/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091103.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, November 3, 2009, Vol. 10, No. 217 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Receiver Seeks US$1.5 ++ BB for Jilted Investors A R G E N T I N A BAPRO MANDATOS: Moody's Assigns Global Currency Rating at 'B2' COMPANIA ATLETICA: Creditors' Proofs of Debt Due on December 21 CREDENGRAB SRL: Creditors' Proofs of Debt Due on December 14 MATERIA PRIMA: Creditors' Proofs of Debt Due on November 19 PAPEL EXPRESS: Creditors' Proofs of Debt Due on February 16 * AGENTINA: To Pay Cattle Subsidies This Week, Gov't Says * ARGENTINA: Province May Sell US$100MM of Bonds, Nacion Says B E R M U D A GLOBAL CROSSING: Records US$643MM Consolidated Revenue Third Qtr B R A Z I L BROOKFIELD INCORPORACOES: Fitch Changes Outlook to Stable BROOKFIELD SO PAULO: Fitch Changes Outlook to Stable CYRELA BRAZIL: Fitch Changes Outlook to Stable EMPRESA BRASILEIRA: Lowered to "Underperform" at BofA on Valuation EVEN CONSTRUTORA: Fitch Changes Outlook to Stable MARFRIG ALIMENTOS: Pares Size of Planned Share Sale * BRAZIL: Signs Cooperation Agreements With Venezuela C A Y M A N I S L A N D S AIOLOS LIMITED: Shareholder Receives Wind-Up Report ALTERNATIVE MULTI: Creditors' Proofs of Debt Due Today ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today AUDA EQUITY: Commences Wind-Up Proceedings AUDA STAR: Commences Wind-Up Proceedings AVANT FUND: Commences Wind-Up Proceedings AVANT FUND: Shareholder to Receive Wind-Up Report on November 5 BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6 BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6 GI CAPITAL: Shareholder Receives Wind-Up Report INVESTCORP CFO: Shareholders Receive Wind-Up Report INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report MELLON BRAZIL: Creditors' Proofs of Debt Due on November 4 OCEANIC ENERGY: Members' Final Meeting Set for November 4 SHORT CREDIT: Creditors' Proofs of Debt Due on November 4 SHORT CREDIT: Shareholders to Receive Wind-Up Report on November 4 SOLENT GENERAL: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: PDVSA to Buy Dominican Rep. Oil Refinery J A M A I C A CABLE & WIRELESS: LIME Taps Chris Dehring as Chief Marketing Exec M E X I C O CEMEX SAB: Considers Long-Term Bond to Pay Bank Debt VALUE CASA: Moody's Assigns 'Ba3' Long-Term Currency Issuer Rating P E R U BANCO DE CREDITO: Sells US$250M 60Yr Bonds at Par; Yld 9.75% V E N E Z U E L A PETROLEOS DE VENEZUELA: To Buy Dominican Rep. Oil Refinery * VENEZUELA: Signs Cooperation Agreements With Brazil X X X X X X X X FORD MOTOR: South American Unit Reports US$247MM Q3 Pre-Tax Profit * Large Companies With Insolvent Balance Sheets - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Receiver Seeks US$1.5 ++ BB for Jilted Investors ---------------------------------------------------------------- Stanford Financial Group court-appointed receiver, Ralph Janvey, has filed a report in federal court in Dallas outlining his plan to go after the US$1.5 billion and provide allegedly defrauded Stanford investors a return of as much as 20 cents on the dollar, Jeff Carlton at The Associated Press reports. However, the report relates, John Little, a lawyer appointed to represent investors, said that Mr. Janvey's recovery goal is "something of a fantasy" and that investors should prepare to get back as little as two cents on the dollar. According to the report, Mr. Janvey has about US$71 million in cash on hand and he is pursuing the rest through lawsuits and other means. The report, citing court papers, relates that Mr. Janvey believes he can get as much as an additional US$44 million by liquidating Stanford-owned assets and selling the Stanford Bank of Panama. The AP notes that whether Mr. Janvey reaches his goal of US$1.5 billion hinges on a federal appeals court approving his plan to pursue nearly US$900 million in claims against investors and former financial advisers. The appeals court is scheduled to hear arguments soon, the report says. A federal district judge, The AP recalls, in July ruled that Mr. Janvey could not go after the principal that people invested in the CDs. The report relates that the Securities and Exchange Commission and other parties have asked the appeals court to limit Mr. Janvey's ability to pursue claims to people who profited from Stanford's alleged scheme. Mr. Little, the report notes, said he believes a total recovery of around US$150 million is more realistic than the US$1.5 billion Mr.Janvey wants to get, in part because the courts rarely permit a receiver to go after investors who are "net losers". The SEC branded Mr. Janvey's plan to sue net loser investors as "an extraordinarily expensive effort" that is "not necessary or appropriate in the first place," Mr. Little added. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= BAPRO MANDATOS: Moody's Assigns Global Currency Rating at 'B2' -------------------------------------------------------------- Moody's Latin America has assigned a national scale rating of Aa3.ar and a global local currency rating of B2 to the debt securities of Fideicomiso Financiero Multipyme IX issued by Bapro Mandatos y Negocios S.A. -- acting solely in its capacity as Issuer and Trustee. The rated securities are backed by a pool of bills of exchange signed by agricultural producers in Argentina. The bills of exchange are guaranteed by Garantizar S.G.R., which is a financial guarantor in Argentina. Garantizar has a local currency national scale rating of Aa3.ar and a global local currency rating of B2. Structure Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one class of debt securities denominated in Argentine pesos. The rated securities will bear a 6.5% annual interest rate. The rated securities will be repaid from cash flow arising from the assets of the Trust, constituted by a pool of fixed rate bills of exchange denominated in US dollars signed by agricultural producers and guaranteed by Garantizar S.G.R. The bills of exchange will have the same interest rate as the rated securities. The promise to investors is to receive the payment of interest and principal by the legal final maturity of the transaction, which will occur 300 days after the closing date of the transaction. If eight days before each payment date, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Garantizar to make payment under the bills of exchange. Garantizar, in turn, will have five days to make this payment into the trust account. Under the terms of the transaction documents, the trustee has up to two days to distribute interest and principal payments to investors. Interest on the securities will accrue up to the date on which the funds are initially deposited by either Garantizar, the exporter, or the individual producers into the Trust account. The designated Trustee in this transaction is Bapro Mandatos y Negocios S.A., which is the Banco de la Provincia de Buenos Aires' trustee company. Rating Action -- US$2,035,000 in Fixed Rate Debt Securities of "Fideicomiso Financiero MULTIPYME IX", rated Aa3.ar (Argentine National Scale) and B2 (Global Scale, Local Currency). COMPANIA ATLETICA: Creditors' Proofs of Debt Due on December 21 --------------------------------------------------------------- Marta Susana Serra, the court-appointed trustee for Compania Atletica SA's reorganization proceedings, will be verifying creditors' proofs of claim until December 21, 2009. Ms. Serra will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the trustee and its creditors. The Trustee can be reached at: Marta Susana Serra Avenida Gaona 1488 Argentina CREDENGRAB SRL: Creditors' Proofs of Debt Due on December 14 ------------------------------------------------------------ Jorge Cern, the court-appointed trustee for Credengrab SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 14, 2009. Mr. Cern will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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 trustee and its creditors. The Trustee can be reached at: Jorge Cern Benito Juarez 3276 Argentina MATERIA PRIMA: Creditors' Proofs of Debt Due on November 19 ----------------------------------------------------------- Mauricio Rosemblum, the court-appointed trustee for Materia Prima Para La Alimentacion SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 19, 2009. Mr. Rosemblum will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 34, 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 trustee and its creditors. The Trustee can be reached at: Mauricio Rosemblum Bartolome Mitre 2296 Argentina PAPEL EXPRESS: Creditors' Proofs of Debt Due on February 16 ----------------------------------------------------------- Raul Horacio Trejo, the court-appointed trustee for Papel Express SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 16, 2010. Mr. Trejo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 8, 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 trustee and its creditors. The Trustee can be reached at: Raul Horacio Trejo Avenida Corrientes 818 Argentina * AGENTINA: To Pay Cattle Subsidies This Week, Gov't Says --------------------------------------------------------- Argentina�s agricultural ministry plans to resume subsidy payments to feedlots and diary producers this week, Rodrigo Orihuela at Bloomberg News reports, citing a spokesman of the agricultural commerce control agency (Oncca). According to the report, the unnamed spokesman said that Argentina President Cristina Fernandez de Kirchner's administration will announce this week the first payment in two months. The Argentine Rural Society, the report relates, said that feedlots are short on cash because they aren�t receiving the payments. Most feedlots aren�t replacing cattle that have been sold off for slaughter, raising the risk of a beef shortage by mid-November, the group added. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its local currency long-term issuer credit rating on the City of Buenos Aires. At the same time, Standard & Poor's affirmed its 'B-' foreign currency long-term issuer credit rating. The outlook on the local and foreign currency long-term issuer credit ratings is stable. * ARGENTINA: Province May Sell US$100MM of Bonds, Nacion Says ------------------------------------------------------------- Argentina�s Buenos Aires province may sell US$100 million of bonds before the end of the year, Bill Faries at Bloomberg News reports, citing La Nacion newspaper. According to the report, the newspaper said that Buenos Aires province faces ARS2.2 billion (US$580 million) financing gap for the final two months of the year. The province is also considering tapping other sources of credit to cover day-to-day expenses, La Nacion added. Bloomberg News notes that the press office of the province�s economy ministry said the sale was under consideration. As reported in the Troubled Company Reporter-Latin America on October 28, 2009, Bloomberg News said that Buenos Aires province is counting on Argentine lawmakers to lift restrictions on provincial government bond sales as it seeks to offer MXN1.2 billion (US$314.1 million) in debt by the end of the year. According to the report, a spokeswoman for the Buenos Aires provincial Finance Ministry, said that the province plans to sell the bonds, half of them directly to local banks, should Argentina suspend the so-called fiscal responsibility law that was imposed after swelling local deficits contributed to the nation�s US$95 billion debt default in 2001. The report noted that senators will vote soon on a bill that removes the limits for two years. Buenos Aires, Bloomberg News added, joins Cordoba among local governments planning a bond sale as deficits more than double. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its local currency long-term issuer credit rating on the City of Buenos Aires. At the same time, Standard & Poor's affirmed its 'B-' foreign currency long-term issuer credit rating. The outlook on the local and foreign currency long-term issuer credit ratings is stable. ============= B E R M U D A ============= GLOBAL CROSSING: Records US$643MM Consolidated Revenue Third Qtr ---------------------------------------------------------------- Global Crossing disclosed third quarter 2009 results. Global Crossing generated consolidated revenue of US$643 million for the third quarter of 2009. Revenue from the company's "invest and grow" category --that part of the business focused on serving global enterprises and carrier customers, excluding wholesale voice -- was US$553 million, representing a sequential increase of 3% and a year-over-year decrease of 2%. On a constant currency basis, "invest and grow" revenue decreased 1% sequentially and increased 4% year over year. Operating Income Before Depreciation and Amortization (OIBDA) for the quarter was US$91 million, representing a decrease of 2% sequentially and an increase of 30% year over year. Free Cash Flow was US$52 million in the quarter, an improvement of US$62 million sequentially and US$19 million year over year. Year-to-date Free Cash Flow was US$10 million through the third quarter. OIBDA and Free Cash Flow are non-GAAP measures that are defined and reconciled in the company's financial tables. All constant currency comparisons herein reflect third quarter 2009 and prior period results translated at the average actual foreign exchange rates for the applicable prior period. A full text copy of the company's third quarter results is available free at http://ResearchArchives.com/t/s?4806 * * * As reported by the Troubled Company Reporter on August 7, 2009, Global Crossing Ltd. reported $2.32 billion in total assets and $2.61 billion in total liabilities, resulting in $28.5 million in stockholders' deficit at June 30, 2009. Global Crossing's balance sheet at June 30 also showed strained liquidity, with $749 million in total current assets, including $268 million in cash and cash equivalents, against $945 million in total current liabilities. =========== B R A Z I L =========== BROOKFIELD INCORPORACOES: Fitch Changes Outlook to Stable --------------------------------------------------------- Fitch Ratings has revised the Rating Outlook for these Brazilian homebuilders to Stable from Negative as well as affirmed their ratings: Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) -- Local currency Issuer Default Rating at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- First debenture issuance at 'A+(bra)'. Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield Sao Paulo) -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- Third debenture issuance at 'A+(bra)'. Cyrela Brazil Realty S.A. Empreendimentos e Participacoes -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'. Even Construtora e Incorporadora S.A. -- Local currency IDR at 'B+'; -- Foreign currency IDR at 'B+'; -- National scale rating at 'BBB+(bra)'; -- Second and third debenture issuances at 'BBB+(bra)'. MRV Engenharia e Participacoes S.A. -- National scale rating at 'A+(bra)'; -- Second debenture issuance at 'A+(bra)'. Fitch also maintains ratings of these companies with a Negative Outlook with the exception of Tenda, which is in the process of merging into higher rated Gafisa and is on Rating Watch Positive. The rating levels are: Gafisa S.A. -- National scale rating 'A-(bra)'; -- Fifth debenture issuance 'A-(bra)'. Trisul S.A. -- National scale rating 'A-(bra)'; -- First debenture issuance 'A-(bra)'. Construtora Tenda S.A. -- National scale rating 'BBB(bra)'; -- First debenture issuance 'BBB+(bra)'. The Stable Rating Outlook for the homebuilders reflects the fast and consistent changes in the sector's weak fundamentals observed since January 2009 and the limited impact of the global credit crisis on the Brazilian economy. The valuable support extended by the Brazilian government to homebuilders during the crisis limited the liquidity risk in an environment of softened demand. The majority of companies analyzed by Fitch successfully managed the adverse environment and reduced project launches, focused on the sale of inventory and preserved liquidity. Some homebuilders are expected to recapitalize in the short term, improving the liquidity position to sustain its growth plans. Fitch also expects homebuilders in Brazil to resume their growth strategy, as the availability of real estate credit, consumer confidence and demand has improved, if compared to the levels reported in the last quarter of 2008. The Negative Outlooks for Gafisa and Trisul reflect the companies' weak credit metrics during the last 12 months and the expectation that they will continue to face operating and financial challenges to recover its credit metrics to levels reported before the crisis and more in line with their current ratings. Fitch will review the Brazilian homebuilders' ratings in the near term and further rating actions will be driven by the company's individual operational and financial performance and the expectation for its business in a more favorable operating environment. Brazilian Economy Resilience to Improve Sector Fundamentals: The faster than expected recovery of the Brazilian economy is key to improving real estate sector's fundamentals. Fitch expects Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010, compared to the initial forecasts at the beginning of 2009 of a contraction of 1% and growth of 3.2%, respectively. Although the unemployment rate increased since January 2009, reaching a peak of 9% in March 2009, it has shown signs of improvement to 7.7% in September 2009. Demand and consumer confidence, which significantly dropped during the last quarter of 2008 and first quarter of 2009, have recovered since May 2009 and the upward trend is expected to continue. Return of Credit Supports Business Growth and Demand: The slow return of the availability of credit lines in the Brazilian market should support the homebuilders' growth plans and stimulate demand. The local market has shown signs of recovery since the second quarter of 2009, underpinned by a moderate recovery of market sentiment. While no debt issuances were made by real estate companies in the local capital markets from January to March 2009, about BRL900 million was issued since April 2009, of which BRL600 million is related to funding from Caixa Economica Federal. The Brazilian capital market has recently opened for new issuances and homebuilders are expected to reinforce their cash position to support business growth, land bank acquisition and high working capital needs inherent to the business nature. The Brazilian government has extended valuable support to homebuilders during the crisis, stimulating demand, especially in lower income segments. Since the announcement of the 'My Home My Life' program ('Minha Casa Minha Vida') in March 2009, with a total funding amount expected to reach BRL36.5 billion for the construction of 1 million homes, only about 13,300 homes were financed by Caixa up to June 2009. The program facilitates access to real estate credit for the low- and middle-income homebuyers by providing subsidized interest rates with a grace period, longer terms and lower installments. The program's strong dependence on Caixa and the slow and bureaucratic process to obtain all the licenses may continue to delay the implementation of all measures of the program. Majority of Fitch Rated Companies Successfully Managed Crisis: The adverse environment observed since the last quarter of 2008 resulted in weaker overall credit metrics. Based on the companies analyzed by Fitch, liquidity, measured by cash and receivables from ready and delivered units to short-term debt, dropped to an average of 2.7 times in June 2009, from an average of 6.7x in June 2008. Despite weaker credit metrics and higher levels of leverage, the majority of homebuilders were able to preserve adequate liquidity to face debt amortization and cover high working capital needs, thanks to their strategy of dramatically slowing growth plans and increasing sales of inventories. Fitch expects free cash flow to remain negative in 2009 and, following the completion of the majority of the projects launched in 2007 and 2008, some homebuilders should report positive cash flow during 2010 and thereafter. Brazilian Homebuilders Resume Their Growth Plans: After a dramatic drop in project launches and several initiatives to protect liquidity, homebuilders resumed their growth plans since the second quarter of 2009. Total project launchings of the companies analyzed by Fitch decreased to BRL4 billion in the first half of 2009, down 40% and 60% compared to the second half of 2008 and first half of 2008, respectively. Fitch does not expect project launches to return to the levels observed before the credit crisis in the short term for all homebuilders. Only more robust companies that successfully managed liquidity position during the crisis, with good access to debt and capital markets, should report a sharp increase in project launches in the short term. The reduction in demand was smoother than previously expected, evidencing the surprising response of the Brazilian economy to the more challenging global environment. Considering the companies analyzed by Fitch, presales totaled BRL5.8 billion in the first half of 2009, compared to BRL4.2 billion in the second half of 2008 and BRL6.7 billion in the first half of 2008. The good performance reported in the first half of 2009 reflects the recovery of demand during the second quarter of 2009 and the positive impact of the Brazilian government program. During the crisis, homebuilders focused on the sale of inventory and were able to successfully reduce the combined market value of inventory by 14%, considering only companies analyzed by Fitch. Fitch expects demand to further increase, especially in the low income segment, supported by high housing deficit in Brazil and improved access to real estate credit. Migration to the Low Income Segment to Continue: Higher competition is expected, as homebuilders' interest in the economic segment further increased in 2009 following the announcement of the 'Minha Casa Minha Vida' program. The average price per unit dropped in September 2009 compared to December 2008 and a sharp increase in future project launches up to BRL130,000 per unit, eligible to the government program, is expected. Some homebuilders will need to adjust the land bank to include other areas with lower costs to preserve profitability in the low income segment. Fitch understands that success factors and differentiation among homebuilders operating in the economic segment should be driven by scale, access to real estate credit, operational efficiency and strong cost control. BROOKFIELD SO PAULO: Fitch Changes Outlook to Stable ---------------------------------------------------- Fitch Ratings has revised the Rating Outlook for these Brazilian homebuilders to Stable from Negative as well as affirmed their ratings: Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) -- Local currency Issuer Default Rating at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- First debenture issuance at 'A+(bra)'. Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield Sao Paulo) -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- Third debenture issuance at 'A+(bra)'. Cyrela Brazil Realty S.A. Empreendimentos e Participacoes -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'. Even Construtora e Incorporadora S.A. -- Local currency IDR at 'B+'; -- Foreign currency IDR at 'B+'; -- National scale rating at 'BBB+(bra)'; -- Second and third debenture issuances at 'BBB+(bra)'. MRV Engenharia e Participacoes S.A. -- National scale rating at 'A+(bra)'; -- Second debenture issuance at 'A+(bra)'. Fitch also maintains ratings of these companies with a Negative Outlook with the exception of Tenda, which is in the process of merging into higher rated Gafisa and is on Rating Watch Positive. The rating levels are: Gafisa S.A. -- National scale rating 'A-(bra)'; -- Fifth debenture issuance 'A-(bra)'. Trisul S.A. -- National scale rating 'A-(bra)'; -- First debenture issuance 'A-(bra)'. Construtora Tenda S.A. -- National scale rating 'BBB(bra)'; -- First debenture issuance 'BBB+(bra)'. The Stable Rating Outlook for the homebuilders reflects the fast and consistent changes in the sector's weak fundamentals observed since January 2009 and the limited impact of the global credit crisis on the Brazilian economy. The valuable support extended by the Brazilian government to homebuilders during the crisis limited the liquidity risk in an environment of softened demand. The majority of companies analyzed by Fitch successfully managed the adverse environment and reduced project launches, focused on the sale of inventory and preserved liquidity. Some homebuilders are expected to recapitalize in the short term, improving the liquidity position to sustain its growth plans. Fitch also expects homebuilders in Brazil to resume their growth strategy, as the availability of real estate credit, consumer confidence and demand has improved, if compared to the levels reported in the last quarter of 2008. The Negative Outlooks for Gafisa and Trisul reflect the companies' weak credit metrics during the last 12 months and the expectation that they will continue to face operating and financial challenges to recover its credit metrics to levels reported before the crisis and more in line with their current ratings. Fitch will review the Brazilian homebuilders' ratings in the near term and further rating actions will be driven by the company's individual operational and financial performance and the expectation for its business in a more favorable operating environment. Brazilian Economy Resilience to Improve Sector Fundamentals: The faster than expected recovery of the Brazilian economy is key to improving real estate sector's fundamentals. Fitch expects Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010, compared to the initial forecasts at the beginning of 2009 of a contraction of 1% and growth of 3.2%, respectively. Although the unemployment rate increased since January 2009, reaching a peak of 9% in March 2009, it has shown signs of improvement to 7.7% in September 2009. Demand and consumer confidence, which significantly dropped during the last quarter of 2008 and first quarter of 2009, have recovered since May 2009 and the upward trend is expected to continue. Return of Credit Supports Business Growth and Demand: The slow return of the availability of credit lines in the Brazilian market should support the homebuilders' growth plans and stimulate demand. The local market has shown signs of recovery since the second quarter of 2009, underpinned by a moderate recovery of market sentiment. While no debt issuances were made by real estate companies in the local capital markets from January to March 2009, about BRL900 million was issued since April 2009, of which BRL600 million is related to funding from Caixa Economica Federal. The Brazilian capital market has recently opened for new issuances and homebuilders are expected to reinforce their cash position to support business growth, land bank acquisition and high working capital needs inherent to the business nature. The Brazilian government has extended valuable support to homebuilders during the crisis, stimulating demand, especially in lower income segments. Since the announcement of the 'My Home My Life' program ('Minha Casa Minha Vida') in March 2009, with a total funding amount expected to reach BRL36.5 billion for the construction of 1 million homes, only about 13,300 homes were financed by Caixa up to June 2009. The program facilitates access to real estate credit for the low- and middle-income homebuyers by providing subsidized interest rates with a grace period, longer terms and lower installments. The program's strong dependence on Caixa and the slow and bureaucratic process to obtain all the licenses may continue to delay the implementation of all measures of the program. Majority of Fitch Rated Companies Successfully Managed Crisis: The adverse environment observed since the last quarter of 2008 resulted in weaker overall credit metrics. Based on the companies analyzed by Fitch, liquidity, measured by cash and receivables from ready and delivered units to short-term debt, dropped to an average of 2.7 times in June 2009, from an average of 6.7x in June 2008. Despite weaker credit metrics and higher levels of leverage, the majority of homebuilders were able to preserve adequate liquidity to face debt amortization and cover high working capital needs, thanks to their strategy of dramatically slowing growth plans and increasing sales of inventories. Fitch expects free cash flow to remain negative in 2009 and, following the completion of the majority of the projects launched in 2007 and 2008, some homebuilders should report positive cash flow during 2010 and thereafter. Brazilian Homebuilders Resume Their Growth Plans: After a dramatic drop in project launches and several initiatives to protect liquidity, homebuilders resumed their growth plans since the second quarter of 2009. Total project launchings of the companies analyzed by Fitch decreased to BRL4 billion in the first half of 2009, down 40% and 60% compared to the second half of 2008 and first half of 2008, respectively. Fitch does not expect project launches to return to the levels observed before the credit crisis in the short term for all homebuilders. Only more robust companies that successfully managed liquidity position during the crisis, with good access to debt and capital markets, should report a sharp increase in project launches in the short term. The reduction in demand was smoother than previously expected, evidencing the surprising response of the Brazilian economy to the more challenging global environment. Considering the companies analyzed by Fitch, presales totaled BRL5.8 billion in the first half of 2009, compared to BRL4.2 billion in the second half of 2008 and BRL6.7 billion in the first half of 2008. The good performance reported in the first half of 2009 reflects the recovery of demand during the second quarter of 2009 and the positive impact of the Brazilian government program. During the crisis, homebuilders focused on the sale of inventory and were able to successfully reduce the combined market value of inventory by 14%, considering only companies analyzed by Fitch. Fitch expects demand to further increase, especially in the low income segment, supported by high housing deficit in Brazil and improved access to real estate credit. Migration to the Low Income Segment to Continue: Higher competition is expected, as homebuilders' interest in the economic segment further increased in 2009 following the announcement of the 'Minha Casa Minha Vida' program. The average price per unit dropped in September 2009 compared to December 2008 and a sharp increase in future project launches up to BRL130,000 per unit, eligible to the government program, is expected. Some homebuilders will need to adjust the land bank to include other areas with lower costs to preserve profitability in the low income segment. Fitch understands that success factors and differentiation among homebuilders operating in the economic segment should be driven by scale, access to real estate credit, operational efficiency and strong cost control. CYRELA BRAZIL: Fitch Changes Outlook to Stable ---------------------------------------------- Fitch Ratings has revised the Rating Outlook for these Brazilian homebuilders to Stable from Negative as well as affirmed their ratings: Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) -- Local currency Issuer Default Rating at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- First debenture issuance at 'A+(bra)'. Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield Sao Paulo) -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- Third debenture issuance at 'A+(bra)'. Cyrela Brazil Realty S.A. Empreendimentos e Participacoes -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'. Even Construtora e Incorporadora S.A. -- Local currency IDR at 'B+'; -- Foreign currency IDR at 'B+'; -- National scale rating at 'BBB+(bra)'; -- Second and third debenture issuances at 'BBB+(bra)'. MRV Engenharia e Participacoes S.A. -- National scale rating at 'A+(bra)'; -- Second debenture issuance at 'A+(bra)'. Fitch also maintains ratings of these companies with a Negative Outlook with the exception of Tenda, which is in the process of merging into higher rated Gafisa and is on Rating Watch Positive. The rating levels are: Gafisa S.A. -- National scale rating 'A-(bra)'; -- Fifth debenture issuance 'A-(bra)'. Trisul S.A. -- National scale rating 'A-(bra)'; -- First debenture issuance 'A-(bra)'. Construtora Tenda S.A. -- National scale rating 'BBB(bra)'; -- First debenture issuance 'BBB+(bra)'. The Stable Rating Outlook for the homebuilders reflects the fast and consistent changes in the sector's weak fundamentals observed since January 2009 and the limited impact of the global credit crisis on the Brazilian economy. The valuable support extended by the Brazilian government to homebuilders during the crisis limited the liquidity risk in an environment of softened demand. The majority of companies analyzed by Fitch successfully managed the adverse environment and reduced project launches, focused on the sale of inventory and preserved liquidity. Some homebuilders are expected to recapitalize in the short term, improving the liquidity position to sustain its growth plans. Fitch also expects homebuilders in Brazil to resume their growth strategy, as the availability of real estate credit, consumer confidence and demand has improved, if compared to the levels reported in the last quarter of 2008. The Negative Outlooks for Gafisa and Trisul reflect the companies' weak credit metrics during the last 12 months and the expectation that they will continue to face operating and financial challenges to recover its credit metrics to levels reported before the crisis and more in line with their current ratings. Fitch will review the Brazilian homebuilders' ratings in the near term and further rating actions will be driven by the company's individual operational and financial performance and the expectation for its business in a more favorable operating environment. Brazilian Economy Resilience to Improve Sector Fundamentals: The faster than expected recovery of the Brazilian economy is key to improving real estate sector's fundamentals. Fitch expects Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010, compared to the initial forecasts at the beginning of 2009 of a contraction of 1% and growth of 3.2%, respectively. Although the unemployment rate increased since January 2009, reaching a peak of 9% in March 2009, it has shown signs of improvement to 7.7% in September 2009. Demand and consumer confidence, which significantly dropped during the last quarter of 2008 and first quarter of 2009, have recovered since May 2009 and the upward trend is expected to continue. Return of Credit Supports Business Growth and Demand: The slow return of the availability of credit lines in the Brazilian market should support the homebuilders' growth plans and stimulate demand. The local market has shown signs of recovery since the second quarter of 2009, underpinned by a moderate recovery of market sentiment. While no debt issuances were made by real estate companies in the local capital markets from January to March 2009, about BRL900 million was issued since April 2009, of which BRL600 million is related to funding from Caixa Economica Federal. The Brazilian capital market has recently opened for new issuances and homebuilders are expected to reinforce their cash position to support business growth, land bank acquisition and high working capital needs inherent to the business nature. The Brazilian government has extended valuable support to homebuilders during the crisis, stimulating demand, especially in lower income segments. Since the announcement of the 'My Home My Life' program ('Minha Casa Minha Vida') in March 2009, with a total funding amount expected to reach BRL36.5 billion for the construction of 1 million homes, only about 13,300 homes were financed by Caixa up to June 2009. The program facilitates access to real estate credit for the low- and middle-income homebuyers by providing subsidized interest rates with a grace period, longer terms and lower installments. The program's strong dependence on Caixa and the slow and bureaucratic process to obtain all the licenses may continue to delay the implementation of all measures of the program. Majority of Fitch Rated Companies Successfully Managed Crisis: The adverse environment observed since the last quarter of 2008 resulted in weaker overall credit metrics. Based on the companies analyzed by Fitch, liquidity, measured by cash and receivables from ready and delivered units to short-term debt, dropped to an average of 2.7 times in June 2009, from an average of 6.7x in June 2008. Despite weaker credit metrics and higher levels of leverage, the majority of homebuilders were able to preserve adequate liquidity to face debt amortization and cover high working capital needs, thanks to their strategy of dramatically slowing growth plans and increasing sales of inventories. Fitch expects free cash flow to remain negative in 2009 and, following the completion of the majority of the projects launched in 2007 and 2008, some homebuilders should report positive cash flow during 2010 and thereafter. Brazilian Homebuilders Resume Their Growth Plans: After a dramatic drop in project launches and several initiatives to protect liquidity, homebuilders resumed their growth plans since the second quarter of 2009. Total project launchings of the companies analyzed by Fitch decreased to BRL4 billion in the first half of 2009, down 40% and 60% compared to the second half of 2008 and first half of 2008, respectively. Fitch does not expect project launches to return to the levels observed before the credit crisis in the short term for all homebuilders. Only more robust companies that successfully managed liquidity position during the crisis, with good access to debt and capital markets, should report a sharp increase in project launches in the short term. The reduction in demand was smoother than previously expected, evidencing the surprising response of the Brazilian economy to the more challenging global environment. Considering the companies analyzed by Fitch, presales totaled BRL5.8 billion in the first half of 2009, compared to BRL4.2 billion in the second half of 2008 and BRL6.7 billion in the first half of 2008. The good performance reported in the first half of 2009 reflects the recovery of demand during the second quarter of 2009 and the positive impact of the Brazilian government program. During the crisis, homebuilders focused on the sale of inventory and were able to successfully reduce the combined market value of inventory by 14%, considering only companies analyzed by Fitch. Fitch expects demand to further increase, especially in the low income segment, supported by high housing deficit in Brazil and improved access to real estate credit. Migration to the Low Income Segment to Continue: Higher competition is expected, as homebuilders' interest in the economic segment further increased in 2009 following the announcement of the 'Minha Casa Minha Vida' program. The average price per unit dropped in September 2009 compared to December 2008 and a sharp increase in future project launches up to BRL130,000 per unit, eligible to the government program, is expected. Some homebuilders will need to adjust the land bank to include other areas with lower costs to preserve profitability in the low income segment. Fitch understands that success factors and differentiation among homebuilders operating in the economic segment should be driven by scale, access to real estate credit, operational efficiency and strong cost control. EMPRESA BRASILEIRA: Lowered to "Underperform" at BofA on Valuation ------------------------------------------------------------------ Stephen Kirkland at Bloomberg News reports that Empresa Brasileira de Aeronautica SA was downgraded to �underperform� from �neutral� at BofA Merrill Lynch Global Research on November 2, 2009. According to the report, BofA downgraded the company on valuation, �weak top-line� growth and a weakening dollar. The brokerage, the report relates, lowered its price estimate to US$18 from US$25.50 on the same date. Headquartered in Brazil, Empresa Brasileira de Aeronautica SA (Embraer) -- http://www.embraer.com�- is a company engaged in the manufacture of aircrafts for commercial aviation, executive jet and defense and government purposes. The Company has developed a line of executive jets based on one of its regional jet platforms and launched executive jets in the entry-level, light, ultra-large and mid-light/mid-size categories, the Phenom 100/300 family, the Lineage 1000 and the Legacy 450/500 family, respectively. The Company supplies defense aircraft for the Brazilian Air Force based on number of aircraft sold, and sells aircraft to military forces in Europe, Asia and Latin America. In July 2008, the Company acquired a 40% interest owned by Liebherr Aerospace SAS in ELEB�Equipamentos Ltda (ELEB). ELEB is an aerospace system and component manufacturer, and its products include landing gear systems, hydraulics and electro-mechanical sub-assemblies, such as actuators, valves, accumulators and pylons. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, Bloomberg News said Embraer will lay off around 4,200 workers, which represents 20% of its 21,362 employees, and reduced its 2009 revenue forecast by 13% due to the global recession. EVEN CONSTRUTORA: Fitch Changes Outlook to Stable ------------------------------------------------- Fitch Ratings has revised the Rating Outlook for these Brazilian homebuilders to Stable from Negative as well as affirmed their ratings: Brookfield Incorporacoes S.A. (Brookfield Incorporacoes) -- Local currency Issuer Default Rating at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- First debenture issuance at 'A+(bra)'. Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield Sao Paulo) -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- Third debenture issuance at 'A+(bra)'. Cyrela Brazil Realty S.A. Empreendimentos e Participacoes -- Local currency IDR at 'BB-'; -- Foreign currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'. Even Construtora e Incorporadora S.A. -- Local currency IDR at 'B+'; -- Foreign currency IDR at 'B+'; -- National scale rating at 'BBB+(bra)'; -- Second and third debenture issuances at 'BBB+(bra)'. MRV Engenharia e Participacoes S.A. -- National scale rating at 'A+(bra)'; -- Second debenture issuance at 'A+(bra)'. Fitch also maintains ratings of these companies with a Negative Outlook with the exception of Tenda, which is in the process of merging into higher rated Gafisa and is on Rating Watch Positive. The rating levels are: Gafisa S.A. -- National scale rating 'A-(bra)'; -- Fifth debenture issuance 'A-(bra)'. Trisul S.A. -- National scale rating 'A-(bra)'; -- First debenture issuance 'A-(bra)'. Construtora Tenda S.A. -- National scale rating 'BBB(bra)'; -- First debenture issuance 'BBB+(bra)'. The Stable Rating Outlook for the homebuilders reflects the fast and consistent changes in the sector's weak fundamentals observed since January 2009 and the limited impact of the global credit crisis on the Brazilian economy. The valuable support extended by the Brazilian government to homebuilders during the crisis limited the liquidity risk in an environment of softened demand. The majority of companies analyzed by Fitch successfully managed the adverse environment and reduced project launches, focused on the sale of inventory and preserved liquidity. Some homebuilders are expected to recapitalize in the short term, improving the liquidity position to sustain its growth plans. Fitch also expects homebuilders in Brazil to resume their growth strategy, as the availability of real estate credit, consumer confidence and demand has improved, if compared to the levels reported in the last quarter of 2008. The Negative Outlooks for Gafisa and Trisul reflect the companies' weak credit metrics during the last 12 months and the expectation that they will continue to face operating and financial challenges to recover its credit metrics to levels reported before the crisis and more in line with their current ratings. Fitch will review the Brazilian homebuilders' ratings in the near term and further rating actions will be driven by the company's individual operational and financial performance and the expectation for its business in a more favorable operating environment. Brazilian Economy Resilience to Improve Sector Fundamentals: The faster than expected recovery of the Brazilian economy is key to improving real estate sector's fundamentals. Fitch expects Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010, compared to the initial forecasts at the beginning of 2009 of a contraction of 1% and growth of 3.2%, respectively. Although the unemployment rate increased since January 2009, reaching a peak of 9% in March 2009, it has shown signs of improvement to 7.7% in September 2009. Demand and consumer confidence, which significantly dropped during the last quarter of 2008 and first quarter of 2009, have recovered since May 2009 and the upward trend is expected to continue. Return of Credit Supports Business Growth and Demand: The slow return of the availability of credit lines in the Brazilian market should support the homebuilders' growth plans and stimulate demand. The local market has shown signs of recovery since the second quarter of 2009, underpinned by a moderate recovery of market sentiment. While no debt issuances were made by real estate companies in the local capital markets from January to March 2009, about BRL900 million was issued since April 2009, of which BRL600 million is related to funding from Caixa Economica Federal. The Brazilian capital market has recently opened for new issuances and homebuilders are expected to reinforce their cash position to support business growth, land bank acquisition and high working capital needs inherent to the business nature. The Brazilian government has extended valuable support to homebuilders during the crisis, stimulating demand, especially in lower income segments. Since the announcement of the 'My Home My Life' program ('Minha Casa Minha Vida') in March 2009, with a total funding amount expected to reach BRL36.5 billion for the construction of 1 million homes, only about 13,300 homes were financed by Caixa up to June 2009. The program facilitates access to real estate credit for the low- and middle-income homebuyers by providing subsidized interest rates with a grace period, longer terms and lower installments. The program's strong dependence on Caixa and the slow and bureaucratic process to obtain all the licenses may continue to delay the implementation of all measures of the program. Majority of Fitch Rated Companies Successfully Managed Crisis: The adverse environment observed since the last quarter of 2008 resulted in weaker overall credit metrics. Based on the companies analyzed by Fitch, liquidity, measured by cash and receivables from ready and delivered units to short-term debt, dropped to an average of 2.7 times in June 2009, from an average of 6.7x in June 2008. Despite weaker credit metrics and higher levels of leverage, the majority of homebuilders were able to preserve adequate liquidity to face debt amortization and cover high working capital needs, thanks to their strategy of dramatically slowing growth plans and increasing sales of inventories. Fitch expects free cash flow to remain negative in 2009 and, following the completion of the majority of the projects launched in 2007 and 2008, some homebuilders should report positive cash flow during 2010 and thereafter. Brazilian Homebuilders Resume Their Growth Plans: After a dramatic drop in project launches and several initiatives to protect liquidity, homebuilders resumed their growth plans since the second quarter of 2009. Total project launchings of the companies analyzed by Fitch decreased to BRL4 billion in the first half of 2009, down 40% and 60% compared to the second half of 2008 and first half of 2008, respectively. Fitch does not expect project launches to return to the levels observed before the credit crisis in the short term for all homebuilders. Only more robust companies that successfully managed liquidity position during the crisis, with good access to debt and capital markets, should report a sharp increase in project launches in the short term. The reduction in demand was smoother than previously expected, evidencing the surprising response of the Brazilian economy to the more challenging global environment. Considering the companies analyzed by Fitch, presales totaled BRL5.8 billion in the first half of 2009, compared to BRL4.2 billion in the second half of 2008 and BRL6.7 billion in the first half of 2008. The good performance reported in the first half of 2009 reflects the recovery of demand during the second quarter of 2009 and the positive impact of the Brazilian government program. During the crisis, homebuilders focused on the sale of inventory and were able to successfully reduce the combined market value of inventory by 14%, considering only companies analyzed by Fitch. Fitch expects demand to further increase, especially in the low income segment, supported by high housing deficit in Brazil and improved access to real estate credit. Migration to the Low Income Segment to Continue: Higher competition is expected, as homebuilders' interest in the economic segment further increased in 2009 following the announcement of the 'Minha Casa Minha Vida' program. The average price per unit dropped in September 2009 compared to December 2008 and a sharp increase in future project launches up to BRL130,000 per unit, eligible to the government program, is expected. Some homebuilders will need to adjust the land bank to include other areas with lower costs to preserve profitability in the low income segment. Fitch understands that success factors and differentiation among homebuilders operating in the economic segment should be driven by scale, access to real estate credit, operational efficiency and strong cost control. MARFRIG ALIMENTOS: Pares Size of Planned Share Sale --------------------------------------------------- Katia Cortes and Paulo Winterstein at Bloomberg News reports that Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) reduced the size of a planned share sale and delayed the pricing after a tax on foreign investments contributed to a rout in the Brazilian stock market. According to Rogerio Jelmayer at Dow Jones Newswires, Marfrig Alimentos planned to sell at least 60.8 million shares through a primary offer on the Brazilian Stock Exchange (BMFBovespa). Dow Jones Newswires relates that the offer could raise around BRL1.22 billion (US$698 million) based on Marfrig's closing price of BRL20.11 on October 29. Dow Jones Newswires says that the company, which could offer an extra lot of shares if there is sufficient demand, said its shares will be sold in Brazil and to qualified foreign investors in the U.S. The report adds that investors can reserve shares Nov. 9 and 10. The shares under the offer will start trading on November 13. Bloomberg News says that the Bovespa stock index plunged 11% from Oct. 19 through October 29, after the government imposed a 2% tax (IOF), on purchases of equity and fixed-income investments by foreigners. According to Bloomberg, Januario Hostin Jr., who oversees BRL60 million (US$35 million) as chief equity portfolio manager at Leme Investimentos in Florianopolis, Brazil, said the tax likely hurt demand for Marfrig shares. �This is likely a result of the IOF, which is hurting demand,� Mr. Hostin told Bloomberg News in a phone interview. �Cetip prices came out at the low end of the expected range, which signals that the tax is curbing demand for shares by foreign investors,� Mr. Hostin added. The company, Dow Jones Newswires says, will use the proceeds to finance the recent acquisition of Seara Alimentos Ltd., a local poultry, pork and consumer food company. Bradesco BBI, BB Investimentos, Credit Suisse, Itau BBA and Santander are coordinating the operation. 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. * BRAZIL: Signs Cooperation Agreements With Venezuela ----------------------------------------------------- Venezuelan President Hugo Chavez and his visiting Brazilian counterpart Luiz Inacio Lula da Silva signed 15 cooperation agreements on October 30, during a trimestral meeting in Venezuela's Anzoategui state, Xinhua News reports. According to the report, Bolivarian News Agency, some of the agreements were related to joint feasibility studies for hydrocarbons development in Mara Oeste and La Sibucarain Venezuela's Zulia state. The two leaders, Xinhua News says, agreed to wrap up negotiations on relevant affairs between Petroleos de Venezuela and Brazil's Petrobras. Meanwhile, Xinuha News relates, PDVSA signed an agreement with Norberto Odebrecht Constructor to create the company Convenpro, which will be in charge of developing the Deep Conversion project in Puerto La CruzRefinery. Moreover, Xinhua News adds, state- owned Venezuelan Pequiven and Brazilian Braskem signed a memorandum of understanding to implement petrol-chemical facilities in Camazari, in the Brazilian state of Bahia. Regarding technology, Chavez and Lula signed two agreements to ease the recovery of two hotel complexes in the Venezuelan state of Vargas, north of Caracas. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. ========================== C A Y M A N I S L A N D S ========================== AIOLOS LIMITED: Shareholder Receives Wind-Up Report --------------------------------------------------- On October 28, 2009, the shareholder of Aiolos Limited received the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill Telephone: (345) 949-7755 Facsimile: (345) 949-7634 P.O. Box 1109GT, Grand Cayman ALTERNATIVE MULTI: Creditors' Proofs of Debt Due Today ------------------------------------------------------ The creditors of The Alternative Multi Strategy Fund Limited are required to file their proofs of debt by today, November 3, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 24, 2009. The company's liquidator is: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today ------------------------------------------------------ The creditors of Anthracite Master Company (4) Limited are required to file their proofs of debt by today, November 3, 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: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today ------------------------------------------------------ The creditors of Anthracite Master Company (5) Limited are required to file their proofs of debt by today, November 3, 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: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914 8655 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands AUDA EQUITY: Commences Wind-Up Proceedings ------------------------------------------ On September 22, 2009, the sole shareholder of Auda Equity Long/Short Ltd. passed a resolution that voluntarily winds up operations. Only creditors who were able to file their proofs of debt by November 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taylor Telephone: (345) 8151898 Facsimile: (345) 949 1986 Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands AUDA STAR: Commences Wind-Up Proceedings ---------------------------------------- On September 22, 2009, the sole shareholder of Auda Star Ltd. passed a resolution that voluntarily winds up operations. Only creditors who were able to file their proofs of debt by November 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taylor Telephone: (345) 8151898 Facsimile: (345) 949 1986 Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands AVANT FUND: Commences Wind-Up Proceedings ----------------------------------------- On September 23, 2009, the sole shareholder of Avant Fund passed a resolution that voluntarily winds up operations. Only creditors who were able to file their proofs of debt by September 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jonathan Bernstein Telephone: (345) 815 1897 Facsimile: (345) 949 1986 Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands AVANT FUND: Shareholder to Receive Wind-Up Report on November 5 --------------------------------------------------------------- The shareholder of Avant Fund will receive, on November 5, 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 Jonathan Bernstein Telephone: (345) 815 1897 Facsimile: (345) 949 1986 BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6 ------------------------------------------------------------------ The shareholders of Battery Park Distressed Opportunity Master Fund, Ltd. will receive, on November 6, 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: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6 ------------------------------------------------------------------ The shareholders of Battery Park Distressed Opportunity Offshore Fund, Ltd. will receive, on November 6, 2009, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 GI CAPITAL: Shareholder Receives Wind-Up Report ----------------------------------------------- On September 10, 2009, the shareholder of GI Capital Ltd received the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Beverly Bernard Telephone: 914-7514 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands INVESTCORP CFO: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Investcorp CFO Limited received on November 1, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345)-949-5122 Facsimile: (345)-949-7920 Boundary Hall, Cricket Square P.O. Box 1111 Grand Cayman, Cayman Islands INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Investcorp Washington Corner Distressed Opportunity Master Fund Limited received on November 1, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345)-949-5122 Facsimile: (345)-949-7920 Boundary Hall, Cricket Square P.O. Box 1111 Grand Cayman, Cayman Islands INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Investcorp Washington Corner Distressed Opportunity Fund Limited received on November 1, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345)-949-5122 Facsimile: (345)-949-7920 Boundary Hall, Cricket Square P.O. Box 1111 Grand Cayman, Cayman Islands INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Investcorp Washington Corner Distressed Opportunity Intermediate Fund Limited received on November 1, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345)-949-5122 Facsimile: (345)-949-7920 Boundary Hall, Cricket Square P.O. Box 1111 Grand Cayman, Cayman Islands MELLON BRAZIL: Creditors' Proofs of Debt Due on November 4 ---------------------------------------------------------- The creditors of Mellon Brazil Multi-Strategy Fund 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 September 2, 2009. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815 1803 Facsimile: (345) 949 1986 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands OCEANIC ENERGY: Members' Final Meeting Set for November 4 --------------------------------------------------------- The members of Oceanic Energy Fund will hold their final general meeting on November 4, 2009, at 3:30 p.m., to receive the liquidator's repor on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands SHORT CREDIT: Creditors' Proofs of Debt Due on November 4 --------------------------------------------------------- The creditors of Short Credit Fund, Ltd 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 September 21, 2009. The company's liquidator is: Richard Finlay c/o Angela Pearce Telephone: (345) 814 7390 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands SHORT CREDIT: Shareholders to Receive Wind-Up Report on November 4 ------------------------------------------------------------------ The shareholders of Short Credit Fund, Ltd. will receive, on November 4, 2009, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Angela Pearce Telephone: (345) 814 7390 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands SOLENT GENERAL: Commences Liquidation Proceedings ------------------------------------------------- On September 17, 2009, the shareholder of Solent General Partner Limited passed a resolution that voluntarily winds up operations. Only creditors who were able to file their proofs of debt by November 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Hugh Dickson c/o Peter Bigwood P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8242 Facsimile: (345) 949 7120 ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: PDVSA to Buy Dominican Rep. Oil Refinery -------------------------------------------------------------- Petroleos de Venezuela has agreed to buy nearly half of the government-owned Dominican Oil Refinery, REFIDOMSA, for US$131.5 million dollars, Caribbean Net News reports, citing Finance Secretary Vicente Bengoa. The report relates that Mr. Bengoa said that talks to sell 49% of the refinery shares concluded on October 29 after negotiations with a senior Petroleos de Venezuela official. According to the report, PDVSA official Amilcar Mata said both sides were still working out the final details of the plan which will be finalized at a ceremony in early November. Until 2008, the report notes, REFIDOMSA was half owned by Royal Dutch Shell, which sold its share to the government following a series of disagreements. The Dominican Republic, the report says, belongs to Petrocaribe, a regional initiative in which Venezuela offers discounted oil to friendly countries in the Caribbean basin, including Cuba. * * * As reported in the Troubled Company Reporter-Latin America on October 26, 2009, Fitch Ratings affirmed the Dominican Republic's ratings: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Country ceiling at 'B+'; -- Short-term foreign currency IDR at 'B'; -- Senior unsecured debt at 'B'. 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 ============= J A M A I C A ============= CABLE & WIRELESS: LIME Taps Chris Dehring as Chief Marketing Exec ---------------------------------------------------------------- Lime (formerly Cable & Wireless Jamaica), has appointed Chris Dehring as Chief Marketing Officer effective November 1, Jamaica Observer reports. The report relates that Mr. Dehring, a Jamaican national, will be responsible for LIME's brand and the company's One Caribbean marketing strategy across the region. According to the report, Mr. Dehring is a highly experienced professional with a strong reputation as a dynamic marketing- oriented executive and entrepreneur, having started two major financial institutions, including: Jamaica's first investment bank, the Caribbean's first sports television channel, and a digital wireless cable TV company. The report notes that CEO David Shaw commented "I am delighted to be welcoming Chris to LIME. His appointment is the final major piece in the new LIME senior team which includes five leading Caribbean nationals. We believe that our focus on Caribbean leadership puts us in a stronger position to deliver the great service that our customers deserve and to help create a better life for the people of the Caribbean." 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. =========== M E X I C O =========== CEMEX SAB: Considers Long-Term Bond to Pay Bank Debt ---------------------------------------------------- CEMEX, S.A.B. de C.V. is considering selling a 5-year to 10-year bond within six months to pay bank debt and push maturities beyond 2014, Thomas Black at Bloomberg News reports, citing Chief Executive Officer Lorenzo Zambrano. Capital markets have opened enough for the company to try to sell a bond only months after completing an agreement with banks to refinance debt in August, Mr. Zambrano told the news agency in an interview. The sale would be in addition to a convertible bond Cemex has said it will sell, Mr. Zambrano added. As reported in the Troubled Company Reporter-Latin America on August 17, 2009, CEMEX, S.A.B. de C.V. disclosed that it has completed its refinancing of the majority of the Company's outstanding debt. The refinancing plan extends the maturities of roughly US$15 billion in syndicated and bilateral obligations with roughly 75 banks and private placement noteholders, providing for a semi-annual amortization schedule, with a final maturity of February 14, 2014. Final documentation has been signed and all conditions precedent have been satisfied in full �The indication we have so far is that there is significant market for us in long-term 5-, 7-, 10-year paper,� Mr. Zambrano was quoted by Bloomberg News as saying. �I don�t know exactly what we will do, but definitely we will try to stretch our payment schedules,� Mr. Zambrano added. According to Bloomberg News, Mr. Zambrano said that Cemex SAB wants to regain its financial health and investment- grade rating as quickly as possible. The company has already taken steps to repay debt with a share sale in September that raised net proceeds of US$1.78 billion and the sale of its Australian operations in October for US$1.7 billion, Mr. Zambrano added. A TCRLA report on March 11, citing Reuters, related that According Cemex SAB has been slammed by debt problems after its ambitious Rinker takeover in 2007, slumping sales, and losses on derivatives amid turmoil caused by the global credit crisis. Cemex SAB, Bloomberg News points out, plans to continue selling assets to pay debt, although it will now be able to choose the timing and get a better price. Meanwhile, Bloomberg News says, Cemex SAB won�t renounce acquisitions even after the Rinker purchase. Mr. Zambrano, the report adds, said that growing through acquisitions is �within our DNA,� and the company will watch for opportunities even as it repays bank debt. 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) VALUE CASA: Moody's Assigns 'Ba3' Long-Term Currency Issuer Rating ------------------------------------------------------------------ Moody's Investors Service assigned its long and short-term Ba3/Not Prime global local currency issuer ratings to Value Casa de Bolsa, S.A. de C.V. On its Mexican National Scale, Moody's de Mexico assigned A3.mx long term and MX-2 short-term issuer ratings. All these ratings have stable outlooks. The ratings assigned to CB Value reflect the broker's good franchise and brand name in Mexico's securities industry developed after a track record of nearly 16 years under its current ownership. The ratings also reflect the company's ability to generate recurrent pre-tax earnings from its low-risk agency business focus. The company is run under conservative risk management guidelines, which are also positively captured by the ratings. The ratings assigned to CB Value also incorporates the company's small size and limited market share of around 1.3% of the Mexican securities industry's assets under management. CB Value is challenged by a highly competitive industry that is dominated by the largest financial groups in Mexico and the currently difficult operating environment, which has taken its toll on the company's recent operating performance. The long-term Mexican National Scale rating of A3.mx indicates issuers or issues with above average creditworthiness relative to other domestic issuers. The short-term Mexican National Scale rating of MX-2 indicates that the issuer has an above average ability to repay short-term senior unsecured debt obligations relative to other domestic issuers. CB Value is headquartered in Monterrey, N.L. Mexico. As of June 2009, CB Value had around Mx$1.1 billion (US$84.6 million) in equity. These issuer ratings were assigned to Value Casa de Bolsa, S.A. de C.V.: * Global local currency, long term: Ba3, stable outlook * Global local currency, short term: Not-Prime * Mexican National Scale, long term: A3.mx, stable outlook * Mexican National Scale, short term: MX-2 ======= P E R U ======= BANCO DE CREDITO: Sells US$250M 60Yr Bonds at Par; Yld 9.75% ------------------------------------------------------------ Banco de Credito del Peru raised US$250 million through a 60-year bond offer Friday, which priced at par with a yield of 9.75%, Kejal Vyas at Dow Jones Newswires reports, citing a person familiar with the deal. The report relates that the issue's size was increased from US$225 million. According to the report, BofA Merrill Lynch and JPMorgan were the bookrunners on the deal. Proceeds from the issue will be used to strengthen the bank's capital base as it resumes growth in the wake of the global financial crisis, the report says. Dow Jones Newswires says that the company's terms were: Amount: US$250 Million Maturity: Nov. 5, 2069 Coupon: 9.75% Price: Par Yield: 9.75% Ratings: BBB (Fitch Ratings) BB (Standard & Poor's) About Banco de Credito del Peru Banco de Credito del Peru is Peru's largest bank, with a dominating market share of over 30% of deposits, and boasts total consolidated assets of US$9.6 billion and equity of US$780 million as of June 30, 2006. It is the principal operating company within Credicorp, Peru's largest financial services company, which controls 96.2% of Banco de Credito; Credicorp is widely held by local and foreign institutional shareholders. * * * As reported in the Troubled Company Reporter-Latin America on October 2, 2009, Moody's Investors Service has placed on review for possible upgrade the Ba2 long term foreign currency deposit ratings of Banco de Credito del Peru and Banco Internacional del Peru -- Interbank, following the same action taken on Peru's sovereign ceiling for foreign currency deposits. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Buy Dominican Rep. Oil Refinery ---------------------------------------------------------- Petroleos de Venezuela has agreed to buy nearly half of the government-owned Dominican Oil Refinery, REFIDOMSA, for US$131.5 million dollars, Caribbean Net News reports, citing Finance Secretary Vicente Bengoa. The report relates that Mr. Bengoa said that talks to sell 49% of the refinery shares concluded on October 29 after negotiations with a senior Petroleos de Venezuela official. According to the report, PDVSA official Amilcar Mata said both sides were still working out the final details of the plan which will be finalized at a ceremony in early November. Until 2008, the report notes, REFIDOMSA was half owned by Royal Dutch Shell, which sold its share to the government following a series of disagreements. The Dominican Republic, the report says, belongs to Petrocaribe, a regional initiative in which Venezuela offers discounted oil to friendly countries in the Caribbean basin, including Cuba. * * * As reported in the Troubled Company Reporter-Latin America on October 26, 2009, Fitch Ratings affirmed the Dominican Republic's ratings: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Country ceiling at 'B+'; -- Short-term foreign currency IDR at 'B'; -- Senior unsecured debt at 'B'. 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 * VENEZUELA: Signs Cooperation Agreements With Brazil ----------------------------------------------------- Venezuelan President Hugo Chavez and his visiting Brazilian counterpart Luiz Inacio Lula da Silva signed 15 cooperation agreements on October 30, during a trimestral meeting in Venezuela's Anzoategui state, Xinhua News reports. According to the report, Bolivarian News Agency, some of the agreements were related to joint feasibility studies for hydrocarbons development in Mara Oeste and La Sibucarain Venezuela's Zulia state. The two leaders, Xinhua News says, agreed to wrap up negotiations on relevant affairs between Petroleos de Venezuela and Brazil's Petrobras. Meanwhile, Xinuha News relates, PDVSA signed an agreement with Norberto Odebrecht Constructor to create the company Convenpro, which will be in charge of developing the Deep Conversion project in Puerto La CruzRefinery. Moreover, Xinhua News adds, state- owned Venezuelan Pequiven and Brazilian Braskem signed a memorandum of understanding to implement petrol-chemical facilities in Camazari, in the Brazilian state of Bahia. Regarding technology, Chavez and Lula signed two agreements to ease the recovery of two hotel complexes in the Venezuelan state of Vargas, north of Caracas. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. * * * 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 =============== FORD MOTOR: South American Unit Reports US$247MM Q3 Pre-Tax Profit ------------------------------------------------------------------ Ford Motor Company on Tuesday said Ford South America reported a pre-tax operating profit of $247 million for the third quarter 2009, compared with a profit of $480 million a year ago. The decrease is more than explained by unfavorable exchange, primarily in Brazil and Argentina. Third quarter revenue was $2.1 billion, down from $2.7 billion a year ago. Ford said a strong product lineup drove market share gains in South America as well as continued improvements in transaction prices and margins. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The Company has operations in Japan in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported by the Troubled Company Reporter on April 15, 2009, Standard & Poor's Ratings Services said it raised its ratings on Ford Motor Co. and related entities, including the corporate credit rating, to 'CCC+' from 'SD-'. The ratings on Ford Motor Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank PLC, Ford Credit's European bank, are also unchanged, at 'B-', maintaining the one-notch rating differential between FCE and its parent Ford Credit. S&P said that the outlook on all entities is negative. Moody's Investors Service in December 2008 lowered the Corporate Family Rating and Probability of Default Rating of Ford Motor Company to Caa3 from Caa1 and lowered the company's Speculative Grade Liquidity rating to SGL-4 from SGL-3. The outlook is negative. The downgrade reflects the increased risk that Ford will have to undertake some form of balance sheet restructuring in order to achieve the same UAW concessions that General Motors and Chrysler are likely to achieve as a result of the recently- approved government bailout loans. Such a balance sheet restructuring would likely entail a loss for bond holders and would be viewed by Moody's as a distressed exchange and consequently treated as a default for analytic purposes. * 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 AZEVEDO AZEV3 BZ 58171856.05 -4288079.64 AZEVEDO-PREF AZEV4 BZ 58171856.05 -4288079.64 AZEVEDO E TRAVAS AZEVON BZ 58171856.05 -4288079.64 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 BOMBRIL BMBBF US 239716189.99 -242287717.11 BOMBRIL SA-ADR BMBBY US 239716189.99 -242287717.11 BOMBRIL SA-ADR BMBPY US 239716189.99 -242287717.11 BOMBRIL-RIGHTS BOBR1 BZ 239716189.99 -242287717.11 BOMBRIL-RGTS PRE BOBR2 BZ 239716189.99 -242287717.11 BOMBRIL BOBR3 BZ 239716189.99 -242287717.11 BOMBRIL-PREF BOBR4 BZ 239716189.99 -242287717.11 BOMBRIL CIRIO SA BOBRON BZ 239716189.99 -242287717.11 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 BUETTNER BUET3 BZ 86940610.88 -37817234.67 BUETTNER-PREF BUET4 BZ 86940610.88 -37817234.67 BUETTNER SA BUETON BZ 86940610.88 -37817234.67 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 CAMBUCI SA CAMB3 BZ 87269252.24 -22493566.05 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 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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 WETZEL SA-PREF MWELPN BZ 69983432.56 -6279264.91 WETZEL SA MWET3 BZ 69983432.56 -6279264.91 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 PARQUE TEM-RT PF PQTM2 BZ 58692385.42 -188832203.73 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 TELEBRAS-CED C/E RCT4C AR 219200060.46 -3774997.87 TELEBRAS-CEDEA $ RCT4D AR 219200060.46 -3774997.87 TELEBRAS-RTS CMN RCTB1 BZ 219200060.46 -3774997.87 TELEBRAS-RTS PRF RCTB2 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB30 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB31 BZ 219200060.46 -3774997.87 TELEBRAS-CM RCPT RCTB32 BZ 219200060.46 -3774997.87 TELEBRAS-RCT RCTB33 BZ 219200060.46 -3774997.87 TELEBRAS-CEDE PF RCTB4 AR 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB40 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB41 BZ 219200060.46 -3774997.87 TELEBRAS-PF RCPT RCTB42 BZ 219200060.46 -3774997.87 RIMET REEM3 BZ 63757621.65 -107162239.91 RIMET-PREF REEM4 BZ 63757621.65 -107162239.91 RIMET REEMON BZ 63757621.65 -107162239.91 RIMET-PREF REEMPN BZ 63757621.65 -107162239.91 REII INC REIC US 15779763 -588840 TEXTEIS RENAUX RENXON BZ 50909736.38 -79601048.99 TEXTEIS RENAUX RENXPN BZ 50909736.38 -79601048.99 PET MANG-RIGHTS RPMG1 BZ 76852724.18 -212528966.16 PET MANG-RECEIPT RPMG10 BZ 76852724.18 -212528966.16 PET MANG-RIGHTS RPMG2 BZ 76852724.18 -212528966.16 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 RIOSULENSE SA-PR RSUL4 BZ 56866478.19 -9053574.99 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 SOC COMERCIAL PL SCDPF US 146090772.51 -255079026.8 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 COMERCIAL PL-ADR SCPDS LI 146090772.51 -255079026.8 SNIAFA SA-B SDAGF US 11489328.24 -840226.12 TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.23 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 * * *