/raid1/www/Hosts/bankrupt/TCRLA_Public/091208.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, December 8, 2009, Vol. 10, No. 242
Headlines
A R G E N T I N A
TELEFONICA DE ARGENTINA: Telefonica Gets OK to Buy Remaining Stake
B E R M U D A
ASPIRATION FUND: Creditors' Proofs of Debt Due on December 11
ASPIRATION FUND: Members' Final Meeting Set for January 19
FALBRAV FUND: Creditors' Proofs of Debt Due on December 11
FALBRAV FUND: Members' Final Meeting Set for January 19
GRUNDY FUND: Creditors' Proofs of Debt Due on December 11
GRUNDY FUND: Members' Final Meeting Set for January 19
PENMORFA FUND: Creditors' Proofs of Debt Due on December 11
PENMORFA FUND: Members' Final Meeting Set for January 19
QFV MASTER: Creditors' Proofs of Debt Due on December 11
QFV MASTER: Members' Final Meeting Set for January 19
UNOCAL E&S: Creditors' Proofs of Debt Due on December 11
UNOCAL E&S: Members' Final Meeting Set for January 5
WARD INTERNATIONAL: Creditors' Proofs of Debt Due on December 11
WARD INTERNATIONAL: Member to Receive Wind-Up Report on Dec. 30
B R A Z I L
BANCO NACIONAL: May Buy Stakes in Drug Makers to Spark Merger
BRF-BRASIL FOODS: To Change Ticker Symbol on December 10
CAMARGO CORREA: Mulls Cimpor Investment
GOL LINHAS: November Air Traffic Up From Year-Earlier Period
MARFRIG ALIMENTOS: Foreigners Acquire 47.8% of Shares Offered
C A Y M A N I S L A N D S
APIF GP: Creditors' Proofs of Debt Due on December 10
BLURANO LTD: Creditors' Proofs of Debt Due on January 22
CENTRA INDEMNITY: Placed Under Voluntary Wind-Up
CREINVEST (CAYMAN): Creditors' Proofs of Debt Due on December 11
CREP INVESTMENT: Creditors' Proofs of Debt Due on December 10
CRG PARTNERS: Creditors' Proofs of Debt Due on December 10
EMPEROR FUND: Creditors' Proofs of Debt Due on December 10
EMPEROR MASTER: Creditors' Proofs of Debt Due on December 10
GIUGNO INVESTMENTS: Creditors' Proofs of Debt Due on January 22
GREYLOCK GLOBAL: Commences Wind-Up Proceedings
GREYLOCK GLOBAL: Commences Wind-Up Proceedings
INVESTCORP CREDIT: Commences Liquidation Proceedings
INVESTCORP PROP: Commences Liquidation Proceedings
IRON CONDOR: Creditors' Proofs of Debt Due on December 10
MIYAKODORI 2: Creditors' Proofs of Debt Due on December 10
NAVITAS TRADING: Creditors' Proofs of Debt Due on December 10
PARALLAX: Commences Wind-Up Proceedings
PENDVEST MANAGER: Creditors' Proofs of Debt Due on December 10
PROSPERITY AURORA: Commences Liquidation Proceedings
SANTOSHI CLO: Creditors' Proofs of Debt Due on December 10
SFC J: Creditors' Proofs of Debt Due on December 10
SFC LI: Creditors' Proofs of Debt Due on December 9
SFC SECURITY: Creditors' Proofs of Debt Due on December 9
SONDRIO FINANCING: Creditors' Proofs of Debt Due on January 22
STEP CAPITAL: Creditors' Proofs of Debt Due on December 10
SUNBRIDGE TELECOM: Creditors' Proofs of Debt Due on December 10
SUNDOWNER CAYMAN: Creditors' Proofs of Debt Due on December 11
TACTICAL REBALANCED: Creditors' Proofs of Debt Due on December 11
TANZANITE FINANCE: Creditors' Proofs of Debt Due on December 11
C O L O M B I A
AES CHIVOR: S&P Upgrades Ratings to 'BB+' Gives Stable Outlook
AES CHIVOR: Strong Cash Flow Cues S&P to Raises Rating to 'BB+'
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Dev't Plan Should Ease Industrial Crisis
J A M A I C A
AIR JAMAICA: Sees "Big Jump" in Passenger Load This Christmas
DIGICEL GROUP: Claro Denies Call Price Fixing Allegations
M E X I C O
CEMEX SAB: May Challenge Mexican Tax Reform in Courts
P E R U
DOE RUN PERU: "Must Hurry" Zinc Smelter Talks in Peru, Gov't Says
P U E R T O R I C O
FIRSTBANK PUERTO RICO: Files US$3MM Lawsuit Against SoBe
U R U G U A Y
* URUGUAY: IDB Provides US$20 Million Fund for Port Project
V E N E Z U E L A
BANCO REAL: Government Shuts Down Operations
BANIVEST: Venezuela Takes Over Operations
CENTRAL BANCO UNIVERSAL: Government Seizes Operations
X X X X X X X X
* LATAM: IDB Attracts Banks for Transportation Financing Deal
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
TELEFONICA DE ARGENTINA: Telefonica Gets OK to Buy Remaining Stake
------------------------------------------------------------------
Jason Sinclair at Dow Jones Newswires reports that the Argentine
market regulator has approved Telefonica SA's request to buy out
the remaining 1.8% of Telefonica de Argentina SA it doesn't
already control.
According to the report, citing a filing to the Spanish market
regulator, Telefonica said it would offer 1 Argentinean peso a
share for the roughly 126 million shares of its Argentine unit.
The report relates that Telefonica said it would pay roughly EUR22
million for the stake.
Headquartered in Buenos Aires, Argentina, Telefonica de Argentina
is the largest incumbent telephone service provider. Reported
total revenues as of last twelve months ended June 30 2009,
amounted to ARS5.2 billion (US$1.5 billion using the average LTM
exchange rate).
* * *
As reported in the Troubled Company Reporter Latin America on
October 29, 2009, Moody's Latin America said that Telefonica de
Argentina's B2 foreign currency senior unsecured bond rating
remain unchanged after Telefonica de Argentina concluded a tender
offer to repurchase up to about US$73 million (in pesos and
dollars), out of its total debt of about US$330 million in bonds
at nominal value plus a premium on October 22, 2009.
=============
B E R M U D A
=============
ASPIRATION FUND: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The creditors of Aspiration Fund Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
ASPIRATION FUND: Members' Final Meeting Set for January 19
----------------------------------------------------------
The members of Aspiration Fund Limited will hold their final
general meeting on January 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
FALBRAV FUND: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------
The creditors of Falbrav Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
FALBRAV FUND: Members' Final Meeting Set for January 19
-------------------------------------------------------
The members of Falbrav Fund Limited will hold their final general
meeting on January 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
GRUNDY FUND: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------
The creditors of Grundy Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
GRUNDY FUND: Members' Final Meeting Set for January 19
------------------------------------------------------
The members of Grundy Fund Limited will hold their final general
meeting on January 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
PENMORFA FUND: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------
The creditors of Penmorfa Fund Limited are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
PENMORFA FUND: Members' Final Meeting Set for January 19
--------------------------------------------------------
The members of Penmorfa Fund Limited will hold their final general
meeting on January 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
QFV MASTER: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of QFV Master Fund Ltd are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
QFV MASTER: Members' Final Meeting Set for January 19
-----------------------------------------------------
The members of QFV Master Fund Ltd will hold their final general
meeting on January 19, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Beverly Mathias
c/o Argonaut Limited
Argonaut House, 5 Park Road
Hamilton HM O9, Bermuda
UNOCAL E&S: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------
The creditors of Unocal E&S Asia III, Ltd. are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 26, 2009.
The company's liquidator is:
Gary R. Pitman
Chevron House, 11 Church Street
Hamilton, Bermuda
UNOCAL E&S: Members' Final Meeting Set for January 5
----------------------------------------------------
The members of Unocal E&S Asia III, Ltd. will hold their final
general meeting on January 5, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 26, 2009.
The company's liquidator is:
Gary R. Pitman
Chevron House, 11 Church Street
Hamilton, Bermuda
WARD INTERNATIONAL: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------------
The creditors of Ward International, Ltd are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
WARD INTERNATIONAL: Member to Receive Wind-Up Report on Dec. 30
---------------------------------------------------------------
The sole member of Ward International, Ltd. will receive, on
December 30, 2009, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on November 25, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BANCO NACIONAL: May Buy Stakes in Drug Makers to Spark Merger
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA Head of
Chemical and Pharmaceutical Products Department, Pedro Palmeira
Filho, said that the bank may become a shareholder in drugmakers
to spur domestic consolidation and the creation of large national
companies, Laura Price at Bloomberg News reports, citing O Estado
de S. Paulo.
According to the report, the newspaper said that BNDES wants to
help Brazilian businesses grow within the country instead of being
bought by foreign companies. The report, citing the local
newspaer, relates that BNDES came to the conclusion after France's
Sanofi-Aventis SA agreed to buy Brazilian drugmaker Medley SA.
The acquisition contributed to a reduction in local companies’
share of the Brazilian market, Estado added, the report notes.
About BNDES
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.
BRF-BRASIL FOODS: To Change Ticker Symbol on December 10
--------------------------------------------------------
Brazilian meatpacker BRF-Brasil Foods SA will change its ticker
symbol on December 10, Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.
"In view of the new corporate denomination approved by the
extraordinary general meeting held on July 8, as from the business
day of December 10, the shares issued by the company shall be
traded on the Sao Paulo Stock Exchange, BMFBovespa, under the new
symbol ("ticker") BRFS3, and in the case of the New York Stock
Exchange under the symbol ("ticker") BRFS, replacing the former
PRGA3 and PDA symbol, respectively," the company said in a
statement obtained by the news agency.
As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Bloomberg News said Perdigao agreed to take over
rival Sadia SA through a share-swap transaction. After the take
over, the new company will be known as BRF Brasil Foods SA and
incorporate Sadia shares owned by HFF Participacoes SA -- a
holding company formed by investors who have more than 51% of
Sadia's voting stock.
About BRF-Brasil Foods
BRF-Brasil Foods SA is a food processor in Latin America. The
company raises chickens to produce poultry products. Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables. The company's core business is
chilled and frozen food. The company has offices in the Middle
East, Asia, and Europe.
* * *
As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating. The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.
CAMARGO CORREA: Mulls Cimpor Investment
---------------------------------------
Camargo Correa SA and Votorantim are interested in investing in
Cimpor-Cimentos de Portugal SGPS SA, Jim Silver at Bloomberg News
reports, citing Expresso newspaper, without saying where it got
the information.
According to the report, the newspaper said that investment
bankers representing the Brazilian companies met with leading
Cimpor shareholders to determine if they’re willing to sell shares
in the Portuguese cement company. The report, citing the
newspaper, relates that Votorantim and Camargo Correa would invest
independently of one another.
Bloomberg News notes that Expresso said an unidentified Votorantim
official denied the company was in negotiations involving Cimpor,
and it said no one was available to comment at Camargo Correa.
About Camargo Correa
Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil. The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing. It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses. During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:
-- Foreign currency Issuer Default Rating 'BB';
-- Local currency IDR 'BB';
GOL LINHAS: November Air Traffic Up From Year-Earlier Period
------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Gol Linhas Aereas
Inteligentes SA revealed that the number of seats taken on its
flights jumped in November from the year-earlier period.
According to the report, load factor of Gol Linhas increased to
72% in November from 57% a year earlier. The report relates that
the airline's total revenue for each seat flown a kilometer rose
41% from a year earlier, while capacity rose 12%.
“The data from Gol for November were positive, which corroborates
our view that the industry should maintain an elevated rate of
growth in coming months,” Andres Kikuchi, senior analyst at Link
Investimentos in Sao Paulo wrote in a note obtained by the news
agency. “In the short term we believe there will be a better
balance between supply and demand, favoring an increase in
prices,” he added.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay. The company's services include passenger, cargo, and
charter services. As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft. The company was founded in 2001.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:
-- Foreign and Local Currency long-term Issuer Default Ratings
at 'B+';
-- Long-term National Rating at 'BBB(bra)';
-- US$200 million perpetual notes at 'B/RR5';
-- US$200 million senior notes due 2017 at 'B/RR5'.
MARFRIG ALIMENTOS: Foreigners Acquire 47.8% of Shares Offered
-------------------------------------------------------------
Foreign investors purchased 47.8% of the shares offered by Marfrig
Alimentos SA through a primary share offer on the Brazilian Stock
Exchange (BMFBovespa), Rogerio Jelmayer at Dow Jones Newswires
reports, citing a company statement.
According to the report, the company raised a total of BRL1.5
billion (US$882 million) from the offer. The report relates that
Marfrig Alimentos sold a total of 79.04 million shares, with each
share priced at BRL19.00. Foreign investors acquired 37.8 million
shares, the report notes.
The company, Dow Jones Newswires says, will use the proceeds to
finance the recent acquisition of Seara Alimentos Ltd., a local
poultry, pork and consumer food company. Marfrig bought Seara
from U.S. food giant Cargill for about US$900 million last month,
the report notes.
Bradesco BBI, BB Investimentos, Credit Suisse, Itau BBA and
Santander coordinated the offering.
About Marfrig Alimentos
Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta. The company operates in Southern America,
the united states, and Europe.
* * *
As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:
-- Moody's "B1" LT Corp Family Rating;
-- Standard and Poor's "B+" LT Foreign Issuer Credit
rating; and
-- Fitch ratings' "B+" LT Issuer Credit ratings
==========================
C A Y M A N I S L A N D S
==========================
APIF GP: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------
The creditors of APIF GP Limited are required to file their proofs
of debt by December 10, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 26, 2009.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344, Grand Cayman KY1-1108
BLURANO LTD: Creditors' Proofs of Debt Due on January 22
--------------------------------------------------------
The creditors of Blurano Ltd. are required to file their proofs of
debt by January 22, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on October 22, 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
CENTRA INDEMNITY: Placed Under Voluntary Wind-Up
------------------------------------------------
On October 26, 2009, the sole member of Centra Indemnity, Ltd.
passed a resolution that volunarily winds up the company's
operations.
Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Rhonda Perry
Global Captive Management Ltd.
Governors Square, 2nd Floor, Building 3
23 Lime Tree Bay Avenue
P.O. Box 1363, Grand Cayman KY1-1108
Cayman Islands
c/o Peter Mackay
Telephone: (345) 949 7966
CREINVEST (CAYMAN): Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------------
The creditors of Creinvest (Cayman) Ltd are required to file their
proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 21, 2009.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
CREP INVESTMENT: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Crep Investment Z Cayman are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 22, 2009.
The company's liquidator is:
Walkers SPV Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
CRG PARTNERS: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of CRG Partners, Ltd are required to file their
proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 19, 2009.
The company's liquidator is:
Graham Robinson
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, One Capital Place, George Town
Grand Cayman KY1-1103, Cayman Islands
EMPEROR FUND: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Emperor Fund, SPC are required to file their
proofs of debt by December 10, 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:
DMS Corporate Services Ltd.
c/o Mourant du Feu & Jeune
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
dms Corporate Services Ltd.
Telephone: (+1) 345 946 7665
Facsimile: (+1) 345 946 7666
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
EMPEROR MASTER: Creditors' Proofs of Debt Due on December 10
------------------------------------------------------------
The creditors of Emperor Master Fund SPC are required to file
their proofs of debt by December 10, 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:
DMS Corporate Services Ltd.
c/o Mourant du Feu & Jeune
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
dms Corporate Services Ltd.
Telephone: (+1) 345 946 7665
Facsimile: (+1) 345 946 7666
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
GIUGNO INVESTMENTS: Creditors' Proofs of Debt Due on January 22
---------------------------------------------------------------
The creditors of Giugno Investments are required to file their
proofs of debt by January 22, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 22, 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
GREYLOCK GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Greylock Global Distressed Debt Fund, Ltd. commenced wind-up
proceedings on October 20, 2009.
Only creditors who were able to file their proofs of debt by
December 2, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
Bradley Kruger
Telephone: (345) 815-1877
Facsimile: (345) 949 1986
c/o Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
GREYLOCK GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Greylock Global Distressed Debt Master Fund, Ltd. commenced wind-
up proceedings on October 20, 2009.
Only creditors who were able to file their proofs of debt by
December 2, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
Bradley Kruger
Telephone: (345) 815-1877
Facsimile: (345) 949 1986
c/o Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
INVESTCORP CREDIT: Commences Liquidation Proceedings
----------------------------------------------------
Investcorp Credit Opportunities Hedge Fund Limited SPC commenced
liquidation proceedings on October 27, 2009.
Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
Evania Ebanks
c/o Paget-Brown Trust Company Ltd.
Boundary Hall, Cricket Square
P.O. Box 1111, Grand Cayman KY1-1102
Cayman Islands
INVESTCORP PROP: Commences Liquidation Proceedings
--------------------------------------------------
Investcorp Prop Opportunities Limited commenced liquidation
proceedings on October 27, 2009.
Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Bonnie Willkom
Paget-Brown Trust Company Ltd.
Boundary Hall, Cricket Square
PO Box 1111, Grand Cayman KY1-1102
Cayman Islands
IRON CONDOR: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Iron Condor Master Fund Limited are required to
file their proofs of debt by December 10, 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:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
MIYAKODORI 2: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Miyakodori 2 Capital Corporation are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on October 26, 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
NAVITAS TRADING: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Navitas Trading Company are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 21, 2009.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square
1st Floor, 64 Earth Close
West Bay Beach
PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
PARALLAX: Commences Wind-Up Proceedings
---------------------------------------
Parallax commenced wind-up proceedings on October 27, 2009.
Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Matthew Mulry
Telephone: (345) 815 1761
Facsimile: (345) 949 1986
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
PENDVEST MANAGER: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Pendvest Manager Limited are required to file
their proofs of debt by December 10, 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 Corporate Services Limited
c/o Anthony Johnson
Telephone: (345) 914-6314
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005, Cayman Islands
PROSPERITY AURORA: Commences Liquidation Proceedings
----------------------------------------------------
Prosperity Aurora Limited commenced liquidation proceedings on
October 27, 2009.
Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Matthew Mulry
Telephone: (345) 815 1761
Facsimile: (345) 949 1986
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
SANTOSHI CLO: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Santoshi CLO 2 Capital Corporation are required
to file their proofs of debt by December 10, 2009, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on October 26, 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
SFC J: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------
The creditors of SFC J Company are required to file their proofs
of debt by December 10, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 23, 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
SFC LI: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------
The creditors of SFC LI Company are required to file their proofs
of debt by December 9, 2009, to be included in the company's
dividend distribution.
The company's liquidator is:
Bernard Mcgrath
69 Dr. Roy's Drive, P.O. Box 1043
George Town, Grand Cayman KY1-1102
SFC SECURITY: Creditors' Proofs of Debt Due on December 9
---------------------------------------------------------
The creditors of SFC Security Company are required to file their
proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Bernard Mcgrath
69 Dr. Roy’s Drive, P.O. Box 1043
George Town, Grand Cayman KY1-1102
SONDRIO FINANCING: Creditors' Proofs of Debt Due on January 22
--------------------------------------------------------------
The creditors of Sondrio Financing Limited are required to file
their proofs of debt by January 22, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 22, 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
STEP CAPITAL: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Step Capital China Fund are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 22, 2009.
The company's liquidator is:
Avalon Management Limited
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
Landmark Square, 1st Floor, 64 Earth Close
West Bay Beach P.O. Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
SUNBRIDGE TELECOM: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------------
The creditors of Sunbridge Telecom Ltd. are required to file their
proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
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
SUNDOWNER CAYMAN: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------------
The creditors of Sundowner Cayman Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Ian D. Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
TACTICAL REBALANCED: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Tactical Rebalanced Fund Limited are required to
file their proofs of debt by December 11, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on October 15, 2009.
The company's liquidator is:
Ian D. Stokoe
Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
TANZANITE FINANCE: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------------
The creditors of Tanzanite Finance VI Limited are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 16, 2009.
The company's liquidator is:
Ian D. Stokoe
Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
===============
C O L O M B I A
===============
AES CHIVOR: S&P Upgrades Ratings to 'BB+' Gives Stable Outlook
--------------------------------------------------------------
On Dec. 4, 2009, Standard & Poor's Ratings Services upgraded its
ratings on Colombia-based AES Chivor & CIA S.C.A.E.S.P. to 'BB+'
from 'BB'. The outlook is stable.
The rating action reflects the improvement in Chivor's financial
risk profile resulting from its strong free cash flow generation
and declining debt levels. Chivor benefits from its good and
quite stable power generation levels, low operating costs, higher
prices for power prices in Colombia, and low capital expenditures
needs. S&P expects Chivor to mitigate its highly volatile cash
flow generation with a moderate financial policy and adequate
financial flexibility based on projected relatively strong credit
metrics.
The rating also reflects the challenges of operating in the highly
competitive and largely hydro-based Colombian power system, its
single-asset nature, its exposure to weather conditions, and its
volatile cash flow generation. Partly offsetting these weaknesses
are Chivor's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its sizable portfolio of short- and medium-term
power sales contracts, and relatively strong credit metrics.
Chivor generates about 4,000 gigawatt hours of electricity per
year, and has short- and medium-term sales contracts (of up to
three years) for 2,300 GWh-3,000 GWh. The company seeks to
optimize its water and cash flow generation by purchasing power on
the spot market (2,097 GWh in the first nine months of 2009 and
2,829 GWh in 2008) to meet part of its contractual obligations
also by selling its own power, depending on the spread between
contract and spot prices. Chivor's sales reached 4,884 GWh in the
nine months of 2009, compared with 5,085 GWh in the first nine
months of 2008.
Chivor's cash flow generation has benefited from a significant
increase in power prices in Colombia--to an average of $65 per
megawatt hour in the first nine months of 2009, compared with $45
per MWh in 2008. This was mainly due to higher shipments of
thermal generators during drought conditions, appreciation of the
Colombian peso against the U.S. dollar, and low-power-generation
capacity additions. The company's good operating performance and
lower debt levels resulted in an improved funds from operations
(FFO)-to-total debt ratio of 51.8% and FFO interest coverage of
5.4x in the 12 months ended Sept. 30, 2009, compared with 45.2%
and 5.7x, respectively, in 2008.
Chivor is the fourth-largest power generator in Colombia through
its ownership of a 1,000-MW hydropower plant that represents about
8% of the country's total installed capacity.
S&P considers Chivor's liquidity to be adequate, enhanced by its
relatively strong cash flow generation, low capital expenditures,
and good financial flexibility, mitigating its relatively high
refinancing risk in 2014, when its $170 million bonds come due.
As of Sept. 30, 2009, the company had $72.8 million in cash,
compared with $16.4 million in short-term financial debt
(including accrued interest). S&P expects Chivor to maintain an
adequate cash position of at least $20 million-$30 million.
The stable outlook incorporates S&P's expectation that Chivor will
maintain its relatively sound financial metrics despite its fairly
high cash flow volatility, with FFO-to-debt ratio and FFO interest
coverage projected ratios at about 40% and 4x, respectively, for
2009-2011. Any rating upside is somewhat limited by the inherent
risks in of Colombia's economy and the company's high cash flow
volatility. The ratings could be pressured if Chivor experiences
significant deterioration in its cash flow generation, debt
service coverage ratios, and financial flexibility, given what S&P
foresee to be relatively high refinancing risk in 2014.
Upgraded; CreditWatch/Outlook Action
AES CHIVOR & CIA S.C.A. E.S.P.
To From
-- ----
Corporate Credit Rating BB+/Stable/-- BB/Positive/--
Upgraded
AES CHIVOR & CIA S.C.A. E.S.P.
To From
-- ----
Senior Secured BB+ BB
AES CHIVOR: Strong Cash Flow Cues S&P to Raises Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has upgraded its
ratings on Colombia-based AES Chivor & CIA S.C.A.E.S.P. to 'BB+'
from 'BB'. The outlook is stable.
"The rating action reflects the improvement in Chivor's financial
risk profile resulting from its strong free cash flow generation
and declining debt levels. Chivor benefits from its good and
quite stable power generation levels, low operating costs, higher
prices for power prices in Colombia, and low capital expenditures
needs. S&P expects Chivor to mitigate its highly volatile cash
flow generation with a moderate financial policy and adequate
financial flexibility based on projected relatively strong credit
metrics," said Standard & Poor's credit analyst Ivana Recalde.
The rating also reflects the challenges of operating in the highly
competitive and largely hydro-based Colombian power system, its
single-asset nature, its exposure to weather conditions, and its
volatile cash flow generation. Partly offsetting these weaknesses
are Chivor's relatively strong competitive position as a low-cost
power generator, its sizable dam and the favorable hydrology
within its region, its sizable portfolio of short- and medium-term
power sales contracts, and relatively strong credit metrics.
The stable outlook incorporates S&P's expectation that Chivor will
maintain its relatively sound financial metrics despite its fairly
high cash flow volatility, with a strong funds from operations
(FFO)-to-debt ratio and FFO interest coverage projected at about
40% and 4x, respectively, for 2009-2011.
"Any rating upside is somewhat limited by the inherent risks in of
Colombia's economy and the company's high cash flow volatility.
The ratings could be pressured if Chivor experiences significant
deterioration in its cash flow generation, debt service coverage
ratios, and financial flexibility, given what S&P foresees to be
relatively high refinancing risk in 2014," Ms. Recalde added.
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REPUBLIC: Dev't Plan Should Ease Industrial Crisis
--------------------------------------------------------------
Dominican Republic's development plan, which was proposed by the
Treasury Ministry, would start to solve the country's industrial
crisis, Dominican Today reports, citing Ignacio Mende, head of the
Industrial Associations Federation.
According to the report, Mr. Mendez said that as a result of the
sector's crisis, 25% of the total jobs has been lost so far this
year.
Mr. Mendez, the report relates, criticized that officials aren't
committed to contributing solutions to the crisis and work to
solve their own problems instead of those of the collectivity.
"Time was that when someone went to work for the S-state it was
because they had a vocation of service, now they go to get the
check and nothing else and what occurs in that public office
doesn't concern them in the least," the report quoted Mr. Mendez
as saying.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:
-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Country ceiling at 'B+';
-- Short-term foreign currency IDR at 'B';
-- Senior unsecured debt at 'B'.
=============
J A M A I C A
=============
AIR JAMAICA: Sees "Big Jump" in Passenger Load This Christmas
-------------------------------------------------------------
Air Jamaica Limited President Bruce Nobles is expecting a "big
jump" in passenger load this Christmas following a slow start in
the travel season, RadioJamaica reports. The report relates that
Mr. Nobles said that the airline had a weak start with a
disappointing Thanksgiving period.
However, the report notes, Mr. Nobles said that business has since
picked up with Air Jamaica seeing increased load factors on all
its routes. "Thanksgiving was a little softer than what we would
have liked but load factors are pretty good and Christmas is
looking pretty good. The business plan we put in place in spring
has driven up our load factors on all our routes," the report
quoted Mr. Nobles 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.
DIGICEL GROUP: Claro Denies Call Price Fixing Allegations
---------------------------------------------------------
Claro has denied Digicel Group's allegations that it is involved
in a pricing collusion with Lime (formerly Cable & Wireless
Jamaica), RadioJamaica reports.
According to the report, Claro has written to the Fair Trading
Commission denying that it has engaged in talks or negotiations
with any telecommunication provider to jointly set call prices and
is willing to provide evidence. The report relates that Claro
said that it has been in negotiations with all the major
telecommunication operators including LIME, Digicel and FLOW in
order to lower interconnection termination rates.
However, the report notes, it claims that Digicel refused to
adjust its rates.
RadioJamaica says Claro has declared that it is compliance with
the Fair Competition Act and has suggested that the FTC instead
investigate what it says are Digicel's unfair practices.
As reported in the Troubled Company Reporter-Latin America on
December 7, 2009, Jamaica Observer said that Digicel Group accused
Lime and and Claro of colluding to gain a competitive advantage in
the landline market. The report related that Digicel is calling
on LIME to embrace competition which can only benefit the Jamaican
consumer. However, the report noted, LIME is categorically
refuting allegations made by Digicel that there is collusion
between LIME and Claro in setting mobile prices. The Observer
said that LIME Country Manager Geoff Houston dismissed the Digicel
claim (which Digicel has lodged as a complaint to the FTC) as
nothing more than a spurious attempt to keep inflated prices in
the market and to distract the FTC from applying its energies to
constraining Digicel's anti-competitive practices.
About Digicel Group
Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.
Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.
* * *
As of June 25, the company continues to carry these low ratings
from Moody's:
-- LT Corp Family Rating at B2
-- Senior Undecured Debt Rating at Caa1
-- probability of Default at B2
===========
M E X I C O
===========
CEMEX SAB: May Challenge Mexican Tax Reform in Courts
-----------------------------------------------------
CEMEX, S.A.B. de C.V. could challenge a Mexican tax reform in the
courts, Robin Emmott and Gabriela Lopez at Reuters report. The
report, citing a filing with the Securities and Exchange
Commission, relates the company said that Mexico's 2010 income tax
increases are unconstitutional and the company could take the
government to court.
"We believe this tax reform violates the Mexican Constitution and
that we have substantial grounds to contest the constitutionality
of this new law," the report quoted the company as saying.
According to the report, Cemex said that the reform, which seeks
to improve Mexico's low tax take, will require the company to pay
taxes on its individual units that were previously consolidated in
the group's total tax declaration.
Reuters notes that lawmakers pushed a modest tax reform through
Congress last month to raise income tax by 2% from next year, a
law which is retroactive for companies such as Cemex that have
deferred tax payments.
"I think a lot of companies are going to seek injunctions
against the reform," the report quoted Carlos Hermosillo, an
analyst at Vector brokerage in Mexico City, as saying.
The report notes that higher taxes could hurt Cemex SAB as it
recovers from the toughest market in its century-long history.
The company, Reuters relates, said that its cash flow in
particular, which is key to paying back debt, could suffer.
As reported in the Troubled Company Reporter-Latin America on
December 4, 2009, Bloomberg News said that CEMEX SAB expects to
record an extraordinary loss of US$446 million in the fourth
quarter related to the sale of its Australian operations.
According to the report, citing a company filing with the
Securities and Exchange Commission, a new Mexican tax-
consolidation law that will take effect in 2010 also may hurt
profit.
About Cemex SAB
CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials. CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:
-- Foreign currency Issuer Default Rating at 'B';
-- Local currency IDR at 'B';
-- Long-term national scale rating at 'BB-(mex)';
-- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';
-- MXN30 billion Programa Dual Revolvente de Certificados
Bursatiles program at 'BB-(mex)';
-- Senior unsecured debt obligations at 'B+/RR3';
-- Unsecured debt issued through the Certificados Bursatiles
program at 'BB-(mex)';
-- Short-term national scale rating at 'B (mex)';
-- MXN2.5 billion short-term portion of Programa Dual Revolvente
de Certificados Bursatiles program at 'B (mex)'.
=======
P E R U
=======
DOE RUN PERU: "Must Hurry" Zinc Smelter Talks in Peru, Gov't Says
-----------------------------------------------------------------
Doe Run Peru will have to accelerate talks with suppliers to
restart operations at its shuttered smelter, Alex Emery at
Bloomberg News reports, citing Deputy Mining Minister Fernando
Gala. The report relates Mr. Gala said that Doe Run is unlikely
to reach an agreement on supply contracts with two miners before
February.
According to the report, Mr. Gala said that access to bank
financing will be "more difficult. They must hurry as time is
running out." "Doe Run will have to pay at least part of its debt
to suppliers before they can get any more credit," he added.
Bloomberg News notes Doe Run Vice President Jose Mogrovejo
confirmed that the company will have to reach an accord with
suppliers before it can negotiate a bank loan. "We're making
progress," Mr. Mogrovejo told the news agency in in a telephone
interview. "We can definitely meet the financing deadline," he
added.
Creditors including Cia de Minas Buenaventura SA and its zinc unit
El Brocal say they won't grant credit until Doe Run pays back
US$16.6 million in debt, the report notes. Doe Run, Bloomberg
News adds, also owes US$8.8 million to Vancouver-based silver and
zinc miner Pan American Silver Corp.
As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, AMM News said that a Doe Run Peru spokesman said
that the company will delay the reopening of its smelter following
reports that Peru's congress voted to give the company a 30-month
extension on its environmental cleanup deadline, which expired on
October. The report recalls that Doe Run Peru filed for a
government-monitored financial restructuring because it was
worried creditors might try to freeze its assets or operations.
Reuters related that Doe Run Peru owes some US$100 million to its
suppliers and needs to spend another US$150 million to clean up La
Oroya.
About Doe Run Peru
Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.
* * *
As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.
====================
P U E R T O R I C O
====================
FIRSTBANK PUERTO RICO: Files US$3MM Lawsuit Against SoBe
--------------------------------------------------------
FirstBank Puerto Rico has filed a US$3 million foreclosure lawsuit
against the owner of a commercial building on South Beach, South
Florida Business Journal News reports.
According to the report, citing Miami-Dade County Circuit Court
record, the bank filed the action on November 24 against South
Collins Property Investment LLC, Raymond Mitri and Dani Mitri.
The report relates that FirstBank intends to seize the 7,881-
square-foot commercial building at 919 Collins Ave.
The report recalls that South Collins Property bought the building
for US$1 million in 2003. The report relates that the bank
granted the developer a US$2.9 million mortgage on the site in
July 2008.
* * *
As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Moody's Investors Service downgraded the bank
financial strength and long term debt and deposit ratings of
FirstBank Puerto Rico (bank financial strength to D- from D+,
long-term deposits to Ba3 from Ba1). Following the downgrade, the
rating outlook is negative.
=============
U R U G U A Y
=============
* URUGUAY: IDB Provides US$20 Million Fund for Port Project
-----------------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to help Uruguay advance on its plan to upgrade its main port in
Montevideo, a project that will expand the port and boost its
efficiency, contributing for a reduction in maritime and river
transportation costs.
According to IDB, the supplemental financing will enable the
National Ports Authority to proceed with contracts established in
the procurement plan. The project seeks to expand the port's
cargo handling capacity by building multipurpose wharf and
deepening the access channel to allow access to larger vessels.
In addition, the project will provide technical assistance through
institution-strengthening, pre-investment studies and consulting
assignments related to the program.
The port of Montevideo has been growing rapidly and steadily at an
average annual rate of 14% due to an increase in foreign trade.
Its central location has played a crucial role in the growing
importance of the port as a regional hub in the South Atlantic.
The new financing complements a previous us$40 million loan
approved by the IDB in October 2008 for the project. The new loan
is for 25-year term, with a four-year disbursement and grace
periods, and carries a Libor-bases interest rate. Local
counterpart funds will total US$11 million.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings revised the Outlook for Uruguay's
ratings to Positive from Stable. In addition, Fitch affirmed
Uruguay's foreign currency Issuer Default Rating at 'BB-' and its
local currency IDR at 'BB'. Fitch also affirmed Uruguay's country
ceiling at 'BB+' and the short-term IDR at 'B'.
=================
V E N E Z U E L A
=================
BANCO REAL: Government Shuts Down Operations
--------------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven. The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.
According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on. The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis. "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.
Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.
As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them. According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised." The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.
The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.
BANIVEST: Venezuela Takes Over Operations
-----------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven. The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.
According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on. The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis. "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.
Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.
As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them. According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised." The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.
The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.
CENTRAL BANCO UNIVERSAL: Government Seizes Operations
-----------------------------------------------------
Andrew Cawthorne and Walker Simon at Reuters report that Venezuela
took over three more bank -- Baninvest, Central Banco Universal,
and Banco Real -- raising the tally to seven. The report relates
that Finance Minister Ali Rodriguez said the three banks, which
account for just 2% of Venezuela's banking deposits, would
hopefully be "rehabilitated" by the state.
According to the report, Mr. Rodriguez has assured the public that
the rest of the country's financial system is in good hands
despite the criminal campaigns going on. The report relates that
Mr. Rodriguez accused opponents of President Hugo Chavez of trying
to destabilize Venezuela through rumors of a bank crisis. "We are
not facing a situation of crisis in the national bank system,
despite the enormous, deep crisis that has shaken the financial
world, and severely affected developed economies, particularly the
United States," the report quoted Mr. Rodriguez as saying.
Reuters notes most analysts believe that the government is engaged
in a purging exercise of a minority of banks with funding or
ownership irregularities, rather than being on the brink of taking
over another sector in the South American nation.
As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, Dow Jones Newswires said that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Mr.
Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them. According to the report, Mr.
Rodriguez said that the government will sell off Banco Canarias de
Venezuela CA and Banco Provivienda (Banpro), after its
intervention begun November 20 "revealed that they had been
severely compromised." The report related that Bolivar Banco and
Banco Confederado SA will temporarily shut their doors during the
intervention.
The four bank, Dow Jones Newswires said, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.
===============
X X X X X X X X
===============
* LATAM: IDB Attracts Banks for Transportation Financing Deal
-------------------------------------------------------------
The Inter-American Development Bank has brought together major
banks, including the Japanese Bank for International Cooperation,
to participate in one of the largest infrastructure project
financing deals in Latin America this year.
JBIC and four commercial banks have joined the IDB to provide
US$940 million in loans to finance the concession and public works
of Rodoanel Oeste, the western section of a 182-kilometer beltway
project that will eventually surround Sao Paulo, Brazil's biggest
city. The total cost of the 32-kilometer Rodoanel Oeste is
estimated at US$1.5 billion.
The other banks participating in the operation are Caixa Geral de
Depositos and Banco Espirito Santo of Portugal, Calyon of France
and Banco Bradesco of Brazil. The beltway project will better
distribute traffic flows across the Sao Paulo's metropolitan
region and improve access to Santos, the country's biggest port.
Companhia de Concessoes Rodoviarias and Encalso Construcoes Ltda.
control the concession for Rodoanel Oeste.
"The IDB is working very closely with development agencies and
other multilateral institutions to mobilize resources for Latin
America and the Caribbean, particularly after the global financial
crisis prompted several commercial banks to cut back on lending,''
said Renato Mazzola, the IDB team leader for the project. "JBIC's
participation was crucial for the transaction, since it attracted
other lenders, helping secure long-term financing for the beltway
project."
Under the operation, both the IDB and JBIC will be senior lenders.
The IDB will provide a 15-year, US$100 million A Loan that will be
financed by the bank's ordinary capital. JBIC joined the
transaction with a 15-year, $200 million loan.
The financing for Rodoanel Oeste will also include a 13-year, $200
million B loan that will be financed by Caixa Geral de Depositos,
Banco Espirito Santo and Calyon.
The operation will also provide flexibility to the project's long-
term financial structure since Rodoanel Oeste's traffic and
revenue will increase after Rodoanel Sul, the beltway's southern
section, begins operations.
The project financing includes R750 million in subordinated
unsecured debt provided by Banco Bradesco. This debt is secured
by a sponsor corporate guarantee, and ranks junior in terms of
payment and security rights in relation to the senior lenders
financing.
"The purpose of the sub debt tranche is to allow a rebalance of
the capital structure over time," said Mazzola. "Rodoanel Oeste
traffic will increase, but that impact can only be measured after
Rodoanel Sul starts operations."
The borrower will be able to replace the subordinated debt with
additional long-term senior debt under certain terms and
conditions agreed upon bythe senior lenders and the sponsors. The
subordinated debt could be replaced with a second tranche B loan
by the IDB, which has already been approved by the Bank's board
(US$395 million). This second tranche B loan would also be
financed by commercial banks.
Rodoanel Oeste is the first IDB-JBIC co-financing facility under a
cooperation agreement signed in March. Under the accord, the two
institutions are working together to look for opportunities to
help Latin America and the Caribbean counteract the impact of the
global financial crisis. The accord has built a framework to
provide long-term financing for major infrastructure and critical
social and economic investment projects for the region.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
1CPMON BZ CIA PETROLIFERA 377602195.17 -3014291.72
1CPMPN BZ CIA PETROLIF-PRF 377602195.17 -3014291.72
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1NOVON BZ NOVA AMERICA SA 21287489 -183535527.21
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330902Q GR IMPSAT FIBER NET 535007008 -17165000
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BDFC US B&D FOOD CORP 16631180 -1448544
BDFCE US B&D FOOD CORP 16631180 -1448544
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BUET1 BZ BUETTNER SA-RTS 97710630.4 -46681943.42
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CAD IX SOC COMERCIAL PL 113091441.22 -254639574.05
CADN EO SOC COMERCIAL PL 113091441.22 -254639574.05
CADN SW SOC COMERCIAL PL 113091441.22 -254639574.05
CAFE3 BZ CAF BRASILIA 20168618.46 -728730285.95
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CAMB3 BZ CAMBUCI SA 91527757.19 -26705142.99
CAMB4 BZ CAMBUCI SA-PREF 91527757.19 -26705142.99
CAMBON BZ CAMBUCI SA 91527757.19 -26705142.99
CAMBPN BZ CAMBUCI SA-PREF 91527757.19 -26705142.99
CBRZF US TELEBRAS-PF RCPT 244018546.23 -6054999.05
CCHI3 BZ CHIARELLI SA 22274026.77 -44537138.21
CCHI4 BZ CHIARELLI SA-PRF 22274026.77 -44537138.21
CCHON BZ CHIARELLI SA 22274026.77 -44537138.21
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CHILESAT CI TELMEX CORP SA 450943844.68 -52392581.33
CHISATOS CI CHILESAT CO-RTS 450943844.68 -52392581.33
COME AR SOC COMERCIAL PL 113091441.22 -254639574.05
COMEB AR COMERCIAL PLA-BL 113091441.22 -254639574.05
COMEC AR COMERCIAL PL-C/E 113091441.22 -254639574.05
COMED AR COMERCIAL PLAT-$ 113091441.22 -254639574.05
CSAOY US TELMEX CORP-ADR 450943844.68 -52392581.33
CSBRON BZ CAFE BRASILIA SA 20168618.46 -728730285.95
CSBRPN BZ CAFE BRASILIA-PR 20168618.46 -728730285.95
CVVIF US SOC COMERCIAL PL 113091441.22 -254639574.05
CXDOF US CAMBUCI SA-PREF 91527757.19 -26705142.99
DHBI3 BZ D H B 124060999.44 -405125352.78
DHBI4 BZ D H B-PREF 124060999.44 -405125352.78
DHBON BZ DHB IND E COM 124060999.44 -405125352.78
DHBPN BZ DHB IND E COM-PR 124060999.44 -405125352.78
DOCA2 BZ DOCAS SA-RTS PRF 88417960.92 -18059127.86
DOCA3 BZ DOCA INVESTIMENT 88417960.92 -18059127.86
DOCA4 BZ DOCA INVESTI-PFD 88417960.92 -18059127.86
DOCAON BZ DOCAS SA 88417960.92 -18059127.86
DOCAPN BZ DOCAS SA-PREF 88417960.92 -18059127.86
EAAON BZ ACO ALTONA SA 84614947.94 -14270921.51
EAAPN BZ ACO ALTONA-PREF 84614947.94 -14270921.51
EALT3 BZ ACO ALTONA 84614947.94 -14270921.51
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ESTR3 BZ ESTRELA SA 61011893.59 -54580283.64
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FTRX4 BZ FABRICA RENAUX-P 66779266.69 -50394386.07
FTSJON BZ TECEL S JOSE 17924946.14 -18569451.23
FTSJPN BZ TECEL S JOSE-PRF 17924946.14 -18569451.23
GAFON BZ CIMOB PARTIC SA 36817394.78 -33083086.54
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GAFPN BZ CIMOB PART-PREF 36817394.78 -33083086.54
GASC3 BZ ALL MALHA PAULIS 1123596482 -536003485.59
GASC3B BZ ALL MALHA PAULIS 1123596482 -536003485.59
GASC4 BZ GASCOIGNE EMP-PF 1123596482 -536003485.59
GASC4B BZ GASCOIGNE EMP-PF 1123596482 -536003485.59
GAZO10 BZ GAZOLA-RCPT PREF 12452143.07 -40298506.25
GAZO11 BZ GAZOLA SA-DVD CM 12452143.07 -40298506.25
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HAGA3 BZ HAGA 16483114.08 -62923101.98
HAGA4 BZ FER HAGA-PREF 16483114.08 -62923101.98
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HAGAPN BZ FERRAGENS HAGA-P 16483114.08 -62923101.98
IMBI1 BZ DOC IMBITUBA-RTC 114896167.37 -16783228.37
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LATF US LATTENO FOOD COR 16631180 -1448544
LCSA3 BZ PARMALAT 353615264.63 -165164436.3
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LEAP LX LAEP INVESTMENTS 440611400.44 -32930986.27
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LINDPN BZ CONST A LIND-PRF 11147512.97 -15979177.01
MANGON BZ PETRO MANGUINHOS 76852724.18 -212528966.16
MANGPN BZ PETRO MANGUIN-PF 76852724.18 -212528966.16
MILK11 BZ LAEP-BDR 440611400.44 -32930986.27
MMXCF US MMX MINERACAO 1018389001.17 -160218400.52
MMXM3 BZ MMX MINERACAO 1018389001.17 -160218400.52
MMXMY US MMX MINERACA-GDR 1018389001.17 -160218400.52
MNPR3 BZ MINUPAR 89611489.39 -20702110.72
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MRLM3 BZ CIA PETROLIFERA 377602195.17 -3014291.72
MRLM3B BZ CIA PETROLIFERA 377602195.17 -3014291.72
MRLM4 BZ CIA PETROLIF-PRF 377602195.17 -3014291.72
MRLM4B BZ CIA PETROLIF-PRF 377602195.17 -3014291.72
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NORD1 BZ NORDON MET-RTS 15498217.36 -20133536.7
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NOVA3 BZ NOVA AMERICA SA 21287489 -183535527.21
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TELEXO CI TELEX-RTS 450943844.68 -52392581.33
TKTPF US TEKA-PREF 237436193.6 -360484909.92
TKTPY US TEKA-ADR 237436193.6 -360484909.92
TKTQF US TEKA 237436193.6 -360484909.92
TKTQY US TEKA-ADR 237436193.6 -360484909.92
TL US CHILESAT CO-ADR 450943844.68 -52392581.33
TLBRON BZ TELEBRAS SA 244018546.23 -6054999.05
TLBRPN BZ TELEBRAS SA-PREF 244018546.23 -6054999.05
TLBRUO BZ TELEBRAS-RECEIPT 244018546.23 -6054999.05
TLBRUP BZ TELEBRAS-PF RCPT 244018546.23 -6054999.05
TLCP2 BZ TELEBRAS-RTS PRF 244018546.23 -6054999.05
TRES3 BZ MMX MINERACAO 1018389001.17 -160218400.52
TXRX1 BZ TEXTEIS RENAU-RT 58969047.84 -91550951.89
TXRX10 BZ TEXTEIS RENA-RCT 58969047.84 -91550951.89
TXRX2 BZ TEXTEIS RENAU-RT 58969047.84 -91550951.89
TXRX3 BZ RENAUXVIEW SA 58969047.84 -91550951.89
TXRX4 BZ RENAUXVIEW SA-PF 58969047.84 -91550951.89
TXRX9 BZ TEXTEIS RENA-RCT 58969047.84 -91550951.89
VAGV3 BZ VARIG SA 966298025.55 -4695211316.33
VAGV4 BZ VARIG SA-PREF 966298025.55 -4695211316.33
VARGON BZ VARIG SA 966298025.55 -4695211316.33
VARGPN BZ VARIG SA-PREF 966298025.55 -4695211316.33
VPSC3 BZ VARIG PART EM SE 101177852.25 -318442006.32
VPSC4 BZ VARIG PART EM-PR 101177852.25 -318442006.32
VPTA3 BZ VARIG PART EM TR 49432124.18 -399290425.77
VPTA4 BZ VARIG PART EM-PR 49432124.18 -399290425.77
VSPT10 BZ FER C ATL-RCT PF 1189275625.36 -35605725.65
VSPT11 BZ FERROVIA CEN-DVD 1189275625.36 -35605725.65
VSPT12 BZ FERROVIA CEN-DVD 1189275625.36 -35605725.65
VSPT3 BZ FER C ATLANT 1189275625.36 -35605725.65
VSPT4 BZ FER C ATLANT-PRF 1189275625.36 -35605725.65
VSPT9 BZ FER C ATL-RCT CM 1189275625.36 -35605725.65
WISA3 BZ WIEST 39838113.86 -93371563.06
WISA4 BZ WIEST-PREF 39838113.86 -93371563.06
WISAON BZ WIEST SA 39838113.86 -93371563.06
WISAPN BZ WIEST SA-PREF 39838113.86 -93371563.06
XIMPT SM IMPSAT FIBER NET 535007008 -17165000
XMM CN MMX MINERACA-GDR 1018389001.17 -160218400.52
***********
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 * * *