/raid1/www/Hosts/bankrupt/TCRLA_Public/100127.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
Wednesday, January 27, 2010, Vol. 11, No. 018
Headlines
A N T I G U A & B A R B U D A
STANFORD INT'L: SFG Receiver's Team May Get US$8.8 Million in Fees
A R G E N T I N A
* ARGENTINA: Buenos Aires Hires Credit Suisse for Bond Meetings
B E R M U D A
LANGHORNE RE: Creditors' Proofs of Debt Due on February 12
REMEDY INSURANCE: Creditors' Proofs of Debt Due on February 9
REMEDY INSURANCE: Members to Receive Wind-Up Report on February 26
B R A Z I L
BRASKEM SA: Fitch Affirms Issuer Default Rating at 'BB+'
BRASKEM SA: Fitch Affirms Issuer Default Rating at 'BB+'
VOTORANTIM PARTICIPACOES: Confirms Bid for Cimpor
C A Y M A N I S L A N D S
AQR GLOBAL: Commences Wind-Up Proceedings
BCM LONG-SHORT: Commences Wind-Up Proceedings
BIO CITY: Grand Court Enters Wind-Up Order
BROADLAWN OFFSHORE: Commences Wind-Up Proceedings
BT BRYCE: Commences Liquidation Proceedings
CEPHEUS LIMITED: Commences Wind-Up Proceedings
CFS MULTI-STRATEGIES: Commences Liquidation Proceedings
ENDEAVOUR SOLEBAY: Commences Liquidation Proceedings
ENDEAVOUR SOLEBAY: Commences Liquidation Proceedings
EPOCH 2002-2: Commences Liquidation Proceedings
FOUNDATION HEAT: Commences Liquidation Proceedings
GENNAIO INVESTMENT: Commences Wind-Up Proceedings
HALCYON SECURITIZED: Commences Liquidation Proceedings
INNOVATION FUND: Commences Liquidation Proceedings
KAILAS II: Commences Wind-Up Proceedings
KAILAS GLOBAL: Commences Wind-Up Proceedings
LAURUS OFFSHORE: Commences Wind-Up Proceedings
NEVE INTERNATIONAL: Commences Wind-Up Proceedings
OLD MUTUAL: Commences Liquidation Proceedings
OLD MUTUAL: Commences Liquidation Proceedings
PEAK ASIAN: Commences Liquidation Proceedings
PREFRA SPC: Commences Liquidation Proceedings
PROVIDENT CBO I: Commences Liquidation Proceedings
RIVENDALE ABSOLUTE: Commences Wind-Up Proceedings
ROWAYTON LOAN: Commences Wind-Up Proceedings
SONIAMARIA: Commences Liquidation Proceedings
STORMPORT, LTD: Commences Wind-Up Proceedings
TDJ HOLDINGS: Commences Wind-Up Proceedings
TELEOS STRATEGIES: Commences Wind-Up Proceedings
TELEOS SYSTEMATIC: Commences Wind-Up Proceedings
J A M A I C A
AIR JAMAICA: Places Interim Measures to Cut Costs
AIR JAMAICA: Moody's Gives Stable Outlook; Affirms 'Caa1' Rating
DIGICEL GROUP: Haiti Earthquake Won't Affect Fitch's Ratings
M E X I C O
CEMEX SAB: Seen Posting Another 4th-Quarter Loss
* MEXICO: Messmacher Says at Least 3% Growth Likely
P E R U
CORPORACION PESQUERA: Fitch Puts 'BB-' Rating on US$150 Mil. Notes
T R I N I D A D & T O B A G O
CL FINANCIAL: Board Members of Lascelles deMercado Resign
V E N E Z U E L A
RADIO CARCAS: Venezuela Students Protest TV Station's Suspension
PETROLEOS DE VENEZUELA: CNPC and Venezuela to Build Oil Refinery
PETROLEOS DE VENEZUELA: Unit Installs Technology for Gas Security
PETROLEOS DE VENEZUELA: To Develop Junin Block 10
PETROLEOS DE VENEZUELA: Pres. Asks Firm to Enter Livestock Market
PETROLEOS DE VENEZUELA: Enters Into Heavy Oil Venture with ENI
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
STANFORD INT'L: SFG Receiver's Team May Get US$8.8 Million in Fees
------------------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins at Bloomberg News
report that Stanford Financial Group court appointed receiver,
Ralph Janvey, and the firms he hired will be paid almost US$8.8
million if the judge in a civil fraud case against the indicted
financier approves Mr. Janvey's agreement with federal regulators
and an investor advocate.
According to the report, Mr. Janvey and John Little, the lawyer
appointed by a federal judge in Dallas to represent Stanford
investors in the civil enforcement action, filed a proposed in
conjunction with the U.S. Securities and Exchange Commission,
settling disagreements over each other's fee applications. The
report relates that the filing marks the first time Mr. Janvey,
Mr. Little and the SEC have reached agreement on how much lawyers
should be paid for their work on behalf of Stanford's investors.
"Any time we can reach an agreement without further burdening the
court, that's the appropriate way to go," David Reece, the SEC's
lead attorney in the case, told the news agency in a phone
interview. "We can disagree with the receiver about the scope or
a particular expense, but we agree that there's a lot of work that
has to be done and that work costs money," he added.
The report recalls that U.S. District Judge David Godbey
previously approved US$20 million in fees and expenses for the
receivership team led by Mr. Janvey, three of his businesses and
two associates in February.
About Stanford International Bank
Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement. Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.
On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control. The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.
The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.
A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas. Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice. Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges. Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.
The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).
=================
A R G E N T I N A
=================
* ARGENTINA: Buenos Aires Hires Credit Suisse for Bond Meetings
---------------------------------------------------------------
Veronica Navarro Espinosa and Denis Maternovsky at Bloomberg News
report that Buenos Aires hired Credit Suisse Group AG to help the
city prepare to sell bonds once the federal government
restructures US$20 billion in defaulted debt.
According to the report, citing an unnamed source, Credit Suisse
will arrange meetings with city officials and investors. The
meetings will begin on Jan. 29, the source added.
Buenos Aires, the report notes, is laying the groundwork for a
bond issue with the expectation that yields will drop when the
country settles with creditors who held out from a 2005
restructuring. Bloomberg News says that the city sold US$50
million of five-year bonds in international markets last month at
a 12.5 percent yield. The report adds that Public Credit Chief
Abel Fernandez Buenos Aires plans to issue US$180 million worth of
the same notes this year.
=============
B E R M U D A
=============
LANGHORNE RE: Creditors' Proofs of Debt Due on February 12
----------------------------------------------------------
The creditors of Langhorne Re Limited are required to file their
proofs of debt by February 12, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on January 20, 2010.
The company's liquidator is:
Nigel Godfrey
The Emporium Building
69 Front Street
Hamilton, Bermuda
REMEDY INSURANCE: Creditors' Proofs of Debt Due on February 9
-------------------------------------------------------------
The creditors of Remedy Insurance Group Ltd are required to file
their proofs of debt by February 9, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on January 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court
22 Victoria Street
Hamilton, Bermuda
REMEDY INSURANCE: Members to Receive Wind-Up Report on February 26
------------------------------------------------------------------
The members of Remedy Insurance Group Ltd. will receive on,
February 26, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced wind-up proceedings on January 21, 2010.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court
22 Victoria Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BRASKEM SA: Fitch Affirms Issuer Default Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Braskem S.A. and Braskem International
Ltd.:
Braskem
-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Long-term local currency IDR at 'BB+';
-- Long-term national rating at 'AA(bra)';
-- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';
-- Unsecured senior perpetual bonds at 'BB+';
-- 13th debenture issuance at 'AA(bra)'.
Braskem International
-- Unsecured senior notes due in 2015 at 'BB+'.
The Rating Outlook for the corporate ratings remains Stable.
This rating action follows Braskem's announced agreement to
acquire certain assets of Unipar for BRL700 million plus the
assumption of up to BRL170 million in long-term obligations of
BNDES Participacoes S.A. due 2015. The assets to be acquired
include, Quattor Participacoes S.A, Polibutenos S.A Industria
Quimica and Unipar Comercial e Distribuidora S.A. The acquisition
will further strengthen Braskem's position as a leader in the
Brazilian and Latin American petrochemical industry with a market
share around 80% in thermoplastic resins in the local market.
Following the completion of the transaction, Braskem shall have
annual capacity of 5.5 million tons of thermoplastic resins and
2.5 million tons of ethylene on a consolidated basis.
Strategically, the acquisition is positive for Braskem as it
further strengthens the company's business and competitive
position in the global petrochemical market. The acquisition
should not materially affect the company's leverage or liquidity
over the short and medium term. Fitch believes that Braskem
should benefit from cost and operating synergies as well as an
improving business environment, which should result in lower
leverage approaching 3.0 times by the end of 2010. Further
deleveraging efforts beyond 2011 is uncertain and ultimately will
depend on Braskem's level of investments as the company continues
to have ambitions plans to reach a more significant position in
the global petrochemical industry. Braskem has plans to carry out
investments and acquisitions abroad after having consolidated its
dominant position in the Brazilian market.
This transaction will be partially funded by a capital
contribution from Braskem's shareholders with a total capital
increase of between BRL4.5 billion and BRL5.0 billion; minimum
capital contributions of BRL1.0 billion and BRL2.5 billion have
already been committed to by Braskem shareholders, Odebrecht S.A
and Petrobras S.A, with an aim at reinforcing Braskem's capital
structure after incorporating Quattor debts on a pro forma basis.
After completion of the transaction, Odebrecht and Petrobras shall
have 53.8% and 46.2% respectively, of the voting and total capital
of the company.
Sounds Liquidity Position; Manageable Debt Profile
Braskem's liquidity position should remain robust compared to its
short-term debt and scheduled amortizations. Immediately
following the closing of the transaction, the company's cash
position (BRL7.5 billion, excluding cash from new equity) should
be sufficient to cover scheduled debt amortizations through 2011.
Minimum new equity capital of BRL3.5 billion is expected to be
used to pre-payment of part of Quattor's debt to adjust Quattor's
capital structure to levels similar to Braskem. The strategy
shall be pre-paying debts and look for improvements in terms of
payment terms and financial cost. Fitch understands that in view
of the strong liquidity shown and proven access to the
international debt market in recent years, Braskem should be
successful in its strategy.
On a pro forma basis, Braskem's net leverage ratio should be 3.9x
by year-end 2009, already incorporating the new tax liability of
BRL1.1 billion relative to adhesion to Refis, announced on
Dec. 1, 2009. Braskem shall assume BRL6.5 million net debt as
part of the merger; Quattors EBITDA was BRL492 million in the nine
months of 2009. Before the acquisition, the net debt/EBITDA ratio
was 3.5x in the last 12 months ended in September 2009 (including
Refis), versus 3.8x in 2008. As of September 2009, Braskem's
total debt was BRL17.5 billion, and cash and marketable securities
was BRL4.2 billion.
On a stand alone basis, Braskem generated BRL2.5 billion of EBITDA
and BRL727 million of funds from operations in the LTM ended in
September 2009. EBITDA margin was 16.3%, as compared with 13.5%
in 2008 and with an average of 15.7% in the last four years. Its
margins remain strong when compared to the global petrochemical
industry. The margin improvement in 2009 reflects, mainly, the
new Naphtha pricing agreement reached with Petrobras in early
2009.
Strong Acquisition Integration Track Record
Braskem has a strong track record of integrating acquisitions that
result in improved operating performance and generate incremental
of cash flow. Without considering other potential mergers or
acquisitions, Braskem's more robust business position should boost
EBITDA improvements over the next few years and strengthen credit
metrics and strengthen the company in the rating category.
The merger should also strength the operational partnership with
Petrobras and allows higher raw material diversification (natural
gas and refinery gas). The participation of Naphtha in the raw
material mix shall decline to 75% against the current 93%. The
diversity of raw material sources is a key competitive factor in
the global petrochemical industry.
Despite the positives, Braskem has announced its intention to
invest in several projects in Brazil and abroad, including
Venezuela, Peru, Mexico and possibly in USA, which heighten event
risk. The recent crisis has weakened the petrochemical industry
in North America, which represents a potential opportunity for
Braskem to acquire assets in the largest resin market worldwide.
Depending on the financing strategy for these likely strategic
actions, size and funding for the associated investment plan could
negatively affect the company's leverage, liquidity and credit
ratings.
BRASKEM SA: Fitch Affirms Issuer Default Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Braskem S.A. and Braskem International
Ltd.:
Braskem
-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Long-term local currency IDR at 'BB+';
-- Long-term national rating at 'AA(bra)';
-- Unsecured senior notes due 2014, 2017, 2018 at 'BB+';
-- Unsecured senior perpetual bonds at 'BB+';
-- 13th debenture issuance at 'AA(bra)'.
Braskem International
-- Unsecured senior notes due in 2015 at 'BB+'.
The Rating Outlook for the corporate ratings remains Stable.
This rating action follows Braskem's announced agreement to
acquire certain assets of Unipar for BRL700 million plus the
assumption of up to BRL170 million in long-term obligations of
BNDES Participacoes S.A. due 2015. The assets to be acquired
include, Quattor Participacoes S.A, Polibutenos S.A Industria
Quimica and Unipar Comercial e Distribuidora S.A. The acquisition
will further strengthen Braskem's position as a leader in the
Brazilian and Latin American petrochemical industry with a market
share around 80% in thermoplastic resins in the local market.
Following the completion of the transaction, Braskem shall have
annual capacity of 5.5 million tons of thermoplastic resins and
2.5 million tons of ethylene on a consolidated basis.
Strategically, the acquisition is positive for Braskem as it
further strengthens the company's business and competitive
position in the global petrochemical market. The acquisition
should not materially affect the company's leverage or liquidity
over the short and medium term. Fitch believes that Braskem
should benefit from cost and operating synergies as well as an
improving business environment, which should result in lower
leverage approaching 3.0 times by the end of 2010. Further
deleveraging efforts beyond 2011 is uncertain and ultimately will
depend on Braskem's level of investments as the company continues
to have ambitions plans to reach a more significant position in
the global petrochemical industry. Braskem has plans to carry out
investments and acquisitions abroad after having consolidated its
dominant position in the Brazilian market.
This transaction will be partially funded by a capital
contribution from Braskem's shareholders with a total capital
increase of between BRL4.5 billion and BRL5.0 billion; minimum
capital contributions of BRL1.0 billion and BRL2.5 billion have
already been committed to by Braskem shareholders, Odebrecht S.A
and Petrobras S.A, with an aim at reinforcing Braskem's capital
structure after incorporating Quattor debts on a pro forma basis.
After completion of the transaction, Odebrecht and Petrobras shall
have 53.8% and 46.2% respectively, of the voting and total capital
of the company.
Sounds Liquidity Position; Manageable Debt Profile
Braskem's liquidity position should remain robust compared to its
short-term debt and scheduled amortizations. Immediately
following the closing of the transaction, the company's cash
position (BRL7.5 billion, excluding cash from new equity) should
be sufficient to cover scheduled debt amortizations through 2011.
Minimum new equity capital of BRL3.5 billion is expected to be
used to pre-payment of part of Quattor's debt to adjust Quattor's
capital structure to levels similar to Braskem. The strategy
shall be pre-paying debts and look for improvements in terms of
payment terms and financial cost. Fitch understands that in view
of the strong liquidity shown and proven access to the
international debt market in recent years, Braskem should be
successful in its strategy.
On a pro forma basis, Braskem's net leverage ratio should be 3.9x
by year-end 2009, already incorporating the new tax liability of
BRL1.1 billion relative to adhesion to Refis, announced on
Dec. 1, 2009. Braskem shall assume BRL6.5 million net debt as
part of the merger; Quattors EBITDA was BRL492 million in the nine
months of 2009. Before the acquisition, the net debt/EBITDA ratio
was 3.5x in the last 12 months ended in September 2009 (including
Refis), versus 3.8x in 2008. As of September 2009, Braskem's
total debt was BRL17.5 billion, and cash and marketable securities
was BRL4.2 billion.
On a stand alone basis, Braskem generated BRL2.5 billion of EBITDA
and BRL727 million of funds from operations in the LTM ended in
September 2009. EBITDA margin was 16.3%, as compared with 13.5%
in 2008 and with an average of 15.7% in the last four years. Its
margins remain strong when compared to the global petrochemical
industry. The margin improvement in 2009 reflects, mainly, the
new Naphtha pricing agreement reached with Petrobras in early
2009.
Strong Acquisition Integration Track Record
Braskem has a strong track record of integrating acquisitions that
result in improved operating performance and generate incremental
of cash flow. Without considering other potential mergers or
acquisitions, Braskem's more robust business position should boost
EBITDA improvements over the next few years and strengthen credit
metrics and strengthen the company in the rating category.
The merger should also strength the operational partnership with
Petrobras and allows higher raw material diversification (natural
gas and refinery gas). The participation of Naphtha in the raw
material mix shall decline to 75% against the current 93%. The
diversity of raw material sources is a key competitive factor in
the global petrochemical industry.
Despite the positives, Braskem has announced its intention to
invest in several projects in Brazil and abroad, including
Venezuela, Peru, Mexico and possibly in USA, which heighten event
risk. The recent crisis has weakened the petrochemical industry
in North America, which represents a potential opportunity for
Braskem to acquire assets in the largest resin market worldwide.
Depending on the financing strategy for these likely strategic
actions, size and funding for the associated investment plan could
negatively affect the company's leverage, liquidity and credit
ratings.
VOTORANTIM PARTICIPACOES: Confirms Bid for Cimpor
-------------------------------------------------
Votorantim Participacoes has made a bid for a stake in Portuguese
cement company Cimpor, John Kolodziejski at Dow Jones Newswires
reports, citing the Estado news agency. The report relates the
newspaper said that president of Votorantim's board, Carlos
Ermirio Moraes, confirmed the move.
According to the report, Mr. Moraes said that Votorantim had been
tracking its Portuguese competitor since 2000 and had decided to
stake a minority stake. The report, citing a filing with
Portugal's Securities and Exchange Commission on January 19,
recalls that Votorantim said it wanted no more than 33% of Cimpor.
As reported in the Troubled Company Reporter-Latin America on
January 14, 2010, Bloomberg News said that Camargo Correa 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 CSN. 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 related that Camargo also agreed to pay as much as
EUR350 million to Cimpor's shareholders.
About Votorantim Group
Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries. The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 28, 2009, Standard & Poor's Ratings Services said that it
revised its outlook on Brazil-based conglomerate Votorantim
Participacoes S.A. to negative from stable. At the same time, S&P
affirmed its 'BBB' corporate credit rating on the company.
==========================
C A Y M A N I S L A N D S
==========================
AQR GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
On November 25, 2009, AQR Global Asset Allocation Company Limited
commenced wind-up proceedings.
Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Martina de Lima
Telephone: 815-1790
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
BCM LONG-SHORT: Commences Wind-Up Proceedings
---------------------------------------------
BCM Long-Short Equities, Ltd. commenced wind-up proceedings on
November 26, 2009.
Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
BIO CITY: Grand Court Enters Wind-Up Order
------------------------------------------
On October 30, 2009, the Grand Court of Cayman Islands entered an
order to have Bio City Development Company (MENA) Ltd's operations
wound up.
The company's liquidators are:
Graham Robinson
Peter D. Anderson
Rawlinson & Hunter Ltd.
Telephone: (345) 949-7576
BROADLAWN OFFSHORE: Commences Wind-Up Proceedings
-------------------------------------------------
Broadlawn Offshore, Ltd. commenced wind-up proceedings on
November 15, 2009.
Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier Fiduciary Services (Cayman) Limited
c/o Phil Hughes
Telephone: (345) 815-1402
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007, Cayman Islands
BT BRYCE: Commences Liquidation Proceedings
-------------------------------------------
BT Bryce Limited commenced liquidation proceedings on November 26,
2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
c/o Elizabeth Watt
Deutsche Bank (Cayman) Limited
Telephone: +1 345 914-5603
Facsimile: +1 345 949-7866
e-mail: Elizabeth.watt@db.com
CEPHEUS LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
On November 16, 2009, Cepheus Limited commenced wind-up
proceedings.
Only creditors who were able to file their proofs of debt by
December 30, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Linburgh Martin
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman, KY1-1102
CFS MULTI-STRATEGIES: Commences Liquidation Proceedings
-------------------------------------------------------
CFS Multi-Strategies Fund Limited commenced liquidation
proceedings on November 26, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Peggy Lee
6th Fl, No. 236 Sec 4
Hsin-I Rd Taipei, Taiwan R.O.C.
ENDEAVOUR SOLEBAY: Commences Liquidation Proceedings
----------------------------------------------------
Endeavour Solebay Fund Limited commenced liquidation proceedings
on November 25, 2009.
The company's liquidator is:
Woodward L. Terry
Woodward Terry & Company
Telephone: 345-945-2800
Facsimile: 345-945-2727
ENDEAVOUR SOLEBAY: Commences Liquidation Proceedings
----------------------------------------------------
Endeavour Solebay Master Fund Limited commenced liquidation
proceedings on November 25, 2009.
The company's liquidator is:
Woodward L. Terry
Woodward Terry & Company
Telephone: 345-945-2800
Facsimile: 345-945-2727
EPOCH 2002-2: Commences Liquidation Proceedings
-----------------------------------------------
Epoch 2002-2, Limited commenced liquidation proceedings on
November 26, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
c/o Elizabeth Watt
Deutsche Bank (Cayman) Limited
Telephone: +1 345 914-5603
Facsimile: +1 345 949-7866
e-mail: Elizabeth.watt@db.com
FOUNDATION HEAT: Commences Liquidation Proceedings
--------------------------------------------------
Foundation Heat and Power Inc. commenced liquidation proceedings
on November 26, 2009.
Only creditors who were able to file their proofs of debt by
December 30, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Philip Mosely
PO Box 1569, George Town
Grand Cayman KY1-1110, Cayman Islands
Telephone: (345) 949 4018
Facsimile: (345) 949 7891
e-mail: general@caymanmanagement.ky
GENNAIO INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Gennaio Investment Company commenced wind-up proceedings on
November 27, 2009.
Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.
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
HALCYON SECURITIZED: Commences Liquidation Proceedings
------------------------------------------------------
Halcyon Securitized Products Investors ABS CDO II Ltd. commenced
liquidation proceedings on November 26, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
c/o Elizabeth Watt
Deutsche Bank (Cayman) Limited
Telephone: +1 345 914-5603
Facsimile: +1 345 949-7866
e-mail: Elizabeth.watt@db.com
INNOVATION FUND: Commences Liquidation Proceedings
--------------------------------------------------
Innovation Fund commenced liquidation proceedings on November 19,
2009.
Only creditors who were able to file their proofs of debt by
January 8, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Keith Blake
PO Box 493, Grand Cayman KY1-1106
Cayman Islands
c/o Miss Lauren Christie
Telephone: 345-815-2663
Facsimile: 345-949-7164
P.O. Box 493, Grand Cayman KY1-1106
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
KAILAS II: Commences Wind-Up Proceedings
----------------------------------------
Kailas II, Ltd. commenced wind-up proceedings on November 26,
2009.
Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
KAILAS GLOBAL: Commences Wind-Up Proceedings
--------------------------------------------
Kailas Global Ltd. commenced wind-up proceedings on November 26,
2009.
Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
LAURUS OFFSHORE: Commences Wind-Up Proceedings
----------------------------------------------
On November 19, 2009, the Grand Court of Cayman Islands entered an
order to have Laurus Offshore Fund, Ltd.'s operations wound up.
The company's liquidators are:
Gordon MacRae
G. James Cleaver
c/o Zolfo Cooper, 4th Floor, Building 3
Cayman Financial Centre
P.O. Box 1102, Grand Cayman KY1-1102
Cayman Islands
Telephone: 345-946-0081
Facsimile: 345-946-0082
NEVE INTERNATIONAL: Commences Wind-Up Proceedings
-------------------------------------------------
Neve International Ltd. commenced wind-up proceedings on
November 27, 2009.
Only creditors who were able to file their proofs of debt by
December 28, 2009, will be included in the company's dividend
distribution.
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
OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Global Equity Market Neutral Master Fund commenced
wind-up proceedings on November 25, 2009.
Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
OLD MUTUAL: Commences Liquidation Proceedings
---------------------------------------------
Old Mutual Global Equity Market Neutral Fund commenced wind-up
proceedings on November 25, 2009.
Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
John Sutlic
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
PEAK ASIAN: Commences Liquidation Proceedings
---------------------------------------------
Peak Asian Absolute Return Fund Ltd. commenced liquidation
proceedings on November 13, 2009.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Mark Newman
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
PREFRA SPC: Commences Liquidation Proceedings
---------------------------------------------
Prefra SPC commenced liquidation proceedings on November 26, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
c/o Elizabeth Watt
Deutsche Bank (Cayman) Limited
Telephone: +1 345 914-5603
Facsimile: +1 345 949-7866
e-mail: Elizabeth.watt@db.com
PROVIDENT CBO I: Commences Liquidation Proceedings
--------------------------------------------------
Provident CBO I, Limited commenced liquidation proceedings on
November 26, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
David Dyer
c/o Elizabeth Watt
Deutsche Bank (Cayman) Limited
Telephone: +1 345 914-5603
Facsimile: +1 345 949-7866
e-mail: Elizabeth.watt@db.com
RIVENDALE ABSOLUTE: Commences Wind-Up Proceedings
-------------------------------------------------
On November 16, 2009, Rivendale Absolute Return Strategies Limited
commenced wind-up proceedings.
Only creditors who were able to file their proofs of debt by
December 30, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Linburgh Martin
c/o Kim Charaman
Telephone: (345) 949-8455
Facsimile: (345) 949-8499
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman, KY1-1102
ROWAYTON LOAN: Commences Wind-Up Proceedings
--------------------------------------------
Rowayton Loan Funding Company commenced wind-up proceedings on
November 27, 2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
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
SONIAMARIA: Commences Liquidation Proceedings
---------------------------------------------
Soniamaria commenced liquidation proceedings on November 5, 2009.
The company's liquidator is:
Woodward L. Terry
Woodward Terry & Company
Telephone: 345-945-2800
Facsimile: 345-945-2727
STORMPORT, LTD: Commences Wind-Up Proceedings
---------------------------------------------
Stormport, Ltd. commenced wind-up proceedings on November 26,
2009.
Only creditors who were able to file their proofs of debt by
January 7, 2010, will be included in the company's dividend
distribution.
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
TDJ HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------
TDJ Holdings Ltd. commenced wind-up proceedings on November 25,
2009.
Only creditors who were able to file their proofs of debt by
January 11, 2010, will be included in the company's dividend
distribution.
The company's liquidator is:
Michael L. Alberga
Telephone: +1 345 949-0699
Facsimile: +1 345 949-8171
c/o Thorp Alberga
Harbour Place, 2nd Floor
103 South Church Street, George Town
Grand Cayman KY1-1106
TELEOS STRATEGIES: Commences Wind-Up Proceedings
------------------------------------------------
Teleos Strategies, Ltd. commenced wind-up proceedings on
November 26, 2009.
Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
TELEOS SYSTEMATIC: Commences Wind-Up Proceedings
------------------------------------------------
Teleos Systematic Master Fund, Ltd. commenced wind-up proceedings
on November 26, 2009.
Only creditors who were able to file their proofs of debt by
December 29, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Finlay
c/o Richard Barton
Telephone: (345) 814-7765
Facsimile: (345) 945-3902
P.O. Box 2681, Grand Cayman KY1-1111
Cayman Islands
=============
J A M A I C A
=============
AIR JAMAICA: Places Interim Measures to Cut Costs
-------------------------------------------------
Air Jamaica Limited President and Chief Executive Officer Bruce
Nobles says interim measures have been put in place to curtail
expenses at the airline as it moves closer to changing hands,
RadioJamaica reports.
According to the report, Mr. Nobles said that Air Jamaica's cash
flow is particularly difficult at this time and he has instructed
that expenses be curtailed to only those essential to the optimal
operation of the airline. The report, citing a memo to staff,
relates that Mr. Nobles said the Board will be asked shortly to
approve another reduction in its fleet, which will result in a
total of six aircraft and will require that Air Jamaica adjust the
current schedule accordingly.
Mr. Nobles, the report notes, told his staff detailed information
will be distributed as soon as possible. In the interim, the
staff must continue to do all it can to maintain the daily
operations of the airline, he added.
Air Jamaica is preparing to go through a due diligence process
with Caribbean Airlines for the take over of the national carrier,
the report adds.
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: Moody's Gives Stable Outlook; Affirms 'Caa1' Rating
----------------------------------------------------------------
Moody's Investors Service changed the ratings outlook of Air
Jamaica Limited to stable. The respective Corporate Family and
senior unsecured ratings of Air Jamaica are affirmed at Caa1. The
change in outlook mirrors the change of the outlook of the foreign
currency bond rating of The Government of Jamaica to stable, which
occurred on January 22, 2010.
The ratings reflect Jamaica's unconditional and irrevocable
guarantee of the rated debt obligations of Air Jamaica. The
foreign currency bond rating of Jamaica remains Caa1,
notwithstanding the January 22, 2010 downgrade of Jamaica's local
currency bond rating by Moody's to Caa2.
The rating of Air Jamaica is based on the irrevocable guarantee of
the sovereign, The Government of Jamaica.
The last rating action on Air Jamaica was the downgrade of the
corporate family and senior unsecured debt ratings to Caa1 from B2
on November 19, 2009.
Outlook Actions:
Issuer: Air Jamaica Limited
-- Outlook, Changed To Stable From Negative
Air Jamaica Limited and its parent company, Air Jamaica Holdings
Limited, are headquartered in Kingston, Jamaica.
DIGICEL GROUP: Haiti Earthquake Won't Affect Fitch's Ratings
------------------------------------------------------------
Fitch Ratings does not anticipate changes to the ratings of
Digicel Group Limited, Digicel Limited and Digicel International
Finance Limited, collectively referred to as Digicel, due to the
Jan. 12, 2010 earthquake in Haiti. Digicel's diversified asset
base and cash flow generation should temper pressure on credit
quality, which is nonetheless expected to weaken as Haiti accounts
for approximately 16% of consolidated revenues and 20% of EBITDA.
Digicel has a property and network insurance which will allow it
to replenish costs incurred to repair the assets and network after
paying the customary deductibles. However, the difference in the
timing between receiving the insurance proceeds from the claims
and the use of cash to rebuild the infrastructure will have an
effect on Digicel's short-term liquidity.
As of Jan. 22, 2010, total costs for property and network damages
are estimated to be in the range of US$35-US$40 million, despite
the network being restored and operational in 86% of the
functional sites. Digicel also has insurance for business
interruptions that should cover operating expenses related to
revenue declines for up to six months plus US$5 million of
additional insurance for incremental costs. Medium-term concerns
relate to the economic situation of Haiti and the effect on demand
for telecommunications services.
In a separate event, on Jan. 14, 2010, Fitch downgraded Jamaica's
long-term local currency rating to 'C' from 'CCC', affirmed the
long-term foreign currency rating at 'CCC' and affirmed the
country ceiling at 'B-'. The sovereign downgrade does not affect
the ratings of Digicel. In Fitch's view, Digicel's ratings are
less constrained by Jamaica's country ceiling of 'B-' than during
previous years due to increased diversification of Digicel's cash
flows during the past couple of years. A downgrade of Jamaica's
country ceiling beyond 'B-' would be viewed negatively and could
pressure future rating levels of Digicel.
Digicel's ratings are supported by its solid operating
performance, its position as the leading provider of wireless
services in the Caribbean (with good market positions in Jamaica,
Haiti and Trinidad & Tobago), strong brand recognition, and an
increasingly diversified revenue and cash flow stream across the
Caribbean. The ratings incorporate expectations for lower capital
expenditure requirements over the next few years and management
cost control initiatives, including lower subscriber acquisition
costs. Concerns regarding DGL's ratings reflect the company's
high leverage, the economic environment in the Caribbean economies
and medium-term refinancing risk. The latter was tempered by the
issuance of US$500 million senior notes last November.
With regard to Digicel's capital structure and the associated
ratings, debt at DIFL is rated one notch higher than the group's
Issuer Default Rating, reflecting its above-average recovery
prospects. The DL IDR reflects the increased burden the DGL
subordinated notes place on the operating assets and the loss of
financial flexibility. The ratings of DGL's 2015 notes
incorporate their subordination to debt at DIFL and DL, as well as
the subordinated notes below average recovery prospects in the
event of default.
Fitch rates Digicel:
DGL
-- US$1 billion 8.875% senior subordinated notes due 2015
'CCC+/RR5';
-- US$400 million 9.125/9.875% senior subordinated toggle notes
due 2015 'CCC+/RR5'.
DL
-- Foreign currency IDR 'B-';
-- US$510 12% million senior notes due 2014 'B-/RR4';
-- US$500 8.25% million senior notes due 2017 'B-/RR4'.
DIFL
-- US$1.15 billion senior secured credit facility, of which
US$839 million is outstanding, 'B/RR3'.
The Rating Outlook is Stable.
===========
M E X I C O
===========
CEMEX SAB: Seen Posting Another 4th-Quarter Loss
------------------------------------------------
Gabriela Lopez at Reuters reports that CEMEX, S.A.B. de C.V.
probably notched up its second net loss in more than a decade
during the fourth quarter of 2009, burdened by falling demand
and an extraordinary charge linked to an asset sale. A Reuters
poll of seven analysts showed Cemex will report a loss of US$519
million for the October-to-December period last year.
According to the report, the loss is likely to be less than in the
fourth quarter of 2008, when Cemex reported a US$707 million loss,
the first in at least a decade. "Cemex's fourth-quarter results
are likely to disappoint," the report quoted Carlos Peyrelongue of
Bank of America Merrill Lynch, who has an "underperform" rating on
Cemex shares.
Cemex SAB, the report notes, is struggling with slumping cement
volumes in its key Mexican, U.S. and European markets as the
global economic downturn cuts construction activity. Reuters
relates that the sale of Cemex's Australian assets last year for
less than their book value will also drag on the company's
quarterly results, meaning a one-off US$446 million loss.
Analysts polled by Reuters expect Cemex to show a 21% fall in its
total sales and 34 percent slide in its earnings before interest,
depreciation and amortization (EBITDA) in the fourth quarter.
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)'.
* MEXICO: Messmacher Says at Least 3% Growth Likely
---------------------------------------------------
Jens Erik Gould at Bloomberg News reports that Miguel Messmacher,
chief economist at Mexico's Finance Ministry, said there is a
"very high" probability that the country's economy will grow more
than 3% this year. Mexico's unemployment rate, which hit the
lowest mark in nine months, and its 2009 trade deficit mean the
economy is showing a strong recovery, Mr. Messmacher told the news
agency in a telephone interview. Domestic and external demand is
improving, leading to a recovery in exports and sales, he addded.
"We're seeing 3% as a floor," the report quoted Mr. Messmacher as
saying. "We've had three months of decreases in the unemployment
rate, which is very good news," he added.
Mexico's economy, the report says, is improving amid a recovery in
the U.S after it probably contracted the most since 1932 last
year.
=======
P E R U
=======
CORPORACION PESQUERA: Fitch Puts 'BB-' Rating on US$150 Mil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Corporacion Pesquera
Inca S.A.C.'s. Additionally, Fitch has assigned a rating of 'BB-'
to Copeinca's proposed US$150 million note issuance. Proceeds
from the issuance will be used to refinance existing debt. The
Rating Outlook is Stable.
Copeinca's ratings reflect the company's strong market position in
the fishmeal industry as the third largest producer in the world,
adequate leverage levels, positive free cash flow generation, and
increasing margins from the new Individual Transferable Quota
System in Peru and world-wide supply restrictions. Copeinca's
ratings are constrained by the company's product and client
concentration, production vulnerability to weather changes,
pricing volatility and aggressive growth strategy.
Strong Market Position, Global Producer:
Copeinca is the third largest producer of fishmeal in the world
and second largest in Peru. Its strong market position derives
from the geographic distribution of the company's processing
plants along the coast of Peru, an efficient fleet of 30 vessels,
and the entitlement to harvest up to 10.7% of Peru's fishing
quota. Copeinca harvests a substantial percentage of the Peruvian
anchovy biomass to produce fishmeal and fish oil. Peru's pelagic
biomass is one of the largest in the world which allows the
country to be the key producer of fishmeal and fish oil with 29%
of the global market share.
Copeinca is vertically integrated with significant catching and
processing capacity. Fifteen out of its 30 vessels in operation
are equipped with freezer storage rooms, which enhance the
company's ability to deliver a fresh catch to its plants.
Copeinca's plants are distributed along the center-north Peruvian
coastline with an additional plant in the south. The plant
distribution minimizes distance and travel time from fishing
locations which preserves quality of the catch and minimizes the
company's fuel expenses.
Adequate Leverage and Balanced Use of Debt:
Leverage is at manageable levels. As of September 2009, the
company's net debt/EBITDA ratio was 2.1 times, a decrease from
2.4x in 2008. LTM EBITDA was US$63 million and total debt was
US$152.2 million, composed mostly of a US$135 million syndicated
loan. Copeinca is expected to continue with its growth strategy
and to manage to its leverage ratio target in the range of 2.0x to
2.5x. The proposed US$150 million notes issuance will increase
the company's financial flexibility as it extends its maturity
profile to seven years. Also, the company continues to have
access to the local capital markets supported by its fishing
licenses.
Copeinca has a good track record of successfully integrating
acquisitions. In the past few years, acquisitions have amounted
to approximately US$378 million, which has transformed the company
into a leading fishery enterprise with the second largest fishing
quota in Peru. To finance M&A transactions during 2006 and 2007
the company raised about US$230 million through equity private
placements. Copeinca also obtained a US$185 million syndicated
loan during 2007.
New Quota System, Rationalization Improve Margins:
Copeinca's strong operating performance in the last two years was
driven by higher prices and lower operating expenses, mostly
driven by the rationalization of its asset as a result of the new
ITQ quota system in Peru. Fitch expects the company to improve
margins in 2010 as a result of better prices, stable volumes and
lower operating costs resulting from the ITQ implementation.
Implementation of the ITQ System in Peru should further improve
Copeinca's operating efficiencies and margins. In April 2009 the
ITQ system replaced the Olympic quota fishing system. With the
Olympic fishing regime, companies raced each other to catch as
much as possible of the pre-defined total quota for the period in
Peru. Under the ITQ system, each vessel is allocated a quota for
the season and has the flexibility to catch at its own discretion.
After the implementation of the ITQ system, Copeinca reduced its
operating plants from 10 to six during 2009. It also has
permanently discontinued the use of 12 of the 64 vessels it owns,
operating with 40 vessels in the first fishing season of 2009
(April to June) and 30 vessels in the second fishing season of
2009 (November 2009 to January 2010). Operating efficiencies from
the implementation of ITQ systems in other countries such as
Chile, Iceland and Norway have been derived from the
rationalization of fleet, plant and personnel.
For the last twelve months period ended Sept. 2009, and for the
full year ended (FYE) 2008, the company's free cash flow was
positive reaching US$60.2 million and US$72.8 million,
respectively. The company's strong cash flow generation reflects
its annual production of about 200,000 metric tonnes of fishmeal
and 30,000 metric tonnes of fish oil for LTM revenues of
US$215 million, while capital expenditures amounted to only
US$3 million. Fitch expects Copeinca to continue generating
strong cash flow from operations, which will be the primary source
of funding for its US$80 million investment program for 2010 and
2011.
Strong Demand, World-wide Supply Restrictions Support Prices:
The outlook on fishmeal and fish oil prices is mildly positive and
is mainly driven by a growing demand and limited supply. Driven
by increasing demand for fish as a source of protein, the
worldwide aquaculture industry has grown significantly in recent
years, particularly with China driving increasing demand for
fishmeal. China is the single largest user of fishmeal. In 2004,
the country used 1.6 million metric tonnes of fishmeal, with
1.2 million metric tonnes of demand being supplied by imports.
About 75% of China's fishmeal demand was used for aquaculture
production. In addition, the demand for fish oil due to its
Omega-3 content and the related interest in its health benefits
has helped grow demand.
On the supply side, global production of fishmeal has remained at
similar levels over the past few years. Total fishmeal production
from five major fishmeal producing countries (Peru, Chile,
Denmark, Norway and Iceland) has decreased by 7.14% from 2006 to
2008. Limited fishmeal supply is the result of many species
approaching maximum sustainable levels, as well as the
implementation of fishing quotas by many countries. Growth in the
volume of fishmeal and fish oil production is likely to be limited
in the future. As a result of fishmeal's supply and demand
markets dynamics, fishmeal prices have tripled in the last ten
years. During the 1991-1993 period, the average price of FAQ
fishmeal was US$491 per metric tonne. In the 2006-2008 period,
the average price was $865 per metric tonne. Fishmeal closed 2009
with a price of US$1,550 per metric tonne.
Copeinca's Operations Sensitive to Weather Changes (El Nino
Impact):
Copeinca's operations are occasionally affected by El Nino or La
Nina. The El Nino phenomenon is characterized by warm currents
flowing in from above the northern peak of Peru and dramatically
increasing the seawater temperature, which can negatively impact
fish populations and therefore Copeinca's financial results. El
Nino occurs approximately every two to seven years and usually
lasts for less than one year. Copeinca's ratings incorporate the
risks of a moderate El Nino event occurring during 2010 and a
strong El Nino event occurring during the next five years. The
first fishing season of 2010 (during April - June 2010) would be
the first vulnerable period should the potential El Nino persist
and strengthen. Conversely, La Nina is known as the cold
phenomenon and occurs when strong winds blow from the south,
resulting in lower sea temperatures. A mild La Nina can have a
very positive impact on fishmeal production.
Limited Customer and Product Diversification:
Copeinca's ratings reflect limited diversification of its
operations. Historically, the company has generated substantially
all of its revenue through the sales of fishmeal and fish oil,
which is extracted during the fishmeal production process. In
2008, sales of fishmeal accounted for 76% of total revenues while
and fish oil accounted for 18%. For the nine months ended
Sept. 30, 2009, fishmeal and fish oil represented 85% and 11% of
consolidated sales, respectively. Revenues coming from China
represent 40% to 50% of the company's total revenues. In
addition, during the year ended Dec. 31, 2008, and the nine months
ended Sept. 30, 2009, the company's top ten customers accounted
for 63.4% and 76.9%, respectively, of its consolidated sales
volume for such periods.
===============================
T R I N I D A D & T O B A G O
===============================
CL FINANCIAL: Board Members of Lascelles deMercado Resign
---------------------------------------------------------
Lascelles deMercado & Company Limited has advised that Steve
Bideshi and Michael Carballo have resigned from the board of
directors, RadioJamaica reports.
According to the report, the resignations will take effect on
January 31.
No reason was given for the resignations in the brief statement
announcing the changes.
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
=================
RADIO CARCAS: Venezuela Students Protest TV Station's Suspension
----------------------------------------------------------------
Frank Jack Daniel at Reuters reports that police used tear gas to
disperse thousands of students who marched in Venezuelan cities to
protest the government's widely criticized suspension of a TV
station opposed to President Hugo Chavez.
According to the report, the new suspension of Radio Caracas
Television, along with some other small stations, was criticized
by media freedom groups and the U.S. government. "Any time the
government shuts down an independent network, that is an area of
concern," the report quoted U.S. State Department spokesman Philip
Crawley as saying.
The report notes that Venezuela said Mr. Crowley "lied" when he
said the stations had been closed, and that the suspension could
be reversed if they comply with a new law requiring them to
broadcast some of Chavez's speeches, among other things.
"This is not an attack on the freedom of expression, it is an
administrative sanction under the law," Bernardo Alvarez,
Venezuela's ambassador to Washington, told Reuters in an
interview. The suspension was not politically motivated, he
added.
Reuters notes that students from universities and schools in the
capital marched with their hands painted white and tried to reach
the offices of the government media regulator.
As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, Bloomberg News said that Venezuela's
telecommunications regulator (Conatel) ordered cable television
providers to stop carrying Radio Caracas Television, the network
whose broadcast rights President Hugo Chavez revoked in 2007, for
allegedly violating rules including not televising the president's
speeches. According to the report, Public Works and Housing
Minister Diosdado Cabello, who also heads Conatel, called on cable
providers to pull networks off the air that haven't registered
with the regulator and whose media classification has been changed
to national from international. The report noted that
international networks, whose programming must be 70% foreign,
don't have to follow rules such as broadcasting President Chavez's
speeches.
About Radio Caracas
Radio Caracas Television Internacional is a Venezuelan cable
television network headquartered in the Caracas neighborhood of
Quinta Crespo. It was sometimes referred to as the Canal de
B rcenas. Owned by Empresas 1BC, RCTV Internacional was
inaugurated as Radio Caracas Television (RCTV) on 15 November 1953
by William H. Phelps, Jr.. Its radio counterpart was Radio
Caracas Radio.
PETROLEOS DE VENEZUELA: CNPC and Venezuela to Build Oil Refinery
----------------------------------------------------------------
China National Petroleum Corp said that the National Development
and Reform Commission has approved its plans to build an oil
refinery in Guangdong Province with Petroleos de Venezuela SA,
China Knowledge News reports.
According to the report, the US$10-billion oil refinery, to be
located in Jieyang, will have a daily crude oil processing
capacity of 400,000 barrels.
Reportedly, the report relates, the refinery in Jieyang will be
the first of three large-scale oil refinery construction projects:
a project between CNPC and Russia's Rosneft, and another between
China Petrochemical Corp and Kuwait are also planned.
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
PETROLEOS DE VENEZUELA: Unit Installs Technology for Gas Security
-----------------------------------------------------------------
To protect people, equipment and environment, PDVSA Gas, a
subsidiary of Petroleos de Venezuela, moves forward with the
installation of a new integrated fire detection and gas technology
in the refrigeration plant at La Salina, located on the East Coast
of Lake Maracaibo.
This new system of prevention, aligned with corporate policies and
procedures and international standards, will ensure timely
response to staff during a situation of risk.
This project has an investment of VEB2,900,000, the planning was
developed within its own effort, thanks to the people working in
the Engineering and Construction Superintendence of PDVSA GAS,
this action showed considerable savings for the state gas
production.
During the month of February it is being estimated to put to work
this combined system, which brings many benefits, including: fewer
cables in the facilities, greater capacity for self-testing, which
allows each part of the system to be audit individually, these are
some of the benefits among others.
Modernizing facilities
To make improvements and optimizations in the infrastructure of
gas facilities as well as on the security systems that protect
workers from operational risks, the refrigeration plant La Salina
has planned refurbishment work on the tank TK - 96124.
This work will bring many benefits to the gas industry in the
field of Industrial Safety Environment and Occupational Hygiene
(SIAHO).
Thanks to these works in the refrigeration plant La Salina risks
will be minimize for both workers and for the facilities and
atmosphere.
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
PETROLEOS DE VENEZUELA: To Develop Junin Block 10
-------------------------------------------------
Petroleos de Venezuela SA disclosed that the process of selecting
partners for the Junin Block 10 of the Orinoco Oil Belt has
concluded, due to not reaching a satisfactory agreement for the
Bolivarian Republic of Venezuela with the oil companies Statoil of
Norway and Total of France.
This process started in 2007, with the quantification and
certification of reserves in the bloc, in 2009 it advance until
culminating the development of business plans as the basis for the
establishment of the joint venture responsible for oil production
and improvement of extra heavy oil to be produced in this area.
Proposals submitted by companies Statoil and Total did not meet
the requirements, therefore the Ministry of Popular Power for
Energy and Oil instructed PDVSA to develop the block with their
own efforts and under the most suitable business plan for the
nation.
The Business Plan for the Junin Block 10 is designed to achieve a
production of 300 thousand barrels of extra heavy oil daily,
contemplating the construction of an upgrader that would transform
the 8.5-degree API crude to upgraded crude of 35.7 degrees API, by
allowing the generation of crude mixtures whose quality would
adapt to market requirements.
Junin Block 10 has an extension of 583 km2 and a POES (original
oil in situ) of 29 billion barrels of oil, contemplating the
implementation of a method of enhanced recovery of crude oil by
steam injection to achieve a recovery factor of 20% at the end of
the life of the reservoir.
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
PETROLEOS DE VENEZUELA: Pres. Asks Firm to Enter Livestock Market
-----------------------------------------------------------------
Venezuela President Hugo Chavez asked Minister of Energy and
Resources Rafael Ramirez to have the PDVSA finance livestock
activities, Poder360.com reports.
According to the report, President Chavez's idea is to use oil
revenues and oil infrastructure to make Venezuela a self-
sufficient country. It's all part of a plan which includes milk
production or food distribution through the Pdval network, he
added.
"PDVSA can't limit itself to only delivering trucks, drilling and
looking for oil, that's what the transnational companies always
did," the report quoted President Chavez as saying.
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
PETROLEOS DE VENEZUELA: Enters Into Heavy Oil Venture with ENI
--------------------------------------------------------------
Petroleos de Venezuela signed a memorandum of understanding for
the development of a joint venture oil deal in the Junin 5 block
of the Orinoco oil belt with Italy's oil and gas major ENI (Ente
Nazionale Idrocarburi), El Universal news reports.
According to the report, the document was signed by Paoli Scaroni,
the chief executive officer of ENI, and the president of the ENI,
and Eulogio Del Pino, the president of Corporacion Venezolana del
Petr¢leo (CVP) and Pdvsa's Vice President for Exploration and
Production.
PDVSA, the report notes, will have a 60% stake while ENI will have
the remaining 40%, with the goal of achieving a production of
240,000 bpd of upgraded crude, with an investment higher than
US$8.3 billion.
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
***********
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
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Information contained herein is obtained from sources believed to
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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 * * *