/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100413.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, April 13, 2010, Vol. 11, No. 071 Headlines B E R M U D A PROTOSTAR LTD: Creditors Says Bankruptcy Plan 'Unconfirmable' B R A Z I L BANCO PANAMERICANO: Plans to Sell 10-Year Dollar Denominated Bonds BIC BANCO: Plans to Sell 10-Year Dollar Denominated Bonds COSAN SA: Raised to 'Overweight' at Morgan Stanley on Valuation C A Y M A N I S L A N D S ATHENA GUARANTEED: Commences Wind-Up Proceedings AXIS-PAN INC: Commences Liquidation Proceedings BOJOS GROUP: Shareholders Receive Wind-Up Report BOTAFOGO INTERNATIONAL: Commences Wind-Up Proceedings CITCO INTERNATIONAL: Commences Liquidation Proceedings COBALT HOLDINGS: Shareholders Receive Wind-Up Report COMMODITY 3: Shareholders Receive Wind-Up Report CRYSTAL FUND: Shareholder Receives Wind-Up Report DANAH REALTY: Declares Dividend ENMA REALTY: Declares Dividend FOREST HILL: Commences Liquidation Proceedings FOUR CORNERS: Commences Wind-Up Proceedings GENNAKER I: Moody's Takes Rating Actions on Various Classes GLOBAL LEVERAGED: Commences Wind-Up Proceedings IAM MINI-FUND: Commences Liquidation Proceedings JAY INTERNATIONAL: Commences Wind-Up Proceedings JEREMY LIMITED: Commences Wind-Up Proceedings KIERA ASSURANCE: Shareholder Receives Wind-Up Report KIP PRESIDIUM FUND: Forced Into Chapter 7 by Creditors LORIENT SHIPPING: Commences Wind-Up Proceedings MARLIN FUND: Commences Liquidation Proceedings MINU FINANCING: Commences Wind-Up Proceedings MUTHANNA REALTY: Declares Dividend NAUTILUS EXPLORATION: Shareholder Receives Wind-Up Report NICHOLAS INVESTMENTS: Commences Wind-Up Proceedings PGS FOCUS-KINETICS: Commences Liquidation Proceedings PORTFIELDS INVESTMENTS: Commences Wind-Up Proceedings RESIDENTIAL REINSURANCE: Shareholders Receive Wind-Up Report SCOTTBOROUGH INVESTMENTS: Commences Wind-Up Proceedings SONSON LTD: Commences Wind-Up Proceedings TIEDEMANN GLOBAL: Commences Wind-Up Proceedings TIEDEMANN JSB: Commences Wind-Up Proceedings C H I L E * CHILE: Plans First Foreign Bond to Pay for Earthquake Costs C O L O M B I A ECOPETROL SA: Nigeria Grants Patents to Firm J A M A I C A AIR JAMAICA: Transition to Begin April 30/May 1, 2010 AIR JAMAICA: U.S. Snubs Airline Deadline CABLE & WIRELESS: LIME Launches Prepaid Mobile Internet Service UC RUSAL: To Re-Open Ewarton Alumina Refinery * JAMAICA: Taxation Policy Division to Re-Open M E X I C O CEMEX SAB: Proposes New Model for Affordable Housing Development CEMEX SAB: To Invest US$100 Million Cement Plant in Peru CEMEX SAB: S&P Affirms Corporate Credit Rating at 'B' GRUPO TMM: To Post 1Q 2010 Earnings Release on April 30 TUBO DE PASTEJE: Obtains Order Extending Time to File Plan T R I N I D A D & T O B A G O CL FIN'L: CLICO International Life Chief Executive Officer Resigns V E N E Z U E L A BANESCO BANCO: Fitch Affirms Issuer Default Ratings at 'B' PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ============= B E R M U D A ============= PROTOSTAR LTD: Creditors Says Bankruptcy Plan 'Unconfirmable' ------------------------------------------------------------- Bankruptcy Law360 reports that the official committee of unsecured creditors for ProtoStar Ltd. is objecting to the company's Chapter 11 reorganization plan, calling it "both nonconsensual and patently unconfirmable on its face." Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. =========== B R A Z I L =========== BANCO PANAMERICANO: Plans to Sell 10-Year Dollar Denominated Bonds ------------------------------------------------------------------ Banco Panamericano SA and Banco Industrial e Comercial SA (Bic Banco) plan to sell 10-year dollar denominated bonds as early as this month, Guillermo Parra-Bernal at Reuters reports, citing two unnamed sources with direct knowledge of the plans. According to the report, one source said that Banco Panamericano hired the investment-banking units of Banco Bradesco, Itau Unibanco, Standard Bank and UBS to manage the transaction. The report relates that BIC Banco plans to sell so-called Tier 2 subordinated bonds via HSBC, JPMorgan Chase and Standard Chartered. Bloomberg News notes that Brazilian banks are rushing to market to lock in a relatively low yield for bond deals before jitters over a deterioration in sovereign credit quality in Europe further unsettle global credit markets. The report notes that recent offerings by blue-chip Brazilian banks are giving a lift to smaller borrowers such as BIC and Panamericano in the search for funding, as Brazil-focused investors hunt for greater returns on a more diverse risk base. Both Panamericano's and BIC's transactions follow a flurry of offerings by Brazilian banks, which have raised more than US$4 billion from debt sales since November, according to Thomson Reuters data. About Banco Panamericano Banco Panamericano S.A is headquartered in Sao Paulo and had unconsolidated assets of R$7.7 billion (US$4.29 billion) in September 2009. Caixa Econ“mica Federal S.A. is headquartered in Brasilia, and had consolidated total assets of R$341.9 billion (US$190.5 billion) in the third quarter of 2009. * * * As of April 12, 2010, the bank continues to carry Moody's "Ba2" Long term rating, Foreign currency LT Debt rating, LT Bank Deposit ratings, and Subordinate debt rating. The bank also carries a "D" Bank Financial bank strength rating. About Bic Banco Banco Industrial e Comercial SA (Bic Banco) focuses on credit operations to the Middle Market segment. The bank has offices throughout Brazil and Cayman Islands. * * * As of April 12, 2010, the bank continues to carry Moody's "Ba1" Long term rating, Foreign currency LT Debt rating, LT Bank Deposit ratings, and Subordinate debt rating. The bank also carries a "D+" Bank Financial bank strength rating. BIC BANCO: Plans to Sell 10-Year Dollar Denominated Bonds --------------------------------------------------------- Banco Panamericano SA and Banco Industrial e Comercial SA (Bic Banco) plan to sell 10-year dollar denominated bonds as early as this month, Guillermo Parra-Bernal at Reuters reports, citing two unnamed sources with direct knowledge of the plans. According to the report, one source said that Banco Panamericano hired the investment-banking units of Banco Bradesco, Itau Unibanco, Standard Bank and UBS to manage the transaction. The report relates that BIC Banco plans to sell so-called Tier 2 subordinated bonds via HSBC, JPMorgan Chase and Standard Chartered. Bloomberg News notes that Brazilian banks are rushing to market to lock in a relatively low yield for bond deals before jitters over a deterioration in sovereign credit quality in Europe further unsettle global credit markets. The report notes that recent offerings by blue-chip Brazilian banks are giving a lift to smaller borrowers such as BIC and Panamericano in the search for funding, as Brazil-focused investors hunt for greater returns on a more diverse risk base. Both Panamericano's and BIC's transactions follow a flurry of offerings by Brazilian banks, which have raised more than US$4 billion from debt sales since November, according to Thomson Reuters data. About Banco Panamericano Banco Panamericano S.A is headquartered in Sao Paulo and had unconsolidated assets of R$7.7 billion (US$4.29 billion) in September 2009. Caixa Econ“mica Federal S.A. is headquartered in Brasilia, and had consolidated total assets of R$341.9 billion (US$190.5 billion) in the third quarter of 2009. * * * As of April 12, 2010, the bank continues to carry Moody's "Ba2" Long term rating, Foreign currency LT Debt rating, LT Bank Deposit ratings, and Subordinate debt rating. The bank also carries a "D" Bank Financial bank strength rating. About Bic Banco Banco Industrial e Comercial SA (Bic Banco) focuses on credit operations to the Middle Market segment. The bank has offices throughout Brazil and Cayman Islands. * * * As of April 12, 2010, the bank continues to carry Moody's "Ba1" Long term rating, Foreign currency LT Debt rating, LT Bank Deposit ratings, and Subordinate debt rating. The bank also carries a "D+" Bank Financial bank strength rating. COSAN SA: Raised to 'Overweight' at Morgan Stanley on Valuation --------------------------------------------------------------- Eric Martin at Bloomberg News reports that Cosan SA Industria & Comercio was raised to "overweight" from "equal-weight" at Morgan Stanley on April 12, 2010, on valuation. Cosan SA may climb 34% to BR29, Javier Martinez, an analyst at Morgan Stanley, wrote in an April 12, 2010 note obtained by the news agency. The report relates Mr. Martinez said that the company will benefit from a joint venture with Royal Dutch Shell Plc. * * * As reported in the Troubled Company Reporter-Latin America on March 3, 2010, Moody's Investors Service placed the Ba3 corporate family rating for Cosan S.A. Industria e Comercio and its guaranteed senior unsecured debt ratings on review for possible upgrade, following the announcement that the company has entered into a memorandum of understanding with Shell for the formation of two joint ventures to combine the majority of Cosan's businesses with several of Shell's assets in Brazil, including its fuel distribution business. ========================== C A Y M A N I S L A N D S ========================== ATHENA GUARANTEED: Commences Wind-Up Proceedings ------------------------------------------------ Athena Guaranteed Financials Limited commenced wind-up proceedings on January 18, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769-4422 Facsimile: (+1) 345 769-9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach , PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands AXIS-PAN INC: Commences Liquidation Proceedings ----------------------------------------------- Axis-Pan Inc. commenced liquidation proceedings on January 6, 2010. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Christopher P. Meyering 667 Madison Avenue, New York, NY, 10065, USA BOJOS GROUP: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of The Bojos Group Corporation received, on January 29, 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 BOTAFOGO INTERNATIONAL: Commences Wind-Up Proceedings ----------------------------------------------------- Botafogo International Ltd. commenced wind-up proceedings on January 15, 2010. Only creditors who were able to file their proofs of debt by February 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands CITCO INTERNATIONAL: Commences Liquidation Proceedings ------------------------------------------------------ Citco International Fund Services Ltd. commenced liquidation proceedings on December 30, 2009. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 COBALT HOLDINGS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Cobalt Holdings Limited. received, on February 8, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Baraterre Limited c/o Philip Sutcliffe Trident Trust Company (Cayman) Limited Telephone: (345) 949 0880 Facsimile: (345) 949 0881 P.O. Box 847, George Town Grand Cayman KY1-1103 COMMODITY 3: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Commodity 3 Year Guaranteed Fund received, on February 15, 2010, 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 CRYSTAL FUND: Shareholder Receives Wind-Up Report ------------------------------------------------- The sole shareholder of Crystal Fund received, on February 25, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidator is: Linburgh Martin Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KYI-1102 DANAH REALTY: Declares Dividend ------------------------------- Danah Realty Investments, Ltd. declared dividend. Only creditors who were able to file their proofs of debt by March 1, 2010, were included in the company's dividend distribution. The company's liquidators are: Ali O. Al-Ghannam Mohammad Jalal Uddin Waleed M. Mohammed KFH Investment Services, Ltd. Kuwait Finance House International Real Estate Department PO Box 24989, Safat, 13110, Kuwait ENMA REALTY: Declares Dividend ------------------------------ Enma Realty Investments, Ltd. declared dividend. Only creditors who were able to file their proofs of debt by March 1, 2010, were included in the company's dividend distribution. The company's liquidators are: Ali O. Al-Ghannam Mohammad Jalal Uddin Waleed M. Mohammed KFH Investment Services, Ltd. Kuwait Finance House International Real Estate Department PO Box 24989, Safat, 13110, Kuwait FOREST HILL: Commences Liquidation Proceedings ---------------------------------------------- Forest Hill Partners Offshore, Ltd. commenced liquidation proceedings on January 7, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. 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 FOUR CORNERS: Commences Wind-Up Proceedings ------------------------------------------- Four Corners Sentinel Fund, Ltd. commenced wind-up proceedings on January 11, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005, Cayman Islands GENNAKER I: Moody's Takes Rating Actions on Various Classes ----------------------------------------------------------- Moody's Investors Service announced these rating actions on notes issued by Gennaker I CDO Limited, a cash flow CDO backed by a portfolio of structured finance securities. -- US$521,700,000 (US$478,601,122.04 prior to the final distribution) Class A-1A Floating Rate Notes Due 2045 Notes, Downgraded to Caa3; previously on April 23, 2009 Downgraded to B1 -- US$0 Class A-1B Floating Rate Notes Due 2045 Notes, Downgraded to Caa3; previously on April 23, 2009 Downgraded to B1 -- US$25,800,000 Class A-2 Floating Rate Notes Due 2045 Notes, Downgraded to C; previously on April 23, 2009 Downgraded to Caa3 The Class A-1A and A-1B notes are pari passu, however the Class A- 1B notes were never issued. The transaction experienced an event of default on April 16, 2009, and the trustee was directed to liquidate the collateral as a post-event-of-default remedy. Moody's was notified by the trustee that a final distribution of liquidation proceeds has taken place on March 29, 2010. As a result of the liquidation, the Class A-1A notes received US$331.1M out of the outstanding balance of US$478.6M, resulting in a recovery of approximately 70% of the par. All other classes of notes suffered a 100% loss. The rating actions taken reflect the final liquidation distribution and changes in the severity of loss associated with the downgraded notes. Moody's will subsequently withdraw the ratings of all classes of notes due to the liquidation of collateral held by the Issuer. GLOBAL LEVERAGED: Commences Wind-Up Proceedings ----------------------------------------------- Global Leveraged Capital Middle Market CDO II commenced wind-up proceedings on January 13, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands IAM MINI-FUND: Commences Liquidation Proceedings ------------------------------------------------ IAM Mini-Fund 13 Limited commenced liquidation proceedings on January 14, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949-5122 Facsimile: (345) 949-7920 PO Box 1111, Grand Cayman KY1-1102 Cayman Islands JAY INTERNATIONAL: Commences Wind-Up Proceedings ------------------------------------------------ Jay International Ltd. commenced wind-up proceedings on January 15, 2010. Only creditors who were able to file their proofs of debt by February 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands JEREMY LIMITED: Commences Wind-Up Proceedings --------------------------------------------- Jeremy Limited commenced wind-up proceedings on January 11, 2010. Only creditors who were able to file their proofs of debt by February 15, 2010, will be included in the company's dividend distribution. The company's liquidators are: Scott Aitken Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 KIERA ASSURANCE: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Kiera Assurance Company, SPC received, on February 19, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Stuart Jessop 5th Floor, Regatta Office Park, PO Box 2185, Grand Cayman KY1-1105 KIP PRESIDIUM FUND: Forced Into Chapter 7 by Creditors ------------------------------------------------------ Carla Main at Bloomberg News reports that KIP Presidium Fund (Cayman) LP, an affiliate of Knowledge Investment Partners, became the subject of an involuntary Chapter 7 bankruptcy filing (Bankr. N.D. Ohio Case No. 10-13159). According to the report, the April 8 filing against the Beechwood, Ohio-based KIP Presidium (Cayman) was made by Ramius Private Select Ltd. The claims giving rise to the filing are related to purchases by the debtor in 2007 from two affiliate entities of Ramius Private Select Ltd., the petitioning debtor said in court files. The value of the claims wasn't provided in the court filing. The Bloomberg report adds that a related involuntary case was also filed on April 8 in Cleveland (Bankr. N.D. Ohio Case No. 10-13156). In that case, hedge fund KIP Presidium LP, General Partner is the debtor and the petitioning creditor is Sequoia Alternative Investments LP. Knowledge Alternative Investment Partners is a manager of "alternative investments in the education sector," according to a statement issued by the company. LORIENT SHIPPING: Commences Wind-Up Proceedings ----------------------------------------------- Lorient Shipping Management Ltd. commenced wind-up proceedings on January 12, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. The company's liquidator is: Campbell Directors Limited Scotia Centre, 4th Floor P.O. Box 268, Grand Cayman KY1-1104 Cayman Islands Telephone: 345-949-6258 Facsimile: 345-945-2877 MARLIN FUND: Commences Liquidation Proceedings ---------------------------------------------- Marlin Fund Offshore, Ltd commenced liquidation proceedings on January 8, 2010. Only creditors who were able to file their proofs of debt by March 1, 2010, will be included in the company's dividend distribution. 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 MINU FINANCING: Commences Wind-Up Proceedings --------------------------------------------- Minu Financing Ltd. commenced wind-up proceedings on January 15, 2010. Only creditors who were able to file their proofs of debt by February 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands MUTHANNA REALTY: Declares Dividend ---------------------------------- Muthanna Realty Finance, Ltd. declared dividend. Only creditors who were able to file their proofs of debt by March 1, 2010, were included in the company's dividend distribution. The company's liquidators are: Ali O. Al-Ghannam Mohammad Jalal Uddin Waleed M. Mohammed KFH Investment Services, Ltd. Kuwait Finance House International Real Estate Department PO Box 24989, Safat, 13110, Kuwait NAUTILUS EXPLORATION: Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of Nautilus Exploration Limited received, on February 18, 2010, the liquidators' report on the company's wind- up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 NICHOLAS INVESTMENTS: Commences Wind-Up Proceedings --------------------------------------------------- Nicholas Investments Ltd. commenced wind-up proceedings on January 15, 2010. Only creditors who were able to file their proofs of debt by February 15, 2010, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622, Grand Cayman KY1-1203 Cayman Islands PGS FOCUS-KINETICS: Commences Liquidation Proceedings ----------------------------------------------------- PGS Focus-Kinetics Ltd. commenced liquidation proceedings on January 11, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: John Sutlic c/o Kim Charaman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 PORTFIELDS INVESTMENTS: Commences Wind-Up Proceedings ----------------------------------------------------- Portfields Investments Limited commenced wind-up proceedings on January 19, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour West Bay Road, Grand Cayman KY1-1103 RESIDENTIAL REINSURANCE: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Residential Reinsurance 2003 Limited received, on February 19, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Katherine Chiazza Barbara Fawcitt c/o Shaun Geils HSBC Bank (Cayman) Ltd. Telephone: 949-7628 Facsimile: 949-6021 PO Box 1109, Grand Cayman Cayman Islands SCOTTBOROUGH INVESTMENTS: Commences Wind-Up Proceedings ------------------------------------------------------- Scottborough Investments Limited commenced wind-up proceedings on January 19, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour West Bay Road, Grand Cayman KY1-1103 SONSON LTD: Commences Wind-Up Proceedings ----------------------------------------- Sonson Ltd. commenced wind-up proceedings on January 19, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour West Bay Road, Grand Cayman KY1-1103 TIEDEMANN GLOBAL: Commences Wind-Up Proceedings ----------------------------------------------- Tiedemann Global Catalyst Ltd. commenced wind-up proceedings on January 13, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands TIEDEMANN JSB: Commences Wind-Up Proceedings -------------------------------------------- Tiedemann JSB Offshore, Ltd. commenced wind-up proceedings on January 12, 2010. Only creditors who were able to file their proofs of debt by February 22, 2010, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands ========= C H I L E ========= * CHILE: Plans First Foreign Bond to Pay for Earthquake Costs ------------------------------------------------------------- Chile plans to sell international bonds for the first time in six years to help pay for reconstruction after February's earthquake, Ivan Weissman and Sebastian Boyd at Bloomberg News report, citing Finance Minister Felipe Larrain. The report relates Mr. Larrain said that the dollar bonds will have a 10-year maturity. Other terms of the sale will be set in about two months, he added. According to the report, Mr. Larrain said Chile may tap more of those funds to complement the debt sale plans and possible tax increases to cobble together US$9 billion needed for rebuilding after the February 27 earthquake. Chile is "somewhat unique in a sense that is a very high- rated sovereign, which hasn't been issuing for a while," the report quoted Igor Arsenin, a strategist with Credit Suisse AG in New York, as saying. "It has this kind of diversification feature, which some investors will like and there is demand for emerging- market product, which is going to help," he added. Chile's central bank, the report notes, said that the 8.8 magnitude temblor destroyed about 3% of Chile's capital stock and knocked between 1 and 1.5 percentage points from potential economic growth. The report relates Mr. Larrain said that the the total bill for repairs may come to almost US$30 billion of which the government needs to find US$9 billion over four years. Selling bonds abroad may take two or three months and tapping the country's US$11 billion of copper savings would be quicker, he added. =============== C O L O M B I A =============== ECOPETROL SA: Nigeria Grants Patents to Firm -------------------------------------------- The government of Nigeria has granted two invention patents to Ecopetrol SA for the development of tools and equipment to reduce oil theft in hydrocarbon transportation lines, adding up to 25 patents for the company, 19 of which are still in effect. The first patent corresponds to a "Tool for the secure removal of valves installed on fluid tubes". The second patent was granted for the design of the "Dosage equipment and procedure for the stoppage of derivations in fluid transportation ducts based on such equipment." These systems were implemented by Ecopetrol at the beginning of the 2000's with excellent results for the company, which went from registering 7,200 stolen barrels of fuel per day in its systems to approximately 300 barrels per day currently, in a strategy that combined technology, security and judicial procedures. Both patents will be valid for a 20-year period, during which no institution or government many use them without the due licenses granted by Ecopetrol. These patents reinforce the technological advantages associated with the "Improvement in hydrocarbon transportation" program, lead by the Colombian Oil Institute for Ecopetrol. These tools are also being patented in Colombia, Mexico, United States, Ecuador, India and Russia. 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+'; ============= J A M A I C A ============= AIR JAMAICA: Transition to Begin April 30/May 1, 2010 ----------------------------------------------------- Jamaica Minister of Finance Audley Shaw said that the decision to push back the transition date for the Caribbean Airlines to begins its take over of Air Jamaica Limited was mutual, Go-Jamaica News reports. According to the report, Mr. Shaw said that the plan is pushed through to April 30/ May 1, 201. The report relates that Air Jamaica will continue to operate its routes, under the management of Caribbean Airlines until it morphs into Caribbean Airlines. Mr. Shaw, the report discloses, said that the date change was mutually agreed on by both parties, who are still in consultation with the United States and Canadian Departments of Transport, from whom they must get permission. Since the date has been moved from April 12 to April 30, the new date for the redundancy of Air Jamaica's staff is now April 30, 2010, he added, the report relates. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AIR JAMAICA: U.S. Snubs Airline Deadline ---------------------------------------- The United States Department of Transportation has failed to grant a desperate request from Air Jamaica Limited by April 5, 2010, that would have allowed the airline an easier transition to ownership by Trinidad-based Caribbean Airlines Limited, Jamaica Observer reports. The report relates that the government has dispatched a team to Washington to try to convince the Department to renegotiate Jamaica's current Open Skies Agreement, giving Caribbean Airlines the right to operate on routes the Jamaican airline currently flies. According to the report, the technical team failed to get the Americans' approval to grant the airline on its March 24 request. As reported in the Troubled Company Reporter-Latin America on April 6, 2010, Jamaica Observer said that on March 24, 2010, the airline wrote to the DOT asking for permission to continue to operate on the terms of its existing authority during the six-to- 12-month transition period expected under the divestment agreement with Caribbean Airlines Limited, which is to take effect on April 12, 2010. The report related failing that permission, Air Jamaica is asking the Americans for an urgent waiver of the DOT's standard ownership and control policy, for it to maintain services for the one-year period under its Transitional Services Agreement with Caribbean Airlines. "Air Jamaica respectfully requests the Department's expedited consideration of the matters raised in this letter, with a definitive DOT determination by no later than April 5, 2010," the airline's Washington-based counsel, George Carneal, wrote in a letter obtained by the news agency. The Observer says that speculation was rife that with the extradition dispute over Jamaica's refusal to hand over Tivoli Gardens strongman Christopher 'Dudus' Coke -- to face charges of gun and drug trafficking -- the U.S. would use the occasion to tighten the screws. However, the Observer relates, Information Minister Daryl Vaz said that the team currently in Washington was reporting that the negotiations were going well. Meanwhile, the report says Mr. Vaz explained that Cabinet had approved an Open Skies policy for negotiation of future and renegotiation of the current air service agreement between Jamaica and other states. With respect to the route schedule, there would be no restriction in regard to route and traffic rights, frequency of service or capacity, Mr. Vaz added. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. CABLE & WIRELESS: LIME Launches Prepaid Mobile Internet Service --------------------------------------------------------------- Lime (formerly Cable & Wireless Jamaica), a unit of Cable & Wireless plc, is expanding the scope of its Internet service with the launch of Prepaid Mobile Internet which offers customers wireless internet service with a flexible pay-as-you-go option, Jamaica Observer reports. According to the report, the service, which is available island- wide, allows customers to use USB modems to access wireless Internet service so they can connect to the web while on the go using laptops, netbooks and other devices. The report relates that the Prepaid Mobile Internet will also allow customers to access the Internet from data enabled mobile handsets including BlackBerry devices and other smartphones. "With today's active lifestyles there is a heavy demand for Internet connectivity on the go and now LIME's customers can enjoy the convenience of wireless Internet service with the flexibility of a prepaid option," the report quoted Geoff Houston, LIME Managing Director for Jamaica and Cayman, as saying. About LIME Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/-- provides national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1" senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-"long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. UC RUSAL: To Re-Open Ewarton Alumina Refinery --------------------------------------------- Russian aluminium giant UC Rusal said that it will re-open one of its local plants on June 1, RadioJamaica reports. The report relates that the company said that it will restart the Ewarton alumina refinery which is owned by its joint venture with the Jamaican Government. According to the report, the plant was shut down in March 2009 as part of cost reduction measures. The report notes that last month, UC Rusal said it was planning to restart one area of its local operations by this summer but did not give specifics. The report notes that UC Rusal's announcement is a glimmer of hope for the local bauxite/alumina sector which has been hit hard by the closure of refineries due to the downturn in the demand for aluminium on the world market. * JAMAICA: Taxation Policy Division to Re-Open ---------------------------------------------- The Taxation Policy Division in the Ministry of Finance is to re-open on April 12, 2020, after being closed for more than a week to facilitate a police investigation into alleged irregularities, RadioJamaica reports. According to the report, the division was closed after it was discovered that fraud was being committed in the issuing of tax waivers and concessionary letters amounting to million of dollars. The report relates Finance Minister Audley Shaw said that the irregularities spanned several years. The report notes that a senior director of the Ministry is reportedly under investigation. The closure, the report says, resulted in the suspension of waivers as well as letters granting tax concessions. * * * According to the TCRLA on January 18, 2010, Fitch Ratings downgraded Jamaica's long-term local currency rating to 'C' from 'CCC'. In addition, Fitch has affirmed Jamaica's long-term and short-term foreign currency ratings at 'CCC' and 'C' respectively, and affirmed the Country Ceiling at 'B-'. Jamaica's sovereign ratings Outlook remains Negative =========== M E X I C O =========== CEMEX SAB: Proposes New Model for Affordable Housing Development ---------------------------------------------------------------- CEMEX, S.A.B. de C.V. proposed a new model for the development of affordable housing at the World Economic Forum on Latin America 2010 held in Cartagena de Indias, Colombia. Jesus Gonzalez, president of CEMEX in Central America, presented this proposal at the session "Eradicating Housing Deficits." Gonzalez contributed to the round table on strategies for reducing the housing deficit in developing countries by proposing a new strategy based on CEMEX's successful experiences in providing affordable housing solutions. Mr. Gonzalez argued that the problems facing many low-income families, including the poor condition of self-constructed homes, common irregularities in land titles, the high cost of urbanization in relation to the average income, and the escalating housing deficit, are a result, in part, of ineffective paradigms. CEMEX's proposal is based on the notion that lower-income individuals are capable of generating savings to pay for their own house. "Through our Patrimonio Hoy program, we have been able to recognize that with the right assistance, a family and an entire community can put aside the necessary funds to keep up with their payment commitments," Mr. Gonzalez explained, rejecting the belief that low-income populations have no saving capabilities. This new model set forth by CEMEX seeks to establish rent schemes as a viable alternative to homeownership. This new view implies that public policies be reformed to balance the protection of the interests of landlords and tenants, promoting ownership patterns based on associations and cooperatives, and allow the opportunity for lease-to-own options. Another barrier to overcome is the need to build housing faster while simultaneously reducing costs through innovative solutions. "There are new construction techniques, for example, using frames for concrete construction that allow for the basic structure of a house to be ready in four days", Mr. Gonzalez said. This must be complemented by government initiatives that cut red tape in construction permits. Colombia, Guatemala, Honduras and Panama have already made significant strides in this regard, reducing costs and turnaround of new projects significantly. The last idea highlighted by CEMEX is that low-income housing projects are attractive for developers. Mr. Gonzalez commented that "large companies and developers have come together bringing resources, technology and know-how to the benefit of the housing sector". In this regard, Colombia and Mexico are both prime examples. "Alleviating the housing deficit that prevails in Latin America requires a joint effort between the public and private sectors as well as NGO's. We must build new alliances between governments, developers, financial entities, and communities to develop significant housing projects" he finalized. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As of March 8, 2010, the company continues to carry Standard and Poor's "B" LT Issuer credit ratings. The company also continues to carry Fitch rating's "B" LT Issuer Default ratings and "B+" Currency LT Debt ratings. Cemex is seeking US$1.3 billion in compensation for the seizure of its assets. The government of President Hugo Chavez has offered about a third of that. The flare-up in relations between Venezuela and Cemex does not bode well for the Monterrey-based cement maker's efforts to win back money it badly needs to pay off debt, analysts say. Cemex hopes to use compensation from Venezuela to reduce its US$15 billion debt load as it struggles with slumping U.S. and European cement volumes due to the global recession and a collapse in construction activity worldwide. Cemex took on big debts to finance its acquisition of Australia's Rinker in 2007, just before the U.S. housing crisis broke. CEMEX SAB: To Invest US$100 Million Cement Plant in Peru -------------------------------------------------------- CEMEX, S.A.B. de C.V. said it will invest US$100 million in a cement plant in Peru as a way to expand its presence in the country, The Associated Press reports. The report relates that Cemex SAB said that it will invest the money with the Blue Rock Cement Holdings investment fund, which will build the US$230 million plant. According to the report, Cemex SAB said the plant should be completed by 2013 and will have an initial production capacity of 1 million tons per year. The report relates Peru's construction industry has seen an annual growth of more than 10% over the past few years. CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As of March 8, 2010, the company continues to carry Standard and Poor's "B" LT Issuer credit ratings. The company also continues to carry Fitch rating's "B" LT Issuer Default ratings and "B+" Currency LT Debt ratings. Cemex is seeking US$1.3 billion in compensation for the seizure of its assets. The government of President Hugo Chavez has offered about a third of that. The flare-up in relations between Venezuela and Cemex does not bode well for the Monterrey-based cement maker's efforts to win back money it badly needs to pay off debt, analysts say. Cemex hopes to use compensation from Venezuela to reduce its US$15 billion debt load as it struggles with slumping U.S. and European cement volumes due to the global recession and a collapse in construction activity worldwide. Cemex took on big debts to finance its acquisition of Australia's Rinker in 2007, just before the U.S. housing crisis broke. CEMEX SAB: S&P Affirms Corporate Credit Rating at 'B' ----------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its ratings on Cemex S.A.B. de C.V. and three key subsidiaries, including the 'B' corporate credit rating on the company. The outlook is positive. At the same time, S&P assigned a 'B' foreign currency issue-level rating (at the same level as the corporate credit rating on the company) to Cemex's proposed fixed-rate, senior secured notes for up to EUR525 million (due 2018) and $1.50 billion (due 2020). S&P also assigned the notes a recovery rating of '3', indicating expectation of substantial (50% to 70%) recovery in the event of a payment default. The company is offering the proposed secured notes in exchange for its perpetual debentures, with a total outstanding of approximately $3 billion. S&P affirmed the ratings on Cemex's perpetual debentures at 'B-'. "S&P's ratings on Cemex and three subsidiaries reflect the company's concentration of cash flow in its key operating markets and low cash flow generation compared with its debt," said Standard & Poor's credit analyst Juan Pablo Becerra. "However, the ratings also incorporate the group's leading position in the global cement, concrete, aggregates, and ready-mix businesses; proven turnaround experience; operating efficiency; and aggressive financial policy, as past acquisitions illustrate." S&P has equalized its ratings on Cemex Mexico S.A. de C.V., Cemex Inc., and Cemex Espana S.A. with its ratings on Cemex because of the strategic importance of each of these subsidiaries to the group. S&P has also equalized the ratings on Rinker Group Ltd. with those on Cemex. On April 5, 2010, Cemex announced an exchange offer of its currently outstanding perpetual debentures. Although it is offering this exchange at a significant discount from par value of the existing debentures -- 68% to 72% of par -- S&P doesn't view it as a distressed exchange offer," said Mr. Becerra. "S&P believes that the terms and conditions on Cemex's proposed notes, such as a significantly higher interest rate, improved ranking, and a fixed maturity date, help compensate for the loss of par value." Furthermore, and according to its criteria, S&P views this exchange offer as opportunistic, given that S&P does not expect Cemex to face insolvency or bankruptcy in the near-to- medium term if the offer is not accepted. The current rating reflects S&P's expectation that Cemex will improve its volumes and free operating cash flow generation during 2010, due to expected better conditions in the global economy. GRUPO TMM: To Post 1Q 2010 Earnings Release on April 30 ------------------------------------------------------- Grupo TMM S.A.B. will publish first-quarter 2010 financial results on Friday, April 30. TMM's management will host a conference call and Webcast to review financial and operational highlights on Monday, May 3, 2010, at 11:00 a.m. Eastern time. To participate in the conference call, please dial (888) 471-3828 (domestic) or (719) 325-2406 (international) at least five minutes prior to the start of the event. Accompanying visuals and a simultaneous Webcast of the meeting will be available at http://www.visualwebcaster.com/event.asp?id=67826. A replay of the conference call will be available through May 17 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719) 457-0820, and entering passcode 4179301. On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=67826. About Grupo TMM Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin American multimodal transportation and logistics company. Through its branch offices and network of subsidiary companies, TMM provides a dynamic combination of ocean and land transportation services. As reported in the Troubled Company Reporter-Latin America on July 17, 2008, Grant Thornton, S.C., raised substantial doubt about the ability of Grupo TMM, S.A.B, to continue as a going concern after it audited the company's financial statements for the year ended Dec. 31, 2007. The auditing firm pointed to the company's sustained substantial losses from continuing operations during the past five years. TUBO DE PASTEJE: Obtains Order Extending Time to File Plan ---------------------------------------------------------- Carla Main at Bloomberg News reports that Tubo de Pasteje SA de CV and affiliate Cambridge-Lee Holdings, Inc. got an extension from Judge Kevin J. Carey for the U.S. Bankruptcy Court for the District of Delaware on their exclusive periods to file a plan of reorganization and solicit support for it. The Debtors now have until Oct. 7 to file a plan of reorganization and they may solicit support for the plan from creditors up until Dec. 6. Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc. filed Chapter 11 petitions December 7, 2009 (Bankr. D. Del. Case No. 09-14353) following a Nov. 15 payment default on US$200 million in 11.5% senior notes due 2016. Tubo and its subsidiary filed for Chapter 11 protection when the 30-day grace period was nearing its end. Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de CV, a manufacturer of copper and electrical products. The U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania. IUSA is the issuer of the notes which were secured by a pledge of the stock of Cambridge-L =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: CLICO International Life Chief Executive Officer Resigns ------------------------------------------------------------------ Leroy Parris, chairman of CLICO Holdings (Barbados) Limited, disclosed his retirement from office on Wednesday, April 7, 2001, Caribbean360.com reports. The report relates Mr. Parris cited "pressure" as a factor in his decision. According to the report, Mr. Parris said that he was retiring as Chief Executive Officer of CLICO International Life with effect from July 1, 2010. The report relates that Mr. Parris would hold on as chairman of the other companies under CLICO's Barbados portfolio "until any changes are being made". Caribbean360.com notes that Mr. Parris, who has been with Clico for over 30 years and has been the face of the Barbados operations for many of those years, follows the growing trend of executive departures witnessed across the Trinidad operations of Clico parent-company CL Financial so far this year. 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 US$6 billion and US$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. ================= V E N E Z U E L A ================= BANESCO BANCO: Fitch Affirms Issuer Default Ratings at 'B' ---------------------------------------------------------- Fitch Ratings has affirmed and simultaneously withdrawn all ratings for Venezuela-based Banesco Banco Universal: -- Long-term foreign and local currency Issuer Default Ratings at 'B'; Outlook Stable; -- Short-term foreign and local currency rating at 'B'; -- Individual at 'D'; -- Support at 5; -- Long-term National rating at 'A-(ven)'; -- Short-term National rating at 'F-2(ven)'; -- Support Floor at NF. At the end of 2009, BBU remains Venezuela's largest bank in terms of funds under management (assets plus investment funds), with a market share of around 12%. BBU's capital is directly or indirectly controlled by Banesco Holding (79%), which is majority owned by its founder, Juan Carlos Escotet. Fitch will no longer provide rating coverage for BBU. PETROLEOS DE VENEZUELA: Assembly OKs Establishment of Petromiranda ------------------------------------------------------------------ The Official Gazette No. 39,393 disclosed that the National Assembly approved the establishment of the Joint Venture Petromiranda, formed between Petroleos de Venezuela SA (PDVSA), through the Venezuelan Petroleum Corporation, and the Russian National Oil Consortium to operate in the Block Junin 6 of the Orinoco Oil Belt. Petromiranda will be governed by the Simon Bolivar National Development Plan, First Socialist Plan 2007-2013 as well as the Orinoco Socialist Project, through which it is ensure that the steps undertaken by companies working in the Orinoco Oil Belt are set to the needs of the country, in order to guarantee national sovereignty and movement towards the consolidation of socialism. On April 2, 2010, during a visit to Venezuela, the Prime Minister of the Russian Federation, Vladimir Putin, signed in the presence of the President of the Bolivarian Republic of Venezuela, Hugo Chavez, the agreement between the People's Ministry for Energy and Petroleum and National Oil Consortium to pay the participation bond to form the joint venture Petromiranda, with the aim of jointly exploiting the block Junin 6 of the Orinoco Oil Belt and to develop oil and social infrastructure projects. With a shareholding of 60% for the Venezuelan state and 40% for the Russian consortium, Petromiranda will develop primary activities in the oil sector under Article 9 of the Organic Law of Hydrocarbons. In an area of 447.86 square kilometers, which will be define by a decision from the People's Ministry for Energy and Petroleum, in which the new joint venture will be able to produce up to an annual average of 450,000 barrels of heavy oil. Additionally, the joint venture will undertake on secondary recovery activities in order to achieve the planned production profile for the defined area development plan. Petromiranda could also develop upgrading activities for heavy and extra heavy oil; make mixes of various grades of upgraded crude products, as well as storage and transportation of the hydrocarbons produced. Like the other projects in the Orinoco Oil Belt, this new company will honor the payment of royalties and taxes required by law and it is committed to participate in projects that will result in improving the population quality of life, especially on roads and housing, as well as works of structural impact for the benefit of all Venezuelans. Also, it will develop and implement principles of preservation of cultural and biological diversity, and strive to minimize environmental impact in their activities. Petromiranda may conduct the activities pointed out during the period of 25 years from the publication date in the Official Gazette. This period could be renew for 15 years in the case that the upgrader, that will be built in Soledad, Anzoategui state, was put into operations and found itself functioning as provided in the joint venture development plan and once the compliance with the investment program in the development plan was verified. PDVSA, as the one carrying out the Bolivarian government's oil policy, plans and sets strategies to the development of oil activities that honor the safeguarding of national sovereignty, strengthen cooperation among peoples and builds socialism. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As of March 8, 2010, the company continues to carry Moody's "Ba1" LC Curr Issuer rating. The company also continues to carry Standard and Poor's "B+" LT Issuer credit ratings. =============== X X X X X X X X =============== * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------------ ------- ARGENTINA SOC COMERCIAL PL SCDPF US 117956834.8 -250298760 SNIAFA SA-B SDAGF US 11229696.22 -2670544.88 SOC COMERCIAL PL CAD IX 117956834.8 -250298760 SOC COMERCIAL PL CVVIF US 117956834.8 -250298760 SOC COMERCIAL PL CADN EO 117956834.8 -250298760 COMERCIAL PL-ADR SCPDS LI 117956834.8 -250298760 SOC COMERCIAL PL COME AR 117956834.8 -250298760 SOC COMERCIAL PL CADN SW 117956834.8 -250298760 COMERCIAL PLA-BL COMEB AR 117956834.8 -250298760 COMERCIAL PL-C/E COMEC AR 117956834.8 -250298760 COMERCIAL PLAT-$ COMED AR 117956834.8 -250298760 SNIAFA SA SNIA AR 11229696.22 -2670544.88 SNIAFA SA-B SNIA5 AR 11229696.22 -2670544.88 IMPSAT FIBER NET IMPTQ US 535007008 -17165000 IMPSAT FIBER NET 330902Q GR 535007008 -17165000 IMPSAT FIBER NET XIMPT SM 535007008 -17165000 IMPSAT FIBER-CED IMPT AR 535007008 -17165000 IMPSAT FIBER-C/E IMPTC AR 535007008 -17165000 IMPSAT FIBER-$US IMPTD AR 535007008 -17165000 IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000 BRAZIL DOC IMBITUBA-RTP IMBI2 BZ 114896167.4 -16783228.4 TELECOMUNICA-ADR 81370Z BZ 248609064.5 -9345005.13 FABRICA TECID-RT FTRX1 BZ 65955223.63 -56330080.2 PROMAN PRMN3B BZ 13486222.68 -113662.457 TEKA-ADR TEKAY US 236758336.6 -334535567 BOMBRIL BMBBF US 300229620 -120551090 TELEBRAS-PF RCPT CBRZF US 248609064.5 -9345005.13 TEKA TKTQF US 236758336.6 -334535567 TEKA-PREF TKTPF US 236758336.6 -334535567 REII INC REIC US 16631180 -1448544 PET MANG-RIGHTS RPMG1 BZ 97015785.16 -251755220 PET MANG-RIGHTS RPMG2 BZ 97015785.16 -251755220 PET MANG-RECEIPT RPMG9 BZ 97015785.16 -251755220 PET MANG-RECEIPT RPMG10 BZ 97015785.16 -251755220 MMX MINERACAO TRES3 BZ 981664767.8 -207254300 MMX MINERACA-GDR MMXMY US 981664767.8 -207254300 SANESALTO SNST3 BZ 27381496.74 -870175.96 B&D FOOD CORP BDFCE US 16631180 -1448544 BOMBRIL-RGTS PRE BOBR2 BZ 300229620 -120551090 BOMBRIL-RIGHTS BOBR1 BZ 300229620 -120551090 MMX MINERACA-GDR XMM CN 981664767.8 -207254300 TELEBRAS/W-I-ADR TBH-W US 248609064.5 -9345005.13 MMX MINERACA-GDR 3M11 GR 981664767.8 -207254300 LAEP-BDR MILK11 BZ 446499199.2 -70952298.9 LAEP INVESTMENTS LEAP LX 446499199.2 -70952298.9 MMX MINERACAO MMXCF US 981664767.8 -207254300 BALADARE BLDR3 BZ 144928980.8 -33970462.8 TEXTEIS RENAU-RT TXRX1 BZ 58969047.84 -91550951.9 TEXTEIS RENAU-RT TXRX2 BZ 58969047.84 -91550951.9 TEXTEIS RENA-RCT TXRX9 BZ 58969047.84 -91550951.9 TEXTEIS RENA-RCT TXRX10 BZ 58969047.84 -91550951.9 TELEBRAS SA-RT TELB9 BZ 248609064.5 -9345005.13 GASCOIGNE EMP-PF GASC4 BZ 1123596482 -536003486 ALL MALHA PAULIS GASC3 BZ 1123596482 -536003486 CIA PETROLIF-PRF MRLM4 BZ 377602195.2 -3014291.72 CIA PETROLIFERA MRLM3 BZ 377602195.2 -3014291.72 NOVA AMERICA SA NOVA3 BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527 PROMAN PRMN3 BZ 13486222.68 -113662.457 B&D FOOD CORP BDFC US 16631180 -1448544 MMX MINERACAO-RT MMXM1 BZ 981664767.8 -207254300 MMX MINERACA-RCT MMXM9 BZ 981664767.8 -207254300 TELEBRAS SA TELB3 BZ 248609064.5 -9345005.13 TELEBRAS SA TLBRON BZ 248609064.5 -9345005.13 TELEBRAS SA TBASF US 248609064.5 -9345005.13 TELEBRAS SA-PREF TELB4 BZ 248609064.5 -9345005.13 TELEBRAS SA-PREF TLBRPN BZ 248609064.5 -9345005.13 TELEBRAS-ADR TBAPY US 248609064.5 -9345005.13 TELEBRAS-ADR TBRAY GR 248609064.5 -9345005.13 TELEBRAS-CEDE PF RCTB4 AR 248609064.5 -9345005.13 TELEBRAS-CED C/E RCT4C AR 248609064.5 -9345005.13 TELEBRAS-CEDEA $ RCT4D AR 248609064.5 -9345005.13 TELEBRAS-CEDE BL RCT4B AR 248609064.5 -9345005.13 TELEBRAS-ADR TBH US 248609064.5 -9345005.13 TELEBRAS-ADR TBX GR 248609064.5 -9345005.13 TELEBRAS-ADR RTB US 248609064.5 -9345005.13 TELEBRAS-ADR TBASY US 248609064.5 -9345005.13 TELEBRAS-RCT PRF TELB10 BZ 248609064.5 -9345005.13 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-9345005.13 TELEBRAS-BLOCK TELB30 BZ 248609064.5 -9345005.13 TELEBRAS-PF BLCK TELB40 BZ 248609064.5 -9345005.13 TELEBRAS-CEDEA $ TEL4D AR 248609064.5 -9345005.13 ARTHUR LANGE ARLA3 BZ 11642255.92 -17154461.9 ARTHUR LANGE SA ALICON BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ARLA4 BZ 11642255.92 -17154461.9 ARTHUR LANGE-PRF ALICPN BZ 11642255.92 -17154461.9 ARTHUR LANG-RT C ARLA1 BZ 11642255.92 -17154461.9 ARTHUR LANG-RT P ARLA2 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC C ARLA9 BZ 11642255.92 -17154461.9 ARTHUR LANG-RC P ARLA10 BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD C ARLA11 BZ 11642255.92 -17154461.9 ARTHUR LAN-DVD P ARLA12 BZ 11642255.92 -17154461.9 BOMBRIL BOBR3 BZ 300229620 -120551090 BOMBRIL CIRIO SA BOBRON BZ 300229620 -120551090 BOMBRIL-PREF BOBR4 BZ 300229620 -120551090 BOMBRIL CIRIO-PF BOBRPN BZ 300229620 -120551090 BOMBRIL SA-ADR BMBPY US 300229620 -120551090 BOMBRIL SA-ADR BMBBY US 300229620 -120551090 CAF BRASILIA CAFE3 BZ 20168618.46 -728730286 CAFE BRASILIA SA CSBRON BZ 20168618.46 -728730286 CAF BRASILIA-PRF CAFE4 BZ 20168618.46 -728730286 CAFE BRASILIA-PR CSBRPN BZ 20168618.46 -728730286 CHIARELLI SA CCHI3 BZ 22274026.77 -44537138.2 CHIARELLI SA CCHON BZ 22274026.77 -44537138.2 CHIARELLI SA-PRF CCHI4 BZ 22274026.77 -44537138.2 CHIARELLI SA-PRF CCHPN BZ 22274026.77 -44537138.2 DOC IMBITUBA IMBI3 BZ 114896167.4 -16783228.4 DOCAS IMBITUBA IMBION BZ 114896167.4 -16783228.4 DOC IMBITUB-PREF IMBI4 BZ 114896167.4 -16783228.4 DOCAS IMBITUB-PR IMBIPN BZ 114896167.4 -16783228.4 SCHLOSSER SCLO3 BZ 11745600.44 -75930514.2 SCHLOSSER SA SCHON BZ 11745600.44 -75930514.2 SCHLOSSER-PREF SCLO4 BZ 11745600.44 -75930514.2 SCHLOSSER SA-PRF SCHPN BZ 11745600.44 -75930514.2 CONST A LINDEN CALI3 BZ 11147512.97 -15979177 CONST A LINDEN LINDON BZ 11147512.97 -15979177 CONST A LIND-PRF CALI4 BZ 11147512.97 -15979177 CONST A LIND-PRF LINDPN BZ 11147512.97 -15979177 DOCA INVESTIMENT DOCA3 BZ 88417960.92 -18059127.9 DOCAS SA DOCAON BZ 88417960.92 -18059127.9 DOCA INVESTI-PFD DOCA4 BZ 88417960.92 -18059127.9 DOCAS SA-PREF DOCAPN BZ 88417960.92 -18059127.9 DOCAS SA-RTS PRF DOCA2 BZ 88417960.92 -18059127.9 ACO ALTONA EALT3 BZ 84614947.94 -14270921.5 ACO ALTONA SA EAAON BZ 84614947.94 -14270921.5 ACO ALTONA-PREF EALT4 BZ 84614947.94 -14270921.5 ACO ALTONA-PREF EAAPN BZ 84614947.94 -14270921.5 FABRICA RENAUX FTRX3 BZ 65955223.63 -56330080.2 FABRICA RENAUX FRNXON BZ 65955223.63 -56330080.2 FABRICA RENAUX-P FTRX4 BZ 65955223.63 -56330080.2 FABRICA RENAUX-P FRNXPN BZ 65955223.63 -56330080.2 HAGA HAGA3 BZ 16483114.08 -62923102 FERRAGENS HAGA HAGAON BZ 16483114.08 -62923102 FER HAGA-PREF HAGA4 BZ 16483114.08 -62923102 FERRAGENS HAGA-P HAGAPN BZ 16483114.08 -62923102 TECEL S JOSE SJOS3 BZ 17924946.14 -18569451.2 TECEL S JOSE FTSJON BZ 17924946.14 -18569451.2 TECEL S JOSE-PRF SJOS4 BZ 17924946.14 -18569451.2 TECEL S JOSE-PRF FTSJPN BZ 17924946.14 -18569451.2 CIMOB PARTIC SA GAFP3 BZ 36817394.78 -33083086.5 CIMOB PARTIC SA GAFON BZ 36817394.78 -33083086.5 CIMOB PART-PREF GAFP4 BZ 36817394.78 -33083086.5 CIMOB PART-PREF GAFPN BZ 36817394.78 -33083086.5 GAZOLA GAZO3 BZ 12452143.07 -40298506.3 GAZOLA SA GAZON BZ 12452143.07 -40298506.3 GAZOLA-PREF GAZO4 BZ 12452143.07 -40298506.3 GAZOLA SA-PREF GAZPN BZ 12452143.07 -40298506.3 GAZOLA-RCPTS CMN GAZO9 BZ 12452143.07 -40298506.3 GAZOLA-RCPT PREF GAZO10 BZ 12452143.07 -40298506.3 GAZOLA SA-DVD CM GAZO11 BZ 12452143.07 -40298506.3 GAZOLA SA-DVD PF GAZO12 BZ 12452143.07 -40298506.3 IGB ELETRONICA IGBR3 BZ 145256033.3 -273857292 GRADIENTE ELETR IGBON BZ 145256033.3 -273857292 GRADIENTE-PREF A IGBR5 BZ 145256033.3 -273857292 GRADIENTE EL-PRA IGBAN BZ 145256033.3 -273857292 GRADIENTE-PREF B IGBR6 BZ 145256033.3 -273857292 GRADIENTE EL-PRB IGBBN BZ 145256033.3 -273857292 GRADIENTE-PREF C IGBR7 BZ 145256033.3 -273857292 GRADIENTE EL-PRC IGBCN BZ 145256033.3 -273857292 HERCULES HETA3 BZ 11597351.7 -168514681 HERCULES SA HERTON BZ 11597351.7 -168514681 HERCULES-PREF HETA4 BZ 11597351.7 -168514681 HERCULES SA-PREF HERTPN BZ 11597351.7 -168514681 RENAUXVIEW SA TXRX3 BZ 58969047.84 -91550951.9 TEXTEIS RENAUX RENXON BZ 58969047.84 -91550951.9 RENAUXVIEW SA-PF TXRX4 BZ 58969047.84 -91550951.9 TEXTEIS RENAUX RENXPN BZ 58969047.84 -91550951.9 PARMALAT LCSA3 BZ 388720052.3 -213641144 PARMALAT BRASIL LCSAON BZ 388720052.3 -213641144 PARMALAT-PREF LCSA4 BZ 388720052.3 -213641144 PARMALAT BRAS-PF LCSAPN BZ 388720052.3 -213641144 PARMALAT BR-RT C LCSA5 BZ 388720052.3 -213641144 PARMALAT BR-RT P LCSA6 BZ 388720052.3 -213641144 ESTRELA SA ESTR3 BZ 61011893.59 -54580283.6 ESTRELA SA ESTRON BZ 61011893.59 -54580283.6 ESTRELA SA-PREF ESTR4 BZ 61011893.59 -54580283.6 ESTRELA SA-PREF ESTRPN BZ 61011893.59 -54580283.6 RIOSULENSE SA RSUL3 BZ 61902901.69 -11292932.5 RIOSULENSE SA RSULON BZ 61902901.69 -11292932.5 RIOSULENSE SA-PR RSUL4 BZ 61902901.69 -11292932.5 RIOSULENSE SA-PR RSULPN BZ 61902901.69 -11292932.5 WETZEL SA MWET3 BZ 81918484.19 -8800803.64 WETZEL SA MWELON BZ 81918484.19 -8800803.64 WETZEL SA-PREF MWET4 BZ 81918484.19 -8800803.64 WETZEL SA-PREF MWELPN BZ 81918484.19 -8800803.64 MINUPAR MNPR3 BZ 64999715.99 -103795048 MINUPAR SA MNPRON BZ 64999715.99 -103795048 MINUPAR-PREF MNPR4 BZ 64999715.99 -103795048 MINUPAR SA-PREF MNPRPN BZ 64999715.99 -103795048 NORDON MET NORD3 BZ 15498217.36 -20133536.7 NORDON METAL NORDON BZ 15498217.36 -20133536.7 NORDON MET-RTS NORD1 BZ 15498217.36 -20133536.7 NOVA AMERICA SA NOVA3B BZ 21287489 -183535527 NOVA AMERICA SA NOVAON BZ 21287489 -183535527 NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527 NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527 NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527 NOVA AMERICA SA 1NOVON BZ 21287489 -183535527 PETRO MANGUINHOS RPMG3 BZ 97015785.16 -251755220 PETRO MANGUINHOS MANGON BZ 97015785.16 -251755220 PET MANGUINH-PRF RPMG4 BZ 97015785.16 -251755220 PETRO MANGUIN-PF MANGPN BZ 97015785.16 -251755220 RIMET REEM3 BZ 63757621.65 -107162240 RIMET REEMON BZ 63757621.65 -107162240 RIMET-PREF REEM4 BZ 63757621.65 -107162240 RIMET-PREF REEMPN BZ 63757621.65 -107162240 SANSUY SNSY3 BZ 100279114.9 -45812488.8 SANSUY SA SNSYON BZ 100279114.9 -45812488.8 SANSUY-PREF A SNSY5 BZ 100279114.9 -45812488.8 SANSUY SA-PREF A SNSYAN BZ 100279114.9 -45812488.8 SANSUY-PREF B SNSY6 BZ 100279114.9 -45812488.8 SANSUY SA-PREF B SNSYBN BZ 100279114.9 -45812488.8 BOTUCATU TEXTIL STRP3 BZ 35101566.77 -13482713.5 STAROUP SA STARON BZ 35101566.77 -13482713.5 BOTUCATU-PREF STRP4 BZ 35101566.77 -13482713.5 STAROUP SA-PREF STARPN BZ 35101566.77 -13482713.5 TEKA TEKA3 BZ 236758336.6 -334535567 TEKA TEKAON BZ 236758336.6 -334535567 TEKA-PREF TEKA4 BZ 236758336.6 -334535567 TEKA-PREF TEKAPN BZ 236758336.6 -334535567 TEKA-ADR TKTPY US 236758336.6 -334535567 TEKA-ADR TKTQY US 236758336.6 -334535567 VARIG SA VAGV3 BZ 966298025.5 -4695211316 VARIG SA VARGON BZ 966298025.5 -4695211316 VARIG SA-PREF VAGV4 BZ 966298025.5 -4695211316 VARIG SA-PREF VARGPN BZ 966298025.5 -4695211316 WIEST WISA3 BZ 39838113.86 -93371563.1 WIEST SA WISAON BZ 39838113.86 -93371563.1 WIEST-PREF WISA4 BZ 39838113.86 -93371563.1 WIEST SA-PREF WISAPN BZ 39838113.86 -93371563.1 FER C ATLANT VSPT3 BZ 1212489621 -38389781.7 FER C ATLANT-PRF VSPT4 BZ 1212489621 -38389781.7 FERROVIA CEN-DVD VSPT11 BZ 1212489621 -38389781.7 FERROVIA CEN-DVD VSPT12 BZ 1212489621 -38389781.7 FER C ATL-RCT CM VSPT9 BZ 1212489621 -38389781.7 FER C ATL-RCT PF VSPT10 BZ 1212489621 -38389781.7 HOPI HARI SA PQTM3 BZ 62168844.09 -55189836.7 HOPI HARI-PREF PQTM4 BZ 62168844.09 -55189836.7 PARQUE TEM-DV CM PQT5 BZ 62168844.09 -55189836.7 PARQUE TEM-DV PF PQT6 BZ 62168844.09 -55189836.7 PARQUE TEM-RT CM PQTM1 BZ 62168844.09 -55189836.7 PARQUE TEM-RT PF PQTM2 BZ 62168844.09 -55189836.7 PARQUE TEM-RCT C PQTM9 BZ 62168844.09 -55189836.7 PARQUE TEM-RCT P PQTM10 BZ 62168844.09 -55189836.7 MMX MINERACAO MMXM3 BZ 981664767.8 -207254300 TRESSEM PART SA 1TSSON BZ 981664767.8 -207254300 ALL MALHA PAULIS GASC3B BZ 1123596482 -536003486 GASCOIGNE EMP-PF GASC4B BZ 1123596482 -536003486 GASCOIGNE EMPREE 1GASON BZ 1123596482 -536003486 GASCOIGNE EMP-PF 1GASPN BZ 1123596482 -536003486 CIA PETROLIFERA MRLM3B BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF MRLM4B BZ 377602195.2 -3014291.72 CIA PETROLIFERA 1CPMON BZ 377602195.2 -3014291.72 CIA PETROLIF-PRF 1CPMPN BZ 377602195.2 -3014291.72 LATTENO FOOD COR LATF US 16631180 -1448544 VARIG PART EM TR VPTA3 BZ 49432124.18 -399290426 VARIG PART EM-PR VPTA4 BZ 49432124.18 -399290426 VARIG PART EM SE VPSC3 BZ 96617351.14 -460274609 VARIG PART EM-PR VPSC4 BZ 96617351.14 -460274609 CHILE CHILESAT CO-ADR TL US 506644998.8 -60450603.1 CHILESAT CORP SA TELEX CI 506644998.8 -60450603.1 CHILESAT CO-RTS CHISATOS CI 506644998.8 -60450603.1 TELMEX CORP SA CHILESAT CI 506644998.8 -60450603.1 TELEX-A TELEXA CI 506644998.8 -60450603.1 TELMEX CORP-ADR CSAOY US 506644998.8 -60450603.1 TELEX-RTS TELEXO CI 506644998.8 -60450603.1 *********** 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 * * *