/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100412.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 Monday, April 12, 2010, Vol. 11, No. 070 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Receiver Seeks to Sell Magazines, Boutique Bank A R G E N T I N A NEUQUEN: Provincial Law 2684 Cues S&P to Retain 'B-' Rating * ARGENTINA: U.S. Judge Seizes US$105 Million in Argentine Funds B R A Z I L BANCO ABC: Moody's Assigns 'Ba1' Rating on US$300 Mil. Notes BRF-BRASIL: Hopes for Merger Approval in Second Quarter FREEPORT MCMORAN: 'Major' Chile Investment on Copper Find USIMINAS SIDERURGICA: May Spin Off Iron-Ore Unit This Quarter CONSTRUTORA NORBERTO: S&P Affirms 'BB' Corporate Credit Rating C A Y M A N I S L A N D S ACCIPITER LIFE: Shareholders' Final Meeting Set for April 22 ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5 ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5 AXIS-PAN INC: Shareholders' Final Meeting Set for April 23 BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20 BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20 CAPELLA FINANCE: Shareholder to Hear Wind-Up Report on April 29 CASAM CRABEL: Shareholders' Final Meeting Set for May 6 CASAM GLOBAL: Shareholders' Final Meeting Set for May 6 CASAM GRAHAM: Shareholders' Final Meeting Set for May 6 CENTOLIRE LIMITED: Members' Final Meeting Set for April 29 COAST ALPHA: Shareholders' Final Meeting Set for May 6 COAST SEACLIFF: Shareholders' Final Meeting Set for May 6 FAIRFIELD ASIAN: Members' Final Meeting Set for May 21 FAIRFIELD MANHASSET: Members' Final Meeting Set for May 21 FAIRFIELD TREELINE: Members' Final Meeting Set for May 21 FEM CURRENCY: Shareholders' Final Meeting Set for May 6 FIRST DOMEAL: Shareholders' Final Meeting Set for May 5 GANDHARA (GP): Shareholders' Final Meeting Set for May 3 HELENE TOKYO: Shareholders' Final Meeting Set for May 5 LEAP LTD: Shareholders' Final Meeting Set for May 6 MAHIS LIMITED: Members' Final Meeting Set for April 29 MILKY WAY: Shareholders' Final Meeting Set for May 5 MOMENTUM SYNTHETIC: Shareholders' Final Meeting Set for April 30 MULTIPLUS CORPORATION: Shareholders' Final Meeting Set for May 5 SPICA REAL: Shareholder to Hear Wind-Up Report on April 29 UNITY HOLDCO: Shareholders' Final Meeting Set for May 4 UNITY MULTI-TECH: Shareholder to Hear Wind-Up Report on April 21 YK FUNDING: Shareholders' Final Meeting Set for April 30 C H I L E * CHILE: Gets US$10MM Loan for Public Transport System Improvement C O L O M B I A CHIQUITA BRANDS: Accused of International Terrorism ECOPETROL SA: May Bid to Seek Oil in Guatemalan Areas ECOPETROL SA: First Dividend Payment Slated for April 26 ECOPETROL SA: Completes First Phase of STAR Project PACIFIC RUBIALES: Completes First Phase of STAR Project * COLOMBIA: Fitch Assigns 'BB+' Rating on US$800 Million Bonds E C U A D O R PETROECUADOR: Government Creates New Hydrocarbons Firm P E R U BANCO INTERNACIONAL: Fitch Assigns Rating on Junior Notes at 'BB' X X X X X X X X * BOND PRICING: For the Week April 5, to April 9, 2010 - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Receiver Seeks to Sell Magazines, Boutique Bank --------------------------------------------------------------- Laurel Brubaker Calkins at Bloomberg News reports that Stanford Financial Group court-appointed receiver, Ralph Janvey, asked for permission to sell Robert Allen Stanford's stakes in a Houston television station, a pair of glossy horse-industry magazines, a boutique bank in the U.S. Virgin Islands and a publicly traded precious-metals firm. The report relates that Mr. Janvey's private-equity advisers have found three buyers willing to pay a total of US$6.1 million for Mr. Stanford's holdings in the separate companies, all of which are experiencing financial difficulty. According to the report, Kevin Sadler, Esq., Mr. Janvey's laywer, said in court papers filed in federal court in Dallas, that the Park Hill Group, which is marketing Mr. Stanford's private-equity portfolio for Mr. Janvey, "concluded that these offers represent the highest dollar value available for the receivership. The report relates that Mr. Sadler said prospective investors are refused to inject direly needed capital into the businesses as long as Stanford remains an investor. Bloomberg News notes that USFR's largest holding is a full-power independent UHF television station in Houston, known as Channel 55, which Stanford bought for US$31.5 million in late 2006. The report relates that the company also owns two glossy magazines for horse enthusiasts -- "Cowboys & Indians" and "Western & English Today" -- and a video production division formed last year to make TV ads, infomercials and promotional videos. The report recalls Mr. Janvay said that during 2008 and the first nine months of 2009, the media group's operating losses exceeded US$14 million. At yearend 2009, it had about US$1.1 million in overdue payables and risked insolvency without an immediate cash infusion, Mr. Janvey added. Mr. Janvey, Bloomberg News says, has also located a buyer for Mr. Stanford's 8% share of Merchants Commercial Bank, a one-branch bank in St. Thomas, U.S. Virgin Islands, that he co-founded with a US$1.1 million investment in 2006. The report relates that an unidentified existing investor in the bank has agreed to pay US$536,250 for the stake in MCB, whose portfolio consists primarily of local real estate loans. Meanwhile, Mr. Sadler said that property values in the U.S. Virgin Islands have plunged, causing a 700% increase in the number of non- performing loans on the bank's books. The report relates that as of yearend 2009, 6.6% of MCB's total loans, or US$4.6 million, were considered non-performing. That sum is "materially higher than the comparable ratio range of 1% to 3% found at large and regional banks in the United States," Mr. Sadler added. Moreover, the report notes, DGSE Cos., a precious-metals and jewelry company based in Dallas, agreed to pay Mr. Janvey US$3.6 million for Mr. Stanford's stake in the firm and its subsidiary. Mr. Sadler, the report relates, said that Mr. Stanford holds about 30% of DGSE's shares, which are listed on the American Stock Exchange, as well as US$10.5 million in secured and unsecured debt by DGSE's rare coin unit, Superior Galleries of Woodland Hills, California. The report relates that the Superior unit has lost almost US$20 million in the past eight years, according to court papers, and DGSE had threatened to liquidate the business unless Janvey approved the sale. 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 ================= NEUQUEN: Provincial Law 2684 Cues S&P to Retain 'B-' Rating ----------------------------------------------------------- Standard & Poor's Ratings Services stated that its 'raA+' and 'B-' ratings on the Province of Neuquen's US$250 million secured amortizing notes due 2014 remain on CreditWatch with negative implications, where they were placed Nov. 30, 2009, following the Nov. 26, 2009, announcement of Provincial Law 2684. Provincial Law 2684, which was enacted on Jan. 15, 2010, enables the government of the Province of Neuquen to issue new debt in exchange for the outstanding secured amortizing notes. As of April 8, 2010, the debt exchange proposal and its respective terms and conditions have not yet been formalized or presented to investors. The rated transaction's credit performance, in S&P's opinion, continues to be adequate: As of Jan. 31, 2010, the production ratio for the three selected oil areas (El Trapial, Entre Lomas, and Puesto Hernandez) was 1.63. In addition, the quarterly production for these three areas has remained stable over the past 12 months, averaging 876,093.7 cubic millimeters per quarter, which, when multiplied by the price of the well head, results in an average royalty collection of US$28.85 million per quarter. The next scheduled debt service payment is due April 18, 2010. S&P will continue to monitor the development of the debt exchange proposal and evaluate its potential impact on the transaction's ratings. It's likely that S&P will significantly lower the ratings on the notes if the new exchange notes' terms and conditions offer less value than originally promised to current investors. On the other hand, S&P will affirm the ratings on the notes if the new exchange notes' terms and conditions do not materially change or the potential changes do not impair the bonds' creditworthiness. * ARGENTINA: U.S. Judge Seizes US$105 Million in Argentine Funds ---------------------------------------------------------------- Argentina quickly said it would file a court appeal after U.S. District Court Judge Thomas Griesa ruled that bondholders can seize US$105 million in Argentine central bank deposits held in the United States, The Associated Press reports. An unnamed bank spokesman told The AP that Argentina was optimistic because similar rulings had been overturned. According to the report, the decision, nevertheless, drove down Argentine bond prices just as the cash-strapped government prepares a US$20 billion debt-swap offer in hopes of satisfying the bondholders and ending the lawsuits. The report relates that Argentina has been in a seemingly endless legal battle with bondholders who refused to accept about 30 cents on the dollar for debt they bought before the country's record $95 billion default in 2002. Judge Griesa, the report discloses, said that Argentina is willfully defying its legal obligations and ''has thus enmeshed the court in years of wasteful litigation with no end in sight.'' The AP says that more threatening for Argentina is the basis for his ruling: that President Cristina Fernandez has proven through her actions that the country's Central Bank lacks independence. That could expose Argentina's funds to other seizures, and increase the perception around the world that the country is a risky place to invest, the report relates. The judge issued the order at the request of the hedge fund firm Elliott Management Corp. and an affiliated company, NML Capital Ltd. * * * As reported in the Troubled Company Reporter-Latin America on October 9, 2009, Standard & Poor's Ratings Services said that it lowered to 'B-' from 'B' its local currency long-term issuer credit rating on the City of Buenos Aires. At the same time, Standard & Poor's affirmed its 'B-' foreign currency long-term issuer credit rating. The outlook on the local and foreign currency long-term issuer credit ratings is stable. =========== B R A Z I L =========== BANCO ABC: Moody's Assigns 'Ba1' Rating on US$300 Mil. Notes ------------------------------------------------------------ Moody's Investors Service assigned a Ba1 long-term foreign currency debt rating to the US$300 million subordinated unsecured notes issued by Banco ABC Brasil S.A. The notes are due April 2020, and are eligible for Tier II equity upon regulatory approval. The outlook on the rating is stable. The rating agency noted that the subordination of the notes was taken into consideration by applying a one notch differential off BAB's Baa3 global local currency deposit rating, as per Moody's notching convention. The last rating action on Banco ABC Brasil was on September 22, 2009, when Moody's upgraded the bank's long and short term foreign currency deposit ratigns to Baa3/P-3, from Ba2/NP. The action was in connection with the sovereign action on Brazil's foreign currency deposit ceiling. Banco ABC Brasil is headquartered in Sao Paulo, Brazil and had total consolidated assets of R$7,377 million (US$4,237 million) and equity of R$1,218 million (US$612.3 million) as of December 31, 2009. This rating was assigned to the US$300 billion Subordinated Unsecured Tier II Notes due 2020: -- Ba1 long-term foreign currency debt rating, stable outlook BRF-BRASIL: Hopes for Merger Approval in Second Quarter ------------------------------------------------------- BRF Brasil Foods SAhopes to receive regulatory approval by the end of the second quarter to complete the merger of Perdigao SA and Sadia SA, Ken Parks at Dow Jones Newswires reports, citing Luiz Fernando Furlan, co-chairman of BRF Brasil Foods. "We are doing our homework so that in the moment we get approval we can move very quickly with the integration," the report quoted Luiz Fernando Furlan, co-chairman of BRF Brasil Foods, as saying. According to the report, Mr. Furlan said that exports this year should be an improvement over 2009, but will still be "below normal." The report relates Mr. Furlan said that markets in Japan, the Middle East, and Latin America are recovering, while Europe remains weak. Dow Jones Newswires notes that BRF Foods Brasil will look to further expand its international presence once it completes the merger of Perdigao and Sadia. Mr. Furlan, the report relates, said that the Middle East, which is already an important buyer of the company's products, and the U.S., where its products face trade barriers, are markets where BRF Brasil Foods would like to expand. "There is nothing on the table this year. All of our efforts are on realizing the benefits of the integration" of the two companies, he added. About BRF-Brasil Foods BRF-Brasil Foods SA is a food processor in Latin America. The company raises chickens to produce poultry products. Brasil foods also processes frozen pasta, soybeans, and their derivatives, and distributes frozen vegetables. The company's core business is chilled and frozen food. The company has offices in the Middle East, Asia, and Europe. * * * As of April 12, 2010, the company continues to carry Moody's Ba1 LT Corp Family rating. The company also continues to carry Standard and Poor's BB+ LT Issuer Credit Ratings. FREEPORT MCMORAN: 'Major' Chile Investment on Copper Find --------------------------------------------------------- Freeport McMoRan Copper & Gold Inc. is considering a "major" investment in Chile after finding more copper near its El Abra mine, Matthew Craze and Peter Millard at Bloomberg News reports, citing Chief Executive Officer Richard Adkerson. The report relates Mr. Adkerson said that Freeport and Codelco, its partner in the El Abra mine, are doing early exploration work on a new resource nearby. According to the report, Mr. Adkerson said that Freeport McMoRan will spend US$100 million this year to explore for copper and gold after cutting back on investments in 2009 amid concern over the world economy. The report relates that Codelco and Freeport can use existing infrastructure at El Abra to hold down expansion costs, said Scotia Capital Inc.'s Lawrence Smith. "Because it is adjacent to an existing operation, they would be leveraging off of the existing infrastructure" to boost output, the report quoted Smith, a mining analyst with a "sector perform" rating on Freeport, as saying. "The economics would be more attractive," he added. About Freeport-McMoRan Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. Freeport-McMoran, formerly Phelps Dodge Corp., has mining operations in Chile, Peru, Colombia, Venezuela, and Ecuador. * * * As reported in the Troubled Company Reporter on March 30, 2010, Fitch Ratings affirmed Freeport-McMoRan Copper & Gold Inc's 'BB' Convertible preferred stock. USIMINAS SIDERURGICA: May Spin Off Iron-Ore Unit This Quarter ------------------------------------------------------------- Francisco Marcelino at Bloomberg News reports that Usinas Siderurgicas de Minas Gerais SA may spin off its mining unit as soon as this quarter as rising iron-ore prices make a share sale more attractive. The report relates Chief Financial Officer Ronald Seckelmann said that the company plans to sell 20% of the unit to a strategic partner before holding an initial public offering. "Mining businesses became more attractive after the iron- ore price increase," Mr. Seckelmann told the news agency in a telephone interview from the southeastern Brazilian city of Belo Horizonte. "We are already in talks with potential investors for the mining project," he added. Mr. Seckelmann, the report relates, said that the spinoff includes iron-ore mines, a 20% stake in railroad operator MRS Logistica SA and an iron-ore port project in Itaguai, Brazil. Meanwhile, the company plans to boost annual iron-ore output more than fivefold to 29 million metric tons by 2014, spokesman Leonardo Castro Alves said in an e-mailed statement obtained by the news agency. About Usinas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is principally engaged in the steel industry. The company has a production capacity of 4.7 million tons of crude steel per annum. The company produces non-coated steel (including slabs, heavy plates, hot- and cold-rolled sheets and coils) and galvanized sheets and coils. The company provides its products to the automotive, piping, building and electrical/electronic and agricultural and road machinery industries. In addition to its core business operations, it is also involved in the commercialization, import and export of raw materials, steel products and by-products; the provision of project development and research services; the provision of personnel training services, and the provision of mining, transportation, construction and technical assistance services. The company's products are sold in Brazil, as well as exported to other Latin American countries, the United States, China and South Korea, among others. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 Subordinate Debt rating. CONSTRUTORA NORBERTO: S&P Affirms 'BB' Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Rating Services said that it revised its outlook on Brazilian engineering and construction company Construtora Norberto Odebrecht S.A., while affirming the ratings, including the 'BB' global scale and 'brAA-' national scale long-term corporate credit ratings, on the company. At the same time, S&P raised its national scale short-term corporate credit rating to 'brA-1' from 'brA-2'. "The rating and outlook actions reflect S&P's expectation that CNO will benefit from strong E&C activity in the next few years, particularly in Brazil, with the country's sizable investments in infrastructure," said Standard & Poor's credit analyst Victor Saulytis. "This will likely lead to stronger backlogs, revenues, and cash flows." S&P further expect that CNO will strengthen its project portfolio, improve its profitability, and report stronger credit metrics. S&P also believe that the Odebrecht Group, of which CNO is a part, has already contributed its equity portion to the new businesses in which it has invested heavily in the past few years. Therefore, S&P assumes that CNO will likely reduce the amounts of new guarantees it provides on parent-level debt, although S&P expects it will continue contributing excess cash flows to its parent. The positive outlook reflects S&P's expectation that CNO's credit metrics will improve due to fewer new guarantees on parent-level debt and a likely increase in revenues, cash flows, and backlog due to favorable market trends for E&C in Brazil and internationally. S&P also expects that CNO will maintain moderate levels of its own debt by relying on client advances to finance working capital needs. ========================== C A Y M A N I S L A N D S ========================== ACCIPITER LIFE: Shareholders' Final Meeting Set for April 22 ------------------------------------------------------------ The shareholders of Accipiter Life Sciences Fund II (Offshore) Ltd will hold their final meeting, on April 22, 2010, at 12:00 noon, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K. Beighton c/o Alex Lawson Telephone: 345-815-2667 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5 ---------------------------------------------------------- The shareholders of Alson Signature Fund Offshore, Ltd. will hold their final meeting, on May 5, 2010, at 10:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ALSON SIGNATURE: Shareholders' Final Meeting Set for May 5 ---------------------------------------------------------- The shareholders of Alson Signature Fund Offshore Portfolio, Ltd. will hold their final meeting, on May 5, 2010, at 10:15 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands AXIS-PAN INC: Shareholders' Final Meeting Set for April 23 ---------------------------------------------------------- The shareholders of Axis-Pan Inc. will hold their final meeting, on April 23, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Christopher P. Meyering Sciens Hedge Fund Management LLC 667 Madison Avenue New York, NY 10065 USA BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20 -------------------------------------------------------------- The sole shareholder of Brevan Howard India Opportunities Fund Limited will receive, on April 20, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake 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 BREVAN HOWARD: Sole Shareholder to Receive Wind-Up on April 20 -------------------------------------------------------------- The sole shareholder of Brevan Howard India Opportunities Master Fund Limited will receive, on April 20, 2010, at 9:45 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: K.D. Blake 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 CAPELLA FINANCE: Shareholder to Hear Wind-Up Report on April 29 --------------------------------------------------------------- The sole shareholder of Capella Finance Corporation will hear, on April 29, 2010, at 10:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands CASAM CRABEL: Shareholders' Final Meeting Set for May 6 ------------------------------------------------------- The shareholders of Casam Crabel Two Plus Fund Limited will hold their final meeting, on May 6, 2010, at 3:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM GLOBAL: Shareholders' Final Meeting Set for May 6 ------------------------------------------------------- The shareholders of Casam Global Futures Program Fund Limited will hold their final meeting, on May 6, 2010, at 3:40 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CASAM GRAHAM: Shareholders' Final Meeting Set for May 6 ------------------------------------------------------- The shareholders of Casam Graham Global Diversified Portfolio Fund Limited will hold their final meeting, on May 6, 2010, at 3:50 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CENTOLIRE LIMITED: Members' Final Meeting Set for April 29 ---------------------------------------------------------- The members of Centolire Limited will hold their final meeting, on April 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 COAST ALPHA: Shareholders' Final Meeting Set for May 6 ------------------------------------------------------ The shareholders of Coast Alpha Strategy Investments Ltd. will hold their final meeting, on May 6, 2010, at 3:10 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands COAST SEACLIFF: Shareholders' Final Meeting Set for May 6 --------------------------------------------------------- The shareholders of Coast Seacliff Strategy Investments Ltd. will hold their final meeting, on May 6, 2010, at 3:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands FAIRFIELD ASIAN: Members' Final Meeting Set for May 21 ------------------------------------------------------ The members of Fairfield Asian Era Fund Ltd will hold their final meeting, on May 21, 2010, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FAIRFIELD MANHASSET: Members' Final Meeting Set for May 21 ---------------------------------------------------------- The members of Fairfield Manhasset Offshore Fund Ltd will hold their final meeting, on May 21, 2010, at 10:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FAIRFIELD TREELINE: Members' Final Meeting Set for May 21 --------------------------------------------------------- The members of Fairfield Treeline Fund Ltd will hold their final meeting, on May 21, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ian Stokoe c/o Sarah Moxam Telephone: (345) 914 8634 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands FEM CURRENCY: Shareholders' Final Meeting Set for May 6 ------------------------------------------------------- The shareholders of Fem Currency Portfolio Ltd. will hold their final meeting, on May 6, 2010, at 11:00 a.m., to receive the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Louis Grosjean Victor Murray Maples Finance Limited PO Box 1093, 4th Floor Boundary Hall Cricket Square, George Town Grand Cayman K1-1102, Cayman Islands Telephone: 1 345 814 5722 FIRST DOMEAL: Shareholders' Final Meeting Set for May 5 ------------------------------------------------------- The shareholders of First Domeal Holdings will hold their final meeting, on May 5, 2010, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands GANDHARA (GP): Shareholders' Final Meeting Set for May 3 -------------------------------------------------------- The shareholders of Gandhara (GP) Limited will hold their final meeting, on May 3, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands HELENE TOKYO: Shareholders' Final Meeting Set for May 5 ------------------------------------------------------- The shareholders of Helene Tokyo will hold their final meeting, on May 5, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands LEAP LTD: Shareholders' Final Meeting Set for May 6 --------------------------------------------------- The shareholders of Leap Ltd. will hold their final meeting, on May 6, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Randall c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MAHIS LIMITED: Members' Final Meeting Set for April 29 ------------------------------------------------------ The members of Mahis Limited will hold their final meeting, on April 29, 2010, to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 MILKY WAY: Shareholders' Final Meeting Set for May 5 ---------------------------------------------------- The shareholders of Milky Way Capital Limited will hold their final meeting, on May 5, 2010, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MOMENTUM SYNTHETIC: Shareholders' Final Meeting Set for April 30 ---------------------------------------------------------------- The shareholders of Momentum Synthetic CDO Limited will hold their final meeting, on April 30, 2010, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands MULTIPLUS CORPORATION: Shareholders' Final Meeting Set for May 5 ---------------------------------------------------------------- The shareholders of Multiplus Corporation will hold their final meeting, on May 5, 2010, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SPICA REAL: Shareholder to Hear Wind-Up Report on April 29 ---------------------------------------------------------- The sole shareholder of Spica Real Estate Investment Corporation will hear, on April 29, 2010, at 10:45 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Connan Hill Bronwynne R. Arch Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands UNITY HOLDCO: Shareholders' Final Meeting Set for May 4 ------------------------------------------------------- The shareholders of Unity Holdco Limited will hold their final meeting, on May 4, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands UNITY MULTI-TECH: Shareholder to Hear Wind-Up Report on April 21 ---------------------------------------------------------------- The sole shareholder of Unity Multi-Tech Holdings Ltd. will hear, on April 21, 2010, at 3:00 p.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Martina de Lima Telephone: (345) 815-1790 Facsimile: (345) 949-9876 YK FUNDING: Shareholders' Final Meeting Set for April 30 -------------------------------------------------------- The shareholders of YK Funding Corporation will hold their final meeting, on April 30, 2010, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands ========= C H I L E ========= * CHILE: Gets US$10MM Loan for Public Transport System Improvement ------------------------------------------------------------------ The Inter-American Development Bank approved a US$10 million loan to support Chilean Government plans to implement reforms to improve public transportation throughout the country, including the areas affected by the earthquake and tsunami that struck Chile on February 27. The funding will help finance studies and provide technical assistance and advisory support to the Transport Ministry on the implementation of reforms to improve the service and strengthen the operation and the impact of assistance and subsidy programs for public transport in the regions. The prioritization of those investments, as well as pre-investment studies supported by the loan, could target coastal cities struck by the earthquake and tsunami. The IDB's assistance will help analyze institutional systems to enhance efficiency in planning and managing public transportation systems in the country's metropolitan areas. In the regions, it will help to improve the oversight capacity of the investment plans and will finance the upgrading of the vehicle fleet in rural areas. The program will also shore up school transport and regional transport in remote rural areas that due to their geographic location, their very small population, or their socioeconomic characteristics are unable to sustain a profitable transportation system. The IDB loan will help finance plans to improve public transportation in the regions, providing support to investment initiatives to improve the management, infrastructure, and regulation of the country's various municipal public transport systems, as well as other infrastructure and connectivity projects. The loan is for a 10-year term, including a three-year grace period, and carries a variable interest rate based on LIBOR. The government of Chile will provide US$2.68 million in local counterpart funds. =============== C O L O M B I A =============== CHIQUITA BRANDS: Accused of International Terrorism --------------------------------------------------- Chiquita Brands International Inc. is facing a serious civil compaint under the Anti-Terrorism act in Florida for allegedly providing material support to the Revolutionary Armed Forces of Colombia, The Associated Press reports. The report relates that the "materials" include weapons, money and ammo. According to the report, the FARC is a known terror organization responsible for the murder and kidnapping of thousands. The report relates that the suit is being brought by a group of plaintiffs of FARC victims and victim's families. The AP says that the primary plaintiff is Keith Stansell, a Florida citizen who was kidnapped and injured by FARC in 2003, and was rescued in 2008. The report says that the suit is likely to be addressed in the next earnings release, or by press release on the company Web site. About Chiquita Brands Chiquita Brands International, Inc. -- http://www.chiquita.com/-- is markets and distributes fresh and value-added food products -- from bananas and other fruits to nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. The company has annual revenues of nearly US$4 billion, and employs roughly 23,000 people. The company's principal subsidiaries are: Chiquita Brands, Inc.; Chiquita Brands Company, North America; Chiquita Citrus Packers, Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A. (France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana Company B.V. (Netherlands). * * * As reported in the Troubled Company Reporter-Latin America on Mar 22, 2010, Moody's Investors Service has upgraded the corporate family rating of Chiquita Brands International, Inc., to B2 from B3. At the same time, Moody's upgraded the ratings on Chiquita's senior unsecured notes to Caa1 from Caa2 and the ratings on the senior secured credit facility of Chiquita Brands LLC, a wholly owned operating subsidiary of Chiquita, to Ba2 from Ba3. The ratings outlook is stable. ECOPETROL SA: May Bid to Seek Oil in Guatemalan Areas ----------------------------------------------------- Ecopetrol S.A. may bid for exploration rights in areas in Guatemala, Inti Landauro at Dow Jones Newswires reports, citing Chief Executive Officer Javier Gutierrez. According to the report, the company has recently looked outside Colombia in a bid to expand its reserves. The report relates that Mr. Gutierrez said that the company plans to expand the export capacity of its port of Covenas on the Caribbean coast to allow the loading of ships with a capacity of 2 million tons, up from 1 million tons. As reported in the Troubled Company Reporter-Latin America on April 9, 2010, Bloomberg News said that Ecopetrol SA is targeting expansion in Brazil and the Gulf of Mexico in a bid to boost production within five years. The report related Mr. Gutierrez said that output from wells outside of Colombia may climb to 200,000 barrels a day from almost 10,000 barrels now. Ecopetrol SA may spend more than the $6.9 billion earmarked for investment if it finds new acquisition targets, he added. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Outstanding senior unsecured debt at 'BB+'; ECOPETROL SA: First Dividend Payment Slated for April 26 -------------------------------------------------------- Ecopetrol S.A. disclosed that the first payment of COP$31 per share as a dividend for 2010 will be paid from April 26, 2010. The ex-dividend period begins on April 12, 2010. Pursuant to External Circular No. 13 of 1998 of the Securities Superintendence of Colombia, the-ex dividend period consists of 10 stock market business days immediately preceding the relevant dividend payment date. Anyone buying stock during the ex-dividend period will not be entitled to the dividend. Stockholders who are registered holders of shares prior to the beginning of the ex- dividend period will be entitled to the dividend payment from that date. The total dividend payment of COP$91 per share for 2010 was approved by the Company's General Shareholders' Meeting on March 25, 2010, to be paid in three installments of COP$31, COP$30 and COP$30. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Outstanding senior unsecured debt at 'BB+'; ECOPETROL SA: Completes First Phase of STAR Project --------------------------------------------------- Ecopetrol S.A. and Pacific Rubiales Energy completed the first phase of the Synchronized Thermal Additional Recovery or STAR project, and the start of the second phase, as contemplated by the memorandum of understanding or MoU executed between the parties, Datamonitor News reports. According to the report, on the basis of a number of studies and tests, it has reportedly been determined that the Rubiales crude has a stable and controllable ignition point at reservoir conditions, that the fire front thereby generated is stable, and that there is evidence of significant additional recovery potential by using the STAR process at the Rubiales field. The report notes that as part of the second phase of the STAR project contemplated in the MoU, Ecopetrol and Pacific Rubiales will now proceed with the definition of the required parameters for the implementation of the pilot project in the Rubiales field and for next stages of projectsaid. The report discloses that Ronald Pantin, CEO of Pacific Rubiales, said: "We firmly believe that the STAR technology will play a key role in the development of heavy oil reserves in Colombia and at the Rubiales field in particular. "We are very happy to continue to be able to work with our partner Ecopetrol in opening new frontiers for the oil industry in Colombia through the technology being developed as part of STAR," the report quoted Mr. Pantin as saying. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Outstanding senior unsecured debt at 'BB+'; About Pacific Rubiales Pacific Rubiales Energy Corporation produces heavy crude oil. The company focuses on the exploration, development, and production of heavy crude oil in the Llanos Basin of Colombia. * * * As of December 21, 2009, the company continues to carry Standard and Poor's B+ LT Issuer Credit ratings. PACIFIC RUBIALES: Completes First Phase of STAR Project ------------------------------------------------------- Ecopetrol S.A. and Pacific Rubiales Energy completed the first phase of the Synchronized Thermal Additional Recovery or STAR project, and the start of the second phase, as contemplated by the memorandum of understanding or MoU executed between the parties, Datamonitor News reports. According to the report, on the basis of a number of studies and tests, it has reportedly been determined that the Rubiales crude has a stable and controllable ignition point at reservoir conditions, that the fire front thereby generated is stable, and that there is evidence of significant additional recovery potential by using the STAR process at the Rubiales field. The report notes that as part of the second phase of the STAR project contemplated in the MoU, Ecopetrol and Pacific Rubiales will now proceed with the definition of the required parameters for the implementation of the pilot project in the Rubiales field and for next stages of projectsaid. The report discloses that Ronald Pantin, CEO of Pacific Rubiales, said: "We firmly believe that the STAR technology will play a key role in the development of heavy oil reserves in Colombia and at the Rubiales field in particular. "We are very happy to continue to be able to work with our partner Ecopetrol in opening new frontiers for the oil industry in Colombia through the technology being developed as part of STAR," the report quoted Mr. Pantin as saying. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Outstanding senior unsecured debt at 'BB+'; About Pacific Rubiales Pacific Rubiales Energy Corporation produces heavy crude oil. The company focuses on the exploration, development, and production of heavy crude oil in the Llanos Basin of Colombia. * * * As of December 21, 2009, the company continues to carry Standard and Poor's B+ LT Issuer Credit ratings. * COLOMBIA: Fitch Assigns 'BB+' Rating on US$800 Million Bonds -------------------------------------------------------------- Fitch Ratings has assigned a long-term foreign currency rating of 'BB+' to the Republic of Colombia US$800 million Global bond (7.75% coupon) maturing in 2021. The foreign currency rating applies to the new instrument because, while the bond is local currency-denominated, the payment will be made in U.S. dollars. The proceeds of the bond issuance will be used to complete the 2010 international financing plan. The rating is in line with Colombia's foreign currency Issuer Default Rating. Colombia's creditworthiness is underpinned by its record of macroeconomic stability, deft liability management, an unblemished debt service record, comparatively conservative fiscal policies and greater institutional strength in comparison to peers. Furthermore, increased credibility of the macroeconomic policy framework, a strengthened financial system, relatively modest external debt levels, and a flexible exchange rate helped Colombia weather the external shocks emanating from the global financial crisis. These credit strengths, though, are balanced by comparatively high fiscal and external solvency ratios. Colombia also remains vulnerable to external shocks due to limited trade integration, high commodity dependence, and trade exposure to Venezuela. ============= E C U A D O R ============= PETROECUADOR: Government Creates New Hydrocarbons Firm ------------------------------------------------------ President Rafael Correa created Empresa Publica de Hidrocarburos (EP Petroecuador) to replace the state firm Petroecuador, Poder360.com reports. The report relates that the new firm will have financial, administrative, budgetary and management autonomy According to the report, before the period established by the Public Business Law expires for state entities to change their company status, President Rafael Correa issued Executive Order 315, with which he created the new firm Empresa P�blica de Hidrocarburos del Ecuador (EP Petroecuador), which will replace state company Petroecuador. The report relates that the new company will have financial, administrative, budgetary and management autonomy. EP Petroecuador, the report notes, will assume the same goods as its predecessor as well as the same employees. As to Petroecuador's affiliates, these will be administered by a general management board, the report says. The government, the report adds, said the creation of this new firm is intended to maximize the management of strategic sectors, improve the offering of public services, provide sustainable use of natural resources or public goods, and provide for the development of other activities. About Petroecuador Headquartered in Quito, Ecuador, Petroecuador -- http://www.petroecuador.com.ec-- is an international oil company owned by the Ecuador government. It produces crude petroleum and natural gas. * * * As reported in the Troubled Company Reporter-Latin America on December 28, 2009, Dow Jones Newswires said that Ecuadorian President Rafael Correa has authorized naval forces to extend its control of Petroecuador until March as more time was needed for an orderly handover of the company to a new management structure. The report recalled that Petroecuador was declared in a state of emergency two years ago, and the navy has been put in charge of its restructuring. In previous years, Petroecuador, according to published reports, was faced with cash-problems. The state-oil firm has no funds for maintenance, has no funds to repair pumps in diesel, gasoline and natural gas refineries, and has no capacity to pay suppliers and vendors. The government refused to give the much- needed cash alleging inefficiency and non-transparency in Petroecuador's dealings. In 2008, a new management team was appointed to turn around the company's operations. ======= P E R U ======= BANCO INTERNACIONAL: Fitch Assigns Rating on Junior Notes at 'BB' ----------------------------------------------------------------- Fitch Ratings has assigned Banco Internacional del Peru's upcoming 60-year U.S. dollar junior subordinated fixed/floating notes an expected long-term foreign currency rating of 'BB'. The notes -- for an amount to be determined -- will be issued by Interbank; it is management's intention that the debt will be assumed by the bank's planned Panamanian branch, once local regulators approve its license to operate. Principal will mature in 60 years, and interest payments will be made semi-annually during the first 10 years and quarterly afterwards. The notes will carry a fixed interest rate to be set at time of issuance that will become a Libor-based floating interest rate at the end of the 10th year whenever that rate is higher than the initial fixed rate plus a spread to be determined. The final rating is contingent upon the receipt of final documents conforming to information already received. Interbank has a long-term local currency Issuer Default Rating of 'BBB-', and a long-term foreign currency IDR of 'BBB-'. The bank has outstanding subordinated debt in the local market that Fitch does not rate. The expected rating of the junior subordinated notes is notched two notches below the bank's long-term local currency IDR of 'BBB-'. This reflects the notes subordinated status and the fact that the notes rank junior to Interbank's present or future subordinated debt. The securities, which will be recognized by Peru's regulator as Tier I instruments for regulatory capital purposes, will likely be considered as Fitch's class E securities and receive 100% equity- credit under the agency's guidelines regarding its capital assessment approach, reflecting their high loss absorption capacity. Interbank will use the proceeds from the planned issue to sustain its capital ratios at an adequate level as it continues growing in the wake of the global financial crisis. Eligible hybrids and other capital securities (equity like instruments) can only account for 30% of Fitch's definition of eligible capital, which is defined as core capital plus eligible hybrid debt and other capital securities. Interbank is a medium-sized Peruvian bank, fourth in a highly concentrated market with a market share of about 11.2% by assets. A universal bank with a clear bias towards retail banking, Interbank is a top contender in each retail segment and boasts the country's largest ATM network. Interbank is controlled by Intergroup Financial Services which owns 99.3% of its shares. Fitch rates Interbank: -- Foreign currency long-term Issuer Default Rating 'BBB-'; -- Foreign currency short-term IDR 'F3'; -- Local currency long-term IDR 'BBB-'; -- Local currency short-term IDR 'F3'; -- Individual rating 'C'; -- Support rating: '3'; -- Support floor 'BB'. The Rating Outlook is Stable. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 5, to April 9, 2010 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT-$DIS 8.28 12/31/2033 USD 71.27834 ARGENT-PAR 1.18 12/31/2038 ARS 37.0347 ARGENT-=DIS 7.82 12/31/2033 EUR 65.753334 ARGNT-BOCON PR13 2 3/15/2024 ARS 74.76733 BANCO MACRO SA 10.75 6/7/2012 USD 72.259793 BUENOS AIRE PROV 9.625 4/18/2028 USD 72.965577 BRAZIL CESP 9.75 1/15/2015 BRL 71.474982 CAYMAN ISLAND BANIF FIN LTD 3 12/31/2019 EUR 73.615 BARION FUNDING 1.44 12/20/2056 GBP 29.95058 BARION FUNDING 0.63 12/20/2056 GBP 16.792561 BCP FINANCE CO 4.239 #N/A N Ap EUR 72.564777 BCP FINANCE CO 5.543 #N/A N Ap EUR 73.064223 BES FINANCE LTD 6.984 2/7/2035 EUR 72.91335 BISHOPSGATE ASSE 4.808 8/14/2044 GBP 71.54384 CHINA MED TECH 4 8/15/2013 USD 66 CHINA SUNERGY 4.75 6/15/2013 USD 70.625 DUBAI HLDNG COMM 6 2/1/2017 GBP 75.27856 FERTINITRO FIN 8.29 4/1/2020 USD 71.25 INDEPENDENCIA IN 12 12/30/2016 USD 55.266666 MAZARIN FDG LTD 1.44 9/20/2068 GBP 27.493085 PUBMASTER FIN 6.962 6/30/2028 GBP 72.00954 SHINSEI FIN CAYM 6.418 #N/A N Ap USD 71.05 SHINSEI FIN CAYM 6.418 #N/A N Ap USD 71.842114 SHINSEI FINANCE 7.16 #N/A N Ap USD 70.75 SOLARFUN POWER H 3.5 1/15/2018 USD 66.789 PUERTO RICO PUERTO RICO CONS 6.5 4/1/2016 USD 63.375 PUERTO RICO CONS 6.2 5/1/2017 USD 50 VENEZUELA PETROLEOS DE VEN 5.25 4/12/2017 USD 62.736333 PETROLEOS DE VEN 5.375 4/12/2027 USD 50.500934 PETROLEOS DE VEN 5.5 4/12/2037 USD 48.55625 PETROLEOS DE VEN 5 10/28/2015 USD 63.184993 PETROLEOS DE VEN 4.9 10/28/2014 USD 67.823028 PETROLEOS DE VEN 5.125 10/28/2016 USD 60.683537 SIDETUR FINANCE 10 4/20/2016 USD 72.75 VENEZUELA 5.75 2/26/2016 USD 72.93835 VENEZUELA 7 12/1/2018 USD 71.74516 VENEZUELA 7.75 10/13/2019 USD 72.49554 VENEZUELA 6 12/9/2020 USD 63.16114 VENEZUELA 9 5/7/2023 USD 74.99386 VENEZUELA 8.25 10/13/2024 USD 70.41864 VENEZUELA 7.65 4/21/2025 USD 66.7695 VENEZUELA 9.25 5/7/2028 USD 74.93362 VENEZUELA 7 3/31/2038 USD 60.338951 VENEZUELA 7 3/31/2038 USD 59.9 VENZOD - 189000 9.375 1/13/2034 USD 74.884 *********** 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 * * *