/raid1/www/Hosts/bankrupt/TCRLA_Public/091027.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 27, 2009, Vol. 10, No. 212
Headlines
A R G E N T I N A
AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
CAVOUR SA: Creditors' Proofs of Debt Due on November 16
DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27
VALE-TRANS: Creditors' Proofs of Debt Due on November 13
B E R M U D A
CREATIVE LTD: Creditors' Proofs of Debt Due on November 6
CREATIVE LTD: Members' Final Meeting Set for November 27
HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9
HIGHLAND CORE: Members' Final Meeting Set for November 24
KINGATE EURO: Appoints McKenna, Tacon and Fogerty as Liquidators
KINGATE GLOBAL: Appoints McKenna, Tacon and Fogerty as Liquidators
NORGAS LIMITED: Creditors' Proofs of Debt Due on November 13
NORGAS LIMITED: Members' Final Meeting Set for December 7
OIL MANAGEMENT: Creditors' Proofs of Debt Due on November 4
OIL MANAGEMENT: Members' Final Meeting Set for November 25
TRIANGLE HOLDINGS: Creditors' Proofs of Debt Due on November 18
TRIANGLE HOLDINGS: Member to Receive Wind-Up Report on November 25
B R A Z I L
BANQUE PARIBAS: Moody's Takes Rating Actions on Two Classes
CREDIOP OVERSEAS: Moody's Takes Rating Actions on Two Classes
GOL LINHAS: To Release Third Quarter Results on November 9
MARFRIG ALIMENTOS: Swings to R$200.4MM Net Income in Third Quarter
TAM SA: Plans to Sell 2019 Dollar Bonds,Sources Say
C A Y M A N I S L A N D S
ACROPOLIS MULTI-STRATEGY: Shareholders' Meeting Set for October 30
ALNISTA GROWTH: Shareholders' Final Meeting Set for October 28
ALTITUDE VALUE: Shareholders' Final Meeting Set for October 30
ASM FAR: Shareholders' Final Meeting Set for October 28
CANTILLON US: Shareholders' Final Meeting Set for October 30
CLIFF HOUSE: Shareholders' Final Meeting Set for October 30
COMBINATION FINANCE: Shareholders' Final Meeting Set for Oct. 28
CRESSA LIMITED: Shareholders' Final Meeting Set for October 29
CSA 2005: Shareholders' Final Meeting Set for October 30
FAIRFIELD APEX: Members' Final Meeting Set for November 6
FAIRFIELD ZWEIG-DIMENNA: Members' Meeting Set for November 6
LA COLINA: Shareholder to Receive Wind-Up Report on October 29
MERLIN III: Members' Final Meeting Set for October 28
MGH SAPPHIRE: Members' Final Meeting Set for October 28
MRA OFFSHORE: Members' Final Meeting Set for October 28
OSAKA SME: Shareholders' Final Meeting Set for October 30
REGENT WESTERN: Shareholders' Final Meeting Set for October 28
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
SCORPIUS CDO: Shareholders' Final Meeting Set for October 30
C O L O M B I A
ECOPETROL SA: To Assume Administrative Costs for Shares
* COLOMBIA: IDB Backs Infrastructure Investment Initiative
J A M A I C A
AIR JAMAICA: JALPA Submits Bid for Airline
CABLE & WIRELESS: Rival to Expand Services to Increase Competition
DIGICEL GROUP: Bids for a Stake in Bahamas Telecommunications
NATIONAL COMMERCIAL BANK: To Introduce JM$1 Billion Loan Fund
* JAMAICA: Companies on JSE Required to Report on Their Operations
M E X I C O
CORPORACION INTERAMERICANA: Moody's Junks Corporate Credit Rating
* MEXICO: IDB Approves US$40 Million for BBVA Bancomer Project
P E R U
DOE RUN PERU: Still Seeks Deak With Concentrate Suppliers
P U E R T O R I C O
PUERTO RICO CONSERVATION: Moody's Junks Ratings on Secured Notes
V E N E Z U E L A
CITGO PETROLEUM: Plans Texas Unit Restart by November 1
PETROLEOS DE VENEZUELA: SCOMI Group Wins RM15.3 Drilling Contract
PETROLEOS DE VENEZUELA: Gets Positive Investor Response for Bonds
* VENEZUELA: President Chavez Plans to Cut Energy Use
X X X X X X X X
* LATAM & Caribbean Recovering From Global Crisis, IMF Report Says
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------------
The court-appointed trustee for Agv Comercial S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 9, 2009.
The trustee will present the validated claims in court as
individual reports on February 19, 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.
CAVOUR SA: Creditors' Proofs of Debt Due on November 16
-------------------------------------------------------
The court-appointed trustee for Cavour S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 16, 2009.
DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
--------------------------------------------------------
The court-appointed trustee for Dipcom S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 17, 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
April 19, 2010.
PROMOGLAS SA: Creditors' Proofs of Debt Due on November 27
----------------------------------------------------------
The court-appointed trustee for Promoglas S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 27, 2009.
The trustee will present the validated claims in court as
individual reports on February 12, 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 29, 2010.
Creditors will vote to ratify the completed settlement plan
during the assembly on October 29, 2010.
VALE-TRANS: Creditors' Proofs of Debt Due on November 13
--------------------------------------------------------
The court-appointed trustee for Vale-Trans S.R.L.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
November 13, 2009.
The trustee will present the validated claims in court as
individual reports on December 29, 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 11, 2010.
=============
B E R M U D A
=============
CREATIVE LTD: Creditors' Proofs of Debt Due on November 6
---------------------------------------------------------
The creditors of Creative Ltd. are required to file their proofs
of debt by November 6, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 9, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
CREATIVE LTD: Members' Final Meeting Set for November 27
--------------------------------------------------------
The members of Creative Ltd. will hold their final meeting on
November 27, 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 9, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
HIGHLAND CORE: Creditors' Proofs of Debt Due on November 9
----------------------------------------------------------
The creditors of Highland Core Credit Fund, Ltd. are required to
file their proofs of debt by November 9, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on October 22, 2009.
The company's liquidator is:
Roderick M. Forrest
Victoria Place, 31 Victoria Street
Hamilton HM 10
Bermuda
HIGHLAND CORE: Members' Final Meeting Set for November 24
---------------------------------------------------------
The members of Highland Core Credit Fund, Ltd. will hold their
final meeting on November 24, 2009, at 10:00 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 22, 2009.
The company's liquidator is:
Roderick M. Forrest
Victoria Place, 31 Victoria Street
Hamilton HM 10
Bermuda
KINGATE EURO: Appoints McKenna, Tacon and Fogerty as Liquidators
----------------------------------------------------------------
On October 5, 2009, the Supreme Court of Bermuda appointed Messrs.
John McKenna, William Tacon and Richard Fogerty as the liquidators
of Kingate Euro Fund, Ltd.
KINGATE GLOBAL: Appoints McKenna, Tacon and Fogerty as Liquidators
------------------------------------------------------------------
On October 5, 2009, the Supreme Court of Bermuda appointed Messrs.
John McKenna, William Tacon and Richard Fogerty as the liquidators
of Kingate Global Fund, Ltd.
NORGAS LIMITED: Creditors' Proofs of Debt Due on November 13
------------------------------------------------------------
The creditors of Norgas Limited are required to file their proofs
of debt by November 13, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road
Hamilton, Bermuda
NORGAS LIMITED: Members' Final Meeting Set for December 7
---------------------------------------------------------
The members of Norgas Limited will hold their final meeting on
December 7, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Jennifer M. Kelly
Par La Ville Place, 3rd Floor
14 Par La Ville Road
Hamilton, Bermuda
OIL MANAGEMENT: Creditors' Proofs of Debt Due on November 4
-----------------------------------------------------------
The creditors of Oil Management Services PTC Limited are required
to file their proofs of debt by November 4, 2009, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on October 20, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
OIL MANAGEMENT: Members' Final Meeting Set for November 25
----------------------------------------------------------
The members of Oil Management Services PTC Limited will hold their
final meeting on November 25, 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 20, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
TRIANGLE HOLDINGS: Creditors' Proofs of Debt Due on November 18
---------------------------------------------------------------
The creditors of Triangle Holdings Ltd. are required to file their
proofs of debt by November 18, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11, Bermuda
TRIANGLE HOLDINGS: Member to Receive Wind-Up Report on November 25
------------------------------------------------------------------
The member of Triangle Holdings Ltd. will receive, on November 25,
2009, at 2:30 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Kehinde A. L. George
Crawford House, 50 Cedar Avenue
Hamilton HM 11, Bermuda
===========
B R A Z I L
===========
BANQUE PARIBAS: Moody's Takes Rating Actions on Two Classes
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Banque Paribas and BNP Paribas.
-- Banque Paribas - Series 430 Credit-Linked Notes due March
2013, Upgraded to Ba1; previously on Feb. 19, 2008 Upgraded
to Ba2
-- BNP Paribas - Series 458 Credit-Linked Notes due May 2010,
Upgraded to Ba1; previously on Feb. 19, 2008 Upgraded to Ba2
These transactions are CLNs referencing Brazilian government
Bonds.
Moody's explained that the rating action taken is the result of
the reference entity, the Brazilian government, being upgraded to
Baa3 from Ba1.
Moody's monitors this transaction using primarily the methodology
and its supplements for repacked securities as described in
Moody's Rating Methodology papers:
-- Repackaged Securities (October 2001)
-- Moody's Refines It's Approach to Rating Structured Notes
(July 1997)
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of rating committee
considerations. These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
CREDIOP OVERSEAS: Moody's Takes Rating Actions on Two Classes
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Crediop Overseas Bank Limited
* Crediop Overseas Bank Limited - Series 126 Credit-Linked Notes
due November 2010, Upgraded to Ba1; previously on Feb. 19, 2008
Upgraded to Ba2
* Crediop Overseas Bank Limited - Series 150 Credit-Linked Notes
due November 2010, Upgraded to Ba1; previously on Feb. 19, 2008
Upgraded to Ba2
These transactions are CLNs referencing Brazilian government
Bonds.
Moody's explained that the rating action taken is the result of
the reference entity, the Brazilian government, being upgraded to
Baa3 from Ba1.
Moody's monitors this transaction using primarily the methodology
and its supplements for repacked securities as described in
Moody's Rating Methodology papers:
-- Repackaged Securities (October 2001)
-- Moody's Refines Its Approach to Rating Structured Notes
(July 1997)
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of rating committee
considerations. These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.
GOL LINHAS: To Release Third Quarter Results on November 9
----------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
said it will release its third quarter 2009 earnings results on
November 9, 2009 (after market close). The release will be
available on the Company's Web site, http://www.voegol.com.br/ir
Quiet Period
In accordance with fair disclosure and corporate governance best
practices, GOL will respect a Quiet Period that will start on
October 27, ending immediately after the conference calls on
November 10.
Conference Calls
English Portuguese
November 10, 2009 November 10, 2009
09:00 am US EST 10:30 am US EST
12:00 pm Brasilia Time 01:30 pm Brasilia
Time
(1 800) 860-2442 (US only) (55 11) 2188-0188
(1 412) 858-4600 (Other countries) Code: GOL
Code: GOL Replay: (55 11)
2188-0188
Replay: (1 877) 344-7529 (US only) Code: GOL
(1 412) 317-0088 (Other countries)
Code: 435234#
CONTACT:
Investor Relations
Leonardo Pereira - CFO and IRO
Rodrigo Alves - Head of IR
Phone: (55 11) 2128-4700
E-mail: ri@golnaweb.com.br
Website: www.voegol.com.br/ir
Twitter: www.twitter.com/GOLInvest
Corporate Communications
Phone: (55 11) 2128-4413
E-mail: comcorp@golnaweb.com.br
Twitter: www.twitter.com/GOLcomunicacao
Media Relations
Edelman (U.S. and Europe):
M. Smith and N. Dean
Phone: 1 (212) 704-8196 / 704-4484
Emails: meaghan.smith@edelman.com or
noelle.dean@edelman.com
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay. The company's services include passenger, cargo, and
charter services. As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft. The company was founded in 2001.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:
-- Foreign and Local Currency long-term Issuer Default Ratings
at 'B+';
-- Long-term National Rating at 'BBB(bra)';
-- US$200 million perpetual notes at 'B/RR5';
-- US$200 million senior notes due 2017 at 'B/RR5'.
MARFRIG ALIMENTOS: Swings to R$200.4MM Net Income in Third Quarter
------------------------------------------------------------------
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) unveiled its third quarter 2009 results.
-- EBITDA of R$272.5 million, increasing by 48.6% from
R$183.4 million in 2Q09 and by 59.0% from R$171.4 million
in 3Q08.
-- EBITDA margin of 11.3%, 370 bps higher than in 2Q09,
driven by export growth of 6.6%, the performance of the
Europe division and lower raw material costs
(cattle in Brazil and grains in Argentina).
-- Net income of R$200.4 million, reversing the net loss
of R$52.7 million recorded in 3Q08 and boosting net
income in the year to date, building on the
R$405.0 million recorded in 2Q09. Net margin of
8.3%, compared with negative 3.5% in 3Q08 and 16.8%
in 2Q09. Net income year to date of R$567.4 million,
up 1,362.4% on R$38.8 million in the same period a
year earlier.
-- Net revenue of R$2,402.6 million in 3Q09, up 57.7% on
3Q08 (R$1,523.6 million) and down 0.1% in relation to
2Q09 (R$2,403.9 million), mainly due to the
depreciation in the dollar against the real of 9.9%
between 3Q09 and 2Q09.
-- Net revenue in the last 12 months (4Q08 to 3Q09) of
R$9.45 billion, up 92.3% on the R$4.90 billion recorded
in the previous 12-month period (4Q07 to 3Q08), driven
by acquisitions and operating performance in 2009.
-- Gross income of R$367.8 million in 3Q09, growing by
29.1% and 13.5% in relation to 3Q08 (R$284.9 million)
and 2Q09 (R$324.2 million), respectively.
Conference Calls - October 27, 2009
in English
12:00 pm (BR) /10:00 am (US EDT) / 2:00 pm (GMT)
Access number: +1 (973) 935-8893
Access code: 36491032
in Portuguese
10:00 am (BR) / 8:00 am (US EDT) / 12:00 pm (GMT)
Access number: +55 11 2188-0188
Access code: Marfrig
About Marfrig Alimentos
Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta. The company operates in Southern America,
the united states, and Europe.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.
TAM SA: Plans to Sell 2019 Dollar Bonds,Sources Say
----------------------------------------------------
TAM S.A. plans to sell dollar-denominated global bonds due in
2019, Guillermo Parra-Bernal at Reuters reports, citing two
sources familiar with the plans. The report relates that the
sources said that the bonds, which are to be sold by TAM's
overseas funding unit TAM Capital 2, can only be redeemed after
five years.
The sources, the report notes, said no details on the size and
terms of the transaction have been determined yet. TAM SA will
meet investors between October 19 and 21 to detail terms of the
transaction, the sources added.
As reported in the Troubled Company Reporter-Latin America on
October 19, 2009, Bloomberg News said that Tam SA plans to sell
dollar bonds in overseas markets as it taps into investor demand
for the country’s corporate debt. According to Bloomberg News,
the company hired Banco Santander SA and Citigroup Inc. to arrange
the bond sale.
Bloomberg News noted that Brazilian companies are selling debt in
international credit markets as a recovery in the economy boosts
demand for the securities. “Brazilian companies are taking
advantage of low costs and great liquidity,” Bloomberg News quoted
Diego Torres, a debt analyst with ING Groep NV in New York, as
saying.
About TAM SA
Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip. As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip. With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights. In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.
* * *
As reported in the Troubled Comany Reporter-Latin America on
October 20, 2009, 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.
==========================
C A Y M A N I S L A N D S
==========================
ACROPOLIS MULTI-STRATEGY: Shareholders' Meeting Set for October 30
------------------------------------------------------------------
The shareholders of Acropolis Multi-Strategy Plus Fund Limited
will hold their final meeting on October 30, 2009, at 8:45 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ALNISTA GROWTH: Shareholders' Final Meeting Set for October 28
--------------------------------------------------------------
The shareholders of Alnista Growth Fund Inc. will hold their final
meeting on October 28, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
William Walmsley
c/o Graham Robinson
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897, One Capital Place, George Town
Grand Cayman KY1-1103, Cayman Islands
ALTITUDE VALUE: Shareholders' Final Meeting Set for October 30
--------------------------------------------------------------
The shareholders of Altitude Value Fund Ltd. will hold their final
meeting on October 30, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
ASM FAR: Shareholders' Final Meeting Set for October 28
-------------------------------------------------------
The shareholders of ASM Far East Marketing Limited will hold their
final meeting on October 28, 2009, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
William Walmsley
c/o Graham Robinson
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897, One Capital Place, George Town
Grand Cayman KY1-1103, Cayman Islands
CANTILLON US: Shareholders' Final Meeting Set for October 30
------------------------------------------------------------
The shareholders of Cantillon U.S. Ltd. will hold their final
meeting on October 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CLIFF HOUSE: Shareholders' Final Meeting Set for October 30
-----------------------------------------------------------
The shareholders of Cliff House Funding Blocker Ltd. will hold
their final meeting on October 30, 2009, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
COMBINATION FINANCE: Shareholders' Final Meeting Set for Oct. 28
----------------------------------------------------------------
The shareholders of Combination Finance will hold their final
meeting on October 28, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Darren Riley
c/o Ellen J. Christian
Telephone: 345 945 9208
Facsimile: 345 945 9210
c/o BNP Paribas Bank & Trust Cayman Limited
Royal Bank House, 3rd Floor
Shedden Road, George Town
Grand Cayman
CRESSA LIMITED: Shareholders' Final Meeting Set for October 29
--------------------------------------------------------------
The shareholders of Cressa Limited will hold their final meeting
on October 29, 2009, at 3:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Philip Mosely
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Telephone : 949-4018
Facsimile: 949-7891
e-mail: general@caymanmanagement.ky
CSA 2005: Shareholders' Final Meeting Set for October 30
--------------------------------------------------------
The shareholders of CSA 2005 A Limited will hold their final
meeting on October 30, 2009, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
FAIRFIELD APEX: Members' Final Meeting Set for November 6
---------------------------------------------------------
The members of Fairfield Apex Greater China Equity Fund Ltd will
hold their final meeting on November 6, 2009, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David A.K. Walker
c/o Jodi Jones
Telephone: (345) 914-8694
Facsimile: (345) 945-4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
FAIRFIELD ZWEIG-DIMENNA: Members' Meeting Set for November 6
------------------------------------------------------------
The members of Fairfield Zweig-Dimenna Natural Resources Fund Ltd
will hold their final meeting on November 6, 2009, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David A.K. Walker
c/o Jodi Jones
Telephone: (345) 914-8694
Facsimile: (345) 945-4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
LA COLINA: Shareholder to Receive Wind-Up Report on October 29
--------------------------------------------------------------
The sole shareholder of La Colina will receive, on October 29,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
LNR Services Ltd.
PO Box 958
Morgan & Morgan Building
Pasea Estate, Road Town
Tortola, British Virgin Islands
MERLIN III: Members' Final Meeting Set for October 28
-----------------------------------------------------
The members of Merlin III will hold their final meeting on
October 28, 2009, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106, Grand Cayman KY1-1205
MGH SAPPHIRE: Members' Final Meeting Set for October 28
-------------------------------------------------------
The members of MGH Sapphire Holdings Ltd. will hold their final
meeting on October 28, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Samuel A.D. Young
Cayman Corporate Centre
27 Hospital Road, 5th Floor
Grand Cayman KY1-1109, Cayman Islands
MRA OFFSHORE: Members' Final Meeting Set for October 28
-------------------------------------------------------
The members of MRA Offshore Fund Ltd. will hold their final
meeting on October 28, 2009, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Samuel A.D. Young
Cayman Corporate Centre
27 Hospital Road, 5th Floor
Grand Cayman KY1-1109, Cayman Islands
OSAKA SME: Shareholders' Final Meeting Set for October 30
---------------------------------------------------------
The shareholders of Osaka SME Funding Corporation will hold their
final meeting on October 30, 2009, at 9:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
REGENT WESTERN: Shareholders' Final Meeting Set for October 28
--------------------------------------------------------------
The shareholders of The Regent Western Asset U.S. Dollar Enhanced
Cash Fund, Ltd. will hold their final meeting on October 28, 2009,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael B. Zelouf
10 Exchange Square, Primrose Street
London EC2A 2EN, United Kingdom
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
----------------------------------------------------------------
The sole shareholder of Sam Sustainable Long Short Global Fund
Limited will receive, on November 4, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Susan Taylor
Telephone: (345) 815-1898
Facsimile: (345) 949-1986
SAM SUSTAINABLE: Shareholder to Receive Wind-Up Report on Nov. 4
----------------------------------------------------------------
The sole shareholder of Sam Sustainable Long Short Global Master
Fund Limited will receive, on November 4, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Susan Taylor
Telephone: (345) 815-1898
Facsimile: (345) 949-1986
SCORPIUS CDO: Shareholders' Final Meeting Set for October 30
------------------------------------------------------------
The shareholders of Scorpius CDO, Ltd. will hold their final
meeting on October 30, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers SPV Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
===============
C O L O M B I A
===============
ECOPETROL SA: To Assume Administrative Costs for Shares
-------------------------------------------------------
Ecopetrol S.A. disclosed that, as of November 1, 2009, it will
continue to directly assume the administrative and custodial costs
associated with the shares of the company which were issued during
the first round of the company's Stock Issuance and Placement
Program. These costs are due and owing, or may become due and
owing, to the Colombian's Stock Market's Depository Agent.
As a result of Ecopetrol's decision, brokers (acting as direct
participants of DECEVAL) will not assign such costs to the
Company's shareholders.
Ecopetrol's decision does not result in any change in the
shareholders' rights, which remain unmodified to date.
Investor Relations Department
Bagota: 307 7075
Rest of Colombia: 01 8000 11 34 34
accionistas@ecopetrol.com.co
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co/-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol. The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 7, 2009, Fitch Ratings has affirmed the Issuer Default
Ratings and outstanding debt ratings of Ecopetrol S.A.:
-- Local currency IDR at 'BBB-';
-- Foreign currency IDR at 'BB+';
-- US$1.5 billion senior unsecured notes due 2019 at 'BB+'.
* COLOMBIA: IDB Backs Infrastructure Investment Initiative
----------------------------------------------------------
The Inter-American Development Bank has approved a US$75 million
loan for the Ashmore Colombia Infrastructure Fund, an initiative
to support infrastructure investments involving transportation,
energy, water, sewage, communications, logistics, and waste
management.
The fund, which may reach total commitments of approximately
US$500 million, will be managed by a company that will act as
professional manager established by the Ashmore Group, an emerging
markets investment management group, and Inverlink S.A., a
Colombian advisory firm.
In addition to the non-sovereign guaranteed loan prepared by the
Financial Markets Division of the IDB’s Structured and Corporate
Finance Department, the fund is expected to be backed by Colombian
pension funds, Banco de Comercio Exterior de Colombia (Bancoldex),
Corporacion Andina de Fomento, and the professional management
company’s shareholders.
IDB said that the fund plans to make approximately 10 investments
involving equity, quasi-equity and debt financing transactions in
a diversified portfolio consisting mostly of private sector-led
projects and companies in Colombia, where existing demand for
infrastructure financing is estimated at over US$20 billion. The
fund is expected to have a significantly positive impact on
Colombia’s competitiveness by mobilizing resources from local and
international institutional investors to upgrade the country’s
physical infrastructure, the bank added.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.
=============
J A M A I C A
=============
AIR JAMAICA: JALPA Submits Bid for Airline
------------------------------------------
The Jamaica Airline Pilots Association is now waiting a reply from
the Jamaican government after submitting a bid to acquire Air
Jamaica Limited, Jamaica Observer reports. The report relates
JALPA President Captain Russell Capleton said the association,
which comprises the airline's 140 pilots, is spearheading the
acquisition effort on behalf of the national carrier's staff.
According to the report, the pilots have now grown concerned after
hearing Dennis Lalor, chairman of the Air Jamaica Privatisation
Committee, said in a CVMTV interview that the committee has
eliminated all bidders except Indigo Partners, owners of Spirit
Airlines, and that the committee will submit its recommendation to
the Government within the next two weeks. "What is of particular
concern to us is that we are hearing that there is no other
expression of interest or proposal," Captain Capleton told the
Observer in an interview.
However, the report points out that a government source close to
the divestment negotiations said that the JALPA submission was "an
expression of interest" and not a formal bid.
The Observer notes that JALPA's bid will give the government a
considerable extension on the time it will need to find the US$400
million it will cost to rid itself of the airline, while injecting
capital into the ailing carrier.
JALPA, which will have to inject capital equivalent to between 30
and 60 days of operating expenses, is willing to assist with the
restructuring and give the Government time once the state is
willing to guarantee coverage of the existing debt, the report
says.
Captain Capleton, the Observer adds, anticipated that if the bid
is successful the airline would maintain the current routes.
About Air Jamaica
Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government owned 25% of the company after it went private
in 1994. However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'. The outlook is negative. The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).
CABLE & WIRELESS: Rival to Expand Services to Increase Competition
------------------------------------------------------------------
TeleBarbados said that it will soon expand its services into the
residential fixed line telephony market to give increased
competition LIME (formerly Cable & Wireless Jamaica), a unit of
Cable & Wireless plc., Telegeography News reports, citing
TeleBarbados Vice President Patrick Hinkson.
According to the report, TeleBarbados, which already provides land
lines to corporate users, said that "We are now looking to offer
our services on a greater scale to residential users." The report
relates Mr. Hinkson said that the firm wants to focus on existing
LIME fixed line users who wish to have a second line.
Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services. The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.
About Cable & Wireless
Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company. The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments. It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US. Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands. Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States. Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.
* * *
According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.
The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.
DIGICEL GROUP: Bids for a Stake in Bahamas Telecommunications
-------------------------------------------------------------
Digicel Group is one of the four companies selected by the
Bahamas government to bid for a 51% stake in the state-owned
telco, Bahamas Telecommunications, Global Telecom Business
reports, citing The Nassau Guardian. The report relates that bids
are due by November.
According to the report, other companies are partnering with
private equity operations to bid for the company. The report,
citing the Nassau Guardian, relates that LIME, a unit of Cable &
Wireless, has decided not to bid. AT&T, Verizon, America Movil
and Canadian operator Rogers are staying out of the bidding,
Nassau Guardian newspaper added.
Nassau Guardian newspaper, the report adds, said that a committee
appointed by the prime minister, Hubert Ingraham, has presented
the list of bidders so that due diligence can start. Bidding is
likely to take place by the end of November 2009, the report
notes.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of June 25, the company continues to carry these low ratings
from Moody's:
-- LT Corp Family Rating at B2
-- Senior Undecured Debt Rating at Caa1
-- probability of Default at B2
NATIONAL COMMERCIAL BANK: To Introduce JM$1 Billion Loan Fund
-------------------------------------------------------------
National Commercial Bank Jamaica Limited will introduce a
JM$1 billion loan fund to support small and medium sized
enterprises, RadioJamaica reports. The report relates that the
bank's plan will take effect on November 1 until April 2010.
According to the report, the money will be offered to small and
medium businesses at an interest rate of 9%.
Finance Minister Audley Shaw, the report relates, welcomed the
bank's initiative. Mr. Shaw, the report notes, said that access
to funding continues to pose tremendous challenges to persons
wishing to operate small businesses. The money has come at an
opportune time and will serve to further stimulate the small
business sector, he added.
RadioJamaica adds that Mr. Shaw said that there is scope for
lending rates in the private sector to become even more
competitive.
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.
* JAMAICA: Companies on JSE Required to Report on Their Operations
------------------------------------------------------------------
Companies listed on the Jamaica Stock Exchange will now be
required to provide additional information on their operations to
the public as the Regulatory and Market Oversight Division of the
Stock Exchange has introduced a new rule designed to improve
market integrity, RadioJamaica reports. The report relates that
the new rule requires that all listed companies include a
management discussion and analysis in their annual reports, which
will also be included in all prospectus and offer documents.
According to RadioJamaica, the company's report must provide an
easily readable analysis its operation based on past activities,
future plans and other internal and external factors that can
impact on its operations.
RadioJamaica notes that the JSE's Market Oversight Division has
also announced new regulations for member dealers. The members,
RadioJamaica relates, will now be required to operate under a
Complaint Management System.
RadioJamaica says that the guidelines are intended to improve the
customer service delivery of member-dealers and assist the Stock
Exchange to identify and reduce risks that are inherent to the
industry; and bolster the activities of the JSE's Regulatory and
Market Oversight Division.
* * *
Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'. The Rating Outlook on the
ratings is Negative.
===========
M E X I C O
===========
CORPORACION INTERAMERICANA: Moody's Junks Corporate Credit Rating
-----------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B2 its corporate
family rating for Corporacion Interamericana de Entertenimiento,
S.A.B. de C.V. At the same time Moody's de Mexico downgraded to
Caa1.mx from Ba1.mx its national scale rating for CIE. The
ratings remain on review for possible further downgrade.
The ratings downgrade was prompted by a lack of a clear
refinancing path and the continuing pressure on the company's
liquidity. The company has been in negotiations with its bank
group since late July 2009 for the extension of its debt
maturities. More recently, CIE started a dialgogue with its
bondholders as part of its comprehensive refinancing proposal.
The company's liquidity continues to be weak. Over 70% of CIE's
debt (about MXN5,000 million) matures within the next 12 months,
against an estimated cash of less than MXN1,000 million, which
Moody's assumes are mostly set aside for operations/working
capital purposes. Moody's estimates that CIE's current cash
balance, which was recently augmented by the MXN1.2 billion
capital increase, should be sufficient to cover near term debt
maturities assuming that bank credit lines are continuously
renewed. However, the company will need to refinance its longer
term maturities should the current debt restructuring not proceed
as planned.
CIE's scheduled debt maturities during the remainder of 2009
include MXN500 million in long term local notes (certificados
bursátiles) due on December 4. In addition, its short-term
banking loans amounted to MXN1,832 million as of June 30, 2009.
In 2010, the company will continue to face significant debt
maturities, including MXN650 million in long-term notes
(certificados bursátiles) due on April 30th, and MXN1,400 million
in long-term notes (certificados bursátiles) due on October 14th.
The ratings remain on review for possible further downgrade
pending the resolution of its restructuring plan.
The last action on CIE's ratings occurred on September 22, 2009
when Moody's Investors Service placed the issuer's B2/negative
corporate family rating on review for possible downgrade and
Moody's de Mexico placed its Ba1.mx/negative national scale rating
on review for possible downgrade as well.
Because CIE operates in several distinct businesses, analysis of
the Company's credit risk in not based exclusively on any of
Moody's rating methodologies. However, Moody's uses the Global
Gaming Rating Methodology to assist in the assessment of CIE's
credit quality. Most importantly, CIE's ratings have been
assigned by evaluating factors that Moody's believe are relevant
to the Company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation. These attributes were compared against other
issuers both within and outside CIE's core industries.
CIE is the sole vertically integrated out-of-home entertainment
group in MexiCo. CIE also has some assets in South America and
the U.S. As of June 2009, last-twelve-month revenues and Adjusted
EBITDA amounted to US$768 million and US$205 million,
respectively.
* MEXICO: IDB Approves US$40 Million for BBVA Bancomer Project
--------------------------------------------------------------
A US$40 million “green facility” loan from the Inter-American
Development Bank will support BBVA Bancomer, Mexico’s leading
commercial bank, in a project to boost the energy efficiency and
environmental sustainability of its buildings.
Buildings account about 40% of the world’s energy use. Financial
institutions such as BBVA Bancomer, which has a vast network of
offices, have a broad environmental footprint through their own
operations and their lending, which finances activities across the
entire economic spectrum.
Besides helping BBVA Bancomer reduce its direct environmental
footprint by cutting energy and water use and greenhouse gas
emissions, the IDB expects this project to have a demonstration
effect for other financial institutions in the region.
“This project will have a substantial positive impact on the
development of sustainable financial institutions. We expect this
deal, the first of its kind, will raise awareness within the
financial community in Mexico and the region of the environmental,
social and economic benefits of sustainable banking practices,”
said Financial Markets Division Chief Daniela Carrera-Marquis of
the IDB’s Structured and Corporate Finance Department.
Under the IDB-backed project, BBVA Bancomer will seek a Leadership
in Energy and Environmental Design (LEED) certification for its
new headquarters in Mexico City. The US$900-million corporate
campus would be among the first buildings to acquire such
international recognition in Latin America.
“Bancomer maintains a clear commitment to sustainable development
in Mexico: this is the main reason behind this green facility.
This agreement with the IDB supports our commitment to reduce the
environmental impact of our new corporate buildings,” said BBVA
Bancomer Chief Financial Officer Eduardo Avila.
Mr. Avila said that the IDB’s strategy promotes the development of
sound financial systems with the purpose of mainstreaming
financial, social and environmental sustainability. This project
will support the gradual transformation of BBVA Bancomer’s
branches and commercial buildings, aiming to reach internationally
certified standards of energy savings and efficiency, he added.
The non-sovereign guaranteed loan to BBVA Bancomer, which may be
disbursed in either U.S. dollars or Mexican pesos, could be
complemented with additional lending from other sources, subject
to market conditions.
=======
P E R U
=======
DOE RUN PERU: Still Seeks Deak With Concentrate Suppliers
---------------------------------------------------------
Doe Run Peru will be having trouble in reaching an agreement with
its concentrate suppliers, because several of them have re-
oriented to another clients the production that they used supply
to La Oroya smelter, Isabel Guerra at LivinginPeru reports.
According to the report, Company Vice President Jose Mogrovejo
said that some of Doe Run's former suppliers have already signed
contracts for a year with international traders. The report,
citing an unnamed vendor from one of those companies, said that
despite they are facing a 5% decrease in their income, they have
preferred to do so to ensure their sales, because they are
uncertain about when the smelter will operate again.
Doe Run's debt, the report says, amount to US$120 million to 26
vendors, five of which concentrate 80% of the total debt.
Reportedly, the report relates, only one of these companies has
presented Doe Run a funding scheme in order to put the company
operational again, although this is still under study.
About Doe Run Peru
Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.
* * *
As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.
====================
P U E R T O R I C O
====================
PUERTO RICO CONSERVATION: Moody's Junks Ratings on Secured Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the Puerto Rico
Conservation Trust Fund's secured notes to Caa1 from B2. The
rating outlook is negative.
The rating action affects $200 million of outstanding Puerto Rico
Conservation Trust Fund secured notes. This action reflects a
recent similar action taken by Moody's on the underlying obligor,
Doral Financial Corporation. The Trust Fund's notes were issued
to purchase medium term notes issued by Doral, as a form of Puerto
Rico tax-exempt financing for Doral. Payments by Doral on its
notes are the sole source of repayment for the Trust Fund's notes.
Please see Moody's separate report of September 9, 2009 on Doral
Financial Corporation for more information about the company's
rating change and outlook.
Last Rating Action And Principal Methodology
The last rating action taken with regard to the Puerto Rico
Conservation Trust Fund secured notes was on September 6, 2007,
when the B2 rating on the secured notes was confirmed.
The rating on the current issue was assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
issuer versus others within its industry or sector, ii) the
capital structure and financial risk of the issuer, iii) the
projected performance of the issuer over the near to intermediate
term, iv) the issuer's history of achieving consistent operating
performance and meeting budget or financial plan goals, v) the
debt service coverage provided by such revenue stream, vii) the
legal structure that documents the revenue stream and the source
of payment, and viii) the issuer's management and governance
structure related to the payment. These attributes were compared
against other issuers both within and outside of the Puerto Rico
Conservation Trust's core peer group. The Puerto Rico
Conservation Trust's ratings are believed to be comparable to
ratings assigned to other issuers of similar credit risk
=================
V E N E Z U E L A
=================
CITGO PETROLEUM: Plans Texas Unit Restart by November 1
-------------------------------------------------------
Citgo Petroleum Corp plans to begin restarting a fire-damaged
alkylation unit at its 163,000 barrel per day (bpd) Corpus
Christi, Texas, refinery no later than the October 31-November 1
weekend, Erwin Seba at Reuters reports, citing unnamed sources.
The report relates that repairs on the unit were completed and
preparations for restarting the unit began on October 24.
According to Reuters, depending on how the preparations go, the
restart could begin before October 31, but that seems the most
likely date. The source, the report notes, said the questions
about the safety of the unit after the July explosion have been
resolved.
As reported in the Troubled Company Reporter-Latin America on
October 8, 2009, Reuters said that Citgo Petroleum has moved has
delayed the restart date its Corpus Christi refinery because of
union complaints about safety. Reuters related that the campaign
by the union and environmental groups to stop the use of hydrogen
fluoride was said by the sources to be the reason for Citgo's push
to get the alkylation unit back on line. The report pointed out
that the company fears a regulator may stop a shut hydrogen
fluoride alkylation unit's return to operation. Reuters recalled
that Citgo Petroleum's alkylation unit was shuttered following a
July 19 morning fire at refinery.
About Citgo Petroleum
Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.
* * *
As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.
Fitch affirmed these ratings for CITGO:
-- Issuer Default Rating at 'BB-';
-- Senior Secured Credit Facility at 'BBB-';
-- Secured Term Loan at 'BBB-';
-- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.
PETROLEOS DE VENEZUELA: SCOMI Group Wins RM15.3 Drilling Contract
-----------------------------------------------------------------
SCOMI Group Bhd has won a RM15.3 million contract to provide
drilling fluids in south Venezuela, Businesses Times reports. The
report relates that the six-month deal is with Petroleos de
Venezuela, S.A.
According to the report under the contract, Scomi will provide its
own formulated oil-based drilling fluids, Confi-Drill as well a
specially-licensed water-based drilling fluid. The work has
started this month.
“This is a much anticipated breakthrough for us. Leveraging on our
existing drilling waste management business, we have been
promoting and supplying our drilling fluids in the country since
2008,” the report quoted Steve Bracker, president of Scomi
Oiltools, a unit of Scomi, as saying.
Scomi Oiltools has been providing drilling waste management and
machine shop services in Venezuela since 1997 from four locations.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR
PETROLEOS DE VENEZUELA: Gets Positive Investor Response for Bonds
-----------------------------------------------------------------
Petroleos de Venezuela has positively assessed the rating of 2014,
2015 and 2016 Petrobonos made by the risk rating agency Fitch
Ratings as B+ and the quotation presented on October 21 by
Bloomberg of 63.4%, which means that the issue will be completed
successfully.
Therefore, PDVSA announced all potential investors that the terms
and conditions established in the Public Invitation to Bid for
2014, 2015 and 2016 Petrobonos, as well as those indicated in the
Prospect for this issue, have been ratified.
The Board of Directors of PDVSA is currently in the final stage of
selection of the allotment methodology, which shall be agreed upon
together with the authorities of the national government and the
Venezuelan Central Bank.
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011. These notes will be registered at Euroclear
or Clearstream. Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes. Fitch also has these ratings on PDVSA:
-- Foreign currency Issuer Default Rating 'B+'
-- Local currency IDR 'B+'
-- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
-- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
-- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR
* VENEZUELA: President Chavez Plans to Cut Energy Use
-----------------------------------------------------
Venezuelan President Hugo Chavez said the government will create
the Ministry of Electrical Energy, Mariela Leon at El Universal
reports. The report relates that Mr. Chavez said that the
implementation of a set of emergency measures aimed at reducing
the growing electric power demand in the country.
According to the report, Mr. Chavez approved a decree with
"stringent regulations" designed to curb high electricity
consumption in Venezuela. The provision, the report notes, will
require government offices to reduce their consumption by 20%.
The president, the report notes, highlighted that the official
regulations include a ban on imports of electrical appliances and
equipments with high power consumption and the establishment of a
Strategic Committee that will be headed by Executive Vice
President Ramon Carrizalez. The committee will be composed of
workers of the electricity industry, the report says.
The plan of "energy rationalization and saving instructs the
state's industrial park, state-run core industries, state-owned
Petroleos de Venezuela (Pdvsa) and its subsidiaries, to present in
15 working days a program to highly reduce their consumption of
energy, by prioritizing and ranking the activities they carry
out," the report quoted Mr. Chavez as saying.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
===============
X X X X X X X X
===============
* LATAM & Caribbean Recovering From Global Crisis, IMF Report Says
------------------------------------------------------------------
The global crisis had a substantial impact on the Latin American
and the Caribbean (LAC) region, but the worst is over for most
countries, and many economies have begun to recover, according to
the International Monetary Fund in its latest new Regional
Economic Outlook -- Western Hemisphere report.
The report, entitled Crisis Averted -- What’s Next?, looks at how
LAC is recovering from the global recession, which drove up the
cost of external financing for the region, and reduced exports,
remittances and tourism receipts. Output for the region as a
whole, after contracting by about 21/2% this year, is expected to
recover with growth of about 3 percent in 2010. “It is true that
Latin America fared much better during this crisis than in the
past,” said Nicolas Eyzaguirre, Director of the IMF’s Western
Hemisphere Department. “The question, now that the worst of the
storm is behind us, is how to adjust policies to the new reality
of a more sluggish global economy and still provide conditions for
growth and poverty alleviation,” he added.
While the LAC region as a whole has done considerably better this
year than in past global crises and recessions—and better than
many economies in other regions—there are marked differences among
countries. For the purpose of analyzing the regional outlook, the
report divides LAC countries in four groups:
1) countries that are net exporters of commodities and have
full access to financial markets (including Brazil, Chile,
Colombia, Mexico and Peru);
2) other commodity exporters;
3) commodity importers that rely heavily on foreign tourism
(mainly Caribbean countries); and
4) other countries that are net importers of commodities
(including many in Central America that rely on
remittances from workers abroad).
Among these groups, the near-term outlook for commodity-exporting
countries is more favorable given the ongoing recovery of
commodity prices, while those economies that depend on income from
remittances and tourism are at some disadvantage, because those
flows are linked to employment conditions in the U.S. and other
advanced economies, which are likely to recover only slowly.
Amid this diverse landscape of country circumstances, policies in
the region will have to strike difficult balances, the report
said. Better-prepared countries, which were able to apply
monetary and fiscal stimulus in the recent recession, will have to
consider when and how to proceed with the withdrawal of stimulus.
In general, countries should begin this withdrawal on the fiscal
rather than the monetary side, the report suggested. Some
countries may start experiencing capital inflows, perhaps on a
scale that could become problematic. This would speed up the need
to remove stimulus and is another reason for reversing fiscal
measures before monetary ones. For other countries, the room for
stimulus has been almost depleted and should prudently be saved
for downside risk scenarios. Countries with the least fiscal
policy room will need stronger efforts to rebalance expenditure to
protect vulnerable groups.
According to the report, looking forward, LAC countries will face
two key challenges. First, policies will need to adjust to a new
global reality of lower growth over the medium term, as a return
to pre-crisis growth rates is unlikely. In this context, policies
will need to better prioritize public expenditures, provide
conditions for domestic growth, and reduce poverty. Second, the
region will need to advance the reform agenda to improve further
its resilience and preparation for future shocks. This should
include enhanced fiscal policy frameworks, greater exchange rate
flexibility where appropriate, and financial regulation and
supervision practices that incorporate the lessons learned from
the recent financial crises in other regions. The benefits of
implementing sounder policies in these areas were confirmed by the
region’s relatively good performance amid this year’s global
turmoil, but considerable room for further improvement remains.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
CIA PETROLIFERA 1CPMON BZ 377602195.17 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195.17 -3014291.72
GASCOIGNE EMPREE 1GASON BZ 881202387.66 -501612577.9
GASCOIGNE EMP-PF 1GASPN BZ 881202387.66 -501612577.9
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527.21
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527.21
TRESSEM PART SA 1TSSON BZ 1060478942.97 -123550800.05
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
MMX MINERACA-GDR 3M11 GR 1060478942.97 -123550800.05
TELECOMUNICA-ADR 81370Z BZ 219200060.46 -3774997.87
ARTHUR LANGE SA ALICON BZ 21333792.82 -16295577.05
ARTHUR LANGE-PRF ALICPN BZ 21333792.82 -16295577.05
ARTHUR LANG-RT C ARLA1 BZ 21333792.82 -16295577.05
ARTHUR LANG-RC P ARLA10 BZ 21333792.82 -16295577.05
ARTHUR LAN-DVD C ARLA11 BZ 21333792.82 -16295577.05
ARTHUR LAN-DVD P ARLA12 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-PRF ARLA4 BZ 21333792.82 -16295577.05
ARTHUR LANG-RC C ARLA9 BZ 21333792.82 -16295577.05
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AZEVEDO E TRA-PR AZEVPN BZ 58171856.05 -4288079.64
B&D FOOD CORP BDFC US 15779763 -588840
B&D FOOD CORP BDFCE US 15779763 -588840
BALADARE BLDR3 BZ 141215707.17 -12257915.87
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BOMBRIL CIRIO-PF BOBRPN BZ 239716189.99 -242287717.11
BUETTNER SA-RTS BUET1 BZ 86940610.88 -37817234.67
BUETTNER SA-RT P BUET2 BZ 86940610.88 -37817234.67
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BUETTNER SA-PRF BUETPN BZ 86940610.88 -37817234.67
SOC COMERCIAL PL CAD IX 146090772.51 -255079026.8
SOC COMERCIAL PL CADN EO 146090772.51 -255079026.8
SOC COMERCIAL PL CADN SW 146090772.51 -255079026.8
CAF BRASILIA CAFE3 BZ 18218224.29 -631269432.16
CAF BRASILIA-PRF CAFE4 BZ 18218224.29 -631269432.16
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CAMBUCI SA-PREF CAMB4 BZ 87269252.24 -22493566.05
CAMBUCI SA CAMBON BZ 87269252.24 -22493566.05
CAMBUCI SA-PREF CAMBPN BZ 87269252.24 -22493566.05
TELEBRAS-PF RCPT CBRZF US 219200060.46 -3774997.87
CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.21
CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.21
CHIARELLI SA CCHON BZ 22274026.77 -44537138.21
CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.21
TELMEX CORP SA CHILESAT CI 432460542.94 -44559657.55
CHILESAT CO-RTS CHISATOS CI 432460542.94 -44559657.55
SOC COMERCIAL PL COME AR 146090772.51 -255079026.8
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TELMEX CORP-ADR CSAOY US 432460542.94 -44559657.55
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CTM CITRUS-PREF CTMPN 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-COM R CTPC1 BZ 38740523.05 -671039.81
CTM CITRUS-RCT P CTPC10 BZ 38740523.05 -671039.81
CTM CITRUS- PR R CTPC2 BZ 38740523.05 -671039.81
MARAMBAIA CTPC3 BZ 38740523.05 -671039.81
MARAMBAIA-PREF CTPC4 BZ 38740523.05 -671039.81
CTM CITRUS-RCT C CTPC9 BZ 38740523.05 -671039.81
SOC COMERCIAL PL CVVIF US 146090772.51 -255079026.8
CAMBUCI SA-PREF CXDOF US 87269252.24 -22493566.05
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
DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.86
DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.86
DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.86
DOCAS SA DOCAON BZ 88417960.92 -18059127.86
DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.86
ACO ALTONA SA EAAON BZ 80647079.55 -12603367.15
ACO ALTONA-PREF EAAPN BZ 80647079.55 -12603367.15
ACO ALTONA EALT3 BZ 80647079.55 -12603367.15
ACO ALTONA-PREF EALT4 BZ 80647079.55 -12603367.15
ESTRELA SA ESTR3 BZ 61011893.59 -54580283.64
ESTRELA SA-PREF ESTR4 BZ 61011893.59 -54580283.64
ESTRELA SA ESTRON BZ 61011893.59 -54580283.64
ESTRELA SA-PREF ESTRPN BZ 61011893.59 -54580283.64
FABRICA RENAUX FRNXON BZ 61543317.9 -41332379.8
FABRICA RENAUX-P FRNXPN BZ 61543317.9 -41332379.8
FABRICA TECID-RT FTRX1 BZ 61543317.9 -41332379.8
FABRICA RENAUX FTRX3 BZ 61543317.9 -41332379.8
FABRICA RENAUX-P FTRX4 BZ 61543317.9 -41332379.8
TECEL S JOSE FTSJON BZ 17924946.14 -18569451.23
TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.23
CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.54
CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.54
CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.54
CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.54
ALL MALHA PAULIS GASC3 BZ 881202387.66 -501612577.9
ALL MALHA PAULIS GASC3B BZ 881202387.66 -501612577.9
GASCOIGNE EMP-PF GASC4 BZ 881202387.66 -501612577.9
GASCOIGNE EMP-PF GASC4B BZ 881202387.66 -501612577.9
GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506.25
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GAZOLA GAZO3 BZ 12452143.07 -40298506.25
GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506.25
GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506.25
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GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506.25
HAGA HAGA3 BZ 14321550.12 -58418359.49
FER HAGA-PREF HAGA4 BZ 14321550.12 -58418359.49
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FERRAGENS HAGA-P HAGAPN BZ 14321550.12 -58418359.49
DOC IMBITUBA-RTC IMBI1 BZ 105243414.69 -12993146.26
DOC IMBITUBA-RTP IMBI2 BZ 105243414.69 -12993146.26
DOC IMBITUBA IMBI3 BZ 105243414.69 -12993146.26
DOC IMBITUB-PREF IMBI4 BZ 105243414.69 -12993146.26
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IMPSAT FIBER-CED IMPT AR 535007008 -17165000
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
LATTENO FOOD COR LATF US 15779763 -588840
PARMALAT LCSA3 BZ 309941582.04 -122361607.12
PARMALAT-PREF LCSA4 BZ 309941582.04 -122361607.12
PARMALAT BR-RT C LCSA5 BZ 309941582.04 -122361607.12
PARMALAT BR-RT P LCSA6 BZ 309941582.04 -122361607.12
PARMALAT BRASIL LCSAON BZ 309941582.04 -122361607.12
PARMALAT BRAS-PF LCSAPN BZ 309941582.04 -122361607.12
LAEP INVESTMENTS LEAP LX 394093845.55 -11420162.73
PETRO MANGUINHOS MANGON BZ 76852724.18 -212528966.16
PETRO MANGUIN-PF MANGPN BZ 76852724.18 -212528966.16
LAEP-BDR MILK11 BZ 394093845.55 -11420162.73
MMX MINERACAO MMXCF US 1060478942.97 -123550800.05
MMX MINERACAO MMXM3 BZ 1060478942.97 -123550800.05
MMX MINERACA-GDR MMXMY US 1060478942.97 -123550800.05
MINUPAR MNPR3 BZ 89611489.39 -20702110.72
MINUPAR-PREF MNPR4 BZ 89611489.39 -20702110.72
MINUPAR SA MNPRON BZ 89611489.39 -20702110.72
MINUPAR SA-PREF MNPRPN BZ 89611489.39 -20702110.72
CIA PETROLIFERA MRLM3 BZ 377602195.17 -3014291.72
CIA PETROLIFERA MRLM3B BZ 377602195.17 -3014291.72
CIA PETROLIF-PRF MRLM4 BZ 377602195.17 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195.17 -3014291.72
WETZEL SA MWELON BZ 69983432.56 -6279264.91
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WETZEL SA-PREF MWET4 BZ 69983432.56 -6279264.91
NORDON MET-RTS NORD1 BZ 14029500.1 -17709728.15
NORDON MET NORD3 BZ 14029500.1 -17709728.15
NORDON METAL NORDON BZ 14029500.1 -17709728.15
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527.21
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527.21
NOVA AMERICA SA NOVAON BZ 21287489 -183535527.21
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527.21
PARQUE TEM-DV CM PQT5 BZ 58692385.42 -188832203.73
PARQUE TEM-DV PF PQT6 BZ 58692385.42 -188832203.73
PARQUE TEM-RT CM PQTM1 BZ 58692385.42 -188832203.73
PARQUE TEM-RCT P PQTM10 BZ 58692385.42 -188832203.73
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HOPI HARI SA PQTM3 BZ 58692385.42 -188832203.73
HOPI HARI-PREF PQTM4 BZ 58692385.42 -188832203.73
PARQUE TEM-RCT C PQTM9 BZ 58692385.42 -188832203.73
PROMAN PRMN3 BZ 12167222.17 -207882.19
PROMAN PRMN3B BZ 12167222.17 -207882.19
TELEBRAS-CEDE BL RCT4B AR 219200060.46 -3774997.87
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TELEBRAS-CM RCPT RCTB31 BZ 219200060.46 -3774997.87
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PET MANG-RIGHTS RPMG1 BZ 76852724.18 -212528966.16
PET MANG-RECEIPT RPMG10 BZ 76852724.18 -212528966.16
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PETRO MANGUINHOS RPMG3 BZ 76852724.18 -212528966.16
PET MANGUINH-PRF RPMG4 BZ 76852724.18 -212528966.16
PET MANG-RECEIPT RPMG9 BZ 76852724.18 -212528966.16
RIOSULENSE SA RSUL3 BZ 56866478.19 -9053574.99
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RIOSULENSE SA RSULON BZ 56866478.19 -9053574.99
RIOSULENSE SA-PR RSULPN BZ 56866478.19 -9053574.99
TELEBRAS-ADR RTB US 219200060.46 -3774997.87
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SCHLOSSER SA SCHON BZ 10818026.01 -65846678.92
SCHLOSSER SA-PRF SCHPN BZ 10818026.01 -65846678.92
SCHLOSSER SCLO3 BZ 10818026.01 -65846678.92
SCHLOSSER-PREF SCLO4 BZ 10818026.01 -65846678.92
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TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.23
SNIAFA SA SNIA AR 11489328.24 -840226.12
SNIAFA SA-B SNIA5 AR 11489328.24 -840226.12
SANESALTO SNST3 BZ 24569561.13 -754460.51
SANSUY SNSY3 BZ 100279114.92 -45812488.77
SANSUY-PREF A SNSY5 BZ 100279114.92 -45812488.77
SANSUY-PREF B SNSY6 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 SA SNSYON BZ 100279114.92 -45812488.77
STAROUP SA STARON BZ 31385624.73 -9890708.41
STAROUP SA-PREF STARPN BZ 31385624.73 -9890708.41
BOTUCATU TEXTIL STRP3 BZ 31385624.73 -9890708.41
BOTUCATU-PREF STRP4 BZ 31385624.73 -9890708.41
TELEBRAS-PF RCPT TBAPF US 219200060.46 -3774997.87
TELEBRAS-ADR TBAPY US 219200060.46 -3774997.87
TELEBRAS SA TBASF US 219200060.46 -3774997.87
TELEBRAS-ADR TBASY US 219200060.46 -3774997.87
TELEBRAS-ADR TBH US 219200060.46 -3774997.87
TELEBRAS/W-I-ADR TBH-W US 219200060.46 -3774997.87
TELEBRAS-ADR TBRAY GR 219200060.46 -3774997.87
TELEBRAS-CM RCPT TBRTF US 219200060.46 -3774997.87
TELEBRAS-ADR TBX GR 219200060.46 -3774997.87
TELEBRAS-RTS CMN TCLP1 BZ 219200060.46 -3774997.87
TEKA TEKA3 BZ 219773260.95 -306726075.74
TEKA-PREF TEKA4 BZ 219773260.95 -306726075.74
TEKA TEKAON BZ 219773260.95 -306726075.74
TEKA-PREF TEKAPN BZ 219773260.95 -306726075.74
TEKA-ADR TEKAY US 219773260.95 -306726075.74
TELEBRAS-CED C/E TEL4C AR 219200060.46 -3774997.87
TELEBRAS-CEDEA $ TEL4D AR 219200060.46 -3774997.87
TELEBRAS-COM RT TELB1 BZ 219200060.46 -3774997.87
TELEBRAS-RCT PRF TELB10 BZ 219200060.46 -3774997.87
TELEBRAS SA TELB3 BZ 219200060.46 -3774997.87
TELEBRAS-BLOCK TELB30 BZ 219200060.46 -3774997.87
TELEBRAS SA-PREF TELB4 BZ 219200060.46 -3774997.87
TELEBRAS-CEDE PF TELB4 AR 219200060.46 -3774997.87
TELEBRAS-PF BLCK TELB40 BZ 219200060.46 -3774997.87
TELEBRAS SA-RT TELB9 BZ 219200060.46 -3774997.87
TELEBRAS-CM RCPT TELE31 BZ 219200060.46 -3774997.87
TELEBRAS-PF RCPT TELE41 BZ 219200060.46 -3774997.87
CHILESAT CORP SA TELEX CI 432460542.94 -44559657.55
TELEX-A TELEXA CI 432460542.94 -44559657.55
TELEX-RTS TELEXO CI 432460542.94 -44559657.55
TEKA-PREF TKTPF US 219773260.95 -306726075.74
TEKA-ADR TKTPY US 219773260.95 -306726075.74
TEKA TKTQF US 219773260.95 -306726075.74
TEKA-ADR TKTQY US 219773260.95 -306726075.74
CHILESAT CO-ADR TL US 432460542.94 -44559657.55
TELEBRAS SA TLBRON BZ 219200060.46 -3774997.87
TELEBRAS SA-PREF TLBRPN BZ 219200060.46 -3774997.87
TELEBRAS-RECEIPT TLBRUO BZ 219200060.46 -3774997.87
TELEBRAS-PF RCPT TLBRUP BZ 219200060.46 -3774997.87
TELEBRAS-RTS PRF TLCP2 BZ 219200060.46 -3774997.87
MMX MINERACAO TRES3 BZ 1060478942.97 -123550800.05
TEXTEIS RENAU-RT TXRX1 BZ 50909736.38 -79601048.99
TEXTEIS RENA-RCT TXRX10 BZ 50909736.38 -79601048.99
TEXTEIS RENAU-RT TXRX2 BZ 50909736.38 -79601048.99
RENAUXVIEW SA TXRX3 BZ 50909736.38 -79601048.99
RENAUXVIEW SA-PF TXRX4 BZ 50909736.38 -79601048.99
TEXTEIS RENA-RCT TXRX9 BZ 50909736.38 -79601048.99
VARIG SA VAGV3 BZ 966298025.55 -4695211316.33
VARIG SA-PREF VAGV4 BZ 966298025.55 -4695211316.33
VARIG SA VARGON BZ 966298025.55 -4695211316.33
VARIG SA-PREF VARGPN BZ 966298025.55 -4695211316.33
VARIG PART EM SE VPSC3 BZ 101177852.25 -318442006.32
VARIG PART EM-PR VPSC4 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
FER C ATL-RCT PF VSPT10 BZ 1050516250.26 -47197918.4
FERROVIA CEN-DVD VSPT11 BZ 1050516250.26 -47197918.4
FERROVIA CEN-DVD VSPT12 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 C ATL-RCT CM VSPT9 BZ 1050516250.26 -47197918.4
WIEST WISA3 BZ 39838113.86 -93371563.06
WIEST-PREF WISA4 BZ 39838113.86 -93371563.06
WIEST SA WISAON BZ 39838113.86 -93371563.06
WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.06
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
MMX MINERACA-GDR XMM CN 1060478942.97 -123550800.05
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2009. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *