/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100128.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 28, 2010, Vol. 11, No. 019 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Judge Okays Sales of Owner's Property A R G E N T I N A BANCO SAENZ: Moody's Assigns 'B2' Global Currency Debt Rating TELEFONICA DE ARGENTINA: Telefonica Buys Up Outstanding 1.8% Stake TELEFONICA DE ARGENTINA: Government May Nationalize Firm * ARGENTINA: S&P Retains Negative Watch on Neuquen's 'B-' Rating B E R M U D A SYNCORA HOLDINGS: No Action Taken at Preferreds Holders' Meeting B R A Z I L ANHANGUERA EDUCACIONAL: Reinstated "Outperform" at Credit Suisse ANHANGUERA EDUCACIONAL: IFC Provides BRL50 Million Financing BRASKEM SA: S&P Affirms Corporate Credit Rating at 'BB+' COMPANHIA ENERGETICA: Itau Securities Ups Firm to Market Perform COMPANHIA SIDERURGICA: BlackRock Tells Firm to Abandon Cimpor FIDC NAO: Moody's Withdraws 'Ba2' Global Rating on Senior Shares USIMINAS SIDERURGICAS: Upgraded to "Outperform" at Itau C A Y M A N I S L A N D S ABCD COMPANY: Commences Wind-Up Proceedings ABN AMRO: Commences Liquidation Proceedings ACAS CLO 2007-2: Commences Liquidation Proceedings ACP FUNDING: Commences Liquidation Proceedings ACP III FUNDING: Commences Liquidation Proceedings ACP IV: Commences Liquidation Proceedings ACP IX: Commences Liquidation Proceedings ACP V FUNDING: Commences Liquidation Proceedings ACP VI FUNDING: Commences Liquidation Proceedings ACP VII FUNDING: Commences Liquidation Proceedings ACP VIII FUNDING: Commences Liquidation Proceedings ACP X FUNDING: Commences Liquidation Proceedings ACP XII FUNDING: Commences Liquidation Proceedings ACP XIII FUNDING: Commences Liquidation Proceedings ACP XIV FUNDING: Commences Liquidation Proceedings ACP XV FUNDING: Commences Liquidation Proceedings ASOR INTERNATIONAL: Placed Under Voluntary Wind-Up BOA HOLDINGS: Placed Under Voluntary Wind-Up CAMEL FUND: Placed Under Voluntary Wind-Up DANZA CLASSICA: Placed Under Voluntary Wind-Up GETTY CONSULTING: Placed Under Voluntary Wind-Up LEHMAN BROTHERS: Commences Liquidation Proceedings LILLOOET LIMITED: Commences Liquidation Proceedings MASTER CONSULTING: Placed Under Voluntary Wind-Up OCTANS II CDO: Commences Liquidation Proceedings RED BLUFF: Placed Under Voluntary Wind-Up SMITH BREEDEN: Placed Under Voluntary Wind-Up SMITH BREEDEN: Placed Under Voluntary Wind-Up UBS INTERNATIONAL: Commences Liquidation Proceedings WEST RIVER: Placed Under Voluntary Wind-Up E C U A D O R PETROECUADOR: Posts 2009 Oil Export Revenue of US$4.46 Billion M E X I C O CEMEX SAB: Posts Fourth-Quarter and Full-Year 2009 Results VITRO SAB: To Delay Debt-Restructuring Offer, Meouchi Says P E R U DOE RUN PERU: Workers Await News on Smelter Restart X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Judge Okays Sales of Owner's Property ----------------------------------------------------- U.S. District Judge David Godbey approved the sale of real estate owned by corporations controlled by Robert Allen Stanford, the financier accused of orchestrating a multi-billion Ponzi scheme, Gina Keating at Reuters reports. According to the report, Stanford Financial Group court-appointed receiver, Ralph Janvey, had asked the court to allow CB Richard Ellis to publicly auction the dozens of parcels of properties in the continental United States and U.S. Virgin Islands "in an efficient and cost-effective manner." "Marketing efforts will begin immediately," Mr. Janvey said in a statement obtained by the news agency. "However, the timing of any sale will necessarily depend on . . . relevant market conditions and debt obligations associated with each property," he added. Judge David Godbey, the report notes, ordered Mr. Janvey to notify the Stanford Condominium Owner's Association if he tries to sell property owned by the Stanford Development Corp, and give residents a chance to object. Reuters notes that competing offers are to be submitted to the receiver at least five days prior to the auction. The properties to be auctioned are located in various counties in Texas, Michigan, Tennessee, North Carolina, and Mississippi and in the U.S. Virgin Islands. The report, citing a court order, adds that Mr. Janvey also was granted permission to dispose of certain parcels through private sales. 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 ================= BANCO SAENZ: Moody's Assigns 'B2' Global Currency Debt Rating ------------------------------------------------------------- Moody's Latin America assigned an A1.ar local and foreign currency debt rating, under the Argentinean National Scale, to Banco Saenz's multi-currency senior unsecured debt program amounting to ARS80 million, or its equivalent in other currencies. The A1.ar National Scale local currency debt rating was also assigned to the first expected issuance of the program worth up to ARS35 million. At the same time, Moody's Investors Service assigned a B2 global local and foreign-currency debt rating to the aforementioned program, as well as to the first debt issuance. The outlook on all ratings is stable. Banco Saenz S.A. is headquartered in Buenos Aires, Argentina, and had assets for ARS420.85 million and deposits for ARS258 million, as of September 2009. These ratings were assigned to Banco Saenz's ARS80 million (or its equivalent in other currencies) senior debt program: * Global Local-Currency Debt Rating: B2 * National Scale, Local-Currency Debt Rating: A1.ar * Global Foreign-Currency Debt Rating: B2 * National Scale, Foreign-Currency Debt Rating: A1.ar These ratings were assigned to Banco Saenz's ARS35 million issuance: * Global Local-Currency Debt Rating: B2 * National Scale, Local-Currency Debt Rating: A1.ar TELEFONICA DE ARGENTINA: Telefonica Buys Up Outstanding 1.8% Stake ------------------------------------------------------------------ Spain's Telefonica has completed the acquisition of 1.8% of the shares in its Argentine unit, Telefonica de Argentina, which it didn't already own, Matthew Cowley at Dow Jones Newswires reports. According to the report, citing a company statement sent to the Buenos Aires stock exchange, the company said that as a result, Telefonica de Argentina's shares have been delisted. The report relates that Telefonica completed the acquisition of the shares on January 25. As reported in the Troubled Company Reporter-Latin America on December 8, 2009, Dow Jones Newswires said that the Argentine market regulator has approved Telefonica SA's request to buy out the remaining stake of Telefonica de Argentina it doesn't already control. According to the report, citing a filing to the Spanish market regulator, Telefonica said it would offer 1 Argentinean peso a share for the roughly 126 million shares of its Argentine unit. The report related that Telefonica said it would pay roughly EUR22 million for the stake. About Telefonica de Argentina Headquartered in Buenos Aires, Argentina, Telefonica de Argentina is the largest incumbent telephone service provider. Reported total revenues as of last twelve months ended June 30 2009, amounted to ARS5.2 billion (US$1.5 billion using the average LTM exchange rate). * * * As reported in the Troubled Company Reporter Latin America on October 29, 2009, Moody's Latin America said that Telefonica de Argentina's B2 foreign currency senior unsecured bond rating remain unchanged after Telefonica de Argentina concluded a tender offer to repurchase up to about US$73 million (in pesos and dollars), out of its total debt of about US$330 million in bonds at nominal value plus a premium on October 22, 2009. TELEFONICA DE ARGENTINA: Government May Nationalize Firm -------------------------------------------------------- The Argentine government may nationalize Telecom Argentina SA, Sonia Sirletti at Bloomberg News reports, citing MF News, without saying where it got the information. According to the report, MF News said that President Cristina Fernandez de Kirchner may announce the decision in a televised speech "soon." 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 S.A. Dow Jones Newswires related 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. * ARGENTINA: S&P Retains Negative Watch on Neuquen's 'B-' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services stated that its 'raA+' and 'B-' ratings on the Province of Neuquen's US$250 million secured amortizing notes due 2014 remain on CreditWatch negative -- where they were placed Nov. 30, 2009 -- following the publication of Provincial Law 2684. Provincial Law 2684 enables the provincial government to issue new debt for a voluntary exchange of the secured amortizing notes. At this time, however, the official exchange proposal and its terms and conditions have not yet been formalized. Standard & Poor's will continue to monitor the development of the debt exchange proposal to analyze its affect on investors. It's likely that S&P will significantly lower the ratings on the notes if the new exchange notes' terms and conditions offer less value than originally promised to investors. On the other hand, S&P will affirm the ratings on the notes if the new exchange notes' terms and conditions do not materially change or if the potential changes do not impair the bonds' creditworthiness. ============= B E R M U D A ============= SYNCORA HOLDINGS: No Action Taken at Preferreds Holders' Meeting ---------------------------------------------------------------- Syncora Holdings Ltd. on Tuesday said that, because of the absence of a quorum, no action was taken at the special general meeting called January 26 for holders of its Series A Perpetual Non-Cumulative Preference Shares. The meeting had been called to facilitate the exercise by holders of these shares of their right to elect two additional members of the Company's Board of Directors due to the Company's failure to pay dividends on the shares for six quarterly periods. About Syncora Holdings Syncora Holdings Ltd. (OTC: SYCRF) -- http://www.syncora.com/-- is a Bermuda-domiciled holding company. Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly owned subsidiaries of Syncora Holdings Ltd. * * * As of October 8, 2009, the company continues to carry Moody's "C" preferred stock rating. =========== B R A Z I L =========== ANHANGUERA EDUCACIONAL: Reinstated "Outperform" at Credit Suisse ---------------------------------------------------------------- Laura Price at Bloomberg News reports that Anhanguera Educacional Participacoes SA was reinstated with an "outperform" rating at Credit Suisse Group AG, which cited a 30% "upside" to its share price estimate of BRL34. According to the report, Credit Suisse said that Anhanguera is likely to continue its "fast" growth and may benefit from an increase in the average wage in Brazil and improvements in student financing. Anhanguera Educacional Participacoes SA -- http://www.unianhanguera.edu.br/-- is a Brazil-based private, for-profit professional education company. AESA is a holding company which directly or indirectly controls and supports the operations of all of its campuses and owns 100% of the capital of Poona, Sapiens, Jacareiense, and AESA Publicacoes. The company operates three education networks, Microlins, providing vocational training centers offering short-term programs in Information Technology and Business Administration, Anhanguera/LFG, composed by distance-learning centers, offering undergraduate, graduate and extension programs, and Anhanguera, constituted by campuses offering more than 90 undergraduate programs, in addition to on- campus and distance-learning graduate and extension programs. In 2008, the company acquired 30% of the share capital of Editora Microlins Brasil Ltda and fully acquired LFG Business e Participacoes Ltda. * * * As reported in the Troubled Company Reporter-Latin America on September 21, 2009, Standard & Poor's Ratings Services said that it assigned its 'BB-' global scale corporate credit rating to Anhanguera Educacional Participacoes S.A. and affirmed its 'brA' Brazilian national scale corporate credit and debenture ratings on the company. The outlooks are stable. ANHANGUERA EDUCACIONAL: IFC Provides BRL50 Million Financing ------------------------------------------------------------ IFC will promote access to high-quality and affordable education in Brazil with a financing of BRL50 million to Anhanguera Educacional Participacoes SA. In addition, PROPARCO, a subsidiary of Agence Fran‡aise de Developpement, will provide EUR8 million and DEG, a member of KfW Bankrengruppe, will provide EUR15 million. The funds will help finance Anhanguera's investment plan for 2010. Professor Antonio Carbonari, Anhanguera's president and founder, said, "This financing will enable us to respond to the growing demand for education services by leveraging our business model and expanding our network of colleges and learning centers." Anhanguera had more than 250,000 students in 2009. Its business model for third-level education focuses on low- and middle-income working adults who may not have access to public universities. On average, its graduates have almost tripled their income after completing their studies. The model offers high-quality standards and affordable prices to the students. Guy Ellena, IFC Director for Health and Education, said, "Anhanguera illustrates in very human terms the development impact that IFC is trying to achieve by reaching low- and middle-income students and offering them opportunities to improve their professional and technical education in order to get better jobs." Andrew Gunther, IFC Country Manager for Brazil, added, "Anhanguera is a very good example of a financially sustainable private sector project that has a strong social impact. IFC is proud to continue supporting Anhanguera's innovative approach and commitment to education in Brazil." IFC's relationship with Anhanguera dates back to 2006, with a $12 million loan to the company through Fundo de Educacao para o Brasil. In March 2007, Anhanguera became Latin America's first private education company to list its shares through an initial public offering. In 2009, Anhanguera was the recipient of IFC's Client Leadership Award in the real sector category. IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries-including by making loans to help meet educational demands. About IFC IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. About Anhanguera Educacional Anhanguera Educacional Participacoes SA -- http://www.unianhanguera.edu.br/-- is a Brazil-based private, for-profit professional education company. AESA is a holding company which directly or indirectly controls and supports the operations of all of its campuses and owns 100% of the capital of Poona, Sapiens, Jacareiense, and AESA Publicacoes. The company operates three education networks, Microlins, providing vocational training centers offering short-term programs in Information Technology and Business Administration, Anhanguera/LFG, composed by distance-learning centers, offering undergraduate, graduate and extension programs, and Anhanguera, constituted by campuses offering more than 90 undergraduate programs, in addition to on- campus and distance-learning graduate and extension programs. In 2008, the company acquired 30% of the share capital of Editora Microlins Brasil Ltda and fully acquired LFG Business e Participacoes Ltda. * * * As reported in the Troubled Company Reporter-Latin America on September 21, 2009, Standard & Poor's Ratings Services said that it assigned its 'BB-' global scale corporate credit rating to Anhanguera Educacional Participacoes S.A. and affirmed its 'brA' Brazilian national scale corporate credit and debenture ratings on the company. The outlooks are stable. BRASKEM SA: S&P Affirms Corporate Credit Rating at 'BB+' -------------------------------------------------------- Standard & Poor's Rating Services affirmed its 'BB+' corporate credit rating on Brazil-based petrochemical company Braskem S.A. after it announced its intention to acquire controlling stakes in several Brazilian petrochemical assets, jointly referred to as "Quattor" (not rated). The outlook is stable. The transaction is contingent upon normal antitrust approval. "The rating affirmation reflects the improvement in Braskem's business profile and the deal's mostly equity funding. S&P expects the company to benefit from its dominant position in the Brazilian petrochemical industry, as well as from operating synergies arising from its larger scale, greater operating flexibility, and closer ties to Petrobras," said Standard & Poor's credit analyst Victor Saulytis. While the incorporation of Quattor will delay any expected improvement in Braskem's financial metrics, its financial profile will be supported by the new entity's strong liquidity and greater financial flexibility. Braskem remains exposed to the cyclical, volatile, and working-capital-intensive petrochemical industry, whose profitability is influenced by both economic conditions and global competition. The transaction will make government-owned oil company, Petroleo Brasileiro S.A. --a GRE, a major shareholder in Braskem which actively participates in its strategic decisions. As a result, S&P will start applying its GRE criteria to Braskem. S&P's initial assessment on Braskem's status as a GRE and the likelihood it would receive any necessary support is 'moderate', and the current rating does not incorporate any notch for potential support. S&P's view is based on a "limited importance" role and a "strong" link. While the new entity will play a significant role in Brazil's economy due to the linkage of the petrochemical industry to a variety of other industries, S&P see Braskem as a private enterprise operating in a competitive industry and, therefore, of limited importance to the government. On the other hand, S&P sees Braskem's links with Petrobras as strong, since it's the industry's main supplier and has demonstrated its commitment to the consolidation and strengthening of the Brazilian petrochemical sector. S&P assesses Braskem's stand-alone credit profile at 'BB+'. The stable outlook reflects S&P's expectation that Braskem will benefit from stronger and more-resilient cash generation as it improves its business profile, even as the capital injection prevents its financial profile from deteriorating significantly -- even after combining with Quattor's highly leveraged financial position. S&P sees Braskem's strong liquidity and potential support from Petrobras as mitigating factors for its aggressive cash flow protection metrics. "We could lower the ratings if Braskem is not able to improve the combined financial profile by managing Quattor's more-expensive and shorter-tenor debt, if liquidity deteriorates due to higher-than-expected investments, or if its financial metrics do not show signs of gradual improvement. A positive rating action is unlikely in the next few quarters, given the challenges the company will face in integrating Quattor and managing its financial profile accordingly," Mr. Saulytis added. COMPANHIA ENERGETICA: Itau Securities Ups Firm to Market Perform ---------------------------------------------------------------- Itau Securities upgraded its recommendation for shares in Brazil electric power utility Companhia Energetica de Minas Gerais SA (Cemig), to market perform from underperform yesterday, January 27, 2010, saying that political risk has been nearly fully priced in, Kenneth Rapoza at Dow Jones Newswires reports. According to the report, Cemig's year-ending 2010 fair value was raised 13% to BRL39.60 (US$21.63) by Itau, due to the bank's new, and improved, macroeconomic outlook on the Brazilian economy and Cemig's recently increased stake in Light SA to 26% from 13%. "We see more upside than downside in the short term," Itau analysts wrote in a note obtained by the news agency. "The attractive upside potential and the accretive acquisition of Light, combined with potentially favorable news from the October elections, make us believe that Cemig's political risk could abate. If Fernando Pimentel or Antonio Anastasia take leads in the polls...the market's perception of Cemig's political risk will likely improve," they added. Dow Jones Newswires notes that Itau reports fourth quarter earnings on March 31. The report relates that Itau estimates a rate increase of 10.8% in April of last year could bring net revenues to BRL3.2 billion and earnings before interest, taxes, depreciation and amortization to BRL1 billion. Dividend yield is expected to be 3.7%, the report adds. About Companhia Energetica Companhia Energetica de Minas Gerais a.k.a. Cemig -- http://www.cemig.com.br/-- is an electric energy utility in Brazil. Cemig's concession area extends throughout nearly 96.7% of Minas Gerais. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As of October 19, 2009, the company continues to carry Moody's Ba1 LC currency Issuer rating. COMPANHIA SIDERURGICA: BlackRock Tells Firm to Abandon Cimpor ------------------------------------------------------------- Companhia Siderurgica Nacional S.A. should abandon plans to buy Cimpor Cimentos de Portugal SGPS SA as shrinking economies in Spain and Portugal cut cement consumption, Diana Kinch and Jim Silver at Bloomberg News report, citing BlackRock Inc. According to the report, construction demand shrank after the steepest recession in Spain in 60 years sent home prices lower for a seventh consecutive quarter. The report relates that William Landers, who helps manage US$8 billion of Latin American assets at BlackRock in Plainsboro, New Jersey, said that CSN needs to focus on producing iron ore and steel to meet increased purchases from China, the world's fastest-growing major economy. "We'd prefer CSN not to do this diversification," the report quoted Mr. Landers as saying. "We're not enamored with CSN gaining exposure to Europe. It should concentrate on emerging markets and its core businesses of steel and iron ore," he added. Bloomberg News notes that CSN aims to spend US$3.3 billion in iron ore mining and transport, boosting sales of the steelmaking raw material to as much as 100 million metric tons from 2013, to supply its Volta Redonda steelworks in Brazil and become a major exporter. "Buying Cimpor might put the company's whole financial structure under stress, making it difficult to carry out the planned investment in iron ore," Gilberto Cardoso, an analyst at Banif Securities, told the news agency in an interview. "There's great fear CSN might get over- indebted diversifying into a new area with more international presence," he added. 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+. FIDC NAO: Moody's Withdraws 'Ba2' Global Rating on Senior Shares ---------------------------------------------------------------- Moody's America Latina has withdrawn the provisional ratings of (P)Aa3.br (Brazilian National Scale) and (P)Ba2 (Global Scale, Local Currency) assigned to the senior shares to be issued by FIDC Nao Padronizados Obras Civis de BH. Moody's has withdrawn the ratings after being informed by the originator that FIDC Nao Padronizados Obras Civis de BH will not issue shares. Under certain circumstances, Moody's will withdraw a rating for an issuer or an obligation for reasons unrelated to the adequacy of information, or bankruptcy or reorganization status of the credit. When this occurs, Moody's will balance the market need for a rating against the resources required to maintain and monitor a rating. The complete rating action is: * FIDC Nao Padronizados Obras Civis de BH -- Senior shares, ratings (P)Aa3.br (Brazilian National Scale) and (P)Ba2 (Global, Local Currency Scale), withdrawn. The previous rating action occurred on July 23, 2008, when the ratings of (P) Aa3.br and (P)Ba2 were assigned. USIMINAS SIDERURGICAS: Upgraded to "Outperform" at Itau ------------------------------------------------------- Diana Kinch at Bloomberg News reports that Usinas Siderurgicas de Minas Gerais SA was upgraded to "outperform" from "underperform" at Itau Securities on prospects of a 30% rise in domestic sales this year. Usiminas's end-2010 target price was increased to BRL64 a share from BRL55 reais, Sao Paulo-based analysts Marcos Assumpcao and Alexandre Miguel wrote in a note obtained by the news agency. According to the report, the analysts cited a potential partnership at Usiminas's J.Mendes iron-ore mine and a possible sale of a stake in Ternium as factors that could further favor the Brazilian steelmaker. Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 Subordinate Debt rating. ========================== C A Y M A N I S L A N D S ========================== ABCD COMPANY: Commences Wind-Up Proceedings ------------------------------------------- ABCD Company commenced wind-up proceedings on January 14, 2010. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman KY1-1107 Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 ABN AMRO: Commences Liquidation Proceedings ------------------------------------------- ABN AMRO Finance Ireland Limited commenced liquidation proceedings on November 23, 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: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACAS CLO 2007-2: Commences Liquidation Proceedings -------------------------------------------------- ACAS CLO 2007-2, 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: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP FUNDING: Commences Liquidation Proceedings ---------------------------------------------- ACP Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP III FUNDING: Commences Liquidation Proceedings -------------------------------------------------- ACP III Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP IV: Commences Liquidation Proceedings ----------------------------------------- ACP IV Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP IX: Commences Liquidation Proceedings ----------------------------------------- ACP IX Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP V FUNDING: Commences Liquidation Proceedings ------------------------------------------------ ACP V Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP VI FUNDING: Commences Liquidation Proceedings ------------------------------------------------- ACP VI Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP VII FUNDING: Commences Liquidation Proceedings -------------------------------------------------- ACP VII Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP VIII FUNDING: Commences Liquidation Proceedings --------------------------------------------------- ACP VIII Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP X FUNDING: Commences Liquidation Proceedings ------------------------------------------------ ACP X Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP XII FUNDING: Commences Liquidation Proceedings -------------------------------------------------- ACP XII Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP XIII FUNDING: Commences Liquidation Proceedings --------------------------------------------------- ACP XIII Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP XIV FUNDING: Commences Liquidation Proceedings -------------------------------------------------- ACP XIV Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ACP XV FUNDING: Commences Liquidation Proceedings ------------------------------------------------- ACP XV Funding, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ASOR INTERNATIONAL: Placed Under Voluntary Wind-Up -------------------------------------------------- Asor International Ltd. commenced wind-up proceedings on November 13, 2009. Only creditors who were able to file their proofs of debt by December 14, 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 BOA HOLDINGS: Placed Under Voluntary Wind-Up -------------------------------------------- Boa Holdings Limited commenced wind-up proceedings on November 26, 2009. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman KY1-1107 Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 CAMEL FUND: Placed Under Voluntary Wind-Up ------------------------------------------ Camel Fund Ltd. commenced wind-up proceedings on January 20, 2010. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman, Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 DANZA CLASSICA: Placed Under Voluntary Wind-Up ---------------------------------------------- Danza Classica 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 GETTY CONSULTING: Placed Under Voluntary Wind-Up ------------------------------------------------ Getty Consulting 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 LEHMAN BROTHERS: Commences Liquidation Proceedings -------------------------------------------------- Lehman Brothers USD Enhanced Cash Fund, Ltd. commenced liquidation proceedings on November 23, 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: Bradley C. Tank c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LILLOOET LIMITED: Commences Liquidation Proceedings --------------------------------------------------- Lillooet 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: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MASTER CONSULTING: Placed Under Voluntary Wind-Up ------------------------------------------------- Master Consulting 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 OCTANS II CDO: Commences Liquidation Proceedings ------------------------------------------------ Octans II CDO 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands RED BLUFF: Placed Under Voluntary Wind-Up ----------------------------------------- Red Bluff Limited commenced wind-up proceedings on November 26, 2009. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman, Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 SMITH BREEDEN: Placed Under Voluntary Wind-Up --------------------------------------------- Smith Breeden Global Funding Ltd. commenced wind-up proceedings on November 23, 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 Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands SMITH BREEDEN: Placed Under Voluntary Wind-Up --------------------------------------------- Smith Breeden Investment Grade Core Bond Funding Ltd. commenced wind-up proceedings on November 23, 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 Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005, Cayman Islands UBS INTERNATIONAL: Commences Liquidation Proceedings ---------------------------------------------------- UBS International Investment Holdings commenced liquidation proceedings on November 25, 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: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands WEST RIVER: Placed Under Voluntary Wind-Up ------------------------------------------ West River Limited commenced wind-up proceedings on November 26, 2009. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694, Grand Cayman, Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 ============= E C U A D O R ============= PETROECUADOR: Posts 2009 Oil Export Revenue of US$4.46 Billion -------------------------------------------------------------- Petroecuador reported oil export revenue of US$4.46 billion last year, a 31% decrease from 2008, Mercedes Alvaro at Dow Jones Newswires reports, citing a company data. The data, which was reviewed on by Dow Jones Newswires, showed Petroecuador exported 83.47 million barrels of crude oil in 2009, an 8% rise from 77.48 million barrels a year earlier. According to the report, exports of Oriente crude totaled 61.51 million barrels, while exports of Napo crude were 21.96 million barrels. The report relates that the average price of Oriente in 2009 down 29% to US$60.02 a barrel from US$83.96 in 2008. The price of Napo crude was US$58.31 per barrel, 29% down from US$82.04 in 2008, the report notes. Petroecuador, the report says, reported oil export revenue of US$602.74 million in December, a 48% increase from the US$407.8 million the previous month. It exported 8.94 million barrels of crude oil in December, up 56% from 5.73 million barrels in November, according to the data, the report adds. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa has authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. In previous years, Petroecuador, according to published reports, was faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much- needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. In 2008, a new management team was appointed to turn around the company's operations. =========== M E X I C O =========== CEMEX SAB: Posts Fourth-Quarter and Full-Year 2009 Results ---------------------------------------------------------- CEMEX, S.A.B. de C.V. disclosed consolidated net sales decreased 17% in the fourth quarter of 2009, to US$3.4 billion, and decreased 28% for the full year, to US$14.5 billion, versus the comparable periods in 2008. Adjusting for the exclusion of our Venezuelan operations, the sale of our assets in Australia and the Canary Islands, and currency fluctuations, net sales decreased 20% in the fourth quarter and decreased 19% for the full year of 2009. EBITDA fell 37% in the fourth quarter of 2009 to US$474 million and decreased 35% for the full year to US$2.7 billion. On a like-to-like basis, EBITDA decreased 39% in the fourth quarter and decreased 25% for the full year of 2009. A full text copy of the company's financial results is available free at http://ResearchArchives.com/t/s?4ea2 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)'. VITRO SAB: To Delay Debt-Restructuring Offer, Meouchi Says ---------------------------------------------------------- Vitro SAB will delay making a second debt-restructuring offer until it receives proof that a group of creditors owns a quarter of the securities, Thomas Black at Bloomberg News reports, citing investor relations chief Adrian Meouchi. A bondholder group that requested Vitro SAB accelerate payments earlier failed to provide documentation showing it held at least 25% of the defaulted debt, Mr. Meouchi told the news agency in a telephone interview. The company will submit its offer to the board of directors' finance committee for approval after it receives the creditor documentation, he added. According to the report, Vitro's initial restructuring proposal in August, which sought a debt writedown of US$1 billion, was rejected by bondholders, who made a counter-offer in September. The company, the report recalls, said that it had US$175 million of unrestricted cash from the sale of assets and the refinancing of account receivables to keep the company operating. The report relates that it has pledged to slash annual costs by as much as US$120 million to streamline operations. "Vitro has been successful in isolating its daily operations from the process of debt restructuring," the report quoted Mr. Meouchi as saying. "Together with the cost-reduction efforts and operations to strengthen substantially our liquidity, this definitely will allow us to face whatever scenarios arise until the restructuring is completed," he added. About Vitro Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. * * * In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in Monterrey, N.L., Mexico raised substantial doubt about the Company's ability to continue as a going concern after auditing financial results for the period ended Dec. 31, 2007, and 2008. The auditors pointed out to the Company's net loss and its non- compliance with covenants related to its long-term debt obligations. ======= P E R U ======= DOE RUN PERU: Workers Await News on Smelter Restart ---------------------------------------------------- Francisca Pouiller at Mining Weekly News reports that employees of Doe Run Peru's shuttered La Oroya smelter are still waiting for news on whether they can return to work, amid rumors that the start-up date may be delayed by another 90 days. The report, citing Online newspaper correoperu.com.p, relates that the region of La Oroya was in a state of "tense calm", as locals and workers awaited a verdict on the restart. However, the report notes, the company's 3,500 employees are uncertain whether or not to return, amid reports that the company is still negotiating with a new strategic partner, as well as on a deal with banks and suppliers. Doe Run Peru Corporate Vice President Jose Mogrovejo, the report notes, said that it would be impossible for Doe Run Peru to start operating the smelter again on the set date. There has been "significant progress" in the search for a new strategic partner to help recapitalize the company, he added. As reported in the Troubled Company Reporter-Latin America on January 26, 2010, Bloomberg News said that Doe Run Peru is "close" to reaching an agreement on US$156 million of debt to reopen its zinc and lead smelter. 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. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- January 27-29, 2010 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference, Bellagio, Las Vegas Contact: http://www.turnaround.org/ Feb. 21-23, 2010 INSOL International Annual Regional Conference Madinat Jumeirah, Dubai, UAE Contact: 44-0-20-7929-6679 or http://www.insol.org/ April 20-22, 2010 TURNAROUND MANAGEMENT ASSOCIATION Sheraton New York Hotel and Towers, New York, NY Contact: http://www.turnaround.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ October 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 * * *