/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100202.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, February 2, 2010, Vol. 11, No. 022 Headlines A R G E N T I N A * ARGENTINA: Costs May Drop After Central Banker Quit B R A Z I L BANCO CRUZEIRO: To Pay BRL15.5 Million in Dividends BERTIN SA: Moody's Confirms B1 Guaranteed Sr. Unsec. Ratings BRACOL HOLDING: Moody's Withdraws B1 Corporate Family Rating CAMAGRO CORREA: Brazil Supports Electricity Plans, Folha Says COSAN SA: Posts BRL167.1-Million Net Income in Third Quarter EMBRAER SA: Expects Global Market Share to Fall to 40% on China FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Rating on Class A Secs. GOL LINHAS: Appoints New Independent Board Member GOL LINHAS: Posts December 2009 Traffic Figures IM PASTOR: Moody's Downgrades Ratings on Various Classes of Notes MARFRIG ALIMENTOS: Continues Argentinean Expansion C A Y M A N I S L A N D S 336214 LIMITED: Shareholders Receive Wind-Up Report BESTWELL CORPORATION: Shareholders Receive Wind-Up Report DEL MONTE FRESH: Shareholders Receive Wind-Up Report DIMAOND BLANC: Members Receive Wind-Up Report DIMAOND GRIS: Members Receive Wind-Up Report EP RE LDC: Shareholders Receive Wind-Up Report EP RE MANAGEMENT: Shareholders Receive Wind-Up Report ESTIA INVESTMENT: Members Receive Wind-Up Report EUROCENTRICO INVESTMENT: Members Receive Wind-Up Report GILDALE INTERNATIONAL: Shareholders Receive Wind-Up Report GS BROOK: Shareholders Receive Wind-Up Report GS BROOK: Shareholders Receive Wind-Up Report HYDRA INVESTMENTS: Members Receive Wind-Up Report LOGI LTD: Members Receive Wind-Up Report LUDMILLA INVESTMENT: Members Receive Wind-Up Report MEDICINA INTERNATIONAL: Members Receive Wind-Up Report MELODY MIX: Members Receive Wind-Up Report OCCAM VECTIS: Shareholders Receive Wind-Up Report PETERSON CO: Members Receive Wind-Up Report PORTCULLIS INVESTMENTS: Shareholders Receive Wind-Up Report RELATIVE VALUE: Shareholders Receive Wind-Up Report RELATIVE VALUE: Shareholders Receive Wind-Up Report RELATIVE VALUE: Shareholders Receive Wind-Up Report RIGHT UP: Shareholders Receive Wind-Up Report S. RUBIN ART: Members Receive Wind-Up Report SECONDSOUT LTD: Members Receive Wind-Up Report SHANA LTD: Members Receive Wind-Up Report SHANTARIS LIMITED: Members Receive Wind-Up Report SPARCO INVESTMENTS: Members Receive Wind-Up Report THESIS INVESTMENTS: Members Receive Wind-Up Report C O L O M B I A BANCOLOMBIA SA: Seeks Shareholders' OK for Dividend Payment P U E R T O R I C O FIRST BANCORP: Posts US$53.2MM Net Loss for Third Quarter FIRST BANCORP: Offers to Swap Series A through E Preferreds V E N E Z U E L A PETROLEOS DE VENEZUELA: South Central Begins Ops. In Guarico PETROLEOS DE VENEZUELA: Refinery Produces 183 Thousand Barrels/Day X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= * ARGENTINA: Costs May Drop After Central Banker Quit ----------------------------------------------------- The resignation of Argentine central bank President Martin Redrado may cut the country's borrowing costs as it prepares to restructure as much as US$20 billion of defaulted bonds, Rodrigo Orihuela at Bloomberg News reports, citing research company IDEAglobal. "[Mr.] Redrado's resignation is a positive event," Enrique Alvarez, head of Latin America fixed-income research at IDEAglobal, told the news agency in a telephone interview. "There was a slight recovery on Friday on speculation about Redrado's departure and I believe bonds will continue to rise," he added. According to the report, Argentine President Cristina Fernandez de Kirchner's plan to use reserves eased investors' concerns over debt payments in a country that has been unable to tap international credit markets since its record US$95 billion default in 2001. The report relates that Argentina is seeking to sell bonds abroad once it has restructured. Bloomberg News notes that the government wants to name former central bank President Mario Blejer to replace Redrado, Economy Minister Amado Boudou has said. As reported in the Troubled Company Reporter-Latin America on February 1, 2010, Dow Jones Newswires said that Argentina's central bank President Martin Redrado resigned abruptly on Friday, after a bitter dispute with President Cristina Kirchner over control of the bank's foreign-currency reserves. According to the report, the announcement came while a congressional commission was still deliberating over whether Mr. Redrado had acted properly in refusing to transfer US$6.57 billion in reserves into a fund established by President Kirchner to pay part of the national debt. The report related that the commission's recommendation was nonbinding, and because President Kirchner had already decided Mr. Redrado should go, he decided to leave on his own terms. =========== B R A Z I L =========== BANCO CRUZEIRO: To Pay BRL15.5 Million in Dividends --------------------------------------------------- Banco Cruzeiro do Sul SA will pay dividends totaling BRL15.5 million (US$8.24 million) to shareholders on February 22, Rogerio Jelmayer at Dow Jones Newswires reports. According to the report, the bank said that it will pay BRL0.11 for each outstanding share. Dow Jones Newswires relates that the payment, which will be made in the form of interest on own equity, will be based on shareholders' positions as of January 29. Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA (Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private- sector multiple bank with operations in the consumer segment, through paycheck-deductible loans to public employees and social security beneficiaries, and in the corporate segment, offering middle-market companies short-term loans usually backed by receivables. The bank's core business is lending to civil servants, with payments automatically deducted from payrolls. * * * As of February 2, 2010, the company continues to carry Moody's Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits Ratings at Ba3. BERTIN SA: Moody's Confirms B1 Guaranteed Sr. Unsec. Ratings ------------------------------------------------------------ Moody's confirmed the B1 guaranteed senior unsecured ratings for Bracol Holding Ltda.'s 73.1% previous owner of Bertin S.A. (the note issuer). Following the bondholders consent solicitation and merger of Bertin with JBS S.A. (rated B1/positive), Bracol is no longer the guarantor of the rated notes and Bertin has been fully merged into JBS which has assumed all of Bertin's debt obligations. As a result, Bracol's B1 corporate family rating has been withdrawn. This rating action concludes the review for possible downgrade of Bracol's rating initiated on June 23, 2009, and continued on September 22nd, 2009, following the announcement of the JBS/Bertin merger. The outlook is positive in line with JBS's rating outlook. Rating confirmed: -- US$350 million 10.25% senior unsecured notes due 2016: B1 Rating withdrawn: -- Bracol Holding Ltda's Corporate Family Rating: B1 The B2 rating and stable outlook of Vigor, formerly a subsidiary of Bertin, remain unchanged. Vigor is now a 99.4%-owned subsidiary of JBS. The US$350 million 10.25% notes that Moody's rate were issued by Bertin and Bertin Finance Ltd., but fully and unconditionally guaranteed by Bracol. On November 24, 2009, the issuers of the bonds sent a consent solicitation to all bondholders to consider several amendments which included among other changes the release and termination of the Bracol guarantee and the change of covenants and events of default of the abovementioned notes to those governing JBS's existing senior unsecured notes. On December 14, the consent solicitation expired with all proposed amendments approved by the noteholders after more than 85% of noteholders accepted the new terms and conditions to the indenture for the US$350 million 10.25% senior unsecured notes due in 2016. With the merger of Bertin into JBS, JBS will assume all of Bertin's obligations, including the US$350 million 2016 notes. Moody's last rating action on Bracol was on September 22nd, 2009, when Moody's stated the continuation of the review for possible downgrade of Bracol's ratings that commenced on June 23, 2009, until the final closing of Bertin's planned association with JBS. Bertin S.A., headquartered in Sao Paulo, SP, Brazil, is one of the largest beef processing and leather exporting companies in Latin America. In addition, the company also produces a diverse range of dairy and vegetable oil products, hygiene, beauty and pet products. BRACOL HOLDING: Moody's Withdraws B1 Corporate Family Rating ------------------------------------------------------------ Moody's confirmed the B1 guaranteed senior unsecured ratings for Bracol Holding Ltda.'s 73.1% previous owner of Bertin S.A. (the note issuer). Following the bondholders consent solicitation and merger of Bertin with JBS S.A. (rated B1/positive), Bracol is no longer the guarantor of the rated notes and Bertin has been fully merged into JBS which has assumed all of Bertin's debt obligations. As a result, Bracol's B1 corporate family rating has been withdrawn. This rating action concludes the review for possible downgrade of Bracol's rating initiated on June 23, 2009, and continued on September 22nd, 2009, following the announcement of the JBS/Bertin merger. The outlook is positive in line with JBS's rating outlook. Rating confirmed: -- US$350 million 10.25% senior unsecured notes due 2016: B1 Rating withdrawn: -- Bracol Holding Ltda's Corporate Family Rating: B1 The B2 rating and stable outlook of Vigor, formerly a subsidiary of Bertin, remain unchanged. Vigor is now a 99.4%-owned subsidiary of JBS. The US$350 million 10.25% notes that Moody's rate were issued by Bertin and Bertin Finance Ltd., but fully and unconditionally guaranteed by Bracol. On November 24, 2009, the issuers of the bonds sent a consent solicitation to all bondholders to consider several amendments which included among other changes the release and termination of the Bracol guarantee and the change of covenants and events of default of the abovementioned notes to those governing JBS's existing senior unsecured notes. On December 14, the consent solicitation expired with all proposed amendments approved by the noteholders after more than 85% of noteholders accepted the new terms and conditions to the indenture for the US$350 million 10.25% senior unsecured notes due in 2016. With the merger of Bertin into JBS, JBS will assume all of Bertin's obligations, including the US$350 million 2016 notes. Moody's last rating action on Bracol was on September 22nd, 2009, when Moody's stated the continuation of the review for possible downgrade of Bracol's ratings that commenced on June 23, 2009, until the final closing of Bertin's planned association with JBS. Bertin S.A., headquartered in Sao Paulo, SP, Brazil, is one of the largest beef processing and leather exporting companies in Latin America. In addition, the company also produces a diverse range of dairy and vegetable oil products, hygiene, beauty and pet products. CAMAGRO CORREA: Brazil Supports Electricity Plans, Folha Says ------------------------------------------------------------- The Brazilian government supports plans by Camargo Correa SA to buy power distributors and create a company that would have a third of the country's power distribution market, Adriana Brasileiro at Bloomberg News reports, citing Folha de S. Paulo. According to the report, the newspaper said that Camargo Correa plans to buy control of power distributors Eletropaulo Metropolitana SA and AES Sul. The report relates that the newspaper added that Camargo also plans to buy the stakes that Banco do Brasil SA, and Previ, the bank's employees' pension fund, own in distributor Neoenergia SA. Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Fitch Ratings currently rates Camargo and its special-purpose vehicle CCSA Finance Limited: -- Foreign currency Issuer Default Rating 'BB'; -- Local currency IDR 'BB'; COSAN SA: Posts BRL167.1-Million Net Income in Third Quarter ------------------------------------------------------------ Laura Price and Jessica Brice at Bloomberg News report that Cosan SA Industria & Comercio said that fiscal third-quarter profit surged more than 30-fold after sugar prices rose. According to the report, net income in the quarter that ended December 31 rose to BRL167.1 million (US$88.2 million) from BRL5.2 million in the year-earlier period. The company's revenue, the report relates, climbed 48% to BRL3.8 billion after the Barra Bonita, Brazil-based company boosted sales of sugar and fuels, excluding ethanol. Average sugar prices in New York more than doubled compared with a year earlier, the report adds. Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and ethanol. The company cultivates harvests and processes sugarcane, the main raw material for sugar and ethanol manufacturing. With 17 manufacturing units and two port terminals in the city of Santos, Cosan says it is currently the largest individual group in the world in terms of sugarcane byproducts manufacturing. With capacity to grind more than 40 million tonnes of sugarcane, the group represents 12% of overall production in the mid-southern region of the country. * * * As of January 12, 2010, the company continues to carry Moody's Ba3 LT Corp Family rating and Senior Unsecured debt rating. The company also continues to carry S&P's BB- Issuer credit ratings; and Fitch ratings' BB LT Issuer default ratings. EMBRAER SA: Expects Global Market Share to Fall to 40% on China --------------------------------------------------------------- Regina Tan and Liza Lin at Bloomberg News reports that Empresa Brasileira de Aeronautica S.A. expects its share of the global market for regional jets seating as many as 120 passengers to fall to 40% from 54% within five years. According to the report, the Brazilian planemaker faces competition from planes under development in China, Japan and Russia, Executive Vice President Mauro Kern said in an interview in Singapore. Headquartered in Brazil, Empresa Brasileira de Aeronautica SA (Embraer) -- http://www.embraer.com-- is a company engaged in the manufacture of aircrafts for commercial aviation, executive jet and defense and government purposes. The Company has developed a line of executive jets based on one of its regional jet platforms and launched executive jets in the entry-level, light, ultra-large and mid-light/mid-size categories, the Phenom 100/300 family, the Lineage 1000 and the Legacy 450/500 family, respectively. The Company supplies defense aircraft for the Brazilian Air Force based on number of aircraft sold, and sells aircraft to military forces in Europe, Asia and Latin America. In July 2008, the Company acquired a 40% interest owned by Liebherr Aerospace SAS in ELEB?Equipamentos Ltda (ELEB). ELEB is an aerospace system and component manufacturer, and its products include landing gear systems, hydraulics and electro-mechanical sub-assemblies, such as actuators, valves, accumulators and pylons. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, Bloomberg News said Embraer will lay off around 4,200 workers, which represents 20% of its 21,362 employees, and reduced its 2009 revenue forecast by 13% due to the global recession. FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Rating on Class A Secs. ---------------------------------------------------------------- Moody's Latin America has assigned a rating of Aaa.ar (Argentine National Scale) and of Ba1 (Global Scale, Local Currency) to the Class A Fixed Rate and Floating Rate Debt Securities of Fideicomiso Financiero Supervielle Creditos Banex XXXI issued by Deutsche Bank S.A. -- acting solely in its capacity as Issuer and Trustee. Moody's also assigned ratings of Ba1.ar (Argentine National Scale) and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate Securities; and ratings of Caa2.ar (Argentine National Scale) and Caa3 (Global Scale, Local Currency) to the subordinated Certificates. The assigned ratings are based on these factors: -- The credit quality of the securitized personal loans -- The ability and willingness of ANSES to make monthly pensions -- The ability of Banco Supervielle to act as the servicer of the pool -- The ability of Deutsche Bank to act as trustee in this transaction -- Initial credit enhancement provided through subordination -- The availability of various reserve accounts, and -- The legal structure of the transaction. The Securitized Pool The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 22,064 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by Banco Supervielle, in an aggregate amount of ARS80,002,177. These personal loans are granted to pensioners that receive their monthly pensions from ANSES (Argentina's National Governmental Agency of Social Security - Administracion Nacional de la Seguridad Social). The pool is also constituted by loans granted to government employees of the Province of San Luis. Banco Supervielle is the payment agent for this government entity and deducts the monthly loan installment directly from the borrower's paycheck. Structure Deutsche Bank S.A. (Issuer and Trustee) issued three classes of Debt Securities (Class A Fixed Rate Securities, Floating Rate Securities and Class C Fixed Rate Securities) and one class of Certificates, all denominated in Argentine pesos. The Class A Fixed Rate Debt Securities will bear a fixed interest rate of 11%. The Floating Rate Debt Securities will bear a BADLAR interest rate plus 275 basis points. The Floating Rate Debt Securities' interest rate will never be higher than 19% or lower than 12%. The Class C Fixed Rate Securities will bear a fixed interest rate of 19%. Overall credit enhancement is comprised of subordination, various reserve funds and excess spread. Rating Action Originator: Banco Supervielle S.A. -- ARS30,400,000 in Class A Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex XXXI", rated Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) -- ARS37,600,000 in Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex XXXI", rated Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) -- ARS8,000,000 in Class C Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Creditos Banex XXXI", rated Ba1.ar (Argentine National Scale) and Caa1 (Global Scale, Local Currency) -- ARS4,000,000 in Certificates of "Fideicomiso Financiero Supervielle Creditos Banex XXXI", rated Caa2.ar (Argentine National Scale) and Caa3 (Global Scale, Local Currency) GOL LINHAS: Appoints New Independent Board Member ------------------------------------------------- GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. has appointed Paulo Kakinoff as a new member of its board of directors, Trading Markets News reports. According to the report, Mr. Kakinoff is currently the CEO of Audi Brasil. The report relates that Mr. Kakinoff has previously served and Sales & Marketing director for Volkswagen do Brasil and executive director for South America at Volkswagen Group's offices in Germany. The report notes that GOL's board of directors now has nine members, four of whom, including the chairman, are independent members. Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings at 'B+'; -- Long-term National Rating at 'BBB(bra)'; -- US$200 million perpetual notes at 'B/RR5'; -- US$200 million senior notes due 2017 at 'B/RR5'. GOL LINHAS: Posts December 2009 Traffic Figures ----------------------------------------------- GOL Linhas Aereas Inteligentes S.A. completed the nine years of regular commercial aviation operations. During this period, the company increased its fleet from six to 109 operational aircraft and continued to popularize Brazilian air travel, revolutionizing the market by introducing fares capable of competing with the bus companies, attracting more first-time passengers and members of Brazil's new middle-class. With its GOL and VARIG brands, the group offers the most extensive and convenient route network in South America with more than 800 flights per day to 59 destinations in 9 countries. Certain decisions were vital for the company's immediate success: operating a modern and standardized fleet of Boeing 737 New Generation aircraft, utilizing the internet as the company's main sales channel (paperless tickets), focusing on innovation and technology to boost results and investing in a highly efficient and committed team to guarantee excellence in service quality. "We are proud to have transported more than 130 million passengers since the company was launched in 2001. Thanks to GOL, more people can travel by plane, the fastest, safest and most convenient transportation. We believe there are many more who have the conditions to fly but have not done so yet. In other words, we have a long growth trajectory ahead of us," declared Constantino de Oliveira Junior, CEO and co-founder of the company. GOL's ninth year was marked by a series of innovations and achievements, including: -- Buy on Board: in addition to regular services, clients can also buy various quality products on-board. -- Revitalization of the SMILES program: Latin America's largest mileage program with 6.6 million participants. This year, the company announced partnerships with several important companies, including the Franco-Dutch Air France-KLM (Flying Blue), and the North-American American Airlines (AAdvantage), which has the highest number of flights to Brazil. -- Code-share agreements: we closed new agreements with American Airlines, Air France-KLM, Iberia and Aeromexico. -- Regular flights to Aruba, in the Caribbean: in addition to this route, the company also offers charter flights to Curacao and Punta Cana in association with tour operators and local governments. -- Expansion of Voe Facil: this program permits ticket payments in up to 36 installments and is now offered by travel agencies. The program launched its first Voe Facil store in one of the biggest middle-class shopping regions in Sao Paulo city. -- Launch of Gollog: the company's cargo transportation service announced the launch of Gollog Express, which offers door-to- door cargo deliveries with previously established deadlines. "We are studying opportunities for further expanding our operations, launching flights in both the domestic market and high-traffic international centers," concluded Oliveira Junior. About GOL Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings at 'B+'; -- Long-term National Rating at 'BBB(bra)'; -- US$200 million perpetual notes at 'B/RR5'; -- US$200 million senior notes due 2017 at 'B/RR5'. IM PASTOR: Moody's Downgrades Ratings on Various Classes of Notes ----------------------------------------------------------------- Moody's Investors Service announced that it has downgraded the ratings of: -- the senior and junior notes issued by IM Pastor 3 ( IM 3) -- all the notes issued by IM Pastor 4 ( IM 4) Last rating action date for IM 3 and IM 4 was 29 June 2009. All the notes were placed on review for possible downgrade as a consequence of the downgrade to A3/P-2 of the long-term and short- term rating of Banco Pastor. The action concludes the review and it is mainly due to the deterioration of the collateral performance. The downgrades also reflect Moody's negative sector outlook for Spanish RMBS and the weakening of the macro-economic environment in Spain, including the expected increase in unemployment rates projected for 2010. Portfolio Performance IM 3 and IM 4 closed in June 2005 and June 2006 respectively. Both transactions are backed by a portfolio of first-ranking mortgage loans secured on residential properties located in Spain, for an overall balance at closing of EUR 1 billion (IM 3) and EUR 920 million (IM 4). The securitized mortgage portfolios benefit from a relatively low weighted average LTV (currently 56% and 57% respectively), with no loan exceeding 80% LTV at closing. The two pools are fairly exposed to the Mediterranean coast. A significant portion of the pools has been originated via brokers or other external channels, representing 39% (IM 3) and 32% (IM 4) of current pool balance at the end of December 2009. The collateral performance in IM 3 and IM 4 has deteriorated further since the last rating review in May 2009, when Moody's took action on the subordinated notes in IM 3 and the mezzanine and subordinated notes in IM 4. Credit trends in IM 3 and IM 4 continue to under-perform arrears and defaults experienced by similarly seasoned low LTV Spanish RMBS and both transactions are performing worse than anticipated as of the last rating review. Moody's notes that the share of loans being written-offs has nearly doubled since the last rating review. Cumulative write- offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM 4 respectively at the end of December 2009, compared to approximately 1.5% of original balance at the end of March 2009. Moody's observes that the balance of loans more than 90 days in arrears has recently improved and it is currently equal to 3.1% and 2.0% of current pool balance in IM 3 and IM 4 -- compared to respectively 3.9% and 3.2% of current pool balance as at the last rating review. Moody's believe that the stabilization in arrears may be attributed to the low interest rate environment. Despite the seemingly improving arrears trends in the deals recently, Moody's remain concerned about the prolonged weakening in macro- economic conditions in Spain. The weak performance of IM 3 and IM 4 has been mainly driven by the exposure to loans originated via external channels, particularly in the region of Valencia and Catalonia. Additionally, non-Spanish borrowers (representing about 12% and 8% of current pool balance respectively) have been affected by difficult economic conditions such as increasing unemployment and declining house prices. Loans to non-Spanish nationals are experiencing significantly higher defaults than loans granted to Spanish borrowers. Reserve Funds / PDLs /Amortization The rapidly increasing levels of defaulted loans ultimately resulted in draws to the reserve funds in both transactions and build-up in unpaid principal deficiencies ledgers in IM 3 (EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last payment date. The unpaid PDLs currently represent 0.9% and 1.3% of current pool balance of IM 3 and IM 4 respectively. Available funds in both transactions will ultimately increase as recoveries from written-off loans are collected and properties being acquired are sold. However, Moody's remain concerned about the uncertainties relating to the timing and the amount of recoveries. So far, recoveries only amount to 15% and 10% of cumulative defaults in IM 3 and IM 4 respectively. The slow pace of the recoveries suggests that the unpaid PDL may not be cured rapidly. The amortization of the mezzanine and junior notes is likely to remain sequential as a consequence of the breach of pro-rata amortization triggers. Remedial Actions Taken Following Banco Pastor Downgrade to A3/P2 Banco Pastor acts as swap counterparty in both transactions. In IM 4, Banco Pastor's payment obligations under the swap are guaranteed by Banco Popular (Aa3/P1) since February 2009. Following its downgrade to A3/P2 in June 2009, Banco Pastor has been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3, which is in line with the requirements described in Moody's report titled "the Framework for De-linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions." The treasury account that was held at Banco Pastor was transferred to Banco Sabadell (A2/P-1) after the loss of P-1 as required by the transaction documents. Banco Sabadell also replaces Banco Pastor as Paying Agent following the downgrade of Banco Pastor. In the review Moody's has also assessed the commingling risk exposure taking into account the daily (IM 4) and weekly (IM 3) sweeps from the collection account to the reinvestment account in the name of the Fondo. Moody's notes that the frequency of collection sweeps have increased from monthly to daily (IM 4) / weekly (IM3) following the loss of P-1 rating of Banco Pastor. Insufficient Liquidity in The Deals As described in the press release of 29 of June, the main exposure to Banco Pastor in IM 3 and IM 4 is linked to the servicing role that Banco Pastor plays in the transactions. Moody's notes that the reserve fund of both transactions is fully depleted and that no other sources of liquidity are available in the two transactions. Moody's believes that the absence of liquidity in the transactions could impair the ability of the Issuer to make timely payment of interest on the Notes, particularly in case of a servicing transfer. Moody's considers that the risk of a missed payment of interest on the Class A of IM 3 is not commensurate with a Aaa-rating and therefore has downgraded the rating for this class of notes. Revised Lifetime Loss And Milan Aaa CE Moody's has reassessed its lifetime loss expectation for IM 3 and IM 4 to account for the collateral performance to date as well as Moody's expectations for these transactions in the context of a current macroeconomic environment in Spain. On the basis of the rapid increase in defaulted loans and the low recovery rate to date in IM 3 and IM 4, Moody's have updated the portfolio expected loss assumption from 1.4% to 1.8% of original balance in IM 3 and from 1.6% to 2.4% of original balance in IM 4. As part of its analysis, Moody's has also assessed loan-by-loan information for the outstanding portfolios to determine the credit support consistent with target rating levels and the volatility of the distribution of future losses. As a result, Moody's has revised its MILAN Aaa credit enhancement (MILAN Aaa CE) assumptions to 7.5% for both IM 3 and IM4, up from respectively 5.8% and 5.2% as at the last rating review. The loss expectation and the Milan Aaa CE are the two key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in the cash-flow model it uses to rate RMBS transactions. Current credit enhancement under the Class A notes (including subordination and reserve fund and taking into consideration the amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4 respectively as at the last payment date in December. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors. List of Detailed Rating Actions Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3 Placed Under Review for Possible Downgrade Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa Placed Under Review for Possible Downgrade -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1 Placed Under Review for Possible Downgrade -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2 Placed Under Review for Possible Downgrade -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2 Placed Under Review for Possible Downgrade MARFRIG ALIMENTOS: Continues Argentinean Expansion -------------------------------------------------- Marfrig Alimentos SA is planning two huge feedlots in Argentina, continuing its growing presence in the country, Meat International.com reports. According to the report, Marfrig, through its meat processing daughter company, Quickfood has purchased 150 hectares in the province of Cordoba to establish one of the largest feedlots in the country. The report relates that the feedlot will cost US$20 million to set-up and will have a capacity for 22,000 cattle. The report notes that the project is part of the Brazilian corporation's expansion in Argentina with a second feedlot planned for the province of Buenos Aires. While Argentina is one of the world's leading exporters of beef, the federal government has restricted exports to ensure the domestic market supply, the report adds. About Marfrig Alimentos Brazil-based Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. The company operates in Southern America, the united states, and Europe. * * * As of August 13, 2009, the company continues to carry these low ratings from the major rating agencies: -- Moody's "B1" LT Corp Family Rating; -- Standard and Poor's "B+" LT Foreign Issuer Credit rating; and -- Fitch ratings' "B+" LT Issuer Credit ratings ========================== C A Y M A N I S L A N D S ========================== 336214 LIMITED: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of 336214 Limited received, on January 7, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited Karen Page Telephone: 011 44 1534 282414 Facsimile: 011 44 1534 282400 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 BESTWELL CORPORATION: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Bestwell Corporation received, on January 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands DEL MONTE FRESH: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Del Monte Fresh Produce (Thailand) Inc. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands DIMAOND BLANC: Members Receive Wind-Up Report -------------------------------------------- The members of Dimaond Blanc Limited received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman DIMAOND GRIS: Members Receive Wind-Up Report -------------------------------------------- The members of Dimaond Gris Limited received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman EP RE LDC: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of EP RE LDC received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands EP RE MANAGEMENT: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of EP RE Management LDC received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands ESTIA INVESTMENT: Members Receive Wind-Up Report ------------------------------------------------ The members of Estia Investment Ltd. received, on December 17, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. 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 EUROCENTRICO INVESTMENT: Members Receive Wind-Up Report ------------------------------------------------------- The members of Eurocentrico Investment Ltd. received, on December 17, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. 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 GILDALE INTERNATIONAL: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Gildale International Ltd. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands GS BROOK: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of GS Brook Street Investors, LLC received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands GS BROOK: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of GS Brook Street Portfolio, LLC received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands HYDRA INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------- The members of Hydra Investments Limited received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman LOGI LTD: Members Receive Wind-Up Report ---------------------------------------- The members of Logi Ltd. received, on December 17, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. 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 LUDMILLA INVESTMENT: Members Receive Wind-Up Report --------------------------------------------------- The members of Ludmilla Investment Ltd. received, on December 17, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. 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 MEDICINA INTERNATIONAL: Members Receive Wind-Up Report ------------------------------------------------------ The members of Medicina International Financing Ltd. received, on December 17, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. 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 MELODY MIX: Members Receive Wind-Up Report ------------------------------------------ The members of Melody Mix Holdings Limited received, on December 18, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman OCCAM VECTIS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Occam Vectis General Partner Inc. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands PETERSON CO: Members Receive Wind-Up Report ------------------------------------------- The members of Peterson Co. Ltd. received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman PORTCULLIS INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Portcullis Investments Ltd. received, on January 7, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited Laura Henry Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 RELATIVE VALUE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Relative Value Opportunity Fund II, Ltd. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RELATIVE VALUE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Relative Value Opportunity Fund III, Ltd. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RELATIVE VALUE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Relative Value Opportunity Portfolio, Ltd. received, on January 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands RIGHT UP: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Right Up Limited received, on January 7, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds / Laurel Di Bernardo Telephone: 945-4777 Facsimile: 945-4799 P.O. Box 707, Grand Cayman KY1-1107 S. RUBIN ART: Members Receive Wind-Up Report -------------------------------------------- The members of S. Rubin Art Investments Ltd. received, on December 17, 2009, the liquidator's report on the company's wind- up proceedings and property disposal. 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 SECONDSOUT LTD: Members Receive Wind-Up Report ---------------------------------------------- The members of Secondsout Ltd. received, on December 17, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. 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 SHANA LTD: Members Receive Wind-Up Report ----------------------------------------- The members of Shana Ltd. received, on January 21, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: UBS Nominees Ltd. c/o Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands SHANTARIS LIMITED: Members Receive Wind-Up Report ------------------------------------------------- The members of Shantaris Limited received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman SPARCO INVESTMENTS: Members Receive Wind-Up Report -------------------------------------------------- The members of Sparco Investments Limited received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170, George Town, Grand Cayman THESIS INVESTMENTS: Members Receive Wind-Up Report -------------------------------------------------- The members of Thesis Investments Ltd. received, on December 18, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 =============== C O L O M B I A =============== BANCOLOMBIA SA: Seeks Shareholders' OK for Dividend Payment ----------------------------------------------------------- Bancolombia SA's board asked the shareholders to approve a dividend of COP636.8 (US$0.32) per share in 2010, Inti Landauro at Dow Jones Newswires reports, citing a filing to the local stock and bond regulator. According to the report, the dividend, which is 2.05% higher than in 2009, will be paid in four quarterly installments and will represent about COP501 billion (US$253 million) for the company. The report relates that the company's shareholders will vote on the dividend on March 1 during the annual general assembly. The bank will release its net profit for 2009 on March 1. Colombia's largest brokerage, Interbolsa, expects Bancolombia's net profit in 2009 was COP1.19 trillion, 7.4% less than in 2008, the report adds. About Bancolombia S.A. Bancolombia S.A. is Colombia's largest full-service financial institution, formed by a merger of three leading Colombian financial institutions. Bancolombia's market capitalization is over US$5.5 billion, with US$13.8 billion asset base and US$1.4 billion in shareholders' equity as of Sept. 30, 2006. Bancolombia is the only Colombian company with an ADR level III program in the New York Stock Exchange. * * * In May 2009, Moody's Investors Service upgraded from D to D+, Bancolombia S.A.'s financial strength rating. The outlook on the BFSR was changed to "stable", from "positive". Bancolombia's long-term and short-term local currency deposit ratings of "Baa2" and "Prime- 3", as well as the long-term and short-term foreign currency deposit ratings of "Ba2" and "Not Prime" were affirmed by Moody's. Bancolombia's foreign currency subordinated debt rating of"Baa3" was also affirmed with a stable outlook by the rating firm. Fitch Ratings affirmed on June 2009 Bancolombia's long- and short- term Issuer Default Ratings and outstanding debt ratings as follows: Long-term foreign currency IDR at 'BB+'; Short-term foreign currency IDR at 'B'; Long-term local currency IDR at 'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D'; Support at '3'; Support Floor at 'BB-'. At the same time the rating for Bancolombia's subordinated debt maturing May 2017 was affirmed at 'BB'. The Rating Outlook is Stable. ==================== P U E R T O R I C O ==================== FIRST BANCORP: Posts US$53.2MM Net Loss for Third Quarter --------------------------------------------------------- First BanCorp, the bank holding company for FirstBank Puerto Rico, reported results for the fourth quarter and year ended December 31, 2009. The net loss for the quarter totaled US$53.2 million, or US$(0.64) per diluted share, compared to a net loss of US$165.2 million, or US$(1.89) per diluted share for the third quarter ended September 30, 2009. As previously reported, the net loss for the third quarter ended September 30, 2009 included a non-cash charge of US$152.2 million, or US$(1.65) per share, for an increase in the valuation allowance against the Corporation's deferred tax assets. Net loss for the year ended December 31, 2009 was US$275.2 million, or US$(3.48) per diluted share, compared to net income of US$109.9 million, or US$0.75 per diluted share for 2008. Total assets decreased by US$452.7 million to US$19.6 billion as of December 31, 2009 from US$20.1 billion as of September 30, 2009. Non-performing loans increased by US$25.0 million, or 2%, to $1.56 billion as of December 31, 2009 from US$1.54 billion as of September 30, 2009. Meanwhile, the allowance to total loans ratio increased to 3.8% as of December 31, 2009 from 3.4% as of September 30, 2009. Aurelio Aleman, Chief Executive Officer of First BanCorp commented, "First BanCorp's results in the fourth quarter reflect the management team's concerted efforts towards stabilizing the credit portfolios, as seen in the slowdown in growth of non- performing loans and slight improvements in both net charge-offs and provision for loan losses, while the Puerto Rico and United States economies remain pressured. Our core business continued to progress as evidenced by net interest margin expansion and controllable expense reduction." A full-text copy of the company's third quarter results available for free at http://ResearchArchives.com/t/s?4f84 About First BanCorp First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is the parent company of FirstBank Puerto Rico, a state chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly UniBank, the thrift subsidiary of Ponce General, all operate within U.S. Banking laws and regulations. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Fitch Ratings downgraded First BanCorp's long- term Issuer Default Ratings to 'B-' from 'BB' and Individual ratings to 'D/E' from 'C/D'. Fitch also downgraded the ratings of FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and the Individual rating to 'D' from 'C/D'. The Rating Outlook is Negative. FIRST BANCORP: Offers to Swap Series A through E Preferreds ----------------------------------------------------------- First BanCorp disclosed that it is planning to conduct an exchange offer under which it will be offering to exchange newly issued shares of common stock for the issued and outstanding shares of publicly held Series A through E Noncumulative Perpetual Monthly Income Preferred Stock, subject to any necessary proration. The exchange offer will be conducted to improve its capital structure given the current economic conditions in the markets in which it operates and the evolving regulatory environment. Through the exchange offer First BanCorp seeks to improve its Tier 1 common equity ratio. The Corporation expects to file a registration statement for the exchange offer after it files its annual report on Form 10-K for fiscal year 2009 with the Securities and Exchange Commission in March 2010. Completion of the exchange offer will be subject to certain conditions, including the approval by stockholders of the issuance of shares of the common stock pursuant to the exchange. About First BanCorp First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/-- is the parent company of FirstBank Puerto Rico, a state chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly UniBank, the thrift subsidiary of Ponce General, all operate within U.S. Banking laws and regulations. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Fitch Ratings downgraded First BanCorp's long- term Issuer Default Ratings to 'B-' from 'BB' and Individual ratings to 'D/E' from 'C/D'. Fitch also downgraded the ratings of FBP's subsidiary, FirstBank of Puerto Rico to 'B' from 'BB' and the Individual rating to 'D' from 'C/D'. The Rating Outlook is Negative. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: South Central Begins Ops. In Guarico ------------------------------------------------------------ Petroleos de Venezuela SA, through the South Central Division for Exploration and Production, begins operations in the District of Guarico with proved reserves that exceed 50 thousand millions of crude in the Block Boyaca 8 and 400 million barrels in the West Guarico field, most of them located in the large reservoir of the Orinoco Oil Belt. The Vice President of Exploration and Production of PDVSA, Eulogio Del Pino, said that besides the Barinas and Apure districts, the South Central Division will take great challenges in the oil and gas with the addition of a third District to the country's axis of the plains. By creating this new district, the South Central Division of PDVSA assumes a new responsibility to send crude to the refineries El Palito and Santa Ines; the latter is in its final stages of conceptual engineering, through the pipe line that will interconnect the State of Guarico with existing Apure-Barinas-El Palito, to supply fuel to the domestic market. Also, the Vice President of E and P explained that the exploratory work will continue in Barinas and Apure, where there is good- quality oil. These operational areas also contribute to the goals of production that the South Central Division has this year. On the prospects for gas bearings, it was point out that the oil company will take up again its interest in the south-Andean flank, exploring new areas to ensure the gas needed for the operation of the thermoelectric plant (Termobarrancas) to cover power demand in the plains area. 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: Refinery Produces 183 Thousand Barrels/Day ------------------------------------------------------------------ During 2009, Petroleos de Venezuela's East Refinery reached a level of oil processing of 183,000 barrels per day, enabling compliance with the demands for refined products to supply the domestic market and the delivery of commitments to the export market. From this processing capacity, estimated at 66.17 million barrels per year plus the volume of inputs required to produce finished products, a total of 31 million barrels of fuel were delivered to Anzoategui, Bolivar, Delta Amacuro, Monagas and Sucre, from which 8.4 mmbl were 95 Octane Gasoline, 12.2 mmbl of 91 Octane Gasoline, 0.3 mmbl Jet A and 10 mmbl automotive diesel. For the export market it allocated 48 million barrels of refined products: naphtha, Jet A, 10 ppm sulfur diesel fuel and residuals, pointing out the placement of 11.8 mmbl Ultra Low Sulfur Diesel (ULSD) in the markets of Europe, the Caribbean and South America, in compliance with the specifications of less than 10 ppm sulfur established in the Regulation EN: 590:2006, which took effect from January 2009, generating economic benefits of 824 million dollars for the country. For the East Refinery general management, led by Fernando Padron, the year 2009 was consistent in the application of new technologies and energy resource optimization. One example was the replacement of the Catalyst in the Unit of Naphtha Hydro treating (NHT / REF), which allowed the increase in the level of processing of heavy naphtha with a sulfur content of 250 ppm and a greater flexibility on the receipt of naphtha derived from PDVSA refineries. Furthermore, the Atmospheric Distillation Unit No. 2 achieved an improved efficiency by increasing distillate production by 10 thousand barrels per day, volume necessary to maintain the maximum charge in the Distillates Hydro treating Unit (HDT), which represented a economic benefit of 30% obtained by the delivering of ULSD Diesel. Another important highlight is the increase obtained in operational reliability and efficiency in the San Roque refinery, achieving a greater production of finished liquid paraffin of 47.4 TMD, with the processing of 5 mbd of waxy crude. By 2010, the East Refinery will lead their strategies to comply with the maintenance of the Processing Units in the Puerto La Cruz refinery, to ensure business continuity within their facilities and meet the demands of the domestic and international hydrocarbons market. The refining complex, as part of its 60th anniversary, is preparing to start the process of transforming their facilities with the construction of the complex Conversion Profunda, which will start the Venezuelan HDH technology, enabling the processing of heavy oil from the Orinoco Oil Belt. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA SCDPF US SOC COMERCIAL PL 113091441.2 -254639574 SDAGF US SNIAFA SA-B 11489328.24 -840226.119 APDSF US AUTOPISTAS SOL 351681166.9 -2858782.1 CAD IX SOC COMERCIAL PL 113091441.2 -254639574 CVVIF US SOC COMERCIAL PL 113091441.2 -254639574 CADN EO SOC COMERCIAL PL 113091441.2 -254639574 SCPDS LI COMERCIAL PL-ADR 113091441.2 -254639574 COME AR SOC COMERCIAL PL 113091441.2 -254639574 CADN SW SOC COMERCIAL PL 113091441.2 -254639574 COMEB AR COMERCIAL PLA-BL 113091441.2 -254639574 COMEC AR COMERCIAL PL-C/E 113091441.2 -254639574 COMED AR COMERCIAL PLAT-$ 113091441.2 -254639574 SNIA AR SNIAFA SA 11489328.24 -840226.119 SNIA5 AR SNIAFA SA-B 11489328.24 -840226.119 AUSO AR AUTOPISTAS SOL 351681166.9 -2858782.1 IMPTQ US IMPSAT FIBER NET 535007008 -17165000 330902Q GR IMPSAT FIBER NET 535007008 -17165000 XIMPT SM IMPSAT FIBER NET 535007008 -17165000 IMPT AR IMPSAT FIBER-CED 535007008 -17165000 IMPTC AR IMPSAT FIBER-C/E 535007008 -17165000 IMPTD AR IMPSAT FIBER-$US 535007008 -17165000 IMPTB AR IMPSAT FIBER-BLK 535007008 -17165000 BRAZIL IMBI1 BZ DOC IMBITUBA-RTC 114896167.4 -16783228.4 IMBI2 BZ DOC IMBITUBA-RTP 114896167.4 -16783228.4 81370Z BZ TELECOMUNICA-ADR 244018546.2 -6054999.05 FTRX1 BZ FABRICA TECID-RT 66779266.69 -50394386.1 PRMN3B BZ PROMAN 13403496.63 -173711.308 TEKAY US TEKA-ADR 237436193.6 -360484910 BMBBF US BOMBRIL 289000173.9 -166589140 CBRZF US TELEBRAS-PF RCPT 244018546.2 -6054999.05 TKTQF US TEKA 237436193.6 -360484910 TKTPF US TEKA-PREF 237436193.6 -360484910 REIC US REII INC 16631180 -1448544 RPMG1 BZ PET MANG-RIGHTS 97015785.16 -251755220 RPMG2 BZ PET MANG-RIGHTS 97015785.16 -251755220 RPMG9 BZ PET MANG-RECEIPT 97015785.16 -251755220 RPMG10 BZ PET MANG-RECEIPT 97015785.16 -251755220 TRES3 BZ MMX MINERACAO 1018389001 -160218401 MMXMY US MMX MINERACA-GDR 1018389001 -160218401 SNST3 BZ SANESALTO 27381496.74 -870175.96 CEED3B BZ CEEE-D 1090886627 -15249815.8 CEED4B BZ CEEE-D-PREF 1090886627 -15249815.8 BDFCE US B&D FOOD CORP 16631180 -1448544 BOBR2 BZ BOMBRIL-RGTS PRE 289000173.9 -166589140 BOBR1 BZ BOMBRIL-RIGHTS 289000173.9 -166589140 XMM CN MMX MINERACA-GDR 1018389001 -160218401 TBH-W US TELEBRAS/W-I-ADR 244018546.2 -6054999.05 3M11 GR MMX MINERACA-GDR 1018389001 -160218401 MILK11 BZ LAEP-BDR 446499199.2 -70952298.9 LEAP LX LAEP INVESTMENTS 446499199.2 -70952298.9 MMXCF US MMX MINERACAO 1018389001 -160218401 BLDR3 BZ BALADARE 144928980.8 -33970462.8 TXRX1 BZ TEXTEIS RENAU-RT 58969047.84 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-107162240 REEMON BZ RIMET 63757621.65 -107162240 REEM4 BZ RIMET-PREF 63757621.65 -107162240 REEMPN BZ RIMET-PREF 63757621.65 -107162240 SNSY3 BZ SANSUY 100279114.9 -45812488.8 SNSYON BZ SANSUY SA 100279114.9 -45812488.8 SNSY5 BZ SANSUY-PREF A 100279114.9 -45812488.8 SNSYAN BZ SANSUY SA-PREF A 100279114.9 -45812488.8 SNSY6 BZ SANSUY-PREF B 100279114.9 -45812488.8 SNSYBN BZ SANSUY SA-PREF B 100279114.9 -45812488.8 STRP3 BZ BOTUCATU TEXTIL 35101566.77 -13482713.5 STARON BZ STAROUP SA 35101566.77 -13482713.5 STRP4 BZ BOTUCATU-PREF 35101566.77 -13482713.5 STARPN BZ STAROUP SA-PREF 35101566.77 -13482713.5 TEKA3 BZ TEKA 237436193.6 -360484910 TEKAON BZ TEKA 237436193.6 -360484910 TEKA4 BZ TEKA-PREF 237436193.6 -360484910 TEKAPN BZ TEKA-PREF 237436193.6 -360484910 TKTPY US TEKA-ADR 237436193.6 -360484910 TKTQY US TEKA-ADR 237436193.6 -360484910 VAGV3 BZ VARIG SA 966298025.5 -4695211316 VARGON BZ VARIG SA 966298025.5 -4695211316 VAGV4 BZ VARIG SA-PREF 966298025.5 -4695211316 VARGPN BZ VARIG 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MALHA PAULIS 1123596482 -536003486 GASC4B BZ GASCOIGNE EMP-PF 1123596482 -536003486 1GASON BZ GASCOIGNE EMPREE 1123596482 -536003486 1GASPN BZ GASCOIGNE EMP-PF 1123596482 -536003486 MRLM3B BZ CIA PETROLIFERA 377602195.2 -3014291.72 MRLM4B BZ CIA PETROLIF-PRF 377602195.2 -3014291.72 1CPMON BZ CIA PETROLIFERA 377602195.2 -3014291.72 1CPMPN BZ CIA PETROLIF-PRF 377602195.2 -3014291.72 LATF US LATTENO FOOD COR 16631180 -1448544 VPTA3 BZ VARIG PART EM TR 49432124.18 -399290426 VPTA4 BZ VARIG PART EM-PR 49432124.18 -399290426 VPSC3 BZ VARIG PART EM SE 84848504.58 -430964848 VPSC4 BZ VARIG PART EM-PR 84848504.58 -430964848 CHILE TL US CHILESAT CO-ADR 450943844.7 -52392581.3 TELEX CI CHILESAT CORP SA 450943844.7 -52392581.3 CHISATOS CICHILESAT CO-RTS 450943844.7 -52392581.3 CHILESAT CITELMEX CORP SA 450943844.7 -52392581.3 TELEXA CI TELEX-A 450943844.7 -52392581.3 CSAOY US TELMEX CORP-ADR 450943844.7 -52392581.3 TELEXO CI TELEX-RTS 450943844.7 -52392581.3 *********** 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 * * *