/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100311.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, March 11, 2010, Vol. 11, No. 049 Headlines A N T I G U A & B A R B U D A STANFORD FINANCIAL: Victims Join Madoff Investors to Lobby Payback A R G E N T I N A AA INVESTMENTS: Appoints Middleton, Lan and Thresh as Liquidators ASIA ALUMINUM: Appoints Yu, Sutton and McKenna as Liquidators CHEVRON KHAZAR: Creditors' Proofs of Debt Due on March 17 CHEVRON KHAZAR: Members to Receive Wind-Up Report on April 7 B E R M U D A CENTRAL EUROPEAN MEDIA: bTV Acquistion May Help Boost Ebitda PROTOSTAR LTD: U.S. Court Extends DIP Loan Maturity Until May 18 B R A Z I L COMPANHIA SIDERURGICA: Spins-off Units to Boost Value GERDAU SA: Gerdau Aza Resumes Ops. and Freezes Rebar Prices for H1 ISA CAPITAL: Tender Offer for 2017 Notes Expired on March 8 C A Y M A N I S L A N D S ALBION FUND: Commences Wind-Up Proceedings ALBION MASTER: Commences Wind-Up Proceedings ARAGOSTA FUND: Commences Wind-Up Proceedings ASTERION (GP): Commences Wind-Up Proceedings AXIOM ASIA: Commences Wind-Up Proceedings BAVARIAN FUTURE: Commences Liquidation Proceedings BB EUROPE: Commences Wind-Up Proceedings BE2 LIMITED: Commences Wind-Up Proceedings BREVAN HOWARD: Commences Liquidation Proceedings COBALT HOLDINGS: Commences Wind-Up Proceedings CT ASSET: Commences Wind-Up Proceedings CT FINANCIAL: Commences Wind-Up Proceedings E2 INC: Commences Wind-Up Proceedings FOCUS STAR: Commences Wind-Up Proceedings GREY K OFFSHORE: Commences Wind-Up Proceedings GUAM-PHILIPPINE: Commences Liquidation Proceedings HARBOUR DIRECTORS: Commences Liquidation Proceedings HARBOUR DIRECTORS: Commences Liquidation Proceedings HARBOUR NOMINEES: Commences Liquidation Proceedings HARBOUR SECRETARIES: Commences Liquidation Proceedings INVESCORP: Commences Wind-Up Proceedings KALAMAKI LTD: Commences Wind-Up Proceedings M & S INVESTMENTS: Commences Wind-Up Proceedings OPUS EQUITY: Commences Liquidation Proceedings SR LATIGO: Commences Liquidation Proceedings SUCCESSOR X: S&P Assigns 'B-' Rating on Class II-CN3 Notes TE BALIOS: Commences Wind-Up Proceedings TE BALIOS: Commences Wind-Up Proceedings TRANSPARENT LTD: Commences Wind-Up Proceedings UBS NEUTRAL: Commences Liquidation Proceedings UNIFUND H: Commences Wind-Up Proceedings D O M I N I C A N R E P U B L I C AES DOMINICANA: Plants Supply 53.4% of Dominican Republic's Energy J A M A I C A AIR JAMAICA: Cabinet Yet to Sign Off on Divestment Deal AIR JAMAICA: In Breach of Labor Laws, National Workers Union Says AIR JAMAICA: Ends Services to Orlando International Airport NATIONAL COMMERCIAL BANK: Harbour View Staff to Be Absorbed P E R U DOE RUN PERU: Sets No Date Yet to Resume Smelter T R I N I D A D & T O B A G O COLOMBUS INTERNATIONAL: Flow Plans US$250 Million Cable Expansion V E N E Z U E L A CITGO PETROLEUM: Restarts Crude Unit at Lemont Refinery PETROLEOS DE VENEZUELA: In Talks with Petrobras Over Lima Venture PETROLEOS DE VENEZUELA: Unit Starts Chicken Meat Production SANTA CLARA MILL: Venezuela Seizes Control of Operations SANTA ELENA MILL: Venezuela Takes Control of Operations X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD FINANCIAL: Victims Join Madoff Investors to Lobby Payback ------------------------------------------------------------------ According to reporting by Robert Schmidt and Jesse Westbrook, victims of Bernard Madoff and accused Ponzi schemer R. Allen Stanford are banding together to lobby Congress for a law that could require Wall Street firms to pay billions of dollars to cover some of the losses they suffered. The Bloomberg report relates that the groups aim to persuade Congress to add a requirement to the regulatory overhaul bill, now under Senate consideration, that brokerage firms pay about $4 billion in additional fees to the Securities Investor Protection Corp. fund. SIPC protects U.S. investors' accounts against fraud or bankruptcy. The victims also want Congress to require the fund to compensate them up to US$500,000 each in losses. According to Bloomberg, both groups of victims want the Senate measure to require brokerage firms, which paid only US$150 each annually into the SIPC fund for more than a decade until 2009, to pony up the estimated US$4 billion in retroactive charges. Bloomberg notes that SIPC, created by Congress in 1970, has a limited mandate, unlike the Federal Deposit Insurance Corp., which insures bank accounts up to US$250,000 per depositor. The fund is arguing that the Stanford investors are not covered because they purchased their fraudulent securities from a foreign bank -- Stanford's investment products were issued through a bank in Antigua -- even though his firm had operations in the U.S. and made payments to SIPC. SIPC also won't cover the claims of Madoff victims who withdrew more money from Madoff's funds than they put in. Despite objections by victims, a bankruptcy judge has affirmed a liquidating trustee's proposal to disregard phony profits in paying off claims of Madoff victims. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On December 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert $64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.) 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, 2009, 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 2009 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 ================= AA INVESTMENTS: Appoints Middleton, Lan and Thresh as Liquidators ----------------------------------------------------------------- On February 11, 2010, Edward Simon Middleton, Chan Mei Lan and Charles Thresh were appointed as liquidators of AA Investments Company Limited. ASIA ALUMINUM: Appoints Yu, Sutton and McKenna as Liquidators ------------------------------------------------------------- On February 11, 2010, Fok Hei Yu, Roderick John Sutton and John C. McKenna were appointed as liquidators of Asia Aluminum Holdings Limited. CHEVRON KHAZAR: Creditors' Proofs of Debt Due on March 17 --------------------------------------------------------- The creditors of Chevron Khazar Holdings, Ltd. are required to file their proofs of debt by March 17, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 1, 2010. The company's liquidator is: Gary R. Pitman Chevron House, 11 Church Street Hamilton, Bermuda CHEVRON KHAZAR: Members to Receive Wind-Up Report on April 7 ------------------------------------------------------------ The members of Chevron Khazar Holdings, Ltd. will receive on, April 7, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on March 1, 2010. The company's liquidator is: Gary R. Pitman Chevron House, 11 Church Street Hamilton, Bermuda ============= B E R M U D A ============= CENTRAL EUROPEAN MEDIA: bTV Acquistion May Help Boost Ebitda ------------------------------------------------------------ Central European Media Enterprises Ltd. expects the acquisition of Bulgarian TV station bTV may help it post positive full-year Ebitda, Novinite.com reports. As reported in the Troubled Company Reporter-Latin America on March 9, 2010, Bloomberg News said that Central European Media aimed to report "better" earnings in 2010 as it sold its Ukrainian operations and relies on a regional recovery. The report related Chief Executive Officer Adrian Sarbu said that the company will strive to post higher earnings before interest, taxes, depreciation and amortization across its operations. According to a TCRLA report on February 24, 2010, Central European entered into an agreement with News Corporation to acquire bTV, the free-to-air commercial television channel in Bulgaria, as well as the bTV Cinema and bTV Comedy cable channels and 74% of Radio Company C.J. OOD which operates several radio stations (the bTV Group). Total consideration, which is payable in cash, is US$400 million on a cash-free and debt-free basis. 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-Europe on March 4, 2010, Moody's Investors Service has affirmed the B2 Corporate Family Rating and the B2 Probability of Default Rating of Central European Media Enterprises Ltd and revised the outlook on the ratings to stable from negative. At the same time, Moody's downgraded to B3 from B2 the rating of the company's EUR150 million senior notes due 2014. PROTOSTAR LTD: U.S. Court Extends DIP Loan Maturity Until May 18 ---------------------------------------------------------------- The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved a stipulation, authorizing ProtoStar Ltd. and its debtor-affiliates to: -- obtain postpetition financing from Credit Suisse AG, Cayman Islands Branch fka Credit Suisse, Cayman Islands Branch, as administrative agent, and Credit Suisse AG, Singapore Branch fka Credit Suisse, Singapore Branch, as collateral agent; -- grant DIP lenders liens and superpriority claims; -- use cash collateral; and -- provide adequate protection to their prepetition lenders. The stipulation is entered among the Debtors and the postpetition secured parties. The stipulation provided for (i) the amendment, for the second time, of the senior secured superpriority debtor-in-possession multiple draw term loan agreement dated as of August 3, 2009; and (ii) the extension of the DIP loan until May 18, 2010. About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. =========== B R A Z I L =========== COMPANHIA SIDERURGICA: Spins-off Units to Boost Value ----------------------------------------------------- Companhia Siderurgica Nacional S.A. will start a gradual spin-off of its main business divisions with an initial public offering of its iron ore unit, Casa de Pedra, in a bid to increase the value of the group's assets, Alberto Alerigi Jr. at Reuters reports, citing Chief Executive Benjamin Steinbruch. The report relates that Mr. Steinbruch said that CSN the share offering may start in April and is expected to be concluded by the end of June. The company could also sell stakes in its cement, steelmaking, energy and logistics units to investors and list them separately, Mr. Steinbruch added. According to the report, the company's plan could help it fetch a better value for its business, helping Mr. Steinbruch raise money for acquisitions outside Brazil. Mr. Steinbruch, the report notes, said that the company wants to merge the Casa de Pedra iron ore mine with a portion of the MRS railway assets. The report relates Mr. Steinbruch said that the group is in talks with partners of its Namisa iron ore unit to merge those assets to ramp up the value of the unit in an eventual IPO by gaining muscle and size. If no accord is reached by the end of this month, Namisa will be excluded from the IPO plan, he added. Meanwhile, the report says, CSN plans to invest about BRL3 billion (US$1.68 billion) annually through 2014, more than the BRL2 billion spent annually in expansion in 2008 and 2009. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of January 12, 2010, the company continues to carry Moody's Currency LT Debt ratings at Ba1. The company also continues to carry Standard and Poor's Issuer credit ratings at BB+. GERDAU SA: Gerdau Aza Resumes Ops. and Freezes Rebar Prices for H1 ------------------------------------------------------------------ Gerdau Aza, the local subsidiary of Gerdau SA, has resumed operations at its hot rolling plant in the metropolitan region's Renca district, Steel Guru News reports, citing Business News Americas. The report relates that an unnamed company spokesperson told BNamericas that "However, the restart of operations at the Colina complex including a steel mill and hot rolling plant- remains uncertain as damage is still being evaluated." According to the report, the two plants were affected by the 8.8 magnitude earthquake that hit central and southern Chile on February 27, 2010. The report relates that Gerdau Aza will also freeze steel rebar prices during H1 as a way to help infrastructure and housing reconstruction, the company said in a press release, adding that prices from February 27 will remain the same until June 30. If international prices and costs during the second half stay the same as those in H1, rebar prices will not change for the entire year, the company said, the report notes. About Gerdau S.A. Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. ISA CAPITAL: Tender Offer for 2017 Notes Expired on March 8 ----------------------------------------------------------- Isa Capital do Brasil's cash tender offer and consent solicitation for its outstanding 8.800% Senior Notes due 2017 expired at 5:00 p.m., New York City time, on March 8, 2010. A total of US$322,349,000.00 aggregate principal amount of the Notes (approximately 91.06% of the aggregate principal amount of the Notes outstanding) were tendered and not withdrawn before the Expiration Date. The Total Consideration per US$1,000 principal amount of Notes was US$1,117.50, which included a consent payment equal to US$35.00 per US$1,000 principal amount of Notes. Holders who validly tendered their Notes after 5:00 p.m., New York City time, on February 24, 2010 but prior to 5:00 p.m., New York City time, on the Expiration Date, will receive the Tender Consideration of US$1,082.50 per US$1,000 principal amount of Notes, which corresponds to the Total Consideration minus the Consent Payment. The Company will pay the Tender Consideration or Total Consideration, as applicable, as promptly as practicable after the Expiration Date and acceptance by the Company of validly tendered Notes (the "Payment Date"). All holders who validly tendered their Notes in the tender offer and whose Notes were accepted for purchase by the Company will also receive accrued and unpaid interest per US$1,000 principal amount of Notes from the last interest payment date to, but not including, the Payment Date. Promptly after the Consent Date, the Company and The Bank of New York Mellon, as trustee, executed an indenture supplement other things, eliminate substantially all of the restrictive covenants and certain event of default provisions in the Indenture. Upon the Company's acceptance for purchase of the Notes validly tendered prior to the Expiration Date and the delivery of a notice to such effect to the Trustee, the Indenture Supplement will become effective. Holders can obtain additional copies of the Offer to Purchase and Consent Solicitation Statement and related material from the Information, Tender and Consent Agent, Global Bondholder Services Corporation at (866) 873-6300 (toll free) or at (212) 430-3774 (call collect). The Company has retained HSBC Securities (USA) Inc. ("HSBC") to act as sole Dealer Manager and Solicitation Agent. Holders with questions about the Offer to Purchase and Consent Solicitation can contact HSBC's Liability Management Group at (888) HSBC-4LM (toll-free) or +1 (212) 525-5552 (collect) or via e-mail at liability.management@hsbcib.com The tender offer and consent solicitation were made solely on the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated February 8, 2010. About Isa Capital do Brasil Isa Capital do Brasil is a Brazilian stock corporation formed on April 28, 2006 to participate in the sale by the government of the State of Sao Paulo of approximately 31.34 billion shares of CTEEP's common stock representing 50.10% of the CTEEP common stock and 21% of the CTEEP capital stock. As of the date of the Consent Solicitation Statement, the company owned approximately 89.4% of CTEEP's common stock and 37.5% of CTEEP's capital stock. The Company is a holding company and engages only in limited business activities. CTEEP is a Brazilian publicly-traded company engaged in the business of transmitting electricity from generation facilities to distribution networks and independent consumers. * * * As reported in the Troubled Company Reporter-Latin America on July 8, 2009, Standard & Poor's Ratings Services said that it has revised its ratings on: Isa Capital do Brasil S.A. Corporate Credit Rating BB+/Stable/-- Senior Unsecured Debt BB ========================== C A Y M A N I S L A N D S ========================== ALBION FUND: Commences Wind-Up Proceedings ------------------------------------------ The Albion Fund commenced wind-up proceedings on December 22, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Alan Turner c/o Turner & Roulstone P.O. Box 2636, 3rd Floor Strathvale House 90 North Church Street Grand Cayman KY1-1102, Cayman Islands Telephone: +345 943 5555 ALBION MASTER: Commences Wind-Up Proceedings -------------------------------------------- The Albion Master Fund commenced wind-up proceedings on December 22, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Alan Turner c/o Turner & Roulstone P.O. Box 2636, 3rd Floor Strathvale House 90 North Church Street Grand Cayman KY1-1102, Cayman Islands Telephone: +345 943 5555 ARAGOSTA FUND: Commences Wind-Up Proceedings -------------------------------------------- Aragosta Fund, Ltd. commenced wind-up proceedings on December 10, 2009. Only creditors who were able to file their proofs of debt by January 12, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Khatidja McLean Telephone: (345) 815 1760 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands ASTERION (GP): Commences Wind-Up Proceedings -------------------------------------------- Asterion (GP) II, Ltd. commenced wind-up proceedings on December 21, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard L. Finlay c/o Noel Webb Telephone: (345) 945 3901 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands AXIOM ASIA: Commences Wind-Up Proceedings ----------------------------------------- Axiom Asia Private Capital Advisory Services Ltd commenced wind-up proceedings on December 18, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Richard Barton Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands BAVARIAN FUTURE: Commences Liquidation Proceedings -------------------------------------------------- Bavarian Future Flows, Ltd. commenced liquidation proceedings on December 16, 2009. Only creditors who were able to file their proofs of debt by February 4, 2010, will be included in the company's dividend distribution. 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) 949 7500 Facsimile: (345) 949 8258 e-mail: echarlton@deloitte.com BB EUROPE: Commences Wind-Up Proceedings ---------------------------------------- BB Europe General Partner Ltd commenced wind-up proceedings on December 14, 2009. Only creditors who were able to file their proofs of debt by February 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9004, Cayman Islands BE2 LIMITED: Commences Wind-Up Proceedings ------------------------------------------ BE2 Limited commenced wind-up proceedings on December 10, 2009. Only creditors who were able to file their proofs of debt by February 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands BREVAN HOWARD: Commences Liquidation Proceedings ------------------------------------------------ Brevan Howard India Opportunities Fund Limited commenced liquidation proceedings on December 14, 2009. Only creditors who were able to file their proofs of debt by February 4, 2010, will be included in the company's dividend distribution. The company's liquidator is: Keith Blake PO Box 493, Grand Cayman KY1-1106 Cayman Islands c/o Gerhard Albertyn Telephone: 345-914-4395 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 COBALT HOLDINGS: Commences Wind-Up Proceedings ---------------------------------------------- Cobalt Holdings Limited commenced wind-up proceedings on December 16, 2009. Only creditors who were able to file their proofs of debt by February 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Baraterre Limited c/o Philip Sutcliffe Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 CT ASSET: Commences Wind-Up Proceedings --------------------------------------- CT Asset Management (Cayman) Limited commenced wind-up proceedings on December 17, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Richard Barton Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands CT FINANCIAL: Commences Wind-Up Proceedings ------------------------------------------- CT Financial Products (Cayman) Limited commenced wind-up proceedings on December 17, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Richard Finlay c/o Richard Barton Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands E2 INC: Commences Wind-Up Proceedings ------------------------------------- E2 Inc commenced wind-up proceedings on December 14, 2009. Only creditors who were able to file their proofs of debt by February 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 FOCUS STAR: Commences Wind-Up Proceedings ----------------------------------------- Focus Star Fund Ltd. commenced wind-up proceedings on December 18, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Michael Lubin Telephone: (345) 815-1793 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands GREY K OFFSHORE: Commences Wind-Up Proceedings ---------------------------------------------- Grey K Offshore Leveraged Fund, Ltd. commenced wind-up proceedings on September 18, 2008. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Susan Taber Telephone: (345) 815-1889 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands GUAM-PHILIPPINE: Commences Liquidation Proceedings -------------------------------------------------- Guam-Philippine Cable Company commenced liquidation proceedings on December 9, 2009. Only creditors who were able to file their proofs of debt by February 4, 2009, will be included in the company's dividend distribution. The company's liquidator is: Simon Whicker PO Box 493, Grand Cayman KY1-1106 Cayman Islands c/o Alex Watkins Telephone: 345-914-4421 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 HARBOUR DIRECTORS: Commences Liquidation Proceedings ---------------------------------------------------- Harbour Directors II Ltd. commenced liquidation proceedings on December 15, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 HARBOUR DIRECTORS: Commences Liquidation Proceedings ---------------------------------------------------- Harbour Directors I Ltd. commenced liquidation proceedings on December 15, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 HARBOUR NOMINEES: Commences Liquidation Proceedings --------------------------------------------------- Harbour Nominees Ltd. commenced liquidation proceedings on December 15, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 HARBOUR SECRETARIES: Commences Liquidation Proceedings ------------------------------------------------------ Harbour Secretaries I Ltd. commenced liquidation proceedings on December 15, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman KY1-1102 INVESCORP: Commences Wind-Up Proceedings ---------------------------------------- Invescorp commenced wind-up proceedings on December 4, 2009. Only creditors who were able to file their proofs of debt by January 29, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands KALAMAKI LTD: Commences Wind-Up Proceedings ------------------------------------------- Kalamaki Ltd. commenced wind-up proceedings on December 12, 2009. Only creditors who were able to file their proofs of debt by January 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands M & S INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------ M & S Investments Limited commenced wind-up proceedings on December 18, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 OPUS EQUITY: Commences Liquidation Proceedings ---------------------------------------------- Opus Equity Fund Limited commenced liquidation proceedings on December 18, 2009. Only creditors who were able to file their proofs of debt by February 4, 2010, will be included in the company's dividend distribution. The company's liquidator is: Nicolas Matthews c/o Camele Burke Kinetic Partners (Cayman) Limited The Harbour Centre, 42 North Church Street P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 SR LATIGO: Commences Liquidation Proceedings -------------------------------------------- SR Latigo Offshore Feeder MA Ltd. commenced liquidation proceedings on December 17, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidator is: Swiss Re Services Limited 30 St Mary's Axe, London SUCCESSOR X: S&P Assigns 'B-' Rating on Class II-CN3 Notes ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'B-' credit rating to the class II-CN3 notes series 2010-1 issued under the principal at-risk variable-rate note program, Successor X Ltd. Swiss Reinsurance Company Ltd. (A+/Stable/A-1) sponsors the program, which aims to transfer to the noteholders major North Atlantic hurricane risk and major European windstorm risk between March 2010 and March 2013. This transaction is the first catastrophe bond that S&P has rated using PERILS AG's industry benchmark for European windstorm catastrophes. Various shareholders established PERILS in January 2009 to collect anonymous aggregated information on insurance industry related catastrophe loss estimates for the European continent following catastrophic events. TE BALIOS: Commences Wind-Up Proceedings ---------------------------------------- Te Balios Portfolio, Ltd. commenced wind-up proceedings on December 17, 2009. Only creditors who were able to file their proofs of debt by February 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands TE BALIOS: Commences Wind-Up Proceedings ---------------------------------------- Te Balios Investors, Ltd. commenced wind-up proceedings on December 17, 2009. Only creditors who were able to file their proofs of debt by February 3, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands TRANSPARENT LTD: Commences Wind-Up Proceedings ---------------------------------------------- Transparent Ltd. commenced wind-up proceedings on December 10, 2009. Only creditors who were able to file their proofs of debt by January 25, 2010, will be included in the company's dividend distribution. The company's liquidators are: Lorna Kemp Margaret Tatem-Gilbert c/o EFG Bank & Trust (Bahamas) Ltd. Centre of Commerce, 2nd Floor 1 Bay Street, P.O. Box SS 6289 Nassau, Bahamas Telephone: + (242) 502-5415 Facsimile: + (242) 502-5494 UBS NEUTRAL: Commences Liquidation Proceedings ---------------------------------------------- UBS Neutral Alpha Strategies (Euro) Limited commenced liquidation proceedings on December 14, 2009. Only creditors who were able to file their proofs of debt by February 4, 2010, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Jennifer Chailler Deloitte & Touche P.O. Box 1787, Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 e-mail: jchailler@deloitte.com UNIFUND H: Commences Wind-Up Proceedings ---------------------------------------- The Unifund H Ltd. commenced wind-up proceedings on December 14, 2009. Only creditors who were able to file their proofs of debt by January 26, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Patrick Rosenfeld Telephone: (345) 815 1851 Facsimile: (345) 949 1986 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== AES DOMINICANA: Plants Supply 53.4% of Dominican Republic's Energy ------------------------------------------------------------------ AES Dominicana Energia Finance S.A. and the AES group said it contributes 53.4% of all the energy currently placed in the National Interconnected Electrical System, The Dominican Today reports. The report relates the company said that "historical contribution" would lead to an improvement in the electricity service, with 710 megawatts supplied to the SENI based on the two most competitive fossil fuels in prices and with the most efficient generating plants. According to the report, the AES Dominicana plants that provided the energy to the SENI are: -- AES Andres supplies 288 megawatts; -- AES Los Mina provides 186; and -- the units at Itabo contribute 236 megawatts to the SENI. "AES Dominicana is an important support of the SENI since jointly with the energy production it provides the frequency regulation service, fundamental to maintain the system's stability," the report quoted SENI as saying. About AES Dominicana AES Dominicana Energia Finance S.A. is an energy group operating in the Dominican Republic, which manages two of AES Corp.'s wholly owned generation assets, Andres and DPP. AES Dominicana, through an AES Corp subsidiary, also has a management agreement to operate EDE-Este, one of the three distribution companies in the country. Andres is a power plant with a 304MW combined cycle generation facility with duel fuel capability (gas and diesel) but with natural gas supplied through the LNG import facility serving as the primary fuel while DPP is a 236MW power plant comprising two simple cycle combustion turbines that can burn both natural gas and fuel oil Number 2. Both plants together have PPA contracts with EDE-Este for 260MW that increase over time, but Andres is currently servicing all contracts given its greater efficiency. Andres LNG terminal includes a large tanker berth and jetty, an LNG refueling pier, and a one million barrel (160,000 cubic meters, m3) LNG storage tank, as well as regasification and handling facilities for both LNG and diesel. * * * As reported in the Troubled Company Reporter-Latin America on July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia Finance, S.A.'s international foreign currency Issuer Default Rating at 'B-'. The rating action applies to US$160 million of notes due 2015 issued by AES Dominicana. The Recovery Rating has also been affirmed at 'RR4'. The Rating Outlook is Stable. ============= J A M A I C A ============= AIR JAMAICA: Cabinet Yet to Sign Off on Divestment Deal ------------------------------------------------------- Air Jamaica Limited's divestment date is still unclear as the Cabinet has yet to sign off on the agreement for final approval, RadioJamaica reports. According to the report, Information Minister Daryl Vaz Daryl Vaz has not been informed when a submission will be made. "The final agreement has not reached cabinet yet," the report quoted Mr. Vaz as saying. As reported in the Troubled Company Reporter-Latin America on March 9, 2010, South Florida Caribbean News said that Air Jamaica has revealed important points to note as the airline will begin the transition to Caribbean Airlines: -- The transition to Caribbean Airlines will be phased over a period of up to one year, in order to ensure that customers will continue to be provided with the best possible travel experience. -- Air Jamaica aircraft will continue to be utilized during the transition period. -- Current Air Jamaica pilots, flight crews and ground staff will operate the aircraft for the schedule already published. -- All customer services, including reservations, Web site and sales, will continue to operate for a period of time. 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: In Breach of Labor Laws, National Workers Union Says ----------------------------------------------------------------- The National Workers Union, the union representing the airline's workers, said that it have discovered that the management breached the Jamaica's labor laws when it disclosed that staff cuts would be carried out on April 12, RadioJamaica reports. The report relates NWU Vice President Granville Valentine said that the airline among other things, failed to inform the unions of the redundancy exercise as is required by law. "They went even further; they're now issuing the workers' records to Caribbean Airlines without the unions' intervention or knowledge and now Caribbean Airlines is carrying out interviews. This is a breach against the airline's own rules and regulations," the report quoted Mr. Valentine as saying. According to the report, the unions have already warned that there will be trouble if redundancy benefits are not paid on the date that the staff cuts are carried out. 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: Ends Services to Orlando International Airport ----------------------------------------------------------- Air Jamaica Limited has ended its services to the Orlando International Airport in Florida, Caribbean World news reports. The report relates that the move comes on the heels of the conclusion of service to Grenada as Air Jamaica works vigorously to scale back service ahead of the tentative sale to Caribbean Airlines. According to the report, the airline is also set to suspend service from Jamaica to Chicago, Curacao, Havana, Cuba and Nassau, Bahamas on April 12. The report relates that by the middle of next month, Air Jamaica will operate 161 weekly flights between Jamaica and five cities with six aircraft, down from nine. 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. NATIONAL COMMERCIAL BANK: Harbour View Staff to Be Absorbed ----------------------------------------------------------- All of National Commercial Bank Jamaica Ltd's Harbour View branch employees will be absorbed into the network amid the relocation exercise. National Commercial Bank Jamaica Ltd. will relocate its Harbour View branch at the Harbour View Shopping Centre to the Windward Road branch location at 89-91 Windward Road, Kingston 2. This move is in response to concerns the Bank has been experiencing with the premises over a period of time. "We were experiencing infrastructural challenges with the Harbour View premises which has led us to conclude that we can no longer operate from that location," reported Sheree Martin, Senior Assistant General Manager, NCB Group Marketing & Communications. The Windward Road branch is some ten minutes from the Harbour View Shopping Centre en route to Kingston and boasts a Drive Thru Teller, secured branch parking, wheel chair access and additional tellers which will result in improved transaction turnaround time for customers. NCB has also stated that ABMs will remain accessible in secure and convenient locations within the Harbour View area to ensure that they can continue to facilitate most day-to-day banking schedules of the affected customers. T he NCB Sales Team will continue to make calls on the customers in these communities and the Bank's community development activities through its philanthropic arm, the NCB Foundation will be ongoing. About NCB Jamaica Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. * * * As reported in the Troubled Company Reporter-Latin America on March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based National Commercial Bank Jamaica Limited's Long-term foreign and local currency Issuer Default Rating to 'B-' from 'CCC'; Short- term foreign and local currency IDR to 'B' from 'C'; and Support floor to 'B-' from 'CCC'. ======= P E R U ======= DOE RUN PERU: Sets No Date Yet to Resume Smelter ------------------------------------------------ Patricia Velez at Doe Run Peru reports that Doe Run Peru said it does not know when it will restart its La Oroya smelter despite reaching a financial deal to resume operations. As reported in the Troubled Company Reporter-Latin America on March 3, 2010, LivinginPeru.com said that Doe Run Peru signed a Letter of Intent with Glencore, in order to support the resumption of its metallurgic operations in La Oroya. The report related that the Letter of Intent stated that Glencore will give Doe Run Peru a credit that has also the possibility of being used as working capital, to contribute with the operations restart. The report noted that it will also be part of the necessary financing of Doe Run's environmental adjustment and management. According to a TCRLA report on January 26, 2010, Bloomberg News said that Doe Run Peru is "close" to reaching an agreement on US$156 million of debt to reopen its zinc and lead smelter. The report recalled that Doe Run Peru filed for a government-monitored financial restructuring because it was worried creditors might try to freeze its assets or operations. Reuters related that Doe Run Peru owes some US$100 million to its suppliers and needs to spend another US$150 million to clean up La Oroya. About Doe Run Peru Doe Run Peru operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. * * * As of May 21, 2009, the company continues to carry Moody's bank financial strength at D- and Fitch Ratings individual rating at D. =============================== T R I N I D A D & T O B A G O =============================== COLOMBUS INTERNATIONAL: Flow Plans US$250 Million Cable Expansion ----------------------------------------------------------------- Curtis Rampersad at Trinidad Express reports that Columbus International Inc. will spend US$250 million to expand operations in Trinidad and Tobago this year. Columbus will continue with the 'aggressive rebuild and expansion of its service footprint across the country', the company said in a statement obtained by the Express. Columbus International operates under the cable TV and broadband network Flow in Trinidad and Tobago. According to the report, Columbus will invest US$250 million in 2010, bringing the amount of invested capital to US$1 billion since 2005. The report relates FLOW President John Reid said that the company was pleased with the result of the recent corporate financing activities. "Our employees are very excited to continue with our investment in Trinidad, and customers will see this investment realized in the form of new products and services that we will introduce during 2010," the report quoted Mr. Reid as saying. "Flow, having built a strong financial foundation over the first five years in Trinidad, will continue to solidify its position as the leading cable television and broadband company in this market," he added. About Columbus International Columbus is a Barbados-based holding company founded in 2004. It is a diversified Caribbean communications holding company whose core operating business is 1) the development of an undersea fiber optic cable network as well as the sale and lease of telecom broadband capacity and IP services ("wholesale") to telecommunications carriers, Internet Service Providers and large corporations operating in the Caribbean, Latin America and North America and 2) providing cable television services, high speed internet access, digital phone and internet infrastructure services ("retail") in Trinidad & Tobago, Jamaica and Grenada. During the last 12 months ended in June 30, 2009, revenues and adjusted EBITDA amounted to US$242 million and US$105 million, respectively. * * * As reported in the Troubled Company Reporter - Latin America on December 7, 2009, Moody's Investors Service assigned definitive ratings to Columbus International Inc., including a B2 Corporate Family Rating and a B2 rating on Columbus' 11.5% US$450 million guaranteed senior secured notes due 2014, issued on November 20, 2009. Moody's original ratings for Columbus were provisional since they were subject to the successful issuance of the notes. Proceeds from the notes will be used to refinance existing debt and for general corporate purposes. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Restarts Crude Unit at Lemont Refinery ------------------------------------------------------- Citgo Petroleum Corp. has started a crude unit at its Lemont refinery that was shut in late February for repairs, The Herald Times reports, citing an unnamed source. According to the report, the source said that repairs were completed and the unit has returned to service. The report, citing a data compiled by Bloomberg News, relates that the plant has a capacity of 167,000 barrels a day. Headquartered in Houston, Texas, Citgo Petroleum Corp. -- http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned subsidiary of Petroleos de Venezuela S.A., the state-owned oil company of Venezuela. * * * As reported in the Troubled Company Reporter on June 5, 2009, Fitch Ratings affirmed the current ratings of CITGO Petroleum Corporation but revised the company's Outlook to Negative from Stable. Fitch affirmed these ratings for CITGO: -- Issuer Default Rating at 'BB-'; -- Senior Secured Credit Facility at 'BBB-'; -- Secured Term Loan at 'BBB-'; -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'. PETROLEOS DE VENEZUELA: In Talks with Petrobras Over Lima Venture ----------------------------------------------------------------- Petroleo Brasileiro S.A is still in discussions with Petroleos de Venezuela about finalizing the details for their Brazilian joint refining venture, Angel Gonzalez at Dow Jones Newswires reports, citing Petrobras Chief Executive Jose Sergio Gabrielli. "We have all documents ready," the report quoted Mr. Gabrielli as saying. "Venezuela is preparing to come in and pay their part of the expense," he added. According to the report, the 230,000 barrels-a-day Abreu E Lima refinery, scheduled to be located in the state of Recife in Brazil, is expected to have a price tag of around US$12 billion. PDVSA, the report notes, is slated to pay for 40% of the investment, while Petrobras would supply the remaining 60%. 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 of March 8, 2010, the company continues to carry Moody's "Ba1" LC Curr Issuer rating. The company also continues to carry Standard and Poor's "B+" LT Issuer credit ratings. PETROLEOS DE VENEZUELA: Unit Starts Chicken Meat Production ----------------------------------------------------------- Through strategic alliances with both public and private companies, PDVSA Agricola subsidiary of Petroleos de Venezuela SA started the cycle of chicken meat production planned for 2010 in the East region of the country. During the first period of this year, the agricultural subsidiary will provide the consumer with a total approximate of 230 tons of poultry meat, which will be distributed by the networks in the Venezuelan Food Production and Distribution at a regulated price by the Official Gazette and soon in the Hypermarkets Bicentenario. For the second phase of production process, that figure will increase approximately to 456 tons, achieving this way the planned goal of participating directly in the production and marketing of chicken, with the purpose of contributing to the food security of the Venezuelan population through the "Pollo El Soberano". More Chicken In addition to this program, the subsidiary of Petroleos de Venezuela, with the participation of producers already selected, will add to the market about 760 tons of poultry meat for the Venezuelans consumption, watching over the projection provided by Agricultural PDVSA in the poultry sector by 2010 for a more reliable and efficient service to the Venezuelan people. 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 of March 8, 2010, the company continues to carry Moody's "Ba1" LC Curr Issuer rating. The company also continues to carry Standard and Poor's "B+" LT Issuer credit ratings. SANTA CLARA MILL: Venezuela Seizes Control of Operations -------------------------------------------------------- Fabiola Sanchez at Associated Press reports that Venezuela's government seized control of Santa Elena and Santa Clara mills and threatened to expropriate them. The government accused managers of hoarding a basic good and violating the labor rights of employees. The report relates Commerce Minister Richard Canan said authorities were taking over management of the mills in the central state of Portuguesa for 90 days "to guarantee the operations of the mills, so our people don't go without sugar." According to the report, Mr. Canan said inspectors found several tons of sugar in warehouses that "should be in distribution centers." The report relates Mr. Canan suggested that the mills failed to ship the sugar on schedule -- a violation of laws aimed at ensuring timely distribution of basic foods as a means protecting consumers. Government inspectors, the report notes, claim some businesses hoard sugar and other foods subject to government-price controls, waiting for President Hugo Chavez's administration to raise prices before selling the goods. Mr. Canan, the report relates, said that officials also found "irregularities in the payment of the workers" at the two mills as well as several violations of safety and environmental protection regulations. An unnamed executive at the company operating the mills told the Associated Press that the government's allegations were not true. The source told The AP in a telephone interview that the sugar in the warehouses was processed only five days before the inspection. SANTA ELENA MILL: Venezuela Takes Control of Operations ------------------------------------------------------- Fabiola Sanchez at Associated Press reports that Venezuela's government seized control of Santa Elena and Santa Clara mills and threatened to expropriate them. The government accused managers of hoarding a basic good and violating the labor rights of employees. The report relates Commerce Minister Richard Canan said authorities were taking over management of the mills in the central state of Portuguesa for 90 days "to guarantee the operations of the mills, so our people don't go without sugar." According to the report, Mr. Canan said inspectors found several tons of sugar in warehouses that "should be in distribution centers." The report relates Mr. Canan suggested that the mills failed to ship the sugar on schedule -- a violation of laws aimed at ensuring timely distribution of basic foods as a means protecting consumers. Government inspectors, the report notes, claim some businesses hoard sugar and other foods subject to government-price controls, waiting for President Hugo Chavez's administration to raise prices before selling the goods. Mr. Canan, the report relates, said that officials also found "irregularities in the payment of the workers" at the two mills as well as several violations of safety and environmental protection regulations. An unnamed executive at the company operating the mills told the Associated Press that the government's allegations were not true. The source told The AP in a telephone interview that the sugar in the warehouses was processed only five days before the inspection. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 20-22, 2010 TURNAROUND MANAGEMENT ASSOCIATION Sheraton New York Hotel and Towers, New York, NY Contact: http://www.turnaround.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ October 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *