/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100414.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 Wednesday, April 14, 2010, Vol. 11, No. 072 Headlines B E R M U D A SYNCORA HOLDINGS: Insurance Unit Closes Transaction B R A Z I L BRASKEM SA: To Set Up Polyethylene Plant in Bolivia HYUNDAI MOTOR: May Delay Brazil Plant by Five Months MARFRIG ALIMENTOS: Plans to Focus on Brazil to Boost Sales MARFRIG ALIMENTOS: To Open New Meat Plant NOSSA CAIXA: Moody's Assigns 'Ba3' Currency Issuer Ratings C A Y M A N I S L A N D S ARSENAL FUND: Commences Liquidation Proceedings BLACK LION: Commences Wind-Up Proceedings CELLAR FINANCE: Commences Liquidation Proceedings CITCO INTERNATIONAL: Members Receive Wind-Up Report COPS ASSURANCE: Commences Wind-Up Proceedings DIAMOND LTD: Commences Wind-Up Proceedings ELGIN CO: Commences Wind-Up Proceedings GENUS 15 MASTER: Commences Liquidation Proceedings HSBC LIFE: Commences Wind-Up Proceedings KAIROS NORTH: Commences Wind-Up Proceedings KINGDOM 5-KR-77: Commences Liquidation Proceedings MILLBURN MCO: Commences Liquidation Proceedings MORUMBI CAPITAL: Commences Liquidation Proceedings MUTUAL FUND: Commences Liquidation Proceedings MUTUAL FUND: Commences Liquidation Proceedings MUTUAL FUND: Commences Liquidation Proceedings NISSAY FUND: Commences Liquidation Proceedings NOUS 1: Commences Liquidation Proceedings OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order OFFSHORE ENERGY: Commences Liquidation Proceedings PGS FOCUS-KINETICS: Shareholders Receive Wind-Up Report PORTLOW FINANCE: Commences Liquidation Proceedings ROXBURGHE INVESTMENTS: Commences Wind-Up Proceedings SECTOR COGNIMETRICA: Commences Liquidation Proceedings SKYWALK INVESTMENTS: Commences Wind-Up Proceedings STATS T1: Commences Liquidation Proceedings TARGA FUND: Commences Liquidation Proceedings VESTRY CAPITAL: Commences Wind-Up Proceedings WILROS HOLDINGS: Commences Wind-Up Proceedings C O L O M B I A INTERCONEXION ELECTRICA: Delays Ferrovial's Unit Purchase D O M I N I C A N R E P U B L I C TRICOM SA: Concludes US$500-Million Debt Restructuring * DOMINICAN REPUBLIC: March 5.5% Revenue Jump Proves Recovery * DOMINICAN REPUBLIC: Government to get US$120 Million From IMF E C U A D O R * ECUADOR: Banana Crop May Suffer From Record Rain, Institute Says J A M A I C A AIR JAMAICA: Western Air to Fill Airline's Routes in Bahamas AIR JAMAICA: No Fall-Off in Airline Bookings AIR JAMAICA: 'Trinidad Politics Won't Affect Divestment Deal' * JAMAICA: Gasoline Retailers Planning Major Staff Cuts P U E R T O R I C O POPULAR INC: Posts Wider First-Quarter Loss T R I N I D A D & T O B A G O CL FIN'L: Pays Out TT$1 Million Dividend Check to Clico Bank V E N E Z U E L A * VENEZUELA: Strategic Factors Strengthen Russian Relationship - - - - - ============= B E R M U D A ============= SYNCORA HOLDINGS: Insurance Unit Closes Transaction --------------------------------------------------- Syncora Holdings Ltd.'s wholly owned, New York financial guarantee insurance subsidiary, Syncora Guarantee Inc. has closed the outstanding transaction that formed part of the Company's restructuring, previously approved by the New York Insurance Department and announced by Syncora on July 17, 2009. The terms of the settlement are confidential. The Company notes that the closing of the transaction included a cash payment previously reported in connection with the closing of the 2009 MTA and will not materially impact Syncora Guarantee's previously reported financial position or results of operations; and that the 1310 Order issued by the NYID on April 10, 2009 that temporarily prohibits the Company from paying claims will remain in effect. As noted in the press release of March 2, 2010 and explained in the notes to Syncora's year-end 2009 financial statements, the Company is currently faced with significant short-term liquidity and surplus issues and is undertaking several remediation actions designed to address these issues. As a result, the Company is not in a position to request that the NYID lift the 1310 Order unless and until actions to resolve its liquidity and surplus issues are completed. The Company notes that there can be no guarantee that its efforts will be successful or that if they are, and a request is made of the NYID with respect to lifting the 1310 Order, that the NYID will grant such a request. The Company also cannot guarantee that the NYID will not take further regulatory action, which may include commencement of rehabilitation or liquidation proceedings. About Syncora Guarantee Inc. Syncora Guarantee Inc. -- http://www.syncora.com/-- is a wholly owned subsidiary of Syncora Holdings Ltd. Syncora Holdings Ltd. is a Bermuda-domiciled holding company. In April 2009, Standard & Poor's Ratings Services revised its financial strength and financial enhancement ratings on Syncora Guarantee Inc. to 'R' from 'CC'. Standard & Poor's also revised its counterparty credit rating on Syncora to 'D' from 'CC'. An insurer rated 'R' is under regulatory supervision because of its financial condition. The 'CC' counterparty credit, financial strength, and financial enhancement ratings on Syncora Guarantee U.K. Ltd. are unchanged because at this time, that company is not subject to any regulatory orders that mandate the suspension of claims payments. =========== B R A Z I L =========== BRASKEM SA: To Set Up Polyethylene Plant in Bolivia --------------------------------------------------- Braskem S.A. intends to set up one metric ton per year, polyethylene plant in Bolivia, by investing US$2 billion to $3 billion, Fibre2fashion News reports. The report relates Carlos Brenner, Braskem International Projects Director, said that the final project and the investment will be determined on the basis of the studies that will be carried out for this installation. According to the report, the plant is likely to be installed in Puerto Suarez, Santa Cruz province. The report relates that the company discussed with, Carlos Villegas, President of Bolivia's state-owned hydrocarbons company, YPFB, in La Paz. The report notes that the project will be implemented within a five-year time period. Braskem SA, the report says, will utilize ethane derived from natural gas, to produce plastic resin. A part of the investment has to be carried out by Bolivia for the process of separation of ethane from gas to make the project feasible, while Braskem will undertake the remaining procedures, Mr. Brenner added. About Braskem S.A. Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, and is among the three largest Brazilian-owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As of March 8, 2010, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating HYUNDAI MOTOR: May Delay Brazil Plant by Five Months ---------------------------------------------------- Hyundai Motor Co. may delay starting work on its Brazil plant by at least five months because of political uncertainties in the South American nation, Kyung Bok Cho at Bloomberg News reports, citing Maeil Business Newspaper. According to the report, the newspaper said that Hyundai had planned to begin construction of the factory in May. Headquartered in Seoul, South Korea, Hyundai Motor Company (SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile manufacturer. The company markets the Genesis, Genesis Coupe, Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10 passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1 recreational vehicles, and commercial vehicles, which include medium and heavy duty trucks, van trucks, tank lorries, bulk cement carriers, bulk cement tractors and others. * * * As reported in the Troubled Company Reporter-Asia Pacific on December 11, 2009, Fitch Ratings revised the Outlook on Hyundai Motor's and Kia Motors' foreign currency Long-term Issuer Default Ratings to Positive from Negative, and simultaneously affirmed them at 'BB+'. The agency also affirmed the 'BB+' rating on both companies' senior unsecured debt and the Short-term IDRs at 'B'. HMC's and Kia's Long-term IDR was downgraded to 'BB+' with Negative Outlook in January 2009, due to concerns that the global auto market downturn would negatively impact the profitability and key credit metrics of the companies to an extent that is not commensurate to investment grade levels. MARFRIG ALIMENTOS: Plans to Focus on Brazil to Boost Sales ---------------------------------------------------------- Marfrig Alimentos SA plans to focus more on growing demand in the Brazilian market to boost future sales, Bloomberg News reports. According to the report, Company Chief Executive Officer Marcos Molina said that Marfrig Alimentos' $706.2 mln acquisition of the Seara poultry and pork businesses from Cargill Inc. will help fuel local sales. The company will also seek to expand the Seara brand abroad, he added. "We are looking for a more balanced sales profile, like 50-50 between domestic demand and exports," the report quoted Mr. Molina as saying. "We officially took over Seara on January 4 and have plans to boost sales of its value-added products," he added. About Marfrig Alimentos Brazil-based Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. The company operates in Southern America, the united states, and Europe. * * * As of April 14, 2010, the company continues to carry these low ratings from the major rating agencies: -- Moody's "B1" LT Corp Family Rating; -- Standard and Poor's "B+" LT Foreign Issuer Credit rating; and -- Fitch ratings' "B+" LT Issuer Credit ratings MARFRIG ALIMENTOS: To Open New Meat Plant ----------------------------------------- Marfrig Alimentos SA plans to build a new poultry slaughterhouse in Mato Grosso state for BRL150 million (US$84.8 million), Meat Trade News Daily reports, citing local newspaper Valor Economico. According to the report, the newspaper said that Seara Alimentos Ltd., controlled by Marfrig, signed a letter of intent with Mato Grosso's government to build the plant in Jaciara with the capacity to slaughter 200,000 birds per day. The company is currently assessing possible sites for the slaughterhouse, Valor added. The report notes that Marfrig Alimentos has invested some RLR5 billion in acquiring 37 companies in three years to give a presence in 13 countries. The report says that the acquisition in January of Seara, a local poultry, pork and consumer food company, was part of Marfrig's diversification into poultry and pork from beef production. About Marfrig Alimentos Brazil-based Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb, and poultry; and produces frozen vegetables, canned meats, fish, ready meals, and pasta. The company operates in Southern America, the united states, and Europe. * * * As of April 14, 2010, the company continues to carry these low ratings from the major rating agencies: -- Moody's "B1" LT Corp Family Rating; -- Standard and Poor's "B+" LT Foreign Issuer Credit rating; and -- Fitch ratings' "B+" LT Issuer Credit ratings NOSSA CAIXA: Moody's Assigns 'Ba3' Currency Issuer Ratings ---------------------------------------------------------- Moody's Investors Service assigned long- and short-term local currency issuer ratings of Ba3 and Not Prime, respectively, to Nossa Caixa Desenvolvimento -- Agencia de Fomento do Estado de Sao Paulo S.A., the government development agency owned by the State of Sao Paulo. In addition, Moody's assigned to NCD foreign currency issuer ratings of Ba3 and Not Prime, long and short-term, respectively, as well as national scale ratings of A3.br and BR-2, long and short-term. The outlook is stable for all ratings. According to Moody's, NCD's issuer rating is determined by these: 1) the institution's baseline credit assessment of 15 (on a scale of 1 to 21, where 1 represents the lowest credit risk), which maps to a B2 in the global rating scale; and 2) the assessment of high support and dependence probability from its shareholder, the state of Sao Paulo (rated by Moody's at Ba2; outlook stable). Moody's noted that the high likelihood of support from the government of Sao Paulo -- which has subscribed sizable capital resources to the agency -- lifts by two notches the stand-alone credit rating of NCD. In assigning its ratings, Moody's took into account the essentially start-up profile of NCD, which is still in the process of structuring its operations, its risk management functions and staff, and has, therefore, a very limited track record. The agency was established in March 2009 with a mission of providing medium and long-term financing to state-based small and medium enterprises, in line with the state government's development and economic policies. Because the SME segment accounts for a relevant portion of the state economy, NCD is confident it can provide support to economic sectors, despite facing fierce competition by well-established commercial banks. Moody's noted that NCD's lack of financial history is somewhat compensated by a sizable capital base that should adequately support its growth plans; this cushion is particularly critical in its initial phase of operations, when recurring earnings generation is likely to be modest. To ensure adequate asset quality in its developing loan book, management intends to prioritize secured lending, and adhere to disciplined risk management, aided by its knowledge of the local economy. Moody's acknowledges that the rating is constrained by the relative uncertainty related to the execution of NCD' strategic plan, as well as to management's ability to deploy its capital in the origination of productive, healthy assets. Profitability is not expected to be a rating driver for this public institution, but management's demonstrated capacity to establish revenues diversification and recurrence would clearly have positive credit implications for the ratings. Moody's notes that NCD's operations and strategies are closely linked to the state government's interest and policies, which may expose it to political interference. By the same token, Moody's expect that any potential capital needs would likely be met by the shareholder, and for that reason, Moody's assess the probability of support from the state government to be high. It is worth mentioning that NCD is regulated by banking supervision and has been currently engaged in implementing governance practices. Nossa Caixa Desenvolvimento is headquartered in Sao Paulo, Brazil. As of December 31, 2009, the development entity had total assets of R$413.7 million (US$237.6 million) and equity of R$405.5 million (US$203.8 million). These ratings were assigned to Nossa Caixa Desenvolvimento S.A. - - Agencia de Fomento do Estado de Sao Paulo: * Long-term local- currency issuer rating: Ba3, stable * Short-term local- currency issuer rating: Not Prime * Long-term foreign currency issuer rating: Ba3, stable * Short-term foreign currency issuer rating: Not Prime * Long-term national scale issuer rating in Brazil: A3.br, stable * Short-term national scale issuer rating in Brazil: BR-2 ========================== C A Y M A N I S L A N D S ========================== ARSENAL FUND: Commences Liquidation Proceedings ----------------------------------------------- Arsenal Fund Limited commenced liquidation proceedings on January 6, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands BLACK LION: Commences Wind-Up Proceedings ----------------------------------------- Black Lion Beverages (Cayman) Holding Limited commenced wind-up proceedings on January 14, 2010. Creditors are required to file their proofs of debt by March 5, 2010, to be included in the company's dividend distribution. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Telephone: (345) 949-3344 Facsimile: (345) 949-2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands CELLAR FINANCE: Commences Liquidation Proceedings ------------------------------------------------- Cellar Finance Limited commenced liquidation proceedings on January 21, 2010. Creditors are required to file their proofs of debt by March 3, 2010, to be included in the company's dividend distribution. The company's liquidator is: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914-8655 Facsimile: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands CITCO INTERNATIONAL: Members Receive Wind-Up Report --------------------------------------------------- Citco International Fund Services Ltd. received, on March 8, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 COPS ASSURANCE: Commences Wind-Up Proceedings --------------------------------------------- Cops Assurance, Ltd. commenced wind-up 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: Peter Mackay Telephone: (345) 949-7966 c/o Global Captive Management Ltd. Governor's Square, 2nd Floor, Building 3 23 Lime Tree Bay Avenue, P.O. Box 1363 Grand Cayman KY1-1108, Cayman Islands DIAMOND LTD: Commences Wind-Up Proceedings ------------------------------------------ The Diamond Ltd commenced wind-up proceedings on January 15, 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: Fidutec Ltd. c/o Charles Lee Telephone: +44 (0)153 470-0864 Facsimile: +44 (0)153 470-0800 Walkers Walker House, 28 - 34 Hill Street St Helier, Jersey, JE4 8PN Channel Islands Teachers Cooperative Savings Bldg Mesolongiou Street Flat 34, Limassol 3032 Cyprus ELGIN CO: Commences Wind-Up Proceedings --------------------------------------- Elgin Co. Ltd. commenced wind-up proceedings on January 26, 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, GENUS 15 MASTER: Commences Liquidation Proceedings -------------------------------------------------- Genus 15 Master Fund Limited commenced liquidation proceedings on January 7, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands HSBC LIFE: Commences Wind-Up Proceedings ---------------------------------------- HSBC Life Insurance (Cayman) Limited commenced wind-up proceedings on January 8, 2010. Only creditors who were able to file their proofs of debt by March 8, 2010, will be included in the company's dividend distribution. The company's liquidators are: Dena Thompson Kevin Poole P.O. Box 1109, HSBC House, 68 West Bay Road Grand Cayman, Cayman Islands Telephone: 914-7546 Facsimile: 949-6021 P.O. Box 1109, HSBC House, 68 West Bay Road Grand Cayman, Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 KAIROS NORTH: Commences Wind-Up Proceedings ------------------------------------------- Kairos North European Fund Ltd. commenced wind-up proceedings on January 12, 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: 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 KINGDOM 5-KR-77: Commences Liquidation Proceedings -------------------------------------------------- Kingdom 5-KR-77, Ltd. commenced liquidation proceedings on December 29, 2009. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net MILLBURN MCO: Commences Liquidation Proceedings ----------------------------------------------- Millburn MCO Limited commenced liquidation proceedings on November 30, 2009. 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: Bernard G. McGrath David S. Walker c/o P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-0050 Facsimile: 949-8062 MORUMBI CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- Morumbi Capital Fund commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands MUTUAL FUND: Commences Liquidation Proceedings ---------------------------------------------- Mutual Fund Basket Reference Fund (1-Q) Limited commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands MUTUAL FUND: Commences Liquidation Proceedings ---------------------------------------------- Mutual Fund Basket Reference Fund (6-C) Limited commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands MUTUAL FUND: Commences Liquidation Proceedings ---------------------------------------------- Mutual Fund Basket Reference Fund (8-D) Global Focus Limited commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897, One Capital Place, George Town Grand Cayman KY1-1103, Cayman Islands NISSAY FUND: Commences Liquidation Proceedings ---------------------------------------------- Nissay Fund (Cayman) Inc. commenced liquidation proceedings on January 22, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands NOUS 1: Commences Liquidation Proceedings ----------------------------------------- Nous 1, Ltd. commenced liquidation proceedings on January 22, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Darren Riley c/o Ellen J. Christian Telephone: 345 945-9208 Facsimile: 345 945-9210 c/o BNP Paribas Bank & Trust Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order ------------------------------------------------ On January 18, 2010, the Grand Court of Cayman Islands entered an order that winds up the operations of Octave Entertainment, Ltd. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche, P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 e-mail: rrintoul@deloitte.com OCTAVE ENTERTAINMENT: Court Enters Wind-Up Order ------------------------------------------------ On January 18, 2010, the Grand Court of Cayman Islands entered an order that winds up the operations of Octave Entertainment Fund, Ltd. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Rob Rintoul Deloitte & Touche, P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 e-mail: rrintoul@deloitte.com OFFSHORE ENERGY: Commences Liquidation Proceedings -------------------------------------------------- Offshore Energy Invest I commenced liquidation proceedings on January 21, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands PGS FOCUS-KINETICS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of PGS Focus-Kinetics Ltd. received, on March 5, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Sutlic Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034, Grand Cayman KYI-1102 PORTLOW FINANCE: Commences Liquidation Proceedings -------------------------------------------------- Portlow Finance Limited commenced liquidation proceedings on January 21, 2010. Creditors are required to file their proofs of debt by March 3, 2010, to be included in the company's dividend distribution. The company's liquidator is: Ian D. Stokoe c/o Aaron Gardner Telephone: (345) 914-8655 Facsimile: (345) 945-4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands ROXBURGHE INVESTMENTS: Commences Wind-Up Proceedings ---------------------------------------------------- Roxburghe Investments 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 SECTOR COGNIMETRICA: Commences Liquidation Proceedings ------------------------------------------------------ Sector Cognimetrica Ltd. commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands SKYWALK INVESTMENTS: Commences Wind-Up Proceedings -------------------------------------------------- Skywalk Investments 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 STATS T1: Commences Liquidation Proceedings ------------------------------------------- Stats T1 Master Fund commenced liquidation proceedings on January 18, 2010. Creditors are required to file their proofs of debt by February 22, 2010, to be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands TARGA FUND: Commences Liquidation Proceedings --------------------------------------------- The Targa Fund of Funds SPC commenced liquidation proceedings on January 20, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands VESTRY CAPITAL: Commences Wind-Up Proceedings --------------------------------------------- Vestry Capital Partners Offshore, Ltd. commenced wind-up proceedings on January 22, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to 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 WILROS HOLDINGS: Commences Wind-Up Proceedings ---------------------------------------------- Wilros Holdings Limited commenced wind-up proceedings on January 18, 2010. Creditors are required to file their proofs of debt by March 1, 2010, to be included in the company's dividend distribution. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 P.O. Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 =============== C O L O M B I A =============== INTERCONEXION ELECTRICA: Delays Ferrovial's Unit Purchase --------------------------------------------------------- Interconexion Electrica SA delayed the purchase of a 60% stake in Ferrovial SA's Chilean highway after an earthquake damaged the assets, Javier Marquina at Bloomberg News reports, citing Cinco Dias. According to the report, the newspaper said that the EUR209 million (US$284 million) sale may be delayed until the end of this year. Interconexion Electrica SA is Colombia's state-run transmission firm. * * * As of January 13, 2010, the company continues to carry Standard and Poor's BB+ LT Issuer Credit ratings. =================================== D O M I N I C A N R E P U B L I C =================================== TRICOM SA: Concludes US$500-Million Debt Restructuring ------------------------------------------------------ Tricom, S.A. has successfully concluded a recapitalization process and the formation of its new Board of Shareholders, Dominican Today reports, citing diariolibre.com. According to the report, the transfer of control and conformation of its Board of Shareholders had the approval of creditors, the New York South District Chapter 11 Court judge, and the Dominican Telecom Institute. The report relates that the development concludes process of more than six year since Tricom declared itself in "default" on the debt with various international financial organizations. "Thanks to the company's good performance demonstrated in recent years and the potential growth which the investors saw in Tricom, the creditors accepted to eliminate their non-secured debts in exchange for company shares, and confide in the company's future which is now free from more than US$500 million in debt," the report quoted diariolibre.com as saying. About Tricom SA Tricom, S.A., was incorporated in the Dominican Republic on January 25, 1988, as a Sociedad Anonima. Tricom is one of the pre-eminent full service communications services providers in the Dominican Republic. Headquartered in Santo Domingo, Tricom offers local, long distance, and mobile telephone services, cable television and broadband data transmission and Internet services, which are provided to more than 729,000 customers. Tricom's wireless network covers about 90% of the Dominican Republic's population. Tricom's local service network is 100% digital. The Company also owns interests in undersea fiber-optic cable networks that connect and transmit telecommunications signals between Central America, the Caribbean, the United States and Europe. Tricom USA, Inc., a wholly owned subsidiary of Tricom, was incorporated in Delaware in 1992, and at that time was known as Domtel Communications. A name change was effected in 1997 and Domtel Communications formally became Tricom USA, Inc. Tricom USA originates, transports and terminates international long-distance traffic using switching stations and other telecommunications equipment located in New York and Florida. Tricom S.A. and its U.S. affiliates filed for Chapter 11 protection on February 29, 2008 (Bankr. S.D.N.Y. Case No. 08-10720). The Debtors' legal advisors are Morrison & Foerster LLP and their financial advisors are FTI Consulting, Inc. Kurtzman Carson Consultants serves as claims and notice agent. An ad hoc committee consisting of certain holders of Unsecured Financial Claims is represented by Manatt, Phelps & Phillips LLP, as legal advisors, and Chanin Capital Partners, as financial advisors. . Affiliates of Tricom's largest shareholders are represented by White & Case LLP, as legal advisors, and Broadspan Capital LLC, as financial advisors. When the Debtors' filed for protection from their creditors, they listed total assets of US$327,600,000 and total debts of US$764,600,000. * DOMINICAN REPUBLIC: March 5.5% Revenue Jump Proves Recovery ------------------------------------------------------------- The Internal Taxes Agency said that March revenues of RD$15.9 billion is a 5.5% jump over the same period last year, and beats the National Budget target with 102.1%, for a RD$333 million windfall, The Dominican Today reports. The report relates that the agency said that accumulated revenue in the January-March period of RD$45.0 billion, or 6.6% above the same year ago period. According to the report, the DGII Economic Studies Department report notes that of the total estimated amount, the collection had a RD$246.4 million surplus, or 100.5% of the estimated goal, reached despite the negative performance of the Specific Tax on Fuels, which to March 31 shows a RD$964.4 million deficit compared with the estimated figure. Internal Taxes, the report says, adds that first quarter revenue figured show the Dominican economy's continued strong recovery, maintaining a positive tendency since the last few months in 2009. * DOMINICAN REPUBLIC: Government to get US$120 Million From IMF --------------------------------------------------------------- The International Monetary Fund approved the letter of intent corresponding to the first revision of the Stand By Agreement, for 79.27 million, of its reserve assets Special Drawing Right, equal to US$120 million, which the government will receive this month, The Dominican Republic reports. The report relates that of that amount US$25 million will be destined for the government's budgetary support and US$54.27 million to bolster the Central Bank's international reserves. The report notes that throughout 2010 the IMF is expected to disburse a total of 347.25 million DEG, or around US$526.02 million, of which US$151.48 million will be for the Government and US$374.54 million for the Central Bank. The approval of the first revision in the Stand By Agreement with the IMF paves the way for the Government to resort to the international markets to place bonds contained in the 2010 Budget, with fresh funds injected to help maintain macroeconomic stability, characterized by low inflation, recovery of growth and a relatively stable exchange rate, the report adds. ============= E C U A D O R ============= * ECUADOR: Banana Crop May Suffer From Record Rain, Institute Says ------------------------------------------------------------------ Record rainfall in Ecuador, the world's largest banana exporter, may damage new crops of the fruit as precipitation continues through next month, Nathan Gill at Bloomberg News reports, citing the National Meteorology and Hydrology Institute. Rains in the coastal banana-producing region will peak this month and continue at "moderate intensities" through May, Humberto Enriquez, head coordinator of weather forecasting at the Institute, told the news agency in a telephone interview. According to Bloomberg News, the agricultural regions of El Oro, Los Rios, Guayas, and Manabi have been the worst hit by the rains. "With the quantity of precipitation that we've had, it's very probable banana planting has been affected," the report quoted Mr. Enriquez as saying. "Because of Ecuador's unique geography, it's difficult to predict what the weather will do beyond a few days, but we're expecting more rains on the coast," he added. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. ============= J A M A I C A ============= AIR JAMAICA: Western Air to Fill Airline's Routes in Bahamas ------------------------------------------------------------ Privately owned Bahamas airline, Western Air, will fill the gap created when Air Jamaica Limited stopped flying to that country, RadioJamaica reports. The report relates that Western Air will offer direct flights to Kingston and Montego Bay from Nassau. According to the report, the Nassau to Kingston flights will start On April 12, while the Montego Bay route will begin on April 30. The report notes that Western Air originally applied for the routes in 2008, but only received word from the Jamaican Civil Aviation Authority in January after Air Jamaica announced that it was discontinuing service to the Bahamas. 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: No Fall-Off in Airline Bookings -------------------------------------------- Air Jamaica Limited said that there has not been a significant fall-off in bookings in light of the ongoing divestment of the airline, Radiojamaica reports. According to the report, concern was raised that news of the impending transfer of ownership of the national air carrier to Caribbean Airlines would have led to a decline in the number of travelers who fly on the airline. However, the report relates, Airline Chief Executive Officer Bruce Nobles said that while exact data are not available there has not been a noticeable drop in bookings recorded by the airline. "So it's a little hard to measure and say the bookings in June are not where we thought they would be but how would I know what the bookings in June are supposed to be, so it's pretty challenging to specifically identify that. I would not say that we have seen a significant fall off that I can point to anything, in fact traffic continues to be pretty close to plan," the report quoted Mr. Nobles as saying. 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: 'Trinidad Politics Won't Affect Divestment Deal' ------------------------------------------------------------- Janet Silvera at Jamaica Gleaner reports that Jamaica Minister of Finance Audley Shaw said that the dissolution of the Trinidadian government will not affect the Air Jamaica Limited-Caribbean Airlines Limited deal. According to the report, Trinidad's Prime Minister Patrick Manning asked President George Maxwell Richards to dissolve the Trinidad and Tobago Parliament, paving the way for elections two and a half years ahead of schedule. The report relates that the news has caused jitters in the industry, with aviation experts questioning the implications that an election or change of government in Trinidad could have on a deal that has reportedly been sealed. However, the report notes, Mr. Shaw said, "Based on the deal, decisions have already been made and we are well on track." The report says Mr. Shaw said that he had done his own consultation with the Air Jamaica Transition Committee and was satisfied. "I have been assured by Dennis Lalor, chairman of the committee, which the latest developments will not have any effect on the arrangements made between the two carriers," the report quoted Mr. Shaw as saying. As reported in the Troubled Company Reporter-Latin America on April 13, 2010, the transition date for the Caribbean Airlines to begin its take over of Air Jamaica Limited is pushed through to April 30/ May 1, 2010. The report related 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 disclosed, 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 related. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on January 27, 2010, Moody's Investors Service changed the ratings outlook of Air Jamaica Limited to stable. The Corporate Family and senior unsecured ratings of Air Jamaica are affirmed at Caa1. The change in outlook mirrors the change of the outlook of the foreign currency bond rating of The Government of Jamaica to stable, which occurred on January 22, 2010. The ratings reflect Jamaica's unconditional and irrevocable guarantee of the rated debt obligations of Air Jamaica. The foreign currency bond rating of Jamaica remains Caa1, notwithstanding the January 22, 2010 downgrade of Jamaica's local currency bond rating by Moody's to Caa2. As reported in the TCR-LA on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. * JAMAICA: Gasoline Retailers Planning Major Staff Cuts ------------------------------------------------------- The National Workers Union is seeking an urgent meeting with the Jamaica Gasoline Retailers Association in the wake of reports that gas station operators are considering significant staff cuts, RadioJamaica reports. According to the report, it is reported that operators, who have suffered a fall off in fuel sales due to the gas tax, are thinking of cutting back on staff and converting their businesses to self service stations. The report relates that this will result in nearly 3,000 gas station employees losing their jobs. RadioJamaica says NWU President, Vincent Morrison, said he will be writing to the JGRA on Monday requesting a meeting to discuss the matter. The union is not in favor of the move to self service stations, he added. "It would be unfortunate that the JGRA would want to put nearly 3,000 people out of work because of the taxation policy of the government. I would want to urge the JGRA to look more carefully at their suggestion and I also want to invite them to dialogue," the report quoted Mr. Morrison as saying. * * * 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 ==================== P U E R T O R I C O ==================== POPULAR INC: Posts Wider First-Quarter Loss ------------------------------------------- Popular Inc. reported a seventh-straight quarterly loss as it works around its credit problems to navigate the economic downturn, Caribbean net News reports. According to the report, in a preliminary report, the company said net loss for the first quarter was US$85 million, compared with US$52.5 million in the year-ago period. The report notes that for the first quarter, Puerto Rico's largest bank sees net interest income of about US$269 million, compared with US$272.5 million last year. The report relates that provision for loan losses is expected to be about US$240 million, compared with US$372.5 million in the year-ago period. Meanwhile, the report notes, that the bank said it has commenced a public offering of depositary shares, each representing an interest in a share of its series D preferred stock, to raise US$900 million. The company, the report adds, said it intends to use net proceeds for general corporate purposes, including positioning Popular to participate in FDIC-assisted deals. About Popular Inc. Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) -- http://www.popular.com/-- is a full service financial institution with operations in Puerto Rico, the United States, the Caribbean and Latin America. With over 300 branches and offices, the company offers retail and commercial banking services through its franchise, Banco Popular de Puerto Rico, well as auto and equipment leasing and financing, mortgage loans, consumer lending, investment banking, broker/dealer and insurance services through specialized subsidiaries. In the United States, the company has established a community banking franchise providing a broad range of financial services and products to the communities it serves. * * * As reported in the Troubled Company Reporter-Latin America on June 12, 2009, Standard & Poor's Ratings Services said that it lowered its ratings on Popular Inc., including lowering the long- term counterparty credit rating to 'BB-' from 'BB+' and the rating on the company's preferred shares to 'C' from 'B-', and affirmed the short-term counterparty credit rating at 'B'. =============================== T R I N I D A D & T O B A G O =============================== CL FIN'L: Pays Out TT$1 Million Dividend Check to Clico Bank ------------------------------------------------------------ Camini Marajh at Trinidad Express reports that CL Financial Limited Chairman Lawrence Duprey's corporate secretary, Gita Sakal, was said to be paying out a dividend check of more than TT$1 million to Clico Investment Bank as part payment on the TT$78 million loan facility. According to the report, the Central Bank lawsuit, Ms. Sakal, under cover of a letter dated January 19, 2009, headed '2007 dividend-First Capital Ltd' enclosed a check for over TT$1 million representing what she described as 'the dividend' for the CL Financial year ended 2007. The report relates that also in the lead-up to the January 30, 2009, collapse of CL Financial, Andre Monteil, on January 12, 2009 requested payment of his TT$21 million deposit held by CIB, which had matured in December 2008, along with a further US$3 million or TT$18.9 million deposit in Stone Street's name. Mr. Monteil, the report notes, has so far been unable to cash his deposits. The report says that the lawsuit, which seeks to remedy the series of transactions which left CIB with a TT$106.3 million liability on its books, accused Monteil of self-dealing. The report relates that the lawsuit said that 'The loan involved self-dealing by Mr. Monteil in that it was a transaction which benefited Stone Street, a company of which he was the controlling shareholder, director and chairman.' The lawsuit, the Express discloses, also cited a list of irregularities: -- The loan was not authorized by CIB, whether by its board of directors or its members in general meeting, before its disbursement to CIB; -- There was no proper disclosure to CIB by Monteil of his interest in Stone Street and the making of the loan, whether to CIB's board of directors or its members in general meeting; -- No proper due diligence in respect of the borrower or any security was carried our or required to be carried out prior to making an advance by way of loan; -- No lending procedures appropriate to the loan were complied with, whether properly or at all; -- No security for the loan was required or provided, prior to disbursement of the same; -- No documentation appropriate to the loan was required or prepared by CIB, prior to disbursement of the same; -- No valuation of the HMB shares was required by CIB to be provided by an independent valuer, nor was such valuation provided to it by such valuer, whether before disbursement of the loan or at all. The lawsuit, the report says, held that Mr. Monteil was guilty of breaches under common law and the Companies Act. The action contends that the loan and its disbursement were not authorized by CIB and Stone Street was not entitled to the funds, the report adds. 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 ================= * VENEZUELA: Strategic Factors Strengthen Russian Relationship -------------------------------------------------------------- With the signing of new agreements on energy, the Bolivarian Republic of Venezuela and the Russian Federation took a further cooperation step in oil, gas, electricity, defense, technology, agriculture, culture, education and housing. During the historic visit of Prime Minister of the Russian Federation, Vladimir Putin, Venezuelan President Hugo Chavez said it is "a new equation that every day grows more with a set of high-level strategic and geopolitical factors. Regarding the energy issue, the president stressed: that the presence of the Russian Federation and its companies, and not in one, but four fields in the Orinoco Oil Belt, the largest oil reserves, it is important not only for Venezuela or Russia, but also for the world." The Venezuelan president said Russian support is needed to consolidate the country's industrialization. "We are grateful for the invaluable support from Russia to Venezuela and to the Bolivarian project, which has tangible benefits at everybody sight," he said. For his part, Russian Prime Minister Vladimir Putin, confirmed his country's support to Venezuela in the areas that the South American nation so requires. Russia will be in four blocks from the Oil Belt. In the energy area, the People's Ministry for Energy and Petroleum and president of Petroleos de Venezuela SA, Rafael Ramirez and his Russian counterpart Sergei Snagov, signed a letter of intent to incorporate the National Petroleum Consortium in the development plan Ayacucho blocks 2, Ayacucho blocks 3 and Junin blocks 3 of the Orinoco Oil Belt. Venezuela and Russia also signed a memorandum of understanding for the incorporation of different categories of oil tankers, in order to ensure greater autonomy in gas and oil from Venezuela to its export market. Also it was signed a letter of intent to assess the feasibility of installing a power plant with a generating capacity of 200 to 500 megawatts, by applying the combustion of coke technique, a product resulting from refining heavy crude of the Orinoco Oil Belt (FPO), an area in which investments are planned for more than 80 billion dollars. Additionally, the People's Ministry for Energy and Petroleum (MENPET) and the Russian National Petroleum Consortium agreed to pay the bonus for participation in the amount of $ 600 million out of a total of one billion, to form joint venture Petromiranda, which jointly operate the Junin block 6 of the FPO, where extraction is estimated 50 thousand barrels per day and development of oil infrastructure projects in the region. Among the 31 agreements signed during the visit of Prime Minister Putin to Venezuela there was an agreement to define mechanisms that allow the establishment of a Caracas-Moscow air route, the creation of a joint venture teams, with participation of 51% Venezuelan 49% to renew Russian air fleets of Venezuela and other Latin American countries and a contract for the purchase of 2 thousand cars. Both leaders also signed a joint declaration by the Bicentennial Commemoration of the Bolivarian Republic of Venezuela and the completion of the Second World War with the great victory of the Russian people against fascism. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. *********** 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 * * *