/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100225.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, February 25, 2010, Vol. 11, No. 039 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: SFG Receiver Seeks US$1.6Million From Dems & GOP A R G E N T I N A BANCO MACRO: Aims to Grow Loans by 15% This Year B E R M U D A CENTRAL EUROPEAN MEDIA: Appoints David Sach as New CFO CENTRAL EUROPEAN MEDIA: 4Q Net Revenues Drop 14% to US$252.1-Mil. B R A Z I L ANDARKO PETROLEUM: Starts Exploration Well Project in Brazil BANCO NACIONAL: May Buy BRL10 Billion of Bonds, Estado Says TELEBRAS: Opposition in Congress Plans to Probe Firm C A Y M A N I S L A N D S ALAGNA INVESTMENT: Members Receive Wind-Up Report ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report BA PARTNERS: Shareholders Receive Wind-Up Report BB STEEPLE: Shareholders Receive Wind-Up Report CANDELA LIQUIDFUND: Shareholders Receive Wind-Up Report CARAMORE LIMITED: Shareholders Receive Wind-Up Report CHILTON EUROPEAN: Shareholders Receive Wind-Up Report CHILTON SMALL: Shareholders Receive Wind-Up Report CI LTD: Shareholders Receive Wind-Up Report CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report EATON VANCE: Shareholders Receive Wind-Up Report ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report GEOMATRIX LDC: Shareholders Receive Wind-Up Report GICALEPA LTD: Members Receive Wind-Up Report H&F PROSIEBEN: Shareholders Receive Wind-Up Report H&F RANGER: Shareholders Receive Wind-Up Report HOPE HOLDINGS: Shareholders Receive Wind-Up Report INDREN INVESTMENT: Members Receive Wind-Up Report JOJOBA INVESTING: Members Receive Wind-Up Report JWM GLOBAL: Shareholders Receive Wind-Up Report JWM GLOBAL: Shareholders Receive Wind-Up Report PEAK ASIAN: Shareholders Receive Wind-Up Report REICH & TANG: Shareholders Receive Wind-Up Report SEQA CAPITAL: Shareholders Receive Wind-Up Report SPROUT GROWTH: Shareholders Receive Wind-Up Report TECHNOLOGY & BUSINESS: Shareholders Receive Wind-Up Report VIRTUAL STUDIOS: Shareholders Receive Wind-Up Report C O L O M B I A BANCO DE BOGOTA: To Offer COP200 Billion Worth of Local Bonds PETROECUADOR: January Oil Exports Revenues Drop 13% to US$527MM J A M A I C A AIR JAMAICA: Opposition Committee to Meet JALPA KINGSTON METAL: Appeals Suspension of License SUGAR COMPANY OF JAMAICA: Eridania Withdraws Interest in Factories ST. CATHERINE METAL: Appeals Suspension of License * JAMAICA: To Receive US$2 Billion From the European Union M E X I C O DESARROLLADORA HOMEX: 4Q Total Revenue Drops 7.2% to Ps.5.8-Bil. URBI DESARROLLOS: Aims for MXN2 Billion in 2010 Free Cash Flow P U E R T O R I C O PEOPLES PETROLEUM GROUP: Case Summary & 8 Largest Unsec. Creditors S T L U C I A * ST. LUCIA: Economy Severely Impacted by Global Downturn V E N E Z U E L A PETROLEOS DE VENEZUELA: Still in Arrears With Service Companies PETROLEOS DE VENEZUELA: Could Issue US$3 Billion in 2H 2010 * VENEZUELA: President Chavez Sees 0.5%-1.0% Growth in 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: SFG Receiver Seeks US$1.6Million From Dems & GOP ---------------------------------------------------------------- Stanford Financial Group court receiver, Ralph Janvey, claimed in a Dallas Federal Court that Democratic and Republican campaign committees have blown off his requests to return US$1.6 million in donations from Robert Allen Stanford, the financier accused of orchestrating a multi-billion Ponzi scheme, Bridget Freeland at Court House News reports. According to the report, the five senatorial and congressional committees that accepted donations from Mr. Stanford'd Stanford International Bank are: -- the Democratic Senatorial Campaign Committee, -- the National Republican Congressional Committee, -- the Democratic Congressional Campaign Committee, -- the Republican National Committee, and -- the National Republican Senatorial Committee. Mr. Janvey, the report relates, said that the committees did not provide anything in exchange for the money, and "have no legitimate right to retain the funds." The report relates Mr. Janvey said that the political organizations have blown off two written demands for return of the money. 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 MACRO: Aims to Grow Loans by 15% This Year ------------------------------------------------ Banco Macro SA expects to grow lending by 15% in 2010, outpacing the system's 10%-12% growth forecast for this year, Business News Americas reports, citing Bank Finance and Investor Relations Manager Jorge Scarinci. The report relates Mr. Scarinci said that the projected lending will be driven by an economy that is poised to grow by 3.5% this year. According to the report, the bank's loans to the private sector grew 2.4% to ARS11.9 billion (US$3.10 billion) as of December 31, 2009, compared to the same time 2008 and was led by a recovery in consumer lending and a 6% increase in payroll-linked loans; while non-performing loan ratio worsened to 3.2% from 2.6% a year ago, and the coverage ratio hit 116% as of December 31, 2009. As reported in the Troubled Company Reporter-Latin America on February 12, 2010, Banco Macro S.A. posted results for the fourth quarter ended December 31, 2009. The Bank's net income totaled Ps.241.8 million. This result was 31% higher than the Ps.184.1 million posted for the fourth quarter of 2008 and 27% higher than the Ps.190.9 million earned in 3Q09. The annualized 4Q09 ROAE and ROAA were 30.2% and 3.8%, respectively. About Banco Macro Headquartered in Buenos Aires, Argentina, Banco Macro SA -- http://www.macro.com.ar/-- offers traditional commercial banking products and services to small and medium-sized companies, companies operating in regional economies, and to low and middle- income individuals. It offers savings and checking accounts, credit and debit cards, consumer finance loans, other credit- related products and transactional services to its individual customers, and small and medium-sized businesses through its branch network. The bank also offers Plan Sueldo payroll services, lending, corporate credit cards, mortgage finance, transaction processing and foreign exchange. In March 2007, it merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia). * * * As reported in the Troubled Company Reporter-Latin America on December 23, 2009, Fitch Ratings affirmed Banco Macro's ratings: -- Foreign and local currency long-term Issuer Default Ratings at 'B'; -- Foreign and local currency short-term IDRs at 'B'; -- Individual at 'D'; A full text copy of the company's financial results is available free at http://ResearchArchives.com/t/s?5249 ============= B E R M U D A ============= CENTRAL EUROPEAN MEDIA: Appoints David Sach as New CFO ------------------------------------------------------ Central European Media Enterprises Ltd. appointed David Sach as Chief Financial Officer of the company effective March 1, 2010. Mr. Sach succeeds Charles Frank, who has been serving as CME's interim Chief Financial Officer since July 2009. "David is a great addition to our senior management team," said Adrian Sarbu, President and CEO of CME. "His experience in technology and media companies and strategic financial management make him an excellent fit for us, and I look forward to working with him to build CME in 2010 and beyond. I would also like to thank Charles Frank for his contribution over the last eight months as interim CFO." Prior to joining CME, Mr. Sach served as Chief Financial Officer at Clearwire Corporation, a NASDAQ-listed group that provides high-speed internet services to consumers and businesses in the USA. Before that, Mr. Sach was Chief Financial Officer of Millicom International Cellular SA, an emerging markets mobile telephony group listed in the NASDAQ 100 and on the Stockholm Stock Exchange. Mr. Sach also held several senior finance roles at France Telecom, EMI Group PLC and Thomson Professional Publishing. Mr. Sach began his career with Price Waterhouse in New York. About Central European Media Headquartered in Bermuda, Central European Media Enterprises Ltd. -- http://www.cetv-net.com/-- invests in, develops and operates commercial television channels in Central and Eastern Europe. At present, the Company has operations in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic, Slovenia and Ukraine. The Company holds its assets through a series of Dutch and Netherlands Antilles holding companies. It has ownership interests in license companies and operating companies in each market in which it operates. Operations are conducted either by the license companies themselves or by separate operating companies. The Company generates revenues primarily through entering into agreements with advertisers, advertising agencies and sponsors to place advertising on air of the television channels that it operates. * * * As reported in the Troubled Company Reporter-Latin America on November 13, 2009, Standard & Poor's Ratings Services said it has lowered its long-term corporate credit rating on Bermuda-based emerging markets TV broadcaster Central European Media Enterprises Ltd. to 'B-' from 'B'. The outlook is negative. CENTRAL EUROPEAN MEDIA: 4Q Net Revenues Drop 14% to US$252.1-Mil. ----------------------------------------------------------------- Central European Media Enterprises Ltd. posted financial results for the fourth quarter and full-year ended December 31, 2009. Net revenues for the fourth quarter of 2009 decreased 14% to US$252.1 million, compared to the fourth quarter of 2008. EBITDA for the quarter decreased 45% to US$44.1 million. Operating income for the quarter increased US$302.2 million to US$23.0 million. Net loss attributable to the shareholders of CME for the quarter was US$(55.3) million compared to US$(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased US$6.86 to US$(0.89). Net revenues for the year ended December 31, 2009 decreased 30% to US$714.0 million, compared to the year ended December 31, 2008. EBITDA for the year decreased 75% to US$74.9 million. Operating loss decreased US$44.6 million from $(127.8) million to US$(83.2) million. The operating loss in 2009 includes an impairment charge of US$81.8 million relating to the Company's Bulgarian operations. Net loss attributable to the shareholders of CME for the year was US$(97.2) million compared to US$(269.5) million for the year ended December 31, 2008. Fully diluted loss per share for the year ended December 31, 2009 decreased US$4.58 to US$(1.79). Adrian Sarbu, President and Chief Executive Officer of CME, commented: "An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. US$800 million of TV ad spend vanished in one year, dramatically reducing our revenues. In this difficult environment we strengthened our operations by maintaining audience share leadership, increasing market share and redefining ourselves as a vertically integrated media company. We are making the necessary corrections to our portfolio to achieve positive EBITDA in all our operations in 2010. This year we will focus our energy on increasing profitability across our three new divisions -- broadcasting, internet and content." Consolidated Results for the Three Months Ended December 31, 2009 Consolidated net revenues for the three months ended December 31, 2009 decreased by 14% to US$252.1 million from US$291.5 million for the three months ended December 31, 2008. Operating income for the quarter was US$23.0 million compared to a loss of US$(279.2) million for the three months ended December 31, 2008. Net loss attributable to the shareholders of CME for the quarter was US$(55.3) million compared to US$(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased $6.86 to US$(0.89). EBITDA for the three months ended December 31, 2009 decreased to US$44.1 million from US$79.8 million in the three months ended December 31, 2008. EBITDA margin for the three months ended December 31, 2009 was 18% compared to 27% in the three months ended December 31, 2008. Consolidated Results for the Year Ended December 31, 2009 Consolidated net revenues for the year ended December 31, 2009 decreased by 30% to US$714.0 million from US$1,019.9 million for the year ended December 31, 2008. Operating loss for the year was US$(83.2) million compared to US$(127.8) million for the year ended December 31, 2008. Net loss attributable to the shareholders of CME for the year was US$(97.2) million compared to US$(269.5) million for the year ended December 31, 2008. Fully diluted loss per share for the year ended December 31, 2009 decreased US$4.58 to US$(1.79). EBITDA for the year ended December 31, 2009 decreased to US$74.9 million from US$296.9 million in the year ended December 31, 2008. EBITDA margin for the year ended December 31, 2009 was 10% compared to 29% in the year ended December 31, 2008. About Central European Media Headquartered in Bermuda, Central European Media Enterprises Ltd. -- http://www.cetv-net.com/-- invests in, develops and operates commercial television channels in Central and Eastern Europe. At present, the Company has operations in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic, Slovenia and Ukraine. The Company holds its assets through a series of Dutch and Netherlands Antilles holding companies. It has ownership interests in license companies and operating companies in each market in which it operates. Operations are conducted either by the license companies themselves or by separate operating companies. The Company generates revenues primarily through entering into agreements with advertisers, advertising agencies and sponsors to place advertising on air of the television channels that it operates. * * * As reported in the Troubled Company Reporter-Latin America on November 13, 2009, Standard & Poor's Ratings Services said it has lowered its long-term corporate credit rating on Bermuda-based emerging markets TV broadcaster Central European Media Enterprises Ltd. to 'B-' from 'B'. The outlook is negative. =========== B R A Z I L =========== ANDARKO PETROLEUM: Starts Exploration Well Project in Brazil ------------------------------------------------------------ Peter Millard at Bloomberg News reports that Anadarko Petroleum Corp. started an exploration well in Brazil that may become the company's next "mega project." According to the report, Anadarko spokesman John Christiansen said that the company is doing initial work on the Wahoo South exploration well, and then will conduct tests on the block's first two discoveries. "This area has all the ingredients to become one of our next mega projects," the report quoted Anadarko Chief Executive Officer James Hackett as saying. Bloomberg News notes that the Woodlands, Texas-based Anadarko operates Wahoo with a 30% stake. The report notes that its partners are Devon Energy Corp., a unit of Bharat PetroResources Ltd. and Videocon Industries and SK Energy Co. About Anadarko Petroleum Anadarko Petroleum Corporation is an independent oil and natural gas exploration and production company. The Company explores for, develops, produces, gathers, processes, and markets natural gas, crude oil, condensate and natural gas liquids (NGLs). The Company is based in The Woodlands, Tex. * * * As of February 24, 2010, the company continues to carry Moody's Ba2 Preferred Stock rating. BANCO NACIONAL: May Buy BRL10 Billion of Bonds, Estado Says ----------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA President Luciano Coutinho said that the bank will spend as much as BRL10 billion (US$5.3 billion) to buy local corporate bonds in the next three years, Helder Marinho at Bloomberg News reports, citing O Estado de S. Paulo. According to the report, the newspaper said that BNDES plans to buy 20% of bonds sold by local companies as part of a program to help boost liquidity in the Brazilian capital markets. Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. TELEBRAS: Opposition in Congress Plans to Probe Firm ---------------------------------------------------- Maria Luiza Rabello and Paulo Winterstein at Bloomberg News report that Brazil lawmaker Paulo Bornhausen said opposition senators and representatives will probe government statements that led to an increase in share prices for Telecomunicacoes Brasileiras SA. According to the report, Mr. Bornhausen said that members of President Luiz Inacio Lula da Silva's Workers' Party who have Telebras shareholders as clients or partners are benefitting from government statements suggesting that the company will be part of the program. The opposition will pursue a probe over whether the statements aimed to enrich shareholders, Mr. Bornhausen told Bloomberg News in an interview. "We want to know how to transform 1 cent into BRL200 million," the report quoted Mr. Bornhausen as saying. "Some clarification is mandatory," he added. The report notes that workers' Party President Jose Eduardo Dutra said the opposition's accusations are baseless and are designed to derail the government's plan. About Telecomunicacoes Brasileiras Telecomunicacoes Brasileiras SA (Telebras) is Brazil's former state-owned telephone holding company. * * * As of February 24, 2010, the company continues to carry Moody's B1 Senior Unsecured debt ratings. ========================== C A Y M A N I S L A N D S ========================== ALAGNA INVESTMENT: Members Receive Wind-Up Report ------------------------------------------------- The members of Alagna Investment Ltd. received, on January 4, 2010, 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 ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Anchorage Capital Master Offshore II, Ltd. received, on January 22, 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 ANCHORAGE CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Anchorage Capital Master Offshore II, Ltd. received, on January 22, 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 BA PARTNERS: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of BA Partners Fund V - Buyout, Ltd. received, on January 22, 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 BB STEEPLE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of BB Steeple Healthcare received, on January 22, 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 CANDELA LIQUIDFUND: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Candela Liquidfund 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: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 CARAMORE LIMITED: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Caramore Limited received, on December 29, 2009, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8236 Facsimile: (345) 949 7120 CHILTON EUROPEAN: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Chilton European Liquidfund, 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: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 CHILTON SMALL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Chilton Small Cap Liquidfund, 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: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 CI LTD: Shareholders Receive Wind-Up Report ------------------------------------------- The shareholders of CI Ltd SPC received, on January 11, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ronald Sulisz Broadhurst LLC P.O. Box 2503, 40 Linwood Street Grand Cayman KY1-1104, Cayman Islands c/o Lily Lee Telephone: (345) 949-7237 Facsimile: (345) 949-7725 CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Context/TQA Vantage Plus Master Fund, Ltd. received, on January 22, 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 CONTEXT/TQA VANTAGE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Context/TQA Vantage Plus Master Fund, Ltd. received, on January 22, 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 DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Diapason Commodities Energy Index Fund received, on January 22, 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 EATON VANCE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Eaton Vance Loan Opportunities Fund II, Ltd. received, on January 22, 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 ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Entrust Liquidfunds Inc received, on January 22, 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 GEOMATRIX LDC: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Geomatrix LDC received, on January 22, 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 GICALEPA LTD: Members Receive Wind-Up Report -------------------------------------------- The members of Gicalepa Ltd. received, on January 4, 2010, 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 H&F PROSIEBEN: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of H&F Prosieben Blocker Corp. received, on January 28, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: H&F Investors IV (Bermuda), LLC c/o One Maritime Plaza, 12th Floor San Francisco, California, 94111 United States of America H&F RANGER: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of H&F Ranger (Cayman) Ltd. received, on January 28, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hellman & Friedman Investors VI, L.P. c/o One Maritime Plaza, 12th Floor San Francisco, California, 94111 United States of America HOPE HOLDINGS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Hope Holdings received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands INDREN INVESTMENT: Members Receive Wind-Up Report ------------------------------------------------- The members of Indren Investment Ltd. received, on January 4, 2010, 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 JOJOBA INVESTING: Members Receive Wind-Up Report ------------------------------------------------ The members of Jojoba Investing Ltd. received, on January 4, 2010, 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 JWM GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of JWM Global Macro Fund II, Ltd. received, on January 22, 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 JWM GLOBAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of JWM Global Macro Portfolio Company, Ltd. received, on January 22, 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 PEAK ASIAN: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Peak Asian Absolute Return Fund Ltd. received, on January 12, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark S. Newman c/o Maples and Calder, Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands REICH & TANG: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Reich & Tang Minutus Offshore, Ltd. received, on January 22, 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 SEQA CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of SEQA Capital Offshore, Ltd. received, on January 22, 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 SPROUT GROWTH: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Sprout Growth, 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: Royhaven Secretaries Limited c/o Hewitson Watler Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 TECHNOLOGY & BUSINESS: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Technology & Business International Development Limited received, on January 21, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: James M. Diamond M. Colin Fitzgerald Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 VIRTUAL STUDIOS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Virtual Studios Trading, Ltd. received, on January 22, 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 =============== C O L O M B I A =============== BANCO DE BOGOTA: To Offer COP200 Billion Worth of Local Bonds ------------------------------------------------------------- Banco de Bogota SA will offer the market COP200 billion worth of local bonds, Inti Landauro at Dow Jones Newswires reports, citing Francisco Chaves, from local brokerage Corredores Asociados, which handles the sales. According to the report, Mr. Chavez said that the bank will sell inflation-linked bonds maturing in seven and 10 years. The report relates that the bank expect to pay a maximum yield of inflation plus 5.50 percentage points for the seven-year bonds and inflation plus 5.75 percentage points for the 10-year bonds. About Banco de Bogota Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota -- http://www.bancodebogota.com-- is a private national bank involved in all activities associated with a commercial banking institution as regulated by Colombian law. On a national level, it also operates through subsidiaries: Corporacion Financiera Colombiana S.A., an investment bank; Almacenes Generales de Deposito "Almaviva S.A.", a products supply logistics company; Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del Comercio "Fiducomercio S.A.", trust and portfolio investment companies; Leasing Bogot S.A., a leasing company; Valores Bogot S.A., a provider of brokerage services; and Fondos de Pensiones y Cesantias Porvenir, a pensions and suspensions administrator. The Bank operates 275 offices, five corporate service centers and a banking attention center. The company also has affiliates in Panama, Nassau, Miami, and New York. * * * As of January 25, 2010, the company continues to carry Moody's Ba2 Foreign LT Bank Deposits rating. PETROECUADOR: January Oil Exports Revenues Drop 13% to US$527MM --------------------------------------------------------------- Petroecuador's oil export revenues in January dropped 13% to US$527 million from the US$603 million registered in the previous month, Mercedes Alvaro at Dow Jones Newswires reports. The report relates that in January 2009 Petroecuador reported oil export revenues of US$205 million. According to the report, in terms of volume, Petroecuador exported 7.44 million barrels of crude oil in January, down 17% from 8.94 million barrels registered in December; while exports of Oriente crude in January were 5.48 million barrels, and exports of Napo crude were 1.96 million barrels. Dow Jones Newswires notes that the average price of Oriente crude in January rose 9% to $73.48 a barrel from $67.22 in December. The report says that the price of Napo crude was US$70.70 per barrel, a 4% increase against $67.89 registered one month before. 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. ============= J A M A I C A ============= AIR JAMAICA: Opposition Committee to Meet JALPA ----------------------------------------------- Jamaica Airline Pilots Association will meet with the opposition committee examining its proposal to acquire Air Jamaica Limited, Go-Jamaica News reports. The report relates that Opposition spokesman on Transport, Robert Pickersgill, said that the main objective of the group is to determine whether JALPA has enough money to buy and sustain the airline. According to the report, Mr. Pickersgrill said that he's convinced that the pilots' business plan is worth considering. The report notes that JALPA has claimed that one of three overseas-based equity partners who have expressed interest in financing the operation of the airline is a member of the G7 group of countries. As reported in the Troubled Company Reporter-Latin America on February 5, 2010, RadioJamica said that JALPA is to make a last ditch bid for control of Air Jamaica. The report related that JALPA is to select an equity partner who will provide it with funding in the event that it gets the nod from the government to acquire the national airline. According to the report, JALPA said that three local and foreign equity partners are jostling for selection. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. KINGSTON METAL: Appeals Suspension of License --------------------------------------------- The Ministry of Industry has started hearings into appeals brought by scrap metals dealers -- St. Catherine Metal Recyclers Limited and Kingston Scrap Metal -- whose licenses were recently suspended, RadioJamaica reports. The report relates that at the end of the hearing Industry Minister Karl Samuda will decide whether the dealers should get back their licenses to operate. "Under the regulations, I am required to hold hearings with the people who have been affected and so far we've held one and we're due to hold another at the end of next week. At the end of that, we'll determine what action is to be taken depending on the evidence that is produced. We'll do a full assessment and then everyone will be advised of the results," the report quoted Mr. Samuda as saying. According to the report, the licenses of St. Catherine and Kingston Scrap were suspended after police investigations revealed that they were in breach of their permits. The report relates that personnel at the companies could not properly account for metal products found on the premises. SUGAR COMPANY OF JAMAICA: Eridania Withdraws Interest in Factories ------------------------------------------------------------------ Italian firm Eridania Suisse said it is no longer interested in taking over Sugar Company of Jamaica's factories, Frome, Moneymusk and Bernard Lodge, RadioJamaica News reports. The report relates for months the Italian firm and the Bruce Golding-led government has conducted feasibility studies on SCJ's entities. According to the report, Agriculture Minister Dr. Chris Tufton said that Eridania Suisse is not prepared to invest over US$100 million to take over the factories because they cannot produce the required 200,000 tonnes of sugar annually giving limited returns on investment and a prolonged loan repayment period. RadioJamaica says that as the agreement with Eridania Suisse was unsuccessful, the Bruce Golding Cabinet has put in place a plan of action to continue the operations of the three factories including the appointment of Aubyn Hill as the Chief Executive Officer of the Sugar Corporation of Jamaica Holdings Limited. "A new board of directors composed of nine persons, headed by a Mr. Erwin Gordon, a senior manager of GraceKennedy is now entrenched for the operations of SCJ Holdings. Up to this point Mr. Aubyn Hill was assured of this post but he has been replaced by Erwin Gordon," the report quoted Mr. Tufton as saying. "Secondly Mr. Aubyn Hill has been appointed Chief Executive Officer of that entity. His principal role will be to manage the operation of SCJ Holdings to ensure continued efficiency at Monymusk, Frome and Bernard as well as accelerate the divestment of these assets," He added. As reported in the Troubled Company Reporter-Latin America on August 25, 2009, the Jamaica Observer said that the Jamaica government has received the US$15-million capital injection from Eridania Suisse. Caribbean Net News related that the government has negotiated an interim funding with Eridania Suisse to ensure the continued operation of Sugar Company of Jamaica's three sugar estates -- Frome in Westmoreland, Monymusk in Clarendon, and Bernard Lodge in St Catherine. The report said the money will be used to undertake field maintenance work on the three estates, as well as preparatory works for the Frome and Monymusk factories. According to the report, Agriculture and Fisheries Minister Christopher Tufton said the Cabinet has approved the arrangement, which should "effectively ensure" the factories' sugar production output for the 2009/10 crop year, while the process of divestment continues. Caribbean Net News noted Eridania and Energen Development Limited are the two short-listed entities with which the administration is pursuing negotiations toward the sale of the factories and Petrojam Ethanol Limited (PEL). About SCJ The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in November 1993 by a consortium made up of J. Wray & Nephew Limited, Manufacturers Investments Limited and Booker Tate Limited. The three companies each held 17% equity in SCJ, with the remaining 49% being held by the government of Jamaica. In 1998, the government became the sole shareholder of SCJ by acquiring the interests of the members of the consortium. Its stated goal was to maximize efficiency, productivity and profitability of the three sugar factories, within three years. The principal activities of the company are the cultivation of cane and the manufacture and sale of sugar and molasses. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said that if a new deal is not inked soon for the divestment of SCJ's factories, the public will be called on again to plug a projected US$4.2 billion hole -- representing a US$2 billion operational loss, and bank penalties -- apparently from continuous hefty overdrafts. The loss was incurred by the SCJ's four factories during the 2008/2009 season. The Gleaner related the enterprise has a US$21-billion debt and losses totaling more than US$14 billion since 2005. ST. CATHERINE METAL: Appeals Suspension of License -------------------------------------------------- The Ministry of Industry has started hearings into appeals brought by scrap metals dealers -- St. Catherine Metal Recyclers Limited and Kingston Scrap Metal -- whose licenses were recently suspended, RadioJamaica reports. The report relates that at the end of the hearing Industry Minister Karl Samuda will decide whether the dealers should get back their licenses to operate. "Under the regulations, I am required to hold hearings with the people who have been affected and so far we've held one and we're due to hold another at the end of next week. At the end of that, we'll determine what action is to be taken depending on the evidence that is produced. We'll do a full assessment and then everyone will be advised of the results," the report quoted Mr. Samuda as saying. According to the report, the licenses of St. Catherine and Kingston Scrap were suspended after police investigations revealed that they were in breach of their permits. The report relates that personnel at the companies could not properly account for metal products found on the premises. * JAMAICA: To Receive US$2 Billion From the European Union ---------------------------------------------------------- Jamaica is to receive more than US$2 billion from the European Union (EU), RadioJamaica reports. The report relates that the EU will grant the government with for GBP17 million in grant resources. According to the report, the money will be disbursed under the EU's Fluctuation in Export Earnings facility. The report relates that under that facility countries receive support in the event of a decline in their export earnings or a worsening in the programmed deficit * * * As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Fitch Ratings has downgraded Jamaica's long- term foreign and local currency Issuer Default Ratings to 'CCC' from 'B'. The Outlooks on the Long-Term ratings remain Negative. Jamaica's Country ceiling has also been lowered to 'B-' from 'B+' and the short-term foreign currency IDR has been downgraded to 'C' from 'B'. =========== M E X I C O =========== DESARROLLADORA HOMEX: 4Q Total Revenue Drops 7.2% to Ps.5.8-Bil. ---------------------------------------------------------------- Desarrolladora Homex, S.A.B. de C.V. posted its financial results for the Fourth Quarter and Full Year ended on December 31, 2009. Total revenue in the 2009 fourth quarter decreased 7.2% to Ps.5.8 billion (US$446 million) from Ps.6.3 billion (US$480 million) for the same period in 2008, reflecting the Company's strategy to align its growth to cash generation and working capital improvements. For the full year 2009, revenues rose 3.0% to Ps.19.4 billion (US$1.5 billion) from Ps.18.9 billion (US$1.4 billion) in 2008. In the fourth quarter of 2009, the total number of homes sold decreased 19.2 percent when compared to the fourth quarter of 2008. However, the volume of total homes sold for the year rose 0.8%. The quarterly volume contraction reflects Homex' focus on privileging cash generation by aligning investments related to construction-in-process to collections. Gross margin for the fourth quarter of 2009 was 33.1% compared to 23.3% during the fourth quarter of 2008. 4Q09 gross margin adjusted for the application of MFRS D-6 "Capitalization of Comprehensive Financing Cost" decreased 110 bps to 34.1% compared to 35.2% during the same period of last year, driven by a reduction in the contribution of total (higher margin) middle- income revenues from 24.6% as of 4Q08 to 23.9% as of 4Q09. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) during the recent quarter was Ps.1,412 million (US$108 million), a 6.4% increase from the Ps.1,328 million (US$102 million) reported in the fourth quarter of 2008, evidencing the Company's year-over- year improved profitability. For the full year, EBITDA grew 4.0% to Ps.4,526 million from Ps. 4,352 million. Adjusted EBITDA margin increased 310 basis points to 24.3% in the fourth quarter of 2009 from 21.2% in the fourth quarter of 2008, as a result of realized savings from the Company's on-going expense reduction program. Adjusted EBITDA margin for the full year 2009 improved 22 bps to 23.3% compared to 23.1% in 2008. For the fourth quarter of 2009, net income was Ps.841 million (US$64 million) compared to Ps.6 million (US$450 thousand) for the fourth quarter of 2008. On a pro-forma basis (without considering FX non-cash items for both periods) net income margin would have been 13.4% during the fourth quarter of 2009 compared to 8.1% during the year ago period. For the year, net income was Ps. 2.2 billion (US$171 million) compared to 1.6 billion (US$121 million) for 2008. As a result of the Company's measures to minimize land and CAPEX investments, as well as its proactive decision to align investments related to construction-in-process to cash generated from collections, during the fourth quarter of 2009, Homex generated a positive free cash flow balance of Ps.10 million. This was the third consecutive quarter of positive cash generation for the Company. The Company ended 2009 with a negative FCF of Ps.302 million, compared to year-end 2008, when it reported negative FCF of Ps.5,230 million. Effective January 1, 2010, Homex no longer recognized its revenues, costs and expenses based on the percentage-of-completion method, and will begin to recognize them based on applicable rules under INIF 14, where revenues, costs and expenses are recognized when the Company has transferred title of the property to the homebuyer. Homes under construction will thus be considered as inventory until they are titled. Homex will commence reporting quarterly results pursuant to INIF 14 accounting method starting the first quarter ended March 31, 2010. The Company previously estimated that 2009 revenues under INIF 14 accounting rules would have a variation of up to 15% and that shareholders' equity would have a variation of between 20-21 percent. Importantly, the Company estimates that Homex' 2009 revenues under INIF 14 accounting rules would have a variation of up to 12%, while shareholders' equity would vary approximately 18%. About Desarrolladora Homex Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) -- http://www.homex.com.mx/-- is a vertically integrated home development company focused on affordable entry-level and middle-income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex is the largest homebuilder in Mexico, based on revenues, number of homes sold and net income. * * * As reported in the Troubled Company Reporter-Latin America on January 22, 2009, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Desarrolladora Homex S.A.B. de C.V. The outlook is stable. The recovery rating is 3. URBI DESARROLLOS: Aims for MXN2 Billion in 2010 Free Cash Flow -------------------------------------------------------------- Urbi Desarrollos Urbanos said that it expected to raise its free cash flow in 2010 to around MXN2 billion (US$155.6 million), Gabriela Lopez at Reuters reports. The report relates that last year, the company registered free cash flow of MXN1.672 billion thanks to a plan to curb production, which contributed to a 13% decline in sales. "Mexico will keep offering opportunities," the report quoted Urbi Chief Executive Cuauhtemoc Perez as saying. "The goal of the industry is how to face the complexity of the market with efficiency," Mr. Perez added. As reported in the Troubled Company Reporter-Latin America on February 24, 2010, Dow Jones Newswires said that Urbi Desarrollos' fourth-quarter net profit fell 6% to MXN599.8 million (US$46.8 million) from MXN637.9 million a year ago due to a higher tax bill. The report related that the company's revenue slipped 2.1% to MXN4.31 billion as the company boosted sales of low income homes. According to the report, the company's Ebitda rose 6.6% to MXN1.28 billion, while operating income rose 6.3% to MXN952.8 million, thanks to cost savings. About Urbi Desarrollos Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately $30.8 billion Mexican pesos and equity of approximately $16 billion Mexican pesos at June 30, 2009. * * * As reported in the Troubled Company Reporter-Latin America on October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s Ba3 global scale, local and foreign currency, senior unsecured debt rating and A3.mx national scale rating, as well as Urbi's short-term MX-2 national scale rating (Not Prime, global scale). The rating outlook remains stable. The company's Ba3 corporate family rating was also affirmed. ==================== P U E R T O R I C O ==================== PEOPLES PETROLEUM GROUP: Case Summary & 8 Largest Unsec. Creditors ------------------------------------------------------------------ Debtor: Peoples Petroleum Group Inc. Carr 2 Km 18.3 Bo. Candelaria Toa Baja, PR 00949 Bankruptcy Case No.: 10-01120 Chapter 11 Petition Date: February 18, 2010 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Hector Juan Figueroa Vincenty, Esq. El Bufete Del Pueblo Luisa 61 Apt 1 A San Juan, PR 00907 Tel: (787) 378-1154 Email: hector@elbufetedelpueblo.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 According to the schedules, the Company has assets of $2,667,200, and total debts of $2,621,067. A full-text copy of the Debtor's petition, including a list of its 8 largest unsecured creditors, is available for free at: http://bankrupt.com/misc/prb10-01120.pdf The petition was signed by Antonio Cruz Domenecit, president of the Company. ============== S T L U C I A ============== * ST. LUCIA: Economy Severely Impacted by Global Downturn --------------------------------------------------------- International Monetary Fund Division Chief in the Western Hemisphere Department Alfred Schipke issued this statement: "An IMF staff mission visited St. Lucia February 8-18 to conduct the 2010 Article IV Consultation discussions. The discussions focused on the adoption of a fiscal framework that will support fiscal and debt sustainability, a reduction in vulnerabilities, and St. Lucia's growth prospects following the global downturn. The mission received excellent cooperation and benefited from a constructive exchange of views with Prime Minister the Honorable Stephenson King, Leader of the Opposition Dr. Kenny Anthony, Permanent Secretary of the Ministry of Finance Isaac Anthony, and other senior government officials, as well as representatives from the tourism sector, financial sector, and labor unions. "Following a period of modest economic growth, St. Lucia was severely impacted by the global downturn. Real GDP contracted sharply in 2009 after expanding on average by about 3% during the previous 5 years, when tourism became a more prominent sector and resulted in Foreign Direct Investment-related (FDI) construction. Inflation is estimated at one percent in December 2009 (from 7 percent in 2008), reflecting a decline in international food and fuel prices, as well as weaker domestic demand. Against the backdrop of a recovery of the global economy, growth is projected at about one percent in 2010 supported by resurgence in tourism and a recovery in the construction sector. There are significant risks to the outlook, however, including a weaker than anticipated recovery in St. Lucia's main trading partners, permanently lower- than-envisaged FDI flows, and the ever-present threat of natural disasters. "The mission and the authorities agreed on the importance of adopting a strong fiscal framework on which to anchor fiscal and debt sustainability. The key challenge facing the authorities is the timing of the withdrawal of the fiscal stimulus to ensure fiscal and debt sustainability, while minimizing the impact on unemployment. The mission recommended adjustment measures which would reverse part of the Fiscal Year (FY) 2009/10 fiscal stimulus in the FY2010/11 budget aimed at restoring a primary balance and reaching a surplus of about 1.5% of GDP over the medium term. The implementation of these measures would place the public debt on a firmly declining trajectory following a small increase in FY2010, and send a strong signal to market participants about the government's commitment to an exit strategy and fiscal consolidation. Successful adoption of the framework would also create space to better absorb future shocks and increase targeted social spending. In this regard, the mission welcomed the progress made in implementing tax measures, including the flexible fuel pricing regime; and noted the authorities' plans to prioritize capital expenditure, request technical assistance on public expenditure reform, and aggressively seek grant financing to help reduce the impact of higher capital outlays on the budget. At the same time, the mission reiterated the need to move forward with the implementation of a broad based Value Added Tax (VAT). "Macro-financial risks have increased in both St. Lucia and the currency union following the economic downturn. Banking soundness indicators have deteriorated and risks of contagion from other Caribbean countries have increased. The mission and the authorities agreed on the urgency of completing the remaining steps to put in place a fully operational single regulatory unit to provide a unified regulatory framework for nonbanks, including credit unions and the insurance industry. In this context, the IMF mission welcomed the progress made on adopting financial sector legislation and encouraged the authorities to press ahead with the adoption of the Financial Services Regulatory Authority Act and other enabling legislation including the 2009 Insurance Act. The mission also supports the Eastern Caribbean Currency Union (ECCU) authorities' announced strategy of a regional resolution of BAICO and welcomes the initial steps toward its resolution, including the establishment of a new company. In this context the mission urged that the resolution of BAICO should continue to adhere to three principles: (i) avoid systemic contamination, (ii) minimize the fiscal costs to the extent possible, given the region's high debt levels and related vulnerabilities, (iii) and ensure equitable treatment of all stakeholders. "The mission and the authorities concurred on the need to reduce the reliance on tourism as the main engine of economic growth and discussed possible ways of creating appropriate incentives to boost private sector led growth, including improving the investment climate; establishing a one-stop-shop for investors; deepening regional integration; and raising labor productivity. "The IMF mission thanks the government and the people of St. Lucia for their warm hospitality, and wishes them every success in their ongoing efforts to resuscitate economic growth, reduce unemployment, and eradicate poverty." ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Still in Arrears With Service Companies --------------------------------------------------------------- The expropriation process for the 74 service companies seized by the Venezuelan government and controlled by Petroleos de Venezuela, since May 2009 has not started formally, Deisy Buitrago at EL Universal News reports, citing the Official Gazette. According to the report, experts said that to move forward with the process, the government should publish the decrees of public utility that have been recently issued with regard to companies in other sectors of the economy. The report relates that in the nationalization of the former oil operational agreements involving oilfields and strategic partnerships in the Orinoco oil belt, the expropriation process advanced with the issuance of the decrees. Meanwhile, oil industry sources said that Venezuela's Oil Chamber will discuss Pdvsa's payments which have been delayed for more than nine months. The report notes that oil services company TideWater Inc., which has been hit by the delay in the payment of compensation, said in a report to the Securities and Exchange Commission that it filed with the International Center for Settlement of Investment Disputes an arbitration proceeding against the Bolivarian Republic of Venezuela regarding compensation for its seized barges and tow boats. EL Universal notes that PDVSA disclosed that in 2009 that it would negotiate compensation, based on the law that reserves to the Venezuelan state-run oil industry the goods and services of hydrocarbon primary operations. 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: Could Issue US$3 Billion in 2H 2010 ----------------------------------------------------------- Petroleos de Venezuela could issue as much as US$3 billion in the second half of 2010 and will try to avoid selling bonds in the coming months, Darcy Crowe at Dow Jones Newswires reports, citing a report by Barclays Capital economist Alejandro Grisanti. According to Dow Jones Newswires, Mr. Grisanti said that PDVSA could sell US$3 billion with maturities in 2012 and 2013. "We believe that the issuance spree that occurred last year will not be repeated," the report quoted Mr. Grisanti as saying. Dow Jones notes that the government's fiscal position has been strengthened after President Hugo Chavez ordered a devaluation of the currency by as much as half, setting a rate of VEF4.3 and a preferential rate of VEF2.6 for some essential goods. Dow Jones Newswires says that Barclays continues to recommend Venezuelan and PDVSA papers, "but our recommendation is less enthusiastic now" because of a recent increase in the price of Venezuelan bonds and a "rise in risk aversion in the market," the report quoted Mr. Grisanti as saying. 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 * VENEZUELA: President Chavez Sees 0.5%-1.0% Growth in 2010 ----------------------------------------------------------- Venezuela President Hugo Chavez said that the country's economy is likely to grow between 0.5% and 1.0% this year, despite recent electricity shortages in the country, Mica Rosenberg at Reuters reports. "We are going to see modest growth this year that should be between 0.5% and 1%, because we are coming out of a difficult situation that is a result of the global crisis, the fall in oil prices and the decline in oil production," Mr. Chavez told Reuters in an interview. According to the report, the country has been hit with electricity shortages that have caused rolling blackouts and rationing, but the socialist President did not say how much the electricity problems could affect the manufacturing sector. The report notes that despite its huge crude reserves, the South American OPEC member relies on hydro-electricity for 70% of its power needs, and a drought has hit supply since late 2009 forcing President Chavez to declare an "electricity emergency" this month. "What I am most worried about with the energy situation is the social implications, because that is what is most important to us," the report quoted Mr. Chavez as saying. *********** 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 * * *