/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/100415.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, April 15, 2010, Vol. 11, No. 073 Headlines B R A Z I L BANCO BRADESCO: Bradesco Asset Management Boosts Workforce by 35% BANCO SOFISA: To Pay US$37 Million in Dividends SUL AMERICA: Cut to 'Neutral' From 'Buy' at Banco BTG Pactual C A Y M A N I S L A N D S ATHENA GUARANTEED: Shareholder Receives Wind-Up Report BOTAFOGO INTERNATIONAL: Members Receive Wind-Up Report COPS ASSURANCE: Shareholders Receive Wind-Up Report DANAH REALTY: Members Receive Wind-Up Report ELGIN CO: Shareholders Receive Wind-Up Report ENMA REALTY: Members Receive Wind-Up Report FOREST HILL: Members Receive Wind-Up Report FOUR CORNERS: Shareholders Receive Wind-Up Report GLOBAL LEVERAGED: Shareholders Receive Wind-Up Report HSBC LIFE: Shareholder Receives Wind-Up Report IAM MINI-FUND: Shareholders Receive Wind-Up Report JAY INTERNATIONAL: Members Receive Wind-Up Report JEREMY LIMITED: Shareholder Receives Wind-Up Report KAIROS NORTH: Shareholders Receive Wind-Up Report KINGDOM 5-KR-77: Shareholders Receive Wind-Up Report LORIENT SHIPPING: Shareholder Receives Wind-Up Report MARLIN FUND: Members Receive Wind-Up Report MILLBURN MCO: Member Receives Wind-Up Report MINU FINANCING: Members Receive Wind-Up Report MUTHANNA REALTY: Members Receive Wind-Up Report NICHOLAS INVESTMENTS: Members Receive Wind-Up Report PANTERA GLOBAL: Shareholder Receives Wind-Up Report PORTFIELDS INVESTMENTS: Shareholders Receive Wind-Up Report ROXBURGHE INVESTMENTS: Shareholders Receive Wind-Up Report SCOTTBOROUGH INVESTMENTS: Shareholders Receive Wind-Up Report SKYWALK INVESTMENTS: Shareholders Receive Wind-Up Report SONSON LTD: Shareholders Receive Wind-Up Report TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report TIEDEMANN JSB: Shareholder Receives Wind-Up Report WILROS HOLDINGS: Shareholders Receive Wind-Up Report C H I L E EDELNOR: Gov't Stake May Be Sold to Fund Chile Reconstruction G U Y A N A * GUYANA: Economy Weathered Impact of Global Crisis J A M A I C A AIR JAMAICA: Recession Cuts Into Airline Revenue AIR JAMAICA: Offers New York-Kingston Fares from JM$129 ALOCA INC: Manages to Reduce Losses * JAMAICA: Economic Confidence Down M E X I C O CEMEX SAB: Keeping Trinidad Cement Stake V E N E Z U E L A PETROLEOS DE VENEZUELA: Rig Workers' Walkout is Illegal X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =========== B R A Z I L =========== BANCO BRADESCO: Bradesco Asset Management Boosts Workforce by 35% ----------------------------------------------------------------- Banco Bradesco S.A.'s asset management unit, Bradesco Asset Management, is increasing its workforce by 35% to lure more overseas funds and take advantage of the nation's "best market conditions possible," Camila Fontana and Francisco Marcelino at Bloomberg News report, citing Superintendent-Director Denise Pavarina. The report relates Ms. Pavarina said that BRAM will hire 40 people and place one-third of them outside the country to sell Brazilian-asset funds in Europe, Latin America, the U.S. and Japan. The company now has 114 employees. "We're going to do whatever it takes to be international," Mr. Pavarina told Bloomberg News in an interview. "We need to take some steps to be ready and be considered an international house," she added. According to the report, Brazilian assets have outperformed since the aftermath of Lehman Brothers Holdings Inc.'s collapse in September 2008 as the economy recovered from the recession faster than most nations. The report, citing JPMorgan & Chase Co., relates that in the past 12 months, the Bovespa stock index has jumped 54%, the currency rose 24%and international bonds returned an average 14.7%. Brazilian assets will continue to climb as the government keeps inflation under control, unemployment falls and foreign inflows increase, Ms. Pavarina said, the report notes. Ms. Pavarina, the report discloses, said that Bradesco already markets to investors in Japan and Chile and may sell the new funds directly or through partnerships such as with Banco de Chile in Santiago and Mitsubishi UFJ Financial Group, located in Tokyo, Pavarina said. The company has plans to cover companies outside Brazil to position the bank as a Latin American asset manager and cater to international clients seeking to invest across the region, she added. About Banco Bradesco Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As of October 12, 2009, Banco Bradesco S.A. continues to carry Moody's "Ba2" long-term foreign bank deposits. The company also continues to carry Fitch rating's "BB" Support Rating Floor. BANCO SOFISA: To Pay US$37 Million in Dividends ----------------------------------------------- Banco Sofisa SA's board has approved the payment of BRL64.8 million (US$37 million) in dividends, in the form of interest on its own capital, Rogerio Jelmayer at Dow Jones Newswires reports. According to the report, the dividends, which represent BRL0.47 per share, will be paid September 28, 2010, to holders as of April 12. Banco Sofisa SA is a full service commercial bank. The bank specializes in credit for small to medium companies, Banco operates branches throughout Brazil. As of April 14, 2010, the bank continues to carry Moody's Ba1 Long term rating, LT Bank Deposits ratings, and Senior Unsecured Debt rating. The bank also carries moody's D+ Bank Financial Rating. SUL AMERICA: Cut to 'Neutral' From 'Buy' at Banco BTG Pactual ------------------------------------------------------------- Laura Price at Bloomberg News reports that Sul America SA was cut to "neutral" from "buy" on April 14, 2010, at Banco BTG Pactual SA after its "strong" stock performance. According to the report, citing analysts Eduardo Nishio and Eduardo Rosman, BTG Pactual increased its price estimate for Sul America to BRL53 from BRL45. Headquartered in Rio de Janeiro, Brazil, Sul America SA -- http://www.sulamerica.com.br/-- is a multiline insurance company. It provides a range of insurance coverage to companies, individuals and governmental entities. The company offers investment funds, health, life and property insurance. Sul America also provides asset and healthcare management services. It owns Saepar Servicos e Participacoes SA. The company holds shares in other companies, such as Sul America Companhia Nacional de Seguros and Sul America Companhia de Seguro Saude. * * * As of April 15, 2010, the company continues t carry Standard and Poor's BB- LT Issuer Credit ratings. The company also continues to carry Fitch's BB LT Issuer Default ratings and Senior Unsecured Debt ratings, and B ST Issuer Default ratings. ========================== C A Y M A N I S L A N D S ========================== ATHENA GUARANTEED: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Athena Guaranteed Financials Limited received, on March 5, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 BOTAFOGO INTERNATIONAL: Members Receive Wind-Up Report ------------------------------------------------------ The members of Botafogo International Ltd. received, on February 15, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. 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 COPS ASSURANCE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Cops Assurance, 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: 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 DANAH REALTY: Members Receive Wind-Up Report -------------------------------------------- The members of Danah Realty Investments, Ltd. received, on March 2, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. 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 ELGIN CO: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Elgin Co. Ltd. received, on February 23, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands ENMA REALTY: Members Receive Wind-Up Report ------------------------------------------- The members of Enma Realty Investments, Ltd. received, on March 2, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. 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: Members Receive Wind-Up Report ------------------------------------------- The members of Forest Hill Partners Offshore, Ltd. received, on March 1, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946-7665 Facsimile: (345) 946-7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 FOUR CORNERS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Four Corners Sentinel Fund, 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: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands GLOBAL LEVERAGED: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Global Leveraged Capital Middle Market CDO II received, on March 5, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands HSBC LIFE: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of HSBC Life Insurance (Cayman) Limited received, on March 8, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Dena Thompson Kevin Poole Telephone: 914-7546 Facsimile: 949-6021 P.O. Box 1109, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 IAM MINI-FUND: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of IAM Mini-Fund 13 Limited received, on February 1 , 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Bonnie Willkom Telephone: (345)-949-5122 Facsimile: (345)-949-7920 P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands JAY INTERNATIONAL: Members Receive Wind-Up Report ------------------------------------------------- The members of Jay International Ltd. received, on February 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. 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: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Jeremy Limited received, on January 11, 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 Isabel Mason Telephone: 949-7755 Facsimile: 949-7634 KAIROS NORTH: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Kairos North European Fund Ltd. received, on March 4, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 KINGDOM 5-KR-77: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Kingdom 5-KR-77, Ltd. received, on February 23, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud c/o Kingdom Holding Company Kingdom Center - Floor 66 PO Box 1, Riyadh 11321 Saudi Arabia Telephone: +966 1 211 1111 (ext. 1211) e-mail: alwaleed@kingdom.net LORIENT SHIPPING: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Lorient Shipping Management 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: Campbell Directors Limited 4th Floor, Scotia Centre P.O. Box 268, Grand Cayman KY1-1104 Cayman Islands Telephone: 345-949-6258 Facsimile: 345-945-2877 MARLIN FUND: Members Receive Wind-Up Report ------------------------------------------- The members of Marlin Fund Offshore, Ltd received, on March 1, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Bernadette Bailey-Lewis Telephone: (345) 946-7665 Facsimile: (345) 946-7666 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 MILLBURN MCO: Member Receives Wind-Up Report -------------------------------------------- The member of Millburn MCO Limited received, on March 15, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. 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 MINU FINANCING: Members Receive Wind-Up Report ---------------------------------------------- The members of Minu Financing Ltd. received, on February 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. 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: Members Receive Wind-Up Report ----------------------------------------------- The members of Muthanna Realty Finance, Ltd. received, on March 2, 2010, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Mohammad Jalal Uddin Waleed M. Mohammed KFH Investment Services, Ltd. Kuwait Finance House International Real Estate Department PO Box 24989, Safat, 13110, Kuwait NICHOLAS INVESTMENTS: Members Receive Wind-Up Report ---------------------------------------------------- The members of Nicholas Investments Ltd. received, on February 15, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. 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 PANTERA GLOBAL: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Pantera Global Macro Fund Ltd. received, on March 1, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Mike Tremmel Telephone: +1.415.869-6600 Facsimile: +1.415.869-6610 PORTFIELDS INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Portfields Investments Limited received, on February 23, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands ROXBURGHE INVESTMENTS: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Roxburghe Investments Ltd. received, on February 23, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands SCOTTBOROUGH INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Scottborough Investments Limited received, on February 23, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands SKYWALK INVESTMENTS: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Skywalk Investments Ltd. received, on February 23, 2010, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands SONSON LTD: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Sonson Ltd. received, on February 23, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: William A. Reid PO Box 879, Snug Harbour, West Bay Road Grand Cayman KY1-1103, Cayman Islands TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Tiedemann Global Catalyst Ltd. received, on March 3, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 TIEDEMANN JSB: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Tiedemann JSB Offshore, Ltd. received, on March 3, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Bryant Terry Telephone: (345) 815-1803 Facsimile: (345) 949-9877 WILROS HOLDINGS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Wilros Holdings Limited received, on March 1, 2010, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Royhaven Secretaries Limited c/o Julie Reynolds Telephone: 945-4777 Facsimile: 945-4799 c/o PO Box 707, Grand Cayman KY1-1107 Telephone: 945-4777 Facsimile: 945-4799 ========= C H I L E ========= EDELNOR: Gov't Stake May Be Sold to Fund Chile Reconstruction ------------------------------------------------------------- The Chilean government's 40% share in Empresa Electrica Del Norte Grande S.A. (aka Edelnor) maybe sold to finance post-earthquake reconstruction, The Pulse reports, citing President Pinera. According to the report, although Mr. Pinera has emphasized that the government will neither sell Codelco (the National Corporation of Copper) -- the government body which owns the 40% share in Edelnor -- nor Enap -- another nationally owned energy company -- he has nonetheless suffered severe criticism by the nationally owned companies because of his proposals. The report notes that the federation of trade unions of professionals and supervisors of Codelco condemns the proposed privatization, warning that it could contribute to rising energy costs and the loss of national energy independence. About Edelnor Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A. (aka Edelnor) -- http://www.edelnor.cl/-- is principally engaged in the generation, transportation, distribution and supply of electricity. Edelnor is also engaged in the purchase, transportation and sale of all types of fuel: liquid, solid and gaseous. The company offers advising services in engineering and management, as well as maintenance and repair of electronic systems. * * * As reported in the Troubled Company Reporter-Latin America on November 17, 2009, Standard & Poor's Ratings Services revised its CreditWatch implications on Edelnor's 'BB-' ratings to developing from positive. The CreditWatch listing follows the company's recent announcements that the main shareholders, Suez-Tractebel and Codelco (A/Stable/--), agreed to merge their stakes in several assets in Chilean electricity generation and gas transportation sectors. =========== G U Y A N A =========== * GUYANA: Economy Weathered Impact of Global Crisis --------------------------------------------------- The Executive Board of the International Monetary Fund concluded on March 17, 2010, the Article IV consultation with Guyana. Guyana has weathered the impact of the global crisis well by regional and global standards. Newly released GDP series (re- based to 2006 prices) suggest that economic activity expanded by 3.3% in 2009, compared to 2% in 2008, largely on the back of a recovery in agriculture in the second half of the year along with continued strong gold production and robust activity in the non- tradable sector. This mitigated the adverse impact of global and weather shocks on output in early 2009. End-year inflation fell to 3.6% from 6.4% as of end-2008, reflecting the softening in world commodity prices. In 2009, the external current account deficit narrowed, and the international reserve position strengthened significantly. The current account deficit declined by 5% of GDP (to 8.5% of GDP), largely led by a reduction in imports, particularly of fuel. This, together with strong official inflows (including concessional loans and grants, and the Fund's Special Drawing Rights allocation) and steady short-term capital inflows by commercial banks-attracted to higher domestic interest rates- helped offset a decline in Foreign Direct Investment and raised Guyana's gross international reserves to US$623 million by end- year (over 5 months of imports). The nominal exchange rate remained stable, and the real effective exchange rate is assessed to be broadly in equilibrium. The impact of the crisis on the financial sector has been limited so far, although expansion in private sector credit has moderated to about 6% in 2009 (down from nearly 22% in 2008), reflecting both a deceleration in private sector credit demand, as well as tighter lending standards by the banking sector. Macroeconomic policies have remained prudent. Monetary policy tightened somewhat in 2009, supporting the decline in inflation and external stability. The fiscal deficit for the non-financial public sector declined to 3.3% of GDP (equivalent to 5.3% of old GDP) from 4.7% of GDP in 2008, on the back of higher-than expected revenues that supported the full execution of priority spending, including on infrastructure. Guyana's public debt has fallen from 93.1% of GDP as of end-2006 to 56.8% of GDP in 2009, assisted by debt relief operations and fiscal consolidation efforts. Structural reform has continued to focus on further reducing vulnerabilities and entrenching long term growth. On the financial sector, the authorities have consolidated insurance and bank supervision at the central bank, incorporated risk-based supervision, issued new guidelines on risk management and enacted the Anti-Money Laundering/Combating the Financing of Terrorism legislation and the Money Transfer Agencies Act. In the fiscal area, a modern chart of accounts for capital expenditure has been introduced into the integrated financial management system, enhancing the accounting and transparency of public investment. Efforts to further strengthen the Guyana Revenue Authority also continued, including consolidating the new functional organization, completing the rolling out of the integrated tax information system, and improvements in the filing, refund, arrears collection and audit functions. Reforms to support growth centered on modernizing the sugar sector, and on implementing the Low Carbon Development Strategy (LCDS), which could help Guyana benefit from external resources in exchange for the preservation of its rainforests in the world's carbon credit markets-including through a model agreement signed with Norway, whose resources will allow, among others, the development of non-traditional economic sectors and the conversion of Guyana's energy sector. Guyana's outlook remains positive in the near and medium term, although some important challenges remain. Growth is expected to benefit from the global recovery, the modernization of the sugar sector and the start up of investment projects, which could spur average growth to 4-5% in the medium term. The current account would widen somewhat in 2010 with the uptick in domestic demand and the increase in fuel prices, but would narrow gradually over time. Nonetheless, challenges remain, particularly if the upturn in world economic activity were slower than envisaged; or if oil prices were to rise more sharply than projected. Slower progress than expected with the modernization of the sugar sector could also complicate this outlook, particularly in light of the recent phasing out of the preferential sugar prices by the EU, which will increasingly expose Guyana to world-price volatility. Upside potential is related to the full implementation of the LCDS, the eventual exploitation of Guyana's oil reserves and the sound completion of key large public-private investment projects over the next few years. Executive Board Assessment Executive Directors noted that Guyana has weathered the global crisis well, sustaining a solid macroeconomic performance supported by prudent policies. Directors commended the authorities' commitment to further entrench macroeconomic stability and fiscal sustainability, while promoting long-term growth and development to improve the country's standard of living and reduce poverty. Directors observed that the strong fiscal consolidation in 2009 provides space for a more gradual tightening over the near term to support infrastructure investment and growth. A cautious fiscal stance remains nevertheless warranted given remaining vulnerabilities. Directors therefore supported the authorities' commitment to maintain prudent expenditure policies and to continue implementing structural reforms aimed at safeguarding fiscal sustainability. Directors commended the authorities' intention to continue seeking highly concessional terms when contracting debt and to minimize fiscal risks from public investment and public-private- partnerships (PPPs), paying close attention to international best practices. They welcomed the authorities' efforts to continue to enhance the quality of the assessment and fiscal accounting of public investment. Directors commended the authorities' commitment to reflect any firm or contingent liabilities related to PPPs in the public debt statistics. Directors welcomed the authorities' efforts to achieve sustainable long-term growth, including under the Low Carbon Development Strategy. Continued modernization of the sugar sector and diversification of Guyana's productive base are key to sustaining growth. In this context, Directors stressed the importance for the public sugar company to implement its recovery measures and ensure that the new plant at Skeldon becomes fully operational in the near term. Directors commended the authorities' prudent monetary policy aimed at maintaining low inflation. They noted that the exchange rate appears broadly aligned with fundamentals, and that the current exchange rate policy has served the country well. Looking forward, some Directors supported a gradual approach toward greater exchange rate flexibility, while others considered that a more detailed assessment of the advantages and disadvantages of greater exchange rate flexibility in Guyana is needed. Directors noted that the financial system has not been directly affected by the global crisis. They welcomed ongoing efforts to further strengthen supervision and enhance the banking system's resilience. Directors encouraged the authorities to require banks to increase provisioning, monitor asset quality, and further tighten the legislation on the exposure to large borrowers and related-party lending. They commended the recent amendment to bring insurance supervision under the purview of the central bank, and recommended gradually bringing all non-bank financial institutions under a similar regulatory perimeter. Directors commended the continued upgrading of Guyana's statistical capacity. They welcomed the completion of the national accounts rebasing exercise, which resulted in a significant upward revision of GDP data. Directors welcomed the authorities' intention to review the requirements of the General Data Dissemination System (GDDS). Directors supported the forthcoming publication of the Poverty Reduction Strategy Paper to underpin the authorities' long- standing commitment to poverty reduction and reaching the Millennium Development Goals. It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle. ============= J A M A I C A ============= AIR JAMAICA: Recession Cuts Into Airline Revenue ------------------------------------------------ Air Jamaica Limited has suffered a near US$100 million drop in revenue due to the effects of the recession and the reduction of its fleet of aircraft, RadioJamaica reports. The report relates that information contained in the just published Economic and Social Survey Jamaica 2009 shows the airline's total operating revenue for the year was US$257 million down from US$351 million in 2008. According to the report, the decline reflected lower inflows from all revenue categories with earnings from passengers falling by US$92 million to US$207 million. The report says that at the start of last year Air Jamaica operated on 16 routes, five fewer than in 2008. RadioJamaica discloses that the fleet of aircraft was reduced from 14 to nine and despite higher passenger loads the airline's basic operating data showed declines in most areas of operations. Revenue passengers, the report relates, declined by 24% to 1.1 million which is believed to have been caused by the negative impact of the global recession on travel. 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: Offers New York-Kingston Fares from JM$129 ------------------------------------------------------- Air Jamaica Limited is offering one-way fares for travel between New York and Kingston, Jamaica, for JM$129 each way, Caribbean News Digital News reports. The report relates that the special fare is available for travel between April 13 and April 28 on Tuesdays and Wednesdays. According to the report, tickets must be purchased at least 14 days in advance. The report says that the $129 fare is one-way and subject to government taxes and fees. 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. ALOCA INC: Manages to Reduce Losses ----------------------------------- Alcoa Inc. said that it has managed to reduce its losses, RadioJamaica reports. According to the report, Alcoa has seen its first-quarter loss narrow as revenue rose and metal prices increased. The report relates the company reported a net loss of US$201 million for the three months to March, from a US$497 million loss a year ago. The report notes that although the price of aluminium has been increasing during the past year, it is still well below its record high of US$3,380 per tonne, reached in July 2008. Alcoa, which is part owner of the Jamalco Plant in Clarendon, faced one-off charges of US$295 million, largely as a result of closing two plants and tax impacts from federal health care reforms, the report says. RadioJamaica adds that revenue in the quarter rose 18% to US$4.9 billion. About Alcoa Inc. Alcoa Inc. produces alumina (aluminum's principal ingredient, processed from bauxite) and aluminum. Its operations include bauxite mining, alumina refining, and aluminum smelting; primary products include alumina and its chemicals, automotive components, and sheet aluminum for beverage cans. The Company is based in New York. * * * As of April 14, 2010, the company continues to carry Alcoa Inc.'s Ba2 Preferred Stock rating. The company also continues to carry Fitch's BB Preferred Stock rating. * JAMAICA: Economic Confidence Down ----------------------------------- Confidence in the Jamaican economy has plunged to their lowest levels since 2003, Radiojamaica reports. The report relates that the drop in the confidence levels come despite the government inking a deal with the International Monetary Fund. According to the report, the agreement is billed as a means of getting Jamaica out of the economic downturn. However, the report notes, a recent survey have shown that the confidence in both sectors is woefully down. * * * 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: Keeping Trinidad Cement Stake ---------------------------------------- CEMEX, S.A.B. de C.V. has backtracked on its plan to sell off its 20% holdings in Trinidad Cement Limited, having successfully rescheduled its debts, Jamaica Gleaner reports. According to the report, Sierra Trading, the vehicle used by the Mexican company for its holdings in TCL, is also looking to reclaim a seat on the TCL board, which it gave up last year after it started searching for a buyer. The report relates that Sierra's holdings in TCL amount to some 49.9 million shares, valued at TT$175 million or TT$3.51 per share. The report notes that Cemex SAB also owns 42.187 million shares or 4.96 per cent of TCL's Jamaican subsidiary, Caribbean Cement Company Limited, through Scancem International (St Lucia) Limited. TCL, according to the report, said Cemex representative Luis Miguel Cantce Pinto is expected to take up his position as a director on TCL's board effective April 30, to be confirmed at its annual general meeting in June. 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. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Rig Workers' Walkout is Illegal ------------------------------------------------------- A walkout that began last week by workers at drilling rigs operated by several foreign companies is illegal and unjustified, Dan Molinski at Dow Jones Newswires reports, citing Jorge Esteves, head of labor relations in Petroleos de Venezuela's eastern division. The report relates Mr. Esteves said that the work stoppage in eastern Monagas state began April 6 and is causing financial losses for PDVSA and the nation. According to the report, Mr. Esteves said that the contract workers are upset over an issue related to their pay, but said no formal complaint was filed by the workers that could legitimize their decision to stop working. Dow Jones Newswires notes that the rig workers provide services for: -- China National Petroleum Corp. -- Schlumberger Ltd., -- Precision Drilling Trust, and -- Petrex. Mr. Esteves, the report adds, said that so far, the work stoppage hasn't affected production as the drilling rigs are at new wells. "But down the line this could affect output." 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 =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 20-22, 2010 TURNAROUND MANAGEMENT ASSOCIATION Sheraton New York Hotel and Towers, New York, NY Contact: http://www.turnaround.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ October 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *