 billion in TAM's indebtedness, which should
result in higher leverage.
Potential Rating or Outlook Drivers:
TAM's ratings could be downgraded if the company's liquidity
position further deteriorates and/or if operating results remain
weak. Factors that could lead to a revision of the Rating Outlook
to Stable include a sustained recovery of the Brazilian airline
industry and an overall improvement in the company's leverage and
liquidity.
==========================
C A Y M A N I S L A N D S
==========================
ACROPOLIS MULTI-STRATEGY: Creditors' Proofs of Debt Due on Oct. 28
------------------------------------------------------------------
The creditors of Acropolis Multi-Strategy Plus Fund 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 August 26, 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
BROOKLINE AVENUE: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------------
The creditors of Brookline Avenue Equity GP 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 11, 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
CATALYTIX LDC: Creditors' Proofs of Debt Due on October 26
----------------------------------------------------------
The creditors of Catalytix LDC are required to file their proofs
of debt today, October 26, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 1, 2009.
The company's liquidators are:
Christopher Johnson
Russell Smith
Chris Johnson Associates Ltd
80 Shedden Road
PO Box 2499, Grand Cayman KY1-1104
CORAL (CAYMAN): Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Coral (Cayman) 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 17, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
CRESSA LIMITED: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------
The creditors of Cressa 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 August 24, 2009.
The company's liquidator is:
Philip Mosely
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Telephone : (345) 949-4018
Facsimile: (345) 949-7891
e-mail: general@caymanmanagement.ky
DRE CAYMAN: Creditors' Proofs of Debt Due on October 30
-------------------------------------------------------
The creditors of Dre Cayman Holdings Limited 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 9, 2009.
The company's liquidator is:
Richard Finlay
c/o Krysten Lumsden
Telephone: (345) 814-7366
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
HARRIER INVESTMENT: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------------
The creditors of Harrier Investment Fund 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 15, 2009.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
KOBIKI INTERNATIONAL: Creditors' Proofs of Debt Due on October 28
-----------------------------------------------------------------
The creditors of Kobiki International 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 17, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
LONG BEACH: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------
The creditors of Long Beach Asset Holdings Corp. CI 2005-1 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 17, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Loomis Sayles Energy Hedge Fund II, Ltd. 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 15, 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
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Loomis Sayles Energy Master Fund II, Ltd. 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 15, 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
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Loomis Sayles Energy Master Fund II, Ltd. 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 15, 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
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Loomis Sayles 130/30 Rresearch Fund, Ltd. 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 16, 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
LOOMIS SAYLES: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Loomis Sayles 130/30 Research Master Fund, Ltd.
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 16, 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
OCEANUS HOLDING: Creditors' Proofs of Debt Due on October 28
------------------------------------------------------------
The creditors of Oceanus Holding Company Ltd. 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 7, 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
PYLON LTD: Creditors' Proofs of Debt Due on October 29
------------------------------------------------------
The creditors of Pylon Ltd. are required to file their proofs of
debt today, October 29, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 16, 2009.
The company's liquidators are:
Scott Aitken
Connan Hill
Scott Aitken and Connan Hill
P.O. Box 1109, Grand Cayman KY1-1102
Cayman Islands
c/o Sylvia Lewis
Telephone: 949-7755
Facsimile: 949-7634
P.O. Box 1109, Grand Cayman KY1-1102
Cayman Islands
SANNO POINT: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------
The creditors of Sanno Point Ltd are required to file their proofs
of debt today, October 29, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 15, 2009.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914-8634
Facsimile: (345) 945-4237
P.O. Box 258, Grand Cayman KY1-1104
Cayman Islands
SANNO POINT: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------
The creditors of Sanno Point Master Fund Ltd are required to file
their proofs of debt today, October 29, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 15, 2009.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914-8634
Facsimile: (345) 945-4237
P.O. Box 258, Grand Cayman KY1-1104
Cayman Islands
SUNFLOWER FUNDING: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------------
The creditors of Sunflower Funding Corporation 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 17, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
ZAIS INVESTMENT: Creditors' Proofs of Debt Due on October 28
------------------------------------------------------------
The creditors of Zais Investment Grade 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 17, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
==================
C O S T A R I C A
==================
* COSTA RICA: Economy Withstood Crisis Relatively Well, IMF Says
----------------------------------------------------------------
The Executive Board of the International Monetary Fund on
September 23, 2009, concluded the 2009 Article IV consultation
with Costa Rica.
Background
The global crisis has hit Costa Rica hard. After experiencing an
economic boom with output growth averaging 6.6% during 2003-2007,
the Costa Rican economy decelerated sharply in 2008 as output
growth turned negative in the fourth quarter of 2008 (-1.7%
compared to the same quarter of the previous year) and continued
to decline in the first quarter of 2009 (-4.8%). A major
correction in inventories and a decline in sectors most dependent
on external conditions were key factors behind the slowdown.
Nonetheless, the decline in output appears to be approaching an
end. The index of economic activity rose 1.2% on a quarter-on-
quarter basis in the second quarter of 2009, as output in key
sectors stabilized. At the same time, inflation remained on a
firm downward path, falling from 13.9% in December 2008 to 5.7% in
August 2009, its lowest level in over 30 years.
Despite the worsening of economic activity, the banking sector has
remained sound. Although the nonperforming loan ratio of banks
has risen moderately and profitability declined in the first half
of 2009, liquidity and solvency indicators remained adequate.
With the slowdown in activity, demand for credit declined,
contributing to a leveling of bank lending to the private sector.
Nonetheless, bank deposits continued to grow, especially dollar-
denominated deposits, allowing banks to repay foreign credit lines
and reduce their net external position. In light of the strength
of the balance of payments position, the authorities have treated
the first purchase (about US$500 million) under the SBA as
precautionary.
Fiscal policy has provided significant support to domestic demand.
The fiscal deficit of the central government increased to 1.3% of
gross domestic product in the first half of 2009 as noninterest
expenditures rose 14% in real terms, despite a significant revenue
shortfall. The central government’s gross financing requirements,
including large amortization payments were met through domestic
bond issuances. Fiscal policy is expected to remain expansionary
in the second half of 2009. As a result, the central government
deficit for the year as a whole is expected to reach 4.1% of GDP,
compared to a deficit of 0.3% of GDP in 2008.
Monetary conditions have tightened somewhat in 2009. Despite the
rapid decline in inflation, nominal rates of colon-denominated
deposits and government bonds remained largely unchanged,
contributing to an increase in real interest rates. In July 2009,
the central bank lowered its key policy interest rate by 100 basis
points to 9% in July 2009. The exchange rate has remained close
to the ceiling (most depreciated end) of the currency band so far
in 2009, though occasionally traded up to 2 percent below the
ceiling. Central bank interventions were generally moderate.
Near term prospects have improved. Although real GDP is estimated
to decline by 1.5% in 2009, it is projected to increase by 2.3% in
2010 as activity recovers. Inflation would continue to drop to
reach 5 percent by end-2009, pulled down by economic slack,
prudent monetary policy, and the lagged effect of the commodity
price adjustment. After a sharp contraction in 2009 to 3.6% of
GDP, the current account deficit is expected to widen in 2010 to
4.8% of GDP, as imports bounce back with the economic recovery.
Nonetheless, some downside risks to this outlook remain. Concerns
about the sustainability of the incipient global recovery could
weigh in on domestic demand and a concomitant loss in domestic
confidence could weaken the balance of payments.
Executive Board Assessment
Executive Directors noted that the Costa Rican economy has
withstood the impact of the global crisis relatively well.
Directors commended the authorities for their strong policy
performance focused on preserving stability, protecting the
external position, and supporting the nascent recovery. They
welcomed the prospects for positive output growth in 2010 and a
gradual return to potential growth over the medium term.
While noting that the immediate risks to Costa Rica’s economic
outlook have moderated with the stabilization of the global
financial environment, Directors encouraged the authorities to
remain vigilant as confidence could weaken if the incipient
recovery falters or the fiscal deficit widens more than expected.
They emphasized that timely implementation of structural reforms
in the areas of fiscal revenues and the financial sector will be
key to maintain the positive growth momentum.
Directors noted that fiscal policy should continue to strike a
balance between supporting domestic demand and keeping domestic
government borrowing and the public debt in check. Once the
recovery takes hold, the fiscal deficit should be brought down to
reduce the debt burden and rebuild fiscal space. Achieving this
goal, while maintaining higher levels of public investment and
social spending, will require a substantial increase in revenues,
including by broadening the tax base and strengthening tax
administration.
Directors welcomed the recent decline in inflation, which would
strengthen monetary policy credibility and facilitate the
transition to inflation targeting. Directors encouraged the
authorities to move forward with the recapitalization of the
central bank, and recommended further steps to improve
communications and the coherence of the monetary policy framework,
including by clarifying the central bank’s role in the debt and
foreign exchange markets.
Directors observed that Costa Rica’s balance of payments has
adjusted rapidly to the deterioration in the external environment.
They noted staff’s findings that the current level of the real
effective exchange rate remains broadly in line with fundamentals.
Most Directors found merit in a gradual build up of international
reserves over the medium term to further improve resilience to
external shocks.
Directors agreed that the banking sector remains sound. While the
cyclical downturn of activity has led to a moderate increase in
nonperforming loans and a decline in bank profitability, liquidity
and solvency indicators remain adequate and banks have reduced
their net foreign exposure by repaying external credit lines.
Directors welcomed the planned implementation of risk-based
supervision and called for strengthened market discipline by
modifying legal provisions that limit the dissemination of
prudential indicators for individual banks. They encouraged the
authorities to continue to monitor financial sector risks closely,
and to press ahead with their well-focused reform agenda to
strengthen bank supervision, regulation, and the financial sector
safety net.
It is expected that the next Article IV consultation with Costa
Rica will be held in accordance with the Executive Board decision
on the consultation cycle for members with Fund arrangements.
* * *
As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.
=========
H A I T I
=========
* HAITI: Gets US$39MM for Water & Sanitation Services Improvement
-----------------------------------------------------------------
The Inter-American Development Bank and the Government of Spain
will provide a total of US$39 million in grants and loans to Haiti
in the first stage of an unprecedented partnership to tackle water
and sanitation problems afflicting Latin America’s poorest
communities.
IDB said that this is the first project jointly funded by the IDB
and Spanish Cooperation Fund for Water and Sanitation in Latin
America and the Caribbean (the Spanish Fund), which was created
last year at the initiative of Spanish Prime Minister Jose Luis
Rodriguez Zapatero.
The IDB and the Government of Spain signed an agreement in July
2009 to jointly finance and execute projects with a portion of the
Spanish Fund’s grants. The partnership will take advantage of the
IDB’s extensive portfolio of water and sanitation projects, as
well as its network of sector specialists in country offices
throughout the region, to rapidly and efficiently execute projects
identified as priorities by Latin American and Caribbean
governments.
In Haiti, the Spanish Fund will contribute US$20 million and the
IDB another US$19 million, both in grants, to help expand and
improve water and sanitation services for around 150,000 people
Saint-Marc, Port-De Paix, Les Cayes, Jacmel, Ouanaminthe and Cap-
Haitien.
The IDB and Spain have also agreed to provide US$100 in grants and
loans to Bolivia, are expected to jointly finance projects in
Brasil, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras,
Paraguay, Peru, the Dominican Republic and Uruguay between now and
mid-2010. In all, Spain will contribute US$407 million in grants
to these projects, while the IDB will contribute US$213 million in
grants and loans, while also assuming the bulk of the project
preparation and execution costs. Governments in the region will
contribute an additional US$77 million in counterpart funds.
Around 4 million people in low-income urban and rural communities
are expected to benefit directly from these projects.
“This partnership is a historic gesture of solidarity by the
people of Spain toward our region,” said IDB President Luis
Alberto Moreno. “These generous grants will enable us to leverage
IDB funds and finance much more ambitious projects that will
improve the health and quality of life of millions of people in
some of the Hemisphere’s poorest communities.”
Haiti's water and sanitation services are among the most deficient
in the Hemisphere. The country has no sewer networks and,
according to the 2003 census, only 8.5% of its households are
connected to a drinking water distribution system.
To tackle this situation, US$14.2 million will help expand the
drinking water coverage. This component will increase access to
potable water for a population of about 150,000 and will finance
the expansion and rehabilitation of Jacmel's distribution system;
the construction of water networks in peri-urban areas in Port de
Paix and St Marc; rehabilitation and extension of the network in
Cap-Haitien; and the installation of additional public stand
pipes.
Another US$17 million of the total US$39 million in grants will be
used to help finance individual and collective sanitary systems
installation, develop waste collection, transportation and
disposal systems, facilitate maintenance of storm drainage
systems, and support public hygiene programs. A key goal of these
efforts will be to reduce the incidence of waterborne tropical
diseases.
The funds will also finance the institutional and technical
strengthening of the National Directorate of Potable Water and
Sanitation, as well as a campaign to eradicate parasitic worms
associated with poor water and sanitation services, with
particular emphasis on treatment of children between the ages of 1
and 12 years.
=============
J A M A I C A
=============
NATIONAL COMMERCIAL BANK: Drops Car Loan Rates
----------------------------------------------
National Commercial Bank Jamaica Limited has dropped its auto loan
interest rate to a low 19.75% to woo customers in a slow car
market, but there are conditions, Jamaica Observer reports. Then
report relates that a NCB representative said that depending on
the risk involved and the type of loan package, some customers
however may still be charged either 20.75% or 23.23% to access a
car loan.
According to the report, the NCB auto loan rates were lowered in
September, ostensibly in response to reduced rates from the Bank
of Jamaica (BoJ), coupled with the lagging sales of motor
vehicles. The report notes that NCB's intensified car-loan drive
now sees the bank offering packages to varying levels of
affordability.
The bank, the report says, also offers unsecured loans through its
Payroll Plus facility at an interest rate higher than the 19.7%
that is determined by the risk.
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.
SUGAR COMPANY OF JAMAICA: Gov’t Must Set Timetable for Asset Sale
-----------------------------------------------------------------
Roger Clarke at RadioJamaica reports that the controversy
surrounding the huge consultancy fee payments to Aubyn Hill's
consultancy firm for assisting in negotiations related to the sale
of Sugar Company of Jamaica Limited's sugar factories has prompted
calls for the government to establish a timetable for the sale of
state run sugar factories. The report relates that the opposition
said it is concerned that negotiations for the divestment of the
assets have been dragging on for too long with no sale agreement
in sight.
According to the report, Agriculture Minister Roger Clarke said
the government appears uncertain when the factories will be sold
while at the same time forking out consultancy fees. "My concern
at this point in time is that nobody knows what the true position
is as far as the negotiations go. Aubyn Hill's consultancy firm's
remuneration is not even as important as knowing how long this is
going to go on for because if someone is being paid to have these
factories divested and it is not happening we would just be paying
out and don't reach a stage where we come to a conclusion as far
as that is concerned," the report quoted Mr. Clarke as saying.
The government should indicate if it has an alternative plan if
the factories are not sold by the start of the next financial
year, Mr. Clarke added.
Corporate Strategies Limited is being paid an average JM$1.9
million each month for assisting with the divestment, a document
obtained by the news agency said.
About SCJ
The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited. The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica. In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts. The loss was incurred by the SCJ's four factories
during the 2008/2009 season. The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.
===========
M E X I C O
===========
CEMEX SAB: EPA Orders Unit to Comply W/ Clean Water Act Ordinace
----------------------------------------------------------------
The U.S. Environmental Protection Agency has ordered Marina,
California-based Cemex to comply with the federal Clean Water Act.
Under federal law, sand and gravel mines are required to file for
coverage under California’s General Industrial Activities Storm
Water Permit. Cemex failed to file for coverage and therefore
discharged storm water without authorization -- a violation of the
federal Clean Water Act.
The facility is required to take these actions:
-- File for coverage under California’s General Industrial
Activities Storm Water Permit, if the Facility has not
already done so;
-- Develop and implement a storm water pollution
prevention plan for the facility;
-- Develop and implement a storm water monitoring plan for
the facility;
-- Complete specified interim corrective measures; and
-- Complete additional tasks identified in the order,
within the time specified by the order.
The EPA discovered the violations during a September inspection at
the sand and gravel mine operated by Cemex, Inc, located along
Lapis Road.
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: Workers March to Reverse Liquidation
--------------------------------------------------
Protesters donning red shirts and signs denouncing the liquidation
of Luz y Fuerza del Centro, marched through downtown Mexico City,
Bloomberg News reports.
According to the report, the liquidation of the nation’s second-
largest power supplier, will result to the firing of more than
40,000 electricity workers.
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.
* MEXICO: Moody's Cuts Municipality of Toluca Ratings to 'Ba1'
--------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Toluca to A1.mx (Mexican National Scale) and Ba1
(Global Scale, local currency) from Aa3.mx and Baa3. The rating
change was prompted by the deterioration of financial performance
observed over the last several years, which has translated into
sizable annual borrowing requirements and increasing debt levels.
As a result of this performance, Toluca's fiscal and debt metrics
are now more aligned with those of Ba1 rated municipal peers. The
ratings outlook is stable.
During the last four years, the Municipality of Toluca registered
a narrowing trend of operating margins as well as negative
consolidated results. As a result of the misalignment of revenue
and expenditure growth between 2004 and 2008—during which time
total expenditures increased at a compound annual growth rate
(CAGR) of 18.2%, outpacing the 15.8% CAGR of total revenues—Toluca
recorded cash financial requirements equivalent to -5.9% of total
revenues on average.
As a reflection of these recurring cash financing requirements,
net direct and indirect debt as a percentage of total revenue
increased to 23.0% in 2008, in line with the median of Ba1 rated
municipalities, up from 0.0% in 2004. While principal and
interest payments absorbed a moderate 6.3% of total revenues in
2008, these payments are expected to increase to a very high 18.7%
of total revenues in 2009, reflecting the contraction of short and
long terms loans in 2008.
Moody's anticipates that the current economic environment will
exert additional pressure on Toluca's finances in 2009 and 2010,
via potential reductions in the pool of federal transfers
available for capital projects and slower own-source revenue
growth. Accordingly, while the new administration, which took
power in August of 2009, has not announced near-term borrowing
plans, Moody's anticipates that this environment will likely lead
to weaker fiscal outcomes and a narrowing of the municipality's
liquidity position.
The last rating action with respect to Toluca was taken on
June 9, 2003, when the issuer ratings were assigned.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Government Won't Approve Asset Sale For Now
---------------------------------------------------------
The Trinidad and Tobago government does not intend to approve the
sale of CL Financial Limited's assets right now as it would result
in major financial losses of the conglomerate's assets, Trinidad
and Tobago Express reports.
"Given the depressed state of the market here as well as
internationally, there is certainly no intention to sell any
assets. Certainly, the position is to manage them and manage them
well," the report quoted Minister in the Ministry of Finance
Mariano Browne, as saying.
According to the report, Mr. Browne said he could not estimate how
much the taxpayer bailout of CL Financial, approved by government,
will ultimately cost or how long the State will be involved in the
management of key assets of the group.
The government, the Express notes, has installed a new board of
directors at CL Financial and its flagship company Colonial Life
Insurance Co Ltd while another company that once belonged to CL
Financial-Caribbean Money Market Brokers-is now a subsidiary of
State bank First Citizens. "I think we are in a situation where
they have managed to certainly stem the outflow. I don't think
that we've made any significant advances. So far, we have not
filled the void, if that is what you mean, if we have put in any
funds to put in a support mechanism to be able to do so, and the
answer at this time is we have not," the report quoted Mr. Browne
as saying.
Mr. Browne, the report adds, said that that "clearly, we will need
to manage the cash-flow situation", and "we will certainly need to
do what is required to maintain our position and to maintain the
company on an even keel."
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.
=================
V E N E Z U E L A
=================
* VENEZUELA: Has US$200MM Loan to Improve Electricity Services
--------------------------------------------------------------
The Inter-American Development Bank approved a US$200 million loan
to help the Bolivarian Republic of Venezuela improve electricity
services by boosting the efficiency of the Corporacion Electrica
Nacional power utility.
The funds will help the government's newly formed company develop
its technical, socio-environmental, institutional, and
administrative operations.
With 95% of its population receiving electricity services,
Venezuela is among the countries with the highest energy coverage
rates in Latin America. Almost three-quarters of its electricity
is generated using clean, renewable resources.
CORPOELEC is looking to improve its regulatory framework,
structural generation, transmission, distribution, and
commercialization.
In order to tackle these challenges, CORPOELEC has undertaken a
strategy to absorb all public power companies and assume
generation, transmission, distribution, and commercialization
responsibilities.
With help from the Bank's funds, the company will:
* design a strategy plan for the power sector, including an
economic sustainability model;
* raise its environmental profile by ensuring full compliance
with regulations and designing contingency remediation
plans;
* develop a single business management model for all
subsidiaries and headquarters;
* implement a procedural and organizational model for
generation, transmission, distribution, and marketing;
* install a new technology platform, including two data
processing centers and systems for voice, data,
supervision, monitoring, and automation services,
over a three-year period.
* develop a financial projections system bringing all
separate models into a single, centralized platform, and
determine the valuation of the company's fixed assets.
Expected results include publication of financial statements,
annual reports, and management reports audited externally
according to international practices; raising the payment
collection rate, and cutting billing processing time.
The loan is for a 20-year term with a five-year grace period and
carries a LIBOR-based variable interest rate. The Venezuelan
government will provide an additional US$50 million in local
counterpart funds.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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 GASC3B BZ 881202387.66 -501612577.9
ALL MALHA PAULIS GASC3 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
BOMBRIL SA-ADR BMBBY US 239716189.99 -242287717.11
BOMBRIL SA-ADR BMBPY 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 CAMB3 BZ 87269252.24 -22493566.05
CAMBUCI SA CAMBON 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 MRLM3 BZ 377602195.17 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195.17 -3014291.72
CIA PETROLIFERA 1CPMON 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 CTPC9 BZ 38740523.05 -671039.81
CTM CITRUS-RCT C CTP5 BZ 38740523.05 -671039.81
CTM CITRUS-RCT P CTP6 BZ 38740523.05 -671039.81
CTM CITRUS-RCT P CTPC10 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 ESTR3 BZ 61011893.59 -54580283.64
ESTRELA SA ESTRON 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 FTRX3 BZ 61543317.9 -41332379.8
FABRICA RENAUX FRNXON BZ 61543317.9 -41332379.8
FABRICA RENAUX-P FTRX4 BZ 61543317.9 -41332379.8
FABRICA RENAUX-P FRNXPN 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 1GASPN BZ 881202387.66 -501612577.9
GASCOIGNE EMP-PF GASC4B BZ 881202387.66 -501612577.9
GASCOIGNE EMPREE 1GASON BZ 881202387.66 -501612577.9
GAZOLA GAZO3 BZ 12452143.07 -40298506.25
GAZOLA SA GAZON BZ 12452143.07 -40298506.25
GAZOLA SA-DVD CM GAZO11 BZ 12452143.07 -40298506.25
GAZOLA SA-DVD PF GAZO12 BZ 12452143.07 -40298506.25
GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506.25
GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506.25
GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506.25
GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506.25
HAGA HAGA3 BZ 14321550.12 -58418359.49
HOPI HARI SA PQTM3 BZ 58692385.42 -188832203.73
HOPI HARI-PREF PQTM4 BZ 58692385.42 -188832203.73
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
LATTENO FOOD COR LATF US 15779763 -588840
MARAMBAIA CTPC3 BZ 38740523.05 -671039.81
MARAMBAIA-PREF CTPC4 BZ 38740523.05 -671039.81
MARAMBAIA-PREF CTMMF US 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 MMXM3 BZ 1060478942.97 -123550800.05
MMX MINERACAO MMXCF US 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 1NOVON BZ 21287489 -183535527.21
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVA4 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 RPMG10 BZ 76852724.18 -212528966.16
PET MANG-RECEIPT RPMG9 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 MANGON BZ 76852724.18 -212528966.16
PETRO MANGUINHOS RPMG3 BZ 76852724.18 -212528966.16
PROMAN PRMN3 BZ 12167222.17 -207882.19
PROMAN PRMN3B 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 REEM3 BZ 63757621.65 -107162239.91
RIMET REEMON BZ 63757621.65 -107162239.91
RIMET-PREF REEM4 BZ 63757621.65 -107162239.91
RIMET-PREF REEMPN BZ 63757621.65 -107162239.91
RIOSULENSE SA RSULON BZ 56866478.19 -9053574.99
RIOSULENSE SA RSUL3 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 SCDPF US 146090772.51 -255079026.8
SOC COMERCIAL PL CVVIF US 146090772.51 -255079026.8
SOC COMERCIAL PL CADN SW 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 SJOS4 BZ 17924946.14 -18569451.23
TECEL S JOSE-PRF FTSJPN 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 TKTPY US 219773260.95 -306726075.74
TEKA-ADR TKTQY US 219773260.95 -306726075.74
TEKA-PREF TEKAPN BZ 219773260.95 -306726075.74
TEKA-PREF TEKA4 BZ 219773260.95 -306726075.74
TEKA-PREF TKTPF US 219773260.95 -306726075.74
TELEBRAS SA TLBRON BZ 219200060.46 -3774997.87
TELEBRAS SA TELB3 BZ 219200060.46 -3774997.87
TELEBRAS SA TBASF US 219200060.46 -3774997.87
TELEBRAS SA-PREF TLBRPN BZ 219200060.46 -3774997.87
TELEBRAS SA-PREF TELB4 BZ 219200060.46 -3774997.87
TELEBRAS SA-RT TELB9 BZ 219200060.46 -3774997.87
TELEBRAS-ADR RTB US 219200060.46 -3774997.87
TELEBRAS-ADR TBX GR 219200060.46 -3774997.87
TELEBRAS-ADR TBASY US 219200060.46 -3774997.87
TELEBRAS-ADR TBAPY US 219200060.46 -3774997.87
TELEBRAS-ADR TBH US 219200060.46 -3774997.87
TELEBRAS-ADR TBRAY GR 219200060.46 -3774997.87
TELEBRAS-BLOCK TELB30 BZ 219200060.46 -3774997.87
TELEBRAS-CED C/E TEL4C AR 219200060.46 -3774997.87
TELEBRAS-CED C/E RCT4C AR 219200060.46 -3774997.87
TELEBRAS-CEDE BL RCT4B AR 219200060.46 -3774997.87
TELEBRAS-CEDE PF TELB4 AR 219200060.46 -3774997.87
TELEBRAS-CEDE PF RCTB4 AR 219200060.46 -3774997.87
TELEBRAS-CEDEA $ TEL4D AR 219200060.46 -3774997.87
TELEBRAS-CEDEA $ RCT4D 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 RCTB32 BZ 219200060.46 -3774997.87
TELEBRAS-CM RCPT TBRTF US 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 TELE41 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 RCTB42 BZ 219200060.46 -3774997.87
TELEBRAS-PF RCPT TBAPF US 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 TLCP2 BZ 219200060.46 -3774997.87
TELEBRAS-RTS PRF RCTB2 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 TXRX9 BZ 50909736.38 -79601048.99
TEXTEIS RENA-RCT TXRX10 BZ 50909736.38 -79601048.99
TEXTEIS RENAU-RT TXRX1 BZ 50909736.38 -79601048.99
TEXTEIS RENAU-RT TXRX2 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 VPTA4 BZ 49432124.18 -399290425.77
VARIG PART EM-PR VPSC4 BZ 101177852.25 -318442006.32
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
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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 * * *