/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100318.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 18, 2010, Vol. 11, No. 054 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: SFG Receiver Sues Texas Lobbyist Ben Barnes * ANTIGUA & BARBUDA: Reaches Deal W/ IMF Mission on US$125MM Loan A R G E N T I N A APOLLO INSURANCE: Creditors' Proofs of Debt Due on March 24 PAN AMERICAN: CNOOC Ltd. Deal Won't Affect S&P 's 'B+' Rating SEA CONTAINERS: Creditors' Meeting Set for March 22 SPC HOLDINGS: Creditors' Meeting Set for March 22 SUPERSEACAT 2: Creditors' Meeting Set for March 22 B E R M U D A XL CAPITAL: Chief Executive McGavick Earned US$6.2MM Package VALIDUS HOLDINGS: To Release 1Q 2010 Financial Results on May 6 B R A Z I L MAGNESITA REFRATARIOS: S&P Affirms 'BB-' Corporate Credit Rating MARFRIG ALIMENTOS: Commences Consent Solicitation of 2016 Notes SADIA SA: Brazil Probes Firm for Illegal Money Transfers C A Y M A N I S L A N D S ALLIANCE & LEICESTER: Members Receive Wind-Up Report BOJOS GROUP: Shareholders Receive Wind-Up Report GIRO INVESTMENTS: Members Receive Wind-Up Report KINGDOM 5-KR-16: Members Receive Wind-Up Report KINGDOM 5-KR-22: Members Receive Wind-Up Report KINGDOM 5-KR-41: Members Receive Wind-Up Report KINGDOM 5-KR-44: Members Receive Wind-Up Report KINGDOM 5-KR-52: Members Receive Wind-Up Report KINGDOM 5-KR-53: Members Receive Wind-Up Report KINGDOM 5-KR-67: Members Receive Wind-Up Report KINGDOM 5-KR-72: Members Receive Wind-Up Report KINGDOM 5-KR-73: Members Receive Wind-Up Report KINGDOM 5-KR-75: Members Receive Wind-Up Report KINGDOM 5-KR-80: Members Receive Wind-Up Report KINGDOM 5-KR-81: Members Receive Wind-Up Report KINGDOM 5-KR-84: Members Receive Wind-Up Report KINGDOM 5-KR-105: Members Receive Wind-Up Report KINGDOM 5-KR-140: Members Receive Wind-Up Report KINGDOM 5-KR-165: Members Receive Wind-Up Report KINGDOM 5-KR-173: Members Receive Wind-Up Report KRUNG SIAM: Members Receive Wind-Up Report LATITUDE CAPITAL: Shareholders Receive Wind-Up Report OLD MUTUAL: Shareholders Receive Wind-Up Report OLD MUTUAL: Shareholders Receive Wind-Up Report PANTON ALTERNATIVE: Shareholders Receive Wind-Up Report PROVALUE GLOBAL: Shareholders Receive Wind-Up Report THETA CAPTURE: Members Receive Wind-Up Report THETA CAPTURE: Members Receive Wind-Up Report WHITE SEAS: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: CDEEE to Pay US$287 Million to Generators J A M A I C A ALPART: NEPA Serves Enforcement Notice M E X I C O SATMEX SA: EchoStar Won't Pursue Deal Amid Bondholders' Objections URBI DESARROLLOS: Inks Cross-Currency Swap Deal W/ Morgan Stanley * MEXICO: Hires Citigroup, HSBC to Manage Peso Bond Sale * MEXICO: Economy Starts to Recover Following Contraction T R I N I D A D & T O B A G O CL FIN'L: Insurance Firms Barred From Writing New Business X X X X X X X X * LATAM: IDB Fund Expands Training & Employment Program in Region * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: SFG Receiver Sues Texas Lobbyist Ben Barnes ----------------------------------------------------------- Laurel Brubaker Calkins at Bloomberg News reports that Stanford Financial Group receiver, Ralph Janvey, sued former Texas Lieutenant Governor Ben Barnes to recover consulting and lobbying fees he got from the indicted financier during the past five years. The report relates Mr. Janvey seeks a court order requiring Mr. Barnes to return more than US$5 million that he was paid by Mr. Stanford or his companies from 2005 to 2009. According to the report, Mr. Janvey said that the funds should be used to repay investors allegedly defrauded through a multi- billion Ponzi scheme. Mr. Barnes "did not perform services of reasonably equivalent value in exchange for those payments, and in many instances performed services that simply furthered the Ponzi scheme," Kevin Sadler, Janvey's lawyer, said in a complaint filed in Dallas federal court that was obtained by Bloomberg News. Mr. Janvey, the report notes, said that Mr. Barnes's payments constituted fraudulent transfers. Payments to the lobbyist, who has offices in Austin, Texas and Washington, were made with "funds taken from unwitting CD investors" at a time when Mr. Stanford's businesses were technically insolvent, Mr. Janvey added. Bloomberg News relates Mr. Janvey said that Mr. Barnes's firm received a total of US$5 million for lobbying and consulting that included such varied tasks as advising Stanford on tax law in the U.S. Virgin Islands and consulting for Stanford's annual "20/20" cricket tournament in Antigua. Mr. Barnes, Bloomberg News says, also advised Mr. Stanford on contributions to U.S. politicians, many of whom have been asked by Mr. Janvey to return donations they received from Mr. Stanford. Mr. Barnes also consulted on Stanford investments including Caribbean airlines, alternative energy and development plans for a private Antiguan island, Mr. Janvey addded. The case is Janvey v. Barnes, 3:10-cv-00527, U.S. District Court, Northern District of Texas (Dallas). 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). * ANTIGUA & BARBUDA: Reaches Deal W/ IMF Mission on US$125MM Loan ----------------------------------------------------------------- Wendell Samuel, chief of the International Monetary Fund mission to Antigua and Barbuda, issued the following statement in St. John's: "The Antiguan authorities and an IMF staff mission have reached agreement on a program that the mission will recommend the IMF support through a Stand-By Arrangement for SDR81 million (about US$124 million) over 36 months. Following review by staff in Washington and management approval, the IMF's Executive Board would consider Antigua and Barbuda's request for an SBA, which is envisaged for May. "Antigua and Barbuda is addressing the most severe economic crisis in the country's history. The global economic crisis has compounded longstanding fiscal imbalances and drastically reduced tourism, foreign direct investment and remittances. The program's main goal is to restore fiscal sustainability and put Antigua and Barbuda back on path of sustainable growth. The authorities' program is expected to benefit from, in addition to IMF financing, significant additional financing from other international institutions. "The fiscal position will be strengthened under the program through a range of policy measures, including more efficient tax collection, a reduction in the interest bill on both domestic and external debt, and actions to streamline government expenditure and raise revenue, while protecting targeted social spending. The fiscal program and debt-management strategy are geared to both eliminate debt arrears and reduce the debt-to-GDP ratio over the coming years. "This fiscal strategy will be supported by reforms to: (i) strengthen public financial management; (ii) improve the collection of revenues at the Customs and Inland Revenue Department; and (iii) ensure the long term sustainability of the pension system. "A key consideration in the design of the program has been to maintain social safety net spending, to protect the most vulnerable, in particular the school meals program and allowances for the elderly. In addition, the government's plan will introduce unemployment benefits and many basic commodities will continue to be exempted from the Antigua and Barbuda Sales Tax (ABST). "Additional reforms will strengthen the financial sector, including legislation to transform the Financial Sector Regulatory Commission into a single regulatory unit for offshore banks and nonbanks." Antigua and Barbuda, which became a member of the IMF on February 25, 1982, has a current IMF quota of SDR13.5 million (about US$20.6 million). ================= A R G E N T I N A ================= APOLLO INSURANCE: Creditors' Proofs of Debt Due on March 24 ----------------------------------------------------------- The creditors of Apollo Insurance Limited are required to file their proofs of debt by March 24, 2010, to be included in the company's dividend distribution. The company's liquidators are: Mike Morrison Charles Thresh KPMG Advisory Limited Crown House, 4 Par-La-Ville Road Hamilton, HM 08, Bermuda PAN AMERICAN: CNOOC Ltd. Deal Won't Affect S&P 's 'B+' Rating ------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings and outlook on Argentinean oil and gas producer Pan American Energy LLC (B+/Stable/--) are not affected by the recent announcement of China-based CNOOC Ltd.'s proposed $3.1 billion investment in 50% of Bridas Corp. Bridas owns 40% of PAE, while the remaining 60% is owned by BP PLC. The transaction is still subject to regulatory approvals. S&P's ratings on PAE do not incorporate any credit enhancement derived from potential parent support. At this point, S&P is not expecting the new ownership structure to result in any major shift in PAE's financial policies. SEA CONTAINERS: Creditors' Meeting Set for March 22 --------------------------------------------------- The creditors of Sea Containers Ports and Ferries Limited will hold their meeting on March 22, 2010, at 9:15 a.m., to receive the full statement of the position of the company's affairs, together with the company's list of creditors and the estimated amount of their claims. SPC HOLDINGS: Creditors' Meeting Set for March 22 ------------------------------------------------- The creditors of SPC Holdings Ltd. will hold their meeting on March 22, 2010, at 9:45 a.m., to receive the full statement of the position of the company's affairs, together with the company's list of creditors and the estimated amount of their claims. SUPERSEACAT 2: Creditors' Meeting Set for March 22 -------------------------------------------------- The creditors of Superseacat 2 Ltd. will hold their meeting on March 22, 2010, at 10:15 a.m., to receive the full statement of the position of the company's affairs, together with the company's list of creditors and the estimated amount of their claims. ============= B E R M U D A ============= XL CAPITAL: Chief Executive McGavick Earned US$6.2MM Package -------------------------------------------------------------- XL Capital Limited Michael McGavick received a pay package valued at US$6.2 million in 2009, Associated Press reports, citing an analysis of a regulatory filing. The report relates that the compensation figure is down 17% from the previous year, when Michael McGavick worked eight months at XL Capital after joining the company as CEO on May 1, 2008, because he received a one-time bonus of US$1.5 million in 2008 when he replaced Brian O'Hara as CEO. That year, the report says, XL Capital paid out a total US$16 million to Mr. McGavick and Mr. O'Hara. According to the report, Mr. McGavick's US$1.5 million signing bonus in 2008 was in addition to a US$2 million annual bonus he received that year. In 2009, the report relates, Mr. McGavick's annual cash bonus rose to US$3 million, 50% higher than his annual bonus target, in a year when XL's board found McGavick's performance to be "outstanding." AP notes that Mr. McGavick's base salary last year was US$1 million, up from the US$666,667 in 2008 when he served eight months as the new CEO. The report relates that Mr. McGavick was awarded cash incentive compensation of US$933,333 in 2009, based on meeting performance goals during the year. Mr. McGavick, AP says, was also awarded stock options last year that were valued at US$889,831 when they were granted on February 27, 2009. The report relates Mr. McGavick saw other compensation drop nearly 56% last year to US$389,273 from US$881,956 in 2008. Last year, the report adds, the biggest pieces of Mr. McGavick's other compensation were a US$276,000 housing allowance and US$52,589 travel allowance. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's "Ba1" preferred stock rating. VALIDUS HOLDINGS: To Release 1Q 2010 Financial Results on May 6 --------------------------------------------------------------- Validus Holdings, Ltd. plans to release its financial results for the quarter ended March 31, 2010, after the close of trading on the New York Stock Exchange on Thursday, May 6, 2010. The Company will hold a conference call for analysts and investors at 9:00 a.m. (Eastern) on Friday, May 7, 2010 to discuss these results. The conference call may be accessed by dialing 1-800-299-8538 (U.S. callers) or 1-617-786-2902 (International callers) and entering the passcode 15506711#. Those who intend to participate in the call should dial in at least 10 minutes in advance. A live webcast of the call will be available online at the "Investor Relations" section of the Company's website located at http://www.validusholdings.com. A replay of the call will be available through May 21, 2010 by dialing 1-888-286-8010 (U.S. callers) or 1-617-801-6888 (International callers) and entering the passcode 93595570#. A replay of the webcast will be available at the "Investor Relations" section of the Company's website through May 21, 2010. About Validus Holdings Validus Holdings Ltd. -- http://www.validusre.bm/-- is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd., and Talbot Holdings Ltd. Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. * * * As reported in the Troubled Company Reporter-Latin America on September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and the indicative ratings for securities available under the shelf registration of "bbb-" on senior debt, "bb+" on subordinated debt and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus Holdings). =========== B R A Z I L =========== MAGNESITA REFRATARIOS: S&P Affirms 'BB-' Corporate Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it has affirmed its 'BB-' corporate credit rating on Brazilian refractory producer Magnesita Refratarios S.A. and revised the outlook to stable from negative. "The outlook revision reflects S&P's expectation that Magnesita will continue to improve its profitability and cash generation thanks to a better refractory market (especially in Brazil) and its own cost-cutting measures. S&P believes these will bring credit measures to levels more consistent with Magnesita's rating category. The company's initiatives to reduce refinancing risk by extending bank debt tenors and its ability to sustain adequate liquidity are also relevant rating factors," said Standard & Poor's credit analyst Marcelo Schwarz. The stable outlook reflects S&P's expectation that Magnesita's cash flow generation will continue to improve in 2010 as a result of improved market conditions and the positive effects of the cost-cutting initiatives it took during the peak of the economic crisis. "S&P could raise the ratings if demand, especially in North America and Europe, and operating profitability improve more than S&P anticipate, provided that its liquidity remains adequate and indebtedness does not increase, leading to an adjusted total debt-to-EBITDA ratio of around 2.5x. On the other hand, S&P could lower the ratings if deterioration in market conditions combined with an aggressive debt-financed growth strategy result in increased financial leverage, with total adjusted debt to EBITDA higher than 4.5x by year-end 2010," Mr. Schwarz added. MARFRIG ALIMENTOS: Commences Consent Solicitation of 2016 Notes --------------------------------------------------------------- Marfrig Overseas Limited and Marfrig Alimentos S.A. disclosed that they are soliciting consents from the holders of Marfrig Overseas' US$375,000,000 9.625% Senior Notes due 2016, guaranteed by Marfrig, to: (i) amend certain of the restrictive covenants and definitions relating thereto of the indenture governing the Notes; and (ii) waive any past non-compliance by Marfrig Overseas, Marfrig SA and its restricted subsidiaries with certain covenants under the indenture that would otherwise be permitted by the Proposed Amendments, as such Proposed Amendments and Waiver are more fully described in Attachment A to the Consent Solicitation Statement, dated March 16, 2010. Since the date the Notes were issued, Marfrig has completed numerous acquisitions in Brazil and internationally that have been funded primarily by the incurrence of debt and by equity capital increases. These acquisitions have resulted in a significant expansion of Marfrig's operations in Brazil and internationally. As a result of these acquisitions, Marfrig has significantly diversified its operations and enhanced its portfolio of products and revenues. Given this substantial shift in its business, compliance by Marfrig with the restrictive covenants set forth in the indenture has become burdensome, in addition to representing a disadvantage to Marfrig in an increasingly competitive market. Consequently, Marfrig is seeking the Consents primarily to gain additional operating flexibility, in order to finance its operations in Brazil and internationally and to better compete with its principal competitors. Holders of the Notes are referred to the Consent Solicitation Statement, dated March 16, 2010, and the related Consent Letter for the detailed terms and conditions of the Consent Solicitation. The Consent Solicitation commenced today and will expire at 5:00 pm on March 25, 2010, unless extended or earlier terminated. Only holders of the Notes as shown in the records maintained by The Bank of New York Mellon, as Trustee, at 5:00 p.m., New York City time, on March 15, 2010 are entitled to consent to the Proposed Amendments and the Waiver. If a supplement to the indenture is executed, Holders of the Notes as of the Record Date that validly deliver their Consent Letters and grant the Consents prior to the Expiration Time will receive a cash payment within five business days of the Expiration Time equal to US$30.00 per US$1,000 principal amount of Notes in respect of which such Consent Letters and Consents have been validly delivered and not validly revoked. Holders will be permitted to revoke Consents until the Supplemental Indenture has been executed, which execution may occur prior to the Expiration Time. Holders will be permitted to submit Consent Letters until the Expiration Time, even if the Effective Time precedes the Expiration Time. To execute the Supplemental Indenture as contemplated by the Proposed Amendments and the Waiver, the Issuer must receive Consents from Holders as of the Record Date representing at least a majority of the aggregate outstanding principal amount of the Notes. The Supplemental Indenture will become operative only when the Issuer has paid in full all of the Consent Fees. The Issuer reserves the right, in its sole discretion, to terminate the Consent Solicitation at any time. The Issuer intends to issue a press release promptly after the Effective Time announcing the results of the Consent Solicitation. About Marfrig Alimentos Brazil-based Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. The company operates in Southern America, the united states, and Europe. * * * As of August 13, 2009, the company continues to carry these low ratings from the major rating agencies: -- Moody's "B1" LT Corp Family Rating; -- Standard and Poor's "B+" LT Foreign Issuer Credit rating; and -- Fitch ratings' "B+" LT Issuer Credit ratings SADIA SA: Brazil Probes Firm for Illegal Money Transfers -------------------------------------------------------- Brazil's Federal Police are investigating whether Sadia SA manipulated export contracts to make illegal money transfers to and from offshore units, Helder Marinho at Bloomberg News reports, citing Folha de S. Paulo Newspaper. According to the report, the local news paper said that Sadia SA is suspected of having shipped more goods to foreign units than stated to Brazilian authorities to generate undeclared revenue abroad. Sadia may also have shipped less merchandise than stated when it sought to transfer money back from offshore units, Folha News added, the report relates. Folha Newspaper, Bloomberg News discloses, said that the export contracts being investigated are previous to the global credit crisis at the end of 2008 and to Perdigao SA's acquisition of the company last year to form BRF Brasil Foods SA. Sadia SA said that all the transactions were legal, Folha News reported, Bloomberg News adds. About Sadia SA Headquartered in Sao Paulo, Brazil, Sadia S. A. -- http://www.sadia.com-- is the largest slaughterer and distributor of poultry and pork products in Brazil, as well as the leading refrigerated and frozen protein products company. For the last twelve months ending on September 30, 2008, Sadia had net revenues of BRL10.2 billion (USD 6 billion) and EBITDA of BRL1.3 billion (USD 748 million) with 46% of revenues derived from exports to over 100 countries. * * * As of June 8, 2009, the company continues to carry Moody's LT Corp Rating at B2. The comapany also continues to carry Standard and Poor's LT Issuer Credit ratings at B. ========================== C A Y M A N I S L A N D S ========================== ALLIANCE & LEICESTER: Members Receive Wind-Up Report ---------------------------------------------------- The members of Alliance & Leicester Finance Company Limited received, on February 4, 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 BOJOS GROUP: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of The Bojos Group Corporation received, on January 27, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hugh Dickson c/o Prudence Pryce P.O. Box 1370, Grand Cayman KY1- 1108 Cayman Islands Telephone: (345) 815 8236 Facsimile: (345) 949 7120 GIRO INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------ The members of Giro Investments Limited received, on February 4, 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 KINGDOM 5-KR-16: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-16, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-22: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-22, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-41: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-41, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-44: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-44, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-52: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-52, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-53: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-53, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-67: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-67, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-72: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-72, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-73: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-73, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-75: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-75, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-80: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-80, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-81: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-81, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-84: Members Receive Wind-Up Report ----------------------------------------------- The members of Kingdom 5-KR-84, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-105: Members Receive Wind-Up Report ------------------------------------------------ The members of Kingdom 5-KR-105, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-140: Members Receive Wind-Up Report ------------------------------------------------ The members of Kingdom 5-KR-140, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-165: Members Receive Wind-Up Report ------------------------------------------------ The members of Kingdom 5-KR-165, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KINGDOM 5-KR-173: Members Receive Wind-Up Report ------------------------------------------------ The members of Kingdom 5-KR-173, Ltd. received, on January 26, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net KRUNG SIAM: Members Receive Wind-Up Report ------------------------------------------ The members of Krung Siam Fund received, on February 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Choedchu Sophonpanich 52/56 Sukhumvit Soi 3 Bangkok, 10110, Thailand Telephone: +44 (0) 1481 745368 Facsimile: + 44 (0) 1481 745077 LATITUDE CAPITAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Latitude Capital Group received, on February 5, 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 OLD MUTUAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Old Mutual Currency Master Fund Limited received, on January 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 OLD MUTUAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Old Mutual Currency Fund Limited received, on January 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 PANTON ALTERNATIVE: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Panton Alternative Fund, Ltd. received, on January 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier Jonathan McLean Telephone: (345) 949 9876 Facsimile: (345) 949 1986 PROVALUE GLOBAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Provalue Global Diverisified received, on January 28, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hans Jorgen Chidekel Baarerstrasse 80 P.O. Box 2545, CH-6302 Zug, Switzerland Telephone: +41 (41) -7279262 Facsimile: + 41 (41) -7278260 THETA CAPTURE: Members Receive Wind-Up Report --------------------------------------------- The members of Theta Capture Fund Offshore, Ltd. received, on January 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 THETA CAPTURE: Members Receive Wind-Up Report --------------------------------------------- The members of Theta Capture Fund Master, Ltd. received, on January 29, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 WHITE SEAS: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of White Seas Compay received, on January 28, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert M. Hopson Telephone: 713 654 4484 Facsimile: 713 308 2991 Two Houston Centre, Suite 2907 Houston, Texas 77010-1015, USA ================================== D O M I N I C A N R E P U B L I C ================================== * DOMINICAN REPUBLIC: CDEEE to Pay US$287 Million to Generators --------------------------------------------------------------- State-owned Power Companies Chief Executive Officer Celso Marranzini said that CDEEE will pay US$287 million to the generators on March 31, thus reaching the goal agreed in the stand-by agreement with the International Monetary Fund, The Dominican Today reports. According to the report, as agreed with IMF, the US$287 million would for pay for the invoices February and March pending. "Our invoice is approximately US$124 million per month," the report quoted Mr. Marranzini reports. Mr. Marranzini, the report notes, said that the entity must remain up to date in the payments otherwise it fails to meet the IMF's requirements and then the country doesn't receive the funds agreed with international organisms. The report relates Mr. Marranzini said the CDEEE collected RD$2.4 billion in January last year and 3.7 billion in January this year. The output will again return to normal within three weeks with the reentry of some power plants and the resumption to full capacity of others, he added. ============= J A M A I C A ============= ALPART: NEPA Serves Enforcement Notice -------------------------------------- The National Environment and Planning Agency has served an Enforcement Notice on Alumina Partners of Jamaica over the emission of hazardous dust from its mud lake in Nain, St Elizabeth, Go-Jamaica News reports. The report relates that the notice is to take effect March 17, 2010. According to the report, NEPA's decision came follows a meeting this afternoon to discuss the impact of the dust from the 300- hectare lake on communities. The report relates that NEPA said Alpart is to provide the agency with weekly reports of its monitoring and sprinkling activities for the next three weeks. Go-Jamaica News notes that Alpart has also been instructed to install additional sprinklers and expand its network of Dust Monitoring Stations at the mud lake. The report says that Alpart reported that it had taken steps to mitigate the dust nuisance and expressed its commitment to work closer with the St Elizabeth health department to coordinate the response to community health needs. Meanwhile, the report adds, NEPA said it will be reviewing Alpart's 1998 permit issued under the Natural Resources Conservation Act, with the aim of stipulating additional conditions for how it operates. About Alpart Alumina Partners of Jamaica, also known as Alpart, is a company that owns and operates a bauxite refinery in Nain, Jamaica. Alpart was founded in 1969 as a joint venture by Kaiser Aluminum, Reynolds Aluminum, and Anaconda. Alpart exports 1.65 million tonnes of alumina overseas per year, and earned gross revenues of US$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAl and 35% owned by Norsk Hydro. * * * As reported in the Troubled Company Reporter-Latin America on May 19, 2009, RadioJamaica Alpart's mining and refinery operations officially came to a halt on May 15. The report related Alpart said it will send home 900 permanent employees in the process amid a 60% decline in alumina product prices since July 2008. Mr. Fabrini, as cited by Radio Jamaica News, said the temporary shutdown will allow the plant to prepare for future developments. Although the company took steps to maintain the operations even at reduced capacity, circumstances still left the company with no other choice but to shutdown, Mr. Fabrini added. Mr. Fabrini, Radio Jamaica noted, said the company will continue to meet its obligations to employees and the surrounding communities in a timely manner. =========== M E X I C O =========== SATMEX SA: EchoStar Won't Pursue Deal Amid Bondholders' Objections ------------------------------------------------------------------ Crayton Harrison at Bloomberg News reports that EchoStar Corp. and MVS Comunicaciones SA ended their agreement to buy Satelites Mexicanos SA for US$267 million after the Mexican satellite operator's bondholders objected to the deal. The report relates that the termination leaves Satmex SA empty-handed after searching for more than a year for a buyer or way to restructure debt. According to the report, Chief Financial Officer Luis Stein said in an August interview that Satmex SA needs to restructure its debt to make the business sustainable. The Mexico City-based company needs funding to replace a satellite launched in 1994 with a newer one that could expand the services it offers, he added. Bloomberg News, citing the company's annual report filed June 29, notes that without a sales boost from a new satellite, Satmex might be unable to make interest payments to bondholders. As reported in the Troubled Company Reporter-Latin America on March 5, 2010, Dow Jones Newswires said that Satmex SA said that a group of creditors opposes the sale of the company to a group of U.S. and Mexican investors in a transaction worth up to US$374 million. The report relates that Satmex SA said that an ad hoc group representing more than 50% of holders of its Second Priority Senior Secured Notes has refused to back the transaction. According to the report, the deal is conditioned on Satmex SA buying back all of its US$424.3 million of Senior Secured Notes with a portion of the proceeds from the sale. About Satmex Satelites Mexicanos, S.A. de C.V., is the leading satellite service provider in Latin America. Satmex's fleet offers hemispheric and regional coverage throughout the Americas. * * * As of September 1, 2009, the company continues to carry these ratings placed by Moody's: -- Issuer Rating of C, -- Senior Secured Rating of Caa1, -- Long-term Corporate Family Rating of Ca, and -- Senior Unsecured Debt Rating of C. URBI DESARROLLOS: Inks Cross-Currency Swap Deal W/ Morgan Stanley ----------------------------------------------------------------- Urbi Desarrollos Urbanos SAB de CV has signed a cross-currency swap agreement with Morgan Stanley to extend the coverage of its hedge to also include the interest coupons of its US$ 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. * MEXICO: Hires Citigroup, HSBC to Manage Peso Bond Sale -------------------------------------------------------- Andres R. Martinez at Bloomberg News reports that Mexico hired Bank of America Corp., HSBC Holdings Plc, ING Groep NV and Citigroup Inc.'s Banamex unit to manage a sale of 30-year inflation-linked peso bonds in the local market. According to the report, the Finance Ministry said that the government will offer the bonds at a rate of 4 percentage points above inflation. The report relates that the offering is the second local sale that Mexico is doing through investment banks this year as part of a push to reach more investors, boost trading of its debt and lower borrowing costs. In February, the report notes, the government sold MXN25 billion (US$2 billion) of 10-year bonds through a syndicate of banks to yield 7.66 percent. Subsequent sales of the securities will be done through the central bank, as all issues were previously done, Deputy Finance Minister Alejandro Werner told Bloomberg News in an interview in February. * MEXICO: Economy Starts to Recover Following Contraction --------------------------------------------------------- IMF Executive Board Concludes 2010 Article IV Consultation with Mexico. According to the Board, Mexico had significantly strengthened policy credibility and public and private sector balance sheets before the onset of the crisis. Strong economic performance, with growth averaging over 3.5 percent in 2003-07, was underpinned by robust macro policy frameworks along with the flexible exchange rate regime. Considerable progress was made in improving debt profiles, and the strong regulatory framework gave rise to a sound banking sector. Nevertheless, Mexico's resilience was severely tested during the global crisis. The surge in risk aversion following the collapse of Lehman Brothers in September 2008 triggered a sharp retrenchment of financial flows from emerging markets, including Mexico, resulting in liquidity strains and marked currency depreciation. Meanwhile, reflecting close U.S. linkages, Mexico experienced a rapid decline in manufacturing exports in the first half of 2009. Unanticipated large losses on corporate foreign exchange derivate positions disclosed in late 2008 further weighed on confidence, while the H1N1 virus outbreak in mid-2009 put an additional drag on activity. Against this background, output contracted by 61/2% in 2009, while the peso fell 25 percent against the dollar in the nine months to mid-2009. Prompt and effective policy measures were adopted in response to the crisis. Macroeconomic policies were eased significantly, providing a fiscal impulse of 2.5% of GDP in 2009 and reducing policy rates by a total of 375 bps, to 4.5%, since mid-2008. Targeted assistance was also extended to financial intermediaries to address funding shortages. At the same time, Mexico's Central Bank (Banxico) made substantial interventions (US$31.4 billion in total) to maintain orderly liquidity conditions in the foreign exchange market, and secured contingent financing through the Federal Reserve swap line (US$30 billion, expired in February 2010) and the Fund Flexible Credit Line (US$47 billion, effective till mid-April 2010) to further support confidence. On the back of these strong policy measures, growth has resumed since mid- 2009, the peso exchange rate has rebounded, while domestic financial stability has been maintained. Building on the recent momentum, activity is expected to accelerate in the near term, leading to projected growth of 4 percent for 2010. Inflation was pushed up to 41/2% in January 2010 by one-off increases in taxes and administered prices, but is expected to return to the 3% target by end-2011 reflecting the considerable economic slack. With domestic demand gradually strengthening, the current account deficit is projected to widen slightly to 1-1/2%of GDP in 2010. The authorities have also undertaken a series of measures to further bolster fundamentals and rebuild buffers. The FY2010 budget included a substantive tax reform, designed to offset the revenue losses from lower oil production, while allowing for a temporary easing of the balanced budget rule in response to the cyclical downturn. Requirements on corporate disclosure of derivative exposures has been tightened, while structural reforms to enhance growth potential-most recently reforms of the electricity sector-are being advanced. In addition, the authorities have announced plans to increase foreign exchange reserves gradually through a combination of retaining public sector foreign exchange cash flows and the use of an options-based mechanism. Executive Board Assessment Executive Directors commended the authorities for their sound policy frameworks and progress in strengthening public and private sector balance sheets, which had enabled an effective counter- cyclical policy response and helped preserve stability during the crisis. Their swift action to secure contingency credit lines- from the U.S. Federal Reserve and the Fund-has also helped maintain external confidence. The economy is starting to recover, following the deep output contraction in the first half of 2009. However, the uncertain global outlook could pose downside risks, underscoring the need to increase room for policy maneuver and strengthen efforts to address medium-term fiscal and growth challenges. Directors considered that the 2010 budget is appropriate. The tax package represents an important step toward achieving medium-term fiscal sustainability, while the temporary easing of the balanced budget, in accordance with the exceptional clause of the fiscal rule, would help cushion the impact of the withdrawal of fiscal support. Directors welcomed the progress in fiscal reforms over the past three years. Given the expected structural declines in oil revenues and rising current spending pressures, they welcomed plans to seek expenditure savings and further strengthen tax administration. Further efforts would be needed to advance on oil sector reforms, broaden the tax base, and simplify the tax system. Moving to a structural budget rule would help reduce procyclicality and spending volatility, further strengthening policy credibility. Directors saw the removal of the caps on savings in the oil stabilization funds as a step in the right direction. In light of the still weak demand conditions, Directors agreed that monetary policy should remain supportive until the recovery is firmly established. The central bank's effective communication has helped limit the effects on inflation of the recent changes in taxes and administered prices. Nevertheless, second-round effects would need to be carefully monitored. Directors agreed that the flexible exchange rate has played an important role in the adjustment process, and welcomed the transparent, rules-based intervention mechanisms. Noting persistent market concerns about Mexico's low reserve coverage relative to balance sheet indicators, many Directors saw merit in the authorities' plan to explore options for further strengthening foreign exchange buffers. A number of other Directors pointed to the need to take due account of the costs and externalities of reserve accumulation. Directors noted that the financial system remains resilient, underpinned by strong regulation and supervision. They welcomed the authorities' prompt action to address emerging issues in some small nonbank institutions, and encouraged continued close monitoring of developments in this sector. Directors supported the intentions to broaden the regulatory perimeter, set up a committee for assessing systemic risks, and reform the financial sector resolution framework. Directors emphasized that the challenge of reinvigorating growth has gained new urgency in a weak global environment. They encouraged the authorities to expedite structural reforms to boost growth, building on recent important steps to improve productivity in the electricity sector. Key priorities include advancing on strengthening the competition framework, streamlining the regulatory framework, and enhancing labor market flexibility. It is expected that the next Article IV consultation with Mexico will be held on the standard 12-month cycle. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Insurance Firms Barred From Writing New Business ---------------------------------------------------------- CLICO International Life and British American Insurance Company, units of CL Financial Limited, have been prohibited from writing new business by Barbados' Supervisor of Insurance, Trinidad Express reports. The report relates Barbados Prime Minister David Thompson said that CLICO International and British American in Barbados will both be placed under judicial management-but for different reasons. According to the report, the Oversight Committee in Barbados was experiencing difficulty in selling CLICO Life because of the large number of Executive Flexible Premium Annuities, which carried high interest rates and were short-term deposits. The Committee was set up by the Ministry of Finance and parent company CLICO Holdings Barbados Ltd to oversee the sale of three of CLICO's subsidiaries. The report relates Mr. Thompson said that potential bidders expressed concern about this liability, which was in excess of Bds$300 million-most of which matured in 2012. The Express notes that a restructuring process might involve having to place the company under judicial management if there was no policyholder agreement to the proposed restructuring of the company. In the meantime, the report points out, the company has been prohibited from writing new business until it satisfies conditions pertaining to its Statutory Fund. Meanwhile, the report relates, Mr. Thompson said that the Solicitor General was preparing the necessary paper- work to request the court to place British American Insurance under judicial management to protect policyholders. About CL Financial CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. =============== X X X X X X X X =============== * LATAM: IDB Fund Expands Training & Employment Program in Region ----------------------------------------------------------------- The Multilateral Investment Fund's Donors Committee approved on March 10, 2010, a US$3.6 million technical assistance program to support training and employment programs in Mexico, Argentina, Colombia, Dominican Republic, Jamaica and Haiti. Moreover, the funds will expand the existing programs in Brazil, Uruguay and Ecuador. About 5,400 low-income or at-risk youth aged 16 to 24 are expected to benefit during this new phase of the project. Under the program, FOMIN and the executing agency, Partners of the Americas (POA), work closely with the private sector, non- governmental organizations and, in several cases, local governments, to design and provide the soccer-based and inspired training that will meet demand from local employers. POA, working through a network of affiliate organizations, will be the executing agency for all the countries except Argentina. Virreyes Rugby Club will execute the project in that country. The project has three training phases. The first phase uses soccer to teach participants important skills and values. Communication, cooperation and teamwork are learned through exercises in the field such as having the players work in pairs by holding hands as they play soccer. In the second phase, technical courses are offered to participants in areas such as mechanics, sewing, hotel and restaurant services, refereeing and telemarketing. The courses are selected based on market demand and the economic reality of each country. In the third phase of the project, the participants have the opportunity to participate in internships through contracts with universities, non-governmental organizations and the private sector. In Ciudad Juarez, the program is expected to help participating young people to stay away from organized crime and, more importantly, to develop their full potential as community leaders, said Salvador de Anda, who works for the government of Ciudad Juarez and will help coordinate the training program. FOMIN is an autonomous fund administered by the Inter-American Development Bank (IDB) that promotes private sector development and poverty reduction, with an emphasis on micro-enterprises and small businesses. Government and private sector partners in this youth training project are expected to provide US$4.4 million in counterpart funds. * 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 * * *