/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100302.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, March 2, 2010, Vol. 11, No. 042 Headlines A R G E N T I N A JOSE CARTELLONE: Moody's Assigns 'B2' Corporate Family Rating B A R B A D O S * BARBADOS: Economy Severely Affected by Global Economic Crisis B R A Z I L CAMARGO CORREA: Fitch Assigns National Short-Term Ratings C A Y M A N I S L A N D S ABSOLUTE V: Shareholders Receive Wind-Up Report BEAR STEARNS: Shareholders Receive Wind-Up Report CARINA CDO: Shareholders Receive Wind-Up Report CHINA FUND: Shareholders Receive Wind-Up Report CONTEXT/TQA: Shareholders Receive Wind-Up Report CONTEXT OPPORTUNISTIC: Shareholders Receive Wind-Up Report CREDIT LINKED: Shareholders Receive Wind-Up Report DUAL DEAL: Shareholders Receive Wind-Up Report FUKO DEAL: Shareholders Receive Wind-Up Report FUKO DEAL: Shareholders Receive Wind-Up Report HIMEJI X2: Shareholders Receive Wind-Up Report INTEGRATED FINANCIAL: Shareholders Receive Wind-Up Report JANA COMPOSITE: Shareholders Receive Wind-Up Report KLEINWORT BENSON: Members Receive Wind-Up Report LOTUS LIBERATOR: Shareholders Receive Wind-Up Report MOGAMI COMPANY: Shareholders Receive Wind-Up Report MUNICIPAL OPPORTUNITIES: Shareholders Receive Wind-Up Report MUTUAL FUND: Shareholders Receive Wind-Up Report MUTUAL FUND: Shareholders Receive Wind-Up Report NMT LTD: Shareholders Receive Wind-Up Report PERCIPIO APEX: Shareholders Receive Wind-Up Report PERCIPIO APEX: Shareholders Receive Wind-Up Report PORT ROYAL: Shareholders Receive Wind-Up Report R3 CAPITAL: Shareholders Receive Wind-Up Report REACHCAPITAL SHARI'A: Shareholders Receive Wind-Up Report RUWAFU DEAL: Shareholders Receive Wind-Up Report SENTINEL MASTER: Shareholders Receive Wind-Up Report SOURCECAP PRIMARY: Members Receive Wind-Up Report STORMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report TAKE, INC: Shareholders Receive Wind-Up Report C O L O M B I A BANCOLOMBIA SA: 4Q Net Seen Up As Consumer Credit Recovers J A M A I C A AIR JAMAICA: Fallout From Impending Divestment is Minimal AIR JAMAICA: Trinidadian Opposition Groups Could Jeopardize Sale * JAMAICA: IDB Approves US$45 Million Financing * JAMAICA: Cabinet Appoints Commission to Review Sugar Industry M E X I C O AXTEL SAB: Sees 2010 Capex at US$200 Million AXTEL SAB: Cut to "Underweight" at JPMorgan TV AZTECA: To Contest Government Fine, Ban On Hi-TV URBI DESARROLLOS: Inks Cross-Currency Morgan Stanley Swap Deal P E R U * PERU: IDB Finances First Waterways Development Plant V E N E Z U E L A PETROLEOS DE VENEZUELA: Gasification Project Moves Forward PETROLEOS DE VENEZUELA: May Acquire Stake in ONGC-MRPL PETROLEOS DE VENEZUELA: Sues ConocoPhillips Over US Refinery Stake X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= JOSE CARTELLONE: Moody's Assigns 'B2' Corporate Family Rating ------------------------------------------------------------- Moody's Latin America assigned a B2 local currency corporate family rating and an A2.ar Argentina national scale rating to Jose Cartellone Construcciones Civiles S.A. At the same time, Moody's assigned a B2 local currency rating and an A2.ar national scale rating to Cartellone's bank credit lines with Banco de la Nacion Argentina (not rated). The outlook for all ratings is stable. This is the first time that Moody's has assigned a rating to Cartellone. The B2 global scale rating primarily reflects Cartellone's solid track record and reputation in the Argentine construction industry, the sustained growth of its operations supported by a sound business model and the business diversification provided by the minority interests Cartellone holds in a diverse range of public concessions in Argentina and Brazil that generate relatively predictable earnings and cash flows. While Cartellone has benefited from dividends distributed by its non-consolidated affiliates, Moody's notes that Cartellone has limited control over the dividend payout at its non-consolidated affiliates. In addition, a significant portion of dividends are received from regulated utilities in Argentina, which are subject to a high degree of regulatory uncertainty. Nevertheless, in recent years Cartellone has demonstrated ability to cash-in substantial earnings from its non-consolidated subsidiaries, overcoming the considerable losses of its fully-controlled subsidiaries in the food and beverage industry. The B2 global scale rating also incorporates Cartellone's small size relative to regional and global peers, the low geographic diversity of its operations, its high dependence on the Argentine public sector for its construction business and the company's volatile margins and cash flows. Cartellone's total revenues for 2009 are estimated at ARS775 million (approximately US$200 million), which is very low when compared to its international and regional peers. On a consolidated basis, Cartellone's revenues are substantially higher at ARS1.2 billion (US$315 million) although still low in relation to industry peers. However, Cartellone's expertise and project development in Argentina and in the region is extensive, and the company has had a good track record in the industry's bidding process. The ratings also consider Cartellone's consolidated low debt levels and above-average margins for the B2 rating category. For the last twelve months ending September 2009, the consolidated debt to capitalization ratio was at 27.5%, consolidated debt to EBITDA less than 2.0x and the EBITA margin was in the 15% range. Moody's views Cartellone's lack of access to capital markets and other alternate liquidity sources as a credit negative, particularly when considering narrow, uncommitted credit facilities availability. To offset those negatives, Cartellone has improved its cash position, which in Moody's view is a credit positive. In addition, advance payments from customers are another source of liquidity that provides the company with additional flexibility. Cartellone's B2 local currency rating reflects its global default and loss expectation, while the A2.ar national scale rating reflects the standing of Cartellone's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate between relative risks. NSRs in Argentina are designated by the ".ar" suffix. Issuers or issues rated A2.ar present above-average creditworthiness relative to other domestic issuers. NSRs differ from global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. The stable outlook considers Moody's expectation of continued growth in Cartellone's revenues, supported by public works under development in Argentina and the company`s current order backlog. The outlook also reflects Moody's expectation of cost-efficient operations and moderate leverage. Moody's expects that Cartellone will be able to continue benefiting from dividends upstream from its non-consolidated subsidiaries. Although an upgrade of the ratings is unlikely in the near term, a positive pressure could result if Cartellone is able to diversify its business and reduce its dependence on public sector construction revenues. Continued ability to receiving cash flows upstream from subsidiaries where Cartellone does not have full control while stabilizing revenues and profits from its construction business segment in a more adverse business environment could also add positive pressure to the ratings. The rating could be negatively affected by a substantial increase in leverage or by deterioration in liquidity. Quantitatively, a debt-to-capitalization ratio of more than 50% and consistently negative retained cash flow could add negative pressure on the ratings. In addition, the ratings could come under downward pressure by a decrease in public works in Argentina or by the deterioration of the terms of payments from its main clients. Headquartered in Buenos Aires, Argentina, Cartellone is one of the main construction companies in the local market. With total revenues of ARS688 million (approximately US$180 million) for the last twelve months ending September, 2009 at the operating entity level and ARS1.212 million (US$315 million) on a consolidated basis, Cartellone is a family-owned company with an extensive track-record and widely known name in the construction market in Argentina. =============== B A R B A D O S =============== * BARBADOS: Economy Severely Affected by Global Economic Crisis --------------------------------------------------------------- Marcello Estevao, chief of an International Monetary Fund Mission to Barbados, said, "Barbados has been severely affected by the global economic crisis. In particular, the deep global recession has curbed tourism, affecting related activities such as construction and trade which, in turn, depressed aggregate demand and raised unemployment. As a result, economic activity contracted significantly in 2009 after remaining broadly stagnant in 2008. "Despite these hardships, policy moves and other developments have limited the adverse effects of the crisis. International reserves are at comfortable levels, among other things thanks to a successful foreign debt placement last year and the SDR allocation. In addition, authorities implemented measures to alleviate the impact of the crisis on the population. However, as a result of these measures and, more importantly, of the economic cycle, the fiscal deficit surged, and the public debt now stands above 100 percent of GDP. "Looking forward, while economic activity in Barbados will improve as the world economy gradually expands, the recovery's timing is quite uncertain. In particular, significant improvements in labor market conditions in major developed countries will likely lag the rebound in economic activity and curb international travel. Despite this uncertain outlook, the high level of public debt limits the room for further government spending. Moreover, the high degree of openness of the Barbadian economy limits the impact of changes in government spending on domestic economic activity. "Against this backdrop, fiscal consolidation seems to be the appropriate strategy. Reducing government spending, increasing tax collection efficiency, and broadening the tax base would support the exchange rate regime and improve the government's balance sheet. Moreover, credible and sustainable measures can actually raise medium-term growth, as better debt dynamics and lower pressure on external reserves would raise the private sector's willingness to invest in Barbados. Thus, the authorities' intention to push forward a medium-term fiscal consolidation strategy is very welcome." * * * As reported in the Troubled Company Reporter-Latin America on September 16, 2009, The Executive Board of the International Monetary Fund noted that Barbados is facing a severe economic recession. Output is contracting, as the global financial crisis has depressed tourism, brought Foreign Direct Investment (FDI) to a sudden stop, and weakened public finances. Consequently, unemployment has risen to double-digit level. While the underlying balance of payments is expected to remain weak, international reserves are expected to increase marginally in 2009, on account of the SDR allocations and the large government bond issue abroad. =========== B R A Z I L =========== CAMARGO CORREA: Fitch Assigns National Short-Term Ratings --------------------------------------------------------- Fitch Ratings has assigned a national scale short-term credit rating of 'F1(bra)' to Camargo Correa S.A.'s. Fitch has also assigned a 'F1(bra)' national scale short-term rating to Camargo's proposed BRL3 billion commercial paper first issuance (Notas Promissorias Comerciais da Primeira Emissao). Proceeds from this commercial paper, which would mature in six months, would be used to finance the company's acquisition of a minority stake in Cimentos de Portugal S.A. The issuance structure is supported by a guarantee comprised by a pool of shares of companies directly or indirectly related to Camargo. The guarantee would include shares to be chosen from these companies -- Investimentos Itau S.A., VBC Energia S.A., Camargo Correa Desenvolvimento Imobiliario, Companhia de Concessoes Rodoviarias, Alcoa Inc., Cimpor, and Sao Paulo Alpargatas S.A. The inclusion of shares of Itausa in the guarantee is mandatory. The shares of CCR refers only to shares that are not locked into CCR controlling group's shareholders agreement. Also incorporated in the issuance structure is Camargo's commitment to maintain a market value for the pool of shares, included in the guarantee, equivalent to 120% of the issuance amount. This issuance is part of a three-year debt program, up to BRL3 billion, which also considers the sequential refinancing of the current transaction with a second commercial paper issuance, which should be finally refinanced by a debenture issuance maturating in 2013. Fitch's maintains these ratings of Camargo and its special-purpose vehicle CCSA Finance Limited: Camargo -- Foreign currency Issuer Default Rating at 'BB-'; -- Local currency IDR at 'BB-'; -- National scale rating at 'A+(bra)'; -- BR400 million Debentures Series 1 (due 2012) at 'A+(bra)'; -- BR700 million Debentures Series 2 (due 2014) at 'A+(bra)'. CCSA Finance Limited -- US$250 million senior unsecured bonds due 2016 at 'BB-'. CCSA Finance Limited is wholly owned by Camargo and incorporated in the Cayman Islands. Camargo unconditionally guarantees CCSA Finance Limited's debt. The Rating Outlook is Stable. Camargo's credit ratings are supported by the company's diversified portfolio of operations, solid market position in the industries in which it participates and positive outlook for its core businesses. The ratings are constrained at the current level by high leverage, declining liquidity and an aggressive growth strategy. The Stable Outlook reflects Fitch's expectations that Camargo will continue managing its balance sheet to a targeted ratio of net-debt-to-EBITDA in the 3.0 times to 3.5x range. An increase in equity and/or the sale of non-core assets would be viewed as a positive by Fitch and could result in a positive rating action, depending upon the size and timing. Despite a challenging operating environment during the first half of 2009, Camargo's results indicated resilience to the economic slowdown. During the last twelve months ended June 30, 2009, Camargo's revenues grew by 20% to BR14.1 billion, while its EBITDA increased by 12% to BRL2.8 billion. The company's dividends received from subsidiaries also increased during the LTM, growing to BRL409 million from BRL265 million during the LTM ended June 30, 2008. Camargo's total debt grew to BRL9.9 billion as of June 30, 2009, from BRL5.6 billion as of Dec. 31, 2007, due to a number of acquisitions. Within the past month, the company reached agreements to acquire a 31.12% stake in Portuguese cement maker Cimpor, for a total amount of approximately BRL3.5 billion. Camargo's net debt -- including Camargo's 31.12% participation in Cimpor -- is expected to increase to approximately BRL12.5 billion from BRL7.7.billion as of June 30, 2009, on a pro forma basis, while its pro forma net leverage ratio would climb to approximately 3.4x from 2.7x. Strategically, Fitch views the acquisition positively. It will allow Camargo to increase its presence in the global cement market, and it should result in synergies with Camargo's highly correlated core businesses (cement, engineering and construction). Cimpor's presence in 13 countries, including Brazil where it operates six cement plants and 32 ready mix units, would further improve Camargo's geographic diversification. Camargo has a history of maintaining large cash balances to facilitate acquisitions and mitigate market volatility. The company's liquidity position measured by the ratio of cash to short-term debt was 0.9x at the end of June 2009. With the Cimpor transaction, this ratio is expected to weaken to around 0.6x, with total short-term debt portion being approximately BRL5.5 billion. The company's intends to refinance the BRL3 billion commercial- paper issuance with long-term financing during the next couple of quarters. Camargo Correa is one of the largest private industrial conglomerates in Brazil. As a holding company, Camargo has full ownership interests in cement, engineering and construction companies and controlling positions in homebuilding, textiles, footwear and sportswear manufacturing companies. Camargo also has equity interests in energy, transportation (highway concessions) and steel businesses. A large proportion of the company's equity investments are in companies that are publicly traded and liquid. The company is controlled by the Camargo family through their direct holdings in Participacoes Morro Vermelho, which in turn owns 100% of Camargo. ========================== C A Y M A N I S L A N D S ========================== ABSOLUTE V: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Absolute V Synthetic CDO Limited 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 BEAR STEARNS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Bear Stearns Global Products, 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 CARINA CDO: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Carina CDO 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 CHINA FUND: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of The China Fund received, on January 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 814-2238 Facsimile: (345) 949-8258 CONTEXT/TQA: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Context/TQA Global Convertible Offshore 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 OPPORTUNISTIC: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Context Opportunistic 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 CREDIT LINKED: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Credit Linked Notes Ltd. 2004-1 received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 DUAL DEAL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Dual Deal Limited received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 FUKO DEAL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Fuko Deal II Limited received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 FUKO DEAL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Fuko Deal Limited received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 HIMEJI X2: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Himeji X2 Liquidfund 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 INTEGRATED FINANCIAL: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Integrated Financial Products Corp. received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 JANA COMPOSITE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Jana Composite Offshore 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 KLEINWORT BENSON: Members Receive Wind-Up Report ------------------------------------------------ The members of Kleinwort Benson Capital Return Strategy Master Fund, 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: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 LOTUS LIBERATOR: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lotus Liberator 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 MOGAMI COMPANY: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Mogami Company Limited received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 MUNICIPAL OPPORTUNITIES: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Municipal Opportunities Fund Offshore Feeder GP I, Limited 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 MUTUAL FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Mutual Fund Basket Reference Fund (1-P) Limited received, on January 27, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands MUTUAL FUND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Mutual Fund Basket Reference Fund (6-B) Limited received, on January 27, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands NMT LTD: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of NMT, 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 PERCIPIO APEX: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Percipio Apex 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 PERCIPIO APEX: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Percipio Apex Fund (Overseas), 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 PORT ROYAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Port Royal Synthetic CDO, 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: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 R3 CAPITAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of R3 Capital SLP MGP, 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 REACHCAPITAL SHARI'A: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Reachcapital Shari'a Istithmar 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 RUWAFU DEAL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Ruwafu Deal Limited received, on January 22, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 SENTINEL MASTER: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Sentinel 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 SOURCECAP PRIMARY: Members Receive Wind-Up Report ------------------------------------------------- The members of Sourcecap Primary Research Fund Limited received, on January 21, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 STORMBRIDGE CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Stormbridge Capital Funds SPC Ltd received, on January 25, 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 TAKE, INC: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Take 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 SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands =============== C O L O M B I A =============== BANCOLOMBIA SA: 4Q Net Seen Up As Consumer Credit Recovers ---------------------------------------------------------- Inti Landauro at Dow Jones Newswires reports that Bancolombia SA will probably report a slightly higher profit in the fourth quarter as recovering consumer demand encouraged retail borrowing. The median estimate of five analysts polled by Dow Jones Newswires points to a net profit of COP311 billion (US$160 million) in the fourth quarter, 5.8% more than in the same period a year ago. According to the report, profits had fallen in both the second and third quarters as Colombia continued to feel the effects of the global financial crisis, but Jorge Londono, the bank's chief executive, recently told reporters that the fourth quarter had been better. "In the fourth quarter, unconsolidated figures were better proportionally than during the intermediary quarters of the year," the report quoted Mr. Londono as saying. "This reflects a better growth and better behavior of the economy mainly in the field of consumption," he added. Dow Jones Newswires notes Johanna Castro, a market analyst with local brokerage Corredores Asociados, said that the lending business was grim in 2009 as consumers stopped borrowing as a result of the crisis, while large companies took advantage of lower interest rates and strong investor demand to sell bonds instead of taking out bank loans. The report relates that other companies used the cash from the bonds to pre-pay outstanding debts further reducing Bancolombia's revenues. In late 2009, however, consumer demand improved as retail sales measured by the government's statistics department in November and December rose 2% and 2.7% respectively, expansions not seen since early 2008, the report says. Dow Jones Newswires adds that the bank partly offset some of the bad operating results with the appreciation of its investment portfolio, which is loaded with government peso-denominated government bonds and mortgage-backed local bonds. 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. ============= J A M A I C A ============= AIR JAMAICA: Fallout From Impending Divestment is Minimal --------------------------------------------------------- Jamaica Tourism Minister Edmund Bartlett sought to reassure members of the international business community that the fallout from the impending divestment of Air Jamaica Limited is anticipated to be minimal, Jamaica Gleaner reports. "We have been taking steps to ensure that other United States (US) carriers are increasing their rotations to Jamaica," the report quoted Mr. Bartlett as saying. "The sale of Air Jamaica is not expected to leave existing gateways without service, as Caribbean Airlines will provide the necessary continuity," he added. According to the report, Mr. Bartlett said that the cost of the national airline to the Government is unsustainable. The report relates that Mr. Barett said that financials as of the end of June 2009 showed an accumulated deficit of US$1.4 billion. "Our objective is to ensure that there is adequate coverage of the gateways that are important to our tourism," the report quoted Mr. Bartlett as saying. "We have been successful in attracting 12 new gateways during the past 12 months, and there is every indication that more carriers will be flying to Jamaica," he added. The report notes that Mr. Bartlett credited the growth in Canadian visitors for the increase in arrivals to Jamaica. The report relates that statistics indicate that total stopovers from Canada increased by 22.9% from 236,193 in 2008, to 290,307 last year. 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. AIR JAMAICA: Trinidadian Opposition Groups Could Jeopardize Sale --------------------------------------------------------------- New questions are being raised about the Jamaican government's plan to divest Air Jamaica Limited following reports that opposition groups in Trinidad are planning to seek an injunction barring Caribbean Airlines from taking over the entity, RadioJamaica reports. The report relates that legal proceedings could begin as early as next week. According to the report, Attorney-at-law, Bert Samuels, said that if an injunction is indeed sought, it will have implications for the Jamaican Government's timetable to place Air Jamaica in private hands. "One has to bear in mind that an injunction is for normally 14 to 21 days. What would happen to our negotiations, it is better we put them on hold because if the purchaser is being prohibited then it means that we may be blown out of the field which could impact negatively on us wanting to sell them this airline," the report quoted Mr. Samuels as saying. The report also notes that Air Jamaica's ticket office in New Kingston ceased its operation on February 26, 2010. The report relates Air Jamaica's President and CEO Bruce Nobles said that the closure of the New Kingston office will not cause much dislocation as most airline tickets are purchased at AirJamaica.com or through travel agencies. The report notes that the National Workers Union expects that the Air Jamaica employees displaced by the ticket office closure will be transferred to other departments at the airline. The report relates NWU Vice President, Granville Valentine, said that the union will not accept any proposal from the management for the workers to be laid off. 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. * JAMAICA: IDB Approves US$45 Million Financing ----------------------------------------------- The Inter-American Development Bank has approved US$45 million in financing to improve Jamaica's education system and expand compulsory schooling from 16 years to 18 years of age. The operation sector has two components: * A US$30 million Policy Based Loan (PBL) to support education policy formation and the implementation of institutional changes needed to improve the quality of education, and to increase the system's efficiency and accountability. These changes include curriculum reform, teacher training, and the decentralization of the Education Ministry to Autonomous Agencies and Regional Education Entities, as well as improving school management and relationships with stakeholders. * A US$15 million investment to expand compulsory education; build two secondary schools for up to 2,100 new students; and upgrade information technology systems within the Education Ministry to improve use of data for policy and decision making. The program is intended to help increase school attendance from 79 percent to 85 percent and improve students' reading, writing, and math skills. It will also help to establish a maintenance fund for school infrastructure, introduce administrative software in most schools, and finance a nationwide literacy survey. Additionally, the program will seek to improve teaching skills through the creation of a Teaching Council that will define standards, registration and licensing procedures, and implement a code of ethics. The Jamaican Government will continue to replenish the revolving fund for continued education for teachers. As a result, the proportion of teachers with bachelor degrees is expected to increase from 20 percent in 2008 to 40 percent in 2012. The program will also support the creation of a Parent Teacher Association to raise parental awareness and involvement, and will help put into operation a manual for security and safety expected to contribute to reduce disruptive and violent behavior among students. This is the second education PBL the IDB approves for Jamaica. The first, for $30 million, was approved in 2008, while a third and last, also for $30 million, is expected to be approved in 2012. Both the PBL and the investment operation are for 20-year terms, with variable interest rates based on LIBOR. The PBL has a five- year grace period and the investment component a three-year grace period. * * * As reported in the Troubled Company Latin America on February 8, 2010, Moody's Investors Service disclosed that it considers Jamaica's debt exchange proposal for domestic creditors as an event of default. As reflected in the nation's current sovereign ratings of Caa1, with a negative outlook, on both domestic and foreign currency debt, Moody's had anticipated that Jamaica's long-standing commitment to honor its obligations in full and on schedule might finally break this year. * JAMAICA: Cabinet Appoints Commission to Review Sugar Industry --------------------------------------------------------------- The Bruce Golding Cabinet has approved the appointment of a Commission to review, inquire and make recommendations as to changes, if any, to the current regulatory, institutional and pricing arrangements in the sugar sector, Caribbean360.com reports. The report relates that Minister of Agriculture and Fisheries, Dr. Christopher Tufton, said the overall objective of the review is to establish the relevance of the current regulatory, institutional and pricing arrangements in the sugar industry, given the changes in the domestic and international environment. "Given the prospect of a sugar cane industry dominated by private players and the changing sugar market situation in Europe, which has resulted from the ending of the sugar protocol, it is now critical that a review of the industry's regulatory, institutional and cane pricing arrangements is undertaken," the report quoted Dr. Tufton as saying. "In fact, under the European Union Accompanying Measures for Sugar (AMS) Programme, the Government of Jamaica has undertaken to restructure the regulatory and institutional framework of the sector," he added. Dr. Tufton, the report notes, said that the review of the relevance of the current regulatory and pricing arrangements in the sector is part of the specific conditions for the release of EUR17 million (US$23 million or J$2.2 billion) of European Union grant funds. The report adds that Dr. Tufton said the government remains optimistic about the future of the sugar industry. * * * As reported in the Troubled Company Latin America on February 8, 2010, Moody's Investors Service disclosed that it considers Jamaica's debt exchange proposal for domestic creditors as an event of default. As reflected in the nation's current sovereign ratings of Caa1, with a negative outlook, on both domestic and foreign currency debt, Moody's had anticipated that Jamaica's long-standing commitment to honor its obligations in full and on schedule might finally break this year. =========== M E X I C O =========== AXTEL SAB: Sees 2010 Capex at US$200 Million -------------------------------------------- Axtel, S.A.B. de C.V. plans to make capital expenditures for about US$200 million this year, including up to US$35 million in a fiber-optic project, Ken Parks at Dow Jones Newswires reports, citing Chief Financial Officer Felipe Canales. The report relates that the company will deploy fiber-optic cabling in Mexico City, Monterrey, Guadalajara, and Puebla with a view to providing high- speed data services to a potential market of 300,000 customers. According to the report, the company is also looking at different options, including a commercial agreement with a third party, to sell satellite TV services starting in the second half of the year. The report relates that Axtel faces stiff competition from cable companies selling packages of pay-TV, broadband and phone services. Dow Jones Newswires notes that Axtel SAB made capital expenditures of MXN2.67 billion last year, down from MXN4 billion in 2008 when the company spent heavily to deploy its WiMax wireless broadband network. Mr. Canales, the report discloses, forecast 100,000 to 120,000 net line additions this year, as well as 20,000 to 25,000 new broadband accounts each quarter. Axtel SAB, the report says, said its lines in service rose 3% last year to 962,000 at the end of December, while the number of broadband subscribers rose 75% to 162,000. Dow Jones Newswires notes Andres Coello, a telecom analyst at BBVA Bancomer, said the shares could fall to around MXN8.00 in the medium term given the weak report and the gradual loss of traffic from mobile operator Nextel Mexico. "In our opinion, the 18% decline in adjusted ebitda for Axtel will cause investors to question the company's long-term viability," the report quoted Mr. Coello as saying. Meanwhile, Dow Jones relates, Grupo Televisa SAB (TV) said that it would invest US$1.44 billion in cash for a 30% stake in Nextel Mexico if the two companies are able to obtain enough wireless spectrum at an upcoming government auction. The report relates that deal could see Nextel migrate traffic from Axtel's network to Televisa's fiber-optic network. Mr. Canales, the report points out, estimated the loss of Nextel traffic could reduce Axtel's ebitda by MXN250 million to MXN350 million this year. About Axtel Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a Mexican telecommunications company that provides local and long distance telephony, broadband Internet, data and built-to-suit communications solutions in 17 cities and long distance telephone services to business and residential customers in over 200 cities. The seventeen cities in which AXTEL currently provides local services are Mexico City, Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon (Laguna region), Veracruz, Chihuahua, Celaya and Irapuato. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 25, 2007, Standard & Poor's Ratings Services assigned its 'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior Unsecured Notes due January 2017. It also affirmed its 'BB-' long-term corporate credit rating on Axtel. S&P said the outlook is negative. As reported in the Troubled Company Reporter-Latin America on Jan. 23, 2007, Moody's Investors Service has confirmed Axtel, S.A.B. de C.V.'s Ba3 corporate family rating and changed the rating outlook to stable. AXTEL SAB: Cut to "Underweight" at JPMorgan -------------------------------------------- Axtel, S.A.B. de C.V. was cut to "underweight" from "neutral" on March 1, 2010, at JPMorgan, which revised its earnings estimates for the company, Bloomberg News reports. According to the report, Rajneesh Jhawar, a JPMorgan analyst in New York, wrote in a report that Axtel forecast "flat" earnings before interest, taxes, depreciation and amortization in 2010 during a conference call. Headquartered in Monterrey, Mexico, Axtel, S.A.B. de C.V. is a Mexican telecommunications company that provides local and long distance telephony, broadband Internet, data and built-to-suit communications solutions in 17 cities and long distance telephone services to business and residential customers in over 200 cities. The seventeen cities in which AXTEL currently provides local services are Mexico City, Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon (Laguna region), Veracruz, Chihuahua, Celaya and Irapuato. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 25, 2007, Standard & Poor's Ratings Services assigned its 'BB-' rating to Axtel SAB de CV's USUSUS$250 million Senior Unsecured Notes due January 2017. It also affirmed its 'BB-' long-term corporate credit rating on Axtel. S&P said the outlook is negative. As reported in the Troubled Company Reporter-Latin America on Jan. 23, 2007, Moody's Investors Service has confirmed Axtel, S.A.B. de C.V.'s Ba3 corporate family rating and changed the rating outlook to stable. TV AZTECA: To Contest Government Fine, Ban On Hi-TV --------------------------------------------------- TV Azteca SA de CV plans to contest a government fine and ban on its digital television service Hi-TV, arguing that the service has been authorized by the telecommunications regulator, Anthony Harrup at Dow Jones Newswires reports. The report relates that the Communications and Transport Ministry (SCT) fined TV Azteca about MXN4.5 million (US$350,000) for offering the Hi-TV service without the proper concession, and ordered the transmissions to be halted. Hi-TV is a "legal and legitimate" service, and that the company plans to use all available legal resources to obtain that recognition, TV Azteca said in an emailed statement obtained by Dow Jones Newswires. According to the report, the launch last year of Hi-TV prompted protests from the cable-TV industry and, in May, the Federal Telecommunications Commission (Cofetel) recommended that the ministry initiate proceedings against TV Azteca for possibly violating terms of its broadcast concession. However, the report relates, in December, Cofetel issued a finding that Hi-TV was a free broadcast service and doesn't violate the concession. Dow Jones Newswires notes that TV Azteca said that SCT's resolution "opens a great debate on the future of this kind of services in our country. Should authorities continue artificially regulating markets that are converging all over the world, for the benefit of a few, or promote and grant incentives for convergence to benefit everyone?" TV Azteca, the report adds, also referred to a 2009 Supreme Court ruling against the SCT granting broadcast concessions and permits, which the court said was exclusively up to Cofetel. About TV Azteca TV Azteca SA de CV is one of the two largest producers of Spanish- language television programming in the world, operating two national television networks in Mexico -- Azteca 13 and Azteca 7 - - through more than 300 owned and operated stations across the country. TV Azteca affiliates include Azteca America Network, a new broadcast television network focused on the rapidly growing US Hispanic market, and Todito, an Internet portal for North American Spanish speakers. * * * As of December 17, 2009, the company continues to carry Moody's B1 senior unsecured debt rating URBI DESARROLLOS: Inks Cross-Currency Morgan Stanley Swap Deal -------------------------------------------------------------- Urbi Desarrollos Urbanos SAB de CV signed a cross-currency swap agreement with Morgan Stanley to extend the coverage of its hedge to also include the interest coupons of its US$ bond due 2016 for the period April 2011 to April 2016, which were not previously covered. Both principal and interest coupons of this bond are now hedged until maturity. After this transaction, the interest rate is now fixed at 10.5% in Mexican pesos until the bond's maturity in April 2016. The exchange rate is fixed at MX$13.75. In April 2006, Urbi issued 10-year (non-call 5) US$150 million senior guaranteed notes due in 2016. At that time, the Company signed an agreement to hedge both the principal until maturity and the first 5 years of interest coupons, to eliminate cross-currency risk and uncertainty on its financial expenses. As of December 31, 2009, Urbi had a positive asset currency swap position of MX$165.6 million included in its balance. About this transaction, Selene Avalos, Urbi's CFO, said: "With this step, the Company finalizes its two-stage hedge strategy for such long-dated instrument as the Urbi2016 bond, resting our decisions on well documented technical analysis. As we resume our growth strategy with free cash flow generation in 2010, the basis of it continues to be prudence and a higher liquidity position for the Company, which is backed with a track record of profitable and consistent operational performance." For 2010, Urbi is planning to grow its revenues by 10%, and -- thanks to additional SG&A and financial expenses reductions -- increase its net income by 12-15%, with a strong free cash flow generation. About Urbi Desarrollos Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. The firm reported assets of approximately $30.8 billion Mexican pesos and equity of approximately $16 billion Mexican pesos at June 30, 2009. * * * As reported in the Troubled Company Reporter-Latin America on October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s Ba3 global scale, local and foreign currency, senior unsecured debt rating and A3.mx national scale rating, as well as Urbi's short-term MX-2 national scale rating (Not Prime, global scale). The rating outlook remains stable. The company's Ba3 corporate family rating was also affirmed. ======= P E R U ======= * PERU: IDB Finances First Waterways Development Plant ------------------------------------------------------ The Inter-American Development Bank approved an US$850,000 grant to help the design of the first National Plan for Waterways Development in Peru, which will allow sustainable development and operation of the fluvial network in the country. This technical cooperation will pave the way for a sustainable commercial use to Peru's rivers, having a significant impact on the Amazon Rivers integration. The Amazon River and its tributaries are the axis of the internal and external fluvial integration in Peru. The total length of the Peruvian Amazonian rivers is 14,000 km, of which just over 4,000 make up the Main Network of Commercial Waterways of Peru. The National Plan for Waterways Development will consist of four activities: * preparing an economic and environmental diagnosis of the existing Main Network of Commercial Waterways; * analyzing the development opportunities of the current network in the short and long term based on other successful international experiences; * detailing an Action Plan for the current network (that will include institutional modernization and a portfolio of investment projects and a financing plan); * and developing a social and environmental conceptual framework for the new waterways development projects based on the application of the Strategic Environmental and Social Assessment Methodology (EASE). This work will represent an important step in designing strategies to integrate Peru with its neighbors and the world through efficient and safe means of transportation in a sustainable and rational way. This technical cooperation is the first plan of this type in Peru under the Bank's support activities to the Initiative for Integration of Regional Infrastructure in South America (IIRSA). It is also the first in the region that will be developed in parallel to the implementation of the Methodology EASE as part of IIRSA's Planning Process. This methodology will provide a framework of environmental and social references to the group of projects included in the waterways network. The Plan will incorporate these recommendations. The IDB's Fund for the Financing of Technical Cooperation for Initiatives for Regional Infrastructure Integration (FIRII) will provide the grant. Studies for the Plan will be conducted by the Ministry of Transport and Communications of Peru through its General Directorate for Aquatic Transport. The extension of this network represents almost half of the total length of navigable rivers in the Project Group 6 of the Amazon Hub of IIRSA: "Amazon Waterways Network ". ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Gasification Project Moves Forward ---------------------------------------------------------- The first phase of the National Gasification Project in Los Cortijos de Sarria area was inspected by the President of the Republic, Hugo Chavez, and the Peoples Minister for Energy and Petroleum and President of Petroleos de Venezuela SA, Rafael Ramirez. The President of the Republic, Hugo Chavez, said: "The National Gasification Project is strategic for the country's development and the Bolivarian Revolution." The national leader urged the community to shape the people to continue with the social development and the revolutionary process. The event was attended by the land committees, the Bolivarian Community Front of Sarria, Mothers Committees of Barrio Manuelita Saenz and Luisa Caceres de Arismendi, among others. Daniel Aponte, a neighbor of the area and member of the PSUV, explained: "With this first phase of direct gasification the community of Sarria will have a safe and economical service to all residents so we thank President Chavez for his commitment to social and human quality." It should be noted that in Los Cortijos de Sarria were installed 1.6 kilometers of pipeline to supply gas in order to benefit more than 600 families. The goal is to place 2.4 kilometers of network infrastructure for gas distribution and 31.75 miles for internal lines. President Hugo Chavez said that with the launch of the National Gasification Project families achieve substantial savings by using gas stoves instead of electric devices, contributing to the rational use of electricity. The National Gasification Project since its creation in 2006, has favored 3 million 600 thousand families across the country, supplying domestic direct gas, safe and cheap, involving a total of 48.95 kilometers of infrastructure, distribution networks and 68,000 460 kilometers of internal lines. The objective is to provide direct gas to homes across the country, which will increase the quality of life of the population. The Bolivarian government and the new PDVSA drive the National Gasification Project and reaffirm the commitment of the oil working class in building the Socialist Homeland. 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: May Acquire Stake in ONGC-MRPL ------------------------------------------------------ Petroleos De Venezuela is likely to buy stake in ONGC Mangalore Petrochemicals, which is promoted by ONGC and MRPL for setting up an aromatic unit in Mangalore SEZ, Economic Times reports. "Discussions are already on. The Venezuelan company, which is the fifth-largest oil producer in the world, is looking for a controlling stake in the project," the report quoted an unnamed source as saying. According to the report, AcOMPL project is expected to be commissioned by this year-end. The report relates that OMPL will produce 920 TMT (thousand metric tonnes) of paraxylene and 140 TMT of benzene per annum. The report notes that ONGC has a 46% stake in OMPL while its subsidiary, Mangalore Refinery and Petrochemicals Ltd, has a 3% stake, together amounting to 49%. The balance of 51% is proposed to be offered to the public or strategic partners, the report adds. 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: Sues ConocoPhillips Over US Refinery Stake ------------------------------------------------------------------ Petroleos de Venezuela is suing ConocoPhillips over the latter's bid to acquire its stake in a U.S. refinery, EFE News reports, citing Oil Minister Rafael Ramirez. "PDVSA has filed suit against ConocoPhillips over its attempt to purchase PDVSA's stake in Merey Sweeny, located in Texas," a Venezuelan Energy and Oil Ministry press release quoted Mr. Ramirez as saying, the report relates. According to the report, ConocoPhillips in September 2009 "exercised an option to acquire Venezuela's 50% stake in the (Merey Sweeny) coker project at the Sweeny refinery, alleging that its partner (PDVSA) was not complying with its contractual obligation to supply the plant." The report notes that Merey Sweeny is one of PDVSA's five U.S.-based refineries, which have a combined processing capacity of approximately 1.08 million barrels per day. PDVSA and Conoco each own 50% stakes in the 70,000- barrel-per-day Merey Sweeny delayed coker. The report points out that Venezuela's move to take Conoco to court in the United States are part of a larger dispute. In 2007, the report recalls, Conoco filed for arbitration against Venezuela after President Hugo Chavez's leftist government forced foreign oil companies to convert their existing operating agreements into contracts that made them minority partners in joint ventures with PDVSA. 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$MM) ------- ------ ------------ ------- ARGENTINA SOC COMERCIAL PL SCDPF US 113091441.2 -254639574 SNIAFA SA-B SDAGF US 11229696.22 -2670544.88 AUTOPISTAS SOL APDSF US 351681166.9 -2858782.1 SOC COMERCIAL PL CAD IX 113091441.2 -254639574 SOC COMERCIAL PL CVVIF US 113091441.2 -254639574 SOC COMERCIAL PL CADN EO 113091441.2 -254639574 COMERCIAL PL-ADR SCPDS LI 113091441.2 -254639574 SOC COMERCIAL PL COME AR 113091441.2 -254639574 SOC COMERCIAL PL CADN SW 113091441.2 -254639574 COMERCIAL PLA-BL COMEB AR 113091441.2 -254639574 COMERCIAL PL-C/E COMEC AR 113091441.2 -254639574 COMERCIAL PLAT-$ COMED AR 113091441.2 -254639574 SNIAFA SA SNIA AR 11229696.22 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88 AUTOPISTAS SOL AUSO AR 351681166.9 -2858782.1 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER NET XIMPT SM 535007008 -17165000 IMPSAT FIBER-CED IMPT AR 535007008 -17165000 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 IMPSAT FIBER-$US IMPTD AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 BRAZIL DOC IMBITUBA-RTC IMBI1 BZ 114896167.4 -16783228.4 DOC IMBITUBA-RTP IMBI2 BZ 114896167.4 -16783228.4 TELECOMUNICA-ADR 81370Z BZ 244018546.2 -6054999.05 FABRICA TECID-RT FTRX1 BZ 66779266.69 -50394386.1 PROMAN PRMN3B BZ 13403496.63 -173711.308 TEKA-ADR TEKAY US 237436193.6 -360484910 BOMBRIL BMBBF US 289000173.9 -166589140 TELEBRAS-PF RCPT CBRZF US 244018546.2 -6054999.05 TEKA TKTQF US 237436193.6 -360484910 TEKA-PREF TKTPF US 237436193.6 -360484910 REII INC REIC US 16631180 -1448544 PET MANG-RIGHTS RPMG1 BZ 97015785.16 -251755220 PET MANG-RIGHTS RPMG2 BZ 97015785.16 -251755220 PET MANG-RECEIPT RPMG9 BZ 97015785.16 -251755220 PET MANG-RECEIPT RPMG10 BZ 97015785.16 -251755220 MMX MINERACAO TRES3 BZ 1018389001 -160218401 MMX MINERACA-GDR MMXMY US 1018389001 -160218401 SANESALTO SNST3 BZ 27381496.74 -870175.96 CEEE-D CEED3B BZ 1090886627 -15249815.8 CEEE-D-PREF CEED4B BZ 1090886627 -15249815.8 B&D FOOD CORP BDFCE US 16631180 -1448544 BOMBRIL-RGTS PRE BOBR2 BZ 289000173.9 -166589140 BOMBRIL-RIGHTS BOBR1 BZ 289000173.9 -166589140 MMX MINERACA-GDR XMM CN 1018389001 -160218401 TELEBRAS/W-I-ADR TBH-W US 244018546.2 -6054999.05 MMX MINERACA-GDR 3M11 GR 1018389001 -160218401 LAEP-BDR MILK11 BZ 446499199.2 -70952298.9 LAEP INVESTMENTS LEAP LX 446499199.2 -70952298.9 MMX MINERACAO MMXCF US 1018389001 -160218401 BALADARE BLDR3 BZ 144928980.8 -33970462.8 TEXTEIS RENAU-RT TXRX1 BZ 58969047.84 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124060999.4 -405125353 D H B-PREF DHBI4 BZ 124060999.4 -405125353 DHB IND E COM-PR DHBPN BZ 124060999.4 -405125353 DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.9 DOCAS SA DOCAON BZ 88417960.92 -18059127.9 DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.9 DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.9 DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.9 ACO ALTONA EALT3 BZ 84614947.94 -14270921.5 ACO ALTONA SA EAAON BZ 84614947.94 -14270921.5 ACO ALTONA-PREF EALT4 BZ 84614947.94 -14270921.5 ACO ALTONA-PREF EAAPN BZ 84614947.94 -14270921.5 FABRICA RENAUX FTRX3 BZ 66779266.69 -50394386.1 FABRICA RENAUX FRNXON BZ 66779266.69 -50394386.1 FABRICA RENAUX-P FTRX4 BZ 66779266.69 -50394386.1 FABRICA RENAUX-P FRNXPN BZ 66779266.69 -50394386.1 HAGA HAGA3 BZ 16483114.08 -62923102 FERRAGENS HAGA HAGAON BZ 16483114.08 -62923102 FER HAGA-PREF HAGA4 BZ 16483114.08 -62923102 FERRAGENS HAGA-P HAGAPN BZ 16483114.08 -62923102 TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.2 TECEL S JOSE FTSJON BZ 17924946.14 -18569451.2 TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.2 TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.2 CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.5 CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.5 CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.5 CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.5 GAZOLA GAZO3 BZ 12452143.07 -40298506.3 GAZOLA SA GAZON BZ 12452143.07 -40298506.3 GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506.3 GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506.3 GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506.3 GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506.3 GAZOLA SA-DVD CM GAZO11 BZ 12452143.07 -40298506.3 GAZOLA SA-DVD PF GAZO12 BZ 12452143.07 -40298506.3 IGB ELETRONICA IGBR3 BZ 145256033.3 -273857292 GRADIENTE ELETR IGBON BZ 145256033.3 -273857292 GRADIENTE-PREF A IGBR5 BZ 145256033.3 -273857292 GRADIENTE EL-PRA IGBAN BZ 145256033.3 -273857292 GRADIENTE-PREF B IGBR6 BZ 145256033.3 -273857292 GRADIENTE EL-PRB IGBBN BZ 145256033.3 -273857292 GRADIENTE-PREF C IGBR7 BZ 145256033.3 -273857292 GRADIENTE EL-PRC IGBCN BZ 145256033.3 -273857292 HERCULES HETA3 BZ 11597351.7 -168514681 HERCULES SA HERTON BZ 11597351.7 -168514681 HERCULES-PREF HETA4 BZ 11597351.7 -168514681 HERCULES SA-PREF HERTPN BZ 11597351.7 -168514681 RENAUXVIEW SA TXRX3 BZ 58969047.84 -91550951.9 TEXTEIS RENAUX RENXON BZ 58969047.84 -91550951.9 RENAUXVIEW SA-PF TXRX4 BZ 58969047.84 -91550951.9 TEXTEIS RENAUX RENXPN BZ 58969047.84 -91550951.9 PARMALAT LCSA3 BZ 388720052.3 -213641144 PARMALAT BRASIL LCSAON BZ 388720052.3 -213641144 PARMALAT-PREF LCSA4 BZ 388720052.3 -213641144 PARMALAT BRAS-PF LCSAPN BZ 388720052.3 -213641144 PARMALAT BR-RT C LCSA5 BZ 388720052.3 -213641144 PARMALAT BR-RT P LCSA6 BZ 388720052.3 -213641144 ESTRELA SA ESTR3 BZ 61011893.59 -54580283.6 ESTRELA SA ESTRON BZ 61011893.59 -54580283.6 ESTRELA SA-PREF ESTR4 BZ 61011893.59 -54580283.6 ESTRELA SA-PREF ESTRPN BZ 61011893.59 -54580283.6 RIOSULENSE SA RSUL3 BZ 61902901.69 -11292932.5 RIOSULENSE SA RSULON BZ 61902901.69 -11292932.5 RIOSULENSE SA-PR RSUL4 BZ 61902901.69 -11292932.5 RIOSULENSE SA-PR RSULPN BZ 61902901.69 -11292932.5 WETZEL SA MWET3 BZ 79756128.35 -6350930.69 WETZEL SA MWELON BZ 79756128.35 -6350930.69 WETZEL SA-PREF MWET4 BZ 79756128.35 -6350930.69 WETZEL SA-PREF MWELPN BZ 79756128.35 -6350930.69 MINUPAR MNPR3 BZ 64999715.99 -103795048 MINUPAR SA MNPRON BZ 64999715.99 -103795048 MINUPAR-PREF MNPR4 BZ 64999715.99 -103795048 MINUPAR SA-PREF MNPRPN BZ 64999715.99 -103795048 NORDON MET NORD3 BZ 15498217.36 -20133536.7 NORDON METAL NORDON BZ 15498217.36 -20133536.7 NORDON MET-RTS NORD1 BZ 15498217.36 -20133536.7 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527 NOVA AMERICA SA NOVAON BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527 PETRO MANGUINHOS RPMG3 BZ 97015785.16 -251755220 PETRO MANGUINHOS MANGON BZ 97015785.16 -251755220 PET MANGUINH-PRF RPMG4 BZ 97015785.16 -251755220 PETRO MANGUIN-PF MANGPN BZ 97015785.16 -251755220 RIMET REEM3 BZ 63757621.65 -107162240 RIMET REEMON BZ 63757621.65 -107162240 RIMET-PREF REEM4 BZ 63757621.65 -107162240 RIMET-PREF REEMPN BZ 63757621.65 -107162240 SANSUY SNSY3 BZ 100279114.9 -45812488.8 SANSUY SA SNSYON BZ 100279114.9 -45812488.8 SANSUY-PREF A SNSY5 BZ 100279114.9 -45812488.8 SANSUY SA-PREF A SNSYAN BZ 100279114.9 -45812488.8 SANSUY-PREF B SNSY6 BZ 100279114.9 -45812488.8 SANSUY SA-PREF B SNSYBN BZ 100279114.9 -45812488.8 BOTUCATU TEXTIL STRP3 BZ 35101566.77 -13482713.5 STAROUP SA STARON BZ 35101566.77 -13482713.5 BOTUCATU-PREF STRP4 BZ 35101566.77 -13482713.5 STAROUP SA-PREF STARPN BZ 35101566.77 -13482713.5 TEKA TEKA3 BZ 237436193.6 -360484910 TEKA TEKAON BZ 237436193.6 -360484910 TEKA-PREF TEKA4 BZ 237436193.6 -360484910 TEKA-PREF TEKAPN BZ 237436193.6 -360484910 TEKA-ADR TKTPY US 237436193.6 -360484910 TEKA-ADR TKTQY US 237436193.6 -360484910 VARIG SA VAGV3 BZ 966298025.5 -4695211316 VARIG SA VARGON BZ 966298025.5 -4695211316 VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316 VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316 WIEST WISA3 BZ 39838113.86 -93371563.1 WIEST SA WISAON BZ 39838113.86 -93371563.1 WIEST-PREF WISA4 BZ 39838113.86 -93371563.1 WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.1 FER C ATLANT VSPT3 BZ 1212489621 -38389781.7 FER C ATLANT-PRF VSPT4 BZ 1212489621 -38389781.7 FERROVIA CEN-DVD VSPT11 BZ 1212489621 -38389781.7 FERROVIA CEN-DVD VSPT12 BZ 1212489621 -38389781.7 FER C ATL-RCT CM VSPT9 BZ 1212489621 -38389781.7 FER C ATL-RCT PF VSPT10 BZ 1212489621 -38389781.7 HOPI HARI SA PQTM3 BZ 62168844.09 -55189836.7 HOPI HARI-PREF PQTM4 BZ 62168844.09 -55189836.7 PARQUE TEM-DV CM PQT5 BZ 62168844.09 -55189836.7 PARQUE TEM-DV PF PQT6 BZ 62168844.09 -55189836.7 PARQUE TEM-RT CM PQTM1 BZ 62168844.09 -55189836.7 PARQUE TEM-RT PF PQTM2 BZ 62168844.09 -55189836.7 PARQUE TEM-RCT C PQTM9 BZ 62168844.09 -55189836.7 PARQUE TEM-RCT P PQTM10 BZ 62168844.09 -55189836.7 MMX MINERACAO MMXM3 BZ 1018389001 -160218401 TRESSEM PART SA 1TSSON BZ 1018389001 -160218401 ALL MALHA PAULIS GASC3B BZ 1123596482 -536003486 GASCOIGNE EMP-PF GASC4B BZ 1123596482 -536003486 GASCOIGNE EMPREE 1GASON BZ 1123596482 -536003486 GASCOIGNE EMP-PF 1GASPN BZ 1123596482 -536003486 CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72 CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72 LATTENO FOOD COR LATF US 16631180 -1448544 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290426 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290426 VARIG PART EM SE VPSC3 BZ 84848504.58 -430964848 VARIG PART EM-PR VPSC4 BZ 84848504.58 -430964848 CHILE CHILESAT CO-ADR TL US 450943844.7 -52392581.3 CHILESAT CORP SA TELEX CI 450943844.7 -52392581.3 CHILESAT CO-RTS CHISATOS CI 450943844.7 -52392581.3 TELMEX CORP SA CHILESAT CI 450943844.7 -52392581.3 TELEX-A TELEXA CI 450943844.7 -52392581.3 TELMEX CORP-ADR CSAOY US 450943844.7 -52392581.3 TELEX-RTS TELEXO CI 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 * * *