/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091123.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 Monday, November 23, 2009, Vol. 10, No. 231 Headlines A R G E N T I N A CLUBBA SRL: Proofs of Claim Verification Deadline is February 4 CUMBRES DORADAS: Creditors' Proofs of Debt Due on March 3 DIEVA SRL: Trustee Verifying Proofs of Claim Until February 9 GRUPO ALIMENTAR: Trustee Verifying Proofs of Claim Until March 1 * Argentine Debt, Restructuring Hits Investors in the U.S. B E R M U D A AMERICAN DIVERSIFIED: Members' Final Meeting Set for December 18 ASIA SPECIALIST: Creditors' Proofs of Debt Due on December 4 ASIA SPECIALIST: Members' Final Meeting Set for December 21 COMMERCIAL GUARANTY: Creditors' Proofs of Debt Due on November 27 COMMERCIAL GUARANTY: Sole Member to Hear Wind-Up Report on Dec. 16 LDF BURGUNDY: Creditors' Proofs of Debt Due on December 4 LDF BURGUNDY: Members' Final Meeting Set for December 21 PROTOSTAR LTD: Disclosure Statement Moved to December 15 SEACROSS ASIA: Appoints Walker and Carter as Liquidators SP MANAGERS: Members' Final Meeting Set for December 21 TENNYSON FUND: Creditors' Proofs of Debt Due on December 4 TENNYSON FUND: Members' Final Meeting Set for December 21 B R A Z I L ALUPAR INVESTIMENTO: Moody's Assigns 'Ba1' Corporate Family Rating BRASKEM SA: Invests BRL500 Million for PE Plant With Petropack BRASKEM SA: Inks US$2.5BB Petrochemical Project With Idesa BRASKEM SA: Inks PVC Specialities Commercialization With Mexichem BROOKFIELD INCORPORACOES: To Raise BRL450MM From Debenture Issue COMPANHIA SIDERURGICA: Still Mulls IPO for Mining Operations GAFISA SA: Records BRL63.7 Million Net Profit in Third Quarter TAM SA: Approves Emilio Romano's Election as New Board Member * BRAZIL: To Boost Lending to Small Enterprises W/ US$3BB IDB Loan C A Y M A N I S L A N D S ADELE BUSINESS: Creditors' Proofs of Debt Due on January 12 ALESI INVESTMENT: Creditors' Proofs of Debt Due on January 12 AMPSS 2007-5: Creditors' Proofs of Debt Due on November 25 ANGLIC INVESTMENT: Creditors' Proofs of Debt Due on January 13 BASALT INVESTMENTS: Placed Under Voluntary Wind-Up CARDINAL HEALTH: Creditors' Proofs of Debt Due on November 25 CASTELLO INVESTMENT: Creditors' Proofs of Debt Due on January 14 CZECH & SLOVAK: Commences Liquidation Proceedings EVERLEE INVESTMENTS: Creditors' Proofs of Debt Due on November 16 JUNO MOTHER: Commences Liquidation Proceedings MUTUAL FUND: Creditors' Proofs of Debt Due on November 25 MUTUAL FUND: Creditors' Proofs of Debt Due on November 25 PEPENE LTD: Creditors' Proofs of Debt Due on January 13 RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25 RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25 SOUTHSTAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 26 TE EAGLE: Creditors' Proofs of Debt Due on November 25 TE EAGLE: Creditors' Proofs of Debt Due on November 25 TE GRAHAM: Creditors' Proofs of Debt Due on November 25 TE GRAHAM: Creditors' Proofs of Debt Due on November 25 E L S A L V A D O R EL SALVADOR: Fitch Puts 'BB' Rating on US$-Denominated Bond Issue G U Y A N A * GUYANA: IDB OKs US$5MM Loan to Strengthen Financial Sector J A M A I C A AIR JAMAICA: Moody's Junks Corporate Family Rating From 'B3' AIR JAMAICA: Tourism Ministry to Sell Portion of Stake AIR JAMAICA: Spirit Airlines Petitioned to Drop Bid AIR JAMAICA: Sale Depends on International Monetary Fund * JAMAICA: Activity in the Financial Sector Flat M E X I C O SATELITES MEXICANOS: Q3 2009 Revenue Up 7.3% to US$30.9 Million P E R U * PERU: IBD OKs US$50 Million to Improve Social Programs V E N E Z U E L A PETROLEOS DE VENEZUELA: 1H Profit Drops 67% to US$3.15 Billion PETROLEOS DE VENEZUELA: Launches PDVSA Vessel Built in Brazil * VENEZUELA: Subsidizes Govt-Owned Industries on Commodity Falls X X X X X X X X * BOND PRICING: For the Week November 16 to November 30, 2009 - - - - - ================= A R G E N T I N A ================= CLUBBA SRL: Proofs of Claim Verification Deadline is February 4 --------------------------------------------------------------- Gabriel Marcelo Ail, the court-appointed trustee for Clubba SRL's bankruptcy proceedings, will be verifying creditors' proofs of claim until February 4, 2010. Mr. Ail will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Gabriel Marcelo Ail avenida Cordoba 1352 Argentina CUMBRES DORADAS: Creditors' Proofs of Debt Due on March 3 --------------------------------------------------------- The court-appointed trustee for Cumbres Doradas S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until March 3, 2010. DIEVA SRL: Trustee Verifying Proofs of Claim Until February 9 ------------------------------------------------------------- The court-appointed trustee for Dieva S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until February 9, 2010. The trustee will present the validated claims in court as individual reports on March 24, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 20, 2010. GRUPO ALIMENTAR: Trustee Verifying Proofs of Claim Until March 1 ---------------------------------------------------------------- The court-appointed trustee for Grupo Alimentar S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 1, 2010. The trustee will present the validated claims in court as individual reports on April 15, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 28, 2010. * Argentine Debt, Restructuring Hits Investors in the U.S. ---------------------------------------------------------- Argentina's debt default and restructuring have imposed enormous and increasing costs on taxpayers and investors in the U.S. and worldwide, according to a new study by Dr. Robert Shapiro, a former Under Secretary of Commerce for Economic Affairs under President Bill Clinton and Co-Chair of American Task Force Argentina. The study shows that Argentina's default and subsequent refusal to repay its lenders have imposed a net cost of $157.7 billion worldwide and $20.5 billion in the U.S. The report also demonstrates that Argentina's refusal to satisfy its obligations has been particularly damaging to some U.S. states, noting that the cost to bondholders, taxpayers and investors in New York alone approaches $2 billion. The study -- "The Continuing Cost of Argentina's Debt Default and Restructuring for Bondholders, Taxpayers, and Investors in the United States and Worldwide" -- has been delivered to all 535 U.S. Senators and Representatives by ATFA Executive Director Robert Raben under a cover letter urging members of Congress to support the Judgment Evading Foreign States Accountability Act of 2009. The legislation, introduced by Rep. Eric Massa (D-NY) and co-sponsored by 25 of his colleagues, addresses Argentina's unprecedented refusal to honor contracts and repay outstanding debt to U.S. citizens. "If the Argentine government would negotiate in good faith with all creditors and settle its outstanding debts, the country could return to global capital markets, strengthen its economy and improve its standing in the international community," Dr. Shapiro said. "If President Kirchner won't resolve these debts because it's the right thing to do for U.S. citizens, then she should do it because it's also the smart thing to do for the Argentine people." The Obama Administration has also indicated that persuading Argentina to satisfy its obligations to U.S. citizens is a priority. U.S. Secretary of State Hillary Clinton issued a letter in March 2009 pledging to continue to urge the government of Argentina to "abide by its commitments and normalize its relations with all creditors and investors." During her confirmation process this year, the U.S. Ambassador to Argentina, Vilma Martinez, stated her intention to "encourage the government of Argentina to abide by its commitments and resolve these claims, thereby improving opportunities for American investors, facilitating Argentina's reintegration into international financial systems, and improving Argentina's ability to attract foreign direct investment." Dr. Shapiro's study also found that a significant share of the costs have been placed on New York State, the center of the American money market and home to many bondholders. Direct net costs to New York bondholders have reached $903 million and indirect costs to New York taxpayers total $329 million. Total costs to New York bondholders, taxpayers and investors now total $1,981 million. Made up of an alliance of diverse organizations, ATFA's leadership includes Executive Director Robert Raben, a former Assistant Attorney General at the U.S. Department of Justice, and is co-chaired by The Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration, and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001. ============= B E R M U D A ============= AMERICAN DIVERSIFIED: Members' Final Meeting Set for December 18 ---------------------------------------------------------------- The members of American Diversified Reinsurance Ltd. will hold their final general meeting on December 18, 2009, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Mark W.R. Smith is the company's liquidator. ASIA SPECIALIST: Creditors' Proofs of Debt Due on December 4 ------------------------------------------------------------ The creditors of Asia Specialist Growth Fund Limited are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 16, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda ASIA SPECIALIST: Members' Final Meeting Set for December 21 ----------------------------------------------------------- The members of Asia Specialist Growth Fund Limited will hold their final general meeting on December 21, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 16, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda COMMERCIAL GUARANTY: Creditors' Proofs of Debt Due on November 27 ----------------------------------------------------------------- The creditors of Commercial Guaranty Assurance, Ltd. are required to file their proofs of debt by November 27, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 6, 2009. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Hamilton, Bermuda COMMERCIAL GUARANTY: Sole Member to Hear Wind-Up Report on Dec. 16 ------------------------------------------------------------------ The sole member of Commercial Guaranty Assurance, Ltd. will receive, on December 16, 2009, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 6, 2009. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Hamilton, Bermuda LDF BURGUNDY: Creditors' Proofs of Debt Due on December 4 --------------------------------------------------------- The creditors of LDF Burgundy Tower Limited are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 16, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda LDF BURGUNDY: Members' Final Meeting Set for December 21 -------------------------------------------------------- The members of LDF Burgundy Tower Limited will hold their final general meeting on December 21, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 16, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda PROTOSTAR LTD: Disclosure Statement Moved to December 15 -------------------------------------------------------- The hearing to consider the adequacy of the disclosure statement explaining Protostar Ltd.'s Chapter 11 plan has been adjourned to a �date to be determined�. The ProtoStar disclosure statement was vague about creditors� recoveries because the second of two satellites won�t be sold at auction until Dec. 15. As reported by the TCR on Nov. 12, ProtoStar has won approval to sell the ProtoStar I satellite and related equipment for $210 million to an affiliate of Intelstat Holdings Ltd. The auction of the ProtoStar II satellite is set for Dec. 15. The hearing for approval of the sale is Dec. 18. The Official Committee of Unsecured Creditors has a suit pending where it contends secured lenders don't have valid liens securing aUS$10 million working capital loan and US$183 million in 12.5% and 18% secured notes. The creditors believe the noteholders and working capital lenders filed notices of their security interests in the wrong place, as a result invalidating their liens. If the Creditors Committee wins the lawsuit, the lenders would have an unsecured creditor status and they won't be paid ahead of other creditors. About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659.) The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non- debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. SEACROSS ASIA: Appoints Walker and Carter as Liquidators -------------------------------------------------------- On October 20, 2009, David A. K. Walker and Nicholas Carter were appointed as liquidators of Seacross Asia Pacific Offshore Fund, Inc. The Liquidators can be reached at: David A. K. Walker Nicholas Carter PricewaterbouseCoopers (BVI) Limited P. O. Box 4654, Road Town Tortola, British Virgin Islands SP MANAGERS: Members' Final Meeting Set for December 21 ------------------------------------------------------- The members of SP Managers Limited will hold their final general meeting on December 21, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. Ian Pilgrim is the company's liquidator. TENNYSON FUND: Creditors' Proofs of Debt Due on December 4 ---------------------------------------------------------- The creditors of Tennyson Fund Solutions Ltd. are required to file their proofs of debt by December 4, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on November 17, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda TENNYSON FUND: Members' Final Meeting Set for December 21 --------------------------------------------------------- The members of Tennyson Fund Solutions Ltd. will hold their final general meeting on December 21, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on November 17, 2009. The company's liquidator is: Ian Pilgrim c/o Mayflower Management Services (Bermuda) Limited Bamboo Gate, 11 Harbour Road Paget PG 01, Bermuda =========== B R A Z I L =========== ALUPAR INVESTIMENTO: Moody's Assigns 'Ba1' Corporate Family Rating ------------------------------------------------------------------ Moody's America Latina's assigned a Ba1 global scale corporate family rating and Aa2.br corporate family rating on the Brazilian National Scale to Alupar Investimento S.A. At the same time, Moody's assigned a Ba2 global scale rating and Aa3.br rating on the Brazilian National Scale to the 4 to 5 year BRL250 million senior unsecured debentures to be issued in the local market by Alupar. The outlook for all ratings is stable. This is the first time Moody's has rated this company. The Ba1 corporate family rating largely reflects Alupar's solid position in the Brazilian electricity transmission sector, which generally offers more predictable and stable cash flow than does the electricity distribution and generation segments, the company's strong credit metrics for the rating category and adequate liquidity position. The ratings are constrained by the limited track record of Alupar's operations as an independent arm of the Alusa group and the fact that management's ability to efficiently carry out its business strategy going forward is limited to the company's brief historical performance. An ambitious investment program to expand the scope of Alupar's activities into the electricity generation business further constrains the ratings as Moody's views the generation business segment as generally riskier than the transmission sector. Moody's also expects leverage as measured by Debt/Cap to increase within the next three years although cash flow to debt and interest coverage are expected to improve slightly. The Ba2 and Aa3.br debentures ratings are one notch lower than the corporate family rating. The difference reflects the structural subordination of the holding company's debt to debt at the level of the operating subsidiaries. Moody's views the regulatory framework for transmission companies in Brazil as reasonably well developed and highly supportive although some regulatory procedures are still untested, such as the indemnification of non-depreciated assets upon the non-renewal or termination of an existing concession. The inherently stable nature of the transmission sector provides Alupar with reasonably predictable cash flow, which is underpinned by 30-year concession contracts granted by the federal government. These concession contracts typically allow Alupar to sign long- term contracts with the Brazilian electricity generation and distribution companies for the use of its transmission grid. The transmission revenues are based on fixed capacity payments throughout the concession period that have provisions for automatic adjustments for inflation once a year in accordance with the general price index or the consumer price index. Alupar currently operates 12 transmission networks under long-term concessions expiring between 2031 and 2039. The company largely benefits from having a portfolio that consists of concessions primarily granted before 2006; therefore, the majority of its tariffs are not subject to periodic review. On the other hand, the permitted annual revenues of these major concessions are scheduled to step down 50% starting in 2019. Alupar's credit metrics, which are adequate for the rating category, are supported by long-term contracts for electricity transmission. Returns are also enhanced by tax incentives that reduce the effective tax rate, which Moody's estimates to average around 18% until 2013. Leverage as measured by Net Debt to Fixed Assets, adjusted in accordance with Moody's standard adjustments, was 57.1% on September 30, 2009. In the last twelve months ended September 30, 2009, the interest coverage ratio was 2.3x and Funds From Operations to Net Debt was 17%. These strong metrics are tempered by a low Retained Cash Flow to capital expenditures ratio of just 0.17x during the same period. The low RCF to capital expenditures results primarily from the ongoing investment program for expansion in the generation business. Going forward, Moody's expects Alupar's leverage as measured by the FFO to Net Debt ratio to increase into the 19-20% range, particularly over the next couple of years despite the new generation assets that are currently being constructed. The transmission business, currently representing 100% of the company's revenues, is expected to gradually decrease its contribution to 75% in five years. During this construction phase Moody's expects Alupar's Net Debt to Fixed Assets to remain in the 60%-63% range and ICR to be around 2.5x. The healthy ICR is supported by the company's relatively low cost of funding, which is helped by subsidized loans from the BNDES (equivalent to 63% total unadjusted debt as of September 30, 2009). Alupar has several off- balance-sheet arrangements, which Moody's estimates at approximately BRL 213 million. These arrangements consist of put options where the minority shareholders of certain subsidiaries have the right to sell their shares back to Alupar under pre-arranged schedules and conditions along with share purchase agreements where Alupar is required to increase its ownership in certain subsidiaries. Moody's considers these arrangements as long-term obligations of Alupar and has included them with the company's existing debt obligations. Alupar has adequate liquidity, with a cash position at the holding company level of approximately BRL400 million as of September 30, 2009, which is intended to cover the equity investments planned over the next four years. As a holding company, Alupar's cash flows consist primarily of dividends received from its operating subsidiaries, which Moody's estimates at approximately BRL150 million over the next twelve months. This amount along with the resources from the BRL250 million debentures issue is deemed sufficient to meet expected debt service and overhead expenses in 2010. The potential to upstream dividends from its subsidiaries is constrained by the debt service of about BRL1.9 billion in long-term loans, mostly from the BNDES. In addition, the subsidiaries are subject to regulatory ring-fencing provisions that limit other possibilities to upstream cash, such as a capital split or an inter-company loan, which would need regulatory approval from ANEEL. Formed in 2006, Alupar effectively started operations in September 2007 as a holding company to consolidate the interests of the electricity transmission business of the Alusa group, which has primarily been focused on engineering activity in Brazil. In September 2009, the equity fund FI-FGTS of the Brazilian state- owned bank, Caixa Econ�mica Federal, became Alupar's minority shareholder by acquiring 17% of its total and voting capital for BRL 400 million. Until recently Alupar provided guarantees to approximately BRL300 million of bank notes issued by its parent company, Guarupart. These notes have been reduced to BRL 23 million as of September 30, 2009. According to the management, all the remaining guarantees issued to Guarupart have been eliminated by the present date. The risk that Alupar will provide additional guarantees to the parent company in the future has been largely mitigated by the new shareholder's agreement executed as of September 18, 2009, which includes a limitation on transactions between related parties. The company may eventually enter in EPC agreements with the Alusa Engenharia for the development of activities in generation and transmission, but the regulatory approval of ANEEL and the minority shareholder are previously required. The entrance of FI-FGTS in the capital structure of Alupar was an important step as it assured the company of having the financial resources necessary to fund the required equity contributions on further investments focused on the generation business. Moody's also deems this as a positive step for the company as the new independent shareholder may enhance corporate governance practices by assuring higher transparency. It should also further the commitment to increase shareholder value. Management has recently stated that it would be pursuing investments in the generation business. It will primarily use the recent BRL 400 million capitalization for equity contribution in joint ventures to be formed for the construction of small hydro power plants, which could potentially leverage total investment in generation to the BRL 1.3 billion range. Moody's views the generation business as riskier than the transmission business, which is highly regulated. The market determines operating margins for the generation business, resulting in potentially volatile earnings and cash flows. The ability to recover costs and earn adequate returns in this segment is a function of the level of secured output through power purchase agreements along with the degree of capital requirements and asset operating performance. Revenues from the regulated business segment are more predictable and allow for more stable operating margins and cash flow. PPAs with free consumers are short term in nature and expose Alupar to potentially lower energy prices and revenues in a scenario in which future tariffs decline. Moody's notes that Alupar has 179MW of new installed capacity coming on stream in 2010, of which 65% sold to the regulated market under 30-year PPAs and 35% sold on to free market clients under 15-year PPAs. The stable outlook reflects Moody's expectation that Alupar will maintain solid credit metrics for the Ba1 rating category and an adequate liquidity position despite forecasted negative free cash flow for the next couple of years. Moody's also expects that Alupar will maintain adequate corporate governance practices by managing its business in line with its stated business strategy for the electricity sector and balancing the interests of shareholders and debt investors. The ratings could be upgraded should Alupar's credit profile establish a sustained track record of remaining healthy, particularly during the generation investment and expansion phase. An ICR greater than 2.5x along with the Net debt to Fixed Assets below 55% on a sustainable basis would also create upward pressure on the rating. The rating or outlook could be downgraded if there is significant increase in leverage, either in connection with the heavy generation investment program or the incurrence of incremental debt at the level of the transmission subsidiaries. Quantitatively, the rating or outlook could come under pressure if the ICR falls below 2.0x and the Net debt to Fixed Assets stays above 70% for an extended period. A material change in the regulatory framework in Brazil could also cause a downgrade in the rating or outlook. The Aa2.br national scale ratings reflect the standing of credit quality relative to domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issuances and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Brazil are designated by the ".br" suffix. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. Alupar controls 15 transmission companies in Brazil (12 operating and 3 under construction) with a total extension of 4,515 km, three of which are currently under construction and will be operating by 2010-2011. Alupar also has four generation companies with a total installed capacity of 179MW that will start operations in 2010. Alupar is controlled by Guarupart Participa��es Ltda., a family-owned holding company with participation in construction businesses, engineering services in addition to the electricity sector in various Latin American countries. In the last twelve months ended September 30, 2009, Alupar had consolidated net sales of BRL 642 million (US$300 million) and net profit of BRL 99million (US$46 million). BRASKEM SA: Invests BRL500 Million for PE Plant With Petropack -------------------------------------------------------------- Braskem S.A. and Argentina-based Petropack, a flexible plastic packaging producer, have signed an agreement for sugarcane ethanol-based polyethylene supply, Plastemart.com reports. According to the report, Braskem SA has negotiated contracts for 60% of its ethanol-based resin production and estimates by year- end it will be up to 70%. The report relates that Petropack has been Braskem SA's client for naphtha-based PE resin and has invested US$15 million over the last five years in its processes in order to "keep its leading position in the market" and to use the "green" resin in its product ranges. The report notes that Braskem SA is investing BRL500 million (US$292 million) in the construction of a plant to produce 200,000 tpa of the green PE. Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of November 10, 2009, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating. BRASKEM SA: Inks US$2.5BB Petrochemical Project With Idesa ---------------------------------------------------------- Braskem SA and Idesa won the auction promoted by Pemex Gas, a state-owned company from Mexico, for the acquisition of raw materials with the objective of developing a large integrated petrochemical project in that country. The agreement will involve the supply of natural gas for 20 years in competitive conditions to be used as raw material in a cracker with the capacity for 1 million tons of ethylene per year, integrated with three polymerization units for producing 450 thousand tons of HDPE per year, 350 thousand tons of LLDPE per year and 200 thousand tons of LDPE per year. The beginning of operations for the project is projected for 2015 and it will be located in the Coatzacoalcos Petrochemical Complex, in the Mexican state of Veracruz. It will be installed and operated by a joint venture to be formed with Braskem SA having majority and Idesa minority participation. The main objective will be to supply the domestic market in Mexico, which currently imports polyethylene. Projected investments for installing the complex are initially projected to be US$2.5 billion. Shareholders intend to make it through project financing with at least 70% of debt and the rest with their own capital. "The new enterprise will have a global scale, the best technology available in the market and competitive access to raw material, characteristics that will ensure its high productivity and differentiation in relation to the Gulf of Mexico. The partnership with IDESA will decisively complement integration of the investment with Mexican clients and the Value Chain," says Bernardo Gradin, president of Braskem. "The project is perfectly aligned with the growth strategy through the diversification of competitive raw material sources, creation of value and internationalization of our company, which projects North America as an important platform for its growth," adds Gradin. The alliance between IDESA, PEMEX and BRASKEM will offer a solid base that will contribute towards development of the Mexican petrochemical industry. Idesa has more than 50 years of experience in the Mexican market and an active presence in international markets. It is comprised of three business areas: petrochemical, distribution and construction systems, operating several production and commercial companies through strategic alliances of renowned prestige and market leaders. About Braskem SA Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of November 10, 2009, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating. BRASKEM SA: Inks PVC Specialities Commercialization With Mexichem ----------------------------------------------------------------- Braskem S.A. has started the commercialization at the pre- marketing stage of PVC specialties resins made by Colombian company Mexichem, through a supply contract signed between the companies with duration of 5 years. The agreement aims at keeping the regular supply of this market segment due to an initiative by Braskem to hibernate a small and old industrial plant located in the neighborhood of Vila Prudente, in Sao Paulo, as of the next year. That decision has been taken based on the business� sustainability, which due to the plant�s low production scale and to the distance from the main sources of raw materials (MVC) -- transported by Braskem from Cama�ari, in the state of Bahia, in a complex logistic operation -- had been pointing to a loss of competitiveness. Braskem SA will remain in the PVC Specialties business through the partnership with Mexichem, keeping the same line of products, and awaiting for a better occasion to invest in a new plant. The unit in Vila Prudente will be turned into a Products Distribution Center, where, in addition to PVC Specialties, it may also store and dispatch other resins made by Braskem. The production halt in that plant will benefit the population living in the region due to the consequent reduction in environmental impacts and to their lower exposition to the risks inherent to any industrial activity. The plant�s halt has been forecasted to January 31st, 2010. During the two subsequent months its facilities will be cleaned and sanitized, and the assets will be kept under "hibernation", awaiting a future decision. The Commercial team responsible for the PVC Specialties business has undertaken the previous communication to Clients ensuring the continuity or Braskem�s business. The group of company�s members involved with the operation, comprising 53 people, and all partners have been informed simultaneously on the decision and on the measures taken to identify all relocation opportunities to other areas in the company or to minimize the impact generated by the need to undertake shutdowns. The necessary adjustments will be aligned to Braskem�s commitments with transparency, respect and valorization of our personnel, including specialized and differentiated support to the involved group during this career reorientation stage. About Braskem SA Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of November 10, 2009, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating. BROOKFIELD INCORPORACOES: To Raise BRL450MM From Debenture Issue ---------------------------------------------------------------- Brookfield Incorporacoes SA's board of authorized the company to raise up to BRL450 million (US$262 million) from a non-convertible debenture issue, Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. According to the report, the company didn't unveil others details of the issue. The report relates that the operation must be approved by the Brazilian Securities and Exchange Commission (CVM). Dow Jones Newswires says that as far this year, local companies have raised BRL8.36 billion from issuing debentures. Brookfield Incorporacoes SA (former Brascan Residential Properties SA) is a Brazil-based company engaged in real estate sector. The Company is the developer of high-end and luxury residential buildings, houses, as well as office buildings in Sao Paulo and Rio de Janeiro metropolitan regions. Its operations include land acquisition, planning, construction, sales, financing, customer service, design, development and management of real estate projects targeted at mainstream, luxury homebuyers. The company's buildings include Reserva de Itauna, Edificio San Francisco, Chacara de Pinheiros, Time Square and Saint Tropez, among others. As of June 22, 2009, the Company had its name changed after the merger of three companies: Brascan Residential, Company and MB Engenharia. The company's major shareholder is Brookfield Asset Management. In July 2009, Companhia Energetica de Minas Gerais 95% interest in the company. * * * As reported in the Troubled Company Reporter-Latin America on September 1, 2009, Fitch Ratings has assigned the national long- term debt rating of 'A+(bra)' to the proposed first simple debentures issuance, not convertible into shares, of Brookfield Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount of BRL100 million, with final maturity on September 1, 2013. The proceeds will be used for company general purposes. Fitch has already rated Brookfield Incorporacoes' foreign and local currency Issuer Default Ratings 'BB-', and national long-term rating 'A+ (bra)'. The Rating Outlook of the corporate ratings is Negative. COMPANHIA SIDERURGICA: Still Mulls IPO for Mining Operations ------------------------------------------------------------ Companhia Siderurgica Nacional S.A. is still considering a possible IPO for its mining assets, SteelGuru News reports, citing BNamericas. According to the report, Charles Putz CEO of Namisa said that "What we have decided so far is that CSN will create a new company and combine all of its mining businesses. But they are still preliminary studies to see whether there is going to be an IPO for this new company." Mr. Putz, the report relates, said that the new company would include CSN's Casa de Pedra mine and 60% controlled Namisa, both located in Minas Gerais state. Logistics assets related to mining the MRS rail company and operations at Itaguai port would be included as well, he added. SteelGuru News notes that Mr. Putz said that an IPO would not affect Namisa, as in practical terms nothing changes. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of July 1, 2009, the company continues to carry Moody's Currency LT Debt ratings at Ba1. The company also continues to carry Standard and Poor's Issuer credit ratings at BB+. GAFISA SA: Records BRL63.7 Million Net Profit in Third Quarter -------------------------------------------------------------- Gafisa SA reported a third-quarter net profit of BRL63.7 million (US$37 million), up from BRL14.5 million a year earlier, Rogerio Jelmayer at Dow Jones Newswires reports. The report relates that the company attributed the increase to a rise in revenue, which more than doubled in the period. According to the report, Gafisa SA reported third-quarter net revenue of BRL877 million, up from BRL378.9 million. "The outlook for homebuilders brightened considerably during the third quarter as investor optimism towards Brazil returned and public institutions, such as BNDES and Caixa Economica Federal, played an important role in accelerating the economic recovery and helping to avert a prolonged recession," company chief executive Wilson Amaral said in a statement obtained by the news agency. Dow Jones Newswires notes that Gafisa's earnings before interest, taxes, depreciation and amortization was BRL179 million in the third quarter, up from BRL69.8 million. The company's Ebitda margin, the report notes, was 20.4% in the third quarter, compared with 18.4% last year. About Gafisa SA Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa S.A. is one of the largest fully integrated homebuilders in the country ranking second in terms of revenues and volumes, and also one of the most diversified in terms of product offering to different income levels and geographies, operating in 20 different states. With an estimated market share of 6% in Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12 months ending on March 31, 2008. * * * As reported in the Troubled Company Reporter-Latin America on February 24, 2009, Moody's has affirmed Gafisa's Ba2 local currency corporate family rating, but changed the outlook to negative from stable. At the same time, Gafisa's Brazilian national scale corporate family rating was downgraded to A1.br from Aa3.br. TAM SA: Approves Emilio Romano's Election as New Board Member ------------------------------------------------------------- TAM S.A. in an Extraordinary General Shareholders' Meeting, accepted the resignation of Flavia Turci and approved Emilio Romano's election as the new Member of TAM's Board. Emilio Romano is currently the President and CEO of Grupo Puerta Alameda (GPA), a Mexican real estate development company, and was the CEO of Grupo Mexicana de Aviacion between 2004 and 2007. Maria Claudia Oliveira Amaro will remain President of the Board, with Mauricio Rolim Amaro as Vice President, positions that both have held since April 2007. Investor Relations: Phone: (55) (11) 5582-9715 Fax: (55) (11) 5582-8149 invest@tam.com.br http://www.tam.com.br/ir Media Relations: http://www.tam.com.br http://www.taminforma.com.br MVL Comunicacao Phone: (55) (11) 3594-0328 equipetam@mvl.com.br About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As reported in the Troubled Comany Reporter-Latin America on October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM S.A's US$300 million proposed senior guaranteed notes due 2019. These notes will be issued through TAM's subsidiary, TAM Capital 2 Inc and will be unconditionally guaranteed by TAM and TAM Linhas Aereas S.A. Proceeds from the proposed issuance will be used to enhance the company's cash balance and for general corporate purpose. * BRAZIL: To Boost Lending to Small Enterprises W/ US$3BB IDB Loan ------------------------------------------------------------------ Brazil will spur competitiveness and job creation in micro, small, and medium-sized enterprises by channeling financing to the sector with help from a US$3 billion conditional credit line from the Inter-American Development Bank. The conditional credit line for investment projects and a first loan of US$1 billion from the facility were approved by the board of the IDB. The Bank's assistance -- the second of its kind for the country -- will include matching funds from Brazil's National Economic and Social Development Bank totaling US$3 billion in order to ensure a steady flow of medium- and long-term funds to finance investment projects of micro and small companies. BNDES will use the IDB loan and its own resources to finance a program aimed at boosting credit for micro and small companies. The funds will provide liquidity to financial institutions to extend credit for these companies to expand, update, and diversify their production. Microenterprises, microentrepreneurs, and individuals can receive up to US$200,000 of financing from the program while small and medium-size businesses can get as much as US$850,000 and US$3 million, respectively. Micro, small and medium size enterprises are vital for Brazil's economy, generating two out of every three jobs. However, its access to medium-and long-term market credit, which has traditionally been limited due to structural problems, has been further squeezed by the global financial crisis. In light of this, the government has stepped in to close the credit gap, with BNDES approving 86,000 operations with micro and small companies in 2007 and 122,000 in 2008, disbursing BRL12.1 billion and BRL17.6 billion, respectively. The IDB's multicredit program follows on the steps of a similar conditional credit line approved in 2004 in order to provide continued support to this strategy. The Bank's US$1 billion loan, first in a series of three under the second conditional credit line, is for a 20-year term, including a four-year grace period, at a LIBOR-based interest rate. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== ADELE BUSINESS: Creditors' Proofs of Debt Due on January 12 ----------------------------------------------------------- The creditors of Adele Business Limited are required to file their proofs of debt by January 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 12, 2009. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands ALESI INVESTMENT: Creditors' Proofs of Debt Due on January 12 ------------------------------------------------------------- The creditors of Alesi Investment Ltd. are required to file their proofs of debt by January 12, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 12, 2009. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands AMPSS 2007-5: Creditors' Proofs of Debt Due on November 25 ---------------------------------------------------------- The creditors of AMPSS 2007-5 SPC are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 13, 2009. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands ANGLIC INVESTMENT: Creditors' Proofs of Debt Due on January 13 -------------------------------------------------------------- The creditors of Anglic Investment Ltd. are required to file their proofs of debt by January 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 13, 2009. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands BASALT INVESTMENTS: Placed Under Voluntary Wind-Up -------------------------------------------------- On August 5, 2009, the sole shareholder of Basalt Investments, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by November 17, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Shameer Jasani Telephone: (345) 815 1802 Facsimile: (345) 949 1986 c/o Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CARDINAL HEALTH: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------------- The creditors of Cardinal Health Choice Insurance Co. SPC, Ltd. are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 1, 2009. The company's liquidator is: Peter Jones P.O. Box 10073, Grand Cayman KY1-1001 Cayman Islands CASTELLO INVESTMENT: Creditors' Proofs of Debt Due on January 14 ---------------------------------------------------------------- The creditors of Castello Investment Ltd. are required to file their proofs of debt by January 14, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 14, 2009. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 MBT Trustees Ltd. P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands CZECH & SLOVAK: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary general meeting held on September 15, 2009, the members of Czech & Slovak Investment Corporation Inc resolved to voluntarily liquidate the company's business. The company's liquidators are: Lee De'ath and Adrian Hyde Chantrey Vellacott DFK LLP Town Wall House, Balkerne Hill Colchester, Essex CO3 3AD, England EVERLEE INVESTMENTS: Creditors' Proofs of Debt Due on November 16 ----------------------------------------------------------------- The creditors of Everlee Investments Limited are required to file their proofs of debt by November 16, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 13, 2009. The company's liquidator is: Buchanan Limited c/o Rose Ferguson Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands JUNO MOTHER: Commences Liquidation Proceedings ---------------------------------------------- On October 8, 2009, a special resolution was passed that voluntarily liquidates the business of Juno Mother Earth Resources Fund, Ltd. The company's liquidators are: Kenneth Krys Timothy Le Cornu Krys & Associates (Cayman) Limited Governers Square Building 6 2nd Floor, 23 Lime Tree Bay Avenue PO Box 31237, Grand Cayman KY1 MUTUAL FUND: Creditors' Proofs of Debt Due on November 25 --------------------------------------------------------- The creditors of Mutual Fund Basket Reference Fund (1-H) Limited are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 14, 2009. The company's liquidator is: Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 RHSW (Cayman) Limited P.O. Box 897 One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands MUTUAL FUND: Creditors' Proofs of Debt Due on November 25 --------------------------------------------------------- The creditors of Mutual Fund Basket Reference Fund (1-I) Limited are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 14, 2009. The company's liquidator is: Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 RHSW (Cayman) Limited P.O. Box 897 One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands PEPENE LTD: Creditors' Proofs of Debt Due on January 13 ------------------------------------------------------- The creditors of Pepene Ltd. are required to file their proofs of debt by January 13, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 13, 2009. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------------- The creditors of Rab Diversified Commodities (Master) Fund Limited are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 9, 2009. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 64 Earth Close, West Bay Beach, 1st Floor PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------------- The creditors of Rab Diversified Commodities Fund Limited are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 9, 2009. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 64 Earth Close, West Bay Beach, 1st Floor PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands SOUTHSTAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 26 ---------------------------------------------------------------- The creditors of Southstar Developments, Inc are required to file their proofs of debt by November 26, 2009, to be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 RHSW (Cayman) Limited P.O. Box 897 One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands TE EAGLE: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------ The creditors of Te Eagle Investors, Ltd. are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 7, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands TE EAGLE: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------ The creditors of TE Eagle Portfolio, Ltd. are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 7, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands TE GRAHAM: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------- The creditors of Te Graham K4 Investors, Ltd. are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 5, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands TE GRAHAM: Creditors' Proofs of Debt Due on November 25 ------------------------------------------------------- The creditors of Te Graham K4 Portfolio, Ltd. are required to file their proofs of debt by November 25, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on October 5, 2009. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands ==================== E L S A L V A D O R ==================== EL SALVADOR: Fitch Puts 'BB' Rating on US$-Denominated Bond Issue ----------------------------------------------------------------- Fitch Ratings has assigned El Salvador's upcoming US$-denominated bond issue, which matures in 2019, a 'BB' rating. The rating is in line with El Salvador's long-term foreign currency Issuer Default Rating of 'BB' with a Negative Rating Outlook. The proceeds will go toward refinancing a portion of domestic public debt. Monetary stability underpinned by official dollarization, a good track record on structural reforms and a relatively solid financial sector support El Salvador's ratings. However, a weak macroeconomic outlook along with fiscal deficits in excess of 4% of GDP over the forecast period places the sovereign's debt dynamics on a deteriorating trajectory unless measures are enacted to boost revenues and contain expenditure. "The Negative Outlook on El Salvador's ratings reflects a structural deterioration in the country's fiscal and growth trajectories," said Casey Reckman, Associate Director in Fitch's Sovereign Group. Sustained fiscal slippage, a more difficult financing outlook and resurgent political gridlock could reinforce downward pressure on El Salvador's sovereign ratings. On the other hand, stronger growth, fiscal consolidation and easing of financing constraints could help uphold El Salvador's sovereign creditworthiness. =========== G U Y A N A =========== * GUYANA: IDB OKs US$5MM Loan to Strengthen Financial Sector ------------------------------------------------------------ The Inter-American Development Bank approved a US$5 million loan to strengthen Guyana's financial sector. This program supports one of the three pillars in the IDB Country Strategy for Guyana (2009-2012), namely the Competitiveness Strategy. It is aimed at increasing access to financial services, enhancing transparency of financial sector issues and enhancing macroeconomic stability. The Bank's lending, the second in a series of three consecutive programmatic policy-based loans for the sector of US$5 million each, will support measures to improve supervision of the Bank of Guyana, enhance transparency, and boost the payment system's efficiency. Moreover, the financing will also support measures to curb money laundering while promoting increased access to credit and other financial services for firms and individuals in order to foster the development of productive economic activities. Results from the second programmatic loan include the passage of the new Act on money laundering and financing of terrorism, which includes the establishment of a Financial Intelligence Unit. It also supports the preparation of draft new legislation for the creation of a Credit Bureau; enhance coordination and sharing information among supervisory agencies; and to bring the New Building Society under Bank of Guyana supervision. The third operation will see the conclusion of some of these reforms which would make the financial sector more resilient to both internal and external pressures and at the same time more responsive to the evolving financial needs of the Guyanese private sector and public in general. The Bank's lending consists of a US$2.5 million credit from its ordinary capital for a 30-year term with a six-year grace period, and a US$2.5 million loan from its concessional Fund for Special Operations for a 40-year term, 40 years of grace, and 0.25% interest. ============= J A M A I C A ============= AIR JAMAICA: Moody's Junks Corporate Family Rating From 'B3' ------------------------------------------------------------ Moody's Investors Service lowered the corporate family rating and senior unsecured debt ratings of Air Jamaica Limited to Caa1 from B2, and changed the outlook to negative. The debt rating reflects the Government of Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The rating action on Air Jamaica's debt follows the downgrade of the Government of Jamaica's local and foreign currency bond ratings to Caa1. The government has been unable to reach a timely agreement with the International Monetary Fund for a stand-by facility, despite lengthy negotiations. This increases the likelihood of a restructuring of the government's obligations, in order to restore debt sustainability. The Caa1 rating of the government debt reflects that a potential restructuring would likely result in limited losses given the government's traditionally strong willingness to pay and the exposure of the local financial system to the government's debt. The negative outlook reflects the risk that a continued non-resolution of IMF financing could erode confidence and possibly lead to a restructuring under duress and with larger losses. The Caa1 rating assigned to Air Jamaica debt reflects the application of Moody's rating methodology for government-related issuers, "'The Application of Joint Default Analysis to Government-Related Issuers." Continuing government support is high because the government guarantees about $500 million of the company's debt and owns all the common shares. The default dependency is high because, if Air Jamaica is unable to make timely payments of interest and principal the unsecured notes will become the obligation of the Government of Jamaica and will be included as public sector indebtedness. The Baseline Credit Assessment for Air Jamaica is a range from 19 to 21, and reflects the airline's record of poor operating performance, as well as the limited near-term prospects to improve operating efficiency and credit metrics. The company has shrunk its operations meaningfully over the past year to stem large operating losses, and faces increased competition to its core U.S. network footprint from large U.S. operators. The company also faces an uncertain demand picture entering the seasonally high winter travel months, during which it generates a majority of its operating cash flows. Downgrades: Issuer: Air Jamaica Limited -- Corporate Family Rating, Downgraded to Caa1 from B2 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 from B2 Outlook Actions: Issuer: Air Jamaica Limited -- Outlook, Changed To Negative From Stable The last rating action on Air Jamaica was the downgrade of the senior unsecured debt rating to B2 from B1 and the confirmation of the corporate family rating on March 4, 2009. Air Jamaica's Baseline Credit Assessment reflects factors Moody's believe are relevant to its credit profile, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Air Jamaica's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk. Air Jamaica Limited and its parent company, Air Jamaica Holdings Limited, are headquartered in Kingston, Jamaica. AIR JAMAICA: Tourism Ministry to Sell Portion of Stake ------------------------------------------------------ Air Jamaica Limited is back on the market, Caribbean360.com reports, citing Tourism Minister Edmund Bartlett. "We have had some discussions but I think that those discussions have not quite materialized, so I think Air Jamaica is back on the market. We are still seeking to find a partner," the report quoted Mr. Bartlett as saying. "We are not interested in selling off Air Jamaica in full. Jamaica will always maintain a significant interest in Air Jamaica but we need partnerships to keep the airline alive . . . We are working now to see if we can get partnerships to share in the cost of operating Air Jamaica," he added As reported in the Troubled Company Reporter-Latin America on October 27, 2009, Jamaica Observer said that the Jamaica Airline Pilots Association is now waiting a reply from the Jamaican government after submitting a bid to acquire Air Jamaica Limited. The report related JALPA President Captain Russell Capleton said the association, which comprises the airline's 140 pilots, is spearheading the acquisition effort on behalf of the national carrier's staff. Meanwhile, according to the report, Chairman of the Jamaica Tourist Board John Lynch has reported that despite continued financial losses, Air Jamaica's performance of the national airline has improved over the last six months. "Air Jamaica has been doing much better over the last six months. They are still losing a lot of money but by cutting their routes, rationalizing, and flying more efficiently, they have cut cost. They are doing much better," the report quoted Mr. Lynch as saying. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AIR JAMAICA: Spirit Airlines Petitioned to Drop Bid --------------------------------------------------- A former president of the Jamaica Airline Pilots Association has sent an open letter to Spirit Airlines, asking the low-cost carrier to drop its bid to purchase Air Jamaica Limited and disclose the purchase price to the current and former Air Jamaica employees who are determined to keep the country's only airline under Jamaican ownership -- even if it means purchasing it themselves. Wesley Sampson and his organization, Mayday Air Jamaica, mean business: If Spirit Airlines does not walk away from the deal, Mayday Air Jamaica and its supporters will picket at Air Jamaica in Miami on December 15. Mr. Sampson is staging the peaceful protest knowing full well its potential to disrupt holiday travel at one of the nation's busiest hubs. "According to the United Nations' Human Development Index, which measures the percentage of a population suffering from malnourishment, Jamaica is one of the ten poorest countries in the world," Mr. Sampson stated. "Air Jamaica is our one remaining national treasure, our only resource to hand down to the children of Jamaica in hopes of a better future for them. It is unconscionable to take this asset out of Jamaican hands and place it under the control and ownership of private foreign nationals when we have capable, experienced Jamaicans ready, willing and able to purchase and run the airline right now." Mayday Air Jamaica contends the national airline of Jamaica is the only net foreign exchange earner the government of Jamaica owns; to remove it completely from Jamaican ownership would be to push the country further into poverty. In addition to asking Spirit Airlines to withdraw its offer to buy Air Jamaica and publicly disclose the terms of its purchase deal, Mayday Air Jamaica is asking the Jamaican government to sell the airline to the employees at the same terms, at a 20% discount designed to show support for the people of Jamaica. Mr. Sampson, an American citizen, and his colleagues in the Mayday Air Jamaica cause who are standing by in hopes of purchasing Air Jamaica are not seeking to shut out Spirit Airlines completely. The group is open to talking with Spirit Airlines about the U.S. carrier's specific needs on the route in which it is primarily interested in operating. "Mayday Air Jamaica's intent is to use all peaceful and legal means at its disposal, including picketing at Miami International and boycotting all potential foreign buyers, to discourage foreign interests from pursuing the purchase of Air Jamaica and to convince the government of Jamaica to sell the national airline to its current and former employees," Mr. Sampson finished. A petition supporting Mayday Air Jamaica's platform is now circulating at Miami International, and discussion is underway at Mayday Air Jamaica's blog, http://blog.maydayairjamaica.com. Contact: Wesley Sampson Mayday Air Jamaica 786-340-4192 admin@maydayairjamaica.com http://www.maydayairjamaica.com About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AIR JAMAICA: Sale Depends on International Monetary Fund -------------------------------------------------------- The divestment of Air Jamaica is now contingent on the signing of an accord between the Bruce Golding-led administration and the International Monetary Fund, The Gleaner Power 106 News reports. Information Minister Daryl Vaz told the news agency that the divestment cost is a major factor in the IMF talks. According to the report, Mr. Vaz gave the assurance that negotiations with at least two investors to partner with the government to run the airline are continuing. The report relates that it will cost the government close to US$200 million to divest the national airline. According to the report, the recommendation of the committee set up to carry out the divestment process has been before Cabinet since last month. The report notes that President and CEO of the airline Bruce Nobles confirmed that talks are continuing to divest the national carrier. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. * JAMAICA: Activity in the Financial Sector Flat ------------------------------------------------ The rise in non-performing loans is beginning to take a toll on Jamaica's local financial sector, RadioJamaica reports. According to the report, the Planning Institute of Jamaica said that the financial and insurance services sector remained flat during the July to September quarter. The report relates that this was due mainly to the effect of the global economic crisis on Jamaica. However, the report notes, the PIOJ said that the lag was also caused by the rise in bad debts and an increase in operational expenses. * * * As reported in the Troubled Company Reporter-Latin America on November 20, 2009, Moody's Investors Service downgraded Jamaica's local and foreign currency government bond ratings to Caa1 from B2, as options to restore debt sustainability without a debt restructuring are narrowing despite the strong resolve of the authorities to avoid a rescheduling. Delays in reaching an IMF agreement are also an issue of concern. The outlook on the new ratings is negative. =========== M E X I C O =========== SATELITES MEXICANOS: Q3 2009 Revenue Up 7.3% to US$30.9 Million --------------------------------------------------------------- Peter B. de Selding at SpaceNews reports that Satelites Mexicanos, S.A. de C.V's third quarter revenue increased 7.3% to US$30.9 million. The report relates that the company's its core fixed satellite services business of leasing transponder capacity was up 10% during the period, but that its broadband satellite service sales were down. According to the report, Satmex Mexicanos had nearly US$95 million in cash and cash equivalents as of September 30, up from US$58.2 million at the beginning of the year. The report says that the company reported total debt of $417 million as of Sept. 30. SpaceNews notes that the company continued to look for a way to finance a new satellite without violating its debt covenants. The report says that Satmex Mexicanos, which like other satellite operators in North America is facing a decline in business from satellite broadband provider Hughes Network Systems, said backlog dropped by 7%, to US$240.3 million as of September 30, compared where it stood June 30. The report relates that Germantown, Md.-based Hughes; which is the company's biggest, accounting for 20% of the revenue for the nine months ending Sept. 30; is gradually migrating its customers away from Ku-band capacity leased on other satellite operators� fleets and toward the Hughes-owned Spaceway 3 Ka-band satellite. Satmex Mexicanos, the report adds, said that 45% of its backlog is for service to be provided in 2009 and 2010. About Satmex Satelites Mexicanos, S.A. de C.V., is the leading satellite service provider in Latin America. Our fleet offers hemispheric and regional coverage throughout the Americas. * * * As of September 1, 2009, the company continues to carry these ratings placed by Moody's: -- Issuer Rating of C, -- Senior Secured Rating of Caa1, -- Long-term Corporate Family Rating of Ca, and -- Senior Unsecured Debt Rating of C. ======= P E R U ======= * PERU: IBD OKs US$50 Million to Improve Social Programs -------------------------------------------------------- The Inter-American Development Bank approved a US$50 million loan to Peru to help finance reforms in several of the country�s anti- poverty programs. The reforms seek to improve the effectiveness and focalization of Peruvian social programs, as a contribution to sustainable poverty reduction in Peru. The social programs that the IDB's lending will help reform include: * the conditional cash transfer program JUNTOS, which benefits over 420,000 poor households under the condition that they agree to use public health and nutrition services and send their children to school; * the Comprehensive Health Insurance Program (known as SIS for its acronym in Spanish), which help more than 10 million low-income beneficiaries to gain access to reproductive and mother-child healthcare services; * the youth labor training program PROJOVEN; * Construyendo Peru, a program that creates temporary jobs for the unemployed by funding social and productive infrastructure projects. The IDB loan will help reform JUNTOS' regulations and operating processes, increasing the impact of its transfers, and improving its verification of co-responsibilities between the state and its beneficiaries. The funds will also help to boost access to basic health services among the poor. The SIS reforms will help standardize processes, improve service procurement, and increase levels of enrollment, payment of claims to providers, audits, and quality assessment. On employment, the Bank's funds will help implement countercyclical mechanisms and a labor market information system, and will promote new operating regulations for Construyendo Peru in order to obtain better identity beneficiaries and focalize regionally. The loan will help strengthen the Household Focalization System, which enables the government to identify and select beneficiaries according to their poverty level. It will also help launch a permanent updating system for the household registry, so that different social programs can use consistent methods for focalization. This will strengthen SISFOH by making its future use by social programs more likely. The financing package, first in a series of three programmatic policy based loans, is for a 20-year term, with a five-year grace period, and a variable LIBOR-based interest rate. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: 1H Profit Drops 67% to US$3.15 Billion -------------------------------------------------------------- Daniel Cancel at Bloomberg News reports that Petroleos de Venezuela SA's first-half profit fell 67% to US$3.15 billion due to of plunging oil prices and production cuts after the Organization of Petroleum Exporting Countries slashed targets. According to the report, net income fell to US$3.15 billion. The report relates that crude exports fell 4.9% to 2.75 million barrels per day, while production of crude and natural gas liquids dropped 5.4% to 3.22 million barrels. Bloomberg News notes that PDVSA froze workers� wages and cut managers� pay by 20% in April after oil prices plunged. The company has sold US$6.3 billion in bonds this year to cover shortfalls and to pay down debts with service suppliers, the report says. �PDVSA�s numbers not only reflect a lower oil price in revenues compared to a year earlier, but most importantly reflect a company that is struggling with production,� Patrick Esteruelas, a Latin America analyst at Eurasia Group in New York, told the news agency in a phone interview. Bloomberg, citing a company statement, says that revenue in the first half of the year fell 52% to US$32.5 billion and cash transfers to the government dropped 65% to US$7.07 billion. The company�s contributions to government-run social programs including health clinics, subsidized grocery stores and public schools plunged 50% to US$642 million, the statement added. The oil company�s total assets, the report notes, rose 4% to US$137.2 billion, mostly due to the nationalizations of oil services companies this year; while debt to suppliers rose to US$8.15 billion at the end of June, up 7.8% from the end of last year. Meanwhile, the report notes that Helmerich & Payne Inc., a U.S. drilling company, said it has received US$32 million in payments from PDVSA and that about US$73 million remains outstanding. Bloomberg News adds that PDVSA�s total debt climbed 7.4% to US$16.2 billion in the first half, or 12% of total assets. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR PETROLEOS DE VENEZUELA: Launches PDVSA Vessel Built in Brazil ------------------------------------------------------------- Petroleos de Venezuela S.A. launched the �Abreu e Lima� cargo ship, in the facilities of the EISA shipyard, on Isla del Gobernador, Rio de Janeiro, Brazil. The construction of the ship is a result of the bilateral agreements signed between the Bolivarian Republic of Venezuela and the Federative Republic of Brazil, the guidelines of the Oil Sowing Plan 2009-2030 and the national strategy of geopolitical integration of looking towards the south of our continent. In the ceremony, the executive director of PDVSA Do Brasil, Sergio Tovar, expressed on behalf of Petroleos de Venezuela, S.A. and their affiliates PDVSA Naval and PDV Marina that �this is the first of the various vessels to be built for the transportation of clean oil by-products, with a capacity of 47,000 dead weight tons (dwt), equivalent to circa 320,000 barrels.� This project will facilitate the transportation of oil by-products to both the domestic and the international market. This vessel increases the Venezuelan cargo fleet, and consolidates the nation�s naval sovereignty, with a view to Latin American integration. The construction of the Abreu e Lima is part of the agreement signed between PDV Marina, the company MAUA JURONG and the Brazilian shipyard EISA, and the project was managed by PDVSA Naval. The vessel was named after the Brazilian hero Jose Inacio Abreu e Lima, who fought together with the Liberator Simon Bol�var, as a general in Venezuela�s War of Independence, a gesture that reaffirms the brotherhood among the peoples of the South. The strategic alliance between PDV Marina, PDVSA Naval and the Brazilian shipyard EISA for the construction of oil cargo vessels boosts technology transfer, which will enable in the near future the manufacture of large vessels in Venezuela, which will reactivate Venezuela�s merchant marine, will create jobs in the country�s naval sector and associated industries, under the premise of the conception of a new socialist productive model, aimed at achieving energy autonomy of the region. 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: Subsidizes Govt-Owned Industries on Commodity Falls ---------------------------------------------------------------- Venezuela�s government is subsidizing state-owned industries after the fall in world prices for commodities and state companies cannot pay its workers dividends, Jose Orozco at Bloomberg News reports, citing President Hugo Chavez. According to the report, Mr. Orozco said that state companies including aluminum and steel producers have had losses during the recent slide in prices. Workers threatening to strike over benefits are acting as counter-revolutionaries, he added. �There have been losses because much less is being sold at much lower prices,� the report quoted President Hugo Chavez as saying. �The government is subsidizing these companies because their income isn�t enough,� Mr. Chavez added. Bloomberg News, citing Correo del Caroni News, notes that steel company Siderurgica del Orinoco (Sidor) produced 2.2 million tons of liquid steel in the first three quarters of the year, a decline of 17% from 2008. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. =============== X X X X X X X X =============== * BOND PRICING: For the Week November 16 to November 30, 2009 ------------------------------------------------------------- Issuer Coupon Maturity Currency Bid Price ------- ------ -------- -------- --------- ARGENTINA ALTO PALERMO SA 7.88 5/11/2017 USD 86 ARGENT-$DIS 8.28 12/31/2033 USD 68.34 ARGENT-$DIS 8.28 12/31/2033 USD 71.73 ARGENT-PAR 1.18 12/31/2038 ARS 38.22 ARGENT-=DIS 7.82 12/31/2033 EUR 60.86 ARGNT-BOCON PR13 2 3/15/2024 ARS 74.65 ARGNT-BOCON PRE8 2 1/3/2010 ARS 10.93 BANCO MACRO SA 9.75 12/18/2036 USD 79 BANCO MACRO SA 10.75 6/7/2012 USD 72.09 BUENOS AIRE PROV 9.38 9/14/2018 USD 68.07 BUENOS AIRE PROV 9.63 4/18/2028 USD 65.51 BUENOS-$DIS 9.25 4/15/2017 USD 71.25 INVERSORA ELEC 6.5 12/26/2017 USD 42.75 MENDOZA PROVINCE 5.5 9/4/2018 USD 72.13 MULTICANAL SA 7 7/20/2013 USD 74.75 TRANSENER 8.88 12/15/2016 USD 83.15 BRAZIL CESP 9.75 1/15/2015 BRL 69.66 REDE EMPRESAS 11.13 #N/A N Ap USD 80 CAYMAN ISLAND AES DOMINICANA 11 12/13/2015 USD 98.63 BARION FUNDING 0.63 12/20/2056 GBP 18.49 BARION FUNDING 1.44 12/20/2056 GBP 32.05 BES FINANCE LTD 6.2 2/7/2035 EUR 72.31 BISHOPSGATE ASSE 4.81 8/14/2044 GBP 69.5 CHINA MED TECH 4 8/15/2013 USD 63.63 CHINA PROPERTIES 9.13 5/4/2014 USD 77.63 FERTINITRO FIN 8.29 4/1/2020 USD 70 GOL FINANCE 8.75 #N/A N Ap USD 81.9 JA SOLAR HOLD CO 4.5 5/15/2013 USD 69 LDK SOLAR CO LTD 4.75 4/15/2013 USD 69.74 LDK SOLAR CO LTD 4.75 4/15/2013 USD 69.5 MAZARIN FDG LTD 0.63 9/20/2068 GBP 15.2 MAZARIN FDG LTD 1.44 9/20/2068 GBP 29.31 PUBMASTER FIN 6.96 6/30/2028 GBP 66.96 PUBMASTER FIN 8.44 6/30/2025 GBP 71.51 SHINSEI FIN CAYM 6.42 #N/A N Ap USD 57.91 SHINSEI FIN CAYM 6.42 #N/A N Ap USD 57.52 SHINSEI FINANCE 7.16 #N/A N Ap USD 57.15 SHINSEI FINANCE 7.16 #N/A N Ap USD 58 SMFG PREFERRED 6.16 #N/A N Ap GBP 79.05 XL CAPITAL LTD 6.5 #N/A N Ap USD 71.5 ECUADOR REP OF ECUADOR 9.38 12/15/2015 USD 92.32 JAMAICA JAMAICA GOVT 8 6/24/2019 USD 73.5 JAMAICA GOVT 8.5 2/28/2036 USD 70 JAMAICA GOVT 13.38 4/27/2032 JMD 63.83 JAMAICA GOVT LRS 12.75 6/29/2022 JMD 65.37 JAMAICA GOVT LRS 12.75 6/29/2022 JMD 65.35 JAMAICA GOVT LRS 12.85 5/31/2022 JMD 66.04 JAMAICA GOVT LRS 13.38 12/15/2021 JMD 69.44 JAMAICA GOVT LRS 13.58 12/15/2026 JMD 64.83 JAMAICA GOVT LRS 14 6/30/2021 JMD 73.33 JAMAICA GOVT LRS 14.4 8/3/2027 JMD 70.57 JAMAICA GOVT LRS 15 8/30/2032 JMD 73.47 JAMAICA GOVT LRS 15.5 3/24/2028 JMD 73.92 PUERTO RICO PUERTO RICO CONS 6.1 5/1/2012 USD 65.75 PUERTO RICO CONS 6.2 5/1/2017 USD 48 PUERTO RICO CONS 6.5 4/1/2016 USD 49 VENEZUELA PETROLEOS DE VEN 4.9 10/28/2014 USD 58.26 PETROLEOS DE VEN 5 10/28/2015 USD 53.14 PETROLEOS DE VEN 5.13 10/28/2016 USD 50.62 PETROLEOS DE VEN 5.25 4/12/2017 USD 52.85 PETROLEOS DE VEN 5.38 4/12/2027 USD 43.3 PETROLEOS DE VEN 5.5 4/12/2037 USD 42.85 VENEZUELA 5.75 2/26/2016 USD 65.34 VENEZUELA 6 12/9/2020 USD 55.47 VENEZUELA 7 12/1/2018 USD 63.78 VENEZUELA 7 3/31/2038 USD 52.76 VENEZUELA 7.65 4/21/2025 USD 58.97 VENEZUELA 7.75 10/13/2019 USD 63.77 VENEZUELA 8.25 10/13/2024 USD 61.07 VENEZUELA 9 5/7/2023 USD 67.13 VENEZUELA 9.25 5/7/2028 USD 67.24 VENEZUELA 9.25 9/15/2027 USD 67.21 VENZOD - 189000 9.38 1/13/2034 USD 68.87 *********** 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 * * *