/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100114.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 Thursday, January 14, 2010, Vol. 11, No. 009 Headlines A R G E N T I N A TELECOM ARGENTINA: Telco Partners Appeal Government Ruling TONEL SRL: Creditors' Proofs of Debt Due on March 17 B R A Z I L BANCO INDUSTRIAL: To Price US$200M 3-Year Notes To Yield 6.25% BANCO NACIONAL: May Provide BRL12-BB Financing for Dam Project CAMARGO CORREA: Offers to Buy Cimpor Stake, Merge Companies COMPANHIA SIDERURGICA: Convinces Shareholders to Sell Cimpor COSAN SA: Brazil Appeals Removal From Blacklist C A Y M A N I S L A N D S BROCADE ENHANCED: Shareholders Receive Wind-Up Report CHALKSTREAM (ISTRA): Shareholders Receive Wind-Up Report CHALKSTREAM (TUCKERMAN): Shareholders Receive Wind-Up Report CHINA RETAIL: Members Receive Wind-Up Report CITTA FUND: Shareholder Receives Wind-Up Report CITTA MASTER: Shareholder Receives Wind-Up Report CONSTELLATION FUND: Shareholder Receives Wind-Up Report GLOBAL MARKETS: Shareholder Receives Wind-Up Report ING CLARION: Shareholders Receive Wind-Up Report ING CLARION: Shareholders Receive Wind-Up Report ING CLARION: Shareholders Receive Wind-Up Report ING CLARION: Shareholders Receive Wind-Up Report MALBEC QUANTYS: Shareholder Receives Wind-Up Report MAYON, LTD: Shareholder Receives Wind-Up Report NAUTIQUE FUNDING: Shareholders Receive Wind-Up Report NIAGARA/FRIEDBERG: Shareholders Receive Wind-Up Report NORTH COAST: Shareholders Receive Wind-Up Report PANTERA ARABIA: Shareholder Receives Wind-Up Report PANTERA ARABIA: Shareholder Receives Wind-Up Report PANTERA GLOBAL: Shareholder Receives Wind-Up Report PANTON ALTERNATIVE: Shareholder Receives Wind-Up Report QPM QUORUM: Shareholder Receives Wind-Up Report RAM 6: Members Receive Wind-Up Report S&P IV: Shareholders Receive Wind-Up Report STEED MANAGEMENT: Shareholder Receives Wind-Up Report SUN WAVE: Members Receive Wind-Up Report VANTAGE ALTERNATIVE: Members Receive Wind-Up Report VANTAGE ALTERNATIVE: Members Receive Wind-Up Report VOLKSWAGEN INVESTMENTS: Members Receive Wind-Up Report ZIPANGU FUND: Members Receive Wind-Up Report J A M A I C A AIR JAMAICA: See Potential at Caribbean Marketplace AIR JAMAICA: Caribbean Air Acquisition "Good Move" if Minus Debt DIGICEL LIMITED: Sues Hondutel Over Missing Payments JAMAICA PUBLIC SERVICE: Deploys Team to Restore Power WEST INDIES ALUMINA: UC Rusal to Hold Talks with Jamaican Gov't M E X I C O CEMEX SAB: Plans to Sell Dollar Bonds Due 2016 URBI DESARROLLOS: To Sell US$300 Million Bond in Overseas Markets P E R U DOE RUN PERU: To Restart Troubled Metals Plant T R I N I D A D & T O B A G O CL FINANCIAL: Interim Chief Executive Officer Quits V E N E Z U E L A PETROLEOS DE VENEZUELA: Records Accomplishments in Gas Production X X X X X X X X * LATAM & Caribbean Exports Fell 24% in 2009 Due to Crisis - - - - - ================= A R G E N T I N A ================= TELECOM ARGENTINA: Telco Partners Appeal Government Ruling ---------------------------------------------------------- Matthew Cowley at Dow Jones Newswires reports that Telecom Italia's majority owners object to being forced to sell indirect stakes in Telecom Argentina S.A. According to the report, citing El Cronista Comercial newspaper, the partners in European telecommunications holding firm Telco have appealed an Argentine government ruling obliging them to sell their indirect stakes in an Argentine unit by August 25. The report relates that it wasn't clear whether the investors have turned to the legal system or whether they would send their observations directly to the CNDC. Dow Jones Newswires says that the Telco partners in question include: -- Spain's Telefonica, -- Pirelli, -- Mediobanca, -- Intesa Sanpaolo, -- Assicurazioni Generali, and -- Sintonia. As reported in the Troubled Company Reporter-Latin America on January 12, 2010, Total Telecom News said that Telecom Italia must get out of Argentina by February 25, 2010, or face government intervention in the sale of its stake in Telecom Argentina. Dow Jones Newswires recalled that Argentina's National Antitrust Commission has given Telecom Italia one year to divest its stakes in Telecom Argentina, due to a conflict of interest. According to the report, CNDC said that Spain's Telefonica SA's minority stake in Telecom Italia creates a conflict between the two companies' Argentine operations. The report related that Telefonica owns Telefonica Argentina, which shares an effective duopoly over the Argentine telecommunications sector with Telecom. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As of January 12, 2010, the company continues to carry Standard and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local Issuer Credit rating. The company also continues to carry Fitch ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer default rating; and "B" Senior Unsecured Debt rating. TONEL SRL: Creditors' Proofs of Debt Due on March 17 ---------------------------------------------------- The court-appointed trustee for Tonel S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until March 17, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on November 26, 2010. =========== B R A Z I L =========== BANCO INDUSTRIAL: To Price US$200M 3-Year Notes To Yield 6.25% -------------------------------------------------------------- Katherine E. Wegert at Bloomberg News reports that Banco Industrial e Commercial SA (Bicbanco) is seen pricing a US$200 million, three-year bonds with a 6.25% yield. The report relates that the offer is set to price January 12, afternoon. According to the report, an unnamed source said that managers of the transaction, Bank of America Merrill Lynch, HSBC and Banco Itau Unibanco, received more than US$300 million in orders. The report notes that about half of the orders came from U.S. investors while a third of the interest is comes from Europe, and the remainder of the orders came from Asian-based investors. Dow Jones Newswires says that the deal comes on the heels of a roadshow Bicbanco executives have been conducting with investors in the U.S. and Europe. Bicbanco, the report adds, becomes the latest in a string of Brazilian banks tapping overseas debt markets. About Bicbanco Banco Industrial e Comercial S.A. is headquartered in Sao Paulo, Brazil, with BRL10.937 billion in total assets and BRL1.630 billion in equity as of March 31, 2008. * * * As of January 13, 2010, the company continues to carry Moody's Ba1 Foreign Currency LT Debt, Foreign LT Bank deposits rating, and Local LT bank deposits rating. The company also continues to carry Moody's Ba2 Subordinate Debt rating. BANCO NACIONAL: May Provide BRL12-BB Financing for Dam Project --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA may provide BRL12 billion financing for the construction of an Amazon dam project, Francisco Marcelino at Bloomberg News reports. The report, citing an unnamed BNDES spokesman, relates that BNDES will announce the terms of financing once the government sets the auction date. According to the report, Banco do Brasil SA has begun talks with banks and companies to arrange a loan of about BRL9 billion (US$5.1 billion) to help finance construction of an Amazon dam project. Banco do Brasil is negotiating with five to six banks and with companies that may bid to build the Belo Monte hydroelectric dam, Sandro Marcondes, Banco do Brasil's commercial director, told the news agency in a telephone interview. The companies, the report notes, include: -- GDF Suez, -- Camargo Correa SA, -- Odebrecht SA, -- Cia. Energetica de Minas Energia, -- Neoenergia, and -- Centrais Eletricas Brasileiras SA units, Chesf and Eletronorte. "We are working with companies and [BNDES] to identify risks associated with the project," the report quoted Mr. Marcondes as saying. 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. CAMARGO CORREA: Offers to Buy Cimpor Stake, Merge Companies ----------------------------------------------------------- Carlos Caminada and Francisco Marcelino at Bloomberg News report that Camargo Correa SA offered to buy an unspecified stake in Cimpor-Cimentos de Portugal and merge its Portuguese unit into the company to repel a rival EUR3.86 billion (US$5.6 billion) offer from Cia. Siderurgica Nacional. According to the report, citing a regulatory filing, Camargo Correa will hold a stake of between 15% and 25% for the transaction to close, and will "necessarily" have a stake of less than 50 percent in Cimpor. The report relates that Camargo also agreed to pay as much as EUR350 million to Cimpor's shareholders. Bloomberg News notes that buying Cimpor would allow Camargo Correa to double its share of the Brazilian cement market as construction demand surges ahead of the World Cup in 2014 and the Olympics two years later. "At this moment, it is not possible for Cimpor to state an opinion or understanding either on the feasibility or opportunity of the received proposal," the repot quoted the company as saying. 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'; COMPANHIA SIDERURGICA: Convinces Shareholders to Sell Cimpor ------------------------------------------------------------ Companhia Siderurgica Nacional S.A. CEO Benjamin Steinbruch is in Portugal trying to convince the majority shareholders of cement manufacturer Cimentos de Portugal to sell up, Steel Guru News reports, citing BNamericas. According to the report, Pedro Galdi SLW market analyst told BNamericas that "Mr. Benjamin is testing the market before doing the public tender offer. The worst that could happen would be for the majority shareholders not to accept and eventually CSN would have to make a new offer." As reported in the Troubled Company Reporter-Latin America on December 22, 2009, Reuters said that CSN offered to buy Cimpor for as the steelmaker slowly diversifies from its core business outside its home base. The report related that the bid underscores efforts by CSN's Chief Executive Benjamin Steinbruch to grow in areas other than steel and mining. CSN Managing Director Juarez Avelar told Reuters the company expects little difficulty in buying the stake. The company considers the price for Cimpor fair and would not enter into a bidding war for the stake, he added. Reuters noted that Cimpor has net debt of EUR1.8 billion. 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 January 12, 2010, 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+. COSAN SA: Brazil Appeals Removal From Blacklist ----------------------------------------------- Katia Cortes at Bloomberg News reports that Brazil's Attorney General's Office planned to appeal an injunction that removed Cosan SA Industria & Comercio from a government list of companies whose workers operate in slave-like conditions. The Attorney General's Office will contest the ruling as soon as it is officially notified, according to an e-mailed statement to Bloomberg News. The report, citing Labor Minister Carlos Lupi, relates that the Labor Ministry will present evidence to the Attorney General's Office that Cosan used slave-like labor. Cosan SA, the report notes, won an injunction from a Brazilian labor court on January 8 ordering its removal from the Labor Ministry list. As reported in the Troubled Company Reporter-Latin America on January 11, 2010, Reuters said that BNDES suspended loans Cosan S.A. after it was included in a government's list of companies with workers in slave-like conditions. According to the report, Cosan SA was included in December on Brazil's Labor Ministry's black list, which is updated every six months, after inspectors found workers in irregular conditions in 2007. The report, citing a statement from BNDES, related that the bank has decided to suspend "preventively" all transactions with Cosan, adding that new contracts with the bank would depend on the company's exclusion of the list. In June, the report recalled, the company obtained a loan of BRL788 million (US$452 million) from BNDES, to be used mainly to build a new sugar and ethanol mill in Goias state. About Cosan SA Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and ethanol. The company cultivates harvests and processes sugarcane, the main raw material for sugar and ethanol manufacturing. With 17 manufacturing units and two port terminals in the city of Santos, Cosan says it is currently the largest individual group in the world in terms of sugarcane byproducts manufacturing. With capacity to grind more than 40 million tonnes of sugarcane, the group represents 12% of overall production in the mid-southern region of the country. * * * As of January 12, 2010, the company continues to carry Moody's Ba3 LT Corp Family rating and Senior Unsecured debt rating. The company also continues to carry S&P's BB- Issuer credit ratings; and Fitch ratings' BB LT Issuer default ratings. ========================== C A Y M A N I S L A N D S ========================== BROCADE ENHANCED: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Brocade Enhanced Master Fund Limited received, on December 22, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake c/o Ann Smith Telephone: 345-914-4383 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 CHALKSTREAM (ISTRA): Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Chalkstream (Istra) Subsidiary, Ltd. received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew K. Tsai 590 Madison Avenue, 9th Floor New York, NY 10022, U.S.A. CHALKSTREAM (TUCKERMAN): Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Chalkstream (Tuckerman) Subsidiary II, Ltd. received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew K. Tsai 590 Madison Avenue, 9th Floor New York, NY 10022, U.S.A. CHINA RETAIL: Members Receive Wind-Up Report -------------------------------------------- The members of The China Retail Fund, LDC received, on December 23, 2009, the liquidators' report on the company's wind- up proceedings and property disposal. The company's liquidators are: Lai Kar Yan (Derek) Darach E. Haughey Telephone: +852 2852 1659 Facsimile: +852 2850 8362 One Pacific Place, 35th Floor 88 Queensway, Hong Kong CITTA FUND: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Citta Fund received, on December 15, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wat Chi Ming c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands CITTA MASTER: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Citta Master Fund received, on December 15, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Wat Chi Ming c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands CONSTELLATION FUND: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Constellation Fund Ltd. received, on December 14, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Matthew Mulry Telephone: (345) 815 1761 Facsimile: (345) 949 1986 GLOBAL MARKETS: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Global Markets Investment Fund Limited received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Colin MacKay Telephone: (345) 949 9876 Facsimile: (345) 949 1986 ING CLARION: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of ING Clarion Global Liquidfund GP Ltd. received, on December 29, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Maricorp Services Ltd. 31 The Strand, 46 Canal Point Drive P.O. Box 2075, Grand CaymanKY1-1105 Cayman Islands ING CLARION: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of ING Clarion Global Liquidfund Ltd. received, on December 29, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Maricorp Services Ltd. 31 The Strand, 46 Canal Point Drive P.O. Box 2075, Grand CaymanKY1-1105 Cayman Islands ING CLARION: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of ING Clarion US Liquidfund GP Ltd. received, on December 29, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Maricorp Services Ltd. 31 The Strand, 46 Canal Point Drive P.O. Box 2075, Grand CaymanKY1-1105 Cayman Islands ING CLARION: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of ING Clarion US Liquidfund Ltd. received, on December 29, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Maricorp Services Ltd. 31 The Strand, 46 Canal Point Drive P.O. Box 2075, Grand CaymanKY1-1105 Cayman Islands MALBEC QUANTYS: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Malbec Quantys GP Limited received, on December 30, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Reid Services Limited Clifton House, 75 Fort Street PO Box 1350, Grand Cayman KY1-1108 Cayman Islands MAYON, LTD: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Mayon, Ltd. received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9876 NAUTIQUE FUNDING: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Nautique Funding II Ltd. received, on December 24, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands NIAGARA/FRIEDBERG: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Niagara/Friedberg Global-Macro Fund Ltd. received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael Grant Rue du Lac 6, 1897 Bouveret Switzerland NORTH COAST: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of North Coast Insurance, SPC received, on December 16, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Marsh Management Services Cayman Ltd. P.O. Box 1051 G.T. Governors Square, 23 Lime Tree Bay Avenue George Town, Grand Cayman PANTERA ARABIA: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Pantera Arabia Fund Ltd. received, on December 30, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Mike Tremmel Telephone: +1.415.869.6600 Facsimile: +1.415.869.6610 PANTERA ARABIA: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Pantera Arabia Master Fund Ltd. received, on December 30, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Mike Tremmel Telephone: +1.415.869.6600 Facsimile: +1.415.869.6610 PANTERA GLOBAL: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Pantera Global Macro Fund Ltd. received, on December 30, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Mike Tremmel Telephone: +1.415.869.6600 Facsimile: +1.415.869.6610 PANTON ALTERNATIVE: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Panton Alternative Fund, Ltd. received, on December 24, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Jonathan McLean Telephone: (345) 949 9876 Facsimile: (345) 949 1986 QPM QUORUM: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of QPM Quorum Quantitative Fund Ltd. received, on December 15, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Ogier c/o Michael Bunn Telephone: (345) 815 1848 Facsimile: (345) 949 1986 RAM 6: Members Receive Wind-Up Report ------------------------------------- The members of RAM 6 Leasing Ltd. received, on December 11, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hassan Hihi Lot Siham no 18, Californie Casablanca, Morocco S&P IV: Shareholders Receive Wind-Up Report ------------------------------------------- The shareholders of S&P IV Company received, on December 24, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands STEED MANAGEMENT: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Steed Management received, on December 14, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jamal Young Telephone: (345) 943-5700 Facsimile: (345) 943-5711 SUN WAVE: Members Receive Wind-Up Report ---------------------------------------- The members of Sun Wave Holdings Limited received, on December 24, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands VANTAGE ALTERNATIVE: Members Receive Wind-Up Report --------------------------------------------------- The members of Vantage Alternative Investments Feeder Fund Limited received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 VANTAGE ALTERNATIVE: Members Receive Wind-Up Report --------------------------------------------------- The members of Vantage Alternative Investments Fund Limited received, on December 23, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 VOLKSWAGEN INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------------ The members of Volkswagen Investments Limited received, on December 24, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Albrecht Moehle VHH 11. Floor P.O. Box 1849, D-38436, Wolfsburg Germany ZIPANGU FUND: Members Receive Wind-Up Report -------------------------------------------- The members of The Zipangu Fund received, on December 16, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Keith Olson Telephone: 852 2877 0088 Facsimile: 852 2877 0918 Suite 3902, Central Plaza 18 Harbour Road, Wanchai, Hong Kong ============= J A M A I C A ============= AIR JAMAICA: See Potential at Caribbean Marketplace --------------------------------------------------- Air Jamaica Limited and the Jamaican government are pleased at the prospects for Jamaica's tourist industry, South Florida Caribbean news reports. The report relates that Jamaica's Minister of Tourism Edmund Bartlett and team met with officials from MLT Vacations to discuss plans for further collaboration. According to the report, a meeting was held at a Caribbean Marketplace convention in Puerto Rico, organized by the Caribbean Hotel & Tourism Association. The report notes that Mr. Bartlett and Director of Tourism John Lynch met with up with members of the Air Jamaica delegation during the convention. 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: Caribbean Air Acquisition "Good Move" if Minus Debt ---------------------------------------------------------------- According to Trinidad Express, Ian Bertrand, aviation consultant and former chief executive of BWIA, the predecessor company of Caribbean Airlines, said Caribbean Airlines should attempt to take over Air Jamaica Limited only if it does not include the company's massive US$900 million debt. According to the report, Mr. Bertrand said that Air Jamaica's government guaranteed debt stands at US$650 million, with another US$200 million in short-term debt. If the airline has to be divested, it will involve another US$50 million to reduce personnel, he suggested. "Once you are not taking all that debt and you don't have the tourism obligation (that the Jamaican government demanded of Air Jamaica in past decades) and you had the money to capitalize the airline, then it might not be a bad time for a merger" between Caribbean Airlines and Air Jamaica, the report quoted Mr. Bertrand as saying. The International Monetary Fund, the report notes, has specified that the Jamaican government must sell Air Jamaica if it is to qualify for a nearly US$1.3 billion aid loan. However, Mr. Bertrand, the report points out, said that if anyone had to buy Air Jamaica from that country's government, they should not spend more than one dollar for it because of its debt. The report says that another option would be for Air Jamaica and Caribbean Airlines to approach aircraft suppliers together, change their machinery to one type of airplane and thus reduce costs. As reported in the Troubled Company Reporter-Latin America on January 7, 2010, RadioJamaica said that Air Jamaica is facing an increased opposition from Trinidadians over the plan of Caribbean Airlines to take over Air Jamaica. The report related that the inhabitants of the twin island republic believe it will cost Caribbean Airlines billions to assume control of Air Jamaica, while bringing no real benefit to regional travelers. According to the report, citing a Trinidad Guardian newspaper, Trinidadians urged their government to drop takeover talks. The newspaper, the report related, said that the President of the Trinidad Travel Agents Association said that the Trinidad government would be spending taxpayers' money on the airline rather than the Jamaican government; and the country "cannot take on as it would mean their government will be bailing out two airlines as Caribbean Airlines is also losing money". 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 LIMITED: Sues Hondutel Over Missing Payments ---------------------------------------------------- Digicel Group's Honduran unit plans to launch a legal bid to recover funds it claims it is owed by PTO Hondutel concerning the latter's failure to adhere to the terms of their Interconnection Agreement. According to the report, Digicel said that it is looking to sue for HNL10 million (US$538,000) in payments covering the term from February 2009, unless the debt is honored. Last month, the report notes, the company said that if it failed to get agreement concerning payment of the debt it would be forced to suspend incoming international calls. However, the report relates on December 16, the National Telecommunications Commission ordered it to permit the entry of international calls from Hondutel, and instead take the matter to arbitration. 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 January 14, 2010 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 JAMAICA PUBLIC SERVICE: Deploys Team to Restore Power ----------------------------------------------------- Jamaica Public Service Company Limited has deployed teams to continue working to restore power supply to customers who have been without electricity, RadioJamaica reports. According to the report, the company's customers across the island have been experiencing outages primarily as a result of broken poles and power lines damaged by the strong winds associated with the cold front affecting the country. "Our crews are back out (and) we're expecting that power should be restored to all affected customers by later this morning or by midday. We apologize to customers about the challenge that we're facing in restoring power but we have a committed team of technical officers who are all out working to restore power," the report quoted Winsome Callum, Head of Corporate Communications at the JPS, as saying. About JPSCO Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ -- Jamaica Public Service Company Limited is an integrated electric utility company and the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from five Independent Power Producers. Japanese-based Marubeni Corporation owns 80 percent of the company. The Government of Jamaica and a small group of minority shareholders own the remaining shares. JPS currently has roughly 582,000 customers who are served by a workforce of over 1,600 employees. The Company owns and operates 28 generating plants, 54 substations, and roughly 14,000 kilometers of distribution and transmission lines. * * * As reported in the Troubled Company Reporter-Latin America on March 9, 2009, Radio Jamaica said JPSCO may shutdown its operations if the company fails to settle a long-standing dispute over outstanding payments to employees. The same report said employees unions contended the payments are owed for overtime work and redundancy adjustments from 2001 to 2007, which amounts to about JM$600 million. WEST INDIES ALUMINA: UC Rusal to Hold Talks with Jamaican Gov't --------------------------------------------------------------- Representatives of UC Rusal, the Russian parent company of West Indies Alumina Company (WINDALCO) bauxite company, are due in the country to hold crucial meetings with the Government, RadioJamaica reports. The report relates that the discussions are expected to focus on the future of the company's operations in Jamaica in light of an announcement that the WINDALCO was being restructured. According to the report, the National Workers Union, which represents workers at the bauxite company, met with management in a bid to stave off the redundancy exercise. The report relates that NWU placed several job saving proposals on the table in lieu of redundancies. NWU President and Island Supervisor, Vincent Morrison, the report points out, said that WINDALCO's management had agreed to examine these proposals and return to the negotiating table on Monday when it will announce its decision on those measures. As reported in the Troubled Company Reporter-Latin America on January 11, 2010, Go-Jamaica News said that Windalco will be making the positions of 762 permanent employees redundant. The report related that the decision comes nine months after the company suspended production at its Kirkvine and Ewarton Refineries as a result of the drastic reduction in demand for aluminium. According to the report, at that time the permanent employees started working three days a week. The report relates that WINDALCO said that there has been some improvement in the global economy but the alumina industry has only seen marginal movement. About WINDALCO West Indies Alumina Company (Windalco) is situated on the island of Jamaica in the Caribbean. The company comprises two alumina refineries (Ewarton Works and Kirkvine Works), a shipping port (Port Esquivel) and also bauxite mines in Schwallenburgh (Ewarton) and Russell Place (Kirkvine) and farms in Manchester and St. Ann. =========== M E X I C O =========== CEMEX SAB: Plans to Sell Dollar Bonds Due 2016 ---------------------------------------------- Veronica Navarro Espinosa at Bloomberg News reports that CEMEX, S.A.B. de C.V. plans to sell dollar bonds due in 2016. According to the report, citing a unnamed source, Bank of America Corp., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. are arranging the sale. The report relates that the sale is a re- opening of securities Cemex issued last month. The report notes that Cemex SAB and other emerging-market companies are selling debt in international debt markets before central banks around the world withdraw stimulus measures that helped spur demand for higher-yielding assets. Cemex SAB, the report says, sold US$1.25 billion of the 2016 bonds to yield 9.50% and EUR350 million (US$515.7 million) of notes on December 9. The company, the report adds, boosted the size of the dollar bond from US$1 billion and the euro bond from EUR300 million. 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)'. URBI DESARROLLOS: To Sell US$300 Million Bond in Overseas Markets ----------------------------------------------------------------- Veronica Navarro Espinosa at Bloomberg News reports that Urbi Desarrollos Urbanos SAB plans to sell US$300 million of 10-year bonds overseas after boosting the offering by 20%. According to the report, citing an unnamed source, Urbi may sell the bonds to yield 9.75%, down from initial guidance of 9.875%. The source, the report relates, said that Deutsche Bank AG and Banco Santander SA are managing the offering. Mexicali, Mexico-based Urbi and other Latin American companies are selling debt overseas to lock in lower borrowing costs before central banks around the world begin to raise interest rates. The extra yield investors demand to own emerging-market corporate debt instead of U.S. About Urbi Desarrollos Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately $30.8 billion Mexican pesos and equity of approximately $16 billion Mexican pesos at June 30, 2009. * * * As reported in the Troubled Company Reporter-Latin America on October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s Ba3 global scale, local and foreign currency, senior unsecured debt rating and A3.mx national scale rating, as well as Urbi's short-term MX-2 national scale rating (Not Prime, global scale). The rating outlook remains stable. The company's Ba3 corporate family rating was also affirmed. ======= P E R U ======= DOE RUN PERU: To Restart Troubled Metals Plant ---------------------------------------------- Peru's government asked Doe Run Peru to restart operations at its smelter, shut since June because of financial and environmental troubles, and said further delays would complicate talks with its workers, Reuters reports. "In order to get financing, it needs to restart operations," the report quoted Vice Minister of Mines, Fernando Gala, as saying. "Our interest, in the government, is for work to resume," he added. According to the report, the union at Doe Run is scheduled to meet with the company later this week to discuss plans to reopen the plant. "So long as there's no restart plan, talks with workers will be complicated," Mr. Gala said, the report notes. As reported in the Troubled Company Reporter-Latin America on January 8, 2010, Reuters said that Doe Run Peru Vice President of Environmental Affairs, Jose Mogrovejo, said that "it's unlikely (operations) could restart this month." "Up to now, we're continuing talks with our potential strategic associates," the report quoted Mr. Mogrovejo as saying. Any agreement would need to be reviewed by the government, he added. According to the TCRLA 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. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: Interim Chief Executive Officer Quits --------------------------------------------------- CL Financial Limited's interim Chief Executive Officer, Steve Bideshi, is leaving after the Government failed to come to terms with him with regard to a three-year compensation package, The Guardian News reports. Mr. Bideshi was in the CEO position for six months. According to the report, citing a company statement, CL Financial Chairman Shafeek Sultan-Khan said that Mr. Bideshi was leaving the financial institution on January 31 after he "completed his obligations as as the interim CEO of CL Financial." The report relates that the statement indicated that Mr. Bideshi was "returning to the pursuit of his other business interests," although the banker left the top job at Citibank in Turkey in July last year to join CL Financial. The report notes that at the heart of Mr. Bideshi's decision to leave the company was a growing disenchantment over what he saw as the foot-dragging by the Government over finalization of the terms and conditions of his contract. The report relates that there was also some disagreement with the compensation package, although sources close to him insisted he was not leaving because of the money. Sources, the report adds, said that Bideshi agreed to leave his job in Turkey based on a letter of employment as the interim CEO of CL Financial for six months during which time it was expected that the terms and conditions for the balance of the three years would have been worked out. The Guardian points out that the three-year time frame was based on the fact that the Government signed a three-year agreement on June 12 with majority shareholder and former CL Financial chairman, Lawrence Duprey, aimed at restructuring the conglomerate by disposing its assets and lengthening the maturity profile of its debt, which is estimated to be over US$2 billion. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Records Accomplishments in Gas Production ----------------------------------------------------------------- PDVSA Gas, a subsidiary of Petroleos de Venezuela, keeps on making progress towards the consolidation of the country as a world energy super power, by providing the domestic market with a sustained average production of 1 billion cubic feet of gas a day, in January-December 2009. The gas produced in Anaco accounts for 42.46% of the fuel supplied by domestic providers, including E&P East Division and mixed companies, such as Guarico Gas, Ypergas, Petropiar and, in the West, Costa Este and Ul� Amuay, among others. In furtherance of the goal of reliable gas supply in the national territory, the Venezuelan gas industry meets the requirements of the industrial, electric, petrochemical, iron and steel, refining, residential, sugar mills, cement, cryogenic, oil upgraders, paper, and textile sectors, all of them uppermost for the national sustainable economic development. Production for growth The electric sector received 632 million cubic feet of gas a day from January to the middle of December 2009. During that same period, the Venezuelan petrochemical sector daily received 459 million cubic feet of gas, including 183 million for Pequiv�n Oriente and 134 for Fertinitro. El Tablazo Fertilizantes, Pequiven at El Tablazo and Moron were also supplied. The iron and steel sector daily received 290 million cubic feet of gas, including 160 million for Sidor; the remainder was apportioned among Comsigua, Opco, Orinoco Iron and Planta Pellas. In addition, 210 million cubic feet of gas a day went to refineries, including 80 million for Amuay, 67 million for Cardon, 26 million for Puerto La Cruz, and 20 million for El Palito. Other users of the Venezuelan gas industry were oil upgraders. As of the middle of December, they had daily received 135 million cubic meters of gas on average. Customers in this sector include Petropiar, PetrocedeNo and Petroanzoategui. The aluminum industry received 41 million cubic feet of gas a day. Such supply kept steady the whole month of December. Cement factories daily received from the gas industry 102 million cubic feet of gas, and the textile sector got 8 million from January. Thus, PDVSA, in line with the state policies of the Bolivarian Government, fully meets the demand of energy in the domestic market, in an effort to help build the new economic, production and social model and assure the sovereign people of the largest amount possible of happiness. 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+/R =============== X X X X X X X X =============== * LATAM & Caribbean Exports Fell 24% in 2009 Due to Crisis ---------------------------------------------------------- The value of total exports from Latin America and the Caribbean in 2009 fell 24% with regard to the previous year due to the global crisis, according to new estimates released by ECLAC. According to the study International Trade in Latin America and the Caribbean 2009: Crisis and Recovery, the value of imports also decreased 25%. Although both exports and imports diminished significantly, the drop is milder than that experienced during the first semester of 2009 (-31% and -29%, respectively), implying a better outlook for 2010. The report updates the ECLAC study Latin America and the Caribbean in the World Economy 2008 ? 2009 published last August and overviews the recent development of the region's foreign trade by country and region of origin and destination, per groups of products and in terms of value and volume. The 24% contraction in the value of the region's exports represents a combined 15% drop in value and 9% in volume. "This simultaneous decrease in price and volume is unprecedented in recent history. The last similar situation took place in 1937," states the document. The economic recovery in the last quarter of 2009 is due, among other reasons, to the partial rise in the price of several commodities, such as copper, zinc, oil, wheat and soya, and the strong demand from China as of the second quarter of last year. The report asserts that although the fall in exports was generalized in 2009, there were significant differences between subregions and countries. For example, while exports diminished 42% in Venezuela and 32% in Andean countries as a whole, they decreased 29% in the Caribbean, 22% in Mexico and Chile, and only 6% in Central America (excluding Mexico). The drop in imports in 2009 is similar to the one during the foreign debt crisis in 1982 and also varies significantly between countries and subregions: -35% in Caribbean nations, -32% in Chile, -22% in Mexico and -26% in South America. In terms of sectors, mining and oil exports fared the worst, with an average fall of -42.3% (January-September 2009), while manufactured products dropped 25.4% and agricultural and livestock exports decreased 18.4%. *********** 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 2010. 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 * * *